The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
o>/^, ESTABLISHED 1S39 ' /, RH. U. B. Pat. Office Volume 186 Number 5658 New York 7, N. Y., Thursday, July 25, 1957 Price 40 Gents Copy a EDITORIAL Undeviating Inflation in As-We*See It Thanks to certain fortuitous some France:A Perilous Menace receipts much larger than originally expected, to able to report financial juggling, and By DR. MELCIIIOR PALYI to circumstances, the Treasury is a '• last month. If all the be sound central bank, the upper chamber were restored, people replaced their :"near complete fatalism" with realistic insight into the tragedy and delusion of to the continuation and, of which if not all of which or the are the for been France action.of the sort. The fact of the abandoning mult'farious enormous or even activities tic self restraint to without or is a which a serious crisis. very find, on itself, remedies a newspaper has and offer. it special significance in view of the fact that political parties are laying plans for the Congressional elections which take placi next course no she mean drawn inflation. a they situation which has the Continued . on an for for it. SECURITIES the The was Bureau million ely in of changed in a short 10 years. As a only a little over nine years ago the Census 1975..' The highest publication a Melcuio# Ur. ; ' Algerian ■ ' rai»< ■ > situation is size I On the other by about hand, the author pointed out cite 1970, and then decline, these figures, not to embarrass the field of demography, but torical interest and partly partly to give ' The problem in France's most important single col¬ ony—considered by the French as an integral part of Continued "From address an page Income, Meeting. 24 by-Mr. Harvard as reaching Eckler warning against a Business the at School friends in my on Seminar un- 30 page Population Alumna Day oi» Association NOW IN afforded State, Municipal in U. S. Government, Stale and Municipal STATE and Securities AND / MUNICIPAL p DISTRIBUTORS of IIAnover 2-3700 BONDS INVESTMENT CHEMICAL s ■ I Housing Agency *, r I • . ' r ' i Bonds and Notes NOW AVAILABLE ON BOND DEPARTMENT REQUEST the BANK BOND - "MARKET REVIEW" ARE THE FIRST NATIONAL CITY BANK DEFARTMfNT 30BROAD ST.,N v R SECURITIES CORN EXCHANGE v\ ' ,■ Public COPIES OF OUR telephone: and . & UNDERWRITERS ^ Y. Burnhamand Company MCMBERS MEW YORK AHO OF NEW YORK • Dl 4-1400 TELETYPE NY Bond I-22S2 120 Dept. Teletype: NY To Active Dealers, Stock Exchange Exchange Chase Manhattan Canadian Banks from coast to 4, N. Y. BANK coast Maintained and for California Brokers Orders Executed On AH DEPARTMENT Teletype NY 1-2270 OIRECT Municipals Exchanges At Regular Rates CANADIAN l- YORK Markets offices 5 BONDS & STOCKS Exchange STREET BROAD NEW Stock CANADIAN Commission New York Stock 25 York BROADWAY, NEW YORK canadian 1832 Members American New C- SECURITIES T.L.Watson&Co. ESTABLISHED 1-708 34 Net INSURANCE STOCKS Members & AMERICAN STOCK EXCHANGES 15 BROAD STREET. NEW YORK 5, N.Y. CABLE: COSURNHAM BANK, AND Harris, Upiiam WIRES TO MONTREAL AND TORONTO Goodbody a Co. Domoooti Securities MUNICIPAL BOND DEPARTMENT (ORPORATIO?! ?8mtk of Atttmnt NATIONAL xicnrtdERS NEW YORK STOCK EXCHANGE ' * BRIDGEPORT • PERTH AMBOY 115 BROADWAY VF»A YORK 1 NORTH LA SALLE ST. CHICAGO 40Exchan?ePlace, New York 5.N. Y. Teletype NY 1-702-3 a matter of his¬ a Continued , and on as large as 151 million in 1975. i a forecasts, regarded possibility that the population would reach its maxi¬ REGISTRATION—Un lerwriters, dealers and investors in corporate a complete picture of is ues now registered with the SEC and poten¬ undertakings in oUr "Securities in iUgisti ation" Section, starting on page 37. tial are issued that the 1915 population might be -veie 185 million. mum inevitably inflation, or more excuse fact, it level of only But 28 page securities DEALERS make areas. The medium forecast presented in this report indi¬ the total population, would increase to about . in point. case constantly before the country and before politicians, paiticularly, the members of the 1 sion. the from, or have indirect only with, the long ( provide underdeveloped accustomed to the orojecgrowth that we forget how cated that do connections out to temporary phe¬ a by one of the nation's best known demogra¬ phers, whose views regarding the outlook were shared by most, if not all, of the leading members of his nrofps- problems not stem have so population ' either, which can longer refer no prepared be 166" has Other ones, if it optimistically called "Forecasts of the Popula¬ tion of the United States—1945-1975." The forecasts were as Of popu¬ which unfil and rapid of when YEARS OF INFLATION! expenditures inevitable. All this takes in 1960. We have here of matter ble, which is in four words, FORTY * these been tions one analysis points out the gist of the trou-1 The Algerian Blind Alley that trends warns still lower than that of have become us much the situation has or would one considered advantage of anticipated popula¬ Mr. Ecklcr also are Most of or analysis no But to take full be must In either side of the Atlan¬ to another, to and from area and observes that growth rates in developed nomenon; equally difficult to find that observable in¬ seriou-ly curtailing and for the Presidential contest which is to component to area sharp changes in direction; notes we our 11-year high birth rate period as a Algeria's pacification. on come but requires trend, from tion growth. rich and bring the situation both year very is not mentioning the situa which the "Grand Nation" in finds any make that tion to is, though, that which in is to magazine the politicians of either nor have shown parties, terest in the President, of France country fact, it is the financial crisis in her history, which has been punctuated by such crises since Philip the Fair started the systematic tinkering with her money. It would be impressed with the popular demand neither the departures from lation worst good deal even the seems that contrcl—with difficult ^bout reducing the budget, and President, despite much protestation, a countries in,fact, offspring of There has, of course, cf late been a fact amount under as frustrating, according to Dr. Palyi, is self-evident modest the Fair Deal. of talk have business is Most the Bank of France operated fundamentally healthy expansion of the function of government, most the New Deal the expected inflation. very attributed statisticians, and the its large deficit wduld have to be re¬ ported. There has probably been a good deal of tightening up of Federal machinery since the Eisenhower team took over. The continued large, even increasing, volume of expenditures are to a Aware of the interest population and income projections hold for market: analysts and business Census Bureau official, in depicting significant changes over the next decade, warns that marked could be solved if: agencies were included and if accrued liabilities were fully taken into account, not a surplus at all but France, delineates creating a serious crisis in the and indicates that most of the trouble French economy, ex¬ penditures of the Federal Government and By A. ROSS ECKLER* Deputy Director, Bureau of the Census Well known economist, writing from the enigmatical problems "surplus" of $1,645 million for the fiscal year ended Significant Population Changes Over Next Decade WHitehall 4-81 n'vVsc'i ASSOCIATION 300 MONTGOMERY STREET SAN FRANCISCO, CALIF. 2 The Commercial Financial Chronicle and ... (374) For Bunks, The Brokers, Dealers only Security I Like Best A continuous forum in which, each week, a different group of experts and advisory field from all sections of the country Try "HANSEATIC" In the investment Because you can participate and give their 1. 2. sure of reasons Speed they to be regarded, are Experience II. 5. Primary THEODORE Coverage and President as an JR. BIRR, Chairman, New Yoik Hanseatic Wl Member Stock American which Exchange a 120 Broadway, New York 5 Teletype NY 1-40 WOrth 4-2300 BOSTON CHICAGO • PHILADELPHIA SAN • Wires to r\ V»/X TVinrtlTIAMft I WX VY> KA*Kf< sales department) an amus our FRANCISCO Principal Cities girl like RIGHTS & SCRIP our H. read copy T. Birr, Jr. • 1 one c 7 kind of New American 120 Stock Exchange Stock York Exchange placing made of total is common now shares. our than Bank of $1.80 America , ,, , „ For current information cite only the ^following t our as Paying secure as a be. Yielding inves5%, highest in a long Get yourself a good steer." can tors around Industries Furniture .. plpal.lv whv continue T to Quite cleatly why I continue to as a very good investment by p* income same earnines 1956 earnings 1956 _____ to say. lately. This in maceutical in- But so. STRADER and COMPANY. Inc created ance? of BofA 43 V2 has in to an all-time October - high It 1955. a that lead Korvette, Inc. the suit in Minerals one There would 38. three to seem be wi1C) has guarantee. manufacturer's advertising "sold" him to come realize Products, Inc.* Associates Microwave Orradio * Industries Prospectus on Request &reet\eoaComp<m\^ ESTABLISHED 37 Wall St., N. Y. Orders Executed 1930 Tel. HAnover 2-4850 on Salt Lake Stock Exchange / Riddle Airlines"V . Cataract Mining TMT Trailer Ferry price which includes the regular not seen the Korvette operation to realize the retail markup. They know if they fu*i potential, I shall outline the do they are paying for all the servvarious factors that lead to my ices and frills that they neither found some weak holders who had conclusions. use nor want. (On big ticket apto be absorbed: and finally, and Korvette is believed to be the pliances where delivery is a physof course most important with world's largest chain discount ical necessity, Korvette provides respect to short-term prospects, house. Slightly over nine years for it, but bills the customer septhe increased interest rate on sav- ago the company was not yet in arately for the service.) the general apathy "money" stocks; the 1.6 rights offering by the bank in 1956, which inevitably reasons: ings deposits, which for BofA to 3% CAPPER 1 Salt Lake report total sales of over $70 million this Year with estimates for nex* year of over $150 million and ov.er $210 million in 1959. It is this excellent growth potential worth. Time deposits are highly that has aroused my enthusiasm desirable because tvey require coupled with the prospects for roughly one-third the reserve of revolutionizing methods of merdemand deposits; by the same chandising hard and soft goods token, when you raise your interas Jhe supermarket so comest rate you pav a healthv short- Pletely changed the retail distriterm penalty for tMs long-term bution of food. On this basis, it barely old, is not only far and away the biggest bank in. the world, but it is especially bi<* in savings accounts—over $4 billion years Oil Exchange) Exchange PI., Jersey City, N. J. Teletype JCY 119 N. Y. Telephone Dlgby 9-3424 OlrecfprivPte wir* to Salt Lake City For the BofA esti- mated 1957 cost of t^e raise is $33 stand seemed VcO. Stock business but despite this relatively short span of years is expected to Reflect: This institution 50 It is not hard to under- why this prospect has li^e e»rly winter to the bearish in habit. Rnt 'Members went last Jan. 1. advantage. Alaska Oil & Minerals < 73 - J rr COMPANY AND LIMITED f; Toronto, Canada King St West EMpire 3-8204 Tratting Dept. Burns Bros. & Denton INC. 37 Wall Street, ; ; : New York 5, N. T. (Jnder writers—Distributors Dealers Investment Securities million-share million. Baruch-Kenilind LINES it is senseless for them to pay list Morton Globus , Guardian Chemical WiSENER that toward Carter — Limited has the have sumers of Securities the The radio, he has the cash to pay for it, and he certainly can carry it out of the store with very little effort. Intelligent con¬ sharp and Advance Industries manufacturer's expansion, While it is difficult for 36 Take the customer purchasing a name radio carrying the brand characteristics that wU1 re~ by May 1956, improved, receded again, and to June this year has ranged between 34V2 Trading Mathets & it but number of fac- possesses hit bid declined Oil side Why this dull market perform TWX LY 77 Alaska buy great opportunity, espe- a cially in BofA. Lynchburg, Va. LD 39 the on All have proved and s>; Markets'Maintained Trading PIPE vj. :■! the small appliance >dealer and. the department store was ;inefficient in the distribution of goods. Korvette and other discount, hnv, are ' TRANS-CANADA commit h|s funds in growth stocks norrnally thinks in terms of the chemical, nuclear, electronic, phar- The investor seeking to like, 7-5680 - Firm E. J. Korvette, Inc. there Bankers <'-i MORTON GLOBUS the Investment 111 Broadway, N. Y. 6 COrtlandt y:2.8o V well means Commonwealth Natural Gas Tokyo, Japan Pra1te*i & 0.9: """ sion that E. J. needless done . 700 to the conclu- stocks, not . : 24'J Sutro Bros. & Co., New Y ork City Members New York Stock Exchange dustries Inc. of : 1942 earnings York, 15,350 __ —____ tors have New S3,75J nothing to us on the sell side, because we never sell a client Bank Life Insurance Co. of Va. of Affiliate December, 1956___— investment in sharG pV. . Per-sttare ( Yamaichi Securities Co., Ltd. Diviuenct income too snares in 19^2 dividend write Securities Company steer.. 100 shares BofA in January, 1942 same or Yamaichi regard Bank of America common why reason dramatically that by eliminating the frills in retailing they can effect substantial savings. These frills include credit, deliv¬ ery, large sales forces, time-pay¬ ment plans, fancy packaging, elab¬ orate counter displays, etc. time. Call investment out of BofA unless requested to do Bassett STOCKS „ BofA can The stock Growing now. dividend dividend Furniture American . To my mind these figures show readersnip will at- we've And faster than the West. even a right ever JAPANESE on many has proved such a good steer over the years. And it's a better steer Trading Interest In remarkable perI have no doubt the thousands of friends, many because 2-7815 the stock of Bank of America with millions BROADWAY, NEW YORK 5 TEL. REctor For over 20 years we The s0 an Value follows: as ,, than have clients. statistics 5,698.009 population increase__'__' $li,2^6 California population increase, 1957-1965 (Census projection)* 4,000,001 good steer. inducers think .... T Value . fftPONNELI & CO. do I California population net increase (Census Bureau estimate) is more been *' growth tend to become tiresome, very as branch offices our of BofA earnings increase per 1,000 of the There number attitude toward the stock: a NY 1-1557 Mobile, Ala. Direct wires to 15-Year Period 1942-1956 and inside X- time-demand take the HAnover 2-0700 New Orleans, La. - Birmingham, Ala. its deposit accounts by about 427,000, and now has over 6.6 million (in a state with 13.4 million peo- „ pie). deposits increased American Stock Exchange In this, I think, is quite simple: branch banking in a tremendously you steer?", it branches. 600 over Stock Exchange Yortc New 19 Rector St., New York 6, N. Y. which are basic to firm. good a card Since 1917 of has 1956 do was: "Would now $I0-billion bank 50-50 a _ 7 7 growing state (though a less aggressive management might let the growth pass it by). The bank takes fullest advantage of this. It and $3.25. The caption about bankers in my soda-fountain Specialists in between $3 formance, a table. . / , watching nd at . composition ngly awaiting h i s best Steiner,Rouse&Co. Members . interest-cost rise in stride you are h i u s 36 rate and will con- When you see a and b 1 w with steer, dressed bonbons her into 1958. Earnings for 1957 should be in the range of $2.75 to $2.85 (vs. $2.89 for 1956), but for 1958 could rise to in Sunday best, bearing a and tinue to increase sharply showed bouquet Bought—Sold—Quoted Morton GIo- Bros. & Co., New City. (Page 2) « York pickup is hard to get exactly, but we think that by the end of this year it will be running at a $50million annual , ingly drawn greeting card 1920 Established Associate .. Our Company recently mailed to clients (after much soul-searching of Louisiana Securities . E-J;J«> bus, of Sutro and effect is felt). The timing on this still to be by the more traditional members Corporation ' T scheduled sisters, whose Bank of America Common Stock . Stock Common Birr, Jr., President and »rr. "Erma" electronic of American Stock Exchange (Associate) _ America T. Tr _ nothing say Alabama & Chairman, First California Co., San Francisco, Calif. (Page 2) estate "Timeplan" loans (to Pacific Coast Stock Exchange Midwest Slock Exchange than 400 OTC Issues real bank's the ice of —H. bank automation, as typi- gram of Members more Bank to fied by the IBM 702's which serv- Company, San Francisco, Calif. Markets in particular security. a intended not are Participants and Their Selections . be, nor offer to sell the securities discussed.) First California Reliable Executions Private for favoring (The articles contained in this forum 3. Nationwide 4. be Week's This Forum Thursday, July 25, 1957 what rmr appears quite plausible that even, ^ Korvette outlets will blan- i* harm^n rnntinniiXr Hi-rnSinnl to with compete houses they would have to radically alter their present services, But to do so would place them in jeopardy with their many customers who want to keep the traditional services and frills, However, pressure the has been department discount so stores items. But cddly enough, the retailers whom the discount houses are on have en- t -a been on as defensive. This immobility , mm house long as department stores remain "department stores," they will be on the many s intense that into price competition forced i"oe - discount on meantime KorvGtte Over-the-Counter the het the nation in much the same part of conventional retailers apmanner as thev have achieved pears to have left the whole counsuch prominence in the metropoli- |ry wide open to Korvette. taT\,New Y°r* retail market. And apfnaiKr In order for conventional retail ers Canadian and Domestic Quotation Services for 43 Years w meantime, Korvette has broadened its activities far beyond S^anvthlnfahn"?0? h™lpleSrf t0 Se"ing °"Iy aPPliances and otllcr to believe tW th* $33 million i^hl ^ ' under- hard goods. Using its price cutting ihrobu1hg increased £*7 aTe7 the reas0° for reputation in hard goods as a with various BofA executives lead us Zoulh of increased servi-e many economies sorts, of through the expanding pro- and an c7r^es the discount houseThe cause ZZ rtZZT hasf. g0"f. heavily discount house arose bethe conventional retailer," s? ? f ^ Continued ^- V n0^ on page 27 National Quotation Bureau Incorporated Established 46 Front Street CHICAGO 1913 New York 4,N-Y. BAN FEANCI900 ? Volume 186 Number 5658 . . . The Commercial and Financial Chronicle (375) Making Economic Assumptions INDEX i In Pension Fund Investments - Investment Counsel, Dismissing the two Bernstein-Macautey, Inc., New suming excessive risks or securities, investment adviser Bernstein finds even gerous the in-between course of doing what is - i.e.,""faddism" and "follow-the-leaderism."' formable assumptions the cusses: equities; future the accepted certainty In bonds and and —A. perity; and the long-run yield of stocks dan¬ Advises investment . v -Cover Fund ;* • 4 6 Obsolete Securities Dept. The . , Coal Business _ id special-factors which cannot help but .influence the>choice of secu- }• '• I ' ' ' • r ■ • • • / • . 13 Si-cwi'd! ■ SebT>fdsWudtj" an^lasyMief come—and the not > •' be UNITED W. Babson 17 finally, shifted. assumption that are J.F.Reilly&Co.,Inc. - Members Salt Lake City Stock Exch. Spokane Stock Exchange . of WESTERN MINERALS : - _______ adminis- trators „ ,, . the wrong, but that he may be in pursuit of objectives which are program, responsible to the beneiiciaries, the high places . •And ultimate on ~ • consideration, •'the Peter L. Bernstein course Economic Void for Youns People-Roger 16 Edwin J. Schlesinger, Pioneer Investment Counsellor, Dies____ 21 always right, when experience has taught :'w' Even So, Will It Work? (Boxed) 29 us that they are all too often wrong. It ignores the very real '' ; ; possibility that what the other, fel—. ^.r. Rc&ular Features low is doing might not only be • /. primary a policies^,should people in necessar- ily O i when It is based on current—is ! TMT TRAILER FERRY _ -above-average -that others know' more than voii'1':.'-' bove-average that know more than you current in- do bnd will give you the signal ^emphasis is O. , „ Trea.s-^ : ^ lemi? • while of „ PRODUCTIONS 14 these . NORTHWEST , World Consumption Pattern of Lead and Zinc—R. Hendricks__ abdi- "''■/v. : * First, cation of responsibility than going j -"More Yankee Trade: Less Foreign Aid" Eugene W. Castle-_ pro- hog-wild in the choice of securigrams are, by ties or digging in behind the MagiPreserving Three Basic Elements in Our Free Enterprise \System—George Meany ^ their very na- not; Line of a portfolio of ______j: ~ CARIBOU MINING CO. 12 ;, • fashionable greater rities. ^ \ CATARACT MINING 11 _ What Antitrust Means to the American Businessman Cn—Victor R. Hansen i'f.. 4-6551 and _ In (a NEW YORK 9 Economic Determinants of Foreign Policy —Hon. C. Douglas Dillon \ WALL STREET, Industry's Resurgence Poses Challenging Problems —Hatfield Chilson The 99 Telephone: WHitehall on "follow-tbe-Ieaderism'V for 3 . Our Reactive Metal Resources and Industrial Development —James Boyd - sense, doing what is is perhaps an even offer we obsoletes! your v investment proing, namely, what I call "faddism" grams are-characterized by certainor fund specifically, cash, what Investments •_ * upon more is ( headed analysis and testing at ail ^times," rather than on mechanical projection of current trends into indefinite future. ^Pension Or ... __ . pros¬ be based programs Eckler_ Lilly of the Vaccine—Ira U. Cobleigh__ "assumptions objectively established and put through hard- . Ross "Look Out: Better Business Ahead"—John C. Hall uncertainty of and bonds based SOMETHING OF VALUE Cover Making Economic Assumptions in Pension V;—Peter L. Bernstein fashionable, deflating con-. inflation, and wage "___ r\ •'' AND COMPANY in France: A Tedious Menace Significant Population Changes Over the Next Decade uncritically, the writer dis- of of price course past experience. York City more Page M Undeviating Inflation ■; ;—Melchior Palyi extremes in pension fund investing of as¬ investing solely in U. S. Government iicHTtnsTfin B. S. Articles and News By PETER L. BERNSTEIN* ~ neverthe- If a own. : program simply * See It • • . (Editorial) 1 and Busings Insurance Man's Stocks : can- Exchange PL, Jersey City 1160 44 ——— 44 Cominir Events in the Dealer-Broker Investment HEnderson 4-8504 Teletype: JCY Bookshelf Field' ' ^Comine Events m the Investment Field—— ^vestment of^ gumptions concerning the charac- DIgby 4-4970 24 ;i;r^sill®ss Man s Bookshelf- is 1 ^______Cover .__ . Bank not avoid the unpleasant necessity arriving • at' certain basic as- yith;t>eneticiapes ^and this art s turn gives; the administration ,, , - / satisfactory and consistently •lfss:;have j.0 equityrthemselves m SUeCessflil investment vtjl^ securities : beldf;oidr dq-they,t6;be Established, you direct contact, • . . OAs We very different from your 8 8 __________ Recommendations.i._«. Equity Oil Radiation Inc. ■ yr .'-v <must be continuously re-examined term nature..of pension funds, ioan(i tested against the facts, or the gether with the secondary iminvestment program will become portance of high current income,, - obRol(iRr(mt excessive . i-isks, hpth" because ^ dangerous administrator is not dealing with bis: own Stunds and because the expectation is that all will come l „ in the n e r a e \;! Pacific Uranium * r Indications of Current Business Activity Activlty. IndicaUons ot Current Business to most^strategicNews About Banks area df determining the basic eco-^ ' ; nomic assumptions for an investwent program. ; .___ and Bankers.... • ,w. Observations—A. : - , : • / : : Singer, Bean & Mackie, INC. ■; —_.— ' the bestviir the long run 'For e x a m p 1 e, it is now very ,Vr °ur Reporter on Lrovernments_.._______-_ growing and dynamic econ-f- fashionable to conside r JJ: 'S. Our Reporter's Report omy.;At the-other extreme, I have Treasury bonds a highly undesirseen a stubborn refusal to invest able..investmentr Indeed, the adin anything other than U. S. Gov-' visor who recommends Public Utility Securities Treasuries in McRae Oil & Gas 36 18 - r , Wilfred May-* i;'' for out h 1 HA 2-0270 31 40 Exchange PI., N.Y. Teletype NY 1-1825 & 1-4844 a 41 - . Direct IF ires . to 26 ernment securities, in the belief for anything e x-c e p t windowthat this would adequately and cu essing or wi cover possible - ceds safely ^discharge the responsibility for liquidity is now considered a with a minimum of worry and effuddy-duddy, a scare-cat, or a fort, and, 'also because the man¬ boob. Possibly the characteriza¬ Philadelphia Railroad Securities * Los Angelas Chicago ' Dallas * Securities Now in Registration 37 - agement of "other people's money tion .is all too But sive frequently leads to conservatism tion. in exces- administra- y"'.; A it understand and accept, the Security'Offerings-.- Prospective appropirate at this time.i is equally appropriate to •* as- Security Salesman's Corner J 40 L_: Epsco, Inc. 17 ..vC' sumptions which underlie this More Dangerous widely, accepted fad Course r* / :* The Market . and . . You—By Wallace Streete__ 16 Strategic Materials "t- However, between these two tremes there lies frequent, but, to ing, perhaps f , a far, far my way even more - more of think- dangerous . • . . approach to pension fund invest♦An the address New York Conference on by Mr.. Bernstein University Tenth before The The most certain economic prewe can make is that the • diction P- poverninent < will interest on its securities these securities If things ture. Annual ' Labor, June 14, 1957. are SO as pay. * th6 and they Security I Like Best The Certainty of Bonds ex¬ State of Trade and Industry Washington and 2 ! re* i "Column bad that the not available this Quinta Corp.* Twice Weekly 1 25 Members New 25 BROAD York Stock Exchange / Park TELETYPE N. Y. 1-5 • • Boston • • Chicago Schenecttdy r • • Glens Falls Worcester New York Publishers 7, London. & N. 25, as 1942, issue) the July 25 (general Subscriptions Possessions, in corporation Offices: Chicago 3- 111. ad- every Monday (comissue — market quotation news, bank clearings and"city news, etc;). Other 135 . South (Telephone La STate Union, Canada. Other and Salle St., 2-0613); office Prospectus on Request Febru¬ at New of Countries, Other * » Bank and ;$40,000 per Note—On the rate of Rates United Territories Pan-American 1957 news * matter post Subscription and statistical records, state Thursday Pacific Uranium Eng¬ York, N. Y., under the Act of March 8, 1879 Y. SEIBERT, President Thursday, C. • second-class at Dominion Every E. Smith by William B. Dana Company Reentered ary SEIBERT, Editor & Publisher WILLIAM DANA vertising Nashville Place, COMPANY, 1957 ' , HERBERT D. plete Albany DANA Gardens, Edwards REctor 2-9570 to 9576 . ST., NEW YORK 4, N. Y. TELEPHONE HAnover 24300 B. c/o Copyright Reg. U. S. Patent Office WILLIAM Diapers' land. FINANCIAL CHRONICLE QTflPKC II L T LB II Lll ul UullO Spencer Trask & Co» • week. nnrtfjvvprl nri mrjp 99 ^OUUUUea O71 page 06 DDCCCDDCI1 I specialized in Universal Transistor* 44 ma- Published have Topp Industries 5 You The COMMERCIAL and For many years we 3 $60,000 $67,000 per U. S Members per WM V. FRflNKEl & CO INCORPORATED of in $63,000 year; per year 39 WHitehall * of Direct — the 3-3960 Teletype NY 1-4040 & Record Monthly (Foreign postage extra.) account BROADWAY, NEW YORK 6 year Publications Quotation year. States, and fluctuations •. Wires PHILADELPHIA in exchange, remittances for for eign subscriptions and advertisements must be made in New York funds SALT LAKE 4041 to DENVER CITY and Financial Chronicle The Commercial Thursday, July 25, 1957 ... (376) 4 privilege is absent voting Lilly of the Vaccine ing in Lilly noticeably U. COBLEIGII lltA By Enterprise Economist ( sustained earning power of enterprises, and, in particular, some factors sug¬ Eli Lilly <4B" common may be a good selection few notes abcut the a ethical drug gesting that in The vides a ance to just industry inaustiy Hrue ftthipal ethical Tu. diug pio considerable resist- very get (people depression as"in good); also it and built has in - growth characteristics due to rising • a popula tmn canha and per high- income standard 3 and er health of and hygiene, d f lor age old - the portfolios of for our not uct line, Lilly has been able to sell its output through wholesale druggists, a method which has de- nu ant ana expaiming, aa-uu Tn the 18 times 1 1956 total sales mowhonH c rase there 1954, no was years significant for 19a6 and, of more significance, $32 million Lilly research. woefully incomplete; for Lilly is major sulin, take is true It those that Wilfred the before May no^ Senate Ful- side. For appraisal based on fig- chairman per in- insistent disclaimers, ures and formulae, he used his "Central Value" figure, arrived at by capitalizing 10-vear average well-bring may ness) I youno°expert tell tetter thanm fonuer 1955 vs. 1929 - at J • therapeutic drug for : diabetes, Liny has, ior some time, been.the leader.,, Lilly has turned out a Statistically and . . - . vitamins line of broad has. and indicated in the treatment of anemia. Many drugs and items conducive to speciaHzed in products mental serenity appear on the Lilly product list, including sedatives and the elude barbiturates. well and Atmospherically x . . The a ^ncitmhfmn onrl consumption and also moving ucn use, ahead * lllxr T 4- but Lillv is rapidly with shares ... over-the-counter and „wv. We hope not we may not. be accused and 4,846,161 shares of Class mon, "B." These shares differ only in fact that Class "A" stocks carries money so impreswith 4% Fed- sion upon us—even eral money s ation Lester 1 . stocks _ the Lester, Ryons Adds Calif ANGELES Mitchell is York Calbe now Ryons & connected with Co. and 623 Coast South Stock With First California Complete set—1929-1957 inclusive .MrtPTPo 5,? . Bliss A. FINANCIAL CHRONICLE Co. is with ™ First 1- x ? California Inc., 647 South Spring Street, Joins Merrill Lynch (Special to The Financial Chronicle) Further Information Call to of the the as 1950's former's econ- the period's similar increase in the stock "the same sharp fall in yields," the repeated divergence of share prices to book values, and kindred accompanying spec- " (Extension 8114) " '" LOS Commercial & Financial or write Box 723, Chronicle, 25 Park PI., New York 7 B. ANGELES, Calif.—Robert Hicks Lynch, is Pierce, the market—whether 400 ™ the present 520' * 'Daniel Reeves Adds (Special to The Financial Chronicle) BEVERLY HILLS, Calif.—Berer. . . . 1 , JhQOadded, to^the staff otD^iel Reeves Lo., 898. bouth Be\ei^ L,11V^ membeis of the New York and Raciiic Coast btock Exchanges, With Paine, Webber (Special to The Financial Chronicle) LONG of now with Fenner 523 West Sixth Street. & BEACH, Calif.—Hale D. Since 1932 NORTH and SOUTH ulative psychology; leading him to Ibis forthright conclusion: "while it would be geration that seem to to me gross CAROLINA exagMUNICIPAL BONDS that there has from reality 1929, it does that enough has hapsay same there a escape was F. W. in pened to indicate that we have not yet lost our capacity for spec- Merrill ulative Beane, should Specialists in VIRGINIA—WEST VIRGINIA CRAIGIE U CO. , DIgrby 4-4400 on then the decisively become present " been the 1929 to date, bound quarterly (no supplements) highlights the fact that the various danger quite signs. pointed out omy>s decreased vulnerability, Cissell is now affiliated with rather likening the instant situa- Paine, Webber, Jackson & Curtis, tion to late 1927"early 1928- *?ut Locust at Fourth. tempo (Special to The Financial Chronicle) T For booms averages, MOODY'S MANUALS & Pacific Exchanges. For Immediate Sale COMMERCIAL the 1928-1929; lesser magnitude and the (Special to The Financial Chronicle) Hope Street, members of the New AVAILABLE Galbraith noted for^his hook The Great Crash dealing with the 1929 em broglio, not only by his appearing but through his testimony brought forth ghoulish reminders of that Great Unpleas- and i_ where discomforting reminiscences between LOS was author! J fntmre ^o WW ^^ Ww the imnnssi • Sf* -^hty of tivung market changes. . takingly point out the differences _ "here nntness. The Professor did pains- rates! the vote; and is closely held by Lilly Endowment, Inc. and persons associated with the family management. The New York Stock Exchange has a rule is • r ? against granting listing to"corporcommon and pay dividends for many years did make an of wlien at of "1929." Thus, the Harvard Professor of Economics . John • <! siffnifimnee course, operative - with 7' tnat is none * average). Rather it would they . . of the intrinsic values afforded are 991,723 shares of Class "A" Com- alone fpregoing relate to human Lilly the Big Board. The best answer the moderate tran- Eli of gilding the Lilly, but the visible to that is probably found in the current evidence about this comcorporate structure. There are 2,- pany, and its capacity ? to earn on in- vertised Sandril, a reserpine prod- uct, and Ultran, quilizer. traded ad- These accepted that * . , here. Some have wondered about the fact * record' dast. at the rate of $10 million a year 6. The character-of recent buying - The impression of misgivings antibiotics. are (about 5% of sales) and gives " inLilly "B" both by individual . stemmed equally from /the marinvestors, and some of the ma- ket level after its-six-year 150%: streptomycin and penicillin, in-; considerable assurance that the jor * investment " trusts, gives rise to 400; and fromv the • sureluding penicillin V, which can be favorable trend of earning power some indication of the solidity rounding speculative - attributes, taken orally. In insulin, the major at Lilly can be sustained, * * is good this top-level experts "bull ses- of the Korean hostilities in 1951 n?±Lr?£l * uitimatp market's decline midst the hear- "atively digs including the widest single- whereas ^ taction since the outbreak were, of will substantially enlarge/the base for future earnings; signifi- profits he makes beyond too good." the above new lighten SZFZ SM sisterrt questiomn* ^ pro liability to profitability. .to to holdings of common His [the speculator's] the current level [400], we should of largest maker The leading items the is . to the ' Lilly his the pul1 markets—and closed who excellence) spec- convinced chance of eventually holding on for rent^delvmg ^Jo curative^for diseases, him require Mr. Baruch (former short-seller Var 4. LiHy research has been richly rewarding; and extensive cur- the preceding five Current research outlay is years. auests are js now at hand Hence the principies of the prudent investor will stocks Senatorial ux. xiitt characteristically! a lllati®e' stLe,we door on the legislator's insistent Queries for light on he market's time when many prestige and Prestige, and. l -This market forecasts; as the venerated ful//ear 1956)! a upociixxxg _ warily witnesses the sidestenned against vear • extension of the bull cantly of Many squeeze'68 316 feehng a profit duced within \ closer look. a price a p praisal and forecasting. jn further market. 41% for the first this the . _ and. barbiturates. : Let's sedatives of areas of the stepping-up of the rate of the market.s rise during the pre. ceding closing months of 1954, (3) similarities to 1928-'29 markets, and (4) potential dangers inherent 45% of products 5. The important capital additions For example, welUn antibiotics,vin-i 1956 sales derived from as of for And this at per name vfas (it ouarter 34% share net. almost, doubled, in this vaccine, consideration of from $1.48 to $3.82. This notable the value of Lilly common solely change -in corporate dynamics by results in this field could be stems, in the main, from effective a in the . ^ derives piece — evidence bight's ethical But eminent as is the on interesting of Tallv "R". x^ xux n-f ^r^oun^fo^boSS of Also on the cautionary side, but quantitative criteria of value appraisal, were the convictions expressed to the Committee in characteristically clear fashion by Benjamin Graham, an authority doubling over the years as author-teacher, recognized dean of the security analyst fraternity, and market-operating head of a highly successful investment company. He told the legislators that from the historial approach the market was distinctly on the high some The+answerJo dhat question^ a sales advance,' and per share net from the fact that Lilly turned out did not vary for these three years more than 70% of all the re- by more than 14 cents. From 1955 nowned Salk vaccine produced in on, however, the story has been both 1955 and 1956; and this polio different. Sales moved from $122 this of reveals were Why is Eli Lilly B so desirable tn minil above $200 million a year. title From the Scientific Corner assumed Banking and Currency Committee, the query — The Average d at its o o august 17% of the 1956 total. Lilly sells ticular time would seem to be its ware in 120 foreign countnes among the following. manufacturers a companv that and in countries where internal i. per share for 1957 is expected has risen from a modest familv policies restrict or Penalize lmto rise from $3.82 to $4.40 or proprietorship (founded in 1876 ports from the U. S., Lilly has better. by its namesake Colonel Eli Lilly)' manufactured locally often bor- 2. This leaves room for a cash extra (above the $1.80) of posto become an international comrowing capital funds, within the sibly 50 cents per share. pany manufacturing over 1,200 subject country, to provide the biological and pharmaceutical facilities. been rising for the ^ast two products, and grossing (1957) at a During the years 1952, 1953 and rate t touched market drop, peak of 400— A. regarded as drug now largest s a equally J. D. warnings, On this count the Lilly or- at 70 when it only pays $L80, and, tended to be concerned with the ganization shapes up well. Be- on that basis, yields a meek 2.6%. Jowly question of stock prices, mny mi today's topic, Company, world's the , anti-speculative off a 6-point issue Exchanges the when — vital. UwiorHVi and be should margins that But the first words of his own earningsat twice the"'interest rate multiple one. First, if one seeks opening statement cited the mar- for high-grade bonds Such aphigh current yield he should ket>s comparative price action in praisal justified the then-existing existing never even look at ethical drugs. 1929 and 1954. And the Commit- 400-level- but he also called at* Hed £ leading kept distribution costs within rea- Almost all of them sell from 16 to teJ»g preliminary questionnaire tentionto ™ son, and assured continuity and 25 times earnings. (Lilly sells at asked for information concerning depression unsetUng the basis of investment trusts. lected are sales techniques are tive broad investor acceptand they are widely found veloped in excellence business,^ shares^ of cause of thediversity of: its prod- leading companies here have ance; Now we have trundled out quite few statistics about this comcorporate pany but perhaps we have not yet productive mere and in March, 1955 in Hearings, held Profitability and progress. Effbc- completely answered Because of hnking of depressionresistance to growth, found in t e this unique drug and is^ no funded debt bentures!). enough, alone, to assure t5 degenerative diseases. ethical Naturally breadth gestion . only cultural chemicals. elopment remedies e v o Cobleigh U. Ira , $2.4 million of preferred cf cattle. There's a new antibiotic, standing ahead of the two classes g hyg-omycin, which attacks effec- of common. Current position is • tively a whole range of animal exceedingly strong with $92 milparasites; and the new element lion of net working capital at the Cibberellic acid which gives 1956 year-end. Even though about great promise as a stimulant for $85 million for plant modernizaplant growth is being tested and tion and expansion has been proresearched by Lilly. Development grammed for 1957/1961, it would in this area is being accelerated appear that the company should by the present construction of a be able to finance it all from innew $3 million laboratory at ternal sources, (although imagine Greenfield, Indiana, which will how the public would eat up an specialize in the research of agri- issue of Eli Lilly convertible degrowth and accelerates the vances constant the ... TOO HIGH? HIGH IS HOW Re-examination of the testimony Financial position of pxrellent given experts in the so-called Ful- raisedof tu 70upward of resumpEli Lilly ment1 by the nation's top invest- t7™^ luS, TiT i tion G to the 1 100% in case v a trbriitionallv movement, There is no funded debt and bright Stock Market Investigation and that the Government and the Stilbosol, a chemical vvhich ad- There ti mes bad By A. WILFRED MAY 4,600 stockholders—rather an im¬ portant tribute to the quality of this equity. Financial position of Eli Lilly Division. Lilly has p in ill—perhaps more s as Industrial and * Agricultural its us oro- . a sional public offering of blocks of shares has since then added over selective market. a Observations 1950 Lilly Until family company only 209 shareholders. Occa¬ strictly was with Containing deal¬ "B" however, has not inhibited its distribu¬ breadth. in tion re¬ or Over-the-Counter stricted. self-delusion. look This/with an So we defenses." accompanying sugto our RICHMOND, VIRGINIA Telfetypet RH §3 8c Bell System Telephone 3-9137 b4 Volume 186 Number 5658 I . . . The Commercial and Financial Chronicle (377) R. G. Murphy V.-P. Of B. J. Van from The Ingen Richard G. Murphy, Manager of B. J. Van & Inc., and of this bond under¬ writing ganization. Mr. ^ _ Co. Inc. of Murphy the B. j. Ingen Van 1936. He is & member a Municipal Bond Club of Investment Asso¬ New York and ciation of New York. A of true warning, arguing for moderation, emanates "Monthly Business Review" written by Henry H. Heimann, Executive Vice-President of the National Association of Credit Men, and is worthy of repetition in this column, viz: N. C. — Mar¬ Johnson, managing part¬ McDaniel Lewis & Co., Jefferson Building, has announced that E. Neilson Beard Jr. has be¬ come a general partner in that firm. Mr. "On not. are future became associated Pierce, Fenner & Beane. McDaniel Lewis & Co. has been in the investment field in North Carolina since 1922. In active ad¬ to Mr. Johnson and Mr. Beard, other general partners in¬ clude McDaniel Lewis, senior partner, and Edward R. Lowry. Barbour, Cleland With Dempsey-Tegeler & Go. (Special to The Financial Chronicle) LOS ANGELES, Calif.—Jack Barbour have and Karsner become M. Cleland associated with merly & highway of economic prosperity, warning signals generally accepted. Because we have such a fabulous ahead of us, many people that assume we disregard can object to them. or fabulous future does of not When is it suggested that the speed at which we are moving along the highway of prosperity is a bit on the dangerous side, such observations are attributed to prophets of gloom and doom. Those who issue these warnings are labeled pessimists. It is an incon¬ trovertible fact, however, that a measure of and excessive speed. in any economy. is helpful. the danger that Moderation is While a a "Perhaps it goes even in the with constant virtue in any language or plea for moderation be popular, may not Street. Both partners in were for¬ Barbour, Smith he has investment in no plans to new leave the New York reported yesterc a r. The increase was all but offset by a decline in acceptances drawn to finance the domestic storage of readily marketable staples, largely cotton. The net result of these and minor changes in other acceptance classifications was a small net seasonal decline of $4,830,000 in bankers' dollar acceptances outstanding in the United States dur¬ ing June, to a month-end total of $918,925,000. The net decline last month compares with a decrease of $34,125,000 in and odd seems to say we be may moving too fast Major steel mills and "All the in this country is true throughout the world. are agreed that the future of long-range period our in which it over of can operate to check radical a Many of these are reflected, in legislation but reflect the attitude, conduct or the condition Even a reduced tax load start wheels he or turning if the is consumer holds onto his dollars and is scared. frightened, checks his buying. "Perhaps there is a lesson here for business. It may be well to attempt to become more efficient "with your present volume; to try to produce better and to manufacture more economically your present product, rather than to move out on a program that you believe necessary to keep up with the hectic pace that is being set in this day and age. The future is a long road and we shall be to we better off to travel at a a more run evenly sustained speed than out of breath reach its end. can "Moderation in to it sprint at its beginning and .continuation . any of or Even in according to "The collapse before optimism usually-cautious sales tail sheet end of demand August will is be Age," national j near-working levels for second-haif managers see hot- — upswing. Some steel men foresee November and December. in These forecasts and steel definite a cold-roiled says steel one a expected buildup in demand an He adds that demand from appliance begin to strengthen in September-October. "The Iron sheets than July. But beginning of the relatively tight sheet market mark automotive as maker. should on better to and appliances. "Tne auto operating at capacity in the last quarter," companies can't miss makers based are users little expected Age" to affect says steel expect increased demand for men the availability of light plate in the near future. been rolling light plate on sheet-strip mills. But as demand strengthens, the rolling of these plates will be have shifted to the regular plate mills. its acceptance of orders for One mill already light .plate is restricting August-September for delivery. The mills are warning their customers of the expected shift in market trends. to But so far there is no sign of a concerted rush This may come later, as the pattern for last half place orders. of the year takes definite shap :. more The real push for tonnages not materialize until November. may "The Iron steel find Age" reports this week that fabricators of structural supply problem a little easier. Wide-flange their steel structurals and sheared plate are still hard to ib. .m» Iron , sight for the "easier" products August the sheet can individual. When be touching bottom on inventories. The delicate balance between inventories growing demand. them of the of needs, a The apparent reduction of steel stocks to just one reason for Mills none of metalworking weekly. readjustment. synthetically low interest rate won't a users may indications from such major nation is fabulous time, but many sound and progressive people believe that we are moving along too fast. They believe the speed at which we are going is not conducive to safety. They are not too impressed with the fact that the government has many ways see production sheet. suggest that we might be on a sounder basis if we slowed just a bit to catch our breath and get a slight rest, and so be in better condition to presume our forward march. Also, may we repeat that it does not jibe with all the Pollyanna talk that we just can't stub our toe. What is true of the move year $41,007,000 in June last year. was $294,889,000 greater than acceptances outstanding a year ago. ".-."r ■' Except for brief periods at the begining and! .end of June demand in the market kept pace with supply. Dealers increased rates by one-eighth of 1% per annum on June 6 or down we May this a contra-seasonal increase of The total at the end of last month the amount of upturn to Dempsey-Tegeler & Co., 210 West Seventh that business exchange increased materially during June, the Federal Reserve Bank of speed with which Beard the Lewis firm in March of this year, having previously been an account executive with Merrill dition the so They do not realize that even necessity preclude a readjustment that, though short in duration, could be temporarily very injurious. a with Lynch, the casionally in mindfulness of of cf During June word from it shall H. rate Bankers acceptances drawn in Latin America to create dollar greatest of prosperity, is helpful to a continuation of real pros¬ perity. It is much better to take your foot off the throttle oc¬ Admits E. N. Beard Jr. GREENSBORO, Production Business Failures caution, McDaniel Lewis Go. ner Auto Industry Index J warning signs Murphy joined . in or¬ record a Federal Reserve Bank Reports Latin America Increased Bankers Acceptances Index Price \i= municipal Richard G. Trade Commodity Price York dent and year Cabinet. Wil¬ City, has been elected a Vice -Presi%> Retail Food In¬ Street, New Electric Output State of Trade C o., 57 liam Production Carloadings tne trading department of ge n Steel last plant and equipment. Secretary Weeks stated come by. Continued But lighter on activity is one of the elements essential business, good health and a sound 32 page good economic condition. ■r». Co. Robert with H. First Desbrow, California Dempsey- Tegeler. Joins Daniel Weston (Special to The Financial Chronicle) BEVERLY HILLS, Calif. —' Nathan Himot has joined the staff of Daniel D. Weston & Co., Inc., 9235 Weeks recently Company, has rejoined the staff of Wilshire Boulevard. Expects 1957 Will Be Our Best Year Speaking before the National Press Club in Washington on Tuesday, Secretary of Commerce, Sinclair Weeks declared that HOW TO 1957 will wind up as "the best year ever in the history of our economy" although "spotty" conditions persist in several industries. The Secretary said the total output of goods and services reached the record annual rate of $431,000,000,000 in the first half of the year, up 6% from first-half 1956. On strictly domestic matters, Mr. Weeks said inflation tinues to jeopardize the country's prosperity. "The expenditures of government are a factor in this they must be controlled," he said. "Prices and wages chasing each other Mr. are ing Weeks referred to pushing the economy to a record rate of and still are The word .<speculate lias and that is not healthy." up, a number new personal of buoyant factors which high levels of prosperity, includ¬ income; a 5% gain in retail ,ESTAB SPECULATE con¬ sales Yet CARRISOI are pleased to announce that American can in In is of MR. LOUIS C. McCLURE now associated with us as Municipal Bond Adviser No need, for stocks. is way this make to can he example, to buy a done big sum with of out a surprisingly but large, well-known any (Leave unknown "cats and dogs" to those who charge of practice, the odds well be on a his side For can speculator. may example, a take fewer chances than man hardly he called reckless—though he So long as a who bets apvays with he spreads his risk among out a may suffi¬ on top our and To / show you you a 9f as Vice-President • 330 HANNA BUILDING our Florida Gulf Coast Offices TAMPA Telephone Street 2-4628 how this principle make steady, revealing new Principles," plus the M. SAXTON charge of sensible speculator number of "bets," this man's chances of coming nients—to LOUIS a approach absolute certainty. Corporate Investments Div. Madison fact afford the risks.) cient as 617 the "conservative" investor. Vice-President in among WARREN D. WILLIAMS announcing the us MR. "dirty" word a pleasure association with in sum—and small risk. We INC, takes speculating is the quickest modest WULBERN, unfortunately become investors—largely Jbecauep. jt is too often, qsgd, to mean-•reckless gambling—of the double-or-nothing variety. &o:, tyfoc. CLEVELAND 15, OHIO Members, New York Stock Exchange Telephone: CHerry 1-5671 Teletype CV 34.9 can he applied to your invest- low-taxed capital gains—we will gladly send 48-page hook, "Stock Market Analysis: Facts & next 3 weeks of regular service. This includes strength ratings of 500 stocks, together with specific buy, hold or sell recommendations. Send $1, together with your name and address, AMERICAN INVESTORS SERVICE to CF-101. Larchmont, N.Y. 5 Financial Chronicle The Commercial and 6 said gue the From Washington publicly that they can't ar¬ with the fact that a jury, in fondest American traditions, of five trial He Washington the one industry around which all life revolves is Our merchants, doctors, lawyers and dentists that of our politics. off Live That although th are not 1 i t i cians emselves, their custom¬ and billowing do not trag¬ we of edies not a closing plant o w n Carlisle Bargeron and throwing charge of - a thousand men out of politicians employment. last place a in these engaged obstruct to harmless justice,- to so in the able President makes nation¬ a the Hoffa have into entered investigator — fascinating spec¬ these weal of Keuther that it fore the committee and increase his the cocktail salons the sub¬ labor years have Green American the as Fed¬ lead him reform to in labor lights the has This is the been the press as a sportsmanlike or gamesmanlike, as the British would say, about it. It is saying the very misinterpreted intends Dave Beck call to It has that it would have so palpable hard time in a court proving that its purpose was merely to get information about the labor movement for purposes . the and press and up by confident of to do about this Meany and The This mature shouldn't He is a very '•market unhappy man. is it is*.this. remind was strong; anyone The mortg This was true not only m Wbole wide capital ex- of area • Pension. ^ v". -In other words, we; were using a big waj)- as a sup- *; ' bank credit in plement for savings to finance our houses, our shops, and our fac- to 1 " guaranteed unconditionally as to payment of par value and dividends by endorsement by The Pittsburgh and Lake Erie Railroad Company fields would not be in we are today. As it is be trouble ahead. Sooner made to the with It MATURITIES AND YIELDS t have ment 7 year. to back into Irinrl rnOT move Not only do< we slowly until the savings and: investment situation is brought into better balance; but we have virtually to sit back until it comes into such balance that a still submarket rate of interest begins: to -be more widely attrac¬ investors. to tive . V \ Coitimiced the Worst Is Over be cap- balance At, to or growth of real savings. /ivrintlTf o is has bring the growth of expansion ital - adjustment j.an economy."7 the ' Tt (accrued dividends to be added) e *u*ht th |home financing. Similar activity we faCe double- the adjustment 5WuSi on throughout, .the ^at has to be maderelsewhere in We were borrowing sho.rt and,-lending long. Whenever a country does that there is bound inclusive action but to the effect of a rigid interest rate ceiling in an otherwise free money market. It is to the credit of the Federal Reserve officials due not to the desire of the of the monetary authorities money tories. $148,000 annually on each August 15, 1958 to 1972, • to need crippling was the But crippled. of year a accounts receivable, and on later To be at 1957 did in those years. we ; means ' look story is different. This part, which made'up "more than 50% of the to+^1 ?n lPnfy, has been seriously that they alone in the government was'had the courage to point out the easy; and;-,when we couldn't^ get real problem and boldly to urge I all the money we could use from freeing the rate on FHA and VA the saving' institutions we got it mortgages. ; ' ;! • -j ~ ifiom the commercial banks in,the v jjad. their advice been followed, form of warehousing credits, loans e jn the homebuilding and home .what Equipment Trust Certificates 1 I of way year the mortgage ^financing, 9nteed i economic penance. It which we are paying that there won't be any American Federation of Labor. .. dependent, upon insured and guar- ahead. . out : has ' been it has not been part of activity that is With the be can Economic Penance (Philadelphia Plan)' To we time better a Never- over. that sure is a year in the penalty erring union. Meany avows he vfor overinvestment and undersavintends to kick them out, when ing last year and the year before he knows that to kick them all and; the 7year • before that. I tends Pittsburgh and Lake Erie Railroad Third Equipment Trust of 1957 1 slowed in pace but crippled. not-all are theless I feel him as to what he in- $2,220,000 4Vi% Hall ' problems • the press applaud senators C. either that our * ' activity investment, John question no movement to clean movement and be¬ give him treatment. intentions its Hoffa the a t-jjr ouMous move¬ Reuther. of in-this present difficult year. In other words here, as in other types of likely to be reduced even time.'7 .There's pressing keeps Reuther is not peak level and its close to that life that Green did, the easy Walter by excess commitment in 1955, remains pretty and 1954 been through a Conventional created no have we being able to instead of but more is question eration of Labor. He accomplished this free;interest rate, remained at a high mortgage lending, in spitemf the problems mpany. There is has level. he in or^er Bill this oFhome financ¬ activity to eo area of* absorber need we to old of President m ore miserable than the in is 7 con¬ " evidence ' of The ings where it was possible to roll with the1 punches with the shock ke, our¬ the ambition V of cherished succeeding that George'"- for circles, itself monetary T policy cerned.* may we selves George Prominent in New York State in succeeded of figure tragic Meany. "getting'* of legislation. Members of the committee have Beck only to pave the way parently Dave acting made ject of conversation is what a pickle • the McClellan investigat¬ ing committee is in. It has ap¬ m a the effect of monetary policy on hous- / ing. ; Actually there has been no discriminatory ;effect,7 so far as t i m es s o m e think is '' * maneuver¬ . and to is ington callously looks at it, there acquitted committee not power. In McClellan the these of all in ment of the efforts of Hoffa, and Walter and it is easy to conclude, thatf. it likely to stay bad or get worse.: They! say that iriisery.loves companyuand I good, • ings and battle of wits, as Wash¬ by was into consider¬ in the last few got He But ■ Beck the Hill the days is to watch maneuverings on Capitol against organized labor, of efforts to "get" Dave Beck Jim - his start as legal adviser to the late Joe McCarthy. ridding only to succeed him, readily a plot with lawyerCheasty to entrap two birds with one public Teamsters radio In this light a tacle the prominence years. gained nothing see get speech. The interest Hoffa here is how it caught on, whether stone, so to speak. he advanced his prestige or not. Well sir, Hoffa wide of feelings bar who has sprung enterprise. could which interested in a vicepresident being elevated to the presidency of the concern. be The -' ' speak, but to get ammunition against Beck, It was funny to see him get caught in such a issues such as another community might . the The cocktail circuit said that Hoffa, who was Washington is the used to getting what he wanted depression hits. By the same token, Washington through strong arm methods, was is largely unconcerned about the not so bright in matters of this great political issues of the day kind. For example, another in¬ that arouse the country, particu¬ dictment pending against him is larly with respect to their merits that of. wiretapping to get infor¬ and pros and cons. We are con¬ mation on his own employees. cerned ' in the rise and fall of But the McClellan committee the "5 1957 as a - V year of penance.for the overinvestment and undersavings inthe past few years, praises the monetary authorities; for their courage and for urging the freeing of VA and FHA rates, and calls attention to the increased volume of savings. Mr. ; Hall declares homebuilding is on its way back to* last year's <'■>?.}+ level in view of the sharp jump in housing starts from 800,000 i Mortgage Bankers' nominee, for President views throughout the trial. v It is no secret that this ruffled - smokestacks, have the He continued to his "old friend." sit ; • We have are. no a 7 . the official ' clients patients ers, from i Convinced that the worst in homebuilding is over, - they p o free scot goes •" ; Government prosecutors and they gave con¬ keep him advised of what the sideration to having Louis cited committee planned to do. When for contempt of court. But the 4 'he FBI seized Hoffa in the al¬ V fact that the jury returned with leged act of passing money to one its verdict so quickly arid that i :C Cheasty, a New York lawyer and there were five whites on the in March to 940,000 in April, and claims that next year we investigator, who testified that it jury has now dissuadedthem. vas for the purpose of his get¬ :I Instead, they are wondering just VM!' should reach 1.1 million or more* Refutes charges that the ting on the committee and.instead what was % monetary authorities discriminated against- housing and conv wrong with their case. ; he told the committee all about One thing that was wrong, of ; v demns the Government's unrealistic attitude toward the house it, why the cocktail " circuit course, was Hoffa's defense,4, led laughed and laughed, and allowed by Bennett Williams, a young and jf' v*: r. V;. mortgage interest rate question. 7. .7!'^ V'';., that what Hoffa had in mind was highly respected member of the When ff.business V dqesn'A look! lately 7about ^the5;4is^imjnat6ry'i is to say that thought they had "gotten" Hoffa too. But lo and behold, Hoffa Hall Mortgage Co., Inc. Birmingham,' Ala. J;- 'J .T * ■ Allen & President, Cobbs, jury the as America Vice-President, Mortgage Bankers Association of quite ostentatious. into the courtroom was was returning from lunch and shook hands with having attempted to place a man on the McClellan committee to it. Louis' appearance at walked just Well, all of us frankly for Hcffa. By JOHN C. HALL* and Negroes seven whites. the jury was The trial. the at composed By CARLISLE BARGERON In Business Ahead7' pointedly about Joe Louis' pres¬ the News Ahead "Look Out—Better acquitted Hoffa but they remark ence d .Thursday, July 25, 1957 .. (378) Severe as these handicaps have j 6 .aatiict. exactly, that kind of adjust¬ we are going through this ' . • ••;.' . heavy as they still lay and been on - ' am • * - the not djstressed or disiY # , I am convinced is overt and, that couraged. worst i that our 4.10% I960 4.25 1961-72 4.375 the adjustment relatively pain- knowledge that our troubles have been due to artificial obstacles and ply, the Federal Reserve authorities have been able to get the situation under control in time and not to any policy, monetary been has Issuance and sale of these Certificates are subject to authorization by the Interstate Commerce Commission. Offering Circular may be obtained in any State in which this announcement is circulatedfrom only such of the undersigned and other dealers as may lawfully offer these securities in such State. The . to slow alert to Thanks 4-35% 1959 though gradual for the mentioned, is none the less certain. We can take SOme satisfaction at least in the lessly. By putting a tight rein on the expansion of the money sup- 1958 made down and the effective speed recovery, We see HALSEY, STUART &, CO. Inc. the economy with tion. DICK &. MERLE-SMITH R. W. PRESSPRICH & CO. HUTCHINSON &, CO. i FREEMAN & COMPANY a single excep¬ - a don't that we strong come need housing.- look hard to have the makings demand, effective mortgage to as machine soon is of will be¬ that our as again in good working order. The income situation is favorable. Fach new brings a fresh high point personal income. The average family inc0me is higher this year We have heard a lot of loose talk than last, and the proportion as well as the number of families *An address by Mr. Hall before the annual inc0meS of more thail Finds No report Discrimination ,. McMASTER serious weakness in the underlying demand for the of capital boom without actually contracting capital investment. This has been true everywhere in I have reasons The exception is ■ in housebuilding. • July 25, 1957. 26,Clls7? Birmingham, Ala., Ju„e ^ greater ^ yem_ ^ Volume 186 Number 5658 The Commercial and Financial Chronicle 7 (379) last. in Thus fhn l^es, in even ahvointp wc wmrld the far effective as than without numiw growth nf "e^nore ha income housebuying is of fami of them range new concerned on was Sees , , , , from of the ... trough ing .. two „;nsf0Vor million or The years to be sure, but enough to remove this factor as a negative influence. Moreover, baby production continues in recnumbers. not'fn is nevertheless is combiner! levei oi with the FHA could it inJ Jmt Ina l seriously We have ket. * - " dickering loan-to-value ; The As latest cf of report of the available the ratio at third first; 21% ciuar'er 2.8%.. was the end of fewer seen ^» been this What the were building of ratios With Bennett-Gladstone piuviue (Special to the financial chronicle) aids£^ up as f^wols over nous individually businessmen through their LOS ANGELES, Calif.-Medar^ a one great a No has wHh trade associations, Cq previously with J. Logan Edward Cronin Adds (Special to The Financial Chronicle) _ _ . LOS „ Form Seaboard So. Sees. V. (Special to The Financial Chronicle) ATLANTA, Ga. — ANGELES, Peterman I Seaboard formed with offices at 548 South 1211 in Robert F. Camden passed away- a year , ■ — of is not an offer of securities for sale or a solicitation buy securities. The offering is made only by the Prospectus. announcement offer an to - >. $100,000,000 seems « 1 C.I.T. Financial Corporation Series Debentures view and factors I have mentioned, to to me be It is the Corporation's intention (i) to offer the Series Debentures by way of a continu¬ period of time, (ii) to make available maturities suited to tlie requirements of various types of prospective purchasers and (iii) from time to time to vary the Series being offered and tlie offering prices of tbo several Series being offered in the liglit of market con¬ ditions and the Corporation's requirements for funds. - ing offering in position to absorb all the credit that is likely to be made avail- able to it. over a . •, Increased •?What Savings the prospects. are " Interest will be For The Debentures of one thing the volume of savings is in¬ Compared with the first quarter of 1956, the annual rate 4 of savings was 9.6% higher in The creasing. in more Corporation has created and offers the following four additional Series of Debentures: Maturity Scries Offering Price Date 1967 4% % 9814% July 1, 1967 1968 4%% 98 July 1969 4%% 97% July 1, 1970 the investment stream than there was a year ago. This gain is certain to he reflected in an increased rate of asset . payable on all Series Debentures on January 1 and July 1 in each year. the following eleven Series will not be redeemable prior to maturity. - the first quarter of 1^57—.he dif¬ ference amounting to almost $2 billion 4%% 97% July 1, 1970 accrued interest to date of delivery. ' growth in the savings institutions of the country which *Plus in each case supply the housing market'with funds. Moreover, its mortgage the forward The the amount vanced on of bank credit warehouse Corporation initially created and continues to Scries 1960 a; /have trend since tunities a ' ■ private even year. placement. we ? * We ■ The term is ...4%% 99% July 1, 1964 4%..% 99% July 1, 1965 ... ... 99 ...4%% .... case July 1, 1966 accrued interest date of to delivery. amounts previously sold being offered directly by the Corporation and are defined in the Securities Act of 1933, as amended. proceeds to the Corporation from the sale of the Series Debentures will be used primarily to refund other debt and to furnish additional working funds to its subsidiaries. !' ' net Copies of the Prospectus any i ■■■., _ . may be obtained from the Undersigned in State in ivhich these securities may lawfully be offered. ' . point has are ' ' i ' . • ■ • ' i we we Agent:SALOMON BROS. of last now on & HUTZLER Sixty Wall Street, New York 5, N. Y. Expects may . Series Debentures, less The the way. , 1,. 1968 .. ' back to the level Nevertheless 1, 1962 July down¬ only barely been reached, and have a long way to go before are •*' beginning of the sign of increasing oppor¬ for July 99% also through one or more Agents and in certain States exclusively by the Agents as principals. The Corpora¬ tion has initially entered into an agreement with Salomon Bros. & Ilutzler appointing the latter as Agent, hut has reserved the right to designate additional Agents. Each such Agent will he an "underwriter" as that the Obviously, the turning 99% 4% The Corporation reserves the right at any time or from time to time to reject any offers for any of the Series Debentures and, by appropriate amendment of the Prospectus, to vary the price at which any of such Series Debentures are being offered. The Corporation also reserves the right to terminate the offering as to any or all Series and to add or substitute Series Debentures of other Series which may hereafter be created. The since De¬ continual % ...4%% *Plus in each Offerings to Fannie Mae shown year—a Expansion Telephone: IIAnover 2-8700 safely expect the rest of this yeai^ to be a period of ex¬ pansion rather than tion and one of of 1, I960 ... _ housing starts made jump from'. 800,000 in month July 1, 1961 . 1966 ..'. 940,000 in April. FHA applications have been gradually cember. 99% . 1965 to rising month by ...4%% July .. 1964 private sharp Series of Date 100% .. 1968 seasonally adjusted annual rate of March 4 % % ... ... re¬ As the year develops, the avail¬ ability of mortgage funds should gradually increase.' Already the . . 1962 duce the competition which mort¬ gage borrowers have felt from this source. • new . 1961 few months ago. While the demand for corporate funds so far this year has been very high, there are definite signs of a level¬ signs point in this direction. . Offering Price' - even a ing off in volume, which will seven Maturity ad¬ accounts getting into much better shape do business than they were 1969 Y has been drastically reduced. All this means that these institution? are 1, 1968 offer the following to Debentures: commitments of these institutions are about at a postwar low; and contrac¬ hope rather than July 24, 1957 Co., Robert F. Camden Fair- engage surplus in asso¬ Spring Street. say, wouldn't up a Calif.—Lester become Southern Securities, Inc. has been the on has ciated with Edward T. Cronin —— about> He a it free. ad- connected ^ Beverly Boulevard. > was agains 1 . free market only if we are resolved to make it and keep have can become Bennett.Gladstone.Manmng just Y a l next can words, income favorable , to will bring no securities business. Officers are suddenly July 16th at the age of though we can. be Harold G Dempsey, president; 60. He was proprietor of R. F. that. with an election ahead, ho g Han.y p> sh,elow. vice_president; Camden & Co., Chicago, dealer in P oiitrpr TT TTine sec a more popular legislative topic and Oliver H. Hine, secretarv ta y. municipal securities. one In fact I think it indi¬ that at the present time we growth oe view Road, N. E., to 1956, the other months completed. the market bfeeenmaqe vacan¬ 2.?%. underbuilding; and, of Umits free mortgage market, Qn the other hand, it has not great victory for those who fast. very cates are reasQnable the Quarter of In six houses was and Yy^nthfield distort the mar seen -how- many at the beginning, in spite of the fact that during that period about 500,000 new houses say eliminated WOuld put government more firm- "with market than had will sharp decline in a 1957, the vacancy ratio In ^ This number have we the lower ranges, it nowerful push to hous¬ a Census shows cies. been result The vacancy situation is favor¬ the Whiile efforts t ing demand. able. have ac- pa$e°havf learned' ticularly in give ^ toward the interest question has practically wiped out general upgrading 01 income, palcan tition tude faprkfous mar- Thls yeai better ten we FNMA activity has been restrict- good. the future m^gage of fronts score mands than formerly. Most of the new forms of government compe- this year how an unrealistic atti- of when is a than it has with FHA in somewhat better tinuing trend and should strengthshape to meet current market de- en their defenses unpreaicxapie .inmg future on private up » tion of government. We have risinp average a mmiiy our the we shall get off might have hoped pretty certain to do more were pretty more y y must we A^^guaraSor tse prosperity, While ket pace. Right now, chances of reaching 1.1 most about upward—slowly, ord turned its back increase in the VA interest somewhat lustier Since then it has been point- ago. with ^around llo'l peak postwar level of information reached the bottom prospect Congress we seem Congress ure willing government competition to set up Next year we should see the continuance of the revival at a decline family an in were members of we or more 000. teasing" The declTne IL incieasing. the is "thai rate, Underbuilding fs lies While not make the million before so true a year ago. But the growth situation Is also favorable, _, discouragement, mav and Financial The Commercial 8 (380) Chronicle & Also available is a Detroit 26, Mich. Co., Buhl Building, memorandum on Brown McLaren Manufacturing Co. Company—Analysis—Sutro Bros. & COMING Brunswick Balke Collender Dealer-Broker Investment Co., 120 Broadway, New York 5, N. Y. Burmah Oil Co., Ltd. — Analysis — New York It is understood that send interested to firms mentioned the will he 4,* N. Y. ' ses & Manhattan Bank, New York 15, N. Y. Broadway, New York 6, N. Y. , — Current information Company of New York, Inc., Ill New York. . — pany, Broadway, New York 7, Review—Study—Harris, Upham & Co., 120 Broadway, N. Y. • y'u "" :r or Else—Highlights No. 33 on "research-rich companies" with particular reference to American Research & Development Corp., Collins Radio, Electronic Associates, Electronic Specialty Co., Lithium Corp. of America, Metal Corporation of America— Troster, York City Bank Stocks—Laird, Bissell & Meeds, 120 Broadway, New York 5, N. Y.. \V\ Northern New Jersey Banks—Comparative figures as of June 30, 1057—Parker & Weissenborn, Incorporated, 24 Commerce '■Street, Newark 2, N. J. Omaha Club). Gypsum data Jones Averages and the 35 over-the-counter industrial stocks Calif.) Corp., 1 Also available are re¬ Y. Fla.) Also available is zation, 120 Broadway, New York 5, N. Y. report on Koehring Company. of Quebec. Corporation, 111' Broadway, New York 6, N. Y. a report on Miami Window Corporation. Also the Broadmoor. ' . Analysis: Facts & Principles—Plus three weeks Capital Gain; High Income; Safety—Bache Co., 36 Wall Street, New York 5, N. Y. Also available is a Benjamin Lewis Adds (Special to The Financial Chronicle) CHICAGO, 111—Paul L. Westfall is now with Benjamin Lewis Lone Star Cement, Chrysler Corp., and Atlantic NSTA & Notes Co., 135 South La Salle Street. Refining:. Walter Adds to Staff Uranium—-Ccmnarative table of contract holding companies— Nationwide Securities Ltd., 100 Adelaide Street, West, Tor¬ (Special to The Financial. Chronicle) onto, Ont., Canada, DENVER, Colo. * • BOND CLUB OF DENVER-ROCKY MOUNTAIN IBA 0 American M. A. R. C. Inc.—Study—Manlv-Markell 11 West 42nd Street, New York 36, N. Y. Seal Associates, Company, 15 Broad Street, New York 5, N. Y. Anchor Steel «& Conveyor Co.—Memorandum—Wm. C. Roney ated & 2nd Printing \ —* Only , ' . chairmen ; Reservations—A1 . | Golf - Highlights #3J - ' ... Tickets—James Conklin, A. Invitations—Eaton Or Else" ' Tournament—Neil With Geddes, - » GRAND * W. Alton Jones, Chairman of Cities Sendee, recently said: "The United States will spend plant and equipment alone" It . . means search . . . 1962 for staff Ormsbee or industry must spend more and compelling. more for Bosworth, Sullivan & FLORIDA Jr., Peters, Writer & Christensen, Inc. Smith, Calvin Bullock, Ltd. Charles Warren, Merrill Lynch, SECURITIES Pierce, Bank, Insurance Companies, Fenner & Beane. ,i DEPENDABLE MARKETS Northwest Production \Si Florida's GoldertSf Triangle Three States Natural Gas TROSTER, SINGER & CO. 74 TRADING Special Reports / Request I ALFRED D. LAURENCE & Western Securities Corp. One Teletypes NY 1-376-377-378 DEMPSEY-TEGELER & CO. on Exchange Place, Jersey City, N.J. Telephone HEnderson 2-1000 Open-end phone to N. Y. C. HA 2-0185 DEPARTMENT- TELETYPE MM51 Security Dealers Association Trinity Place, New York 6, N. Y. HAnover 2-2400 Industrials Invest in re¬ Big Piney Oil & Gas York & Co., TRADING MARKETS Delhi-Taylor Oil Neio Geddes, Andrews Co. King, First National Bank. else. Members: of Colo.— has joined the 201 North Fifth Street. new the result of research made in 1957 The significance of this statement is that . as $20 billion in — JUNCTION, - Publicity—William J. Garrison, Denver National Bank. Entertainment Andrews Co. (Special to The Financial, Chronicle) Hill, Boettcher & Co. Prizes—Gerald Peters, "More Research the outing are: Chairman—Robert M. Kirchner, Kirchner, Wiesner, Inc. Company, Building. & Walter First National Bank Theodore H. Royer , for with Kenneth H. become affili¬ — has Jr. Aug. 1 and 2 will hold their and golf tournament at the Albany Hotel, Bosworth, Sullivan & Co. i Committee •' on Denver, and at the Columbine Country Club, Littleton. Tariff for non-golfing members is $22; for golfing members $25; and guests $30. Hotel reservations may be made through A1 Conklin, General For Financial Institutions Fairchild, The Bond Club of Denver and Rocky Mountain Group of the Investment Bankers Association annual summer frolic Kap Corporation of Delaware—Report—Burn¬ SUMMER OUTING M.I., Inc.— Progress report—Hay den, Stone & Co., 25 Broad Street, New York 4, N. Y. ham and Traders Asso¬ Convention at Annual ciation regular service including strength ratings of 500 stocks recommendations—$1—Dept. CF 101, American Inves¬ Service, Larchmont, N. Y American (Colorado National Security available is . 1933 Springs, Colo.) Weyerhaeuser Timber Company—Analysis—Shearson, Hammill Co., 14 Wall Street, New York 5, N. Y. 3, 29-Nov. Oct. Securi¬ Corp.—Bulletin—Aetna Richelieu/Murray Bay. Manoir a Three Portfolios, for A. (Canada) Association Canada annual convention at Investment Dealers' tors on Shamrock Hotel. at the with bulletin v June 9-12, 1958 Co., 61 Broadway, New York 8, N. Y. x Vitamin Corporation—Report—De Witt Conklin Organi¬ & ; Analysis—Newburger, Loeb U. S. Products • April 23-25, 1958 (Houston, Tex.) Texas Group Investment Bank¬ ers Association annual meeting Co., 15 Broad Street, New York 5, N. Y. Corporation—Analysis—Arthur Wiesenberger & Transistor Convention wood Beach Hotel. Transamerica ties Association at Holly¬ Investment Bankers Annual Co., 50 Broadway, New York 4, N. Y. Universal at 1957 (Hollywood Beach, Dec.; 1-6, Corp.—Bulletin—Security Adjustment Cor¬ — (Hot Springs, Va.) Annual, Convention the Homestead. poration, 16 Court Street, Brooklyn 1, N. Y.„ Inc.—Report—Eiselc & King, Libaire, Stout & & meet¬ Hotel. National Security Traders Asso¬ ciation Securities Exchange Stock of Nov. 3-6, 1957 N. Y. Also available in Ihe same bulletin are Lone Star Cement. » Kobertshaw-Fuiton Controls Co. - ing at Beverly Hills Company—Analysis—E. F. JIutton & Com¬ Production—Report—Western * Firms Board of Governors Resort Airlines, in the National Quotation Bureau Averages, both as to yield and market performance over a 13-year period — National Quotation Bureau, Inc., 46 Front Street, New York & ' (Los Angeleii 1957 Association 61 Broadway, New York 6, N. Y. on 10-11, Oct. Witter & Co., 45 llobbins—Memorandum—Dean Punta Alcgre Sugar Over-tlie-Counter Index—Folder showing an up-to-date com¬ parison between the listed industrial stocks used in the Dow- of by a New York 6, <• New 4. N. Club (to be preceded, cocktail party, Oct. 9 at the Country Ont., Toronto, Hollow day at the Happy field ports on Three States Natural Gas, Delhi Taylor Oil, and Big I'iney Oil <fc Gas. Pemi Dixie Cement—Data—Joseph Faroll & Co., 29 Broadway, Singer Ik Co., 74 Trinity Place, New York 6, N. Y. Bank Stocks—Second quarterly analysis of 13 Stock Market West, Street, King 50 Exchange Place, Jersey City 2, N. J. New York City used & Northwest ... and Vitro Ltd., Hopkins Hotel. (Omaha, Neb.) Nebraska Investment Bankers Association annual frolic and Oct. 10, 1957 Oppen- — of ing at Mark & \ Francisco, Cal.) Stock Exchange Firms Board of Governors meet¬ Association . New Hydrides Inc. Biltmore. Oct. 7-8,1957 (San Montgomery Street, San Francisco 6, Calif. National Yamaichi Securities Market York 5, More Research Company, McKesson Japanese Stock Market—Bulletin—Nomura Securities Co., Ltd., 61 Corp.—Analysis—Amos Treat Electronics & Corporation—Analysis—Parrish & Co., 40 Wall Street, New York 5, N. Y. Maryland Shipbuilding & Drydoek Company—Analysis—Auchincloss, Parker & Iledpath, 52 Wall Street, Nov York 5, N. Y. Industry—Study—The Chase Japanese Stocks Radio , Meeting at Santa Barbara Fall Also available is an analysis Marine Midland - - ;-.•■ Association Investment Bankers Canada. Street, New York 5, N. Y. Also available is a report on West¬ Co. (Santa Barbara, Sept. 25-27, 1957 Cal.) • ' Broad Street, New York 5, N. Y. Life Companies, Inc.—Report—The Milwaukee Company, 207 East Michigan Street, Milwaukee 2, Wis. Loblaw Companies Limited—Analysis—McLeod, Young, Weir able: is current Foreign Letter. Pacif ic Railroad • heimer & Co., 25 Canada—Survey with particular reference to British American Oil Co., Ltd., Canadian Industries, Ltd.,. Dominion Steel & Coal Corp., Noranda Mines, Ltd., Price Brothers & Co. Ltd., and A. V. Roe Canada Ltd.—Thomson & McKinnon, 11 Wall ern Wall Analysis— Dean Witter & Co., 14 — York 5, N. Y. Co., Inc., 79 Wall Street, New York 5, N. Y. - - - Hudson <& Manhattan Railroad Co. — Memorandum — Future Growth of the Natural Gas ' Broad¬ ■ Herold View Monthly investment letter — Burnham and Company, 15 Broad Street, New York 5, N. Y. Also avail¬ Columbine Country ment at the of Bullock's, Inc. Also in the same issue is an and Cott Beverage Corp., Coro, Inc., Holly Corp., Creole Petroleum Corp. frolic and golf tourna¬ summer Club. Inc.—Analysis—G. A. Saxton & Co., Inc., 52 Wall Street, New IBA annual Mountain Group of York 5, N. Y. Fibreboard Paper Products Industry, Denver-Rocky of Club Bond New York 6, N. Y. Also in the same bulletin are analy¬ of Michigan Seamless Tube Co. and Cascade Natural Gas Co.. 1957 (Denver, Colo.) Aug. 1-2, 1 a way, Trinity Place, New York 6, N. Y. Burnham ^ Street, New York 5, N. Y. — Analysis — McManus & Walker, 39 of "American Investor"— American Stock Exchange, 86 Textile " Ex-Cell-O Corp. jet-General Corp., Daystrom, Inc., N. V. Phillips and Topp Industries, Inc.—Atomic Development Mutual Fund, Inc., Dept. C., 1033—30th Street, N. W., Washington 7, D. C. Atomic Power—Not If but When & How Much—In current is¬ the ■ Corporation—Annual report—Cosdcn PetrolCorporation, 617 Petroleum Bldg., Big Springs, Tex. Petroleum Corporation — Analysis — Harris, Upham & Dunham Bush Report about the beneficial use of atomic energy in medicine, increased earnings and dividends on its shares of South African uranium companies and comments on Aero¬ on ■ Co., 120 Broadway, New University of Michigan reports article , Cosdcn Petroleum Creole sue 4, N. Y. Broadway, New York Inc., 30 Broad Street, New York Field Investment & Co., Chrysler Corporation—Dreyfus & Co., 50 leum Atomic Letter (No. 28)—Comments on Hanseatic Cor¬ In pleased parties the following literature: EVENTS , poration, 120 Broadway, New York 5, N. Y. Canadian Husky Oil Limited—Analysis—W. C. Piti'ield Recommendations & Literature , 1957 Thursday, July 25, ... - % COMPANY | j| INVESTMENT SECUXITIES I wmmmmmmmmmmMmmmmmmM . 201 S.E. 1st Ave. Miami, Fla. Phone: Miami, FRanklin 3-7716 Volume 186 Number 5658 . . . The Commercial and Financial Chronicle (381) find Oar Reactive Metal Resources And Industrial of Development (Exploration) Kennccott Copper Corporation Boyd describes the various reactive metals, established price was instituted. Within four or five years new an problems of reactive metals than those faced by oil, iron, almost all of needs our are available either friendly countries. Calls attention uranium to domestically and columbium measures; close pos- and free a economy mountable problems. Concludes that the location of reactive metals will benefit our industrial to wish first, before discussing geographical aspects of re¬ active metal resources, to do what I to can explode some policy have been propounded often that have become fact. of so they accepted The as first these that is the great industrial na- worried the United States, have reached eminent posi¬ tion primarily they mineral p r e- possessed resources. abundant Some of our mineral economists, echoed by the politicians, have taken this posi¬ tion often so theories mineral resources to van developed as sine a I qua submit country the reverse is our case—that the based are greatness. our that in of their many policies presence of the upon that and under social a tain the of its initiative and that have fallow lain veloped into otherwise have to tional industrial de¬ Once economy. incentive proper would been productive enter¬ benefit of our na¬ the prises the creativeness fur¬ was nished, other countries have also able been mineral years; establish to enterprises in that resources dormant for lack of a valuable recent long were proper eco¬ nomic environment suddenly have I think that productive. and I several you •immediately where and valuable become can base active a metals, moment Only 10 cal let tration workable deposits may deny that Stdtes, Great Britain, France and Germany materially influenced 'the rapid development of their economies. dustrial similar a exists in in¬ Nevertheless, association of minerals Russia, but it has taken much time to take under a less stimulating political system. An outstandingly interesting and favorable example of my thesis is demonstrated by the dynamic longer, advantage of it a growth of the oil and iron ore industries of Venezuela, stimulated by the enlightened policies of her government. known have ment ' oil In contrast, resources languished of under the Mexico govern¬ expropriation, and potential address Southern before the California Section of AIME, Los by Mr. Boyd Angeles, California. that illustrate economic life ap¬ metals field deposits of and reactive opened to the immediate requirements the crash program were, with meet As long as the total columbium l-equirement remains small, Nigerian and other by-product mines satisfy the markets for a few years, but they cannot meet the full requirements of the can atomic pyrochlore age; deposits will be required for this purpose this will involve the solution of difficult metallurgical and eco¬ and and quantities have been columbium produced metal from these The mining await already experimental of sources. development and these deposits must of the demands of market a the form of pyrochlore and such occurs in large deposits material many found in parts the United States, that shortages as in and the We Congo for with the confidence that they have learned to the some "have a This announcement action? emergency, when some are cut off by enemy This is the national bium be effectively, use and colum¬ have pro¬ made available for their pur¬ program, if continued in its present which, form, provides the guards ality. against necessary safe¬ such for purchasing and storage are by no prohibitive. means Before I refer to other reactive metals, I wish to avoid in Supplies in Friendly Countries action I by way of illustration, that necessarily advocate a continua¬ of these columbium. curi-ently within our no Although there known borders, deposits supplies are available in the hands of fidendly countries fact has not inhibited for sary A further lesson is to be learned is not not were policies. is tive and price support programs. normal laws of supply columbium, ments From the defense have been now more They reasoned that, given the in¬ centive, the people would tion. A ments and the requirements of the Continued our on ingenuity of our this situa¬ correct guaranteed market at ISSUE July 24, 1957 Pacific Gas and Electric First and Refunding Mortgage Bonds, Series BB, 5% Due June 1, 1989 Today the Atomic Energy Com¬ tells us self-sufficient needs for There are for some still all foreseeable to years vast nearly are we come. this of areas available for future ex¬ ploration and, based upon our growing knowledge of the geology of uranium, I predict that we shall country be able to find additional of reactive metals Price 100.798% Plus accrued interest from River as the In of area June 1, 1957 sources they are meantime, the largest known soui'ce is the Blind needed. Company a price in a short 10 changed the entire picture. mission largest coming us Copies of the Prospectus may be obtained from any of the several under¬ writers only in States in which such underwriters are qualified to act as Canada, the second as a by-product of Stockpiles take within from of dealers in securities and in which the Prospectus may legally be distributed. Filled The First Boston the example pei-tinent group ago—eight Less be to than vital to our defense Equitable Securities Corporation Bear, Stearns & Co. A. C. American Securities Corporation Allyn and Company available use even in Schoellkopf, Hutton & Pomeroy, Inc. L. F. Rothschild & Co. Clark, Dodge & Co. all columbium not immediately re¬ quired for military jet engines. It withdi-awn from Dick & Merle-Smith Incorporated Havden, Stone & Co. was Wertheim & Co. needs that the government, thinking in terms of the old have-not theory, de¬ stockpile Salomon Bros. & Ilutzler LadenbUrg, Thalmann & Co. cided to Ilallgarten & Co. more precise (this was before we thought much of columbium as being of use in the reactive metal field)—the metal was considered so Halscy, Stuart & Co. Inc. Corporation another metals—columbium. years Company Wceden & Co. Incorporated Baxter & Coffin & Burr Incorporated Francis I. duPont & Co. Estabrook & Co. Bache & Co. G. II. Walker & Co. applications of considei'able mili¬ tary Yet industrial and the px*ojected quirement demanded bium by available sources. several from, To all importance. military re¬ more fold continue a colum¬ than known was more certed so E. F. Hutton & Company Incorporated First of Michigan Corporation McDonnell & Co. Wm. E. Pollock & Co., Inc. stated re¬ Ball, Burge & Kraus Alex. Brown & Sons Fahnestock & Co. Goodhody & Co. far columbium to - produce efficient weapofrs, a con¬ effort Hirsch & Co. R. S. Dickson & Company world in excess of reality was "Stupid!" and "Ridicu ¬ lous," according to the statisticians. Wiser and more experienced heads insisted that if the military re¬ quirement page offer to sell or a solicitation of an offer to buy these securities. offering is made only by the Prospectus. $60,000,000 worthwhile years require¬ than met. industrial develop¬ on an in should be made to Gregory & Sons Stroud & Company Incorporated Ira Haupt & Co. II. Hentz & Co. Swiss American Corporation and demand are still our most effec¬ tive guarantee of efficient and ef¬ fective production. In the case of not" some neces¬ pxxrposes, there need for government incen¬ no The Except are defense defeatist. so every leaving the impression that because I have used governmental way where crash programs future and perhaps Fortunately, authority eventu¬ an Specifically applied to the tion poses. The NEW for the reason stockpiling un¬ our ma¬ development. Here I anticipate the question: what happens in case of when vided the designing engineers with the necessary data, the metal can but This were in guar¬ terials need not restrain industrial position. Congress, were our lives. our a pated tonnages are not large and required government expeditures pi'ocess through a complex metal¬ lurgical treatment. However, physical metallurgists can proceed ores the of acts ciently economical to and, therefore, we world, should not worry about self-suf¬ notably portions of Africa, Brazil, ficiency. Always remember that and Canada. So far no important never in all of our history have we pyrochlore deposits have been been self-sufficient in all metals. in px*oduce interdependence nations reactive metals, stockpiling should be really effective because antici¬ are containing columbium is in antee we This sufficient to warrant the construc¬ tion of commercial plants suffi¬ from terial between national tensive that abundance. supplies The ma¬ countries, which in turn to depend upon us for had materials that problems. We know today pyrochlore reserves are ex¬ exception, in foreign countries —in this case primarily the columbite deposits of Nigeria. The important exception is in Idaho. type of mineralized of other have nomic one new industrial development. Neither has the lack of metal sources in¬ hibited the industrial development nation dependent upon the Belgian quired An to assume for crying the blues about the availability of uranium within ten juxtaposition of coal deposits in the United iron reason countries. its texritory. I should be the last to to other the The no gold in South Africa, both friendly the fortuitous and re¬ countries productive country is no indica¬ within metals. is 12 years ago our politi¬ or borders. channeling into serve of leaders, both in the adminis¬ Columbium that as review us uranium our Let exist well closer to questions of decade. The absence of tion sound a reasoning our No Uranium Shortage To get developments have had favorable within the last not with start we and opportunity as geology or geography. repercussions mines in any indus¬ economic domestic such name further upon people, many hidden mineral resources that and political system granting free rein to the become we trial development of the United States, based upon the location of presently known resources of required materials, let us be cer¬ their present about premise facts to of before the tions, and particularly because similar reasons. Therefore, pre¬ developments pertaining in erroneous theories that James Boyd Argentina for markets, for lack of supply The minerals of Brazil and undeveloped years atomic plicable resources remain the up columbium other field of atomic power. I the Recent growth, especially in the some in¬ six new requirements age have not yet. developed sufficiently to support these mines in renewed operation. of seemingly insur¬ overcomes the the in Within size all stockpile, had turned to sub¬ stitutes. are lus of need" in of absorb result of the a the beryllium; notes that new ion exchanges tech¬ changing and improving the methods of extracting separating rare earth elements; and shows how the "stimu¬ niques because viously dried sibilities of , could future. was such world ended, and many mines that opened under the program had to as refers to intriguing it deposit in occur the new stockpiles were more than filled, the procurement program in or to a the of governmental success and columbium definite and aluminum, and that copper, opened, assure metal of lesser magnitude are to as metals, and discusses economic pos¬ sibilities, degree of sufficiency, methods, and incentive philos¬ ophy to overcome economic and technological problems. States that the of discovered the esoteric, rare earth the were there they do not exist here. passage of the Defense Production Act in 1949 a mines including sources program of guaranteed markets at form Mr. additional metal. Following By JAMES BOYD* Vice-President and new the 9 Reynolds & Co. Van Alstyne, Noel & Co. 28 and Financial Chronicle... Thursday, July 25, The Commercial 10 (382) is coal The Coal Industry's Resurgence Poses Challenging Problems By HATFIELD Encouraging demand prospects j million tons 631 Association country was lishment of at war. The estab¬ this organization re¬ in national defense, its part in the massive productivity necessary for victory. Today, four decades later, coal is still of the greatest importance to the American peo¬ ple, by virtue of its enormous con¬ tinuing contribution to our na¬ tional security, to the strength of the free world, and to the ad¬ vancement of this country's the significance of coal flected peacetime economy. Looking ahead, the coal indus¬ try's view of the future is, I know, optimistic, enthusiastic. And with good reason. Coal is the world's greatest source of heat and pow¬ er. It produces more Btu's per dollar spent on it than any other fuel. Nearly 40% of the world's known supply is under American soil. And this coal represents by- billion consumption million lion to 363 from to 433- mil-, 1956 should continue in tons tons in 1954 The increase. should demand evident in the steel industry. As steel produc¬ tion and coke production expand particularly be to meet the need for both consum¬ industrial equip¬ ment, coal requirements will in¬ crease correspondingly. Within and goods er the next decade the steel industry should to 20 require million tons several And additional an of coal weeks a 10 year. Roger ago Food Requirements 65% increase by 1975 Somewhat we shall have it of less little a — than three- quarters—will be in steam plants, which are now 75% fueled by bi¬ tuminous coal. Now, it's not possible to be sure that these forecasts will turn out be to correct decimal. to down the last indication is load to supply our growing economy will in¬ crease phenomenally during the next few decades. The generation of electric power has increased But the that every energy construction under are and in planning to meet the almost ex¬ plosive demand for electric power for homes, farms and industries. I've coal 70% mentioned that bituminous supplies now the of fuel approximately used at electric far the greatest part of the United States' fuel reserve- capacity more than one-third by 1975. As the steel industry works to supply a growing nation's need for auto¬ utility steam plants. If it should supply no more than this percentT age in the future, within the next will require a great deal more its crease annual the industry revitalized. ships, machine tools, buildings, and a host of other products, the producers of coal All these facts are known. It's not will be called upon to keep pace. surprising that the industry is eager to get on with the job, to seize the opportunities before it. According Moreover, have seen in recent years we They exist in abundance. I. ' Future Need for Coal Just consider the growth of our population. Not long ago it passed the 170 million mark. there And will as be our 200 Before long million of us. numbers increase, we shall produce more and more, and ♦An Mr. Chilson before the Association Convention, address by National Coal country estimate, one need may the much as 160 19757* % as million tons of coke by Overseas, too, the prospects are bright. Energy demands are in¬ creasing abroad, and indigenous fuel production cannot meet them. There are, of course, uncertainties in the market. reasonably say Of coal which But we that can is likely to be very substantial for years ahead. For example, power generation bi¬ tuminous coal per year than it does now. But the percentage will probably increase: one estimate is that by 1975 the electric utilities will be using as much as 600 mil¬ lion tons per year: and gas boiler uses. Moreover, oil being diverted ijrom other to higher priced The stronger this trend be¬ comes, mand are use the greater will be the de¬ for coal for electric power generation. Adequate Supplies in for¬ be sold can still electric decade amount the eign countries, including Canada, some Washington, D. C. to the the next Despite these all quiiernents, worry about gigantic re- don't have to shortage of supply. we a offering an buy . any of these securities; for sale or a solicitation of an as offer to of such securities.. The offering is made only by the Prospectus. t . • But let's now I recognize that the picture I have drawn is problems. happy Corporation a good way to go to equal its all- production record of 631 mil¬ time The bright pos¬ lion tons in 1947. in sibilities the do future not that suddenly, or even con¬ mean and downs in response to va¬ in total energy demand ups riations be obtained from the undersigned only undersigned may legally offer theSe securi¬ ties in compliance with the securities laws of the respective States. may in those States in which the the energy Space Corporation the of mine a fine one and credit both to a problem: will have to be modernized. This expansion, it has been estimated, will require enough capital to finance not just a 100% increase, worker and the of mechanization. be sure, of lems of roof of the at certairj I feel But in¬ and dust problems will eventually be solved. There is economic an humanitarian as a as for reason and methods, one of the key¬ of economic production is labor force. Although trained and decades the to turn out virtually ago annual same production, the employee is many The coal miner is investment per times greater. skilled artisan, difficult to re¬ the highly competitive These facts .help underscore the great necessity, a place in attracting investments is biggest jobs. Its im¬ portance cannot be overstated. Capital means productive capac¬ ity. Productive capacity must keep pace with energy demand. If it does not, our country's eco¬ nomic progress will be retarded. This is a major reason that the era which we are entering will labor market. which I increase of 150%. an ingly, of your one be of one challenge—one which am is recognized, sure combating these new of hazards. Department's Role I glad to be able to am the Interior that say Department ^ has important part in many of the advances already made in played an American coal mining, in both the : test all of coal's inventiveness, imagination, and competitive drive. The industry will have to do many things to meet this challenge. But one of the most important things is to add as much as possible to the human safety Without partiality, fine program that the Department has carefully will put to of technological and research which economic the in¬ dustry has begun. and I think the coal interested to coal the considered of tribution industry more make must efficient the min¬ ing, preparation, transporting, and can we plan to that of data dis¬ the dis¬ on bituminous coal. this work available the and request Mines collect resume become industry will be for example, know, seminate factual and of course, we properly do to assist the progress of the industry. Bureau Research technology. shall continue to do what for it. We funds as The De¬ partment will continue marketing of its product. It must try continually to find new uses for coal in substantial quantities. its inves¬ tigations on our country's mineral reserves and on the mining, prep¬ aration, treatment and use of It must low- mineral fuels; it will continue to coal concern itself more and the production synthetic liquid fuels. activities these all about carbonization, learn fundamental and research— applied—is key. Such research, which is less traditional, must with resolved be the more pur¬ drive. a To the scien¬ fascinating mineral can put turned into to countless countless Many come new coal from be products. thousands from and uses and coal which more methods new gases— in that found for processing byproducts, the ties your more industry new turn can The be coal and its industries. It will continue to will have In these and government try will other many and the continue coal to ways indus¬ work to¬ gether. But the major part of the coal industry's future effort to challenge must be under¬ taken by the industry itself. In¬ creasing research, attracting capi¬ tal, increasing efficiency — these are primarily the industry's tasks. As you work at them and thereby contribute to the growth of,the American economy, we in government shall do whatever to help. the we can for markets. And the more opportunities for interesting prospective investors. fear co-¬ operate with the industry in dis¬ seminating information, and in opportuni¬ Attracting Investors I con¬ safety con¬ ditions, efficiency, and economic development within the mineral meet its chemicals of resource and stimulating research. types of research must new with servation, health With First of Michigan Wilson, Johnson & Higgins • ventila¬ increased an exposure evolution creased well of control and roof tion, resulting from these in advances Some these, to have brought new prob¬ Accord¬ but finding Willis, Kenny & Ayres, Inc. em¬ ployers and employees. Think also of the increase in productivity per is to have its equipment expanded been miners' working conditions, in labor-man¬ agement relations. The record is in the industry employs less than in 1975, its plants, half the number it emploved two coal industry billion ton year and have safety, stones Moreover there is this If the that advances in made ery Capital Needs economic source, of gasoline. Shearson, Hammill & Co. Incorporated laboratory, as well as about the place of coal in electric power searching vigorously for solutions. explosives, medicines, fer¬ tilizers, paints, plastics. Coal is also a source, though not yet an Van Alstvne, Noel & Co. 'July 24,1957 know in the Notwithstanding the technological advancements in mining machin¬ come Morgan & Co. people adjustments in and tern. chemicals Scott, Horner & Co. Don't letting to and consumption pat¬ shifts to and which, through processing, Bingham, Walter & Hurry, Inc. and the in¬ be back¬ on developments working face. tist, coal is The Johnson, Lane, the steady markets. Even as the trend upward, there will be continues But H. Hentz & Co. about rate also be undertaken. Johnston,. Lemon & Co. future. ward about sistently, it is going to have un¬ restrained growth and unlimited, sued share a De¬ spite coal's resurgence, it still has or Common Stock Caution' is good companion to optimism. To Blair & Co. exist all back to the come perhaps too happy'. from coal of Copies of the Prospectus dustry's most present time again and face some gasification, 250,000 Shares Price $5.50 per be will at the by electrical util¬ consider you temperature Altamil coal use It has been found thai in the easi- circumstances to be construed is States that try to focus attention And decades. the But to correct any production. There is a good story to tell. People must become famithese facts together, you can see why, liar with it if there is to be wide¬ spread public confidence in the some forecasters predict a Pillionindustry. ton year for the industry in 1975. The way ahead does indeed look It is a story with many brilliant bright. chapters. Just think, for example, The no which in needed for more This advertisement is not and is under demands for two United eastern area greatly in recent years, and addi¬ tional large new plants already the steel industry will have to in¬ hydroelectric • plants. may be in atomic But the great bulk more mobiles, . least come now misconceptions adequate to supply the entire country's energy esti¬ plants. energy President of the United States Steel Corporation, said that Blough, in alone reserves problems. time has , The to 80%. Commission Power be these costs; management ities. national energy requirements will bitu¬ raised that demand re¬ to spend $96,048,000,000 for new generation, transmission, and dis¬ tribution facilities. A small part of our new generating capacity sifying the need for coal. The indeed are economy's expanding need for mates that year, per figures Federal upward thrust is inten¬ minous are our National Gross of $500 this may rent will We're more. a for Product and and more heading coal of possibly come to 90 million tons Energy ' consume shipment overseas Energy experts estimate that in the next two or three decades problems as plant and equipment expansion and modernization, technological and economic research, must be successfully handled to attract enough capital to finance a 150% expansion increase to meet anticipated future energy demand. the National Coal was founded, our By 1967 the total the next decade. When and In 1917, when downs, electric power. produced in 1947, and that such pressing it has had its ups and and it has had powerful turned on its labor- years searchlights our soft coal production from 363 million tons in 1954 to 433 million in 1956, and to forecasts made which predict a billionton bituminous coal year in 1975, the Government resource official tempers this "happy picture" with caution. Mr. Chilson is mindful that current output is still considerably below the are quality which can be mined under current conditions, and which are available at approximately cur¬ demand for coal in the figures on by Mr. Chilson in agreeing with the industry's optimistic and enthusiastic view of the future. Referring to the jump in the I United States alone there ern entire energy consumption within of assuring. But there is an even clearer indication of the future commented upon are for extensive coal reserves of present These Interior for coal used Canada's one-third than more or more. CHILSON* Under Secretary of the be to expected 1957 many uninformed people today think of coal as a sick or dying industry. Over the past 20 (Special to The Financial Chronicle) DETROIT, Mich. Meyerhoven^s Michigan Corp., members of Exchange. — now the Melvin L. with First of Buhl Buildiilg, Detroit Stock Volume 186 Number 5658 . . The Commercial and Financial Chronicle . (383) this The Business and Economic the U. S. is program to approximately $150 million than* one-fourth less cent of Determinants of Foreign" , • Federal our Proposed Explains Financing now a year of one pgr? budget 4 1 Deputy Under addition to the need Department of State supplied Former Board Chairman, Dillon, Read & Co., New York City veloped to countries advance. Former Ambassador to France enable Of the the greater part of the necessary cap¬ Former Wall Street investment observation of how envious concludes banker Europeans of are our with ital must the tries Government's the observation of the great ness and! economics in Soviet less than $150 million the * During of meats years my tremendously was the great and of our for American long periods of time It economic France I impressed by growing importance and business in foreign re¬ Many of powering drive to better their status. They are demanding of their governments that prompt idly to habitu¬ ing of foreign them apart from the current' of flow mundane matters. found C. Douglas Dillon. been the ' do not I and ness true in past, it to say mean this have certainly is no longer the the post war world. case sures. in mands our of other forces, nations. such And emotional some needed and in and Nevertheless, I found that busi¬ ness relationships were cably interwined into the wcof of foreign policy. this war has recognized of the knowledge now warp and Since the increasingly administration Foreign Service. our ing been in inextri¬ of A work¬ economics required for all young desiring to Service. During the enter : ti#e • is men Foreign early years of their service thej' are required complete at least one tour of duty devoted primarily to eco¬ to nomic good, the matters." This and I can professional not conscious of life ness has is all assure to you the that diplomat who is the facts of busi¬ become a rare and rapidly disappearing phenomenon. Foremost Economic Problem There is which has ticular is economic problem become of par¬ now importance to the situation all. This us in the less devel¬ oped countries of the free world. There are approximately a billion people in these countries, most of whom Points Out living under conditions misery. There is nothing new about this state of affairs as it has been prevalent The differ¬ throughout ence of history. today is that modern communication other methods of — means radio leaders. will the labor ples the realization that there other greater are people who live in far comfort than they. This has created among them an over- S. govern¬ extract by force, the necessary to money build their economies. have the community, recent has years been its with operate ability serve tours of duty in the gov¬ ernment, usually at great personal sacrifice to themselves. This sit- the estab¬ $750 million two assured twauica following fiscal of Ui can years. also make it possible for the fund production. The need to work with the less developed development' assistance will increasing the major of private enter¬ - . Many Paris a time . while I was in did Frenchmen, Britishers, Europeans comment on what to them was this peculiarity and other 0P XI rlnselv f/kpU^ThT'will ingTources of one free system our prise. American . «5v<dpm Tn pvprv erican sJsiem» -■«* every . e^dSTas to: ablT^obtaS^cheup^ MS Bb" w»h own each continuity, the wiiuuuj,^, lilt fund will he able to work and through savings out of their borrow Thus, j-iiLio, ad¬ they to of the fund channels fund from the U. S. 'Treasury in emerg¬ to is guarantees for the continuation of h«d teen j portfrom the business community.; by say only by adopting doubt no their up fensive the ginning to cians offer scale, during the past decade. There, economic progress has been moving at a faster rate than in any other area of the world. Though a goodly portion of the capital necessary for this devel¬ from come abroad, largely from the United States, it has been private in the convenional dollar countries is This in is not a areas. true for many in few in on such capital is feasible. This yet countries for reliance where of Asia of and the Latin less of the Africa, or fortunate America. Two With Foster, Marshall1 J ■ World the Bank most and effective this use to of the as¬ Johnson now sistance. ■ (Special to Thb Financial Chrqnjcl6;) EUGENE, ensure our and Oreg. John — W. Arnett Roth .v •• connected with Foster & Mar¬ Stimulate Private Financing It is also our view that wher¬ Sellers, Doe Branch possible, development should carried on under private aus¬ ever be ATLANTA, Ga.—Sellers, Doe & Bonham office in have the opened a Fulton , through governmental chan- Bank Building, under the direcTherefore, provision has been tion of William Callaway, made to empower the new De¬ velopment Loan Fund to join with WUL private enterprise in carrying outr lNow With Hodgdon development projects. We are (special to the financial chronicle) hopeful that this will accomplish BOSTON, Mass. — Thomas P. two important objectives—stimuKehoe, Jr. is now with Hodgdon nels. late American business to enter p foreign field in areas where & Ca' 10 State Stieet. He the capital risk might have formerly with Bache & Co. the • $50,000,000 song temptation. also are trained on be¬ Sears Roebuck something Acceptance Corp techni¬ relatively a 5% Debentures due July 15,1982 like $700 It is vitallv important to us Americans that these underdeveloped coun¬ million in the last two years. tries remain free. Their loss to the Communists strengthen render sible would the Price 100% immensely Soviet Bloc and (and accrued interest from July 15, 1957) it difficult, if not impos¬ maintain the prosperity to and cohesion frep world. of the Such remaining might success a well embolden the Communists to undertake would our threaten Prospectus describing these securities and the within any State from any Underwriter who may regularly distribute it within such State. The securities are offered only by means of the Prospectus, and this announce¬ ment is neither an offer to sell nor a solicitation of any offer to buy. Upon request, which liberties explains why it is in business of and our our peace. national self interest for own do adventures new all reasonably we these can us to a copy of a the Company may be obtained to help countries develop the eco¬ nomic growth which they must have if they are to remain free. Goldman, Sachs & Co. Lehman Brothers Halsey, Stuart & Co. Inc. It is to meet this need for tech¬ nological the less knowledge and to help developed tain the necessary workers that embarked ance the eight is core U. S. to for program years. designed of skilled has been technical assist¬ Four This share which in the western primarily stration have a been A. G. Becker & Co. with It is _• *From a talk by Mr. Dillon before the Advertising Club of New Jersey, Newark, and nomic Blyth & Co., Inc. Eastman Dillon, Union Securities & Co. Incorporated Glore, Forgan & Co. Kidder, Peabody & Co. Harriman Ripley & Co. Incorporated pro¬ devel¬ world. Kuhn, Loeb & Co. The First Boston Corporation ob¬ Lazard Freres & Co. peonies the skills and tech¬ niques oped the our Point or past these on countries Merrill Lynch, Pierce, Fenner & Beane Stone & Webster Securities Corporation As such American Securities it has in increased capacity for eco¬ development. The cost of July 24, 1957. Smith, Barney & Co. White, Weli L Co. teaching and demon¬ program. branch National .. out There siren B. are shall, 55 West 10th Street. fective than that which is carried general reached the stage in their devel¬ sources r> char¬ of pices. We know that private de¬ velopment is apt to be more ef¬ loans. have nho has operations direct of and possible because the Latin Amer¬ ican Vine? , the ordinary form investment careful and h that * acterized the rapid ideological of¬ Soviets credits and large this considerable back To America has same manner the Com¬ assure that mean take the situation in Latin can we thorough example of what I an these less de¬ can veloped countries contains As - the Soviets The growth of their economies. is countries in the thus not prove unending. This is the advocated munist formula N. should effectively. We have asked Congress to provide an appropria¬ tion of $500 million for the com¬ ing fiscal year and to authorize capital needs through paid great dividends in good will J.~ to business work some of this newly countries financial opment they will to seek peoples and gram disseminating in Alternative Totalitarian then these from and news—have brought to these peo¬ is U. the under the control of extrem¬ ist are of dire poverty and that The alternative is that This one growth— wish to help these countries to remain free. that Asia this are we dependent of eco¬ particular fields two must act if Union. nations for supply of capital. It a these Soviet often far stronger than pure economic factors. purpose obtain their opment being are they can to the de¬ peoples achieve to course Africa, of many increased technological knowledge strong anticolonial feeling of the newly in¬ the as if way their things ments military have a vital bearing foreign policy and on that and in Two fall on are growth. always determining in matters of foreign policy, because that is not Political peoples governments, of nomic are also the to the point where normal fund these - for Development Loan needy and vance governments. , governments respond that busi¬ economic influences case. free newly established, are op¬ under tremendous pres¬ They can only survive as the factors these by these free I that al¬ though may con¬ and; erating diplomacy as something a ing government , But policy of for Fortunately, governed ated to think¬ | improve their living ditions. have us been proposing will be to assist the factors- and effective action be taken rap¬ lations. is The the support and understanding of the to The to help supply this need effectively that the Admin¬ Fund. where cases beginning must sources istration govern- in necessary projects. is more even One of the unique qualities of the United States Government during divert development, the foreign their capital. of underdeveloped countries to survive. in to in to true responsibility of the recipient living of deliberately order is at and to call on the business community country and help to ensure that for help. Businessmen have gone by the funds are used for really to Washington in large numbers method is in of resources. of lishment self interest in helping free own down look to Development Loan Fund to assist newly emerging and needy point where they can obtain their capital needs through normal internal and external sources; and (3) at the time, aid population enterprise in, t;he newrjand dev^ioping countries, thus providing it becomes necessary to make the loans on unusually generous terms. Loans increase the sense of coun¬ form carried the soundest possible' bulwark for the cause of freedom, In order to carry out these programs effectively, it is essential to avoid the are standard countries a the local and resources countries to the same the driven per to the free world's less developed countries; (2) create year, in these Communist which In between these two observations, the State Department's economic affairs head explains why we should: (1) continue to supply Point IV technical assistance, amounting to labor However, if they and growing importance of busi¬ foreign relations. themselves local ability to obtain business community support, and begins with from come be development assistance in the form of loans than as grants, their far by great, to This underde¬ start to course, too extend for "know-how," capital must also be Secretary of State for Economic Affairs seemed alone, and also stimulate private low rates of interest. Experience has shown that it is far better to Development Fund over In By HONORABLE C. DOUGLAS DILLON* . Tbe proposed Development Loan Fupd wfll be empowered to make lhahs that may either be repaid in;!local currencies or in dollars 11 Corporation was The Commercial and Financial Chronicle... Thursday, July itiative— to j - » • Government discusses such as ance businessman's tiality has As a result, antitrust cornerstone of our free regulation. is a society. Let what explain me market competitive mean. responsive > to remains business I to insure that all Antitrust seeks pressures This means that resources are al¬ located, goods produced, and wares distributed in response — not to Government fiat—but ers' desires as to consum¬ expressed in free a market. When markets cease to be com¬ cisions mori major of Sherman the under de¬ and Clayton Acts. This guide to what the law is should be of real help to those who consider what the be. should law that, the Beyond report sought to aid antitrust en¬ forcement by creating a useful and their counsel who seek in good faith to guide businessmen to and, of neces¬ sity, must first know what it is. live within the law, have repeatedly assured the business community such data would remain within the Depart¬ ment. flaunt lied of submission faith be to assurances re¬ by parties voluntarily cnthese turn, would, assurances debase n"o that integrity the operation of a law to enforcement under agency our represen tati ve govern m ent. Perhaps for these reasons, from program's very beginning, this Assistant Attorney General court. to As sion's most important fidence the involved of names details the and the notice to and pro¬ the latest available submitted. other guide growth. In a then, antitrust is Gov¬ economic our real sense, ernment action aimed at avoiding necessity for Government control. relative after to turn guidance the antitrust what Department is prepared to offer American the businessman faith to live within the law. years the there is late Mr. observed: "If ago Jackson thing that the people entitled to expect from their are one lawmakers, it is rules of law that will enable whether they so, individuals are whom."1 to quite married and, if Almost, but not important, as tell to are guides in the antitrust field. The same Jus¬ tice, somewhat less commenting euphemistically observed of that: litigation on antitrust laws, "One-half and century judicial inter¬ pretations has not made the either understandable or law re¬ spected.'^ trust Division honor the involving this hazards of uncer¬ tainty and increase public resort for imum by Mr. Hansen before the Management Association, New City. 1 Estin v. 2 Jackson find Rev. the Estin, 334 and U. S. 541, Dumbauld, Courts," 85 Univ. 231, 25b (19381. this evenhanded tion L re¬ In justice of administra¬ fair and required pre¬ have merger clearance. plained our dilemma to the com¬ mittee. We expect will Congress We ex¬ and hope recognize and the re¬ spect the validity of our position. merger fied. business would the shun clearance pro¬ and this entire enforcement merger adjunct would collapse. you will maintains Congress. mergers,' at This pro¬ the Anti¬ instituted and recall, Division to ends; unlike ment, a private any decree consent agree¬ once en¬ tered embodies the essential force of litigated judgment. As Supreme Court put it in the ond Swift case: "We reject the a argument . . that . sec¬ the decree a en¬ tered upon consent is to be treated as contract and not n act." The tinued, as judicial a effect, "is the Court con¬ one whether the all decree has been entered after liti¬ gation tuate by consent."3 To "effec¬ or . . the basic purpose of the . original may consent approve entry.4 decree," courts modifications after But if the party onposing modification can, in the language of the recent Ford case, show "ac¬ tual disadvantage" or "the per¬ of an inequality" stem¬ ming from change, the terms of the original decree must stand in¬ sistence tact.5 With this in mind, the Division, fashioning consent judgments, fre¬ quently consults with those in the industry, both as customers and suonliers. IBM Negotiating the recent judgment, for met with others in example, the we industry first, a full understand¬ ing of industry problems, and in¬ companies seeking pre¬ dustry views on effective relief, clearances to be identi-. and, second, aid in understanding Division's ah-n Bui here all likeness to secure, Protected Are compromise. not our identifying the firms seeking vision's Penna arose. instance, however, I felt the 553. "Monopolies of interesting is¬ program information. to access trust "An address already given. successful operation of our representative processes demands legislative committees have max¬ gram, American to that tee York failed Committee Congressional gram Study the Antitrust Laws. prac¬ Anti¬ quested from this Department the identity of firms seeking merger clearance. I realize, of course, antitrust, Attorney General Brownell, soon after his appoint¬ ment, set up a National Commit¬ to a no has head Sometime ago, an sue Were Study ease however, clearance a As successor. Confidences National Antitrust Committee To his on matter, A Some Justice change clearance, tical who seeks in good situation market or the Department reserves the right to proceed. Finally, even absent factual in¬ accuracy or market. change, a clearance granted by one attorney general need have no binding ef¬ fect This broader issue aside, I industry the suggestion of supplement the Di¬ own investigation of To clearance courage voluntarily and procedures businessmen on — their own in¬ technical complications of tabu¬ lating and electronic data process¬ machines. recent entry in one judgment clined Indeed, could offer 3 United 286 U. the court de¬ until the Division assurance States S. 106. v. U S. 5 Ford States, & v. . U. Company, United States, 556, 562. Motor C->mnany 335 had ob¬ 114-115. 4 Chrvsler Corporation 316 we Swift S. 303, 322. v. United antitrust needs of each Judiciary Committee 1955 more trust particular decree. Emphasizes Joint Stake let decree consent this In the the decreasing atiens the current for comforting glare of journal head¬ lines. For example, in the recent appro¬ Tennessee on oihov band, have day of. the lined alleged consent real mean there was, one this one-half had In So this — the between settlements application erations. Shirt-sleeve conferences formal trials; court replace «tar»riard" not applicable to' "dual Cartels Hamper Business Freedom unquestionably, the Sher¬ a principle of com¬ petitive behavior which is appli¬ cable to our foreign and to our do-; mestic trade. In a sense, this con¬ cern is primarily with the effect: But, man Act sets affects to - would sible the be in- fact, proof of which difficult if not impos¬ a contested Division violations in THis, strike may areas suit. down otherwise, as a practical matter, beyond its reach. From view, the defendant's encouragement consent judgments point to ' stems, ma¬ part, from Section 5 of Clayton Act. That staHifo mits treble the as prima facie it of freedom take all advance of cartels may well prejudice the defense of this: at the least by hamper¬ development of production technology in the United country, ing and States. In \ addition, practices world's Department of. strongly urged the end has restrictive ness - • • our international as a part busi¬ of the struggle for political and economic freedom. For. in re¬ of the free world's productivity and its stand¬ ard of living, such practice* there-' the tarding bv weaken increase resistance to Commu¬ nism. Enlightening business croups The NAM. for exa>™le, has agree. strongly condemned cartels. It per¬ plaintiffs to introduce final judgments or de¬ crees, rendered in Government defendants, t1""1 to international that Continued damage antitrust actions a<minsf as goods' of foreign trade and investment op¬ portunities abroad as at home. And, as in the wartime experience with synthetic rubber, we know enter in jor of Practice availability ana Americans of solve issues of the imported for the American be State re¬ trade restrictive or ceeding. mav op-, are their foreign competitors. bargaining supplants the atmosphere of an adversary pro¬ disclosure and discussion cartel where legal. They argue that antitrust subjects them to a of In this informal context, busi-, their. believe antitrust, particularly in' to countries ^rations lower the give- and laws business op¬ American to seem those Sine" savings, further advantage stems from the infor¬ mality- of eonsent negotiations. antitrust overseas mune less cost of sketch foreign operations should be im¬ liti¬ judgment entered. And more important, it means quicker relief to the parties adversely- af¬ fected by the acts charged in the complaint. the of Many nessmen complaint mean brief a final aspect of antitrust in American we — for settlement procedures. pol¬ icy suggested for discussion is the seme for the first on Ill During time much A example, for headlines In some instances, this pub¬ consent costs per take on licity, largely avoidable in a con¬ sent settlement, may prove as damaging as the remedy, decreed. do 1954 judgment entrw Beyond months, and probationary sentences. This double page. savings in time generallv stmll like savings of men and resources, consent two year problem. during cases for com¬ averaged onlv 29.7 months gated public press that the more 60.2 months—over five years filing and com¬ continued the imposition of the 23, 1956, fined defendents $34,000 and placed eight on one- from/complaint filing to entry of final judgment. The time lapse for consent settlements, in sharp than in fact, so much in sentence — contrast, that cases, court increased the average litigated case endured some In liquor ment on settlements period, sample abuses. the must cost. cuts. researched in head¬ staffs prosecution not only with And antitrust city each trial defendants' the of March Sliced ; Contractors journals two-week details same only slightly. cope Electrical Chattanooga case, In operation, by There a detailed pattern of abuses may be exposed to the dis- * the one 1952. for example, the Division receive-*' some 692 complaints, but during the last calendar year, 1956. com¬ plaints jumped to 1.240 — an in¬ crease of almost 100%. AporopriComplaints, priations. hand, have skyrocketed: smooth trial. increasing complaints of pud brought cases worn Consent settlements may, in ad¬ protracted trial. Initially, Division is caught in a vise- vjeWion House July of 75% of all dition, avoid the possible adverse publicity of a protracted public judgments spell, first, effec¬ without' path a the in than antitrust trod of Government victory. of between that had process, me enforcement Subcommittee private emphasize, Government and business alike have a real stake. To the Government, con¬ . ing government proceedings."*' Based on this esti¬ mate, we gauged before the Anti¬ ^ the con¬ private suits have followed successful * should estimate Our practice, instead, is to tailor the extent and form of consultation with other than defendants to the enforcement good. ' Further, Damage cludes, "all of the movie litigation and approximately two-thirds of .Regarding all these possible procedures, our view is that any rigid rule could do more harm of Gov- 1 viding guidance is our pre -merger posed acquisitions submitted for plaints of violations but also with clearance. Thus, disclosure is higher evidentiary hurdles. Thus, ernment conduct in countries like clearance program. Since 1953, made by the Department only for more and more of the Division's Sweden, France, and the United pre-merger clearance has seem¬ the purpose of litigation or after resources are devoured bv de¬ become increasingly im¬ Kingdom bear open witness that ingly the merging companies have pub¬ tailed market analyses required, when a given industry becomes; portant. Here some explanation for example, by Columbia Steel licly announced seeking clear¬ terms so concentrated that the public of may be useful. By ance. So much for this program p"-1 4l"0(C I1, ps well as lv rubloses confidence in its ability to "cleared" the Department means aimed to provide guidance for stitute products sncculations that upon the i n f o r m a t i o n express itself through free mar¬ which the recent Cellophane de¬ kets, government regulation, or, presently available, we cto not businessmen. cision may be construed (improp¬ even worse, Government nation¬ currently intend to institute pro¬ 'n ' ■ • erly, we believe) to demand in alization follows. ceedings if the transaction is con¬ Second, what about our con¬ certain instances. Against this Such pressures for Government summated. Thus, at the outset, sent settlement procedure? Settle¬ background, results per enforce¬ control we in this country have, clearance is based upon the ac¬ ment of any antitrust cause is, of- ment dollar become a prime con¬ with few exceptions, resisted. curacy and completeness of •facts, heavily freighted with sideration in appraising alterna¬ Here credit is due, I would urge, submitted. Should later investi¬ course, True, a consent tive enforcement techniques. to the major role antitrust has gation reveal facts supplied were public interest. played in maintaining public con¬ cither inaccurate or incomplete, judgment is. like a private agree¬ Consent Cases Save Money fidence that free markets will- clearance is of course withdrawn. ment, a product of negotiation and In short, antitrust seeks to insure that competitive mar¬ kets, not government regulation, of Treble a practical matter, avoidance of treble damage suits may be a rqal motive for defendants' enter¬ ing a consent judgment. For as At least in one objector appeared, but the court nonetheless entered the as fu¬ Suits an judgment suits bv plaintiffs. As ulation waxes. The course persist. damage Avoidance before the court on proposed judg¬ provisions. instance treble appear comment ment parties of in re¬ a sult, interested parties had ample tive good crucial announced judg¬ provisions well in advance sent (]-)/> clearance urogram. violate each ture approval, on t^rino in chances of successful cost would all issues determined of prior Division publicly Thus, for us to specify companies seeking merger proposed ment of names the adjudication. Exempt judgment prpvisions. Carrying from its provisions, however, are this process one step further, in- judgments entered by consent be¬ the various Paramount judgments fore trial. Thus, defendants agree¬ specifying divestiture details, the ing to consent decrees sharply cut Attorneys it report, this Divi¬ tool for pro¬ this General dence views of complainants the to the effectiveness of as • •i Beyond Assistant as —without exception—had deemed crucial to hold in strictest con¬ Pre-Merger Clearance Program petitive, however, history teaches that demand for Government reg¬ versions, well as a tive as In sion. vital On March 31, 1955, that group rendered its report. Now gathered stake in effective antitrust. Anti¬ trust, to my view, is the prime together for the first time in one form of Government action de¬ place are one authoritative view, signed to obviate Government and occasionally several alterna¬ business American parties submitting for Division specify such confiden¬ prerequisite to submis¬ response, Division staff mergers approval tained than most proposed welfare. own that fact overriding instances as national defense as in of the Middle East Emergency Oil Committee; and emphasizes why antitrust protects > Supporting this conclusion is the except in such case such the Department. business defendants; the is to function, for information within program keeping of consent active to both the Government and reveals importance of anti-cartel policy advantage until acquisition has been completed. On the one hand, em¬ ployee morale as well as market acceptance of merging companies' stock may be at stake. On the other, business competitors may be tipped off in advance of the acquiring company's expansion plan. Thus, too clear for chal¬ lenge is the necessity, if our clear¬ plans the extent of pre-merger clearance his department is prepared to offer businessmen, problems and mutual benefits involved in consent decrees, impact of anti¬ trust on U. S. overseas business operations, and the American businessman's vital stake in effective antitrust activity. Mr. Hansen explains why information obtained in pre-merger pro¬ cedures is held in strictest confidence; points out the cost disparate topics rea¬ may prompt the business¬ man's desire to keep secret merger HANSEN* Department of Justice Principal antitrust lawyer for the business of obvious variety sons General, Antitrust Division, Assistant Attorney proposed before plans have ripened into final merger action, or been bared to public view. A The American Businessman By VICTOR R. submit acquisitions What Antitinst Means to ' 25, 1957 (384) 12 same evi¬ • i ncn t page 26 bv Private Developments in the Antitrust Enforcement 6 Sec Parties: Treble on Analysis of Damage Suits, 61 i i Yale L. J. 1010, Volume 106 Number 5C58 . . The Commercial and . Financial Chronicle 13 (385) depends ion Pattern fare - in ber-of year Of Lead and Zinc has to The Consolidated Mining & total produced the production cars not the tion Sales of increased 73% to comes Smelting Co. of Canada, Ltd. of any given m of more batteries have uses batteries complete an we can increase in the in p the i To offset with¬ drawal into government stockpile, which is considered to be The unhealthy situation, Mr. Hendricks call upon industry to do "practical, applied research designed towards improving present applications. making them more economic and developing new uses which will be competitive with other an . . United Kingdom substantially from the materials." trend, r Since the end of World War II, consumption of both lead zinc and has in down fluctuated rhythm with and up increased de- varying of inter- grees national sion, ten- but on the average consumption of b metals, both this on con- tinent has increased si.g- nificantly. BeHendricks of cause the which of important of most were the United Strike Steel and the Middle East year when both new Crisis, world lead level of the it ever level 1956 from tlio from a de- vor>r>vrl the preceding still was zinc new record year. How- remained measured by as and consumption of and Hinprl plined mndpsflv modestly States Suez at good a anticipated Lead recent stand- zinc have been tions for are ^metals high purities available new applications. u During the ten year period beginning 1947, some very interestinsr Hpuplnntrihnfc consumption have taken of i • __.r_ been developments _x_ _ terials, and in lost ground some in in be and I this world cases basis Ux- _ of substitute with reason- able certainty, others were not quite so obvious, but now that they are known may be useful as indicators of future trends. is of world lead statistics slab of zinc the pig new for various periods, and also figures showing the consumption of lead and zinc various my United industries States and in in the the United 1 a not the the Prior to the last war, the United 33% an the of of to European industry, the consumption. of lead American and zinc Increased about to 44% and 42% respectively of the world consumption of these two metals, During the past decade, with the European industry increasing consumption in other parts trend in has recent of the been this world, reversing so that this country has years consumed about 37% and 38% spectively of the lead and used throughout the world. re¬ zinc technological to In growth of lead and zinc has been various new age In 1.6% about States increase for aver¬ year. this was compared an per of about 4.4% 5.9% the consumption lead increased at United as increas¬ during areas world 1956 average *An aH^ress the Joint and substitution °£ of that i3/* other postwar it development the hand of wpThink that nowevei, ve tnmk inai ™d„p3a_l T ipTl Tfford to P}°auMis oi ieaa can aiiora xo working in close cooperation with research associations to produce better alloys or better techis is somewhat In HnWPVPr ran w pa - RnVhfpr 7ino Plrfiirp _ . tnaether uses to annual only a about rate of Europe. Free by Session Lead of '""'"'c M»*. American Industries Chicago, Zinc Insti¬ Association, ae- This very great increase in domestic the United States has and industrial building in the despite the construe- postwar period Since the war lied prior to the war the Other miscellaneous uses for require constant attention by pro- lead in the United States, although _ This is under during the new most other kept basic materials with pace or has no States. there and For Lead were 34 By the end of 1956 lines in operation plated or under construction. Continued on page as a solicitation oj an as an offering oj these Securities jor sale, or as offer to buy, any oj such Securities. The ojjer by means oj the Prospectus. an ojjer to buy, is made only NOT A NEW ISSUE 500,000 SHARES at exceeded many years,.the principal for lead on this continent were for storage- batteries for lead alloys, in for and INC. CARTER PRODUCTS. Uses uses cable COMMON STOCK • f ($1 PAR VALUE) • V ■ covering, recent ]ead years consumption of tetraethyl fluid has in- for creased at such a rate that it exceeds lead for now Price $22 per share cable, During the ten year period we are considering, the use of lead batteries for has constant- and about remained represents good a relatively steady market for some 350,000 year. of tons we in two find that this case per lead has During the consump¬ lost the decade 'Copies of the Prospectus may be obtained from such oj the undersigned as may legally offer these Securities .in compliance with the securities taws oj the respective States. examina¬ out to advancements counts. of lead closer upon on first few EASTMAN DILLON, UNION SECURITIES & the pounds battery remained auite steady at about 26 pounds. CO. of lead used per Then starting st»tictir«s about indicate bv DREXEL & CO. THE FIRST BOSTON CORPORATION 1955-56 GOLDMAN, SACHS & CO. technological improvements made ; HARRIMAN RIPLEY & CO. to reduce weight about lead of 20 21 to the battery now able to the average par pounds. battery batteries are' with substantially longer life than fora All situation of ths has where, CARL M. LOEB, RHOADES & Secondly, manufacturers make to resulted although SMITH, BARNEY & CO. WERTHEIM & CO. in the replacement market representing the bulk of the battery business KIDDER, PEABODY & CO. Incorporated • it possible GLORE, FORGAti & CO. the 1951, that last ,. five additional lines contem¬ circumstances to he construed or - the rate of population growth. Principal did not Tach pTmfnenCe unt?l' the . other on in During the same period, the rate of increase in consumption of merlv. tute the in the tion. tion During the period years. rat° the too power of On tion of plants in Canada and m consumption of .lead for sheet and de j there were less fairly constant. the United Kingdom, to meet re- pipe has remained fa.rivi.nnctnnt aecaae. in 1^/ tnere were less Quirements formerly filled from Therefore the outlook for these than a dozen lines for continuous Ampfipan rvrnrJnpfinn American production. applications is not bright and will f_ in operation in the United lead or for that matter total lead, including secondary, has not kept pace with the increase in popula- years to of threat come about In only consumption of years, pattern is further illustrated by the rate at which consumption 1947 metals wnc advances, the United States, past 10 tion war oi not are field the period. seems advantage of modern science develop new uses for these technological last ten ferrous takes The swing of consumption away from tMs continent towards a pre¬ in a motion and research if further ducer of the substitute material, in themselves, ground is not to be lost. relatively small This isTnevrtable, and"too, Would collectively are important, rep- '"'The third most important use j^e unfortunate unless the industry resenting about 45% of the total, of lead in Britain, storage bat- However, Swing to Prewar Pattern ing ™im of recovery and with pace three; times-that in 1947 developed oftentimes by the pro- zinc. Immediately, after the war, due largely to the tremendous damage done ^^ptionoTteadloPSleldiiu? sheathing kept picture States consumed about 27% of the lead cable _ . substitution has been least Kingdom. world's ^would metals. showing consumption and as has nrinrinal ma- price unfortunate. l± In order to show trends, I have appended wovdd we Turning now to zinc consumpbrighter. The use of sheathed sume that the world consumption tion we find a somewhat brighter power cable is definitely increas.lead i°r cable sheathing re- picture. Oveiall consumption of ing and for many applications the mains at about current levels it nnc m thawmg, thhf 'inly satisfactory covering is a this use will decline in the United of population so that per capita metal sheath. At the moment lead Kingdom as production facilities use is on the average a little >appears to be the preferred metal, increase in those countries which trtter than a pound per person ^ The consumption of lead for are presently importing cable per year more than it was 10 years tetraethyl -lead fluid has exhibited from that source. ago. This is largely due to the the most spectacular growth of Consumption of lead for sheet increased use of zinc for galvanizany of the uses. In every year still of the past decade the consump- and pipe, while ...... the second in£ and ^or die-casting. These ........ , cable some instances have basis Mrrtr-lrl predicted ^rSuU tion in the United States has in- largest application in Britain, is ™o Principal uses rogexner ac creased so that in 1956 the esti- estimated to be about 50% of j" SdiV-diuAiiig, the Lntlnuous „°[v'nizine tuc tuiiuimuus mntort punciimntmn nlmncl ni'PWflr cnnsiimtltinn. in snitft of a Jli competition mated consumption was almost prewar consumption, in spite of a A" iue cumumuua _ could as •?? ® cer- power rWplnn - this substitution has the 011 metals and are to these materials. cases, been the obvious they resulting to number a two were new However, subjected from in Some of these years, are and will sonrrps iead and zinc in recent years have in place. sense wWch any new applications have been developed, both which lead niques for the application of lead sheaths in order to remain competitive. However, even if we as- which are of In of these developments ing in rapTdlv the conditions forms and very newer ards. they in service applica- some sense The now spite one great number of a another metals. in used in use nuolpar severe. have and which that and metals tms f ris- more could elsewhere. old by be seri¬ tain that the production of me 10131 111 recent yeais. About the SR"\e amount of lead is consumed for cable sheathing as is ^nsumed to l.ie'e^+^oy J?eap P°wer, it is Ahnuf vpar<; However, this competi¬ not considered Pasties and other materials and >V£iajis. ing living standards in Europe and a number factors, been the 67% of the totai in rpppnf nickel cost col- lectively accounted for about the In Britain, because of the high of coal and the imperative the are which is °* of one a The order uses nfriSl tho buses, ,, ous. ing, and is being replaced by combination coverings such as Stabpeth or by plain polyethylene covering for applications where United States is which misleading. tion country cable and pipe, and the communication field is declin- place in the trends we continent. this try* The cable industry in the United Kingdom, which is effi- com- . obvious this indicate of detailed study of this application, which we have made, we have rate of increase for lead and in Europe and elsewhere, A zinc over. differs that that may only 3.2%, was faster than has taken and abroad, R. the for about 5%, that in the was to ♦\ the !'■ hi be expected to continue with t o world increase annual average be gain but year taken may material Similarly for slab zinc, while the United States if a In . hcaw as United States. However, this does LO"sumption or ieaa tor smeiaing. not represent home requirements . in^vfseems that as thp TTnitpd ic lhi-cp lead, both on this continent and growth in the Industrial Pro- as the United Kingdom is a large in Europe, has made the least duction Index or with the produc- exP°rter of lead covered cable, progress of all the major nontion -of .cable. From a rather. some of which comes to this coun- use : world previous believe > showed year continent. most .important . of lead for cable coverL LOVe* use ing last , . ' / mentiqned previously. bat- per husPs and . such cadmium battery has replaced the lead battery in Britain and on the .. J?3 „j°nsu 1T}p t1011 tery, but this average will prob-- sheathing, sheet ably not,, reach the 26 pounds, batteries in that of lead , . ?nd trucks trucks Consumption Consumntion rvun be¬ soml in operation special annlications United Kingdom Lead Kingdom Lead regis- car teries is small "bv American standards 'becahse bf the much smaller number of cars trunks aTbuse^S ' United Canadian mining-smelting executive expresses concern about consumption lagging behind production. or. de- quantity of lead ^on-'. average zinc exhibited sumed. In his review of changes in world lead and zinc consumption, amount not spectacular increases creases m As the t.ransi-- volt probably expect These any proportionately increase in twelve a number rather than- the. mim- trations since 1947. By R. HENDRICKS* Vice-President, Charge the on use July 24, 1957. CO. MERRILL LYNCH, PIERCE, FENNER & BEANE STONE & WEBSTER SECURITIES CORPORATION WHITE, WELD & CO. DEAN WITTER & CO. Be- 20 Commercial and Financial, Chronicle... The (386) 14 danger. There is no security, mu¬ tual or otherwise. .-.v* "More Yankee TiadeLess Foreign Aid" appropriate one single dollar of new money for foreign aid, there will be spent not less than $3.3 billion during the fiscal year that begins July 1. Additionally, Castle Films Former President, and Founder Author, "The Great Giveaway" billion already ap¬ there are of lor of "dollar diplomacy" that day with what is said to be their blind acceptance of present day new kind of extravagant—at public expense- dollar diplomacy, better and at the more better are neutrals. Asserts our foreign a substitute for firm for¬ eign policies and sound pronouncements. Outlines more effec¬ tive and less costly aid .program; reproaches our foreign aid bookkeeping methods; and believes Congress has abdicated much of its responsibility over appropriations. then President velt urged softly but carry United policy a which be to came known "d 1 o a States established as 1 r a diplomacy." It meant the use American of diplomatic to power promote Roose¬ nation "speak our rolls our Motive that AmeriCastle W. Eugene yell with a minimum of risk. However, "dollar diplomacy" well with the liberals decried the use of diplomatic and military pres¬ sure to insure investments, and dollar diplomacy was roundly de¬ wicked a The the often kind confronted—and confounded of dollar involves with — the American of use abroad, but today we are dealing in billions instead of mil¬ money nonchalance bureaucrats and in in *An has sources We 60 not stop there. Since began, the Marshall had no parallel in spending of the of one the re¬ nation for foreign sent our billion dollars strong reaches of Mutual Security. The earth the in world is -still in far quest prize, will-o'-the-wisp, elude address by Mr. Castle before The Managers Club of New York, the marching over ladle Washington of years our way a Export countries aid. ever-growing the events, recent self-interest. own 1792 to 1950, our government collected $406 billion in taxes. .. From 1950 through 1956, our government collected $433 billion in taxes. For in billion $406 158 fought and won six $433 billion in 7 we years, us. turmoil In ple India, too, money years Tito To we to seem War that we in Formosa even and, more recently, with in our allies Great Britain. to support who, if the chips were would not support us. We cannot buy allies and friends, but spend ourselves into bankruptcy and war. could we not be Atlas; it cannot, by its sacrifices, carry all other nations of an shoulders the and writing, is enroute to the Kremlin. Tito is now playing coy about re¬ ceiving our free airplanes, while he again makes goo-goo eyes at the Soviets. Appropriation time, the giveaway mania has be¬ come a non-partisan path to the Every offer buy to these offer an securities. The to sell nor offering a is solicitation made of an only by the offering circular. world we its on should stop who dare question their activities looked are upon as isolationists, them. The qualified to act as offering circular a may may money we like more good we The to relieve Moscow overhead enthusiasms on the already is have in other are part of countries which 210 W. Front • MUTUAL St. 744 Broad St. Plain field, N. J. MArket 3-0190 AJew York Phone—REctor 2-9289 direct have would We to saved carrying and transfer charges. the Polish Communist The lift free, half in resulted. many largely costly Berlin air¬ half slave This fatal responsible for Ger¬ error the is pre¬ carious position we find ourselves in today. This tragic mistake be¬ immediately came Stalin. weakness our determined that and to apparent He detected be could we pushed around. The Cold War that has cost tens of billions of dol¬ us resulted. lars We still are fore friends and foe alike in's being be¬ by Stal¬ successors. Senator Knowland, e r, membership of Atlantic North Soviet withdrawal from Hun¬ for Norway, unlike Hungary, is gary. not satellite. a friend and is It Those of us with long memories the German war lords invaded Norway their attempt to our needs" and the Moscow errand boy adds that President Eisenhower's statement last Octo¬ to offering aid to Poland "proved be a sheer illusion." Under-Secretary of State Dillon, Republican, has become an eager-beaver sponsor for the new two billion dollar handout, with¬ a strings, to be underdeveloped nations of the world, Dillon, very out properly^, and action do, on thb a politely calls it a exporters will never an export trans¬ similar basis. If they sheriff may be looking lor them. that recall in all first, bottle up Scandinavia. ing ber firm our independent nation, own destiny. an which determines its Chief, has already complained that this $100,000,000 is "very small consider¬ Party handout the in Norway Alliance in return will The These are • but few examples of a why perhaps we fail to hold the respect and neutrals. gances support of allies or foreign aid extrava¬ Our will never prove tute for firm foreign a substi¬ policies and sound pronouncements. One month ago. Senator Lyndon Majority Leader of the Johnson, United States Senate and a re¬ spected legislator, stated publicly that Congress would not write any and to "blank checks" for foreign aid "will not surrender the right annual pram" checkup on the the TUo+' Continued proSenate on page Comptroller of the State of New York will sell at his office at Albany, New in consider us a few was (Eastern Daylight Saving Time) many $27,860,000 STATE OF NEW YORK of these GRADE CROSSING ELIMINATION recently announced that United States has given that country's fishing In the no a Philippines maturing one $13,500,000. August 1, 1958-1977 August 1, 1958-1967, maturing $1,436,000 annually August 1, 1958-1967, inclusive. we GRADE CROSSING ELIMINATION BONDS section of that country where the backs of camels. In Thailand we started to build highway for $6.5 million that has already cost us $18 million for half of the originally planned stretch and in a country which has fewer than 9,000 automobiles. MATURING August 1, 1958-1977, maturing $675,000 is available. Afghanistan we have pro¬ vided expensive airfields in a country where most travel is still on follows: GRADE CROSSING ELIMINATION BONDS MATURING annually August 1, 1958-1977, inclusive. In done as (SERIAL) BONDS, $14,360,000. August 1, 1958-196,7 indus¬ have pro¬ costly electronic micro¬ and technical equipment power York July 30, 1957, at 12 o'clock Noon Chinese soldiers. Newark, N. J. PLainfield 5-3700 all not wanted. vided FUNDS Americans. have Formosa, we have set up a pension program for overaged dealer in securities and in which the BONDS enemy of rubble, our politicians and the Miltary Comander of that day for¬ got to get a road out of Berlin for com¬ projects: for • so sent. it try! BERRY & COMPANY is it Half of this the way. The be our been requested and, the be legally distributed. of its some that soon sent This Moscow. the on half will other foreign aid representatives to stir up projects scopes STOCKS of anxious to get rid of. million dollars to Pakistan to bol¬ undersigned is in Europe. After vic¬ accomplished and the lands were reduced to piles war was wrong—very wrong. For the emo¬ tions which really influence people and It he obtained from the which the tory that the Canal. We paid for it. We own it. give away the If we should ever internationalize accomplish is more Stock states in win the assumption of In Copies of the offering circular short. are us forget that our Armed forces fought, bled and died by the tens of thousands to us Congressman Roosevelt, a Majority Leader said a month ago. Democrat, seriously suggests that But only a few days ago the Neither individuals or nations we should internationalize our powerful Senate Foreign Relations are made friendly or even grateful Panama Canal to please Egypt's Committee after reducing the by handouts. Those who are given Nasser who has shown no desire White House multi-billion dollar money soon think it is owed to to please us. We built the Panama aid request by less than 6%, en- ster undersigned only in the of many "penny-pinchers" lacking in vision. are Let share Too - Offers Examples (Par value lOtf per share) fleet would be bottled up. The short-sighted who 100,000 Shares Haydn Electronic Products, Inc. our memories of most of Minority Lea d Washington. For instance: I nope investigation. Those Russian* some flying the Stars and Stripes could nbt enter the canal. In time of war in to conduct cases, per legislators our have not Price for loan. emotional, intolerant or forbid, could decree that ships Republican recently pro¬ pelled himself into the headlines Senator Kennedy, a Democrat is when he suggested on a TV pro¬ anxious to give away $100,000,000 gram that we barter Norway, for to the government of Communist Communist dominated Hungary. Poland. This will not help the The Senator, in all seriousness, of¬ people of Poland. It will only help fered the idea that we trade the headlines "Crusade" f cjnitp Common at year, giveaway programs." Our foreign-aid careerists are gripped in the spirit of a — Heaven shoved around and humiliated ignored. It is also wrong because it leads to frantic efforts not improv¬ are it iCprpttusgar Gomulka, continue cannot exporting His Defense Minister, at this should Cold be losing still are with Moscow lations ing. fighting a we military jets and treasure despite the fact that the Yugoslav dictator repeatedly reminds us that his re¬ pletely is peo¬ them. gift national advertisement have 400 administer our giveaway They can't spend the as fast as it is piped to to fought one war in Korea without victory; we fought and are still —pride, custom, race, religion and This we program. satellite wars. For of criticism world Plan And, since the billions are public funds provided solely by the American taxpayers, there is amazing our. financial was told that $17 bil¬ would do were four resultant lions. an and But it did diplomacy. It, too, the world the job. new a the end. Plan war-ravaged lion are But an Marshall Europe. We countries. we to come origi¬ nally offered to a skeptical Con¬ gress as a means of rehabilitating meddling in the affairs of foreign Today, end. an does not of form that to come of that day. They as longer no to heaven •enterprises nounced is worthy of Congress and to high if they can't obtain President Eisenhower once all of the money they demand— realized this when he publicly every billion of it, the world will stated: "The United States can¬ overseas did not set profit course, our From the year those Profit motive. Instead the requesters our in invest Not Is of light matter of down, Of could c a n s the We abroad terests so around. in¬ financial for taxpayer therefore are In When overseas. deal holiest more support. mistakes, waste and unwarranted extravagances result from our big stick," the giveaways, no apologies for the errors in public spending are ever made. Instead, the demands for foreign spending are increased, as year after year, particularly at appropriation time, "new crisis" and dangers are brought forth until the aid budgets are rammed through the Congress. As soon as this is accomplished the "crisis" and urgency to spend promptly disappears until the next year Theodore that money and surely the time has arrived for all Americans, both in and out of government, to reappraise criti¬ cally our foreign aid spending as a the out dated, rests in warehouses in Cal¬ cutta and we are probably paying the storage bill. r. " • discuss to determined to help themselves and prove the prefabricated grain silosi The material, still un¬ what and, at Ihe same time, continue to support those countries whose friendship we can rely on — countries who respect and support of allies or Early in the century when going am American the Republicans like Senators Kennedy and Knowland, to illus¬ what to him are examples of why we fail to hold the never provided $1,500,000 we trying desperately to obtain $80,000,000 or more a year on top of we are already giving India. "Deal" Better a briefly is the matter of getting a trate will I What we can aid extravagances more Wants rely on. . . The author criticizes many Americans, in and out of Government, and Democrats and friendship than two years. Mr. Castle critiques "the matter of getting a honest deal for the American taxpayer and, time, continue to support those countries whose same S7V2 India They have a backlog of propriated and in the Washington; $135,000,000 and the International pipeline to continue foreign aid Cooperation Administration is Comparing the liberals' denunciation our views my express not CASTLE* By EUGENE W. I Before further, let me make it perfectly clear that even if Congress did In to build hundreds of Thursday, July 25, 1957 Principal and semi-annual interest February 1 and August 1 payable at the Chase Manhattan Bank, New York City. Descriptive circular will be mailed upon application to a • ARTHUR LEVITT, State Dated: July 23, 1957 Comptroller, Albany 1, N. Y. 35 Volume 186 Number 5658 . . . The Commercial and Financial Chronicle 15 (387) On European Free Trade Prospects Under Invisible Tariffs mon evaluates Market scheme and judges those who see, as scheme, the establishment of a United States of Europe being guilty of unwarranted optimism. The methods of the Belgians and French to impose an elaborate registration system to refuse to recognize foreign patents participating governments is making good progress, and the chances are that, the as original t i c far as six par- i p a nts— pared to participate in is due in ment for the not wealth European benefit of Common- countries, in and to part political to neces¬ On is by far the more of embourg—are rates adopted has declined will sult become reality in the near fu¬ ture. The ques¬ tion is, w i 1 I of the preferential Ottawa in 1932 at considerably rise in the land products, so preference today is rather than as re¬ a prices of that Empire a sentimental economic issue. On the are with Britain. Steel itals. It scheme? nitely in statesmen European Free Trade would join Scandinavian countries and Finland are engaged in devising Common North a European Market scheme of their its own sign political death-warrant. Declaration Weakens Bargaining Power own, and Britain has put forward the European Free Trade Area scheme providing for limited free spokesmen trade between that Britain more by keeping aloof from Euro¬ free trade than by joining in. all members of the European Payments Union. This scheme was recently It was rather ill-advised part re- pean christened by Mr. MacmiiJari who referred to it as "European Indus- of Such trial Free Trade Area" scheme, to emphasize the main difference be¬ tween it and the Common scheme, namely, that Market agriculture would be excluded from it. British to necessary declare in stand public to were of made ior domestic sumption, hut they produced ly exchangeable between the par¬ ticipating countries, land products true„ some which have subject to the exist¬ ing arrangements.1 British official spokesmen have made it nlain on manv occasions that Britain would only be prc- the con¬ more effect abroad than at home. hitherto is It favor. Indeed of British Industrie® is on Federation now keeoor European Free Trade than the government itself. in Exchanges. Mr. formerly a partner in Upham & Co. and prior was Harris, thereto in Hunnewell & Co. by Weir, Lincoln Adds (Special to The Financial Chronicle) COLORADO SPRINGS, Colo.— Jamts 1VL. Raymond Las been added to the staff of Weir, Lincoln & Company, Exchange National Bank Building. pre- With Inv. Service Italy, there is the (Special to The Financial Chronicle) indica¬ no advantages DENVER, Silverman Colo. has Hyman — become as be such Co., First show continental He that was Co. and Inc.. With Stone, Moore & Co. their foreign rivals. genuine economic no Western Europe a state of (Special to Tiie Financial Chronicle) so affairs DENVER, Colo.—Frank J. Cook is connected now with Stone, iu other many P. associated with Investment Service se- them considerable ad¬ over can diiuwcu It tuiiuijuc. Aucie similar instances those who believe cue ]y[oore & Company,817 17th Street, to that uu „,QB He c^„riiiA« previously with Securities, was Inc. the adoption of the Common Mar¬ are ket scheme would tablishment of Europe other hand, in continental capitals are optimism. in the came to choos¬ becoming a full between partner or gether, the keeping with It the mean United es¬ States Nevertheless, desired (Special to The Financial Chronicle) MIAMI, Fla.—Graham N. Shaw progress direction is With Bache & Co. ^ of is with Bache & un- Co., 96 Northeast Avenue. Second countedly gratifying. alto¬ alternative away former be chosen. accordance a guilty of unwarranted ing, and that if it would be traditional in Brit ¬ This advertisement is neither - an The offer to sell nor a solicitation of offers-to buy any of these securities. offering is made only by the Prospectus. yriy July 24. 1957 19th century dies hard. There are still millions of people in J3rilain, who would cheerfully sacrifice agriculture at the altar of their 105,000 Shares dogmatic free trade creed. Resort To Invisible Tariffs 4 official is British continent. ics much criticism attitude of on the the * f • There McLouth Steel Italian and French crit- • Corporation bitterly complain that, while Britain . Beal is it is believed that Britain is bluff¬ the opposed the effective more secures long the scheme unless she is prepared to join on their terms. On the would protection and Boston Stock Market, France and unification of bluffing when talk¬ ing about Britain's exclusion from ing in¬ industries interests scheme have become converted in its their relinquish There religious belief in free trade that developed, in Britain during the campaign industrial is vantages counteract to Beaverbrook newspapers against British participation in the scheme. They the that it this wonder that the view is held London the ish economic liberalism.. The quasi- While manufactures would become free¬ would -remain lose no through send, Dabney and Tyson, 30 State Street, members of the New York cured by her refusal to recognize' National Bank Building. foreign patents and trade marks formerly with Carroll & Italian industries are in a position Continental Investments, to "pirate" foreign inventions, and considered were in order the propaganda the Government would admissions on to unity when it is defi¬ decided to have the Free for is which has become associated with Town- tion that under the Common Mar¬ ket scheme she would be prepared refusal to Trade scheme without Britain. retain to As for European agriculture The Britain's to tariff, in Western European cap¬ would be a bad day for countries the not Community had caused much concern ish of committed would participate in the European Coal- British Gov¬ ernment that would sacrifice Brit¬ sake several European countries anxious indeed to ensure closest possible collaboration any the statesmen Britain Britain lose to bound venting the import of drugs than the relatively moderate customs Western other hand, Western hand, to Common ent re- very European Einzig emphatically other terms the other Paul confined are of drugs by their elaborate system of registration of drugs. At pres- in the matter of was to (Special to The Financial Chronicle) BOSTON, Mass.—Willis P. Beal if the even Belgium would remain fully protected against unwanted imports the admitted. The question is, which if any of the two sides is bluffing? significance important. The the of be land and Lux¬ the favor the on the scheme is Townsend, Dabney Go. the various "invisible tariffs." To give a concrete example, even under determination such The concerned,the provided Europe, in Willis P. Bea! With criticisms competition. continental countries Moreover, intend Hence themselves to declarations that second of these two considerations any, and be of continental weak¬ way continental sity of ensuring the prosperity of agriculture in Britain itself. The m that, in stand tensified to access Market industries would asserted. Italv, Belgium, Hol¬ France, Ger- its position. Britain's give agriculture to the desire preferential treat- the economic and would former. part to maintain the restore to bargaining choice free trade under such reservation. This action Commonwealth . European by the Common now that if it should become necessary for Britain to choose between the dogmatic free trade creed." scheme They benefits Such overlook the fact Mr. Macmillan's recent declaration trade than the imposition of relatively moderate visible cus¬ toms tariffs. Doubts millions in Britain would "sacrifice agri¬ culture at the altar of their Market Brit¬ freer market. be take and trade The ratification of the participate. British manufactures, there ened marks, are cited by Dr. Einzig to indicate the greater effectiveness of these "invisible tariff" practices in preventing Common to which on agriculture coun¬ attitude including agriculture, would be acceptable. The British Govern¬ ment, realizing that it committed a tactical blunder, hastened to result of a this drugs, and the Italians their the Market, she is un¬ willing to pay the price for such benefits by allowing continental governments stiffen industries Common insist that only full participation, European Com¬ as on the Common Market is the ill of the scheme out towards the terms the could tries PAUL EINZIG economist Britain of the six to British hand, the official that encouraged ain Well known British other afford to keep has By the declaration is anxious to secure for 5% Cumulative Convertible Preferred Stock ($100 Par Value) This is not an offer to sell or a solicitation of an offer to buy these securities and is behalf of only those of the undersigned who are licensed or registered brokers or offering is made only by the Prospectus/ announcement published on dealers in securities in this State. The NEW ISSUE Priee $100 per July 25, 1957 400,000 Western share Plus accrued dividends from date of delivery Shares Hemisphere'Petroleum Cop-fa of the Prospectus » may be obtained from only in States in' which such underwriters ui securities and in which Ike any are Prospectus of the several underwriters qualified to act may as dealers legally be-distrhmted. Corporation The First Boslon Corporation Common Stock (Par Value $0.50 Eastman Dillon, Union Securities & Co. per Goldman, Sachs Sc Co. Share) Kidder, Peabotly Sc Co. Price $5 per I.azard Freres & Co. Merrill Lynch, Pierce, Fenner Hi Beane Share Cairpbell, McCarty Sc Company Smith, Barney & Co. Bear, Stearns Sc Co. White, Weld St Co. llornblower Sc Weeks Incorporated Wcrtheim Sc Co. Copies of the Prospectus may he obtained in any State only from such of the several Underwriters named in the Prospectus and others us may lawfully ojfer these securities in such Stale. American Securities Corporation Spencer Trask Sc Co. Hooker Sc Fay Sanders It. W. Pressprich St Co. Tucker, Anthony St R. L. Day Nauman, McFawn Sc Co. ; Bache & Co. Wm. C. Roney St Co. Company Bear, Stearns & Co. Rauscher, Pierce & The Ohio Co., Inc. Company Smith, Hague Sc Co. Watling, Lerchen Sc Co. Baker. Simonds & Co. Ball, Burge Sc Kraus & Lester. Ryons Sc Co. Manley, Bennett St Co. Ch; rL's A. Parcells Sc Co. Scherck, Richter Company Harold F. Wood St Company and Financial Chronicle The Commercial 16 Thursday, July 25, 1957 ... (388) Natural Gas Issues Hit El Paso Natural Gas issues THE MARKET... AND YOU build weathsr to first blows: some STREETE WALLACE By had have also plan a to Canada-Cabforn.a a Preseiving Three Basic Elements In Our Free Enterprise System By GEORGE ME ANY* pipeline and second from gov¬ ernment attempts to upset its The rally remained summer isn't by clear that acquisition of Pacific North¬ west Pipeline. These do not any means Chrysler will have to have a dawdled, with the "down" year as sharp as those stalled for the most this week stocks as 1954 industrial average of ing a high. To consolidat¬ bit under its all-time Hopes were still high there that would newed thrust to old the peak be a re¬ forge through give and new the bullish element. heart to Mild Retreat Despite the failure to make grade on a vigorous push couple of weeks ago, the subsequent setback didn't spur any important selling a so far has still however. 1956, there Chrysler followers plenty of room in its low Even ment. had for margin profit in 1955 alter the fact that El Paso an is important gas supplier to to along at run have been National important the free enterprise system, largest in the gypsum field, steps taken to boost this mar¬ has had a placid market life, gin and the issue could start a good share of the neglect to iron out the rather violent stemming from the fanfare cycles that have afflicted it in over lower housing starts. recent years. The shares have just about managed to carve out a 10- Individual Casualties a range of half a points. Volume, more¬ slid off into a rut typical point range so far this year, Despite the high standing and lately have been avail¬ of the industrial average, over, of of the summer doldrums. In some individual issues have able at a price a score short, there was little evi- been harshly handled recently points under last year's peak. if if if dozen d of e n c e any v/idespread the and bargain hunters had Earnings haven't been im¬ * * * pressive, and aren't being Confirmation that, the prospects were not as bad as projected to any startling money market would remain the market action would indi¬ levels this year. But National chagrin. scan for welldeflated items where the a long list to Gypsum still is busily en¬ tight, provided by the govern¬ cate. if if * ment moving to a 4 % rate in gaged in expanding—last year its latest refunding operation Easiness in metals gener¬ five new plants were put into and a peak since 1933 — ally, possible aviation cut¬ operation — with the current — failed to disturb the markets unduly. The type and matu¬ rity of the securities offered were in line with expectations there so was of little a sur¬ prise nature in the operation. if s|t carrying into 1959 ernment to offer price before completion. Projec¬ tions of the earnings at the guarantees to International Nickel all conspired to make end of the program run to it one of the more depressed double or more than the pres¬ of the quality issues, down ent level. Last year sales ex¬ below par from its all-time ceeded the $150 million level backs and refusal of the gov- defi¬ peak of 115. On the same dividend it paid last year the nitely was that the wishful yield approaches 4 % at recent thinking of a move toward easier money wasn't at all levels, which is one of the all About it proved attractive more well founded. fields in program and the added expansion now potential The payment at recent price has raised the sales $200 above to cash been has levels million. above- an 4.V2 % with the im¬ # « * is as assured as it is in the portant strides in sales and The market also largely nickel business. The aviation earnings still in the future. ignored some of the profits cutback threat was largely Dynamic Pepsi squeeze items which in most psychological because any of cases had been where large potential growth average A dividend-increase candi¬ anticipated the metal not needed for de¬ feeling fense work would find date, also enjoying a good ready is general that a pickup in fall acceptance in civilian uses for profit year, is Pepsi-Cola business will do much to off¬ which is heading for record which there has been a short-. advance. The well in set the slow first half. age for several Chrysler Pros and Cons Chrysler was able to show superior action, including some pushes to new high ground for 1 the well in year advance of its first half report which, it is no profit secret, earnings and sales this year. years now. Between' cool Aircrafts Oversold In ness fact, g i n e s have in late easi¬ could specific cutbacks in anticipated be cases. jet en- ing 1955 to close to equalling full-year figure. come that t- The is that year shadow * over Chrysler its good results this have been achieved largely at the expense of Gen¬ eral Motors and with GM go¬ this improved year's do this with presented of the author only.] "Chronicle." those in necessarily at any those of the not coincide time as expressed views | The article They are ' h • fervently are . When representatives of trade and employers can work unions together, together live at together and get sociable affairs it Sptd.vs v/e 11 ox free our terprise In o r t u- d o TJ i t n most planes, it, basic elements—-free of the others. for¬ The mula won't work unless the free¬ today to free our way of life. That Communism. from The philosophy of Communism is quite simple and we owe it to ourselves to understand it clearly. Freedom place no in Communist the scheme of things, because it is the very opposite of free government and therefore- cannot permit labor could threaten Soviet Rus¬ spoiled amputated and or Under tions of before it could even become self- was the threat to sustaining. Communism from exclusively from Solely and little word could not exist permit free a so of the rulers other dictatorial rule, the Everything and subjugated is Hungary and ing military might. the to There be some people in who do not or will the significance of the may this country not see lesson of Hungary to even cannot to the State, which everybody. Now, under ordinary circum¬ stances, we in America would .be enslavement owns perfectly to live and let Soviet Rus¬ content If the people, of sia preferred Communism to free¬ would normally consider Peaceful business. co¬ existence, after all, is fundamen¬ tal to our free way of life. But the leaders of international Communism, who do all the talk¬ ing about peaceful co-existence, have never practiced it and will never conform to it. They don't dare. In order to stay in power they have to erect an iron curtain 'Bnec't.1 to The Financial Chronicle) shutting off their people from any real knowledge nication with or us. direct behind the iron the opportunity to conditions their commu¬ if Because people had Soviet crush the rebellion by overpower¬ un¬ ture. Yet we So Kremlin. troops and tanks and planes were ordered to re-invade exist, because the State owns everything. Free labor cannot exist, because the Communist system is a system of their to was Private ownership and pri¬ it land potentially too contagious, too dangerous to the security of the compulsory system of slavery enforced by the by near to profit dom, that Russia Soviet free. close to its borders. Free¬ so dom free Hungary? a to everyone live. of reconstruction and peace afford State is supreme. State. chunk land which would require genera¬ freedom either to management. Communist rule, as any der any in¬ Surely not Hungary had no fighting of anv kind Surely not economic competi¬ tion. Hungary was a starved, de¬ Where, then, is quite clear that there is overshadowing outside threat Russia and sia. dom of all is assured. comes army, weapons no which government, free management and free labor. Take away the free¬ dom of one and you destroy the freedom Hungary? organized no the free enterprise system is made of three free a military aggression. George Meany see Soviet did from fear to dependent should. I what Now have pelling rea¬ sons why they As control country. d e e are com¬ vate inspiring surprise, and of their by temporary won Yet States. forces cupation orevail everywhere in has the of one took the secret police and the oc¬ f not It occu¬ labor- m a n one oppres¬ Communist agement n nious up intolerable the and sion of Russian Hungarian students and workers soontaneously revolted against their foreign masters last October. Bv sheer courage and daring, they relations the ship episodes in all human history, the - nately.harmo- thp people wanted to be free from the heavy ybke of dictator¬ en¬ s y s te¬ ll whose pation. Copley Adds to Staff COLORADO SPRINGS, Colo.— Douglas Aircraft has also been hovering near its low, George W. Gear is now affiliated with Copley and Company, In¬ although first half earnings dependence Building. showed a jump of about 40% Here, too, the backlog predic¬ Joins Hathaway Inv. Corp. (Special to The Financial Chronicle) tions are unchanged and high DENVER, Colo. Edward L. level operations are projected Shelton is now with Hathaway not only through this year but Investment Corp., 900 South Pearl through most of next year. Street. The company's large commer¬ with the curtain compare those en¬ . by the people of a free country, they wouldn't stand for Communism very long. isolationist our own fu¬ the most confirmed cannot ignore the warning uttered by Premier Imre Nagy in his last broadcast to the Hungarian people. With the elo¬ quence which seems to inspire leaders of men at great turning points in history, Nagy said: "I should like, in these last mo¬ ments, to ask the leaders of the revolution, if they can, to leave the country. They should turn to the all people of the world and explain that today it is Hungary and tomorrow, or the day after tomorrow, it other perialism know to will countries. be the turn of Because Moscow of borders and is the im¬ not only trying does play for time." is That so unmistakably true that the government of our coun¬ try is spending each year a terri¬ bly high percentage of the earn¬ ings of the American people for conceivable kind of arma¬ strengthen our national every to ment defenses. joyed Internal Threat to Our Way of Life what But all of us in civilian — cial sales indicate that Wayne Jewell Adds any ing into entensive changes for military cutbacks will be its 50th anniversary year, pretty much shrugged off. Chrysler should be in for The backlog currently is half some stiff competition. It military, half commercial. lofty inevitably, will the comparisons enhance from a when the issue showed the results more levels which, not one. earnings of $11. The first half of this year alone is expected from far were recently outlook. yet been noted for thoroughly comfort¬ United Aircraft and company The ups and downs predictions hold to a 20% in¬ from one year to the next, crease in sales this year with however, kept the stock mara $2 billion backlog still pre¬ ketwise from anywhere near dicted. the $101 tag it reached in will be last year, strikes general aircrafts in overdone The the and weather which the Communists hoping for, and that friendly, cooperative, labor-management climate helps prevent internal subversion. second Gypsum, idea of trade unions and labor's fulfillment obligations and responsibilities. Points out that the real internal threat to our way of life is the possible collapse of of its if if . head, this requires management's complete acceptance of the a years away, moreover. if. AFL-CIO the to the West Coast and will con¬ tinue Meany prescribes cocperant rather than conflicting approach to the sharing of output, "pursued with common sense and intelligent self-restraint," to avoid the pitfalls of inflation and labor-management conflicts. In turn, according high improve¬ level. Any competition from when it Canada's gas fields is somev good year, its 6% pre¬ tax margin was well behind Ford's 17% and GM's 20%. held inside Labor Chief a There the and the retreat is and President, AFL-CIO DENVER, staff 818 of Colo. Wayne 17th Street. — Frank been added Jewell E. to the Company, of life Hungary This, of course, is not just the¬ The facts were made pain¬ ory. fully clear to the entire world by the recent tragic events in Hun¬ gary. (Special to The Financial Chronicle) Bauserman has Significance ♦An Here address was a by Mr. tiny country Meany at the Chicago-land Fair, co-sponsored by the Chicago Federation of Lab~r and the Chi¬ cago Association of Commerce and In¬ dustry, July 9, 1957. tary have to consider is that mili¬ defenses are not enough to the way of life we and wish to perpetuate. threat to that way of life safeguard cherish The comes not only from the outside, but from the inside. In other free lands today, the overriding internal danger is from Continued on page 29 Volume 186 Number 5658 . . The Commercial and Financial Chronicle . (389) shopping Filling Securities Salesman's Corner In the investment business there is substitute no This will give which upon you investment that the the very hire even some and are training go¬ you spend in study in keeping up with the ever changing panorama of the invest¬ and ment world is money in will It give in the bank. confidence you important, confidence it you will and, create the part of on ■those with whom you wish to do If you are able to dem¬ business. onstrate that it interpret open would you fund a know or and going to have you information, get much and I just wasn't very about During people credit on enced salesman current the is no to you if market knows he price, going hard it up it this a friend to sell. to But it is that you is It of the not builds it day I tired couple other the tamer's will you is the build confidence of calling on a re¬ that had answered advertisements them for noticed I that and, few a the hus- trying to convince his was common something should not me give her that he which He concern. had retired, that he had sold some real estate,,and that since he no longer cared for the of trouble properties,.,he watching had . his over bought some * stocks. common spoke up it eco¬ return essentials, hard, read and remembered time " Then told his wife that me 1929, and that she some friends had lost so much in stocks it. on firm member now and exchange was ing with referred to pnd for tion. me by the door as the our consumes, open people times? at have not been render or service. Perhaps too people have a been many obtain what on read between are was going on, and he appreciative. If I had was mast who take an background more two not ! hence, now employed interest do in' their they usual is not an who men what know who among peoole who bought securities for and who have long memo¬ mentioned understand to her that that she that peace of mind could I correct was important, was they are doing, conservative, deliberate, informed, and willing to go all NEW Texas stocks which included oil panies in the country, ural gas L chandising stocks possible for dividend ket me we from not one auote to it without reference any to data: relax conversation and was referring for As we nart went This without on the last thing anv sensible invest¬ would man is so much it pU came continued we out the attempt—there don't but know) naturally we as discussion. result opened. gnnd-by a new When tbe I wife account arose caid to as was to me. Digitized for much better now, you FRASER feel so solve the problem. 15th for local supply towns and free more •,< attempt to unless it work; ing lot. making operate Also, the retail a a of verses the 25th offer to BEVERLY store competi¬ has With J. B. Hanauer from a M. Hanauer Hanauer & HILLS, Calif.—Carl is with now sell, nor a solicitation of an offer to buy any of by the Prospectus. 19, 1957 say "I see Stock, Class A $1.00 per $19.50 per Share Share firm ^ of which may be obtained from the undersigned only they may lawfully offer these securities. A. G. Edwards & Sons -in for years, Carl M. Loeb, Rhoades & Co. formerly partner ill Hudson, Stayart & investment in the was the States banking -past 28 W. Stayart such invest¬ Texas Louis Copies of the Prospectus in Hemphill, Noyes & Co. a Bankers, Johnston, Lemon & Co. Dallas, Granbery, Marache & Co. Bempsey-Tegeler & Co. * > Texas. R. S. Dickson & Pac. States Sees. Opens (Special to The Financial Chronicle)- . Company Loewi & Co. Newhcrd, Cook & Co. Incorporated Incorporated - OAKLAND, Calif.—Pacific Securities Corporation has , j Reinholdt & Gardner Cruttenden, Podesta & Co. Laird & . been formed gage ficers in a are with-offices Center in the Building to en¬ Company, Corporation States Ellis, Holyoke & Company Metropolitan St. Louis Company Stix & Co. securities business. Of¬ Thomas F. J. Carroll, Jr., president; John H. Bunce, Jr., vice-president: an-* wnUam B. Acton, secretary-treasurer. Smith, Moore & Co. B. ' July Common J. Co., 140 South Beverly Drive. ISSUE Price in Chap¬ (Special to The Financial Chronicle) not free park¬ more community to closer I would close to was cities parking to their retail stores. not 30 ter of St. Matthew. compete with them,, therefore, is the first eight verses of the Chapter of St. John and the first Free (non-voting) been busings Financial The interview concluded and a the part of local retailers Par Value any (certainly this would be ment of use to - Stavart, has ment to attempt to disolav knowledge my .the mar¬ listen. no July engaged was along I noticed that the wife be¬ gan is community being shopping center? 22, 1957. current rates, annroximate new parking is the greatest attraction of shopping centers. The best way ef¬ Mr. to on or¬ who discuss#3 and prices and certain background information their State know a lot of children and get them a free edu¬ cation! However, the duty of pay¬ W. fective com¬ a briefly i u ganization several others in this category. As he continued I made a few favor¬ these and I Sr., a able comments. Tk#m way ting your a of s o with an great nat¬ large mer¬ organization, and concern, only will to the Stayart, the company, largest steel and automobile The — It was an ex¬ cellent but small list of high grade common perfectly safe and Federal THE POLYMER CORPORATION Municipal Securities Company, First National Bank Building, has an¬ DALLAS, thfv had bought. outstanding taxes. have be all beat city taxes is to have these Securities. The offering is made only Stayart With Municipal Securities stocks common from L. W. association the should free 70f000 Shares to of and If at help them do the best job possible with their investments. and with that I asked the husband me of out to nounced tell to buy turnpike bonds. Issues carrying 3 V2 % coupons can now be purchased in the 70's and 80's are ries. I is People want to business with investment do them. believe in Turnpike The simplest method of avoiding Federal and State taxes you about my business I wouldn't jhave known about this interesting item. which Bonds? day a not years the city which educated (6) Do un¬ pattern have > This to schools, and even churches.. Min¬ isters might more often preach that she still dH hot want to take chances. would Cities merchants ' any banks return. griping, or complaining, about new shopping centers. Price-cut¬ an be risk money young to sell¬ profit. a in people go for work after graduation—or the young people themselves—will some day be compelled to send money back banks? more the re¬ community as work¬ producers after gradua¬ these About Shopping Centers? a not is community, if they will little to thing to do in keep the Is by tion will there . con¬ Otherwise, the community ' has been put to great expense to ' educate them and has received citizens are New York to were for ing for schools, highways, fire and police protection should be preached by the newspapers, (4) This advertisement is neither four hours and What is white-collar jobs. Perhaps there tirely unofficial and that it was are too many business offices and just conjecture and rumor. His not enough factories, services, own firm did not give him this information, he had been trying farms, or fisheries. Perhaps those to local demand tion. plenty to loan. young trained to wise a now home, these than more from the in the and ers low; but it is not the thing today. For those buying There trained main grad¬ difficult now many money would we out people Because proctuce the gave work good are it loss than chance for a Reasons for Unemployment of so do hurt Why is been stocks pro¬ store every school 1930's when stocks ing to and more it (2) stock wide it, citizens the to the can satisfactory. put into stocks, instead of in¬ it at home. This might have find empty cus¬ reliable member firm, but underscored that this was en¬ source Why do rented. this informa¬ mentioned I than client this mentioned left a of another by we and As young people move" a community and have chil¬ dren, usually only the father is a producer. Children are an asset vesting selling more than they are buying. As soon as the community produces more mentioned. In talk¬ to give him me in rate only ducing favorite, involved possible prospective a he he a rected certain a .market a become merger, that be Because more money is going" out of the community than is coming into it. This can be cor¬ I read a brief coment by one the statistical organizations of is high too sending streets? days good," it money Because business don't and Several Why borrow " mind that stores the a o n on until gone into properly Reason for Tight Money (3) subject. stores be uates! live. Regarding Empty Stores we it unsatisfactory six (1) lation If we buy a washer, or a cleaner, or a TV set and "does not make let this and not than have wages or Most town and city veniences. We should be able to do this with of the questions clients. Roger W. Babson Cultivate tomer, small very they had made in certain told ex¬ me answer fumbles., confidence. might J wife that The modest investment stocks vacuum Therefore, statistical department for specialized help, but you must bt the focal point of your -cus-, stock, was our was trained. they who lacks poise that, schools to al- the securities.; who man the question your Then savings. to the communities have any more are doing the best they can to keep taxes down; but they cannot buck the tide of popu- I every answers -most the reading and study you will gain assurance. You can rely upon a good job have developed after sitting with band young taught With with you Comes Confidence other minutes, These been important to your clients; do know these things. who evades, of you of have place in which a do and say that bring prospective client to you. The one graduations. times so high? that the taxes of ' say governments money high nomics hundreds up unemployment, money, or local taxes are me commodities. for their employers. Some¬ feel that graduates who cannot get jobs should be returned many held cept they investment business. Skill Sometimes a before to do you If you successful things investment entrust earned combination, With month have divi¬ the tight as: most turnpike bonds. dend rates, the background of not that never you as an and for them. past cities part of any experi¬ are accounts now of where it, otherwise on their the and school there topics services, WTiat About Taxes? do we After years such and Every Day—Study and Learn many Covers we ago are .. lot better and live." on sure think I questions towns waste advisor • Somehow the extra income." need ally sold "• it. will sleep a Your customers must be emotion¬ - in- stocks farms, „ (5) Why provided answers by financial editor Babson "The economics of the place in which they also are time more invested are only 20 to 30 market leaders, but that women ing out to represent them. The Young people to haven't we as organizations factories, fisheries. First let Knowledge carefully they classes and men is its By ROGER W. BABSON invest¬ are Also, smaller conducting It more today the men representatives. of foundation make sound can firms screening background. a decisions. encouraging ment for you center, the more that community must produce from Economic Void for Young People an By JOHN DUTTON The Value of 17 Blewer, Glynn & Co. The Commercial and Financial 18 Chronicle... Thursday, July 25, 1957 (390) Americas between N The new office, therefore, will be equipped to provide every banking service under one roof. This new branch office, together with the bank's new main office Robert at 44 Wall Street — now under¬ News About of 50th and 51st sisting Streets. Banks & Bankers same par of the director of Chase Manhattan Bank, 1948, and Vice-President on Jan. New York. shares 350,000 value. 15, 1951. # tt of Munroe Vernon York New In to the bank Mr. Bennigsen came Whytock as ' 82. # He ! ink's Staten offices five J. Island branches. The are located at Port Richmond, West New Brighton, St. York, N. Y., and Tottenville. Formerly operated by the Staten Island National Bank & Trust Company, they became paid of' Mr. Heitzman it it Morgan P. from the New & tive officer of Dollar Co. Inc., New received approval York State Banking Department to increase its capital George, New Dorp stock metropolitan branch system when the merger of the two institutions became ef¬ Manhattan's Chase was it from $30,000,000 consisting of 300.000 shares of $100 of the par value each, to $35,000,000 con¬ of the City of New W. Bennigsen and President has a Savings Bank York, and Fred been Trustee, was announced. Catherine, who joined the 1936 as Executive VicePresident and a Trustee, was elected President in 1941. He is a Mr. bank many ment tively, in favor of a merger. The announcement of the agreement, named an which stockholders will of the bank's be asked July 31, was made by Charles W. Bitzer, President of the Bridgeport-City Trust and Lewis O. Waddell, President of to appointed Credit Depart¬ Assistant Secre¬ tary on June 17, 1939, Conn., voted Norwalk, special meetings on July 17 of the trustees and directors, respec¬ was in Bridgeport, Conn, Norwalk Trust at started his bank¬ departments, he Manager of the South the Company, career elected serving with it Trust Company, and with the Syracuse Trust Company on May 10, 1919. After ing it it Officials of the Bridgeport-City a Vice-President since 1955. ' will be in cnarge of the ant 1944, May, in 1936, was made of today has $690,000,000. Mr. Munroe joined the Morgan Vice-President of going modernization and due for % it it the Chase Manhattan Bank, New completion late this year — will organization in 1920. E. Robert Heitzman, Vice-Pres¬ # # tt York, was announced on July 22 bring to 114 the total number of ident of the Marine Midland Trust by Gecrge Champion, President. A Manufacturers Trust Company Robert M. Catherine has been Company of Central New York, member of the staff for 30 years, banking offices throughout elected Chairman of the Board died on July 14 at the age of 59. Mr. Whytock has been an Assist¬ Greater New York and will continue as chief execu¬ appointment The , Mr. Heitzman Comptroller in completed 25 years of service and was recognized for his service by City, a former associate of J. P. 1942, and Vice-President in 1946. elected to the bank's Dollar Savings Bank, which in being Morgan & Co., Incorporated, died Twenty-Five Year Club." July 15 at Hanover, N. H. His age 1936 had $93,000,000 on deposit, « approve South Norwalk Trust. elected As¬ The sistant Vice-President on July 16, name of the combined in- fective on July 22. York announces C. New of Company, the promotion H. Albert, Jr. Schutt from Alpheus Pam it it it Trust Irving: and WilAssistant Vice-President to Vice-President. Mr. Albert is in charge of the (Mice. Irving since 1951. Mr. Schutt is in questions about: Lockheed Management answers your He with Empire State Branch been associated the h?s charge of the Lexington which October. lie bank's branch office at and opened was Slreet 48th last Avenue in 1946. joined the Irving staff operations of the National Bank & Company, Staten Island, Consolidated Trust Manhattan author¬ by George A. Mooney, New York State Superintendent of Chase the and Y. N. Lockheed's Island Staten Bank, New York, began as ized Field in the Jet Banks. month stockholders Earlier this voted their ap¬ of both banks had proval of the merger at separate meetings; The merger joins the five offices of the Staten Island bank, all in Richmond, to the 94 offices of Manhattan's metropolitan Chase The Staten Island located at Port Rich¬ branch system. offices are mond, West New Brighton, St. George, New Dorp and Totten¬ ville; Prior to the merger, Chase branches York City boroughs Manhattan: had New *!• ment of Winfield Bonynge, R. Coffeen, Jr., El¬ Joseph Katrausky, Lawrence IvI.; Ernest J. Kocsis, and Vice-Presi¬ I All formerly held the title dents. Second as Officer,-and con¬ association with the Investment of their tinue bank's: investment -department. promoted is Anthony J. Wil ¬ liams, to be an Assistant Secretary in the foreign exchage and trad¬ Also ing division. New York, has Exchange Bank, appointed Herman to its Thomas and it announced on July 17 by Har¬ Helm, Chairman. old H. it 2. Why is Lockheed building the Electro instead of a for Com¬ New York has signed a lease nearly 15,000 square feet of in the new 47-story Time & Life Building. space Trust Company approval from the New York Banking Department and the Federal Reserve Board authorities of its application to open received a branch office in the new building. the north¬ of the building to be the Avenue of the east corner located on an interim airliner or ment aircraft. It is re-equipment cycle. To quote American age Airlines' President C. R. Smith, the Lockheed growing and is "designed to serve a and short-range flights—a part of the business on which it has always don't think there's any been impossible for most 5. as other airplane that will well." Orders for the electra the 1960's. What airlines have With deliberate intent, Lockheed and several leading airlines problem. Drawing upon its Air Lines, Braniff International Airways, National Airlines, Western Air Lines an KLM-Royal Dutch Airlines. Orders to date: 133 prop-jet experience as builder of the C-130 experience unmatched in the bought the Electra? Customers to date: American Airlines, East ern airlines to make money. hercules—an job should continue strong through the immediate future —is in medium 6. planes valued at $247,000,000. Does Lockheed intend to build a commercia U.S.—Lockheed designed the electra. cargo How does the Electra compare models of with latest piston-engine airliners? Seat-cost-per-mile of the electra will be much lower. Compared to the latest piston- engine transports—Lockheed's included—the At version of the Electra? present the plans are indefinite—but Lock¬ heed is fuel saving. In ratio of payload to total weight, the electra tops all competitors, piston and studying a commercial of the electra's brawny This hercules. cargo version brother, the prop-jet is the C-130 combat cargo transport that has been in production two years prop-jet electra will offer a 30% per-mile at Lockheed's Georgia Division. Th now in service for the 18th Air Fore and is being evaluated by the U. S. Marin C-130 is Corps. ' jet. Passenger appeal will come from these electra The Bank will occupy just major role for years? volume—and more in Manufacturers has a prop-jet electra is not just a replace¬ fundamental to the jet- The do that long-range turbojet airliner? Two-thirds of passenger 3* Manufacturers Trust The pany, flights. play electra C :■> Will the Electra be will it important part of air transportation, and I Ruhm, Jr. Church Streets Advisory Board, was hop-skip-and-jump types are not competitive, but comT attacked this * * * Chemical Corn D. ideal for the high-density business of medium and short-haul The two 4. operates efficiently-the fast, high- plementary. 5»' Company of New-York announces the appoint¬ Pritchard where it Trust Guaranty mer scheduled for first delivery in Sep¬ electra, service). prop-jet altitude, long-haul flights. The prop-jet is I in Lockheed is building one: the faster airliner now larger seats; climate-controlled cabin; flights (60 m.p.h. faster than any June Island National on reported total as¬ sets of.$35,560,000 and deposits of $31,759,000. Chase Manhattan at midyear had $7,524,331,000 in total assets and deposits of $6,693,722,000. 1 jet-powered tember, 1958. The turbojet pays off only of this year, 30 o commercial airliner? all except in Richmond. Staten 1. Why isn't Lockheed building facts: quieter, vibration-free ride; Powered by 4 Allison prop-jet engines, th Volume 186 5658 Number . . The Commercial and Financial Chronicle . stitution would be City Trust Com¬ offices pany. Both offices will be staffed by * Directors The of Pa., and ertown, Pa., have approved the terms dent Tradesmens the assets and and National will As purchase chase price will be $1,604,250: of plan, which of approval The is the Merchants of June Thomas to ?•« supervisory authori¬ ties, provides for the continuance A * ❖ received used 000 of from the increase to five each * sale * capital The Kan., * * CO., THIRI) Va., increased by OHIO June 30,'57 $ par value $10) by sale stock effective July 12. Deposits Cash —— and U. S. rity 317,321,883 323,437,208 due from banks 84,095,486 Govt, 88,218,362' 84,254,105 »!» Loans ){♦ National Bank of Youngstown, Ohio, announced on July 16 that it was offering to its * stockholders the right to subscribe & Undivided merged 163,283,396 154,983,026 profits- 4,705,307 3,941,539 * By a increased its from (par $10) the on basis to capital stock $200,000 (2,000 $ charter of of Kansas Mer¬ City and title Merchants-Produce Bank effective July 1. !K common $100,000 Bank »!• Si! ton National Bank, Grafton, N. I). ital stock sis stock dividend The Graf¬ for 66,000 additional shares of cap¬ and Trust Company, Pitts¬ burgh, Pa., will be opened this fall under chants discounts * Merchants Bank of Kansas City, Kansas City, Mo., and Produce Lxcnange Bank, Kansas City, Mo., new Mahoning $100) par . 87,001,504 secu¬ holdings- of stock dividend effective July a $ 350,924,034 355,094,271 resoures stock increased from $100,000 was il. June 30,'56 its Total si: capital $200,000 ( 2,000 shares, TRUST UNION CINCINNATI, # common, The First National Bank of Ola the, to FIFTH 19 shares, par value $100), effective July 12. * W. shares, new for $24 per share. and surplus accounts. £ capital stock from $250,000 to $450,000 by a stock dividend and from $450,000 to $500,000 (50,- Bank in as be Price Boulevard. gantown, office of Mellon National new Proceeds Center common of Fidelity Trust Com¬ Pittsburgh, Pa., according to John A. Byerly, President. Sji shares new held. The First National Bank of Mor- pany, Bank two THE > 1 Shopping * E. and the bank the present banking offices Ouakertown and Sellersville Park of shares will director to of the bank. Grand on iy57, Provident Millsop of Weirton, Va., President of National Steel Corporation, has) been elected a stockholders National of Monessen W. • subject au, Sji excepting pur¬ The according The office will be located in the employ¬ Tradesmens. had total deposits of $415,219,000, and The Merchants Na¬ tional Bank of Quakertown had deposits of $11,538,000. the deposit of The Mer¬ Bank, Provident. pany Provi¬ Federal income taxes and costs in¬ cident to liquidation. The the Hills, announcement made an Tradesmens Bank and Trust Com¬ plan assume other liabilities chants of The a which of Monessen man will become officers and Merchants National Bank of Quakunder in on July 17 by Frank R. Denton, Vice-Chair- ees Philadelphia, Tradesmens. The Merchants National Bank who Provident Tradesmens Bank and Trust Com¬ pany, Provident the present officers and employees of * n. of (391) The ' :is National Bank in North Kansas City, North Kansas City, Mo., increased its common capital stock from $100;000 to $500,000 (5,000 shares, par value $100) by stock dividend a The First effective July National 8. Bank of Princeton, Princeton, Ky., 1 with capital stock of $100,000 was con¬ Hercules develops 16,200 horsepower, tions. Lockheed's airliner of the future prob¬ pos¬ remarkable short take-off and swift sesses rate-of-climb ably will be supersonic to capabilities—enabling it to get into and out of the smallest commercial air¬ ports, anywhere in the world. The largely dependent cruises at 340 m.p.h., and its cavernous cargo compartment (9'4" 10'3" x 41'5") x and be adjusted to truck-bed to the ground to form a height or drive-up new powerful engines. • • Now, in the jet-powered field, Lockheed is busy building the Electra; the F-104 Starfighter lowered (world's fastest jet fighter) for ramp loading. These features! plus two proven more • quickly loaded via its tail-ramp door, which can and continents at the development of on be can oceans speeds beyond sound. When this plane flies is hercules the T2V-1 Sea- ; of Star jet trainer; the UC-X, new turbojet reliability and low operating costs, utility transport/trainer; the C-130 Hercules years should win for the commercial hercules prop-jet combat as a title Bank First Princeton, July 1. cargo carrier; the turbojet much favor with air cargo operators as the C-130 has tude performing "feats of won hercu¬ research) and developing v a turbojet air¬ all already building a pure-jet trans¬ s types of aircraft and advanced missile development has resulted in a backlog of port—a 4^engine utility jet transport/trainer $1,533,469,000—of which 51% is Air Force, with both 20% Navy, 29% Commercial. military and commercial applica¬ 8 v Walter J. Smith, of First National, Manager. Robert F. Casey is Assistant Manager. is branch Organized in 1865 with charter No. 1595, the First National is the oldest bank in Alabama. !'c »;« Promotion of . in Bank Edvyard J. Mc- of America's Corporation and Bank Relations department at head office in San announced was Young, by Francisco Frank Vice-President and sonnel relations officer. E. per¬ . , Mr. McGough is contact officer foivcnrrrppondent banks in North¬ ern California and is in charge of transit and 1929, the Mr. first statewide Bank v "... since McGough received his appointment in 1947 officer head as collection correspondent throughout the nation. With of the Fe ment. Central Collection had depart¬ charge of the OTice Transit and Clear¬ ing from 1949 until 1951 when he entered the Corporation and Bank Relations department. 81 ) Pi \ss EN GE RS Pratt Elected Gov. a Of Inv. Bankers flss'n -J or OL • PROFIT- P, \ss EN GE BOSTON. 70 \ o * . «•-: partner « of Mass.—Albprt Paine, Webber, Pratt, Jack¬ „ son & Cordis, Tnvestment Association 4C \ PI\ss EN GEI a gov¬ Bankers of America, t fleeted was the of ernor \ it has been an¬ nounced. Mr. yZr,/' CO ill 89 ill! /.fls. ■ Wfi'd ■/, ii . f|tff ft • V'.XS. : y///' ■///}■:■%/ ■fl'///-'//. is y%, \.<yv/y;y fl/y '% iSS; ■t'&x-'y 5 mm Pratt,, formerly ' 0}0Z- ■ sistant ffljt As¬ Secre¬ . CO "■■U; f o _J / t 1 I! 11 m il ■Ji • - ®t if V" r^rr 4 f ' i. It "Si ■ II II ■; m T il tn 1# Si If %/'< ; • II V ' fit t f'-'-j/ V- ill il mwm fi; %;.C- m. " ' mm II si in tary . ss, V mm sss . 'i 100 500 is membe a the New V. mm> • 1000 1500 2000 of r >: ms- • s* ;li?i 2 ' '9- •: ' r" 2500 Eng¬ land Group of the Invest¬ ment MILES: the of Navy, " ' : 'y/.\ i if ■ IS As Bankers ociation s and The above chart illustrates the electka's profit-making capabilities 100 to 2500 miles—under three different load conditions: 50, 60 and 80 on flights of served its Chairman in 1952-1953. as , In 1946, Mr. Pratt Jackson tion-wide in means leadership their mitted office partner One of a series of messages addressed to the financial community of America From Pratt tary the in & joined Paine, Curtis, here. firm He as na¬ firm, exchange stock to corporate r»a.t .i passengers. Webber, LOCKHEED . tjr Gough to Assistant Vice-President makjng all Passenger Load Profit Analysis Assistant an Vice-President banks ELECTRA: of * municipality adjacent to Mobile. arrangements with LOCKHEED Co., as' Mobile, Ala., has opened its fourth branch office at Toulminville, a radar Lockheed's policy of wide diversification into liner? If sor when? Trust effective In line with its policy of ex¬ panding facilities to meet the growing needs of the area it serves, the First National Bank of the Does Lockheed intend to build Lockheed is new early-warning planes for the Navy and Air Force. 7. and Ky., U-2 (a new type of aircraft for very-high alti¬ les" for the Air Force. state bank under the , the world's across carry passengers verted into was a specializing 1950, ad¬ general in underwriting activities. 1954 to served Feb. as 1, 1957, Assistant of the Navy. Mr. Secre¬ 20 The Commercial and Financial Chronicle... Thursday, (392) Continued from economic studies conducted in this country indicate that three top industries which allocated 5.7% of zinc to which is added controlled amounts of various impurities, Whether or not this specific work applications of zinc by the future 13 page industry is the only practical and feasible course to be taken if this July 25, 1957 sales to research and development had a 52% gain in profits. At the during the 1947-1956 period, while not be important. The important other end of the scale the three zinc consumption in this country thing is that some producers and lowest industries which allocated increased at a rate of 3.2%; per consumers of zinc have recognized/only 0.2% of sales to research and year the consumption of alumi- the need for research and are -development showed a 3% decline of the tightly adhering, this continent. Galvanizing is num increased at an annual rate willing to co-operate in its execu- in profits. It seems to me that it of about 11.9%. This was brought tion. • is up to the Lead and Zinc Inzinc coating, the product the largest user of slab zinc fol- World problem of over production is to be overcome. As an illustration, Consumption Pattern will yield useful results, of course, cannot be foretold and in fact may Of Lead and Zinc cause ductile of these lines lends itself to many lowed closely by brass, with die about hot-dipped casting a very poor third using only a little better than one-third and applications sheet where This unsuitable. was has contributed use zinc for an ap- greatly to the galvanizing, despite of preciable reduction in tne pounds of zinc required ton of prod- per of the slab zinc consumed by the other two uses, During the past ten years the consumption of zinc in the United Kingdom has * remained fairly largely through extensive intensive research and what - dustries as a whole to decide now which category we will be in. If we are to-increase consumption to balance production now and in the future, the producers have said for zinc ap- we pro- plies equally to lead. At the presmotion on the part of the alu- ent time lead is being consumed minum industry. Wb find that, to- a-j- a greater rate than new remany people, the word research serves are being, discovered, and . up a picture of a long scientist, probably a little working in a secluded laboratory on some abstruse prob- conjures ag haired result a being world gradually reserves nf lead and zinc must engage in are extensive research individually, in depleted. Howthis situation coiild quickly ever co-operation with each other and required for hotreverse itself We-have heard 'a in co-operation with consumers, dipped sheets. The estimated con-, steady, exhibiting an average anlem which even if he is successgreat deal about'the research work ■ not only to develop important new sumption last year for all nual growth of only one-tenth of, galvanizing was only about 3.8% one percent as compared to the ful, is of little interest to anyone, that the automotive industry is uses for lead and zinc but to imbelow the previous year as com- 5% per year for the world as a A certain amount of this type of, engaged in in connection with the prove the natural advantages pared to a decline of about 18%; whole and 4.3% per year for Free research is essential and provides development of a gas turbine which these metals have in presthe foundations upon which others for die-casting. In fact the zinc Europe engine for passenger cars. These ent applications. including Britain. Alconsumed for sheet galvanizing, though accurate statistics are not may have the bulk of which is now produced available it is apparent that the rosear on continuous lines, was almost greatest percentage increase in the same in 1956 as it was in the zinc ' 111£ fW litf* consumption since the war proving present applications pf3S^le^ifTIo%vt^t^&difeSy record year of 1955 in spite of the has taken place outside the United zinc, making them more economic WQ could:have a world surplus of IlillM V!l«;UUi IllUa and developing new uses which ieedk about steel strike last year. ; States and the United Kingdom. equal to the present f Philip W. Smith,: Jr.. member • will be competitive with other- world -!surplus-irof -jzinc.', The American Die Casting InAlso,**'i#>:Esdiafrgetf Turning back to consumption in materials. v ^: v; new> major uses/for lead? have on Aug. 1 will become a .Vicestitute has recently issued a report Britain we find that consumption for the year 1956 which reveals for Need For Research galvanizing has made the only 7 ;V been developedA in recent years, president of Walston & Co.. Jnc., some very interesting information, progress, having increased at a uct from that untidy, , Easier J mentioned of^zinc Requirements ; casting in tons 50,000 ceptional less for although 1.956, than in die some the ex- 1955, were still about 100,000 tons greater than in the next highest year in the 194756 period, and 72% above that in year 1947. ~ It year for " " therefore, was, zinc However, in die find we good a castings, in 1956 that aluminum rate of about 3.2% per year. As in. in which lead and zinc this country continuous strio gal- available. I have here part Jpf. vanizing has made rapid strides by the end of this year, if present plans are completed, there will be four lines in operation. The job galvanizing trade in the United Kingdom is progressive and its technical casting galvanizing than 1955 which 300%. this and than greater gain was than more in All 1947. aluminum in has not been made at the expense of zinc, However, we know that in many applications in the automotive and other fields zinc base die castings committees have published and disseminated much consumption for die was some 4.3%; greater in so that information is galvanizing and practices. One field on under vestigation is active very in- the rLlLa! pounds of TSte+t!' P^sttes materials, the average zinc used per car in- creased from in 1956 duction 68.7 in and is 1955 modernization and elec- British Railways. chosen as Should zinc be protective material the estimated 7L3 at 77 other f6 ut.cs slah - - h brass, die casting, rolled zinc, etc., j)avc efther remained about stable bavc qj. ^ain declined ve" c?ose1v v Here dif castin??i^ 'base the sdnc dustrv is sliehtlv Ued to the "ths our*belief ThatPfbe automotive industry which con- pricewMehWmaiS! suprty'were^palor foetorfcot stability of tributlng tributing vu of even part of one of the major present/pses couldvmalcb: the fiityre of ICHd look vory slooMyr nmv/of; the lead' and^zinc industries some The effects of minor lm- feasible. purities too sometimes have dis- can effects. * the ago, use ; was the sistance of Branch of the cue, In available recent technological years, advancements have produced variety of relatively chean mate- rials, which are sold at a compete tions. This is In order to e very body to reduce in compete effectively, to nvrx me nnVoj priced The competitive y. JrX Z SvS liana and New Zealand bas been dose fo prease use. In are for automo- addition to this the industry in 1956 took 53 /c of the zinc base die castings produced by the job shops. Home appliances accounted for 22% from these going to a cellaneous sources, the balance large variety of uses. quite obvious It that is zinc y "S" in- •. the of tion zinc for the over that take the future an of production exists. that At There this the period same an Miscellaneous (1) .... " Total (1) Includes SOURCE: lead some being withdrawn from the market and absorbed by the government stockpile. This is during lar our base period, except for 1949 when consumption dipped rathdr badly. Other uses have also remained fairly steady year From program. long term serious is only solution our one to point of practical this very and differs sive research that is to increase consumption. somewhat from that on How Dlished? can this We best believe on .* British , . /' 1953 1954 1955 43,888 96,756 15,224 68,060 43,783 24,382 122,181 44,472 97,667 14,744 59,311 45,046 23,687 123,421 39,967 91,515 13,727 382,105 328,712 340,203 376,193 415,289 396,674 367/499 incl. 96,124 Metal Statistics. 1 Slab Zinc by Industries 1948 1949 1950 1951 1952 1953 1954 1955 1956 89,393 30,109 30,294 39,744 94,039 27,749 45,755 27,581 27,426 105,932 36,003 57,132 30,756 35,499 65,915 34,737 57,576 22,852 29,678 73,760 25,034 60,117 18,740 13,740 95,675 29,969 47,989 24,676 17,916 111,838 39,406 69,256 24,526 24,179 113,129 46,426 74,987 25,070 21,900 110,568 39,842 60,048 25,572 17,576 249,997 250,022 222,550 265,322 210,758 191,391 216,225 269,205 281,512 253,606 Alloys Brass Rolled Zinc Otlier Total SOURCE: British Bureau of 60,482 Non-Ferrous Metal Statistics. STATES UNITED Consumption of Total Lead by Industries (tons Batteries.... Lead Alloys Tetraethyl Cable Pigments Lead Products Miscellaneous 2,000 lbs.) 1951 1952 1954 1955 83,800 184,300 93,300 101,000 110,100 406,800 187,900 111,100 136,800 109,900 121,700 136,800 353,800 156,700 127,500 136,900 104,400 104,500 167,20fr 330,000 146,100 148,000 146,200 86,100' 103,100 141,500 356,500 158,8(50 158,300 151,500 85,200 99,500 141,200 337,200 168,600 160,700 127,900 95,300 102,700 102.500 375,000 199,300 165,100 121,100 1,129,000 868,000 1,211,000 1,151,000 1,101,000 1,151,000 1,094,900 1948 380,000 168,300 66,600 158,700 120,600 116,500 161,300 of 1950 280,600 130,600 101,700 130,100 ' 69,200 82,000 73,800 1947 Storage Total 1949 373,300 183,200 > - 1953 " 1,172,000 Consumption of Slab Zinc by Industries that 118,000 120,400 1,205,700 1,190,000 . 106,800 " 1956(1) 1947 Base Rolled Zinc 1948 1949 1950 1951 1952 1953 1954 1955 370,969 234,628 109,140 76,672 26,326 350,880 202,181 85,534 55,200 18,046 441,686 289,527 139,373 68,444 28,104 400,279 296,434 143,292 64,085 29,881 377,688 236,689 155,608 51,318 31,480 406,988 307,445 178,182 54,649 38,663 403,463 290,846 108,268 47,486 34,236 451,141 430,807 146,243 51,589 40,032 421,218 352,451 122,395 45,382 36,251 786,360 Alloys Other. be 1956 (1) 366,131 221,738. 191,990 133,924 115,225 116,938 44,054 361,327 214,469 112,347 70,680 27,537 Galvanizing Zinc 817,735 711,841- 967,134 933,971 852,783 985,927 834,299 1,119,812 977,697 , accom- exten- the present and Total (1) Preliminary U. S. B. . / ' (2) Included in Miscellaneous uses. 1947 Base . > Products lead 8u,j19 43,048 65,614 29,232 31,584 Galvanizing Zinc ! 1956 65,171 41,974 17,056 1957-1951 in of Non-Ferrous Bureau , 58,057 34,997 8,093 102,022 39,756 85,786 11,492 367,963 Brass problem tendency to increase. The pattern of consumption of slab zinc in the United Kingdom a 25.6 " . an expedient measure, but the in- view there / • 100.0 2.«2,667 1952 381,506 used indication everv cpntinue. present time these world are 100.0 . 33.8 • „ . ' dustry cannot base its future on the continuance of this or a simi- with ...... has condition will surpluses ,. 53,481 32,982 6,853 121,718 29,858 73,532 10,288 , consumption over is 40,6 ! . .*v,J .20.4 ^ ,669,033 378^33 .w.ooo M2,067 greater rate even brass and bronze, which is third, after galvanizing and die casting, has remained relatively stable one Products Lead substantial world surplus a %-,13.9%: 1,061,567: 1 i>51 1949 52,137 31,300 5,692 135,952 46,807 78,068 18,007 Consumption of Total could of < 653,367 /,. 35.2_•..<■ 57,314 69,141 42,570 43,521 6,007 5,991 96,503 102,674 56,325 61,081 89,686.. 81,151 19,094 18,546 1948 g0% increasing, zinc produc- increased at of die manufacturing. consumption has been therefore base we view (tons of 2,000 lbs.) 355,308 Pigments the zinc industry. Although zinc consumption throughout the world so this most important field of auto- The optimistic mis- castings must be kept competitive by every appropriate means m motive circumstance 825,100 ,;/.; 44.4 5t.6 3&.i y 995,400 1947-55 American Bureau of ••Metal Statistics./: 51,458 33,361 5,264 129,537 52,150 93,610 16,126 great bulk of the total tive 34.5 ' c SOURCE; 1935-37^-'Metal' Statistics and.'.-American Bureau of Metal Statistics, t 50,380 , 30,992 (2 ) 106,673 56,688 96,261 14,314 Cable of the captive Japan, India and Africa the incasting facilities which crease has been most encouraging represent approximately 33% to If it were not for one important 3o% ; . . 1C0J) 1947 ^ die zinc 858,233 ^ 4r.6 % of *•'. Total [;■'."J: tri>n[XEi>; kj^goomT -;^ Lead Alloys Tetraethyl nattom tuirj aK„u, 572,366 ^ \V3M 231,291 Storage Batteries..... Canadian Pattern In Canada .wWa thP %S55;& ^ > - '% of f.'' Avg, Year ; To^i^<'; 1953-55 Avg/Year .TotaJI 1935.^37. ^ . • °S 1947. ■ Consumption of Total Lead by Industries everv make every their products that see fisail ! all of Sfort ™nsumDtion' is not too different 'coTtfh.?f £SS5& ^s'makino producers must also effort oH947" 1S times that ^jlab Zinc.r of are y in zmc consumption and also true for lead. Europe ; research , : a y casting, of Free Europe, Germany nas maae tne best creimany has made the best applica- many that appears : t states' United high purity commercial on / / . : .l\lo.*;America (Incl. U.S.A.) Oil countries West relatively stable price and with which zinc must the it which < , based statistics . 37.2 44.4 : Avg. Year >' % of of piogiam the 689,467 ' Consumption ^ in t Surveys surveys 27.3 Avg. Year ' % of Total 785,867 % of Total 476,600 ' P V as-. Department Technical lecnmcai md and 1953-55 Avg. Ycar 1947-49 % Year .. ^ Mines ^^- industry,' the ; lbs > of' Total States United , With the " 1935-37 A piejucbc^j \ybieh; have been built up. , B. Diamond has been added to the staff of Mason Brothers, Financial Building. * (tons of 2 000 . . selling and promotion hi ' ' overcome ^ . WORLD /■% '; ; the villain./Now it wi Ottawa has undertaken a From . rapidly falling into disrepute, because they were really not effee' tive. Research, sponsored by. the American Industry revealed !;' the generally acceptable, ire tent" of commercial grades, arduous ^8... Consumption of New Pig Lead " of zinc for cathodie protection was long ^ , For example, not -...Mason.. _ to 1*111* financial chronicle) ' »■ SACRAMENTO, Calif/— Estelle application. Certainly metals of cannot afford to wait until this comparable purity open up new happens, in fact we have possibly avenues for research never before, waited too long as it is. Recent Mines this growth. growth. to Zinc Applications •/ only Add R*rU MaW*™ have, special may opcrti.GS which hiskg material suitable for anodes the trification of many sections of the it pi for alu- to out hand other astrous facing stiff competition from^it should promote a considerable substitute materials.^Despite this 'demand in that country. • cmnpetition from pur protection of overhead steel structures, required are continued cr; for M. SOURCE: American Bureau of Metal Statistics. - Volume 186 Number 5658 r The Commercial and Financial Chronicle . (393) Edwin J, Aliamil Sleek Offered Schlesinger, .Pioneer Investment At $5.50 Per Share Van Counselor Dies at 70 Edwin in the J. Schlesinger, investment 250,000 company common shares to its working finance he; work in process. was ac¬ company invest- facilities an ,ment , capital to additional tively engaged -as- the on inventory and In June 1957 the obtained contract a government which provides a and used by the no-charge basis in manufacture of its products. through its subsidiary, Alumi¬ Corp., wholly owned num constructed or government Altamil The Company intends to add the net proceeds from the sale of the Until July 7th . and the (July 24) of¬ shares of Altamil stock at $5.50 per share. Hospithis city. .tal, and the acquired Corp. field, clinic , Co. equipment by company. Such machinery equipment will be owned by be associates yesterday passed away at the age of 70 due to a heart ailment at the Poly\ & Noel to fered pioneer counsel Alstyne, for reimbursement to the company by the government of up to $989,000 for machinery ahd Taper Milling Co. Inc., is en¬ missiles. Through highly refined sculpture-milling techniques, used conjunction with machine tools designed by the company, inte¬ grally stiffened airframe compo¬ nents and structures, such as wing beams, spars, ribs and sections, bulkheads, are aluminum bar Sales from year rose ended produced from and plate $363,000 the ended 31, 1956. For the eight-month ponents ^or use in high speed mili¬ riod tary and commercial aircraft .and totaled counsel ended April 30, Rush has become McKendrick, East 1957 (Special to The Financial Chronicle) NEW Aug. pe¬ sales $7,696,000. Hesch State Minn.—Anthon ULM, has become Bond & Mortgage New York City. Mr,' Schlesinger was one of the first obtain '• invest- ent n counsel status, Edwin J. Schlesinger, and active was „• to in the ment Act of of- develop¬ Investment Advisers the 1940 sional which status wrote to lications Commercial Chronicle. He was civic Grand ■i matters, the tive in Jurors affairs Club, Chairman West and of was New New public York City, schools in born attended New a York County Prison Committee. Mr. Schlesinger. who was in & ac¬ including the Association, Side Republican former He pub¬ many financial on Financial •< field. extensively for particularly profes¬ gave this the York and also pursued his professional studies at Cornell, Columbia and New York Universities. First Boston Group Offers McLoulh Steel 5% Conv. Pfd. Stock The First Boston Corp. headed underwriting g-oup that yes¬ terday (July 24) offered for pub¬ an lic sale 105,000 shares of McLouth Isteel Corp. vertible ($100 5% cumulative preferred stock con¬ at par share) and accrued divi-' per dends. The new ble into pany at any tion at share a of each preferred is converti¬ stock of the common com¬ time prior to redemp¬ conversion price per common share of stock of $46, convertible pre-1 ferred being taken at $100. The newly issued preferred is subject to redemption at $105 per share before July 1, 1962; $103 per share thereafter and before July 1, 1967; $101 per share before July 1, 1972 and $100 per share thereafter. The company plans to use the proceeds from the sale to provide a portion of the funds for the 1957-58 expansion program to in¬ volve the mately ments spending of approxi¬ $34,000,000 for improve¬ designed to cut production costs and for duction the increasing steel capacity. will program pany an about give annual rated 1,812,000 net ingots compared capacity of pro¬ Completion the with 1,574,000 com¬ capacity of tons a of steel the Detroit major producer of carbon steel and stain¬ less steel in the Detroit area, dis¬ motive in terms of business and constructive principally to the auto¬ 35.1%, tively, of the company's lar sales. eral latter nually . Corp. company at ACF Industries, Incorporated company's growth during recent years provides through May the an¬ 31, 1967, 5% of its total steel tonnage requirements for use in the United States. is due 1956 $9,033,000 $8,008,000 and SHPX group of companies (not consol¬ idated) $9,818,000 pointed toward maximum $8,593,000 Combined earnings per share of common stock* • accomplished by development of important • of its talents and use facilities. In 1956-57 further internal diversification has been 585,000 785,000 Combined large part to carefully planned diversification new products. $6.95 Based on number of shares outstanding at April 30, $6.08 1957. ' ACF INDUSTRIES, INCORPORATED and Consolidated Subsidiaries Net sales $294,592,000 $245,585,000 Federal, state and local taxes acr, 10,958,000 56,507,000 53,650,000 Dividends paid per common INDUSTRIES Preferred shares Common shares INCORPORATED 30 CHURCH 13,414,000 Working capital gross dol¬ will purchase least 1957 development. respec¬ An agreement with Gen¬ Motors Fiscal Year Ended April 30 Net Income Motors Corporation accounted for and 58th ANNUAL REPORT volume, net earnings industry.' In 1955, 1956, and the first 4 months of 1957, General 40.6%, 37.7% SUMMARY OF THE consolidated subsidiaries The in a ended April 30, 1957 outstanding in QCf history, measured The" area. McLouth Steel Corp. is tributed was present tons. company operates three plants all in The fiscal year of STREET • NEW YORK 8, N. Y. share ... outstanding...... outstanding 4.00 4.00 None 137,467 1,412,714 1,260,167 M. affiliated with North Minnesota Street. 42nd 'Street, & With State Bond & Mtg. with offices at 41 connected Haseltine Wilson, Inc., 114 South Ninth St. $4,- 1952 year G. with the to Aug. 31, of for (Special to The Financial Chronicle) MINNEAPOLIS, Minn.—Donald stock. for 568,000 com¬ With McKendrick Haseltine in gaged in the manufacture and sale large machined structural 21 Co., 28 Ol oi -J CO to to s I or Pricef 2.75% 2.90% 3.00% 3.05% 3.10% 3.15% 3.15% 3.20% Yield 100 1959 1960 1961 1962 1963 1964 1965 1966 1967 Due 3.30% 3.35% 3.40% 3.45% 1968 100 100 100 1969 1970 1971 1972 1973 1974* 1975* 1976* 197 * 1978* . C0$50, ALIFORN 3Vazn%d SMeris OF PMRataurtieess, Yrioiecledrss bitnaeoderes) Amounts, and (Ac rued V/4 VA Coupon Rote 5% 5 5 5 5 5 3% 3% 3% 3% V2 V2 V2 V2 3y2 3y2 3y2 3y2 3 3 3 3 tcasoubjel Apfnrteid hrin. G&C'DBlr-oaeoxnr•<e.kl, CBTFoI&CBrpnishlaytocietnh., maturiy. 197m4a-tu8ri,ng intoeacrrused, deacribs $2,0 0 2,0 ,0 2,0 ,0 2,0,0 2,0,0 2,0,0 2,30,0 2,30,0 2,30,0 2,50,0 2,50,0 2,50,0 2,70,,0 2,70,0 2,70,0 2,90,0 2,90,0 2,90,0 3,10,0 3,10,0 Yitoeld Amount &CForga.n 3.55% 3.55% 3.55% 3.55% f *Bonds plus 1973, par, 1, Cali.'ornia &nCIStuocar.t 3V*% 1956, off Halsey, Act 5%, BNaationkl go Chic of First HnriFri ct The j t decison. baspumriochtnze.d iTVCeatlifrons ADPur'l SCTtmfahooe,fncgudt,nbteoarpsrecgdihs.tly(I1bASi9un7haw,o3relfcddt9esoapcym0hpfbvelh-ul SFrtaodpexms YNfbifutaroneoswdkvksg,Cnelcciy VCDMe46thivarlspntoed,srSwcfaiyhbSCnditalohpoaurnerzg bHhpjvSVA&HDtuoraoehcnlrqleifyss,tg,' i,n95c"l7'8CaofrNYetywk. hnp¬iPbCtoefsurmdcal, p¬ Californdepusbtc fCVor¬)etansh'pldgvc GBEdmuwCalicforsn., CBNaationnkayl Yo Newkr of First ' The Bank biottnoyahhmeadterulns.g acresogentuualxntdiidsrn,g S,bpd$tOI(iIhnAcopatfeoaspye)ibrmcn-aldsrullShtougoladfnzeicdrydbei1CnOI1oo,m0c9utaop5tf,b7sne.r tAI1hoap9sroepaudaib7mf,njrt4eecitlrdinteparyumfesnt,l3ftetahmownys0oaorneoerckkbICSLAancirfgomrsnesd.t, biSbointtsnthuaecdproyeusll, linebvtogshtamrnmwquideminlstsMfocsahatkvndregd (5BA1AVettran9rso'hFtciucnel6defdrthhogabopnuarienesfslfSTGFuttihootleueadff.bbinohaprrdirtncshftalbththooarwmoecmplhnuiecsisdfs, iuaowunfehdvsredn,bOMSCetarshloiaifcnoyerkd.,f, Company LHFfFlooauamnnrnmdseds Californ. inmoneys lenscaoletd so part CMahnhatse The itnacxoemse sonal faramnds pcaoyupblne TBmkruesrst quire First 1A9ug57s,t and thoopteifn aomnatudring oanny brseedhmaptioln Franciso, opinf btehleisve coetrhtaeinr bisonudeds, inpurose, Ac19o56ft payment bonadres Geonralf Dated Is ue New Providng Princpal the at Bonds and to) of San of the In We and These ans Bond punctual These i.M.'T At orney A.Si f S., of me:ira Bank T. N. 1 Intcoirdp ted Incorpor ted Incorpor TCosamnprtadny (Itnceorpd) IIIncno*rpated tnCfec*oorrpiopdtay. drSS&CKGST5CRHM&ivor*mcubhlpts.sainy,yBNFTWekdOProetglanfd.WDSCrub;IiLRThohea.mmnplsdits:,yHkDFM'ecgkSNJviy!&CIdFB&CBTuroaPruas.nmwfncpikct'h.t,gyInciordpateDRLATHWMeo:ll;ECRzpvgracknFMIAK&Wrsmoaiodnmichp..,yCt&BCNBltcresyHYewainfdklSWRVAEC&u0'hh'obnig?s.e,,&LMILa"ruotvl:d.nHEIGBDNasmokpekyS&CP)'vur.,MKfgchwItnCrplicovCR&FTBiAWDScerahoidmoubngls.t.kn,syIWMMkASCT&Nhmmwpps.yHFGIar:neatd-bkBoncesrfilJP&'WTRoPiufhly:ck,,ICSHI&vSmtaupge.rntshALJDnysgbo.;3dwTFBDlTekpiarmouhin'adl,&CRNPC:rtmteofc.yAwvdMTJElSuoIroneprtg.b,a'lsuniic'e&CWLBF!HWNChghs.ptkay undobrwevfy . . Newark ti'pnolesf oCgohicf f CVhaorlt'sfv.ie, hICUSL:aitk;ye. 'Chiocagf dIncorpat Intceorpd. Incorpated Ssoatlf; InraNTCBNICJCoD&Clorrhientmtunvepesidn.kn.y B&FLPCMCES<iaeeoaociml,..sr,CSE!NBSoeqrapu-tFitonbr'skns &MJPWC&HRWB&aieeusrctioozpk.'se.c.h., DSC&DJ&BBA;m!/lal-adeiSonnwrgrx.t'st:hkh. FRMLMLH&Cigesoonsbl:rl., CBG&JABI&C&CAWneoaorodcxmacerknmt.hdplwa.rys,y TMMLH&EKCWouuemtoiapspl.sann,y CCNB&BWCB&BSarhoeatavichpocneosk.l.y.nl,, GHTIb&C&SGBiohmesungcn.opa.srynIcnocroprpataetdedBkCW&CGR&CBTWooaemcbukhnpaos.r.vdkittn,yQK&CMDTuinconprmugilk-.Ss,daafeny C&JISBhCC&&otrt:reroc)'.psn..,) GBLCHLG&WalaeicienlkwmLlonmbivh.brsosusnys &CSTYABNRohgaehtutupoioumnergrbwdb.aklc, TCNJBCFhmumiimly'nn"epsppdnak.aatsslyy HFFITNMCrnaohmrospsea.t.ry,, C&S1AIR&CSEBtnuotnakeyml'nphuocashepidrs..i.s,y CHGMRJH&Comnaolphay, D&S&L&CCIAPT&ocnteamiIrunnitabmobcgcnu.hrg..dsse,, CIEFNCS&BHlcsuhnimoieg■r-.Wt.taz,, JM&W&I&CMJMAO&CnccDvarmomeosnortyk.eteaanl NSNBSIRMonackhstiancdyg-fAel.dsr, C&TB&HS&FTtoruoamwontrnphiht'.esny,, PlICB&SS;Cn'ooucmsralkbmwicmpveaprn.sudstyh,,,yL&BIE&WD&LJM&nHaauhiuconttlcefa'nrsl.se.yoe,,r &TWRCSFMH&FDorvterly,nnxek.kdg, F&MHCFFA&CJBKuaorritcamzshsnoiotp'esn.azlfeyr WI&CDSWWHogtemaimnklrlpedasrtg,yy Abhocfienruasrtage $ AC'ioty.. Kcnsas WNYeoestrwkrn of Itnerpcod 2? Incorp ated Memphis * of Boston of '•. * t i r- Incorp ated Dell s Inc-orp ated of * Incorp ated , EBxcahngke US&encuiroits NBationkl Salomn SCep:uorraolttiiesn N&CL*o'dyolaews. S&C&Ssrtoaoud. &CE.F&Huotc..n I&CInngocen. TUCornmuiopsnatny CGoogm'pafany Ce&Cmpsy-oTegl.r CScohwmafepoanry E&Sdowanrdss P&CInieorcce., A&PRueachdripnkcaelths, C&CD&Iltaomrak.r GR&aiprdnee fReC&Gn'notchide.r, NCS&Dewobonl.d's S&CIlnocoucm.b CIEAcnmpa..y, RCoboinmsp-Haumnphyre,y &CB&BSortoyo'csxe.. Camnpadny TCoerpxaatisn S&CISnacot?olte.,y, TS&Ctheoel.e &CColoke.t 1957 Newark Corn Dilon, Philadephia We&olC d. Chemical Eas'man The White, II, American Kemph WiR.al i m Estabrcok Van J. B. Fideli'y Trust Oh o The G. A. Rauscher, Fahey, F&oi.enh ldt Fulton H. W. Kalman Brush, & The Stein Zahr.er of First V. H. ' Fauset, Peni gton, 25, July 24 The Commercial (296) Continued Herman Bo:cBrcrdl Bank and Insurance Stocks Joins Sufro & Co. By ARTHUR B. WALLACE of Week This — Bank Stocks in June, 1957, about the time the issue of rights was $2.80 tional City Bank of New York, we announced. look can the into holders how matter the of of the in Exchange Bank 1956, issued rights to January, stockholders leading New York banks have recently. These rights were stock. subscribe to to new The stock is higher today. New York Trust in 1955 issued National City 100% stock dividend. It is stock at 60, and after the an¬ a that New York Trust nouncement of the plan thus to rumored increase capital, t^e market for will be merged, but the President fared to buy First First new City This in negligible points. rights several gave the declined turn value, the and the of first E changes, x the bank denied has The it. National First had rumors City Bank as the one to take over scarcely muster Herman p erience, f>a<? ioined the City basis. company to hea its ana¬ indications, lytical and re¬ search departm e n f. Mr. • In 1955, Irving Trust added to a quite general subscribe; and why its string of dividend increases, not, in view of the exceptional going from $1.30 (including a 10yield that the subscription price cent extra) to $1.70 (also includ¬ of 60 to afforded the newly nounced cash dividend of $3 nually? Bank on have, managements an¬ an¬ ing like extra). a for the greater part, been fairly gen¬ erous over the past several years their Such are the earnings of Bank divi¬ a Service, Inc., of Minneapolis. 43% of operating Mr. Borchardt started his busi¬ earnings) relative to the dividend ness career with Babson's Re¬ that it is logical to expect at least ports, Inc., Wellesley Hills, Mass. an extra of, say, $2 at the end of in 4% increase in cash for the old stock. But preceding this, Empire had paid several other stock divi¬ continue to sell at more favorable earnings ratios; at higher operating earnings to price: of lates dends, getting capital to up equity; and they continue to show $10,000,000 before the 4%, and in lower pay-outs to operating earn¬ each case adhering to the $3 rate. ings. A comparison with utility This resulted in substantial in¬ a in the cash payment of the crease stocks fixecl-rate or non-conver¬ tible preferreds favors the bank And market prices are to confirm this ap¬ and still Empire is disbursing less praisal..^ than one-fifth of its shareholder through who these the held capital stock increases; shares. beginning „« present fate" of operating earnings. Guaranty in February, 1957, de¬ clared a 20% stock dividend, con¬ tinuing the $3.20 old rate on the new capitalization, Hanover Bank disbursed 20% a stock dividend in August, 1956. It had only several years earlier ordered and several stock dividends two-for-one split. a split stock had been The on un- $4 an¬ a nual rate; the split stock received $2, effectively, the so, McClure, Saxton With Pierce, Garrison Firm effective an 20% increase in cash. 1956 20% Diversified Investors' of sion Fla. TAMPA, Clure and Louis C. Mc¬ — Louis M. associated become Carrison, as with Wulbern, sonville, have Saxton Inc. Pierce, of Jack¬ Vice-Presidents, in their newly opened Tampa office, 617 Madison Street. Mr. McClure business His rupted service in When he returned War II. World inter¬ was career four years by field life he joined the to civilian The low. of rest to be could they Frenchmen to the illiterate - > (if The danger is that the Al¬ any). gerian Whites would declare an - independent Algeria, and that the French army jolly well join may them. If :< French that alone France's responsible are for fostered rise of costs . budget, tooling purposes and to of sense circles, and the most illusory of all illusions with Which the only;"" one. in the word • the are expenditures French people Most of the ex¬ the company's operations. Any balance will be used for working capital and other corpo¬ pand rate purposes. Haydu was organized in New Jersey on June 26, 1956, for the purpose of acquiring the major Saxton in charge of the Florida portion of a business known as Haydu Brothers of New Jersey, a Gulf Coast offices. Both were forhierly officers of Stevens, subsidiary of the Burroughs Cor¬ White & McClure Inc. poration. will be in charge of the corporate investments division and Mr. beet farmers, the to exporters, plentiful, wages keep rising, pro¬ in the form of tax Subsidies etc. viding , was an increase of that amount in the cash disbursement. J. P. Morgan & Co., Inc., have just voted a 16%% stock dividend. It, too, will retain the old $10 annual dividend talization, of 10 shares $100, will nually. on with a get now Manufacturers one the new capi¬ that the old holder so Manhattan rights to purchase basis scribers have located and a 1956. Bank new in seen National its stock 1956. gave on a Sub¬ their stock do Three With King Merritt (Special to The Financial Chronicle) LOS E. cash Langstaff, Jr., are now Analysis BANK STOCKS with King Merritt & Co., Inc., 815 NATIONAL of were pre¬ Request BANK INDIA, LIMITED Bankers to the Government la Kenya Colony and Uganda Head Office: West on H. A. connected Bank in¬ viously with H. L. Jamieson Co., payment from Inc. 13 N. Y. CITY Bulletin End 26 Bishopsgate, London, E. C. 2. (London) Branch! 13, St. James's Square, S. W. 1. In India, Pakistan. Ceylon. Aden, Kenya, Tanganyika, Uganda, Zanzibar, and Somali- Branches Burma, Laird, Bissell & Meeds Members New York Stock Exchange American Stock Exchange Members 120 are Front St., Plainfield, N. J., in a modern, onestory building of approximate 20,- BROADWAY, NEW YORK 5, N. Y. Telephone: BArclay 7-3500 Bell Tele'yve—NY 1-1248-49 (L. A. Gibbs, Manager Trading Dept.) Specialists in Bank Stocks fuel Electronic Haydu is Products divided into three basic divisions. The Precision Products Division is land Authorized Paid-Up Protectorate. Capital Capital £4,562,500 £2,851,562 Reserve Fund £3,104,687 The Bank conducts every description ol banking and exchange business. Trusteeships and Executorships also undertaken intricate parts for of manufacturing chined component ma¬ the electronics industry. is the Industrial Burner Division which is a Gas well- accepted product line represent¬ ing the culmination of many years of research and development work in design and precision manufac¬ turing. The newest phase of this corpo¬ ration The currently has a prime contract with the U. S. Army Signal Corps and is in the of process prime negotiating for with the contracts branches of the Armed evasion every : the has of further conse¬ of two ways one covering the deficit. The other not burdened with on vicious into high the debt, charges and spiral is interest an au¬ written rich and funda¬ a a very healthy modest amount of with or without Algeria's pacifi¬ Four cation. years relative of put her house in order, she would be offered short and long term credit Criticizes French Central Bank deficit source France. is the Number of monetary inflation Number Three are Two not to and be for¬ raising their living standards, and French consumers keep only from New and Zurich, but York, also and elsewhere. What then is wrong with France and Budget One not Frankfurt from and instruments. and others, that is France Toronto it. reserves, electronic again by experts : immediately ufacture and overhaul of airborne of picture is the selfexpounded time and inflationary, stability, from 1952 to mid-1956, but is tending to be just that. It have shown how little it takes to consists in the Frenchman's confi¬ selling Government restore Bonds at 5%% yield, or so, with dence in his currency, to lure his additional premiums and escala¬ savings into bonds and institu¬ tor features thrown into the bar¬ tional accounts, to discourage gold gain. Thus, the budget is being hoarding. Also, if France tried to is their plant facilities for the man¬ section French evident fact, inflationary in mentally gotten either. Whatever happens to the country's gold and dollar dust-free this of Frustration most frustrating about is country. With self-restraint quence of ruining the Govern¬ —such as cutting out a number of ment's credit "and causing more subsidies, reducing the cost-rais¬ inflation by detracting the savers ing and incentive-killing protec¬ from investment in Government- tionism, proceeding toward cur¬ paper. Consequently, recourse to rency convertibility—the situation the banks and ultimately tp the could be brought under control, it Number and by Roots The What book—and deficit is the in air extreme way. pre¬ new, unhealthy boom and to rising prices. age-old the Frenchmen, any¬ of con¬ ditioned the pastime paring completely avoidance and in Haydu Electronic Products is a The ever-fresh impe¬ an even tus to this by reducing the revenues. trick other other Forces. pour complexity of the tax system and the high level of taxation invite tomatic is the Instrument Division. company fire Central Bank is The second major activity of the company exemptions and the on fiscal If ANGELES, Calif. —Israel engaged in quality and precision Boniske, Nate Krevitz and City Second Quarterly 1 corporation West 1426 reductions effect, Roosevelt Building. All creased at two-for- better. First Production facilities and execu¬ 000 square feet. had split in January, favorable tive offices of the Jacksonville Tampa, and is dividend of aiso on the John C. Legg & Co. $116.67 an¬ wire system. United States Trust had a fivefor-one split in the same month. Chase Pierce, Carrison, Wulbern, Inc. maintains a private wire between live, is the full em¬ ployment, or rather over-full em¬ ployment, arising out of this set¬ nationalized industries are run¬ up. A nation with 44.000,000 pop¬ ning at a loss. This is true at ulation and with hundreds of least for almost all of those run thousands of foreign workers has by the government—the Post Of¬ barely 200,000 unemployed on fice, the Railroads, Electricity, record. Full employment means Gas and Coal, to mention the good business, good wages and most important ones. Social Se¬ good profits, above al|, the illu¬ curity, which takes 6% out of the sion that everything is going well. workers' payroll and adds an ad¬ Why worry about such little ditional 25% to the employers' troubles as an Algerian guerrilla wage bill, is another deficit-in¬ war, a good chunk of deficit in dustry. the gap to be filled every the budget and the prospect that year by contributions from gen¬ before the end of the year there eral tax revenues. Then comes will be no gold or dollars left in the whole array of subsidies: to the Central Bank? Since every¬ the wheat farmers, to" the sugar thing is going well and jobs are damaging. more : proceeds are to be used The net but inflation- incapacitates the French exporter on the International Markets. The most vicious of all vicious . expenditures are one major cause of the deficit in the even Newark, N. J., are publicly offer¬ ing 100,000 shares of common stock (par 10 cents) of Haydu Electronic Products, Inc., at $3 per share on a best efforts basis. for outlets, and because the : Military broadest of Plainfield and Berry & Co., this monetary policy. money and the ex¬ producers from foreign tracts the national- unprecedented Welfare Haydu Electronic Stk. of excess rebels. But the cost will be ap¬ pectation of further rising prices r induces people to import. France palling: $1 million a day at pres¬ cannot export enough because the ent. However, it is not these costs n—oh,c ro^^t.ic market dis¬ French Berry & Go. Offers that purpose. outright for dollar crisis is an The The out, they are likely to subdue the Inflation and the Dollar Shortage Co. • patience—or the I-product pocketbook—does not run From,Keystone he went to Inves¬ tors' Diversified Securities and from there to his present position & mortgage printed n French the difficulties. Sutro banks and then repays proceeds of the sale bonds. But there is no market for mortgage bonds in an inflation, and the Central Bank is stuck with its "shortterm" housing credits. So is the circulation with the money of and outlook their in was short-term a thumb' of "the/central people, out of the the indigenous overwhelmingly be to three or one supposed transaction. The National Mortgage Bank (Credit- Fonder)s. borrows from This construction. while determined are under come 7,000,000 medieval two for who does which' is an appre¬ in upsetting the structure: vfor the last two it has financed housing years re¬ France permit business. - factor ciable living in that country, generations, not the of million 1.5 them of most such no because the of of thing price But possible sistance lend;'to B^nk concession is to banks The ap¬ investigation division of Keystone Custodian Funds, Inc., in Boston. with supply the funds Wx.icn the more dend only about shareholders. Empire February of this year this year. After all, the shares paid a 4% stock dividend, main¬ once paid $24, equivalent to $12 taining the new capital set-up on on the present stock. the old $3 annual rate; in other Despite all this favorable news words, paying what in essence was for bank shareholders, these banks, to Trust financial structure, products, markets, raw material supplies, labor situations and the corporation's position in the over¬ all industry of which it is a part. For many years he was senior analyst with the securities divi¬ of New York (it disburses in 15,000 than more peased by some concessions along the lines of a partial self-admin¬ istration. their ments, indicated intention k of holders race the colored population is sick and' tired of the whole thing. By all in large-size morale na¬ Berber or Their their fighting That is what makes for perpetual full employment, France had no serious unemploy¬ ment even during the worst days of the depression. The trouble is that the Central Bank, the Bank of France, does not seem to care much either and proceeds outlays. its military position is extremely difficult, their losse$ pro-rata excessively high, and security ana¬ lyst of wide e x Arab of men. a , of The that Borchardt, an number WHITES. tionalists them saw New York Trust. Other rumors, Borchardt Herman Borcnaruc opening quotation of 3 cents for which there has been no con¬ brings to his bid, offered at 5 cents. Just before firmation, have been going the new associa¬ to Sidney L. tion, according expiration the market was around rounds. Chase Manhattan paid $2.25 in Schwartz, experience and training 40 cents bid. A canvass by this writer of a 1956; now it is on a $2.40 annual in analyses of corporate manage¬ first day of trading mother country, not a colony —has shifted from the Arabs to expanding business keeps French the Stock Coast page France—A Perilous Menace Montgomery Co., 460 & has announced Corn Chemical just of stocks to Sutro Street, members of the New York and Pacific $3 With the expiration on July 22 of the offer of rights of First Na¬ senior partner Schwartz, L. ney from first 1957 Undeviating Inflation in FRANCISCO, Calif.—Sid¬ SAN Thursday, July 25, and Financial Chronicle... the Frenchman? them from It is the long story, of course, but essentials out in may a a What keeps "going straight?" may few points, be drastic brought as they sound. The first point has to do with politics and the Constitution. The Number 5658 186 Volume . . The Commercial and Financial Chronicle . a wholly-owned subsidiary of more than 780 calalog sales of¬ 1945 time a legal three weeks at full Sears, Roebuck and Co., the fices throughout the United States, (which it payr\with the usual one to two world's largest general retail mer¬ its territories and regrets now) of abolishing the up- weeks extra at half pay at the possessions. chandising organization. In March, per chamber, the Senate. As the Sickness Security's expense. If ' 1957, Sears increased its equity monetary reforms of 1§28 and pressed for an answer about the investment in the Acceptance Parker, Connaway, Holden 1938 have shown, it was toe Sen- future, his answer is unalterably: Corp. from $35,000,000 to $50,000,ate, and the Senate alone, that the government will have to take .PORTLAND, Oreg. — Hunter A nation-wide syndicate man- 000. could and did put over unpleasant, care of us. And who takes care of Parker, Connaway & Holden has Proceeds from the offering will unpopular measures—-being an as-. the government? Why, Uncle Sam, aged by .Goldman, Sachs & Co., been formed with offices at 430 sembly of financially independent of course. Halsey, Stuart & Co. Inc. and Leh- be used to purchase customers in¬ Southwest Morrison-Street to en¬ stallment receivables from Sears, men, each representing a larger man Brothers placed on the margage in a securities business. territory rather than a fairly small Craiff-Hallum Adds yesterday (July 24) $50,000,- Roebuck and Co. under arrange¬ Partners are Hunter- C: Parker, circle as the Deputy does. The ™ 000 of 5% debentures due July 15, ments similar to those under which Dean H. Connaway, and Glen A. French National Assembly of made Bankers Offer Sears terrible mistake a Roebuck > Acceptance 5% Debentures at Par , . „ it latter could tell his voters that him the on r*i1982 of Sears Roebuck Acceptance measures of stabiliza- tinn without regard feelings. Presently the Rand Tower, poor deputy nun nOVv Axca. c, w vu ^^1 l | i j | refuge and. the single Chamber, v» JCharles Tabor Opens the sole organ of sovereigntycon- hJLLSBORO, Tex.--Charles' E. sistmg largely of national and ipabor js conducting an investment local pressure group representabusiness from offices at 105 West tives, is incapable of doing any- Ehft thing that would hurt the vested *iim' . - .... able prior to Jan. 15, 1970. On and after that date, they may be re¬ deemed at the option of the com¬ pany v ' ; acclimatized become much ' They that as a murmur. Jan. ended was or^nizea last November as 31, BEVERLY HILLS; Calif.—LeA. Owens and Adolph E. Mora have joined the staff of T. R. Peir¬ roy year Sears, Roe¬ 1957. sol der plants, & Co., 9645 Santa. Monica Mr; Owens was previ¬ ously with Walston & Co,,. Inc. buck and Co. operates 11 mail or¬ Boulevard. 726' retail stores and X ■ '/* ■ - ^ ;v XX4 all know, or should know, / V' prices Will rise further, if X'X-X. . One. scarcely hears a country which: is t XX French do? in. this protest literate 100% articulate. and What least at durable -X';; X: things One of H. P. DODGE. Awarded Shewhart H. T. FRIIS. Awarded Medal of AXEL G. JENSEN. David Sarnoff three winners of the 1956 Nobel Medal by American Society for Honor, Institute - of Radio Engi¬ Gold Prize in Quality Control, for original neers WALTER H. BRATTAIN. happens is that , semi-durable, if only The rich go for oil went up five-fold in two years' time), or for houses. So do. the wealthy from the North African provinces who have re¬ patriated their capital. Real estate or on bicycle. stocks f. 150%. those who have money buy <v fiscal the • without as It is faseinat- stride ing to watclf them, at this writing. . during X'j 'X.f>-/ so .infla- recurrent to them vin take ♦£' billion ("Special to The Financial Chronict&e) v tioiis and devaluations that they l->j 8,587,764 accounts. Total sales of Sears, Roebuck and Co. were over $3.5 ac- Sears Roebuck Acceptance Corp. organized last November as Two With Peirsol in lias to do With ^ The French have tion. . $1,039,128,814 French,; people themselves— ?>%';' ':• !with* Forty Years of Vlpfl^-^ ; and a taled , ?. Acclimatized [The seconds point the at their face amount and crued interest. . . Holden. _ voters') interests. Sears has sold receivables to banks MINNEAPOLIS, Minn. —Clif- Corp. The debentures were priced since 1937. On Jan. 31,1957, Sears' outstanding installment receiv¬ E- S?7e?°n bas b<r?n adTded at 100% and accrued interest, ables arising from credit sales to¬ to the staff of Craig-Hallum, Inc., The debentures are not redeem-* the wicked Senate that forced was , of the Transistor, electronic era a and Valdemar Poulsen Cold MedaL Society of Motion-, Picture and Television- Engineers,, Medal, Danish-Academy, ofTech¬ for technical contributions to tele¬ quality control—used by Western nical Sciences for important work vision; Hagemann Gold Medal for in Industrial Research, . the tiny device which has created con¬ tributions to the art of statistical semiconductors and the inven¬ tion (which Physics for investigations Electric new in communications. items of in millions making of application of short and ultra¬ short radio telephone equipment. nical waves. Royal Tech¬ College, Copenhagen. prices, in... Pfiris' .and ,.pn the Ri-,-vi yiera hav^ reached. unprOcddent0d/\.^^- J, • ■ levels rand keep' going.: up. 'The implements, feftil-" ; M other tangible ' thing—but no more .-gold. They ...: keep the gold coins-they already have, but- do not /add to this "liquid" reserve, having been dis} courage#, by the trick of the Bank ; of France that buys gold bars end sells freshly minted; gold coins,' farmers; store izers'and every ; 1 iX - . bringing down the premium the latter. on • ' What about the majority with¬ out excess, money for investing or hoarding? They ask for higher wages and get them, too. The shopkeepers pronto start raising their prices. A new price inflation is threatening France—one that is not likely to be held back by the. moderate "counter poison" in the form credit of restrictions with which Monsieur Baumgartner, the President of the Bank of France, tries to et the offset outpour to money effect cover the of ; R. WARREN A.MARRISON. Awarded Physical Society of amplifier long ways to it makes This carry conversations for more and ican Metallurgical work City of London, for pioneer on quartz crystal oscillators precision standards of as high¬ covery in time. of Mining melting. This the extraordinary of needed same voices over germanium by comprehensive theory This communication. how new greatly understanding of communications systems It points to handle in the manufacture of transistors. telephone line. a illuminates our purity of silicon and the simultaneously. butions to provides is used to send many programs Medal the Franklin Institute for contri¬ and Engineers for dis¬ of and pioneering research zone Stuart Ballantine the Amer¬ This control of electrical vibrations telephone TV Institute shipful Company of Clockmakers new possible microwave distance Gold Medal, Wor¬ of the England for his original work on the traveling wave tube. hewson Gold Medal by the CLAUD? E. SHANNON. Awarded* W. G. PFANN. Awarded the Mat- the Tompion KOMPFNER. Awarded Dudell Medal by the information. ways to improve service.>. i the budg¬ deficit. Responsibility for Demoralization The the true tragedy of France is near-complete fatalism with which her people take flation-wave "on bother to ask leads. For the where a new chin." this in¬ Partners and Pioneers in Few process Progress the moment, the na¬ tional gold reserve (the $1,000 million left of it) and the coun¬ try's international credit—an ad¬ ditional $200 million from the European Payments Union—are being squandered. In a year or so, the new export premiums and im¬ port restrictions balance will restore the of trade, so the French figure. Beyond that, they do not even figure either nationally or individually. How times can the franc still depreciate? What will happen to the average French¬ man, his business or job, to say nothing of the fixed income recip¬ ient, and the (some 9 million of) Social Security beneficiaries? many more On this page are some of the Bell For Telephone Laboratories scientists and and engineers who have been honored ness. re¬ Growth begets growth. Research vistas. The words cently for outstanding achievement in reveals the sciences that bear years ago are even We are on telephony. proud of this fine recogni¬ new of thirty more true "The future of the telephone holds forth the tions of the many always greater and better and of a scientists who are telephone dreams helping come true. to make progress promise of a service growing the end of which ecy no one can Never have there been portunities for wholly ments much no greater headaches than the arrangements for their forth¬ coming vacations — for the first Working together to bring people together ... BELL TELEPHONE in the as greater well-rounded many op¬ develop¬ research to so put All that has been done just the beginning. SYSTEM so new telephone service and; behind them. On the surface, the Parisians seem to have has been, there is still progress to come. is foresee." of that proph¬ has been fulfilled. But great progress today. tion of their work and the contribu¬ other engineers and A considerable part always there have been dreams high hopes in the telephone busi¬ 26 and Financial Chronicle The Commercial (398) P. F. Hartung 50 Years islative With Harris, Upham Go. sanctuary from tion, this principal business Public Utility Securities freedom will and tailored problems, strict at on Power & Light Company the our competi¬ guarantee for is undermined, eventually be emptions By OWEN ELY Delaware Thursday, July 25, 1957 ... lost. as immediate they may seem threaten moment, inroads fundamental economic lib¬ erties. Only by cherishing these liberties and the laws which Delaware Power & Light serves Wilmington and vicinity electricity and gas, and with three counties tricity. with Delaware of elec¬ subsidiaries, Eastern Shore Public Service Co. of Mary¬ land Its Shore Eastern and Service of Co. Public Virginia, provide electricity in most of the rest of the "Delmarva" peninsula. The population served with electricity is 557,000, and about 232,000 re¬ distribution system in the Wilmington area is being strengthened in several areas to meet future demands. Application for increased quantities of natu¬ ral gas wex'e recently made to the pipeline supplier, and it is ex¬ pected that an additional 4,000.000 cf of natural gas per day will The Major industries in the Wilming¬ area include shipyards and carshops and the manufacture of ton group which dominates his particular area of endeavor. Anti¬ trust, then, re-emphasizes Amer¬ dynamic only bonds of return (after Federal in¬ come taxes) of about $1,300,000 per year on the investment of $22,000,000. At the end of ten years and at five-year intervals thereafter, Tidewater has the op¬ tion to purchase the plant at its a amortized value. System A. derived electric from operations, 14% from gas and 6% refinery service operations. from The latter annual which expected are revenues would increase of refinery of have 19% had During the five yield to $8 million reflected in 1956 an if the for operated months instead of 12 one. years and three months ended March 31, 1957, the System on spent about $87 construction and the million company expects to spend over $100 mil¬ lion in the next last year, when 12% fewer shares. earnings for calendar 1957 were this year, forecast which five Ex¬ years. penditures for 1957 and 1958 are Delaware which will consist initially of two 80,000 steam units. lew. The first unit is ex¬ pected to be completed in the late this year and the second by the end of 1958. By that time it is fall planned to have the Indian River the connected area year $2.88 early amount on Electric and revenues 17% gas months in were the March 12 and electricity to Tidewater Oil Company's new refinery com¬ only on Dec. 1, 1956, menced earnings from such service tributea to and both increased holders higher net con- revenues income. Stock¬ advised by President Plank at the annual meeting that the long range outlook continued optimistic. "We are experiencing were increased interest by concerns looking for new plant sites in this area," he stated. "We believe that cur location with respect to mar¬ kets, living conditions and climate is favorable to a continuing high Vienna with Stations the this year's range of 51 At this price it is selling at 17.8 times earnings, and 16.4 times estimated earnings loir the the March the calendar year 1957. v , . Paying $1.80 currently, the stock yields about 3.8%. . inter¬ —Common Stock Record- Wilmington Revenues U. Harris (left), and native A Mr. of New York City and resident of Teaneck, N. J., ——~f—.1 —— ' Continued from Approx. we serve offers so much industry. has,moreover, campaigned against restrictive practices which the cartelization — price allocation of markets and accompany fixing, customers, production limitations and restriction on technological improvements the which as — of freedom repugnant to enterprise upon is based. our economy Overriding Considerations Of Other commerce. considerations, FREE COPY Box 899, Dept. K Production Defense certed to industry Act for action necessary although such ar¬ must be strictly su¬ pervised by the Attorney Gen¬ eral. An example is the recent Middle East Emergency Commit¬ tee acting to maintain the oil sup¬ defense, rangements ply to Western Europe. Other statutes, such as the Webb-Pomerene Act, provide limited immu¬ nities for concerted action in spe¬ 1.48 34 2.32 41-30 cial circumstances. Even where no 31 2.08 1.40 34-27 29 1.84 1.30 27-24 1952 26 1.75 1.20 26-23 1951 23 1.68 1.20 26-21 statutory immunity exists, the Department of Justice consults other interested agencies before 21 1.95 1.20 24-19 1949 19 1.95 1.20 22-17 1948 18 1.86 1.00 19-15 15 1.60 1.00 25-16 ments 14 1.82 1.00 27-19 abroad. cases which might affect relations with foreign govern¬ filing our ited to to it. with Kerr & Bell, 210 Street, members of interests defense our or exception must be lim¬ the need which gave rise Basically, the antitrust phi¬ losophy is paramount in our for¬ Its operation in inconvenient be may instances. some City 10, Utah the Pacific Coast Stock Our All Salt lake has stated that procurement over¬ were previously Lambert Co., Inc. Exchange; with Akin- seas in JUNCTION, ated with have Harry •Main Street. become Colo.— W. 411 one areas by this policy where restrictive the rule, but .it af¬ are The abroad.' made or corporate is a major States of strip and tubing and important producers of in semi-finished shapes. The principal uses of nylon are in le¬ whether be not or agreements intend effect such industries where a material re¬ or sub¬ imports, our upon and commerce. Antitrust enforcement is an im¬ portant step in promoting inter¬ Where Americans national trade. prevented by our laws from agreeing to exclude themselves from trade in certain markets as are a condition of trade in others, or invest patent technological know- where Americans rights and how abroad the condition that on (with right to sub-license) for the a trade domestic or acts have or United States from the firm of Knapsack - Griesheim of Frank¬ furt, Germany, for a new coating process which is called the "Whirlclad" process in this country. The process consists essentially of dip¬ ping a preheated article into a fluidized bed of finely powdered, dry thermoplastic material. The properties thus added may be re¬ sistance to wear, low surface fric¬ tion, anti-galling, chemical and corrosion resistance, or color. For the three months ended future capital March 31, 1957, the company had markets, net sales of $1,378,938 and net in¬ trade is definitely restrained in come of $162,786, equal to 28 cents the long run. Private restrictive agreements in international trade, per share. In the like period of as at home, prevent natural ex¬ 1956, net sales totaled $1,051,476 and net income was $101,519, or 19 pansion and continual growth of they do not make investments trade and those in commerce. cents per share. It would be i anomalous to attempt the promo¬ Joins Harold Wood bility in the free world, while at the same time allowing private restrictive agreements to (Special to The Financial Chronicle) ST. Minn.—Frank H. joined the staff of Harold E. Wood & Co., First Na¬ tional Bank Building. under¬ IV In sum, then, businessman has in the antitrust protect his the a very laws. liberty dom to act like a American vital stake (Special to The Financial Chronicle)' his free¬ businessman COLUMBUS, — and has Three With Paine, Webber These laws and they seek to keep him free from artificial restrictions imposed by group PAUL, Winsor that policy. mine veniences. , rod, of the "Teflon" Finneran, and and monopoly power—free from state regulation Jane pressure come control. Jr., P. Ohio—J. LeRoy E. Mykrantz Edward Freter, have be¬ associated with Paine, Web¬ ber, Jackson & Curtis, Huntington ' i ... Let that * . Small affili¬ Peters, new the benefits far outweigh those incon¬ Dwain T. Jackson and John E. Te- Grotenhuis those Defense firms its belief that the long term (Special to The Financial Chronicle) GRAND is complicated practices Join H. W. Peters Department of own Polymer Corp. nylon for the main¬ enterprise sys¬ pay eign trade policy. Admittedly, it raises many problems as yet un¬ resolved. other for producer in the United tion of economic strength and sta¬ But any Seventh a gal test of whether antitrust laws quiring "non-sticking" properties apply to any particular act or is required. The company also has practice may generally be said to acquired an exclusive license con¬ 47-37 West construction of standard exports policy in special situations. Thus, provision is made by the Range associated of subsi¬ gears, bearings, valve seats, cams, main, the antitrust rollers, washers, wear surfaces and requires only the same electrical insulators. Among other competitive conduct abroad as at uses, "Teflon" is widely employed home. It has been recognized that by the electrical industry as insu¬ the United States has the right to lation for high temperatures and protect itself from restraints upon as coil and cable wrapping, by our foreign trade even though in¬ the chemical industry for gaskets, volving acts and agreements per¬ seals and valve parts and by other In tem. trust Paid ANGELES, Calif.—Bryan B. Odom, Milton B. Sheftall and Roy E. Warnock have become price to stantial $1.58 LOS small principally questions of national security, may override the anti¬ $2.50 (Special to The Financial Chronicle) Write for advance English formed and The tenance of the free formed antitrust, though im¬ portant, is but one aspect of Gov¬ ernment policy toward foreign coure, Earned Three With Kerr & Bell for and purposes. The Ameiican Businessman opportunity to machinery, the ratory $33 1946 loans additional funds to the company's What Antitrust Means to (Mills.) • ment diary, the Year 1947 to retire company Research and Development Labo¬ 1350 area by the bank . 12 page 1953 explains why the ■ proceeds from the sale of 70,000 shares will additional used recently 1954 AREA RESOURCES BOOK • ■ . , 70,000 shares Corp. common capital, including the purchase and installation of addi¬ tional production and develop¬ —1———————•—————1—~————- -■■■' ■ ■ July on offered Polymer existing working New York Preparatory School and Cooper an engineer. He joined Harris, Winthrop & Co. as a runner and was promoted through various positions to head cashier. Mr. Hartung was admitted to partnership in Harris, Upham & Co. on December 12, 1929. was 1955 lines. be graduated from Union College as Hartung, 64, Group Sons & underwriting syndi¬ an which Net the Henry U. Harris, senior partners. 1956 by high voltage transmission be¬ freedom stock, class A (par $1 per share— lion-voting) at a price of $19.50 per share. This offering was quickly completed. of Harris, Winthrop & Co. He was presented with a gold cigarette box inscribed with the names of all partners by George 9% While deliveries of steam Edwards The of Hartung zation first up G. cate (center), partner and floor member of Harris, Upham & Co. on the American Stock Exchange, has com¬ pleted fifty years with the nationwide investment brokerage firm, starting at the age of 14 in July, 1907, with the predecessor organi¬ F. Philip seems the rate of growth." The stock has been selling re¬ Generating Station in cently around 47 compared, with southern and at conservative—based estimated at $52 million including about $23 million for the Indian River the in 74c of were Share to for the 12 months ended March 31, 1957, of which was quarter with compared political 18 headed quarter results. amounted revenues $41,554,101 90% and first there like ft. G. Edwards - plus free a Polymer Stock Sold by , , a secure longs only to the vigilant. approximately is 1987, follows: that rests the foundation of on dom paint and chemicals and rubber, Millions y steel, paper and fibre products. Long-term debt $82 50 Du Pont is, of course, an impor¬ Preterred stock— 32 13 tant customer and is represented Com.'stock equity (2,091,000 shares) - 52 31 on the board. Food processing and 100 $166 poultry raising are of importance in the peninsula area. As indicated in the table below On Dec. 1, 1956 the company share earnings did not show much began to operate a plant to sup¬ net change in the first half of the ply electricity and steam for a postwar decade, and declined in new major oil refinery of Tide¬ 1951. Since that year, however, water Oil Company about 15 miles they have increased steadily and couth of Wilmington. Under-an gains since 1953 have been par¬ agreement with Tidewater, the ticularly good. For the 12 months company is reimbursed for all ex¬ ended March 30,1957, they reached penses incurred in operating this $2.64 compared with $2.43 in the plant, and receives amortization corresponding previous period. In payments at the annual rate of the first quarter share earnings 3Vz% of the cost of the plant, of 79e ran ahead of the budget, belief democracy economy—and that economic free¬ first mortgage and collateral trust as fundamental ica's capital struc¬ forma sale of $15 million the recent for pro¬ businessman trade of Dec. 31, 1956, pro as the can regulation, either by gov¬ ernment, or by a monopolist or consolidated The them, avoid next heating for the available be tect season. ture ceive gas. gas Ex¬ to me the Price to - * Businessmen, for their own wel¬ 1 Pay emphasize, fare, however, inconveniences are - ; Liu a role Bank must appreciate antitrust's safeguarding freedom for initiative.: By pressuririg for leg¬ Building. previously in , with Mr. Freter Merrill Pierce, Fenner & Beane.- was Lynch, Volume Number 5658 186 . . The Commercial and Financial Chronicle . (399) 27 A Continued from 2 page Bosfon-Halsey, Stuart Group Offers A account .for about 50% of the total & volume. (July the next call the lor stores opening with about one about the of plans 10 floor total a million of feet, square pres¬ Revenues from units new new area tripling the company's store space. ent months 18 expected are Electric to Inc. Gas BB, Co. Electric funding due of the July 23 and bonds, June 1, issue at series at award competitive sale bid of 99.92%. on a sale to bonds retire be Gas of applied to¬ additions of and to its Following the sale of the company ob¬ tained for temporary financing of such additions. the bonds option also terest. 1962, of the the for 105.80% to redeemable are at and company sinking fund at plus accrued in¬ par, However, prior to June 1, none the of the bonds may be company or for the sinking fund, through any debt refunding operation which has a lower in¬ terest cost to the company than the interest cost of the Series BB bonds. proposes approximately $60,000,- of short-term bank loans 000 redeemed, either at the option of between $10 million and $25 range the will cost properties. The 1989, won the Pacific re¬ and accrued interest, to yield 4.95%. The group of Pacific first mortgage 5%, 100.798% yesterday $60,000,000 24) & offered from of and the ward headed by The First Corp. and Halsey, Stuart Co. funds ury group Boston proceeds the bonds will be added to treas¬ Pac. Gas & El. Bonds I Like Best Over Net First v. • Gross operating company had customers and 1,761,997 electric 1,483,371 gas cus¬ tomers; approximately 88% of the r ' Gas and Electric is also electric "." f \ t *, .■ Flock, Long, Poole ing the 12 months ended March 31, 1957, were $479,042,476 while net income was $75,644,256. Pacific were customers. dur¬ revenues customers gas i And Vanadore NASHVILLE, an Tenn. Open — Truman operating public utility engaged F. Flock, Hubert Long, Frank principally in furnishing electric Poole and William L.Vanadore are and gas service throughout most conducting a securities business of northern nia, and Califor¬ central territory with an estimated population of approximately 6,250,000. On March 31, 1957, the from offices at 311 Church Street. a Mr. Poole was formerly with R. S. Dickson & Co. million annually. One of the new stores will be built in New York City, another north of it in Scars- dale, two in Philadelphia, three in New Jersey (one «'with a super¬ market), and one each in Poughkeepsie, N. Y.; Hartford, Conn.; and Harrisburg, Pa. How from steel cutouts •••.'. ..." . ( But why out of houses does Korvette appear des¬ tined to eral ' ■ 1 :: .' ' /' Sears, There coils Roe¬ are sev¬ down cut car costs reasons: It has gotten (1) is off and the become of its field? buck ' "■ all the discount to difficult to a head start, big lead—always a No how your new car matter in any eco¬ overcome is styled, nomic sphere. steel in continuous Management has the good of not being schooled in (2) lengths fortune means a saving the "old" methods of merchandis¬ the top people all ing; grew up .• • • ' '■ • > .. ■ . ■ • , .. , with the company. begin Stores (3) to •piWMif II;'IlllitfllIIIII v show II II a profit at opening or shortly there¬ after, with profit and sales po¬ tential improving for a number of thereafter. years Lastly, the current expan¬ is expected to cost approximately $28 million and (4) sion program should be available without resort to stock common 'The gradual Korvette's convertible or equitv financing. " i . of appreciation common stock may be expected as earnings increase from the profitable reinvestment of in¬ ternally generated cash. By limit¬ ing cash dividends (none are cur¬ the company makes rently paid) available large and growing pool a funds. of These factors to seem indicate that future expansion can be accomplished without lution of the Korvette has any di¬ stock. common 1,242,000 shares outstanding of which management is understood to hold about half. In addition, there are warrants outstanding expiring Nov. 30,1959 purchase of 75,000 shares at $11 each, and employee options expiring Dec. 31,1959 for the pur¬ chase nf 51,800 shares at $10 each. The shares are listed on the New for Clothes and lished last .year. V'^T; In conclusion, it appears that approaching the posi¬ tion of one of the 50 largest mer¬ Korvette is cars. Milady — chic of steel that add up to the she now drives are processed. today's manufacturing tecliniques play an important part in making possible, taken to. And 1957 period of earlier by over 32 % while earnings increased to 70 cents per share from 49 cents reported in Earnings, for the fiscal year end Sept. 30 are expected to about $1.60 per share compared 1956. to be with $1.26 for the comparisons are earlier. year excellent These year-to-year expected to con¬ one of the most impor¬ modern automobile very aggressive Separate parts of the whole—roof, purchase of the shares is recommended by those desiring capital appreciation. Hayden, Stone & Co., members of the New York have at 17 Stock Exchange, opened two offices in France, Place Vendome, at the Carlton Paris, and Hotel, Cannes. Strength, Ductility "Musts" After the coils, pieces they blanked out of the fed into stamping curvature and of the separate parts. Every for the formation are are proper the finest it must work quality steel from coils— the case, from sheets. Result: an appreciable saving and not, as was once in manufacturing time and costs which means cars more for your money in the buy. you It's the forming dies. And for long die life, is required, too, for the best paint adhesion and appearance. of a hood blanked Its angled shape is such reversing the pattern, the hoods can be cut out of a continuous length, or coil, of steel. alternately Hoods can that Milady, and in her family, looks forward eager anticipation each year. everyone to with With facilities ideal wide sheets, coils of the maximum be readily for Great Lakes National's Role National Steel—particularly through Detroit—is a Corporation in deliver weight that can handled by present trans¬ portation facilities. This means exten¬ sive savings to its customers through continuous processes, production effi¬ ciencies and reduced scrap losses. Through the skilled engineering manufacturing of the automobile and industry, this nation each year enjoys more economical cars. goal—through research safer, stronger, Our constant and eoojxiration with the automobile industry—is to make better and bet¬ ter steel for still greater safety, and and in the cars and tomorrow. economy trucks of today SEVEN GREAT DIVISIONS WELDED INTO ONE . COMPLETE^'{ STEEL-MAKING STRUCTURE Steel Company • • Welrton Si run-Steel < Corpora tion • llunnu Iron Ore Company • its Great Lakes Steel making can Product* Company • The National Steel Hanna Furnace Corporation • National Mine* Corporation major supplier of the be blanked out side by side from the full length of the no manufacturing the beau¬ automobiles Great Lakes Steel Cor|H>ration simplicity. For example, take by tiful strength and stresses of deep drawing operations demand careful The pressures the cutout pattern with properly to the limits of it must also be uniform. face saving that's almost primer-like a in its automobile parts takes strong and ductile steel, for steels used in processing and control if the steel is to flow true to form. A well prepared sur¬ Greatly Curtails Waste that Two Branches in France of step of the fabricating of from steel. Hayden Stone Opens as scrap thousands of feet; the maximum practical length of steel in sheets is about eighteen feet.) -lengths side and deck panels, fenders and so on—are blanked out of doors, hood, and For this dynamic management. reason, fragments (Steel in coils is obtainable in presses tinue in the future with the aid of Korvette's a the advanced production is this: the year stead of styling concepts that the ladies have Teally economically, point of sales in the U. S. For the same used in¬ single coil. And each sheet great many sheets must be waste. But whether she knows it or not, panels blanked out of steel in sheets, a car tant advances in sales exceeded the are loses its two end chandising firms from the stand¬ six months ended March 31, other odd-shaped parts or or the parts York Stock Exchange and are cur¬ rently selling at around 19 down from a high of almost 26 estab¬ — style-conscious — knows what she wants in both, although it's likely that she neither knows nor cares how and coil, waste other than a fragment of steel at each end. But when hoods NATIONAL STEEL GRANT BUILDING CORPORATION PITTSBURGH, PA. Financial Chronicle The Commercial and as moment is convic¬ American people. Real leaders with minds of the Continued from first page and the ability to lead popular thought good Americanisms will be required to undo the mischief that has been done. It is disheartening to observe that despite dissatisfac¬ tions, We See It As Republican party for a long time, and most ished traditions of the American people. of the cher¬ courage was in 1934 at a then Chairman of the Republican early date made it clear that he understood at least something of the task that con¬ fronted his party. But. by proposing to set up a committee to "make a study of current economic questions, so that their reports may furnish the basis of a constructive and forward looking Republican legislative program," he also made it clear that he was not prepared to proceed with Henry P. Fletcher, that vigor to get rid of the New Deal nonsense. It was at time that we felt obliged to warn that "if what Fletcher and his associates and allies have said thus is all that the country Senators and Republicans elect more Republican Representatives next November, the result, inducement an as Mr. far intend to offer to the disappointingly small." . favor a repeal of the processing taxes and a discontinuance of Federal payments to wheat growers, cotton planters and hog or cattle raisers as inducements, reinforced by discriminating taxes and other penalties, to reduce acreage or production and bring higher prices," we then pointedly asked. "There is equal need of clarity regarding such important matters the return to the gold standard, silver purchases and credit or currency inflation, price fixing and wage fixing, government loans to industry or in aid of housing and mortgage relief, government control of banking, and the securities and other markets, and the invasion of the in¬ "Does the Republican party . of Tennessee the Valley operations added some by the expanding Authority" we 20-odd years ago. But the grips with these basic questions, and the results in both 1934 and 1936 are well known. And essentially so matters remained when the time came in 1940 to elect a They had not changed in any important par¬ 1944, and in 1948 even though the Democratic candidate was at the time rather widely regarded as weak ticular by Republican party again was unable to gain the con¬ fidence of the electorate. By 1952 the Democratic party the had begun to feel the handicaps prolonged political success and the impediments is apt to bring. There was a "mess in Washington," and the people were aroused by a leader who personally appealed to them. Technically there was a change. A member of the Republican party entered the White House, and for a time had a slim majority in Congress. Congressional support for the party, however, soon slipped away, and the Republican Presi¬ dent soon proved to be nearly as New Dealish as his predecessor had been. Now, further elections are ahead of which Republican party and it is no more nearly ready to to grips with the basic issues of the day than they were in 1934 or any of the other years in which they suf¬ the come fered No Real Two Party so far as System a programs, political philosophy or economic and only one party that one of devoted to the American sys¬ programs are concerned there is one here. If there is any good reason to the suppose major parties is more other, we are unable to find it, President Eisenhower and his immediate associates are more mod¬ tem than the erate in their than were approach to current matters of public policy and his chief advisers. President Roosevelt They may be more moderate than President Truman and most of his advisers, but that is about all that can be said. The truth of the matter is that President Roosevelt only initiated programs which would have made the fathers gasp and stare, but he popularized doctrines which would have been anathema to all the elder statesmen of former times. Much of this, thanks to the influence of these false leaders, has now come to be not founding & without the develop¬ price incentive, avail¬ is assistance considerable able from the government for the asking. By this I refer to the vast amount of metallurgical research out granted by younger elements in the population have never known anything else. And with deep regret be it said, it may well prove that the vast popu¬ larity of Presid°nt Eisenhower, along with his obvious tendency to think along much the same lines, will fasten for FRASER these unfortunate ideas more firmly than ever in the Digitized pyrochlore lum a of Reactive Metals' high price to warrant the kind investigation which led to the supplies of columbium Fortunately, colum¬ bium can replace tantalum in many applications, and about half, by weight, of columbium is re¬ quired to do the same job that potential and tungsten. tantalum would do. Beryllium As An Exception There of do not want I to to be "Pollyannaish" about inherent to some of the Future far splurges of excitement are' by the desire to use stimulated as we can it in the problems moment, metals are- are lesser of city quantity, but each time hopesdashed by its apparent scar¬ nature. Many geologists' longingly and hard,; without success, with the ex¬ in have searched Put there are difficult problems to be solved. Bernardino, economic of gambles to long certain In * ~ analyze specific prob¬ to self-suffi¬ prospecting tools). For the time' least, if I were one en¬ gaged in the research or develop¬ being at not count should may minerals, reactive the of ment small in anything but lium I using beryl¬ on quan¬ This condition may change, tities. however. They future. For are: potas¬ sodium, vanadium, hafnium, uranium zir¬ and given mineral boron. These metals at the moment present no problems of discovery or of a serious extractive metal¬ put its chips on a (e x c e p t spectrographically or microscopically — both expensive seeable be The beryllium oc¬ constituent are low grade' which in metal;" they are difficult to and difficult to detect in ' metals require regard to. pessimistic," tools. prospecting curs as a of States, and this should guarantee self-sufficiency for the fore¬ conium, company proper . minerals our sium, one production launched too possibility of finding' beryllium if we can find the more ciency, large reserves of many of these metals are known to exist within the confines of the United taken in each step of the program. instance, the individual comment. approach the problem on several fronts, and it becomes necessary to tackle simultaneously physical and extractive metal¬ lurgical research, marketing, and exploration development methods. are San near not am the about discovery" of paper. of lems necessary to There this However is it dilemmas, the I it. be could campaign find power—but that is not the subject To and plant or in used are and be held by lack of immediate mar¬ resolve such technologic kets. cannot Signal Hill. The impact of these metals will be felt where they time exploration extractive metallurgy may steel Kaiser's example, research on a given metal may be inhibited by lgck of immediate ore availability, while same California, Southern possibly have an economic impact upon the area similar to that of For back reactive in re¬ metals, collateral at the Recur¬ pectation that somehow, some¬ will be smaller and where, there may be large con¬ consequently the mines, metal¬ centrations of beryllium minerals lurgical plants, and marketing in the earth's crust. If a large-scalefacilities will be on an ', entirely indispensable (meaning irreplace-i different scale. A tungsten, zir¬ able) use were developed, where' conium, or columbium mine, with cost was not a serious factor, per-, its metallurgical facilities located haps an extensive high-priced obvious optimism the future. True, while there tremendous economic possibil¬ active cAcv^pkiuiis. in^^. rently, metallurgists are intrigued magnitude than those to be faced by oil, iron, copper, lead, zinc, aluminum, etc. The tonnage re¬ all of this in my ities the at see Problems Solve How to are every quirements Furthermore, for exceptions to are rule; the metal, beryllium, may be great for them. The curtain of secrecy surrounding this research is rapidly being appear quan¬ discovery and development of our place, it is important to remember that as need legitimate required in large those who search for it require a stable market at would topic In the first carried out by and for the military and the A.E.C. The re¬ sults of such work are generally available to those who can show being a columbium program weie tities, without pointing specific aspects of - the the notoriously are .should also have brought forth tantalum, but Development some ores tantalum. The in by the potentialities presented by problem that have an important the metallurgical characteristics bearing upon the future of re-, of this wonder metal. It is light,; active metals. sjropg, fatigue and corrosion re¬ sistant, and it has a low nuclear, Specific Aspects Affecting cross section. From time to time is invested somebody else lias discovered another deposit of lurgical nature not already solved, similar material that is cheaper, but some of them will require the and easier to mine or process; construction of plants as the needs Rare • Earth point this At Metals we the that may or rare these earth metals not have metal field—• may in the reactive uses . a Box" of ele¬ veritable "Pandora's ments , to come metals. Four of cerium (the are: most plentiful), gadolinium, materialize. may have de¬ lanthanum, and yttrium. As will There is currently a shortage metallurgical process become apparent, it is difficult to only to find it is made obsolete of molybdenum for other than discuss these metals separately; through a new method developed reactive uses. A large part of its The term "rare earth metals" is by a competitor; another company supply is dependent upon copper used to designate a group of ele¬ may invest in one metal only to production, and the capacity of ments originally known as "rare find that research in the mean¬ the largest single mine source at time has proved another metal to Climax, Colorado. Other smaller earths." They were misnamed be¬ be more suitable or superior to deposits are known but currently cause they are in some cases far rare and although their the need. This, however, is one of undeveloped. Rhenium occurs only from the hazards of a free enterprise associated with molybdenum in a oxides resemble those of the alka¬ line earths, the nomenclature is system, and also a source of its few of the copper properties. Any weak. The group consists of more strength. A free enterprise svstem substantial long-term use would than a dozen elements (there are ensures and guarantees -efficient be limited another company veloped a by the competition by the greatest num¬ ber and puts a premium on brains and ability. Up to now I have discussed by way of illustration only,one metal; be one in which my it happens to <• taken for who incentives for of the metal. Even miss money political sense a two party system in this country, but the fact is and has been for a long time past that resources high tantalum, low columbium could not support a greatly increased demand: the large new it failed to do so. Hence, if tanta¬ deposit only to find that after its ignominious defeats at the polls. We have in ment .not really come to President. sary should provide the neces¬ by-product of colum¬ a of v***,, market raised. Republican managers could as ores from page 9 And Industrial in quantities greater bium. The known world Our Reactive Metal Resources . as dustrial and utilities fields Continued in Tantalum, with few exceptions, ' to compelled to think, will be we are , publicanism," but when it comes to seriously undertaking to place the party on record as favoring sound and tested national policies, whether by one or the other faction in the party, there is little to bring much cheer to the heart of the voter with the good of his country at heart and' with a real understanding of what needs to be done. that to exist deposits be visualized for current incentive Eisenhower's insistence upon "Modern Re¬ President far in can comes low things which must be done if much saving is to be effected. There is much resentment among certain groups at economic use. : the National Committee, at that ... than political preferment, there is next to no indication that ■ dissident elements have the courage or the understanding to formulate a really sound program and to make it an issue in forthcoming campaigns. To be sure, there is de¬ mand for reduced expenditures, but no willingness to do special dinner arranged in com¬ memoration of the foundation of the Republican party It River Blind Canada for Early Hesitation an known is Thorium the jockeying Republican party, and a good deal of tion in the essentially question. back to ■ Thursday, July 25, 1957 ... (400) company Other has problems in duction and enough been or each use. interested. present metals phase similar of pro¬ be their hence experienced enough to would sufficient individual should be unwise, time to review problems. I however, to dis¬ sale of copper, molybdenum, in these particular mines. Its current suoply and known uses are small, but if it were required on a large scale for we new of Most rently ample would have to our titanium imnorted, sources and but is there cur¬ are to meet foreseeable for known scramble sources. Even were I wise treat them separately, there not and rnetal developed already within the confines of the United States and Canada. Whether the ore is1 sup¬ plied from Australia, Indira, Flor¬ ida, New York or Canada at the actually which two groups involved historically have been the called "yttria" and "ceria" groups). They are for the most part past the middle of the Periodic Table and carry atomic numbers This ranging from 57 to 71.* group another of elements has there are distinction: unpronounceable jaw-break¬ ing names in this category of substances than exist in all the remaining list of elements. The more names and their origin of nomen¬ clature are a nightmare. Thus we Volume 5658 Number 186 have yttrium . . The Commercial and Financial Chronicle . their intrinsic (Swedish), Lutitium properties and their (named from the old Latin desig¬ possible industrial application. nation Therefore, the existence of the de¬ posit at Mountain Pass may have for samarium the lanthanum (named of Paris), Russian), City (named for a (Greek), thulium, the ancient designa¬ for industrial fornia's in implications important Cali¬ history, even earth metal produc¬ barely makes a notice¬ tion of Scandinavia). Some of the though tongue-twisters in this group are: preseodymium, yttebiurn, neo, cb mium dysprosium and prome- tion today able dent in our minerals economy. thium. I have contributed can be summed The delirium is that does list and include not pandemonium, through error no but the on part of chemists. Taken in up Found metals each in and half-dozen a of these Monazite ments. portant with as many as strange ele¬ sands, the im¬ Monazite sands are widely scattered geographically, productive deposits are lo¬ cated in India, Brazil, Union of and South Africa, and in the United Montana, California, the States, beach sands. There azite in known other are which about sources Florida in and Carolinss two mon¬ less is Ceylon, In¬ donesia, Malaya and Korea; some of them may constitute important future Australia, earth metal rare Experimentation and sources. of the uses been have metals earth rare in¬ hibited in the past because of their chemistry and the ex¬ difficulty encountered in making separations of one element complex treme from another constituent. presents few extracting or metals The from a to In Our Free subversion. Fortunately that is not the in America. case with Let me say, the that pride, some free of our movement union trade has virtually eliminated possibility. We have exposed driven out the Communist country that ■ from J At this time, movement. our ' ~ " ' " " and judgment for all time, the American labor movement, as in my and AFL-CIO, is the by represented influence and immune from Communist subversidn. No other free nation Communist from free enjoys such built-in the world in of uses rare er earth metals in reactor have still to applications. We their potential. learn This is matter of direct interest and advantage American well, as I the to business community, as shall explain first But shortly. let me internal real few years ago Scandinavia the as India, localities and Travancore demand. future foreseeable these conditions have were for adequate be to of sands Bahia, Brazil and or assumed an source elements. such as for these esoteric Historically they came important from the United considered not was all Now changed. Al¬ though rare earth metal require¬ ments have not currently ap¬ those of base or alloy metals, their use and application are increasing, and here again, under the stimulus of need, we proached appear to be meeting our require¬ and finding new and im¬ portant sources of rare earth min¬ ments erals here in the United At Mountain Pass in in 1949 very there was discovered a of the rare earths. This point out that threat to These two problems are our resource that was system, is supply. that through by a stimulated no longer in short technology of the rare earth metals is still in its infancjr but of elements excite the every They offer research a investigation the at French gone of concept far in realizing the local administration self-rule The in French British West like¬ are wise. They deserve great credit ing denounced as they fre¬ quently are as 'colonialists.'" —Adlai E. Stevenson. are still business people in country, who feel that the whole country would be better off this if the trade union movement be to destroyed—and ployer Britain, were some been em- organizations employer tion from ing expect can Labor's much the better. The so the responsibility. union movement big question, the present Responsibility or one of them, is whether, in world situation settled conditions be restored and maintained in the presence side. Labor must bear its of the trade interest metallurgist. fascinating field for both in respect to If creditable job in most of her a foreign domains, coopera¬ Naturally, the blame is not all on one en¬ union when he is aim¬ a Assesses Adlai E. Stevenson long an France, too, is doing knife at its back. a has as administrator of backward regions. lightened are still working overtime to bring about that very result. I don't see how an anyhow, recognized the semi-colonialism As of can even existing. now grows bigger and bigger, it must realize that it has obligations to fulfill— obligations to clean out racketeer¬ ing as well as Communism, obli¬ gations to make it possible for a fair employer to operate his busi¬ ness without fear of being caught in the middle of a jurisdictional (Mimofb dispute, obligations to temper col¬ lective bargaining demands to the realistic ability of business to pay, Human nature being what it is, to happen overnight. But I am convinced that employers and trade union don't I expect all this leaders will be willing to should¬ greater share of responsibil¬ they realize that our a er ity once whole future—the future people—is management want more. On the other hand, labor wants more. Both want more constantly. and desires these Now are and healthy As restraint. this dynamic econ¬ of ours keeps going, it keeps growing and greater rewards are omy available for those who contribute of production. But cannot make progress at the to the processes labor of the rest of the econ¬ omy and business cannot make progress at the expense of the rest of the economy. Neither can take out more than they put in. expense put me Labor can't put business who the must ask themselves question — what is the long range percentage in carrying on an endless fight against a free envelope. the The employer can't customer beyond his customer's means and still ex¬ pect to have customers. Both have a responsibility each the nation as a whole. only that falls of in inflation the of conflicts can we which and eliminate plagued us the past. to the it and protects $ 5,602,709 4,617,731 3,262,789 Percent of sates 8.4% !L3% 15% Per share of stock $2.55 $2.12 $1.51 Before income taxes our was In AFL-CIO, insofar simple as I SHAREHOLDERS which up the Shares will live up in its Cash dividends It pv«rv per with management, with com¬ munity groups and with tne puolic authorities. Above all, it will way, its do part to defend safe¬ and guard our free, American way of life against and all aggressors. any . Herbert Evans Adds greater labor - management co¬ It can be achieved, in operation. my there considered judgment, once is complete acceptance on W $32,551,769 $20,047,391 $17,301,650 $2,251,012 $1,573,982 $979,783 $1.00 $.75 $J5Q 100% 5% 25% $71,921,997 $55,612,848 $58,187,453 68,627,419 53,151,719 47M260 3,294,578 2,461,129 2,299,193 $16,764,698 $5J52J74 $ 3,129,193 12,528,542 9J02337 8J517333 1,472,731 1,021,639 932,414 23,444,026 20,262,620 11514,390 .$ 4,918,420 $ 3,951,776 $3,410^91 paid Stock distributions , SALES Dollar volume products and services Crude oil and gas (Special to The Financial Chronicle) ST. PETERSBURG, S. Smith with 31st J. has Fia.—Frank Herbert & Evans He Co., 90 previ¬ C. Stringer, Jr. Fulton is Reid Union Commerce of the Eugene affiliated Co., Inc., Building, mem¬ Midwest produced—barrels. M M M — now & processed—barrels Payrolls (Special to The Financial Chronicle) Ohio properties. Crude oil Crude oil reserves—barrels With Fulton Reid Co. with GROWTH Additions to Crude oil was ously with Bache & Co. CLEVELAND, ANNUAL affiliated become Street, South. Stock Ex¬ •Adjusted ter 2 for 1 stick split and stock If you dividends. would like to receive a copy of our Annual Report and future Quarterly Reports, please write change. With G. L. Sommev & Co. CLEVELAND, Ohio—Marvin T. Filiar of trade unions. L. Sommer & is now connected with Co., Tudor Arms. COSDEN PETROLEUM CORPORATION bl (Special to The Financial Chronicle) the part of employers of the idea Strange to relate, 2,16<tf76* 3,769 share of stock..., Refined J. 2,176,268* 6,785 Year-end equity purpose, Constitution. in coooerate 2,371,787* outstanding—year average Number of shareholders workers. it to the high principles of that pursuance will build American of embodied for purpose founded—to standards bers Obviously, the best antidote to labor management conflict is $ 7,927,731 6,046,190 INCOME After income taxes is direct its policies, it will stick can avoid the pit¬ have .$10,761,190 NET instrumentality labor As for the Only labor-management which movement defends through the exercise of such re¬ sponsibility 1955 1957 ended April 30 right to stay in business? other, to the community and the to to union trade velope and then still have a filled pay 1956 for fiscal year this en¬ pay one This is the time when American it another way. the fellow out of fills in up employers natural possible of at¬ tainment, if pursued with com¬ mon sense and intelligent self- and right tied of labor - The these system, production is geared to a basic in¬ centive. On the one hand, capital some search enterprise free the closely In the very nature inter-related. list of materials in the free most a moving rapidly, more rapidly than some people think there Cooperative Division of Output over-price Cate¬ exercising in bundle. deposit is extensive and coupled to other domestic sources is capable of supplying all of the foreseeable raw material require¬ ments for the ceria group of rare earth metals to American industry for years to come. Again we have the example of a resource that un¬ til recently was on the nation's scarce no how have atomic of power. and labor. Let California, have of goals field the are and business and all the American States. large deposit of bastnaesite, a fluocarbonate gory—a home tion, what used to be called boom and bust; secondly, the purported clashing interests of management of Discovery in the U. S. A. States "We the most beneficial effects upon the indus¬ trial growth of the United States, share insurance. to be indicated a location but Enterprise System by tions within the atomic pile. O Until their that nothing Europe responsibilities for their efforts instead of be¬ the purity permits us to make a safe glass through which the scientist and technologist can view reac¬ appear have of Western colonial advanced, responsible and enlightened manner. Preserving* Three Basic Elements pure used extracted extensive will we African wise methods of fractional precipitation followed conclude can Hence, sources. their from or 16 page thr o u gh tedious way of life is the possible collapse of the free enterprise system electrolysis at high under which we operate. In fact, temperatures to reduce the com¬ the leaders of Soviet Russia for pounds to metal—a time consum¬ years have been playing a wait¬ ing and often an expensive pro¬ ing game in the fervent hope and cedure. Today, however, new. ion belief that such a collapse is in¬ exchange techniques are changing evitable. and improving our methods of ex¬ Their thinking is based upon traction and separation. two apparent weaknesses in our These elements have suddenly become of importance in the re¬ economy—first, the constant dan¬ actor field. Cerium oxide of high ger of inflation followed by defla¬ be nearby Reactive metals especially in individually Continued earth metal with rare elements. safe colonial nations available are and familiar), is also important source of this series of them Africa. which many are an of the Each of source radioactive little of either in the United States mineral'" single a contain oxides of may very ail So, Will It Work? aFor the most part Britain, France and the other earth rare associated found are other, all, the Even supply, compared to the steel, lead, copper and aluminum required in the construction of the plants and the distribution of the energy and useful by-products. Almost 29 * insoluble problems from the point of view of Combination these rule, a in all few short sentences. a taken As rare (401) G. i Petroleum Building Big Spring, Texas The Commercial and 30 Financial Chronicle.. the 25-34 year group. In the older (402) Continued smaller than, the effect of changes from first page biritr Tates. the in classes moderate increases are age indicated in the next decade. effects Comparisons of Current Growth The rate of the birth higher Significant Population Changes Over Next Decade of interest to note that the present rate of natural increase (i.e., excess of birth rates over death rates) in this country, will not be reflected in these age later ages. although extremely large by com¬ above 65, relatively large percent- and equipment parison with that in the '30s and age early '40s, is not particularly high tween critical which of acceptance form 1 y optimistic we featured see the uni¬ projections the past in to ©.bout demographers that say are well united today on the as jjrojections of large population growth as they were 10 and 20 years ago on the projections of declining rates of growth followed toy slow decline in actual num¬ bers. We have certainly learned that demographic trends can have sJiarp changes in direction, and that it is important, therefore, to allow for the possibility of an¬ other change in direction. The widespread dissemination of knowledge regarding methods of limiting population is a significant a factor in bear to mind past 10 notable for those in the field have been have years many of We been changes, but demography 11th our of year high birth rates, and demograph¬ ers have ceased to explain the high levels as a temporary phe¬ nomenon to be explained by the projections figures forecasts, in order to the fact that they re¬ mathematically from apply¬ They do ing certain assumptions. take not into sharp account might that changes result from developments like the outbreak of war prolonged period of sub¬ or a stantial unemployment. not shall I de¬ to particular assumptions have used, but will indicate merely that the projec¬ tions for 1965 range from 186 to 193 12% to 17% (Table million, increases respectively over By far the most I). important and most uncertain ele¬ in ment these of course 8 next projections birth the Chart years. is the in rate the indicates I the considerable for depression losses. took place between 1945 and 1947, sets after which the effects of the of and because birth making the of fact that $o high remained rate up Repeatedly, have become projections obsolete the war that increase changes have been relatively small. Most population experts have been chastened by that the actual population was ap¬ the abrupt preciably above the highest of the series of projections. The rapid growth of population and the prospects for further substantial and would hesitate to rule out the change in the 'Forties possibility which of another change would greatly affect the we have made. The projections increases have received much at¬ concentration of attention tention rates from economists and so¬ ciologists, as well as from many business analysts. There is little «3oubt that confidence in the pros¬ pects for increased most kinds of been an markets consumer for goods has important element in the substantial expenditures of busi¬ should on birth not be taken ply that there is no possibility of im¬ to significant changes in death rates and in the gration. the death amount of net immi¬ It is clear, however, that effect, of components variations in these is likely to be much birth and available since possible figures not are for analysis of the components of population change in that period. It appears, however, that the present rates of natural increase about are 19th of high as since rienced century, the During considerable part a rapid our expe¬ any as 1900. growth due was to the large flow of immigrants from European countries. After allow¬ is made for this element, it ance in¬ higher but not likely that the natural seems than still was the somewhat current rate, When ulation rates of pop¬ current our (including net compared with growth immigration) are those of other countries for which comparable figures that find we growing than at rapid rate highly indus¬ of the world, more a the of most trialized countries but at lower the countries a referred to available, currently are are we than rate that of most commonlv are "underdeveloped." Our annual growth rate of about 1 -/:)% in the last 6' years is much as Our Western and also rate Europe. that exceeds the satellite countries ern Europe, except Albania. and 1955 On in Poland for the for East¬ basis 1.—AHHUAJ, tilMUER OF BIRTHS IN 7KH UNITED STATES: 1930 TO 1956 Million* Millions 5 5 increase of about the the for same required in addition to those births, deaths, and net immigration. The Census Bureau has recently prepared four new sets of years will continue, projections show quite wide differences in .rates of change over recent decade. increases two-fifths other the South and countries in and in the 1955 tion in to of Asia N»t»: Plgurea are •4Jurt»d Tor ;a*J«?r»gistr«tlon. force tim Nrtlontl Offlos of 911*1 StrtUtlc*, fro. 1909-1962, • Vital St«tUtlej--Spsoi«l Raporti. Vol. 33. No.' report, of th. NrtWt OTi'le* o? 71U1 SlatUtlo. and Birth Ir.ti 19501. 8 la th» Sntira lo/n ' ... ing will of is 2—KSnWffJD'Arro FatWSCTO CHANGES -IN-THE fOPHIJCION OF THE 1965 TO 1955 AND 1955 TO 3T A3 OC'IPS- ' charge from age one All ages—high low growth for tween 10 and the \ 5 to 9 (AA) (C) 20 14 low (C)—j . 17,151,000 : ■ 20 to 24 years 45 to 49 years... 51) to 54 years 55 to 59 years.— years 65 to 69 years 70 to 74 years 75 and years Labor Beth — over low (IV)__ I low and +11.5 6,047,00U 3.033.000 8.357,000 5,557,000 +29.0 +14.5 +17.5 +11.6 (lV)__j of Census. "Current Population Reports," Series P-25, Xos. I2S Series P-2h, No. 14(»; birth place after 1945. low high by two sented for the years years Individuals by Number (thousands) Family personal income taxei*1 ai.er t» Percent \ $3,0C0 to $3,994 60.500 100.0 15.764 8,091 Under $3,000 companies con¬ goods sold largelv .« 52,200 Total of age. 14.278 7.381 30.2 15.5 be S4.000 to S4.999 8.300 8,168 15.9 well advised to give careful atten¬ 95,000 to $7.499 12,737 tion to the prospective changes in the different groups. On the one Si-39 $7,500 to $9,999 17,181 7,623 5,869 24.4 7.6 6.4 age groups will -2CS66 In a'.llicrj Age -2 0 Por-i'stlon ohaaga 2-6 programs On Source: V. 3. Bcrwi of to. Oosroa, C-.:rr«at gyiatlga Haports. Series and ?-25, tics. 93, 123, m*t 166. the 1955-65 in most other decline communities. hand, in there ;i« numbers a for homes, and the national ^ • + - the - 13.5 28.4 12.6 9.7 money income as defined hv items such as wages in on farms, the net consumed unlike i 23.6 12.2 : the Bureau of the Census plus kind, the value of food and fuel produced inpulcd .n* n"-ne^'->ecnn'ed lmpu4ed interest. Moreover, ibe fara'ly personal income estimates, Census Bureau estimates, are a^jus.ed lor consistency with the ^Includes nonmoney .100.0 $5,890 $4,930 Mean income need for large school construction la aVZicna 3,967 3,341 810,000 and over hand, there are in prospect ex¬ tremely sharp increases in the younger school-age groups, these changes creating, of course, the Poyilaticn c'-ar-s and 1965 (In 1955 dollars) re¬ is obvious that centrating on to particular Tl Family Personal Income After Taxes, for the U. S.: 1955 of b^rs pre¬ "0" fo "4" sets Senes P-uii, No. «k*. TABLE groups and "5" to "9" (»i); and Estirnaied Distribution of Families and Unrelated and assumptions for births is flected It the ( } took The considerable between variation that rates +15.3 + 12.4 + 9.4 26,906,000 23,892,000 47,788,000 j 56,145.000 I 53,345,000 (IV) Vi'rpio 10,543,000 8,547,000 4,496,000 ) 53.554,000 ' 5,514,000 4 20,359.000 Households—high (I) S. + * 'TTJ explained by the sharp in¬ in ] (IV) ———.—J IT. . +17.0 +12.7 +11.5 —11X +18.1 + 1.1 +43.5 +33:7 +24# — 3.4 —12.1 + 1.6 + 9# +12.6 + 21.5 +18.5 + 15.6 +16.8 +18.3 +33.3 /* 68,899,000 f 79,442,000 I 77,446,000 48,040,000 j 52,536,000 ) _. Male (II) SOL'KCE: I 16,265,000 —2,040,000 j 20,252,000 3,101,000 t 17,345,000 ; V 194,000 19,152,000 < 5,810,000 17,199,000 6,008,000 •' 13,461,000+ 2,686,000 11,355,000 —39.7,000 10,900,000 —1,5001)00 11,791,000 183,000 12,327,000 1,110,000 11,369,000 1,273,000 ' 10,714,000 1,899,000 9,307,000 1,453,000 7,735.000 1,041,000 6,354,000 1,005,000 4,813,000 746,000 6,204,000 1,551,000 Force—\ sexes—high (II) Female , 11,191,000 10,775,000 11,752,000 12,400,000 11,608,000 11,217,000 10,096,000 8,815,000 7,854,000 6,694,000 5,349,000 4,067,000 4,653,000 years... 60 to 64 +. ' 13,342,000 years. to crease 1955-1965 . 15 to 19 years.. iof vear<= Percent. Amvunt { 165,271,000 J19S,346,000 28,075,000 4186,291,000 • 21,020,000 18,305,000 j 20,413,000V 2,108,000 35 to 39 years. course, 1965-1955, ___ — years—high (AA) | low (C)V_ i to 10 be¬ groups With 1955 for j yrs.—higa(AA) j Under 5 to call class executives responsibilit is worth. Population— another is to look at Chart 2. The rapid later years, lib. 5 1955 Item many simply projecting the survivors a group already born. of in ities the for heavier Fo^ulafion, labor For^e and Households, for the United States (1'opulation and households relate to July 1. Labor force figures are annual averages. See appropriate sources for explanation of series listed.) Number Change, 1955 to 19G5 attention to the differences in rate CNIT3D STATES 1965 train to High and Low Projections for 1965 and Comparisons expected way if ""^les old a prime source of young the in For example, from 25 to 34 years TABLE I whether the Perhaps the easiest Chart participate 40 to 44 years. according to groups. have regarding .assumptions groups ror ^ 10 l?5° r Force projections 25 to 29 years. projecting are not appear likely that the distribution of work to be done will be at all out of line with the new labor force distribution. The situation may be unfavorable,. however, in certain age - sex does rates at which various population number of births in future years, or Figure for 1930 •» 1939 9% to composition of the labor force and its suitability for certain kinds of pursuits, but it the added complication of requir- Africa. and change in the for greatly from State vary Labor Change for Individual another we Sourca: 7% from Labor projections which have been prepared show widely varying rates of charge for different age groups of the population. To be sure, the de¬ pendability of the projections varies greatly from one age group Vol tod Stahaa, those and past years, the population prospects It is important to bear in mind 1950 level, to State. that all the population GAS vari- the higher. Clearly, if we are to judge by the record of interstate migra- American great a to level, 1955 extreme, Massachusetts Age Groups 1965 the projections for Oklahoma and Arkansas show a population decline as high as 10% to 15%. As examples of intermediate changes, the projections for New York are between 10% to 16% higher than In own. Thus, growth rates of 2% or more be noted for such countries as Brazil, Ceylon, Turkey, and Egypt. The growth rates for three of the British Dominions, Canada, Australia, and New Zealand, are also over 2%^ but the influence of immigration is considerably Kates I960 one-fourth of above ous the rates of growth are considerably higher than ours in countries age of states like California and Florida show general, Central a little and the percentfemales increases, the in¬ crease for the latter being particularly sharp for those 35 years old and over. Our projections suggest that in the next decade the number of women added to the labor force will be about as great as the number of men added, roughly 5 million each, This will represent an important creases growing Rapidly making it 3o to get . these the have limited the sup- jobs. In most of the projections which we have made for the ye^r 1965, the percentage of males 14 and over in the labor force de- population projections for States to 1965. Reflecting assumptions that the extensive population shifts in years war ply of younger workers, easier for women past of USSR our as ployment has furnished attractive opportunities to many who, under other conditions, would r?~ main at home. Low birth rates in the '30s and high rates in the post- com- for 30 to 34 1935 the available data, it is likely that the rate On the other hand, for many years the percentage of women in tne labor force has been increasing, Recently there have been particularly sharp increases in the percentages of women 35 years ana older who are members of tne labor force, since high level em- population States, 1957 to decline in the case of teenagers and of men near retirement ages, tions regarding internal migration are the United States. , for Thursday, July 25, labor force. Most of us are familiar with the long-run tendencies for labor force participation rates plications increase, since assump- greater in those countries than in 1930 to turn we may Chart be- 1965. and projections above the rates for most countries in Northern groups age Areas At sharply higher. the In increases will take place When comparisons 19th century experience the not are we million historical Precise with groups, until the cohort born in the 1945-54 period reaches these compared with rates of in¬ in the 19th century. crease undertake the which 1955 in now upon com¬ different as¬ to future birth rates, as rather than of are projections of emphasize We most useful of the based these call sult dra¬ matic and most widely discussed. the among a crease rates, and net immigration. death scribe studies population projections. The sumptions is Bureau several of 1863 for it prepare population binations one as to Census the of function the that believe We it is safe I believe reviews. Projections Our ly in technical journals and busi¬ ness few years. be may when general¬ so for new plant ness It . 4 :neome accounts. SOI'RCF.j. Unpublished Office of Business «»imat«s orepaifd by If.vman KaUz, Dcpai.tocni of commerce. Economics, formerly of .Volume 186 Number 5658 . . . The Commercial and Financial Chronicle (403) noting that class will 1965. the number 'decrease; in Until 1955 this dollars) is expected nearly to ' \ tv double during the decade. about r v-T* "■ . •• , '.-9 *« Households and Families ; ; ^?, Summary * „ V In of desirable particular interest and to others to builders producing goods that sold to families rather than to individuals. Such projections de¬ ahead. to and at¬ tention must also be given to changes in marriage rates and in ment. the average age at first marriage. From 1955 to 1965 the range of increase in number of households The the according from to 12% same the as projections our to should contribute greatly 18% is about or the pattern of persons have that seen become plex we tions of proceed survivors more from projec¬ people among of the numbers in the hi* finally When to force, rates. or marriage undertake to make pro¬ of income, we need to we jections make series a of assumptions re¬ garding the level of economic ac¬ tivity, the demand for goods, changes in the price level, changes productivity, and changes length of the workweek, mention points. made about ernment programs, etc. have engaged in people gov¬ Various making and, for¬ tunately, the differences among their assumptions are small enough so that the conclusions reached of for income the present purposes largely independent of the set assumptions used. Obviously, no great is justified assurance such areas claimed as by these, and those the projections. I should like to has economic been are with made. Gross based that consistent In that this For many as¬ have model above personal income 40% above 1955. 1965 a upon others 37% at was share. stock This Carter to sor and a started which laboratory Brunswick, N. J. the are and net sales has dividends every year since A correspondence the Investment course, it is of The interesting to look at projec¬ tions of the distribution of income in the year 1965. For this purpose able America School in mates prepared Kaitz, formerly Business of Economics, Commerce figures to (Table the future that Department II). These prepared were according simple formula. projected into relatively a The 1955 data tion by Mr. Hyman of the Office of on the were the general assump¬ annual rate of in¬ in average real income that crease prevailed would in the postwar period continue, although slightly On this basis, the dampened. income mean lirnits for each at creased and the interval income were in¬ a compounded annual rate of 1.7%. Over the decade, this resulted in a 19% increase in family average after taxes in the about $5,000 to 1955 dollars). It a sharp decrease proportion individuals with $3,000 and a income personal from about $6,000 (in also resulted in of families income marked and under increase in a training mentals The program of of corporations; securities icy. The and New Bankers Association Home may ber the of families number level is slightly. of expected In families incomes over of the contrast and to decrease the number individuals $10,000 or more with (in as as Rowley but what the for the of joined It is the held will Trust Com¬ Cincinnati. Ryan, Co., with the Provi¬ In he 1939 Sutherland & Co., asso¬ ciated with Prescott & Co., Cleve¬ land, later joining Ball, Burge & Mr. been has recently advertising and work; prior thereto Freiberger in engaged promotional was with the Cleveland Trust , by the accounts. Forms Fleet Co. SAN DIEGO, Calif. —Reginald S. Fleet is engaging in a securities business from offices in some obligations certificates and Broadway, the firm name under of Fleet & Co. the ' Forms SuJan Company pay DALLAS, Texas business from Burt Building. certificate order in to 530 at accept the believed maturing four-month SuJan. The — a securi¬ offices in the Jesse E. Flick is obligation maintain their liquid to be considerable Morrison Opens Branch HICKORY, N. C.—Morrison Company has opened 511 Fourth Street, a S. W., under the direction of Roby W. Long. date can no doubt Aug. 1, 1959. on easing or little if any is at the optional U. S. GOVERNMENT easier by the late summer of 1959, there will be very redemptions of the 4% note at the optional due date. reported that as lias been put to work in the from savings banks, well Government that of certain pension funds, as and FEDERAL ACENCY Going for 4% Rate money savings bond redemptions, the sizable cash-ins On the other hand, should interest rates Investors It be Specialists in have to pay more for bor¬ investors Securities . refunding issues, with indications that the bulk of it has gone into the 4% note. There has also been,some of trading out of corporate bonds into the 4% issue. With McMahon & Hoban Coburn & Middlebrook be made with (Special to The Financial Chronicle) Opens New Branch CHICAGO, Conn.—Coburn & Incorporated, have opened a branch office at 30 Park Row, under the direction of STAMFORD, Middlebrook, Greene. is now — Joseph the staff Hoban, was rities Company Atjbrey G. Lanston of Chicago. 8c Co. With J. J. B. Hilliard J. M. of M. SIOUX Dain & Dain a Locust, members of the New York Building and Donald branch Branch office under M. in the have the opened Amherst direction Anderson. INCORPORATED (Special to The Financial Chronicle) FALLS, S. Dak.—J. M. Company Dempsey-Tegeler & Co., 10th and Midwest Stock Exchanges. Frank J. 105 South La Salle Street. formerly with First Secu¬ Inc., He 111.—John with McMahon & of LOUISVILLE, Partlow staff 419 bers of has J. West been B. New added Hilliard Jefferson of the change. J. Ky.—George to & Street, 20 BROAD STREET L. - NEW YORK the Son, mem¬ York Stock Ex¬ ☆ CHICAGO ☆ & branch at unusual feature in that the an a principal. out in this very large refunding operation. Dempsey-Tegeler has are investment latter holders holdings both non-Government be from Street, Mo. career & Company, turn-ins, into the two shortest maturities of the rowings there will pay - LOUIS, of pany of be¬ part¬ a Williams dent Savings Bank & turn it in for cash at the end of two If interest rates should continue to rise and the Treasury well (Special to The Financial Chronicle) ST. Baxter, began his he Government four-year note contains Herbert E. Joins and Federal in four-month years. Ex¬ Chicago 37, 111. Check to cover tuition, $60, must accompany the enrollment. decade, in the lowest income the holders of this pol¬ Study Department, University of Chicago, 1375 East Sixtieth he as Williams, formerly in ner time The Two-Ycar Optional Feature Thirteenth time, and desire. so 4% obligation. The marketing America, Street, N. W., Washington 4, D. C. Registrations are accepted at any the Treasury will have to banking. obtained System doubt turned country regarding be may one-year position. If this should be true, and there seems opinion to this effect, it should cut down the amount of cash the Educational Director, Investment the that be the to qualify indi¬ registered representa¬ Information course Mr. Stef- G. registered representative. a ties to and act charge Company is conducting tives. 425 is little necessary as taking either the Of the $9.3 billion of the maturing issues in the hands of the public, about $6 billion is held by corporations, and other non-bank investors, with the remaining $3.3 billion owned by commercial banks. It is expected that corporations will be attracted mainly will accept the course in partial satisfaction of the require¬ ments choice of a Small Cash Pay-Out Seen change viduals such until comes joined balance of the maturing issues lefunding issues. Associa¬ Stock sales in division of in in¬ investment York financing by the Treasury Warren Vice-President customary for the Central Banks to take a one-year certificate, but due to the fact that their holdings in such an issue (in this case) would be so large, it is felt that there will be a financing of business enterprises; security analysis; problems in fi¬ nancing new-money year. It has been study of the a some the four-year 4% note with an optional payment or The in the funda¬ investment includes course the the sizable attrition in the refunding, should not come up to expectations, revenues Reserve one-year cooperation of of with coordinate fen, way, will current quarters will paid of Business parts for the balance exchange offer and will not ask for cash. Home-Study Department of University of Chicago. The course is designed to make avail¬ all this a 1959, if they should public. There 1883. the proportion at the highest in¬ come level. Despite an expected 16% increase in the total num¬ Aug. 1, Federal The in in Williams Mr. Kraus. the the I should like to invite your atten¬ tion to some unpublished esti¬ course Bankers Government financing and, refunding, while involving in total about $24 billion of maturities, is not quite as large an operation as it seems at first since only about $9.3 billion of the total is in the hands of Education with Government The the banking is being offered Committee of the operation one Only $9.3 Billion Held by Public Corresponding Course In Invesiment Banking by into par at the option of the holder Aug. 1, 1959, on three months' advance notice. The owners of on Net earnings for Carter billion of stock¬ $4,473,131, equivalent to $1.74 per share on the 2,565,000 shares outstand¬ ing, compared with 80 cents per vestment $8.1 the October maturities had New 1957, $41,835,609, compared with $22,748,873 for the corresponding 1956. of decks Building. as municipal bond adviser. Mr. Freiberger will be assistant to Fred Leustig, Vice-President, and obligation would be redeemable at were in a Lloyd S. Freiberger Toledo, and in 1948 became on fiscal year ended March 31, share a Warren I. Williams The Treasury offered holders of the August maturities an option exchange their holdings for a four-month 3%% certificate, a one-year 4% certificate and a four-year 4% note. The latter re¬ for Hanna appeal to corporations and certificate will most likely be as some of the 3%% obliga¬ to holders, and no financing by the company is involved. Consolidated Inc., well as somewhat of a surprise, the Treasury decided to August maturities of $15.8 billion with the October there might have to be before the end of the portion a holdings of certain Banks, was 4% certificate The shares offered of at are Co., have However, if there should be tranquilizer and muscle relaxant; Arrid, a deodor¬ ant; Rise, an aerated shaving cream; Carter's Little Liver Pills; and Nair, a depilatory. - -v search will one-year 1957, except for the refunding of the 3%% certificates which due on Dec. 1. (The $24 billion operation was probably re¬ sponsible for the 4% rate.) a Carter's principal plant and certificate come 1880, Miltown are the year marketing of ethical, proprietary and toiletry products, the most im¬ of that combine the succes¬ in & certain pension funds and Government agency accounts. as clear the Products, Inc., Murch four-year 4% note, optional redemption at the end of by the owners, evidently will find favor among savers maturities is engaged in the manufacture and tion of purposes, short The well move per- is the first public of¬ business a with By making a three-way maturing issues, and a two-way October maturities, it is believed that ing August and October obligations a choice of securities, with 4% rate being used for the first time in more than 24 years. In Products, Inc. (par $1) at $22 refunding operation by a First 4% Rate in Past 25 Years fering of Carter stock. the pro¬ 1955 projected at was 000 shares of Carter common October CLEVELAND, Qhio — Warren Williams and Lloyd S. Freiberger have become associated D. The Treasury in a move to keep the attrition in its refunding operation as low as possible decided to offer holders of the matur¬ underwriting 1956 fiscal year. reasonably National Product jected tion. as the 1957 fiscal year were the this, taken by the Central Committee, developed model sumptions an Join Murch & Co., Inc. enough securities made available to meet the needs of owners of the coming due obligations and, because it is indicated that cash-ins were kept at a minimum. The a is prepare mention of the Joint Economic who made August and deposit banks, while the Securi¬ in none who projections of national income made by Dr. Grover Ensley, who until recently was Staff Director and of which yesterday (July 24) secondary offering of 500,- group household formation, tax policy, other projections ties & Co. headed (meprobamate), If the problem is extended be Dillon, Union portant of the most obvious some Eastman Governments on the of Common Stock Ottered to projecting income size distri¬ butions, additional assumptions of Williams, Freiberger ! a : was most Garter Products, Inc. in to must there two years com¬ already born to projections of births, and then to the projection and i and area portunities that lie before it. the over projections progressively as to area attention, if business enterprise is to take full advantage of the op¬ Income are . offer to the August owners of the one population component another will require particular to period. We from combined Treasury will be offer to the holders of projected increase in number same in yh' successful one, according to unofficial re¬ ports, with the attrition well within the limits of what is usually termed to be a favorable undertaking. from the >, By JOHN X. CHIPPENDALE, JK. it nation's economic develop¬ The marked differences in our -Reporter many find components for the years The prospective large in¬ creases growth, as will to study carefully the projections of population its total well as statisticians various and Our 'vv> ■: confident that am analysts business pend upon assumptions regarding population I summary market the •>V *' ' • 1 Projections of the future num¬ bers of households or families are are '! i' . i 31 ☆ BOSTON and Financial Chronicle... The Commercial 32 • r- . ;■ t f v ' Continued from page ; _' * .. , . t i ' ,r , it 3 is What I am saying unlikely. Continued from page 5 ' ' ; • . ; : is that this consummation devout¬ ly to be wished is most certainly In Pens'on Fond Investments then surely no Obligations, infla¬ indefinite about sumption Federal Government of the United States has insufficient tax revenue and credit standing to cover its tion should turn out to mon row of these assump¬ shows that we too easily for¬ acceptance purchase tions obligation of the United States, get that an when we Thus, either. so the inflation of recent has been associated with two hope for the future as some much more institutional be more certain can that the follow-the- which leaderism has led to get. However, be least at A steel . worth par on Feb. 15, it is very probable that the Atchison 4s of 1995 and the New York State T h r u w a y Guaranteed 2.40s of 1995 will be financing of rising costs part of the economy result in corresponding deflationary pres¬ sures in other areas? Furthermore, short, the further we down¬ In uncertain as fact, in first and the labor and to the to successful to the supply of upward pressure level in just a few is opinion, my essential most investing in anv the of we can be capital equipment in the face of a heavy tax load, inexorably ris¬ ing labor costs, and a rapid rate of obsolescence? Can they finance - Steel Output Up to expenditure, even if willing to continue high proportion of make it? Will consumers to spend such a their much income—so higher a proportion than that suggested by the prewar relationship between income and spending? With so much consumer expenditure denot .edged upward for the second straight year's low point in the first week of July,', reported July 22. With operations up a half . point to 81% of capacity, mills turned out 2,073,000 net tons. Tne weekly metalworking publication said July is going to be a better month saleswise than some people had expected. The Steel ingot production "Steel" improvement comes not from any one There is the one people in now of follows fact from I have just discussed. Most believe that inflation will continue ture additional assump¬ an which tion the as a permanent fea¬ economic scenery. Again, I must emphasize, this is an assumption, not a promise. Most people Will assume stock mon rise as flationary also a further that prices a and result pressures guess and not of — an com¬ dividends these in¬ but this is automatic result of inflation, even if the as¬ industry but from a wide of consumers. Sharing in the upturn are widely used products like hot-rolled and cold-rolled carbon steel sheets, hot-rolled and cold-finished group the ;■"%%,!%'v'%V not as strong as it-was early this year, but it still exceeds the supply and is expected to do so through ti.e fourth quarter. Strip mill plates are not as easy to get as they were a few weeks ago, due to expectations of increased carbon bars. step field - Demand for heavy plates is , demand auto makers by equipment, .c for sheets—also produced on t.ie same /V; ; and the need for been easing, steel demand has Structural structurals and reinforcing bars is being shrunk temporarily by a cement industry strike. '-v;''v. Orders August for ... are shaping up ..'.r 7.7 V • for even a better .: month . Demand for steel for the 1958 models better than August. ! The publication noted that optional equipment on automobiles5 is gaining in popularity. Automatic transmissions, power brakes „ and power steering show a 6% gain this year. Air conditioning , installations are going into 22% of the luxury cars, compared with than "Steel" said. July, should make September even 16% a ago. year ' ' . At located are 32nd Street, at 49 Steel prices West New York City. bond this will provide an Forms R. J. Baker Co. MENLO Calif.—Roland PARK, of more than $450 for J. Baker is engaging in a secu¬ $1,000 invested. A common rities business from offices at 1110 stock yielding 3% today would University Drive under the firm have to raise its dividend at a name of R. J. Baker 6c Co. Mr. compounded annual rate of over 7%—that is to say, at least double its dividend over the ten year pe¬ riod—in order to provide the same you that the Dow-Jones In¬ halved between 1929 remind would I dividend on the Baker was on A previously with Irving Lundborg & Co. ' . almost today, even thirty James Ortasic the double DALLAS, Tex.—James J. Orta¬ sic is engaging in a securities busi¬ from ness offices 1165 at level. 1929 Park- crest. common stocks failed to double in every ten year 1871 extreme I 1929. and period between Indeed, only the inflation resulted in than doubling the of Alan Russell Opens longer A World dividend Alan Russell has opened offices at 309 West 57th Street, New York City to conduct ness. all other Donald 17th at Scott the passed age long illness. Prior to ment he had been to war. United not rities denying the possibility rapid rise in divi¬ payments in the years to I am not even saying that am a continued dend come. States July turned fourth quarter, of last year. The American Iron and Steel Institute announced that the ; operating rate of steel companies, having 96.1% of the steelmak-, ing capacity for the entire industry will be an average of 81.2% of capacity for the week beginning July 22, 1957, equivalent to * 2,079,000 tons of ingot and steel for castings, as compared with. 79.3% of capacity, and 2,030,000 tons (revised) r. week ago. The industry's ingot production rate for the weeks in 1957 is based 011 annual capacity of 133,495,150 tons as of Jan. 1, 1957.^ For the like week a month ago the rate wTas 84% and pro-; duction 2,159*000 tons. A year ago the actual weekly production up for the first time since the placed at 419,000 tons. higher away ;• manufacturing employment in June operating than based rate on an is not comparable because capacity is 1956. The percentage figures for annual capacity of 133,495,150 tons as of capacity in 1957 Jan.- 1, 1957. of 71 following a twenty year periods ending prior I ' "Steel" noted that The Donald Scott the Air Force shift in being felt: North American pected. are dend failed to double in of emphasis from aircraft' Aviation Inc. will lay because further development of its Navaho missile was canceled. Lockheed is looking for a civilian market for its C-130 cargo transport. And declining use of subcontractors is ex-' are off 15,600 men was more in the twenty year an missiles to War period ending 1929 and the divi¬ the securities busi¬ a consumption is lagging. Copper demand Aluminum sales are disappointing, but producers t upswing in demand. of last year's, but. weak. First effects of years perspective tells us that dividends per share on industrial ahead report Opens later the cash dividend is still not historical $54.33 a gross ton in the week ended July 17, "Steers" composite steelmaking grades was down 84 cents fro™ the previous week.'late summer pickup in buying is anticipated. In the nonferrous markets, zinc and lead production continued stays pull in their horns rather rapidly dustrials was and decisively if concerned about and 1939; that the enormous ex¬ Arthur Primack Opens their future incomes or if unwill¬ pansion and inflation of the war ing to pay higher prices? I am not period following the relatively B R O O K L Y.N, N. Y.—Arthur suggesting that these questions depressed levels of 1939 was re¬ Primack is engaging in a securi¬ have unfavorable answers, but I quired to double the dividend be¬ ties business from offices at 44 am arguing that,; if the answers tween 1939 and 1949; and that Court Street. favorable, the fashionable trend away from Treasury bonds could be dangerous in the extreme. magazine . be years ess Should in fact turn out to be un¬ after hitting the week income quality corporate bond today purchased to yield better than 41/2%. During the next ten can $450 per $1,000. That is rather which fancy going from the very high essential to the sheer proc¬ level upon which we stand today. of existence, isn't it as least conceivable that consumers might Will Exceed Expectations best Voted to goods and services are 81%; "Steel" Says July every is what I mean. The very Here that the Offices sure corporations will continue to sink billions of dollars into fixed month the number of new concerns continue to be adjusted upward. The publication's . base price index for finished steel moved up 45 cents. At $146.19 a net ton in the week ended July 17, it was, $145.74 the previousweek and $140.24 a month ago. Warehouses are beginning to ; mark up prices to pass on increases from the mills'. 7 . * * • Pig iron is up. Northern producers marked up prices $1.50 a ton, restoring a $4 differential • between northern and southern prices prevailing earlier this year. Scrap prices edged downward for the third straight week.. Dividend Records example, For Incorporations Decline Moderately moderately below previous month and June 1956. For the fifth incorporations in June fell was below the At 11,154 in June, new charterings were 6.7% 11,952 of the similar 1956 month, and 7.0% less than the * 11,986 of the prior month. ; • - v New business charters during the first six months of 1957 .. totaled 71,211. This was 6.6% below the record high of 76,257 filed during the corresponding 1956 period. • * years Today, the a Age." They probably; temporarily! ' below of the future is as ever. Recognition of that prices Pre in companies level. year-ago —if not, indeed, to successful liv¬ wage from now, say, after 1960, ing as well! The most imprudent an investor can take is to when the fabulous number of kids step movement away from Treasuries born during the 1940's and 1950's make a mechanical projection of is based upon the assumption that current business trends into the start hitting the labor market? this country does hot face a seri¬ These questions suggest that indefinite future—yet this is being ous depression in the foreseeable there is no firm assurance that all done all the time. It turned out to future. I am happy to share that of today's fashionable assumptions be a mistake on the bullish side assumption. But it is absolutely can be accepted uncritically. Yet, in the 1920's, on the bearish side essential to recognize that it is an in the 1930's, and it could just my impression is that their accept¬ assumption or an educated guess, as easily be a mistake today. The ance is becoming more uncritical and by no stretch of the imagina¬ future is always uncertain. all the time. I shall not dwell at tion is it a guaranteed promise of length on this, but my point is no¬ things to come. As an assump¬ where illustrated better than in tion, it must be subjected to con¬ Now First Republic the current institutional enthusi¬ tinuous, objective, and critical asm for blue chip growth stocks The firm name of The Sands analysis and testing. virtually regardless of price. Company has been changed to Uncertainty of Stocks The First Republic Corporation. economic environment. the both of consecutive is that message what will happen grade our investment selections, greater the importance of making correct predictions as to the trend and nature of the future the business and one 1995. equipment Foundry customers. highly-competitive market, says "The Iron will absorb the steel price boost, at least that , supply contributed money can say users New to the are nevertheless accepted without a ris¬ question by such a large majority ing price level as well as to an of investors. That is why I have argued that expanding volume of production. no investment program can be Now, however, that the output worth par in 1995. But I can make consistent or successful unless it no prediction as to the value of of goods and services has grown is based upon assumptions objec¬ General Motors common stock in up to the money supply, to what tively established and put through 1995, and I cannot even guess extent is the general price level hard-headed analysis and testing whether General Motors will still likely to continue rising? Won't at all times. For the burden of my be in the automobile business in the pressures of rising prices in I 1995. some June New Business from Treasuries to 1995 will be ; of foundry equipment makers indicates that are finding it hard to pass along higher steel survey their to as we as mills offer. the this bright as the quent shortage of labor, and that move away shortage in turn is due to the ex¬ present. I repeat—this may well other types of traordinarily low birthrates of the be so, although a future which is debt obligations and ultimately to 1930's. Second, we emerged from bright but not so extraordinary equities, we are shifting from the World War II with a money sup¬ as the present might make some highest degree of certainty to a ply which had expanded very of these investments look a little lesser degree of certainty, and, ul¬ What really disturbs me is much faster than the physical vol¬ sour. timately/ to a rather large area ume of productio n—in other the inflation of security values on of uncertainty. Thus, if I can make the basis of assumptions which words, with both consumers and any prediction, I can predict that business firms in a highly liquid are not God-given and not neces¬ the U. S. Treasury 3s due Feb. 15, condition. This abnormally large sarily valid for eternity, but which will capacity will mills predict that new balance supply with demand by the middle of 1958. t The shortage of cement due to strikes is slowing down con- . struction in some areas. But this is having little or no effect on , demand for structural steel. Builders are taking in everything . them help than we years unusual and by no means perma¬ state of affairs has occurred with¬ Can in the case of any other in¬ nent developments. First, a good out regard to arithmetic and with vestment as to the exact number of dollars we shall have at some part of the so-called inflation of very little regard to reality. It is the 1950's is the result of rising based more upon hindsight than specified date in the future. In a most uncertain world, this is as labor costs, which in turn reflect foresight and rests upon the com¬ uncritical acceptance of close to a sure thing as you can the inadequate growth in the size pletely the of our labor force and the conse¬ assumption that the future we market for put to take care But there's some easing soon in the of an chance heavy structurals and plate. The mills are hard of orders on hand. And the pressure continues. Mechanical Projections submit I sticking closer to • promises. little is There unquestion¬ growth stocks. widespread and The government, corporation, or vidual is likely to be solvent ing yielding are than the most popular And the mills are relatively easier. are their delivery deny can one margin for error in com¬ stock investing is very nar¬ indeed ,when high grade bonds local indi¬ No besides. that the be correct. Deflates Other Assumptions sizes cussion—and to many other ques¬ tions Industry The State oi Trade and dependent upon favorable answers to every single one of the ques¬ tions I have raised in this dis¬ Making Economic Assumptions t 1957 Thursday, July 25, (404) an and his retire¬ Ward's Reports officer of the Foreign Secu¬ That Auto Sales Will 20 Days of July Rise During Last Chrysler Corporation "stole the thunder" from and Ford Motor Co. as early July new car both General States and International Securities Motors he was associated with Dillon, Read & Co. poured in this week, "Ward's Automotive Reports" Chrysler accounted for better than one of every four said July 19. new car sales Corporation Corporation. In and United the past sales results' 186 Volume Number 5658 . . The Commercial and Financial Chronicle . the first 10 days in July, said the publication. Its market share was 27% during the period contrasted to totals of 42% for GM and 28% for Ford. "Ward's" added that American Motors' Rambler sales and and Studebaker deliveries continued at noticeable healthy expectations, also.-< Slumps by GM and Ford the early part of this month, however, dragged July 1-10 industry sales (141,200 new cars) to the lowest iu-uay level since last October. The performance apparently was a beachwear, stocks dwindled. as Although bookings at furni¬ ture shows in New York and Los Angeles were pace they rise equaled the in wholesalers reported those of a somewhat below There was a housewares. Textile year buying of China and slight rise in transactions in cotton print to that of the prior week. Buyers increased their orders for rayons and acetates. While trading in fresh meat, fresh produce, and some dairy prod¬ ucts advanced, sales of poultry and canned goods were slow. a June of one series of brief sales storms enjoyed this year. a deliveries dealer 21-30 (213,500) the were highest in 15 months. Liphardt Joins Goldman, Sachs & Co. (Special to The Financial Chronicle) cloths, but volume in woolens remained close t ti.e lull after E. W. ago. CHICAGO^ 111. — Edward W. Liphardt* has become associated with Goldman, Sachs & Co., 208 INDUSTRIAL OUTPUT STEADY The Federal Reserve Board Index of Industrial Production stood at 143 (1947-49 = 100) in June unchanged from April and — Despite the early July decline, "Ward's" predicted that sales rise during the last 20 days of the month to provide a total will of nearly half million a new car sales for the entire month. the record level Meanwi.ile, production continued pf 118,834 • strong this week. Output 6.2% increase over last week's 111,943 total. cars was a The so far has been running at a rate that provide 500.000 units for the month. Original schedules .call for 510,000. Truck production will hit 22,749 units this week compared to 22,610 last week. output in July to be close to that of June; the cement workers strike and reductions in steel and automotive output may prevent will Electric Output Last Week Increased - EMPLOYMENT ably The /1957, of electric was Electric Institute. of work-week the over week . totaled revenue 691,991 nounced. This was an corresponding week 12.9% below 1956, of American of 72,003 but cars Railroads 11.6% or decrease a 29,3% an¬ week which preceding cars holiday and [July 4 Coal a full week of amounted to 99,975 loading affected was the coal miners' or cars, .of this the 70,449 above the cars week preceding this Bank of 9,592 corresponding the above cars increase of 41,715 cars above the last and year, less than the an Commercial and 400 for the for Week Ended July 18 failures industrial rose 266 to in the the week week A week of 1939. ; 227 small »to 39 from 216 on below On the .other hand, held- at toll ;from 37, 20. -functions -occurred Rising for week in Mrs. — Valere Justin B. Potter with offices at 4106 Hillsboro Road to engage Mrs. Year Ago a of in Potter securities business. a previously was with Paul Frederick & Co. New Krensky Officer CHICAGO, 111.—On Aug. 1 Ida M. Krensky will become Secre¬ tary of Arthur M. Krensky & Co., Inc., 141 West Jackson Boulevard, members Midwest of the Stock New and York Exchanges. the corresponding week last year. $22,526,225,431 against $23,238,973,- 1956. At this center there is a loss for detailed districts statement for various the fourth successive week, the Wholesale Food Bradstreet, Inc., went to $6.35 on July 23, from $6.31 the week before, to set a new high since June 28, 1955 when it stood at $6 42. The current figure represents an increase of 4.4% over the $6.08 for the corresponding date a year ago. % hams failed than [wheat, except wholesaling. manufacturing. year a in all ago Higher in wholesale price this week were flour, corn, barley, bellies, beans, eggs, hogs, and lambs. Lower in cost were The sharpest year-fo-year increase in - 1 - were major geographic regions. oats, lard, sugar, cottonseed oil, rye, and cocoa, The Dun & Bradstreet Wholesale Food Price Index the reported during the week in five_of the nine Failures in the South Atlantic States /climbed to 18 from -9, while milder increases lifted the Pacific States to 77 from 68, the East North Central to 25. from 24, the Higher tolls Potter and have formed Potter Securities Co. Price Index, compiled by Dun & of $100,000 were 141: More businesses 146 from Form Potter Securities NASHVILLE, Tenn. Wholesale Food Price Index Up for Fourth Successive Week Among manufacturers, failures edged up to 40 wholesalers to 22 from 20, and among retailers among Reserve . Manufacturing and trade accounted for the week's rise, while construction toll held steady at 38 and the commercial service *the •.to as Mr. Lip¬ Vice-Presi¬ of the Milwaukee Company in charge of their Chicago office. JCoutSe*'of Bank Clearings." liabilities involving same Street. formerly - 40, but remained above the 34 excess set in Salle ending Friday of 3.3%. of $5,000 or more increased 189 in 1956. previous high the Down Side Over those comparative Federal under $5,000, dipped of this size last year. incurred by 23 of the failing compared with 19 in the previous week.-rthose failures, from •Liabilities in 'concerns week ago and a was dent 7 ... Business casualties with liabilities to hardt of clearings for all the periods is given weekly in the Monday edition of the "Chronicle" under the caption of "The ended July 18 from 256 in the preceding week, reported Dun & Bradstreet, Inc. The toll was moderately heavier than the 223 last year, while it exceeded considerably the 172 in 1955. Also, failures edged 6% above the prewar level of 251 in the compar¬ able second 1956. Our preliminary totals stand at Business Failures Continue Up La about 4% higher than the comparable 1956 period. Clearings 3.1% ■ South underway. the year ago. •^vilL be preceding week. 3% was was was clearings this week will show a decrease compared with Preliminary figures compiled by us based upon tele¬ graphic advices from the chief cities of the country, indicate that ■4ov the week ended Saturday, July 20, clearings for all cities of the United States for which it is possible to obtain weekly clearings a year. week a Bank 6,575 Miscellaneous freight loading totaled 325,212 cars, an increase of was PRODUCTION year was vacation. decrease a by ... below the corresponding week a year ago, but an increase of .cars UP—There ADVANCES—In spite of some shut¬ downs for vacation periods and flood conditions in Detroit, auto¬ motive, output expanded, and slightly exceeded that of the similar 1956 week. Total output of cars and trucks from Jan. 1 to July 13 above the of 102,147 record; it on AUTO the above the EDGE Edward W. Liphardt _ slight increases in hourly earnings. the first six months of - corresponding week in 1955. Loadings in the week ended July 13 which were affected by days of the coal miners' annual vacation were 156,657 cars two or Association increase in highest freight for the week ended July 13, 1957 the cars, mid-May. At $82.59, weekly earnings of fac¬ 1% higher than in mid-May, reflecting a longer sharp rise from a year ago when the steel strike Steel ingot production for the first half of 1957 Loadings Up 11.6% Over 1956 Week Loading of were and coming orders in August. Steel output was set at 81.0% of capacity this week, reflecting a slight increase from the prior week and a ended July 9, 1955. Car JUNE HIGH—Employment rose notice¬ mid-June, the highest for any June on slight rise in new orders for flat rolled steel this weekend bookings were higher than anticipated. Steel producers expect a noticeable rise in in¬ 342 000,000 kwh. above that the comparable 1956 week kwh. 1,686,000,000 in STEEL ORDERS • kwh. and 1,181,000.900 AT million tory workers energy The past week's output increased the previous week; it ro.-e above 66.5 of the increase from distributed thy the electric power industry lor the week ended Saturday, July 20,^ estimated at 12,306,000,000 kwh., according to the Edison amount, light and to record, according to the United States Departments of Commerce and Labor. Students and college graduates accounted for most 312,000,000 KWH Over Prior Week r increase in over-all industrial activity. any ^ ■ May. Although it was below December, it exceeded that of June 1956. output increases in June were reported in and television industries. Officials expect total of last noticeable the electric power July automobile production ^ most of total sum the price per pound of 31 raw potatoes. represents foodstuffs and meats in general use. It is not a cost-of-living index. Its chief Junction is to show the general trend of food prices at the whole¬ sale level. • ,West South Central to 21 from above 'There ' • Retail trade in volume New York City advanced 6% to 8% reported. was no 18, and the Mountain, to 10 from 7. change in the New England and East South Central 78\from 'States, while the Middle Atlantic toll- dipped to 'tue North West '.year's level in Central to 13 14. from 92 and Casualties,..exceeded last corresponding Weather was period seven year store ago, executives generally favorable, though not hot enough As a result of heavy promotions, sales of furniture during the week than they have North Central States. a to stimulate sales of fans and air conditioners. regions, remained even with 1956 in the North Central States, and declined moderately in the East West the were This better man is looking into been for some time reports the "New York Times." • Total Dollar Volume of Retail Trade Week Ended i 4% Higher Than FURNITURE SALES a Year Ago HIGH—Dun view of the week stated that consumer and interest-in 'stimulated .'in & Bradstreet Trade Re¬ purchases of furniture and women's Summer a ; , apparel and climbed floor coverings. with somewhat, gains apparel. Another rise in sales of passenger cars occurred this week, and volume was slightly higher than a year ago. Dealer inventories in the first two weeks of July ran somewhat higher : those the of comparable -1956 period for the men's wear and BEVERLY first time HILLS, North Roxbury with formerly Calif.—Luis Drive. Waddell Harris, Upham (Special to The Financial Chronicle) Miguel del Camino-Royales is now affiliated with Bache & Co., 445 He was & Reed, BEVERLY HILLS, Calif.—Alan C. Weinberger has joined the staff of Harris, Upham & Co., 9860 Wil- shire Boulevard. ended this total dollar Wednesday was volume of retail FALL year ORDERS men's and women's Fall apparel centering primarily in BEVERLY ago, APPAREL on UP — An upsurge in orders for occurred this week, with interest women's dresses, sweaters, and sportswear; appreciably. Retailers men's slacks and suits advanced again stepped-up their reorders for women's Summer sportswear Carroll Adds BEVERLY (Special to The Financial Chronicle) unchanged to 4% according to estimates by Dun & Brad¬ street, Inc. Regional estimates varied from the comparable 1956 levels by the following percentages: New England, West North Central, and South Atlantic -fl to +5; Middle Atlantic and West South Central +2 to +6; East North Central, East South Central, and Pacific Coast —2 to -j-2; Mountain —4 to 0. a future How does it look? of cancer? You Rosy? Free hope! But E. Fest staff North of has H. HILLS, Calif.—Paul been the Boulevard. Carroll & Co., 324 Nance John R. Lewis John R. Lewis July 18th at the age of 70. Mr. Lewis prior to his retirement had been a partner in Benjamin D. Bartlett & Co., Cincinnati. passed away He was Investment California Camden Drive. year, formerly with Co. and First Company. Cortese to Admit A. J. Cortese & Co., 40 Wall Street, New York City, members of the New York Stock Exchange, on Aug. 1 will admit Vincent Constantino to partnership. this 3 will die because science still has no cure for them. It will take lots of research to find that cure. Pitch in and to help. Send check right "Cancer" in care a now of your local Post Office. HILLS, Calif. —Leo D. Bartelme, Jr., is now with T. R. Peirsol & Co., 9645 Santa Monica to added Americans who get cancer generous Now With T. R. Peirsol Inc. H. ESTIMATES—The the week higher than volume Joins With Bache & Co. (Special to The Financial Chronicle) . REGIONAL in Lingerie, and children's (Special to The Financial Chronicle) year. trade showing. up hoping isn't enough. Of every 6 in boys' than good was Volume dresses, sportswear, lingerie, and some fashion accessories. There was a slight year-to-year increase in the call for men's and .'this fairly a Shoe volume sportswear sales were disappointing in many stores." cotton • made wear better lines. a housewares your "Ready-to-wear sales were generally below last year's volume, except for the high level this week, and volume year ago. Sales of air conditioners, major appliances lagged, but clearance sales promotions 'bedding were sustained at :was moderately higher than •fans July 17 American Cancer Society * 34 The Commercial and Financial Chronicle... Thursday, (40C) Broad Street Funds Report Shareholders of \ ,A. Managed Fds., Inc. -j Featured with the July issue i itj »' By ROBERT R. RICH of History Next Year To Be Best in U. S. Profile," being mailed 15,175 mutual fund share¬ holders of the $54 million Man¬ the Funds, Inc., is an actual sample of Anaconda's "ElectroSheet" copper which plays a vital role in the efficiency of the na¬ aged tion's radar warning system. The text of the publication ex¬ plains the uses of this important material and the processes used in manufacture, in addition to a its brief analysis Cop¬ of Anaconda In its mid-year review and PHILADELPHIA, Pa.—Pening¬ the in and forecast, distributed this morning and according to Mr. Randolph, with this year "once ap- between evenly \ tt 4 i>. i stated He i that Amato has become associated with them as representa¬ registered a tive. important been able $10 billion. Now, homebuilding has begun to turn up, automobile sales have been better the last couple of months, and inventories in a good many lines are approaching the point where they will need to be built up again to support present sales truly significant fact is that, while these proceeding, Gross National Product has orable Federal ex¬ review forecast a $5 billion rise in MUTUAL INVESTMENT "despite year a consumer a a /•TWdSM Na/mwf. creased York 5, N. Y. DIVIDEND NOTICE ATOMIC Start Their Own Lightens Transport Share Holdings Association the growing forth set To benefits of managed portfolio investments by U. S. investors in Canada and other foreign countries, four of the largest Canadian investment significance nomic and Committee's member com¬ panies comprise Canada General Fund, Ltd.: Keystone Fund of Canada, Ltd.; New York Capital Fund of Canada, Ltd. and Scudder Fund of Canada, Ltd. Other simi¬ FUND, INC. Quarterly Dividend Investment Income—. Year-end 12ft per sliarfc Capital Gains Distribution pef share Both payable on August to 12, 1957 stockholders of record July 8, 1957 larly new companies in the field Canadian International are: Growth Fund, Ltd.; Investors Group Canadian Fund, Ltd., Tem- Canada, Canada, pleton Growth Fund of Ltd., and United Funds Ltd. ada incorporated been registered and under regulating investment laws S. U. com¬ panies organized to distribute se¬ curities to U. S. investors. public informa¬ delineating the and activities tion constructive role of private for¬ by investments portfolio eign coordinate will Committee The educational in other nations of the Free World. U. Inc. investors S. Canada and in pointed out that other countries have Canada and "increasingly welcomed portfolio investments by U. S. citizens be¬ cause such indirect investments supply essential capital in a man¬ ner does that , not and cannot constitute intrusion tional, corporate affairs, since or in their EATON & or HOWARD, Incorporated individual foreign or in domestic corporate enterprises is limited by the 24 Federal St., Boston, Mass. company, reports for the total net assets of $1,156,024,565 \vas °in- with 97,645,594 shares outstanding, The Fund 1/2,642 shareholders, c^vned by ^ are frccord highf figures t.?.uarte£(yf periocl Act of U. S. Investment of 1940 to assets at not cost." more Gas and Gas & Company than 5% Republic of shares each 800 f ho „ Electric. Reductions consisted of the sale of 500 shares of Minneapolis-Honeywell Regulator,' 400 shares of U. S. Gypsum 300 shares and of National Lead. 1,1 Ti a gain payment of 14 cents i'], n0G uaiT» 1S equivalent to $ anf* compares with a per ~ a1 e ass1G|'r£,va e $11.69 on Ju"e 30, 1956. Ihc Broad Street Investing $21.37 at March 31 Corpo- report calls attention to the Trust's continued in growth the $100,061,360 number of its shareholders. Shareat June 30, a new quarter-end holder accounts have increased by ond common stock mutual fund high. This compared with $94,- 13,228 since the first'Of this'jtear in nisiory to reach this size. 518,508 at the start of 1957. and have nearly doubled from Assets of the fund, at June 30, Per share asset value was $21.95 88,000 to over 172,000 in the past totalled $406,555,415, a gain of at the mid-year as compared to live and one-half years. Net value asset vanced than more share per dollar—from a Shares ter. 24,039,337 outstanding to rose shareholders and to all the thousands corporations," of according U. S. the to fund's quarterly report now in the mail to shareholders, "Fewer than 50 have now sharehold¬ many as Fundamental Investors, as ers March Investors has 31, Fundamental materially reduced in transportation is¬ Railroads, which represented its holdings 6.5% the of been fund's net assets on tive, were In¬ eliminated. completely creased holdings in automo¬ building, chemical and oil popularity with shareand, at mid-year 5,023 holders, plans were one out of every four Corporation's 21,590 share- in meant This use. about of the holders of the availing was themselves facilities and services pro- Common stock holdings Although American the was only Marietta stock common newly added to the fund's port¬ during the quarter, substan¬ increases vious were holdings made of in pre¬ American Broadcasting-Paramount Theaters, with 77.3% TAr > nAffi. ^ of Safeway conversion that of More stock oL important 41111 ngf included°mi2 700 share* Power of Middle Oil South Utilitios & lSl share Marine Corp.; Timlcen Roller Bearing Co.; and Trane Co. shares 4 000 nf 9 9AA 2,200 shares of The Amerada of completely holdings Petroleum. important decreases in more included Pacific Ry. Co.; United Airlines, Inc. and Western Pacific of 5,000 Electric, Oil, 3,200 shares of Union Bag-Camp Paper, 2,100 shares of Sunray-Midcon- RR. tinent Common stocks ings from during the the fund's quarter hold¬ were Northern in Co. Reductions were made holdings of Atchison, Topeka & Fe Ry. Co.; Boeing Air¬ Santa shares 3,300 of Pacific shares of sales Gas & Shell Oil, and 2,000 Kennecott Copper. National plane Co. and Illinois Central RR. new Co. $10.76 Investors quarter-end at June shares shares record 30. in insurance bank stocks, reports were This aS comPared with $22.05 OH W,097,030. Including the eC ^pital ( gains distribution of 78 pG1^ a1G paid last Jan* ol» represents an increase of trie, 3.900 shares of Atlantic City Electric, 3,400 shares of I-T-E CirBreaker, onH and specializing company and DeC- 31' 1956 when total net assets 7 of Inc.; Avon Products, Inc.; Chesa¬ Krqger. Holdings were eliminated peake & Ohio Ry. Co.; General by the sale of 10,000 shares of Motors Corp.; Gillette Co.: Out¬ American Natural Gas and 1,200 board fund 4 300 shares Powp! FmUiiTn Rrpalrpr dis- share represents per r0tal net assets oi' *50>347>3«4 on Jane 30' 1957' eciual to $2311 per shares shares of OkhdiomGas Pllit cuit gains of 12 000 SkSly of capital the an preferred . shares broad total net $50,£5, 1ton 30, 1957, equal nf°r SJ!?areo?S ^ $22-05 on Dec. 31, 1956 when <!frn^°?'UOn ti-ibution of 78 cents 8,600 shares pai(1 iast jan 31 this received upon in(.rpa~0 qq^ !T if Stores American^ ? Including ... , 4 company. . low cost, total net assets were $47,097,030. ' ' management at -diversification of risk, ready marketability, and convenience of ownership are attracting more ancl more individual, fiduciary and institutional investors." Century Shares Trust, a mutual ^und company specializing in in- three months earlier a such advantages as professional made 78.4% of Broad Street Investing's net assets on June 30, as compared The trustees note that, "This continued gain demonstrates that surance company and bank stocks, vided by the Plan. Montana shares. tial in gain ,>.n March 31, are now down to -5.0%. Investments in air line shares have Co. The Broad Street Investing AcPlan continued to cumulation up Inc." sues. $21.85 at : and beginning of 1957. that 86,132. "Of the ad¬ $15.67 to $16.91—during the quar¬ na¬ the extent of such investments Dealer ' Trust, ration net assets were eliminated Investment ™ a cap shares 1,000 000,000 mark during the quarter ended June 30, making it the sec¬ folio The Committee your . Investors Tlusts 33-yeai history Thc"%\ ass.e* va}ue share ^ ?., which, together with $400,- the passed Since have AH since 1954 under the laws of Can¬ Prospectuses available from T three months ended June 30, 1957 over the figure on March 31, end of the first quarter. public information source. The MUTUAL i!1 was of Safeway ment ®steblished Total net assets of Fundamental Investors, central $36,689,641 vestment Companies, as a From eco¬ of DEVELOPMENT -i l\CW A\CC01*(IS cific Fundamental companies announced formation a Commitee of Canadian In¬ 4 UTolr^c lTlctl4.Ua • y-* of American.Natural Gas and Pa- Canada Funds Established 1930 Broadway, New of Electro- nation's oldest mutual invest- 1,200 shares of National Cash Reg- YOUR INVESTMENT 120 rP Massachusetts shares by 800 shares Natural RESEARCH CORPORATION t\t .. .. eliminated holdings by the sale of FREE INFORMATION NATIONAL SECURITIES & T 4TA* A. J. portfolio Monta^ P^er inv istciv PROSPECTUS TO DEALER OR TIT ,UPOn ?ng sales Hooker of National Lead< and u . , -+kCWi n/wf 1,000 WRITE FOR FOLDER AND Ran- bond stock common with Industrials have closed higher on Sept. 30 than at their June low in all but one of the last 33 years, the Slayton bulletin said: "The statistics of the 'Summer rise' plus the general business outlook add up to a sound argument against waiting until this Fall for the commitment of investment funds." Pointing out that the Dow-Jones A*?1 the .. the included of shifts also some issue market T In 4 spending. consumer should also $13 billion increase in income after taxes resulting in Mr return. of within shareg preferred stock category to take advantage of opportunities for improved income provided in the new said bulletin The continue upward next year, rates made were billion in 1958. FUND issue new dolph added that growing desire to limit them, both in the Administration and Congress," with state and local government spending also due to increase. It predicted that total spending by all governmental bodies will climb another $8 next penditures on of chcmical, 3,600 shares of Shell Oil, 2,000 shares of American Airlines 2,000 shares of Eastern Air Lines 2,000 shares of Minnesota Mining & Manufacturing and 1,600 shares bonds which ^cause of current money market placed holdings 5 0()0 and that within this category investments emphasis was ance, of shares 4.900 and f0jj0 bal- this maintain to securities were rise to senior in Cup, u. S. Vitamin. Reductions in port¬ conditions, offered relatively fav- declines The interim A Tulip port- the lor Holdings Purchase during the past purchases quarter folio were concentrated "The Stores. of 5,400 shares of common stock °£ Skelly Oil, 5,000 shares of Lily- *. 4u • j volume." ton, Colket & Co., 123 South Broad Street, announces that Michael A. ACI-Wrigley stocks, the chairman re- nnrfpr3 to keep again" demonstrated the ability of the postwar economy declines localized by industries, and adaed: distributed fixed-income senior securities and common New investment positions established with the pur- ?Q7£mp<l£ Corp. debentures, 5%, ,warJ; s attac^d and 30,600 shaies ot common stock of have investments be to proximately $460 billion in actual review noted that the first half of were chase of $500,000 principal amount fund's continued services of total 1958 output of goods and dollars. a stocks. compared with $7,942,047 six The year, stocks held months earlier. According to the report, the Federal Reserve Index of Indus¬ trial Production could reach a level of about 150 by the Summer next increased in value period but prices of bonds preferred year, 1.957. and The Slayton Colket totaled $73,379,011 at June 30. This also set a new high, up $6,969,635 in the from $66,409,376 at the beginning portfolio were depressed by tight of the year. money market conditions. Net National Investors continues to assets totaled $8,265,590 at mid- be fully invested in common $56 million shareholders of Managed Funds, Inc., Slayton Asso¬ ciates, Inc. said it sees no signs of a change in the pattern of the expansion movement which began in mid-1954 and successfully underwent1 mild "slowdowns" during the first halves of 1956 some With Penington, a the 15,250 to of Co.. per stock holdings mutual fund flatly predicted today that 1958 will be the best year in the history of American business for the fourth consecutive 12-month period. of The investment counselors • <-"■ lier, ^reflecting the fact that was reported by .Francis F. growth stocks in the investment Randolph, Chairman and Presi- portfolio over-all fared considerdent of this balanced mutual ably better in the market than fund. This compared with $11.55 stocks in general, three months earlier. Common Net assets of the corporation ' ; i y' *-*' * «• * ■ lf% from'$9.69 three months ear- at $11.64 at June 30, shares stood ■ 'h\ , * . of Whitehall Fund value Asset ? •/!,,/' * , Can Feel Anaconda "A Product t-'' " • i, to July 25, 1957 of set level was a of up /o • Commenting . on recent results fo msurence and in banking, the ^lus^ees observe that: ."Premium volume and investment income for the fire and casualty insurance industry continue to increase and are expected to establish new records in 1957. All the fire and casualty insurance companies nnrtfniin represented hiw in the o portfolio have paid the same or gfater dividends than l!«G. T"e underwriting experience lor the industry was mixed. Higher Volume 186 Number 5658 . . The Commercial and Financial Chronicle . (407) insurance and rates writing experience in in now been Continued from paqe 14 eral be under¬ the year of progressively the results force "More Yankee Trade- re¬ expire and are is ance reported 1957 in the first 29% were similar good period the based life five in insur¬ months 1956. 1957 indicated insurance r\ ; irivestments. t• n ., . Quest,#ns B##kkeep,n* . ^ tlm four items contained in this overall aid authorization,. mortality experience higher rate of earnings on a American people. In the end, it will cost the American taxpayers industry favorable and to reduce the overall foreign aid budget in the eyes of the public— to conceal $2 billion annually from both the Congress and from the rising premium volume. on ' which I about to detail briefly am "Most of the banks represented-were adopted by the responsible have, reported officials of any publicly held higher earnings in the first six United States corporation, these months of 1957 than in the similar officials would, very likely, face in the portfolio period for of 1956.: loans As the interest Here rates continues strong the outlook is tor a continuation-o( this imfor continuation of provement of during tile year.' the (1) The budget of remainder ncxt years, which certainly be added to the total for- & at trouble the mutual for because us it means interference in the internal bank- two ing affairs funds of other countries through and high of $267,146,922 ,fu ugn lending ana relending reienaing 1957 1957, nomn.rpH with large sums of money within their compared with. new no 3f> on June 30, $243,071,203 at present. as currency re¬ ceived from these food sales spells of Howard not fr7m"the°America"n concealed Moreover, foreign Gain in Half were Depart- three people Fund Assets Eaton the eign aid bill. This item should be . „ year a ~ .. p „ country. Only 10% of the ago. soft Eaton & Howard na.anced Fund -L'uiiencies received from food aid semi-annual report, issued to 26,- sjdes 1S used *or the maintenance our own overly~P°Pulated gov- 228 shareholders, shows assets of $180,348,933, 'an increase of $3,574,557 during past 12 months. Shares outstanding on June 30, 1957, totaled 8.070,559, compared with 7,833,594 on June 30, 1956. Value per share was $22.35 on June 30, $22.57 a 1957, year for the ment eminent establishments within a given country. The balance of 90% puts us in the foreign bank¬ ing business with foreign cur¬ obviously rency, „, . . normal conduct threat a „ of the to the __ Furthermore, it dumps ago. After adjust¬ distribution of real¬ volume of af- large a held government A billion two new "blank check" with without Line of have hoaxed its food assistance and — the world by destroying our- save We is folly" if expand and I gram. . . do we assure it you, . . continue giveaway our can not "it - pro¬ is the substitute a firmness Behind our foreign-aid in a Maginot billions, ourselves we with the have purchased we security. And told repeatedly that are given deceptive is and conviction that selves. dollar these why added The reasons more are need we traders. Yankee ability to trade mands respect, prevents wars. War. com¬ wins friends and The foreign aid The sterile hand of state is To strings. The no me, of the most alarm¬ one aspects of foreign our aid proposal cal1? program is that well I"!' h",authorization of ^efni pe0Die have be"n ,, f r'f «S™ sPent at ,]d tjlat vast 0f rate 0f $500 000 000 for the suaded ^hat ttus ™st array of so manv nnn nnn first year and $750,000,000 for each ,e1?? S^years. No ^ spendfn^This^af/sumVill'be tlmre we taw'aot k°u§ht one i°ta of protection in given at away the discretion of seaCuritPe dmg W,U bUy Thp of case istration called UP"" tducu upon ^POPTinhinal no spread has been defined. It is im ted k importantto hl bl , f great will nnn_ necessity in spite of the sacrifices have we been to IIlctlAe. ACUTIH tU make. Recent news news dispatches from Japan, Formosa, t th . t hilars lion tion to American tourists. This has been shown in country after coun- hundred the million dollars two succeeding years. The only problem will be to see that the money is fully spent and never mind how! T, , It This is happening Happening '» and ana more more both our Domestic and Foreign dealings. Never before, at a time when more £e g«ns ?re not, booming, have the American people jected from to . more been sub¬ "brainwashing." Washington than at present. Never before Executive has the been will- of the forcefully more , _ Europe, according to the United Press, is extending a cool recep¬ five and demands and. the private ini¬ tiative which can supply them. » nfoe'the inperan" and other countries report numer- imposed upon both the Congress P~ ous manifestations of anti-Ameri- and the American people. Never tg f. t sentiment. Even Western before have we been confronted wfll become the SK with a more bloated centive, the urge and the itch to get rid of the additional one bil¬ over now wants recos . biiii0n shnwfi nnH H Department of State and the International Cooperation Admin¬ the and interposed between, human arrav , should „. be _ recalled . that the Jast Congress flatly refused to give £vnnk£nSn!?nnt a Dlank check for $160,000,000 Now under that have been the recipients bounty. Not being satisfied with giving aid. to our friends and allies, we have given billions to the socalled "neutralist" nations, totry of per year for ten years, a new authorization Federal budget ,v ow- gether with vast quantities of military supplies. No thought has been given to the stark peril that $71,800,000,000 — the danger to inflation that — greatest kas ever been forced American people. These our UUVv . fiscal Tairs of any country. with compared War. strength has and money Cold ing Agriculture includes $750,000,000 of foreign aid for the Eaton-Howard assets V that for - It course. comfortable . (4) items: of ment should Combined the are States policy a belief 35 »®re billions because the visible S lf we do contmue program is today supplanting the private investor and in a large Pa*t °f the aid budget will go up P &• and the defense budget already The present policy of weaken- measure competing with the sound Plagued by inflation, will become ing this nation's economy and cle- expansion, of foreign trade. The a militaiy secret,^ and a more fenses by giving ourselves away dead hand of the government This nr,u*~ is a dishonest makes it inevitable that we will bureaucrat cannot take the place technique. It should be con- be forced again to send our sons of American initiative it can to fight and die in a third World only dry it up. domned and rejected. Federal prosecution: demand favorable at eign us doing, the United so bankrupting the American people. One thing is certain—we cannot sP°nsors. Another is in¬ or of dorsed, by an almost overwhelminS majority, an aid program for the new fiscal year which Senator Johnson now both supports and of the of excess of for year for life sales in the United company States that resources would be able to achieve its goal without insulting the beneficiaries Less Foreign Aid" re¬ newed. "It In policies as natural as dustrial potential. unsatisfactory should flected have beihg instituted after the are generally 1956 which factors are reappraisal. Several the upon that compel months ago Congressmen got the surprise of their lives. The people rebelled our against the excesses of the sunerspenders in Washington and their protests descended upon the legislators in an avalanche,, the like of which they had never seen before. For a time, Congress took for- the same President boldly de- in some future time these very renre--cign countries receiving them, mands another "blank c^ec^" arms might be hurled against our it™ nVl "/ nhove thereby restricting the normal hls appointed, not elected, global own sons. notice and took out the economy the Tune 1956 figure Common procedures of foreign trade. This spenqers to lacue out tv»o vx.i.uii vVe have already seen Tito, knife. Then the people stopped has led to an ever growing number dollars over a three year interval. Nehru, Nasser and others visit and protesting and the stocks totaled 69.8% of fund on spending went + Siowmg numoer And to toss out thc^c billions ^u ^sser ana otners visit j into high gear again, spurred by June 30, 1957; 9.9% was invested' ?f 5°^iaintLfr?^U* S' exP°rters where thev oleLe when thev 1 h°" toJh.e Communists m the in ized profits Decern her tenK of the $0.42 «hare share a supplies, at less than cost, in on ^ —, value nn . - - * preferred stocks; 11.7% in nn(:nfp hnnrH- G^verni^-rrt Iinipc 1 ings in s r-a^h f: i wore billion dollars of Please ana as tney please, it con- a "defense support" is another Eaton & 'Howard Stock semi-annual report, issued 942 increase 1957, totaled 4,013,781 compared 3,157,084 on June 30, 1956. Value per share was $21.62. com¬ pared with $21 a year ago. After adjustment for the distribution of with f ? profits of $0.35 a share in December, the share value repre¬ the increase an June 1956 of 4.6% figure. totaled stocks 87.7% above Common fund of on June 30, 1957; 12.3% was in U. S. Governments, short-term notes and cash. Largest stock holdings by industries were oil (16.6%); insurance (8.6%); power and light (7.9%); chemical (5.9%); natural gas (4.9%). '' a dunli- .J constitutes a dupli aid funds, regaidless of highest officials and the H. Ncvvbold's Son & Co., 1517 Locust after the year, argument is that we principal spending are Mr. _l • Beardsley — for on at the least „r. . ^ .. annual appropriation for all for- & Co. more, has Square offices in Building, the Ard- ventures. It would end the bureau- the case of this plan, the "defense support" funds to are be reallocated the to In¬ ternational tration, in the not in so Cooperation Adminis¬ that it ends up as before economic aid pipeline and the percentages that are given to stimulate the superspend^ Now it is planned to hide foreign military aid from the Congress by incorporating it in our that through the catacombs of the Pentagon! If Congress allows this to hapruns and economy of creeping There it that means the will so-called be sepa- This global giving our less and _ the many costly A1 further spread Joins Sills Co. Staff MIAMI, now the overall billion budget. will be Actually hidden from Congressional supervision, so that it will be almost impossible for legally constituted legislators to know how much is beirg spent for military aid and whether or not it is being u-.ed exclusively for military hardware and training Fla.—Arthur P. Green with Pills & Company, Ingraham Building. The purpose of this is, of course, single year are a ap- their be con¬ may soon inflation that not an effective of assisting ways * a • other countries u in • i their . economic development than direct handouts — ~ - from the Federal Treasury, We need more Yankee traders less of Lack more foreign aiders to stimu- coordination is nL 4ii«*a n a true index to the o character of the foreiSn sid program that the Congre^s is being asked to continue. nature and With the difficult world's problems varied and and the so derful to simple and easy fast away more without firing a shot and our own politicians their write-offs, such as are now granted to industries engaged in defense production, Another pand the Bank to interest upon way would capacity make loans to of be to the long-term, ex- World low- worthy nations the security of such collat- or is it to a would fiscal lem both than has when, as it is to hit upon and sounder methods of surer Yankee own (Special to The Financial Chronicle) BOSTON, eral Street. many * Mass. — Alfred R. years Mr. was become we than drift ar*1 in more to the downer our an officer for of of the Boston office. Real Property BEVERLY p r 0 p e r t y Associates, Inc., 208 for- Drive> is L ... SaSmS in a are Assoc. HILLS, Calif.—Real Beverl ident* us Stembridge Distributors Group, Inc., in charge ficers more our traders. Alfred Slembridge With W. E. Hitton S Co. so out—give wav opiate which blinds little .... ... problem now before us is get politicians and their ap¬ pointed global givers out of for¬ eign aid and substitute the safer, won¬ continuous drain upon appalling fact that and prob¬ we put One the an for any Nation, a lem at hand. American taxpayer. It has become a home at surmount can . aid us minds and hearts to the prob¬ our harmful? Foreign blame madness. Americans abroad money! But is it good, tax to find, able the win would so¬ lution be Moscow so capital into needy and underdeveloped nations through the incentive of hard in else anyone information, with W. E. Hutton & Co., 74 Fed- specific general vagueness and absence of va or Then Stembridge has become associated spent for the purposes intended, inflation. are ~ pen dollars. propriated for economic aid. Concratic superstructure that the gress loses control of the purse American people must now sup¬ strings. port to keep the giving in high Congress has been handing to gear. It would stop our policy- the ICA, and its predecessor making politicians from creating agencies, billions of dollars of the their mmioi ^ho5i« annual cry r\t "crisis," «ri,jnVt npnnlp's mnnpv without, anv nre, >> which people's money without any preof immediately disappears as soon as vious determination of how the the appropriation is made. And money is to be spent, and without most important of all, it would audit or accurate check to deterstop the threat to our overall mine whether the money was in the spending stream our Pa. carrying out its foreign policy programs of foreign aid. Perhaps the answer lies in the fact that Congress has abdicated much of its constitutional respon- latest in ever, billion one $2 Suburban we ourselves world. agreements be spent in to Newbold's Son favorable secure extravagance in aid. tary, late the flow of American H. not would stop the present waste and military aid funds Co. ganda rather than the application of our own reasoning" and logic? One wonders why this country, with its reputation for ingenuity, organization and production, can¬ and eign aid, both economic and mili- and W. and, maintain concern our How- economic & Parrish their protests fronted with for in „ What Our Aim Should Be in Philadelphia, is aid must go rated from the economic aid funds with coun- quarter for formerly was of addition to its main office in associated In 7 Communist satellite tries of Eastern Europe. What is the reason sibility over appropriations. When larger amounts than can possibly Defense budget where it will for- -*-» we the to three-quarters of all aid funds for military purposes and only one- ever repose rr of possible, told a Congress that for- Our aim should be to reduce the Year Street, members of the New York i eign supervision is as committee tions. Stock Exchange and other leading Exchanges, announce that Richard H. Bearasley is now associated with them as a registered representative. spending Executive Departments plead larger foreign aid appropria- for (3) Pa. —W. Congressional ten years more. This means $50 lobbyists for to $60 billion dollars more! ing. With W. H. Newbold PHILADELPHIA, constitutes any reason given for it Year after year, the President, the State Department and the realized sents ^ 2 * S°lemnly prf« begin a program of "aid" „ that powerful propaganda from the President, his assistants and lob¬ byists. Unless thO people reassert „ degree of $20,nod 19 tvmn+hc past 12 months. outstanding on June 30, Shares times many Western demonstration. ... , shareholders, shows assets of ,797,989, an 'mo' ^ rin„ 501,162 during very pos- wll( orgies of fnendship.^nd anti- attempt to justify the. two billion dollars! only will curl our hair hut may Secretary of "policy of panic"? expenditure of this vast sum in result in the tragedy of our losing countries where we already have State Dulles, pleading for bigger Why must our policies be it, as well as our shirts. If that v-military aid programs. This, to a f°reign spending and as little governed by crudg Russian propa- happens we will be unable to aid 18,- Fund to tyye billion dollars but sibly forever and for insm-anceP(48%Vbanking (4o%]:"scheme.to ^femicaf fStfA '^ SnSXntoxS cates economic aid. The sum of. lally tne: Ameiican taxpayers are aie $900,000,000 now demanded for stuck.not only for thrfee years and ctock hold- common indimtric*? Nearly "<™ense support-largely dupli- bonds and short-term ** by ^ ^ IT where they Pl^_when they affected. cor- now • en™ securities business. Of- Robert P. Alford, pres- Nathan M. Dicker, vice- presiaent; and George W. Jackson, * treasurer. The Commercial and Financial Chronicle ... Thursday, July 25, 1957 (408) The following Indications of Current latest week week Business Activity or or statistical tabulations month ended Latest AND " ■ ' ingots and castings (net tons.)— Equivalent to— Steel ■ Crude gallons each) 42 July 28 —— INSTITUTE: oil and condensate output—dally average (bbls. ot AMERICAN PETROLEUM Crude ___________July 12 _ output (bbls.)____—— Gasoline output (bbls.) Distillate fuel oil output July 12 —«*; Ago *{ujy \2 —-—— July 12 July 12 July 12 Kerosene (bbls.) in or, of quotations, cases Ago 17.0 84.0 *79.3 *2,030.000 of that date:; ACCEPTANCES FEDERAL — Imports Exports - Year Month Ago $227,394,000 $264,465,000 501,029,000 251,236,000 15,111,000 15,061.000 12,334.000 21.780,000 OUT¬ RESERVE BANK of June 29: , —— Previous $219,798,000 501,593,000 DOLLAR OF NEW YORK—As 419,000 2,150,000 are as Month BANKERS' STANDING §2,079,000 either for the are Latest . stills—daily average (bbls.) to runs .... Week that date, on Year 581.2 July 28 — , Month Week STEEL INSTITUTE*. Indicated steel operations (percent ol capacity)—. IRON AMERICAN Previous production and other figures for th« cover Dates shown in first column month available. _ 6,882,050 6,952,000 7,294,050 7,083,950 Domestic <7,972,000 7,840,000 7,127,000 8,028,000 Domestic warehouse credits— 43,264.000 58,008,000 26,861.000 25,876.000 27,254,000 27,196,000 Dollar 21,459,000 5,259.000 8,924,000 177,700.000 177,004.000 125,297,000 $978,925,000 $933,755,000 $684,036,000 179 205 1,752,000 1,743.000 1,722.000 12,446,000 11,846,000 exchange Based 2,265.000 13,000,000 12,606.000 shipments — goods on ______ — stored shipped and between foreign countries 7,739.000 7,730,000 7,645,000 7,893,000 181,973,000 185,920,000 191,317.000 178,366,000 29,253,000 28,597.000 26,187,000 27,415,000 125.564.000 119.592.000 106,171,000 104,521,000 47,020,000 46,248,000 42,870,000 40,926,000 691,991 535,334 746,125 619.988 481,118 523,987 612,560 18 $386,363,000 $325,465,000 $370,829,000 18 18 202,280,000 111,090.000 184,083,000 214,375,000 185,157,000 157,068.000 Wholesale liabilities 18 Ju]y 18 141.904,000 124,359,000 136,014,000 121.059,000 Retail 42,179,300 90,016,000 49,143,000 36,009,000 —July 13 Pennsylvania July 13 DEPARTMENT STORE SALES INDEX—FEDERAL RESERVE SYSTEM—1941-49 AVERAGE = 100 — July 13 7,500.000 1,500.000 10,335,000 7,306,000 77,000 69,000 612,000 441,000 Residual fuel oil output (bbls.) terminals, In transit, In pipe linesunfinished gasoline (bbls.) at— —■— July 12 Stocks at refineries, bulk and Finished (bbls.) at Kerosene Distillate fuel oil (bbls.) at——— Residual fuel oil (bbls.) at Jujy }2 • —— ——— —July 12 . July 12 ■ . , cars).—— .—July 13 freight received from connections (no. of cars'—-July 13 freight loaded (number of Revenue Revenue CONSTRUCTION ENGINEERING construction Private Public construction — _____— __ and municipal State Federal OUTPUT COAL • ■ lignite (tons) anthracite (tons)— — 185,672.000 (COMMERCIAL AND BRADSTREET, INC 129 99 July 20 12,306,000 12,337,000 July 18 266 256 INDUSTRIAL) 241 ;: ' 5.967c 5.670c S64.56 $54.50 $56.17 $46.50 28.750c 28.775c 31.100c 39.600C 26.900c 27.350c 28.775c 35.175c , and at in millions 14.000c 16.000c Total consumer 13.800c 15.800c Instalment 10.500c 11.500c 14.U00C Automobile 10.000c 11.000c 13.500c 25 °nOc ?4 OOflc Repairs and 96.750c 98.250c 96.000c Single 93.69 93.23 103.97 Charge accounts 96.54 96.85 107.80 94.56 95.77 92.50 93.23 94.41 103.80 85.59 99.04 104.31 93.08 93.52 93.23 105.34 3.69 3.61 3.72 3.00 4.28 Jujy 23 UCTS—DEPT. Stocks Stocks 3.40 4.19 4.11 3.52 Refined 4.66 3.81 4.39 4.28 3.60 Stocks 4.09 3.49 4.17 4.19 3.43 Consumption 428.3 422.6 408.6 238,939 254.633 220.607 158,025 287,444 202,972 54 94 70 488,517 446,373 419,664 528.096 110.21 110.22 110.22 103.97 227,670 277,620 219,690 1,134,930 1,228.100 1,043,990 Stocks 253.850 246,100 June 29 „ 211,520 Produced Total 248,190 288,900 234,320 '452,091 562,635 371,930 465,644 84,090 93,460 102,450 80.650 445.372 641.606 387,990 483.273 Railroads 529.462 735,066 490.440 563,923 Utilities June 29 June 29 2.005,501 2,360.575 391,380 1,832,440 337,940 1.915,064 340,960 —June 29 1.799,292 2.138.306 1,650,500 June 29 2,140,252 2,529,686 1,988,440 2,028,393 of members— — Odd-lot sales Number SPECIALISTS AND SECURITIES by dealers ON EXCHANGE N. Y. 278,760 887,430 8,895 7.490 879.940 $47,024,644 $57,518,106 $44,688,041 ACCOUNT MEMBERS ON THE N. Y. 207,870 297,550 237.090 253.030 207,870 297~550 23~;ot;0 253,030 4.84 4.77 4.41 2.97 2.91 3.19* 4.05 4.05 4.01 $115,813,200 $313,420,450 $239,162,900 Exports $1,862,200 $2,142,700 $1, 511,700 Imports 1,117,500 1,130,300 901,100 $278,000,000 $278,000,000 $281, 000.000 270,527,171 *•" 275.233,787 272, 750.813 107,137 103,223 LABOR — 536.590 . 469.070 354.260 349.540 = SERIES Farm — U. S. DEPT. 405,140 465,170 428,110 10.968.610 8.802,590 9.194,310 9,876.960 11,434.380 9.230,700 9.544.170 MARKET S. U. S. GOVT, Total 92.7 SI.5 90.7 EXPORTS I CENSUS OF IMPORTS AND Month — of April STATUTORY LIMITATION DEBT (000's omitted 30 that amount may be »: outstanding time.. Outstanding— Total gross public debt obligations not owned by the ' 73.888 *106.*4 105.2 102.4 97.1 92.6 gations not face *125.4 125.3 121.3 July 16 July 16 125.4 114.0 UNITED STATES barrels of 463.485 $274,889,417 $272.361,21G 3,110,582 8,638,783 $270,634,309 GROSS $275,337,011 $272,824,702 5,589,952 DEBT GUARANTEED—(000's As of June General §Based on new annual capacity of 133,495.150 tons Bs of Jan. 1, 1957, as agaiqst Jan. 1, 1956 basis of 128,363,090 tons. tNumber of orders not reported since introduction of Monthly Investment Plan., IPrirr.e Western Zinc sold on delivered basis at centers where freight'from East St. Louis exceeds one-half cent a pound. ; * i r 1,154,000 outstandings amount of obligations, 447.594 7,811,678 total $275,337,011 445,988 $270,188,321 outstanding public debt obli¬ subject to debt limitation 5.839.874 6.546,183 $265,044,357 $269,497,137 $266, 278.519 $272,824,702 issuable ijnder above authority 81.2 Meats 117.3 $270,634,309 obligations Deduct—other ' public debt and guaranteed 90.3 107.2 99.2 June: I of June face any Ea lance *117.7 118.0 July 16 July 16 ^Includes DI¬ SECURITIES GUARANTEED of IN 3.82 omitted): Grand July 16 foods figure. TRANSACTIONS A.—Month STATES (000's OF 100): products "Revised (24 » 1 AND U. 349,860 9.471.820 All commodities other then farm and foods , Tel.) tlOt Treasury June 29 commodities Processed Tel. Amer. (199) Guaranteed June 29 (1947-49 : inch (15i Commodity Group— All 1 purchases at June 29 ; NEW OF June: _i (SHARES): Short sales PRICES, of 5.35 —As STOCK Total sales WHOLESALE YIELD AVERAGE STOCKS—Month Total grcss sales 1,566 4.68. round-lot sales— Other 613 933 3.82 ROUND-LOT STOCK TRANSACTIONS OF 3.760 835 1,347 _ $43,198,565 June 29 T SALES ____ . 4.69 UNITED 869.987 dealers— STOCK AND — 6.34 125 TREASURY 5,513 1.090,387 June 29 ROUND-LOT 2.738 582 BUREAU 1,099.282 4,958 June 29 EXCHANGE (a) (a) 1.973 .... (1,000 pounds)— 3.79 875.500 918.676 913,718 June 29 Round-lot purchases by Number of shares 584 231 373 971,034 $50,851,492 sales Other FOR 1.040.077 $58,590,113 sales Short Total 1,321.026 $71,218,077 sales by dealers— of shares—Total sales Number TOTAL 1,243.296 $67,174,539 June 29 June 29 June 29 June 29 total sales :_ Dollar value Round-lot 658 4.96 Net other sales Customers' 109,481 6.31 OF June 29 short sales 76,314 88.480 (a) ... _ __ Insurance purchases by dealers (customers' sales)— Customers' 84,940 (at . (not RECT June 29 Number of orders—Customers' _ .. ^ WEIGHTED Average STOCK Dollar value Odd-lot . .. _ COMMON KM) purchases)—t (customers' 31. - COMMISSION: shares of - _ Industrials (125) •TOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODD- — 164.626- bales)— .. Shipped Banks purchases DEALERS 70,958 216,921 1,749,633 sales EXCHANGE 58,780 61.363 233,550 Total sales LOT 60,474 60 . Produced 12,000 221,550 MOODY'S * 125,993 53,359 _ _ _ .... Stocks May 31 228.850 15,800 218,520 June 29 June 29 Other sales 135,760 75.372 67,855 — _ Shipped 20,300 —— sales 123,115 69,534 _ .. - (1,000-lb. May 268,600 purchases Short 245,736 135,735 120,255 218,600 — Produced 29.200 Total sales Total Stocks June 29 Total round-lot transactions for account 125,619,000 279.436 51,325 __ May 31. (tons) Fiber 218,990 i Short sales Other Hull 1,230.920 transactions initiated off the floor— Other 112.797,000 73,338 _ (tons) (running bales)— Linters June 29 June 29 .— — Total sales 384,109.000 90.323.000 100.139,000 . (tons) (tons) June 29 June 29 sales Other r 1,263,680 277.876.000 74,543.000 98,247 May 31 Motes, Grabbots, etc. Short sales 1 1,505.720 1,362,600 transactions initiated tm the floor— 74.437.000 91.144.000" Hulls- 1,044.810 1,220.570 120,866,000 112,023 s (tons) Shipped 186,110 June 29 June 29 ._ (tons> Produced 1,248,990 96,151,000 293,212 — Meal— and Shipped 1.544.090 99.742,000 106,940,000 . (pounds) Stocks May 31 June 29 June 29 — Total purchases (pounds) May 31 (pounds) Shipped 1.307.310" 116,696,000 Gil- Stocks July J3 Jul-V }■} July 13 Total sales Other . Produced A53.861 285,057 245,087.000 (pounds) May 31 4.19 Cake 19,474 257,523 53,744 81,446,000 Shipped (pounds)- 4.72 10.132 278.391 107,760.000 Produced (pounds t Crude 427.7 , 11,115 319,714 79,033,000 3.29 4.02 Produced , 2,197 Oil- 3.51 3.95 198.1.59 sales 3.701 224,145 _ 4.19 4.20 July 23 stocks In which registered— sales Other (tons) May 31 3.97 ^Jhly 19 purchases Short 3,258 2,260 of (tons) 4.10 BERS, EXCEPT Total 3,536 3.687 2.280 PROD¬ COMMERCE—Month OF (tons) ' REPORTER PRICE INDEX— Transactions of specialists lu 9,156 Seed- Received at mills TRANSACTIONS FOR ACCOUNT OF MEM¬ ODD-LOT DEALERS AND SPECIALISTS: MOUND-LOT - 3,785 :i___: SEED COTTON 4.25 4.74 ASSOCIATION: 1941) 9,483 7.401 May: Cotton 4.21 July 23 , AND 4.42 Jujy 23 (tons) Percentage of activity Unfilled orders (tons) at end of period— 6,626 3.741 — ____ 4.24 July 23 July 23 — ——_ 4.01 Ju >'23 Ju y23 July 23 — __ - 4.12 JuJy 22 —— PAINT AND DRUG AVERAGE = SEED Crushed Production OIL COTTON 102.46 94.71 — MOODY'S COMMODITY INDEX 1,677 7,442 105.86 91.91 Group 1,760 9,806 Joans Service credit 86.65 Group 7.671 7.535 . loans-*-— payment 85.98 92.35 85.85 — 14,059 7,731 - _____ 87.11 90.34 Baa 29,763 14,659 31: modernization 95.92 93.23 A $38,919 31.532 RE¬ credit Othcr consumer goods 86.32 89.92 Aaa $41,015 31,901 1,783 term __ Personal loans 02.93 Aa 128,617 SERIES—Esti¬ _ 25.000c —July 23 UATIONAL PAPERBOARD Orders received (tons) May credit 96.000c YIELD DAILY AVERAGES: Government Bonds 597,135 341,285 $41,707 FEDERAL THE credit 10.000c y 23 Group 895,828 725,752 712.252 ■ J»ly 23 *!u!y i?? Average corporate OF of as 14.000c 13.800c 92.91 Group Utilities $1,621,580 803,194 1.053,537 145,403 ___ intermediate and 25.000c —-July 23 — July 23 Group Industrials $1,856,731 685.777 Noninstalment credit Baa"—"——"——————— Public 3,588,000 $43,013,000 831.180 _ SYSTEM—REVISED short July 23 Group 4,728,000 $52,552,000 OUTSTANDING—BOARD GOVERNORS mated 10.500c Aa Railroad 8,598,000 730.187 — ; 94.26 U. S. 7,331,000 12,812,000 10,820.000 of : - __ ■. CREDIT 13.800c July 23 BOND $10,684,000 6,430.000 15,686.000 EN¬ — Month — municipal 14.000c —July 17 July 17 July 17 July 17 July 17 at Aaa Industrials $14,888,000 7,156.000 $1,561,367 CONSTRUCTION —: CONSUMER OF July 17 —July 17 — DAILY AVERAGES: U. S, Government Bonds ; Average corporate ———— MOODY'S $12,966,000 $60.61 5.967c $64.95 MOODY'S BOND PRICES Utilities 1.105 14.852 construction Federal 5.179c $64.76 . July 17 — - ——* (delivered) at— Zinc (East St. Louis) at Aluminum (primary pig. 99% ) at— Public 93 1.200 3,551.000 NEWS-RECORD construction Public 223 $54.17 July 16 fZinc Railroad 82 1.084 $51,454,000 ___. (000's omitted): Total U. S. construction SERVE (New York) 163 10,066.000 liabilities ENGINEERING State refinery tin 181 17,715,000 liabilities Private DUN & — —— — — at__— Ekport refinery at—— Lead (New York) at Straits _____________ liabilities GINEERING Electrolytic copper— Louis) Total CIVIL — ______________________ liabilities Construction 115 551 93 — liabilities 132 600 164 , ___ Manufacturers' 11,125,000 ton)—— ———————July 10 Scrap steel (per gross ton) July 16 METAL PRICES (E. & M. J. QUOTATIONS): (St. number Total 234,219.000 94 Pig iron (per gross Lead , 183 95 553 -___ —..1——______— _____ June COMPOSITE PRICES: Finished steel (per lb.)— Domestic — number number Construction number $391,347,000 11,964,000 AGE IRON 484,050 104 ELECTRIC INSTITUTE: Electric output (in 000 kwh.) EDISON FAILURES Retail BRADSTREET, June: Commercial service BUREAU OF MINES): (U. S. Bituminous coal and of & Commercial service number 1r> —July July —-———July —July construction S. U. INC,—Month Manufacturing number ENGINEERING — NEWS-RECORD: Total ._ FAILURES—DUN Wholesale ASSOCIATION OF AMERICAN RAILROADS: CIVIL Total BUSINESS 30 funds DIRECT AND' omitted»: balances foreign crude runs. Net debt Computed (a) __j annual Not given to rate : 2.730%- • 2 746% avoid disclosure of figures for individual companies. 2.576% "Volume.186 Number 5658 . . . The Commercial and Financial Chronicle Securities Now ★ Abbott Laboratories, North Chicago, III. July 18 liled 800 participations in the company's Stock Retirement Plan, together with 32,000 common shares which may be acquired pursuant thereto. All America Expansion Corp., Pasadena, Calif. May 3 filed 184,000 shares of common stock, of which 02,000 shares are to be offered to public and 92,000 shares issued to promoters. Price—To public, $1 per share; no proceeds from sale to promoters. Proceeds—For general corporate purposes. Business—Purchase and resale of oil fruits grown in Brazil and other countries. Under¬ writer—None. President. ★ LeRoy R. Haynes, of Pasadena, Calif., is Paper Corp., Chicago. III. July 15 filed 21,000 shares of common stock (par $8) to be offered in exchange for outstanding common stock of Allied-Albany Paper Corp. on the basis of 5/22nd of share of Allied stock for each, share of Allied-Albany stock; offer to expire on Sept. 6. a Alsco, Inc., Akron, Ohio June 28 filed 200,000 shares of common stock (par $1). Price—-To be supplied by amendment. Proceeds — For expansion, repayment of loans arid for working capital. Underwriter-—To be named by amendment. ★ Alumjnum Co. of America July 24 filed $30,000,000 of interests in the compariv's Savings Plan for Salaried Employees, together with 300,000 shares of common stock which may be acquired thereto. pursuant American income f und, inc., New York > May 24 filed 500,000 shares of capital stock (par $1). Price—At market. Proceeds—For writer—None.,Burton ment Adviser — York. H. Securities . • investment. Under¬ is President. Jackson Invest¬ Cycle Research Corp., New • American Provident investors Corp. Feb. 15 filed 50,000,000 shares of common stock (par one cent).'Price—-$2 per share. Proceeds -— For working capital and general corporate purposes. Tex. Office—Dallas, Underwriter—Peoples Securities Co., J. D. Grey, of New Orleans, John S. Tanner, of Dallas, and C. L. Edmonds, of Houston, three of the 22 directors, are Chairman, Vice-Chairman and President, respectively. American Trailer Co., Washington, D. C. July 11 (letter of notification) $120,000 of 10-year 6% first mortgage bonds (in denominations of $1,000 each), 120 warrants for mon common stock and stock 1,500 shares of com¬ has detachable (no par). Each $1,000 bond warrants tor 10 common shares at $15 per share exercis¬ able at any time through June 30, 1959. Price—Of bonds, at par. Proceeds For construction and improvements, payment of debts and working capital. Office—5020 Wis¬ — consin & Ave., Washington, Coe, Washington, D. C. D. C. 1958. Price—$10,000 per unit. Proceeds—To ac¬ quire, develop and operate oil and gas leaseholds; and for Underwriter none; sales to be through corporation and APA, Inc., its subsidiary. ^Associates Investment Co. (8/1) July 24 filed $50,000,000 of senior debentures due Aug. 1, 1977. Price—To be supplied by amendment. Proceeds —For & it Casware, Inc. July 17 (letter of notification) $150,000 of 7% convertible sinking fund debentures due July 1, 1962 and 150,000 shares working capital, etc. Underwriter—Salomon Bros. Hutzler, New York. -Bankers Fire & Marine Insurance Co. — — 312 N. 23rd St., Birmingham 3, Ala. Underwriter—None. Bonanza Oil & Mine Corp., Sutherlin, Ore. ; (letter of notification) 71,710 shares of common (par 10 cents). Price — 75 cents per share. Pro¬ Feb. 11 ceeds—To go to selling stockholder. Friedman & Co., Inc., New Underwriter—L. D. York, N. Y. C & D mon 28 Batteries, Inc. (letter of notification) 14,000 shares of '*-• — For machinery, equipment, inventories and Office Washington and Cherry Sts., Conshohocken, Pa. — Underwriter—None. Calidyne Corp., Winchester, Mass. May 1 filed $1,250,000 of Limited Partnership Interests to be offered first to present limited partners at the rate of one $1,000 unit for each $1,000 of his present then to investment; public. construct Price—$1,000 per unit. Proceeds — To plant; to purchase machinery and equipment; and to reduce outstanding demand notes. Business—Pro¬ duces electro-djmamic shaker and other vibration test equipment. Underwriter—None. Robert C. Lewis, Philip C. Efromson and Thomas Gouzoula, all of Winchester, Mass., are the general partners of this Massachusetts Limited Partnership. Cameron Industries, Inc., New York (8/2) filed 300,000 shares of common stock (par 10 Price—$1 per share. Proceeds—For exploration and development program. Underwriter—R. G. Worth & Co., Inc., New York. June cents) to be offered Second National Bank, Bldg., "Wilkes- Underwriter—None. Central Telephone Co., Lincoln, Neb. (8/15) properties and to make vestments in stock of subsidiaries. advances to in¬ and Underwriters—Paine, Webber," Jackson & Curtis, New York; and Loewi & Co., Milwaukee, Wis. Charter Oil Co. Ltd. (Canada (8/1) July 11 filed $2,250,000 of 15-year subordinated convert¬ ible debentures due Aug. 1, 1972. Price—To be supplied by amendment. Proceeds — To repay bank loans, for exploration and development of properties and for gen¬ eral corporate jmrposes. Underwriters — Lehman Bro¬ thers and Bear, Stearns & Co., both of New York, to handle in sales the United States; part to be sold in Canada through Canadian underwriters. Chess Uranium Corp. (8/20) May 14 (letter of notification) 600,000 shares of common stock (par $1—Canadian). Price—50 cents per share. (U. S. funds). Proceeds—For exploration costs, etc. Of¬ . fice—5616 Park Ave., Montreal, Canada. Underwriter— Jean R. Veditz Co., Inc., 160 Broadway, New York. Coastal Chemical Corp., Yazoo City, Miss. May 1 filed 150,000 shares of class C common stock to be offered for sale to farmers and other users of fertilizer materials. Price—At ($25 per share). Proceeds— construct and operate facilities for manufacture of anhydrous ammonia. Underwriter—Mississippi Chemical par To Corp., Yazoo City, Miss. Colonial Aircraft Corp., Sanford, Me. July 5 filed 248,132 shares of common stock (par 100). Price—At market. Proceeds—To selling stockholders. Underwriter—Glick & Co., Inc., New York. Comico Corp., Memphis, Tenn. (8/1) May 2 filed 750,000 shares of common stock. Price—$2 per share. Proceeds—To construct mill; for payment on mining leases and royalty agreement. Underwriter— Southeastern Securities Corp., New York. Consolidated Fenimore Iron Mines, Ltd. stock and notification) 150,000 shares of common Price—At market (closing price on To¬ as of June 14, 1957 was $1.82 bid (par $7). ronto Stock Exchange $1.85 asked, per share). Proceeds—For mining ex¬ Office—c/o Roy Peers, 9 De Casson Rd., Mon¬ penses. treal, Canada. Underwriters—Thomason, Kernaghan & Co., Ltd., Toronto, Canada, and R. P. Mills & Co., Ltd., Montreal, Canada. (par $1). 7 cents). extended. and N. Dealer-Managers Spencer Exchange Agent REVISED Trask Fidelity — — Union First The Co./ both & of Trust ISSUE Boston New Co., York. Newark, J. Florida March the Trust, Pompano Beach, Fla. filed 4 Trust. acquire 850 certificates Price—$1,000 by purchase, of lease beneficial certificate. per or interest in Proceeds—-To otherwise, and to hold, own, subdivide, lease, mortgage, exchange, bargain, sell and convey lands and every character of real property. Underwriter—N one. Fluorspar Corp. of America May 28 (letter of notification) 30,000 shares of common, (par $1) to be offered for subscription by common on shares held. Price—$8.50 the basis of ing operations. Ore. one per Office—433 new share. S. E. share for each four Proceeds—For min¬ 74th Ave., Portland. Underwriter—None. ★ Fore.gn Inclusive Tour Experts, Inc. July 12 (letter of notification) 585 shares of preferred stock (par $500) and 585 shares of common stock (par 10 cents) ot be offered in units of one share of each class* of stock. Price—$500.10 per unit. Proceeds—For corpo¬ rate revolving fund for charter arrangements for groups ($250,000) and for working capital and other corporate Office—223 East 74th St., New York 21, N. Y. purposes. Underwriter—None. Frigikar Corp. June stock 6 (letter of notification) (par 50 cents). Price 9,000 shares of common At market (estimated — $5.50 per share). Proceeds—To go to Daniel D. DillingCochran St., Dallas, Texas. Under¬ Investment Corp., San Antonio, Texas. haini1 -Office-—1602 writer—Muir Ge^al ft Film Corp., New York Jan. 14 filed 426,988 shares ef common A stock (no par) and 1,537,500 shares of common B stock (par $1). Pro¬ ceeds—To the Attorney General of the United States. Underwriter^-To be determined by competitive bidding Probable bidders: Blyth & Co., Inc., and The First Bos¬ ton Corp. (jointly); Kuhn, Loeb & Co., Lehman Brothers Glore, Forgan & Co. (jointly). Bids — Had beer* scheduled to be received up to 3:45 p.m. (EDT) on May 13 at Room 654, 101 Indiana Ave., N. W., Washington 25,. D. C., but bidding has been postponed. and General Automatics Corp., Atlanta, Ga. May 23 (letter of notification) 100,000 shares of common stock (par $1). Price—$2 per share. Proceeds—To es¬ tablish production facilities for manufacture and assem¬ bly of controls; and for other corporate purposes. Ad¬ dress—c/o Positronic Atlanta, Ga. Corp., 2572 Ridgemore Road, N. W.y Underwriters—Armstrong & Co., Atlanta,. Ga. ' . , General Credit, Inc., Washington, D. C. Aug. 17, 1956 filed $2,000,000 of 6% subordinated sink¬ ing fund debentures, due Sept. 1, 1971, with detachable warrants to purchase 160,000 shares of participating preference stock, to be offered in units of $500 of deben¬ tures and 40 warrants. Price—$500 per unit. Proceeds— For expansion and working capital. Underwriter—Nona named. Offering to be made through selected dealers. Application is still pending with SEC. General Conticca International Corp., Chicago, III. March 13 filed 558,100 shares of class A common stock Price—$5 per share. Proceeds — To discharge notes current unless Corp. PREVIOUS ITEMS stockholders 15 filed $1,750,000 of convertible subordinated debentures due July 1, 1972. Price—To be supplied by amendment. Proceeds—Together with other funds, to purchase AD DITION S SINCE • 37 stock July payable, including bank loans, and long sum of approximately $1,030,000; for new equipment; and for working capital. Under¬ writers Allen Shaw & Co., 405 Lexington Ave., New York 17, N. Y.; and Shaw & Co., San Marino, Calif. Parking, Inc. / : (letter of notification) 240,000 shares of common stock (par $1). Price—$1.25 per share. Proceeds—To re¬ tire outstanding debt; for expansion of subsidiary cor¬ poration and for working capital. Office—c/o Edwin F. Clements, 5312 Glenwood Ave., Youngstown, Ohio. Underwriter—L. L. LaFortune & Co., Las Vegas, Nev. June 18 — Continental June mon Mineral Resources, Inc. (letter of notification) 300,000 shares of com¬ (par 10 cents). Price—$1 per share. Pro¬ 11 stock ceeds—For mining expenses. Office—c/o Registrar & Transfer Agent, Nevada Agency & Trust Co., Cheney Bldg., Reno, Nev. Underwriter—Birkenmayer & Co., Denver, Colo. Continental Mines & Metals Corp., Paterson, N.J. April 24 filed 400,000 shares of common stock (par 10 cents). Price—$1 per share. Proceeds—For exploration and com¬ (par $10) to be offered for subscription by stockholders and employees. Price—$12.50 per share. working capital. 50 $50 of debentures and 50 shares of common Price—$100 per unit. Proceeds—For working cap¬ Office—700 Barre, Pa. development of properties. M. Lister & stock Proceeds (par in units of stock. stock March stock common term debt in the total April 25 (letter of notification) 19,854 shares of common stock (par $5) to be offered to stockholders of record May 30, 1957 on a basis of two new shares for each 11 shares held; rights to expire July 30, 1957. Price—$11 per share. * Proceeds To increase capital and surplus accounts.' Office of June 26 (letter of gram other corporate purposes. Registration it Caramba Mokafe Corp. of America July 12 (letter of notification) 120,000 shares of common stock (par 10 cents). Price—$2 per share. Proceeds—For machinery, equipment, inventory and working capital. Office—701 Monroe St., Hoboken, N. J. Underwriter— Garden State Securities, Hoboken, N. J. Underwriter—Mackall ir Apache Oil Corp., Minneapolis, Minn. July 22 filed 200 participating units in Apache Oil Pro¬ made it IN DICATES in ital. Allied (409) Underwriter — Leward Co., Boston, Mass. following outstanding securities on a share-for-share basis, plus, in each case, cash equivalent to the redemp¬ tion premium for each such share offered in exchange: 5v2% and 6% cumulative preferred stocks of Durham Telephone Co., the 6% cumulative preferred stock oC Georgia Continental Telephone Co., and the 5V2% cumu¬ preferred stock of South Carolina Continental Telephone Co. and of Southern Continental TelephoneCo. All shares not surrendered for exchange will be re¬ deemed in September, 1957. lative General Telephone Cougar Mine Development Corp. March it General Telenhone Co. of the Southeast July 18 filed 120,000 shares of.5.80%, cumulative pre¬ ferred stock (par $25) to be offered in exchange for the 15 (letter of notification) 560,000 shares of com¬ mon stock (par one cent). Price — 50 cents per share. Proceeds For diamond drilling on company's lands, Corp., New York May 24 filed 1,480,787 shares of common stock (par $10) and 170,000 shares of 5.28% convertible preferred stock Continued on — page prospecting expenses, working capital and other corpor¬ ate purposes. .Office—83 Campfield St., Irvington. Ttf J Underwriter—Roth & Co., Maplewood, N. J. Offering— Extra Results! Expected this month (July). Daybreak Uranium, Inc., Opportunity, Wash. May 7 filed 631,925 shares of common stock (par 10 cents). Price — At market (approximately 53 cents per share). Proceeds—To selling stockholders. Underwriter Herrin Co., Seattle, Wash. Federal June 7 ing offered Life on Insurance in the Co. basis of Offer will holders of 90% capital stock (par $4) be¬ shares of Colonial America capital stock (par $10) exchange Insurance Share. Co. filed 400,000 shares of of four for Federal become 100,000 shares effective for upon of Colonial stock, or, at each Colonial acceptance by option of Fed¬ eral, acceptance by not less than 80% of the Colonial shares. Offer will continue to and including July 26, Financial advertising in and sells both the the Chicago Tribune reaches professional buyer and the general public in multibillion dollar Mid America. For the full story on how you can put the Tribune's circulation and sales influence to most productive use with both investor groups, call the nearest Chicago Tribune office. CCljicaoo CTribmic America's most tvidcly circulated market tabic pages 38 38 The (410) Continued from page International 37 June being offered in exchange for common and of Peninsular Telephone Co. on the 1.3 shares of General common for each share (par $50) preferred basis of stocks and one-half share of General preferred share for each share of Peninsular $1 pre¬ ferred, $1.30 preferred and $1.32 preferred. No exchange of preferred stock will be made unless at least 80% of the Peninsular preferred stock is exchanged. Offer of Peninsular common, 1<U Dealer-Manaffers—Paine, Web¬ Webster Securities will expire on Aug. ber, Jackson &*Curtis and Stone &c Corp. and 10 Washington, D. C. June 28 (letter of notification) $150,000 of 10-year 6% subordinate convertible debentures. Price—At par (in denominations of $100 each). Proceeds—To discharge short term obligations and for working capital. Office— 1022 18th St., N. W., Washington, D. C. Underwriter — Whitney & Co., Inc., Washington, D. C. if Geonaufics, July 18 (letter of notification) 10,000 shares of capital stock (no par). Price — $1 per share. Proceeds — For working capital. Office—1346 Connecticut Ave., N. W., Washington 6, D. C. Underwriter—None. Georgia Casualty & Surety Co. May 10 (letter of notification) 10,000 shares of common stock (par $5) to be offered first to stockholders and agents, then to the public. Price—$30 per share. Pro¬ ceeds To expand and finance the company's regular Ga. Office—70 Fairlie Underwriter—None. Dan D. St., N. W., Atlanta, Dominey is President. Getty Oil Co., Wilmington, Del. 17 filed 100,000 shares of common stock be offered for sale from time time to on (par $4) the units in to buy (par $1) additional 354.420 offered be bac'« Inc. of shares one of common three common shares holder tc Proceeds —To acquire stock of fire insurance unit and for general unit. per Each entitles warrant share at $2.75 per share. one common corporate purposes. Office — Englewood, Colo. Under¬ writer—American Underwriters, Inc., also of Englewood. Colo. Steamship & Salvage Co., Miami, Fla. (letter of notification) 300,000 shares of com¬ stock (par 10 mon Exchange. Certain private placements may be made. Price—Either at the market or at a price not lower than the bid price nor higher than the asking price quoted on the Exchange at time of such offering. of —To purchase a writer—Anderson cents). Price—$1 per share. Proceeds ship and for working capital. Under¬ Cook Co., Inc., Palm Beach, Fla. if Lee Telephone Co., Martinsville, Va. reduce short-term bank loans. Underwriter—None. Finance Corp., Ardmore, Pa. $250,000 of 6% renewable subordinated debentures, due upon demand May 1, 1967, without de¬ mand May 1, 1972. Price—At par (in units of $100 and $500 each). Proceeds—For working capital. Office—17 W. Lancaster Ave., Ardmore, Pa. Underwriters—Walnut Securities Corp., Philadelphia, Pa.; B. Ray Robbins Co., New York; and Berry & Co.. Plainfield, N. J. March 23 filed Mascot June 3 Mines, Inc., Kellogg, Idaho (letter of notification) stock. Price—At (11V2 par 800,000 shares of cents share). per common Proceeds Idaho. • July filed 18 debentures due tion by (J. Rav) & Co., Inc. (8/6) $20,292,000 of convertible subordinated Aug. 1, 1972, to be offered for subscrip¬ stockholders of record Aug. 6, common 1957 011 Y. New York, N. Mercast Corp., shares of capital stock (par 10 cents) being offered for subscription by stockholders of record July 18, 1957 on the basis of two new shares for each three shares held; rights to expire on Aug. 2. Price 420,778 filed 24 June Proceeds—For expansion program, to Corp. and for working outstanding notes to Atlas capital. Underwriter—None. repay Co. Merchants • (letter of notification) $300,000 of 6% converti¬ subordinate debentures due 1972 being offered to June 10 ble stockholders of record of July basis of $125 of debentures for each 18 shares of stock held; rights to expire on Aug. 5, 1957. Price—At par in units of $125 each and multiples thereof. Proceeds—For working capital. Office—300 East Pine St., Hattiesburg, Miss. Underwriter — Lewis & Co., preferred and 1.957, 11, the on Jackson, Miss. Minneapolis-Honeywell Regulator Co. of common stock (par $1.50) being offered for subscription by common stockholders of record July 16, 1957 at the rate of one share of new for each 20 shares held; rights to expire on Aug. 1, 1957. Price—$85 per share. Proceeds—For expansion program. Underwriter—Eastman Dillon, Union Securities & Co., June 24 filed 331,237 shares New York. Co. Mississippi Valley Portland Cement Dec. capital stock (no subject to an offer of 26, 1956 filed 1,600,000 shares of par) of which 708,511 shares are Price—$3 rescission. if McDermott 10 common each of New York. Kidder, Peabody & Co., both —'For mining expenses. Office—Sidney Bldg., Kellogg, Idaho, Malcolm C. Brown is President. Underwriter— 25, 1957 expire on Aug. 20. 1957. Price—±0 be supplied by amendment. Proceeds—For expansion of enprauons. Underwriters—Dominick & Dominick and common July 16 (letter of notification) 24,950 shares of common ((par $10). Price—$12 per share. Proceeds—To stock for debentures of $100 Thursday. July ... shares held; rights to —$4.25 per share. Isthmus New York Stock Proceeds—To J. Paul Investments, Standard Securities Corp., Spokane, Wash., and Kellogg, June to purchase to three warrants Price—$3.75 purchase — line of business. to stock Marion Inc. Insurance 118,140 shares of common stock warrants common share and May 21 Genie Craft Corp., filed Commercial and Financial Chronicle tion of plant, provide Proceeds—For comple¬ share. per for general creditors and for work¬ Office—Jackson, Miss. Underwriter—None, ing capital. offering to be made through company's own agents. Getty, President, who is the selling stockholder. Underwriter—None. Gibbs Automatic Moulding Corp. May 22 filed $1,000,000 of 6% convertible debentures due March 31, 1967. Price—At par. Proceeds—To in¬ crease company's activities and for working capital. Office—Henderson, Ky, Underwriter—Cook Enterprise, Inc., Ill S. 7th St., Terre Haute, Ind. July 25 (Bids Price—$34.74 per share. Proceeds—To repurchase or re¬ deem outstanding 6% cumulative preferred stock. Office —Pennsylvania Station, New York 1, N. Y. Underwriter Precision EDT) $6,000,000 & (Albert & Co., July 30 Inc.) National Tea (par 50 cents) to be offered for subscription by common stock¬ holders of Great Lakes Oil & Chemical Co. on basis of Norfolk & Western Ry. (Bids exoloration costs, improvements, expansion, etc. Office Los Angeles, Calif. Underwriter DempseyTegeler & Co., St. Louis, Mo. August 1 Feb. 27 (tetter of notification) 100,000 shares of common stock. Price—At par ($3 per share). Proceeds—For in¬ Underwriter—Benjamin market. Proceeds—For investment. Distrib¬ utor and Investment Manager—Horace (Lehman Brothers Comico Springfield, 111. • Ignacio Oil & Gas Co., Denver, Colo. May 20 filed 650,000 shares of common stock (par 50 cents). Price—$1 per share. Proceeds—For drilling and completion of test wells; for acquisition and exploration of additional properties; and for working capital. Office —1749 Pennsylvania St.. Denver 3, Colo. None. W. Clay Meredith is President. August 2 Cameron (R. Underwriters—Lehman Brothers; Goldman, Sachs Corp.; all of New York. & Worth & to Co., Inc.) Sanders and $300,000 ', (Bids to & Associates, Inc ment. International Fidelity Insurance Co. March 28 filed 100,000 shares of common stock for subscriDtion by (no par) stockholders at the rate of one new share for each seven shares held. Price —To be supplied by amendment. Proceeds—For work¬ ing capital, etc. Dallas, Texas. Underwriter—Franklin Securities Co., (Bids * Debentures Peabody $60,000,000 Bond# (Lehman Brothers; First (Bids to be Common 400.000 invited) 110,000 shares (Wednesday) $100,000,000 Boston August 12 Walter Columbia and The $25,000,000 / v. -Bonds or Preferred to $50,000,000 Commonwealth Edison Co, Bonds & Common (Bids, to Inc.) $2,425,000 August 13 invited) October 8* (Tuesday) . and Prescott, Shepard & Co., to. be Debentures Inc System, (Bids . (Monday) (Jim) Corp (Carl M. Loeb, Rhoades & Co. Gas $6,000,000 Corp.) (Thursday) October 3 Preferred — Sachs & Co.; .Debentures Telephone Co Bell Southwestern sharej (Tuesday) October 1 Class A Common Goldman, $15,000,000 invited) $20,292,000 Co.) Indianapolis Power & Light Co Preferred & Light Co Utah Power Dominick by be to (Bids to.be invited) August 7 •. (Tuesday) $8,000,000 to $10,000,000 invitpd) be be . invite^) $25,000,000 (Tuesday) October 15 vtv Bonds Indiana & Michigan Electric Co (Bids 11 a.m. .EST) $20,000,000 (Tuesday) ' ________Bonds Utah Power & Light Co (Tuesday) Kidder, - Northern Illinois Gas Co.______Bonds or -Common & bfe .invited ) Bjds: to September 24 stockholders—underwritten common Dominick ( (Friday) McDermott (J. Ray) & Co., Inc (Offering ... - Northern States Power Co. (Bids . Thompson 10 CDT) a.m. Products, Bonds (Minn.) Debentures (Offering to common stockholders—bids noon ' IT,- i.\ • ■ r August 15 Central Telephone (Paine, Webber, (Thursday) Co.. Jackson & October 21 Consumers -Debentures Curtis and Loewi & : $1,750,000 Co.) August 2G v (Tuesday) ~ EDT) $35,156,760 - .. t ■ . (Monday) Bonds Co.:.i___^-L—_ Power * Debentures Co Consumers; Power common stockholders—underwritten by Smith, Earney & Co. and McDonald & Co.) $19,729,500 (Wednesday) 16 October $18,000,000 Inc Co.; International Duplex Corp., San Francisco, Calif. Dec. 21, 1956 filed 500,000 shares of common stock (par one cent). Price—$1 per share. Proceeds—To equip and establish five super launderettes and for working cap¬ ital. Underwriters—Names to be supplied by amend¬ offered G. Bonds $20,000.000 be invited) Bids, to Public Service' Electric & Gas Co $1,500,000 (Offering to and The First Boston be Corp.) Industries, Inc Underwriter— Statement effec¬ * Indianapolis Power & Light Co. (8/7-8) July 18 filed 60,000 shares of cumulative preferred stock (par $100). Price—To be supplied by amendment. Pro¬ ceeds—To repay bank loans and for new construction. to Securities ^ 2.7- Common (Southeastern $4,260,000 EDT) Pacific Power & Light Co.; $2,250,000 Bear, Stearns & Co.) - (Wednesday) -Equipment Trust Ctfs. •:>: •(BidsfJiobn • Debentures and CoJ-ij.—-.Debentures^ Norfolk & Western Ry $50,000,000 Corp. Mann Investors, Inc., Des Moines, la., of which Charles F. Martin is also President. Office—216 E. Monroe St., tive July 15. Debentures __ Ilutzler) (Kidder, Peabody & Co.) ] Horace Mann Fund, Inc., Springfield, III. June 27 filed 100,000 shares of capital stock (par $1). Price—At & August 6 Holy Land Import Corp., Houston, Texas , Bros. (Tuesday) EDT) $25,000,000 a.m. September 18 /. Charter Oil Co., Inc — etc. (Thursday) V(Bdd§: 11:3.0 * * •?; f ■ $40,000,000 invited) Consolidated 'Natural' Gas $4,320,000 Associates Investment Co — ventory, working capital, & Co., Houston, Tex. ...Equipment Trust Ctfs. EDT) noon be to ; Bonds ./September 17 . one-fourth share of Natural Gas stock for each share of Oil & Chemical stock. Price—$1.25 per share. Proceeds —For (Wednesday) - " Co Electric Philadelphia $12,000,000 ■ stock ' (Thursday)' September 12 Debentures &< Co.) Noyes July 31 (Salomon common •• Debenture# Co (Bid? to.be invited >'$30,000,000 5 (Bids July 15 filed 779,393 shares of . (Wednesday) New Jersey Bqll Telephone (Tuesday) Co (Hemphill, Great Lakes Natural Gas Corp. be invited v $50,000,000 to September 11 / ' —None. if Gold Medal Studios, Inc. July 19 (letter of notification) 100,000 shares of common stock (par 10 cents). Price—$3 per share. Proceeds— For capital improvements and to exercise option to ac¬ quire property. Office—807 East 175th St., Bronx, New York City. Underwriter—None. ^ Bonds (Bids * '. .....Common $206,250 ~ Power, Co. Duke Co., Inc.) $290,380 Seminole Oil & Gas Corp....... " . (Tuesday) September 10 (Friday). Debentures ...Bonds Gas & Electric Co .(Bids to be invited) $15,000,000 . Corp Boland (Wednesday) September 4 Louisville Equip. Trust Ctfs. noon Transformer (John R. CALENDAR (Thursday) Southern Pacific Co July 26 if Gibbs & Hill. Inc. July 10 (letter of notification) 1,050 shares of common stock (par $5) to be offered about July 24 for subscrip¬ tion by selected officers, employees and stockholders. ISSUE NEW (Bids-1130 a.m. EDT) $35,000,000 October 22 (Tuesday) y Consolidated Edison Co. of New York, Inc..-Bonds " Chess Uranium Corp (Jean R. Common Veditz Co., Inc.) EDT) $50,000,000 a.m. October 29 Debentures - invited) (Bids 11 $300,000 Pacific Telephone & Telegraph Co (Bids to be -" $90,000,000 (Tuesday) American Telephone & Telegraph Co.—Debentures ; ./ (Bids, to be .invited) $250,000,000 - August 27 (Tuesday) November El Paso Natural Gas Co.__Debentures & Preferred (White, Weld & Co.) $70,000,000 to be invited) September 3 Bonds $40,000,000 19 ami. Bonds EST) (Offering to stockholders—no underwriting) $28,000,000 Preferred Ohio Power Co.i_L.w_i; 11 a.m. EST) December 3 Common (Tuesday) L._i_. (Bids 11 -(Bids (Tuesday) Cincinnati & Suburban Telephone Co Co. Power •S Southern California Edison Co (Bids Ohio $7,000,000 - (Tuesday) Virginia Electric & Power Co .Bonds ' . Volume 186 Number 5658 . . The Commercial and Financial Chronicle , Mon-O-Co Oil Corp., Billings, Mont. ' July 11 filed 22,474 shares of class A common stock and 539,376 shares of class B common stock to be offered in units of one class A share and 24 class B shares, which shall not be separately transferable until May i, 1960. Of the units, 14,474 are to be issued in exchange for or con¬ version of working interests in joint lease acreage oper¬ ations, etc., and 8,000 are to be offered for subscription by existing stockholders, on a pro rata basis. Price—$75 Oxford County Telephone & Telegraph Co. April 18 (letter of notification) 6,000 snares oi common to present stockholders on the basis of preemptive rights, thereafter to the public. Price— < unit. per Proceeds—For development Underwriter—None. : costs, etc. Monticello Associates, stock to be offered ' At par ($5 per share). change at Turner from matic • Inc. For share. including Mount Wilson Mines, Inc., Telluride, Colo. 24, filed 400.000 shares of class A common June • " mill: Underwriter Colo.r ^ :c •' •<4 Mountain States Telephone & Telegraph Co. June 5 filed .584,176 shares of capital stock the basis of on shares*' heki; rights par ($)0d per one to expire- new on July 31; ? ' -• Sponsor—Ira ■"..*"/) stock1 (par '-'•JV $10-Canadian) to be offered in units of $250 of debentures $500 unit. per ment and for and 25 preference* shares. acquire1 plant and equip¬ working capital. Business—Entertainment. Office—Room 2200, 25 Mutual Price— Proceeds—-To • King Street West, Toronto, Out., [Canada.' Underwriter—None. " -. Investment Trust for Profit Sharing- Retirement Plans, Inc., Richmond, Va. 19 filed 50,000 shares of capital stock (par $1), to be offered trustees of profit sharing retirement plans. -T* Coleman Andrews. Office 5001 *— A: v v "* . V :7 , • Mutual Investors Corp. of New York May 17 (letter of notification) 295,000 shares of stock • (par 10 cents). Price—$1 per share. Power & shares Light Co. common per (par $6.50) held; share. ; rights to expire on August 1. Proceeds—For construction pro- Securities & Co., Bear, Stearns & Co. and Dean (jointly). • ; * . stock par) • Pepsi-Cola Mokan Bottlers, Inc. ^ April 11 (letter of notification) 60,000 shares of common stock (par 50 cents). Price—$5 per share. Proceeds— For general funds of the company. Office—207 West 8th St., Coffeyville, Kan Underwriter — G. F Church & Co., St. Louis, Mo. Offering—Expected today (July 25). 5 filed writer market. shares of Proceeds—For (par $1). investment. Under- Plymouth Bond & Share Corp., Miami, Fla. Joseph A. Ray vis, also of Miami, is President. • Precision Transformer Corp. (7/26) June 12 (letter of notification) $294,000 of 6% of in units at $510 of stock debentures common of at June (par 20 of debentures $500 unit, per due stock $102 or per 1, 1967 cents) and 50 10-year and Harland W. National Tea Co., Chicago, III. (7/30.) \ ? 28 filed $12,000,000 sinking fund debentures due Aug. 1,' 1977:: Price—To be supplied by amendment. Pro¬ ceeds—To repay bank loans and other indebtedness and June for other corporate Underwriter—Hemphill, purposes. • to be offered shares of stock $100 of debentures and 10 shares unit. Proceeds — To repay out¬ Brunswick of) rill be advanced Commission to to and The New repay bank Underwriter—Halsey, Stuart & Co. Inc., New York Chicago. Offering—Indefinitely postponed.; " Northern States Power Co. (Minn.) (8/13) July 3 filed $18,000,000 of first mortgage bonds due Aug. 1, 1987. Proceeds—For construction program. ' Under¬ writer—To be determined by competitive bidding. Prob¬ able bidders: Halsey, Stuart & Co." Inc.; Merrill Lynch, . Pierce, Fenner and Beane, Kidder,'Peabody & Co. and White, Weld & Co. (jointly); Lehman Brothers arid Riter & Co. (jointly); The First Boston Corp. arid Blyth & Co., Inc. (jointly); Equitable Securities Corp.; Kuhn, Bids—-Expected to be received up to 10 a.m. (CDT) on Aug. 13. Loeb & Co.; Harriman Ripley & Co. Inc. , Oil Ventures, Inc. May 13 (letter of notification) 2,500,000 shares of com¬ mon stock* Price—At par ($10 cents per share). Proceeds—For development of oil and gas properties. Office —725 Judge Bldg., Salt Lake City, Utah. Underwriter— Mid America Securities, Inc. of Utah, Salt Lake City, "Utah. • / 'Y * • ; , ' ★ Old American Life Co., Seattle, Wash. July 22 filed 15,825 shares of class A stock (par $10) and 3,165 shares of common stock (par $10) to be offered in units of one common share and three class A shares. " Price—$260 and per unit. Proceeds other corporate purposes. State¬ Inc.; for and vision releases. working capital. Underwriter—E. Business—Tele¬ L. Aaron & Co., New Offering—Date indefinite. York. Fund, Inc., New York shares of common stock (par $1). — For working capital Underwriter—None. r. Proceeds—For investment. Under¬ D. John Heyman of New York is Presi¬ market. writer—None. Investment Advisor—Resource Fund Management Proceeds—For working capital. Office—2621 2nd Ave., Miami, Fla. Underwriter—Floyd Cerf, Jr. Co., Chicago, 111. • Seattle-Toledo Oil Co., Inc. (letter of notification) 1,000,000 shares of com¬ stock (par 10 cents). Price — 25 cents per share. Proceeds — For oil development expenses. Office—714 Securities Bldg., Seattle 1, Wash. Underwriter—None. July 17 mon • Seminole Oil & Gas Corp., mon 24 St. Louis, Mo. March 27 filed 1,250 shares of class C cumulative pre¬ ferred stock (par $57). Price—$97 per share. Proceeds —To R. M. Realty Co., who is the selling stockholder. Underwriter Yates, Heitner & Woods, St. Louis, Mo. Offering—Expected in the near future. — St. Paul Fire & Marine Insurance Co. shares of capital stock (par $6.25) exchange for the outstanding capital stock of Western Life Insurance Co., Helena, Mont., at June 25 filed 417,000 rate offered of 1.39 in shares of Western stock. St. Paul stock for each share of The offer is condiitoned upon acceptance by holders of not less than 240,000 shares (80%) of the outstanding Western stock. Exchange Agent—First Na¬ tional Bank & Trust • St. Co., Helena, Mont. ' April 1 filed 850,000 shares of common stock (par $5) being offered in exchange for common stock of St. Paul & Tulsa, Otda. (7/26) (letter of notification) 275,000 shares of com¬ Price—75 cents per share. stock Proceeds (par five cents). For development of oil and — Underwriter—Albert & Co., gas properties. Inc., New York, N. Y. • Sire Plan, Inc., New York July 18 filed $4,000,000 of nine-month 8% funding notes. Price—At par (in denominations of $100 each). Proceeds —For working capital and other corporate purposes. Underwriter—Sire Plan Portfolios, Inc., New York. Southeastern Fund, Columbia, S. C. $2,000,000 of 6V2% sinking fund subordi¬ nated debentures due June 15, 1972, of which $1,500,000 principal amount are being offered for subscription by stockholders; rights to expire on Aug. 1. The remaining June 3 filed $500,000 principal amount, plus any unsubscribed de¬ bentures, to be publicly offered. Price—To stockholders, 95% of principal amount; and to public, at 100%. Pro¬ ceeds—For working capitla. Underwriters—Smith, Clanton & Co., Greensboro, N. C.; Powell & Co., Fayetteville, N. C.; and Frank S. Smith & Co., Inc., Columbia, S. C. Industrial Southern Corp., Jacksonville, Fla. (letter of notification) 150,000 shares of com¬ (par $1). Price—$2 per share. Proceeds—To added to the general funds of the company. Under¬ June mon be 25 stock writer Pierce, Carrison, Wulbern, Inc., Jacksonville, — Fla. Inc., N. J. May 10 filed 100,000 shares of common stock (par $1) to be offered in connection with merger into this Fund Regis Paper Co. Tacoma Lumber Co. on the St. Regis stock for each share The offer, of Fund of Fortune, Inc., Fortune II, Inc., Fortune III, IV, Inc. Underwriter — William Allen Co., East Orange, N. J. Offering—Expected Inc. and Fortune early in July. Stratford June (John G.) Film Corp. 27 (letter of notification) 199,999 shares of com¬ mon stock (par 25 cents). Price—$1.50 per share. Pro¬ ceeds—For production of films, working capital, etc. Office—113 West 57th St., New York. Underwriter — Joseph Mandell Co., New York. Strato-Missiles, Inc. (letter of notification) 300,000 shares of common (par 10 cents). Price—$1 per share. Proceeds—To develop Hatfield propulsion system, and other projects; for purchase of additional facilities and for working capital. Business—To produce machinery and equip¬ ment. Office—70 East 45th St., New York, N. Y. Un¬ which will expire basis of 56% New York. it Super Food Services, Inc. July 22 (letter of notification) 55,000 shares of class A stock (par $1) and 27,500 shares of class B stock (par one cent) to be offered in units of one class A share and one-half class B share. Price—$5.10 per unit. Pro¬ ceeds—For working capital, etc. Office—c/o Donald B. Vice-President, 400 Walnut Ave., Bronx, New York, N. Y. Underwriter — Wm. T. Tegtmeyer & Co., Chicago, 111. Davis, Tax Exempt Bond Fund, Inc., Washington, D. C. shares of common stock. Price—$25 share. Proceeds — For investment. Underwriter— Equitable Securities Corp., Nashville, Tenn. June 20 filed 40,000 per 14 June St. Louis Insurance Corp., be offered Price—$5 Telestudios, Inc. Co., Inc., 60 Broadway, New York, N. Y. to to be unit. derwriter—Kesselman & Co., Inc., Pyramid Productions, Inc., New York Sept. 27, 1956, filed 220,000 shares of com. stock (par $1) of which 200,000 shares are to be offered to public and 20,000 shares issued to underwriter. Price—$5 per share. Proceeds—To retire $125,000 of outstanding 15% deben¬ tures as well as a $173,180 debt to Trans-Union Produc¬ dent. Power loans. (par $1) class of stock. stock withdrawn. tions, stock each June 7 Co. Lynch, Pierce, Fenner & Beane, New York. ment amendment. Proceeds—To Gas filed 250,000 shares of cumulative preferred (par $100). Price—To be supplied by amendment. Proceeds—For construction program. Underwriter—Mer¬ Price—At Electric & March 29 filed 100,000 . 14, Brunswick Electric 29 1956, filed $12,000,000 of 25-year sinking fund debentures due Jan. 1, 1982. Price—To be supplied by Dec. Service Resource (Province Boland & Co., Inc., New York. stock Noyes & Co., New York. New Public May Corp., New York " Feb. 19 filed 3,120,000 shares of common stock (par one cent). Price—$1.25 per share. Proceeds—For acquisi¬ tion of properties; for ore testing program; for assess¬ ment work on the Yellowknife properties; and for cost of a concentration plant, mining equipment, etc. Under¬ writer—Gearhart & Otis, Inc., New York. Statement ex¬ pected to be amended. 1 National Lithium . D. 29,400 writer—John R. Nassau common share of Northwest Steadman & market. — per one East Orange, stock standing indebtedness and for general corporate pur¬ poses. Office—2218 W. Lake St., Chicago, 111. Under¬ St., Princeton, N. J. Investment Advisor Hoisington, Inc., same address. : •-*' i' units of Steadman Investment Fund, capital - Office—10 in — shares *' 500,000 Nassau Fund, Princeton, N. J. ' " May 8 filed 250,000 shares of common stock. Price—At investment. shares of 50,000 • common to be offered for subscription by emiployees. Price—$25 per share. * Proceeds—For working capital. Underwriter—None. * (no convertible Proceeds—To acquire real estate properties and mortgages. Office—550 Fifth Ave., New York 36, N. Y. Underwriter — Stuart Securities Corp., New York. -. * 1 *' Proceeds—For cumulative June gran^ Underwriters—Lehman Brothers, Eastman Dillon, Price—At , West Broad St., '.>' 10 Feb. Proceeds—For investment. President Richmond. 'Va..•[/ .*:•: %■ current Sareze, Inc., Miami, Fla. (letter of notification) 50,000 shares of 30-cent convertible preferred stock (par $2) and June 27 Plymouth Fund, Inc., Miami, Fla. March Price—At market. other Pancal Oil Corp. May 13 (letter of notification) 299,000 shares of common stock (par 10 cents). Price—$1 per share. Proceeds— For oil drilling expenses. Office—27 William St., New York, N. Y. "Underwriter — Bush Securities Co., New York, N. Y. ■ . July 111 (letter of notification) $100,000 of 6%;-debentures due Nov. 30,; 1963 and 10,000 shares of' ho'ri-voting pref¬ erence To public $27 per unit. debt and • Packer Publishing Co., Kansas City, Mo. (letter of notification) 2,000 shares of ' ' Hau(jt & Co., , common July 17 ..' \ ★ Music Fair Ltd. one Witter & Co*- i Municipal Investment Trust Fund* Inc. (N./ Y.) •May 9 filhd 5,000 units of undivided interests'in Municipal Investment Trust Fund, Series A. Prices—At market. • $25 note and a —To stockholders $7 per share. Proceeds—To repay short-term Union Price At advances New York. interim remaining 34,000 shares of stock are being fop subscription *.by common stockholders of July 1 on a l-for-3 basis (with certain oversub¬ scription privileges); rights to expire on July 30. Price Price—$28 v ' Proceeds—For investment.1 subordinate record each repay x-, 6%% of 83,000 shares of common stock (par notes and 49,000 shares of stock are being offered for subscription by common stockholders :i-of record July ;10,71957 on the basis of one new share for (par $100) "v-a Proceeds—To reduce bank loans and for working capital and other corporate purposes. Underwriter — Kidder, r n from American Telephone & Telegraph Co., the parent, which owns 86:74% of the presently outstanding shares. LmuerwriMir—i\one; .»-/■' and The Pacific share for each five share).; Proceeds —To $1,225,000 1963 June 4 filed 376,600 shares of common stock being offered for subscription by stockholders of record June 20, 1-957 filed . Investment Service Co.; Denver,- — • Sanders Associates, Inc., Nashua, N. H. (8/6) July 12 filed 110,000 shares of class A common stock (par $1) of which 100,000 shares are to be offered pub¬ licly and 10,000 shares are to be offered for subscription by employees. Price — To be supplied by amendment. Co. vliabilities and for, construction program. Underwriters— White,. Wjpjd & Co., . New York; Wm. P. Harper & Son Co., Seattle, Wash. stock (par 50 cents)., ;Price—$1 per. share. Proceeds—For ex¬ ploration and related purposes, including construction of a dial auto¬ a Underwriter— coffered roadside restaurant and gas / 28 Gas $1), of which the being offered in units of shares of common — For converting ex¬ 39 Peabody & Co., New York. notes due Proceeds — manual service to Office—Buckfield, Me. Pacific Natural May construction of motel, station. Business—Has been processing and selling of gravel. Office—203 Broadway, Monticello, N. Y. Underwriter—Walnut Securities Corp., Philadelphia, Pa.. ; ~ expenditures, exchange. Proceeds a None. exploration \ Feb. 18 (letter of notification) 300,000 stock.; Price—At par ($1 per share). capital and (411) shares of of Lumber company stock July 31, will be declared on effective if 95% of the latter stock is deposited for ex¬ change (and may be declared effective at option of St. Regis, if not less than 80% of the stock is deposited). The Bank of California, N. A., Tacoma, Wash., is depos¬ itary and exchange agent. Statement effective June 21. mon (letter of notification) 180,000 shares of com¬ (par 10 cents). Price—$1.50 per share. Pro¬ To purchase and install two Ampex videotape stock ceeds — recorders, for equipment and working capital. Office— 1481 Broadway, New York City. Underwriter—Joseph Mandell Co., New Texam Oil York. Corp., San Antonio, Texas May 29 filed 300,000 shares of common stock (par $1), to be offered for subscription by common stockholders a basis of two new shares for each share held. Price on To be supplied by amendment. Proceeds—To repay indebtedness, for acquisition and exploration of oil and gas leases, for drilling and other corporate purposes. completion of wells, and for Underwriter—None. it Texas Eastern Transmission Corp. July 22 filed 1,000,000 shares of common stock (par $7) to be offered in exchange, on a share-for-share basis* capital stock of La Gloria Oil & Gas Co. of Corpus Christi, Tex. The offer is conditioned upon deposit of at least 81% (810,000 shares) of outstanding La Gloria for stock prior to Sept. 6, 1957. Offer may be extended from Dec. 5, 1957. time to time but not beyond Texas Glass of which Tex. of common stock (par $1), to be offered to public at Manufacturing Corp., Houston, May 28 filed 3,000,000 shares 2,700,000 shares are Continued on page 40 40 (412) The Commercial and Financial Chronicle... Thursday, July 25, 1957 i Continued from page ferred stock series A (par $20). 39 Underwriters—Emch & Coastal Transmission Corp. July 1 it was reported the company plans to offer pub¬ licly about 191,000 units of securities for about $20,000,000 (each unit expected to consist of a $25 debenture or Co. and The Marshall Co., both of Milwaukee, Wis. $2 share. The remaining 300,000 shares are under option to original stockholders at $1 per share. Proceeds «—For expansion and working capital. Underwriter—T. J. Campbell Investment Co., Inc., Houston, Texas. per ic Thermo-Form Co., Inc. July 17 (letter of notification) 2,500 shares of common stock (par $10) to be offered in accordance with the com¬ pany's Employees' Stock Purchase Plan. Price—Not less than $15 or more than $20 per share or a maximum ag¬ gregate price of $50,000. Proceeds—For working capi¬ Office 122 Eucalyptus Drive, El Segundo, Calif. Underwriter—-None. tal. — Thompson Products, July 24 filed $19,729,500 Aug. 1, 1982 (convertible 1, 1967) to be offered (8/13) Inc. subordinated into common stockholders in the ratio of 14 shares of stock held of record expire Aug. 27, 1957. amendment. general ney due until Aug. subscription by common $100 of debentures for each to on debentures stock for Aug. 12, 1957; rights To be supplied by working capital and other on Price Proceeds—For — corporate purposes. Underwriters—Smith, Bar¬ & Co., New York; and McDonald & Co., Cleveland, Ohio. May 6 (letter of notification) 6,000,000 shares of (par and sell & Telegraph Co. (10/29) that company plans to issue announced was $250,000,000 of debentures to be dated Nov. common $35 1, 1.957 and to mature on Nov. 1, 1983. Proceeds—For im¬ provement and expansion of system. Underwriter—To be determined by competitive bidding. Probable bidders: Stuart & Co. ^Inc. on Oct. 29. is • (jointly); The First Boston Corp. and (jointly); Eastman Dillon, Union Securi¬ ties & Co. and Smith, Barney & Co. (jointly); Lee Higginson Corp.; Blyth & Co., Inc. iK' Truly Nolen Products, Inc. July 19 (letter of notification) 100.000 shares of common stock (par 50 cents). Price—$2 per share. Proceeds— For plant and laboratory expansion, advertising and working capital. Office—6721 N. E. 4th Ave., Miami, Fla. Underwriter—Alfred D. Laurence & tive plans to issue and company (par 10 Price—To be supplied by amendment (expected to be $1 per share). Proceeds—For exploration purposes. named by amendment. Graham Al¬ Portland, Ore., is President. bert Griswold of * Walter (Jim) Corp., Tampa, Fla. (8/12) July 22 filed $1,250,000 of 9% subordinated bonds due Dec. 31, 2000, and 50,000 shares of common stock (par 50 cents) to be offered in units of $25 principal amount of bonds and one share of stock. Proceeds—For working capital. Business—Construction cf "shell'' homes. Underwriters—Carl M. Loeb, Rhoadcs & Co., New York; and Prescott, Shepard & Co., Inc., Cleveland, Ohio. (par $1) to be offered Gas shares of $50 of notes and seven in units of shares. common Hudson Gas & Electric Woodland Oil & Gas Co., Inc., New York May 28 filed 700,000 shares of common stock (par 10 cents), of which 600,000 shares are to be offered for account of company and 100,000 shares for account of a selling stockholder, Ralph J. Ursillo, General Manager of the company. Price—$1.50 per share. Proceeds—To drill and complete oil wells on the company's Pennsyl¬ vania and Kentucky properties and for two "deep tests" on its Pennsylvania property, as well as for working Underwriter—Name to be supplied by amend¬ proceedings ordered by SEC on "Stop order" July 23, 1957. per Airborne Instruments Laboratory, Inc. May 16 it was announced company plans to issue vertible debentures. unsecured American Research & ment Aircraft, to up and sell con¬ Develop¬ $12,500,000; common stock, following Eastern Aviation, Inc. of its Land-Air, Inc. and Air Carrier Service craft, Inc., a new company. Podesta & Co., Chicago, 111. All stock spin-off by subsidiaries, Corp. into Air¬ Underwriter—Cruttenden Freight, Incorporated, Akron, O. was announced company plans to offer public¬ of warrants). lo-year 6% debentures Proceeds—Together (with with common funds from private sale of 425,000 shares of common stock at $4 per share to pay part of cost of purchase of an operating car¬ rier truck line. Cleveland, Ohio. Underwriter—Fulton, Reid & Co., Inc., Underwriter—Probably program. Illinois Public Kidder, *f?irCih~ inn1shares—?'ed uas lo,000 of $1.20 convertible — Expected to Co. Edison New of York, Inc. Delafield, Financial Vice-President, on July 8 has tentatively decided to and refunding mortgage this Proceeds—From issue and bank loans, to part of the cost ol: the company's 1957 construction program which is expected to total about $146,000,000. Underwriter—To be determined by competitive bidding. reduce bank loans and for construction program. Underwriter—To be determined by competitive bidding. Probable bidders: Stuart & Co. Inc.; Salomon Bros. & Hutzler; Equitable Securities Corp.; Eastman Dillon, Union Secu¬ Together with $4,500,000 of 4%% placed privately, to be convertible debentures bank repay loans and for construction v Morgan (9/17) was pected to be received up to 11:30 a.m. (EDT) on Sept. 17. Consumer Power Co. Un¬ program. and White, Weld & Co. about the jniddle of last year arranged the private placement of an issue of $5,000;000 series G first mort¬ Inc.; (10/21) July 9 it was announced company plans to issue and sell $35,000,000 of first mortgage bonds due 1987. Proceeds to derwriters—Kidder, Peabody & Co. Co. & 12-year used & Halsey, Stuart & Co. Inc.; White, Weld & Co. and Paine, Webber, Jackson and Curtis (jointly); Morgan, Stanley Co. and the First Boston Corp. (jointly. Bids—Ex¬ Central Louisiana Electric — Stuart announced company plans to issue and sell $25,000,000 25-year debentures. Underwriter—To be de¬ termined by competitive bidding. Probable bidders: Co.; Blyth & Co., Inc.; Kidder, Peabody & Co.; and Merrill Lynch, Pierce, Fenner & Beane (jointly); Kuhn, Loeb & Co. and A. C. Allyn & Co., Inc. (jointly). Offering—Expected late in 1957. Proceeds Halsey, Consolidated Natural Gas Co. May 9 it rities & Co., Inc. April 8 it was announced company plans to issue and sell late this year $6,000,000 of first mortgage bonds. bidders: Probable Stanley & Co.; The First Boston Corp. Bids—Tentatively scheduled to be received up to 11 a.m. (EDT) on Oct. 22. Halsey, 3 it reported was —To . repay bank loans and for construction program. Underwriter—To be determined by competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; & Co. Inc. plans early registra¬ $3,500,000 of 5V-2 % collateral trust sinking fund of company bonds due 1972 and 350,000 shares of $10 of bonds will of common stock. common pre¬ stock. Each warrant to purchase one share Underwriter Van Alstyne, Noel & carry a — Co., New York. and Shields Co. & White, Weld (jointly); Morgan Stanley & mon Probable bidders: Bros. & Hutzlei\ Halsey, Stuart & Co. Inc.; Salo¬ ' * Cincinnati & Suburban Telephone Co. (9/3) 15 it was reported company plans to offer to its stockholders of record Aug. 27, 1957, the privilege of subscribing for additional common stock on a l-for-10 None. rights to expire on Oct. 3, 1957. Underwriter— American Telephone & Telegraph Co. owns proximately 30% of the outstanding common stock. Cleveland Nov. 12 it Electric ap¬ tion program. Underwriter—To be determined by com¬ bidding. Probable bidders: Halsey, Stuart & Corp.; Blyth & Co., Inc.; Dil¬ liams & Co. Weld & Co. (jointly); , ' , Glore, - and Baxter, Forgan , » & Co.; - Wil¬ White, Oct. 21.' on was announced that the company plans, in addi¬ financing, to offer to its common stock¬ holders the right to the basis (10/16) Co. Power tion to the bond subscribe for $35,156,760 convertible 1, 1972, on maturing not earlier than Sept. of $100 debentures of for each 25 shares of Proceeds—For construction program. Un¬ derwriter—To be determined by competitive bidding. stock held. Co. Inc.; White, Weld (jointly); Morgan Stanley & Probable bidders: Halsey, Stuart & Co. and & Shields Co Co.; The First Boston Corp. and Harriman Ripley & Co. Inc. (jointly); Ladenburg, Thalman & Co. Bids—Expect¬ (EDT) on Oct. 16. ed to be received up to noon Cook Electric Co. July 15 it was reported that company is planning some equity financing. Underwriter—Probably Blunt Ellis & Simmons, Chicago, 111. Detroit was Proceeds—To repay bank loans and for construc¬ petitive July 9 it Illuminating Co. reported company plans to issue and sell $25,000,000 of first mortgage bonds in the Summer of 1957. (EDT) Consumers & July Bids—Expected to he received up to 11:30 (jointly). a.m. debentures Chesapeake & Ohio Ry. July 15 it was reported company plans to issue and sell in August about $5,000,000 of equipment trust certifi¬ lon, Read & Co. Inc.; Blair & Co. Inc.. C0™P™y Plans to issue and cumulative Bids (probably with a 30-year maturity). This may $60,000,000, depending upon market con¬ ditions. Service Co. reported company plans to issue and sell was Co. Inc.; The First Boston Aluminum Specialty Co. eell & Co. pay Central basis; States f^nce it ly $2,2o0,000 (2) issue and sell $50,000,000 of first bonds cates. reported company plans to issue and sell California (jointly). Co. Co.; The First Boston Corp. and Harriman Ripley & Co. Inc. was & Forgan announced that the company issue and Chesapeake Industries, Inc. Corp., owner of 31,500 shares or 15.8% of Airborne's stock, propose to purchase $320,000 of the new debentures. Proceeds—Together with $4,000,000 to be borrowed from institutional investors, for a building and expansion program. July 9 it Under¬ be increased to tion subordinated deter¬ yet not (10/22) year, probably in the fall, approximately $7,500,000 of sinking fund debentures. Proceeds—To finance June . $2,000,000 of 15-year 5%% Glore, and Consolidated Corp. gage bonds. Prospective Offerings (kind For construction program. plans to sell not less than $20,000,000 of first mortgage bonds, possibly this Fall, depending upon market conditions. Proceeds—For construction program. Underwriter — Putnam & Co., Hartford, Conn.; Chas. W. Scranton & Co., New Haven, Conn.; and Estabrook & Co., Boston, Mass. this April 9 it ment. Corp. Charles B. announced company plans to was securities new — For any preferred stock, may be The First Connecticut Light & Power Co. $100 of bonds, Prices—$164 (10/8) Feb. 18, it was reported company —Cruttenden, Podesta & Co., Chicago, 111.; and Odess, Martin & Herzberg, Inc., Birmingham, Ala. Offering— Expected in August, 1957, with registration about the middle of July. Central Co. Boston Corp.; Glore, Forgan be received on Oct. 8. Proceeds—For construction program. Underwriters April 22 it Edison bonds, to be determined by competitive bididng. Probably bidders: Halsey, Stuart & Co. Inc.; The First Co. stock common of $50,000,000 Boston $10,000,000 of 1st mtge. bonds.Proceeds—To • raise plans to company For any July 2 it was reported company plans to issue and sell $1,600,000 of first mortgage 6% bonds, $800,000 of 6% subordinated sinking fund debentures due 1977 and 112,- of the company and its subsidiaries writer—None. this stated that it plans to offer $25,000,000 mined). Proceeds writer—(1) common officers and employees pursuant to an em¬ Under¬ loans. bank term Refining Co. reported was Commonwealth to financing. Natural ployees' stock option plan. Price—At market on day the particular option is granted ($11.12V> per share on Julv 18, 1957). Proceeds—To general funds of company. Office -1301-35 Burlington St., North Kansas City, Mo. Under¬ capital. it 10 June 25 company Peabody & Co., New York. 19,870 shares of to cumula¬ determined later. be of Tire & Rubber Co. sell short reduce construction Whitaker Cable Corp. ' July 22 (letter of notification) stock Registration—Expected in about Underwriter—Dillon, Read & Co., Inc., New York, handled previous preferred stock financ¬ ing, while Kidder, Peabody & Co. underwrote General Price—$48.50 per unit. Price—To $64,000,000 to finance construction on a proposed refinery and for other corporate purposes. The major portion will consist of first mortgage bonds which would be placed privately, and the remainder will include de¬ bentures and common stock (attached or in. units). Un¬ derwriter—Lehman Brothers, New York. Offering—Ex¬ pected in August. & Rubber Co. in 1956. unit. stock. about a proposal to authorize a 100,000 shares of cumulative preference (par $100) and to increase the authorized out¬ standing indebtedness to $15,000,000, in connection with its proposed recapitalization plan. There are no specific objectives involved. Control—Acquired by General Tire 000 announced it is planning to sell publicly issue of $8,000,000 par amount of an Commerce Oil June stock Carolina cents). company preferred Proceeds—To so. class Bids—Expected to be re¬ 3. Columbus & Southern Ohio Electric Co. in October Byers (A. M.) Co. May 7 stockholders approved new Co., Miami, Fla. Uranium Corp. of America, Portland, Ore. April 30 Bled 1,250,000 shares of common stock Underwriter—To be or Under¬ $84,000,000. by competitive bidding. Prob¬ writer—Dillon, Read & Co. Inc., New York. a middle of August. common par (10/3) approximately cost Oct. on July 22 $100,000,000 of convertible subordinated debentures. week to White, Weld & Co. (jointly). Drexel & Co. the expected ceived and Shields & Co. Tripac Engineering-Corp. ! ~ Feb. 27 (letter of noiuicauun; 100,000 shares of class A common stock (par 10 cents). Price—$1.50 per share. Proceeds—For working capital; machine tools; equip¬ ment and proprietary development. Office — 4932 Sf. Elmo Ave., Bethesda 14, Md. Underwriter—Whitney & Co., Inc., Washington, D. C. Underwriter- $1 6, company announced writer—To be determined Proceeds—To retire bank loans and for expansion pro¬ gram and working capital. Underwriter—Smith, Barney & Co., New York. Offering — Expected sometime after Denver, Colo. Wayne Jewell Co., Denver. Colo. of able bidders: Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.; Merrill Lynch, Pierce, Fenner & Beane and struction program. Underwriter—May be determined by competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; Kuhn, Loeb & Co., American Securities Corp. and Wood, Struthers & Co. (jointly); White, Weld & Co. sell shares that it plans the issuance and sale of $25,000,000 debentures later in 1957. Pro¬ ceeds—To help finance 1957 construction program, which con¬ Price—Five cents per share. Pro¬ ceeds—For exploration of oil properties. Office — 704 First National Bank Bldg., cent). one five and Columbia Gas System, Inc. June Atlantic City Electric Co. April 9, Bayard L. England, President, announced that later this year the company will probably issue about $5,000,000 of convertible debentures. Proceeds—For note Proceeds—Together with other funds, for con¬ Underwriters—Lehman Brothers and Allen & Co., both of New York. (jointly). Bids—Expected to be opened interim stock). struction program. Morgan Stanley & Co.; The First Boston Corp. and Halsey, it Atlantic Refining Co. July 23 it was announced Titanic Oil Co. stock American Telephone July 17 it Co. Edison June 27 company announced has authorized issue and Michigan P. U. Commission sale of, $70,000,000 general and refunding mortgage bonds, series P, due 1937. Proceeds repay bank loans and lor construction program. Underwriter If determined by competitive bidding, probable bidders may be The First Boston Corp. and Halsey, Stuart & Co. Inc. (jointly); Coffin & Burr, Inc., —To — and in Spencer Trask &> Co. (jointly). August. . • • - Offering—Expected Volume 186 Number 5658 . . The Commercial and Financial Chronicle . (413) Duke Power Co. (9/10) : April 22 it was reported company plans to issue and sell $50,000,000 of first refunding mortgage bonds. Proceeds —To repay bank loans and for new construction. Under¬ writer—To be determined by competitive bidding. Prob¬ able bidders: Halsey, Stuart & Co. Inc.; The First Bos¬ ton Corp.; Morgan Stanley & Co.; Stone & Webstei Securities Corp. ceived Bids—Tentatively scheduled to be re¬ Sept. 10. on Eastern Gas Underwriter—For any bonds to be de¬ termined by competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; Blyth & Co., Inc.; White, Weld & Co., and Kidder, Peabody & Co. (jointly). Eastern Utilities Associates 15 it sell was announced $3,750,000 Proceeds For — of company 25-year advances proposes collateral to issue bonds. trust Blackstone Valley Gas to & Electric Co., a subsidiary. Underwriter—To be deter¬ by competitive bidding. Probable bidders: Hal¬ sey,- Stuart & Co. Inc.; Kidder, Peabody & Co.; Blyth & Co., Inc.; White, Weld & Co.; Stone & Webster Se¬ curities Corp. and Estabrook & Co. (jointly). mined it El Paso Natural Gas Co. (8/27) July 17 directors authorized filing early in August of a registration statement with the SEC covering the pro¬ posed issue and sale of $60,000,000 convertible deben¬ tures and $10,000,000 first preferred stock; It is planned to offer the debentures for subscription by common and B stockholders of record common To Aug. 26, 1957. Price— be determined later. Proceeds—Together with funds private sale of $60,000,000 first mortgage pipe line bonds, for current expansion program. Underwriter— White, Weld & Co., New York. from Employers Group Associates July 1 it was announced company plans to file tration statement issuance with the sale of and Idaho a regis¬ covering the proposed 88,761 additional shares of SEC to up Power Co. May 16 it Fall next two years. and (jointly); Lazard Freres & Co. and Blyth & Co., Inc. (jointly); Kidder, Peabody & Co. was reported company plans to issue and sell 200,000 to 225,000 shares of common stock in the around & Fuel Associates April 3 it was announced company may need additional capital of between $25,000,000 and $35,000,000 during the April Underwriter—To be determined by competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; Equitable Securities Corp.; Lehman Brothers, Eastman Dillon, Union Securities & Co. and Salomon Bros. & Hutzler in addition first mortgage to between $10,000,000 bonds after Nov. 1. to $15,000,000 Underwriter—To be stock holders to shares held. be offered basis the on of for one subscription share new for by stock¬ each four Price—To be supplied by amendment. Pro¬ ceeds—For working capital and general corporate pur¬ poses. Underwriter—Morgan Stanley & Co., New York. Offering—Expected in late August or early September. General Telephone Co. of California July 10 it was announced that the company has been granted authority by the California P. U. Commission to issue and sell 500,000 shares of 5% cumulative preferred stock (par $20). Proceeds — For construction program. Underwriters—Paine, Webber, Jackson & Curtis, Boston, Mass.; and Mitchum, Jones & Templeton, Los Angeles, Calif. • General Tire & Rubber Co. common stockholders. Proceeds—For working capital. Underwriter—Kidder, Peabody & Co., New York. Offer¬ ing—Expected in the next few months. Goodman Manufacturing Co., Chicago, III. June 21 it was announced company plans to issue and 150,000 shares of capital stock (par $16.66%), fol¬ lowing approval on Aug. 5 of 3-for-l split up of present $50 par stock. Proceeds—For general corporate purposes. sell • /Gulf interstate Gas May 3 it, was Co. announced company plans to issue some additional first mortgage bonds, the amount of which ha® hot yet been determined.Proceeds — For construction program. Underwriters—Carl M. Loeb, Rhoades & Co. Hutzler and Eastman Dillon, Union Securities & Co. (jointly); Blyth & Co. Inc., Lazard Freres & Co. and The First Boston Corp. (jointly); Kidder, Peabody & Co. and White, Weld & Co. (jointly); Equitable Securi¬ ties Corp. (2) For stock—Kidder, Peabody & Co.; Blyth & Co., Inc., and Lazard Freres & Co. (jointly). Indiana & Michigan Electric Co. (10/15) May 20 it was reported company plans to issue and sell $20,000,000 of first mortgage bonds due 1987. Proceeds —For reduction of bank loans and for construction Underwriter—To be determined by competi¬ bidding. Probable bidders: Halsey, Stuart & Co. Inc.; Harriman Ripley & Co. Inc.; The First Boston program. tive Corp.; Eastman Dillon, Union Securities & Co. Bids— Tentatively expected to be received up to 11 a.m. (EST) on • Oct. sell $16,000,000 first mortgage bonds in November. Pro¬ ceeds—To repay bank loans and for construction pro¬ Underwriter—To be determined by competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; Merrill Lynch, Pierce, Fenner and Beane and White, Southern July 17 it Utilities Co. was announced company plans to offer $5,000,mortgage 30-year bonds. Proceeds—To repay 000 of first bank loans and for construction program. To be determined by Underwriter— competitive bidding. Probable bid¬ & Co. Inc.; White, Weld & Co.; Kuhn, Loeb & Co.; Lehman Brothers and Bear, Stearns & Co. (jointly); The First Boston Corp.; Dean Witter & Co.; Shields & Co.; Equitable Securities Corp. and Salo¬ ders: mon Halsey, Bros. Stuart & Hutzler (jointly). Offering—Expected latter half of August 1957. & Co. (jointly); Salomon Bros. & Hutzler and Eastman Dillon, Union Securities & Co. (jointly); Kuhn, Loeb & Co. and A. C. Allyn & Co. Inc. (jointly); Stone & Webster Securities Corp.; Lee Higginson Corp. Gulf States Utilities Co. April 6 it was Issue and sell —To be reported some finance company preferred stock this construction determined by tentatively plans to program. Proceeds Underwriter—To year. competitive bidding. Probable bid¬ ders: Stone & Webster Securities Corp.; Lehman Bro¬ thers and Equitable Securities Corp. (jointly); Lee Hig¬ ginson Corp. and Carl M. Loeb, Rhoades & Co. (jointly); Kuhn, Loeb & Co.; Glore, Forgan & Co. and W. C. Langley & Co. (jointly). Hanna Steel Co., April 8 it Birmingham, Ala. reported company plans to issue and sell 120,000 shares of class A common stock. Price—$5 per share. cago, was Underwriters—Cruttenden, Podesta & Co., Chi¬ 111.; and Odess, Martin & Herzberg, Inc., Birming¬ ham, Ala. Offering—Expected in June. Hathaway June 24 it to its stock. (C. F.) was common Co., Waterville, Me. announced company plans soon to offer stockholders some additional common Underwriter—Probably H. M. Payson & Co., Port¬ land, Me. Houston Feb. Fall 13 it ★ ianaf, , reported company plans early registra¬ tion of $10,000,000 of debentures and 100,000 shares of common Lighting & Power Co. reported company be to offered in units of $100 deben¬ ture and one share of stock. Price—$100 per unit. Pro¬ ceeds—For general corporate purposes. Underwriter— Mason & Lee, Inc., Lynchburg, Va. may offer late this Loeb & Company; Salomon Bros. & Hutzler; Eastman Dillon, Union Securities & Co., and Wood, Struthers & Co. (jointly); Lehman Brothers; The First Boston Corp.; Equitable Securities Corp.; Merrill Lynch, Pierce, Fen¬ ner & Beane; Kidder, Peabody & Co., and White, Weld (i°in^y)« Offering—Expected in first half of 1957. New Jersey Bell Telephone Co. Jefferson was (9/11) announced company plans to issue and sell $30,000,000 of debentures. Proceeds—Together with pro¬ ceeds from sale of 900,000 shares of common stock (par $100) to parent, American Telephone & Telegraph Co., will be used to pay for expansion program. be determined —To Underwriter by competitive bidding. Probable Inc.; Kuhn, Loeb & CoMorgan Stanley & Co.; Shields & Co.; White, Weld & Co.; The First Boston Corp. Bids—Tentatively expected bidders: Halsey, Stuart to be received & Co. Sept. 11. on a Lake Sulphur Co. Jersey Power & Light Co. Sept. 12, 1956, it was announced company plans to issue, and sell $5,000,000 of first mortgage bonds. Underwriter— To be determined by competitive bidding. Probable bidders: Halsey, Stuart & Co.; Kuhn, Loeb & Co., Leh¬ man Brothers and Salomon Bros, & Hutzler (jointly): Eastman Dillon, Union Securities & Co. and White, Weld & Co. (jointly); Equitable Securities Corp.; The First Boston Corp.; Merrill Lynch, Pierce. Fenner & Beane. Dec. 27, 1956, Eugene H. Walte, Jr., announced company plans in the near future to sell an issue of convertible debentures. Proceeds—For expansion program. Niagara Mohawk Power Corp. April 22 it was reported Long Island Lighting Co. April 16 it was announced company plans to sell later this year $40,000,000 of rist mortgage bonds, series J. Probable Jan. 1, —To issue and $12,000,000 of series C bonds due 1958 and for construction program. Underwriter determined by competitive bidding. Probable Halsey, Stuart & Co. Inc.; The First Boston Corp. and Blyth & Co. Inc. (jointly); W. C. Langley & Co. and Smith, Barney & Co. (jointly). Louisville Gas & Electric Co. (9/4) May 14 it was reported company plans to issue and sell $15,000,000 of first mortgage bonds, Proceeds—To repay bank loans and for construction program. Underwriter— To be determined by competitive bidding. Probable bid¬ ders: Halsey, Stuart & Co. Inc.; Kuhn, Loeb & Co. and American Securities Corp. (jointly); Kidder, Peabody & Co. and Goldman, Sachs & Co. (jointly); Harriman Rip¬ company tentatively plans to sell this fall about $40,000,000 of bonds. Un¬ derwriter—To Boston be determined by competitive bidding. bidders: Halsey, Stuart & Co. Inc.; The Firsfi Corp.; Morgan Stanley & Co.; Kuhn, Loeb & Co. Dillon, Union Securities & Co. (jointly). and Eastman refund be bidders: Norfolk & Bids Western Ry. expected to be received by the company up to noon (EDT) on July 31 for the purchase from it of $4,320,000 equipment trust certificates. Probable bidders: Halsey, Stuart & Co. Inc.; Salomon Bros. & Hutzler. Norfolk & Western Ry. (9/18) are expected to be received by the company up to (EDT) on Sept. 18 for the purchase from it of $4,260,000 equipment trust certificates. Probable bid¬ Bids noon ders: ' Halsey, Stuart & Co. Inc.; Salomon Bros. Northern Illinois posed financing, but on No decision has been made no sale of common stock Sept. 4. Co. & Hutzler. (9/24) announced that it is planning to $8,000,000 and $10,000,000 early this fall. Securities & Co. and —Tentatively scheduled to be received Gas July 1 this company raise between White, Weld & Co. (jointly). Bids (7/31) are ley & Co. Inc.; Lehman Brothers and Blyth & Co., Inc. (jointly); The First Boston Corp.; Eastman Dillon, Union or as to the form of the consideration is pro¬ being given to securities convertible into com¬ stock. Proceeds—For construction program. Under¬ writer—For any bonds, to be determined by competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; The First Boston Corp.; Glore, Forgan & Co.; Blyth & mon Nashville RR. are expected to be received by the company some time in the Fall for the purchase from it of $14,400,000 of equipment trust certificates. Probable bidders: Stuart & Co. Inc.; Salomon Bros. & Hutzler. Hal¬ Co., Inc. sey, 1 Mangel Stores Corp. June 19 expected bentures New it was of an due reported early registration statement is issue of $3,000,000 of convertible de¬ 1972. Underwriter—Lee Higginson Corp., York. Bids—Expected Ohio Power Co. May 15 it issue and Manufacturers National Bank of Detroit July 11 stockholders were given the privilege of sub¬ scribing for 156,600 additional shares of capital stock (par $10) on the basis of one new share for each seven shares held as Price—$35 per of July 9; rights to expire on July 26. share. Proceeds—To increase capital and surplus. Underwriters—Blyth & Co., Inc.: First of Mich¬ igan Corp.; and Watling, Lerchen & Co. Middle South Utilities, Inc. May 8 it was announced company may consider an offer¬ ing of new common stock within the next year or so. Proceeds—About $19,000,000, for investment in common stocks of the System operating companies during the three-year period 1957, 1958 and 1959. Underwriter— offering was to stockholders, without underwriting, with oversubscription privileges. Previous stock Molybdenum Corp. of America 16 it was announced company plans to offer its stockholders the right to subscribe for about 196,851 additional shares of common stock (par $1), plus July common warrants to basis of of purchase one new an additional 196,581 shares, on the share and one warrant for common shares presently held. The holders of record be the fifth day following the effective date seven will registration with the SEC. Proceeds—For expansion Office—Grant Bldg., Pittsburgh, Pa. Under¬ program. writer—None, was sell to be received on Sept. 24. (11/19) reported that this company now plans to $28,000,000 of first mortgage bonds and 70,000 shares of $100 ceeds—To termined date approximately $25,000,000 first mortgage bonds, but amount, timing, etc. has not yet been determined. exact was stock Co. New Inc. July 22 it each was Electric Underwriter—May be determined by competitive bid¬ ding. Probable bidders: Halsey, Stuart & Co. Inc.; Kuhn, in \ gram. Weld Haverhill Electric Co. and Amesbury Electric Light Co into one company. This would be followed by a $20,000,000 first mortgage bond issue by the resultant com- ' pany, to be known as Marrimack-Essex May 1 it Iowa approved the merger following subsidiaries: Essex County Electric Co.; Lowell Electric Light Corp.; Lawrence Electric Co.; 15. Louisville & plans to issue and construction Underwriter—To be determined by competitive bidding. bidders: Halsey, Stuart & Co. Inc.; Eastman Dillon, Union Securities & Co.; White, Weld & Co.; Kid- " der, Peabody & Co.; Smith, Barney & Co., and Blyth &• Co., Inc. (jointly); Merrill Lynch, Pierce, Fenner & Beane and Stone & Webster Securities Corp. (jointly). Probable & Bids Gulf States Utilities Co. 4 it was reported company For ^ , company may issue and sell in of debt securities. Proceeds— program and to reduce bank loans. $20,000,000 New England Electric System May 23 it was announced SEC has and Merrill Lynch, Pierce, Fenner & Beane. March the fall about of the five by competitive bidding, probable bidders: (1) For bonds—Halsey, Stuart & Co. Inc.; Salomon Bros. Proceeds—To May 10 it was announced that this company is consider¬ ing an issue of $15,000,000 to $20,000,000 convertible sub¬ ordinated debentures (with stock purchase warrants at¬ tached) which may first be offered for, subscription by . determined , capital Montana Power Co. May 20 it was reported 41 repay by par value preferred stock. Pro¬ bank loans. Underwriter—To be de¬ competitive bidding. Probable bidders: (1) For bonds—Halsey, Stuart & Co. Inc.; The First Bos¬ Corp.; Blyth & Co., Inc.; Eastman Dillon, Union Se¬ ton curities & Co. and Salomon Bros. & Hutzler (jointly). (2) For preferred stock—Eastman Dillon, Union Securi¬ ties & Co. and Salomon Bros. & Hutzler (jointly); Harri¬ man Ripley & Co. Inc. and Stone & Webster Securities Corp. (jointly); The First Boston Corp.; Blyth & Co., Inc.; Kuhn, Loeb & Co.; Lehman Brothers. Bids—Ex¬ pected to be received up to 11 a.m. (EST) on Nov. 19. ^ Pacific Power & Light Co. (9/18) July 19 it was reported that company plans to issue and sell $20,000,000 of first mortgage bonds due 1987. Pro¬ ceeds—To repay bank loans and for construction pro¬ gram. Underwriter—To be determined by competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; Eastman Dillon, Union Securities & Co. and Kidder, Pea¬ body & Co. (jointly); Lehman Brothers and Bear, Stearns & Co. (jointly). Bids—Tentatively expected to be received on Sept. 18. PacifTc May 24 it Telephone & Telegraph Co. was stockholders announced company plans to offer to its the right to subscribe for 1,822,523 addi¬ tional shares of common stock on the basis of one new share for each six shares of common stock and/or pre¬ ferred stock held. Price—At par ($100 per share). Continued on Pro- page 42 Commercial and Financial Chronicle... Thursday, July 25, 1957 The 42 (414) ceeds—To ceived advances from parent. Underwriter— Telephone & Telegraph Co. owns repay 89.6% of the voting stock Offer¬ of Pacific T. & T. Co. on March 12 it Diego Gas & Electric Co. San Power & Utah in August. American None. scheduled to be received Brothers Lehman was on Sept. 24. \ A (9/24) Light Co. Tentatively — \ ^A . also announced Company plans to offer Under¬ of common stock. the public 400,000 shares to Bids & Co. (jointly); Kidder, Peabody Boston Corp.; Kuhn, Loeb & Co. and (jointly). Bids—Expected to be re¬ Sept. 18. Registration—Planned to be made The First Inc.; 41 Continued from page ing—Expected some time in August. April 23, E. D. Sherwin, President, writer—To be determined by competitive bidding. (8/20) May 24 it was announced company plans to issue and sell $90,000,000 of new 23-year debentures due 1980. Proceeds—To repay advances from parent, and for im¬ provements and additions to property. Underwriter—To be determined by competitive bidding. Probable bid¬ ders: Halsey, Stuart & Co. Inc.; Morgan Stanley & Co. Bids—Expected to be received on Aug. 20. Registration —Expected in the latter part of July. pany able bidders:, announced that com¬ will probably raise about $7,500,000 late this fall through the sale of preferred stock. Underwriter—Blyth & Co., Inc., San Francisco, Calif. Telephone & Telegraph Co. Pacific Siegler Corp. June May was announced company, Natural Gas Co., may issue to noon (EDT) to its common parent) in New York up its Gas it Co., and to common stockholders oi $2,500,000 of common stock of Valley is to "receive as part payment of certain the latter the July 25 for the purchase from it of on stockholders (other than Eastern Utilities Associates (7/25) Pacific Co. Salomon Bros. & Hutzler. .r Southern Union Gas Co. Blackstone properties. Dealer-Manager-^-May be Kidder 'A^r.r.'//.i:f/■■■?[ Peabody & Co., New York. i ■ March ... A/A/AvA.; AA/ kyA & Underwriter—To be determined ..(10/1) Hutzler; Eastman Dillon, Union Secu¬ Salomon Bros. &, program. Southwestern Bell Telephone Co. ft was announced company plans to sell $20,-•• , Underwriter-May beyBlair Co. Incorporated, New York. //';.<A.A,AAjA,, construction 8 000,000 of first mortgage bonds. Probable/bidders for bonds may ^include: Halsey, Stuart & CoA lnc;; .:Kuhn . Loeb &;Co./and American Securities Corp.A(jointly); May 16 it was reported company plans to; issue and sell $10,000,000 of debentures this summer. Proceeds— For Virginia'Electric & Power Co.' (12/3)k%-..ir •: about (9/12) July 22 it was announced company plans sale of $40,000,000 additional bonds to mature in 1987. Proceeds—For program. preferred stock to its parent in ex¬ change/for $6,000,000 of notes to be issued in exchange for certain' assets of Blackstone., The latter, in turn.; proposes -tb dispose by negotiated sale' the fihsf thfee new securities mentioned in this paragraph. ; ' AY AAA/A April 15 it was also announced Blackstone plans to offer ' ( , one $900,000 of and $6,000,000 equipment trust certificates, series XX, to be 1957 and to mature in 15 equal annual in¬ stalments. Probable bidders: Halsey, Stuart & Co. Inc.; Philadelphia Electric Co. construction Aug. 27. was announced company, a subsidiary oi Valley Gas & Electric Co., plans to issue year, $4,000,000 of bonds, $1,100,000 of note? it dated June 1, Co., New York. • on Bids will be received by this company subsidiary of a about $25,300,000 of new securities, in the following form: $15,000,000 of mortgage bonds, $3,700,000 of preferred stock and $6,600,000 of common stock. Proceeds—To repay advances of $9,300,000 from parent, and the remaining $16,000,000 for new construction. Underwriter — Glore, Forgan & Northern within 1982. Southern it 20 ceived 15 Blackstone (8/27) Co. Edison Co-JAY'Ia'-1':^ Valley Gas April Proceeds—For construction program. Underwriter—To be determined by competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; The First Boston Corp. and Dean Witter & Co. (jointly); Blyth & Co., Inc.; Kuhn, Loeb & Co. Bids—Expected to be re¬ series J, due Pipe Line Co. Basin Permian October of this year a maximum of California Southern Loeb & Co. Kuhn ly); Lehman Brothers; Blyth & Co., Inc. Bids—Tenta¬ tively scheduled to be received on Sept. 24. .A A y'^ A AA, announced company plans to issue and was July 23 it was announced company plans to issue and sell $40,000,000 of first and refunding mortgage bonds, announced company plans to issue and sell $6,000,000 of first mortgage bonds. Underwriter —To be determined by competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; Merrill Lynch, Pierce, Fenner & Beane, Eastman Dillon, Union Securities & Co. and White, Weld & Co. (jointly); Equitable Securi¬ ties Corp.; The First Boston Corp.; Harriman Ripley & Inc.; it sell in September or Sept. 12, 1956 it was Co. 25 200,000 additional shares of common stock. Underwriter —William R. Staats & Co., Los Angeles, Calif. ; v; Co. Electric Pennsylvania Prob¬ Kidder, Peabody & Co. and Merrill Lynch Pierce,A Fenner & Beane (jointly); Eastman Dillon Union Securities & Co. and Smith, Barney & Co. (joint¬ • rities & Co.; Stone: & Webster Securities Corn.; Weld & .Co.; .Bids—Expected to be received on *v Halsey, Stuart Boston Corp.; & Co. and Drexel & Co. (jointly). Bids by competitive bidding. Probable bidders: & Co. Inc.; White, Weld & Co.; The First Underwriter—To .v'-vd/ ."•> new Morgan Stanley >!■,£'v ' Wisconsin Public White, Dec. 3. May 24 directors approved the issuance of $100,000,000 debentures. Proceeds — For /(expansion program. —Expected to be received on Sept. 12. first of series announced that it is expected that a new was bonds mortgage to $25,000,000 (about Utah (jointly):. White, Weld & Co. and Stone & Webster Securities Corp ly); Lehman Brothers and Bear,/Stearns & Co. should Treasury's huge new cor¬ Gas funding taken hue on in little a the cheerful more corporate issue new market place. True, the 5% 4% is the highest on the early 30's. set coupon Government's the for four-year issue U. S. debt since that this But de¬ best The by banking $100, or rate. which the wake of the news. priced at 100.798 indicated yield of 4.95% Reoffering for in a an was attract brisk demand and to stir up interest in appeared to preceding fortnight or so issues, that had been lagging. the market for securities carrying Other Issues Move Well. an AA rating had backed off a While not quite as impressive bit. But in so doing, it appears, it as the foregoing operation, it was had been engaged in discounting reported that good demand made pretty much the type of an¬ its appearance for the $50 million nouncement which came from the of 5% debentures brought out for Treasury. Sears, Roebuck Acceptance Corp,, In the From market the issue is terest. and are as a conjecture place it projected great to it Treasury of end no is regard reported, this issue good "hedge" against eventu¬ alities of the next two to and for Tennessee Gas Trans¬ realize a good rate of return during the life of the issue New - Underwriter—The Milwaukee the Hemisphere. 'A A : '/• of AAA' 1,000,000 shares. will ry^'AA^CrvAAiA J July 8 it was reported company plans tq offer up to,, $300,000 of additional, common stock to its.stockholders. up Prospects AAk'M; :,V:;The AAy;AAA ./ business consist of Of the the company evaluation of Co., Milwaukee* • Wis.. - / clude:. Bankers v: Trust Com pan y,; v The Chase Manhattan/ Bank; Ti)c First National Cityi Bank pf;>New; .York; The First National. Bank of' Chicago; Halsey,. ASihart & Co, Inc..; Blyth & Co.. .Inc.; The-First Boston ACorporation; A HarrimanA Ripley & Co/Incorporated; Harris Trust and Savings Bank; Smith/, Barney & Co.; Lehman Brothers; American Trust offerings Company, Sarr oil and mineral prospects in va¬ continued to build up during the ...Francisco;,t;•/AA''""V;'a">AjAr; V;;A ;*' A, rious./ countries; organization * of week with several additions Jiff^ Security-First; National Bank of joint ventures with mining com¬ ing substantially the prospective' Los Angeles; California Bank, Los panies; to explore for and to ex¬ pull on the money market over Angeles; Drexel & Co.; Glore/ ploit commercial deposits of valu¬ the next two months: /A'AY Forgan & Co^; Chemical Corn Ex-; Atlantic Refining Co. disclosed able minerals, the evaluation and change Bank; C. J. Deyine & Co.;/ testing of various methods of ob¬ plans for $100 million of con¬ Continental Illinois National Bank vertible, subordinated debentures, taining commercial production of and Trust Company, of Chicago; during the final half of August, oil, and the acquisition, evaluation The Northern Trust Company; R. to obtain funds for retirement of and sexploitation /'of any lands H. Moulton & Company; Gold¬ which seem to offer prospects for bank loans. v man, Sachs & Co.; Kidder, Pea¬ the commercial production of oil. And Southern California Edison body & Co.; Eastman Dillon, Union Other members of the under¬ Securities & Co., proposes to sell at competitive Co.; Bear, Stearns & bidding $40 million of first and writing group include:v Bear Co.; Merrill Lynch, Pierce, Fenner refunding mortgage bonds to help Stearns & Co.; The Ohio Com¬ & Beane; Blair & Co. Incorporated; of new . finance its constructior?. program. Bankers Offer Western Hemisphere Petroleum The Sears offering while was Tennessee made better than at 99 6% was at par, Gas's for offering slightly a yield to the pur¬ was indicated that Sanders Pierce current namely stock McLouth offerings, Steel's 105,000 & & Co. Co. Inc. and Rauscher, jointly manage underwritingA group which is an publicly offering 400,000 shares of Western Hemisphere Petroleum common & stock at $5 per $1,675,000 will be Canada, Colom¬ used for work in bia, e Cuba, Haiti balance is i and Honduras. tended to be used for the purchase of producing oil, and mining properties in the United the States purpose * or of i and for investigating oil, Canada f ' ft' & Co.; The First National Bank of Bos- Ion; The First National Bank of Mead, Miller & Portland, Ore.; The Philadelphia Lane, Space Corp.; National Bank; Seattle-First Na¬ Investment Corp.; and Stein tional Bank; Equitable Securities Turner, Muir Inc.; & Boyee. Corporation; Stone & Webster Securities Corporation- Dean Wit¬ ter $50 Million Issue of Bank .of The A. and offered America associates on T. July Bonds, due April 1, 1959 to 1978, inclusive. from 2.75% to (Special to The Financial Chronicle) PORTLAND, is now Me.— Sidney with Coburn R. & yield to 3.55%, according to rMiddlebrook, Incorporated. He was formerly with King Merritt & Co., maturity. Associates Co.; With Coburn MicHlebrook Gordon scaled & & erans' are Fenn 24 $50,000,000 State of Cali¬ 5%, 3V4% and 3y2% Vet¬ bonds Phelps, Co.; Ladenburg, Thalmann & Co.' N. fornia The Co.; & Hutzler; R. W. Pressprich & Co.; Paine, Webber, Jackson & Curtis; Mercantile Trust Company ; Shields & Company; Reynolds & Bonds Marketed S. & White, Weld & Co.; Salomon Bros. State of California the proximately Weed en Co., Inc.; Eppler, Guerin Co.; Johnson, _ proceeds to be received from the sale of t^ese shares, ap¬ gas the & Bros. T Meanwhile, it livan Common Slock Offered Of ^ Dempsey-Tegeler & Co.; Co.; Bosworth, Sul¬ pany; I. M. Simon & share.. years. can * offering price. backlog Corp. three Consensus seems to be that the taken? -Western 1-for-: Registration—Of bonds/in Sep¬ ':l? Wisconsin Southern Gas Co.,. Inc. upon the above tures. chaser. buver jointly); tember; and of stock in August. Outstanding capitalization/, of the company, after giving effect opening;- of tlieA to this financing/ will consist of books. AI1 went to premiums, with 666,500 shares of; common stock Carter quoted some eight points; out of a total authorized issue of quickly mission's $25 million of 6% deben¬ in¬ institutions many corporations, inclined the that 4% attracting A around indicated is new shares been * a . . est Treasury markets 99.92 for rate. The bid of the only 32 cents per $3.20 per $1,000 bond lower and named the same inter¬ apparent from the behavior of the corporate groups was coupon runners-up was velopment had been discounted is and of two bids submitted 100,000 had common, The Market Pacific offerings, porate Electric's Sol Fenner Carter Prod-;*; gas and mining properties in 500,000 common*'and Tung- Several & operation now effected, Electric Co.'s new issue of 32involving some $24 billion of ob¬ year, first and refunding bonds ligations maturing currently and encountered brisk demand when through October, things have brought to market yesterday.. re¬ ucts' security Shaking off the lethargy which the shares of preferred; stock (first to stockholders on basis); The First Boston Corp., Merrill Lynch, Pierce, & Beane, Robert W. Baird & Co. and William Blair; & >Co« had marked the last few With For any common Underwriter—To be determined by competi¬ Probable bidders;- Halsey, Stuart & Co Inc.; The First Boston Corp. and Blyth & Co., Inc (jointly); Salomon Bros.•/& Hutzler; Eastman Dillon, Union Securities & Co. and Smith, Barney & Co. (joint¬ market, except for its weekly bill rollover," unless, of course, it should decide to raise funds by a Ready to issue and bidding. be able to stand clear of the Fall Finds Pierce, Fenner. & Beane; Salomon Bros. & Hutzler and Eastman Dillon, Union Securities & CQi (jointly); Dean' Witter & Co.; Lehman Brothers; White, Weld & Co. (2) program. tive Lynch,1 Peabody .& Co.; The First Boston Corp.; Merrill of nev -'/A 10 Meanwhile the Treasury Report $5,000,000. common: stock. Proceeds — For construction program and to repay bank loans. Underwriters — (1)' For bonds, to be determined by competitive bidding^ Probable bidders: Halsey, Stuart & Co. Inc.;Kidder,- sell about $15,000,000 of first mortgage bonds due 1987 Proceeds — To repay bank loans and for construction degree of liquidity which this type of security affords. different type of $6,700,000 j (9/24)-A Light Co. & Power and, at the same time, enjoy the Reporter's AY''A:Ay/.;A A;' A plans a public offer¬ March 12 it was announced company plans Halsey, Stuart & Co.' Our A sell about of California )> May 21 it was announced company ing of securities to provide about working capital. vA-.; " AA.'• A "A ' ^ Public Service Electric & Gas Co. (9/18) July 19 it was reported company plans to issue and sell $60,000,000,. of first and refunding mortgage bonds due 1987. Proceeds—To repay bank loans and for new con¬ struction. Underwriter—To be determined by competi¬ bidders: Co. May 29 ittwas announced company plans to issue and ' $7,000,000 of first rrfortgage bonds and about bid¬ A.A' ':•//• y; Service , petitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; Blyth & Co., Inc.; The First Boston CorpV, Harri¬ man Ripley & Co. Inc.; Glore, Forgan & Co.; Kuhn, Loeb & Co., Salomon^Bros. & Hutzler and Eastman Dillon, Union Securities & Co. (jointly). Probable 1. Oct. on Transocean Corp. (amounting to $25,000,000 at Dec. 31, 1956) and for new construction. Underwriter—To be determined by com¬ bidding. received be $30,000,000) will be issued and sold by the company during the year 1957. Proceeds—To renay bank loans tive competitive Probable bidders: Halsey, Stuart & Co.'- Inc.; Morgan Stanley & Co. Bids — Tentatively expected to ding. Public Service Co. of Indiana, Inc. Feb. 11 it determined A by be •• , in the offering in¬ Inc. and Jay W. Kaufmann & Co. The Commercial and Financial Chronicle Number 5658 186 Volume new standard-gauge railroad equipment estimated to cost by Halsey, Stuart Group Offers $2,847,500. Equip. Tr. Ctfs. members the of offering Dick & MerleInc. and group', .include: associates are offering $2,200,000. Smith;;»R..f W. Pressprich & Co.; of Pittsburgh & Lake Erie RE. •Freeman & Co.; and McMaster 4*4% equipment trust certificates Hutchinson & Co. maturing annually Aug. 15, 1958 to 1972, inclusive. The certificates Prescott Adds to Staff are priced to yield from 4.10% to Stuart Halsey, 4.375%, and according tive bid sale at won was has become yesterday Prescott & competi¬ (July 24) Building, oil of 98.539%. These CLEVELAND, Ohio York certificates secured are DIVIDEND vester AMKIIICAN OAS members of Midwest and Sept. Dividend the 3, record A regular quarterly dividend of thirty/ \ six cents ($.36) per share on the Common capital stock of the Company issued and outstanding in the hands of the public has been declared payable Sep¬ tember 10, 1957, to the holders of rec¬ with on Ex¬ ord at w> j VANDERSTUCKEN, JR., Secretary. preferred stock payable 1957, to stockholders of the at of business close on United States Pipe and Foundry Company New York. N. August 5, 1957. GERARD J. EGER, Secretary Y., July 19, 1957 The Board of Directors this day declared a quarterly dividend of thirty cents (30«) per share this the on outstanding Common Stock of Company, payable September 16, 1957, August 31, 1957. to stockholders of record on The transfer books will remain open, RQSE SeCfetary United States Pipe July 24, 1957. DIVIDEND E. F. per close of business August 9, the 1957. • quar¬ the • New divi¬ a standing and entitled to receive dividends, payable September 16, 1957, to stockhold¬ ers of record at the close of business August 23, 1957. dollar one seventy-five cents ($1.75) share Victor A. Stock Company have declared terly dividend No. 156 of COMPANY AMI ELECTIUC TEXAS GULFSULPHUR COMPANY dend of 50 cents per share on the 10,020,000 shares of the Company's capital stock out¬ COMPANY NOTICES 43 NOTICES The Board of Directors has declared HARVESTER The Directors of International Har¬ Co., National City Bank and changes. — affiliated INTERNATIONAL INTtftMAHONU. Common Slo«*k ; Ptak Award of the Commission. certificates a maturity to DIVIDEND DIVIDEND NOTICES With H. L. Jamieson FRESNO, Calif. — Thomas M. Kennedy is with H. L. Jamieson Co., Inc., Bank of America Build¬ ing. (Special to The Financial Chronicle) being offered subject to of the Interstate Com¬ are approval merce Co. & (415) MERCK & CO. INC. NOTICES and t Foundry Company JOHN W. BRENNAN, Secretary & Treasurer RAIIWAY, N. J. TgaasassBBE Quarterly dividends ALUMINIUM LIMITED j MERCK)! the common stock, (incorporated) 35^^ DIVIDEND The Board of Directors lias de¬ clared THE SOUTHERN COMPANY SYSTEM quarterly div idend of 27l/> cents per share on the outstanding shares of common stock of the Company, payable on September 6, 1957 to hold¬ ers of record business on L. H. at the stock, and $1.00 ferred Georgia Power Company On July 17, 1957, ' Gulf Power Company Mississippi Power Company August 5, 1957. 22Vii of dend 1957, to stockholders of record declared currency was the on value shares of this company, Jaeger, Southern Services, Treasurer and Secretary Inc. U. S. the at no par payable close tember 9, September 5th, 1 957, to shareholders of record of close the at on October 1, of business JAMES Montreal Sep¬ 1957. quarter Railway a Company meeting held July 9, 1957, regular quarterly dividend of seventy-five share MANUfACIUMNO.COWANY, WCD,v,l^"d °'ot Forty-five Dividend No. to on stockholders of record August 15, 1957. at <*tSI Cents the close of business New York, July 13, 1957. A dividend Common A ihare • RICHFIELD LOEB, ^ shares the has surplus record of Secretary One Broadway, New York 4, N. Y. ber | sc . business per Common declared profits 15, J. J. MAHER, regular quarterly dividend of share on the Common per of the Stock been has August of 31, record NOTICE Board of Directors declared dividends the $4.25 payable holders ness August 15, 1957. M. E. GRIFFIN, Secretary-Treasurer 1957. Secretary. on 29, July on as COMMON 24, follows: STOCK share per DIVIDEND Cumulative Preferred Stock, September of record as 1957 27, No. 107 stock¬ to of the close of busi¬ On July 17, 1957 a regu¬ quarterly dividend of 75 cents per share was declared on the Corporation's Com¬ mon Stock, payable Septem¬ September 3, 1957. Quarterly the dividend Common 1957 of Stock, $.25 per payable ANSLEY WILCOX lar share August stockholders of record to the close of business August 5, as of 1957. ber 14, 1957 to stockholders of record at the close of busi¬ II, Secretary ness on calling... its 3%% Convertible Debentures August 15,1957. Southern Edison of 1967 dividends The Board of Directors has the following quarterly divi¬ dends: A Great Name in Oil October 14, 1957 at 106.65% CUMULATIVE PREFERRED STOCK. ' 4.08% SERIES Dividend No. 30 Niagara Falls, N. Y. 25'/j cents 4.24% SERIES IOWA SOUTHERN and they will no longer UTILITIES COMPANY relating to convertible into which these debentures are SOUTHERN I GAS j NATURAL Birmingham, Alabama • from the office of may ! the Treasurer. DIVIDEND NOTICE The Board of Directors has declared the following AMERICAN TELEPHONE AND TELEGRAPH , regular quarterly dividends: 35% cents per share on its ■ • • ; ■ 4%% Preferred Stock ($30 par) • COMPANY 4 1 cents per share on $1.76 Conv. Preferred Stock its ($30 par) i • 32 share its Common Stock ($15 par) 195 Broadway, New York 7, N. Y. Vi centi shore) per 30% cents per shore. • Common Stock Dividend No. 74 a obtained 26 CUMULATIVE PREFERRED STOCK. Dividend No. 39 ; r.s.u.Co. Dividend No. 7 4.88% SERIES COMPANY and of a the stock of A.T.&T. Copies of the notice of redemption Prospectus shore) per CUMULATIVE PREFERRED STOCK, 1957, interest on these deben¬ be convertible. California Company authorized the payment of SINCLAIR HOOKER ELECTROCHEMICAL COMPANY After October 14, payable stockholders to NEW YORK 20, N.Y. Notice Quarterly dividend of $1.0625 on tures will cease to accrue declared 1957, 600 FIFTH AVENUE The on A 30^ HOOKER 1957, redemption Stock has been September 3,1957 of record August stockholders to ended Decem¬ year August on Preferred declared payable 31, 1956, payable on September 13, to stockholders of record at the of quarterly dividend of share on the 5% Con¬ per 1957, close Dividend A. T. & T. is (70<) of been net Angeles 17, California REDEMPTION regular 31 vertible of Southern Rail¬ today of Company for the fiscal President N. Y. Brooklyn, of Oil Corporation Executive Offices: 555 South Flower Street, Los 13, °f 6,491,000 on Company way tockholders OCt°berrd^''September recor Norman F. Simmonds, Secretary of Seventy cents stock without par value p.y»"le been Stock has ^ be Stock 15, 1957. DIVIDEND NOTICE out for Common Aug. 16, 1957, who on that date hold regularly issued Common Stock ($1.00 par) of this Company. A stock of this Corporation for the third of the calendar year 1957, payable September 14,1957 of holders Southern The Board of Directors, at a per dividend of fifty cents a ($.50) per share payable Sept. 6, 1957, to woopall i n pus tries RICHFIELD cents of payment DULLEA A. Secretary dividend notice declared The Board of Directors has authorized the WALTER E. FOX, Secretary August 5, 1957., July 17, 1957 Stock DIVIDEND Carl M. Anderson, business July 23, 1957 ■'"■in.. de¬ clared, payable share in per Common pre¬ been have stock, quarterly divi¬ a Company on share on the a $4.00 convertible second Alabama Power Company close of share a $3.50 cumulative preferred the NOTICE Serving the Southeast through: a United States Lines of 25a share on ^ WU SOUTHERN COMPANY THE cents per on all dividends to payable September 1, 1957, stockholders of record August 15,1957. EDWARD L. SHUTTS, Ju'y 18, 1057 Chairman : . ■ j The above dividends able A regular quarterly divi- dend of 50 cents per declared share the Common Stock of Southern has been on August 31, stockholders of gust are pay¬ 1957, to record Au¬ 5. Checks will be mailed Natural Gas Company, pay- from the Companys office in Los Angeles, August 30. September 13, 1957 to stockholders of record at the close of business on August July 19, 1957 able 30, 1957. H. D. McHENRY, Vice President and Secretary. Dated: July 20, 1957 p. c. hale, Treasurer 44 (410; The Commercial and Financial Chronicle cumvent ding. Washington... /j y| /| .zX I MX from the Nation'* Capital proclamation to cir¬ emergency BUSINESS BUZZ Behind-the-Scene Interpretation* Thursday, July 25, 1957 ... the competitive bid¬ open, He confidence expressed will pass. measure fThis column is intended to re¬ flect the "behind the scene" inter¬ JL pretation from the nation's Capital and may or may not coincide with 14/ the "Chronicle's" views.] own - ' WASHINGTON, D. C. — Al¬ though the National Convention question of depletion allowances. is the way from sand and gravel to oil and natural gas. three years President M. The Vice-' away, Richard Nixon is tax concessions the leading candidate for the "Republican presidential nomina¬ branches tion. from the "old roc.mbers Congress sections try. While there is members among *md House the spur gas ance oil on he should minority leader, is definitely "running" in No. 2 position in the informal discus-/ sions on Capitol Hill. and study wliqt he in lie The While it has been overlooked beneath gress to came a when close Knowland take up the civil Senate sider voted the 18 to to bor continues at Prior to that there had existed for generation a High informal an traditionally The conservative been an Tuft A.l of iiad let never civil the tinue generation of de¬ for Money petition rights certain bill. to comes a the 1958 be pass However, vote either this year will to before it or national greatly eral more into going to inquire asserted "monopoly efforts most be to of the of the e million The and pars 'complaints cf various kinds that thev plan to probe. Some of the ficus. insisting that the price increase recently •was not sufficiently large to cover rising costs in their in¬ ducers have been fighting for a long time to get the Eisenhower administration to tighten up on the imports of foreign crude oil in this country. As a result, they feel that they won a first round victory in view of the study bei ^g initiated by Secretary of * Commerce Sinclair Weeks. Meantime, bility that there is the Senate * possi¬ Finance a Committee may study the broad s.v l Central Washington:, However,.his hill all on National a of Review to proposals well as He for Board including land aeouisi- as "A similar a is one man on than any ether in Congress. Fie is a slam-bang inquisitor who "lets the chips fall where they may." He ward is Nation Truman proclamation. The cannot • - « emergency Representative Hebert Congressman, who is ing blind, says titled a to full disclosure spending of newspaper what the private of the billions that the spends, UinVs that should and the Pentagon Louisianian be some of the are producing in com¬ petition and price reduction. be spending, fantastic as it for Industry Competition Senator cf Huey Long. After scandals, be was elected to Congress from New Orleans restored the and until other day a colleague said Hebert had saved ducting hearings production is con¬ the on of in that outside^ the for his Subcommittee and chasing out in tue cpeu." Stanford bulletin, July issue containing articles on '"Weed Killers" for Cancer ;Rocketsounding Research the Upper Atmos¬ Institute, Menlo Park, ' ■ Calif./ Stock Market Analysis: Facts & Principles—Plus three weeks of regular service, ratings strength ican including of 500 stocks Amer¬ — Investors Service, Dept. CF-101, Larchmont, N. Y.—$1. The Profitable Enterprise Economic America as Partner a The Private States in the Development of Latin — American Street, Partnership: United Story ot United States Inter- Council, 60 West 55th York 19, N. Y.— New paper. Usurpers — Hamilton Foes of Free Man —- A. Long—Post Print¬ ing Co., 18 Beekman Street, NewYork en¬ gines. 38, N. Y.—paper—$1. - Would Restore Competition Sealed The has been tee policy of the to purchase by in Korea, open bill that would restore competiI tive buying for the armed forces, i The committee The was sus¬ President Eisenhower has the act. hold hear- Korean Joins Pentagon will have avail¬ CLEVELAND. W. Voigt Stiver & \ Chairman Vinson, who iiam°i Hebert originally to the special Therefore, the secrecy continues to a great ex¬ tent at the Department of De¬ investigating subcommittee, de¬ fense. Hebert, a conservative, charges that millions and mil¬ clared that the main purpose the bidding Defense from now Co., — with i Travcrs Saunders, Terminal Tower Building, members of the Midwest Stock Exchange. to prohibit is Ohio of the being wasted Saunders, Sliver (Special to Tue Fin.vncj\t. Chi: our cue some 834.000.000,000 to spend-during the current fiscal year. The stakes are high. pended. revoked will CLEVELAND, Ohio—Donald W. is with Paine, Webberr Jackson & Curtis, Union Com¬ merce Building. Riouw ! ings soon. war able emergency the Hebert ; competitive bidding Paine, Webber Adds (Special to The Financial CuponictjO on son of the House Armed Serv1 ices Committee has introduced a its sea'ed bidding. When there was a National emergency on Dec. 16, 1950, at the outbreak of commit¬ report, Chairman Carl Vin¬ Based Competitive Bids v=. traditional United States Government since never competition may Congress to compel "public pur¬ cost airplane the of the National Investigating Subcommittee. The and unless repeal Emergency pro ¬ vision, the most important thing taxpayers "untold millions" since he.Fas headed the Special currently they He said the is business rightfully ex¬ pect to participate, he maintains. the House Armed Services Com¬ mittee of which on be never competitors know the nature The will prices reduced in in the American nor competition way of doing duiing the reform and has been here, continuously. - — news and recommendations free are and open proposed legislation is Department using the of TRAD3NC MAPKETS 1939 Botany Mills A. For financial institutions S. Campbell Co. Com. Fashion Park ' •' . ' '' . 1 ' Indian The Ecuadorian BOUGHT • SOLD Corp. Ltd. * Head Mills United States Envelope Morgan Engineering National Co. QUOTED Riverside Cement Flagg Utica Carl Marks FOREIGN SECURITIES doors opened. During the rwrent fiscal vear, the Pentagon will ne¬ siana "scandals" after the death A- some International of , of gotiations his city ed¬ broke the Bear) from New Orleans. There is a great cloak of secrecy sur¬ rounding the go¬ the public is en¬ whether competition does in fact itor, Ed¬ F. (pronounced Post phere; Message Transmission by Meteor Trail, etc. — Stanford -- . : Capitol Hill that the powerful Pentagon is probablv more "afraid" of ' this the under and in the Pentagon main¬ that because Slam-Bang Inquisitor" There waste on longer conducted because Pentagon still is operating lions cf dollars introduced bill last year. dustry. pro¬ Democrat in nrwi-'e disuosa1 are attack requirements I and Study — Leith-Ross in Frederick Banking Studies, Secretariat General, 119 - Coolsingel, Rotterdam, Netherlands i.is no the average. story that touched off the Loui¬ ; the is exist and 1865 * that local tax roRs. his colleagues have re ceived petroleum one-fifth the Continen¬ States. Louisiana mwH Independent or mil¬ that in this country and taking it off up Drplo'ion Allowances Being Scrutinized has through its various agencies, is buying i n too mu»h of the lard prices. smaller steel firms policy acres, Government Committee Democrat Long re-examination a .■if is apparent inquire into the steel Tennessee B. his Congressman government's holdings of tal United fore¬ industry's methods of setting The com¬ proposed new Fed¬ cf all'the land in the Anti-Trust Sub¬ One a lard-holding 408 are some Russell would call for Once the civil rights bill is out the way, Senator Estes Ke- tendencies." coming will; continue b r i s kthe money borrowers. introduced It "Monopoly" Study Next committee not are period. matter of fact a Senator elections," softened. in at that!" go A onetime New Orleans reiterat¬ are the on $93 have security by trying to do a lot of hiding behind closed doors. . Federal "Land Grab" certainly be¬ of ti fauver and As among right-to-vote bill. a , day, tains alive be final passage, on could turn out to be little than civil a still indefinite an rales down. Slates is will Fiscal authorities '.{ a It than more tall, imposing Louisianian. secrecy side appears ing once again in the Nation's Capital that the so-called tight money situation is going to con¬ come vote. Now after will extend coverage extension bate, the Congress of the United of to seem, a The in 4 right \ proposals of various kind it • Congress returns in Janu¬ ary for the last session of the 85th Congress. Ohio, Senator Kenneth of Nebraska, Senator Styles Bridges of New Hemp.shire, and leaders before them, fore lion when Wherry a may continue tne workers want wage session. Senate " Leaders Senator Robert have just handed Research Institute tracked for the remainder of this Republican to unions wage one. like the late could Sil —paper. for about 7,500,000 people, including farmers. However, minimum effective! had also means that minimum that had •existed Foodie me Research have money to spend. Southern Democrats in the Sen¬ ate. Thus the coalition this ana coalition and understanding be¬ tween Conservative Republicans ■and to seems resignation and let it marked rate. a Control — Institute "It rates wage Credit W. is brought that the competition for la¬ say — War Conditions Department and other departments of the government measure. Anniversary Celebrations for Orthodox inquiry Labor con¬ C Pennsylvania Bankers Association, Box 152, Harrisburg, Pa.—paper—$1. Minimum Wage Drive rights bill. The 71 & Banks into this country. to ; — Open House, School Student Tours from Senate Finance Commit¬ ing foreign oil that Minority moved allow-, into the tax concessions involv¬ headlines, a signifi¬ thing took place in Con¬ the other day. An era Reader York about right. tee is currently making the tumult and cant Press, personally lie thought the allowances now per¬ were In¬ Pageant 101 Fifth Avenue, .'New 3, N. Y.-^cloth—$3. ; ■ knew mitted by law Turn Ferd Nau- _,_V; _ Irving I. Aekerman year said — Guide to Some Pitfalls of Business M. Congress depletion End of An Era smothered the that $4.95. That Sales Prentice-Hall, Inc., EnCliffs, N. J. —cloth— — glewood 15%. George Letters quiries Into heim allow¬ to gas earlier thought However, a nee. as depletion Secretary Humphrey said Business already pending that are reduce Treasury Senator William F. Knowland,conservative Senate ond Bookshelf for the future. reserves Bills his nearest rival. regarded pro¬ is badly needed to the search for oil ana on would the . gas allowance Senate just how high the Vice-President's political stock is, there is a prevailing opinion he has a substantial lead over and to the industry. Indus¬ try spokesmen maintain that the unanimity4 no of oil 27\z % coun¬ to as Man's Congress, who hail non states, are grumbling depletion allowances of the over from — the of of the ducing pros"—Republican in scattered Business Many of the members in both This is the conviction of many of all range 20 BROAD STREET TEL:.HANOVER 2-0050 • & Co. Inc. SPECIALISTS. NEW «'• YORK 5, N. TELETYPE Y.* NY 1-971 LERNER & GO. Investment Securities 10 Post Office Square. Boston 9, Mass. Telephone HUhbard 2-*990 Teletype BS 69