The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
197
Volume
EDITORIAL
York 7,
Whatever
may
action remain about the same,
careful to
look beneath the surface it is quite
worse
are
interest
the
and
that
suppose
that
means
both new, or at
we *
least not
our
have
more
'
old; The
what
it
despite
rediscount jirate
few decades'
problems, have often
-
.
To
hike's possibility in early 1964
the
situation's restraint upoii long-term rates.
borrowing
matters
make
even
1951-61,
years
During those
-
financial
be
to
when the
1951-61
simp l.er\ and.:
experts
adopted
i.
corporate
did
Under this
balance
possible
as
volume
selves With.. such matters. as
Economic growth rates and the V-
goal,
unemployment
conld
have chosen for the solu¬
quite plainly to be both futile
means we
Says Adam; Smith: "Those systems,
therefore, which, preferring agri- (Continued on page 22)
and/dangerous.
tasks
in
secure
business
of
rapidly,
and
theih V
sions.
had
one
I don't mean
r
simply
but
least
at
activity
and
the
relationship
in
rates
ever
been
eased
When
3.5%
the
business ac-'
of New York appear in today's
8-page PICTORIAL
in late
iDistributors
Chemical
\
?
rate
1957.
once
l
A,
DEPARTMENT
7.9-ir
A-
<
770-2661
JH
in the
this
of
of
periods
interest
reces¬
rates
Were
For
cycle.
example,
bill rates fell in the reces¬
about 2.3%
in mid-1953 to 0.6%
business
the subsequent
re¬
Then, in the recession of 1953,
again plunged
to 0.6%
(Continued
and
in
24)
State,
on page
Municipal
V
DISTRIBUTOR.
'
•
■
.Agency
!
v.;,
Exchange
"r
Pacific
Coast
Bonds and
Notes
Exchange
del Mar, Encino, Glen-
Pasadena, Pomona, Redlands, Riverside,
.
San
EXCHANGEjgfE/
Diego,
FIRST NATIONAL CITY BANK
Municipal Band Divitton
Bond Dept.
,
Teletype: 571-0830
Santa
THE
%
Monica,
Whittier
•
.
Ana,
Santa
•'
Inquiries Invited on Southern
"... California Securities
New York Correspondent
—
MANHATTAN
Pershing & Co.
Chicago 3, III. FRanfclin 2-1166
BANK
Net Active Markets Maintained
*
To
T.L. Watson &Co.
Members
American
Stock
-
Commission
Exchange
-
Inquiries Invited
Orders
Canadian
-
Exchange
CANADIAN
Teletype
25
BROAD
STREET
NEW YORK 4, N.
Y.
ftlKECT
BRIDGEPORT
CALIFORNIA
PERTH
AMBOY
Executed
VNEW
YORK
On All
DEPARTMENT
Commercial
212-571-1213
Goodbody
NEW, YORK
2 BROADWAY
BONDS & STOCKS
Exchanges
Dominion Securities
1
-
'
&
STOCK
NORTH
-
Fishing
TORONTO
VIRES TO MONTREAL AND
MEMBERS
DALLAS
CANADIA
Canadian Securities
Block
New York Stock
DIVERSIFIED
Dealers, Banks and Brokers
1832
ESTABLISHED
gouthutedt
York Stock
New
• .•
dale, Hollywood, Long Beach, Oceanside,
DEALER
first
Co.
&
Street, Los Angeles 17,
Offices in Corona
135 So. LaSalle Street
w
UNDERWRITER
Hope
Members
Municipal
MIDWEST STOCK
TWX: 212-571-1414
as
business
of
SECTION.
-J-';V\California'j. 5'-.
•Members
MEMBERS
York 8, N. Y.
company
pursuit
In
intensify the natural fluctuation
business
Associate Member American Stock Exchange
Securities
CHEMICAL BANK NEW YORK TRUST COMPANY
So.
623
Dealers
•
•
Corporate &
0
price level
during business
far
subsequent
Lester, Ryons
Underwriters
/'
•
a
growth
Housing
MULLANEY.WELLS & COMPANY
.
770-2541
-
and Public
Municipal
P. O. Box 710, New
stable
stable
credit during
credit
During
Housing,
Securities
phones:
V
bill rates rose very rapidly to more than
PICTURES IN THIS ISSUE—Candid photos taken at the recent outings of the Municipal Bond Club
New York and the Bond Club
as
with
activity.
as
the
over
1954 from
bill
the
decade
to
was
mid-1954.
covery,
easy,
business
that earlier
unalterable.
and
in
between
.
rates
sion of
Gordon W. McKinley
•
activity has
interest
seemed fixed
L
that,
to imply
forecasting business
to >/-
:
..
sum¬
"leaning
phrase
particularly.if prices were rising
The- effect
concerned
best be
can
•»..
the Fed tightened
boom,
the knowledge
policy of pegging
policy, the goal of the Fed¬
consistent
business
about
-
flexible
They
problem.
happily
.go
1951 the
Early in
famous
eral Reserve was to achieve
•
payments, nor/
did. they have to concern them-
^
Martin's
Mr.
forecast business activity. '
BOND
of
correlation
pronounced by the
more
flexible policy which
in
against the wind."
•
have
not
the
on
'of international
dealing with our present day farm problem. Cer¬
State and
ac¬
of government securities and thereafter
a
marized
'
years
officers
the price
rules of the game
;A";
more
even
dom in
Public
bor¬
predictable during
Federal Reserve discontinued its
must inevitably look backward nostalgically
were
made
was
of
[/. S. Government,
mortgage
natural
policy of the Federal Reserve.
three month Treasury
tion of it will be shown
and
more
the
that in order to forecast inter¬
and
activity
not only
rose,
Conversely, as business
activity
straightforward. /'
we
ways
business
as
is likely to happen to interest rates in the. coming
are
a very
business
needs for money but
greater business
est." rates;
tainly the
'
tivity subsided, the demand for funds declined and
interest rates weakened.
A/A
A.
market rates.
money
when
rose;
Naturally,
declared <Jur independence. Convert the A
following sentences- into the ordinary language of today;
and there before our eyes will lie the beginning of wis-.: /"
when
^
.v
declined, interest rates fell.
nothing very mysterious about
rowing also increased;
sharp business upturn foi-
a
rates
Anyone who is faced with the job of guessing what
•
year
>'■ •■%'*> !"«. fcv.'v?
changes in interest rates with changes in business
\
to make sonde observations about them"in;
his world famous "Wealth of Nations" published in the
necessary
*
the demand for loanable funds
rose,
consumer
and unemployment
[modern econqjnic theory felt/
called
to .be
Copy
a
or
course
of
McKinley holds this will not apply to
past—-and basically similar programs desolve them.- As a matter- of fact, the father of I
used
of
was
relationship..
because
Discusses
-
existed in the
viseck to
this
appreciably
lowing temporary difficulties in the next few months; Dr.
so-called farm problem
than
rise
to
because
year
selected to solve > it
unlikely
are-
interest
rose,
activity leveled off
In predicting an interest rate increase in 1964 not far
to the decade
us
rates
from the current level
using it—and not infrequently makes the
the better reason.
appear
Many of
ir"V:-v-r
-.
present $580 billion to $630 billion annual rate by 1964's
end.
terminology which all too often confuses even
ticated
tivity
though GNP can be expected to advance sharply from
even
past
histori¬
cally been regarded as sound and desirable. One trouble
is the propensity of human beings to give new names to
old things/and to reason about them in highly sophis¬
•"./
j>'
There
Long-term
certainly been at variance with what has
those who,
.'t.
Publishing Company, Inc., New York, N. Y.
ages—and often find if we look for them—good grounds
for the choice of proper policies, which in recent years
have
\* .y*
y
By Gordon W. McKinley,* Vice-President, McGraw-Hill
possible:
in current events their counterparts in
discern
%
and if one is
individual
Cents
50
Sharp Business Rise Due in 1964
human nature and their manifestation in
to
**
V
be^ assigned to this com¬
saying, it is- clearly true that basic qualities of
collective and
mon
•'
•
,
popular parlance that history repeats
meaning
Price
N. Y., Thursday, June 20, 1963
Why Long-Term Rates Will Not Pace
As We Sec It
It is often said in
itself.
New
Number 6274
;\
Corporation
Co.
EXCHANGE
v.
LA SALLE ST.
CHICAGO
V
v
MUNICIPAL BOND
40 Exchange Place, New York 5, N. Y.
Teletype 571^0880
Area Code 212
>
'
BANK OF AMERICA
WHitehall 4-8161
>
DEPARTMENT
..
SAN
N.T.&S.A.
FRANCISCO
•
-T.-'.T
~2 '
LOS ANGELES
2
The Commercial and Financial Chronicle
„£2518)
The
"Coverage"
(one of
fact,
A continuous forum in which, each week, a different group of experts
our
covered
have
counter
We
are
through
system,
participate and give their
to
that
say
of
scope
Harper Company
I believe the
H.
Remember, when it's
rapid
Over-the-Counter
can
least the
next
from
NEW YORK
Established 1920
■./"
American
x,.
Stock
4
i:
Philadelphia
San Francisco
•
Wide
World
Los Angeles
•
bility.
Seeking
LYNCHBURG, VIRGINIA
Co.,
It is in this
is
of
variety
by
had
of
Ugine-Sejournet
the
one
of
ess.
Penobscot Building
DETROIT 26, MICH.
—
only
die.
few
a
313 222-5012
Bay City, Mich,
Furthermore,
ings.
Harper
process.
now
ability
available
only
profiles
of
growth
1965,
better
Harper's
give
bound
all
well
as
publication
the
you
on
t
and
similar
closer
hot
other
monthly prices
listed
those
securities
"hard
Over-the-Counter
to
as
find"
quotations.
In
shapes
the
with
or
call:
J
WILLIAM B. DANA CO.
25
Park Place
New York 7, N. Y.
t
..
Harper's
in
shapes,
operations
by
in
the
of
the
the
company
rather dull
appear
case.
for
small
industry.
Fastener
those
prod¬
|
the
on
SECURITIES
II D A
v:
most
I"
the
company
in
area
com-
some
for
of
the
the
a
were
experi¬
able
v
;,
The company, makes
iron
or
has
Telephone: BEekman
of
been
set:
establishing
where
area
not
are
in
Eu¬
-
of
many
generally
'
and
an
excel¬
income
have
with
sales
year,
in¬
annual
average
15.3%
the
in
been
net
every
of
crease
results
have
years
Sales
and
APPEAL
income
net
PRINTING CO..
of
180 Cedar
•-Financial
be
increase
annual
average-
condition
excellent
and
appears
adequate
variety
metals.
.
of
corrosive-
These
products
specialized needs where
a
problem.
characteristics
Metallurgical
become
very
im¬
portant. Because only ,a few com¬
panies, have
the
technological
capability required, competition is
to
comparatively
limited.
(2)
No
lined
above
v
without
a
no
circumstances
solicitation of
an
offer
to
to
be construed
buy,
any
as
an
offer
security referred
to
to
sell,
or
herein.)
' '
Telephone: WOrth 4-3033
to
1889—-Our
to
current 400
stock
74th
Year—1963
minimum
I
of
equity. The
annual dividend rate,
by
dividend,
vides
dilution
stockholders'
present
2%
annual
an
LAMB0RN & CO., Inc.
99
to be the
appears
expectation
and
pro¬
WALL
confident
that
data
involved,
will
conclusion
same
stock
Company,
come
SUGAR
to
I—that the
as
of
H.
currently
M.
Raw
selling
basic
ener
—
Liquid
Market,
close
investment value
Refined
Exports—Imports—Futures
12Vz
around
reasonably
—
Harper
in the Over-The-Counter
is
5, N. Y.
anyone
checking further into the statis¬
tical
STREET
NEW YORK
adequate current Teturn.
an
feel
to
as
its
DIgby
4-2727
fast¬
a
manufacturer and very little
premium
is
potential
sales.
being
paid
in
growth
be
lation
an
the
the
stock
attractive specu¬
the
on
for
extrusion
Consequently,
appears to
expected
rapid
development of this market.
G. D. SUTTON
:
Director
of Research, Nesbitt,
'Saving*
Thomson and
Company, Ltd.,
Montreal, Quebec
,
Trans-Canada
Pipe Lines
It may be regarded
try
as an
the
past five
Canada
Limited
.
by the indus¬
unkind pun, but it is
exaggeration
has
to
say
years
that
no
natural gas in
developed
for
only >3.1%
energy
of
with
total
ex^
Canadian
requirements. By 1960 this
proportion
had
risen
to-
it is expected that by 1970 it
will rise to approximately 20%.
Much of the growth so far has
years,
the
last
;OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
23-Year Performance of
35 Industrial Stocks
FOLDER
National Quotation Bureau
Incorporated
46 Front
CHICAGO
on
ON REQUEST
four
following the completion of
Continued
Q. B.
12.7%
and
during
N.
;
during
plosive force. In 1950 it accounted
occurred
(This is under
INC.
SI., Now York 8, N.Y.
finance the expected growth out¬
an
serious problems.
are
3-3622-3
deliveries
facilities
Harper's overall
no
fasteners,
NEW YORK OFFICE:
Division
available.
performance
produces only fasteners in
wide
are
fabricating the
alloy metals involved, very few of
suppliers
good
;
corrosion, metal fatigue, magnet¬
ism, termperature or conductivity
mental Bomber program. Because
of the difficulty of
other
shown
-
extensive
customer
products
where price competition and
fill high
structural
B70
have
some¬
the years.
superior
steel
resistant
1960-
case
negligible. Fastener
over
overcapacity
relatively short notice, to
members
(1)
fcarbon
•
called
was
the
I WA
Securities Co., lAd.
149 Broadway, New York 6,N. Y.
'•
An
verge
an
The factors behind the Fastener
are:
capability
example,
in
earnings, though
cyclical:,
i.y*|- '-i•;...r Harper
production
companies
profit in every year
a
was
and
Division's
thousnad
little
of
Division are, on the
other
increases
production
has
loss
what
few
margins
except one (1932) and in that
pro¬
.
Profit
considerably higher than
of
than
a
th3 fast¬
in
industry. Sijice 1927 the Division
stainless
from
several
all others
branch offices
long-term
Fastener
system
supplemented
business,
REctor 2-9570
overall
our
the
years.
likely.
common
average,
be¬
be
rolled
ranging
For
proven.
as
in
is
during
moderate
manufacturing
the
the
in extrusions has been thoroughly
the
extrusion
Ex¬ has earned
produce
Write
increase
prosaic. This is not the
ener
a
upon, on
1
and
speeding
contrast to
weld¬
or
can
market
Harper
;petition.
1961
in¬
of
50% rate
the "glamour" of
to
earnings, might
and
pro¬
tolerances
cold
or
ucts.
hundred'to
will
could
a
to
of "off the shelf" items.
Harper is
a
which provide the bulk of current
exten¬
company
finish'and
to
pounds,
This
rate
at
approximately
70%
assuming
no
change
Compared
to
in
appears
showing
Fastener Division profits.
the
quantities,
$4)
—
higher
Maintenance of
crease.
sales
duced
year)
per
growth
increased
running
wires
Be-;
Harper's operations
depression
have
rate
6, N. Y.
212 571-1425
the
(3)
periods
Continued
^
lent.
growth
difficulties
profitable
past five
Current book¬
years.
actually
are
profits
production quantities, have
steel
(Single Copy
of the
It appears
year.
Exchange
JAPANESE
24.8%.
small
(Only $45
per
impressive
Exchange
Mobile, Ala.
Direct
give
volume
reason
remained
an
sides being cheaper to produce in
JJR
major
compound
average
this
sustain
recessionary
1959,
sales
HAnover 2-0700
outside
upon
does
the
helps
Actually, Harper stands in marked
to
after
machining,;grinding,
truded
RECORD
50%
this
substantially
glass
broad and profitable market.
BANK & QUOTATION
This
earn¬
in
start
an
ings
company
Harper
of
ing provides the
a
the
extrusion
an
Stock
Stock
over
the corrosion factor, re¬
placement demand is important;
their
overall
produces
of
Division, further growth
on
York
New Orleans, La. - Birmingham, Ala.
Harper's
requirements.
cause
rope,
in
American
others often face in obtaining raw
material
next several
duce, by extruding, stainless and
alloy steel shapes that are other¬
sive
sig¬
New
.
The
wise
sales
'
only
eliminates
it
6£n be maintained for at least the
of alloy steel extrusion.
ogy
than
Members
Harper better quality control but
the
-From
that
ex¬
appears
larger
increased at
world leader in the technol¬
a
overall
relatively small, and with
is " rate of
has spent 11 years developing pro¬
duction techniques to go with this
be
case.
commercial
this proc¬
the
Harper's
important effect
Harper is
use
gather
to
in extrusion sales should have
companies in
the U. S. licensed to
1051
Office
extrusion
Harper
Not
-
up,
Fastener
process'
molten
be
materials.
dependent
are
sources.
warehouse
nificantly
lubricant between the metal
a
Members
Branch
base is
patented
This
of
use
to
profit margins in extrusions
development
process.
the
the
Exchange
Exchange
the
small
favorably situated
so
-
Division
presently the
Since
parts
successfully
too
raw
larger share of the market
than is
While the tech¬
prior to
extrusion
QUOTED
been
of
rolling mill
a
'
All other companies in the indus¬
rolling mill because of
a
enable
much
a
almost unlim¬
materials
incapable
on
quantities
on
should
many
component
extruding
never
and
,
of
ability to (1)
the relatively high cost of tooling,
fabrica¬
In
truded
as
962-3855
the
total
(2) profitably handle produc¬
tions
de¬
these
approxi¬
Harper's
shapes
being processed
and
are
quantity complicated
unusual
or
done
also
In/ 1962,
10% ~ of
Steiner, Rouse 1 Co!
Members
Quebec;
80% of Jfche raw material require¬
ments of the Fastener Division.;
titanium
Company's total sales
form in any
basically the best
industry."
of
MORELAND & CO.
Stock
re¬
that I believe the
producing
to
Metals
extruded
for
and
Montreal,,,
;
competitor is
try
accounted
Re¬
;
important
of
of
Thomson
19 Rector St., New York
com¬
space program.
a
income.
mately
wire
and
process.
area
Extrusion
involves
Detroit
in
net
Division.
rod
the
for.
sales. But company's
commonplace, metals of extreme
hardness, such as.stainless steel,
TRUCK LINES
Stock
7[u
to form these metals.
way
.Ltd.,
(Page 2)
Bought—Sold—Quoted
Ltd.—
Director
Nesbitt,
Co.,
Lines
Pipe
eco¬
becoming significant in
products
industrial
Fastener
business
way
ASSOCIATED
Louisiana Securities
Company—Eugene
Sutton,
search,
other
by
has "some
now
now
and
gain
this process is the only eco¬
nique
Midwest
metals
Incidentally,
terms of the
substantial and rapidly
a
used
—
capital
for
alloy
extrusion
nomic
846-0920
City
SOLD
only
accounts
Metals Division to
a
the
ited
—
for
company's growth potential lies.
TWX
BOUGHT
Conse¬
appears unusu¬
Metals Division has
cases
STRADER and COMPANY, Inc.
New York
.
quan¬
Commercial extrusion sales
of stainless steel, high
alloy
steel, and "space age" metals by
an
All Issues
703
ap¬
tion
Craddock-Terry Shoe
'
in
unworkable
alloy going into
>
Harper Company is
the
veloped
Furniture
M.
by
The
Bassett Furniture Industries
6-1333
extrusions
processes.
Several years ago the com¬
used
First
Private wire to Shields &
appreciation
term
formed
growing
Victor
tities,
the
fasteners
supply
Virginia Securities
LD 39
produce, in production
nomically
quite
seems
leading supplier of corrosion
pany
R. F. & P.
at
can
The
years.
substantial.
.
long
H.
users.
American
for
other -hand,
attractive
The
Continuous Markets
Harper
G.,D.
fu¬
become
as
levels
price
very
sistant
us
The
now
served to demonstrate that Harper
and
without undue risk exposure.
a
Call
foreseen
quently, the stock
Service
Wire
sales
several
On- the
ally
1231, 32, 33, 34
—
Chicago
•
require¬
productionorders
pears
Exchange
.Telephone: 363-2000
Teletype: 212-571
structural
program. "
>,
60 Broad St., New York
Boston'
the
pany
potential
*
M.
Trans-Canada
questionable but the incident
:
decline in the stock
present
of
earnings ratio and the company's
'
Associate Member
in
two-
over
of the
long record of consistent profita¬ structuralmembers
CORPORATION
v.
months,
small due to the moderate price-
HANSEATIC
\
rr/o")' H
Alabama &
-
Gerwe, Research Dept., Quail
&
Co., Inc., Davenport, Iowa.
(Page 2)
r
and
producing,
ments
•
.
period where
both
be
risk of price
;
four
contracts,
up
Harper Com-; ture of the B70 has
a
in
growth
earnings
HANSEATIC"
"Call
their
ended
roughly
■
.
M.
has entered
pany
-
II.
thirds
H. M.
we
service.
OTC
complete
Davenport, Iowa
coast-to-coast wire
European teletypes and
broadest
particular security.
a
Harper
Dept., Quail & Co., Inc.,
our
the
cover
EUGENE F. GERWE
Research
international contacts,
other
\
t
•
F.
everywhere.
proud
for favoring
reasons
the
find
dealers
and
markets
r
-
-
Thursday, June 20, 1963
.
Participants and
Their Selections
v
•
banks,
helping
field,
brokers
best
Week's^
.
in the investment and advisory field from all sections of the country
forty years we
the
over-the-
for over
This
Forum
strongest points)
In
Security ! Like Best...
.
page
11
Street, New York 4, N. Y,
SAN FRANCISCO
197
Volume
6274
Number
.
.
The Commercial and Financial Chronicle
.
(2519)
CONTENTS
Economic Framework
•-*
(_.i • ■
3
■
i
Thursday, June 20, 1963
For Long-Term
jcrasTtin
B.S.
COMPANY
AND
By Andrew P. Ferretti,* Economist, Keystone Custodian
Articles and News
Funds, Inc., Boston, Mass.
OBSOLETES
;
PAGE
investors
Why Long-Term Rates Will Not Pace Sharp
posted on the significance of our ability to prevent
are
Business Rise Due in 1964__Gordon W.
mejcr. business downturns, and of the prospect for economic growth
at the rate of
4%
iong
Andrew
tion is singled out as the principal investment risk with the exception
short
periods when capital-preservation becomes the important
;
Xri
Restatement and Projection of Yield
Stocks_>____Edgar
Common
;
pacts bright for significant developments in tax reduction and na¬
tional
this
of
theme
nomic growth.
over
icy
ten
bead
to
that
major
Andrew P. Ferretti
;
tion.
They
nation's
are:
in;
(3)
efficiently
the
re'-.*:;Vr"
highly
the
cite-
In
one.
competent
staff
of
.•*
1960,
economists
entitled
Growth
fort.
This
were
in
was
a
the
then
into
of
history,
tested
of the half
The idea
the
econometric
an
it
search
was
in
measured by
are
plant
cial
which
Average
The
dotted
economic
line
potential
of
grew between 1909 and
solid
line
cally
4%
a
re¬
man;
will
be
growth
in
which
recent-
continuing
Expansion
the
U.
1959.
MARADEL
12
PRODUCTS
Trade
Eugene Van CleeL 15
Role of Professional Group in the Securities
Business
Frank
KANSAI ELECTRIC
Dunne, Jr. 16
POWER CO.
Regular Features
As
We
See
It
1
(Editorial)
Bank and Insurance
Stocks
20
Coming Events in the Investment Field
40
J.F.Reilly&Co.,Inc.
*
Commentary
Current News in the Field,
13
_
Dealer-Broker Investment Recommendations—
8
Einzig: "Will Dear Money in the U. S. Help
the
Dollar?"
9
From Washington Ahead of the News......
___
H
Marrud, I
36
Market
17
.
.
and You
.
(The
Mutual Funds
T—!
About Banks
and
has
been
and
years
gives
com¬
-
;.
Bankers-
Electronic Int'l
Cap. Ltd.
9
Commonwealth Oil
18
—
nc.
*
Indications of Current Business Activity—^;
Refining
18 5
Prof. 6- Bus. Men's Insurance
Observations
4
Our Reporter
Governments
on
22
...
Public Uti.ity Securities.
20
Securities Now in Registration
28
Prospective
33
Security
Offerings-
Security I Like Best (The)
■
Singer, Bean
sMackie, Inc.
HA 2-9000
2
Security Salesman's Corner
40
Exchange Place, N. Y.
Teletype 212 571-0610
14
State of Trade and Industry
Direct
(The).
fFires
to
16
Chicago
Tax-Exempt Bond Market.
6
Washington and You
will match the
underlined
business
This
to
Cleveland
St. Louis
40
Los Angeles
San Francisco
Philadelphia
Washington
*Columns not available this week.
emphati¬
one
proviso
that
a
contraction
be
is particularly
im¬
the
dividends
shrinks
S.
decade
The
(It should be noted
now
to
investor.
contract
as
Prices
The
COMMERCIAL
Published
Twice
question.
tween
a
1930's.
principal
during
Let's
the
DANA
CLAUDE
D.
1930
and
Can
as
developed be¬
1940, resulting in
Continued
on
page
Patent
REctor
Office
9
2-9570
to
WILLIAM
DANA SEIBERT,
Treasurer
GEORGE
J.
MORRISSEY, Editor
Thursday, June 20, 1963
Every
New York
9576
SEIBERT, President
serious
a
S.
COMPANY, PUBLISHER
Place, New York 7, N. Y.
turn
woefully inadequate utilization
the^e years.) I think most
Park
FINANCIAL CHRONICLE
Reg. U.
WILLIAM B.
25
and
Weekly
examination of this par¬
depression such
the effect of changing price levels
and
seen
was
the
of
an
ticular
that the analysts did not allow for
during
Herman H. Browne
attained
has
great
progress
portant
the
portrays graphically to
realized.
Vote.
A Scientific Approach to World
drop sharply during such periods,
how
CARY CHEMICAL
Balderston 10
assurance.
major
what extent the nation's potential
was
in
is
Actual
Growth
shows
The
potential—with the
ac¬
The
Projected
Canby
as
apparent in chart I.
Committee
and
equipment
institutions
avoided.
Joint
in¬
to
<
higher level
a
which
and
witnessed
this formula with the
year.
HOLIDAY INNS
Economic Impact of the Adverse Wheat Control
News
continue
training
effort
fortable
tually realized year by
results
7
9
systematic savings through finan¬
to compare the level
level of operations which was
breaks;
will
available.
staff
formula,
activity
paid
more
(4) Ample funds for investment
against the record
economic
that:
are
highest level known to
of
century ending in 1959.
potential
coffee
education,
the
which
Cobleigh
combination of
a
by virtue of
crease
Eco¬
United
use
asumptions
grounded
(3) Productive efficiency of the
fed these key statistics. After
evolved
year
per
during the past 20 years;
case
population
thorough ef¬
computers,
examining
of
"Potential
It involved extensive
electronic
4%
faster rate than has been
a
extended
published
States."
conserva¬
a
holidays, longer lunch hours, and
on
Committee of Congress
study
was
week, longer vacations,
the
UNITED NUCLEAR
economic
factors—gradually shortened work
Economic
a
the
at
_C.
in
;■
Joint
nomic
in
of
cline because of
r-v:\•v.-Vv
5
••.:£':v
i •
Municipal Bond Yields,.;
Thorns
(2) The number of hours worked
how these factors work.
on
will
well
so
by each employed person will de¬
(There have been several studies
We
did
this forecast
they
with.\'
made
and
man
(1) The working population will
grow
hours they
many
How
a
of work¬
tive machinery they have to work
-
a
that for the next 20
rate
a
well
behind
work; and (4) How much produc¬
.
at
lying
na¬
(1) The size of
of people
stock
ing age; (2) How
put
took
compounded annually. The under¬
apply to any
Soldofsky
economic potential will
our
grow
factors
these
4-6551
Commercial Banks' Savings Pace: A Rose With
employed
the
changes
The result
years
which provide the basis for prog¬
ress—and
staff
for
that
tive estimate
eco-
nomic
formula
tury.
four
are
United
potential during the past half cen¬
will
there
estimates
same
econo-
agree
WHitehall
on
Ira U.
Study
potential.
the future. They
reflecting
mists
on
machine components, but used the
years.
Most
longer term the
Committee's
on
new
the
five
next
IBA Issues
that
shows
record
economic
The
•
pol¬
over
the
full
in-
vestment
an
States has been able to realize its
they
to
mean
the
structure,
and
what
and with
system
ingrained in the nation's economic
years
ahead,
STREET, NEW YORK
help of the institutions deeply
for
prospects
the
the
ex¬
free
the
growth,:
WALL
Telephone:
HickmaiV and
under
that
agree
market
P.
,
New Horizons for
the
economic
of
will
everyone
eco¬
will
we
nature
the
amine
is
During the course
comments
these
of
payments situation and building industry's trend.
paper
99
«' %
t•'.'.'r-v '% '*£
Old Oil Company
iL.
The
4
Robert M.
policy aimed at accelerating growth offsetting near-term wor¬
ries of balance of
3
W. Babson
_l_Roger
Unemployment.
tering of the techniques of a depression-less economy, and sees pros-
■
Ferretti
of business and government mas¬
but that it did not occur because
crX
P.
Coping With Implications of Today's
goal. Paper notes that we were ripe for a major contraction in 1957
f <;'•
FUNDS
Economic Framework for Long-Term Growth
term growth outlook, and infla¬
'•
of
1
TRUST
compounded in the next 20 years. Stock
per year
prices are seen mirroring this
FOR
McKinley
Trap Rock
Thursday
(general news and advertising issue) and every
Monaay
(complete
statistical
Issue —market
quotation
records,
corporation news, bank clearings, state and city news, etc.). Other
Office;
135 South La Salle
26
Corp.
St., Chicago 3, 111. (Phone STate 2-0613).
Copyright 1963 by William B.
Dana Company
All rights reserved.
Reproduction in whole or in part
written
permission is strictly prohibited.
Second class postage paid at New York, N. Y.
without
r.
For many years we
have
specialized in
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other
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per
countries
Quotation
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of
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•
<
4
\ The Commercial and Financial
(2520)
excesses
Thursday., June 20, 1963
.j.
-.
better-than-aver-
the
on
Chronicle
'
•
Mural Chemical
:
-
63%and
;etc.
tional
OUR UNBEATABLE
Monetary
facilities;
we
in
competing
and
for
lines;
export
some
in
have
may
water,
first
but steadfast we remain in beating
■
Typical of-our outstripping of
the newly consummated*bor¬
ment of
"soft"
Our
-
not
(but
Window
Loan
the" govern¬
arranged by
Liberia. M
rowings
A!
softest)
D.
(Agency
I.
for; International Development,)
which took over the lending rou¬
tine of D. L. F. (our Development
Fund), has just obliged the
Loan
with
Liberia
of
Government
a
$24,3 million loan with a maturity
40
of
the annual amortiza¬
after a 10-year
years,
beginning
tions
Press
■
also,
Typically
the.
major competition.
surpassed
This revealed
secured
Liberian
the ' same
by
Government from the Federal He-
public
of
Germany.
its terms the maturity
off, with
years
ri'od
'
is only 20
5-year grace pe-
a
amortization;
on
and
interest charge of 3V2%
'
under
For
real
a
is appli-
mittee.
differential in
The
have
would
terms
the
been
.
•
•
valid!
-
unceasingly '
: •;
M *
*'
* ....
-
may
of
its
of the
segment
time pay for
this
Pro¬
is
VjJ
as
fourth
fifth
U.
of
man
-
of
the
in
corporate
revision
first
mere
stimulate
not
represents
such,
As
increased
it
ployment
above
the
to
est
obtained
obligations"
over
inter¬
their
leave
it
|
Secretary, Charles
Sherman, disclosed that
Dunbar
ury
he
was
j told his country's condition
was
•
i not
:
bad
enough
help/
I. D. A.
Other
to r qualify
for
*
A. I.
others
of
Then
—
"competitive"
our
A. I. D. is
midst
our
ance-of-payments problem
bal-
—
for
training teachers in rural Bolivia;
for
facilitating
of
to
CHICAGO,
111.—Reynolds
Viet
question of timing.
Sthclfe ■^ Exchange firm
?
a
•
Sa?
been
butter to
in Costa
lending $3.6 million to the
Somali
Value
reduced
to
conform
tration's
govern
barrier
the
move
to
"re¬
-
investment!"
to
*
WHAT
Republic,
of
whose
r
'
John B. Nutt
initial
oar
shilling has
just
the
major
suming
stock
is
market
firmed
fiction
uniformly
a
by
of
as¬
behaving
once
this
more
year's
and
ager
Nutt
ager
with
con¬
the
most
"Picture
compiled
of
realistically
the
Harold
by
Thomas
G.
Meers
syndicate
Market"
Clayton
Nutt
has
been
Foreign employment offers
tvomen
choiee
transportation
bonuses
most
—
or
—
way
with
19
men
countries
special
liberal
unique
careers
of
—
and
free
States
committee,
Group
of
the
Mr.
Meers
has
in
been
the
benefits—
tax
vacations
—
And
a
of life in government
companies,
American
past 10
years.
Appointment
-
their subsidiaries.
Over half
Americans work and live
well outside the U.S.A.
a
million
exceptionally
Y011
can
or'
11.58%
trial
earn
was
$1,600 per month paid in U.S.
currency.
For complete information
send $2 to Foreign Projects, P. O. Box
1945, Beverly Hills, Calif.
up
4,679
or
13.24%.
was
$40.5
(the Dow-Jones Indus¬
Average
"on
to
vance
beam"
the
Thousands
in
of
Southern
new
job openings
with
an
the
ad¬
California
in
all
issues
showed
a
net
fields.
decline,
Such "good
their
with
.percentages
of
com-
Cronin, Joe Jacobs, and
F
F
„
decline, included:
of
June
27
the
Bergman
firm
cv
&
Co.,
i_o.,
thpir
job
-
-
-
-
/
There; is
toward ^scarcity-
:who'
•
of
a.
or
not
trend
skilled" and
This
opportunities
many
willing Cto "ptirsue' the
are: •
training
proper-
influx
of
become
inc.,
Inc.,
of
zo
26
mem-
Victor Ver-
the
labor
contending
are
A
sizable
more
seekers
itself
able
still
felt
best
be
marriage
_
to
~
a
I am' optimistic abouL
latep date;
They
are
our
na^
asset.-My plea is that
told
of : the
conditions
ahead and reminded that employment: is
a
'"two-way street."
Silverman, Fowler
-
lies
the
on
>*"•;- <• ■
•-
NEW-
ORLEANS, La.—Silverman,
Fowler & Boudousquie, Inc. has
been
formed
reser¬
Daniel
dent;
with
offices
Building to
securities
in
engage
business.. Officers
N.
Silverman,
Paul
C.
Jr.,
the
in
a
are
Presi¬
Boudousquie,
Jn,
Vice-President,
absorb
to
the
Fower,
into
the
All
workers
new
a
symptom of
President
jand
Vulnerable
and H.
Waller
Secretary-Treasurer,
Jr.,
were
formerly associated with
poor
1970,
„„„
that
;
F
this
face
a
the
are
AVPUPll TTpflfJci
and
two
show
These
ancj
means
now
1965,
after
should
„rou„
est increase.
0£
between
especially
the
lare-
the 15-19-
bracket.
20-24
that in the second half
decade, the economy will
hig task in finding jobs for
HCaUO
TT
1
V
I
Holding LO.
•
"
NORTH BERGEN, N.
newcomers. *
were
These
be
..
-
statistics
V
»
.
seem
.
to
.
me
to
advising students to take their
J.—Alfred
Averell II has been appointed
President of Ray-Dine, Incorpo. -
these
partners in Verace &
Mi.■•/•//-
Group
Projections of population trends
.
formerly
postponing
means
Dorsey & Co. and prior thereto
economic health, considering the with T. J. Feibleman & Co. In the
fact that business has :been en- Pas^
^r- Silverman conducted his
joying two years of high activity. own investment, firm in New Or-
Alexander Benisatto and Louis W.
All
kept
That the economy is
labor force is
year_0ids
will
.
Richards
barely
now
Th^s
ace-
has
uncomfort¬
an
mushrooming of the
bers of the New York Stock Ex-
Co.
numerous
-
.
itteu| iollegePneed
they;
/
entering
makes
change, will be changed to Verace,
. .r
_
Beverly Hills, Calif.
there
""
.-L
ThosC jacking the aptitude
.
leans. '
name
Broadway, New York City,
Parillo" Vice-Presidents.
were
which
voir of manpower is the primary
reason for the sticky state of un-
Bergman Forming
job security. Send $2 for Anderson-Clayton, 21%; U. S. In¬
job information, names and addresses dustries, 23%; ; Gamble Skogmo,
to
California Jobs, P. O. Box 1944, -27%; and J. J. Newberry,'15%/ '
Likewise
in
The
individual .Morse, Bergman, Inc.
Permanent
Mrs.
Verace, Morse,
morse,
Morse,
ranging to 37%.
science,* engmeer-
for;"blue collar", workers. Mhose
the
as
for
.
which
'thirties.
indicate
Down-Side
panies"
now
Connolly,
Roy B. Sundell.
As
157
JOBS
A.
of 12V2%).
On
'
scene.
This
during this period
During this period of "advance,"
CALIFORNIA
Frank.
In dol¬
billion—
in
v
labor
ing the January-May interval, the
was
careers
fuRcisrti)
to'be
had
taxes
at
we
the^same time:JBruce R. Ber- - employment.
low,
Marion B.
lars, the gain
young
Ejlll JU OriTLGCL
.
at
gain
; t he s e
suitable-employ^
is only the frontal wave
now
'forties
sociated with Reynolds & Co. for
uses
market points dur¬
find
Miiedic!ne; 'cpihmerce," • a n d
-
3% r, e
a
ahead when the baby boom of the
in¬
as¬
the
What
increase
issues
terms of
bnlyif
the late
Investment
Bankers Association.
firm); for he
departure.
population,
of the upturn in the birth rate of
Central
following
points
for
r
-vw.-'
•
.
pay
factor
people
with
announced
his
the*
^tentiaF ban' 1^
yc'ung people.
force.
member of the
a
the
In
v»«c
o ^
Changing Population
young
Reynolds & Co. for the past
education
of
the movements
of
ably high level is the rising tide of
was
of
must
Another
associated
of
as
only
soaring
unemployment
in their Chicago office.
account executives
listed
^
Structure
as
Hemphill, Noyes & Co. (a member
all
.
can,
tion's
The
man¬
of
FOREIGN JOBS
and
man¬
vestment field since 1946 and
Showing this
is
resident
as
sales manager and
first-half
performance.
been established with the Interna-
aduks'
"
of John B.
Mr.
MARKET?"
basic
pmnTnvment
have
crews
fits,
Thomas G. Meers
six years. He is
The
unemploy- realized
current upwar.
jyoins.'
employers
*
"THE
portion
can* earn a good
Week'$Upay, rbut :ohly" after/they
of: higher wage and fringe- bene^ -have
.acquired ;:thht "training.',This
the.
Adminis¬
representation
tive
ths rj^^evcr,^thig
workers.
the
to
the
f
.shrinkage of profit margins; costs
sug¬
fate of the effort in the corporate
area
reducing
tion because of such factors
politics in Committee and
Congress; has .and will
Jhey cou,ld ^beef lip" the prbducAdminis-
Kennedy
trimmed down to efficient propor-
5-point amount.
the
by
of
mighty potential for lift-
a
jng (jeman(j and consumption, but
;
unemployment ^ shows l.ttfe .H0vaiscouraged.;
work
would
years
are
*
school children
stitute
.
•puh^uhemployment ' aiffieuttiesMmeehah^^
The real truth is,- however, that
opening -up
Coupled with
five
full
a
.
^Automation is often blamed forsemiskilled'.technical help.?
gets its
"welcome home"
Nam; providing 713 tons
ever,: hold
the key to further
prosperity.;; Not only do they con-
•
„•
feai improvement.
is the President's proposal
that
l isures Say
These young adults may, how-
opportu-
'
—? "•' £
able to post
:.and
;
speed corporate tax payments,
so
a
PopaMlon and Employment
rreadmiil
the
'
iV
«rp_
Blvd
Blvd., announced the appointment
announced the appointment
important
-
expe-
have the makings, of
Ave
advanced 18%. Despite these im- Education
,
West Jackson
with^offices at 111
elapse before. corporate tax pay-,
of Cheddar cheese and 227 tons of
Rica;
the
lacks high skills" arid
"
billion to a new record rate, up
W/2%Industrial production ha.:
Co.,
&
from
for Communist defectors
program
in
a
is
gested
D. "Exports"
lending operations
providing funds
it still
_
phase of the; business cycle began :meilt..I am certain that fhere will
in. 1961, personal income from sal- be.
opportunities, ' and'attractive
aries and wages has risen by $35 ones .at
that, TorMhose prepared
"temporarily" raised
there
the cut,
to
level
pre-Korea
was
ments
its
and
•
Since
ment.
Congressional boost.
Thus
In
'
of
One
well"
■
t
ahead. Since the new-worker
group
trends
The .Cui rent Employment
14.'
Name in Chicago
the
52%
from
rate
52%—to which
annual
entire
I 50-year maturity. Liberia's Treas-
population
patterns
•
Reynolds & Co.
^ MS.
in
«
years
a?
^t
,
spending.
-stdl
would
dow), where credits
or
usefu*-
a
this loors
many,
-
Institute^,
New; Yprh"
advantage
consumer
tax
Executives
.
are
For
problem
and
the economic
on
*
'
tration's biggest headaches is
under¬
the full reduction
Even
which it
repayment
which'can lead to
one
nities.
Finance
Steel
a
program's
proposed
political)
"World Bank^s real Soft Loan Win¬
any
•
,
which may determine, future em-
TYSON, Chair-
S.
Spring Lake, N. J., June
taxpayer; bill,
of the Program,. to.
employment.
the
cial
over-all
the
capital, investment
4"%
without
1
,
^cohim^fe^^e
toward the pro¬
step
fessed motive
his ,aid from I. D.
the
:■
,
Committeer before the Finan¬
onlv
constituting
reduction
corporate
Association,
ttfarly ^ttri&idabl4; causef
/
'
fundamental
the situation cre¬
.
or
greater had the borrower received
Development
>
.
.
Basically,
on up—
he
overtime ivork? Yet
exactly
—ROBERT C.
-
a
new-
all out in seeking
go
fechnology—jfrom semi-Skilled
the. biggest hurdle of their acluIt rience;
ated by progressive taxation
will continue, as it has been,
involved
in
economics
politics
V
today's
numerous
economy^ he-warns,*
break the
contributory To the unemploymentplight osAnany otherpcp-
which called for less than straight-
gram
conflict.
*r
li^e- Success, can mean a reward- chronic sore 'spot' which ' could
asked, "imagine any possibility of ing life, but failure may take mvay cause serious economic and socioriegptiatinga union wage co.-iSrocfenthusla!im ai^d imtiatrve. Hence, logical headaches, later on.
cor¬
Tax
make
its *
when education seriously. Unskilled and
.frjOm' uneducated, wprkers are'finding
hi&h school and cbliege -face the . it1 progressively more difficult' to
task of finding a job. Net just /find-jobs. ; And the odds'wilUbe
any job to secure spending money.mounting against them Fin/. the
but
examx>l° "
ior
voti'
"Can
'
this
event, surely,
any
relatively few words. Finding jobs for the
can
—
is said by Mr.
—
^...
.
.
career.
non-rate
-'11 ''"MM
writing.
unemployment problem
.
-
/•/
•.
our
qujckly.adds that the unwillingness to*
as
;
.
QUOTE-OF-THE-WEEK
probably"
—-
is
about
Implications for the economy
educafiom^needed for
r
-
selective
is
said
be
' "
: i
Thls is the - time of • year
market's y°ung ^ people"; graduating
•
as
,
assuredly
it
be
and
.
.
and
5/7%;
&' Telegraph,
Means : Com¬
stalled
result
the
count
Reform
even
A^ (International
in
the
.
Roger W.; Babson
By
comerstoihe labor force
of ; industry
However bromidic the
week, of July 8—by/the
Committee's need to take into ac.-
(if
German
were
until the
In
' -
_
that should
Babson in
at; the back
Moreover,. action thereon
continue
will
-
-
lot
causes, solution and
gainers,; p
chemicals with 6.7%; Tele-
phohe
by
rate;
and
over-all. reliance
..0F/A Preferred Risk?
line
the
■"
contrary Cigarettes 2 3%
to.' the
tax
Ways
lines
cable throughout the term;
of
'
.
House
A
ths .«.•*
was
industry" groups.>
other hand,
the
.
by $12 V2. million loan concurrently
'
•?'
':y
TAX #
52-47 % reduction
corporate
porate
generosity
our
substantially
has
here
"*
On
discussed regarding: characterization
even
or
divergent
tronics,- 21 %«-'■
1 ' '"•,'•7-
reports
1
"x
>
gained 30%;- motors, M
26%; business machines and elec¬
■
1 .'-'i
the prdposed
period, and with a % of 1 %
annual "service credit charge" in
interest whatever.
Similarly
nqtwithstandiiig, nothing ■ has teen
done
>;
.
Group Divergence
' :
performance by
PROGRAMMING
;
grace
lieu of any
J
POLITICAL
group''
"competitors'*; in; this
are
' "
:
aid competition ;we
■'
'
,
S
54%;
school of business. ;Aluminums
'
t.--1 v'V.r-■
all
funds
initiating of Lima, Peru's
graduate
establishing!
are
;;;/
■,
,
i,
5
and port
power
contributing
Quite "stiff
competition, in our exports
of Aid.
the
Metals
Reynolds
financing
Fund;
increased
EXPORT
Difficulties
Agricul-"v
by 96%; Pan
rose
American,-p. -.Chrysler,-.",: 83,%;
Pittsburgh
Steel; 79% p; Bullard,
*>■;
WILFRED MAY
A.
BY
out all
American
up-side:
»age
•
•
'Avenue,
a
-diversified holding-company. Mr.
Av(!rell
& Co.
;
was
-
former,y with Bache
„Volume 197
Number 6274
.
.
The Commercial and Financial Chronicle
.
rise;
A P
T7*
1
"i
"•<-
«•
•
leld
i
*/rS
>
yields been,
r>i
In
By Edgar P. Hickman and Robert M. Soldofsky, Faculty Members,
;
■■■■'
v
'
:
loiVtt City, loiVd
*;
i
Yv:Y^'Y'YV' Y""'%
.
Pioneering study raises serious
,
questions
customrry (historical) m.thods of measuring dividend, and earnings,
f
into
dividend:
-
of growth dividend
yield, as a preferable yardstick their concept
and
Data, and charts pro*
projected dividend and earnings streams.
-
authors- note
DJIA.- The
their
approach
has not fallen
GDY
shows that the
that
behind bond yields.
is
come
yield-computation
to
Moreover,
The
they forecast DJ utilities' dividends growing at 4.5% per year com¬
for
.
a
past
-
Obtain
growth rate
reviewing
ic
the
DJIA
Introduction
mo j
iected
p
Both the pas
Koth the nast. arid
the ^higher- dividend
of yield is computed by relating amounts that are either realized
perp
dividends
Yield
fsm$ -ssssr«s
Jatoldation
Ih.
.0
{■££££ T
will be referred
measurements
Earning
Growth
and
-Yield
s
will
through-1962
•
Yields
Dividend
II.
,
,
the
dend
the
:
(
the economists, the policy
street,
and
maker,
curity
•
professional
the
analyst
~
Whether
interest
is
Drivate
private
concern
concein,
tion
is
is
of
while
wniie
the
tne
analysis
vield
yieia
obiective
oojective
this
tnis
of
ot
tor
shares
snares lor
.consideration
decade,
......
be
Dow
-
Ajqw
and
inaustriai
pnee,
the
Avprasp
Average
projected to 1972. But
oreliminarv a review 01 these
preliminary a review of tnese
figures :
ings/price
earnings
security
higher
+1
return
the
.
of
•
cer-
.
tinuing
flow
linui"g
Ilowmust
01
cerned
with
^
J
dividends
•
1S
relation oetween
We contend
good
measure
on
divi-
dend
yield-is simply
price.'
Thus,
of the
The current divi-
divided
he current
the
by
market
investor
if the
are
It
is
remarks
the
on
to
financial
and
contention
that
not : good
are
past yields
familiar
.very
CDY
and
measures
of
shares.
turn
will
be
higher
than
the
DJ
that
shares have
and
are
Dividends
ratio.
Industrials
risen
in
expected
on
other
and
past decades
to
continue to
i'
officers, directors and stockholders of
w
•
vGglkin, Divine & Fishman, Inc.
the firm
name
will be
changed to
5.1%
The
were
GDY
that
means
for
1962-1971
DJT portfolio
the
if
purchased at the 1962 aver-
City,
Contimicd
on
37
page
%
CHART 1
BOND
COMPARISONS
YIELD
Vf:
1
L
1|9 50
J_J
1)7 I18
1
'
1
1
i
9.
<t\ '.f
t; i••••
s
'
1—1—1—
1
59
60 61 62 .63
:
■
,
.
56 57 58
55
53 51i
5152
6k.
•,
.
YEAR
th
ith
grcwth rate the GDY would
i.Q,.Q
annmvimaWv
uoori
have been approximately 0.5%
higher.
Chart
,
presents both the CDY
I
f.
s;nce
a^
u
r
bond-.yields for
alsQ
and
DJtA
th
rnY
? T
rnv
Thp
niirrincoc
comparative .purposes. The CDY
wldely used for such time
lg ye
•
h
familiar
i
th
t
some
r.nv
^miliar. GDY
further comment or
PXnlariation
For
ffiT
ihe
on
An investor
jn 1955
cash fi0W; not
jmplied
Indus'trials
buying
a
DJI
^940
by the CDY of 4.0%
The
riod'js
for
,s
to the
a
the
the
1946
1,1
fc.
U6
U7
I
111
1*8' 149
$
5L
5?
I
I
1
1
I
1
I
53
%
55
56
57
58
59
6o
YEAR
as
I
I
If
6? 63 ^ 61*.
Y ' Y,:'Y
'
.
61
for
pe
ac'tual dividend
1Q
through
carefully disc0unted back
purchase price for 1946
We
As
are
pleased to
announce
that
part of the discounting process
fixed
The
is
for
GDY
9 5% ,f the
stre
1955
level cash flow
a
own I
the
examole
DJ
from $7.50 in 1946 to $21.58
grew
are
considered level
after,the growth
10 years in
plotted ;.in Chart I
of
year
each
was
I.
Chart
on
10
ing
with
year
of
associated with
Regional Trading Department
us as
I
pe¬
period
the
Manager of
now
GDY
To illustrate the
interpretation
or
BO DIE
Our
is
10.7%
The
in the base
of the
beginning
1946-1955.
CHARLES A.
period
this instance.
1947-56
GDY for
shown
riods
Ji
.1
1*6
a
•
Y
they would be identical.
1963.
for
Hiffdr
tb
t
as
as
contain¬
Iowa
a
growth yield and a current yield;
bLen used together with the
same
which is
retired
Iowa:
no
between
15 year projected growth period
or
Seymour Fishman, having
of
University
distinguish
Industrials
moao„rempr,ts-;rfr
the dividends
Harold S. Divine and
to
reason
Economic Research,
Business and
of
their
Moody's Aaa
re-. portfojio jn 1946 received a rising
indicated by original current dividends/pnce
Tables
Yield
fa¬
to
intervals
year
,
current aiviaenas/pnce ments
not a
dividend
used
;ii<i0tratPQHV.n
•
„nrl
income iruin ig4g
be
con-
price.
shares.
Tables
five
current" dividends/oricb -
the
Growth
at
betwen the CDY.?nd GDY
ence
also
relation between
the
I
and
*
of
remain
would
and
present level, there would be
computations are pre-
our
f
from
income
of
investments
that
,
with the con-
concerned
pers0ns
ing
by
basic
the
because
Yield
cilitate
^
,
years
Growth
in-
their
capital
gains cannot
p 11 a 1
gains
overlooked.
However,
those
.
1982.
concepls and measurements: ,14^
ni^ne^„ieturn 0Ii, tne" m
vestment.
Of course, the attraction
after
Ten
cases
on
/
yield
earn-
5
more
a
on
de¬
been
some
adec*uately illustratjte/the ditipi,-
yield (CDY) and current ceiyes or expects to receive a
yjeld (CEY)
series for r.s.ng stream of dividends his re-
economists.
CEY
i
1
+
+ajn
.
nine
to' a#1or(liai0i
return
lower
a
have
iod
wth
that
stock rather than take
?•
ratl0
These, current
analysts
these
accent
the' assum.ed
growth
10
,,Parea 10r llve yeai inieFv«ls 101
growth periods, A 10 year period
.
the average the public is
to
of
sh0rter
mdeed "s " ™.pll.es will-'
™f.
..
rate
DIVIDEND AND
'
vFlds
^
almost
is
the
as
or as
ratio
DJIA
th©
is
.
yield
presented
dends/pnee ratio
dividend
II
.
historical
always
War
•
necessary.
The
World
since
npppssarv
a
.
,
1953-1962,
was used rather than a
period such as eight or
years
011
>y
appears
p J?
of affairs
°
state
th
jn bQth
used
bp
presently stands about
infWd
:ns
.
.
for
earnings
Industrial'»
Jones?
are
Such
historical be
""
"
specifically,
Jonea
(DJIA)
a
a
given - to
More
dividends
of
Tnus,
to project the probable
next
yield.
■
future.
....
.
u
o
on
in
in
yield
the
holnw rornornfp hond
no
determinine
aeieimining
maior
major
is
and
bonds
hp
for the
must'first
as
or
internretalnxerpieia
from
irom, industrial
industrial
the
.
public
on
the
tne
factor
lactor
outlook
ones
below
,
^
mus{
September, 1958, the current dividend
yield
on
the
DJIA
has
remained
the
4.0%
accepting
projection. In order to achieve
tf)
the
on
furthermore, since
3.3 to 7.5/c,
market performance
past
maior
majoi
a
his
founded
se-
return
1 !uS var
^ Slnrw
Roller ! M. Soldofsky
Edgar P. Hicitman
(current divi-
ratio
yield)
for
consistent measurements between
projected and historical yields
,
,.As measured by customary d.v-
tdends/price
-
1955-1964. After
growth of dividends
reflecting
12
analysts
security
others would be in
and
A
hesitant
more
and discussed.
sented
to 5 as
the'GbY
as
growth in di¬
2%
rises
20,000 items will become avail¬
1. This reference work is
Robert M. Soldofsky, Grcwth
Yields on
Common Stock—Theory and Tables (Bu¬
ing
Iowa)
jected,-rising income stream, the
be-pre-
yield,
1963, and
1954,
published
State
(GEY).' Specifically, the GDY and historical data up to 1963, but the
GEY for the
DJIA series from: longer-the period .for the pro1946
volume
reau
was selected for severaFieasons.
A longer period could be used for
Growth Dividends Yield (GDY)
as
10 year growth period
a
falls' below
able about July
th. ..ic.lUlon. b.i.g im-
sen*ed
to
be¬
gap
steadily
slower
starting
year,
The
dividend
1955
as
projected
Tables
illustrated
article,
previous
«
»- - -
the
nun,<.»
two
the
reflects
Soldofsky in a
by the Com¬
mercial and Financial Chronicle, April 28,
1960, entitled, "Improving the Evaluation
of Stock and Bend Yields." A complete
and
scribed
or.expected with the market price
earnings!
(or
1946-1555.
year
almost
vidends. The growth of dividends
data," dividends that,
per
ten
If the dividends would stop grow¬
°*
value
'A more• adequate measurement
•
for
little as 0.4 for
10-year peri¬
were
rising at 4.0%
1 Growth
I.
1955
,de*ermined
present
the
equate
successive
upon:
9%
dividend 'growth
financial
arid
on
11.3
base
double the
was
the
ods and considering other econom¬
,
and
1947
periods fell,steadily from
only 5.4%, After
was
the
rates for successive
the
yield will be.
higher discount rate is
to
based
narrows
*
11.2
the
CDY. The rate of dividend growth
a
series
statistically
GDY's
1949, the GDY
For
the
the
.
computed
the
example,
the
growth periods
at
tween
but
growth yield will be higher
necessary
Far
rate.
highs
period, the GDY
so
for
average
the
were
arid
$7.-50 fori 1946 to ,$z 1 .od for
they
longer growth periods simply
a
an
1948
dividends for the DJIA grew from
If divi-
rising)
as
regularly
and
in
respectively.
did not
growth trend to the data was used
rising
as
""-s
method " of .fitting
-statistical
to
the longer the growth
projected
because
:
smoothly
grow
and
use
/Dividends and earnings
1
For the ten year
'
reached
:
at
£ projected
be faced.
higher the growth
pared to 4% for DJIA dividends, and earnings 5% or about 1.5%
above DJIA earnings, for the coming decade.
to
and
■
based
.
dividends,
in Chart
each year for 1963-1967.
(the period for which in¬
period
high, medium and low estimates —are given for the
—
made
generally rising
have been,
supplied for estimated DJIA earnings and price, for 19S3-73, wherein '
three ranges
is
abandoned,
from 1958 through
.
of
using Growth Yield Tables.1
divi¬
the actual
1958,
shown
ractual
the
basis
each
projected
Ther1958-1967
,
upon
1962, and the projected dividends
streams; the question of. growth
' dends are
yield comparisons obtained from both methods, and a forecast is
V
is
dividends must
-
>
■
future
1
the length of the period of
'
vided, contrast the differing dividend and bond yi.lds, and earnings
V
the
streams
-
-dividend
yield (GDY) and growth earnings yield (GEY) which employs past
(
decision
the
The authors advance, in place of current dividend
yields of shares.
for
dends each year
generally taken to
yield'-concept
<
•
■
DJIA
the
sense
--"their current level. Once the CDY
the adequacy- of
to
as
v
;:r • '
.
projection.
depends
imply that dividends will continue
'''y
indefinitely
•,
l£t>3
for
5
^year" from- 1948 :
through 1962 and the actual and*
slightly affected by the
only
GDY
that have been ex-
CDY concept is
1 College of Business Administration. State University of Iowa,:
;l
be
1962. ;-Om the
r
DJIA
only. .The GDY for 1954-1963 will
considering
mathematical
a
from
projection of ..dividends for 1983
a
and
the.increases in both of these in-
i
.
Lommon otockscom*
penencedr
on
question;., is:
have;the:; dividends
•
earnings
t)i
relevant
The
What
(2521)
,
With
headquarters in the Baltimore Office
read¬
Chart
I
.the CDY of 5.3% ..for 1947 under¬
states by 5.4%
Golkin, Bqiqbackfid Go.yInc»
.....
,
.
Members New York Stock Exchange
and other principal exchanges
\
of
New York 4, N.
in
made
decade.
\
-'
held
and
1947
•
'
for
W.
■
1962, .the
Chicago 3, 111.
volves
upon
GDY
1954 through
computation
successively
dividend
-
■
BUTTON
& CO.
Established 1886
-
•
Members New York Stock Exchange
NEW YORK
134 So. LaSalle Street
Financial 6-6363
Ey
a
.
For the base years
-
Y.
WHitehall 4-9330
achieved^by
."purchasers" of the DJI portfolio
-
I
67 Broad Street,
the dividend yield
10.7%,. actually
more
in
24
-»-
-
,
„•
CINCINNATI
offices in the United States and abroad
reliance
projections.
For
example, the-1954 GDY requires
June 17, 1963
«
'
6
(2522)
The Commercial and Financial Chronicle
issues has been very close.
Tax-Exempt Bond Market
DONALD D.
BY
price levels
ever,
laxed
than
investor
reofferings
issues
substantial
been
reported
week
by
state
and
has
during
period
have
the
past
large 'a
and
back
from the highs
away
tablished in late March.
exception
of
lbrief
a
placed
bid
this
volume
it
as
sheets
of
distinguish¬
Lists
The
New
Sale
The
History Repeat?
Commercial
general
and
20-year
Financial
high
yield
Index
averaged
out
June
19.
week
3.045 %
has
Index;
lost
V4
point
market ywas
this
at
during
late
gradually
June
by early August
aged at
ket
with
proceeded
no
2.903%.
We
when
.
.
,
predicting
a
total
to
it.
view
that
the
another
proach
earlv
relative
secondary
is
known
this
as
we
Profits
the
was
had
been
several
enue
bond
well
placed
-There
issues in
been
1963
rev¬
negotiated
during
have
there
as
profitable
issues
that
but
and
period.
of little but
competitive issues has
piled
backlog
up
a
unprecedented
in
of
inventory
our
industry's
history.
be
soon
Broader
.
Market' Envisaged
However, the market
to
have
an
area
at
long last
of
tracting
a
yield that
issue
new
month,
ated
issues
seems now
be at¬
may
broader investor
inter¬
Another \ few
weeks
another 10 basis points
and
$650,006,000.
Agency
26
by
.being
of
secondary
offerings
shopped
vicariously
and
otherwise from
As
ation
ago
intimated, the
as
is
because
ai;
variance
of
and
not
for
offering
syndicate
Smith, Barney & Co., Inc.
H.
is
Morton
about
"
year.
.
&
for
normal
-Xv
volume
for
this
and W.
as
criterion, tre inventory situation
throughout the Street may be im¬
and
municipal 'bonds
weeks.
many
area
For
state
offered
in the
in
$650,000,-
for the past
the
last
few;
days this total has been gradually
reduced
to
the
$600,000,000
area.
Today's total is $619,638,000.
is
This
favorable tendency and with
a
•
large
until
inroad
to
in
in
be
issues
new
late
June,
the
float
made.
further
seems
likely
:<
a
ye^r
much
so
but
of the prevalence
new
Since the
each' 5
issue
over¬
months
This past
week, the tax exempt
bond underwriting field has been-
public
banks
Rate
sale.
and
been
offered
Competition
dealers
to
buy
these
Bid
through
&
Co.
negotiation,
Texas
Airport
(1964-1993) bonds.
1982
3.25%
3.15%
V
Brooklyn Center, Minn
Las, Virgenes
Municipal
The
bonds
reoffered
were
to
yield from 1.90% in 1964 to 3.75%
in
1991 and upon
1992
1993
maturities
pre-sale.
Marquette,
at
balance
Latest
Michigan
competitive
1987)
on
a
sale,
Utility
bonds
is
awarded,
$3,775,000
Revenue
to
3.370%
Associated
F.
as
&
made
was
1967- 1939
11:00 a.m.
13,150,000
1984- 1983
11:00 a.m.
Kentucky State College--
3,000,000
1964- 1998
11:00
a.m.
Florida State Board of Education-.
8,735,000
1966- 1982
10:00
a.m.
Jackscn
5.000,000
1967- 1997
11:00
a.m.
6,750,000
1964- 1983
10:00
a.m.
14,000,000
1984- 1983
11:00
a.m.
40,590,000
1965-1933
10:00
am.
2,500,000
1964-1933
11:00
a.m.
2,000,000
1965-1978
10:00
a.m.
5,500,000 '64-93 & 2000 8:00
p.m.
Eastern
County, Miss
with
Rothschild
Co.
by the
Wertheim
Maine
Highway G. O
Minnesota, State Building,
&
Co.,
Hemphill,
Bros.
&
Mobile
County
Beard
Commissioners,
Okla.
Ind.
Co.
S.
School
Ala
D.
Pottstown Borough
Sch.
of
No.
89, Okla.
Authority, Pa.
Dist..
N.
J
2.725.000
Wicomico
June 26
Tuesday
to
yield
Banner
was
issues
loan of the
sau,
of
from
2.60%
3.10%
purpose
3.15%
3.00%
tracted
Day
The
largest
week, $21,375,000 Nas¬
New
York
(1964-1992)
four
various
bonds,
bidding
groups
(Wednesday)
1,305,000
1965-1983
Noon
87,000,000
1986-1984
10:00
Fairfax
#15,
County, Va.__
10,000,000
1984-1994
57,200,000
1967-2005
11:00
N.Y. State Housing Finance Agency
108,679.000
at¬
3.10%
3.00%
1965-2005
Nevada
Irrigation
District,
headed
by:
Phelps, Fenn &
2.85%
2.75%
Manhattan
1981-1982
3.15%
3.05%
bidder
3V2%
3%%
1981-1982
3.15%
3.00%
1981-1982
3.25%
3.15%
3V4%
1981
3.20%
3.10%
3%%
1981
3.20%
3.10%
group managed
Bank,
the
3.1253%
a
1984-1992
1,000,000
1934-1982
2:00 p.m.
1964-1983
2:00 p.m.
1,875,000
1966-1933
7:30 pirn.
1,150,000
1964-1983
8:00 p.m.
—
Pky. Cons. SD, Mo.
Tallahassee, Fla.____
3,500,000
Terre Haute Sanitary Dist., Ind.__
10:00
June 27
.
a.m.
Noon.'i
4,400,000*. 1964-2004
T966-1990
10:00
.
a:m.
(Thursday)
Babylon Union Free SD #7, N. Y.
2,178,000
1964-1993
1:00 p.m.
Franklin Township S. D., N. J
1,995,000
1964-1983
8:00 p.m.
1,400,000
1964-1993
Kettering, Ohio
3,000,000
1964-1983
Noon
2,288,000
1964-2001
10:00 a.m.
2,000,000
1966-1993
—.__
Mississippi State
Univ.
of
St.
Paul
Park-Newport
Indep.
School District No. 833,. Minn.__
Wash.
State
interest
cost,
successful
Ala._'_
bid,
came
10:00
>
7,000,000
1964-2002
4,580,000
1964-1993
a.m.
2:00 p.m.
10:30
a.m.
July 1 (Monday)
Aurora, Colo.
8,000,000
Elyria, Ohio
Fla.
—
Bd.
State
of
Education,
2,000,000
Fla.
a
*
1,253.000
Mound, Minn.
the
3V2%
1981
3.30%
3.20%
Guaranty Trust Co. and Drexel
1981
3.25%
3.15%
Co.
3%
1930
3.08%
3.02%-
Royal Oak Sch. Dist., Mich
Waukegan Pub. Library Bldg., 111.
2,000,000
1,250,000
1965-1979
Yorktown,
u
Sch.
Somers,
Dist. No.
etc.,
a.m.
7:30 p.m.
8:00 p.m.
1,052,000
7:30 p m.
1984-1988
7:45 p.m.
1964-1982
•
'2:00 p.m.
Central
1, N. Y
4,082,000
Allegheny.County, Pa.____
-8,210,000
Garrard Co. Sch. Bldg. Rev., Ky.__
Kent
University, Ohio
New
York
State
1964-1993
1,700,000
1964-1993
3,500,000-
Dormitory Auth.
Torrance Unified Sch.
22,500,000
11:00
1963-2000
11:00
11:30
1964-1983
1,500,000
a.m.
1:30 p.m.
19.65-1995
Dist., Calif.•1,500,000
1968-2003
University of Arizona
■
a.m.
a.m.
9:00 a.m.
10:00
a.m.
&
of
the
winning syndicate include Bankpage
37
July 6 (Saturday)
Gretna, La.
1,250,000.
1
Cal.
&
7:00 p.m.
7,120,000
July 9 (Tuesday)
Columbus
1964-1988
July 8 (Monday)
Las Virgenes Mun. Water D.,
Park
on
1:00 p.m.
10:00
1,460,000
3.126%
from
members
1964-1983
8,735,000
Lamar, Colo.
jointly by Morgan
Continued
4:00 p.m.
2,100,000
Univ., Bd of Regents
interest
net
3y4%
major
3:00 p.m.
Agri¬
culture and Applied Science
c
The runner-up
Other
2,450,000
Ark.
SD,
Indep. SD No. 230, Minn.
Co.
Co., Lehman Brothers; Smith,
Co., Inc.; as co-managers.)
&
Mich.
#1,
Special
Racine, Wis.
a.m.
3,133,000
Drainage Dist.
County
the syndicate headed by the Chase
1974-1975
net
■
Noon
Calif.
,
a.m.
with
3%%
at
a.m.
July 2 (Tuesday)
2.90%
cost.
'■ Noon
Chicago Public Bldg., Comm., 111.
UHSD
.
a banner day with
importance sold at
bidding.
County,
3.20%
1965-1982
8:00 p.m.
11:00
Vt.__
Etc.,
.
A
five
,1964-1983
1,500,000
___.
1968-1993
2,250,000
County, Md
Charlotte,
8:00 p.m.
1965-1984
1,530,000
.___
White Plains, N. Y
Rcseville, Minn.
and E. F. Hutton
.
Reoffered
1981-1982
1963 Index=3.060%
Insti¬
tute and Aeronautics
&
L.
are
Noyes & Co., Ira Haupt & Co., J.
1981-1982
■
----
Madison, Wis.
account.
major underwriters
Co. ;
p.m.
14,775,000
net interest cost bid.
Goldman, Sachs & Co.
Co.
a.m.
'
(Tuesday)
Cleveland, Ohio
(1969-
Wertheim
which
cost,
10:00
J, 8:00
1966-1993
1,000,000
._
This bid compared favorably with- Shelby County,
the second bid, a 3.38% net inter¬ Troy, N. Y._.
est
a.m.
8:00 p.m.-
Water
June 25
The
were
$1,570,000.
Electric
»
Greene, Etc. Central SD #1, N. Y.
and
sold
sold.
were
•
4,000,000
reoffering about
60% of the bonds
.11:00
(Monday)
Calif
(Syndicate
Pollok
1965-1983
2,500,000
.___
Atlanta, Ga.
St. Louis
1981-1982
-
1965^1989
College of Texas
June 24
Districts,
1,000,000
2:00 p.m.
1964-1933
;J;
a.m.
June 21 (Friday)
•;
Mech.
&
Fosdick, Inc. and Goodbody & Co.
314%
_____
Agric.
Richfield
Eddleman,
competitive
Asked
Vicksburg Schi1 Dist.,-Mich
&
3%
19,
Glore, Forgan
Co.,
3%%
____.
*No apparent
availability.
&
for
among
X'2,922,000
at
syndicate
Co., Inc., Rotan, Mosle & Co., Ditt-
________
Ulinois..—..
The
1,065,000
Trenton, N. J.___;
River
Gtd
Pennsylvania, State
^Delaware, State
New Housing Auth.(N. Y., N. Y.)_
Los Angeles, California...
Baltimore, Maryland—
Cincinnati, Ohio (ILT.)_________
Philadelphia, Pennsylvania..—...
June
Maturity
3V2%
New York, State.—______
week
importance, offered
Dallas,
Okla.ir___._.._^_J ■"
Wayne, Mich.___
Activities
present
long-term
having
2:00 p.m.
1964-1988;
Waldwick
to 3.50% for various
coupons, bal¬
less active than in previous
weeks; ance at
press-time was $2,080,000.
with but $ 120,654,000 of
bonds
1964-1958
Oklahoma City,
Pulaski
&
California,' State^_—
Connecticut, State
*Chicago,
a
the
'
the
Co., Rand & Co.
in Review
MARKET ON REPRESENTATIVE SERIAL
ISSUES
New Jersey
Hwy. Auth.,
New York, State....
for
(}. Bradford & Co., Barr
The Week
10:00 a.m,
Co., A. G. Becker & Co.,
scheduled
some
become
.
day
Week's
of
and
&
a
proving slightly. The total of
1964-1976
Fahnestock & Co., Wood, Gundy &
cf
s':
If the Blue List total is taken
11:00
Jacksonville, Fla.22,000,000
Lea County Hobbs Municipal Sch. V- •v
"■•'V;.
District No. 16, N. Mex.___
1,500,000
pur¬
'
bidding.
-
by
time
12:30 p.mr
1964-1978
.
Other major members of this
Barney & Co., Inc., & W. H. Mcrton
syndicate include Shearson, Ham- Oakland County, Pontiac-CIinton
This total
Co., Inc.
gradually
of
revenue
June
headed
Govern¬
for public bid¬
up
luncheon
$5,000,000
being
on
"state's
on
interesting day with two
Co.
mar
the
note
purchased,
JPheIps, Fenn & Co., Lehman Br0s:,'
situ¬
factors
strictly competitive
Finance
coast.
market
technical
volume this year.
all
to
between now
largely because
of
coast
&
negoti¬
(1966-2005); issue
negotiated
see
considerable inroad made in the
volume
an
mill
Housing
>
ar¬
managed jointly by Phelps, Fenn
amount,
the: New
involves
State
.
to
dull day with no
a
fraternity.
issues
scheduled,
this
long
Federal
Current
was
approximately
Of
$103,679,000
York
no
may
of
Monday
calendar for the
totals
be
focus
has
bond
brought
and
will
Friday for all practical
poses
Normal
1964-1973.,
5,650,000
#13,;N.'Y.
by
business
or
the
was
(Thursday)
3,321,000
Indus¬
accrue
the
vs
glorified
problems
including
000-$700,000,000
approached
est.
a
issues
less-
or
to
issues
would
bill
20
,
Huntington U. F. S. D.
as
introduced in the Con¬
with
ding.
overcome.
Business
the list has been
.
has
bonds
bonds
industries
Friday
date, the
more
$6,-
ment.
gener¬
June
;
Albany, N. Y
suc¬
for
Industrial
immunity
This
gued
no
V
had this issue
sooner
benefits
rights"
ulti¬
be
To
bidder
Municipalities, where tax
was
gress.
the
a. manner
few-such
the prevalence
and
firms,
fi¬
will
Redevelop¬
Revenue
:
No
private
handle
tentatively scheduled
case-a
accrued
plentifully early- in*1962
had
next
period in less auspi¬
back.
year
reclining
shelves, generally.
It
dealers approach
than
banks
or
will
good,
confusing
Pending
that
shape
in
some
The
ap¬
pre-summer
and
public
Thursday
Lien
Revenue
public
,
off
glut obtaining in the
summer
cious
-
two
or
market
dealers'
on
drop
may
fairly heavy
a
the
likely
seems
only
Second
.
exempt
attempt
as we
now
market
point
without
trial
develop dhat
the issuers involved.
hit
issue schedule and in view of
new
the
It'
the
volume
that must
not
and
other
is
to
awarded, and apparently as;
coincidence, than a bill to deny
States
ally profitable to the underwriting
industry as well. as beneficial to
performance
is
it
method
on
The Area
'
Federal ( tax
state,
negotiated,
dealer
about
possibility
than
borrower
^market
the following tabulations we list the bond issues - of
$1,000,000 or more for which specific sale dates have been set.
.
a
would
and
gradually adjusted to
although an,approximation of this
realm of
it
financing
abrupt transition to
parallel, "total competition"
;
,
not
are
to
only
been,
through competi¬
competitive
and,;the
and
Index
the
was
come-
doubt the methods of the dealers
aver¬
until
the
rather
mately 'in
strengthen
interruption
November
the
The marr
to
sas
475,000
altered
ever
authority
nancing.;, Should
receded
3.123% yield.
a
then
than
government
tive,
year
Index
Controversial Issue
4s at 100,
been
present
be accomplished
note
and; July
our
a
approxi¬
a
more
local
the
on
that
municipal,
market
level
same
Prices
ago.
the
At
seem
on
was
^
It is interesting to
the
mately
it
thus
another
average.
that
3.06%
at
years.
at¬
City of Texarkana, Arkan¬
cessful
Pattern
has
attracting
ment Administration was the
balance
quite considerably within the last
two
grade
bond
obligation
Last
ipal: financing
and
part
tell
dealer
The pattern of state and munic¬
Chronicle's
uV.
The
Development
month period.
Wih
barely
In
some
start
(June 13).
the footnotes.
as
flying
a
the
to
The
three
a
loans
reaction
'
poorly'
competitively
Blue
serve
a
tention.
last
dealer, inventory.
;
to
Thursday, June 20, 1963
,
Larger Issues Scheduled For Sale
Re¬
even
of nego¬
year's
otherwise
With the comparative
respite, in, of the tale.
over
comparable,
generalize that
of
issues
able
es¬
early May, prices have gradually
but steadily declined
to
equivalent
The level of prices continued
ersv
fair
or
mixed, with
was
off
some
tiated issues is approximately the
rather
bond aeal-
many
about
year's well placed total
municipal bond market
been-by
is
seems
issue accounts, the
new
quiet affair for
to
sales
month
a
.
How¬
more
week ago.
MACKEY
Initial
Athough
were
.
Franklin
Co.
District, Ohio
V
'
'
3,250,000
Pennsylvania General State Auth.
S. (D., Nev.__
1964-1970
1:00 p.m.
10,000,000
Memphis, Tenn
Washoe County, Co.
V'--
Metro.-
1964-1S88
2:30 p.m.
50,000,000
1966-1990
5,883,000
1964-1981
Noon
8:00 p.m.
Volume
197
Number 6274
.
.
.
The Commercial and Financial Chronicle
(2523)
7
Vt
Possible
an
Old Oil Company
By Dr. Ira U. Cobleigh, Economist,
r
•
mated
has
its
aggressive
drilling
plans of South Penn Oil
operations,
under
energetic
Co.
to
expand
.....
The
cradle
America
of
op£
of
is
the
in
the'
oil
....
industry in
Pennsylvania,
country's
and
oldest
oil
corporations, South Penn
Oil Co.,
founded in that state in 1889.
was:
It still
has
home office
a
in
the
Drake Building in Oil
City, Pa.,
although within the past year, its
executive
moved
headquarters have
to
new
offices
been
in
Pitts-
}
tit /&
burgh.
South
of the
Penn
Oil
.
was
part
original Standard Oil Trust
an
independent com¬
broken
in
up
units
Jersey,
New
monopoly
1911.
York
have
to
Indiana
expanded
be
the years/ stuck
original
South
and
Penn
dollar
has
over
Drincinallv in
production
ducer and
and
vastly
billion
companies, South Penn
Pennsylvania
While
Standards of New
—
California,
grown
and
is
itc
terrain
West
the
in
Virginia
pro-i
.largest
imnortant purchaser
"
an
i*
-
and
of
processor,
Grade crude oil,
ducer,
a
turer
of
Pennsylvania
large
a
gas pro¬
major refiner, manufac¬
natural
operator of - pipe
zoil
motor
oil
gasoline
and
lines. Its Penn¬
is
a
high
quality
product known wherever
cars
are
driven.
But
'
the
has
problem—its
major
company
oil
tion has been
In'
Zapata
ration.
With
Company was able to pay a
dividend. In the past decade the
Zapata
a
1962
had
Penn
with
an
at
against
18,819
duction
a
evalute
com-
over-
Also, the
expanded geoold
on
prospects
and
deep
Appalachian
well
for
and
area,
sites
is
in
in
a
est
to
and
was-$32.96
Oil
high
a
share
per
honorable
about
owns
foregoing,
in
SP
and
joint
in
shares
the
it
is
stresses
the
record
of
enlarged crude production, and cash. flow,
majority
year,,
youthful
reserves,,
may
be made for SP
time,
there
would
some
can
solace
for
good
excluding
m
1
.
hutiQ
have
•
xrori
hofuroon
oH
varied
between
lrt«f
«a
low
a
patience
in
the
$2.20
a
zone,
share
averaging
for the
earn¬
about
past five
lubricating
is
oils
pected to benefit from 7 million
annual
year
production
Justin
rate,
S.
title
economic
publication
a
"The
and
are
other
the
upstate
"the
best
that
of
out
company
level
has
New
cally static for
quality
acceptance
and
will
become
This announcement is neither
45
East
of
the
Fourth
customer
New
Area
S'treet, members
York
and
be
Richard
partner in Tessel, Paturick & Co.,
last
an
offer to sell
obtained
F.
by
Torrey,
solicitation of
an
Petroleum
for
and
western
offer to buy
these securities.
only by the Prospectus.
The Firestone Tire & Rubber
Company
Twenty-five Year 41/4% Debentures
Due
July 1, 1988
drilling
operations, and, in 1961, purchased
50% of the capital stock of Zapata
Canadian*
covering
Alberta
and
eum
was
leaseholds
in
acres
lands.
In .March
Price 99t4% and accrued interest
this
of
of Zapata Petrol¬
and Stetco
Petroleum, Texas
producers, into South Penn
agreed
South
each
with
185,000
partially developed oil
merger
a
based
7
of
gas
year;
Corp.,
around
with
on
Penn
to
be
4 shares of
shares
Stetco
of
Copies
and
Zapata and each
Stetco.
together
share of
one
exchanged for
Zapata
Prospectus
be
may
underwriters in
obtained
states
in
which
from the undersigned
they are registered as
securities dealers and in which these securities may lawfully be
and
produced
of the
the other
offered.
1,400
B/D in the first 3 months of 1963
and
their
output
is rising.-
This merger will
Penn from
a
producer to
to .derive
of
the
bearing
States
Energetic
Most
of
ergy
and
Liedke
South
Penn
Liedke is
a
in
the
stems
Blyth & Co., Inc.
Incorporated
from
the
of Mr. J.
Eastman Dillon, Union Securities & Co.;
en¬
Hugh
President
September.
young
Kuhn, Loeb & Co.
Corporation
Glore, Forgan & Co.
Goldman, Sachs & Co.
aggression in
became
last
The First Boston
Canada.
new
Ripley & Co.
Incorporated
most
Young Leadership
ability
who
from
areas
and
this
oil! questing
Harriman
company positioned
a
production
oil
United
change South
regional Appalachian
(41)
man
Lehman Brothers
Lazard Freres & Co.
Incorporated
**'
"V
.
'
.V
of
Mr.
-
Kidder, Peabody & Co.
Carl M. Loeb, Rhoades & Co.
not¬
Merrill Lynch, Pierce, Fenner & Smith
-
Smith, Barney & Co.
Incorporated
Incorporated
ably successful in striking oil.
He organized the Zapata Petrol¬
eum
Corp.
in
George Bush. A
formed
Zapata
1953
with-
little
later
Offshore
Stone & Webster Securities
Corporation
White, Weld & Co.
Dean Witter & Co.
Mr.
they
Co.
to
June 20, 1963.
to
Director
of
West, Syracuse 2, New York.
$75,000,000
Zapata
writing
Development, Niagara Mo¬
New Issue
In 1958 South Penn entered into
Company
is
hawk Power Corp., 300 Erie Blvd.
American
Stock Exchanges.
nor a
The offer is made
joint exoloration agreements with
Oil
area
.
next plant
may
Steps to Expand Production
Intex
why
site." Copies of the detailed study
.
a
practi¬
-
reasons
1
To
decade.
a
v
York
operating
an
remained
bearing
Richest
bet for your
number of steps which may break
the
>
set forth the
World's
a
Ohio—-On July
Klein
and this, and from the high
pro¬
company has taken
Power
.
CINCINNATI,
ex¬
rating of Pennzoil products. Com-
years,
'
the
Mohawk
Niagara
Market." Herein
P^tliriCK
.
.
A
134
is President, has prepared for dis¬
1
*
on
67
Corp.; of which Earle J. Machold
tribution
Ul
;
York
Exchange and other princi¬
The
be
to
^ 0 Admit Partner
8b°Ut 40 miUi°n
On the marketing side, sale of •
Pennzoil
car
static
New
of
ings also have remained in quite
a
firm, which
the
rvP
$52.6 million (1954) and a high of
$61.5 million (1962) and net
& Co., Inc.
the
Market"
at
common
seem
:
tp
case
the
interest in Wolf's Head Oil Re- Western ventures, were estimated OLCSSCl,
fmmg Ca> South Penn aPPears at about 39 million barrels and;^;
£^95™ffrJ686™63
?
' f t [
company mCF.
changed
:
"World's Richest
competent
and
fairly
a
y At the end of last;
proven
be
Study Issued
legitimate
its
this .time.. If growth here takes
pro-
and proven reserves,
and
management,
by
company,
corporate
Penn,.
under
confi¬
adding significantly to daily
duction
will
name
Stock
hopes for expanding its business
ap-^
management,
new
belief that
share.
a
pa£y covering about 400,000 acres, motivate a rising trend in net
'
m the foreg°ing plans., for earnings and a substantially larger 0 /0 curreni.yieia.
a
Seymour
We have seen in the market pal exchanges, is located at
a strong tone in the oils for some Broad St., New York City.
months,with y. accent on those;: branch office is located at
companies offering prospects for South La Salle St;, Chicago.
rising future production. On that
basis, cohsidering the lohg and
South
the
firm
present price of 38%.
the American
of 26%
(Tidewater
dence
venture with Tidewater Oil Corn-
recent acquisition of
and
15,884
before.
year
on
parent that current.market inter¬
has
ready
participating
S.; Divine
the
the 1,589,750 shares outstandr
From
drill. In this familiar region South
Penn
Harold
cash,
11%)
shallow
developments
offset
1957,
Book value at the 1962
end
ing.
rec-
low
a
of 40V2.
year
20,000 of its old wells
the
120
stock has traded,
by
in
and
tween
over
Announcement has been made that
This should continue to support Golkin, Bomback
Main Office of
the $2 dividend, providing a cur$2.75 rent yield of. above 5% on the is a member of
of net
1956
the
years.
steady decline in
the
some
90%
both
production
12-31-62, totaled
correct this
ords of
in
Stock Exchange, (Symbpl SP) be-
most of North America.
company
around
becoming
will be probing for oil
pany
-
one
averaged 8,231 B/D against 12,026
B/D 10 years earlier.
Company
wells,
Petroleum
part of South Penn,
Golkin, Bomback
pro-
produc¬
declining for
South
Corpo-
controlled
Liedke and associates)
some
pany when that massive
other
formed
to
Co.,
and became
was
and
(also
reduction
cost
1962—around $2.50
pay : as
out
Stetco
Firm Name to Be
corporate dead center. Per
a
drill in the Mexican Gulf. Selling
and
service
gram. It has closed certain high
cost wells and improved refining
al-
on
the drilling enterprise in 1953 they
logical staff is going
IHstOl'y
;.:;Vv ' >
been
intensive
an
stock, and it
have
to
dividend. Policy has been to
o.
Canadian
leased
divi-
efficiency.; Because of expected- Fishman having retired as officers,
share net last year was $2.47 pro- outlays for drilling, net earnings directors and stockholders of Golviding fair coverage for the $2 f°r 1963 may run about the same - kin, Divine & Fishman, Inc., the
leadership.
new
the-common
seemed
most
Outlining the
although
market interest has ani-
/
«'
pany., owned -and
>>
stations totalled 242 at the 1962
have been paid on South year end.
iA:
j
Oil for 38 yearp in a row, / The company has in progress
dends
•
Uptrends1
Accordingly,
-
.
;
:
•, /
•
.
.
!
8
(2524)
The Commercial and Financial Chronicle
is
DEALER-BROKER
analysis
an
Cutter Labora¬
of
Republic
Steel
Corp.,
Simmons
Spiegel Inc. and memoranda
tories.
Co.,
Unemployment and Full Employ¬
on
14 Wall
Gas.
AND RECOMMENDATIONS
UNDERSTOOD
TO
SEND
THAT
THE
INTERESTED
MENTIONED
FIRMS
PARTIES
THE
WILL
FOLLOWING
BE
Street,. New York 5, N. Y.
Wall Street Transcript
full
of
IS
California
PLEASED
Issued
—
Cole
National
reports,
on
merce
—
H.
Hentz
&
Co.,
New York 5,
is
lights.
of
1
Canadian
72
N. Y.
bulletin
a
Lines—Bulletin—
Wall
Camera,
ments
Street,
Also available
Railroad
Daimaru
and
Ebara,
on
and
request
Wall
—
Kajima
Camera
High¬
and
Nippon
Musical
Instruments.
,
Food
Stocks—Analysis
Japanese
Market
Review
—
Bros.,
Broadway, New York 6, N. Y. Also
Street,
Toronto,
Securities
Co.,
Ltd.,
149
Cleveland
14,
Clearing House, Inc.—
Co.,
33
Kidder,
—
South
Peabody
Clark
Street,
Corn
Casualty Co.
—Memorandum—McKeown & Co.,
Fred
Company—Analy¬
Gas
Com¬
•!-?"'
Meyer
Inc.
Analysis
—
—
&
Co., Inc., 265 Mont¬
Street, San Francisco 4,
Friden, Inc.—Analysis—Courts
11
Marietta
Atlanta 1,
General
Street,
N.
&
W„
Ga.
Electric
Co.
L. F. Rothschild &
New
way,
Products
Natural
.
Walston
Chicago 3, 111.
*
All American Life &
available
York
is
—
Review-—
Co., 120 Broad¬
5,
N.
Y.
Also
review
a
of
Holt,
sis—Gude, Winmill & Co., 1 Wall Reinhart & Winston;
'
Street, New York 5, N. Y.
General Telephone & Electronics
Street, Chicago
4, 111.
—
Daiwa
Bay
*
209 South La Salle
—Doherty Roadhouse & McCuaig
335
&
*
Con¬
struction, Kiren Brewery, Minolta
;
pany.
Co.,
Commerce
Street
5, New York.
com¬
\
analysis of North¬
an
Ontario
ern
—
Building,
Transcript, 54 Wall St., New York Memorandum
Transport
v.'Vi'.'v
Thursday, June 20, 1963
Memorandum—. gomery
Ball, Burge & Kraus, Union Com¬ Calif.
Reprints
weekly
r/V
subscription—Sample Ohio.
available
on
—
brokers'
of
indexed
cross
LITERATURE;
texts
copy
Air
Liquid
.
available is
v
Gas, Cutter
ment—Study—W. E. Hutton & Co.,. Laboratories and Western Natural
INVESTMENT LITERATURE
IT
.
.
Cove Vitamin & Pharmaceutical—
Corp.—Analysis—Laird, Bissell
&
Allis C halmers Manufacturing
Report—H i IT, Thompson & Co. Meeds, 120 Broadway, New York
Company—Analysis—Lieberbaum Inc., 70 Wall Street, New York 5, 5, N. Y.
■,
•
& Co., Inc., 50
•
Broadway, New New York.
Gimbel Brothers,
Inc.—Analysis—
York 4, N. Y.
Culligan—Report—Newburger & W.. E. Hutton & Co., 14 Wall
Alside
Memorandum
Schein- Company, 1401 Wa 1 nut
Street, Street, New York 5, N. Y. Also
man, Hochstin & Trotta, Inc., Ill Philadelphia 2, Pa. Also available
available
is an analysis of
Re¬
are
Broadway, New York 6, N. Y.
reports on Denver & Rio liance Electric and Engineering
.
Ont., Canada.
Also available
are
available
Prod¬
Brewery,
studies
are
of
Kirin
•
comments
B.
on
ucts.
C.
.
Forest
Kanegafuchi
Takeda
„
Chemical,
Spinning,
Asahi
Glass,
—
Canadian
Oil
Gas
&
Analysis—Reynolds
Broadway,
Also
New
&
.Co.,
ufacturing, Isuzu Motors, Minolta
120
N.
Camera,
Y.
analyses
are
Commonwealth
Industry—
York
available
Yawata Iron & Steel, Ebara Man¬
of
5,
Edison
Nippon
Kogaku,
Mitsu¬
A
bishi Estate.
Japanese
Company
Steel
Industry—Report
and National Steel.
—Yamaichi Securities Co. of New
Canadian
York,
Stocks
Draper Dobie
ited,
Memorandum
—
&
report
West,
Street,
Life
and
Economic
Northeast
Data
containing
Book
latest
business information
41
counties in the
area—Central
Cleveland,
—
Ohio
on
National
123
and
50
Ohio and
of
Bank
r
Insurance
Companies—Com¬
Insurance
Companies—Com¬
study for
the
1962
year
New York
is
Study
—
Portfolio
—
Memorandum
Grande
Also available
American
on
Express
L.
—
Company
?—
&
Co., 120 Broadway, New York 5,
N. Y.
:i'y;.
.
Ansul Chemical Company—Bulle¬
tin—De
Witt
Conklin
New York.
Steel
Memorandum
—
&
Co.,
120
—
Broadway,
memorandum
AVCO.
Manley, Bennett, McDonald & Co.,
Changes—Study—Salomon Broth¬ Buhl
Comments
Building, Detroit 26, Mich. Associated Transport
ers
&
Hutzler, 60 Wall Street,
—Frank Ginberg & Co.,
Inc., 25
NewYork 5, N. Y.
Machinery Makers—Study—Halle
Broad Street, New York
4, N. Y.
& Stieglitz, 52 Wall
Street, New Also
Funk & Scott Index of
available are comments on
Corpora¬ York
on
—
tions
&
articles
tries,
5, N. Y.
Industries
on
and
Index
—
corporations,
general
j ecte taken from
business
over
speeches
before
societies —1962
analysts
Annual
Cumula¬
tive Volume $30. Further informa¬
tion on the
weekly
issues available
&
Scott
on
Bldg.,
Co.,
.
Broadway,
Also
F
an
6,
'v-
Ltd.,
61
Y.
N.
analysis
the
same
—
issue
counter
the
in
listed
the
the
National
market
as
Bureau,
—
Jones
-
over-the^
stocks
to
performance
period
compari-
used
Quotation
both
Folder
industrial
Dow
35
industrial
Averages,
year
the
and
in
Bureau
yield
over
a
and
23-
National Quotation
Inc.,
46
Front, Street
Markets
Inc.,
Francisco
—
Bulletin
Bond
International
&
Share,
Building,
San
8, Calif.
Steel—Bulletin—Goodbody
are
& Co.,
Broadway, New York 4, N. Y.
2
Monthly
re¬
reports
Also
are
memorandum
on
Atsugi Nylon, Oji Paper, Bridgestone Tire, Noritake, Kubota
Iron,
Steel
Matsushita
New York 4, N. Y.
Electric,
Canon
comments
on
Aerospace Stocks, Municipals, and
a
on
available
Ford Motor Co.
Stocks—Bulletin—Filor,
Bullard
&
Smyth,
Chemical
26
Broadway,
Also available
Atchison,
Also available
.
on
National
Atlas
Distillers
and
Phelps
Chemical—Memorandum'—
Bodine,
Townsend, Crouter &
Land
Title
Building,
•
Bigelow
Sanford, Inc.—Analysis
—Shearson, Hammill & Co., 14
Wall Street, New York
5, N. Y.
Also available
Soto
and
Tecumseh
are
Chemical
analyses of De-
Coatings, Inc. and
Del E. Webb Corp.
Louisville
are
memo¬
Cement
Co.,
Louisville Gas & Electric Co. and
Reliance Varnish Co.
Montgomery
9, Mass.
Street,
San
265
Fran¬
cisco 4, Calif.
Also available is
Canada Malting Co.
Ltd.—Analy¬
Chisholm
M.
&
Co.
Y.
randum
on
Celanese
1500
Walnut
43
&
Sherrerd,
Street,- Philadelphia
available
issues which
is
list
a
of
attractive
appear
with brief comments
on
each.
randum—McDonnell
corporated,
&
Co.
In¬
.
120
Broadway, New
Also available is a
York 5, N. Y.
memorandum
on
Columbia Broad¬
A.
Memorandum
—
Viner
&
Co.,
Inc.,
26 Broadway, New York 4, N. Y.
Also available are memoranda on
I
T
E
tional
F
a
f
Circuit
Breaker
and
Na¬
i
Bearing Co.—Analysis—
r
of
America—Re¬
McLOUTH STEEL
ternational
GROLIER INC.
are
P
a
Products
p e r
—
New York 38, N. Y. Also available
memoranda
Magnavox,
on
Neptune Meter and Zenith.
Financial
Corp.
14, Calif..
of
Resistance
and Magnavox
POTASH CO. OF AMERICA
SOUTHWESTERN STATES
TEL.
—
Company
First
Company.
Channing Financial
dum
way,
of
Lawrence
—
—
Street, Los Angeles
H.
Douglas
&
Corporation
—
Analysis
—
Incorporated,
of
Santa
Currier &
7911
Her-
New
York
National
—
5, N.
Memoran¬
Troster,
Sin
Members New York
Security Dealers Association
74
Trinity Place, New York 6, N. Y.
HAnover 2-2400
Teletype 212 571-1780; 1781; 1782
8421
Hills, Calif.
York 4,
N. Y.
comments
p.—Analysis—
Paine, Webber, Jackson & Curtis,
25
Broad
Street, New York 4,
Y.
of Bell
Also available
&
South
Also available
Pittston
on
are
Co.
are
reviews
Ilowell, Great Northern
Paper Co., Johns Manville
Corp.,
Zenith
on
Radio
Corp.
Clark
—
Analysis
Co.
&
Inc.,
Rob-
—
Wall
82
Street, New York 5, N. Y.
Ketchum—Memorandum-—Frazee,
New York
111.Broadway,
6, N.'Y.
Service—Memorandum—
ity Place, New York 6, N. Y.
Lockheed
Aircraft
sis—Freehling
La
-Salle
Corp.—Analy¬
Co.,
&
are
South
120
Chicago
Street,
Also available
Financial
Mattel,
111.
3,
memoranda on
I
Lerchen
Financial.
and Wesco
n
c.—Analysis—Watling,
&
Building,
Ford
Co.,
Detroit
26, Mich.
Mattel,
Inc.—Analysis—W
Watt Limited, 7 King
Toronto
Broad
Street, Philadelphia
Noyes
&
East',
11
1, Ont., Canada.
&
Co.,
8
Hanover Street,
4, N. Y.
,
Also available
Continued
on
page
35
BROKERS REPORTSi
Complete Text
A
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TRANSCRIPT
your
H.
Lawrence
a
Street,
Trust—Report—Hemphill,
New York
Life Insurance Com¬
Flying Tiger. Line—Memorandum
—
CIT Financial Cor
N.
bins,
TEXT
INAL
Company,
Boulevard, Beverly
Broadway,
2
Also available
Stores—Analysis—
Securities
Wilshire
Kenrich
.
pany—Analysis—Euler & Co., 121
—Century
N. Y.
comments
are
'
First United
Corporation—Analysis
McKinnon,
New York 4,
Y.
Co., Inc., 15 William Street, New
Chemplate
ManviUe—Report—Thom¬
&
son
Mesabi
York 5, N. Y.
Block Inquiries Invited
22, N. Y.
Johns
•
„
Hardy & Co., 25 Broad Street, New
Memoran¬
Inc., 350 Park Avenue, New
York
First Charter Financial, Gibraltar
Arizona
schell Avenue, La Jolla, Calif.
In¬
reviews
Products—
Kahn, Peck, Cohn & Co., 74 Trin¬
dum—Pershing & Co., 120 Broad¬
available
Stretch
Memorandum—Hubshman, Flesch-
Kinney
& Company, 551
Avenue, New York 17, N. Y.
First National Stores
Also
matic Tool and Worthington Corp.
International
Fifth
view—Orvis
Brothers & Co., 30
Street, New York 4, N. Y.
Also available
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Weingarten
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UNITED ARTISTS THEATRE
CIRCUIT
memoranda
Olifiers & Co., Inc.,
Distillers.
n
Steiglitz, 52 Wall Street,
Corp. and Cinerama.
Evans Products
—Edward
Carlsen
National Distillers.
randum—William R. Staats & Co.,
640 South Spring
Street, Los An¬
geles 14, Calif.
ner,
L. M. Ericsson Telephone—Memo¬
Barbara
Corp.
—
are
South Spring
memo¬
4, Calif.
Manning—
O'Brien, Sullivan
Co., 640 Mattison Ave., Asbury
Park, N. J.
—Analysis—Butcher
Financial
a
—
Mont¬
&
Halle. &
available
is
Winkle
New York 5, N. Y.
Co., Inc., 1 Chase
Plaza, New York 5,
Also
Van
Philadelphia 9, Pa.
—
F. Hutton &
gomery St., San Francisco
Electric Storage Battery Company
Street, Memorandum—Mitchum, Jones &
T e m p 1 e t o n,
West, Toronto 1, Ont., Canada.
Incorporated, 650
Memorandum
100
Memo¬
—
82. Richmond
—
Analysis
—
Co.,
randum—A. L. Stamm &
Co., 120
randum—Hess, Grant & Reming¬ Broadway, New York 5, N. Y.
ton, Inc., 123 South Broad Street, Ingersoll Ran d—Memorandum-
are
Match.
&
Hunt Foods & Industries—Memo¬
Dayton Malleable Iron
Fibreboard
Universal
on
pension
Hunt Foods & Industries—Memo¬
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Corp.
Schwabacher
Memorandum
Also available
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funds.
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a
of
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Also
Transcript
Dept. 928
54 Wall Street
HA 2-4510
New York 5, N.
Y.
Volume
197
Number 6274
.
.
The Commercial and Financial Chronicle
.
of the
Will Dear Money in the
TT
A
1
"|
J
existing devices, since their
efforts
JL
Britain
what
on
solved
rendered
has
attention to our
noted
his
in
which
with
problems
that
ineffective
rates
after
first
unions'
trade
understand
country
culpabiitiy
thwarting economic progress^ and he quotes a high labor
:
Eng.—The
LONDON,
been
has
*
the
in
rates
terest
encouragement of unofficial
rise
States
r,'
taken of it
this side of the
on
now
that
realized
over
But
Atlantic.
ml
in
In
official's
"moderate"
trade
little
hope
non-stop rise
*4*
business
j
^
it
to
seems
make
be
in
„
.
to
his
that of his
industry
public
extent
the
cue
In
the
half
second
issues
did
in
been
not
that
be the
may
significant
most
of
currence
the
whole
since it could indicate
relationship between
TII) A
.
Q-Kt/Itt nf
U1
.
al-
a
lar^e
surplus
export
to
enough
visi^
the
for
pay
living.
deficit of invisible items.
anomalous
Judging by the British experi-
ence,higher interest rates are not
indeed
was
withdrawals
of
the
from
money
Germany,
West
to
States
likely to solve the problem in the
United States any more
than they
|or instance, interest rates in the did in Britain. Even though
JJmted below shouldof West Ger- American trade unions are not
States those be kept distinctly
quite
The reason why this was
many.
feasible is partly that
rates
well
were
rates
dollar rate
the forward
ficially bolstered
operation
authorities
of
various
money
New York City, members of
way,
the
^
^
New
^
York
^
Stock
Regulation Q and municipal bond
0fficials trained at the
sufficiently
are
on
pressure
if
trade
the
recovery
so
unions,
to main-
higher
progress
of
wages
business
should be slowed down
by higher interest rates.
In face
0f trade unionist attitude, the refinements of
in
fact
wasted.
monetary
new
It
experts
devices
or
is
useless
for
to
think
out
new
application
happiness
high-grade
their
of
municipal
higher
and
statesmanlike
ieader.
js
this allowed comparison of the
havln^
remarked
full year preceding the
union
trade
reliablv
is
renorted
with the
as
montL
year
change
meeting of the Lombard
"The Trades Unions
no
ag0 at
a
has
unofficiai
some
if
Q's impact was limited to the
month of January, 1962, and then
^ would not
the
far
very
tained,
objective
from
having
especially
is
employment
of the
is
far
as
of
policy is
now
But
powers
4o
stop
even
Any further tendency
and over.
_
,
sumably
that
the
authorities
does
have
not
solve
United
realized
the
it
Association of
Wall
Inc
a
Quite
recently
British
the
that
opposite policy, that
the
dear
to
the
Association of Customers Brokers,
cha
ro
TWicinn
f
n
nf
Presentation
^
wbirh
ments
the
problem. So
Anglo
-
it
NY Hanseatic Officer
,
James Allen Harmon has become
terms
of.1962 because of increased bank
enforce
favorable
more
,
Assistant
Treasurer
an
offer to sell
nor a
solicitation of
an
offer to buy
any
of these securities. The offering is made
only by the Prospectus. This is published on behalj oj only such of the undersigned as are
qualified to act as dealers in securities in the respective States.
:
June 18,
New Issue
$45,000,000
Tennessee Gas Transmission
Company
5% Debentures due 1983
of
Due
*
of
could
be
Price 100%
that
to maintain the idea
everything
June 1, 1983
that
school
thought, which had developed and
sought
1963
pay¬
seems
American
achieved
and interest accrued from June 1,1963> to
in
date of delivery
the economic sphere with the aid
of
regulating
for the time
interest
being,
rates,
come
has
under
a
cloud.
Copies of the Prospectus
undersigned
What Makes Interest Rates
as are
may
be obtained from only such of the
qualified to act
as
dealers in the respective States.
Ineffective?
The
the
truth
level
able
to
the
either
or
solution
matter is
interest
solve
problem
States
of the
of
basic
in
in Britain
is
rates
to
In
rise
much
Britain,
wages
while
even
worse,
from
wages.
as
by
the output
restrictive
keeping
The
pace.
fact
econom¬
were
was
Goldman, Sachs & Co.
pre¬
Lazard Freres & Co.
Harriman Ripley & Co.
Incorporated
■
rising
Paine, Webber, Jackson & Curtis
Kidder,Incorporated & Co.
Peabody
Merrill Lynch, Pierce, Fenner & Smith
Lehman Brothers
practices
V
'
/
Salomon Brothers & Hutzler
consumer
inadequate is due to the-
Glore, Forgan & Co.
Halsey, Stuart & Co. Inc.
The First Boston Corporation
Eastman Dillon, Union Securities & Co.
was
demand in Britain is in most lines
still very
Blyth „& Co., Inc.
<
what
with
that
White, Weld & Co.
Corporation
continued
profits
and,
Stone & Webster Securities
its
handicapped by trade
declining sharply
vented
United
long
unionist "fools' Paradise
ics."
un¬
economic
the
so
that
is
i«
and
Committee.
of
incapable
wa's
money,
bp
publicity
York Hanseatic Corporation,
Broad Street, New York City.
conclusion
solving Britain's balance of
Trad-
Association of New York, and
g
au¬
came
Street,
sjcurity
member of
an
unemployment.
thorities
a
of the Cashiers
Sam Minsky
States
of
is
past president
nig the remainder of the first half
pre¬
problem
&
Sam
Minsky
un¬
that
Mr.
for the yield spread to widen dur-
One
is
Ex¬
firm
make use ot thern. ror, it members of the union are able to
money
abandoned
the
Hardy
Co.,
at¬
as
concerned.
why cheap
reasons
still
been
associ¬
with
Stock
spite of progress achieved in both
directions
Minsky
now
change
only 011 the l°ng-end—10 years
powers
strikes
^ bad sucb
This advertisement is neither
In
that
yie*ds are concerned, Regulation
council
n-
a
partner in the
..
Association*
e
firm. A former
following it.
The Study concludes that, insofar as high-grade municipal bond
v
ated
pay
tion o£ being the most moderate
a
Sam
securities
during 1961 and 1962 for maturian^ shorter hours, in total disties ruuging from one to thirty
regard of the effect on output and Years« Since the change in Reguprjces>
lation Q (which allowed commerMr ' George
Woodcock, secre- cial banks to pay up to 4% intertary-general of the Trades Unions es^ on time and savings deposits)
Counci, who eftjoys fte reputa_ became effective on Jan. 1, 1962,
members ig to enforce
monetary policy are
and
revival.
business
stimulating
even
British
their
in
jau
nounced
profitable.
unemployment
reducing
tain
as
short-sighted
^
Exchange
Ameriean Stock Exchange.
maintained
was
States for the sake
in the United
of
United
the
from
not unduly
was
Cheap
European
level at which out-
a
arbitrage
States
States
United
Western
countries, at
ward
monetary
the
the
arti-
was
through co-
up
with
and
interest
New York and partly that-
in
greed
Euro-dollar. they
above
so
yield
high-grade
Garvin, Bantel & Co., 120 Broad¬
Ind Municipal^ Yields
iraae
everlasting
a new
Garvin, Bantel
M vtlU.Jr
;
^en^d^h^ cutting
to achieve
oc-
period,
municipals and government bonds.
co^ts. Aboye all, as far as I can
during periods of acute
even
United
has
it
concluded
actually
It
ready.
if
conclusion
its
to
near
drawing
is
States
United
the
here it
of. policy it
is felt that the change
a
markedly
not
LoPdon SchQOl of Economics, for 'yields has just been published by
the moment they enter Transport the Research Department of the
jydge froip^the^^pe^^u- House or the other headquarters Investment Bankers Association
implies is none the less important sands of miles, it is. the
attitude of 0£ jrade uni0ns they forget everyAmerica in its Occasional Paper
for being a p plied
in ah un- American trade unions that pre;had learned.
They No. 4 (May 1963). The study corndramatic and unspectacular way. yenfe American industries from
wQrk
^emselves
into believing Pares
the Yield difference beEvidently the era of cheap money producing at sufficiently low costs
£jrmjy that all is needed for the tween U. S. Government and
be
to
come
1962,
new mu-
affect the yield differential. This
h
em^loy
Of
sharp drop in volume of
S. Minsky Joins
which
of
standard
*d
of
his country.
opinion
to
volume
and
,,
ioi
.v-v^nnn
on
his
the
that
im¬
preventing:; economic
rise
firm,
very
persuading
unionist
prosperity depends
i~
disci-
indeed
offset by
was
municipal bonds.
nicipal
costs, output,
is
for
con-
9
sharply increased
new
Understand
Britain
the
there
trade
average
wages.
"■>
full
a
prevents producers from stimulat-.
and
strikes,
industrial
output and enforcing
an
If
unionist
trai
dates,
etc.,
realize
In the United States, too, it is
the
delivery
policies
pline
possible to
higher wages.
purchases probably
better."
on
expan-
To
rise in retail prices resulting from
has
at
of
unionist
preventing
money
notice:the attitude of trade unions that
any
so-called
negotiating
the
with their effect
use
any
What the Britisher Can't be Made
?
^
quite: recently hardly
was
until
that
gradual
so
••
in-
in
United
strikes.
the
in
calling
The
finds it is quite impossible to make the
writer
trade
at
of
be
at the same time a
Dr. Einzig puts his finger, so to speak,
interest
even
official
much
so
seauences
would
sion
they
imperceptible abandonment of cheap money.
economics
public
economic
basic
the
the
on
the
bodies,
economic
aiming
in the United States nor the opposite policy
supposed to cope.
were
than
frus-
encountered
Nothing sequences of unofficial
the ec
human brain could nossiblv fails to realize imoffi
could possibly
of
against
in
be
stone-walling
by
devise
by Paul Einzig
money
to
O paft of trade unions which is in- "statesmanlike"
1T
.O.A. Help tne IJOllar:
Neither cheap
doomed
are
trated
T~\
(2525)
Dean Witter & Co.
Incorporated
Smith,Incorporated & Co.
Barney
of
New
60
The Commercial and Financial Chronicle
"(2526)
10
I turn now to the thorns
growth.
Commercial Banks' Savings
need
that
-Pace—A Rose With Thorns
hidden.
be
may
thorns
the
of
obvious
most
The
■
which
of
some
guarded against,
be
to
of the
is that the interest expense
banks has soared. Just since
bank officers
their
.
.
clearly have shifted
vestment portfolio shifts. I
portfolio distribution in the
direction
of
longer-term
Thursday, June 20, 1963
.
securi¬
for
come
bank
By C. Canby Balderston, Vice Chairman, Board of Governors
of the Federal Reserve System, Washington, D. C.
'
their positions. How stable
market
new
prices.'
time
deposits,
1956,
The response of District of Co¬
lumbia banks to increased inflows
appeal
of funds last year was
tively-low
almost
have
rates
interest
the
when
time to fix the roof is
impact of the
Commercial banks have been. on
spirit
petitive
various
well
branch
rectly with other negotiable secu¬
new
many
services
vided
Impact
The
changes
of
as¬
to
two
-In terms
ways.
commercial
at
banks
This
than in the
more
was
such banks
ings-account market,
of the 1961-62
accounted for 51%
growth of the. three major kinds
rotable since the be¬
ginning of last year, when Regu¬
pecially
billion in 1961 and
than $25
acquire savings and other time
of
permit maximum rates on time
yielding investments.
rests the possible hidden
be assessed, but suggests
is yet to
attention to the adequacy of capi¬
rates
Meanwhile, demand deposits rose
much as 3V2%
as
detrimental
their
to
it
ever,
Q had
tective cloak of Regulation
internal
this
felt that the pro¬
that many banks
idle demand balances.
on
indicates
adopted
were
Despite
competition,
how¬
apparent that the
seems
ability of banks to attract savings
funds was considerably enhanced.
com¬
petitive welfare.
I
mention
not
shall
year's
last
increase in the business and con¬
extended
loans
sumer
except
by banks,
this was
that
remark
to
perhaps more a reflection of cy¬
clical economic
expansion than of
in¬
deliberate new effort to
any
market
crease
penetration.
;
time
deposits
at
average
an
the
growing
had been
view, it is ap¬
In my
banks.
propriate for the officers of every
bank 'to
recheck .its
individual
annual rate of about
the
year
amounted to position and its direction of move¬
19%. And for District of Columbia ment. But they should be warned
banks, the 1962 expansion in such as to my bias in these matters: I
tend to the philosophy that the
deposits was even larger—21%.
last
time
Rise in Savings and Time
v/a^./v
The
Deposit
get mortgages, though, banks
To
really stepped
their competitive
up
activity; last year, their mortgage
by
expanded
holdings
record
a
$4 billion. Naturally these credits
essentially long-term in na¬
were
worriers
professional
and
ture,
hope that overly optimistic
may
appraisals will be counteracted by
In any case,
steady amortization.
fix
the
is when the
roof
shining. A banker does not
better
Interest
were
cally
back
at
of the Board of Governors through
ago,
many
the knot-hole of June 1963, I view
the change in Regulation Q as one
l1/2%" not
or
so
cessively to the point where the
of
majority
actions, that the" Board has taken
of
depositors
eligible to receive
Currently,
45%
Reserve's
member
these
and
rates
these
on
are
3%%
of
the
4%.
hold
in
time
member
rate of
accounts,
more
bases
banks
for
pay
or
interest
used
to
semi-annually
on
ances
than
be
brought
observed
ances.
on
The
4%.
and
only has it
-
Furthermore,
sult
that
needs.
contrasted
to
creasingly
1961,
was
to
a
have
wider
tries.
va¬
deposits,
the
from
than
and
$6
banks
and
downward
rates
as
funds
Another
loans
\
these
been fore¬
corporate
Treasury
de¬
bills
both
*
to
to
was
seek
outflow of
other
to
encourage
longer-term
investments,
pressure
bonds
coun¬
on
bringing
interest
and-
mortgages,
with' whatever spinning action this
sav¬
become
important;
of
some
divert
away
short-term
bal¬
average
Time
more
It should
and, by helping to maintain bill
compound
with. pass-book
accounts,
in
One important corollary re¬
mand
bal¬
riety of savings instruments is be¬
ing offered by banks to meet cus¬
tomer
but it has
important shifts
greater than had
seen.
computed
minimum
daily
well
movement
in¬
may
have imparted to
the economic wheel.
since
billion
So much for the roses that
have
L.bloomed
on.._th.e ..newdeposit
as
inter¬
and
Mainly
ones.
of
buyers
short
the
of
as
mediate
as
re¬
a
heavy bank demand,
this
yield
tax-exempt
from
cities
and
3.22%.
to
3.63%
local
other
of government gained as
1930's
the
ber
a
One old enough to remem¬
wonder
may
whether banks would find
for
market
holders
ously
that
Far
issues,
if
ones,
many
to decide simultane¬
were
them.
ready
a
these
of
some
especially the small
wished
they
sell
to
from- predicting
such
trouble, I would counsel its pre¬
vention through attention,
in each
and proportion.
to balance
bank,
ones
higher
yield¬
• made T to
probable credit needs of
customers
in
the
period
ahead?
duly shifted portfolio balance in
relation to
against
as
of
the books? Has suf¬
on
Have investment acquisitions un¬
in
those
Holdings of
19%,
rose
tax
provision: been
meet the
in¬
were
than
marked
mortgages
amounts
ing assets
Govern¬
reduced, while inter-; ficient
the national figures.
These
13% nationally, and, from a rela¬
long-term objectives?
not
are
questions
appro¬
tively small base,
195620
1960
committee
important portfolio adjust¬
have
that
ments
average
loans
of
bank.
the
lengthened
maturities
.
My
Shift Into Longer Terms
•
Finally, I turn to the only major
category of earning assets in bank
portfolios
last
did
that
not
year—securities
The
Government.
eral
increase
of the Fed¬
drop
$400 million followed
an
in
billion
holdings
still
the
was
last
year,
Doubtless
vance
marked
of
this
increase
the
noteworthy
extension,
maturities
reflected
held.
the
ad¬
refundings by the Treasury,
the
important point for this
discussion
bank
$5.6
More
.before.
year
but
of
of
is ; the
liquidity.
,
impact
Last
year,
upon
bank
holdings of maturities three years
and under fell by
more
than $10
billion; those from 3 to 10 years,
rose_almost..$12 billion.
And so
this
in
movement
could jeopardize
future
of
is
course,
achieve
to
the
op¬
between
aggressive
service
prudent
liquidity;
and
TABLE I
A;
Net Increase in Time and Savings Deposits, 1957-62
1962
Commercial Banks——
—
Three
Major
_■
.
Percentage
Percentage
Increase
:
of Market
Net Gain
Institutions*
(billions of dollars)—
—
11
12.0
5.6
15.4
7.0
9.9
2.0
3
14.4
5.5
8
20.0
9.2
28.1
15.5
—
1960
1961
1962—
*
46
.
13
.
45
20
38
.
46
19
■
55
.
banks, mutual savings banks and savings and loan 'associations.
Commercial
TABLE
II
,-y'
■
S:
Expense Factors of Member Banks, 1956-62
1956
1957_
_
1958—
1959
Average Rate
Total Time
on
on
Time Deposits
Time Deposits
Deposits
(End of Year)
Interest
Total
Expenses
(billions of $)
(per cent)
—:(millions of dollars)—«->
650
1.58
42.2
4,222
927
2.10
46.5
4,617
1,123
2.24
53.3
3,680
.
•
54.2
2.36
1,280
5,140
—
5,655
1,434
2.61
58.9
1961——.
6,074
1,720
2.73
67.5
19,62.*——
7,041
2,358
3.23
80.1
1960
'
"
TABLE
1958__
—(billions of dollars)
4.6
1.0
8
22
5.6
2.6
19
47
4.7
0.4
3
3.7
0.6
4
16
5.1
2.8
16
54
22
81
4.4
5.5
IV
TABLE
9
—
Security Yields
State and Local
Change
December 1961
December 1962
3.63%
15
—41
(IBA):
1.60
year
—
year—
0
2.05
—35
2.50
—40
2.75
—50
3.00
—45
3.33
2.90
3.25
3.45
*3.6Q
year..
20
(basis points)
3.22%
Composite
issues
year——
30
of Market
—
year-.
—1.60
year——2.40
5
—27
♦Estimated.
Total
Market Yields
of Market
■
(Billions of $)
12.1
.j Increase
5.61
5
3
0.6
(December %)
14
9
5.60
15.3
2.2
19.0
2.5
16.2
0.7
2
4
18.4
1.6
6
9
5.71
24.6
4.0
13
16
5.53
•
o
10
'
Business Loans
Instalment Credit
Amount
PerCent
,
1.9
2.9
:
3.9
one
to
10
year—
three
years
10
years
years
9
1962
—(Billions of Dollars)—
+
7.1
—2.4
+
—
years
five
to
5
Government Securities
1961
:
•
to
7
.
VII
Bank Holdings of U. S.
•
Percent
'
'2.1
TABLE
Three
(Billions of $)
9
2
11
1.4
0.3
6.04
Commercial Bank Holdings
Amount
—
6.23
13
,v*
VI
TABLE
(Billions of $)
Under
Over
FHA Secondary
'
Net Changes in
Five
Debt
Commercial Bank Holdings
%
%
Amount
Net Increase in
One
V
TABLE
Net Increase in Mortgage
(Billions of $)
•
Increase
Amount
Total
10
1962.
Commercial Bank HoldingsPer Cent
Per Cent
—
Aa
1
1961.
•
.
Moody's
New
III
State and Local Government Securities, 1957-62
Net Increase in
_
<
have
substantially,
timal balance
reflected in these in¬
as
actions
banking operations. The problem,
question
is not to
the wisdom of bank management
decisions
further
and
commercial
every
liquidity
direction
purpose
of
Investment
reduced
and
investments.
1957.
not anticipated because the
were
also; where
be
common now
quarterly
early
Not
to compete,
duringf the period, it has rates, to discourage the
become
ings
times.
monetary
the investment markets.
computation
have been liberalized
interest
important
73% of the rush of banks to avail themselves
a maximum
of thdir new liberty was quicker
deposits,
either 3Vz%
recent
also
pay
three-fourths of such deposits. On
other
most
Federal freed banks
banks
savings
banks
now
or
the
that
are
maturities
larger
relatively
units
decision
the
also
important
were
result.
Looking
have been raised suc¬
1%
years
less
1957
they
Clearly,
Growth
typi¬
which
rates,
Indications
debt.
composite
deal.
80% of
or
expansion in State and local
the
dropped
Roses and Thorns of Deposit
bonds. Last year,
$4.4 billion
the
just become bad
afterward.
over
increasingly
an
municipal
banks took
of
the years, banks
have given their savings custom¬
ers
by banks has been
sult
ifying to bankers; it reflects the
that,
investment
of
that in
vestments?—they
to the
higher rates must have been grat¬
fact
tional
But
creased; yet both of these changes
were
1959—
knowingly make bad loans or in¬
of savers
response
to
is
sun
Rates'
.
..
short-term
term
-
1961.
1958
Changed Investments
the
pay
9% over the previous decade,
increase
mediate
ma¬
on
quality in the rush to put addi¬
in
1957——
Now that a year and a half of those .interested
in construction
higher
rates
of
interest, banks found higher interest rates on savings and. in financing existing proper¬
themselves
the
recipients t of a has passed, it is time to take stock ties have had the boon of falling
vastly enlarged flow of savings not only of the gains to the na¬ mortgage rates.
funds. Whereas their savings and tion's economy but of the risks td
Another greatly enlarged form
to
free
Once
holdings 'of
bunched
are
moderately in
rose
they had
as
that
dates? What has happened to loan
securities
Inferences
tal and reserves.
institu¬
savings
deposit-type
for
only $4.2 billion in 1961 and $1.4
ordinary accounts and 4% for
billion in 1962, partly reflecting
one-year money. The speed with
rthe pull of higher savings rates
which the newly permissible high¬
been
longer-
toward
assets
greater. risk and less liquidity
to
tions, as compared with 37% in
the
preceding five-year period.
altered
lation Q restrictions were
er
1962,
Are
take
to
by
Government
District banks
ample
made
pronounced shift in-the mix of
^
deposits of
S.
turities
of
rela¬
certificate of deposit
of
care
na¬
holdings
reserves
of
yields?
Herein
rose
previous five years combined.
In
terms of their share of the sav¬
Canby Balderston
deposits. This drive has been es¬
to
in
1962.
C.
dramatic
drive by banks
to
these'
bank deposits may be
on
more
is
discuss
>
is well known; by
as
U.
Unlike the
performance,
period
a
market
those of State: priately answered by a central
and local securities jumped 29%. banker; rather they are • the re¬
of
the investment
Thus, District banks, too, have sponsibility
a
com¬
petition I wish
the
of
dollars, time and savings bal¬
ances
of
complished,
thorn, since the price of exposure
all
of
impact
measured
accounts.
pect
Commercial Bank.
on
Deposits
corpo¬
But-the
But this was ac¬
1962.
earning
at¬
to
valued
Treasury .bills and
as
pro¬
tract and keep
rate
such
commercial paper.
the
to
member bank managements were
billion in
tional
ments were
costs,
soaring
these
i
national pattern.
during
liquidity
though less pronounced than, the
the
are
of which
many
attracted by an interest rate
were
similar to,
now
assess
term higher
rities
and
merge
Despite
type of money-
a new
to
by the
able to maintain net current earn¬
This is
ings before taxes at about $3.1
instrument, competing di¬
market
to
urge
banks.
leading
the essentially
ranging from
ways,
adver¬
-
tised
in
manifested
is
t
nation's
the widespread boost in
$630 million or 37%. V->
deposit have been issued
competitively. This com¬
the move
The increase last
advertised rates, and amounted
negotiable time certificates of
of
from
rose
especially dramatic, re¬
year was
flecting
bank;
year-and-a-half competitive rise in Reg. Q on commercial
deposits, and on changes in earnings-sources.
about
have
latter
to 3.25%.
1.6%
is shining. Data are provided on the
sun
paid
The
doubled.
portfolios into longer terms is prompted by
voluntarily confessed philosophy—the
his
both
as
time-deposit balances and average
commercial bankers to look into the
banker's warning to
Central
shift of their investment
quadrupled
officers'to
ties with potentially more volatile
the interest costs of member banks
;
mere¬
ly suggest that the time has
1.0
—8.0
—1.9
+ 4.7
—0.5
+ 7.0
—0.2
—1.7
+ 5.6
—0.4
—
Volume
197
Number
6274
.
.
The Commercial and Financial Chronicle
.
(2527)
between ..the
deposit
them from
of
costs
funds
But to
yield
on
loans and
suitable
vestments.
additional
the
and
in¬
the
state
prob¬
lem is not to solve it. ; That
be
left
the
to
must
logic
experience,
and good sense of each bank man¬
agement.
[ED. NOTE: The tables
panying
were
Mr.
Balderston's
prepared
Charles
accom¬
Partee
article
Messrs.
J.
Richard
by
-
C.
-
and
Company
which
with
on
75%
take
a
three
of
or
this
which
the
the
export
in
the
Lines'
system whidi brought natural
las
from
the
Alberta
of
to
feet,
present
major markets in Eastern Canada.
From 1958 to 1962 consumption of
natural gas
in Canada
than
more
doubled to reach 420 billion cubic
be
Canadian
long,
pipeline
running
proximately
2,340
from
all-
an
miles
point
a
ap¬
mile west of the
one
Alberta-Saskatchewan border and
ending at the island of Montreal
in
the
line
Province
varies
inches
the
case
Quebec.
diameter
in
the
on
of
first leg
from
34
to Winni¬
inches
peg down to 20
The
the last
on
stretch from Toronto to Montreal.
Extensions- to
the
line
connect
with systems of Mid-Western Gas
Transmission
Company at Emer¬
son^ Manitoba and Tennessee Gas
Transmission
Company at Niagara
Falls.
salient
features
of
Trans-
Canada's operations may be sum¬
as follows:
marized
Gas
into
producers
Alberta
The company
contracts
is
an
in
at
rates
of
for
25-
of
close
was
m.c.f.,
to
the
and
13
cents
with
Limited
ter
cent
m.c.f.
per
supply
is
under
provide
for
tion
Jan.
on
end
of
per
95%
ada's
stream,
gas
ada $2
1963
in
return
fied
1,
conv.
until
Pacific
investment
years
in
has
full
cost
share
will
of
be
project.
the
natural
by
Pacific
re¬
gas
and
of the net profits
income taxes,
in
and
bentures
turn
the
company's
effect
be
can
interest
that
after
paid
only
providing
this
not
yet earned
am-
this
stock
million
was
though, of
For
convertible
at
re¬
long.
pected.to show
at 3%
in
the
With
T
For
following table:
5.9
million
common
of
an
$26
*
i
,,
NEW
the
yet
i'e
"first
red
its
none
as
is
J. Peter
highest
Grace & Co., and Andrew B.
ex¬
for
year
The
convertible
are
shares
the
after July
of
1.
per
Convertible
until
April
only
if
Subordi¬
1,
share.
1966
June
They
1,
price
into
common
of The
the
5%
convertible
at
notes
in
Both
tant
have
prices
of $29.40
on
the
common
made
to
the
financial
base,
probably
about
full
7V2%
a
result
SI.90
est
shares
and
de
decoration
was
San
rate
and
of convertible
using
the
that country.
se¬
of depreciation.
W.'
The natural gas is gathered and
transmitted
of
Alberta
Trunk Line
which
by
the
the
of
(Par Value $5.00 Per Share)
Holders of the Bank's outstanding shares of Common Stock
of record at the close of business on June 18, 1903 are being
offered the right to subscribe at $28 per share to 141,519 shares of Common Stock at the rate of one additional share for
each nine shares then held. Subscription Warrants will
expire at 3:00 P.M. {Eastern
Daylight Saving Time)
on
July 8,1963.
Province
Alberta
Gas
Company Limited, to
Trans-Canada
payment
rate
within
Long Island
se¬
modified
which
will
return
to
makes
a
provide
a
Alberta
Subscription Price $28 Per Share
Gas
Trunk of 7%% on its rate base of
facilities built for Trans-Canada's
requirements.
Gas
Sales.
Copies of the Prospectus may be obtained only from such of the under¬
signed and others as may lawfully offer these securities in this State.
-
Over
company's sales
are
90%
of
made
the
to
six
major companies under contracts
extending for periods of at least
20
years
from
mencement
these
daily
from
are
of
the
delivery.
Canadian
contracted
450
date
million
of
of
Eastman Dillon, Union Securities & Co.
rise
Merrill
Hornblower & Weeks
:
v.'
whose
demands
,
„
Kidder, Pcabody & Co.
Incorporated
«
Lynch, Pierce, Fenner & Smith
Paine, Webber, Jackson & Curtis
Incorporated
cubic
feet
day in 1962 to 628 million
per
c.f.
in
1965 with further increases there¬
after. The sixth major customer is
Mid-Western
Schapiro & Co., Inc.
com¬
Five
firms
M. A.
.
Gas
Transmission
Blair & Co.
Francis I. duPont & Co.
Goodbody & Co.
Incorporated
Hay den, Stone & Co.
■'
Walston & Co., Inc.
•'
Edwards & Hanly
'■
'
Incorporated
J. R. Williston & Beane
•
cultural
by
old¬
Peru
founded by General Jose
Common Stock
of
and
Martin, the Liberator of
Huntington, Suffolk County, N. Y.
assuming
economic,xin-
awarded
141,519 Shares
would
earnings
share
per
conversion
curities
return
in
impor¬
The Order of the Sun is the
124.
period
gas
must be increased. On the
present
the
fostering closer relations between
and $32.40, respectively,
of
Peru¬
their companies
June 19, 1963
Security National; Bank
the
Peru and the,United States.
and
while the yields on these two
reception
development of that nation and in
The latter two work out to equiv¬
out- alent
cited for
were
contribution
dustrial,
con¬
at
a
vian Embassy.
con¬
196
by
•
shares.
$29%, the 5% %
debentures
two
in their honor
J. Peter Grace
shares is at least 130% of
them
the
ex¬
•■'at
callable
are
Officer
Berckemeyer
at
At the present time the common
are
of
Fernando
are
1973
purchase the debentures and
vertible
in
rank
Ambassador
the conversion price or if the com¬
pany's underwriters undertake to
vert
Sun
ecutives
but
They
of
•
presented
to
ISSUE
71/2%, then the price for the
Shea,
American
consolidated
adequate.
until
if the market
common
there
on
Order
the
the
1, 1987 at $15
gas
this respect is that if the
company
earns a rate of return in excess of
con-
decoration
Grace, President of W. R.
thereafter. An important factor in
rate
-
The Government of Peru has
an offer to sell nor a solicitation
of an offer to buy any of these.securities.
1 he offering is made only by the Prospectus.
the
will
Grara & Shea
is
Grand
5%
only
to
additional 2.4 million
This advertisement is neither
that
a
share.
bentures
standing and the possibrUty" of is¬
suance
1964
until Jan.
thereafter,
pay¬
should
shares
only
Interest will be paid on these de¬
com-t
There
Interest
earnings
notes
is quoted at
Common Shares.
be
shares
Peru Honors
in
nated Debentures due June 1,1988.
likely to be
purposes
income
the
to
common
was
three main investment media:
(1)
and
(3)
*
capital gain
securities
the
any
of
The
common
convertible
'
January
although it
1,
net income is
profit
of
in
Panagra.
per
continue to grow at a satisfactory
rate.
paid
estimate is that
net
view
but
either
1963.
in the domestic market by
that
convertible
preferable to the
in
attractive
May
into
close to 15% per year for the rest
of this decade, there is every in¬
dication
investor,
consider
we
is
President
1964
expected
due
governing
the convertible
sales
this
the tax position of the
on
made
the. neighborhood of $1.50 per
share.
deed
on
are
not
or
re¬
yield.
be received ahead of the common.
5%.
of
of
out
own
reported earnings
higher
pected that full payment will be
a
ment of interest
securities. Our
they
in part after July 1, 1964
or
has- been
problem
pipeline and-4% on
equipment, and after
two
and in
redeemable
are
mortgage bonds, and
notes.
on
pressor
Notes
premium
a
trust
significant profit
calculating depreciation
after
even
depends
debentures in
1.2%
individual
calculated under the terms of the
on
likely to continue for very
Operations in 1963 are ex-
-
1958
for
one
10% premium for the
convertible
event
of $16.
These
payable
the
This state of affairs is confusing
so far as the common share inves¬
is riot
low
a
In
high of $38%
a
Income
whole
1962, al¬
tor is concerned but the
at
1S87.
1,
profit of $4.5
recorded for
at
effect,-: therefore,-
a
(-) 5y>2.% Subordinated Conver¬
straight line,
a
exchanges.
tible
course, no interest was
the
on
1960
has
however,
basis
,
traded
are
In
.
paying
Whether
any
both the Toronto and Montreal
traded
the pipeline.
charges depreciation
on
prevent
$29% Canadian and
on
income
profit.
a
pipeline at 2%
paid
of
4.00%.
in-" is
restrictions
are
likely
the
notes
company
purposes,
company
and
the
there
will
paid
are
and
payment for the next year at least.
The shares are
currently quoted
depreciation
on
basis, the
porting
the
out
for
at the rate of 3%
On
oh
deed
that
at
five-year
50
T>
company's Capitalization is
shown
5%
of the first mortgage bonds to the
are
diverse and somewhat complicated
as
denture securing subordinated de¬
at
Moreover,
of the project before
depreciation
The
21
;
equity
mortgage- trust
$427
grow
the
extracted
in addition 50%
assuming
full
interest
paid, ;works out to 2.80 %'n and
debentures. No dividends
*5,861,183 shares.-
recovered
Thereafter, Trans-Canada will
ceive
curities,
•
sub. income notes
re-determina¬
1968
each
annum.
contracts
price
for
1964, after which speci¬
monthly payments
made
its
million in each of the
and
and
per
the
of
Pacific
liquids from Trans-Can¬
gas
is
expected to escalate by one-quar¬
Approximately
only
whereby the
price
average
the
gas
agreement
year-periods. The weighted aver¬
age price for all gas purchased in
,1962
from
which Pacific will pay Trans-Can¬
gas
the. Prpvince
varied
Apart
latter company will extract natu¬
ral
notes
25
be.
may
Operations.
Petroleums
has
with
requirements
other major factor in the opera¬
tions of Trans-Canada. Pipe Lines
and
Supply.
entered
gas
additional
meet
the transmission
liquids
The
to
export
or
again
Other
operates
under
Additional
being developed in
available
domestic
by 1970.
Trans-Canada
to
the Canadian West which should
as
feet. It is expected to double
to.
equivalent
requirements
are
The
gas.
estimated at 7.2
contracts.
reserves
gas
per¬
dedicated
reserves
years'
Alberta
grants
of
are
27
Gas
and
of
and
removal
cubic
of
and under the first
75
counting is somewhat complicated
by the covenant in the trust deed
production -of
Province
for
Oil
Board
the
conversion
common
which
lines and the
the
Trans-Canada
Pipe
,
5Y2%
to regulate
import of gas,'
or
addition,
the
on
operation of
gas
trillion
Trans-Canada
95%
and
power
inter-provincial
proved
fields
1964
construction and
mits
the
amount
Common
has
through
•
bonds...$253
Regulation. Regulation is by the
National Energy Board of Canada,
regulates
Continued jrom page 2
(In millions of dollars)
,
;
to
Conservation
the
y
First mortgage
being, Subordinated debentures.•
basis for the first 5% conv. sub. income debs
pay
years
In
I
contracted
thereafter.
Pickering of the FRB's staff.]
The Security V:.,
has
for 204 million cubic feet per day
11
Incorporated
12
The Commercial and Financial
(2528)
more
economical
corn
or
than
feeding of
of the
under
and
other
might bring about
event,
C
'
,y
•
controls
stricter
wheat
recent
domestic
transcending
international
our
farmers'
wheat
the
of
During
in
of
provided
view
He foresees the
intended by
the "freedom" farmers—at a savings to
wheat
It
.
main part—oL their "
calculated
is
the
that
wheat
might-
income: from
drop
tax¬
by $700,000,000 from. about-
$2,300,000,000. .In addition to
their'/
personal and housing needs, farm¬
ers
city—barring legislative changes for 1964 when, otherwise, these
/
changes probably would occur.
substantial
are
machinery;
oil,
of
buyers,
-
electricity;
gas,
,
plan of stricter production control
ginning
with
the
har¬
crop
P^ram^nd
HaSe
down
vested in 1964.
and
six
acreage
ninety-
thousand,
hundred
and
forty-
three
farmers
ment's
voted
against
cepted
proposed
favor of
in
thirds
majority was retired for
acceptance of the proposal,
—voted
majority
nf
niimhpr
number
tne
a,UeeCt
Dy / e
made
,
,
producing
from
and more on the
more
-
3
The.
steadily
the
ing in previous referenda against
agriculture"
"government
in
dicated
dissatisfaction
they
Now
in-
with
were
They
willing to make
were
great sacrifice by giving up the
a
protection
high
support
bushel in
order to
the
of
price of $2
a
gain their economic freedom. Not
in
single
a
state
wheat-growing
big
the two-thirds
was
reached.
In
wheat-growing
majority
the
Kansas,
state
largest
with
.
the
wb0
,s
i
whpat
frpp(1nm
ma-
are
.all. lines of-,
it
in
hak^rs
to
of' the
of Channing
Agricultural
about
insurance.* The
company commenced operations earlier
an
Exchange Offer
to stock-
Corporation,- Agricultural Insurance Co.; Fed¬
eral Life &
Casualty Co., Secured Insurance
Co., and the Wolverine
Insurance Company.
: r.
*;
-
hardlv
was
lower
:
wholesalers
retailers
■
t
tributl01* costs*
labor
At
lations
h
t
nf
.bread price.
v
There
chance to get rid of
of
of
the
Agriculture
stated:
"The
be
United
the
Council
a
States
will
International
and
countries
with
and
rejection
of
Several
Wheat
its
with
work
member
the
wheat
the
bills
introduced
referendum).
have
to
House.
the
large wheat
a
deem necessary
may
Secretary
with
to
seem
we
implementation
Freeman
!
.
doesn't
as
the
IWA."
might
price
tWineren**
.
in
th
At best» tne re
Auction--of the wheat
mprp1v
dis-
and
merely stop the increase ot the
$1.25 or Less Per Bushel
President
i
higher
cover
+
■
, ,
G. Horr aS' Treasurer
:as
this year following consummation of
holders of Channing
f' bakery wholesalers, retailers
voted
trust'Tn
economic ireeaom.
component
•- ■ -j
™beat .in n was nara<ly. 10W®r-.:
ce increase went to mill-,
.
their
its
and
Tlie
controls proclaims their desire tor
and
firm
13 5 cents when the yajUe of the
against the proposed government
„nritrolc! nr0riaims their desire for
independence
forties- at
u
*
Horr- continues
the
-(^hiiriing Financial is a holding company whose subsidiaries
engaged in the managing and
marketing of mutual funds and
"
price?
a
?
Jewell" succeeds: Robert
Mr";
-
of
past two years as7 Counsel "to
Channing-Corporation; LuLv--;.\
\ '
might get cheaper
was
operations
y.
subsiqiaries,-::has; served'.for. the
profit froth
wheat
York-based
already
this
end
Congressmen
been
in
the
disagree
whether Congress should consider
new
legislation.
give
ideas
and
Congress will
consideration
more
interests
of
to
the
trade and wheat producers to
pre¬
the
urban
surplus at a better price on the
taxpayers who resent the heavy
world market. The increase in serve the stability of world wheat financial burden of the farm
pro¬
50% of parity, about $1.25 a production
in U. S. A. would markets and world wheat prices grams. If there is no new
legisla¬
bushel.
However, only farmers come at a time when importing which we have sought so long tion
enacted
providing
higher
keeping their acreage to the same countries also strive to expand together. Sales for export will be. support prices
proposed bills
allotment as in 1963 will be. per- domestic production and to reduce handled
in normal channels
of recommend
support prices of $1.62
rnitted to claim this support price, imports. This is true riot only of trade to the maximum extent pos¬
up to $1.82—wheat which cannot
This is fixed in a law of 1938, still the
European Common Market sible consistent with the fulfill¬ be sold on the free market at
a
on the books.
The large commer- but also, -for instance, of India, ment of our international obliga¬
better price will be sold to
gov¬
cial farms will probably be able tlm
biggest importer;, of.-. wheat tions. There will be no dumping ernment at the
support price of
to produce profitably even at this from the U. S. A. (sold under the of U. S. wheat in world markets."
$1.25 by farmers complying With
0r a somewhat lower
price. They Foreign Aid Program in Indian
In this statement, the measures the
acreage control:
'
will
expand
their acreage and currency). India hopes to reduce to achieve the goals are
implied.
According to the Department of
will try to improve further the imports in the next few years by
Export taxes are prohibited in Agriculture the
range of the IWA
yield per acre in order to com- 50% and to be self sufficient by the Constitution.
Government
prices is equivalent to $1.15 to
pensate for the low price.
1970 (most probably an unobtain- could institute export controls by
For
the
1964
for
price
wheat
the support
crop,
will
plunge
to
—
asked to accept even stricter controls.
1
„
,
tjrre
. e
any
of
courage
a r m e r s
.
in-
creasing number of farmers vot-
;
bread the wheat in
will hardly benefit. cent
The
of
21
loaf o£ bread
the
on
Support. Price May Fall to
Undoubtedly,
regimentation.
f
.y °* Fd
reduced acreage.
their
money
than af
acreaSe
before
not
farmers
restrict
Moveinmein,
more
feaucea acreage man d. i y
only proposed acreage allotments
but also set maiKeung quuids in
put aiso set marketing
quotas
to
of the
cereals
.
Company ^ which is majority held by
Channing Financial—and as Vice-President and
Director of Channing Financial.
rErckleritz,> an rifficer of several of Channing Financiat's
Not Benefit
consumer
c0napse
the
government
Society of Security
•insurance
.
x
New
companies:"-'.
' •Financial.
bread
the
bv
farmer
voting
von g
government
goveinm .
the
vear
order
the
tQ the hlgh mmmum pnce guaranteed
Mr,; Fisher, a member of the New York
,
about
against it increased over the years.. iorjtv; of
year,
econ-
]ast year
although
farmers
tanners
ot
entire
nificlantf over the years. .Thanks ^g^tg."The'saime loafof
accepted
acc pi
restrictions
acreage
the
value
required two-thirds
rf farmers
ot larmers had
naa
mainritv
This
methods,
into government stocks grew sig-
ag.
referenda the
'
Will
fife™but
an_un-
effptddaeTrsSteiteine"tafrevf rs
inst it. in
1^ urevi 3
the
farming
fin
.
machinery, better crop va-
more
Dr. H. H. Browne
a
C
Will
Consumer
..
the
West which, would
Middle
_dverselv;_ffed;
bushels in
25.1
Sealy Newell
CamPbell, Jr., in his--capacity as Administrative VicePresident of Channing
Financial, will supervise administration of
that- it.;.;
range
adversely..attect tne enure econ
on?y • • . . ..
;
ac-
average
increased from 14.5
1949 to
the
two-
While
ibo
the
in
Better
1962.
it.
govern-
control
-
•
wo"?d
in
the
G.
anaLy;st5r is Presid6nt oLM^naged Funds Incorporated, Institutional
.
extraordinary
an
4-u
farmers,-the
per acre
bushels
in
acre-
reduced
years
with
production
by
.
cropland
-4.U
accordance
-
yield
voted
547,151
the
Campbell, Jr.
Channing Financial Corporation, 85 Broad Street, Nevy
York City.
withdrawal of government sup?°rt would prec.pitate_a ^c ne
ln pnces wh.cn would be of such
largest
of
S. R.-
Shares, Ltd., and: Institutional Income Fund, Inc. He is also a VicePublishers on Sept. 28,11962:; v President of Van Strum. &'Towiie, Inc., the investment counsel
subsidiary of Channing Financial. * •.
'
--v
It has been felt that the
and
all cereals-about
all
j
in
gislation,
e
of
in previous
age was
.
1
^
•
the United States. While the
nine
the
the second
among
one-sixth
- • -
:
"
Wheat takes
hundred
Five
Board
aec«omK
Congress if the
prodhlctioncontrols wasvoted
bC"
Whe3t
proposed
Leicester W. Fisher
The drop in pur-
fertilizers, etc.
favorable progr am; would, be
worked out by
enrdumSre?ecateSdethe goVrnmLfs;
°f
the
by Kenneth S.-Van Strum, Chairman of the
many.;;
total
wheat plunging to $1.10 io $1.00 per bushel, displacing
today's non-wheat animal feeds without lowering the price of
br ad ot consumers; and mass migration of small farmers; to the
American ject
announced
-
decade,
large part—for
a
the
-income.
payers;
On May 21 of this year,
been
-alPthe
t
last
the
farmers,
latter
keeping the govirnment in the wheat buying business—an opposite
result
"*
.
of
repercussions
treaty obligation.
houses.
5
rejection
surprising
has
and
.
support prices and fill the ware-
Commodity expert active in international grain trade details untold
ramifications
Thursday, June 20, 1963
.
sorghum,, -instead of wheat,
will go to the government
/y; -..
.
.
election of Leicester W. Fisher as a
Director, Samuel R.
.Campbell; Jr. as Administrative Vice-President, G. Sealy Newell
as Treasurer, and Enno W.
Ercklentz, Jr. to the post of Secretary
The
In that
barley
corn,
.
still
price
drop of
a
those grains.
more
grain
:
Exchange, New York City
'
grains
support
government
the prices of
By Dr. Herman H. Browne, Member of the New York Produce
feed
.
Channing, Financial Executives
•
Economic Impact
Chronicle
pre-
.
dominantly
farms,
48%
commercial
large
only
voted
plan.
Of
ut
„
the
,,
,
fact
for
tor
the
tne
,
o
that
farmers
use
a
duction
,u
for
to
of
and are,
therefore
cattle,
the
A
newspaper
cash
,
first
vote.
f-r,
f°od
fo
feeding
in
..
the
time
in
*1
a
,
d
hogs,
,
^
f
th
poultry
less interested
price
111.)
of
the
the
sucn
e
ere
a
the
wrote:
...
be
.
casualties
But
program.
grea er
les
t°
way.
normal
„
.
He
permits him to
the necessary
The
ine
e
era
a
under
there
under
better
in
view
of
the
$1.55 for U.
rapid
licensing
P
A,
10
a
crop
if he has
Farm
rarm
Bureau
U.
S.
A.
ment
(IWA)
since
-500,-^iWA
over
agreed
as
v
its
t
last
upon
a
minimum
year
price
^
of
.
low
prjce
wju
force
sman farmers to leave
farm> accelerating the
to the city.
to
15,000,000
the
move
the
from
ness
the
city
from
rural
Make
Wheat
Cheaper
animal
feeding
of
wheat
a
indeed,
tary/ of
tion
or
Agriculture;
or
restrict
exportation
wheat flour
and
power
the
of
were
The
issue
tion
"to
such
or
regu¬
o
-
which
.
tion, to
crop
-
most dif¬
a
situation
very
from
the
hoping
in
Farm
had
Bureau
Hard
of
Red
farm,
for
these
Winter
the
export.
main
the
At
prices,
govern¬
ment would-lose little
money by
exporting the wheat it might have
to'buy.
Government will
save
the
high export subsidies it has to pay
currently in order to make the
wheat supported at $2 competitive
on
the world market.
The result¬
ing substantial savings might im¬
the chances for
duction.
tax
a
re¬
•'
■:
President
Kennedy said farmers
have made their decision and "we
re¬
their
accept
"I: think it
New
a
bill
judgment."
•
Further
will^be difficult to get
by the Congress."- Farmers
will vote again in 1964 in a refer¬
Federation
strongly urged
rejec¬
referendum
now
Congress for new legislaprotect, the
sold
average
far
freedom
for
S.
the
on
variety
prove
The result
.Legislation
of->the
presses
importawheat
have
Farm Bureau Wants
<
an
issued
their
in
government
jecting the referendum.
on
world.market,: he
prohibit
price of about $1 would
be
farmers
executive order giving the Secre¬
Animal Feed
A wheat
dumping of the surplus wheat
stocks
and/or
wheat
rv
away,
United
the
Will
advised farmers to
re-*make
that
market
way,
and would
would
immediately after the rejection of
referendum
govern¬
case,
ficult job on its hands.
In the last States will honor the-provisions-of
farmers mi- the IWA.« In- order to prevent
areas.
large
Either
tralia, Preident Kennedy declared
the
IWA.
would be back in the wheat busi¬
kal;vAested;n 196^ mulgkt,s,'p ?
countries. To allay
$1'10 or ^ Pe!'. busheI. <lndfd' £ears, of othc/ wheat exporting
some even predict a price below countries, such as Canada or AusTbe
In this
domestic
the
hands.
"hrange }he
.
with
have to buy wheat in
may
the free
S and a maximum price of
,
export.
ment
use
stipulates
S
A
for
inception
llb
minimum
a,
become the sole supplier of wheat
party
a
to the International Wheat Agree-
,nn
—
been
at
prohibit export by the trade and
Ramifications
has
accordance
in
Alternatively, government might
18 Predicted.that in this case wheat has to be sold by member
J1
mfrJket P™eA ofV tke ™heft fating countries to .member
will
chance
weather,
,
^
in
an
International
The
0
management skill."
or-
exports
price
pr0gress of agricultural methods),
position
system which
expand
influential
aniiuenuai
ion
a
,
-
grated
stands
a
and to
000,000 to 600,000,000 bushels
Th
of survival
in
are
*
.n.
;,,
of 1.6-1.7 billion bushels
.
many
casua
farms
manag®d fronl ^asbr; the farm
The^small farmer is likely 2o years,
get: caught in a squeeze either
fncrtnll
gton.
goal
popuiation increase and the slow
Those big com-
jnvest more capital
to
Middlewest
recommending
would
mercial
wheat.
rejection of the referendum
urp,
able
,...
,.
au the other 91%.
j
„£rhe Daily Pantagraph of Bloomington,
-
,
!ne Perce*$ of all of the na^on s ^arms produce as much as
.
r+ntM
Small sanlze production etficiently. As-
large part of their
,
...
was
permitted
were
p
-
referendum
the
of
the
;
-
imnortance
importance
great
great
outcome
for
1
.
farmers
(the
The outcome of this ref¬
endum.
erendum
they ;
are
choice of
or
-will
i
•
indicate
satisfied;
more
whether
withy their
economic freedom
their wish to return to stricter
,
of 1963 is not affected by-the Control ?and supportyy
>
11
/;
Volume
197
Number
6274
.
.
(2529)
The Commercial and Financial Chronicle
.
Watts
W.
Frank
direct
will
operation of the
the
Lehman Corp. Elects
office.;,,. / /
new
PAMPA, Tex.—Schneider, Bernet
&
These items
supplemental to similar notices appearing elsewhere in this issue.
are
At
Alvin W. Pearson,
Hickman,
FIRMS
ASHEBORO,
Mat ual
N; .C.
Mutual
Holly Street.
Partners
ar£
Jean
Mason.
F.
G,
Lion
:
Mr;
Mason
,257-33
Bluestein. is
a
LOUIS,
Inc.,
dividual
dealer.
BOSTON,
as
ciates,
CITY,
is
•
250
J.
in¬
.
Ave.
2166
Richard
Parker
L.
principal of the firm.
a
Asso¬
West¬
C. Bastunas will act
as
ment
Officers
297
Pennsyl¬
Barbara
are
BAYONNE,
Stein
is
Stein
&
dent
proprietor.
and
Graham,
Eric
are
31.
E.
BEND,
Officers
Ind.
are
F.
President;
Everett
Treasurer;
and
and'
Walle*
Rupert
Wallace.
—
Lester
Graham, Secretary and Treasurer
President;
President.
Ewell,
W.
Eric
Vice-
Graham
Wallace,
M.
Inc.'
Hilliard, Inc.
CLEAR
has
Secretary.
All
were
;v ;yy
://>.;
.■
/; ;•
been: added
to
the
&
Co.,
eral
JUNCTION,
George B. Humphries,
gill Drive.1 v
tered representative
163 Blue-
McALLEN,
> /•,
Broadway.
&
is
Officers
Southwest 22nd Ave.
James
registered
W.
Shipton, - charge. yy; !/'"■■■
H.
Shipton,
Thomas
are
President;
Texas
Thomas
in charge.
—
E
p p
1
Tessel,
New
representative
in
is
Miller
Commerce
was
land
under
ness
the
firm-
EUREKA, Calif.—R. J. Baker and
of
name
Planned Futures.
MIAMI,
Fla,
Securi¬
ties, Inc., 100 Biscayne Boulevard,
South.
Officers
schine,
President
and Robert F.
Mr.
partner
and
Winslow,
Cohu
241
a
J.
The
—
Millburn
Corporation,
and
NEW YORK
&
Partners
and
are
Louis
was
CITY
—
Radler,
and
Inc.,
in
charge.
the staff of Wittow &
was
!.
"
■
He
of
Wool-Associates
CITY—R i
c
h
a r
d
Brown has become associated w'tV
Carl M. Loeb, Rhoades &
NEW YORK
nen,
Co., 375
CITY—Dale S\ Coe-
Anson M. Beard, Jr., Crosby
now
Whelpley
associated with the New
Corporation,
61
This advertisement
NEW
York
New
Company,
Broadway.
City;
'
Boston;
of
Prouvost
Rhode
v
of
Island,
Charles
R.
Rudd
of
Wool
Han-
dlers, Inc., Lawrence, Mass., was
elected President of the Wool As¬
sociates
of
the
Inc.
Election.
dent
York
was
the
New
York
Annual
the
at
Elected
Cotton
Vice-Presi¬
1st
Robert E. Fields of New
Re-elected 2nd Vice-
City.
was
Elliot W. Brown of
National
Wool
Corp., Boston, Mass.
Marketing
Frank Knell
of. New York City was
Those
pany,
Samuel
Mr.
Inc.,
Securities
—
Southworth
Boston;
Thurmond
Weis
of
John
M.
&
Irving Weis
Williams
proprietor. He
was
v
are:
to
the
of
retiring
Assael
elected.
Board
Stanley I.
Board
who
'
these securities,
Friedman,
(NIPPON TSU-UN KABUSHIKI KAISHA)
Mayflower
Park
6v2% Convertible Debentures
formerly with
Godfrey, Hamilton, Taylor & Co.
CITY, Iowa — Harry I.
MASON
Nadler &
Harry
proprietor,
was
Geller
Nadler,
v
the
Y.
' /t
Seymour
—
Ave'.,
investment
busi¬
of Seymour Geller.
1
This
PHOENIX, ArizMaricopa JMatrt-„
gage
Syndications,
North
Central! Avenue.
are
Julian
Richard
D.
J.
.
Blum,
J.
Inc.,
.
F.
8910.
President;/
Hess,
Sec¬
retary-Treasurer; and Jimmy Jay,
Assistant Secretary..-.
,
financing has been arranged privately through the undersigned
Officers
Executive
Curtis,
Vice-President;
September 30, 1978
sole
"
'
Co., 555 Madison
continuing
ness
'
-
YORK, N,
&
I.
formerly with M.
Wittenstein Co.
NEW
Due
Company, 835 Fifth St.,
Southeast.
/-y?
I
Merrill
Lynch, Pierce, Fenner & Smith
Incorporated
of
& Co., and
York
New
exception
ISSUE
is
of
;;
the|
Co.,
Co., Boston; Irving
city.
With
&
H. Thurmond
part¬
101
E.
Com¬
William
Nichols
of
George
St.
Verrilli
R.
C.;
S.
Greenville,
Greenman
-Company,
Michael
City;
Inc., Boston; W. Gordon Mc-
(A Japanese Corporation)
CITY
York
Reid-of Bache & Co.; W. Brewster
appears as a matter of record only, and no public offering is being made of
associated.
M.
Cabe, Jr. of J. P. Stevens & Co.,
Greenman,
general
of
Eugene
•'
of
i.
Mr.
Assael, all were members of the
elected
Governers
New
A.
Lefevre
Bradford Keith of The Top
re-elected
Treasurer.
of
J.
James
Georges
Inc.;
315
Wall
Reed
Bachelor
.
Florin
President
R. Smith and James. D.:
are
a
Caires
Elect Officers
Exchange,
Christensen, Inc.
YORK
Trustee of
a
received
he
with which Mr. Radler
NEW YORK
Avenue.
He is
Oregon, from which
J. Weban, Irwin
partners.
Co.,
Place.
formerly with Peters, Writer
formerly proprietor of" Green¬
man
Baker
1645
York office of Laird &
Monroe.
Executive Vice-President.
He
Company,
MONROE, Mich.—Frank Watts &
North
Portland,
Grummer
Colo.—Charles
Associates,
325
College,
Greenman,
79
Brian M.
Albeit
Friedman
limited
representative
is
and
;
••
Company,
ners, and
Hastings
successively Assistant Vice-President, Vice-President,
Director
formerly
Company,
Street.
Radler
M.
joined The Lehman Corporation
analyst in the Research Department
Belber
Avenue.
NASHVILLE, Tenn.—Gayden In¬
vestment
Union
foreign
Wendell
and became
He
as an
partners.
are
Massey
Switzerland—Salomon
Brothers & Hutzler, 18 Avenue de
its formation in 1929
:
Charles G. Belber and George W.
Belber
GENEVA,
on
n
previously with First Cleve¬
Corporation.
v
NEW
"
•
with
Co.,. U h i o
Court
•"
"
•
Mr. Pearson became associated with Lehman Brothers in 1924
Ralph D.
—
connected
&
Officer; and Monroe
&
'
MILLBURN, N.
Agency,
formerly
was
••
Avenue.
Treasurer,
O'Malley, Secretary.
in
Stetson.
Myrtle
Glen B. Hale is resident manager.
Bude.
Ivan; Pou-
are
Pouschine
1459
Chief Executive
as
Gutman, Chairman of the Executive Committee, was elected
of Arts Degree.
Park Avenue.
Technical
—
now
.
Building, members of
DENVER,
&
Company,
Marvin G.
—
Building.
Canfield
Dale D. Welch is local manager.
busi¬
C.
Vice Chairman of the Board of Directors.
following his graduation from Harvard University Graduate School
has joined
■
Directors and continues
He-
formerly with Bache & Co.
Hayden,
poration, 817 Ridgewood Avenue.
investment
the
of
Exchange!
CLEVELAND, Ohio
Shipton, Secretary and Treasurer.
own
East
Goodbody & Co*, ;National City
Vice-President, and Josephine G.
his
45
Robert Lehman
Alyin W. Pearson
S.
of Business Administration.
Southwell
W.
Co.,
members
S'tock
York
CLEVELAND, Ohio
was
ducted
Street,
&
the Midwest Stock Exchange.
AMES, Iowa—First of Iowa Cor¬
Thomas W. Shipton formerly con¬
Ohio—Justin
Paturick
Fourth
e r,
Guerin & Turner, Inc., 215 ? South
MIAMI, Fla.—Thomas W. Shipton
Co.; 2721
of
Fed¬
Street.
East Sixth
ALICE, Texas—Eppler, Guerin &
Turner, Inc., Alice Natiopal Bank
Colo.—
staff
75
Monroe C. Gutman
of
•
Building. James C. Dunn is regis¬
GRAND
partner in
a
Cohen has been added to the staff
;•
LAKE, Iowa—B. J. Peter¬
Company, Route 2. Billy
j. Peterson is sole proprietor.
'
formerly
Avenue
1137
Kidder, Peabody
de
van
NEW BRANCHES
son
of
Hoffman,
BOSTON, Mass.—Robert F. Croce
Hardman,
Gertrude
formerly with King Mer^
was
formerly with Smythe, Bowers &
N.
firm,
was
Raymond
Morton
proprietor
Klein has become associated with-
SOUTH
Investments, Inc., 51591 U. S. No.
Street., Officers
temporary
—
sole
CINCINNATI,
Secretary.
&
ton
formerly Executive Vice-President of the Cor¬
elected President. Robert Lehman, heretofore Presi¬
Corporation, was elected Chairman of the Board of
was
the
Michael
Whitten, Vice-Presi¬
CHICAGO, 111.—Graham, Graham
Eweil, Inc., 166 West Washing¬
J.
N.
now
He was
B.
Whitten, President and Treasurer;
and James B.
is
Jr.
Corporation,
vania.
and
Street.
Boylston
of
yf
C.
- •
SIIREVEFORT, La.—Katy Invest¬
,
McNamara,
poration,
Utah-
and ^
Incorporated,
minster
was
an
Mass.—McNamara
;
Company,
John
business
Street.
-
meeting of the Board of Directors of The Lehman Corporation
a
Co.,
Mo.—Walston &
Locust
manager.
the
in
formerly
422
Officers
>-
LAKE
Parker-Jackson-Mann
Mason
Building.
Mason and
G.
Co.,
In¬
<
PERSONNEL
SALT
Federal
Max
Valley
—
Plannning
Road.
principal.
339
Funds,1
Ga.—Lion
Fulton
Co.,
149th
formerly
*
•
ATLANTA,
vestors
American
—
Securities,
American
&
ROSEDALE, N. Y.
L
Bldg.
dent
ST.
NEW
Hughes
Inc.,
Griffin DolFarhide, Jr. is manager.
13
The Nikko Securities Co., Ltd
were
re¬
14
The Commercial and Financial Chronicle
(2530)
.
.
.
Thursday, June 20, 1963
making quick judgments and hasty
SECURITY SALESMAN'S
decisions.
DTJTTON
JOHN
BY
client
your
it clear to him that there may
be
times
when
it
is
small
losses
as
part of the price
of
millions of investors in
capacity
immediate
stock
mon
years
prices
only
ago,
investors
of
their
rely
,
their
trust
department
of
vice
the
rapid
fund
industry
stockholders
concerning
opinions
of the
if fundamentals
investors
during
million
cently
experience
long
seeking invest¬
now
in
in
business
was
;country, what lies ahead for
client to
purchase
ment
our
suggestions
individual
the
when
he
advice
and
security
takes
salesman
for
objective and
an
well
a
who
salesman
a
given
not
are
large investment firm sug¬
a
it
gested
the
priced and appeared to have pos¬
the
past,
knew how to
develop
business had
of
the
a
sibilities
and* who
tion
market,
stock
analyst
he.
made
some
also
many
were
when
ties
clients.
mistakes,
profits
were
a
to
tition
ten
and
kets
highly
for
demand
the
next
superior
would
reduced, the stock had
was
so.
advice5 will
there will be
investment
long peripd,of dif¬
a
the stockholders in this particular-
is
company
greater
than
the stakes
too
are
before
ever
high for
and
look
can
.forward
of
ing
Company, Inc., members
Co.
Pty.
their
■'
"
There
Are
into
Any
without
to
tent
to
who
investment
continue
receive
advice
to
do
compe¬
joint
facts
going
are
business
that
by Sylvan C. Coleman,
M.
known
thorough
dent
(L.
A.);
and
organization
The
currently
Vice-Chairman
hand
adding
decisions
with
the
the firm that produces results for
marketed
and
help his
H.
T
11 i s,
u
Vice-President
(New Orleans), and Keith S. Wel-
lin, Vice-President (Chicago)/
Other
Hutton
officers
who
i
Bearing
the United States.
the
and relatives to the salesman who
his
emotions,
and
ert
to
they
advice.
salesmanship,
From
The next
will
few years
be competitive and
who
ment
and
with
suffice.
only the
Are there any guidelines that
security
salesman
that will be
there
some
ings
customers?
Here
are
others
a
that
part of
of
work,
should
to
a
to
access
also
be
salesman
must
and
making
recommendations
clients.
The
with
whom
helpful
choice
he
very
important.
with
a
a
is
to
of
him
in
to
the
his
firm
associated
is
staff.
He may also cjo
smaller firm
just
that
as
well
special¬
izes in fewer situations but knows
how
acquired
tually
incur
This
process.
build
a
to
evaluate
management,
or
they
losses
is
business
will
not
the
it
...
is
new
the
quality
products,
of
and
County
ahead
of
his
in
club, held
He
here.
Feeley
suc¬
Good-
of
welfare
Brothers
E.
&
Smyth
Hutzler
Vice-President,
to
of
Salomon
elected
was
Paul
Bruehl
the
intense
of
South
The
of
with
Combine
technical
whenever
promise
may
or
possible.
The
make
hopes
plant
*
Arrow-Hart
Co.,
predictions that
not be fulfilled. Refrain from
Stock
Exchange,
on
to
partnership.
Plans
LOS
op¬
C
ANGELES,
a
1 i f.—Wed-
bush & Company,
4034 Bucking¬
Road,
become
bers
cf
the
its
in
since
1955.
ward
Hegeman
has
mem¬
Stock
"
<
investment
*
Hartford,
Coast
The firm has been active in the
begin this
&
Pacific
Exchange.
buildings.
construction
can
have
the
W.
securities
Partners
Wedbush,
business
include
Julius
Ed-
Feld-
horn, and William Paullin.
an-
CHAS. W. SCRANTON & COi
MEMBERS
NEW YORK
tit
STOCK EXCHANGE
Direct wires to:
•55
£:■?
•
Effective June 27,
Ehrhard & Co.,
A. M. Kidder & Co.
of the New
York
•
Estabrook &
New York Hanseatic
Co.
......
New York
.....
New York
.
Stock
•
Corp.
May & Gannon, Inc.
....
New York
......
Boston
City, to engaged in the securities
infor¬
over-
York
Coast Exch. Member
:';
Electric
fices at 72 Wall Street, New York
Never
Co., 50 Broadway,
City, members of the
of
To Form Ehrhard Co.
in
assistance
Ex¬
•M
can
fundamentals
timing
Harold
the
to
new
fti
feet
square
i
members
n
of
July 1 will admit John Christen-
presently
Windsor
company
the ,new
Gerber
& Co. Treasurer.
Summary
mation.
a
company's
year.
Charles A. Wiegel of W. E. Hutton
..
factual, ^reliable
York
New
1962.
•
security business.
Obtain
the
m
conmpetition
Exchange,
admit
member
a
C. B. Richard &
New
Ger¬
expects
be consolidated
to
Exchange, will be formed with of¬
,
of
building.
four
Shields & Company Secretary and
de¬
will
ham
expect to prosper in the next few
years
all
*
transaction
any
client's
Club
Thomas
Joseph
who continues to place his imme¬
profits
meeting of the
25
of
*
lease arrangement.
body & Co.
it
structive process and no salesman
diate
a
for
June
foot plant, probably
occupies 22,000
of New York at the
Friday, June 14, 1963, at the Nas¬
this
a
square
Call
Park
200
To Admit to Firm
two
owners
for construction of
new
even¬
way
Wood,
Co.,
C. B. Richard Co.
S.
under
The
Windsor
Traders Club
customers
through
South
40,000
of
&
-
and
December,
*
erations
be
securities that
for
Hachtmann
projects
Scientific Instrument
President of the Corporation Bond
~
its
use
U.
Waelzlanger,- West
Struthers & Winthrop was elected
be sold
:
can
outlet
large organization that has i
a
Andrew
have
or
11
change, to partnership.
which began sale of Fafnir
under
J.
too
to
appear
never
joint
are
Gerber
Elect Officers
for
are
IN A.
arrange
He may fare well
competent and versatile research
with
that
or
client.
firm
an
has
information that will be
specific
which
name
of
Plohn
Eliasberg,
complete line
trade
bearings in
Corp. Bond Traders
ample
ready
on
Roller
bearings
Co.
in
of the New York Stock
own¬
bearings
a
many,
ceeded
No
you
have
(San
construction
manufactur¬
roller
ball
sau
to any
made
methods
have
are
over-priced should
add
achieve your goals.
they
before
few
a
can
Kilduff
Build¬
Avenue, New York City, members
son
only those invest¬
should
He
speculative,
can
general philosophy
andj the
use
First,
should
your
you
D.
Connecticut's
of
completed
Charles
planning
needle
the
been
Admit Partner
New
major
a
ball
Schaeffler makes
Fafnir
William
of
Majority
of
companies
annual
as
suggestions, possibly
Francisco);
is
of
%
salesman should be
a
distribution. Those
follow that Will help him to pro¬
duce better long-term results for
his
(San
Fafnir
The
opportunity to study these offer¬
a
helpful to him? Are
basic rules that he
A.);
<
(Tucson); Rob¬
later.
producer
a
fhat are suitable to the in¬
tomers.
establish
can
also
vestment requirements of his cus¬
and
build their clientele.
.
is
Bacon
(L.
•>
Wil¬
are
and
dents.
firm that makes it possible
a
ments
men
hold
firms,
for him to offer
going to
are
will
produce
can.
not
secondaries
and
Groszkruger
(L. A.);
A.):
prominent activity among invest¬
on
personality,
friendship
even
here
M.
(L.
four
have
to be made public
are
Franicsco), all Hutton Vice-Presi¬
Since the marketing of new is¬
not receiving the best
are
F.
Fomom
and
formed decisions.
sues
if
possible
M.
Co.
Fafnir-INA
sales
of
Douglas B. Lewis (San Franicsco),
makes
profits for them. But they
will take their account elsewhere
R.. Jack
A.); Frank E. Naley
Charles E. Crary
in¬
make
Details
Alec
are:
in
in
valued
million
Charles Plohn To
Bearing Co. will belong to Fafnir.
ing facilities
Directors
re¬
still in execution."
cpmpany to manufacture
and sell needle roller bearings in
of
urban
completed projects.
been
new
ership
are
on
construc¬
current
*
fler, West Germany,
a:
1862,
value
of
The
Fafnir
"The
buildings
$3
under
are
Britain and Industriewerk Schaef-
liam
only create losses. It is
customers to
❖;
accom¬
on
year-end
ings valued at nearly $97 million
in Australia.
❖
have
ex¬
variety
a
of
erected
seven
Stanley hand tools to be produced
Franklin
Clement, Senior Vice-Presi¬
(Chicago);
Gordo n
B.
(L.
responsibility of the salesman
control
to
them. They will send their friends
be
of
of
New
excess
of
range
industrial
space
Connecticut's
in
lion.
a
Hobart,
a
in
newal areas now totals $100 mil¬
factory is
will
which
by
at
Hobart
producing
tools,
panded
(N. Y.); Murray Ward, Senior
Robert
Hasty
tion
will
company
states
report
completion
Stanley-Titan Pty. Ltd.
as
as
the
be
to
company
floor
plishments
acquire the Titan hand tool facili¬
/■
Loeb,
commercial
velopment. Remarking
power
wholly-owned
City, One Chase Manhattan The newly formed
expected to meet with the Board
pertinent
available.-
are
Ltd.,
venture
ties
'
en¬
the
all
of
be
a
Solutions?
knowledge
Investors
should
investment
No
tered
and
the
on
Renewal
Urban
of
already resulted from urban rede¬
Exchange, will subsidiary of The Broken Hill
meeting in Los Proprietary Co. Ltd., Melbourne,
first
of
work."
hand
in
Development
"Report
lien square feet of new
tools, and The Titan Manufactur¬
F.
E.
Tasmania,
growth and progress.
guess¬
Directors
of
hardware,
Pro¬
start
to
Connecticut" states that four mil-
of New York Stock
ner
top. quality investment counselling
Progress
leased
occupy
Connecticut
Commission's
present
dent (N.'Y.J; W.-'Robert Wigley,
Jr., Vice-President (Dallas); Gar¬
ficulty that must be overcome if
intensify, The need for
At
Crary, Jr., Vice-President (L. A.);
*
The
research,
does
expected
July.
of
Maurice F. Summers, Vice-Presi¬
sink-,
a
Hutton &
G.
ing spell, and from all indications
The
Co.,
Specialty
by that division.
is
duction
leading manufacturer of build¬
ers'
dent
dividend
the
Board
Vice-President
still
gladly do
thereafter
a
(N. Y.); W. Allen Taylor/ Presi¬
place the order to buy
he
stock
To Meet in L. A.
ald
was
he
if
subsidiary
a
Arrow-Hart
will be sold
year
ft. plant in
sq.
the
.The
comple¬
•
Switch Division's product line and
and
I In addition to Mr. Coleman, at¬
gave;him"
that
100,000
employees
tending the meeting will be: Ger¬
He told his
he
ment
The Stanley Works, New Britain,
The
switchboards and computers.
.Vs;
*
in Stamford.;
space
circuits, test equipment,
subminiature"- line i will
Hutton Directors
Plaza, office.
his
company
of nearly
government.
300
some
toggle types used primarily in
the 1961 total.
Manson,
the
for
and
geophysical equipment, telephone
development and production work
Chairman of the Board at his New
the
at
average.
increase
years
this has been true in
as
subminiature
exceeded
over
Hallicrafters
coming
head-
electronic
*
Wilton.
the past.
York
information, and
him
told
he
Shortly
compe¬
ahead.
of his
wanted to
selective-mar¬
lie
to
appear
the
intense
years
this
that
source
then
has
developed. During
now
five
the
dif¬
circumstances
of
set
looked
difficulties,
having
accumu¬
that
company
only
who
customer
averages was
working in his favor. But
this
of
charts did not know.
there
other opportuni¬
lated, and the law of
ferent
If
•
just
.
announced
regarding the internal prob¬
lems
for his
to
accrue
The
r s.
from
-City
income
an
new
a
t e
qua r
Hartford
York
New
residents'
begin construction later this
of
Allied's
Production will be
to
switch line consists of pushbutton
31%
Angeles, July 4 and 5, it has been Australia, have agreed to form
upward
informa¬
ficient
that
the
in
success
.
hoid
happened
of
aware
which assisted him in making suf¬
profits
major
a
certain
be
to
for
was
But the salesman
move.
new sources
advantage of
rising
generally
a
had
who
man
personality,
that
attractively
serious look at his profession? In
pleasant
commissions
the
over
Laboratories, Inc. plans to
business
.
a
technician
market
known
security
order by
stock because
a
his
This
<
was
Connecticut
vY./Y-,.V':'vfA
U.; S.
au¬
had
has
the
an
build
■
gain
$2,895 and
$2,357 national
$8Ybillion,
salesman
the
Commerce.
personal
■.»
by
6.9%
a
$500 million
for.
also taken into consideration. Re¬
17
can
clients will
of
of
1962
total
him. Performance will be the test
as
individual
stocks that can become a trap
of
growth
than
more
qualifies
need for invest¬
the past 15 years.
With
the material that
and
ing
..
one
In
through referrals and the continu¬
opinions,
and
reports
tomatically
between
of
guidance is also
mutual
salesman" must
a
discriminate
to
level
above the
broker
The
practice.
switches.
transferred
Manson
valuable-information. Often large
ment
the
addition,
into
put
ture
1961
in¬
or
who has satisfied
•
.
advisor,
purchase of Allied Con¬
Company's line of subminia-
represented
to
salesman,
nounced
trol
Department
being unmercenary.
security
any
vestment
firms will offer technical trading
This great
for
is passed
profit¬
they receive will be
able.
reasons
important
that
: v
superficial
institution, and they hope the ad-,
more
quantity
him.
>
learn
banking
a
■
In
the
counsellor
the
to
on
salesman,
security
investment
their
experienced investment
an
of
$3,095 in 1962, according to figures
'~W.
.
.
This is not
income
personal
recently- published
any
make
/' / Y
clients.
your
the quality
in
factor
you
capita
Connecticut residents amounted to
the
that
than
their
Per
It is the most self-seeking, attitude
salesman is much
accounts.
upon
motivating
be
to
able to
managing
now
for
accept
cf the research information avail¬
14
small minority
a
are
people
broker,
began
investment
own
Most
that
prime
profit
recommendation
as
vehicles
clients. Very often
its
rise in com¬
the general
Despite
the
among
investigating
is
it
investment
suitable
ing competent investment advice.
growth
for
companies
country today who are seek¬
our
to
the longer-term. Never allow
your
are
best
profitable account management
over
Build for Tomorrow!
There
Connecticut Brevities
your
is important to you. Make
success
CORNER
Make
partner by informing him that his
Primary Mari^h i»
-
business.
Partners
will
be
Louis
E.
Erhard, Jr., who will
an
Exchange membership, general
partner, and Joseph de F. Junkin,
limited partner.
CONNECTICUT!
acquire
SECURITIES
!;
209 Church Street
•
New Haven 7, Conn.
J New York: REctor 2-9377
*
Hartford: JAckson 7-2669
Teletype: 203 772-0938
P
'P
Volume 197
Number 6274
.
The Commercial and Financial Chronicle
:
.
(2531)
ments
A
in
all
underdeveloped
gions will yield
returns.
Both
early
United
transactions
peoples.
of
By
Eugene Van Cleef, Professor Emeritus, Department of
Geography, The Ohio State University, Columbus, Ohio
Advice
to
American
business
on
applying
entering and expanding their exports is grounded
first hand experience.
cles:
ily
Aug. 30, 1962, p. 9).
reluctance,
the
or
centrated
effort
of
understanding, to bring the
Market."
foreign
trade
domestic
to
as
same
The writer submits
firms to take
advantage of the untold opportunities opening
today's
international trade
new
In
western
many
countries
of
case
advanced
Euro¬
capital
in¬
underdevel¬
today the
masses
not prepared to take full ad¬
are
hands,
";r:
'"V '
.
sums
of
proposals
Someone
to
When,
improve their product and to de¬
which
money
upon
velop
new
and
ways
but,
ones
means
with
some
open
in
the
the grounds
hunches,
will not
tions
or
called
ness
not
so-
busi¬
to
sense
their
to
Latin
of
ten
or
rejected
was
on
that the businessman
favor any plan that does
give
dollar
help
in
course
it
made
was
would
markets
new
ply instinct,
emo¬
bureaus.
one
felt
was
twenty years,
ap¬
the
however,
it
America
exceptions, all
too many
fpom
promise
returns.
immediate
of
Had
the proposal,
which concerned market prospects
world
in
Brazil
that
argue
may
been
adopted,
today's
critical.
are
the
-
covets
independence
lapse
of
away
colonialism
from
concept
though
ent,
government
itfe
Trade
Department of
Commerce
and
other
di-
tical
Dr. E. Van Cleef
visions, has
and
waxed
waned
its
in
years
through
efforts
the
stimulate
to
the American businessman to in¬
his
crease
export
.
The
efforts.
;
'
Commerce
of
Department
is
ap¬
that theory
tice
essential
are
lion
for
basic
laboratories.
Too much of time
world trade activity has been
our
of
the
to
be
the
that
time
order,
activities
It
leaders
our
is
high
recognize
total
our
that
and
it
that
not
1956.
World"
trade
scientific
our
applied to
long term
a
international trade program.
Whether commodities
research.
This
It
would
high
seem
substantial
laboratories
world .trade
action, details
: trade.
ural
wealth
less
to
made
tials.
Some
businessmen
con¬
are
done.
based
This
their
is
what
upon
they
in
to
the
problems
can
not
latter,
of
theory
other hand,
if in¬
dustry is to sustain itself and to
also, its best hope lies in
a
dis¬
the
to
and development of poten¬
tial business world markets.
not
the
business
Oddly
world
protested against
the
has
action
of the national government, or
scientific research to aid farmers.
it
has
.aggressive
mental
in
of
In
President
the
of
of
when
attaches
various
businessmen
this
com¬
established
were
not
complained
program
De¬
under¬
and
countries,
in
ex¬
former
the
Commerce
reorganization,
mercial
.that
trade
davs
Hoover
partment
govern¬
procedures
internat'onal
pansion.
in
particularly
urging
scientific
behalf
went
been
not
a
few
arguing
of protest heard today.
more
ago the U. S.
merce
Highly
usually
order.
-
to
is
neither
•
error
has
one
be sold.
can
method
product
whether
not
or
be sold without
can
Business
Research
It
in
called for
House
dignitaries
rency,
sur¬
of
on
who
a
Guests
was
much
for
successful
the
cut
existence
ability
market is not
one
neces¬
to
sarily the right
one
of
it
is
survey
that
we
kinds
of
urge
careful
a
line.
and
We
present
checklist which
we
Corporation from 1934
on
to
may
call
a
James
for
page
J.
Saxon,
ber of the
generalized
on
presented other past
Comptroller
an
The
FDIC
Board, and
Honorable Jesse P. Wolcott,
tor of the
Corporation.
any
of these securities.
$.30,000,000
•
'•
•
.
State Loan and Finance
$15,000,000
....
Corporation
.
4%% Sinking Fund Debentures Due 1983
June 1, 1963
Due June 1, 1983
Price 99%
plus accrued interest
$15,000,000
sales
5%% Capital Debentures (Subordinated) Due 1983
impossible
Dated
a
Foreign
trade
some
sought to point
manufacturers
sirability
but its
half
of
century
Trade
the
of
businessmen
phy.
a
Price 99% plus accrued interest
have
not
only
the
international
de¬
trade
Copies of the Prospectus may be obtained in any State only from such of the severalL
Underwriters, including the undersigned, as may lawfully offer the securities in such State.
amazing how
still
many
continue
to
"Buy American" philoso-
'
Not
'
>
All
Foreign Investments
Succeed
There
are
some
persons
who
Johnston, Lemon & Co.
Blyth & Co., Inc.
Eastman Dillon, Union Securities & Co.
Glore, Forgan & Co.
give-away procedures will
prove
its
formative
years
uted to its economic
it
does
not
follow
contrib¬
development,
that
invest¬
Goldman, Sachs & Co.
Carl M. Loeb, Rhoades & Co.
Lehman Brothers*
believe that because the Marshall
ing
Due June 1, 1983
out to American
been made and yet it is noth¬
foster
-
necessity in the interest of
short
ing
-
Council
journals
the national welfare. Progress has
now
June 1, 1963
Merrill Lynch, Pierce, Fenner & Smith
Smith, Barney & Co.
'
Incorporated
Incorporated
White, Weld & Co.
*Underwriter of
the Sinking Fund Debentures only.
^the
for¬
Chairman and present Direc¬
mer
38
offer to sell nor a solicitation of offers to buy
offering is made only by the Prospectus.
j
of
the Currency and ex-officio mem¬
believe will aid
Continued,
Cocke
present directors of the Cor-r
same
apply
supposedly
nearly
National
and
"The FDIC."
poration, including the Honorable
Obviously, different
products
-the
Chair¬
for all others.
patterned after the guide
offered here.
"insurmountable"
They
and
•
from
Crowley,
1945, who spoke
Mr.
So
heard
situations and sell.
For
ribbon
short address.
Leo
of the
man
selling in
They do not recognize the
competition.
Hon¬
Representatives
salesmen
the
present
the
Banking and Cur¬
also
Honorable
"formula"
\
invested in the United States dur¬
leading universities.
the
Committee
..Suggested Selling? Checklist
The
to
sought to engage in effec¬
of
of
his
delivered
successful. Because foreign capital
Bureaus
the
the ceremonies
"unsolva-
successful
of
are
in the
orable Wright Patman, Chairman
veying the market.
.
Dated
1933,* the,
■
Building.
The
Department of Com¬
tive research in cooperating with
Among
for
as
indicated, but the cost is need¬
lessly high. Again, one can hardly
determine
in
occupied space
product
a
invoked
be
had
National Press
The trial and
can
its- formation
FDIC
June 19, 1963
a
Plan" worked reasonably well, all
than two decades
Oddly since
believes
source
Corporation has had its
official
home.
Previously,
NEW ISSUES
techni¬
proceeds
presumably
con¬
Happily, there is less of this type
Slightly
which
that
such
preconceived
no
attitudes,
the
ble."
fined his efforts to domestic trade.
•
to
not be solved.
having
solve
discriminated
against the businessman who
problems
can
negative
of
state governments, in engaging in
Yet
stable
under
This advertisement
cians who do not "know" that the
sell
and
•
like
Business
basis
approach
who
laboratory
must
sure,
day
the
others
involved
order.
from
enough,
other
this behavior is that of firms like
always
covery
own
Yet it is
belief.
uncommon
the first
the
per¬
is
to be
Corporation, marked
mation, is hardly sound.
In contrast with
of what
enterprise,
the
theory
call
analysis
is
ceremonies, presided Over
by Erie -Cocke, Sr., Chairman of
trying to. sell will supply
an
Sev¬
,
vinced that certain things can not
ful
care¬
a
mere
time
poten¬
and
scientific
critical
a
assign
grow
of
there must be nat¬
available
ton, D. C.
most of the needed market infor¬
not
a
new
The
con¬
potentialities of modification, in detail, of the out¬
addition
government,
stable
freedom
of the form
become
in the
In
always
con¬
Firestone, General Motors
On
of
as
few
alone.
sultant to the effect that the
act
with
its
A comment
business
a
of
Street, N. W., Washing¬
be
sums
that is, in research
with
sonal experience.
are
in order.
are
recently by
dedication
enteenth
up¬
sum
(foreign aid),
on
made
observed
anniversary
seven-story building at 550
can
gov¬
ernment
Insurance
16
of
ble purposes
day
Careful market surveys which
be joined
by industry and
thirtieth
formal
June
industry
for monetary gain or for charita¬
survive
of
Given
its
Deposit
on
prac¬
components
out-door
were,
cerned
be
abilities be
since
Corporation
expansion suggest the desirability
scientific v frame of 2mind.
v ofv a
drift
a
"One
influences,
as
con, in international trade
or
Anniversary
Federal
need
we
creation
The
by several thousands of
spent in
permanent and
a
of
part
it seems
as
moment.
export trade as
integral
though
If this
and
30th
Surveys
weighing of the considera¬
tions noted thus far
pro
.
"crisis"
at
recognizing
spends, annually, nearly $300 mil¬
tific
adequate funds.
being
surely
American
progress.
is shared
perhaps because of the lack
but
are now
combined with
proach has not always been scien¬
of
theory is imprac¬
slowly
dispelled. We
states
elements
Potential;;
The fear that
even
wards of thirty or more independ¬
Applying Research to Our World
through
the
the
to
FDIC Observes
products
for Market Sales
The
only to observe the current col¬
of
na¬
regime,
rule
inherently,
philosophy be doubted
been unnecessary.
The
not
socially he is gregarious.
ties.
tional
would
out the value of stable and toler¬
Alliance
Progress might have
We
ant governments. Man,
trade activi¬
for
Need
or
era.
make their
useful
it is necessary to decide somehow
form and strength of governments
Manufacturers spend vast
will
vantage of funds placed in their enough; the same
in
up
areas,
resources
an
accompanied
the
marketing survey checklist, and urges American
a
natural
namely
vestments.
oped
their
productive
available and in the
peans,
naive belief that what
may apply at home or to one developed for¬
eign country may be equally true of another underdeveloped market.
genius,
instances, abundant read¬
people,
con¬
and
sales
into
as
into
possible.
order
transform
early United States,
In this article, Prof. Van Cleef criticizes the
lack
to
to
conversion
advanced
high
a
inventive
accessible
were
"Why Small Firms Should Enter The Export Field"* Feb. 15,
1S62, p. 4, and "No Reason To Panic Over The Common
involved
and
circumstances
financial
physical energy and de¬
In both
considerable
on
the
localities
(See, for example, author's "Chronicle" arti¬
States
They had
termination
scientific approach to
a
Marshall Plan
intelligence,
and
re¬
equally effective
15
•>
(2532)
16
The Commercial and Financial Chronicle
Steel
Production
Electric
The State of
TRADE and INDUSTRY
and
rate
it
will
Price
Auto
corded
Production
Business
Index
Commodity Price Index
at
far in
so
The
m a c
Failures
doubtful
are
continue
Trade
Food
n
translate
the
whether
level
re¬
sales
to
into in¬
increases
profits
Chemical
recently completed study of
sales
prospects
for the elec¬
trical, textile and chemical indus¬
of
manufacturers
among the most
manufacturers
are
optimistic of all
about
sales
levels
gains
third
By Frank Dunne, Jr.,* of White, Weld & Co., New York
City;
arid President of the Association
of Customers' Brokers
in doubt.
appears
in
net
quarter
there would be
Group
In the Securities Business
electrical
the
manufacturers
ery
Role of Professional
A
Only 43% expressed expectations
A
Thursday, June 20, 1963
.
1963.
ability;: of
h i
creased
the
.
impressed with the present growth
Output
Carloadings
Retail
.
for
profits
54%
while
no
the
Newly elected head of Customers'
felt
Brokers Association
emphasizes
accruing from membership in the organization
responsibility, not only to clients but also to
the values to analysts
change. This is
and
their
great
quite bullish, about next for the third quarter. Even though substantially below the expecta¬
their employers.
tions of all manufacturers.
quarter's prospects.
problems surrounding a slower
Contributing to this uncertain A
Furthermore, the Federal Re¬ growth rate and rising imports
question frequently asked of opinion on legislation
affecting
serve's mid-month summary of persist, the industry has been able profit situation is the indication me—as I am sure it is of others
■our clients'
interests. As an ex¬
that only 9% of electrical ma¬
business revealed the past month to continue its favorable growth
•—is "Why should I join the Asso¬
ample, the recently proposed eli¬
of
May experienced a rise in rate, which from 1947 through chinery executives expect an in¬ ciation of Customers' Brokers and mination of
the
dividend
tax
crease in selling prices.
This con¬ what can I
total production (adj.) of 5% over 1961 rose at an annual
compound¬
get
credit and the proposed extension
trasts sharply with the hopes of
the year-agp month, a 4% gain, ed rate of 6.7%.
out of it?
A
of
However, since
the
long-term capital gains
14%
of
all
manufacturers
for
since the beginning of this year, the mid 50's a slower rate of
few years ago
5.7%
holding period were opposed by
price increases. Of the electrical I first became
and
an
0.8% advance over the has prevailed.
the Association both in letters to
Nonetheless, this is
manufacturers
29% a member of
previous month which the System substantially higher than the 4.1 % machinery
Congressmen
and
by
personal
expect a gain in inventory levels our association
depicted as a 1.0% gain (indexes: sales growth for all manufacturers
visits to Washington.
while only 4% foresee a decline.
124 for May vs. 123 for April). combined.
the answer
It all boils down to this: We are
collectively, ex¬ some times
Employment continued to expand
Profit hopes for the third quar¬ Manufacturers,
men
engaged in a serious busi¬
in May—substantially further in ter on
pect a much lower rate of inven¬ eluded me. I
the part of chemical man¬
ness that places upon
us a great
tory accumulation.
durable goods manufacturing and ufacturers do not come
thought
I
burden
up to the
of responsibility.
A re¬
;
Businessmen generally indicate
advanced
in
most
nonmanufacknew the rea¬
anticipated sales growth, although
sponsibility
not
only
to
our
that new orders may dip slightly
tufing activities.
The unusually third quarter profits are seen in¬
son why I had
clients, but also to our firms.. In
large entry of teenagers into the creasing by 49 % of the chemical in the third quarter of 1963 as joined. I be¬
addition, our business is a dy¬
labor force,' however, caused the
compared to the same period in lieved it was
manufacturers interviewed
namic one—one in which changes
just
But
electrical machinery important to
unemployment rate to mount to 1% below the level for all manu¬ 1962,
are taking place
Frank Dunne, Jr.
every day.
We
manufacturers appear more con¬ b e
5.9% from 5.7% in April.
associated
facturers. The role of new prod¬
must be aware of these changes,
fident about new orders than do with
The Federal Reserve reported uct
a
development and product im¬
group of men who were changes not only
in regulatory
all manufacturers.
new construction increased 4% in
interested in improving the stand¬ attitudes but of
provement is being stressed in
equal imporatnee,
May from the moderately reduced sales gains, and the
ards of their chosen
industry con¬
I
profession. changes in market sentiments.
Textile Manufacturers View
level
of
the
preceding
three tinues to expand its plant and
For some reason I did not feel
propose that one way to help us
Third Quarter 1963
months with residential building
that this in itself was sufficient recognize our
equipment, having spent $1.58 bil¬
responsibilities and
Textile manufacturers inter¬
regaining the peak of last June, lion in 1962 compared to
to
persuade
others
to
become keep abreast of change, is through
$1.62 viewed in a
nationwide Business¬
other private construction chang¬ billion in 1961.
members.
Consequently, I would membership
in
a
professional
men's
Expectations Survey are
ing little, and public construction
tell them that they would be in¬ association. I think that for those
Chemical
manufacturers
are
optimistic about sales gains for
advancing in May, marking a re¬
vited to parties at which
least optimistic of all manufac¬ the
they of us engaged in the buying and
third quarter of 1963.
Sixty would
covery from the downward dip
meet
other
turers
about a
rise
in
custpmers' selling of securities, a high de^
selling percent, according to. Dun & Brad¬
(revised) in April.
brokers who might give them gree of professional competence
prices in the third quarter.
The street, were .optimistic.
Of the
The
ideas on good stocks to buy, and can be maintained by joining and,
money
supply was un¬ industry continues to foster
strong balance, 36% feel volume Will re¬
changed while time and savings
so forth. It wasn't
really surpris¬ contributing to the Association of
price, competition. To support the main unchanged, while 4 % foresee
deposits at commercial banks ex¬
ing that many members weren't Customers' Brokers.
anticipated sales gain, 27% of all a decline; v ' "A'
*
'1
panded,
recruited this. way.
although
less
sharply chemical manufacturers
Gradually it
Of 1,538
Remarks of Mr. Dunne at the recent
p olied
manufacturers, Whole¬ -dawned on
than early in the year. Between
me that if I
explained Annual Dinner of the Association of Cus¬
expect inventory levels to rise, salers and retailers
questioned,
tomers' Brokers, New York City.
mid-May and mid-June most in¬ with only 5%
my own real reasons for joining
foreseeing a de¬ manufacturers are the
tries
is
—
,
,
*
most
terest rates increased somewhat-
Chemical
Manufacturers Look
cline.
New order levels
may rise)
at
ac¬
op¬
others
would
be
siastic.
timistic, but surprisingly the fav¬
orable opinion expressed is below
This
has
just
enthu¬
as
proved
be
to
Security Analysts
.■true.
cording to 56% of the Chemical the level for the same period in
Third Quarter 1963
Thus, the real question is not
1962. Businessmen are
Manufacturers contacted
com¬
apparently "What can I
A study just completed
by the pared with the
get out of joining a
53% of all manu¬ not impressed with the present
Industry
Studies
professional association?"
but
Department, facturers
expecting such a rise. growth rate and doubtful whether
Dun & Bradstreet, reported the
"What can I contribute to it?"
However, this rate is well below it will continue at the level re¬
Heading the New York Society of
sales outlook for
the chemical
Certainly if lawyers and doctors Junior
the 68% recorded
Security Analysts as Presi¬
by all manu¬ corded to date in 1963.
manufacturing industry for the
feel a need to join together to
facturers for the same
Tex tile
dent in its coming year will be
manufacturers
are
period in
3rd Quarter in 1963 as
advance
their
compared 1962.
professions,
an¬ Peter F.
Despite the sharp expecta¬ among the' least optimistic about
Way, from the invest¬
with the 3rd Quarter of 1962 is
alysts could and should be well
tions for sales gains, the number sales gains for the third
ment counseling firm of Lionel D.
quarter.
buoyant. A total of 69% of chemi¬ of
advised to do the same.
It was
chemical' manufacturers antici¬ Yet, 51 % of them expect to in¬
Edie & Company.
Other officers
cal manufacturing executives in¬
Theodore Roosevelt, a man who
include Victor J. Melone of Riter
pating increasing t heir work crease third quarter net profits,
—
Elect Officers
—
terviewed in the nationwide Busi¬
nessmen's
expect
1%
Expectations
sales
a
expect
Survey
while
gain,
only
decline.
a
in
are
the most optimistic
pre-judging the
3rd
Quarter,
but
surprisingly the optimism ex¬
pressed is below the level for the
same
period in 1962.
nessmen
These busi¬
are
apparently
unim¬
pressed with the present economic
growth
rate
whether
it
and
will
the
same
cal
Of 1,538 manufacturers, whole¬
salers and retailers polled, manu¬
facturers
force is only 13%, which is below
the level of all manufacturers; At
are
wondering
continue
at
level recorded to date in11963.
the
time, 5% of the Chemi¬
Manufacturers
in
crease
pared
with
of
371/$
cents
Preferred
cent?
per
mon A
July
Directors
dividend
a
of
per share on the
stock
and
62 Yz
share
on
the Com¬
stock, .both, payable
10,
1963
to
stock¬
holders
of
record
1963.
June
24,
•
Frederick A.
Stevens,
Treasurer
June 12, 1963
third
quarter of
1962. Of executives interviewed
in
this Businessmen's
Expectations
a
the
sales
gain.
will
continue
anticipate
This
is
1%
at
present
ness, 23%
upswing in busi¬
of the electrical
facturers
expect
to
add
ployees.
This
with
all
manufacturers
only
15%
contrasts
expect
an
manu¬
em¬
of
whom
increase- in
the number of employees and
4%
a decline.
iA'.
Of
;*
S
.
■;
-V"
salers
their stores
dled, this
Among
and
-
and
tral
programs
niques
plans
sales
.and
in
the. most
level for the
same-period in
■
apparently
as
portantly,
obtaining
are
of
op¬
1962.
not
1
>
Ensinger, Jr. of Harris, Upham &
Company, Secretary.
The
New
in
1960, is
tion
of
professional associa¬
a
500
some
investment
holds
social
though
a
ganization
more
im¬
The
guide
Code
of
us
out¬
are
lined here in tonight's dinner pro¬
Our
sales
is
educational
very
gram.
active
-
in
the
and
presenting
these
active
member-,
which .to draw,. I
be
can
panded
and
closely
with
sure
.am
considerably
improved.
the
well-known
of
Security
own
the privileges
membership.
members
Typically
the
enter
after achieving its age
experience requirements.
A
the
more
Al¬
commit¬
larger and
on
the
Society
society's
continuing
ular
ship
New
community.
other many of
of its
worthwhile programs, and with a
sales
newer
the
Analysts, each society extends to
members'
our
from
York
older group
that
in
completely separate or¬
New
it.
the
of
analysts
Cus¬
also- exchange
and
of
.
York
Society
of
Junior Security Analysts, founded
the
Various
Week's
Tothy, Neuberger &
Herman, Treasurer; and Stuart M.
We
ex¬
work
Exchanges
and
afternoon
means
for
program
of
reg¬
meetings provides
achieving the Junior
Society's objectives of improving
analytical
ing
techniques,
high
a
encourag¬
standard " of
profes¬
"
^.7%: Aj)pye 19B2
Volume
the.dates!
a
year
Continued ofit page 38
regulatory
bodies ^con¬
sional
ethics, - promoting-,
a
proper
cerning problems of mutual inter¬ public understanding of financial
est. A It is also our. responsibilityanalysis and the securities busi¬
to make,
clearings ;in
statement forged ahead of
'
business
Chairman;
P.
Conduct
efforts, according to Dun &
Bank -Clearings-
Andrew
Ethics and Principles of Business
cen¬
;
Vice-President and
Committee
,
of
we are
knowledge
Bradstreet's Industry Studies De¬
partment.
¬
striving to con¬
tinually improve the standards of
expect¬
the
ex
Company,
But
we
ideas.
many
tee
expansion
and
investment
anticipated to accelerate
are
AA
timistic. 3ut,
surprisingly, the op¬
timism -expressed is
vbelow the o.Bank-:
Businessmen
stressed
<
Brokers
functions
product development
improvement of other
are
us.
Association
the
tomers'
new
the
both
&
Program
York financial
True;
our
retailers,-questioned,
were
ample to all of
ing profit increases in the third
products
to
indus¬
time and effort should be an
appears reasonable.
manufacturers
our
statement. Their sacrifice in
lines han¬
and
profession
Certainly, the
try attests to the wisdom of this
retail customers continuing to ex¬
pand
the
important people from
1 '«r
1,538 manufacturers, whole¬
manufacturers
With
"Every
this occasion of many
presence on
markedly; gains. Improved Advertising tech¬
expect
J-.
decrease.
a
of
of con¬
were
said:
of his time to the
owes some
upbuilding
manufacturers, 51% ex¬
optimism while 4% pro¬
jected
him, who
which he belongs."
Of textile
pressed
matters that
to
man
increase in the number of their
quarter,
To handle this
Quarterly Dividend
Board
the
levels.
Machinery
Corporation
sales, 19% of
manufacturers
on
cern
Machinery
Manufac¬
antiicpate little change in selling
turers Analyze the Third Quarter
prices, the majority seeing a gen¬
The Dun & Bradstreet
report of eral firmness,
f •
the 1963 third quarter
On new orders, manufacturers
outlook, as
seen by electrical
machinery man¬ as a group are hopeful, with 53%
ufacturers, is optimistic as com¬ voicing expectations for increases.
sales
United Shoe
more
In
employees with major production
seasons coming up. Manufacturers
expectations for all
manufacturers.
Only 36%
feel
o
declared
an
Electrical
expect
The
textile
re¬
industries.
not reluctant to express him¬
self
just above the 50% of all
keeping with
de¬
flecting technological gains.
above
has
a
Survey in the electrical field, 64 %
DIVIDEND NOTICE
232nd Consecutive
expect
employees—a fact
was
which is
manufacturing
theythose
will
our
may
of
also
views known where
be
these
variance
with
authorities.
We
at
continue
to
express
our
ness,
for
and providing opportunities
the
interchange of ideas and
information
among
its members.
Volume
Number
197
6274
.
.
The Commercial and Financial Chronicle
.
Transit
The Market... And You
(2533)
for
180
Chairman of subcommittees
subway cars, and
order from Atlantic Coast Line.
an
Mr.
STREETE
WALLACE
do
not
cide
They
Does
stock
the
of
lot
the
these
and a
day this week,
one
the oft-repeated
observation that
the little fellow
into the market
out
sounded
sioner
its
doesn't
spell
is
to widespread pub¬
Yet "the
interest.
over
slow
encouraging
ments to make new
turn¬
seg¬
some
predictions of
in
advance
a * new
day
neither
calamity,
does it add up
the
historic
new
a
this
summer.
making.
motion,
Central's
Index
Dow
within
holds
also
market
20
The
points of the all-time peak.
current
gives
few
signs that it is likely to move far
out
of
its
of
closing
narrow,
range
market
will continue to dominate
action for the
and
CFNuts
off
stocks like
see
we
the
active
most
Sperry
blue
list,
chips
major
a
change in market direction would
for
The search
real surprise.
prove a
bargains in the more neglected
shows few
sectors
ing.-
signs of abat¬
the
than
rather
The real entry
low
must
new
high. Or
rather
for
to¬
a
the
and
success,
market
twice-shy
last
of
for
wait
it is said, nothing
as
once-burned,
follower
of the little fel¬
needs
year,-
a
game.
Meanwhile,
trader
is
looking
than
when.
(and
it
be
will
have risen
some¬
such
as
Although rails
50%
over
the
areas
on
the aver¬
of last fall,
since their lows
optimistic minority feels they
continue
to
outperform
the
the
for
New
York
program
nounced
by Sidney Jacobs, Presi-
has
been
The
will
Inc.,
is
it
avoid
bank¬
probably
little
do
be
to
or
help
to
accurate,
more
dent
a
revenues
in the
gal,
point.
Southern
Union
Pacific and Santa Fe have slowed
their
market
still
price
behaving well. A
in the west is also
but
advance
merger
major factor.
a
consolidation
Fe
Missouri
and
should result in
work
west
the
is
of
for
cific.
important net¬
an
it.
approves
While
of
Missouri
Central
formed
Weiss
Morton
Sidney Jacobs
the
of
Association
of
control of
rails,
Pacific and
firms
the
by
and
securities
the
in
Security
National
Association
Weiss
of
Herbert
B.
Barker,
John
S.
Higginson
Corp.,
former
President;
Raymond
Merrill
Smith
Inc.;
Thomas
A.
according
marginal mem¬
profits,
more
percentage
ones
will
tion
from
fessional
has
Baker
part¬
member
Robson,
Securities
E.
Wert¬
Hutzler; Jack
To Admit McEvers
BEVERLY
C
HILLS,
1 i f.—On
a
July 1 Milton S. McEvers will be
partnership in Daniel
admitted to
Co., 398 South Beverly
&
Reeves
and
Albert
and
Broad
as
W.
Street,
New
Vice-Presidents in
Mr.
McEvers
some
time.
To Admit Six
Reynolds
New
formerly officers of Lyons,
New
department.
&
York
Co.,
120
Broadway,
City, members of the
Stock
York
Exchange,
July 1 will admit Frank W. Con-
Co., Inc. deals in bank stocks
lin, Milton E. Lawrence (a mem¬
and
maintains
York
New
Williams, Hayden, Stone & Co.
fice in
an
Not
a
the
show
its
head
City and
office
in
branch of¬
a
ber of the
Cox,
Fred
Stamford, Conn.
Jr.,
H.
Exchange), Houston A.
Glen
Williams
E.
to
Givens
offer of these Securities for sale. The offer is made only by the Prospectus.
June 20, 1963
New Issue
100,000 Shares
the
The
in
most
institutional
Paddington Corporation
(Sole Importer of J£JJ
established
atten¬
and
Rare Scotch Whisky)
Class A Common Stock
pro¬
(50c Par Value)
''
investors.
market.
Rails
Rail
Benefitted
«
guidelines and the potential sav¬
Rail
are
reacting
also
stall
to
off
a
until July 10 at the
rail
strike
earliest.
a
event
strong
an
possibility
in
the
agreement is not worked
Although rail averages have re¬
several
points
from
their
high-water mark of late May, most
of:
Although
of
stocks
many
already
discounted
tions of better
A
are
left
the
carriers
bargain status.
are
far
from
a
The'more attrac¬
tive situations include the merger
Pennsylvania
candidates
of
New York
Central.
most active
amid
Both
and
hit the
list earlier this week
heightened
optimism
and
in
General
latter
is
Alco,
service
upside po¬
Industries,
Transportation,
in
described
are
the
Brake
unlikely
as
to
foreseeable
failed
Shoe,
Westinghouse
to
fully
move
Lee Higginson Corporation
Goldman, Saciis & Co.
v
Hornblower & Weeks
Kidder, Peabody & Co. '
Carl M. Loeb, Riioades &
Co.
Incorporated
future.
advance
early
that
this week despite news of a large
their consolidation is more likely.
($19 million) order from Chicago
Copies of the Prospectus may be obtained from the undersigned
only in those states and by those persons to whom the
undersigned may legally distribute the Prospectus.
Baldwin-Lima-
and
and
Pullman
have
expecta¬
Signal, although the
Pullman,
Hamilton
much
the
some
American
Brake
priced
rails, prices
said to
ACF
Price $60.25 Per Share
in¬
group
slowing.
Amsted,
Air
the
advisory
feels there is still
tential
also
are
earnings this year.
prominent
General American
out.
ceded
More
investor
more
Con¬
gressional intervention also looks
like
in for
has risen less than the
vigor¬
ously to President Kennedy's
move
equipment makers
coming
vestigation.
further labor cutbacks.
They
Getting
Attention
benefitted enor¬
The rails have
mously from the new depreciation
ings of
Equipments
•
Paine, Webber, Jackson & Curtis
and
partnership.
the
increases
more
attract
com¬
on
Kugel, Stone
heim, Wertheim & Co.; Donald E.
This is not
Ex¬
has been
Reynolds & Co.
Both
bond
Hannahs & Lee, Inc.
&
Stock
Coast
Pacific
changes.
charge of the newly created mu¬
Larkin,
Co.; Arthur Salomon, Salomon
&
a
president of the Mu¬
30
City,
were
Brothers
a
Daniel Reeves
having
joined Kugel, Stone &
Inc.,
Co.,
York
&
Allen
Henry
Company,
Veit
R.
Peter
STANY
nicipal
Co.;
&
the sole right to
pattern much
probably
but
circles,
an
1749.
.
in
&
close
to
panies.
greatest
financial
:
Ltd.,
Brooks,
established in
Kugel, Stone
Goodbody & Co.; Laurence Lyons,
&
Fifth
in the United States.
business"
/
&
with the firm for
Lee
Fenner
630
import J & B products for resale
McDougal & Condon, Inc.,
former
At
Kiernan,
J.
Lynch, Pierce,
of
Chicago & Eastern
a
will
firm's
Justerini
The company has
important
an
Veit and Baker
Bean
Mitchell
Abelow,
Company;
of
Drive, members of the New York
July 1.
includes
which
the
f
corporation,
English firm
in
municipal bond
new
the
of
McDou¬
vice-president
"marks
to
L.
nicipal Bond Club of Chicago.
Mackie, Inc. is chairman of the
committee,
of
securities
Avenue, New York, sells alcoholic
industry
Singer,
voting
the corporation.
The
com¬
Gutt¬
class B and class A
constituting .17%
outstanding
by
leading
will start its third year on
Morton
and
own
sale, Mr.
wrangling
are
industrial
bers
Alfred
nership, in 1949. He is
program spon¬
will
this
None of
to the
go
Pa¬
like that of many
The
of
McDougal
The
York.
New
national education
Traders
Traders
Security
After
shares'
investment firm, in 1938, and later
dent
proceeds will
man
South LaSalle
Douglas said.
Chicago
Illinois.
The
announced
for the
Guttman, Pres¬
Santa
Western
A
N
is being sold
stock
pany.
Inc.
Mr. McDougal is well known
battling Southern Pa¬
control
Illinois
Pacific;
class
Paddington
Chicago, providing
ICC
also
of
the
municipal bond
209
at
as
addition
&
pending
of
the
of
beverages under the brand name
Jr.,
Mr.
Eastman Dillon, Union
Possible Consolidation
shares
stock
family foundation.
man
firm
Douglas, president of
department
&
Pacific,
C.
charge of the
local
brighter from the investor's view¬
of
Securities,
a
were
Election
cur¬
rently sizable deficit.
100,000
ident of the company and a1 Gutt¬
Street.
sored
drop in
Douglas
located
are
unlikely
near
underwriting group,
a secondary offer¬
an
account of Charles
the investment firm whose offices
like
the
to
William
earnings
in
of
The
Stewart, Miller & Co.,
department
Central
most
111.—Change
and formation of
If the merger is
approved
resultant
profits,
over
Douglas
an¬
rails.
Central,
to curtail services to
cific
connec¬
area.
from
name
rails vis-
poor
Higginson Corp., New York,
head of
has announced
ing
York
CHICAGO,
area
chances
future) Central will certainly have
Fe
as
Sees, in Chicago;
.
real
followers, present
professional
into
and rails.
textiles
.
the
overlooked
what
an
its
in
hard-pressed
denied
strong incentive to get back into
numbers
Announced
help will arrive in time
for several years.
that
in
Lee
and
OTC
common
the available traf¬
Pennsy, has shown
Santa
push
apparently
like
succeeds
will
other
The
providing
are
limited
rather
age
lies
up
The major question for
traders,
day's market action.
,
its
but
fic with other large Eastern
investors
little
speculators),
(or
the
that
evidence
the
doldrums
this is also fairly substan¬
And
officers
national
Committee
Form
from
'
tial
the
services,
splitting
are
the
Corp. The stock is priced at $60.25
buy
Elsewhere,
especially
in
the
Full west, the rail picture is much
Chock
even
crowding
the
pre¬
Industries,
Steel
NSTA
of
co¬
per.share...
Committee
opposites.
many
recommendations
make much of
future.
near
General
Lionel,
Central
getting both
currently
sell
cial
Class A Offered
will
tion with program projects in the
hope of pulling out of the finan¬
likely that the play in
secondary and lower-priced issues
When
in
change
ruptcy.;:'
715-725.
It is also
Rand,
picture of
advisory
of
Paddington Corp.
OTC
New
New York OTC
Problems
York
New
a
is
and
for
committee
with
members
1963-64
and
all-important
the
Industrial
operate
of the
Williams
The regional OTC Education Com¬
whether
.•*■■■■ A •;
lot of recent sideways
a
the
profit picture could be enor¬
\C,
'
Despite
does
pending
recommended by
as
economist,
sometime
top
y_ 'v
,
the
local
Education
mittee
Mfost of the professional seers look
for
Pennsy
mous.
sents
share
If
with
those
as
only.]
new
of
Ahead?
million
3.5
a
possible
a
The
"Chronicle."
Mr.
are
Speaker's Bu¬
picture distribution.
time coin¬
any
the
presented
are
author
at
of
Interstate Commerce Commis¬
an
It
lic
Plate,
The
"While
secondary
those
motion
for
Norfolk & Western and
merger of
place.
New Top
of
tie-in
a
coming back
was
the
also
executive.
effect
Nickel
daily turnover sagged
lowest point in two
months
half
the
studying
figures
pondering this question.
are
And when
to
chief
brokers
volume
drooping
is
Pennsy
weather?
summer
days
to
approach of hot beneficiary
cool off with the
A
have
market
necessarily
with
and
reau
[The views expressed in this article
BY
Wertheim
17
Dean Witter & Co.
18
The Commercial and Financial Chronicle
(2534)
The Funds Report
MUTUAL FUNDS
The
JOSEPH
BY
C.
POTTER
B.
reports
first
pared
1962.
Long
diversification
that
benefits
this
of
the early
I -These
they have developed
duction
chases
make
only
not
services
investment in funds more attrac¬
riod.
planning
long-range personal financial
small
And—no
con¬
sideration for the individual with
interests
other
they
—
simplified record-keeping. It
have
account
withdrawal
cash
services
benefits"
through mutual funds.
Among the service-minded fund
W.
Investment Fund and
the Long people have
on a program designed
year
embarked
services
make
to
Fund.
Stock
Growth
Diversified
This
Investors,
Fundamental
for
er
Diversified
investment
to
Long funds second to none in the
according to Milton Fox-
Martin, President.
A
unique
new
early
stituted
holders
account
Fundamental
versified
in¬
was
Investors
Di¬
and
Fund
Stock
Growth
of
were
provided with transcripts of
every
the
preceding
annual
complete
tions not
account tabula¬
only provide concise and
also
helpful
to
shareholders
in preparing tax returns.
all
accumulation
versified
to
the
Recently
accounts in
Investment
converted
Fund
Di¬
were
system and, be¬
ginning next January, accumula¬
tion account holders of that fund
Company
came
with
up
major improvements in its "state¬
ment
of
intention"
early
this
able
to
investors
had
been
spread their purchases of
$10,000
or more
of
any one
of the
Long Group of mutual funds
a
13-mOnth
statement
sales
to
and
period
pay
the
reduced
charge normally applicable
single purchase of the total
a
amount
of one
Long
invested.
or
any
Group
totaled
to
cable sales
Now, purchases
combination of the
of
funds
/
.
described
as
and
401
Code
of
1954.
charitable
institu¬
educational
pension
the
of
501
include
labor
trusts,
profit-shar¬
and
Such
organizations
quently invest regularly
these
often
long
over
v
thoughts
Long initiated
for
the
in
price agreement
a
charge discounts
shares
of
purchases of
on
Fundamental
Diversified
Investors,
Investment
and
Fund
Diversified Growth Stock Fund.
Under
duced
the
sales
agreement,
charge
additional
each
mined
is
by adding to the
the
shares
all
in
purchase
three
by a
deter¬
price
funds
of
bought
1963, and still held at the time of
the
investment.
new
in
most
services
in the
recent
investors
to
Long group of funds is the
systematic
new
improvement
available
services
the
without
been
vestors
charge
any
to
Arrangements
made
to
permit
holding shares under the
viously available to transfer into
new
to eliminate the
program
Electronics
special withdrawal
services.
Texas
electronic
equipment
Bank of
the
at
funds,
data
the
processing
First
will
be
the
National
employed
in
systematic
new
withdrawal
increased
1963,
gain
a
has
accounts.
made
it
The
possible,
he notes, to furnish account hold¬
with
improved statements of
transactions in their accounts and
statements
year-end
summary
our
easier
of
for
current
them
share
to
to
distribution
net
assets
in
Selected Investments Co.
Chicago 3, III.
after
19.4%
by 32.7% to
In
September.
the
of
to
"We
services
Fund
balances,
an
President
to
Clive
general
which
began
continued
*
shareholders,
Runnells,
Jr.,
covered
pleased
price
October
through
by
this
to
that
1962
quarter
We
the
are
present
supported
are
considerable higher
by
the
indices,
available
eco¬
anticipate
a
Mr. Fox-Mar¬
that
to
so
the
far
none
in
new
this
the
our
programs
and
improv¬
ing them whenever opportunities
to do
so
arise."
opening of
is
Elie
Washington
Fund
the
Mutual
reports
fiscal
that
year
at
share
per
At the end
of the
the comparative
$10.47.
preceding
a
were
year
$32,-
N.
Gross,
annual
located
stockholders
at
Rua
able
A;V:': ?
.
Mr.
Belgium,
He
died
office
Delville
Trust
June
Co., Inc.,
East
of
the
of
Aug.
of
record
Ohio
the
1919,
of
of
New
be
have
Securities
direct wire
&
Co., and will
and
phone
con¬
nections with the New York firm.
Mr.
and
Delville
became
with
Eastman
curities
Dillon, Union
Se¬
&
mark as
Co., has joined Hartz¬
Vice-President in charge
of sales.
P. T. Pope will be Man¬
in
of the
mutual fund
he
was
The
elected
to
rants
1949,
for
will
Board
by
Septem¬
ment, with which James R. Her¬
mann
John
and
associated.
formerly
has
N.
Jerome
with
Dimlich
R.
June
on
Center
17,
at
The
of¬
at
1290
been
M.
sj:
Gooidbody &
Co.,
of
the
80 years
bank
when he retired.
partners
50
in Kamen
Broadway,
the
New
&
trust
City,
the
a
was
New York Stock
Vice-President and Mr. Kirschner
Co.,' Inc.
15
as
Morse,
"
Bergman
board,
.
its
to
H.
and
National
White
*
.*
Midland Trust
New
Com¬
York,
Binghamton
S.
offices'
$
*
.
Putnam
elected
was
>;Y.\
of
Board
Mr.
Evans.
with
Miles,
of
Mass.
He
the
his
11
at
Worcester
joined the Investment
Department
the
at
Street office
*
•
H.
17.
*
Blair,
Vice-President
of
Main
446
June
on
*
the
Executive
Elizabeth-
port Banking Company, Elizabeth,
N. J.
died
on
June
15
the
at
age
of 54.
Mr.
tive
Blair
formerly Execu¬
was
Vice-President
of
the
National, Union,
■'•*,
*
*
*
N
Union
J.
*
Assistant Vice-
The
D i ni
and Trust Company, Philadelphia,
an
The
June
on
Raymond
■
Of¬
Investment
Board of Directors meet¬
a
Center
*
Trust
e
N. Y.
25th
Savings
on
June
anniversary
Pa.,
Provident
announced
career as a page
boy
in 1938.
Tradesmens
the
Bank
promotion of
Percy H. Clark, Jr., to Vice-Presi¬
dent and
Secretary.
employee of the bank where
*
The
Ohio
*
Citizens
*
Trust
Com¬
pany,
*
James
*
the
a
Savings Bank,
of Brooklyn,
&
elected
was
the
of
County National Bank, Worcester,
member of the
formerly
observed
an
of
ing
as
Mr.
merger
*
James
Trust
Bank
*
Southern
of
Assistant
the
Chicago, 111.
Company,
York
Inc.
out¬
Westchester,
....
1948,
when
advisory
elected
Arthur
*
Bogardus
Marine
ber
position he held until his death.
Mr. Wein is Executive he began his
Secretary of
J.
of
ficer at
until
1955,
Goodhue became
President
Co.,
now
Advisory Board.
merged with Chase Na¬
After
Evans
become
&
shares
old
He continued
until
*
will
of
elected George L. Ingalls a mem¬
President and
was
Hi
Maxwell Kirschner and Benjamin
negotiated
,
Mr. Goodhue
Trustees
to' the
N. Y.
Robert
14.
& Co.
Kamen & Co.
27
Schapiro
*
He would have been
bank's
were
Vice-President
pany
:•!
Goodhue, retired Presi¬
was
prior
The underwrit¬
*
Plains,
Manhattan Company, died June 9.
York,
June
A.
number
The
The Dry Dock Savings Bank, New
on
Directors
25
had
are
Siegan,
also joined Hartzmark
Weill
a
dent of the Bank of the Manhattan
tional.
War¬
July 8.
on
is $28.
William
the
Building
$
Director
held.
investment group headed
an
The
its
in
office
Americas.
the
previously
Director
the
additional
one
expire
on
given the right
nine
ing arrangements
Manager of the
West 51st Street.
June
ap¬
standing is 1,273,677.
Rand
Abbot
record
to
each
of
meeting,
Vice-Presi¬
....
fice
purchase by
Subscription price, fixed by the
of
with
opened
Avenue of
voted to
was
141,519 shares
of
were
subscribe
share
following
Delville retired in
Huntington, N. Y„
18, it
Stockholders
Irving Trust Company, New
bank
depart¬
close
*
additional
an
meeting date
Man¬
Vice-President
1958.
dent and General
a
stock¬
the
Currency.
was
Assist¬
an
named
was
a
bank
year
Richard K. Friedman, formerly
the
of
proval by the Comptroller of the
a
Guaranty,
ager of the Brussels office in
on
January,
stockholders, subject to final
ant Secretary of the bank in 1928.
F.
Dillon,
to
of common stock for
in
York,
June
on
issue
corre¬
Eastman
by
bank's
meeting
cf Long Island,
Bank
Cleveland
for
in
as
*
special
a
held
of age.
office
elected
was
Exchange, has announced that the
will
the
of share¬
holders of Security National Bank
Guaranty
the
year
Rockefeller
Stock
15
*
in
employed
was
office
Company
York,
Building,
divi¬
July 30.
on
•'<
New York
at
as
At
of
17
68 years
was
Brussels
Sperry
&
stock
approved
meeting held
of business
*
CLEVELAND, O h i o—Hartzmark
Na¬
Hempstead,
2%
previously
holders
York,
Brussels.
Mr.
Expands Staff
West
a
Di¬
of
Brook
The stock dividend will be
pay¬
General Manager of the
New
The
on
Jericho
vYY-u.-YY
*
Meadow
Bank,
as
ber, 1960.
Hartzmark Co.
*
declared
O.
i
Brussels,
the
the
Y.,
the
Brussels office.
share.
rectors
tional
an¬
Morgan Guaranty Trust Company
of
$43,668,250
was
figures
318,741 and $9.98
end
April 30 total
on
net assets amounted to
value
Investors
the
located
of
corner
*
Delville, retired Vice-Presi¬
dent and
the
be
meeting of its Board
Paulo,
a
Banking Depart¬
1
opened. He
:'v
*
a
Sao
in
*
■
of
Turnpike arid Woodland Gate. Y
dend
in
.
southeast
repre¬
George
office
\'VU
Governors
office will
new
YYYYY%Y-YY
Direita No. 250.
■:
of
building tp be constructed
a
the
Trust
has
predecessor of Morgan
Exchange.
constantly re-evalu¬
York,
ings trends."
A
in
v
Hanover
New
with
The
office in S'yosset
an
Board
ment.
international
continuation of the present earn¬
*
the
New York State
representative in charge.
of
earnings base
we
*
elected
Director.
*
office
a
To Admit Two
says
second
Brazil,
their 1962 counterparts.
were
Judging from
nomic
of
the
report.
note
levels
advance
market
in
proval to open
from
At
sentative
A.
"The
York,
a
*
Manufacturers
follows:
as
divi¬
"v the Federal Reserve
System, con¬
National firming earlier
approval by the
First
bank's
Harris
introduced
are
the
important part of
believe
the
New
the
sis
Long Island Trust Company,
Garden City, N. Y., received
ap¬
Hanover Trust, New York, re¬
nounced
si:
Savings
The
Gross, officer in charge of
Company,
Hamburg
*
Both
American
Oelman,
to
of
Chase
1
year
a
*
report
Trustee
Bank, Queens, N. Y.
division.
Total
,
his
S.
The
ad¬
increased
$43,561,140
from
members of
ating
Capitalizations
"■•'YAt
of
Bank,
turns
record high of $57,-
a
the
*
justment for the 49d capital gain
that way by
135 S. LaSalle St.,
$10.28
keep
tax returns.
business,"
tin.
or
from
of
of
*
ager
equipment
it
Revised
•
to
the Tokyo branch of Manufactur¬
$12.04 in the year ended May 31,
Union
that mod¬
says
Jersey City, custodian for
maintaining
cash
Officers, etc.
.
ers
share
William
promoted
.v
City
Television-
serving
Fund's net asset value per
spondent
Mr(.Fox-Martin
ern
New
•
international depart¬
' 'V;'
'V':;;A
'Y
mutual
Fund.
industry. Our aim is to keep them
dealer
additional
been
Latin
the
ment.
sponsor
Leod
firm
year
your
to
the
of
Robert S.
firm
other fees
for
sion
visory
members
"Services is
Prospectus from
;U;'•
plan
a
in
Directors
charge of $1 for each monthly or
quarterly withdrawal and all
account
Branches
Mason and
Vice-Presidents
are
in¬
variable withdrawal account pre¬
come
INC.
*
have
withdrawal
cash
shareholder.
have
New
•
Manhattan Bank, New York.
account, which provides complete
maintain records and prepare in¬
shares
31,
L.
Ogden
funds, it announced. It already is
management and investment ad¬
and
The
*
more
in¬
new
by the organization-after April 1,
track
american
or
than
re¬
applicable to
investment
organization
vestment
the
Francis
$36,533,300.
*
considering
one
mind,
fering "lifetime" cumulative sales
make
Selected
is
stated
tax-exempt organizations of¬
ers
exceed
\ V
,
Dec.
has pro¬
periods of time.
appli¬
charge reductions. And,
( whenever purchases
state¬
I
totaled $53,during
ended
amounted
earlier.
be
may
qualify for the
to
over
under
the
re¬
"
employee
spring. Before the improvements,
substantial
the
the
area, Long
groups
With
Consolidations
Supervised Investors Services, Inc.
substantial investors and fre¬
are
of
written
months
805,298,
the
also will get annual transcripts.
Long
1962,
,
Business
five
tions.
These
year.
complete permanent records, but
are
the
ing plans and religious organiza¬
transaction in their accounts
for
under
Revenue
qualified
service
in 1663 when share
accumulation
Sections
Internal
dealers and to shareholders of the
trade,
at
applicable
exempt organizations
is Elizabeth, N. J.'s Hugh
Long & CO., national distribut¬
shares
important benefit to tax-
an
Such
pe¬
divi¬
income
'
In another
in
BANKS AND BANKERS
com¬
months
Combining volume in mutual
168,400.
sales
13-month
charge
ment.
vided
1963,
sales through May 31
re¬
be automatically
purchases
unions,
have become the "fringe
in
sales
programs,
of intention and kindred
sponsors
lower
the
may
reinvested
tions,
statements
accounts,
of investing
now
programs,
reinvestment
dividend
charge
the
addition,
share foundations,
that
said
be
well
might
accumulation
point,
In
dends
tive, they are an aid to
numerous
sales
during
duced
days.
programs.
another
purchase and to subsequent pur¬
more
services unheard of in
numerous
reach
of
the last five
placements, realty and insurance,
by the investor
the statement of intention and
of course,
than
done
furnish their shareholders with an
investment:
declared
amount
in
sales gain for the
months
to
NEWS ABOUT
funds, insured savings association
charge becomes applicable to that
years,
have
funds
major
are
Service
form of invest¬
(
the
Over
ment.
profes¬
and
management
sional
the
agreement
general
in
are
serve
clients they
and the
chiefs
Fund
on
45.5%
a
five
Thursday, June 20, 1963
.
Organization
Morton
C.
.
.
*
Sweeney
was
elected
a
Toledo, Ohio, has appointed
Reed
*
R.
Sell Credit Manager and
Geoffrey R. Bennett, Jr.f has been
Volume
197
Number
6274
.
.
The Commercial and Financial Chronicle
.
(2535)
assigned to the Commercial Loan
special
Department.
stockholders
held
June
Heath
Mr.
Rump*
He
joined Spitzer-Rorick Trust
and
Savings
1958,
Bank
in
January,
Ohio
entered
and
Citizens
Credit Department at the
In
letter
a
holders,
tional
Chicago,
being mailed to share¬
Illinois
Trust
111., is
for"
posals
Na¬
Company,
announcing
pro¬
four-for-one
a
stock
split and for stock options to be
granted
key
to
proposals
personnel.
subject
are
the
members
as
of Directors.
of
bank's
ness
Mr.
12
the
were
the
development
Herman
Board
division; and
Maanen, in charge of
van
real
estate
*
*
Jji
*
Clarence
E.
To
#
Sample, Vice-Presi¬
Both
share¬
to
Mercantile National Bank at Dal¬
Savings
las,
cently
Chicago,
the
his
111.,
35th
dent
re¬
anni¬
and
Trust
Texas,
honored
was
of
Officer
the
by .J. D.
Francis, President, and other bank
officers, June 12, on the occasion
with the bank. He worked
versary
in
Bank,
celebrated
Harriman Ripley & Co., Inc.;
mortgage loan department.
-
.
construction-
Vondenbosch, Assistant
Vice-President, Harris Trust and
$
and
elected
of
Albert H.
&
Continental
Bank
and
time of
the merger in 1959.
*
meeting
19
investment and bookkeep¬
of
his
ing departments before becoming
of
Rearrange Capital Structure
The shareholders of Harriman
Ripley & Co., Inc., 63 Wall Street
New York City, have entered into
an agreement under the
terms
of which the
capital structure of the corporation is to be re¬
arranged.
from
The
plan
is
contingent
the Internal Revenue
only
receipt
upon
of
rulings
Service.
service.
member of the trust department
a
in
1932, where
trust
now
Mr.
in
in the
serves
retirement
investment division.
after
years
Sample joined the bank
1924
as
special
the President.
to
39
Assistant
Since
Mr.
1933
'
holder approval of an amendment
to the articles of association.
The
proposals
mitted
to
the
Currency
for
preparation
of
statement.
would
meeting
The
requested
be
special
stock
split
to
stock
common
stock,
stock
by
$10
con¬
value
par
value
par
which,, including
dividend,
the number of
increases
outstanding shares
3,472,500 to 13,890,000.
Out¬
standing capital is increased, from
$115,750,000
$23,150,000
would
.y'/
capital
transfers
from
and undivided profits
_
r'.;-
.
J.
/";
■
/.
..
of
Livingston,v Chair¬
National
First
The
the
I'll.,
Chicago,
of
transfer
of
Undivided Profits to
result
a
this
of
National
from
Surplus.
As
action, The First
will
J.
of
a
000.
title
Arthur
J.
President
«
O'Hara,
of
*
*
James
Saxon
J.
nounced
that
liminary
has
approval
National
in
Bank
June
on
62,
given
to
organize
St.
role
amount
to
$300,000
First
The
National
Bank
:; -.•'v-; >'*
y• *
Saxon
J.
nounced
that
■'•
■
given
to
Bank1 in
Miami,
amount
organize
to
•
Saxon
liminary
*
■
has
approval
of
of
of
of
Chicago,
Vice-President and
was
Director, and the Highland Park
He
was
the Investment
President of
O'Hara
the
was
of
Chicago Association of Com¬
and
merce
Chairman
serving
Industry,
its
of
Mass
as
Transpor¬
tation Committee.
v
Major changes in the senior man¬
of
the
to
June
bank's
Di¬
of
Board
rectors.
Mr.
was
will
Stevens
in
Stanley G. Harris will retire as
of
completing
the
51
June
Board
service
of
years
30,
A.
Effective
111.
Chicago,
in
Jennings,
charge
the' posi¬
Mr. Stevens
William
been
A.
and
Heath,
will
con¬
of
the
b°~ome
who
has
Vice-President
Senior
charge
will
Board
Chief Executive Officer.
trust
in
department,
Vice-Chairman.
A.
His
Lubbock,
other
Robert
L.
Cox,
and
Jay
Gibson, Jr.
Named
dents
and
Assistant
Martin
Ronald
pointed
the
L.
G.
B.
Leimbach
entitled to elect all but two of the firm's directors.
Harold J.
utive
nia,
opened its
mittee
Chief
*
was
ap¬
*
.
new
The
Calif.,
Monterey office at
under
the
sistant Cashier.
*
Charles
'..f
*
dent
of
a
Senior'''Vice-Presi¬
Crocker-Anglo
Commander.
The
:it
James
J.
liminary
Saxon
that
has
approval
National Bank in
to
will
10
given
an¬
pre¬
organize
to
has
been
a
W.
Scott
Senior
the
with
with
were
tional
Liberty
First
Na¬
Texas;
Post,
Bank,
the
the
Enka
since
1959.
Bank
after
his
in
1934.
He
was
*
*
his graduation
Mr.
Berry
William
L.
was
elected
a
in
1925.
Vice-President in
$1,000,000,
and it will be operated under
title Sierra National Bank.
He
1943
the
from
Williams
College in 1935.
Force during World War II,
been
Vice-President
a
Cluett
was
Mr.
since
He
Chester
ins
in
M.
Gray,
commercial
1955
and
a
director
Morehouse,
has
been
a
Vice-President
director since
1961.
Stover Candies
of
the
since
Mr. Morehouse is also
a
since
1957.
Incorporated
1959
director
Inc., and Taft Broadcasting Company.
Corporation
Kidder, Peabody & Co.
June 20. 1963
S.
Air
He has
Mr.
1961-62.
He served in the U. S.
company
Rich¬
(.Tack) Kutner, na¬
U.
Navy during World War II, attaining the rank of Lieutenant.
Lind-
tional accounts officer in the busi¬
director
1941 graduate of the University of California,
a
has been with Harriman Ripley since 1946.
:
loan
the
President of the Bond Club of New York for
Mitsubishi Electric
division; Gene H. Bishop and
John
served
since his gradua¬
served
$13,500,000
Albritton, in
a
attaining the rank of Major.
Advanced to Senior Vice-Presi¬
were:
has
and
Arrangements have been made through the undersigned /or the placement of these Securities
privately for investment. They have not been and are not being offered for sale
to the public. This announcement
appears as a matter of record only.
charge of the correspondent bank-
a
c
ard A. Goodson.
dents
1954
also
in 1947.
The First National Bank in Dallas,
elected
is
Ripley in various capacities since its organization
of
„
and
Directors.
employed by Brown Brothers Harriman &
graduation from Princeton
Dallas.
*
of
Corporation, R. R. Donnelley & Sons
and
State
Cluett
Vice-Presidents.
Board
6V2% Convertible Debentures due September 30,1978
prior to his association with Re¬
T.
Com¬
director of the company since
Vice-President
Mr. McClintock
a
Petaluma, Calif.
amount
of
Franklin
1.
Executive
Company and United Aircraft Corporation.
tion
June
on
Officer,
elected
Mr. Cluett has been with Harriman
Ripley
#
he
been
Chairman
as
the
National
Comptroller of the Currency
nounced
He
Executive
director of American
Bank, San Francisco, Calif.
y,*
have
Sept.
of
served in the
U. S. Navy during World War II, attaining the rank of Lieutenant
with Harriman
B.vNeuman, Jr., has been
(.appointed
Administrative
Morehouse
before
Mr. Berry has been with Harriman
Ripley since
the University of Pennsylvania in 1935.
He
Co.
❖
or
Chairman
from
Manager and Dale M. Lyon, As¬
V'v':;'-.'-
on
elected
Ripley will remain
and
is
J.
office
been
.
Street.
office
new
and
Edward
Mr.
San Francisco,
Alvarado
take
Alberts
>
14, The Bank of Califor¬
A.,
to
has
*
N.
Berry has been elected President and Chief Exec¬
Officer
McClintock
Department.
■■■
second
the
Wyneken.
Assistant Secretary in
an
Trust
one-half; Philip Hill Investment Trust, now
largest shareholder, will hold non-voting shares for
major portion of its remaining capital interest. Officers and
key members of the staff, other than Mr. Ripley, will own shares
the
Vice-Presi¬
Richard
were
Texas.
officers: A. J.
Croft,
plan officers and key members of the staff will
increase their interest in the firm by purchase of
shares from Philip Hill Investment Trust.
The share holdings of
Joseph P. Ripley, now the firm's largest shareholder, will be
reduced by more than
John L. Stanley, Wadsworth
were
the
affiliations
banking
dent, also effective July
At a
on
Under
was
Newell Rumpf will become Presi¬
1.
office,
Vice-Presidents
Citizens
with the
ciiouse
substantially
gained early bank¬
Bank,
j.
i_uwcu u
C.
of
the
to
Riggs National Bank, Washington,
man
a.i
the
at
following Head
elected Chairman of the Board of
holm to the board to replace
tinue
W. Scott Cluett
McClintock
Lewellyn
recently
who
Texas,
Chair¬
F. T.
organizational
s
becomes
Berry
of
on
dent
1955,
J.
Execu¬
July 1 Kenneth V. Zwiener, Presi¬
nee
Ore.
the
of
fill
Republic's
with the Harris Trust and Savings
Bank,
Stevens,
announced
structure vacated by Mr.
public
Chairman
Holly¬
12.
National
meet¬
O.
position of
ings Bank, Chicago, 111., were an¬
the
of
Vice-President
ing experience
of
Bank
William
agement of Harris Trust and Sav¬
ing
new
$660,000, and
Vice-President
tion
Portland,
San
A.,
Initial capitalization of the new
Texas,
D.
nounced following the June
a
Republic National Bank of Dallas,
tive
N.
meeting
Office executive appointments:
bank
i
director
a
an¬
wood.
founder and Administration,
a
Analysts Society of Chicago.
Mr.
National
General
he
Calif.,
June 11 made the
pre¬
organize
capitalization of the
Election
Hospital.
Past
Citizens
in¬
Archdiocese
10
civic
organizations,
bank's
Currency
be operated under the title
the Catholic Charities of
cluding
the
served
Chicago-area
charitable
which
also
committees
investment
the
and
He
will
*
of
r.-.-y
given
to
it
number
new
'
June
on
he
bank will amount to
Northern
Bar¬
management of Howard H. Hughson.
Andrew Griffin is Assistant
Fla.
National Bank in Hollywood, Fla.
Initial
Stone
C.
a
$1,000,000,
,
management
The
Company.
an¬
pre¬
Vri'
*
that
*
California,
of
operated under the
*
J.
of
Francisco,
496
has
administered
Trust
10
June
on
he
capitalization of the
nounced
Leon
Harold
■■,.
Miami. '
Invest¬
*
On June
yy
'
*
approval
will
R.
v
The Comptroller of the Currency
James
*
The Board of the Directors of The.
'■'v-V:.'-
Pulaski County.
of securities and other trust assets
by
new
Trust
Corporate
and
the
in
a
Robert, Mo.
title Five Point National Bank
ments, Mr. O'Hara played an im¬
portant
pre¬
and it will be operated under the
James
Planning
an¬
Vice-
a
Vice-President,
Financial
of
11
capitalization of the
will
elected
Advanced
The Comptroller of the
As
a
Bank
*
he
and it will be
11.
a
under the
The Comptroller of the Currency
Company, Chicago, 111., died June
on
$250,000
National
Texas,
Bank
•
Northern
The
to
Mora.
title
*
President, succeeding E.
tholomew, who retired.
prelim¬
new
amount
Peoples
bank
:J:
jji
an¬
Na¬
and it will be operated
Initial
'7
13
capitalization of the
National
•
June
on
a
will
$320,000,-
total
a
Saxon
Initial
bank
plus of $170,000,000 and Capital of
have
*
y?
tional Bank in Mora, Minn.
liminary
$105,000,000,
:
inary approval to organize
Sur¬
Bank
:
The Austin National Bank,
Austin,
Comptroller of the Currency
James
authorized
$5,000,000
has headed since 1943.
E.
^
The
■•
Bank
Robert
rectors.
/
announced, that the Di¬
rectors
elected^
Hamilton nad Joseph E. Lisek, Di¬
bank
Homer
man,
111.
Sample has served in the corpo¬
rate trust department which hb
Stock National Bank of
Chicago,
Initial
^
■•••'
.
Mr.
from
come
accounts.
in
increase
the surplus
The
$138,900,000.
to
J-S
nounced that he has given
accomplished
common
from
a
at
!•!
'•
proxy
approval
existing $33%
20Vc
to
Aug. 5.
on
verting
a
formal
a
four-for-one
would
prior
Shareholder
be
sub¬
Comptroller of the
approval
'
.
The Live
being
are
>,!
of
and
He
a
Russell
20
The Commercial and Financial Chronicle
(2536)
ending next September are
year
PUBLIC UTILITY
estimated
at
the
about
($1.95)
amount
by
same
&
Standard
.
.
Thursday, June 20, 1963
.
BANK AND INSURANCE
Poor's, which will allow for some
SECURITIES
additional shares being issued for
ELY
OWEN
BY
of debentures.
current conversion
STOCKS
This Week — Bank Stocks
is
It
reported that directors may
consider an increase in the $1.00
dividend rate
Jersey Natural Gas Company
New
in
(on present shares)
possibil¬
September, with the
ity of the usual 2% in stock also.
Com¬ the need for greater storage facil¬
At the recent over-the-counter
ities. It is possible, of course, that
pany has had an interesting rec¬
the company might discover some price around 41 %, the stock yields
ord, revenues having grown from
2.4% and sells at about 21 times
$8 million in 1953 to $22 million gas—which might be even more
current earnings.
currently. Earnings per share have rewarding than the discovery of
New
Gas
Natural
Jersey
in each year since 1953,
increased
(adjusted)
$1.65 in
cents
24
ended
Sept.
fiscal
the
for
Revenues
in that
to $1.07 in 1957 and
from
year
storage facilities.
30,
were
of the in¬ rived as follows:
residential sales 80%, commercial
creases since 1956 was due to in¬
clusion of tax savings from ac¬ 16% and industrial 4%. Heating
saturation was about 43%, allow¬
celerated depreciation. A special
1962.
However,
stock is that both
the
of
feature
some
paid,
cash and stock dividends are
supplies natural
communities in New
Jersey with a population of 664,000. The area served is mainly
The
company
106
to
(with
along the coast
separate
a
of
part
northern
the
in
section
in the Counties of Cape
the state)
Mor¬
May, Middlesex, Monmouth,
include
ris and Ocean. These areas
and
establishments
tary
well
Rates
1953.
the
cost
its gas,
all
buys
company
Texas Eastern
Transmission, but also in smaller
Algonquin Gas Transmission.
costs average about
Gas purchase
mcf at 73.% load fac¬
50 cents per
with
tor
Gas
Jersey
South
from
amount
and
an
selling price
average
The
$1.63.
cently
announced
it
joining with South Jersey
Atlantic City and Anchor
Pittsburgh,
in
leasing
thousand acres for a joint
ration
development
and
was
Gas of.
Gas of
several
explo¬
project.
that
stated
Otto
President
re¬
company
that
the
of the project "is to ex¬
purpose
plore the possibility that the geo¬
New
in Southern
lend them¬
the development of oil
formations
logical
selves
to
natural
and/or
if
determine
is
there
suitable
a
in the area
underground storage of
the *
natural
and to
wells
gas
formation
geological
for
might
Jersey
adjust
company
of
some
titive
to
author¬
was
num,
to
$300,000
per an¬
share.
a
How¬
nearly half of this amount
absorbed in 1962
probably
earnings.
in
expenditures
unusually large amount¬
were
ing to $6.6 million, and only about
$4.6 million is estimated for 1963.
The
1962
million
built
included
amount
the
as
$1.8
company's share of
24-mile transmission main,
new
jointly with Texas Eastern,
to double the
capacity of the Cen¬
tral Division.
Moreover, the
distribution
and
tional
more
in
the
construction
developments,
being added
previous
of
large
well
as
ually designed
continues,
area
as
year.
scale
-
individ¬
rapid rate. The first section
a
of the
1,300-home development by
and
Sons
at Matawan
was
well
very
center banks
downturn
a
It
rise
is the anticipation
the first to benefit.
are
is
has
Corp.,
York,
and
&
Halsey,
Chicago,
Stuart
the
lic
new
Tennessee
5%
100%
issue
Gas
and
Proceeds
an
an¬
of
$45,000,000
Transmission
due
from
other company
connection
of
the
1983,
the
Co.
priced
anticipated in
the
sale,
with
funds, will be used
the
expansion
pipeline
gas
sys¬
and
company
sub¬
the
borrowed
not refund¬
are
June
1968
1,
with
less
than
funds costing
5%. A sinking fund, commencing
June
1964,
1,
annual
tire
provides
issue prior to
ing
for
semi¬
payments sufficient to
approximately
94%
-
from
amount.
West
.\
v
v.
is
and two of its sub¬
company
sidiaries
aries
duction,
operate
other
and
refining
of petroleum
the
and
pro¬
marketing
and petroleum prod¬
in
and
pipe
subsidi¬
in
engaged
are
ucts
and
own
systems
certain
other
natural
gas
extends
from
of
areas
multiple
transmission
the
Texas
some
r
banks
one
usually note
may
exploratory well is
,
expected to be drilled to at least
occupied, and work is continuing
Many
9,000 feet before reaching granite
"bottom." Preliminary surveys
or
shallow
through
the past 10 years
which is
a
oil;
prerequisite for gas or
favorable.
that
surveys
it
Hence,
ticularly with
decided
was
would
deep well
a
served
storage
owned
par¬
view to develop¬
a
ing storage. At present the
is
also
are
results
preliminary
justify drilling
pany
un-
fossil formation
seismic
and
over
indicated an
marine
derlving
wells
test
by
in
fields
com¬
have
Pennsylvania
renewal
system
Coast
banks
Security
as
National
First
projects.
to
times current earnings.
to 23
tween New York
At the present time the ratios be¬
City bank stocks and the two West Coast banks
is the same, based on estimates for
the
year.
If bank stock prices
rise further, one
would expect the growth banks to have the great¬
appreciation.
Conversely, if stock prices fall the most vulner¬
should be New York banks.
area
compiled by Moodys Investor
31, 1963 New York banks
showed a price appreciation of 17.4% while banks away from
New York (an average of several bank stocks) showed an appre¬
ciation of 29.6%» This occurred in spite of the fact that for the
Looking
Service,
to. May
1962
31,
May
underground
to
help
peak
meet
the
past the long-term
with
emphasis
earnings
of utility
on
earnings trend of banks has been
the favorable performance relative
of
performance
Also discussed
Stocks.
the
of
ance
Looking at the price perform¬
industrial groups it is im¬
utility companies.
stocks
these
versus
various
mediately obvious that the increase has not been
1950 to the
present.
the
decline as did
from New York generally fared better
Banks away
the industrials.
than each.
Market Averages
Other Banks$
125 Ind'sf
1950—
55.7
27.0
57.8
216
1951—
56.4
28,1
70.7
258
1952—
60.3
30.9
75.6
274
63.6
33.1
76.1
274
67.7
39.4
95.8
342'
1955—
78.9
44.3
130.7
78.1
43.5
149.4
1957——
76.1
40;5
143.7
L'
84.4
44.9
149.3
103.0
55.2,
186.3
101.4
56.6
173.2
132.3
55.0
199.90
•
Inc.,
population
Morris
pany
will
ing
is
season
sive
—
will
considered
hence the
if
accrue
storage
advantage that
local
be
can
exces¬
underground
developed.
6,000
for
Otto
heating
the
past
customers
five
expects
growth
to
be
steady rise in
the
past
summer
,
rate
maintained.
use
of
between
usage,
of
The
£as for heat¬
a
bigger dif¬
winter
which
Mr.
and
explains
Monmouth
for
authority to construct
1,545-mile
natural
pipe
gas
and
be
tripled
line
1985
bv
(with
an
had capital
follows:
long-term
59%, preferred stock 5% and
stock
cost
Angeles
The
an
metropolitan
proposed
project
will
estimated $314,000,000.
equity
Lee Higginson
67.9
189.95
652.10
72.0*
230.00
726.00
230.00
224,00
Appoints
ginson
wdll-known
Corp.,
New
with¬
of
ing
for
$22
convertible
The
weeks.
debentures
($1,094,000
recently)
have
outstand¬
been
called
redemption July 1, with the
convert
into
common
at
expiring June 28.
ed March 31
substantial
were
$1.95
gain
over
reported for the fiscal
last
per
share,
average
standing.
on
the
number
of
in
the
Mr.
son
sentative
to
as
out¬
Poor's
Bank Limited
Selected Property-
President
1961.
association
in
the
in
di¬
Brotherhood
■>
MINERVA
1962 Results
LONDON
Telex Nos.
22368-9
Bulletin
Request
on
Bankers
ADEN
•
to
the Government in
KENYA ;
UGANDA
•
ZANZIBAR
Laird. Bissell 8 Meeds
Members
as
of
their
a
regis¬
another
Cleve¬
land, New York and Minneapolis
offices.' •"V.,
Casualty Insurers
Telegraphic Address
with-the
securities
representative
firm
E.C.2
Assistant Vice-
as
of-Lutheran
investment
26 BISHOPSGATE, LONDON,
repre¬
November,
in
his
firm, he served
tered
Head Office
registered
a
Life Insurance Co. and
fiscal
&
as
Hedding joined Lee Higgin¬
Corp.
vision
the
Jr.,
Cargill Building.
end¬
shares
IStandard
Manager of its Minneapolis office
$1.65
are
securities
Hedding,
the
weightedor
Earnings for
H.
year
September. But these
calculated
investment
based
Albert
Prior
Earnings for the 12months end¬
160.0-
160.0
t Moody's
National and Grindlays
firm, announced the appointment
few
;
Increase—
MINNEAPOLIS, Minn.—Lee Hig-
stock
a
626
671.00
129.9
♦Estimated
common
the
—
627
.
140.0
%
York
in
.
471
510
,
1963 Current-
A 2-
split
492
1962—
expected to be approved
ed
1959—
1960
1961-
36%.
for-1
a
1958—
com¬
Jersey Natural Gas at the
as
Los
area.
438
.
a
half its business,
over
structure
year
and
years
ing has resulted in
ferential
a
Harvard
Counties, where the
right to
The company has added at least
the
end of last fiscal year
in
heat¬
by
.of
does
New
is
during the
pre¬
increase of at least 65% by 1970).
to
Jersey
study
application
—
the Federal Power Commis¬
sion
DJIA
N.Y.C. Banksf
1954
an
great from
as
Also, prices of New York City banks from
1961 to the year 1962 did not show the same
year
sub¬
filed
has
Industrial
30
Dow-Jones
the earnings of banks relative to those
was
Although banks on the average have fared
companies they have approx¬
companies.
imated those of
States. A
the
demand, and then transporting it
New
A
iirban
sidiary
with
earnings.
1962 New York banks fared better in regards to
the
discussed
to
performance,
price
at
from
1953
ciation,
common
it
for
Graduate School forecasts that the
debt
storing
dollars
of
area
expenditure
(Los
Bank
Angeles) and Crocker-Anglo National Bank were selling at close
sec¬
of the United
'
In late 1961 when it was selling at this level
earnings.
West
northeastern
the
system to extend from Texas into
Texas
Louisiana,
the
in
pared for the Regional Plan Asso¬
The cost of bringing the gas from
and
tion
communities in the
approved
millions
of
underground
by the pipeline companies.
the remainder.
on
outlets
.
At the
discrepancy.
a
•
initial
The
for
,
1956——
line
-
Louisiana
and
to go to reach that point attained in 1961.
way
producing
gas
So-called growth banks
time, earnings increases will approximate 10%
Year
company's
selling at
now
are
highest price-earnings and lowest yield levels
non-
utility businesses.
The
Also, New York City banks
better than the average of industrial
,V
Headquartered in Houston, Tex.
the
pointed out in past columns that New York City
their
same
to 20 times
In
price
to
Coast
year
to the principal
105%
-
Industrial
30
however, bank stocks
present time Morgan Guaranty Trust Company is selling at close
re¬
100%. Optional redemption prices
scale
This does not imply
Comparing New York City banks price/earnings ratios with the
the
of
maturity. The sink¬
redemption
fund
the
or
.
able
to
City banks
In addition to higher
most of these banks.
est
development.
prior
of higher interest
expected to show earnings increases in the 3-5% vicinity
but still have
At
oil and
able
most
The
highest price-earnings ratios and lowest yields in this post
close
are
sidiaries and domestic and foreign
gas
weeks,
recent
Dow-Jones
World War II period except for late 1961.
such
interest.
the
with
natural
of
Inc.,
have
accrued
in
tems
Co.
offering to the pub¬
debentures
at
&
group,
nounced
a
New
joint managers of
as
underwriting
of
Co.,
been
are
for the year 1963.
White,
Weld
in
will follow the general market.
Stone & Webster Securities
continued
homes,
performing
for this
reason
interest rates, the general upsurge in the stock market has helped
bank stock prices. Also, in any prolonged bull market bank stocks
•
Debs. Offered
line
1962 than in any
at
newly-
or
been
City banks showing the best results.
In any such interest rate move New York
money
banks
the
addi¬
serve
customers
new
New
area
in
areas.
Growth
in
to
communities
developed
.
facilities
division
northern
com¬
its franchise
extended
pany
rates.
that
Transmission
The debentures
Construction
1962
obvious
have
York
stocks index. If any such move does occur,
rate
the rate cut will
14 cents
or
July
retail
its
about
to
amount
last
improve the compe¬
position;
Levitt
gas."
which has helped
gas
Commissioners
ity
a
around
with
correlated
are
by the Board of Public Util¬
ized
from
principally
of
The
was
The
1960,
in
7.9%
ac¬
prevent irregularities in earn¬
ings.
ever,
some' light manufacturing.
as
plant
net
down from
re¬
mili¬
indus¬
sorts, prosperous farm areas,
trial research laboratories, as
year-end
comparing with only 5.2% in
but
to
earned
last year
company
on
count,
stocks
New
their
schedules
commuting areas,
residential
The
7.3%
nually for seven years.
for considerable future
room
Tennessee Gas
growth.
paid an¬
2% in stock having been
gas
ing
with
tend to follow those listed market favorites.
year
de¬
heating and other
1962
BANK STOCK PRICES—
Bank
■;' v
V.
INDIA
•
PAKISTAN
ADEN
-
•
CEYLON
SOMALIA
i
•
BURMA
EAST AFRICA
AND THE RHODESSAS
New
Members
Branches in
American
120
York
BROADWAY.
-
Stock
Exchange
Stork
Exchange
NEW
YORKr 5.
Telephone: BArelay
Bell
Teletype
Specialists
in
212
T-3.VHI
571-1170
Rank
Storks
N
V
Volume
197
Number
6274
.
.
.
The Commercial and Financial Chronicle
(2537)
STATUS SYMBOLS...IN NO UNCERTAIN TERMS
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meeting. Today—in business, industry and national defense, the
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range from high-speed printers to slow-scan television. One
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computers which may be in remote locations,
projects refined data in any desired form—tabulation,
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pace
■ I III11
worldwide electronics and telecommunications
■LJLihIH
-
22
The Commercial and Financial
Chronicle
(2538)
Charles Bodie With
Our Reporter on
BY JOHN T.
culture
W. E.
Hutton
&
Co., members of
the New York
E
Stock
The Treasury moved into the new
issue
market
the
tained
$1,900,000,000 of
fund
new
recently
through the sale of
which
had
those
terested
in
Treasury has announced
borrowed
during the remainder of
d
the
when
with
of
purchases
de¬
a
while, at the
time, investors in fixed in¬
to
get
were
attractive rate of
an
!
return.
Even
year
Government
most
the
of
is about higher interest
a
low
It is expected that the Gov¬
borrow between
1.5
the end
near
July with this to
be followed
talk
rates—and
of
part
Following
August.
this
Treasury will be in the mar¬
ket
for
of about
another
be
did
not
the
use
market in this new money
$3 billion in October and
$3 billion will most likely
obtained
in November.
Although
the
raising venture to push near-term
rowings of
the
rates
be
further.
up
Evidently
the
Treasury through its future bor¬
will
rowings
able
be
i
to
keep
National Bank
bor¬
money
new
G overnment
will
heavy, the balance of the
year
refundings will be
ate side with
the moder¬
on
Charles A. Bodie
~
partner and
the
trading
ment of Stein Bros. &
which he had
many
depart-
Boyce, with
ciation's
which will continue to be helpful
next
to
followed later
balance of payments prob¬
our
lem.
the November refinancings.
New 4s Filled
The
Void
a
raising
sale
new
of
due
bond
ments
This
Aug.
15,
of
the
4%
a
Allot¬
1970.
two-month obli¬
well into
very
a
small, only 5%.
very
seven-year
gation fits
by
time in
through
money
were
Government
the
no
$1,900,000,000
-
Non-Inflationary
helped
Treasury,
higher debt limit, lost
in
ties, while at the
an
bond
that is not crowded
area
with maturi¬
time this
same
those
investors
terested
in
who
making
are
maturity date.
For
1970
maturity
not
in¬
commitments
obligation with
an
term
a
real long-
^
distfibutiOlif^Jhy
Government
bond
The
gives*.in-*
the highest quality obli¬
gation that is available on a yield
for
which
income
bond, such
needed in
"the
this
is
very
satisfactory
purposes.
this
at
A
.
one,
of
Executive
Council.
which
short
has been
making
available
all
to
in¬
vestors
has,
at least,
given the competitive bid
method
for
for
bonds for
the
being
tractive
rate
ernment
was
sizeable
new
of
return
an
the
able to obtain
of
amount
this
at¬
Gov¬
a
very
inflationary in character.
By
vsejling;tthi?v bond to the ^ultimate
investor
in
there
is
only
deposits'*, not
new
ones,
transfer
a
the> creation. of
which add to the
supply and
also adds to the
pur¬
are
sold
to
the
deposit
took
situation
to
advantage
get
needed
The
savings
first
operation in
a
able
around,
to
tap
without
effect
are
of
the
this
available
having
on
the
Treasury
capital
business
with
and
a
since
seven
use
and
one
a
funds
that
of
a
.
Aug.
15,
1970
a
the Series
"E"
issue-
fairly comparable maturity
by the
bond.
new
4%
For
bond
coupon
on
it
can
owner
of this
some
savers
was
an
and
☆
CHICAGO
☆
.
☆
priced
Proceeds from
used
of
attrac¬
the
to
dis¬
pronounced by this same
favorite Adam Smith in this same
"Wealth
but
vitally,
limitations
of
To Admit
July 1 Albert B$dler will be¬
a
partner in McMahon, Lich¬
...
js
$41,400,000
be
species
May
on
31, >1963,
force
.
This marks Firestone's first sale
securities
1952, when
the
to
public
-4.1!
encourage-
when
broad, sound principle
tax
systems
organized
or
time
same
it is
ims of the
particular
a
injn'
nf
frv
cnrnp
sPecles 01 >n« U S tr y some
since
Share
Ot
thO
and
familiar 'with these other
equally important quali¬
would go to it,, or, by extraor- of taxation.
dinary restraints, force from therefore
present
bentures
are
initially in fully
requested.
Deben-
a
■
particular species of indus-
.
■
.
„
..
.
a
changeable
charge.
It
is
Volving
delivery
bonds.
^
A
July
1970
ing
commencing
sufficient
approximately
prior
93%
of
to
retire
the
issue
to maturity. The initial sink-
fund
into the
.redemption
The
the
company
price
may
sinking fund each
additional
u.
sum
up
is
pay
year an
to the amount
mandatory
Optional
1968
ing
sinking
fund
the
redemption
prices
The debentures will
interest
cost
July 1,.
funds
hav-
of less than
4%%.
Firestone, founded in 1900, is
manufacturer
ucts,
and
and
throughout the free
rubber
products,
plastics,
metal
synthetics,
a
mar-
world
prod-
textiles
chemicals, with 83 plants lo-
ported
dollar
sales
,
largest
products
the
in
on
1962,
re-
society
two
tax
ought to
'
which
is
each
bomid
to
be(^fertaim
in¬
pay
and not
.
as
tire
industry.
towards
real
ought all to be clear and plain
the
contributor, and to
diminishes, instead of m- every other person.
The
creasing, the real value of the certainty of what each in¬
d
.
.
greatness;
s
■,
and
■
the
second
and
rubber,
to
*
.
annual
produce
ancj labor "
*
.
•
'
;
of
Y
•
its
land dividual
\
3 g,°°l deal
tax relief
a
as a
.
pay
matter of
importance that
able
about
?
ought to
taxation,,
.
^her,3 J® f 1°
a
so
.
is, in
great
consider¬
degree of inequality, it
I believe, from the
appears,
experience
of
all
nations,
is
means of stimulating more not near so great an evil as a
raPld §rowth in industry and very small
degree of uncer¬
trade- At one time i4 waS be- tainty.
ln£ advocated as a means of
warding off a recession and
sbarP increase in unemploymenb Since the threat of an
earty recession seems of late
to
have
receded
background,
the
in the
name
contrived
as
to
take out
so
and
keep out of the pockets of the
people
over
over
into
.
are
Wasteful Tax Collection
"Every tax ought to be
for
the rostrum wherever two
three
No
the
into
need
faster growth has taken
the
,
ranked
in
„reat
"The
,,
^
104%% to the princi-
of borrowed
out
be
"Tax Relief"
redeemable before
an
the
or
•
which it means to pro- arbitrary. The time of pay¬
mote. It retards, instead of ment, the manner of pay¬
accelerating, the progress of ment, and quantity to be paid,
payment for the year.
range from
otherwise
of
one
pose
^
debentures
1,
subversive
.registered
sinking fund is provided for
new
of
of
.
e a v e
once more
<•
employed in it, is in reality dividual
without
beg 1
repeat
quotation from
of them:
which
Would
We
to
,
try some share of the capital
tures in either form will be inter-
the first major corporate issue in-
max¬
that fications of any sound system
capital
.
are
offering
the
deeply to be
same
The de-
in
being
are
repaired. At the
particular regretted that the other
a
greater share of the
a
from
^pr\p^
issue of debentures
an
It is all very well to
say heed
of like amount was sold.
company
Exchange.
being
proportion to the abil¬
authority are
Ponun]
vnoi&Ur than What so
consistently neglected or
Cap„ ot society than what
would naturally go to it, or, forgotten. The fact is that one
b y extraordinary ^restraints, must conclude that very few
provide additional working
capital.
*
of
in
to this
thus that every sysj
and to
York
York Stock
about
_.
Wealth Of
which endeavors, either
loans, which amounted
to
tenfeld &
Co., Ill Broadway, New
City, members of the New
Nations"
the burden of taxation
apply laid
Nations":
ap-
sale will
cated in 24 countries. Baied
BOSTON
end
0
99%%
at
mestic bank
leading
McMahon, Lichtenfeld
come
the
own
Says the
company to repay do-
of
■-
lesgon
.
the
by the
keter
On
in
their
ments to draw to
readily
Aubrey G. Lanston
NEW YORK
in- nomic principles.
broadly similar efforts ity of the individual to pay
any other branch, a seems to monopolize, or
very
we
badj
d
t
nearly monopolize, attention.
f.TTT
$75,-
another
marketable.
r
of
means
bY extraordinary
not be
savings bond but with
:
of
-."O"''
pal amount.
savings
20 BROAD STREET
sale
interest to yield
•
.104% %.
4% bond
purposeful one,
of the Government sav¬
be extended
INCORPORATED
on
and
1988.
schedule of seven" years and nine
tive
tax laws in terms of their
In New
Deal, Fair Deal and
agricultural New Frontier
thinking that
the contrary, old and well known
principle
proximately 4.30% to maturity in
months, although the due date
this
under-
an
debentures
are
accrued
the
year and two months
namely
ings bonds,
has
6c Co.
public
41/4%
debentures
source
industry in gen-
might have been
Certificates of Deposit
of
manager
offering for
was
./.A
maturity
SECURITIES
a
necessary to finance the needs
Evidently the
FEDERAL AGENCY
as
appreciable
any
eral. V;
and
was
large supply of this kind of
funds
U. S. GOVERNMENT
of
Aug. 15, 1970 and, since there is
very
Specialists in
type
much attracted to the 4% of
very
the
deposit
according to advices,
money,
money.
York,
will be delivered
new
see
can
same
favor
writing group, has announced the
registered form unless coupon de-
Savings Money Tapped
of
we
rewriting of
a
incidence and particularly as
bentures
securities
banks.
far
so
for
these
Harriman Ripley & Co., Inc., New
money
chasing power when Government
our
to
when
needed
money from sources that are
not
Debens. Offered
Firestone, Tire & Rubber Co. The
In addition, by
it
Incidentally,
raising
using, this short bond with
species
species of industry."
000,000
pur¬
even
way
Those
courage
Government
money
breather.
poses a
time
selling
new
really
bond
subscription basis
own
was
this
that
systems,
Firestone Tire &
Rubber Company
the capital market and
Treasury
This is
in
perhaps,
than
Now,
need
give
.
which
promote.
Borrowing
medium-term
a
through its
vestors
basis
Treasury
offer
market
security well meets the needs of
in
in the year with
on
far,
,
dustry
v:';'V
of, with the
care
coming in August to be
one
tion.
to
simple tax reduc¬
less
courages
-
lion to be taken
industry
to promote. the
for
of
n
only about $6.5 bil¬
short-term interest rates at levels
seemed
advantageous being given to the matter of
industry. But still bringing our tax laws into
.f
Y
" really and m the end en- conformity with sound eco¬
member of the Asso-
a
has
and
a
ie
as
President of the National Security
Traders Association in 1962, and is
presently
propose,
we
it—
than
port
been associated for
Mr. Bodie served
years.
At
foreign trade larger sense far transcends
agriculture, turns the need for tax reduction. It
a certain,
portion of capital of is,. therefore, in our view
the society from supporting deeply to be regretted that so
a more advantageous, to sup- little
attention is currently
Bodie
of
so
ufactures
more
formerly
was
statesmanship.
same
mercantile system. That
respects their ! progressive
system, by encouraging man¬ rates really in the
longer and
Building.
a
the
the
First
Mr.
mean
are
in
Baltimore
office,
they
inconsistent
more
the
economic
timet they cry for
upon tax reform—which was never
they
They
head¬
quarters
employ-
indirectly " discourage demand
which
artment
p
funds in the amount, manager
new
—the
Treasury
e
by another $2 billion in the latter
especially higher short-term rates
money
the
usually at
are
billion and $2 billion
of
of
revenues
the
though
regional
for
ernment will
able
be
in¬
not
obligations
will
Continued from page 1
P^mote
that very species of
trading
billion
$13
ebb.
bearing
and
of
Manager
their
and
Treasury took advantage of
come
very end which
as
billion
long-term Government bonds. The
same
and
change,
which indicates that between $11
are
mand that is sizeable
that
short-bond
who
making
schedule
x-
new money
a
attraction
great
investors
ob¬
and
raising
other
Thursday, June 20, 1963
.
>
impose restraints
manufactures and
foreign as loud and insistent as
trade, act contrary to the should have liked to have
Bodie has become associated with
CHIPPENDALE, JR.
all
to
™ents> in 0rdf
Charles A,
-
.
We See It
W. E. Hutton & Co.
BALTIMORE, Md.
.
or
gathered together
the
take
as
little
as
possible
and above what it
the
state.
out
public
A
or
tax
brings
treasury of
either
may
keep out of the
of super-modern pockets of the
people
a
great
Volume
197
Number
6274
.
.
The Commercial and Financial Chronicle
.
(2539)
deal
more
the
public
than it
brings into
treasury,
in
fourfollowing
ways.
the
may
levying of it
number
great
a
First,
Finance
of' officers,
and
tax,
sites may
whose
Secondly, it
industry
business
which
maintenance
ment
it
pay,
funds
which
thefri
more
&
Dillon,
Union
Securities
$15,000,000
bentures
June
The
which
1,
of
Both
4%% sinking fund
June
5V4%
1, 1983, and
to
in
de¬
tions of
sinking
debentures
in
deemable
debentures,
prices
constitute superior indebt¬
at
debentures
regular
beginning
1971 and
at
are
prices
from
100%
in
1982, plus
each
bentures
fit of
be
a
principal
would
through subsidiaries
524
states
and
offices
the
Ontario, Canada.
in
Operating
ac¬
amounted
to
.
.
was
are
entitled to the bene¬
through the sinking
funds beginning June 1,
1969, at
100%
of
the
principal
with
interest
together
102%%
Stone
odious
examination
tax-gatherers, it
them to much
pose
trouble,
sary
State
Loan
is
one
to
York
date
Broad
the
five
Street,
an
Assistant
dent.
.
tion
is
not
speaking
of
unneces¬
oppression; and though
and
vexa¬
strictly speaking
it
expense,
is
cer¬
tainly equivalent to the
ex¬
pense
at
which
would
be
willing to redeem
every
man
himself from it."
Nippon Express Co.
Private Financing
Nippon Express Co., Ltd., reports
that it has sold
000
of
6%.%
privately $15,000,-
convertible
deben*-
tufes due Sept. 30, 1978.
Lynch,
Inc.,
Pierce,
and
Fenner
Nikko
Ltd., New
Merrill
Smith
&
Securities
York,
assisted
Co.,
in
ar¬
ranging the financing,
Headquartered
Express is
pon
freight
in
a
transport
Tokyo, Nip¬
large Japanese
Pro¬
concern.
ceeds will be used to. increase
cap¬
ital funds.
v
York & Co. Names 7
SAN FRANCISCO, Cal.—York &
Co. has appointed seven new
reg¬
istered representatives in the Bay
Area,' Palmer York, Jr., senior
partner in the Northern California
securities investment firm has
an¬
nounced.
Fred A. Bellero
and Jackson S.
Perry will work out of the firm's
San Francisco
Russ
The Words of Love and Life.
The other newly appointed rep¬
Avery
are:
nut Creek
Pacific
office; and E. C. Cun¬
Co.,
Coast
members
Stock
founded in 1955.
of
bring to 35
new
the
six
ap¬
total
in
magic loom, the activities of millions of people
York
New
York
June
27
&
Ill
so
much alone.
One
reason
Americans
use
much is because the service is
the
telephone
are woven
And
so
together by telephone.
telephone, time and
many
space
just
a
little
number of Bell
more
than twelve
and
years
the
telephones has nearly doubled.-
The prospects are
bright for still further
of the nation and
progress.
new
keep probing for
ways to serve you
new
better.
And do it with the
courtesy,
and good will that have
consideration
always been
a
admit
of
part of Bell telephone service.
the
Exchange,
on
Audrey Lees
partnership.
JEM
BELL TELEPHONE
Owned
by
more
the needs
knowledge
Sftow c
Stock
would
things would not get done.
We will continue to
grow to meet
so
quick, dependable,
Broadway,
City, members
will
limited
Co.,
and each ivould be
reasonably priced and within reach of all.
offices.
Haupt
us
the
Ira Haupt To Admit
to
as on a
the
In
New
you-within the reach of your hand.
Exchange,
The
number of representatives
firm's
Daily,
Home is linked with home. Business to business. Without the
rush betiveen
&
pointments
Ira
serve
Together by Telephone
Rafael
ningham, Oroville office.
York
Woven
George E. Croke
McClurg, San
office; Howard D. Kraft, Redwood
City office; George J. Planz, Wal¬
was
always there to
Building.
resentatives
and
No matter what your wish or need, or the
hour, the telephone is
headquarters in the
SYSTEM
than two million Americans
Cor-
New
City, has named Henry
Gorder
of
90
may ex¬
vexation
con¬
$6,669,522.
Webster Securities
amount
fixed for redemption.
ranging to 100% in 1982;
&
poration,
by subjecting the
people to the frequent visits
and
V
1962
Stone & Webster Officer
may
redeemed
Fourthly,
the
in
$48,670,695 and
solidated net income
qf
'
income
peo¬
so.
located'
Province
enable
easily to do
in
holding
a
loan
29
of the
some
offices
operates
in
case.
sinking fund and they
redemption
in
its
in
business
company and
ranging
102%%
has
engaged
finance
Washington, D. C. It is
in 1971 down to 100%
receding
consumer
and
capital de¬
prices
organizations
the
The debentures and capital de¬
are
re¬
largest
to
1982, and at special redemption
1963^ and
whole
declining receivables. The
1963
redeemable at regu¬
are
crued interest in
redemption
fund
The
case.
redemption
placed
be
1971, except under certain condi¬
1983.
fund
of
lar
in
part but not before June 1,
also due
capital
(subordinated)
sinking
in
classes
each
estimated
initially to reduce outstand¬
or
due
of
ing short-term loans.
&
in
est
from 103%
issues,
will
sale
company's general funds and
used
subject
debentures
the
in
100% in 1982, plus accrued inter¬
are
diminish,
may
perhaps destroy,
Lemon
$29,362,500,
the
special redemption prices
bentures
from
debenture
Finance Corp.
■
obliges the
Johnston,
jointly
proceeds
Co., New York, is publicly offer¬
ing $15,000,000 of State Loan &
give
employgreat multitudes.
to
ple to
might
and
While it thus
man
and
discourage them from apply¬
ing to certain branches: of
by
group
at
Co., Washington, D. C., and East¬
the people.
of the people,
underwriting
managed
perqui¬
obstruct the
may
Net
at
receding from 102.y2%
est, to yield 5.325%.
both
An
and
interest, to yield
priced at 99% and accrued inter¬
the
impose another ad¬
ditional tax upon
Corp.
Debs. Offered
greater part of the produce of
the
at 99 and accrued
4.70%. The capital debentures
require
whose salaries may eat up
edness of the company are priced
State Loan &
the
23
so
much
A.
Vice-Presi¬
'
The Commercial and Financial Chronicle
soared to 4.7% at the
Other short-term
1959.
of
similarly, with com¬
rates moved
going over 5.0% at
mercial paper
In
1959.
of
the end
the
in
cit
this uncom¬
the Federal Reserve
to determine
its
the basis of domes¬
considerations .; alone.
Even
policies
tic
has
did not fall to 0.6%; as
rates
bill
recessions of 1954
instead remained
they had in the
and
but
1958,
throughout the reces¬
above 2.0%
business
the
In
sion.
1961, Treasury
early in
recession
recovery
beginning in the last half of 1961
and
continuing
to the present,
with business activity as they
did in earlier years but for some
up
of
lower
^-r;
'/■V
ago.
years
are
different performance
interest rates since 1961 does
The very
economic prin¬
not mean that the
which
ciples
been
have
re¬
pealed.
It is still true that the
most important single factor af¬
is the
fecting the price of money
strength
activity.
policy
rapid and
as
in the volume
activity
of business
is consist¬
as
price
reasonable
with
ent
of
growth
steady
as
primarily
still
is
achievement
sta¬
bility.
far
today there
new
are
a
eral Reserve
policy which tempo¬
rarily
obscure
may
principles
make
forecast
a
interest
of
complicated
more
certainly
which
and
basic
these
rates
the
in
than
though
not necessarily the most impor¬
tant, of these new forces is the
past.
deficit
International
its
in
early
payments.
States
of
balance
The
deficit
small
a
ran
of
balance
S.
U.
the
in
United
obvious,
most
The
payments
as
1950, but it was not until
as
1958 that the deficit reached large
proportions
enough
and
became
persistent enough to constitute
In 1958, the deficit was
problem.
in 1959, $3.7 billion;
$3.5 billion;
in
and
billion.
This
acquired
$3.9
1960,
that
meant
a
and
that
to
claims
1958
and
in
deficit
with¬
gold
that specu¬
rose
of the
top
on
force
would
the'price
in
there
1960
of
a
gold
or
drastic action.
other
In
in
heavy
.
transactions
change
of the
withdrawal
for
again
fact
normal
did
so
endanger the dollar.
drawals and fear
lative
rose
conversion
a
gold
abroad would
were
claims
these
as
the fear
In
and
1961
deficit
and
1962, however, the
lessen the likelihood
particular
for
danger of
basic
been
best
time
run
has
not
on
have
being
eliminated.
the
But the
by
any
Despite
efforts, both private and
government,
balance
ments,
a
dollar crisis.
a
problem
means
of
currency,
the
we
to
in
are
move
toward
international
still running
a
pay¬
a
able deficit which for all of
siz¬
1963
is likely to be as large, or perhaps
1961
larger, than the deficits of
and
1962.
as
whole has
a
bond and mortgage
yields have drifted downward.
;
Inflation's Abatement
A second
Federal
therefore
in
\
are,
and
(and
policy
interest rates)
on
One of Japan's leading manufacturers of electrical
factor bearing on
new
Reserve
cent years
Vice-President, Kidder, Peabody & Co. Incorpo¬
electronic
Corporation
re¬
equipment,
sold
lias
of
inflationary psychology
an
this
Beginning
country.
Mitsubishi
issue
an
of
Electric
$13,500,000
of
Co.
in
institutional
Incorporated,
investors.
Kidder,
Broad
20
Peabody
dent
&
Ryosai
negotiated the placement, the first long-term fi¬
much less rapidly than in the
William
nancing
about
in the United States
Peabody
above
Mitsubishi
by
outside
at the signing of
of
Japan.
Shown
seated,
Yamaguchi,
Looking
Amyas
Executive
Electric,
accounting
Electric.
New
right,
to
Mitsubishi
of
Manager,
York;
Street,
left
from
rated;
6H% convertible debentures, due 1978, to Ameri¬
has been the abatement
can
and
Vice-Presi¬
Ichihara,
H.
department,
of
Mitsubishi
Joseph C. Fox, left and
are
on
Ames,
G. Kirkland, Vice-Presidents
of Kidder,
& Co. Incorporated.
the financing agreement
early postwar period. .Despite this
slowing
in
down
was
down
in inflation
late as
nant
for
foreseeable
to
prices " would
this
chology.
the
was
per¬
inflationary
Since
plant in
ing
strongly restrictive in order
combat
1959,
boom.
psy¬
however,
prices have been remarkably sta¬
with
business
This
is
the
future.
change in the price situation
the
of
one
why Federal
continued
principal
are
for
riod, from 1960
of
policy
has
pe¬
The third
Capacity Output
new
factor
Federal
shift
to
on
happen to interest rates during
1964
and
therefore
must
we
recognize that the forces bearing
credit
policy today
still true that the
are
basic force de¬
interest
the
weakness
achieve
of
the
capacity
operation
prosperous
during
to
economy
periods.
even
Since
tion.
of
In
calls
regardless
pared to
6%,
average of
an
com¬
4% in the
for
ployed
six
capital
the nation's
plant has
coveries
following recessions have
not been
sufficiently long-lived to
full
prosperity,
economic
been
have
the
erted
achieved
level
performance
has
naturally
profound
a
economic
of
years
ex¬
influence
Federal Reserve policy;
to
potential, it
priate to permit
with
holding
economy's
an
business
the
was
advance
appro¬
within
of
and
credit
must
plentiful than
when
case
unem¬
labor
that
more
situa¬
we
were
op¬
was
let's
constant threat.
with
the
—
unravel
conflicting
begin
force
the
outlook
during the
activity
1963
a
and
into
most
to
basic
business
remainder
of
1964.
quarter
new
today
the
on
economic
the
period
change
when
threshold
of
and
growth,
business
a
activity
capacity
and
warding
throughout the nation will rise at
inflationary
and
specula-
a
rate
output
of
this
rivaling anything
we
in
first
the
did
year
much
expected,
have
either
must
annual
an
the
rate
the
of $572
billion. In
quarter,
business
the economy
another
ad¬
of about the
same
size
as
in
opening months, pushing thej
a
within
the
months
into
run
We
will
a
of the fact that
part of the advance thus far this
year
the result
been
ras
of steel
inventory building in anticipation
of
One-half of
possible strike.
a
the total increase in national out¬
th.e
in
stemmed
quarter
second
directly from
a
as
brought
back
established
in orders for business inventories.
In
ratios
are
n e
low
increase in
inventory-sales
s,
that
so
stocks
a
moderate
hand
on
tion in the steel
different.
steel
of
Orders
good
of
have
been
substantially
consumption and until the
recent
leveling in orders, the steel
seemed
of the
proved
be
to
same
taking
disruptive to the
so
economy
time
after
time
have
of the
come
will
no
be.
would
be
If
idea
what
that
were
an
to
a
sometime
hurdle in
this
we
this
is
reason
the
capital
now appears
gathering momentum.
the
in
ment
since
years
expenditures
the
United
for
cutput.
growing
surge in
business
States
have
relatively
a
low,
proportion
of
na¬
There is at present
evidence,
first
the
1957
to
During
plant and equip¬
on
declining,
for
1964
as
The first
confidence
goods boom whjch
and
is
will
the path
and that
sharply upward.
be
there
business activity will turn
opens,
for
Momentum
time
however,
six
in
that
years
a
capital investment is
getting underway. New orders for
machine
tools
have
recently
jumped upward dramatically. New
for
month
after
tions
for
machinery
month.
capital
the end of 1962
rising
are
Appropria¬
expenditures
rose
to fhe
at
highest
level since 1957. F. W. Dodge Corp.
the
out¬
negotiations in steel
I
to
influence
to believe that
orders
during the past 15 years.
I
reason
on
aspects which
The
lead
however,
the recovery,
production
above
entire
Spending
surmount
new
and
will
activity
Fortunately,
un¬
industry is quite
line.
into
depressive
business
tional
is
pres¬
cutback
during the last half of this year.
accounted
1 i
most
the
steel inventories
which
substantial
has
step-up
from
production
all
put
strike, the
a
em¬
profits.
and
conditions have thus already been
few
difficulty.
temporary
aware
not
come
Capital
next
is likely to
recovery
a
all
are
the
incomes,
If there is
Temporary Difficulty
Sometime
will
pressure
accompanying fall in
ployment,
in
If
pressure.
strike, the
from the loss in steel output
and the
of national output for
billion.
result
which
will be subjected to
there is
on
annual rate,
this quarter to about $580
end
during
downward
ac¬
achieved
has
the
period
a
strong
are
second
event,
be
sure
rising by over $8 billion to reach
have
period of unusually rapid
thus
take
begin¬
already
are
better than most people
many
Optimistic Outlook
stands
to
the
in
come
National
situation
I believe that the United States
a
begin
but
new
doubtedly justified. But the situa¬
these
influences,
for
not
1964,
past.
this
underway.
on
rates
activity,
the
rates
business
attempting to
In earlier
interest
short-term
the
suggest
sometimes
when the economy pperated
closer
off
In
un¬
satisfactory
rise
flation
in
we
situa¬
erating close to capacity and in¬
has
that
of
resources
the
our
The persistence of this
past.
was
and
below
high
remain much
rate
growth
considerably
which
re¬
or
however,
tion, and the existence of
preceding decade. During the past
years,
business
addition,
1957, unemployment in the United
averaged
strength
deficit in the balance of payments.
States
has
the
the
will
nings of the recovery
It is
termining the future direction of
is
dimensions "of
until
more
est rates in recent years has been
rates
most prosperous
our
advance
shape
tivity
Federal Reserve policy and inter¬
inability
full
business shows
as
complicated than in" the past.
bearing
re¬
thinking about what is likely
1963
to the present.
up
soon
in
The
vance
In
on
Lack
that
policy must
as
longer fol¬
no
seen
quite
signs of strength.
reasons
a
that it
so
automatically
striction
long
so
clear. Even
so
advancing
long way from capacity
a
operation
to
Reserve
easy
capacity,
rapidly today, it is still true that
we
lows
in
operat¬
below
for tighter credit as busi¬
Reserve
likely
6% and
advances is not
ness
with
as
industries
many
case
to the view that at least moderate
is
recently,
high
as
considerably
ble, and public opinion has shifted
stability
More
unemployment
the
for
and
policy
tive
Federal
rapidly
future,
credit
Reserve
force
As
still the domi¬
that
rise
to
rise,
slowing
no
psychology.
was
opinion
continue
time
a
1959 it
price
the
there
real
even
policy
been easy and
restore
our
to 3% at the same time
up
credit
that
been
have
recently
more
this fact, along with recent inter¬
averted
remained
rates
operated far below potential,
not quite so large and
was
re¬
abbve 2% in the recession of 1961
national arrangements designed to
a
bill
Treasury
foreigners
net dollar claims in these amounts
governments,
long-term
ducing bill holdings by $750 mil¬
lion.
The result has
been that
rose
of Payment Influences
number
influences bearing on Fed¬
But
purchases
market
open
possible to intermediate
as
1953, prices
Balance
of
The Federal Reserve con¬
its
fined
And the goal of Federal
Reserve
the
market, increasing the vol¬
of outstanding bills by $5
billion.
weakness of business
or
in the short end
financing
governed the pushed
once
markets
financial
During 1962, the Treasury
its
and
United
the
unusually large proportion
an
of the
short-
of
outflow
the
capital .from
States.
so
actually
today than they were two
security
of
types
keeping short-term
high levels in order
in
lessen
did
promote
cooperated
rates at fairly
term
whole
a
since 1960, the
with
the
ease ever
Treasury
to
as
to
designed
been
ume
have not moved
rates
long-term
of
on
credit policy
though
period in the affairs of
monetary
and capital markets
Fed
has
an
abrupt end.
In the
to
-aoo>| •
has been un¬
able in recent years
money
came
:
international accounts,
our
,
however,
1961,
plicated
Thursday, June 20, 1963
.
continuing defi¬
Because of this
1
Continued from page
end
.
Mitsubishi Electric Corp. Raises New Capital
Not
Pace Sharp Business Uptrend
Why Long Rates Will
recovery
.
(2540)
24
guess
it
agreement will
be reached without a strike.
But
reports that construction contracts
for
manufacturing buildings have
moved
sharply
upward
thus
far
this year. And businessmen them¬
selves,
in
response
to
the
latest
Volume
197
Number
6274
.
,
The Commercial and Financial Chronicle
.
(2541)
by
survey
McGraw-Hill Publish¬
volume of
existing amortized debt
is of
course
is providing a tremendous flow of
tion
to
investible funds
ing Company, state that they ex¬
pect to spend a record amount on
deficit, but the longer
debt is repaid.
as
not
the
plant and equipment in 1963, top¬
ping the 1962 volume by 7%. The
rate of capital expenditures in the
There
a
holding
current
billion dollars of investible funds
traction
arising from repayments alone.
permanent solu¬
a
balance
of
Complete Puerto Rico Bond Offering
payments
real solu¬
a
25
funds.
quarter
the $38 billion
and
the
as
probable
has
risen
States
above
first quarter level
progresses, it is
the gain will ac¬
that
celerate to reach
rate
a
which
Third,
year
of almost
be
$43 billion in the fourth quarter.
straint
Tax-Cut
The
second
dence
the
in
our
steel
Impact
confi¬
anti
and
is
most
and
think
I
important,
reasonably
ment of our resources
as
impor¬
tant economic issue of 1963—both
because of its effect on the short-
A
discussion
of
cons
'
of
the
confines
5.8%
five
and
the
1964.
of
sub¬
the possibility of commercial
use
employ¬
bills.
In
pictured
as
the
for
labor
force,
months
of
a
rate
be
first
tive
and
interpreted
as
ing the case, let me say simply
that I believe that
high taxes have
still
be
been the
force
has
years
slowest
why the
will
during the past six
at
grown
rates
in
today moire and
of
one
its
prospects
are
for
a
for
further
tax
to'
years
The
move
been
reductions
a
of
the
bill
will
equipment
closing
the
not
the
half
on
of
of
of
the
our
high
wants
are
it is available.
standard
of
the
far from
money to
of
number
in
output
during
to
the
absorb
eral Reserve
est rates.
prices
there would
though
with
jus¬
appreciable tight¬
portion
credit.
of
Even
In the last half of this
year, de¬
spite the depressing influence of
ployment
the steel
adjustment, business ac¬
tivity is likely to move ahead at
good deal of unutilized slack both
adjustment
completed
and
stimulating effect of the
no
in
celerate
to
about
$10
output
is likely to
terest
a
years
rates
case
ies
the
decade
occur
stability
;
substantially.
in
reasons
are
number of
a
why interest
rates—par¬
ticularly long-term rates—are not
likely to rise appreciably. First,
internally generated corporate
funds
will
be
growing
partly because of the
ciation
cause
schedules
new
and
rapidly,
depre¬
partly
of the reduction in the
porate tax rate.
be¬
cor¬
Second, the huge
within
a
us
more
however,
up
in order
to
wrestle
time
international
our
of
increase
during
rates
range
realistic
was
the
recover¬
Some
in
1964
rates
Eastern
Area
Executives
June
14,
Dr.
McKinley
at the
of the. Financial
Conference
Institute, Spring Lake, N. J.,
within
a
Brimberg & Co.
will
Exchange,
admit
Michael
on
A.
Raymond to partnership. Mr. Ray¬
mond
will
acquire
a
&
Co., 50 Congress Street,
mem¬
of
the
New
York
and
Bos¬
July
on
Lincoln
limit
1
Willis
fairly
Eastman Dillion
Eastman
&
rates
Wall
Dillon, Union Securities
City,: members of the
Stock
Exchange
will admit Fred J.
and
ship.
John
D.
the
any
law
war¬
have
meeting
on
and
July
Plimpton, Jr.
Cronin
to
partner¬
&
has
approval
of
to
other
at
as
of
10%
June
of
at
18,
and
1,273,677
The
a
an
in
to
in¬
capital
preliminary
Comptroller
their
Elmer E.
in
the
Mr.
capacity of
of
dealers
traveled
and in
received full payment for the new
•
a
through
in
Its
in
Bank
present
1958.
-
and
government
Myers
France
served
agencies
in
England
World
during
with the Tank Corps
War I
and again in
Africa in World War II
Hunt¬
was
bank
con¬
of
commander
of
both
regulating
the
*
Veterans
Foreign Wars and of the Amer¬
ican
Legion.
general banking business
its
main
office,
located
Huntington, and 33 additional
offices
in
Nassau
County. It has
folk
confidential
highly
a
private
performed
also
troop movements. He is also a past
name
The
has
1902
in
of
for
conditions
and
1903
States in
business
National
the
securities. He has
during World War II.
Mr.
under
familiar
is
and
a
with
extensively both abroad
dustrial
groups
stock.
organized
has
this country surveying in¬
for
bank has
officer for
an
acquaintance
countrywide
of
First
Myers
firms,
investment
large
duties
for
Trading
Department.
Myers
nature
of the United
ex¬
Manager
the Currency but is subject to his
opened
New
Stock
Exchange and
final approval after the
was
The
borr
recommended
from
the
York
has managed trading departments,
received
by
Co., 63
Street,
York
with all types of
shares.
the
Sulli¬
changes,
one
$7,075,980
stock
of
New
security
to
has
bank's
approved
on
a
City, members
of April 30, 1963, to
as
shareholders
adopted
Co., 1 Chase Manhattan Plaza,
leading Exchanges,
1
to
by
Directors
ducts
other
country
evidenced
than $1,850,000.
more
as
To Admit Two
York
this
firm
capital and surplus, will rise from
$1,507,036
ington.
Little progress
short-term
York,
joined
Inc.,
balance
accounts,
fixed
rower,
Island
New
to
Co.,
result of the increase
loans
on
the
and
a
capital
laws
higher
&
and
curity Traders Association of New
by
Security National Bank of Long
ther decline in our
capital
in
partnership.
York
through
the
managed
group
subscribe,
account
crease
Sears
New
term
the. "Street"
van
to
: 1,415,196
Mass.—Draper,
Donald
further rise in foreign-held dol¬
of
purchased
Schapiro
in
former Vice-President of the Se¬
shares
be
Myers, one of the veteran
traders
New York.
common
bers
1963,
Elmer E.
the
on
increase in the bank's capital from
Admit Partner
BOSTON,
four
30,
$5,063,000 and net income
$6,368,385
Draper, Sears To
admit
lar claims. The attraction of short-
A.
special
will
gold stock and
Will
M.
membership
each year that goes by sees a fur¬
9
stock
and
to
problem! and
unsubscribed
underwriting
in the New York Stock Exchange.
but
solving the bal¬
each
June
subscription price
by
and
payments
for
record
of
stock is $28 a share.
All
tal
City, members of the
Exchanges,
for higher interest rates
share
new
held
The
description.
has been made in
of
18.
one
shares
new
is likely to be the
becomes stronger.
ance
of
surplus. As
Brimberg & Co., 60 Broad Street,
prac¬
case
April
Of the net proceeds to the bank,
$707,595 will be credited to capi¬
To Admit Partner
Stock
mar¬
$16,559,000.
rants, will expire July 8, 1963.
Stock
ac¬
Sullivan & Co.
141,519 additional shares at the
Rights
ton
Moving to the short-term
tical
to
by transferable subscription
York
were
capital
Elmer Myers With'
stockholders the right to subscribe
1963.
the
as
accelerates
Security National Bank of Long
is
offering its common
an
by
$276,-"
$489,000.
was
Island
new
address
ended
totaled
To Stockholders
payments
will
ket, however, the logical and
Despite the step-up
demand, there
as
1951-61.
economy's advance
rise
remain
long-term in¬
activity
moderate
narrow
course,
a
during the next two.
very
most
of
policy
during the business
of
able
will,
Long-term rates
unlikely to rise rapidly
are
proportions, the demand for loan¬
funds
give
27
is
capital goods
our
a
business advance of these
capacity
psychology
likely to be pushed
are
to
its
and
aggregated
months
nine
June
there
counts
were
deposits
economy
Short-term rates,
York
economically defensible
with business
end of 1964.
in
total
Operating income for the
rate
New
politically feasible.
a
Long-Term Interest Rates
With
to
New
that
monetary
may
$630 billion rate at the
likely
structural,
is
For these reasons,
ac¬
exceed
doubt
labor and
be neither
quarter. By mid-1964 the economy
and
can
restrictive
will probably be
producing goods
and services at a $615 billion rate
the
closer to
inflation
unem¬
As long as we continue
operate well below potential, a
cut
billion
problem
our
resources.
nor
coming into play, growth will
a
one
our
to
the
tax
when
case
stable,
to be little
seem
an
and
fairly
ening in long-term
output probably reaching a $590
billion annual rate by the
closing
quarter.
In 1964, with the steel
the
was
its
$252,825,000,
1964
unemployment
an
remaining
tification for
national
as
years
and
policy and for inter¬
With
396,000,
Of Long Island
levels.
unusually
holding above 5%
the
Surging GNP Rise in 1964
1963
rapidly with busi¬
as
widespread.
*An
This fact is significant for Fed¬
spend, he will be in the
in
few
large additions to the labor force.
the
rates
range not far distant from present
that
next
the
the bank's total assets
Security Nat. Bk.
a
difficulties.
consumer
satisfactory rate with
rates
and' when
are
the good outlook for
make
desirable.
operating
age
we
are
unlikely to gen¬
sufficiently rapid advance
a
years
market.
a
earlier
of
therefore,
Reserve
and
activity
was-
reaching
The fact is,
offerings
short-term
will not rise
of
million
one
larger
Federal
in
likely
interest
num¬
reaching
1964.
resume
My conclusion is, therefore, that
business
Despite
Given
both
entering
1965, the
early
operations
rise
with
rate
satiated.
the
in 1963.
there
living,
American
In
be
these
erate
until withholding rates
actually reduced—perhaps at
as
will
by
increasing the vol¬
with
further
I
as
chance
number
jump almost
that despite
buying will
come
soon
tremendous
will
age
is little question that the increase
in take-home
pay will be spent
as
1965,
good
a
General Purpose Bonds of the
Commonwealth of Puerto Rico last
Shown (left to right) are: Francis
Bowen, Senior VicePresident of the Government
Development Bank for Puerto Rico:
Mr. Sanchez Vilella and Mr.
Burnett.
month.
outstanding and the
market
was
the
above
full
beginning of 1964—but
has
ber of young people
and
The
..
it
of
coupled
unemploy¬
into
bills
weight
have
small
a
if the business ad¬
even
the labor force.
in, the
of
ness
18
inevitable
open
the
continues
youngsters who
a
year
1964.
consumer
to
be
of
plant and
expenditures
months
first
impact
are
contribute
acceleration
in
I
pace
will
York Trust Company and the
First Boston Corporation, and in¬
cluding Banco Popular de Puerto Rico which marketed $30 million
rise in the
The Treasury is likely to
doing,
the * unemployment
rate
wilUbegin to rise again because
tax cut
influence in
encouraging business
investment, and the actual passage
further
But
believe
important
an
in
its practice of
rapid
of Puerto
discount rate may be deferred for
the immediate future, but it would
ment rate, which may by the end
of next year be reduced to
about
but
in the
vance
tax
the
there
improvement
5%.
The prospect of
already
at
Roberto Sanchez Vilella, Secretary of State of
the Commonwealth
Rico, accepts check June 18 from George E. Barnett, Jr.,
Vice-President, First National City Bank, on behalf of a
banking
group headed by First National
City Bank, Chemical Bank New
more
authorities desired,
provoking political con¬
For these reasons, a
1964, if business activity ad¬
predicted
come.
of
gains
major restric¬
a
monetary
seem
vances
the
year
reductions
of
as
troversy.
labor
improving productivity
effect
feel
discount
by the Fed and would
well as
ume
In
stronger than most people
expect.
has
tax
today,
Problem
that
later this
cut
is
are
good not only
now
impact
will be
and
economy,
it
in the
Persistent Unemployment
coming to realize the serious in¬
jury that excessive taxation has
the
and
where
growth
offset the
businessmen
and*economists and politicians
done
the
output.
the
history, that
more
about
would
the
widespread tightening effect than
unemployment rate will
because
raise
in fact probably have a much
almost
decade earlier.
a
Reserve
to
rate. On the other hand, a rise in
the discount rate would
probably
the
in
1962,
Federal
compelled
during the first
higher than
of Federal funds to hold
other
words, if the bill
rate is to be pushed above its
pres¬
ent level for any period of
time,
with
even
the
reason
a
open
the
principal
that
so
bank
that
U. S. economy
rate
not
By the end of 1963 it is probable
Without
me.
discount
this
argu¬
ject assigned
further rise
a
three-month Treasury
on
Reserve
Unemployment in
double the rate
me
at¬
term
-
bills is already up to the Federal
of 1963 has averaged
the
slightly
take
of
the rate
re¬
expansion
have
I
the United States
-
pros
tax cut would
a
beyond the
which
and
five months
beyond. That issue is the proposed
.
business
a
1963
years
tax cut.
rapid
that
term business outlook and
because
of its implications for the
difficulty in
the
as
short
will
full
unquestionably
most
foreign
that
i
we
ahead in 1964 brings us to what is
the
such
measures
of
impera¬
more
adopt temporary
further rise in the bill rate would
achieve
move
delayed the
in short-term rates is the fact that
inflationary
-
is
One
to
employ credit
an
Finally,
ability to weather
adjustment
next
force.
for
reason
as
the
that there will
so
to
reason
year
unlikely
are
tion
tive it becomes to
United
each
during
appreciably
no
insur¬
the
have
half
a
life
in
prices
and
year
rise
individual
are
companies
ance
Suffolk
and
With Bacon,
adjoining
more
County offices than
any
Suf¬
other
ciated with Bacon, Whipple &
Chase
1
mercial
York
bank
headquartered
on
As of April 30, 1963,
•
George H. Oates has become asso¬
bank and is the third largest com¬
Long Island.
Whipple
Manhattan
City,
surance
Plaza,
as manager,
stock
Co.,
New
of the 'in- *
department.
<
26
The Commercial and Financial Chronicle
(2542)
between central
Economic Framework
ties
is
-
harmonization
trade
Growth
For Long-Term
and
of
potential,
productive
by
wages
be
day's
avoided?
contracted
likelihood
less
to¬
there
structure
wage
much
hourly
20%. Within
some
TSut
of
is
bankers
before."
the
developing in the future.
sequence
Recession?
(4) ' The
of the Civil
19 business
Since the beginning
moved
War there have been
income
contractions in all, varying
People
have
unstable
farm
changed.
out
the
of
position.
employ¬
of
structure
has
ment
higher
much
A
in se¬
verity and in length of time. They
proportion
fall into broad groups.
One group
employed
minor
recessions,
non-farm industries.
of
consists
13
than
less
averaging
Inventory adjust¬
averaging 15%.
ment
istic
of
the
was
The
tions
Declines
business
of
monetary poli¬
our
efficiently administered.
more
is
there
contrac¬
on
books
our
which states that
major ^proportion.
averaged 33%
and
are
(6) For the first time in history
recessions.
minor
six
were
cies
principal character¬
these
other
stronger
national
and sub¬
statute
a
primary aim of
a
policy is to maintain
sustainable level of
a
growth.
for
two to five years.
these
times
dropped and
ditions
The
j Develop
American
had
We have
years.
the strength of these
four
build
1957
re¬
pretty good
we
been of minor degree.
come
of fact
nor"
matter
Industrial
1929.
has
fallen ! 10%
pent
production
instead
•
of
serious business contractions
that
our
strengthened
simply
to
it
that
so
declines?
than
nearer
adjustment?
to
ever
There is
more
are
we
major
a
much
evi¬
has been
economy
ened
that
so
it
to declines.
is
-
;./ :
,
strength¬
resistant
more
■.
;
.
,
The
most
inhibitors
the
are
commonly cited
of
major
so-called
and
izers—social
insurance
stabil¬
i programs,
national fiscal policies which au¬
tomatically become contra-cyclical
through the,, operation of the pro¬
gressive income tax structure, and
the
greater
stable
account in
put.
weight
of
government
But
the
more
expenditure
total national out¬
our
there
have
some
less commonly recognized changes
which
perhaps
deserve
greater-
■
equipment
are
cated.;
with
a
much
Businessmen
?
are
greater volume and
readily available
business
a
sophisti¬
more
they
so
more
of critical
array
statistics,
armed
a
in
are
better position to exercise sound
judgment in business planning.
(2)
sults
Speedier transportation
in
quicker deliveries.
re¬
More
efficient warehousing, quick com*
munications, shorter time in dis¬
tribution and the
production
ability to adjust
schedules
to-week and in
on
some
week-
a
cases
a
day-
to
evidence
the
battle
taxes
the
the
with
torate is
the
that
is
two
ments—-tax
tive bill passed Congress.
encouraged
investment
The bill
through
contingent tax reduction.
time
the
At the
significant develop¬
wages
during
payments.
In
becoming
one
a
short
recession
has
been
tailed.
the
old
turers
throat
costs
In
were
-sharply
days
competition
price
depression
cuts
by
and
investment,
schedules
sensitive
to
recognizing the need for
The
a
by
income,
surely
were
Significance
If
revised, officially
greater
now we
Investors
to
make the assumption
that there will be
no
serious
a
of
annual
potential
rate of
gnp
growth compounded
1909- 1919
2.3%
1920-1939
„
1940-1959
2.8%
3.6%
,
bubble
a
on
•
'
i
1900- 1919
0.8%
1920- 1939
1.6%
2.0%
(4)
imports
nations
facilities
(5)
as
continuing
the
major indus¬
rebuilt
production
devastated by war.
number of
as
,
rapid increase in competi¬
a
new
decline
the
in
households formed
reduced
birth
rate
was
felt;
depression 1930s
the
of
potential
(6)
and
defense
our
strong
reduction
expenditures
Eisenhower
a
sharp
a
production
Tangible
efficiency
hours
capital
economic
potential
the
turn
the
post-
'productivity trends in the u. s. "
-
kendrick
'potential economic growth in the u. s. "
the
were
keystone custodian
makings
-
joint economic committee
funds, inc.
serious business decline. In¬
a
we
more
than
of,
been
experienced.
growth.
has
annual
rate
3
%%
our
have
CHART
because
to
instead
pre-
rate. In actual
slower rate represents
accomplishment
at
even
a
in
a
remark¬
view
of
confluence of adverse factors
which
took
period.
!
H
our
2.6%
a
the
of
fact, continued growth,
able
in
Elections
declined
annual
nothing
down
lost
and
won
1957
slow
a
growth
place.
during
.
that
NATIONA
DOW JONES
WEALTH
INDEk
(billions
(dollars
DOW-JONES
-•2.000
record
gives strong
hope that the strength¬
ened institutions which have been
for
built
into
years
INDUSTRIAL AVERAGE
1897
The
basis
-
1962
greatly improve the chances
of
total
Administration made
effort to
stead
the
qross
man
force
Korean tide.
of
potential
labor
in
as
our
avoiding
a
economy
THE
KEYSTONE
COMPANY
..
SOSTON
the
over
business
major and extensive
to
contraction.
what
all
Now
this,
let's
means
to
Near-Term Depressants and
Their Offsets
The
principal current contribu¬
tions to worry about the
possibility
of a major business contraction
centered
in
the
balance
of
payments and in the future of the
building industry. The balance of
payments situation is serious and
its solution will
require skill
avera jE advance
dates
1/3/1900
-
average
durat on*
durat'on*
-
patience. More particularly
wage
tinuing high degree of cooperation
a con¬
declip e
%
12/81/1959
and
cycle
%
12/31/1919
1/2/1920- 12/31/1939
1/2/1940
is
char¬
business contraction looks bright.
the Internal Revenue Service's tax
so jrcei
saw
followed
reducing
cuts.
wage
market
inadequate depre¬
is
1940- 1959
are
cur¬
manufac¬
able to engage in cut
through
1929-1932
of
business
which
acterized by shortages of
savings,
of
balance
world
big
levels in most of
a
the
In Billions of 1954 Dollars
ex¬
na¬
if not all of
some
about
worry
investors.
a good many
other industries fixed under union
contracts lasting up to three
years,
management's
latitude
to
cut
a
CHART I
boom in plant
a
expenditures
crisis;
minimum.
wage
and
tional policy aimed at accelerating
had
and
to
;
ciation allowances permitted under
industry
Suez
turn
(3) With
related
the prospect of avoiding a major
same
this
the boom through the short-lived
to-day basis make it possible to
keep inventory imbalances to a
manufacturing and
rate
annual
reduction
growth—offset
the tax incen¬
the
directly
the
as
elec¬
vigor of investment.
These
bill
the
in many analyses of the economics
growth
year a
a
profit
popular outcry in
no
growth,
long-term investor is the
an
accepting the fact, shown
of
greater significance
spectacle' of
recommending
Apparently
press.
of
against
change
a
substantial cut in corporate
strong
a
of
attitude, there is the
unusual
and
investment,
more
be
national
period
1955
(3) the creation of
rate
niques
likely
future
so
further
in
productive efficiency
credit.
(1) Business management tech¬
the
in,.production
up
Surely here
been
the
tending through 1956;
depressions
built-in
in
financing available,
cut
tax
significant stimu¬
popularly known
whole. This picture has
changed. There is plenty of
As
change in national attitude toward
with
as a
balanced
ade¬
more
ACTUAL
build
trial
new
construction
stimulated
through
ef¬
encourages
quate internally generated funds.
capital investment. Last
money
e,
investment
major business contraction.
to
available.
easier
n
saving and
GROSS NATIONAL PRODUCT
credit'in
tion from
%
1 i
e c
a
savings,
Of perhaps
periods of general busi¬
>(2) the installation of too much
,,-s -
.f
,
Anti-Depression Safeguards
L
d
ness
tax
and
too
need to satisfy
a
capacity through
dence to support the position that
our
in
a
This
cently) the industry has suffered;
been
is
Or
Thus
not
fects
obsolescence.
view
in
costs
major
a
We
of
end
a
up
was
faster
allowances
replacement
automobiles5 from which (until re¬
•
resistant
money
excessive easing of in¬
an
huge
mean
has
economy
gage
higher
POTENTIAL
(1)
(10.months),1 Doss
same
fur¬
housing kept activity high, hin¬
dered only at times when mort¬
came:
stallment
quarter century of freedom from
a
pent
time within
well
managed
contribution in
contra-cyclical
demand for
strong
of
'
demand. Following this,
up
there
15%,
although the average duration has
been the
the
characterized by
they have been more "mi¬
those experienced be¬
than
fore
a
The
force.
certain, but
consumption, thus making
recessions
has
skillfully
to
some
year.-A
would afford
not
lus
industry
effective
next
and
that by
for
contraction.
to
can
we
case
ripe
were
business
a
institutional
hindsight
By
a
cessions since 1938 which have all
As
postwar
building
mortgage
have under-estimated
may
has- changes.
economy
been spared such trying times for
25
We
.
highly unsettled.
were
the
the
corpo¬
likely that it will be¬
appears
the
:
now
Why 1957 Depression Did Not
prices
market con¬
money
During
>
cut both for
that
depreciation
rather
it
situa¬
is
worrisome,
hope.;,
be
First and most
likelihood
Thursday, June 20, 1963
Administration
come
measure
omy
During
and
wages
while
•
will
the
these
.
timing and the nature of changes
consequent benefits to the econ¬
sequent periods of depression ran
on
tion,
without
is
against
.
in the tax laws is not
have
structure. -This
weighed
,
which
factors
some
as
.
rations and individuals. The exact
ill-advised
/considerable
a
taxes
central
together
and
be
obvious
weir schooled in
of
are
pre-war.
term worries.
near
a
out¬
stability into the international
nished
institutions
v
monetary
is
non-manufacturing,
in
Banking
(5)
declines
with--production
length
in
year
one
population
oUr
of
brought
of
are
should
through c this
been
consequences
similar
a
They
with
up
eventual
world's
the
have
measures,
Serious
Can We Avoid a
come
the
of
case
There
No
conditions
business
the
was
international
of
has
prediction
come.
which
cuts
3
Continued from page
with
together
monetary policies.
yet
one
general
banking authori¬
needed,
.
astbdyofsav
keys|tone
cust^
tng in the u. s. vol. j
oian
funds,
inc.
de-
Volume
197
Number 6274
The Commercial and Financial Chronicle
(2543),
t
pression, what does all this
to
the
investor?
Take
mean
look
a
per year
at
of
this picture.
measured
The
of
by
solid
the
of
20-year
shows
jme
same
this
of
Conclusion
economy
to grow, and security prices will
Unlike
mirror this growth.- This
Chart
I,
the
effect
our
economic
on
growth.
accounts
for,
assump-
tion'forms the framework for
o£
effective
though therer
the
an
Investment
may
slow-down
policy. Al- -;
be short periods J
during the.period 1920- in the future when preservation^
when prices dropped 30 %V-of capital becomes the important
1940,
Earlier
we
explored
tional
changes
which
will
our
militate
investment objective, loss of
institu-
some
in
chasing
economy
pur- •;
power continues to be the
happening again,
principal^ investment risk. The,
best hedge against such a risk in
although
any personal financial program
rent
about
there
and
one
averaging
declines
this
-
long-term
direction
18-29
been
extent
a
stock
economic
growth
prices.
With
£hr,Ts?n a?d
Manitoba. June
look
a
record
ahead.
Joint Economic
of
prices let's
Based
on
the
;
A
Committee's staff
e
rate
pounded
(shown
of
4%
per
year
heavy black lme
#
(In
nPnlTiPlnciQ
PHILADELPHIA,
Pa.
Auchin-
2 Penn
center
in
—
cioss> parker & Redpath,
com-
oyer the next 20 years
the
m
Ltd" WinniPes>
^U^AAAAAU^b
anticipate economic
(without price inflation)
growth
19b3.
Ay -i
t
•
JN 6 IS Oil J 0111S
paper, we can
a
19,
and^.'.
'
,
this
of
the
Exchange
and
New
Chart III).
Plaza,
York
members
stock
Keeping this in mind
let's examine the paths that stock
take
in
the
future
h angep,
Of
the
line
marked
inflation.
and
as
record
1979.
the
This
of
the
tjiewould
last 30
it
has
past
1,200 in
rate
plus72% infla¬
prices averaging 2%
This gives results
very
projected
trend
of
rise
a
Redpath, Mr. Nelson
of the Bond
per
the
Kerner,
with
30
Rambo,
C
ing
portrays the central
growth rate followed by the market during the past 15 years
(10%
n
D.
Barell,
New
TTiiicnn
Ellison,
York,
President
National
the
Incorporated,
Investment
Vernon,
tion and the
Philadel¬
is
York
Municipal Bond Club
now
to
and
associated
their
Philadelphia
office
registered representative.
CHART
with
as
a
a
nounced
be
Chemical
welcomed
these
in
of
services
available
larger bank will bring
benefits
to
the
bank¬
Mr. Ellison
joining forces with
Chemical
convinced
through Kidder, Peabody & Co.
Inc., New York, is the first long-
interests
be
As
the
of
served
Dec.
but
years,
that
the
term
customers
our
by making avail-
facilities
of
speVjrum.of
offered
be
added
eral
1982,' the' First
$3,316,000.
Under
proposed arrangement, its
holders
would
receive
the
stock-
New
man
York
D.
Trust
115,000
Company.
the
Nor¬
31,
National
1962, had
$36,182,000
and
PliPininnl
Chemical
IVpw
New
Vnrlr
York.
0f
2000
New
system
the
is
of
one
electronic
and
ranging
from
appliances
consumer
tronic gear.
hydro¬
installations
power
to
elec¬
and
,
E. F. Fox & Co.
of
-L
A
A.
Admit"
111 £1TY1Q
VV llllU/illu
li.U.Illll'
v/
become
On July 1, Theodore
combined
member
already
the
of
S'. Williams,
York
New
Exchange, will become
Stock
in
of
-
will
these
increase
York's
branch
D.
Fox
New York
office
West-
partner
the Exchange member firm of
E.
two
Chem¬
offices in
by four
.
Electric
electrical
electric
existing Brooklyn Advisory Board.
acquisitions
the
*
are
Nnf
Nat
would
of
aver-
over
as
funds
member of its
a
used
deposits of
capital
President,
$41,000,000
equipment,
Ellison, President, would
Bensonhurst
Dec.
gen-
be
leading Japanese manufactur-
ers
become Vice-President and Chair¬
man of the Mt. Vernon
Advisory
at
about
Mitsubishi
shares of stock in Chemical Bank
ical
2000
to
past three years.
of
Consummation
3000
company's
funds
for the financing of its capital ex-
"
3000
the
funds
.4000
4000
to
corporate
aged
bank and
AND
company-
pansion program which has
Vice-President
COMMON STOCK PRICES
the
deposits of $51,062,000 and capital
nf
of
5000
by
Proceeds of the .borrowing will
by
York."
31,
financing
outside of Japan.
National Bank of Mt. Vernon had
Barell,
ECONOMIC GROWTH POTENTIAL
of
$13,500,000
convertible debentures, due
scheduled to receive 83,333 shares
5000
pri-
1978, with institutional investors.
placement, which was made
that,
$3,034,000 and its stockholders
(II
of
an-
placed
over
Board.
said, "The prospect
issue
an
Corp. has
has
well
Chemical New
are
New
it
now
banking
are
we
61/2%
able to them the wide
Bensonhurst
where
vately
Electric
that
are
best
Mt*
of
ing public."
of
Mc-
area
served by
the
to
that
substantial
a
our .Mitsubishi
F.
commented
.
its
residents
Bank-
Barell
.
This
will
fully represented. We
range
through
Vernon
•
FriVate FlaCemeilt
we
of
communities, and that the broad¬
ened
-r^
confident
are
"Bensonhurst National has served
the
of
Bank
now
Brooklyn
will
Chairman,
Mr.
and
the
NationaI
convinced
Associa¬
Philadelphia.
Farmer
of
not now
member of
a
Traders
services
First
area
phia. Mr. Nelson is
of
our
we
pn+hiKsinctin simnnrt"
enthusiastic support."
opportunity of offer-
of the communities
&
years—1,200 in 1970, and 2,200 in
Auchincloss, Parker & Redpath
1979.
:
H also announced that Roderick C.
Line
Vernon,
A.
ward to the
Man¬
Close
late
Mr. Helm stated, "We look for-
Parker
was
of
three-way consolidation.
^U1
year.
past
Mt.
City and
in accord with the thinking of
by
Brooklyn, announced plans for
Department in
w "1C
associated
the
close to the
made
Chairman
wnrman
Norman
Bensonhurst
1970, and .the Philadelphia office of Fahnestock & Co. and prior to that was
tion" makes ^allowance for
in
of
Nat
Auchin-
closs,
&
heavy broken line, marked
growth
in
Before join¬
years. Projected ahead, «s^i
2,100 in 1979.
The
"4%
growing in
York
Mif QllhlQ
1VL1L0U.U10111 XJIC/L/LI lv>
of New
Bank New York Trust Clellan, and would have had his
Company,
fir m's
ing
Walter G. Nelson*
ager
cross
pass
been
Helm,
office.
Line B shows the rate at which
market
statements
H.
natural extensions
that the proposed consolidation is
President of First National Bank
Philadelphia
60 years shown in line A.
the
j0int
Harold
Munici¬
Depb
pal
1,000 in 1970
see,'is remarkably close tc
projected
In
i
vania
allowance for price
crosses
G.
as
e
"4%- growtl"
it crosses 1,500 in
you
the
no
It
Plans Expansion
thailp^er
Chemical
Pennsyl- pnrnnanv
1970, to 1,400 by 1979.
The
Walter
Nelson
it will carry the
average to 950 bj
rate" makes
resent
appointment
market values have been
growing
during this century. If continuec
New York is most
pleasing to us.
Mt. Vernon and its environs rep-
leading
announce
Line A shows the rate at whicl
„
(ynOTTIlG^l N^'-Y
Aeacling ^IlCIllAUXl IN . X .
th
oiner
e
xc
prices might
Officials of the Nippon Express Company,
Ltd., largest Japanese freight transportation company,
Merrill Lynch, Pierce, Fenner & Smith
Inc., and Nikko Securities Company, Ltd. are shown at
the closing of Nippon Express' first U. S.
issue. Left to right are: Winthrop C. Lenz, Vice-Presi¬
dent and Director of Merrill
Lynch, Pierce, Fenner & Smith Inc.; Toshiyuki Fukushima, President,
Nippon Express Company, Ltd.; Takeo
Nishimura, Vice-President, Nippon Express Company, Ltd.;
and Naomichi Toyama, Senior
Managing Director, Nikko Securities Company, Ltd.
Placed privately with a
group of institutional investors, the issue consists of SI5 million of
6U>% convertible debentures due September 30, 1978. The issue marks the first
private placement
from Japan in which a Japanese
securities house here has participated as
agent.
Nippon Express is the dominant firm in J pan in the field of
freight transportation and
trucking.' The company will use proceeds from the sale of the
debentures toward the financing
of its capital expenditures.
The debentures will be convertible at their
principal amount into
Nippon Express common stock at any time prior to retirement
date.
by Mr. Ferretu be(ore lhe
Investors' Seminar Sponsored by Nesbiit,
„
in
common
~A7address
of
1
changes
-
is
stocks.
consistency
and
generous weighting of
a
averaging
year, there has
Significant
the
against
On the record,
have been recur-
advances
months
take
Japanese Transport Issue
unlikely,
of the United States will continue
price -change's
in
Close
the
course
includes
This
out
There's the record. The
periods.
the
steam
prices, treated in
stock
way.
one
rate is
connecting the ter-
points
common
compounded). With much
postwar
economy continued growth at this
The broken line in Chart II
portrays the course of national wealth
mijnal
the
27
J
&
Co.,
City;
61
a
Broadway,
-
#
J
.
83^,fS££W; Gawuliahtel-.
•
XeTman area t0121 banking To Admit Fluitt
The
acquisitions
subject
1000
to
the
stockholders
of
1000
are,
of course,-
approval
both
of
First
the
Na¬
tional of Mt, Vernon and Benson¬
hurst
the
National,
approval
tendent
New
of
and
York
the
of
Banks
and
also
of
Superin¬
the
the
require
State
Board
_
_
,
_
_
way,
10A
^
the New York Stock
July
to
1
I
New York City, members of
1
will
Exchange,
on
admit Lvle E. Fluitt
partnership in the firm.
of
of
Governors of the Federal Reserve
System.
.
^
Garvin, Bantel & Co.,
Paine, Webber To
VA'A;.
Admit Partner
DOW
JONES INDUSTRIAL
JAN.
1960
-
JAN. 1960
-
LINE
•
«
JULY
Riecke OpGHS Office
AVERAGE
1962
B
,
"
•
»
"
•'
«
"30"
15
SOURCES:
"
"POTENTIAL ECONOMIC GROWTH
JOINT
1960
1963
1965
1967
1969
1971
1973
'1975
in
conducting
from
IN
THE
U.
He
FUNDs!
offices
a
at
securities business
146
Tenth
Street.
S.
ECONOMIC COMMITTEE
KEYSTONE CUSTODIAN
will
is
A-CENTRAL GROWTH RATE LAST 60 YEARS
C
Effective July l, David L. Godvin
AVALON, N. J.—Henry A. Riecke
1979
was
formerly President of H.
be
admitted
to
partnership
Paine, Webber, Jackson & Cur¬
tis,
25
City,
Broad
Street,
New
York
members of the New York
INC.-
1977
A. Riecke & Co., Inc. of Philadel¬
1979
Stock
phia.
Exchanges.
Exchange and other leading
28
Commercial Financial Chronicle
and
The
(2544)
American Annuity Life
Registration statements filed with
SEC since the last issue of the "Chron¬
NOTE
the
icle"
—
carried separately at the end
now
are
"Securities Now in Registra¬
of this section
tion." Dates shown in
the
company's
flect the
parenthesis alongside
and in the index, re¬
name,
expectations of the underwriter but
under, the
shown
Also
caption " "Effective
those issues which became
effective this week-and were offered pub¬
Registrations"
be
to
Lansing,
American
Address—807
vestment.
Mich.
Bank
Underwriter—First of
Trust
&
Michigan
are
—None.
•'
facture
Acme Visible
(6/24-28)
Records, Inc.
May 21, 1963 filed 150,000 common, of which 57,445 will
be sold for company and 92,555 for certain stockholders.
Price—By amendment (max. $20). Business—Manufac¬
ture of office filing equipment, and business forms. Pro¬
ceeds
To repurchase outstanding warrants, for con¬
struction and other corporate purposes. Address—Crozet,
Va. Underwriter—Smith, Barney & Conine., New York.
—
Airway Hotels, Inc.
April 1, 1963 filed 200,000 common. Price—$5. Business
—Company owns and operates a chain of motor hotels,
apartment buildings and a shopping center. Proceeds—
For loan repayment,
expansion and other corporate
purposes. Office — 901 Fuhrmann Blvd., Buffalo, N. Y.
Underwriter—None.
Alaska Power & Telephone Co.
April 1, 1963 filed $600,000 of 6% subordinated deben¬
tures due 1978, 240,000 common, and 10-year warrants
to purchase an additional 180,000 common. The securi¬
ties will be offered in 600 units each consisting of one
$1,000 debenture, 400 common, and 300 warrants. Regis¬
tration
also
covers
an
additional
92,500 outstanding
common. Price — By amendment. Business — Company
furnishes electricity and telephone service to Alaskan
communities of Craig, Skagway, and Tok, and supplies
electricity to Seldovia. Proceeds—For debt repayment,
construction and working chpital. Address—Fifth Ave.,
Skagway, Alaska. Underwriter—Jay W. Kaufman & Co.,
New York.
•
share.
Price—By amendment. Business—Mortgage
banking, real estate development, and sale of insurance.
Proceeds
For debt
repayment, land development, and
working capital. Office.— 3756.Lamar Ave., Memphis,
—
Tenn.
Underwriter—-To be named. Note—This registra¬
tion was withdrawn.
'
7
■"/ ■ /■■//
••
All-State Properties, Inc.
April 24,
1962 filed
tures due 1977.
$5,000,000
emphasis
of
Price—At par.
conv,
subord. deben¬
Business—Company and
general real estate business with
a
land
in
development and home construction
Fla., Md., N. Y., and Ky. Proceeds—For repayment
of
debt.
To
be
on
Office—230
Park
named.
.
Ave., N." Y.
Underwriters—
Amerel Mining Co. Ltd.
July 31, 1961 filed 400,000 common shares. Price—500.
Business—The company is engaged in
exploration, de¬
velopment and mining. Proceeds—For diamond drilling,
construction, exploration and general corporate ex¬
Office—80 Richmond St., W., Toronto.
writer—E. A. Manning, Ltd., Toronto.
penses.
—Alex.
•
Under¬
in
•
Management Co.
• Clark Cable
Corp.
April 25, 1963 filed 121,915 common. Price—By amend¬
ment (max. $6). Business — Manufacture and develop¬
ment of electronic, electrical, and mechanical systems
and components; also wholesale distribution of electri¬
cal components.
Proceeds -- For selling stockholders.
Office—3184 W. 32nd St., Cleveland. Underwriter—Ful¬
ton^ Reid & Co., Inc., Cleveland. Offering—Indefinite.
Automatique, lnc. (6/24-28)
April 26, 1963 filed 254,975 common, of which 185,000
are to behold by company and 69,975 by certain stock¬
holders. Price—By amendment (max. $8.25). Business—
Company, through subsidiaries and joint ventures, is
engaged in the general vending and food service busi¬
ness. Proceeds
For acquisitions, debt repayment, and
other corporate purposes. Office — 2540 West Pennway,
Kansas City, Mo. Underwriters—Kidder, Peabody & Co.,
Inc., New York, and Barret, Fitch, North & Co., Inc.,
Kansas City. ://;;//:/r//'
.
—
Bard
(C. R.)
/
(6/24-28)
Inc.
May 21, 1963 filed 204,095 capital shares.
Price
—
By
•
Coburn Credit Co., Inc.
(6/20)
May 20, 1963 filed $4,000,000 of convertible subordinated
debentures due 1978 to be offered for subscription by
common stockholders
of record June 20, 1983.
Rights
will expire, July^5. Price — At par.
Business — A con¬
amendment (max. $17). Business—Design, packaging and
sale of hospital and surgical supplies. Proceeds —For
selling stockholders.
Office—731 Central Ave., Murray
Hill, N. J. Underwriters—Kidder, Peabody & Co., Inc.,
& Simmons, Chicago.
New York and Blunt Ellis
finance company. Proceeds—For debt repayment,
working capital, acquisition of instalment contracts, and
Bay State Exchange Fund, Inc.
1963 filed 10,000 $1 par capital
May 29,
shares to be
offered in exchange for certain acceptable securities on
the basis of one share for each $25 of deposited securi¬
ties.'Exchange is believed by counsel for'the Fund to
be tax-free for Federal income tax purposes. Business—
A
closed-end investment company seeking long-term
growth of capital and income. Proceeds — For invest¬
ment. Office—35 Congress St., Boston. Underwriter—
Kidder, Peabody & Co., New York. Note—The exehange
will not be consummated unless $25,000,000 of securi¬
ties are deposited and accepted. This means that the
Fund expects to issue a minimum of 1,000,000 capital
shares. Offering—Expected in late July.
•
Brentwood
Financial
Corp.
(6/25)
other corporate purposes. Office—53 N. Park Ave., Rock-
ville
Centre, N„ Y. Underwriter—New York Hanseatic
Corp., New York./ ''•• '/;.
Colorado Imperial Mining Co.
Sept.
and
acts
as
trustee
operating
deed
Jnc>
1942
Direct Wires
--;,/// w/;/.c
Life
;; /v//-:-.'-; >/.://./
Insurance
i
/
of Missouri
Co.
26, 1962 ("Reg. A") 46,000 common to be offered
subscription by stockholders on the basis of one share
for each 3.36 common shares held. Price—At-the-market.
Business—Sale of health, accident, life and hospital in¬
surance.
Proceeds—For working capital.
Office-r-3570
Lindell
Blvd., St. Louis. Underwriter—Edward D. Jones
Co., St. Louis. Offering—Indefinite.
&
Common Market Fund, Inc.
March
se¬
7, 1963 filed 2,000,000 capital shares. Price—Net
plus 8.5%. Business—A new mutual fund
specializing in securities of foreign and American com¬
panies operating in the European
Common Market.
value
asset
Proceeds—For
investment. Officer—9465 Wilshire Blvd.,
Beverly Hills/Calif. Underwriter—Kennedy,. Cabot &
Co. (same address). Offering—Indefinite.
Inc. (7/15-19)
May 10,. 1962 filed 100,000 common. Price—$5. Business
—Company was formed to own and operate a country
club and golf course, swimming pool and cabana club,
near
Cape Canaveral, Fla., and develop real estate,
Community Health Associations, Inc.
April
12,
1963
filed
150,000 common, of which 100,000
by company and 50,000 by Harry E.
Wilson, President. Price—$15. Business—Sale of hospital
and surgical insurance contracts. Proceeds-—For invest¬
ment,.-sales promotion, and other corporate purposes.
to
are
homes, apartment houses, motels, etc.
be
offered
Office—4000 Aurora Ave., Seattle, Wash. Underwriter—
None.
Consolidated Oil & Gas, Inc.
April 18, 1963 ("Reg. A") 100,000 capital shares. Price
—$3.
Business—Co. plans to keep an electronic filing
system of skills for employment of members. Proceeds—
Feb. 28, 1963 filed $2,432,500 of 6% sinking fund deben¬
tures due 1975 (with warrants) being offered for sub¬
scription by
equipment, inventory, research and working capi¬
of
Hospitality Services, Inc.
14, 1962 filed $500,000 of 8% debentures due 1969
($1,000).
Business—Company/plans
TWX: 212-5714)320
to
„
Philadelphia
for
stockholders
each
on
shares
500
the basis
held
of
of $500
record
May
Busi¬
ness—Company is engaged in the acquisition of oil and
gas leaseholds. Proceeds—For note repayment and work¬
Castle
par ?
common
debentures
24.
Rights will expire June 28.
ing capital. Address
—
Price—At
par.
4150 East Mexico Ave., Denver.
Underwriter—None.
to
corporate purposes. Office—1068 S. Ocean Blvd., Pompano Beach, Fla.
Underwriter—None.
Continental Reserve Corp.
May 13, 1963 filed 45,000 class B common. Price — $40.
Business
Company plans to acquire, organize, and
manage life, accident and health-insurance concerns.
•
Proceeds
.
Chemarr Corp.
(7/1-5)
y
1962 filed $150,000 of 6%
debentures
due
1973
and
—
30,000
common
shares 'to
For investment
Defenders
be
Jan. 30,
consisting of one $10 debenture and two
common.
Price—$12 per unit. Business—Production and
sale of chemicals designed to control odors, bacterial
growth and air pollutants; and development, produc¬
tion and sale of an electronic vaporizing unit for dis¬
pensing such chemicals. Proceeds—For debt repayment,,
equipment, sales promotion and working capital. Office
—221 N. La'Salle St;, Chicago, Underwriter—Price In¬
—
East 40th St.,
subordinated income
offered in units
R.J.HENDERSON & CO., INC., Los Angeles
WOODCOCK, MOVER, FRICKE & FRENCH, INC.,
expenses.
for
Canaveral Hills Enterprises,
Dec. 28,
Broadway, New York 6, N. Y.
^
200,000 common. Price—$1. Busi¬
Proceeds—For exploration and
Office—Creede, Colo. Underwriter
mining.
Nov.
curing loans made by the association. Proceeds — For
selling stockholders. Office—12001 San Vincente Blvd.,
Los Angeles.
Underwriter—Hayden, Stone & Co., Inc.,
New York.
'
1
•
filed
Commercial
•
under trust
1962
—None.
May 17, 1963 fiied 100,000 common. Price—By amend¬
ment (max. $15). Business—Company owns all of the
outstanding stock of Brentwood Savings & Loan Asso¬
ciation. It also conducts an escrow business; an insur¬
agency,
20,
ness—General
furnish
Members of New York Security Dealers Association
Dlgby 4-2370
Coastal
Acceptance Corp.
June 3, 1963 ("Reg. A") $250,000 of 6%% subordinated
notes due 1973. Price—At par. Business—A small loan
company. Proceeds—For debt repayment. Office —; 36
Lowell St., Manchester, N. H. Underwriter—Shontell &
Varick, Manchester, N. H.
offer management and consultant services to motels and
them with equipment.
Proceeds—For general
QUOTED
Banks, Brokers, Institutions
19ulneu S$. SIE GEE V
39
St., Hialeah, Fla.
Lynch, Pierce, Fenner 8& Smith Inc., New York.
•
Price—At
ESTABLISHED
(6/26)
writer—None.
Dec.
°
Baltimore.
and construction. Office—955 East 25th
nite.
-
Sons.
Underwriters—Kidder, Peabody & Co., Inc., and Merrill
•
SOLD
&
and advances to sub¬
sidiaries. Office—112 California Ave., Reno, Nev. Under¬
investment,
repayment,
tal. Address—Route 206 Center, Princeton, N. J. Under¬
writer
Chase Securities Corp., N. Y. Offering—Indefi¬
di
-
Brown
City Gas Co. of Florida
For
specializing in
BOUGHT
York
/
29, 1963 filed 84,000 common. Price—By amend¬
(max. $25). Business—Company and subsidiaries
distribute natural gas and liquefied petroleum gas to
three counties in Florida. Proceeds—For loan repayment
—
for
;
May
Career-Ways Systems, Inc.
over-the-counter securities
•
:
ment
Proceeds—
expansion. Office—309 Ainsley
Bldg., Miami, Fla. Underwriter—Willis E. Burnside &
Co., Inc., New York.
•
New
of
•//•/filed 40,000 capital shares to be offered
subscription by stockholders on the basis of two
new shares for each three held. Price—By amendment
(max.. $26). Business—Writing of life, accident, health
and disability insurance, and annuities/Proceeds—For
expansion. Office—444 Madison Ave., N. Y. Underwriter
For debt repayment and
•
Co.
Insurance
for
28, 1963 filed $1,500,000 of 6% conv. subord. de¬
due 1978. Price—At par. Business—A holding
company for two insurance subsidiaries. Proceeds—For
erect
^
Life
Securities
March 26/1963
^5¥'
bentures
ance
*
..
manu¬
sumer
Mortgage & Development Co., Inc.
Jan. 28. 1963, filed $2,000,000 of 6% subordinated sink¬
ing fund debentures due 1973 (with warrants) and 100,000 common, to be offered in unite joLone $20 .debenture
(with a warrant to purchase two shares) and one com¬
subsidiaries conduct
and
Underwriter—Clayton
Offering—Indefinite.
(6 24-28)
,:/
March
Offering—Indefinite.
Allied
mon
Business—Design
:
Expected in July.
loan
Price—$5.
women's, misses' and junior sportswear, co¬
Citadel
investments.
Atlantis International Corp.
April 30, 1963 filed 100,000 comhion. Price—$4. Business
—A real estate development company. Proceeds—For
debt repayment, property
improvement, and working
capital. Office—700 Park Ave., Plainfield, N. J. Under¬
writer— S. Schramm & Co., Inc., New York. Offering—
Atlas
of
of which
common,
be offered by the company and 75,000 by
St.,; Hollywood, Fla.
Corp.; Boston, Mass.
,
licly./
are to
stockholders.
Salisbury St., Raleigh, N. C. Underwriter
^■'
Industries, Inc.
filed 300,000 class A
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
Proceeds —For
company.
formerly
New York. Note—This company
Electronics Corp.
1961
Corp.,
10/ 1963 - filed 31,070 common to be offered for
subscription by stockholders on the basis of one share
Price—$18, Business—A mort¬
insurance
29,
225,000
American Mortgage Insurance Co.
gage
ISSUE
Chemair
Bldg.,
Jan.
Office—300 St.
REVISED
Chestnut Hill
Nov.
Detroit. Offering—Indefinite.
/
ADDITIONS
PREVIOUS
ITEMS
•
named
was
Thursday, June 20, 1963
.
SINCE
vesting Co.,
offered
for each five shares held.
not, in general, firm offering dates.
are
Insurance Co.
29, 1963 filed 154,000
common, of which 125,000
by company and 29,000 by certain
stockholders. Price—By amendment (max. $7). Business
—Writing of ordinary life insurance. Proceeds—For in¬
are
.
* INDICATES
Securities Now in Registration
March
.
ness
—
subsidiaries. Office—114
Insurance Co-»-'i
1963 filed 100,000
common. Price—$12.50. Busi¬
Company plans to write automobile insurance
Proceeds—For
general
Old Country Rd.,
corporate
purposes*-
Office—146
Mineola, N. Y. Underwriter—None.
Deuterium Corp.
Sept.. 28, 1962 filed 120,000
•
in
New York. Underwriter—None.
common
with attached
war-
rants to purchase an additional 120,000 shares to be ofered for subscription by holders of its stock and deben-
Volume
191
Number 6274
.
.
The Commercial and Financial Chronicle
.
(2545)
units
in
tures
(of
share and
one warrant)
on the
prior preferred share held
preferred A stock held and 40
one
basis of 3 units for each 5%
unit
one
each
for
5%
Dynapower Systems Corp.
"
Sept. 28, 1962 filed 750,000 common.;'Price—$1
ness—Manufacture
of
electro-mechanical
Busi- V
vehicles
and
Corp.
13, 1962 filed 77,050 common. Price—By amend¬
ment (max. $lJU75).f Business—A real estate investment
company. Proceeds—For investment. Office—8397 N. E
Second Ave., Miami,1 Fla. Underwriter—None.
Lime &
Dixie
Stone Co.
Sept. 27, 1962 filed 100,000 common. Price—By amend¬
ment
(max. $6.75).
Business—Mining and processing
of crushed
granite, lime rock, and agricultural limestone.
Proceeds—For loan " repayment,
and working capital.
Office—11 N. Main St., Ocala, Fla. Underwriter—Courts
& Co.; Atlanta, Ga. Note — This registration will be
—For
withdrawn.
Doman
Helicopters, Inc.
19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
April
shares for each three held.
Price—By amendment (max.
$1.25).
Business—Research, development and construc¬
tion
experimental helicopters. Proceeds—To obtain
of models, train service personnel, repay
of
certification
debt, etc.
Address—Municipal Airport, Danbury, Conn.
Underwriter—None.
order
Note—The
SEC
has
issued
suspending this registration statement.
stop
a
Dri-Zit
Corp.
May 29, 1963 ("Reg. A")
115,056 common. Price—$2.50.
(a home product used
moisture); a cleaner for oven and
Business—Manufacturer of dri-zit
to
Odors
absorb
and
barbeque grills; and
a diaper garment for infants. Pro¬
expansion, inventory and debt repayment.
Office—2 Ryland St., Reno, Nev
Underwriter — First
Nevada Securities Corp., Reno, Nev.
ceeds
For
—
:
;
20
writer—Bristol
to
Securities
Bristol
t
Yort.
New
Inc.
amendment
(max.
(C.
(Kidder,
of
Barney
&
Co.,
150,000
shares
Japan
Common
.—_—rr—
R.)
Inc
Peabody
Capital
&
Inc.
Co.,
&
and
&
(Boettcher
&
Fund,
Blunt.Ellis
Sons)
Northwest
Co.
J.
and
&
Mil
Shares
.Northwestern
Securities,
Life
Inc.)
(Alester
(Lehman
$315,000
,
Uris
Life Insur.
Brothers)
004,867
Co
on
page 30
&
Co.,
Inc.)
&
Co., Inc.)
Witter
&
Co.)
—_
(Putnam
&
&
Co.)
(Amsbary,.
(Hayden,
Stone
&
.
■
i.V'Yv:-
Livestock
(Hemphill,
Noyes
(Bids
(Bids
(Bids
12
EDST)
Gas
a.m.
Milan
(City
July 31
.......Common
50,000
11
"Sierra
Bonds
Co.)' 50,000
&
Co.)
to
to
...Common
!
&
Co.,
Inc.)
173,433
Lightcraft-General
Electronic
Transmission
(Dillon, Read & Co.,
G.
A.
.Common
125,000 shares
Canaveral
EDST)
a.m.
to
June 27
11
a.m.
EDST)
(Thursday)
August 8
—Common
&
Co.)
$1,000,000
11
12
noon
Lord
;
ZZZ',;.
..Bonds
Hills
12
September 5
S.
Iowa
Public
Chemair
(Monday)
'
Jim's
*"
E.
Corp.-;
Y""Z* (Price'Investing
_—
Z
i
_
__
u.
^
Co.)- $180,000
Bond*
$45,000,000
RR.__
Equip. Trust Ctfs,
CDST)
$3,900,000
(Thursday)
to
be
Co...
Bonds
received)
$12,000,000
......Common
&
Co.,
&
Inc.)
35,000
Inc.)
Co.,
$20,000,000 Z Z/
-vZ
shares
^
-
.Bonds
September 24 (Tuesday)
Northern States Power Co. (Minn.)
'
(Bids 11
October 1
_.::...Common
underwriting)
a.m.
.Bonds
EDST) $15,000,000
(Tuesday)
Chicago Burlington & Quincy RR...Equip. Tr. Ctfs.
172,341. shares
Burnside
C.
&
Inc
Co.,
Inc.)
&
Producing Co
October 3
A
Co.)
&
$5,000,000
•;
Light Co
EDST)
a.m.
Bonds
$10,000,000
..Common
$900,000
(Thursday)
Columbia Gas System, Inc
(Bids
'ZZ-ZyZZ/ZZZZ'"
-
to
be
..Debenture*
received)
$25,000,000
-Z
October 8
v
Systems,
&
$500,000
$400,000
Co.)
11
CDST)
noon
Common
Class
Kimball
<Keon
12
Jersey Central Power
Enterprises,
Service
'
•
/7.7
$5,250,000
/
Common
EDST)
noon
Service
(Bids
shares
Investors, Inc
ZZ
,
-
7.
July 17
.(Bids
(Tuesday)
Wisconsin Public
Inc...—.—Common
•
r'
•
$100,000
11
a.m.
EDST)
(Wednesday)
-v;V
;July 22
Units
''Z'Z/Z; YZZ'/Z
11
a.m.
(Monday)
Z Z
(Bids
Service
to be
:
Corp.—-
received)
Bond*
$15,000,000 Z-Z
-
..
Z
Z Z
October
Z
Heck's,? Inc.
,
•
V:
Z
Plohn
&
Co.)
$450,000
Z
*
/
Z Z
11
a.m.
EDST)
November
" "
7
,
(Thursday)
Georgia Power Co
-
$9,000,000
•
•
......Z.Common
(Charles
(Tuesday)
(Bids
'
.
.
15
Jersey Central Power & Light Co...—Debentures
^.;Z.;''Z;Z/;/ZZ
Z
Z
.Debentures
$8,000,000
'"rZ
; Z
EDST)
•
$30,000,000
^'V'Z /r'
Sierra Pacific Power Co._^
.
(Bids
July 1
Corp
Michigan Wisconsin Pipe Line Co.——__.__Bonds
/
CDST)
$70,000,000
(Thursday)
(Bids
July 16/(Tuesday)
-
...Bonds
Chicago Burlington & Quincy RR.^Equip. Tr. Ctfs.
(Bids
Telegraph Co. Debens.
received)
a.m.
Gulf, Mobile & Ohio
.
_,
Read
(Paul
$6,500,000
/
:
be
(Monday)
(Bids
$50,000,000
Corp
Plohn
Peabody
Natural Gas & Oil
$50,000,000
Union Light, Heat & Power Co
"(Bids
-
Preferred
100,000 shares
Bonds
of)
(Willis
•Eastern
Becker
•.
EDST)
August 6 (Tuesday)
c
(Peter Morgan & Co.)
Corp..1.
Inc.)
Bonds
(L. D. Brown & Co.) $100,000
$247,500
Common
.
noon
Dispenser
(Bids
shares
,•
(William R. Staats & Co.)
Eastern
VZ
by
.Preferred
150,000 shares
(Wednesday)
August 5
,
(Monday)
Common
...
stockholders—underwritten
....
EDST) $30,000,000
a.m.
'
shares
Morton,'" Inc.)
&
stockholders—no
July 15
(Kidder, Peabody & Co., Inc. and Merrill Lynch,
Pierce, Fenner & Smith Inc.) 84,000 shares
(Offering
Co
$2,000,000
Pacific Power Co
(Offering
(Wednesday)
Interstate Securities Co
$3,900,000
July 11 (Thursday)
$6,750,000
$40,000,000
City Gas Co. of Florida
CDST)
Light Co.—
12
(Bids
June 26
>
& Pacific RR.__Eq. Tr. Ctfs,
noon
Southern Bell Telephone &
shares
.
(Dillon,
shares
Co
PDST)
-Z.
Light Co
&
(Bids
(Wednesday)
(Kidder,
shares
Common
175,000
&
(Bids
$1,000,000
Middlesex Water Co.
Equip. Trust Ctfs.
noon
8:30
&
11
Financial
July 10
Common
100,000
Norfolk & Western Ry
Southern California
Pacific Power
A. D.
(Dillon, Read & Co., Inc. and Yamaiehi Securities Co.)
Inc.)
Co.)
Inc.)
Inc.)
937,500
&
Debentures
Kitachi, Ltd.
Markets, Inc
•,
Z
Bonds
$20,000,000
Lynch, Pierce, Fenner & Smith Inc.)
$376,000
....
Allen
(Charles
shares
Co.,
Co.,
Co.,
Witter
(Tuesday)
General Super
&
12
Cooper Tire & Rubber
(Merrill
July 9 (Tuesday)
Redpath)
&
Co.;
Pacific Power
Illinois Bell Telephone Co..
.
shares
Parker
CDST)
Indiana & Michigan Electric Co
Preferred
Auchincloss,
Bache &
Nikko
'
Common
Inc.,
a.m.
Common
Witter
(Dean
_—...Common
Brentwood Financial Corp.—.
■>
(Dean
80,000 shares
100,000
June 25
,
Corp
Co.,
"
..Bonds
July 30 (Tuesday) z
<
shares
Kelly & Cohen, Inc.—
shares
—
.Common
Inter-County Telephone & Telegraph Co.___Debs.
.V.'ZV.
$250,000
267,740
by
and
(Bids
Noel & Co.) $1,200,000
&
Co.^
EDST) $13,000,000
Co
(Wednesday )
and
Inter-County Telephone & Telegraph Co..Common
.
Debentures
Rose
Express Co., Inc.—
Zausner Foods
Loeb
10:30
(Bids
shares
50,000
625,000
Young & Co., Inc.)
Furman
Service
a.m.
Gas
(Monday)
Common
Corp...
(Dean
(Kuhn,
,
Common
Rose
G.
11
Chicago, Rock Island
Common
Buildings Corp
Common
Corp
(Reuben
(Reynolds
July 24
Units
...
(Van Alstyne,
July 8
Co
Insurance
National
(Reuben
■Z Z-/'
Z;
■
Preferred
...
Top Dollar Stores, Inc
Common
(Strathmore
Central
Travelers
$105,300
Corp..
Co.)
Public
Illinois
(Bids
Corp....
(Herbert
200,000 shares
(Cantor, Fitzgerald & Co., Inc.) $1,250,000
XTRA, Inc.
.Common
Northwest Co.)
.....Capital Stock
Shoes, Inc...
Lee
1
to
Price
(Tuesday)
(Bids
Northern
$194,400
Stephenson Finance Co., Inc..
$1,700,000
July 23
Community
shares
Inc
National
Simmons)
Debentures
Williston ■& Beane)
R.
(Nemrava & Co.)
'
200,000
CO.)
Securities
shares
40,000
Investors Trading Co
Lee
Inc.)
to stockholders—underwritten
Paine, Webber, Jackson & Curtis
.
National
Co.,
(Offering
shares
Holiday Mobile Home Resorts, Inc
•
are
and reduction of
accounts payable
Office—3609 W.
Pratt Ave., Chicago. Underwriter—None
Common
General
..Common
Inc.)
(Offering to stockholders—underwritten by Alex. Brown
Z
17.500
shareholder
ers
Z
$240,000
Dillon, Union Securities & Co.
Johnston, Lemon & Co.) 7,500 units
Citadel Life Insurance Co. of N. Y.__Capital Stock
;V
a
Continued
Family Life Insurance Co
Financial
204 095
Texas
by
\
'.he
....Common
Securities Inc.)
(Pacific
(Kidder, Peabody & Co., Inc. and Barret, Fitch, North
& Co., Inc.) 254,975 shares
/
•
of which
York.
—
/
$4,000,000
Corp.)
Records, Inc
(Smith,
.
New
(Eastman
Acme Visible
Rona
Inc..
Family Life Insurance Co.—
^.Debentures
by
(Monday)
Automatique, Inc
,
variety
a
-■
$15)
Business—Design and
"nanufacture of tools, dies, molds,
heryllium castings and
distribution of plastic, metal and
glass products fojr
iome use.
Proceeds—For a recession offer to stockhold¬
120,000 common: Price—$2. Business
market a new drug known as
(Pacific
Rona
-Bv
to
(Walston
stockholders—underwritten
Hanseatic
June 24
Leeds
Fedco Corp.
Dct. 29. 1962 filed 20.000 common
oe offered
by company and 2.500
(7/1-5)
Enzyme Corp. of America
(Thursday)
(Offering
Bard
—
equipment, sales
promotion, research and development, and working cap¬
ital. Office—727 Land Title
Bldg., Philadelphia. Under¬
Evans,
Coburn Credit Co,—
>
non-profit organization of farmers devoted to
economic and educational betterment of its
mem¬
bers. Proceeds
For debt repayment,
working capital
and advances t<*>
subsidiaries. Office—1575 Sherman
St.,
Denver. Underwriter—None.
the
L. D. Brown & Co., New York.
of
Business—Sale
ness—A
•
used for treatment
related diseases. Proceeds—For
$400.
common,
April 1, 1963 filed $5,500,000 of 5V2-6% serial deben¬
tures, series E and F, due 1974-83. Price—At
par. Busi¬
Dispenser Corp. (8/5-9)
29, 1963, filea o0;00(J common. Price—$2. Business
—Manufacture of the SAFER Butter
Chipping machine,
and processing of
tray-forming and chip-covering mate¬
rials. Proceeds—For
operating expenses, equipment, in¬
ventory and advertising. Office—118 E. 28th St.. New
rumor
preferred, $130; for
mortgage cancellation, life, accident and sickness
insurance. Proceeds—For
paid-in capital stock account,
and working capital.
Address—Republic Bldg., Seattle.
Underwriter—Pacific Northwest Co., Seattle.
Farmers' Educational &
Co-operative "Union of
America
~~
June
"
For
of
Jan.
NEW ISSUE CALENDAR
•
•
Family Life Insurance Co. (7/1-5)
May 8, 1963 ("Reg. A") 810 $8 dividend preferred to be
sold by
stockholders; also 486 class A common. Price—
—
Feb. 21, 1963, filed
Proceeds—For
expansion and remodeling
Chicago store. Office—36 South State
St., Chicago.
Underwriter—Walston & Co., Inc., Chicago.
of
(max. $10). Businessoptical systems for the -De¬
fense Department and for
private industry. Proceeds—
For debt repayment and
working capital. Office—300 N.
Halstead St., Pasadena, Calif. Underwriters
White,
Weld & Co., Inc., and
Kidder, Peabody & Co., Inc., N. Y.
—Company plans
"Clinizyne" to be
Price—By
related items.
of
Enzyme Corp. of America
are
by company and 180,000 by certain stock¬
amendment (max. $13). BusinessRetail sale of fur apparel, cloth
coats, suits, dresses and
Electro-Optical Systems, Inc.
•
Mil¬
to be offered
holders.
June 11, 1963 filed
443,000 common, of which 140,000 are
to be offered by
company and 263,000 shares by stock¬
holders. Price—By amendment
—
Inc.,
Evans, Inc. (7/1-5) ;Z
May 20, 1963 filed 200,000 common, of which
20,000
fice—65 Broadway, New York. Distributor—F.
Eberstadt
& Co., Managers &
Distributors, Inc., New York.
York. Underwriter
Offering—Indefinite.
Underwriter—Wisconsin-Continental,
•
4
t
offices, advances to subsidiaries and
Office—5150 Wilshire Blvd., Los An¬
capital.
waukee.
Eberstadt Income Fund, Inc.
May 31, 1963 filed 2,000,000 capital -shares. Price—Net
value plus 8Vz %. Business-^A new mutual fund
seeking current income. Proceedsr^For investment.'Of¬
Electronic
sales
new
vorking
geles.
'asset
Design and manufacture
Price—By amend(max. $6.50).
Business—A holding company for
selling life insurance and mutual funds. Proceed*
hrms
Chicago.
Diversified Collateral
f
June
Equity Funding Corp. of America
Vta'rcn 2a, 1962 filed 24u,u0U common.
nent
electronic devices for medical ;and marine^
units for each $1,200 face amount of non-inieresi Dearpurposes.
ing subordinated debentures held. At the same time, the■ Proceeds—For working capital, equipment and debt re¬
company will' offer the securities to the public. Price—
payment. Office—2222 S. Centinela Ave., Los. Angeles.
To subscribers, $20; to. public, $22.25. Business—Com¬
Underwriter—None.
<
/ ' ■
pany plans to erect a small size production and experi¬
Eastern Investors, Inc.
(7/15-19)
mental plant for the limited manufacture of deuterium
June 4, 1963 filed 100,000 class A shares.
Price—$4. Busi¬
and deuterium oxide, and to establish and equip a gen¬
ness—A small loan company. Proceeds — For
expansion
eral research laboratory. Proceeds—For working capital
and working capital. Office — 147 Northeast
Main St.,
construction^ equipment and other corporate purposes
Rocky Mount, N. C. Underwriter—Paul C. Kimball &
Co.,
Office—260 Lexington Ave.. N. Y. Underwriter—None.
,■
29
<
' Z
v
v.
.
.
(Bids
to
•;,•••
i.;-..
•
:r UBida'tb
—Bond*
—
be
received)
Georgia Power Co.——
be
received)
$30,000,000
•-*
r
"
^..——-Preferred
17.000.000
'
•
7
•
/
30
The Commercial and Financial Chronicle
(2546)
Continued from page 29
.
,
,
Hill
Street
.
.
Thursday, June 20, 1963
.
Co.
ind the production of
teach"..g programs./ Proceeds—
16, 1961-filed 2,265,138 common to be offered for
:'ur expansion, new facilities and working capitaL Office
subscription by stockholders of Union Bank of Califor- / /'.it V Central Park
N - " v:TfF
D^wd
nia on .a share-for-share basis.
Price—$3. Business—-A/ k Co.r, Inc., New York/ Offering
—/-Indefinitely post¬
management investment company.
poned/ ./>
Proceeds—For in¬
f'»
/?%
.
Oct.
-
Fidelity Mining Investments Ltd.
1961 filed 800,000 common.'-Price—By amend-:
Business—Exploration and testing of mining prop¬
.Nov; 30,
anent.
Proceeds—For general
erties.
Richmond
62
St., Toronto.
corporate purposes. Office
Underwriter—G. V. Kirby
& Associates, Ltd., Toronto.
Genera!
Financial
-
o+her
oi debentures and 3 shares. Price
—$68 per unit. Business—Development and operation of
mobile home resorts throughout U. S. Proceeds—For
debt repayment, construction, and other corporate pur¬
1962
Curtis, Boston. Offering—Expected in early July.
Florida Jai
—
|>etting.
Jbuilding improvements, working capital
Office—Fern
Park, Fla. Underwriter—Consolidated Securities Corp.,
Pompano Beach, Fla. Offering—Indefinite.
(Alex)
& Sons,
March 23, 1962 filed
Inc.
125,000
Price—By amendment (max. $15).
Business—Wholesale distribution oi
toys and games. Proceeds—For selling stockholders. Of¬
fice—2885 Jerome
Donnell &
Ave
Bronx. N
.
Y
Underwriter—Mc¬
Co., New York. Offering—Indefinite.
June
11, 1963 filed 800,000 common. Price—By amend¬
(max. $3). Business—Company plans to engage in
the writing of life, accident and health insurance. Pro¬
ment
general
corporate
purposes.
Office—Marine
Bank
Bldg. Plaza, Tampa. Underwriter—-Pierce, Wulbern, Murphey Inc., Jacksonville.
~
Garden State Small Business Investment Co.
Oct. 27, 1961 filed 330,000 common. Price—$3. Business
—A small business investment
company. Proceeds—For
investment. Office—11$0 Ra^hidrid Bl^d.,
Newark, N. J.
Underwriter—Godfrey, Hamilton," Taylor & Co., N. Y.
Offering—Temporarily
•
•
postponed.
General Super Markets, Inc.
May 22,
will
be
1963
sold
filed
by
175,000
subsidiaries
are
V
•'
(6/25)
of
common,
which
125,000
stockholders.
and
50,000 by
$15). Business—Company
engaged in the retail sale of gro¬
company
Price—By amendment
and
(max.
ceries, meat and produce through a chain of 10 super¬
markets in northern New
Jersey. Proceeds—For expan¬
sion, debt repayment and other corporate purposes.
Office—116
Main
Ave.,
Passaic,
N.
J.
Underwriter
—Hemphill, Noyes & Co., New York.
Price—$10.
ness—Manufacture, sale and lease
used
ment,
in construction.
of steel
J.
Underwriters—Winslow
Cohu & Stetson and Laird. Bissell & Meeds. N
Great
Continental
Busi¬
supports and
Proceeds—For debt repay¬
and inventory.
Office—545
expansion, research,
Lane, Teaneck, N.
Cedar
Real
Estate
Y
Investment Trust
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
ment.
Office—530 St. Paul PI., Baltimore. Underwriter
—To be named.
Note—This firm formerly was known
as Continental Real Estate
Investment Trust.
Greater Miami
Teb.
Industrial Park, Inc.
25,
1963„ filed 136,094
subscription by stockholders
common
to
be
offered
for
on the basis of one share
lor each 4^ shares held.
Price—$5.50. Business—Acqui¬
sition and
development of real estate. Proceeds
For
general corporate purposes. Office—811 duPont
Plaza
—
Center, Miami, Fla. Underwriter—None.
£7 Greater
Nebraska
Feb.
Corp.
20,
1963, filed 3,000,000 common. Price—$2. Busi¬
ness—Company plans to operate subsidiaries in the fields
of banking,
insurance, finance, etc. Proceeds—For gen¬
eral corporate
purposes. Office—1107 Federal Securities
Building. Lincoln, Neb. Underwriter—None.
Greenwich Gas Co.
29, 1963 filed 37,735
common, being offered for
subscription by stockholders on the basis
of
for
Rights
will
each
5.6
shares
held
of
one
record
new
June
3.
expire June 20.
Price
$13.25.
Business
—Distribution of gas, and gas
appliances in .Greenwich.
Proceeds—For loan repayment.
Office—33 Greenwich
Ave., Greenwich, Conn. Underwriter—F.
L. Putnam &
Co., Inc., Boston.
' ;.'1
: i
\
—
Heck's, Inc.
June
§2.50.
12,
1963
(7/22-26)
refiled
preferred stock, and 5,000
in units of
of
discount
inventory
for
common.
stores.
a
new
Price—
Proceeds
store, and
capital. Office—6400 MacCorkle
Ave., S. W.,
bt Albans, W, Va.
Underwriter—Charles Plohn & Co.,
New
York.
one
common
asset
1963
value
500,000 capital shares. Price—Net
8 M>%. Business—A new mutual fund
plus
seeking capital appreciation, Froceeds—For investment.
Office—467 Hamilton
Ave., Palo Alto, Calif/Underwriter
—Mutual-Fund
Distributors, Inc. (same address).
Japan Fund, Inc.,. (7/1-5).
///
June 7, 1963 filed
625,000 common to be offered for.
subscription by stockholders on-the basts of one new
share
for
each
two
held.
Price—By amendment (max.
$14). Business—A closed-end investment
company seek¬
ing capital appreciation through investments
primarily
in Japanese common stocks/
Office—25 Broad St., New
York. Underwriters—Bache &
Co.; Paine,
&
son
Webber, Jack¬
Curtis and
Nikko Securities Co., New York.
-.
—
For
general/corporate
purposes.
common,
and one preferred
Kelly & Cohen, Inc. (7/8-12)
:
May 17, 1963 ("Reg. A") 90,000 common.
Price—$2.75.
Business—Retail sale of major household
appliances at
discount prices. Proceeds—For
working capital, expan¬
sion
and
debt repayment.
Office
med
1972,
consisting
•nits
Price
1962
due
$800
—
and
$300
debenture
seed
Froceeds—For
plant
2301
—
N.
withdrawn.
expansion
Price—$3.50. Busi¬
25 retail shoe stores in Florida.
debt
repayment, working capital, and
expansion. Office—1310 North 22nd
St., Tampa, Florida.
Underwriter—Strathmore Securities, Inc., Pittsburgh.
Life Assurance Co.
March
28,
Pennsylvania
filed 100,000 capital shares.
Price—By
(max. $33). Business—Writing of life, acci¬
dent, and health
and
of
1963
amendment
expansion.
insurance.
Proceeds—For
Office—2204
Walnut
fering—Indefinitely
(6/26)
Price—By amendment.
Proceeds—For loan
repayment, advances to sub¬
sidiaries, and working capital. Office—3430 Broadway,
Kansas City, Mo. Underwriter—A. G. Becker &
Co., Inc.,
Chicago.
—A
real
estate
\ve.. N.
17,
Trading Co.
—
Proceeds
Office
W„ Washington. D. C
Investors
Jan.
investment trust.
and/investment.
—
3315
$10. Business
—
For
con¬
Connecticut
Underwriter—None.
1963
mutual
filed 200,000 capital shares. Price — Net
(max. $5), plus 8% sales charge. Business—
fund. Proceeds—For investment. Office—460
Denver Club Building, Denver. Distributor—Nemrava &
Co. (same address).- / /
Israel
April
American
22,
1963
filed
Diversified
550,000
Fund,
common.
asset
fund special¬
izing in Israeli and American securities. Proceeds—For
investment. Office—54 Wall St., New York. DistributorIsrael Fund Distributors, Inc. (same address).
>
Jaap Penraat Associates,
Tan
30.
1962
filed
100,000
common.
n
/
•
/Y
Price—By amend¬
selling stockholders. Office
1600 West Slauson
Ave.,
Los Angeles. Underwriter—William
R. Staats & Co., Los
Angeles.
'
'
"
•
—
-
.
•
ness—An insurance
Price—$5. Busi¬
holding company whose subsidiaries
insure the lives of all
types of animals. Proceeds
To
form new Subsidiaries. Office—26
Piatt St., New York.
—
Underwriter—Charles Plohn
&
Co., New York.
Logos Options,: Ltd.
\pril
11,
1962
filed 250,000 capital shares'/Price
By
(max. $10). Business—A diversified closedsnd investment company.
Proceeds—For investment; Of¬
fice—26 Broadway, N Y.
Underwriter—Filer, Bullard &
Smyth. N. Y. Note—This company
formerly was named
—
amendment
•
Offering—Indefinite.
Lord Jim's Service
Systems,
/
Inc. -(7/16)
Jan.
14, 1963 ("Reg., A") 100,000 common. Price
$1.
Business—Operation of drive-in restaurants. Proceeds—
—
For
leases, equipment and working capital. Office—
Mandeville Canyon Rd., Los Angeles. Underwriter
—Keon & Co., Los Angeles...
Lunar Films, Inc.
Aug. 31, 1961 filed 125,000
Price—$3.
Busines*
of teaching machine*
common.
Price—$5.75.
ness—The production of television films.
Miming
and
Madison
Lambert
&
production
Ave.,
New
Stephen,
Offering—Indefinite.
and
working
York.
Inc.,
Underwriter
50-Broad
Price—$500.
Busi¬
Proceeds—For
capital.
St.,
—
Office
Ingram,
New
York/
'
Management Investment Corp.
29. 1962 filed 2.000 common (with
Aug.
rants).
attached
war¬
Business—Company plans to fur¬
capital to firms in the atomic; space and
missile fields, and provide
advisory and management
counseling services on a fee basis.
Proceeds—For renish
Inc.
—Industrial designing, the design
/
(max. $12). Business—Design and manufacture of
incandescent lighting fixtures and lamps. Proceeds—For
543
Inc.
Price—Net
mutual
new
-
1601
(6/24-28)
asset value
A
-
ment
Logos Financial, Ltd.
Investors Realty Trust
May 31, 1962 filed 200.000 shares. Price
struction
/
Livestock Financial Corp. (7/9)
May 14, 1963 refiled 200,000 common.
Business—Company is engaged in consumer and com¬
mercial financing; writing credit
life, health and acci¬
dent insurance, and automobile
physical damage insur¬
ance.
postponed.
Lightcraft-General (6/26)
May 20, 1963 filed 125,000 common.
early July.
May 13, 1963 filed 173,433 common to be offered for
subscription by common stockholders on the basis of
investment,
Philadelphia.
V
-
hew share for each four held.
St.,
Underwriters—Auchincloss, Parker & Redpath, Phila¬
delphia, and Arthurs, Lestrange & Co., Pittsburgh. Of¬
ment. Office—1393 W. 9th St., Cleveland. Underwriter
—Hayden, Miller & Co., Cleveland. Offering—Expected
Offering—Indefinite.
receiv-
—
ness—Company operates
;
Proceeds—For investment. Office—450 Seventh
Ave.. N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y
accounts
and
.
Proceeds—For
Seaway Trading Corp.
May 24, 1963 filed $750,000 of convertible subordinated
debentures due 1975; also 140,000 common, of which 25,000 are to be offered by the company and 115,000 by
stockholders/- Price
By amendment (max. $11.50).
Business—Importing and distributing of rubber, fabric,
vinyl and leather footwear. Proceeds—For loan repay¬
company.
in
shares.
; v. --//•/ vY * Y. - ••/?
Leeds Shoes, Inc.
(6/24-28)
March 29, 1963 filed
90,000 common.
International
investment
200
cooling packages. Proceeds—For debt repay¬
ment and working
capital. Office—Jennings Bldg., P. O.
Box 638,
Moberly, Mo. Underwriters-John, W. Flynn
k Co./ Santa
Barbara, Calif. Note—This letter will be
Inter-County Telephone & Telegraph Co.
(7/8-12)
,
^
3, 1963 filed $2,000,000 of convertible subordinated
debentures due 1978; also 50,000 common shares. Price
—By amendment (maxi. $42.50 per share). BusinessOperation of telephone facilities in southern Florida.
Proceeds—For loan repayment and construction. Office
—1520 Lee St., Fort Myers, Fla.'Underwriter — Dean
estate
and
patented
June
real
deben¬
offered
Main
—
Business—A
be
Kwik-Kold, Inc.
City. Underwriter—Parker, Bishop & Hart, Inc., Okla¬
homa City. Offering—Expected in early July.
Interstate Equity
March 30. 1962 filed 1,605,100 shares of beneficial interest
subord.
to
March 29, 1962
("Reg. A") 100,000 common of whicb
55,000 will be sold for company and
35,000 for 'stock¬
holders. Price
$3. Business
Manufacture of certain
Proceeds—For work¬
•
conv.
common
working capital.
St., Paris, Texas.
Underwriter
—John A. Dawson &
Co., Chicago.
Office
ing capital. Office—519 West California Ave., Oklahoma
Co., Chicago.
o%
oi
150,000
a
unit. Business —Processing and distri-
ae&ame
inventories,
Independent Shoe Discounters Association, Inc.
May 8, 1963 filed 325,000 common. Price—$1. Business
—Company plans to distribute shoes and related items
to franchised discount shoe stores.
oi
.uuuii
$22o,u00
of
per
—
one
Amsbary,
—
Corp.
1, 1963 filed 200,000 common, of which 80,000 are
to be offered by company and 120,000 by stockholders.
Price
$12.50. Business—Writing of life, accident and
health insurance. Proceeds—For general corporate pur¬
poses. Office—216 E. Monroe St., Springfield, 111. Under¬
writer—Horace Mann Investors Inc., (same address).
Interstate Securities Co.
William Penn
Key Finance Corp.
7, 1963 filed 80,000 common. Price—By amend¬
(max. $5). Business—Operation of a small loan
tures,
Feb.
•
3772
—
Highway, Monroeville, Pa.
Underwriter
Allen &
Morton, Inc., Pittsburgh.
May Z4,
Horace Mann Life Insurance Co.
$10).
E.
—
construction, equipment, and working capital. Ad¬
dress—Beatrice, Nebr. Underwriter—None.
Price—(max.
V.
—
business in Puerto Rico.
Proceeds—For loan repayment,
expansion and other corporate
purposes. Address—Rio
Piedras, Puerto Rico. Underwriters
Morris Cohon &
Co,, and Street & Co., Inc., New York.
Kraft (John) Sesame
share. Price
For
in
Underwriter"
ment
—$150 per unit. Business—Company plans to construct
and operate a beef and pork packing plant. Proceeds—
Witter &
--
Juniper Spur Ranch, Inc.
V
May 27,/1963 ("Reg. A") 300,000 common. Price
$1.
Business—Construction of a gasoline and diesel oil fill¬
ing station, a restaurant and allied facilities. Proceeds—
June
non-cumulative
to be offered for sale
'
1
filed
•
Inc.
value pills 8V2%. Business—A
180,000 cla^s A
Business—Operation
—To provide fixtures
and
for working
Terminal Co.
March 13, 1963 filed 5,000 shares of 6%
March
share
Packers,
10,
//.vY",
Anderson & Co., Newhouse
Bldg., Salt Lake City.
^
t»oldei ies»s
Fund, Inc.
—
Global Construction
Devices, Inc.
June 29. 1962 filed 100,000 common.
©earns
Beane, New York.
27, 1962 ("Reg. A") 75,000 common. Price — $*
Business—Manufacture, sale and development of solderless terminals and other wire terminating products. Pro¬
ceeds—For debt repayment, equipment, advertising and
j
working capital. Address—P. O. Box 430, Phoenixville,
Pa. Underwriter—Harrison & Co., Philadelphia. Offer¬
ing—Temporarily postponed.
common.
Founders Life Assurance Co. of Florida
ceeds—For
&
—
Homestead
1962 filed 300,000 common. Price—$5. Busi¬
Operation of Jai Alai games and pari-mutuej
Proceeds—For rent, purchase of leased quarters,
Forst
liston
4344 East Indian School Rd., Phoenix.
Underwriters—Boettcher & Co., Denver, and J. R. Wil->
Alai, Inc.
28,
ness
Office
Feb.:
filed 2,750,000 shares of beneficial in¬
terest. Price—$10. Business—A mutual fund which plans
to invest primarily in equity type securities of Israeli,
companies. Proceeds—For investment. Office—141 Milk
St., Boston. Underwriter—Paine, Webber, Jackson &
June
poses.
noiimgbnortn
Fund
(6/24-28)
units consisting of $50
of rubber and metal products, plastics, syn¬
thetics, textiles r.nd chemicals, Proceeds—For loan re¬
payment, and working capital. Office—1200 Firestone
Parkway, Akron, O. Underwriter—Harriman Ripley &
Co., Inc., New York. Offering—Imminent.
Mutual
Un¬
March 27, 1963 filed $1,250,000 of 6V2% conv. subord. de¬
bentures due 1978, and 75,000 common to be offered in
ufacturer
Israel
Japan.
"
1
Holiday Mobile Home Resorts, Inc.
-
6, 1963 filed $15,006,000 oi debentures due July 1,
1988. Price—By amendment. Business—A leading man¬
15,
Address—Tokyo.
corporapurnoses.
derwriters—Dillon, Read & Co. Inc.; and Yamaichi Se¬
Firestone Tire & Rubber Co.
First American
1963
7,
Janus
April
curities Co., New York.
June
Aug.
Under¬
Ltd. (7/10)
fiied 937,500 American Depositary Shares
(representing 75,000,000 common,' par 50 yen). Price—
By amendment (max. $24 per A. D. S.) Business—Manu¬
facture of a wide variety of electrical equipment and in¬
dustrial machinery. Proceeds — For construction, and
June
JMay 28," 1963 filed $7,500,0u0 subordinated sinking fund
debentures due June 15, 1978, with warrants to pur¬
chase 187,500 common shares, to be offered in units of
one $1,000 debenture and 25 warrants. Price—By amend¬
ment. Business—-Company through il-s subsidiaries is en¬
gaged in banking, insurance" and other activities. Pro¬
ceeds—For general corporate purposes.
Office — 1701
Pennsylvania Ave., N.- W., Washington, D. G. Under¬
writers—Eastman Dillon, Union Securities & Co., New
";York, and Johnston, Lemon & Co., Washington, D. C.
•
St., Los Angeles.
Hitachi,
(7/1-5)
Corp.
V;;''-W'/
,
Office—760 S. Hill
vestment.
writer—None.
equity
Volume
197
Number
6274
.
.
.
The Commercial and Financial Chronicle
National
payment of loans, and general corporate purposes. Office
—130
Fulton
Federal
Bldg., Atlanta.
Underwriter—
'
None.
,
",
Manhattan Drug
ated
Co., Inc.
Price—$3.50
Business—Manufacture,
packaging
and
saie
of various proprietary drug products.
Proceeds—
National
Nov. 29,
ing71 capital.;/ «»tiice—156
ness
Brooklyn.
N.
Y;
Price—$3.75.; Busi¬
National
Proceeds—For pub¬
developing a national sale*
staff and working capital.
Office—-812. Greenwich St.
•
investment
other *■ insurance
in
National
Brokerage
Co., Billings,
Un¬
Industries
loan
Fund,
Oct. 23, 1961 filed 25,000 common. Price—$10. Business
—A closed - end
investment company which plans tc
become open - end.
Proceeds
medical industry and capital
—
sociates, Inc., Denver.
*
Kansas.
For investment in the
growth
situations.
Lafayette St., Denver* Underwriter
lease
,
,
$1. Busi¬
ness
Manufacture of medical electronic equipment
Proceeds
For
general
corporate purposes.
Office
—Studio City, Calif. Underwriter — Financial Equity
Corp., Los Angeles.
13, 1961
filed 250,000 common. Price
—
—
—
•
Meridian
Fund, Inc.
19(53 filed 500,000 capital shares. Price—Net
asset value plus 5%. Business-—A new mutual fund to be
offered initially to members of the medical profession.
Proceeds—For investment. Office— 714 Boston Bldg.,
Denver. Underwriter—Centennial Management & Re¬
search Corp., (same address).
4,
Middlesex Water Co.
porate
New
St., Woodbridge, N. J.
—A
ceeds—For investment. Office—4680 Wilshire
Angeles.
Underwriter
(same address).-,
(7/10)
(7/1-5)
Jan. 28, 1963 refiled 100,000 common.
—Distribution
equipment.
of
Office—1101
Price—$4. Business
East
.
Young
Ave., Bronx, New
& Co., Inc., New
Airlines, Inc.
filed $1,500,000 of 5%% subordinated
June 1, 1978 being offered to com¬
mon stockholders of record April 15,
1963, without allo¬
cation or limitation. Rights will expire June 28. Unsub¬
scribed debentures will be offered for public sale. Price
—At par. Business—Operation of an airline in 10 midMarch
29,
1963
debens.
conv.
due
states and Ontario, Canada. Proceeds—For air¬
modification, and working capital. Office — 6201
Thirty-fourth Ave., South, Minneapolis. Underwriter—
craft
dry cleaning and laundry
general corporate purposes
Tremont
Underwriter—Herbert
.
western
commercial
Proceeds—For
—
Blvd., Los
New World Distributing Co.
North Central
1963 filed $20,000,000 of 5J/2% external loan
July 1, 1978. Price^-By amendment. Proceeds;
—For capital improvement program," including schools,
sewerage systems, streets, etc. Underwriter — Dillon,
Read & Co., Inc., New York.
11,
National Corp.
World
Fund, Inc.
Feb. 21, 1963, filed 250,000 common. Price—Net asset
value plus 8%%. Business—A new mutual fund. Pro¬
bonds due
Mil
small business investment company. Proceeds—For
New
1
None.
York
York.
•
Northern States Life
ness—Company plans to develop mobile home parks and
Insurance Corp.
26, 1963 filed 280,000 common to be offered for
subscription by stockholders on the basis of one new
share for each 1% held.
Price—By amendment (max.
residential
$2.50)..
Mobile Home Parks Development Corp.
Jan. 28, 1963 filed 1,250,000 common. Price—$2.50. Busi¬
and
commercial
real
estate.
ville, Spain.
Mountain
Business—Writing of general life insurance.
expansion.
Office—1840 North Farwell
Ave., Milwaukee. Underwriter—None.
*
Proceeds—For
At¬
Se¬
Northwestern
.
r
States
Telephone & Telegraph Co.
May 3, 1963 filed 4,037,431 common being offered for
subscription by stockholders of record on June 3, 1963
on the basis of one share for each 10 shares held.
Rights
will expire June 28.
Price—$25. ' Proceeds—To repay
advances
from
A.
T.
&
T., parent, and for
other
corporate purposes. Office—931 Fourteenth St., Denver.
Underwriter—None. -"/■-•
,v
National
Life
Insurance
Co.
(6/24-28)
<
May 28, 1963 filed 604,867 common. Price—By amend¬
ment (max. $38). Business—Writing of individual life,
term and endowment policies. Proceeds — For selling
stockholders/ Office—430
Oak
Grove
St.,
Underwriter—Lehman Brothers, Chicago.
Nuclear
Science
&
Minneapolis.
Engineering Corp.
March 29, 1962 filed 100,000 common.
To be supplied by amendment. Business —Thf
fund will invest in tax-exempt bonds of states, counties
Price—By amend¬
$15). Business—Research and development
on
contracts using radioactive tracers; precision radio¬
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬
municipalities and territories of the U. S. Proceeds—Foj
ment
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $15,000,000 (15,000 units) of interests
Price
—
Investment. " Snonsor—Ira
Co., Ill Broadway
Music Royalty Corp.
July 27, 1962 filed 150,000 common. Price—$1. Business
—Company acts as representative of artists, -musicians
in the music publishing busi¬
ness.
Proceeds—For debt repayment, public relations
acquisition of musical properties, and working capital
Office—545 Fifth Ave., N. Y. Underwriter—Associated
Securities Co., 545 Fifth Ave.. N. Y.
•
engage
National Central Life Insurance Co.
Dec.
7
Writing
filed
125,000
Price
(6/24-27)
$10.; Business —
insurance. Proceeds—
common.
—
health and accident
For general corporate purposes. Address — 2632 McGee
St., Kansas City, Mo. Underwriter—Cantor, Fitzgerald
Chicago.
n'
t't.j.
f ■
of
,..
.•
»
•„
..
(max.
services.
Under¬
Address—6000
>
Parkway Laboratories, Inc.
1961 filed 160,000 common. Price—$5. Business
—Manufacture of drugs and pharmaceuticals.
Proceeds
—For an acquisition, research and other
corporate pur¬
Dec. 6,
poses.
Office
—
2301
Pennsylvania
Ave.,
Underwriter—Arnold Malkan & Co.,
This registration will be withdrawn.
Philadelphia.
Inc., N. Y. Note—
Pension Securities Fund, Inc.
v
April 24, 1963 filed 500,000 common. Price—$100 ini¬
tially; thereafter, at net asset value. Business—A new
mutual fund designed to provide an investment
program
for pension trusts. Proceeds—For investment.
Address
Peoples Insurance Co.
automobile
insurance.
Office—307
purposes.
Proceeds—For
Lenox
Proceeds—For
general
corporate
Ave., New York. Under¬
writer—None.
Philippine Oil Development Co., Jnc,?
June
11,
fered for
V
w
1963 filed 325,000,000 capital shares, to be of¬
subscription by U. S. resident stockholders, on
the basis of
one new share for each two held.
Price—By
amendment (max. 1 cent).
Business—Exploration for oil
and gas in the Philippines. Proceeds—For debt
repay¬
ment, and operating expenses. Address
Philippines. Underwriter—None.
—
Manila, The
Pictronics, Inc.
Feb.
27, 1963 ("Reg. A") 75,000 common. Price
$4.
Business—Production of TV documentary films, and the
processing of colored kodachrome film. Proceeds—For
—
equipment, and working capital. Office — 56 Bennett
Bldg., Wilkes-Barre, Pa. Underwriter—G. K. Shields &
Co., New York. Offering—Imminent.
• Polaris
Corp.
April 1, 1963 filed 90,122 common being offered for sub¬
scription by common stockholders on the basis of one
share
new
for
each
seven
held.
Record
date
for
the
offering is June 14 and the rights expiration date July
5. Price—$12.50.
Business—Company, and subsidiaries
are
engaged in diverse activities including advertising,
building construction, TV and radio, data processing,
warehousing, equipment leasing, and river terminal
operations. Proceeds—For working capital. Office—111
.
East
Wisconsin
Marshall
Co.
Ave., Milwaukee. Underwriters
(same
Chicago.,
address),
\
and
McCormick
—
The
&
Co.,
,
Potomac Real Estate Investment Trust
July 6, 1962 filed 1,000,000 shares of beneficial interest.
Price—By amendment (max. $5). Business-r-A real estate
Investment trust. Proceeds—For investment. Office—88#
Bonifant St., Silver Spring, Md. Underwriter—None.
Powell Petroleum, Inc.
Sept. 28, 1962 filed 100,000 common. Price—$5.
—To
ket
drill
for
and
operate oil wells.
St., Shreveport, La.
Power Cam
Jan.
Proceeds
Office—418 Mar¬
Underwriter—None.
Corp.
equipment, debt repay¬
and working capital. Address—P. O.
Pittsburgh. Underwriter—Johnston. Lemon &
Co., Washington, D. C.
Note—This registration will be
brake unit for heavy duty automotive vehicles. Proceeds
—For equipment, and working capital. Office — 2604
withdrawn.
Leith
•
Co., New York.
ment,
expansion
Optech, Inc.
March
1963 filed
28,
140,000 common. Price—$3. Busi¬
and development of materials used in
field, and in related areas of optical elec¬
ness—Research
the
"Laser"
tronics.
Proceeds—For
general
corporate
purposes.
Office—102 Grand
St., Westbury, New York. Underwrit¬
ers—Stone, Ackerman & Co., Inc., and Heritage Equity
Corp., New York. Note—This statement was withdrawn.
Outlet
Mining Co., Inc.
Feb. 28, 1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal.
S3
Address—Creede. Colo.
.i.e.
•
i
X
..iti.
•
—20 Broad St., New York. Underwriter—None.
Adviser
•—Smith, Barney & Co., New York. Offering—Indefinite.
Box 10901,
Haupt &
New York. Offering—Indefinite.
etc. and, plans to
ment
Office—39 Broadway, N. Y.
,
March
Proceeds—For
general corporate purposes. Office—82 Baker St.,
Underwriter—Overseas Investment Service,
lanta.
for
10, 1963 filed 100,000 common. Price—$10. Busi¬
ness—Company plans to write general liability and
investment, and working capital. Office—1228 Wantagh
Ave., Wantagh, New York. Underwriter—None.
Development Corp.
mine
June
/
Feb. 25, 1963, filed 30,500 common. Price—$10. Business
Peabody & Co., Inc., New York.
Underwriter—None.
•
Ltd.
New Industry Capital Corp.
—
(City of)
Mines
C. McPherson & Co., Toronto.:
A.
26, 1962 filed 561,500 common to be offered foi
subscription by stockholders on the basis of one share
for each two shares held. Price—By amendment (max
$7). Business — A closed-end management investment
company. Proceeds — For general corporate purposes
Office
2615 First National Bank Bldg., Minneapolis
Milan
Island
Business—Exploration, develop¬
mining. Proceeds—General corporate purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—
Feb.
June
Campbell
ment and
5, 1963 filed 35,000 common. Price—By amend¬
(max. $36). Business—Collecting and distributing
water in certain areas of New Jersey. Proceeds — For
Midwest Technical
Office—Tekoil Bldg., Oklahoma City
holder. Price—50 cents.
June
1
purposes.
Oct. 13, 1961 filed 475,000 common, of which 400,000 are
to be offered by the company and 75,000 by a stock¬
ment
Underwriter—Kidder,
Producing Co. (7/15-19)
Underwriter—Peter Morgan & Co., N. Y.
(7/10)
debt repayment. Office-^-52 Main
Natural Gas & Oil
Sept. 7, 1962 filed 180,000 class A common.
Price—$5
Business—Production of natural gas and oil.
Proceeds
—For drilling expenses, working capital and other cor¬
.
to
Manchester Trafficway
Terrace, Kansas
City. Underwriter—Scherck, Richter
Co., St. Louis. Of¬
fering—Imminent.
Price—By amend¬
debt repayment, equipment and working capital. Office
—15 Peachtree St., Atlanta. Underwriter—None. Note—
This registration will be withdrawn.
Price—$5. Business
beryl ore in Argentina.
debt repayment,
equipment, and other
plans
For
Parkview Drugs, Inc.
April 29, 1963 filed 14,080 common. Price—By amend¬
ment (max. $20).
Business—Company is engaged in the
retail drug business. Proceeds—For
selling stockholder.
offering will be made only in the State of
1962 filed 85,000 common.
—
•
(max. $4).
Business—Company plans to sell oi
coin operated vending machines.
Proceeds—Foi
ment
beverages
Brooks, Ltd. Pro¬
Office—630 Fifth Ave.,
Higginson Corp., N. Y.
y V-
writer—To be named.
-
July 31,
Price—By amend¬
Beryllium Corp. ;f
corporate purposes.
National Uni-Pac, Inc.
Office
Medical As¬
—
Medical Video Corp.
March
—Company
Proceeds
company.
Note—This
com.
Feb. 28, 1962 filed 100,000 common.
Proceeds—For general corporate pur¬
Office—113 S. Hydraulic, Wichita, Kan. Under¬
writer—National Mortgage Agency, Inc., (same address),
Inc.
Pan American
(
,
Offering—Imminent.
?
poses.
Medical
Paddington Corp.,, J
ceeds—For selling stockholders.
New York. Underwriter—Lee
1962 refiled $8,000,000 face amount certificates
(series 20) and 300,000 common shares. Price—For cer¬
tificates, $762; for stocky $1.15, Business—A mortgage
ings-Expected sometime in July.
P. T. & T.
for each 8 P. T. & T.
ment; (max. $70). Business—Sale of alcoholic
under the brand name of Justerini &
Mont.
Mortgage Corp., Inc.
for each 8
common
May 24,1963 filed 100,000 class A
Dec. 28,.
concerns.
Address^-714 Medical Arts Bldg.; Oklahoma City. Under¬
writer—Lincoln Securities Corp. (same address). Offer¬
Nov.
Estates
Proceeds—For general corporate pur¬
derwriter—Security
common
Northwest
or one
held of record June
4,
1963. Rights will expire
July 3, 1963. Price — $16. Proceeds—For
selling stock¬
holders, P. T. & T.
Office—1200 Third Ave.,
Seattle,
Wash. Underwriter—None.
Co.,
.
Office—13 S. Broadway, Red Lodge, Mont.
poses.
1963, filed 1,000,000 class B common. Price—
$1.25. Business—A holding company for three life insur¬
ance firms. Proceeds—For loan repayment, operating ex¬
penses,; and
common
•
Insurance concern.
,
28,
—677
Memorial
preferred
11, 1962 filed 4,750,000 common. Price—$1. Busi¬
ness—Company plans to engage in cemetery develop¬
ment and to establish and operate a life and
disability
Medic Corp.
Feb.
the basis of 7 Northwest
Oct.
N. Y. Underwriter—To be named. Offering—Indefinitely
postponed.
100,000 common. Price—$8.75. Busi¬
of
galvanized chain link fence
Manufacture
concrete
.
Plankington Bldg., Milwaukee. UnderwriterInc. (same address).
—
Pacific Northwest Bell
Telephone Co.
May 8, 1963 filed 13,013,969 common being offered for
subscription by preferred and common stockholders of
Pacific Telephone &
Telegraph Co., former parent, on
Manufacturing Co., Inc.-
ensburg, Md. Underwriter—Netherlands Securities
Inc., New York. Offering—Expected in July.
; I
catalogue,
lishing a jsales
dress
Fund Management
reinforcing fabric, gates and related
Proceeds—For construction of a plant in Ire¬
land, and working capital. Office—4301 46th St., Blad-
Press, Inc.
Fund Inc.
—
debt
products.
another firm.
May 29, 1962 tiled 60,000 common.
ness—Graphic design and printing
Fence
1962 filed
—
welded
Underwriter—To be named. Note—This registration will
be withdrawn. The company's assets have been sold to
Marshall
Proceeds—For
stores.
For equipment, new products, debt repayment and work¬
St.,
PMA Insurance
31
April 8, 1963 filed 200,000 common. Price
Net asset
value plus 4%. Business—A new mutual fund
specializ¬
ing in insurance stocks. Proceeds—For investment. Ad¬
repayment, store ex¬
pansion and working capital. Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y. Note—
This registration will be withdrawn.
Mai en 29, 19ok. xileu 72,uuu common, of which 58,000 art
to be offered oy company and 14,000 by stockholders
Tillary
Equipment & Plastics Corp.
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
,;
;
(2547)
Underwriter—None.
.■■•J
28, 1963, filed 200,000 capital shares. Price—$4.75*
a new type of
Business—Company plans to manufacture
St., Flint, Mich. Underwriter—Farrell
Securities
Princeton
March 28,
Research Lands, Inc.
1963 filed 40,000 common. Price—$25. Bust-
ness-r-Purchase
and
sale
of
real
property,
chiefly
un¬
improved land.
quisition
of
Proceeds—For debt repayment, and ac¬
additional properties. Office—195 Nassau
St., Princeton, N. J.
Underwriter—None.
Professional Men's
■„
Association, Inc.
Jan. 8, 1963 filed 40,000 common. Price—$5. Business
—Company specializes in financial consulting, and serv.
Continued
on
page
32
32
The Commercial and Financial
(2548)
tration will be withdrawn.
icing patients' accounts of member hospitals, physicians
and dentists. Proceeds—For debt repayment and work¬
ing capital. Address—100
W. Tenth St., Wilmington, Del.
April 11, 1963 filed 1,000,000 common. Price—Net asset
value plus 8%%. Business—A new mutual fund. Pro¬
ceeds—For investment. Office^316 North Fifth St., Bis¬
marck, N. D. Underwriter
(same address).
Putnam Income Fund
—
Recreation
Provident Management Co.
1988.
loans.
derwriters
Southern
of Missouri
Nov. 27, 1962 filed 125,000 class A common and threeyear warrants to purchase 1,250 class A shares to be
offered in units consisting of four shares and one war¬
rant.
Price — $32 per unit. Business — Company will
erect and operate a luxury hotel and resort facilities,
and sell 80 acres of land for home sites. Proceeds—For
Olive St., St. Louis.
membership. Business — Comparty
will operate retirement centers for the use of rent-free
private homes and apartments by members upon their
porate purposes.
Stone
A
working capital and other corporate
237
W.
51st
St..
N.
purposes.
Underwriter—Richard
Y.
Richmond
v
1961 filed 142,858
SEC
has
challenged
of this registration
•
Rona
the
accuracy .and
Lee
New York. Underwriter—Reuben Rose &
Royaltone Photo Corp.
Nov. 29, 1961 filed 300,000 common, of which 100.00C
are to be offered by the company and 200,000 by stock¬
and
Price
prints
film.
Office—245
—
7th
Stonehill &
For
Railroad,
on
Inc.
the basis of
Ave.,
N
Co., N. Y.
Note—This registration will be
Mills, Inc.
Sept. 28, 1962 filed 312,500 common. Price—By amend¬
ment
(max. $12).
Business—Manufacture of athletic
clothing, knitted underwear, children's sleepwear and
cotton
cloth.
expansion.
Proceeds—For bond
Address—Alexander City, Ala.
—Hornblower
formerly
retirement and
&
Weeks, N. Y.
Note
—
called Russell Manufacturing Co. Offering
was
.
.
Selective
Feb.
are
28,
to
Financial
1962
filed
Corp.
common, of which 405,000
subscription by holders of the A,
Life
&
9th
Street, Kansas City, Mo.
Reed, Inc., Kansas City, Mo.
Finance Corp.
filed $1,026,000 of 7% junior subordi¬
capital notes (series A) due 1978; also
to be sold for stockholders. Price—For
1963
finance business.
Proceeds—For
debt
repay¬
unit.
per
Business—Manufacture
Proceeds—For
equipment,
of
working
urethane
capital,
leasehold expenses and other corporate purposes. Office
Republic
National
Bank
Bldg.,
Dallas.
Under¬
writer— First Nebraska Securities
Corp;, Lincoln, Neb.
Offering—Temporarily postponed.
*
Valley Investors, Inc.
Jan. 23, 1963, filed 328,858
—A
new
mutual
fund.
Price—$1. Business
common.
Proceeds—For
investment.
Ad¬
dress—Sidney, Montana. Underwriter—To be named.
/
Vend-Mart Inc.
Jan.
22, 1963 filed 60,000 common. Price—$4. Business
—Operation of coin-operated automatic ice cube vending
machines
Underwriter—To be named..
and
clothes
washing and drying machines.
repayment, equipment, expansion
working capital. Office—565 Fifth Ave., New York.
Proceeds
and
For debt
—
Underwriter—M. G. Davis & Co., Inc., New York. Offer¬
ing—Indefinite.
Waterman Steamship Corp.
A.ug. 29, 1961 filed 1,743,000 common.
company.
Price—By amend¬
ment.
Business—The
carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬
ital.
Office—71 Saint Joseph St., Mobile, Ala. Under¬
writer—Shields
(6/26)
&
Co., Inc.^ N. Y. Note—This registra¬
tion will be withdrawn.
Jan.
of
natural
Western Steel, Inc.
gas,
17, 1963 ("Reg. A") 245,000 common.
Price — $1.
Business—Company plans to erect a mill to produce cer¬
tain types of iron by the new
"Taylor Process." Proceeds
general corporate pur¬
Hynds Bldg., Cheyenne,
Wyo. Underwriter—C. B. Hoke Agency, Cheyenne, Wyo.
Note—The SEC has issued an order
temporarily sus¬
pending this issue.
x
—For
v
plant
poses.
Address-—Suite
construction
Western Union
March
International, Inc.
filed $4,000,000 of 6*4% subordinated
1983, and 400,000 common. Price—For
debentures, at par; for stock $3.50. Business—Company
will take over and operate Western Union
Telegraph's
*n
international
fering—Indefinite.
held.
Remaining 94,822 and any unsub¬
scribed shares will be offered publicly. Price—To public,
$6; to stockholders, $5. Business—Company plans to en¬
gage in the consumer finance, mortgage, general fi¬
nance
and related businesses. Proceeds
For general
corporate purposes. Office—830 N. Central Ave., Phoe¬
be
offered
bv
■
29,
and
412-413
Top Dollar Stores, Inc. (7/1-5)
May 1, 1962 filed 200,000 common, of which 100,000 are
B and C stock of Selective Life Insurance
Co., an affili¬
ate, on the basis of 4 company shares for each class A or
B share and two-thirds share for each class C share of
Selective
W.
Urethane of Texas, Inc.
Feb. 14, 1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each class. Price—
—2300
packaging products.
Proceeds—For working capital.
Address—Elsa, Texas. Underwriter—To be named. Of¬
500,000
be offered for
mutual fund. Proceeds—For
new
City, and Texas National Corp., San Antonio.
sas
foams.
Texas Plastics, Inc.
July 27, 1962 filed 313,108 common. Price—$3.50. Busi¬
ness—Operation of a plant producing plastic film and
-
light household and office
general corporate purposes.
Address — 700 Gibraltar Bldg.,
Dallas. Underwriters—Midland Securities Co., Inc., Kan¬
the transportation of
petroleum products, and the production of oil and gas.
Proceeds—For loan repayment, and construction. Ad¬
dress—Texas Eastern Bldg., Houston, Tex. Underwriter
—Dillon, Read & Co., Inc., New York.
Underwriter
—Indefinite.
Office—20
—Transmission
This company
of
For
—
June 6; 1963 filed $50,000,000 of first mortgage pipe line
bonds due July 1, 1983. Price—By amendment. Business
plant
-
and expansion.
$5.05
Texas Eastern Transmission Corp.
Russell
.
Offering—Indefinite.
29,
ment,
Proceeds—For investment in U. S.
Government Bonds and in new subsidiary. Office—801
Lafayette Life Bldg., Lafayette, Ind. Underwriter—Amosand Inc. (same address).
withdrawn.
1
Variable Annuities Fund, Inc.
11, 1961 filed 2,500,000 shares of stock. Price—$10
consumer
Office—211 Anderson Bldg., Lincoln,
Underwriter—Capital Investment Co., Lincoln, Neb.
surance
and working capital
Y. Underwriter — Federman
address.
same
12,329 common
debentures, at par; for stock, by amendment. Business—
Company and 30 active subsidiaries are engaged in the
one
Tecumseh Investment Co., Inc.
equipment
at
Corp, Ltd.
nated convertible
Scenic
Jan. 21, 1963 filed 48,500 common. Price—$100. Business
—A holding company which plans to organize a life in¬
By amendment.
Business — Developi
color, and black and white photographic
Proceeds
Proceeds
Universal
purposes.
querque.
—
Manufacture
—
York.
March
Teaching Machines, Inc.
April 1, 1963 filed 165,000 common, of which 120,000
are to be offered by company, and 45,000 by stockhold¬
ers.
Price—By amendment (max. $9). Business—Com¬
pany develops and sells teaching machines exclusively
for Grolier Inc. Proceeds—For debt repayment and other
corporate purposes. Office—221 San Pedro, N. E., Albu¬
York.
EDST)
a.m.
Plastic
Underwriter—Waddell
Los Angeles. Underwriter—None.
Co., Inc., New
(11
&
share. Business—A
per
Feb. 1, 1963 filed 30,000 shares* of'beneficial interest.
Price—$100. Business — A real estate investment trust.
Proceeds—For investment. Office—4900 Wilshire Blvd.,
adequacy
statement.
corpo¬
United
Sutro Mortgage Investment Trust
Corp. (6/24-28)
Sept. 26, 1962 filed $250,000 of 6%% debentures and
50,000 common. Price—For debentures, by amendment;
for stock, $4. Business—Design, manufacture, and dis¬
tribution of girls' blouses, sportswear, and coordinates.
Proceeds—For debt repayment. Office—112 W. 34th St.,
holders.
New
porate
Neb.
other
Address—Rehovoth, Israel. Underwriter—Brager & Co.,
March 27, 1963 filed 600,000 common. Price—$2.50. Busi¬
ness—Sale of life insurance. Proceeds—For general cor¬
common.
19
Saran
furniture.
.-
Mountain
bonds
mortgage
and
25,
Business
Inc., Greenville,
Co.,
(6/26)
first
—
.
Superior Benefit Life Insurance Co.
Corp.
Price—$7. Business
—A real estate investment company. Proceeds—For debt"
repayment and general corporate purposes. Office—220
K St., N. WM Washington, D. C. Underwriter—Hirschel
& Co., Silver Spring, MkL Offering—Indefinite. Note—
The
Furman
of
1963, filed $330,000 of 7% convertible deben¬
tures due 1975 and 16,500 shares of 8% preferred ordi¬
nary "B" shares to be offered in units consisting of two
$100 debentures and 10 shares. Price
$305 per unit.
share for
each three shares held of record Feb. 1.
Rights will
expire June 25. Price—$5.50. Business—Operation of a
scenic railroad. Proceeds—For construction, debt repay¬
ment and other corporate purposes. Address — Stone
Mountain, Ga. Underwriter—None.
Office—
Gray Co.,
New York. Offering—Indefinite.
Dec. 21,
G.
scription by stockholders
common.
Price—$5.
broker-dealer.
Proceeds — For
securities
Feb.
Jan. 22, 1963 filed 84,091 common being offered for sub- e
Co., Inc.
("Reg. A") 60,000
1962
United
in the sale of automobile and life in¬
debt repayment and other cor¬
Office—518 S. Irby St., Florence, S. C.
South Carolina.
Richard Gray &
—
Meeting—June
Proceeds—For
Underwriter—Alester
working capital, construction
and other corporate purposes. Office.—235 Lockerman
St., Dover, Del. Underwriter—John D. Ferguson, Dover,
Del. Offering—Expected in early July.
$6,500,000
& Main Sts., Cincinnati.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Blyth & Co. Inc.-First Boston Corp.,
(jointly); Merrill Lynch, Pierce, Fenner & Smith Inc.Kidder, Peabody & Co. (jointly); Equitable Securities
Corp.; White, Weld & Co. Bidsh-June 26 (11 a.m. EDST)
at One Wall Street (47th floor), New York. Information
Investment.
also engaged
filed
Proceeds—For construction
Auril
surance.
retirement. Proceeds—For
21,
1993.
1963
rate purposes. Address—Fourth
interest.
per
a
Inc., Spokane.
is
Foundation, Inc.
April 8, 1963 filed 100,000 memberships in the Founda¬
on
Light, Heat & Power Co.
debentures due Nov. 1, 1978. Price—At par and accrued
Business—-A consumer finance company which
Retirement
Business
10,
due
Stephenson Finance Co., Inc. (7/1-5)
April 12, 1963 filed $1,000,000 of 6% sinking fund subord.
nite.
June
.May
*
(6/25)
Co.
Gas
Underwriters—(Competitive). Probable ^bidders: Halsey,
Stuart &.Co. Inc.;. White, Weld-& Co,..-Eastman Dillon,
Union Securities'. & Co.\(jointly); Blyth & Co.-Merrill
Lynch, Pierce, Feriner & Smith Inc. (jointly). Bids—
June 25 (8:30 a:m. PDST) at above address. Informa¬
tion Meeting—June 20 (available 10 a.m.-4 p.m.) at 16
Wall St. (Conference Room No. 1), New York.
Under¬
writer—R. L. Warren Co., St. Louis. Offering—Indefi¬
Price—$10
Union
May 27, 1963 filed $40,000,000 of first mortgage bonds
due July 1, 1988. Proceeds—1To redeem outstanding 5 V&%
first mortgage bonds due 1983 (series C)., to repay ad¬
vances from parent, Pacific Lighting Corp. and for con¬
struction.- Office
810: South Flower- St., Los Angeles.
Resort Corp.
tion.
California
due
Funds Co.,
Halsey, Stuart & Co. Inc.; Salomon Brothers & Hutzler.
Bids—July 17 (11 a.m. EDST) at 49 Federal St., Boston.
Information Meeting
July 12 (11 a.m. EDST) at 90
Broad St. (19th floor), New York.
,,
investment, and working capital. Office—
411 West 7th St., Los Angeles. Underwriter—Costello,
Russotto & Co., Beverly Hills, Calif. Offering—Expected
sometime in July.
?.
advance royalties, payment of
mill, and construction. Address—405
Fidelity Bldg., Spokane, Wash. Underwriter — Mutual
(Competitive). Probable bidders: Kidder,
—
& Co.-White, Weld & Co. (jointly); Stone &
Webster Securities Corp.-Dean Witter & Co; (jointly);
debt repayment, and work¬
Address—Northwestern Bank Bldg., Min¬
Proceeds—For
ore.
balance
Peabody
Industries, Inc.
Office—3615
zinc
debentures due 1985, and repay bank
Office—220 South Virginia St., Reno, Nev. Un¬
5%%
standing
Proceeds—For
capital.
Tri-Nite Mining Co.
April 26, 1963 filed 800,000 common. Price—40c. Business
—Company plans to engage in exploratory mining for
(7/17)
Co.
Power
Thursday, June 20, 1963
.
neapolis. Underwriter—Dean Witter & Co., Chicago.
7, 1963 filed $8,000,000 of debentures due July 1,
Price—By amendment. Proceeds—To refund out¬
June
capital
construction.
Pacific
Sierra
Nov. 23, 1962 ("Reg. A") 75,000 common. Price — $2.
Business—Sale of travel and entertainment. Proceeds—
For
ing
Virginia St., Reno, Nev. Underwriter—None.
April 3, 1963 filed 2,000,000 shares of beneficial interest.
Price—Net asset value plus 8Vfe%. Business—A new mu¬
tual fund seeking maximum
income, and long term
growth of principal. Proceeds—For investment. Office—
60 Congress St., Boston. Underwriter — Putnam Fund
Distributors, Inc. (same address)...
-,
•
merchants.
Rights will expire July 29. Price—By amendment (max.
$36). Proceeds—To repay bank loans. Office—220 South
Inc.
Fund,
Stock
(7/11)
Co.
Power
7, 1963 filed 172,341 common to be offered for
subscription by stockholders on the basis of one new
share for each 10 common shares held of record July 9.
June
Underwriter—None.
Provident
Pacific
Sierra
.
.
• Travelers
Express Co., Inc. (6/24)
May 3, 1963 filed 267,740 common, of which 70,000 are
to be offered by company and
197,740 by stockholders.
Price—By amendment (max. $15.50); Business—Sale of
money orders on a nation-wide basis through retail
Co., New York. Note—This regis¬
Milton D. Blauner &
Continued from page 31
Chronicle
debentures
company
and
100,000 bv stockholders
1963
due
telegraph
operations.
Proceeds—For
sell¬
Price—$6. Business—Operation of a chain of self-serv¬
stores selling clothing, housewares, etc.
Pro¬
ceeds—For expansion, equipment and working capital
Office—2220 Florida Ave.. Jasper. Ala.
UnderwriterVan Alstyne, Noel & Co., New York.
•
Tourist Industry Development Corp., Ltd.
March 29, 1963 filed $5,000,000 of 7% senior debentures
due 1983. Price—At par.
Business—Financing of tourist
Underwriter—None.
Shaker Properties
Oct. 19, 1962 filed 215,000
Price—$15. Business
—
^
shares of beneficial interest.
A real estate
investment
trust.
Proceeds—For
investment and working capital. Office
—1956 Union Commerce Bldg.,
Cleveland, Ohio. Under¬
writer— McDonald
&
Co.,
Cleveland.
Offering
—
April 2, 1962 filed 80,000 common. Price
ment (max. $11). Business—Operation of
enterprises in Israel. Proceeds
—
nix.
ing
working capital. Office — 808 Dakin St., New Orleans.
Underwriter
Howard, Weil, Labouisse. Friedrichs &
ice retail
purposes.
Address
American-Israel Basic Economy Corp., New York.
fering—Expected in August.
In¬
definite.
Transarizona
Signalite Inc.
repayment,
'Office—1933 Heck
equipment
and
working
York.
Offering—Expected in late July.
Wiener Shoes
itores.
Inc.
Proceeds—For
debt
repayment,
Office—201
William Penn Racing
Resources, Inc.
E.
4th
.
y.;.
Ariz
cap¬
St., Casa Grande, Ariz. Underu,.
\
i.*,.
f
and
Co., New Orleans. Note—This registration will be with¬
Association
mon
*4*ter- None.
expansion
—
March 8, 1963 filed $1,000,000 of 6V2%
bentures due 1978 and 100,000 class A
ital.
■'
By amend¬
chain of shoe
—
a
drawn.
1962 filed
Proceeds—For equipment, exploration and working
capital.
Ave.,;Neptune, N.,J. Underwriter-^
Office—60 Hudson St., New York. Underwriters—Ameri¬
can
Securities Corp., and Glore, Forgan &
Co., New
the Lake Shore copper
deposit near Casa Grande,
29, 1962 filed 126,000 common. Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps
for use as indicators and circuit
components. Proceeds—
debt
Of¬
stockholder, Western Union Telegraph Co., parent.
500,000 capital shares. Price—$1.50
Business—Exploration, development and production of
May 28,
Jan.
For
—
For
general corporate
Jerusalem, Israel.
Underwriter—
—
^
shares to be offered in units of
and 10 shares. Price—$220 per unit.
sinking fund de¬
non-voting com¬
one
$100 debenture
Business—Company
has been licensed to conduct harness racing with parijnutual betting. Proceeds — Forw. debt ^repayment and
Volume
197
Number 6274
♦
•
.
The Commercial and Financial Chronicle
working capital. Office—3 Penn Center Plaza, Philadelphiaw Underwriter—Stroud & Co., Inc., Philadelphia.
Offering—Indefinite.
*
.
Winslow
Electronics, Inc.
Dec. 28, 1961 filed
125,000 common. Price—$4. Businew
—Design and manufacture of precision electrical and
electronic
(2549)
Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.-Blyth
&
Co.-Lehman
(jointly).
Brothers-Salomon
Bids—Aug.
6
(11
Brothers
EDST)
a.m.
&
Missouri Fidelity Life Insurance Co.
Hutzler
240,000
American
at
&
Electric Power Co., Inc., 2 Broadway, New York. Infor¬
mation Meeting—Aug. 1 (3 p.m.
EDST),
if Michigan-Wisconsin
same
Pipeline Co.
due
June 18, 1963 filed $30,000,000 of first mortgage
pipeline
bonds due 1983. Proceeds—For redemption of outstand¬
writer—To be named.
repayment and construction. Office—500 Griswold St.,
Detroit. Underwriters—(Competitive). Probable bidders:
Wolf Corp.
Jan.
26,
1962 filed $4,500,000
convertible sub¬
ordinated debentures due 1977 (with attached warrants)
to be offered for
subscription by stockholders of class
A stock on the basis of $500 debentures for each 100
class A shares held. Price—$500 per unit. Business—
Real estate. Proceeds—For debt repayment and realty
acquisitions. Office—10 East 40th St., N. Y. Underwriter
—S. E. Securities, Inc., 10 East 40th Street, New York
of 6.5%
Note—This registration will be withdrawn.
/Woman's Life Insurance Co. of America, Inc«
March
28, 1963 filed 150,000 common.
Price—$7.50.
Business—Company writes life insurance for women.
Proceeds—For investment, and expansion. Office—7940
Wisconsin Ave., Bethesda, Maryland.
Underwriter—
None.
"
Wyomont Petroleum Co.
May 10, 1963 ("Reg. A") 120,000
Business—Production
sale
and
common. Price—$2.50.
of petroleum products.
Proceeds—For debt repayment, construction and work¬
ing capital. Address—P. O. Box 670, Thermopolis, Wyo.
Underwriter—Northwest Investors Service, Inc. Billings,
Montana.
1
XTRA, Inc. (6/24-28)
May 16, 1963 filed 80,000 shares of convertible preferred
(par $25). Price—By amendment (max. $27.50). Business
—Rental of truck trailers to railroads
or
others in con¬
nection with
"piggyback" operations, and the leasing of
transportable, reusable containers to railroads, steam¬
ship companies and others. Proceeds—For debt repay¬
ment, and equipment. Office—150 Causeway St., Boston.
Underwriter—Putnam & Co., Hartford.
Zausner Foods Corp.
(6/24-28)
1963 filed 100,000 class A common, of which
40,000 are to be offered by the company and 60,000 by
stockholders. Price—By amendment (max..$10). Business
May 21,
distributing and selling milk products.
Proceeds—For general
corporate purposes. Address—
New Holland, Pa. Underwriters—Reynolds & Co., Inc.,
N. Y., and Auchincloss, Parker & Redpath, Washington,
—Processing,
D. C.
★ Beam Tube Corp.
June 4, 1963
("Reg. A")
Business—Manufacture
and
signal
sale
of
used
tubes
to
gen¬
Wainwright & Co., Boston.
★ Continental
June
ment
other
18,
*
&
10,
1963
("Reg. A") $300,000 of 6% convertible
debentures, series D, due July 1, 1978.
par. Business—Engaged in various activities
and
St.
Allen
★ Northern Illinois Gas Co.
June
14,
July 1,
at 60
set-microphone combination for aircraft, radio and tele¬
phone use. Proceeds—For research, equipment, expan¬
sion and working capital. Office — 111
Josephine St.,
Santa Cruz, Calif. Underwriter—None.
if Pacific Power & Light Co. (7/36)
14, 1963 filed 100,000 shares of preferred (par $100).
Proceeds—To redeem
outstanding 6.16%, preferred, and
to repay bank loans. Office—920 S. W. Sixth
Ave., Port¬
land, Ore. Underwriters—(Competitive). Probable bidbers: Blyth & Co.,
Inc,-Smith, Barney & Co.-White, Weld
June
& Co.
(jointly); Kidder, Peabody & Co.-Eastman Dillon,
Union Securities & Co.
(jointly). Bids—July 30 (12 noon
EDST) at Ebasco Services, Inc., 2 Rector St., New York.
Information Meeting—July 25
(3:30 p.m.)
;
"
at
same
ad¬
'
17,
1963 filed
Insurance
Co.
150,000 common offered at
pany without underwriting.
of
$4
Illinois
per
share
by the
com*
Security National Bank of Long Island
141,519 common being offered for subscription by stock¬
holders at $28 per share on the basis of one new share
for each nine held of record June 18, 1963. Rights will
expire July 8, 1963. M. A. Schapiro & Co., Inc., New
York, is the principal underwriter. (Issue was exempted
from SEC registration).
State Loan & Finance Corp.
$15,000,000 of 4%% sinking fund debentures due June 1,
1983
offered
at
99%
plus accrued interest, to yield
4.70%; also $15,000,000 of 5*4% capital debentures (sub¬
ordinated) due June 1, 1983 offered at 99%, plus ac¬
crued interest, to yield 5.325%, by Johnston, Lemon &
Co., Washington, D. C., and Eastman Dillon, Union Se¬
curities & Co., New York.
Tennessee Gas Transmission Co.
$45,000,000 of 5% debentures due June 1, 1983 offered
at par plus accrued interest by Stone & Webster Secu¬
Corp., White, Weld
Inc., Chicago.
Co.
Co., and Halsey, Stuart &
&
ATTENTION UNDERWRITERS!
Do you have
Our
an
issue you're planning to register?
Corporation
to know about it
similar to those
Would
us
you,
News
so
Department
that
we
can
like
would
prepare
an
'/■
item
you'll find hereunder.
telephone
us
at
REctor
2-9570
or
at 25 Park Place, New York 7, N. Y.
Co,
217,645 capital shares.
Price—$5.50.
office
Prospective Offerings
Bank of the Commonwealth
May 29, 1963 it
(Detroit)
reported that the bank is offering
subscribe for an additional
the basis of one new share for each
was
its stockholders the right to
30,000
18
shares
held
of
on
record
May 28.
Rights will expire July 1,
Price—$50. Proceeds—To increase capital funds. Address
—Fort and Griswold, Detroit. Underwriter—None.
.
9
June
17,
1963 filed 300,000 units of participation in the
Fund to be offered in exchange for certain acceptable
securities on the basis of one unit for each $100 of de¬
posited
securities.
mutual
fund
Business
which
plans
—
to
A
new
continue
exchange
type
indefinitely to
Distributar—Wellingt:on Co., Inc.^ Philadelphia.
one
/
rities
nated debentures due 1983 to be offered for:
Price—At
Reliance Life
write
Insurance
v
offered at $8.50 per share by A. C. Allyn
common
$40,000,000 of 4%% first and refunding mortgage bonds
plus accrued interest,
to yield 4.315%, by Merrill Lynch, Pierce, Fenner &
Smith Inc., Lehman Brothers, and Salomon Brothers &
Hutzler, New York.
'
Life
being offered for subscription by stock¬
$12.50 per share on the basis of one new
Co., Chicago.
-
'
at
due June 1, 1993 offered at 101%
Liberty St., New York.
if Pacific Plantronics, Inc.
June 5, 1963 ("Reg. A") not to exceed 23,640 common
to be offered for subscription by stockholders of record
May 31, 1963 on a pro-rata basis. Price—$10. Business—
Development and manufacture of a miniaturized head¬
share by Kidder,
Public Service Electric & Gas Co.
(Compet¬
itive). Probable bidders: First Boston Corp.; Halsey,
Stuart & Co. Inc.; Blyth & Co., Inc.-Eqiiitable Securities
Corp. (jointly); Glore, Forgan & Co. Bids—July 23
(10:30 a.m. CDST) at 231 South La Salle St. (11th
floor),
Chicago. Information Meeting—July 17 (11 a.m. EDST)
exchange its units for additional contributions of secu¬
rities, and to seek long term growth of capital and in¬
come. Office
3001 Philadelphia Pike; Claymont, Del.
the basis of
&
1963 filed $20,000,000 of first mortgage bonds
1988. Proceeds—For construction. Office—
615 Eastern
Ave., Bellwood, 111. Underwriters—
due
per
Poulsen Insurance Co. of America
★ Warwick Fund
-
on
share by
per
pire July 5. The Marshall Co., Milwaukee, and McCor*
& Co., Chicago, are the principal underwriters.
85,000
^ Duval Corp. 1
June. 18,. 1963 filed $10,000,000 of convertible subprdH
held.
at $60.25
mick
(7/23)
buildings. Proceeds—For selling stockholders.
Office—850 3rd Ave., New York. Underwriter—Kuhn,
Loeb & Co., Inc., New York.
^ Cooper Tire & Rubber Co. (7/30)
18, 1963 filed 150,000 cumulative convertible pre¬
ferred shares (par $20). Price—By amendment. Business
—Manufacture of automobile and truck tires, and in¬
dustrial rubber products. Proceeds — For debt repay¬
ment, inventories and working capital. Address—Findlay, Ohio. Underwriter-—Merrill Lynch, Pierce, Fenner
shares
offered
common
common
holders
capital and other corporate purposes. Office — Wallace
Bldg., Tampa. Underwriter — Donald V. Stabell, St.
Petersburg, Fla. -//v
■/■/'/ /'.■:r- V/;
of
June
13
and
York,
share for each 7 held of record June 14. Rights will ex¬
in the loan and discount fields. Proceeds—For
working
★ Uris Buildings Corp. (7/1-5)
June 18, 1963 filed 50,000 common. Price—By amend¬
ment (max. $30). Business—Construction and operation
Co., New York. Offering—Expected in late July.
each
90,122
subordinated
a life and disability
insurance business exclusively in California. Proceeds—
For investment and other
corporate purposes. Office—
Telephone Co.
by stockholders
New
Corp., New York.
June
Price—At
Pine St., San Francisco.
Underwriter—Paine, Web¬
ber, Jackson & Curtis, New York.
v
plus accrued interest
Business—Company plans to conduct
1963 filed 400,000 common. Price—By amend¬
& Smith Inc.
100,000 class A
360
(max. $12). Proceeds—For debt repayment
corporate purposes. Office—111 S. Bemiston,
at par
Polaris Corp.
June
,7-;;"-
Louis. Underwriters—E. F. Hutton & Co., Inc., and
offered
★ Mutual Finance Co.
★ Sentinel
generators.
1978
Lee Higginson
Co., 30 Rockefeller Plaza, New York.
dress.
Proceeds—-For
selling stockholders. Address-—Milford, Mass. Under¬
writers—Markoff, Sterman & Gowell, Inc.', and H. C.
in
microwaves
15,
Paddington Corp.
bidders:
Lehman
Brothers
Bear,
Stearns & Co.-Salomon Brothers &
.Hutzler-(jointly);
Halsey, Stuart & Co. Inc.; Blyth & Co.-White, Weld &
Co. (jointly); Eastman
Dillon, Union Securities & Co.Kidder, Peabody & Co. (jointly). Bids—July 30 (11 a.m.
EDST) at Ebasco Services, Inc., 2 Rector St., New York.
Information Meeting—July 25 (3:30
p.m.) at same ad¬
.
June
Pargas, Inc.
225,000 common offered at $16.25
Peabody & Co., Inc., New York.
Gas
petitive)./Probable
13,750 common. Price—$7.25.
$6 per share by A. C. Allyrf
Auchincloss, Parker J& Redpath,
Yates, Heitner & Woods, St. Louis.
Halsey, Stuart & Co. Inc.; First Boston Corp.; Blyth &
Co. Bids—July 16 (11 a.m.
EDST) at American Natural
if Pacific Power & Light Co, (7/36)
June 14, 1963 filed $30,000,000 of first
mortgage bonds
due 1993. Proceeds—To
repay bank loans. Office—920
S. W. Sixth Ave.,. Portland, Ore.
Underwriters—(Com¬
This Week
at
by
first mortgage pipeline bonds due 1977, loan
dress.
Issues Filed With SEC
erate
ing 614%
offered
common
Co., Chicago.
Ozark Air Lines, Inc.
$3,000,000 of 6V2% convertible subordinated debentures
address.
(7/16)
measuring devices and test equipment. Pro-,
debt repayment and other corporate pur¬
poses. Office—1005 First Ave., Asbury Park, N. J. Under¬
oeeds—For
33
—
subscription
$100 debenture for,
Bethlehem
Feb.
Steel
Co.
26, 1963, Arthur B. Homer, Chairman, announced
that the company will embark on a
$750,000,000 capital
improvements program to be completed by 1965.
He
said that approximately two-thirds of the financing for
the program will be generated internally and the bal¬
ance
secured externally.
Mr. Homer added that this
would not be required until at least 1964. Office — 25
Broadway, New York. Underwriters—To be named. The
last public sale of securities in May, 1955, was handled
by Kuhn, Loeb & Co., and Smith, Barney & Co., New
York.
Business—Mining,
milling and marketing of copper, molybdenum, and pot¬
ash and the mining ^and marketing of crude sulphur.
Proceeds—For construction/ and other corporate pur¬
poses. Address — 1906 First National City Bank Bldg.,
Houston, Tex. Underwriter—None.
par.
★ Illinois Bell Telephone Co. (7/9)
June 14, 1963 filed $50,000,000 of first mortgage bonds
due July 1, 2003. Proceeds — To repay advances from
A. T. & T., parent. Office—212 W. Washington St., Chi¬
cago.
Underwriters—(Competitive). Probable bidders:
Halsey, Stuart & Co.; Glore, Forgan & Co.-Eastman
Dillon, Union Securities & Co. (jointly); Morgan Stanley
& Co.; Blyth & Co.-Lehman Brothers-Merrill
Lynch,
Pierce, Fenner & Smith Inc.-Salomon Brothers & Hutzler (jointly). Bids—July 9 (11 a.m.
EDST) in Room 2315,
195 Broadway, New York.
v
Effective Registrations
The following registration statements were de»
clared effective this week
by the SEC. Offering
details, where available, will be carried in the
Monday issue of the "Chronicle."
Chicago Burlington & Quincy RR (6/27)
May 20, 1963 the company announced tentative plans to
sell $5,250,000 of equipment trust certificates in June.
Office—547 W. Jackson Blvd., Chicago. Underwriters—
(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Expected June
27 (12 noon CDST) at above address.
Chicago Burlington & Quincy RR. (10/1)
May 20, 1963 the company announced tentative plans to
$5,000,000 of equipment trust certificates in October.
Office—547 W. Jackson Blvd., Chicago. Underwriters—
(Competitive). Probable bidders; Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids — Expected
October 1 (12 noon CDST) at above address.
sell
-
Bank Adanim
84,303
linked
share
Mortgages & Loans Ltd.
shares
of 8%
cumulative participating
dollar
preference dividend stock offered at $3.33 per
by Sakier & Co., Inc., New York.
.7
;
'
★ Chicago, Rock Island & Pacific RR
(7/24)
,
if Indiana & Michigan Electric Co. (8/6) '
June 14, 1963 filed $45,000,000 of first
mortgage bonds
due 1993. Proceeds—For loan
repayment, and other cor¬
Capital Cities Broadcasting Corp.
250,000 common offered at $22.75 per share by
Weld & Co., Inc., New York.
•
porate purposes.
June
Firestone Tire & Rubber Co.
Ind.
Office-^2101 Spy Run Ave., Fort Wayne,
Underwriters
—
(Competitive).
Probable
bidders:
Halsey, Stuart & Co. Inc.; Eastman Dillon, Union Secu¬
Co.; Harriman Ripley & Co. Inc.; First Boston
rities &
White,
.
reported that this road plans to
sell
of equipment trust certificates in July.
Office—139 West Van Buren St., Chicago. Underwriters.'
(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids — July 24 (12
noon CDST)
in Room 1136, at above address.
1
18, 1963
$3,900,000
/
it
was
—
$75,000,000 of 41/>% debentures due July 1, 1988 offered
at 99 %% plus accrued
interest, to yield 4.30%, by Har¬
riman Ripley & Co., Inc., New York.~
1
Continued
on
page
34
34
The Commercial and Financial Chronicle V.
(2550)
Continued from page
*
/
r
• K
.»
*
,
•
.
Columbia
33
Gas
1 *
~
1
.
.
^
-
"
'
M.
'*
"
'
'
'
Food Fair
\J;'
'
* "
' '
^
M
(10/3)
System, Inc.
J '
'
>
< -
'
.
•
' * *
^
,
-
May 6, 1963 the company stated that it plans to sell
$25,000,000 of debentures in October' to raise money
for construction. Office — 120 East 41st Street, New
York.
Underwriters — (Competitive).
Probable bid¬
IX,
756.000' Shares of
uorj
1962
stockholders
a
will be offered
which
-
rights
•'It/; r
Japan (Government of)' ^ 7"
' V
May 1, 1963 it was reported that the Government plans
to sell an additional $35,000,000 of external loan bonds'in the U. S. during the fiscal year ending March 31, 1964.
It is expected that the majority would be sold by Dec.
31, 1963. Underwriter—First Boston Corp., New York.
Properties, Inc.J
May
issue
r
on
a
,
company; to :'
convertible Dreferrea stock
stockholders
1-for-10
the
authorized
new
to
through-subscrip- ;
Price—By
basis.
amendment'./
Business—-Development and operation of shopping cen¬
Proceeds—To retire outstanding 6% preferred stock ;
ders: Morgan Stanley. & Co.-First Boston Corp. (jointer
and purchase up to $6,000,000 convertible debentures 01 /
ly); Merrill Lynch, Pierce, Fenner & Smith Inc.-White, / Major Realty Corp./an affiliate. Office—223 East Alleg- \
Weld & Co. (jointly); Halsey, Stuart & Co. Inc.; Blyth
hany Ave.,; Philadelphia. Underwriter—To be namea & Co.-Lehman Brothers-Salomon Brothers & Hutzler/
The last rights offering in December .1957 was under¬
Bids—Expected Oct. 3.
written
by Eastman Dillon, Union Securities & Co.
.Communications
Satellite
F'eb.
20, 1963 it
was
tion
have
filed
been
ters.
New York.
Corp.
this
in Washington, •
D. C. Company's common voting shares, without par ,
value, will be divided into two series. Series I will be r
issued to the public, firms that produce space explora-;
tion
equipment and other non-communications con¬
cerns. Series II will be issued to
FCC-approved comiriuhications common carriers, with the provision that
no
than
more
half
the
company,
company's
total
shares
can
of
$100
share.
per
Business—Congress
for
graph,
3029
television
other
and
has
conducted with Merrill Lynch,
be;;
authorized
vi':•>;./•//v.v//
ment
address.
same
Connecticut
.
'
Light & Power Co.
Proceeds—For
construction.
Georgia Power Co.
St., Berlin, Conn. Underwriters—To be named. The
public offering of bonds on Jan. 20, 1960 was
handled by Morgan Stanley & Co.-Putnam & Co.-Chas.
(jointly).
Connecticut Yankee Atomic Power Co.
reported that the 12 utilities which
the
wants
bonds
be
to
sold
at
competitive
bidding. Business—Company was formed in December,
1962, to own and operate a 500,000 kw. atomic power
plant at Haddam Neck, Conn. Proceeds—For construction
of the
$70-$80,000,000 plant.. Off ice:—441 Stuart rSt.y Bos¬
ton. Underwriters—To be
•
named./;,
.
Vi
Gulf,!
Consolidated Edison Co. of New York, Inc. ,
May 22, 1963 the company stated that it will have to
raise, approximately $800,000,000 through the sale of
securities, to finance its five-year construction program.
In addition, it will have* to refinance
$52,000,000 of
maturing bonds in the period ending 1967. Office—4
Irving Place,-New York. Underwriters—To be named.
June
'
::
Co.
reported that the company plans to
$20,000,000 of straight debentures in the 3rd quarter
of 1963. Office—212 W.
Michigan Ave., Jackson, Mich.
was
Underwriters—(Competitive). Probable
Stuart
••
&
bidders: Halsey,
Co.-Shields & Co.
Co.
Inc.; White, Weld &
(jointly); Harriman Ripley & Co. Inc.-First Boston Corp
(jointly); Morgan Stanley & Co., Salomon Brothers &
Hutzler-Blyth & Co.-Lehman Brothers-Merrill Lynch,':1
Pierce, Fenner & Smith Inc. (jointly).
-Duke Power Co.
.
Scranton &
in the first quarter of 1964.
Office—30 Rockefeller
New York.
ders:
Underwriters—(Competitive).
Plaza,
Probable bid¬
Halsey, Stuart & Co. Inc.; First Boston Corp.;
Morgan Stanley & Co.; Stone & Webster Securities
Corp.
Eastern Freight Ways, Inc.
1962 the ICC authorized
Oqt. 9,
Eastman
Mexico
Office—900 Richards St., Honolulu.
Un¬
derwriters
Dillon, Read & Co. Inc., New York and
Dean Witter & Co., San Francisco.
?:
-—
Office
Moonachie
—
Ave.,
Underwriter—Allen & Co.:. New York
First National Bank of Toms
May 28,
offer
it
1963
was
stockholders
tional
24,000
the
reported
right
N.
J
be
the
Jan.
bank
subscribe
for
plans
an
to
addi¬
shares on the basis of one new
held of record June 26.
Rights will
common
share for each
19 V2
Aug. 26. Price—$24. Proceeds—To increase cap¬
funds. Address—Toms
River, N. J. Underwriter—
expire
ital
None.
Florida
•
...
Power
'
Corp.
Fifth
St.
Petersburg,
F.la. Underwriters—To be
named. The last
rights offering in May 1959 was under¬
written by Kidder,
Peabody & Co., and Merrill Lynch,
Pierce, Fenner & Smith, Inc., New York
1963
it
ner
•
offer
sell
that
the
company
16,
1963 it
$10,000,000
(9/5)
f.<ew
;i
York
tioi
(3:30
EDST)
p.m.
,
.
;
at
40
•
"V
IS/
t/
that this
;
vzfr'
utility plans to
and
.
Electric &
Gas
Corp.
was
for 1964 and 1965. Office—108 East Green
New York. Underwriters — (Competitive).
program
Probable
.
—
reported that the company plans to
sell $20,000,000 of debt securities to finance its construc-
St., Ithaca,
28
bonds
of
State
Apui 3, 1963 it
Peabody & Co.-Blyth & Co. Inc. (jointly); Eastman Dil¬
...
,
$10,000,000 of preferred
Office—441 Stuart St., Bos¬
(Competitive). Probable bidders:
(Bonds) Halsey, Stuart & Co. Inc.; Lehman BrothersEquitable Securities Corp. (jointly); Kuhn, Loeb & Co.;
Meirill Lynch,
Pierce, Fenner & Smith: Inc.-Kidder,
Peajody & Co.-White, Weld & Co. (jointly); First Bos- /
ton Corp.
(Preferred) First Boston Corp.; Dean Witter v
& C j.-Smith, Barney & Co.-Wertheim & Co.
(jointly); |
Equ cable Securities Corp.-Kidder, Peabod;& Co.-Lee ■"
Higf.mson Corp.-White, Weld & Co. (jointly); Lehman
Brothers; Merrill Lynch, Pierce, Fenner & Smith, Inc.
;
plans
White, Weld & Co.; First Boston Corp.; Merrill Lynch,
Pierce, Fenner & Smith Inc. Bids—Expected Sept 5. In¬
reported
was
Underwriters
lon^ Union Securities & Co.: Equitable Securities Corp.
Meeting—Aug.
"
stock in the fourth quarter.
was
St., New York.;-
'
New England Power Co.
Jan.
ton.
Address—Orpheum-Electric Bldg., Sioux City, Iowa. Un¬
derwriters—(Competitive). Probable bidders: Kidder
Wall
"
—
reported that the company plans to
$12,090,000 of first mortgage bonds in September.-
formation
-
•
f
$4,000,000 of common stock in September." Transaction /
is subject to approval by State and Federal
regulatory ,J
authorities. Address
Fourth and Stewart Ave., Las
f
Vegas. Underwriter—White, Weld & Co., New York.
;
.
Iowa Public Service Co.
& Smith Inc.
/ April 16,1963 the company announced plans to sell about
v
reported
/.v-
Nevada Power Co.
Light Co.
was
named.'
April 16, 1963 the company announced plans to sell about
$10,000,000 of first mortgage bonds in Sept. Address—
Fourth and Stewart Avenue, Las Vegas. Underwriters—
(Competitive): White, Weld-& Co.; Eastman Dillon, Union Securities & Co.-Kidder, Peabody & Co.
(jointly); 1
Halsey, Stuart & Co. Inc.; Merrill Lynch, Pierce, Fen- /
$10,000,000 of bonds in late 1963 or early 1964. Of¬
fice—823 Walnut St., Des Moines. Underwriters—(Com¬
petitive). Probable bidders: First Boston Corp.; White,
Weld & Co.; Halsey, Stuart & Co.
Inc.; Equitable Securi¬
ties Corp.; Kidder, Peabody & Co.; Eastman Dillon,
Union Securities & Co.; Lehman
Brothers;4 Blyth & Co.
May 6, 1963 it
12, 1963 the company announced
plans to offer
stockholders, sometime in
1963, the right to subscribe'
for about
457,265 additional common shares on a l-for-20
basis. Proceeds—For loan
repayment. Office—101
South,
16,
Power &
.
March
pt/,
Iowa
-
to terms,
Nevada Power Co.
to sell
River, N. J.I
that
to
Carlstadt,
as
Uni-Pac, • Inc.
27, 1963 it was reported that the company plans
to file a registration statement covering 150,000 common.
Price—$4. Business—The sale or lease of coin operated /
vending machines. Proceeds — To redeem outstanding >
debentures, and for other corporate purposes. Office—
15 Peachtree St., N. W. Atlanta, Ga. Underwriter—To
4
company
..
sidiaries.
reported that the Mexican Congress V*
was
National
-u
third quarter.
(Government of)
March
Co., Ltd.
Telephone Co.;
Securities & Co.; Kidder, Pea¬
Co.-White, Weld & Co; (jointly).*
timing, etc., have
not
been
decided upon. Proceeds—For/economic
de¬
velopment. Underwriter—Kuhn, Loeb & Co., New York. /
March 5, 1963 it was reported that this
company plans
to sell about $14,000,000 of first mortgage uonds in the,
Hawaiian
Union
be sold in the U. S. Details
Office—285
•
—
had authorized the sale of $100,000,000 of bonds in other
countries. It is expected that the majority of them would
June 2, 1963 it was reported that the
company plans to
to issue
100,000 common. Price—By amendment (min. $5). Busi¬ .'■3 offer stockholders in October the right to subscribe for
ness—A motor vehicle common
an additional
$8,000,000 of common stock. Office—1130
carrier operating in nine
eastern states from Vermont to
Virginia. Proceeds—For >t Alakea St., Honolulu. Underwriter—Kidder, Peabody &
working capital, debt repayment and advances to sub¬
Co., New York.
/-•"
the
Boston.
Dillon,
April 5, 1963 it
Utilities Co.
Electric
St.,
body & Co.; Blyth &
(8/8)
Co., New Haven.
Hawaiian
Underwriters
(Competitive).
First Bos¬
Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.;
ton
000,000 construction program. Office—176 Cumberland
Ave., Wethersfield, Conn. Underwriters — First Boston
Corp., New York; Putnam & Co., Hartford; Chas. W.
■
Stuart
Probable bidders: Halsey/ Stuart & Co. Inc.;
Hartford Electric Light Co.
April 30, 1963 the company announced plans to sell $15,$20,000,000 of securities in 1964 to help finance its $26,-
.•
April 22, 1963 it was reported that the company has ten¬
tative plans to issue
$50,000,000 of first mortgage bonds
_
reported that this company plans to
was
$10,000,000 of bonds in the fourth quarter. Office—
441
Liberty Ave., Beaumont, Tex.
Underwriters—(Competitive). Probable bidders: Stone
& Webster Securities Corp.; Lehman Brothers-Equitable
Securities Corp. (jointly); Glore, Forgan & Co.-W. C.
Langley & Co. (jointly); Lee Higginson Corp.
sell
16, 1963 it
sell
Jan. 29, 1963 the company announced plans to sell 100,300 shares of preferred stock (par $100) in the second
.
1963
20,
Massachusetts Electric Co.
Jan.
of
half of 1963.
Power
& Light Co.
it was reported that this subsidiary of
Middle South Utilities, Inc., may issue $25-$30,000,000
of bonds early in 1964. Proceeds—For construction. Of- ;
fice—142* Delaronde St., New Orleans. Underwriters—
(Competitive.) Probable bidders: Merrill Lynch, Pierce,/
Fenner & Smith Inc.- Kidder, Peabody & Go.-Harriman /
Ripley & Co., Inc. (jointly); White, Weld & Co.-Blyth /
& Co., Inc.- Shields & Co. (jointly); Halsey, Stuart & ;
Co.
Inc.; -First Boston Corp.-Glore, Forgan &
Co. J
(jointly); Salomon Brothers & Hutzler-Eastman Dillon,
Union
Securities
&
Co.-Equitable
Securities
Corp. .:
(jointly).
'
"
'
* *
12, 1963 it
States
Proceeds—For
Louisiana
Feb.
Francis
Gulf
issue, in December, 1962, was won
competitive bidding by Halsey, Stuart & Co. Inc.
Other bidders were Morgan
Stanley & Co., and First
Boston Corp. :\% ;
./>•••'//j- :v..' •
•
•;
April 24, 1963 it
;
was reported that this road plans to sell
equipment trust certificates. Office—104
St., Mobile, Ala. Underwriters—(Competi¬
tive). Probable bidders: Salomon Brothers & Hutzler;
Halsey, Stuart & Co. Inc. Bids—Aug. 8 (12 noon CDST)
at the company's Chicago office.
St.
at
Power
Mobile & Ohio RR.
$3,900,000
The last public bond
Consumers
prod¬
expansion. Office—2432 Swan St.,
Jacksonville, Fla. Underwriter—To be named. The last
public sale of securities in February 1960 was handled
by C. E. Unterberg, Towbin Co., New York.
ucts.
'
>
.
cialized business forms and other business printing
b>
f
Inc.
Forms,
12, 1963 it was reported that the company is considering the issuance of $1,250,000 of 15-year convertible
subordinated debentures. Business—Manufacture of spe¬
(Bonds): Equitable Securities Corp.-Eastman Dil¬
lon, Union Securities & Co. (jointly); Blyth & Co.-Kidder, Peabody & Co.-Shields & Co. (jointly); Halsey,;
Stuart & Co. Inc.; First Boston Corp.; Harriman Ripley
& Co.; Morgan Stanley & Co.; Lehman Brothers. (Pre¬
ferred): First Boston Corp.; Lehman Brothers; Blyth &
Co.; Eastman Dillon, Union Securities & Co.-Equitable
Securities Corp. (jointly); Morgan Stanley & Co. Bids
—Expected Nov. 7, 1963.
to permit the negotiated' sale of $55,000,000 of the firm's
bonds. The request has been opposed by a major under¬
who
(11/7)
Business
June
represents
ders:
jointly own this new firm, have petitioned the SEC for
exemption from the Public Utility Holding Company Act
writer
stock
Proceeds—For construction. Office—270 Peacntree Bldg.,
Atlanta. Underwriters — (Competitive). Probable bid¬
™
was
The
Jan. 22, 1963 it was reported that this subsidiary of The
Southern Co., plans to sell $30,000,000 of first mortgage
bonds and $7,000,000 of preferred stock in November.
last
April 23, 1963 it
asset.
Corp. (jointly); Lehman Brothers-Kuhn, Loeb &
Co.-Glore, Forgan & Co. (jointly); Bache & Co.
den
W. Scranton & Co.-Estabrook & Co.
German
Boston
Address—Sel-
.
a
sho^d- be sold for $200 mil¬
was reported that the company is con¬
sidering the issuance of about $25,000,000 of bonds in
1963.
as
lion, the Government would receive about $140 million
$60 million. The settlement terms,
recently approved by Interhandel stockholders, also
must be approved by the U. S. District Court at Wash¬
ington, D. C. Business—Company is a leading domestic
producer of dyestuffs, chemicals and photographic ma¬
terials. Office—111 W. 50th St., New York. Underwriters
—(Competitive). Probable bidders: Blyth & Co.-First
■Jjfte 4, 1963 it
late
1942
(Competitive)..Probable bidders:,
—
.
Lewis
and Interhandel about
bidders:
Halsey, Stuart & *
Co; Inc.; Salomon Brothers & Hutzler; Stone & Webster /
Securities Corp.
Bids — July 23 (11 a.m. EDST) at 90
Broad St., New York. Information Meeting — July 18
(11 a.m.) at
in
at Punch Bowl Rd., Morristown,
Ave.,
J. Underwriters
Stuart & Co. Inc.; White, Weld & Co.; First
Boston Corp.; Eastman Dillon, Union Securities & Co.Salomon Brothers & Hutzler-Merrill Lynch, Pierce, Fen¬
ner
& Smith Inc.
(jointly); Kidder, Peabody & Co.;
Harriman Ripley & Co, Bids—Expected Oct. 15 (il a.m,.
EDST) at 80 Pine St., New York.
<
'
■
'
98% of the voting control of the company. Mr. Kennedy
said that if General Aniline
Office—408 W. 7th Street, Fort Worth, Tex.Underwriters
Probable
-
Halsey,
Corp.
April 3, 1963 Attorney General Robert F. Kennedy an¬
nounced that the Justice Department had reached an
out-of-court agreement with Interhandel, a Swiss hold¬
ing company, designed to settle the 20-year old dispute
over control of the 540,894 class A and
2,050,000 class B
shares of General Aniline seized by the U. S. Govern¬
Community Public Service Co. (7/23)
May 16, 1963 it was reported that this company plans
to sell $13,000,000 of first mortgage bonds
due 1993.
—+( Competitive),
dress—Madison
N.
General Aniline & Film
Klingle Rd., N. W., Washington, D. C. Underwriters
■';
Pier.ce, Fenner & Smith I
Inc., New York.
telephone,' tele¬
communications. ■ Office—
—To be named.
Rd., Morristown, N. J., Underwriters.— (Competitive).,
Probable bidders: Halsey, Stuart & Co. Inc.; White, Weld
Offering—Indefinitely postponed.
,
ground facilities
company to provide satellites and
the international transmission of
.
announced plans to sell $10,000,000 of first mortgage bonds due 1993. Proceeds—For
construction.' Address—Madison Ave., at Punch Bowl
.
held by these carriers, and no individual or group may;
hold over 10% of the remaining 50%. Price—Maximum >
the
(10/1)
Jersey Central Power & Light Co.
June 12, 1963 the company
& Co.; First Boston Corp.; Eastman Dillon, Union Secu¬
rities & Co.-Salomon Brothers & Hutzler-Merrill Lynch,
★ Foote, Cone & Belding, Inc.
r :
Pierce, Fenner & Smith Inc. (jointly); Kidder, Peabody
June 18, 1963 it was reported that the company is con& Co.; Harriman Ripley & Co. Bids—Expected Oct. 1
sidering the public sale of about 25% of its stock. Busi¬
(11 a.m. EDST) at 80 Pine St., New York.
ness—Company is one of the leading advertising agen¬
cies in the U. S. with 1962 billings of about $130,000,000.
Jersey Central Power & Light Co. (10/15)
Office—247
Park
Ave.,.\ New York. Underwriter—To >) June 12, 1963 company announced plans to sell $9,000,000
be named. It was reported that negotiations are being
of debentures due 1988. Proceeds—For construction. Ad¬
reported that papers of incorpora-j;
for
Thursday, June 20, 1963
.
bidders:
Kidder, Peabody & Co/ - Salomon
(jointly).; First Boston Corp.-Glore,
Forgan & Co. (jointly); Halsey, Stuart & Co.;-.Harriman
Ripley & Co.; Blyth & Co.
Brothers & Hutzler
Volume
197
Number 6274
.
.
The Commercial and Financial Chronicle
.
•
Nippon Telegraph & Telephone Public Corp.
1963 it was reported tnat the company plans to
of bohds in the U. S. by July 31. Busi¬
ness—Nippon Telegraph, wholly-owned by the Japanese
(2551)
The last issue of debentures on Feb.
16, 1960 was under¬
written by Halsey, Stuart & Co.. Inc.- One other bid on
June 17,
sell $20,000,060
the issue
Government, furnishes domestic telephone and, telegraph,
services, without competition, in Japan. Proceeds—For
expansion. Office—Tokyo, Japan. Underwriters—Dillon,
Head & Co.; First Boston Corp., and Smith, Barney &
new
Pennsylvania Power & Light Co.
March 18, 1963 the company stated that it
expects to sell
$75,000,000 of bonds < in the period 1963. through 1967
Proceeds — For construction and the retirement of
$8,vjuo,uuu
ot ;maturing
bonds., Office—9th and Hamiltot
Co.,' New York.
'/"•/'-;y' ///;/;•■*>
v*
/
"
v
St-.,;. Allentown, Pa.
.>
/
Underwriters—To be
money to finance its 1963-64 construction program.;
spokesman said that the company is considering the
A
tendered by Morgan Stanley & Co.
was
sale of
named.
35
minimum of
$50,000,000 of debt securities in the
West Fifth St., Los Angeles/Under-•
writers—(Competitive). Probable bidders: Halsey' Stuart
&
Co.
Inc.; First Boston; Corp.-Dean Witter & Co./
(jointly); Blyth & Co.-Lehman Brothers-Merrill Lynch*
Pierce, "Fenner &/Smith Inc.-S'alomon Brothers 8c
Hutzler (jointly).
/:
;
fall.
The
a
Office—601
.
.
Norfolk &
Ry.v(6/25)V'::
Western
fai
,
of
sale
t,
Ponds
J pepUye,; bidding
Nov*
on
by
29,
White,
1961
Weld
at
won
was
com-
Southern Counties
&
Co., and Kidder
11, 1963 the company stated that it will sell $6,-.
Peabody & Co.
Other-bidders were Halsey, Stuart &
750,000 of 1-15- year equipment trust certificates in June.
A second instalment of $6,800,000 is tentatively sched-* ^Ct>'inc.^ First"Boston' Corp.-Drexel & Co. (jointly).;///■;
June
TV
,
2736,
Terminal Annex,
-
Northern Natural Gas Co^
writers—(Competitive)
Probable bidders:: White, Weld.
Co.; Blyth & Co. Inc.; Merrill Lynch, Pierce; Fenner
Smith Inc.; Halsey, Stuart & Co. Inc.; First Boston
Corp.
v
&
.obtajned .by bank loans to be converted into
permanent'
2/linancjng,. from-time -to time, through the:saie of bonds
.'-J
.
reported that this company plans to
of debentures in the third quarter of
1963. Office—2223 Dodge St., Omaha, Neb. Underwriter—
To
be
1960
was
The
namea.
handled
was
last
on
sale
of
debentures
Nov.
on
ana
£ on
16
Cc
;/
negotiated basis by Blyth &• Co.,
a
1983
it
v
.
reported that this utility plans to
sinking fund debentures due 1983, in
'
*
"
.
J V."
,
a
:
Proceeds
For
construction.
ceeds—For expansion. Office—3100
Underwriters—White, Weld & Co.,
company
Office—10
.
.
.
15th"
Offer-/
//'/
V,
[
v
Securities Corp., New York.
St.,
Travis
St.,- Houston.
and Stone & Webster
;
.
/
/
•
Ultronic
Systems Corp.
May 28, 1963 it was reported that
filed
a
registration will hef
shortly covering the first public sale
stock.
common
While
the
size
of
offering has not
relatively small deal, "
determined, it is said to be a
involving over 50,000 shares. Business
rental and service of. the
unit
used
to
information
"Ultronic
provide stock
stock
on
of this firm's-
the
been
Manufacture^!
—
Stockmaster,"
brokers
with
desk,
a
instantaneous
and
commodity market action oJL;:
selected issues. Proceeds—For
working capital. Address '
—Pennsauken, N. J. Underwriter—Bache
&
Co., N. Y.t
Western Transmission Corp./
Ajril 17, 1963 it was
reported that
-
Franklin
St.,
this newly-formed
5 Rochester, N. Y. Underwriters—(Competitive). Probable; '
natural gas, pipeline
bidders: First Boston
company plans to file a registra- ,
Corp.; Eastman Dillon, Union Se¬
tion statement
curities &
covering-an undetermined number of
Co.-Kidder, Peabody & Co. (jointly); Kuhn/
common shares to be offered
Loeb & Co.; Halsey,
initially to stockholders of
Stuart & CO. Inc.
/• U. S. Natural
Gas Corp. Address—9601 Wilshire
•
Blvd.*
Security National Bank of Long Island
deverly Hills, Calif. Underwriter—None. /
June 18, 1963 it was
reported that the bank is offering
Wisconsin Public Service
its stockholders the
Corp. (10/8)
right to subscribe for an additional
March
19, 1963 it was- reported
that
this
141,519 common shares on a l-for-9 basis. Record date;/
company /
plans to sell $15,000,000 of bonds later this
for the
year.; Office:
offering is June 18 and the rights expiration
■—1029 North Marshall
date July 8.
St., Milwaukee. Underwriters— /
Price—$28.,Office—350 Main St., Hunting-';/
(Competitive). Probable bidders: Halsey, Stuart & Co.'
ton. N.; Y.; Underwriter—M. A.
Schapiro. oi Co., N. Y
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.; East-/
/ ★ Southern Bell Telephone &
Telegraph Co. (7/31) ■ man Dillon, Union Securities & Co.-Salomon
Brothers
June 18,
& Hutzler
196^ it was reported that this A. T. & T. sub¬
(jointly); First Boston Corp.: White, Weld &
sidiary plans to sell $70,000,000 of debentures due 2003.
Cov;-Kidder, Peabody & Co. Bids—Expected Oct. 8.
/.
Proceeds-—To refund a like amount of 5% debenthfes
Yale Express
System, Inc.
due June 1, 1986. Office—67
Edgewood. Ave., S.E., At- ;
May 14, 1963, Gerald W. Eskow,
President, told the an-,
lanta, Ga. Underwriters—^(Competitive). Probable bid¬
nual meeting of stockholders
ders: Morgan
that, "preliminary discus¬
Stanley & Co.; Halsey, Stuart & Co/Bids;/; sions have
been held with investment bankers" in
re—:;
—Expected July 31 at 195 Broadway, New York.
,; •
gard to arranging for long-term
financing.. Business—A.
/ Southern California Edison Co.
holding company for subsidiaries engaged in motor ve¬
May 22, 1963, following the sale of $60,000,000 of first ' hicle
freight transportation, nationwide freight forward¬
and refunding
mortgage bonds due May 15, 1988, the
ing, truck leasing, etc. Office—460 12th
Ave., New York.
company stated /that it will need about $66,000,000 of
Underwriter—To be named.
Lynch, Pierce, Fenner & Smith Inc.-Kidder, Peabody &
Co.-White, Weld & Co. (jointly); Equitable Securities
Corp.-Eastman Dillon, Union Securities & Co. (jointly)
(jointly). Bids—Expected
Lehman Brothers-Riter & Co.
\>;-////:':
Power Co.
Jan.
16, 1963 it was reported that this company plan?
$10,000,000 of bonds in the fourth quarter. Office
—215 South Cascade St., Fergus
Falls, Minn. Under¬
•
to sell
writers—(Competitive). Probable bidders: Halsey, Stuan
& Co. Inc.; Blyth. & Co.
Inc.; Glore, Forgan
& Co. (jointly); White, Weld & Co.
—
handled by Kuhn, .Loeb & Co,
was
Transcontinental Gas.Pipe Line Co,
May 6, 1963 it was reported that the company plans
issue $30,000,000 of debt securities in
September. Pro¬
,
Proceeds — For construction
Office—15 South Fifth St., Minneapolis. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co
Inc.; First Boston Corp.-Blyth & Co. (jointly); Merrill
'
.
was
Rochester Telephone Co,
May 7, 1963 the company announced,plans to, sell $16,-000,000 of debentures in the first quarter of 1964, but
may do so earlier if market conditions are favorable.
.
year.
EDST).
March, 1927,
Co., Inc.-Eastman Dillon, Union Securities & Co,-Mer-;
rill Lynch,
Pierce, Fenner & Smith Inc.-Dean Witter &
Co.(jointly); First Boston Corp.; Lehman BrothersKidder, Peabody & Co.-rWhite, Weld & Co.: (jointly);/
Blyth & Co., Inc.-Smith, Barney & Co. (jointly).
Northern States Power Co. : (Minn.)
(9/24)
May 14, 1963, it was reported that this company plans
to sell $15,000,000 of first mortgage bonds due 1993 in
a.m.
common
—
Pierce, Fenner & Smith
Otter Tail
ing—Indefinite.
Inc.; First Boston Corp.;' White, -Weld &
1964/ Proceeds—For construction/ Office—900
Office—15 South Fifth St., Minneapolis. Underwriter—
To be named. The last rights offering in July 1959 was
underwritten by Merrill Lynch,
Sept. 24 (11
&
The last sale of
Denver/Colo. Underwriters
(Competitive). Probable
bidders: Halsey, Stuart St Co.
Inc.; Harriman, Ripley &
(Minn.)
was reported that the company plans to
771,110 additional shares to stockholders on
l-for-20 basis in 1964, to raise an estimated
$25,000,000
last half of the
Co.
and
writer—To be named. The last issue of
Tokyo bonds in
plans to
sell, ^35,000,000 of 30-year first
mortgage bonds in April,
offer about
the
$20,000,000 City of Tokyo bonds in the U. SJ/
during the fiscal year ending: March 31, 1964,/ Under—/
1959 was r,handled by Morgan Stanley &
Drexel & Co.
Other bidders were: Halsey,
.
May 14, 1963 it
Inc., New York.
/
15,
Public Service Co. of Colorado
June 4, 1963 it was reported that the
—
Northern States Power Co.
the sale of
'1
mid-July. Proceeds — For construction. Office
2223
Dodge St., Omaha, Neb. Underwriter—Blyth & Co., Inc.,
New York.
(City of) ''///^:/''//;////v/'::'.'/V■'//;//
May 1, 1963 it was reported that the Diet had authorized;
;
stock.
& Co.-Kal-
man
.
ic Pacific Telephone & TeSegraph Co.
June 19, 1963 the company stated that it will need
$650
million of new money in the
years 1964 through 1966 to
help finance .its $1.3 billion construction program. This
that the company must sell about
$217 million of
a
year, it was stated. Office—140 New Mont¬
means
securities
gomery St., Sr.ii Francisco. Underwriters—To be
'
/■v Tokyo
rights offering or.
Juiie 2,1959, underwritten
by; Drexel & Co., and Morgan
Stanley & Co.
-~
was
sell $30,000,000 of
a
,
Co
it Northern Natural Gas Co.
19,
Oct.
Stuart
Inc.; N.'Y.V
June
common
Office—1000 Chestnut S-., Philadelph.a. Underwriters—To be named. The last sale of bonds
:
Los Angeles 54/ Calif. /Underi-V
&
:
May 16, 1963 it
sell $30,000,000
■'/
Jan. 2, 1963 it was reported that this
subsidiary of Paci-<
fic Lighting Corp., plans to sell $27,000,0Uu of first mort— :
gage bonds in the fourth quarter. Address—P. (Q. Box
j
uled for late August." Office
8 North Jefferson St., //
Philadelphia Electric Co.
l';/////"'> / .•/
Roanoke, Va.: Underwriters —^ (Competitive). Probable,;
March, 5, 1963 the company reported that it plans>tc
bidders: Salomon Brothers & Hutzler;, Halsey, Stuart &
spend $478,000,000 for construction during the five-yeai
Co. Inc. Bids—June 25 (12 noon EDST) at the company's
period11963-67. It added that about half the
money re- :
:
office in Philadelphia. /.
quired will be generated internally, and the balance;;
;*///;;//;//
i
Co. of Calif. -/
Gas
.
.
named.
_—,
i
.
New
Dealer-Broker
Recommendations
Continued from
York
Trap
—Georgeson
Rock—Bulletin
&
Co.,
52
Street, New York 5/N. Y.
North
Central
South
Wall
Jersey
—Elkins,
Land Title
.
Stokes
&
Transcontinental
Building, Philadelphia
Gas ^ Pipe
Corp.
Co.,
Birr,
Report
—
Co.,-Inc.,
10, Pa.
Co.—Memorandum
—Ebin, "Robertson & Co., Rand
Tower, Minneapolis 2, Minn. /
Gas—Memorandum
Morris,
155
San Francisco
Standard
t/
Frui
&
—
Line
Wilson
Sansome-
4, Calif.
&
elected
was
elected
/ Treasurer.
to the Board
of
Those
Managers
Street, are: Harry B. Anderson of Merrill
•
/ Lynch,/Pierce, Fenner & Smith
V
Steamship
Union Tank Car—Memorandum— Inc.;/Donald B. Conlin of New
York City; Joseph J. Gollatz qf
Penington, Colket & Co., 70 Pine
New .York City; Joseph Grogan
Ogilvie Flour Mills
St., New York 5, N. Y.
Memoran¬ National
pany and the Telephone Industry.
Bank
Building, Cedar
of New York City; Eric D. Hirsch.
dum—Gairdner & Company Lim¬
United
Aircraft
Rapids, Iowa.
Corp.—Analysis of
Allenberg Cotton Co.,
Montgomery Ward—Memorandum ited, 320 Bay
Inc.,
Street, Toronto 1, Standard
—Dean Witter & Co., 45 Mont¬
Packaging—R e p o r t—
Memphis, Tenn.; Frank Knell of
—Joseph, Mellen & Miller, Inc., Ont., Canada.
Bregman, Cummings & Co., 4 Al- gomery S'treet, San PYancisco 6, New York
East Ohio Building, Cleveland
City;
L.-/Hudson,
14, Olin
Calif.
Mathieson—C omment s— bany Street,. New York
Leathers of Hayden, Stone &
Ohio.
.6, N. Y.
Co.,
are
comments
8
page
.
Flintkote Com-
on
:
■
Company
—
Analysis —/Securities
Corporation
of
Iowa,
/
Merchants
—
Eache & Co., 36 Wall
Motor
Wheel
Corp.
—
Analysis
—
York
5, N. Y.
Golkin,' Divine & Fishman, Inc.,
67
Broad
Street, New York 4,
comments
New York.
Royal
Life
&
Casualty
Comments—Amos
818
Colo.
17th
Also
ments
C:
Street,
y
Co.—
Sudler
&
Denver
2,
available
are
Independence
on
surance
com¬
Life
In¬
Company.
Neptune
a
Materials,
Dutch,
are
Products,
General
Standard
Time,
Oil
Meter
review
Sons, Inc. /
of
Co.
M.
Oxford Manufacturing.—
—Robinson
Chestnut
Pa.
Review—
—
Lowenstein
&
&
of
-
-
Also available
Oil
Corp.,
Associates,
ration
of
are
reports.on Apco
Rayonier,
and
Electronic
Celanese
America.
Corpo¬
/
U.
Rector "Street,
N. Y.
memorandum
Sterling
Oil
of
Also available
on
S.
Rubbe r—Memorandum—
Penington, Colket & Co., 70 Pine
Street, New York 5, N. Y.
Also
Automotive
available
Edwards
—
&
J.
&
emo-
Co.,
Ill
•■/
Corporation—Analy¬
and /
Company,
Street, Cincinnati
Investment
Brothers
.:yv
William H. Rorer
Memorandum
—
P.
Stevens
&
&/
ysis—Parrish
N.
Company—Anal¬
Co.,
1
Also available
randum
Wall
40
Y.
Sons, 409
1,
—
A.
North
Mo.
G.
8th
a
memo¬
Pabst Brewing.
on
and
South La Salle
Corporation
Co.,
Elects Officers
♦
2
—
Incorpo¬
G.
rated, 20 Broad Street, New York
5, N. Y.
;
y
.
j>
-
■
V
Clarke
City
'
,•
was
Board
i
.
•
'
i"
,
'
'
'
Watson
of
•
New
,
York
of
the
New
York
Cotton
Exchange at the Annual Election.
Elected
ysis—L..F. Rothschild & Co.,, 120
Broadway, New York 5, N. Y.
Spring
Calif.
Street,-Los
-
640
!
P.
?
Arthur
Inc.,
R.
Lawrence,,;"
Sharp, " Jr.
of
Bro, Bag Co., Boston, Mass.;
•
J. Raymond Stuart of E. F. Hutton
Co., Inc.; Ben F. Tipton of Dan /
Mills, Inc, Danville, Va.; /
South
Angeles
14,
Unobsky of Block & Unob-
liam
M.
Vice
Reid
of
Williams
Chairman
Bache
of
New
&
was
Wil¬
Co.
John
York
B.
;;
Kohlmeyer & Co.; Albert
Weis
of
Irving
Weis
&
Co.; ■/
Henry A. Zoeller of H. Hentz &
Co.
elected Chairman of-the
Thermogas—Mem orandum—Wil¬
Co.,
J.
'
liam
&
Bemis
M.
•
•
'
Reynolds Metals Company—Anal¬
Staats
of
of
W.
sky,; Memphis, Tenn.; Charles
,
R.
Jr.
•
Co.; Charles R. Rudd of.,,.
Handlers,
Mass.;
Vose of
Illinois.
&
Wool
Bert
NY Cotton Exch.
Company, 208
Street, Chicago 4,
Paper
Jr.
Co.;
River
Stcne Container Corp.—Memoran¬
dum—Sincere
&
Co.; Henry M. Peers, Jr*..,
of Peers &
&
Street, New York 5, N/.Y.
Analysis—Blair
Memorandum
is
Love,
t
&
Co., Inc., Greenville,
George A. Oberle of Volkart
Wayne.
,'■■■■
K.
Clayton
£
Stevens
mington
■•//
,
McCabe,
v.;:,
Sav¬
Corporation, 404 North 21st —Crichton, Cherashore &
Cundey
Birmingham, Ala.
Inc., 170 Broadway, New York 38,
Swanee
-
S'creet, St. Louis
on
Gordon
S. C.;
x»
Polymer
memoranda
are
Inc.; -William
Anderson,
Warner Brothers Pictures and Sy¬
Oklahoma, Inc.—
Bulletin—First
ings
Newmont
Mining Corp.—Report
—(/arl M. Loeb, Rhoades & Co., 42
Wall Street, New York
5, N. Y.
a
19
^Street,
Eroadway, New York 6, N. Y.
2, Ohio.
is
2.
randum—Ira / Haupt
sis—Westheimer
Co.,
Equipment Stocks.
&
Manufacturing—M
Polychrome
&
New York 6,
15th
Inc.,
V ''/";//,
124 East Fourth
»-
Analysis
Rouse
Philadelphia
Co.,
Streets,
V//////.;
Oxford
Fahnestock & Co., 65
Broadway,
New. York 6, N. Y. Also available
is
Carter
on
Ohio, and Hart, Schaffner .& Marx.
National
Co.,
-1
N
"Vulcan
Street, New .Stephan—Memorandum—Steiner,
Also available
£
City
With
the/exception of Messrs.
Hirsch, Peers, Rudd, Sharp, Tip¬
ton and Zoeller, all were
of
the
retiring
re-elected.
,
members
Board who
,
were
^
36
The Commercial and Financial
•(2552)
Chronicle
-;
,
Thursday, June 20, 1963
.
-vtN-w.,
The following statistical tabulations cover production arid'othek figures for the;
latest week or month available. Dates shown in first column are either for the
Business
week
Latest
INSTITUTE:
STEEL
AND
IRON
AMERICAN
ingots and castings inet
Index of production based on
Week "
Tune 15
tons)—„
average weekly
Steel
month ended
or
Previous
Week
2,464,000
Ago
2,513,000
that
on
date?
."■J'J
Ago
».
production
are as
•
"'."J
'
STANDING
;
of quotations,
•"•
cases
•'
DOLLAR
BANKERS
1,587,000
2,605,000
in
or,
:'••'■...
Year
Month
,'v
-
of that date: j
Year.
Previous;
..
-
Month
OUT-
RESERVE
Latest
Month
.
ACCEPTANCES
Ago
BANK
FEDERAL
—
■.
,
.
"
1957-1959
for
this
(per cent capacitv)..
Institute discontinued issuing
& Steel
I960!
in
late
data
—June 15
.
operations
steel
Iron
American
Tne
——
-
indicated
Unofficial
,
—,———
?
t
.
132.3
INSTITUTE:
— '■?'';
condensate output—daily average
PETROLEUM
"
oil
Crude
and
gallons each)——
42
•v
Crude
Gasoline
stills—daily
to
runs
——i—
0.85
0.82
54.5
0.85
(bbls.
(bbls.)———
average
7
7
,une
une
(bbls.)
—
une
Kerosene
output (bbls.) ——'L+.
—.
"u'no
Distillate fuel oil output
(bbls.)
——i-^JA'u'ne
Residual fuel oil output (bbls.)———
i
:—-lune
Stccks at refineries, bulk terminals, in transit, in pipe lines
Finished
gasoline (bbls.) at—:
une
output
Kerosene
Distillate' fuel
Residual fuel
Unfinished
ASSOCIATION
OUTPUT
99,824,000-.
(bbls.)
at.!.,
(U.
ADVANCE
NEWS-RECORD—NEW
Total
advance
Private
;
45,851,000
I 44,218,000
7
90,621,000
88,769,000
!. J.
87,226,000
548,021
i
;
J
June
8
cars)—June.
8
503,479
SERIES
June
STORE
ELECTRIC
Europe
598,670
505,709
478,535
528,938
,
r*
9,315.000
*8,515,000
.9,215,000
8,639,000
386,000
313,000
357,000
$473,300
June 13
278,300
$321,700
$339,800
247,900
INDEX—FEDERAL
195,000
91,900
108,500
182,900
142,800
91,400
96.7C0
of
182,500
52,200
500
11,800
4C0
COKE
;
:
'
'
109
100
127
17,368,000
16,787,000
kwh.)
000
INC.
COMPOSITE
INDUSTRIAL)
DUN
—
17,839,000
\
354
Electrolytic
(E.
June 13
i
303
304
•
Lead
(St.
June 10
1.
—,
6.279c
6.279c
Zinc
(East
$63.33
$63.33
•'$66.44
June 10
$26.50
$26.83
$29.17
!
V
Straits
U.
:
•
Average
In
;
U.
York)
•10.750c
10.550c
10.300c
9.300c
12.000c
12.000c
Consumed,
11.500c
In
24.000c
at
12.000c
12.000c
11.500c
11.500c
11.500c
22.500c
22.500c
22.500c
June 14
119.125c
120.625c
116.750c
...
DAILY
•;
10.500c
9.500c
COTTON
'
June 14
June 14*.
:
-
:
YIELD
89.1C
89.23
89.23
92.79
92.50
92.93
90.77
90.77
90.91
89.7S
89.64
89.51
89.37
87.32
ERNORS
18
84.30
84.43
84.17
82.03
SYSTEM
87.45
87.32
87.18
84.04
..June 18
90.20
90.34
90.34
89.37
June 18
90.20
90.20
90.20
89.64
1
.__
4.59
4.45
4.46
4.83
4.85
4.84
,
4.60
4.61
4.62
18
4.40
4.39
4.39
4.46
4.40
4.40
4.40
4.44
374.8
376.8
387.8
June
8
390,796
.Iljune
8
350,325
8
90
at
of
end
93
II
period
8
351.076
358,205
IIIIIIJune
—
(tons)
IIJune
..v.
.
:
.
470,503
:
.
sales
l
IIII_IIIIlMay
IIIlMay
;
;
.
sales
111.80
*112.09
off
the
509,565
NONFARM
•'::
sales
sales—-±--.
J
:
;
* 111.98
•
V
the
on
I~~I
....
purchases
""May
702,700
"
'
-
'"3,034,670
!'.'
636,240
sales
-k
725,050
:
'Dollar
■
HI
657,500
677,540
24
-.73,400
-
1,113,459
186.470
"•'■
672,750
Customers'
,
'•
Dollar
—
SECURITIES
by dealers
EXCHANGE
;*
•
'
•
208,040
•
(customers'
short
other
1,279,232
1,274,345
1,487,272.
24
24
1,055,110
4.0
.
.
-
995,030
4.^ ^
7 "66
ACCOUNT
•
"
5,072,776
5,199,482
;
•
BCld
54
77.
————
ASSOCIATION,
April:
of)—
:—-—
—
—-
Tires
(Number
12,274,876
11.102,189
11,069,301
10,238,101
9.642,220
27,864,348
28,819,412
24,055,398
9,868,233
of)—
443,699
411,711
417,136
389,269
414,477
349,096
1,113,040
1,159,826
986,469
:.
-—
!_
Truck and
(Number of)—;
Motorcycle,
i
Bus
3.5C0.358
3,239,661
3,656,895
3,413,331
8,793,762
37,075,000
39,522.000
36,539,000
38,499,000
14,779,000
!—
9,296,786
47,951,000
45,955,000
:—
——!-
3,475,361
3,528,866
9,439,593
Tread
4,723,271
17,130,000
1,639,971
24
$78,848,941
$79,096,134
2,005,425
17,012
'"•'■V
1,637,408
May 24
2,107,953.
1.988,413
2,027,684
2,092,917
$93,357,973
$91,829,943
$100,383,432
May 24
772,490
832.350
807,720
24
12,915
I
15,036
(Number
16,156,000
(pounds.)
1,568,600
ON
THE
•
i.
N. T.
$129,435,325.
24
24
7721490
24
401,070
■
i'
-
.V
RYE
' 644,180
807~720
8321350
371,570
;
CONDITION—CROP
•
_!■
.
■
.
.
..
;••;_!
June
1
l!
,
.
,
.,
U.
—
1_J
S.
•
at
-
-
.
,v
May 24
1,259,110
VI,203,020
1,209,510
24,610,800
25,311,980
,
["Month
24,710,660
25,813,820
-_
84%
STATES
of
March
•
,
'
in
Supply
"———1—.————
beginning
of
28,705 -
period—
22,412,750
26,521,690
23,785,860.
100.0
100.0
99.9
-
ot
end
of period.—
processed j
Intercompany scrap
transactions.—
Consumed in manufacturing
95.2
95.3
94.6
-7,250
100.4
100.5
100.6
92.0
89.4
100.5
100.5
..."
-
40,895
28,705
33,370
V* 6.305
•
"
7,115
35.010
vy
.
7,525"
110
•
6,195
-165-
7,360
5,280
2,080
94.3
100.5
•.
-
135
•
99.8
91.9
A
-.,•'
95.
11
'June 11
27,950
——
33,815,
'7,080
7.430
i
35,200
Stocks
100.1
11
-27,580
6,495:;:'
Total
III~~June
IIIII—IIIIllHIIUjune
,
farm
.
—
Stocks
'.J 1,373,130
23,451,550
24
83%
PRIMARY AND SEC-
THE '»UNITED
TIN »IN
^BUREAUlOF MINES.
•!!■(in iong tons): .
June 11
I
80%
——
_—___—
~~I
t
ONDARY
.
DEPT. OF
;
and" foodsIIIIIIIIIHI June
tNumker of orders
basis
REPORTING
—:
644,390
IVfav 24
■
....
than
1.286,512
3,782,552
644! 18C
402,970
As of
STOCK
IIIIII_IIIIIIIIIIIIIIIII~~I~~May
other
1,326,92a
1,471,281
4.373,266
'•;•. 2,052,599
TRANSACTIONS
(SHARES):
,
;
1,268,179
1.455,421
4,273,047
1-
92,415
STOCK
;
■
of)-
O BOARD U. S. DEPT. OF AGRICULTURE—
SALES
—............
commodities
Tires
Bus
Inventory
2,145.014
"
'
(pounds)
Production
•
I
and
(pounds')
(pounds)
Shipments
$126,270,333-
$86,070,022
2,040,599
:
Truck
.2,114,001
1,724,007
(Camelback)-
Rubber
Inventory
24
*.
OF
.
39,916,000
cent)..—•
TIN-rCONSUMPTION OF
STOCK
commodities^!—11
Farm
products
Processed
foods.
delivered
27,679,000
——
Production
"!"I-~I~May
All
on
28,089,000
21,296,000
42,328,000
3,996,30-
11
5.115
not reported since Introduction of Monthly Investment Plan. $Prime
cehters'where freight fronrEast St: Louis exceeds one-half cent a
pound. * ' J "
4,445
2.000
1,750
-
100.7
WINTER
'
21,525,000
41,398,000
y
'
75
Inventory
,
LABOR—(1957-59=100):
Commodity Group—
,
6,272
29,918,000
^————•—:
Production
726,970
5,457,445
24
sales.:
WHOLESALE PRICES. NEW SERIES
All
7,441
March..
—!
Shipments
II.II.I"II
!
~"~May
dealers—Number of"shares!—IIIiMay
Total sales.—
Meats
8.178
INSUR-
of
1
°
II~T~I~I~May
'"
Short sales..
-
LOAN
(barrels)..
———:
•.VH Inner Tube's
1,018,485
4"4-485
•'
r~May
"""May
:
sales
•Other sales
.
of
Implement
Passenger,
5,363,771
>•■
1,013,960
~
sales—
HI
MEMBERS
Total round-lot sales—. •
; •
80.3
29,314,000
Inventory
890,985
-
5,178,076
May 24
sales)—
*
EXCHANGE AND ROUND-LOT
FOR
76.5
of'
127,50
1,477,645
4,931,465
IIIIIIIIIIIIIIHIIIlMay
total
sales
'
A
(per
Production
COMMISSION
sales..
shares—Total
TOTAL ROUND-LOT
-
76.9
middle
(barrels)__!
mills
month
of
Shipments
purchases)—t
(customers'
orders—customers'
Short* sales.
Other
118
(BUREAU OF MINES)-
MANUFACTURING
Tractor
1,088.871'
203,300
•
1,356,796
IIIIIIIlMay
:.<■
Round-lot. purchases by
-
118
123
56,150
466,680
1,245,586
4,975,939
May 24
shares
value
of
123
124
A•!;.'.I:*
(barrels)
end
Shipments
III—IIIIIII
Round-lot sales by dealers—
Number
124
124.037
FORECLOSURES—
AND
Inventory
410,53C
.
•;'••(- 727,650
24
'""May
_
''
17,107,000
April:
Shipments
Production
.",'534,IOC
-
54,900
.
1,224,685
1,170,326
~I
I
Customers'
15,995,000
—.——-
Passenger & Motorcycle Tires (Number
of members—
;
value
of
693.895
18,586,000
"
Odd-lot purchases by dealers
•-Number
106,364
930,655
COMMISSION—
ESTATE
INC.—Month
3,238,11/
.
of
at
RUBBER
2,694,790
3,252,150 '
May 24
*
of
8,370,331.
126,801'
786,162
.—•—•
SAVINGS
Capacity used
STOCK TRANSACTIONS FOR
ODD-LOT ACCOUNT OF ODDLOT
DEALERS AND SPECIALISTS ON N. Y. STOCK
Number
-•867,559
2.116,450
Month
..
COMMERCE
Production
Stocks
-
604,140
IIII_I_IHIIIIIlMay
account
sales
Odd-lot
666,182
1.686.645
12,432,734
•
';
95,300
562,200
24
——
sales
EXCHANGE
809,472
1.675,805
17.412,227
—
—
.
-r—
Shipments -from
'543.320
'
2,496,390
2,321,080
24
" May 24
.
sales
3,740,800
755,760
713,590
•
24
May 24
;
!____
Other
30
RESERVE
Avei'age=l(>!>
.
REAL
Month
..
;
Total round-lot transactions for
Total
;7ljo40
OF
April
FEDERAL
1957-59
PORTLAND CEMENT
112.10
floor—
!
sales
24
'3,207.440
3,070.540
-
2,285,140
3,058,480
III.I—May
initiated
Total
Short
24
IIIIII"
May
I
IIIlMay
;
4.
purchases
Short sales.
of
CORPORATION—Month
'ANCE
,,
.-
sales
Total
773,340
May 24
Short
sales
'J''"1'V-iV-;
..
J<
—_
as
adjusted ——
FF.DERAL
.
;
496,282
1..
••.,
floor—
purchases...
Other
144,313
95,822.
94
"
3,159,780
24
I.IIIIIIIIIIlMay
initiated
Other
BALES:
Railway Employment at
(1957-59=100)
1—
May
345,766
94
r
.-
.
379.243
368,782
335,274
-
513,109 !. :.
june 14
sales
Total
132,759
•
87,957
of
Index
INDEX—
TRANSACTIONS FOR ACCOUNT OF MEM¬
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which
registered—
Total purchases
May 24
Other transactions
138,417
of
.
INTERSTATE
ROUND-LOT
Total
2,000 pounds
-—Ji----
THE
OF
—
Seasonally
-
Total
./s- ^
ASSOCIATION: J
(tons)
transactions
•——_—•_
•
369.7
June 18
1949 AVERAGE=1()0—
Total
*
4.86
June 18
INDEX
OIL, PAINT AND DRUG REPORTER PRICE
Other
pounds)
5.02
June 18
,J
activity
Other
2,000
4.61
4.44
'J-
June 18
(tons)
Short
May:-
A,—
"stocks "at end; of -.period. (tens
Unadjusted
4.43
..Tune 18
Ijune
PAPERBOARD
orders
J137,801
: 166,056
of
month
S.
pounds)..—J—_—_
PRODUCTION—BOARD OF GOV¬
INDUSTRIAL
4.28
4.36
;
of
4.47
4.21
4.47
u.,Tune 18
4
J
.
COMMODITY
Unfilled
142,046
68,621
3.79
3.80
4.24
4.36
Group-
received
*117,582
150,512
•
91.9.
' v" 4.35
4.47-
lilne 18
Group
Percentage
•
3.85
•
4.22
JJ: J
—
Group
Production
,.3.88
—U.-Jund 18
-
__T—-—4.—-
;
Orders
119,861
4,927,657
AVERAGES:
Junel8
Baa
NATIONAL
U.
Aprill
establishments
of May:
dine
.1—'_L.J__.__.
MOODY'S
3,650,930
87.59
89.23
June 18
June 18
DAILY
corporate
;
of
month
consuming
June 18
11
;
Group..
Group
Utilities
*3,322,020
LINTERS—DEPARTMENT
AND
June 18
—...
Public
3,191,770
public storage as of April 30
J...J—
Linters—Consumed month of April—.j-j.
Stocks May 4
—1-Cotton spindles active as of May 4—....
113.500c
89.86
89.53
89.37
June 18
_
Government Bonds
Industrials
(net tons)
—
Utilities
Railroad
*65,598
month
COMMERCE—RUNNING
.
AVERAGES:
Group
A
*4,627,581
81,013
'
In
'
..June 14
1
at
;
Aa
*4.693,579
4,741.121
30.600c
10.550c
...
Average
4,996,278
4,822,134
28.525c
-10.750c
June 14
—.
Aaa
.1
30.600c
28,.375c
30.600c
—
99.5%)
—
S.
1,315,000
.
June 14
.___
at,
PRICES
BOND
37,046,000
1,492,000
—_!—
For
—
in
2,000
pounds)
28.400c
!_
;
MOODY'S
38,035,000
of April:
—'.J.
S.- A! .(tons of
U.
2,000
June 18
Industrials
41,210,000
'1,683,000
•
of
30.600c
-
Public
of
Refined" copper,
.!">
23.375c
j;
:
corporate
Railroad
•
'
at
(New
^
Aa
Baa
457
3,350
—t—•—-H-—
fabricators—
to
June 14
Aaa
A
158
'846
^
•'
•
tons)
(net
(tons
J_J_.June 14
,
——
Government Bonds
S.
•
,
tons)!
(net
coke
Delivered
$24.50
V
;
__■
;
Louis)
BOND
'
*
!
v;'
.
at"..
(primary pig,
tin
MOODY'S
QUOTATIONS):
J.
at)
St.
Aluminum
•.•
tons)
(net
Refined'(tons
6.196c
..June 10
_
6.279c
$63.33
'
at
Louis)
(delivered
*.'•*
.
INSTITUTE
Crude
ton)..
copper—
(New York)
Lead
6.935
632
.
and lignite (net tons)—__
anthracite (net tons)———
J Copper .production
PRICES:
M.
&
Domestic refinery
Export refinery at
tZinc
,-?V,
coke stocks at end "of
Oven
:•
PRICES
42,610
203,369
-
coal
coke
COPPER
&
-
lb.)
ton)
(per
—June 15
—
AND
—
Pig iron (per gross
Scrap steel (per gross
METAL
53,352
>■61,474
15,991.000
\ 268
120
•
....I_—
(BUREAU OF MINES)—Month
Oven
Beehive
8
265,847
24,930
169,216
,
——...
May:'
Production
RESERVE
June
194,986
•
124,30.
.;
June 13
...
——
2,344,825,000
$307,200
213,200
•• L
...' r
85,484,000
COAL OUTPUT (BUREAU OF MINES)— Month'
Bituminous
June 13
>
•
tons)
(net
tons)
(net
'
2,695,616,000 2,658.096,000
——J—
tons)
(net
V;: v?r:V
t;'
r
303,000
June 13
:
Asia
America
tons)—
America
South
To
Central
(net
96,102,000
1,129,985,000
INSTITUTE:
(COMMERCIAL
steel
A :To
582,760
and
-23,247,000
:121,658,000
148,515,000,;r .146,495,000
1,141,525,000
—
'
omitted):
(000's
—r
SALES
(in
output
Finished
North
To
June 13
BRADSTREET,
-v
To
86,183,000
787.C84.000
95,893,000
•
. •.
Pennsylvania anthracite
tons')
Pennsylvania
—
Municipal
(net
$461,930,000
+
MINES)—
OF
L.
n.,-4
...
j "'H 'l
—.—I
—
(BUREAU
Aprii: .j"
of
42,906,000
ENGINEERING
—
SYSTEM—1957-59 AVERAGE—100
AGE
8
8
..June
i
:
DEPARTMENT
IRON
! I
_
S.' exports ' of
'
r
■'
606,084
;•
of
(no.
•:/
Month
U.
y.
107,582,000
89,812,000
45,697,000
—
Electric
28,149,000
•, .•
$ 522,904,000
750,492,000
15,688.000 ' j 12,327,000
—
——
;•.
;i.
H 56,193,000
cOuntl-ies'
EXPORTS
COAL
191,727,000
27;328,000
103,912,000
planning by ownership..—;
and
FAILURES
'*■
,
7
Federal
LDISON
v
MINES):
OF
PLANNING
Public
State
-
201,263,000
—June
and lignite (tons)—.—-—.
anthracite '< (tons)—
;——_
CONSTRUCTION
,f
196,414,000
7
—
RAILROADS:
BUREAU
S.
5,148,000
--I— ,une
—:——,
-
12,888.000
4,987,000 '
808,398,000
and/shipped between
stored
goods
on
•_';
;
$525,297,000
—L—-
warehouse, credits—1.J—
foreign
Total
2,558.000
13,521,000
5,591,000
3,169.000;
,
13,348,000
'
28,301,000 •
coal
Pennsylvania
14,260,000
28,622,000
freight loaded (number of cars)
Revenue freight received from connections
Bituminous
.
une
Revenue
COAL
2,763.000 i
2,682,000
-
7^
196,245,000
AMERICAN
OF
7
7
7
at————J;
*<
'
5,010,000
(bbls.)
oils
28,655,000
-!
•.
—
_—
exchange
Based
8,526,000
'•30,632,000
8,438,000
:
30,214,000'
31,411,000
(bbls. bat—.——————————-.une
oil
Dollar
7,240,260
7,484,610
*8,555,000
7
at——.
oil
7,453,260^
8,872,000
:
7
——
(bbls.)
7,432,110
May 31:
J.
Domestic shipments
•.
of
—-—
of
—
Domestic
'H'
"
YORK—As
Exports
.
AMERICAN
NEW
OF
Imports
June 15
--
85.2
139.8
134.9
-
Western
WHEAT
PORTING
Zinc
PRODUCTION—CROP
BOARD
U.
S.
DEPT.
OF
RE¬
AGRI-
'
J
'
i
-
CULTURE—lAs af- June >1
(bushels-
8$4,542,000,
884,519.000
^
816,3.79,000
Volume
197
Number .6274
The Commercial and Financial Chronicle
.♦
>
(2553)
-
;
V.
.
Forecast
What kind of return
purchasers
age
cline in
V
,
price-/and the dividend
•
the
growth
of
earnings
to
was no. doubt due to the adoption
pay-
4.0% Per year through
rose
:
•
The
GDV
..
0
projected
dividend^ylelde that.are ■
usedIrn^representmg Hhe;. ^
between bond y eld
widely
decade
for
earnings
be
yields. From Chart I
is dear that
it
the'prouith ditti-
j
bond
^
yields
The
implications
corrected and revised
between
bond
of
this
analysts
yields!
economis s.
r'
price between
,
.
for.
^
j
-
A;
jjany
media? ■
the
investors
^uestion.
<<hb„ tQ thjg
.
Earnings Yields
answer
HoWever, if
Historically,
ings
yield
the
current
(CEY)
reciprocal
of
the
the
by
The
earnings yield
DJI
the
iel d
y
achieved
true
the
price/earnings
understates
ratio,
is
portfolio.
depends
the original price, the shape
upon
of the.
rising earnings stream, and
the length: of
ferred to
II
presents
the
as
a
growth
ten
period
tfr
the
was
o!j 3S
•
mE
of the dividend yield. The reasons
for
using
ten
a
the _s?me
for both
ofr yield;
<
•-
,•
^
period
year
are
-
>
"utilities
dlvidends
and
from
yond
5.4
Were
and
the DJT
made by
ings
projections
at
DJI
of 3.5%
rate
a
portfolio
earn-
and
through
1853
as
the
the
by
GEY
is
were
above
has
years
as
GEY
was
CEY,
but
between
p°jnts
since
earnings
recent
the
rate
has
not
A
years.
of
to
grow
4.5%
at
continue
per
year
f
i
'
^-57- ®n s'
e earnm^s
growth rate for the next ten years
on
the DJ Utilities is most likely
ahove that for the DJI earnings.
^
._
5.0%
,
about
or
,
1.5%
.
s
•
Earnings
1963
-
•
40.47
1967
:
1968
V
.v
1969
———
1971
r
:
1
744
579
"
—
.
49.74
,.
—------
53.28
'797
.
620
•
1972_.___——51.43
1973-
770
,
,
599
642
^
Forgan
DJI .'
Corp., Shearson, Hammill
William E. Pollock
&
664
.
.
-
•
962
.
,
995 \
1,030
854
1,066
:*.-884
&
an
estimate
•
overall
rate
purchase
of
the shares
More
of
the
A
more
Aurora
sion
rate of 3.5%
figure
of
Davis
portfolio
and
price/earnings ratio for DJIA
has
averaged
standard
any
we
about
16.5
deviation
given
of
of
sell
three
that
between
the
On
are
technique
(or
series
could reduce the
is
Such
beyond
the
a
of
in¬
re¬
of
scope
to
that
announced
K.
-
Bank
cost
•
oL
3.699%
a
and
asso¬
'
of
the
Harris
bonds
reoffered
were
and
3.70% Coupon. Bank
a
'insurance
in
was
to
dollar price
a
buying
company
immediate
evidence
and
-
,1,125'
.
retired
last
Jan.
1
after almost 44 years with Morgan
Guaranty
and
.
its
•
predecessor,
Guaranty Trust Company of New
York.
•
•
*
-
...
-
creating
issues
a
con¬
the
for
new
The average
19.
A
stood
Index
less
Index
June
on
the
ago
3.458%.
bond
revenue
3.46%
at
change
than
Vsth
was
of
a
:/A,
point.
Calumet
Interest
in
Calumet Skyway 3%s which
used, in
.not
3
points
that
rumors
the
in
group
$1,900,000.
bonds to the Chemical Bank
York
a
Trust
3.038%
Co.
and
to
loan
interest due
met
bid,
a
cost.
3.085%
&
Co.
account
Ira
The
in¬
net
Phelps,
syndicate.
of
Kuhn,
are
to
Corp.,
&
Co.
Reoffered
$2,825,000.
to
A;
Tuesday's
was.
the
winning
Loeb
&
E.
Co.,
Hutton
Hanseatic
the Calu¬
bonds.
The
63-67, whereas
they
ago
were-
quoted
>
Bioren & Co. To Admit
PHILADELPHIA,
Pa.—Bioren
&
Co., 1424 Walnut Street, members
of
the
New
York
Philadel¬
and
Exchanges,
on
Flora
Schaufler
W.
June 27 will admit
.
to
limited
partnership.
&.
Corp.,
With Mitchell,Hutching
CHICAGO, 111.
yield
from
..
1.75%
balance
present
is
chins & Co.
La
Salle
;-Vs.A''.'v./AlV New
final
sale
of
$4,200,000
Washington Sewer
V- 1993).
on
*
3.20%, the
tance
W;
York
motor
phia-Baltimore-Washington Stock
Haupt & Co., Wertheim & Co.
New
week
may re¬
of the
revenue
quoted
are
that
payment
for
July 1st
Skyway
up
another
approve
fuel tax
the
on
building
are
New
associates at
interest
net
average were
Chicago City Council
fuse
a
11
our
presumably
66-69.
was
-
committee,
.
week
Superior,
Wisconsin
awarded
$4,500,000
School
(1964-1983)
day
officer
credit,
In
bond issues.
averaged
bonds
balance
Tobin
and chairman of the bank's
markets
The Commercial and Financial
late yester¬
the
A. G. Edwards & Sons and Austin
senior* loan
the
Treasury
atmosphere
Chronicle's
off
of New York,
Brass,
v
are
Bank, Boston, R. S. Dickson
Co., Boettcher & Co., Bacon,
Co.,
has been appointed
steady.
obviously
Paribas
director.
the
Mercantile
Other members
Edward
of
the
include the First
group
runner-up
Incorporated,
is¬
A; benefits naturally rubbed off on
the dollar quoted tax-exempt and
.
•
a more
that
manner
made by the
was
members
of 99V2' for
three
or
cost,
Corp.,
The
given in Table I. The interval
be too wide and
other
and
revenue
Treasury 4s due 1970, some.of the
Savings
yield from 2.90% to
times
basis
the
low, median,
high estimates for the DJIA
estimate for the next two
authority
in
Stevenson & Co. and Ginther & Co.
this
years may
Steady
steady this week, much
were
cago
DJIA
12.47
Bonds
so-called
most
&
about
are
we
;
;
utility,
the
&
As
road, toll bridge, pub¬
long-term,
mut
earnings and 20.71 times earnings.
and
The toll
Pressprich & Co., National Shaw-
a
For
in the next decade
year,
feel that the chances
out
with
4.12.
& Co.
&
Jeopardy?
Trust
None of the 23 long-term issues
Co., St. Louis, White, Weld & Co.,'
Merrill Lynch, Pierce, Fenner & used in our composite fluctuated
Smith, John Nuveen & Co., R. W. more than V2 of a point. - The Chi¬
Boston
estimate price. In recent years
the
Roberts
the balance in account
Dollar
sues
Na.-
Ingen
genial
interest
net
- a
Trust Co.
by product of
a
Van
Schmidt,
press,
$8,690^000 ^a^r Extend ' corporate
A
Other
J.
to
$9,720,OOO/?; '4-
ciates.
if
Co.
B.
$1,680,000.
lic
winning
1.90%
Chase Manhattan Bank
1962
a
projecting earnings it is possible
to
&
the
balance
present
Trust
at
group
annual
on
&
(1973-2007) '; bonds
Harris
ex¬
serves
the
DJI
as
Co.,
of
(Adams County), Coio-
raHo sold^^
were
an
the
group stands ;at
earnings
gives
Cullom
Scaled to yield from
shares.
on
Shelby
3.10%,
held until 1971.
are
less
or
is
were
return
the
&
Co., Folger, Nolan, Fleming
net interest
as
to
go
reof¬
were
Philadelphia
Parke and Dolphin
and
a
This
Inc.,
•
&
Co., Stroud
mately
7.5%.
Co.,
Glore,
Stearns
3.698%/ The second bid,
Mr.
929;..
.
Bear,
The
Bank,
Co., Alex. Brown & Sons, Paribas
same" as
the
rising at
Co.,
bonds
in 1981.
tional
in
earnings
Projecting
as
&
The
are
for
for
proxy
1962
include
group
pected earnings yield of approxi¬
a
898
825
_
:
867
719
;48.06
winning
was
sub¬
coupon,
yield from 1.75% in 1964
group
a
Morgan Guaranty Trust Company
838
.
,
best
offering
Brass, formerly Vice-President of
810
671
695
541
46.44
-
:
-
--.560
•
44.87
.1970
;
Second
issue,
.
Co., R. H. Moulton & Co., Horner,
Tor the next decade,
has
$782 V
649-
522
43.35
In
a
American Petrofina,
High
$627
505
41.88
—
1966
r
488
bonds.
this
2.90%
a
2%%
a
bid
runner-up
Other members
Barksdale & Co., Kaufman & Co.,
about, the
for
to 3.00%
Financing
by the First Boston Corp. account..
Named Director
Median
„
$471
39.10
1965
for
School
-
impor¬
announced
were
Mitchell, Hut-
members of
Stock
that
Everett,, has been elected
revenue
bonds, which
—
Incorporated, 231 Sof
Street,
York
the
Exchange, have
Gaston
a
Goblentz
Vice-President
(1965-.- of the firm, representing them in
pur¬
Europe.
V
dollar price
a
designating
mitted by The Northern Trust Co.
W.
the
Dow-Jones
■„
F.
and
2.965% net interest cost, was made.
'
Low
Co.
bidding
The
syndicate.
Fenn
$37.78
•; 1964_
to
'
as
$36.44.
1963-1972
(Dollars)
&
terest cost, came from the
Price
.
1946
100.20
capital' gains
pjus
>
important
Jersey '(1964-1981)
and
fered to
(1965-1984)
has
the present remarks.
for the
Fenn
100.12
coupon.
2.934% net interest cost, for
a
bid
divi¬
the' cprresponding-' ten*
periods. Thus GEY might
finement
I
Industrial Average,
from
considerably.
jections for the DJ Utilities.
de-
Estimated Earnings and Price
Year—
for
we have considertechniques)
more confidence in the proterval
in
Competition
Authority,
is, taking moving ten
b^eri
v
refined
Furthermore,
in
.
;
two
TABLE
"
GEY
will
The
the
.have
;
corn¬
.
as
at
to be at least
great
of
part
will
DJ
two
growth
been
the
} e 9
GEY has moved closer to the CEY
because
and
appears
on
TT
1950
Wisher.
periods
pare(^ whh the 4.0% projected for
as
and
one
data
our
outlook; it
least
eight percentage points
the
been
the
upon
Utilities
not
m-the level of the two curves. In
much
based
economic
rates 'were
the /coming
For
likely that dividends
greatly different from the pattern
ier CEY; the chief difference is
earlier
growth
greater.
decade
the
pattern of earnings yields
presented
year
respectively rstream
3.3%
CorrespondingMeas-
earnings
mUch
1962 level of $36.44.
The
That
:
by the Halsey, Stuart
won
& Co. group
$15,000,000 • Virginia Public School
period
overall: yield
present,:? GDY
suc-
stability of dividends,
dividend growth rates,
earnings,
would
from
GEY.
but also the
were
assuming that the
the
on
grow
The
be-
years
the
:
-
$3,300,000: Bergen
New
bid,
approximately equal to the
tomplex /overall yield
urements for the DJ Utilities
earnings for all
1962.
been
&
Marshall
only
inyolved
County,
Craigie & Co. submitted the best
Historically,
rate of growth of
earnings higher for the utilities;
of
'however,
price.
earnings for.
1946
Phelps,
then
forecast of; both
a
and,
serve
■The GEY reached a peak of al-.
6.1%
for
the
dividend
growth
most 18% for the ten year
period-rate and 5.1% for the earnings
starting in 1948 and has fallen as growth rate. Not
only were the
low as 7% in 1959 and 1961; These
growth
rate
of
dividends
and
latter figures required a projection
requires
dends
-
Wednesday-
on
Wednesday's
The group led by Lehman Bros.,
ownership
a future time
.Not Much
•
in syndicate $8,535,000.
a
Ayear*
Industrials/
vs.
share
on
•
Co.,
of Michigan Corp., Grande
Co., Inc., and First of Washing¬
ton Corp.
of
the next
over
Co.,.
&
&
bonds
Keen
in today's market is
shares for
on
year periods with base A;
cessive ten
years
V "*1
growth'is obtained
&
Sachs;
First
hoped for, with the present bal¬
,
annual
average
*
syndi¬
Equitable ;* Securities
'Goldman,
Reynolds
sale
con-
a
this
Meyer, Shearson, Hammill & Co., w
f.rpmvi.70%...t<)
yield
given period depends upon There were eight additional bids
capital. gains, as well as dividends; made for this unusual issue.
An estimation of the overall
Other major
yield
members of the
cor"
'7 a
„
The. average
restatements.i0r
i
^
•
same.
'
IV.
-
is; assumed to be
Which
years
<'
.
.an
return
over
?°S"10TI
difference being that earnings are
used -rather .than
dividends.:The
give
of
real
(GDY
and fmd that 11 tends.to be
only
Corp.,
3.40% for 3.20's, demand has been
fair, but not as good as many had
the
on
are
Co.,
Stone
of
•
Scaled,.to
the prospect of capital gains! The
°fV1^ D»^nd and Myron Gordon,
byb^® have ^de-some preliminary
in the pre-
GDY; the
on
&
;
members
Merle-Smith, W. E. Hut-
projection of -dividends
be forgotten
growth earnings
the method: described
vipus section
cate
Forgan
&„ Hutzler,
~
:
A second factor which must not
re.
yield (GEY) and is calculated
Glore,
Bros.
Cd., Hirsch & Co.,-and E. F.
Hutton &.kCo.,Y
>
'* ;
"
decade will be about 5.2% for the
DJI portfolio purchased at. $652.
plus capital gains are expressed
statement: of the earnings yield on
single, overall rate of return,
the
DJI
portfolio since World Thlf polnt ^ been made in reWar II. ,This revised series is re-'lent. years
b«th Professors
Chart
stream.
Other
ton &
divi¬
ance
rate
3.3%—
G,EY when the former
the rising, earnings
yield-
the dividend yield
the difference between the proJ
®
9E
1962-1971 and
yields the resistance of
"'any investors to common stocks
wl" be overcame to some extent.
Ear leng-term investors the
P. T P
^ .capital gains- are
bEe>y to closely approximate, the
earn-
which
yields',is
stock
Dick &
^growth /rate of about .4%, If this
difference between bond and
common
and the
it-appears* that
us
would
'
III.
$700
growth
servative
„Tesfenent
;
closing price
present purchase to be 4.25%.
A.
v
•
the
To
financial
and
.
•
,
does npt have to be elaborated for
security
*"ts
uncertainty of in-
an
Co.,
Dillon,
sphild'
Co.i. Roosevelt & Cross,
Reoffered to yield .from*
j2U)Q%
TYancis I.> du Pontv&' CoJ, Esta-, to
3.55%, a balance of $3j680,000
brook & Co.,"F. S. .Moseley;& CoM
remains in account;
yield, if
dends held at $23.30^: a 3.3% an¬
nual
growth vrratfe. for dividends
for tern years- would. be
required
relationship
stock
and
me
the
Bank
Co., Harris Trust
&' Webster Securities Corp., Lee
Higginson Corp., Equitable Secu¬
DJI-
pllo^'.^Wjbre;
at
„
e
j
as
ap¬
purchased
bf;$652;
fr„ 1969 s
ab^
Chemical
Eastman
an
net interest cost of 3.446%.
a
.
bond
were,
at. the J962 year end
com.
.
high
as
Co.,
by *
Union Securities & Co. account at
Savings Bank, The Northern
Trust
Salomon
yield -of
-ciirront
purchased
v
f
Mood^ s Industrial Aaa bond yield
series.
*
and
must
3.3%;4h,o^
the, DJI portfolio
above the bond yield. Is the dif-.
repiesented by the
as
pf-
^equaUthe
verifled
?he.CEY °
*
yield has not fallen below
dend
t
plete,
bond
&
New York Trust
if the dividend
chased
V
"'dividends voL $23,30 need.; grow- rities Corp., Spencer Trdsk & Co.,
The Connecticut Bank and Trust;
only at the average annual rate
Co., Reynolds & Co,. L. F. Roth-
the
,
dividends
grow
current
Barney
key
A
*
Trust Co., Blyth & Co., Smith,
ers
as
dividend
proximately 4.25%; The 1962
thus it wili be 1972
differences
and dividend
the
^hieved^he 1963 figure,, for
the
to
The
the
;
yield realized-is to be
example,;,ts based.,entirely upon
re-
j
of
vision
I-be
Chart
on
curve
represents a very substantial
is
Clearly
continue
niore
Continued from page 6
the. next. decade?. Will
answer
-
-TAX-EXEMPT' BOND(MARKET
today's
DJI. portfolio
the bond yield?
as
the
stream.
rapid, depreciation
1971;, and then stopped rising, the methods provided for by the 1954
true- dividend yield-^the. growth Internal-Revenue Code./::
y.- ....
yield—• would be 5.1% >and not
this point inr time it is not
3.7%; The current yield 3.7% im- possible:to, say if the GEY given
plies no*-rise in dividends.for more-recent years will in.fact.
ments
the
•
can
the dividend yield achieved be
high
Continued from page 5
in
expect
on
of
37
•
*■
,
*
The Commercial and Financial Chronicle
V
will Suffice,.,The seller or investor
,eminently worthwhile. The in
outer riot only does himself must be objective; and. display a
harm but also his nation. Lack of 'willingness to defer when possible
.A.
aro
munication
and
.
effective,
the
pendence
of
dependability
of
individual
an
the
to
wishes
rather than
through the further expansion of
leading to cor¬
rect
marketing conclusions and
the avoidance of needless expend¬
in
tremendously
field,
the
entering
15
Continued from page
the trade of large firms.
•
,
tailing
and
accessbility
Location and
especially to the firm wishing
first time to take advan¬
'
.
numerous
readily available to the exporter
<*) Physical Characteristics:
a :
the
;all
Terrain
.
for
Soil characteristics & quality
*• b
tage of world markets.
c
d
Climate
.
e
'
;
k
Current Land Use:
(2)
as
credit
\
;
forests
risks.
to
j*
safeguarding
service
value
a
We
critical
its
of
because
But per¬
help should
recent
very
a
noted
be
vegetation—
grasslands
.
reference
have
government credit insurance.
-
Agricultural
.
Mining and quarrying
quested
Services
to work out ways to place
.
Raw
States
Materials:
table
manufactures
For
.
.
the Export-Import
exporters
b.
Mineral output
Foreign
in
Handicraft
Machine-made items
e.
Unit
costs
The
durable
concerns."
non-du¬
and
avoids
goods.
banks.
Customs, religions, taboos
level
Educational
Language spoken
Labor
>% V
;
to
exporting
FCIA
carefully
It
when
only
serves
not in
the
position to meet
a
safe conclusion. Purchas¬
ing power is the first considera¬
ways a
But
tMs quality
even
is
not
always
ideas
In
larly in the Far East and Middle
is
it
to
customary for the na¬
cide
to
When they de¬
these
permit
may
even
the
assistance
with
war
not ask for money
Again,
low
purchasing
if
good
sale of
no
United
a
lost
be
due
lack of credit facilities where
a
extension
priate."
of
credit
is appro¬
The action also provides
exporters with
of
government
to
that
which
form
a
aSsist&hce /similar
European govern¬
IV
as
hundred and
a
for
The need
tion
c.
Reliability
v-
This
choice
firms
which
international
*
characteristics—
Foreign—
the
■
products,
will
in
be
arbi¬
order
as
region to be surveyed.
decision
be
can
with
just
is
in
our
leading to the
own,
trade situation
our
based
overlooked
upon
organiza¬
also
and
parable with
known
of
and
governments
preferably where English
the
national
in
is
language
can
be
or
car¬
international
trade
lands
for
having
example
of
Ohio
and
little
a
exports
pared
financial risks
foreign language, then naturally,
no
credits
he
learn
to
consider
can
the
uses
foreign
when thev
surpluses for exchanges
to
.Practically all of the data called
obtained
in
this
in
reference
pub¬
offense,
lications, the United States
Gov¬
familiar
through
ernment, trade associations, banks
and still other
visit to
a
desirable,
advise
ticularly true
as
,
it
is
visits
not
to
This
is
should not
we
fact
that
:as well as for the
poration.
In
considerable
ports
will
through
small
the
all
firms
number
the
interna¬
In and
poses
an
an
of
such
of
use
part of
the
about
be
is that
surprised
to
Netherlands has
the
capita trade of $376
per
competition
in
the
he
cringe before
Common
is
no
energy
to
place
as
a
com¬
A New International Trade Era
Currently
we
are
entering
international trade
the creation of
nations
era.
a
With
for the
in
are
of
their
people of the
availability of goods which they
they
un¬
past
in
so
survive
than
alert,
future
be
who
those
flexible
and
more
before, those who adopt
ever
scientific
a
the
will
attitude toward
trade
development.
of
sequence
long sustained
a
consecutive
weekly
ginning with Sept. 5 until Dec. 6,
advices
from
the
chief
In
cities of the country, indicate that
steel
502,000
the
June
week
ended
Saturday
possible
ings
States
weekly
obtain
to
5.7%
were
which
for
it is
clear¬
those
above
the corresponding
week last
Our
totals
preliminary
of
year.-
stand
against
at
-
.$31,500,-
week in 1962.
same
Our
comparative
some
of the principal money cen¬
for
summary
follows:
ters
f
York—
New
Kansas
mination
off of
output—barring
labor-
in
turn
incidentally,
which,
much
+
of 1.9% Marks Third
Steel
the
In¬
week
(*132.3%)
as
tons
net
6.5%
a
row
a
total
castings
and
total of 54,662,000
the
1962
which
production
Jan.
is
1-June
16,
(*114.8%).
The
of 51,348,000 net
"Index of Ingot
Production for
Week Ehding
in
a
row
net
April,
Buffalo
Coast____
129
130
132
149
150
Detroit
137
153
1
Cleveland
158
137
Louis
138
125
—
Cincinnati
136
133
Chicago
St.
126
*
129
—
Younerstown
week
June 8
119
138
-
—-
Pittsburgh
tons
1960.
East
North
output in
25-ending
June 15
District—
year's weekly
2,626.000
of
steel
topped the year-ago
(*122.3%)
above
134
130
125
Southern
"""Western
previously equaled in the
week
with
period
last week's output fell to the
first
1
in
week
of. ingots
Jan.
since
tons
decline
May
changes
of
cumulative
the
year,
2.513,000
lowest weekly
last
third
the
For
in the week end¬
against
weekly
achieved
reflecting
consumption
1.9%
fell
discussions
output will re¬
position of de¬
The week to week
marking the
ing June 8.
the
than
products.
output
15, was 2,464,000 tons
was
demand
market
in
this
ended June
output
rived
but
RoW,
55.3% Over Year-Ago Week
(*134.9%)
been
have
contract
labor
1.5
and
adverse
an
of quiet progress re¬
news
0.4
for
briset
leveling-
optimistic
more
of:
negotiation "news
+
production
S.
*
rate
the
of the expected summer
521,186
Americans Iron
U.
mid-May
suggesting
—strongly
rent
According to data compiled by
stitute,
in
began
528,901
+
Stays at Three-Year High and
was
'
—
a
(1,-
tons).
declining
a
—
in
be¬
ported heretofore. Should the cur¬
%
1962
Decline
Weekly
and
of
which
increase
855,884
Drop
net
decline
9.1 end
amicably, steel
4.5
turn to its normal
0.3
City
Steel
tons
week's
1954
30.4%
to
rose
852,467
Philadelphia
of
1,958,000
$18,901,082 $17,325,642
1,542,262
1,476,244
1,171,000
1,175,000
Boston
the
to
autumn
output reflects, actually, the cul¬
good
(000s omitted)
1963
June 15—
output
Last
15, clearings for all cities of
the United
the
132
Total
Industry
138
-
134.9
132.3
The
"Index
of
weekly
production based on
production for 1957-1959.
Steel
Labor
average
ceeded last year's week by 55.3%.
advanced
more
grasp
To meet these new
serve.
effort
on
must
the opportu¬
continuing basis the
a
be
built
upon
some¬
thing more than trade experiences
in
domestic
the
market
observations
hasty
or
made
upon
in
the
Out
,of
the
clined
and
from
five
in
rose
the
those
ending
Feb.
2
advances
During those
13 weeks
weekly
increases,
output advanced 36.8%
(1,863,000
consecutive
A
a
calculated analy¬
has been
suggested
to.
the
2,548,000 net tons).
fall
of
1954 has
Not since
the industry
steel
come
Probably
This Week
labor
settlement
momentarily,
zine said.
Last
Steel
;
■<-
-
Monday
may
maga¬
,
the
; executive
board of the United Steelworkers
of America
a
a
Settlement
Come
To
weeks
of steel output
periods
of
or
of
week
other equally fragile back¬
tour
this
through April 27 out of 16 weekly
1963.
quick
of
for 13 consecutive weeks
in
a
weeks
24
year's steel output, production de¬
upon
of
course
to that which
however,
guide lines
as
graphic
June 15-ending week's output ex¬
the
themselves,
fest
use
not
are
changes
rises.
should have, alert busi¬
particular region similar
come
do. .not
These
predicted
by the Chronicle, based upon tele¬
in
relatively
returns
can
remain
many
nity to
in
of
experienced such
16
independ¬ April 13 level of 2,464,000 net tons.
accompanied by the Prior to then, the week's output
so
sis of
in
com¬
feel they
demands
engage
boom.
kinds
traders
"
swiftly. When they do mani¬
increase
of
means
Preliminary figures compiled
ago.
high
Only
and
of
they
Continued from page
months.
awareness
experience
STATE of TRADE and INDUSTRY
two
ashamed.
ground.
substantial
prospect
wherever
As the
the
Initial investments and
expended
of
the
Markets
arise.
may
fear
not
than he does
anymore
and
ent
mild
a
domestic market. Nor will
need
new
shall
we
those
third
be
that
who
difference is nothing of which we
some
trade
businesses
that
dicted
the
will
He
invest¬
and
nessmen
Outer
intention
and outer.
and
A
impres¬
international trade upon a perma¬
nent basis.
The foreign field of
ex¬
our
come
not
The scientific approach presup¬
operation
in
the
on
is
language.
widespread
should
one
it
So
we.
countries will
any
to
understand
was
do
far greater
a
pared with ours of only $110. This
quite
Foreign Trade Is Not for the
cor¬
growth
is
American
their
other countries, largely
than
extent
influential position
an
accordingly.
larger
written
"man in the street."
large
in
or
it
to
abroad
even
probability,
increase
have
a
for
an
all
par¬
tional trade is for the 'Tittle fel¬
low"
sive
English
knows.
is not
it, and not to take
an
with
applied to small
Incidentally,
the
region is
a
but
of the world.
overlook
Of course,
sources.
them
visit
recent
spoken
use
if
that
Although
language,
for
common
a
complimented
- are
are
their
English, to
he
case,
obstacle.
firms
in
country
a
any
insuperable
-
business
language
Language, in
needs
be
transact
A
economist
American
:
ment and shape his trade program
population must of necessity de¬
upon
situation.
As in
than one-third the
neighboring lands, to
pre¬
only
more
area
many'as¬
upon
world
upon
what; will
less they can afford to-lose.
is
slightly
pend
principal is
which
different order. The Nether¬
a
If
English without incon¬
the American
com¬
compared with
venience to prospective customers.
on
is
interstate trade
our
and should not be
our
stable
countries
European
ern
opportunities
trade
much
fact that
the
is
imports
VI
the
profitable
Chicago
the
mentioned
where communication
V
<1) Potential Trade:
What is
deplorable state.
a
inter-continental
firms.
have
of the international trade of west¬
the consideration of regions
either
*
parts
Com¬
European
ried
to
a
reac¬
Comparisons
intra-continental '
realistic
in-
quarters by the
toward
tions and
with
methods of distribution
highly
recognize
based
>
That
this year either a mild depression
or
for
the
to
reported to have recently pre¬
for
government
evidenced
been
conclusion that
upon
Current Trade:
Domestic
markets
many
exportable
conferences
v
_
the
is
not
depends
of
four
next
cautioned;: this
data.;
the
192,962 for the
most
(2)
The far-seeing individual
$33,295,823,356
of
was
(4) investment of private foreign
will
the
but
estimate
capital.
erroneously, between
tions
if possible,
local production,
made,
to
essen¬
channels,
importations, (3) borrowings, and
Week End.
Attitude towards the U. S.
country
namely, (1)
be
four
the
scientific
occupying
will
au¬
publicly >'that
within
years,
met
They
been
to the first
Local attitude
many
one
scientific point
a
toward
of
bilized
five
prominent
through
Japanese trade
a
of Japan should be sta¬
economy
decades "to
tially
say,
try
stated,
of lesser de-~ happen
possibly
come.
the trade figures of Eurooean na¬
years.
trary
Government Characteristics:
for.
ma¬
office equipment and
has
Recently,
thority
filled
ments have given their traders for
make
V :
b.
•
mining
or
good trade opportunities.
number
ways
to
anticipate change.
pects
Market.
Because
a.
b.
be
may
road
trade
to
from
away
national government
the
view
proce¬
always the best and that
for
shy
always
we
velcped countries will not be ful¬
~
bit but change
a
to
reason
country with
a
power
Demands for equip¬
of
no
but for jewelry.
is the buyer.
>•
ing will change
is
on
The methods of trad¬
prose¬
ment such
offer
hand.
should
desirable. l,We
The .requirements
opportunities will evolve
every
however,
learn from others.
can
the
and
trade
time
our
of
greater
Nee'less
dis¬
such
forget that
not
mon
available
a.
to
be
parts
the
a
adopt.-our
that
the
become
opportunity.
boundaries
-
will
increasingly
ecoriomic interde¬
China, be did
market in
a
in
them
use
When Nehru called
financial
cute
neces¬
if circumstances
or
direct barter.
for
convert
possessions into the
currency
sary
then
they
buy,
into
earnings
their
put
gold and jewels.
other items used by a
that
exporter will
in the
countries, particu¬
some
and
h. Wages and total income
1
determined
be
to
amount of money
by the
bank.
be
can
Purchasing power
misinterpreted.
supplies
assure
al¬
not
our
wcrld
become
but
for
and
until
beyond
if
not
are
we
of others
many
abilities
Amenability to changes and
b.
respect
with
The
American
efficiency
f. Organizational and manage-
a.
set
is
this
sales,
or
to
A;:.
;:v;
v
e.
(1)
been
supplanting commercial
are
States
fa¬
and
•.
d.
<D
substantial
dures
yield
should
populations
large
with
consideration
willingly
may
This does
submission
of patience
those
should
nations
that
be
chinery,
the
cilities
g.
and credit
has
American
natural assumption
a
well
to
b.
.
Although
objective of this hew program "is
The People:
rial
policy
as
continue to
of supply to
the exporters' financial needs. An
Characteristics in general
,
companies"
small and medium sized
Cost of living
t
facility
"especially
up
a.
:
This
property
comprehensive
a
risks.
Consumption levels in terms
c.
casualty,
covering both political
V-. Y
.
III
<1)
Insurance
cooperation with the Bank, is¬
latter
<
Credit
play
can
them./.--.y,
to
may
not
•
due
of life
way
do
they
their
,
i. Competition
h.
equi¬
(FCIA) resulted.
private
sues
d.
rable
sell
they
extent
upon
spurces
tives
the
and marine insurance
Agricultural products
of
depend
East
large
a.
g.
United
more
a
organization consisting of "twenty
ID Economic Activities:
c.
because
what
to
rather
of where
lead.
may
blind
mean
are
importers
European
know
of
For export
II
■
on
Bank
competitive basis with for¬
Association
\,
a
eign producers. The establishment
For power
.
suffer because of the antics
more
or
less irresponsible
tion.
Last year President Kennedy re¬
.
(3)
efforts
not
seek
not
pattern regardless
such
the
haps,
'
Natural
.
de¬
aids
of
must
ican
trader.
permit
not
He
pros¬
foreigners into the Amer¬
Accord¬
'the peoples.
all
concerned
does
Space
the foreign
Unrealiability
potential
ingly, the innocent American firm
among
of
itures of money.
'
to force
may
'
Credit Insurance »'■
r
pects
businessman
as
of
abroad.
firm is interpreted by
■
Thursday, June 20, 1963
,
(2554)
38
met in
Pittsburgh for
briefing by President David J.
McDonald.
170-man
Yesterday, the union's
wage,
convened to do
1.
policy
one
committee
of two things:
Ratify contract changes that
Volume
il vll
have
been
197
Number 6274
out
Human
by the
to
Abandon
HRC
approach
bargaining and call for
contract
allow
would
in
reopening—a
90
the
days.'
Steel's
tion
an
expect
of
Presidential
noted
will
One
for
backlogs
a
that eliminates
in
year.
firms
to
.
not
settlement
by; shopping,
;
improvements,
buyers
Chances
creases.
will
products
April.
they
selectively
didn't
labor
on
Most
of
tonnage
the
delivery
this
processed
June
the
mately
12.9
has
Result;
Year's
Year's
Total
million
tons—topping
that
,
uling its biggest week in history,
its highest level for any
similar
put for last week ending Saturday
at
172,902 cars," an increase of
2.3% from 169,096 assemblies last
made
With
Labor
labor
Ward's
ger
likely to
in
result
complete
collapse
of
..the
and
national
in steel sales
ment
But
users.
sharp drop
a
noted
was
phychology"
steel
said.
metalworking
weekly reported that
"settle¬
as
spread
high
a
of
steel consumption, combined with
much
a
lower-than-expected steel
inventory buildup, would prevent
prolonged decline in steel
a
duction.
ments
pro¬
Avy-
Noting that in
dropped
1962
to
steel ship¬
low
a
4.5 million tons in
rate
expected,
of passen¬
thus
far
of
July, Iron Age
"on
Truck
target"
goal
for
production
expected
to
compared
with
the
last
total
week
28,832
and 27,910 in the
of 1962.
car and
of
about
These
assumption
of
ment
steel
While
truck output
year of
that
1955.
1963
Ward's has forecast
output will eventually
overtake that of the earlier
year.
On a model-year
basis, passen¬
production since last fall's
ger car
1963 model startup has climbed to
an
estimated
6,266,000; it is
trucks
could
steel
mers
as
not
be
settle¬
steel
its
of
reopening
without
of
labor contract,
line
sumption
already
with
their
rates.
own
Some
begun
con¬
had
users
liquidating
their
inventories. All watched the labor
situation with critical eyes and
placed their orders cautiously and
avoided extended commitments.
Iron Age explained
tion of
a
way:
:
v
before
called,
steel
strike
a
cushion
and
avoided
on
Next,
much
steel
r
•;
schedule.
moved
at
entire
the
a
by
general
no
lapse.. IVV A
half
of
model
:
plant,
well
Of
output
count
for
'64
Buick,
General
of industry
Ford
cars;
27.3%;
Chrysler
American
casualties,
and
even
revenue
ago.
On
Corp.
ac¬
cars
43.8%
or
above
the
22
weeks
of
325,928
39,771
for
cars
cars
13.9%
or
There
61
were
road systems
traffic
in
with
58
year's
year
Truck
Stays
Year-A go
Intercity
truck
week
ended
below
the
13.1%
the
the
week
of
and
Stu-
The
handled
of
at
of
general
Loading
the
week
606,084
of
This
or
revenue
ended
June
June
8
feet
in
compared
the
the week
the
cars,
board
231,435,000
and
shipments fell by 4.8%.
Following are the figures in
of
board
indicated:
weeks
Shipments
for
____
orders
increase of 58,063 cars
was an
10.6% above the preceding holi¬
day week.
A
A7
June 1
1963
1962
215,716
231,435
219,638
243,017
231,466
.
June 9
235,042
239,712
The
crease
loadings represented
of
23,324
2.2%
cars
in
been
loadings
a
in
rose
for five
Loadings
corresponding
year-ago
up
4-ending
0.6%
week,
amount
ended
or
cording
in
up
the
2.5%
week's
time
total
'
was
than
of
total
1962
light
was
es¬
Electric
471,000,000
the
previous
,17,368,000
Food
the
comparable
increase
over
the year ago week of 11.6%.
Index
Failures
In
the
held
week
at
Latest
Hold
Week
industrial failures in
ended
304
as
June
13
as
they
against 303 in the
prior week, reported Dun & Brad-
figure
ending
for New
plus
a
15-
11%
increase notwithstanding the sales
tax
increase from
C.
Y.
over
a
1.
flash
this
to 4%
four
figure
year ago.
far
3%
The
3%
was
A.v
yA
1
to
(Jan.
year
ef¬
week
-
"AAA;, A
•
creased
3%
a
(adjusted)
A-• AVA
year ago.
A
$5.88
the
broader
of
set
Inc.,
fractional upturn, 0.3%, to
June 18, coming close to
0.2%
4.
well,
over
edge
$5.87
As
last
in
the
set
held
an
year's
level
corresponding
week. This marked
time
$5.89
it
that
the fifth
the
',AAA'A+
encom¬
passing total retail sales, compiled
by the Bureau of the Census, U. S.
a
much
•
week
four-month high of
data
year-to-year
poorer
department
a n
stores did for the latest statement
on
June
on
that
over
for corresponding period
rung up
ending June 8. Total retail
7
a
sales
were
4% from the
up
com¬
which
year
was
percentage points less than that
for
department stores. The
year-
to-year contrast for the four-week
period
ending
gain of 4%
point
June
or
—
8
than
more
showed
store sales for the
a
percentage
one
department
period.
same
con¬
index
has
topped the comparable 1962 pace.
Federman, Stonehill
Momentum Picks Up in Consumer
Now Corporation
Buying
With
Mid
hot
West
"AA-
weather
and
The
,
hitting
the
South, retail pur¬
chases steamed ahead in the week
ended
Wednesday, June
widened
volume
the
margin
its
over
Interest
12,
in
and
current
comparable
in
men's
1962
clothing
finally
warmed up, helped not
only by the summerlike tempera¬
tures
of
but
also
Father's
by
the
Day.
registered
approach
Further
in
gains
women's
children's sportswear. At
began to
partnership
Stonehill
solved,
&
Co.
of
Co.
&
and
Federman,
has
been
Federman,
Incorporated,
dis¬
Stonehill
New York
a
Stock Exchange member corpora¬
tion, with offices at 50 Broadway,
New York City, has been formed.
Officers
Hyman L. Federman,
are
President;
Walter
C.
Crawford,
Vice-President and Treasurer; and
Samuel W.
and
Meisel, Vice-President
Secretary.
A;A"A'A'^A^A,+/
and
last, air
Forms Harvia Sees.
with
move
zip helping appliance sales, while
furniture
summer
strong demand.
vacation
boost
car
the
ever-blooming
purchases
restaurant
remained
.
in
The start of the
gave an additional
season
to
and
to
new
and
resort
business.
AA
A The total dollar volume of
in
the
week
according
Dun
&
parable
Bradstreet,
1962
levels
+ 5;
Middle
+3
+4
in
Friedman
54
Wall -Street,
the
under
conducting
a
firm
New
City,
York
name
of
Harvia
Co." Mr. Friedman
Securities
was
*
formerly
&
a
partner in Sutro Bros.
Co.
ago,
Now Euler & Co.
collected
Inc.
Re¬
com¬
the
fol¬
PHILADELPHIA, Pa.—Charles J.
Senior
Euler,
South
nounced
+2; Pacific
+1 to
firm
Atlantic
+2
is
securities business from offices at
West
Central
England
Central
by
percentages:
Central —2 to
South
re¬
ended
a year
estimates
to
.
Harold
ranged from
4% to 8% higher than
lowing
com¬
ago
-
department
week-period
flash
piled by Dun & Bradstreet,
took
by
Steady
change occurred in
and
A
performance ' t h
in
gional estimates varied from
Business
four
parable week last
statement week
an
year
Department of Commerce, turned
small
a
the
of
when
year
Higher
trade
or
the
at
Price
tail
output
the
11%
2%, however,
up
ending week revealed
only
/'A ;.;'A.\-;'V
kwh.,
week,
the
on
was
than
last
1,848,000,000 kwh., above the
and
the
on
electric
the 'Edison
Output
greater
Little
May
the
energy
industry for the week
to
Institute.
mercial
week
by
270.99
registered
271.05.
conditioners
electric
Saturday, June 15,
con¬
over
of
timated at 17,839,000,000
kwh., ac¬
the comparable
secutive weeks.
were
1962,
cars
long time since
over
year-ago week
in¬
corresponding
AV •
• A
A
1961.
has
week
week
the.
an
of 4.0% above
increase of 12,768
above
A A Last Year's Level
store
for
i AAA
City's
were
slide last week,-, the
"Wholesale Pood Price,Index, com¬
After
were
kwh.
,
from
dropping sharp¬
Fractionally
level.
'A-A 1
241,355
and power
of
at
the
1963
—231,166
Production
New
feet
June 8
•
•
The
announced.
270.20
lower
in
Compared with 1962 levels, out¬
put fell 1.5%; new orders rose
distributed
Association
Railroads
to
the
thousands
corre¬
ended
to
Re¬
8, gained
A;
York
the
So
day of May, it.
secutive
in
since mid-
above
Latest Week
com¬
1.5%
City
comparable
store sales
in
more
year-ago week according to
reports from regional associations.
6.8%
For the
week, the in¬
stay
While
Wholesale
re¬
231,466,000
totaled
totaled
8,
steel
month-ago levels,
to
eased
it stood
AAA'A
production
States
New
N.
failed
the
Below 1962 Week
in
freight
below
comparable
is
";.', AAA
Row;
a
consecutive
fell
fractionally
freight
Falls
York
June
fective June
of
Production
Lumber
at
the
"
'
<-
Federal
City's sales for the June
A
on
throughout the country.
Lumber
wheat
ended
over
;
the
department
New
week's figure.
&
•
y,
to
System,
in
week
dip
continued
of
for
accounted
ly from 273.13
year.
report
truck terminals
carriers
mon
Rail Freight Continues to
Outpace
•
The
price
serve
sales
Monday
'
According
,
com¬
Dun
the
coun¬
York
similar
by the ATA De¬
Economics.
tonnage
gen¬
lowest
for
the
principally for
tin
dex
for
Electric Output Surges 11.6% Over
;.-A 1962's Six Weeks in
its
for
try's 12 leading department store
districts.
during
-
reported
Inc.
the
last week.
was
this
level
Monday, June 17, the Daily June 8), the 12 department store
Wholesale Commodity Price In¬ districts'. retail dollar volume in¬
partment of Research and Trans¬
than 400
year's
On
weekly survey of 34 metropolitan'
flects
last
over
8.
during the preceding week.
port
June
for
Day holiday which occurred
conducted
A In the four-week period ended
8,
1963, sales gained 3%
below
but
this
largely attributable to the Memo¬
areas
in the
sponding 1962 levels.
the
increase
in¬
for
June
May
an¬
volume
Board's
(adjusted)
10%
8-ending week compared
this time by a susbtantial margin,
corres¬
tonnage
the
week-to-week
rial
a
fell
course
level
6,
a
impressive gain marked the third
weekly rise in a row.
uneven
270.20,
in
second
1.0%
Associations
of
previous
The
the June
Reserve
up
scrap
dex
Slightly
was
in
Truck
ahead
were
on;
taken from
with the like period in 1962. This
and
quotations
and
Week's
8
volume
nounced.
at
.
year
the downward movement,
and
tonnage in
June
Trucking
week
Federal
dex
sales
as
ping
ponding week of 1962, the Ameri¬
can
the
and for the first week
Tonnage
Below
store
wholesale markets along with dip¬
com¬
ago
an
Bradstreet,
corresponding week in
A..V A yA
1961. ■
last
Last
Year's Level
Department
more
Stores
Above
country-wide basis
Commodity Price Index
May
drop
1961.
week
week
downward
since
the
in
one
36
10%
to
' v
hand, smaller
other
modity Aprice
Class I U. S. rail¬
59
or
the past week, the wholesale
originating this type
this
pared
the
Following
1963
in
249
A
Continues Down in Latest Week
above the
period
of
A
Department
Leap
A;
>.•
..
-+10
-A...
,
comparable period
corresponding period of 1962, and
88,573 cars or 37.3% above the
corresponding
$100,000
from
up
Wholesale
increase ; stood
an
Sales
of
1961
of
of
•'
•
•.
Nationwide
continued
■
-A
354
the 310 of this size last
year.
piggyback loadings
first
failures
Atlantic
+13;ASouth
+ 14'
year-
slipped to 260 from 267
erally
Cumulative
recent
with the number
preceding
cor¬
the
and
casualties with losses under
$100,000
week.
Co.,
12.7%;
-'A. AAA-/
.
increase
to
involved in 44 of the week's
reported
an
these
Liabilities
cars
responding week of 1962 and 4,245
pas¬
Motor
Motors, 5.9%
debaker 0.9%.
rail
nor¬
out
week,
53.2%
was
levels,
more
or
12.1% above the
Y
senger
economy
,Third, seasonal factors that
last
an
year
the
-
Motors Corp. was expected to
It
the
in
Oldsmobile, Pontiac and Chevro¬
corresponding
be¬
Fremont
new
turn
pro¬
GMC
let passenger cars.
auto
the
will
year
and
which
the
A,
(Calif.)
and
inclination to col¬
'
trucks at its massive
;
high rate throughout
first
and showed
ran
Led
This
-
United
initiated
Chevrolet
was
higher than anticipated, and
industry,
the
nego¬
consumption
inventory buildups
hind
be
this
inven¬
tory peaks of previous labor
tiation periods.
re¬
could
relied
users
Corp.
of
American
90-day notification
a
quired
time
predic¬
relatively smooth market
adjustment this
With
its
made.
last Monday, Gen¬
ago
Motors
duction
r
Steel orders dropped off sharply
steel users brought their orders
into
eral
custo¬
terms
in
one
cars or
Also,
period, 1,035,400
been
contract.
discounted,
thinking
agreement
the
labor
the
on
peaceful
a
industry and
were
have
rec¬
..
last minute turn for the
a
worse
the
a
based
are
13,942
were
earlier
were
1961.
over
These findings are based
since Jan. 1 has reached to
98.2%
of volume in the
industry's record
A week
figures
of
6
week
same
in the comparable
floor
is
units,
would
a
a
29,194 two weeks
ago
Combined,
cars
month.
ord-bent toward 7.3 million.
reach
at
toward
said the monthly rate of shipments
million tons this year. +vAy
in
is running
forecast for 35,000
a
700,000-unit
among
rate
the rate
production
as
day and
a
steel
<
market, Iron Age magazine
The
not
sudden
a
said
car
ing out
is
147,828
the, corresponding
in
the highest level in history—bear¬
Pact
settlement
1,509
session of last year.
June,
steel
corresponding
11.5%
from
increase
an
1962
respectively. Despite the
decline
.
.
reached
of
Steel Market Will Not Plunge
A
total).
totaled
cars
->
There
for.
week and 17.0% above the
the first quarter by. 5 million tons.
;
J
,
The statistical agency fixed out¬
it
the
over
loaded with
Output A
for
June
9.2%
billion,
of
when casualties stood at
351
Central +8 to
+12; Mountain +9
failed than in the
weeks
to exceed the
pre-war toll
in 1939.
•
f
estimated at approxi¬
week of 1962 and
Con¬
been
slated
match last month's
may
and
Steel predicted the second quar¬
ter's total will probably exceed
23
of
rate
products
estimated 8 million tons.
.
order
a
production
period - in
nearly eight years, Ward's Auto¬
motive Reports said.
have
pointwhere
deferred.
shipments
f'y
shipments.
month
to
■
won't
peace
impact
be
are
Auto production in the U. S. last
in
v
much
can't
June
8, 1963,
week, with General Motors sched¬
on
touch
^i-v
-
Steel
loadings in the week ended
all
3
tonnage
i " Record
.
steel¬
that
are
move
generated
But
So Far Approaches 1955
;
can
expect another; round of price in- >.
makers
most
Year-Ago
setting the added costs via produc¬
tivity
,
1961
car-
Week's Auto Output Soars Above
that producers can anticipate off¬
it;
'! •-a |
noted above.
as
week
"reasonable".
so.
and in
Surge Above Year-Ago
Ton-miles
can be had on a 4-week
y AAA+y.'; AvAl
delivery
of the steel labor promise. .A-A;-A' *
AiAAA' : A: A A'A r,A;
a*e
1,
to 4 pet a
highway trailers or highway con¬
through mid-July.
'AAA tainers (piggyback) in the week
"Virtually all steel products have ended June 1, 1963 (which were
eased in availability. With a little included
in that week's over-all
\
organized
on
and
production de¬
of
comparable
Ton Miles
AAA+
Unless terms
;
rate
the
at
June
3.5%
up
by
at
street, Inc. However, considerably
fewer businesses
:/
its
dropping
cline
up
varying
have
sees a
18,
be
the
market.
sequently, it
hingdpartly on what's done about
the 1 practice1'of
contracting out
work
will
through
large mill reports
are
May
on
enditig'May 25,
the latest week
automotive^
of from 10 to 15 pet. a week.
a<
Chances of settlement this week
the USW.
the
2.4%
up
and
sharp drop in order rates.
a
vaca¬
negotiating
election
mills
{2555); 39
.
May 11,
Construc¬
users,
usual
:
3.1% in the week
are
of the year.
Individual
•
and"
steel
than
ratifica- 1 reactions to
that
exchange
contract extension
hazards
;
extended
an
in
program
major
stronger
strike1 third quarter
'
agreement
give the USW
the
to
"
-
sources
of
tion
union
all
that
appliances,
.
:
sharp drop in. steel
a
likely to be severe.
tion,
formal
a
move
v,r"
•
••
shipments' diiring the suhimer
not
the
,v'"'
-
-
mally dictate
Relations
Committee (HRC).
2.
The Commercial and Financial Chronicle
.
^
hammered
industry-union
.
,
.•
-
and
to
East
+6;
New
to
+7;
West North
to
+8;
East
North
of
the
Euler
Partner,
.
has
an¬
of
the
dissolution
&
Hart, 121
South
Broad
Street, and the formation of
Euler
&
pany.
Co., the successor com¬
/.A;a AA-
a
;
a
V ;
•
a+a.
The Commercial and Financial Chronicle
(2556)
40
...
Thursday, June 20, 1963
June 22-25,
1963
(Santa Barbara,
Calif.)
California
Group Investment
Bankers Association
BEHIND-THE-SCENES INTERPRETA T10NS
Conference
June 27, 1963
Iowa
Southeastern
is
C.—There
D.
of uneasiness in
air
part of our country
There
no
Capitol
problem.
:;
White
House
the
to
A
on
is
there
local
the
on
-
.
apprehension
state
-r
.
breach
the
white
man.
colored
The
Ing
pending
tes
court
is
by
At
the
white
the
time,
same
losing
"sacrifice"
is
He
being
states
man.
it
in
mind
better
off today
aged by
portfolio
days
in
ago
2-y of
t
der
v.
L f 11^
NAACP
*
an
Scarborough
' -v-.".'.',
New York..
Jackson,
0f
•;
wrong—with
or
the
story.
chanters
are
It will
side
"
;
while there
their
written
in the
t*ve
the
to
up
to
respec-
Oct.
Vice-President"
and
tween
Johnson have a lot of fence mend-< fike
°f
20-24,
1963
they do not have to
course
would help a great deal.
-
It
too
s
diet,
-
'
in
early
timent,
to
try
to
what
mis eolumn isimmded:to re/fecf
the
"behind
the scene"
interpretation
the
Association.
Americana
Dec. 1-6, 1963
pre-
apparent that the
be
the
in
it legislation this
the
tnei
barriers
carriers
•
and I
from
am sure
airfhKnrinnf
and
the people
r\4
piniAr.
neighboring
Arkansas,
Frontier col-
states
T
of
Tennessee
limn.
*
the
tne
At
At
time
time,
same
same
nist state
iudeinff
juag
g
Ain'nmnn
His
elseto
iosin£r
crronnd
all
timp
thp
Washington. Perhaps the people
begins,
in
be
to
appears
was
quarter-
the
the
IN INVESTMENT FIELD
D.
„
or
commu-
President's
in
reference
proposal
„
open
Investment
Bankers
Conference
it
Perhaps the expressions of the
may
be, of having always voted in the
Jackson banker
Democratic
by
column
probably will be
1964
and
exception.
no
many
section
that
Rockefeller
Downgrade?
on
to all
.
^^eiiator v John, X. Smnnis, of
Association
u
at
York, incidentally,
substantial
marriage. Although he
any
•
his
f
00
had
following
he
the
among
has
some
iaoo
-
/r(
Dealers
Annual
,
ing at the Sheraton Park Hotel.
;
.
Indian
Maxson
-
for
the
Republican
all
Presidential
_
^
-
the
over
South
among
the white voters.
■
Sentiment
for
water, at least
no
-
connection
raciai strife
racial
Waste
Our
of
Senator
v".......r:
It is apparent that some bitter June 21, 1963 (Philadelphia, Pa.)
days lie ahead for our country. Investment Traders Association oi
them There
will be some peaceful Philadelphia annual summer out-
President
Gold-
of
the
demonstrations and
rioting,
some
probably in all parts of
our coun-
try, by the extremists.
ing
and
golf
tournament
York
Films
King
telephone
number
is
CAnal 6-4592
,
Perhaps
many
New
,
Mills
Electronics
Official
nim? 3
at
LERNER &
Investment
the
Whitemarsh Country Club, Whitemarsh, Pa.
10 Post Office
CO., Inc.
Securities !
Square, Boston 9, Mass.
Telephone
HUbbard
Teletype
2-1990
(117
451-3438
Cove Vitamin &
Pharmaceutical
on
Senator
Gold-
the surface, has
with
that
i-irsc.
the
current'
+•
that has been stirred
j
Common
J"0**1 Story Drowned °ut
Goldwater of Arizona
nomination is growing louder and
louder
see
Head
v
Today the, drum beat for Senator Barry
Pnnnfr
Brokers and Dealers
Botany Industries
.
Association
Meeting vat
subject.
Southern
Republicans.
-
elected
so
Mutual
of
TRADING MARKETS
Southern leaders,
including journalists, is that the
Washington story overwhelms the
local and state" story on the same
publicans and Southern Indepennevertheless
,
-
be heard from
great support among the Re-
dents,
Payment and unlimited personal
associations."
;v'
Association
Attention
Supplement July 11, 1963.
Investment
0f Canada
?
(Washington,
■
CHRONICLE'S Special Pictorial
June 20-23, 1963 (Canada)
;
Mutual
One major complaint that could
re-
never
to
country.
United States,
has lost
since
ground
why
like
water
Governor Nelson Rockefeller of
New
concurred in
of
the
business leaders in that
of the
is
would
are
1965
C.)
fault. Most of our Con- Mississippi, maintains that the jaSper park Lodge.
Tennessee, Florida, North ;Caro-; gressmen from this section feel plan being considered by the Keniqcq
^tmaw v«rk niv)
;Una. South Carolina and:one or the same way, but they lack the nedy Administration wou d "open
*, two others. Georgia has the dis- P°wer to stem the tide."
' .'the door for police control of em- Investment Association of New
though
Y. City)
Savings Banks 45th Annual Meet¬
Pick-Congress Hotel,
to
rolor
T
:
15 -19,
National
June 19-21, 1963 (Chicago, 111.)
Municipal
was
May
outstanding
govern¬
"(N.
Association
!
Savings Banks 44th Annual Meet¬
new
the right to own and
comment
V
;
ing at the Commodore Hotel.
are
doubtful category along with
dubious
Convention
Hollywood Beach Hotel.
'
tinction,
Association
Annual
free
socialistic,
rants and other places
"iWardleU «f
in
South
Russell of,,
f•
will help
fight against
®.^," 4lf_
a
EVENTS
make a11 hotels, motels, restau-
local and state governments
our
bv
y
are losing ground all the time to
the big Central . Government in
.' the
(Hollywood Beach,
Bankers
America
National
of
cordroi property"
^
^
•' '
Louisiana,
expressions, Virginia,
the mother of the states where the
crossroads
nlp
ment and
in our
and
,
Rnscpll
R
proposals, said the
distinction between
more
where share their thinking—that
■
.
„ft.
Federal Domination Feared
more
tKfe
back
■
Federal Domination Feared
"Unfortunately,
0r ?
•
>
Supplement Dec. 19.
'
year.
pfrhard
Georgia,* who
states of' of our people here in Mississippi
small
New
that
mat
-
-
electoral vote standpoint—will
an
not
as
not coming down fast enough.
are
do in 1964's big election. Yet it is
Alabama and Mississippi
Hotel.
Bank
chances
additional. civil rights
some
of
CHRONICLE'S Special Pictorial
Yn^ Washinetoii'
Washington overIqpnntnr,
acain
again,
over
°ver
pass
Harbour,
Women 41st annual convention at
Indicated
■
taking..
are
"It. is not enough to say,
South will
Old
the
we
course
has keen sajd tn
of the existing sen-
view
to the
as
; ana
and
;
'people, here. ; it looks
the leadership in -Washington :;; Here
(Bal
National
May 16-24, 1964
5aVf- t.he.So"th t0 ^in^he but it
Pr^sl.T
dential election next year,
•
pur
.■
Miami Beach, Fla.)
help; solve
at the
d y
on - Hudson,
VU''-V:•1 * .<
-
Mans.
try' s°me: day perhaps peace will
be restored to our land. : Meah-
communities
of
e n n e
New
leaders—
Investment
K
of
Sports Out¬
their Problems, and not the poll-
cpun-
be
vet to
be
white and black—in their
still many dark
l^Som e^C ^
"
official.
Club
Bond
York 2nd Annual Fall
;c: '.
ing at the Sleepy Hollow Country
right
few
38th
Philadelphia
outing and field day at the
Municipal
who picks the Mets to win the pennant!"
a man
Club,
power.
A
(Philadelphia, Pa.)
of
Sept. 27, 1963 (New York City)
man¬
the Negro vote is the balance of
:
Political Implications
hvi
my
V
fand his housing and food are bet- Miss., where the white man and
"ter than ever, and the schools are colored man have lived side by
better, and they are registering side for generations, there was
t0 VOte by the thousands"
•
just don't feel comfortable having
larger cities of the country where
is greater,
Asso¬
Huntingdon Valley, Pa.
"I
the
is
than at anytime
in history. His income
of
some
Traders
can
be
must
that the Negro
borne
at
Huntingdon Valley Country Club,
and gain in the long
carrying
by
run
annual
half-dozen Southern
a
or more
Meeting
(Colorado
1963
Security
Club
Bond
power
tion leaders realize that they
by
22-26,
Sept. 27, 1963
of the Negro vote in this country
down
Association
Bankers
Governors
Supplement Oct. 17.
today. Therefore, the Administra¬
employment.
-replaced
of the tremendous
In
orders, the Negro
in
nizant
(Pebble Beach,
CHRONICLE'S Special Pictorial
facts
political
hard
color-
hauled
being
are
cold,
community.
where
1963
Broadmoor Hotel.
that the New Frontier is cog-
are
de-
communities
some
gain-
struggle,
the
the
on
is both
man
losing
and
out
The
*
Rolling Hills
ciation Annual Convention at the
part of the white citizenry. ; v;
"
of
National
will vote in the 1964 election, and
colored
Annual
Springs, Colo.)
;
Unfortu-
the
and
man
11-13,
Sept.
nately, there appeals to be a grow-
ing
Colo.)
(Denver,
Denver
the Del Monte Lodge.
,
Vote
The Negro
jv;?.
•
Calif.)
it may be that their vote will partially offset the anti - Kennedy
in relations between sentiment
among
a
substantial
everywhere.
nessmen
Sept.
There are now , hundreds of
the thousands of Negroes who can and
bus!-
and
of
Country Club.
>
Board
.
among"
leaders
1963
Club
Summer Carnival at
in
4,000-mile trip showed
a
and
street
27-28,
Bond
;,
aver-
investment
XT
.
June
consen-
a
the
with this contention.
spot check in eight Sou in ern
States
•
be
among
man
with mail.
.
Day at
the Wakonda Club.
Negro leaders generally disagree
and
the
deluged
Hill
being
are
white
opinion
the towns of Deep South states
that "the Kennedys have gone
too far, too fast." The responsible
there is
colossal
Unfortunately,
solution
easy
0f
age
clearly stems from the racial
situation.
-
to
appears
sus
week.
'
professional,
from
Asso¬
Bankers
28th Annual Field
outsiders.
the great
today. Evidence is mounting each
It
primarily
up,
Barbara
(Des Moines, Iowa)
Investment
ciation
WASHINGTON,
Annual
12th
Santa
Biltmore.
FROM THE NATION'S CAPITAL
an
the
at
executive branch of the
F^hsral Government has some of
ibe ablest men to journalistically
Present the story of the agency or
department of the United States
^°ovfnment- Because of the
fhe^entrni^rv *fr ^Buence of
laint j
th S i®fnmePt»the cpm-.
plaint is that the states and cities
have not been able to
compete-
Carl Marks & Co. Inc.
,
FOREIGN
<
SECURITIES
20 BROAD STREET
TEL: HANOVER 2-0050
•
SPECIALISTS
Bought—Sold—Quoted
Annual
NEW YORK 5. N. Y.
-
and- Warrants
Report available
on
request.
TELETYPE 212-571-1685
1ILL, THOMPSON & C0.T INC.
70 Wall
Street, New York 5, N. Y.
Tel. WH 4-4540
"
~
„
Tele; 212 57.1-1.708
Volume
197
Number
6274
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, June 20. 1963
(1)
Municipal Bond Club of New York
L.
Paul
Bill
B.
Hatcher,
White,
Sipp, Stern, Lauer &
Weld
&
Co.;
George
Le
Vind,
Blyth
&
Co.,
Co.; Robert Wohlforth, Hemphill, Noyes & Co.;
Equitable Securities Corporation
William
Inc.
Bill Morgan, Blyth
Hibberd, Trust Company of Georgia (New York); Joe Vostal, Kidder, Peabody & Co.; John Hollan,
Barr Brothers & Co.; Walter Niebling, Merrill Lynch, Pierce, Fenner & Smith Incorporated
Monroe Poole, Geo. B. Gibbons & Company Inc.; Craig Simpson, Bankers Trust Company;
Hal Young,
George Hall, Wm. E. Pollock & Co., Inc.; Joseph Wise, Mercantile National Bank (Dallas);
Swick, White, Weld & Co.; Charles V. Smith, Clark, Dodge & Co., Inc.
Devlin, Reynolds & Co.; John Ward, Chase Manhattan Bank; James Abrams,
Allen & Company; James Reilly, Goodbody & Co.
Theodore
& Co.-, Inc.
Richard Hess, Blyth & Co., Inc.; Albert Latto, First of Michigan Corporation; Frank Coleman,
Dempsey-Tegeler & Co., Inc.
Johri
Kenny, J. J. Kenny Co.; Edward Kelly, Dean Witter & Co.; Harold Young, Equitable Securities
Corporation (New York)
-
(2)
_/
Thursday, June 20, 1963
Volume 197
Number 6274
...
A Supplement to the Commercial and Financial Chronicle
Thirtieth Annual Field Day
Rothschild A Co.; Charles V. Smith, Clark, Dodge A Co., Inc.; Gordon Jamieson,
Co. Inc.; William Durkin, First National Bank of Chicago (New York);
William Simon, Weeden A Co.
Chester Viale, L. F.
Blyth
Frank
&
Brophy, R. S. Dickson A Co., Inc.; William Devlin, Reynolds A Co.; Merrill Freeman, Salomon
A Hutzlef; Martin McAndrew, High
Meadow; George Barnett, First National City Bank
Brothers
John
de
Milhau, Chase Manhattan Bank; Lawrence Illoway, Penington, Colket A Co.
John Ward, Chase Manhattan Bank
Kenneth
(Philadelphia);
Ebbitt, Shelby Cullom Davis A Co.; Russell Mclnnes, Wood, King, Dawson A
Logan;
John Cooper, Shields A
Company
John
Schermerhorn, Fidelity Union Trust Company (Newark); Jim Musson, Newburger, Loeb A Co.;
Forsyth, Harris Trust A Savings Bank (New York); Joe Scherer, Wertheim A Co.;
John Bradbury, Dolphin A Bradbury (Philadelphia)
William
Myles Walsh, Blyth A Co., Inc.; George Waldmann, Mercantile Trust Company of St. Louis
(New York); John Hoff, Kidder,
Peabody A Co.; Frank Lynch, Blair A Co. Incorporated
John
Senholzi, Chase Manhattan Bank; Jerome Tripp, Tripp A Co.,
Inc.; Charles Lipscomb,
W. H.
Eugene
De
Staebler,
Eldredge
-J.
J.
Morton
&
Co., Inc.
A Co., Inc.; Dana Scudder, First National City
Kenny Co.; Edward Kelly, Dean Witter A Co.
Bank;
John
Kenny.
Volume
197
Number
6274
...
A Supplement to
.
.
the Commercial and Financial Chronicle
V
''
;V
Westchester
William
Kondratuk,
William
Bill
Melvin,
National
Reynolds <8: Co.; Edmund O'Leary, Eastman Dillon, Union Securities
M. Baer, Charles King & Co.; Edwin Michel, Blyth & Co., Inc.
Wertheim
Bank
Reginald
<8
Thursday, June 20, 1963
<8
Co.;
& Co.; Gerald Brewster, F. S. Moseley <8 Co.; G. Philip Whitman, Hartford
Company (Hartford, Conn.); Prentice Talmage, Blyth <8 Co., Inc.
George Green, Liberty National Bank «8 Trust Company (Oklahoma City);
<8 Co.; Kenneth Britt, Zahner A Company (Kansas City, Mo.);
Adams
at Hinckley
(Newark, N. J.)
(Atlanta);
Norton
Rogers,
;
-
■
.
Archibald Galloway, Sykes, Galloway & Dikeman; Leo McCarthy, Reed, Hoyt, Washburn
Frederick Carr, Herbert J. Sims <8 Co., Inc.; Andrew Dott, Malon S. Andrus,
Brainerd
Whitbeck,
Abraham
Zucker,
First Boston Corporation; William Hibberd, Trust Company
(New York); Harold Walker, Bankers Trust Company
Tuller <8 Zucker;
De
Harry Peiser, 7ra Haupt
.
Country Club
Trust
Ott, Weeden & Co.; Lex Jolley, The Robinson-Humphrey Company
Edwin Stephenson, Paribas Corporation
V..'"-"
(3)
Arthur Robinson, Industrial National
Hornor, First National City Bank
Bank
& McCarthy;
Inc.
of
Georgia
(Providence,
R.
I.);
Witt
Henry Kieper, New York Hanseatic Corporation; James Robertson, Shearson, Hammill & Co.; John
Bondank, Stern Brothers <8 Co. (Kansas City, Mo.); Joseph Luby, Paine, Webber, Jackson <8 Curtis
»
(4)
Thursday, June 20, 1963
Volume
197
Number
6274
...
A Supplement to
the Commercial and Financial Chronicle
June 7, 1963
Gene McMahon, J. Barth
& Co.; C. M. Osborne, C. M. Osborne & Co.; Gene Marx,
A°r«Id 1 c. (Washington, D. C.);
T^te^n:SheriCalr,Ba^
Co.,
Y?rt 5™' Company; Arthur Friend,
Gilbert
Hattier, Hattier & Sanford
& Cross, Inc.
Roosevelt
Carlton
Chambers,
F.
Brittain
Kennedy
Curtis;
Robert
(New
Bear, Stearns & Co.
Folger, Nolan, Fleming
Orleans);
& Co. (Boston); "Bud" Eaton, Paine,
Christopher Sweeney, John Nuveen & Co.
Edwin
Webber,
Swinarton, Dean Witter & Co.; Alfred Bianchetti, J. A.
Hogle & Co.; Leonard Allen, Chemic
Bonk New York Trust Company; Charles Vair Pelt, Harry Downs & Co.
.
&
Edmund
Byrne,
Phelps,
Fenn
&
Co.;
Howard
Taylor,
Taylor
&
Company
(Beverly
Hills,
Calif.)
Jerome Burke, Dean Witter & Co.; Theodore Griffinger, Bank of America, N.T. & S.A. (San Francisco);
William Durkin, First National Bank of Chicago (New York); Philip Hiss, First National Bank of
Chicago (New York)
Cross,
Jackson
"
•
George Fox, Dreyfus & Co.; Robert. Hamilton, Laidlau) & Co.; William Torgersen, Charles E.
& Co., Inc.; Donald Breen, Glore, Forgan & Co.
James
Weigold
Couffer, United California Bank (New York); Bob Tighe, Adams, McEntee &
Co., Inc.
Volume
197
Number
6274
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, June 20, 1963
(5)
Bond Club of New York
Oliver
J.
Estabrook
Blancke
&
Noyes, Hemphill, Noyes & Co.;
B.
Lawrence
Carl
Bogert,
Hudson
Co.
Stolle,
G.
A.
Saxton
White, Weld & Co.; Arthur F. Searing, C.
Braman
H.
Troster, Troster, Singer & Co.; G. Norman Scott,
&
Co., Inc.;
Raymond
Jr., Eastman Dillon, Union Securities
Lemkau, Morgan Stanley & Co.
D.
Stitzer,
David
M.
Blum, Gregory & Sons; Walter W. Cooper, F. S. Smithers & Co.;
Spencer Trask & Co.; Robert Gardiner, Reynolds & Co.
Allan
Joseph
Co.;
Callaway, Jr., First of Michigan
Samuel
Adams, Adams <£ Peck; Rogers Bayles, Home Insurance Company; Robert Krumm, W. H.
& Co., Incorporated; Alfred H.
Hauser, Chemical Bank New York Trust Company
H.
V. Starr & Co., Inc.
George
Morton
Andrew
&
H.
B.
C. Eustis,
Jr.,
Corporation; Laurence C.
Rosenberg, Asiel & Co.
E. Barnett, Jr., First National City Bank;
.
Belmont
H.
King, Eastman Dillon, Union Securities
Percy M. Stewart, Kuhn, Loeb & Co.
G.
H.
Keating,
Allen J. Nix, Riter &
Walker
&
Co.;
&
Co.;
Goodbody &
G.
Co.;
H. Walker,
Towbin, C. E. Unterberg, Towbin Co.; Donald A. Stoddard, Morgan Guaranty Trust
B. Roll, J. B. Roll &
Co., Inc.; Philip McManus, New York Hanseatic Corporation
John
Jr.,
Co.
Co.;
(6)
Volume
Thursday, June 20, 1963
197
Number 6274
...
A Supplement to the Commercial and Financial Chronicle
39th Annual Field Day
Allan
B.
Bogardus,
Dean
Grin
Ernest
W.
Watling,
Witter & Co.; J.
Tuck
Lerchen
Co.; William D. Witter,
Raymond Smith, Weedon & Co.
William
H. Long, Doremus & Co.; Howard J. Murfin, Doremus & Co.
Richard
Leach, Estabrook <£ Co.; Norman W. Stewart, F. S. Smithers & Co.;
William N. Bannard III, American Securities Corporation
Borkland, Jr., Tucker, Anthony & R. L. Day; J. Raymond
M. Weston," Goldman, Sachs & Co.
Clarence
Smith,
Weeden
& Co.;
Lewis
W. Ostema, New York Hanseatic
Corporation; Urban D. Mooney, Jr., Baxter & Company;
Frank Charles Roder, W. E. Hutton <ft
Co.; William W. Pevear, IrJing Trust Company
B.
Fred
Carleton, Blyth & Co., Inc.; Harold S. McGay,
Granbery, Mar ache & Co., Incorporated
Watson, F. S. Moseley & Co.; Arthur Allen, Jr., F. S. Smithers &
E. F. Hutton & Company, Inc.
Jr.,
Co.; Kenneth A. Kerr,
F- Dunstan, Paribas Corp.; Raymond D. Stitzer, White, Weld & Co.; Charles Bishop, Manufacturers
' Hanover Trust Company; John L. Gaerste, Cooley £ Co.
Edward
Glassmeyer, Blyth & Co., Inc.; Shelby Cullom Davis, Shelby Cullom Davis & Co.; Andrew G.
Curry, A. E. Ames & Co., Incorporated
Volume
197
Number
6274
.
.
.
A Supplement to the
Commercial and Financial Chronicle
Thursday, June 20, 1963
(7)
Sleepy Hollow Country Club
Schuyler
Van
de
C.
Anderson
Earl K.
La
Vechten, Lee Higginson Corporation;
Chapelle, Lee Higginson Corporation
Richard
Claude
D.
Siebert, Commercial A Financial Chronicle;
Treuhold, Paribas Corporation
McLeod, Chemical Bank New York Trust Company; Hubert F. Atwater,
A Co.; B. Winthrop Pizzini, B. W. Pizzini A
Co., Inc.
Wood,
Walker
Bassett, W. E. Hutton A Co.; William Chappell, First Boston Corporation; James F. Keresey,
Donaldson, Lufkin A Jenrette, Inc.; Robert J. Lewis, Estabrook A Co.
Charles W.
Buck, U. S. Trust Company of New York; John M. Young, Morgan Stanley & Co.;
James A. Edgar, Sr., Baker, Weeks A Co.
Edwin
Charles R.
W.
Laud
Brown,
The
Beck, Commercial A Financial Chronicle; Roswell Yunker,
Francis I.
du
Pont
A
Co.
Lillia
Arthur D. Lane;
Maitland
L.
Babbitt Hyde Foundation; William M. Rex, Clark, Dodge A
Co.,
Rudolph J. Chval, Merrill Lynch, Pierce, Fenner & Smith Incorporated
T. I jams,
Inc.;
W. C. Langley <ft Co.; Edward B. de Selding, Spencer Trask A Co.;
Robert W. Swinarton, Dean Witter A Co.
Avery Rockefeller, Jr., Dominick A Dominich; Vincent C.
Banker, R. W. Pressprich A Co.; Norman
W. Stewart, F. S. Smithers A
Co.; Peter Van Ness, W. E. Hutton A Co.
(8)
Volume
Thursday, June 20, 1963
197
6274
Number
.
A Supplement to the Commercial
.».
and Financial Chronicle
June 7, 1963
S. Wonham, G. H. Walker & Co.; Louis Auer, Shields & Company; Peter B. Stachelberg,
Hallgarten & Co.; Edgar J. Loftus, American Securities Corporation (Philadelphia); Egerton B.Vinson,
De Haven & Townsend, Crouter & Bodine
Frederick
Robert
A.
W.
Brauns,
McDonnell
&
Co. Incorporated;
Richard
■:
John
William
Lou
H.
■
C. Vivian,
.
'
Dean
•
•
Norman L. Macy,
Witter <ft Co.
■
'
•
First Boston
i-
Corporation;
Mclntire, III, R. S. Dickson & Co., Inc.; Allan B. Bogardus, Watling, Lerchen & Co.;
Wade, Dominion Securities Corporation; Robert McC. Jordan, Bankers Trust Company;
Rudolf Smutny, R. W. Pressprich & Co.
Wallace
C.
Latour, Francis I. du Pont & Co.; J. D. Croll, Asiel & Co.; Harold H. Sherburne, Bacon,
Whipple & Co.; Gilbert H. Wehmann, White, Weld <ft Co.
f:
Gutfreund, Salomon Bros. & Hutzler; Thomas J. Cahill, Chase Manhattan Bank;
Thomas W. Boynton, Ladenburg, Thalmann «fi Co.
T.
W. Robson, McLeod, Young, Weir Incorporated; H. Theodore Freeland, American Securities
Corporation; Joseph C. Nugent, Mabon & Co.; Charles M. Eckerl, Morgan Guaranty Trust Company;
John Wasserman, Asiel & Co.
'
Fremont
Frank
L,. Lucke,
John S.
!
Laidlaw & Co.; John D. Baker, Jr., Reynolds & Co.; J. Dabney Penick, Reynolds
Co.; Lee W. Carroll, Lee W. Carroll & Co. (Newark, N. J.)
&
French, A. C. Allyn & Co.; Laurence C. Keating, Goodbody & Co.; Calvin M. Cross, Hallgarten
W. Carleton, Eastman Dillon, Union Securities
<£ Co. (Boston)
<ft Co.; John Wasserman, Asiel & Co.; John
@FedFRASER