The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Reg. U. S. Pat. Off.
THE
Volume
LEADING
AND
INFORMATIVE
MOST
New York 7, N. Y.,
Number 6248
197
PUBLICATION
IN
THE
FINANCIAL
FIELD
.
.
ESTABLISHED) 1839
.
Thursday, March, 21, 1963
Price 50 Gents
a
Copy
EDITORIAL
Three alleged hazards pf the first order~we had almost
said spectPrs^are
being: repeatedly held "up before Con-
and the public as a warning of the consequences
gress
of not adopting the
President.
of
One
these
is
Aftother)is brie to
of
whose
dire
possibly. depression,
consequences
frirtlier^ nicrpases)':irv'
what is described
economy,
sistent
would
suffer.
would
naturally
uneri^
as
a
retarded rate of
growth in the
the
as
cause
of
per¬
unemployment, and the cure of which, it is said,
just about remove all the economic ills we .now
Any doubt that the proposals of the Administra¬
tion, and only such programs, would
quic^y
prove
the
economic
problems, real and imagi¬
nary, is quickly brushed aside by the forces of the Ad^
ministration, and, unfortunately, doubters do not appear
our
tojbe able to make
great deal of headway,, or at least
not enough headway to remove the
danger of the adop¬
tion of these
a
should any substantial
measures
business conditions
presently
It is little short of
of such
support
-
tragedy that the arguments in
ak the Administration has
a
programs
brought forward have?been
of such
|
occur,.
setback*in
« *
„v- \ -
.so.
-often repeatedL'by
large; political influence that they
are
meii
all too :
widely acpeptedwithdqt serfou^
of them have become what William.
Graftto> Suriiner;
used. to call the. folkways and mores of
the people. This
feeing the
case,
evaluates current
(2) emphasizes the dangers of expecting
continuation of past rate of growth; (3) refers to signifi-
excess
-
reserves:
cant - difference ^ In
regulatory
climate
the
will
'
lem In future reserve but in interfuel, and in
import, competition and procurement of adequate
I.1 .-V
.
;V
;
1
I would like to
''' "
"
■
■
*'..." ■'
a
■'
V
r
25 years.
little
For that
known feature of the.year 1963: it is the 25th year
since the passage of the. Natural. Gas Act I men¬
this
tion
not
industry
in. time
for
planned
versary
for
the
.in
wishes to
dustry
in
or even
be-
.
'
will be
Look at what happened in the past 25.
But when I say that
the gas in¬
am
profoundly in the next 25
not thinking merely that it will grow,
merely that it will be different.
I believe
gas industry
always- been in. the throes -of great change.
'the many decades during which the average
^has
woiild
but
,1. remind the reader first that the
....;
r
to. follow) I
insignificant,
•
industry will change in ways that are not
yet expected, even though they are foreseeable.
conveniently Iong, lon^. term.
In* the. course 'of •
the^remnrk^"
a
^
that the
it :
case
or
S
will* change
I
years
-
anni¬
but. also
so,
ap-
to " be '/
actual
June,
do
an
•
can
we
matter, look at What has happened since
World War II!
Only because I wish to remind the
jpifopriate. celebration
but
as
It is possible to regard this last statement as
merely'a ponderous platitude:
Of course the gas
industry will undergo great changes in the next
gas
storage)'
begin by calling attention to
minor
be
not
profound;^K
prob¬
liquefied
1983;
highly probable that the
changes in the industry between now and then
consumption
no
industry will be like in
nevertheless take It
arrangements1 details) and (4) discusses pipelines) and dis-,
and increased commercial-residential demand. Sees
I shall not engage in the
'
and- gas) purchase
tributors' problem ' of meeting slowed industrial
years
entertaining but dangerous pastime of prediction
or forecast.
I shall, however, point out what I
think the general nature arid direction of future
changes will be. We cannot possibly know what
Economist-geologist's Yiew of the futoft'growth and changes
In the nature of the gas industry: *(1)
still
be
ing the coming 25
National Economic Research Associates, Inc.
one
there : is ;
which is often described
solution of all
By Brwce C. Netschert,* Director, Washington- Office,
j
being proposed by the
increasing unemployment.
programs
like to pay
In
not
citizen knew of gas only' as the manufactured gas
J-
he
)hfiei attention" tqboththe; past,)
25 ye&rs and" the;' equivalent J'
in his kitchen range,
ingenious
many
cost-saving technical advances were made in
the techniques of producing such gas. The nature
-
period, in the.future.'; :
' .) ;.
putirig * the> preceding ;'. 25.1"
burned
and
:
,
criticism of these notions becomes almost
like
arguing in favor of sin. Yet a little dispassionate
thought should lead any intelligent citizen to serious
doubts, to say the least. Current
(Continued on.page 22)
y
of' the
cluding changes
so
mained
Dr. Bruce Netschert
however,
this
period
of
a " consumer
remained
the" urban
small
heating value, high- cost gas.
and
great
industry,
Throughout
ihapy things haye happOned to the gas industry, in¬
years
profound .that the industry of today is almost;
unrecognizable in comparison with that. of 1938.'
so
the
quantities
or
shut in, while
What will happen during the,next 25 years? Will:
local towns and industries.
equally profound changes also' occur? In discuss*
the nature of the'gas in-
same.
re¬
of / low
Meanwhile, back at
ranch, the almost worthless
mostly flared
the
dweller
a
natural
gas
was
dribble went to
As late
as
(Continued
the
1930's
on page
24)
INVESTMENT OPPORTUNITIES IN JAPAN—A special section! devoted to the outlook for
Japan's economy and investment opportuni ties therein will be published on March 28.
Ui St Government
Municipal
Public Housing;
and Public
State and Municipal
\
|.
.
Securities
Housing
.
.
>
STATE
Underwriters
MUNICIPAL Lester, Ryons
AND
-623 So. Hope
&
Co.
Agency
Street; Los Angeles 17,
Bonds and
•
Distributors * Dealers
j Chemical
.
|
*
1
|
.
CHEMICAL BANK NEW YORK TRUST COMPANY
I
BOND DEPARTMENT
,,
'
Z
'*■)".-.'■■rv.t■■■■>■••■"■ >■* '.i4">
P.p. Box 710, New York 8,
PHONES j 770-2541
•
N. Y.
Securities•
I
UEMSERS
MIDWEST STOCK EXCHANGE
San-
Wkittier
Inquiries Invited
'
Bond Dept.
Net Active Markets Maintained
To Dealers,-Banks and Brokers
.
:
Members
'.rl'yfv
' -y
-v
/T-
1
.1 A
Block
>r''
COMPANY
*4
..
BROAD
STREET
i NEW YORK 4, N.
Orders Executed
;
•
Y.fp>
PERTH AMBOY
THE
Southern
•-
i-"•
MANHATTAN
Correspondent — Pershing A Co..
to
buy
,
-' r; ^
;
DIVERSIFIED
On All
st&yy
rights
CALIFORNIA
yyyy
Tourism-
(Expire June 7, 1963)
CANADIAN
:
r
DEPARTMENT;
Disneyland
Teletype 212-571-1213,
y,:7
v
DOMIHIOH SECUEntES
r '
GRPORAHOTI
*
MKCT VIRES TO MONTREAL AND TORONTO
Goodbody
MEMBERS
BRIDGEPORT
,?v..V' ' ■< 'r-
:■
THE BANK of NOVA SCOTIA
■
Inquirits Invited'
1'y y '?f..."
25
»'*•
Bond Division
''Canadian Exchanges'
American Stock Exchange
:V
<£oidJuv€4t
:
r,
Commission
-
New York Stock Exchange
-
We. wish
-
Canadian Securities
ESTABLISHED 1832
'
Y, w;-, ."V.
'BANK;)#iiM-
•
FIRST
.
New York
T.L. Watson &Co.
.
Tdetypa: 5714)830
i
CHA
on
California Securities
Chicago 3, III. FRasklis 2-1166
-
-
Diego, Santa- Ana^, Santa Monica,
FIRST NATIONAL CITY BANK
,
'■ir?,:
Notes
Municipal
dale, Hollywood, Long Beach, Oceanside,
Pasadena, Pomona, Redlands, Riverside,
135 So. LaSalle Strut
w
f
Offices in Corona del Mar, Encino, Glen-
770-2661
TWX: 212-571-1414
,
Exchange
Members Pacific Coast Exchange
v'
i
(
.
?
i
Associate Member American Stock
Corporate & Municipal
i
-
Members New York Stock Exchange
BONOS
•
California
;
NEW
2 BROADWAY
NEW
YORK
,
Co.
v
_
.
CHICAGO
MUNICIPAL BOND DEPARTMENT
BANK OF AMERICA
.40 Exchange Place, New York 5, N. Y.:
EXCHANGE
1 NORTH LA SALLE ST.
V'
YORK.,..;
&
STOCK
^
Teletype 571-0880 '
;
Area Code 212
.
f'
WHitehaU 4-8161
..
-
-
*
N.T.&S.A.
.1.
SAN FRANCISCO
•
LOS ANGELES
2
The Commercial and Financial Chronicle
(1170)
The Security I Like Best.
Dealers only
Banks, Brokers,
For
Nation
Cover the Entire
A continuous forum in
Take
which, each week, a different group of experts
in the investment and advisory
Call "HANSEATIC"
;This
BRUCE A. BLINN
traders fast and reli¬
service and blanket cover¬
affording
able
p$
three
Analyst, Jesup -ft Lamont,
reaching banks, brokers and
dealers throughout the
United
New Y6rk
age,
t
».r
five
thousand General Anilitie &-Film
ten
as
Corp.
have
you
a
.
.
..
Greene ^ Co;, New*
York City. (Page 2)
" ;^
Partner;
I •Members New York Stock Exchange
'Members Ainericbn Stock' Exchange
19 Rectoi' St.,
1 HANSEATiell
CORPORATION
r
•
Established 1920
.
,-?.*•
'
/
Associate Member
Stock* Exchange
Amerioan
Telephone;■ 303-2000
Teletype: 212-571
Boston
•
r
plant-and;
equipment-; continues to grow.:
The
^JJ1,*
5
^hich they havb-
4ast'new* product is" the^ange
Hucttiated
for
In
years-
manv
i
fL
ders for new.
Write
for
our
Monthly Stock-
Digest, and our other reports ■;
that give you a pretty clear
;
picture of the Japanese',
:.$700 million
Securities €o.« Ltd.
uu.qua,-
num.-
ter^up ;$150. million -or 21% from
•
^
earlier
earlier,...
Year
year
a
a
^
^
,
.
.
,
"X
-- — -r
-
.
;
.
has not shared in the- prosperity'ratlier- limited potential in the reof the last two years'is that of the
piacement market; However, it: is"
preparatory machinery. The manof the machines -that
whole.
economy as a
hnlipv^d
perform such, functions as pick-
Ltd.
and
roving
Y.
161'Broadwajr, New York
|
Telephone: BOwling. Green 9-2895
Thiols
not
offer-or
an
thp "
nvor
l'ritprw^ management
add perhaps $1 million to Whitin's
combing, anriharsates;
■%£¥* r- 7:
have been
^
; - • ,*
>
carding,- drawing,
mg,,
thaf
spinning
—
machinery
textile
cyclical
preparatoryj-the
that- the;
appears
-Ing the
:
IRVirtd'ALLEN GREENE
.
At
busmegS The a^uisition of Amprcyclical ican Type Founders Co., Inc.,
Members
Midwest Stock Exchange
.
5r Detroit - Stock
■
1051' Penobscot Building
DETROIT 26, MICH.
u r
/
962-3855
,
.
-
—
Bay- City, Mich,
y
.
..
.
.
...
.
'a
shoe
Recently,
repair
acquired
it
manufacturer of machinery for
year was
.ofio-and
chine
an{j
losses: resulting-from
-
for
canceled
other
was
which
a
was
the
year,
slight operating loss
offset by profits
from
company's finance subsidiary,
a
Booklet CN.
p
-
/A rat»i:
6253 Hollvwood Blvd., L. A.
WashiJD.C.: 1010 Vermont Ave.,N.W.
$4.13
•
share,
per
isw
NOW!
+1
.l*
v
products
bo
provement
than 5,500:
stocks traded on th#
exchanges - and* in the Over-the-
Counter Market.
Other features
include
the
most
of
dividend '
yearning at a $3.00 per share rate"
t
I
redemption
calls,
and
The COMMERCIAL and FINANCIAL
reception
favorable
S1C*
b-
the fact that about 73%
of the;
^
$4.13
estimated
r..
^V. ^
.
ol;
.
.
^raVpecSfkSappoiXd
^
+
?
rrillT,+
the
75,000^ cards in operandustry-wide were, budt be-
re
: t
While
c
ant to a Bill signed into law by
Whitin's nent.r" At their April
recently
im- meeting,- holders
it
speed
:
is
difficult
and
scope
share
achieved
**:"">
:
1960 .
years
of prosperity
of
area
of
prospect
activity
in
ih
to
predict
of the
some^
as
a
no
its iiiajof Vised
earnings
;
* '
?•
-
;' ■ ;
circumstances to be construed
solicitation of
an
offer
to
buy,
any
as an
•
offer
to
The
other* claims.
acceptance
decreasing hient, 'rather " than
and
ma-
;
i
-
7
'
i
f
*-
V
v»
•>.
.
*
w «<r
'%
/ «,*1
Inter-
v ^
sell,
>
or
security referred to herein.)
7 /
.
:
;
the;settlecontinue the
of
complicated1 and costly court action.y Following stockholder approval, a consent order from the
U.- Sr District Court for the District of Columbia, where the liti-
S^tiqn is pending, will be
,
t
-
.
•>
reContinued on page 21
*
will be held
ence
at
the
September ll-12th
Pick-Congress Hotel in Chi¬
cago.
r
't>
-
*
\
Representatives of the CHR0N-,
ICLE will be covering the
proceed¬
ings of'this; important meeting, and
also the following* outing; of the
Municipal Bond Club of Chicago to
be held September 13-14th. ^A?
Full coverage of both events will
be given in a special pictorial Sup¬
plement of the CHRONICLE of
September 27th.
V*
1 annual'
several h^ndel Board of, Directors has ad-
*
(This is under
•
Interhandel
of
after payment of back taxes and
and^ perhaps, exceed
per
vulnerability to textile
machinery sales fluctuations,
chine's reception, it seems likely thanks to the continuing, diversithat sales could reach $2-5 million Ticatiorrf-program, "suggests'that*
the
Vi
The First IBA; Municipal-Confer¬
the
of
the Court
.
,'i
cycie^the ©f" Goverhmehtr control is immi-
of
.
tion
125 Park Place, New York 7, IL Y; ^
Court
Justice
f^rprom'' operating efficiency and will be asked" to ratify splitting
contribution of J:, DL Ferry's the proceeds of sale of the disJ°" results* Per share earnings could puted stock with the Government,
CHRONICLE
:
of
n
preparatory machinery
reacli
is
•
ments,
.
products,
announce¬
sinking fund notices^
rfl
.s
v
JUNE 19-21
'
Court
U,-S,--The
:
comprehensive
record
XterbatiOMi:
iS -envisioned. " The
'■■iSph?nin?eJ,^°w+vir^fY^S^*th®
.
contain* the prico range on more
CONFER
d£- tbe oldest cases
toitte' Justice De_irf. the .cycle fof, ^rtment>;-and ha
to the
j3
tentatively
promi-
^4^nchcorn-
^
r
The Monday Issue of the Com-
anddiipmeptS the;-
-year^d order backlog was; upf
^he ^^mpany .s now getting A
more' active inquiries than in the
'
.
,
r
•
v and perhaps better.Looking :to President Kennedy last year, peroicsa..
chorr.
{..mm,
i«.
mit.t.inf snip nf this stork, roturn
nguie piurm- 19jg^- j see-a -sharp jump -in* mitting sale of this stock, return
earnings, resulting from the com- of' the-company to private ownerS
^ bimation?.of .the Aupturni.in.;,the Ship after more than two decades
•
Range-Mr (her GflrdPdrvPlrLpd
--Sa t ^
5-3*0 Steeks
^by-Whitin m-the
mmrciul <xnd Financial' Chronicle
o m
trust
IBA MUNICIPAL
chemical:
the' behemoth • German
.
:
figure
f
Price
v
.
.
estimated"; at? $0.50- W
& iJistnct uou i.
*. j per
share in 1961.*i,Jn ,1960,. net;.$lt00 per share.r However, by the
But under a compromise settleprofits from operations equaled fourth quarter, Whitin could be fuent now; jbeing;effected pursu-
;1t0 W. 31<( St., New Yerk 1, N. Y.
74th". Year—1963
ration,-asserted ownership to most
represented last! two quarters, Because of the;
substantial decline from the net slow start; earnings- for 1963 are
profit "(ex special items), of $1.31
>
St., New York 6, N. Y.
1889—Our
winding" machinery was resisted on the, grounds that,
machines"the purported Swiss ownership
potato chlb indiisfrv - tvas iUst a cloak tor I. G. Farben,
the Whitin; thereafter, a-steady hn-
from
lerhancl^l, a^SWissholding^corpo-
Because of the long lead time
sector the
this
profits
130 Cedar
of the.seized stock and brought a
^covery action
in 1943,; which
The nominal earnings
VANTAGE PRESS, INC.
In
,
operations,. For
there
the
the
CO., INC.
PRINTING
^
makes
fO"?^any" due to vthe;depres^d' between ordem
textile machinery business; The
jlf you have completed a book-length
manuscript, you may be Interested lnv
'our special publishing plan. Under this
program, many musicians, lawyers, exec¬
utives, teachers and scholars have seen
their work published, promoted and mar¬
keted on a dignified, professional basis.
iAll subjects considered—music, non-fic¬
tion, fiction, poetry, etc. Send for our<
free 49-page illustrated brochure today.
»,
..
Telephone* WOrth 4-3033
r-esneklvelv
10fiS
with
along
...
.:*?g
Machine and J. D;
pariv
administered,,
,
Ferrv manufactures
forthe
Industry. Last
difficult one for the
a
as
?u=h^«ering company asBchw--;
bath acquired- fof. casH in
perry
chip
potato
sales?may
both Foster
It
graphic arts and busi-
machinery.
Aniline
General
xt
stock
^
will be achieved through further
acnuisHion, It is- believed .tha,
equipped
,
equipment:- and
ness
the
Ask
\r>
Government seized 93.5% of
only 30-35% of total volhme. This
-also makes
,
t
^Branch Office
to
well
>
textile preparatory machinery.
4
o
^ outbr«* 'of- World War tty
...
constitute
machinery
that
company
y Whitin is a leading producer of.
;
313 222-5012
;
the group
Whitin Machine Works.
,nw,,,
\
r*'yV'
^z..
* v>
_
I^ystott Landls. and poster Ida-, v gerflikd asset, Under the Tradchme
^presents the
^tt?rriAct. 'It was
^^g;Wth,tHe'Enemy
this. Erection. .In 1962, textile
is
particularly
-
•
a
•
penod of sustained
A
•
share;: in
,
Exchange
a
this ?;improvements is
prosperity.
<;
MORELANO & CO.
.
of
upturn. Aided by hevv and perhaps
could enjoy a
(
f
beginning
revolutionary products
QUOTED
the
is .considering
sales and: earnings,, resulting; from. General Aniline &VFilir Corporation-
ly lower profit margins; However,
•
TRUCK LINES
SOLD
,.
' \.
,
machinery business is experiene-
—
';Telephohe:BEelimahr3-3622-3
Senior- JP^tne^Gr^ene $-,Cq*r>t
York City {
Jt
BOUGHT
-
experiencing? declining: sales, re- 4 y Whitin is diversifying-its a6tivi-suiting in price-cutting and sharp- ties td lessen '.the • volatility of v;sr;."
,
solicitation for
ASSOCIATED
NEW-YORK OFFICE
149Broadway,New Yo r k 6, N. Y.
mS to' 1^4 S
ulacturers
The Nomura Securities Co,
have
may
-
;
1
apparently limited downside risk
an integral- part of this appeal;
The stock is traded in the Overthe-GQunter Ma r k e t; however,
in;vthe automated
place
.
ticular, .the shares appear to have
^
.
^ < q™Viia'Hw anneal" The
ttesearcn uorp. alter six-.
j years of work^;Themachihe>hSs Sa**
Ken
the industry that milhof the future but it
A segment of
>,V
^
branch offices
JAPANESE
will increase
Opportunities Unlimited!
|§|?rlN; IAPAPH
our
m6d->
Audomac- Doffer;. System, ; which
Or-
annual,rate of. $650 million.
■
to
$2-3 /millfoi) -est ;Jreiatipnship to balance" sheet
^;anhuallyi-v;.yv
dustry expenditures^ reached7- ail
"
Mobile,Ala.
Direct wires
J
ing debt, net working- capitalf per
three years, sales from'the: shares, are selling at a very
Automat could "total -
in-.-
•
Los Angeles .
San Francisco
World Wide Wire Service
Total spending pn
1961,
212 571-1425;
";
Birmingham, Ala.
this prodiict:"(cUrrentratio;4.2).After deduct-
j^est'ld*. licenseefor
tp^g machine has sold very well in
high of $564 million, up 15% from jwo
■ ;
1231, 32,33, 34<
—
Chicago
,•
Philadelphia,
4 ;
•*
l
New Orleans, La. -
preciation schedules, brought 1962 EUrope thanks to • its- economical share- was $27.92. Book value Was
^shipments of;.;textile
efficiency, atutdy^ cOn-^-$49. from" U.' S. factories vto a lO^year gtructlon and simplicity.
Within V A t .approximately 16
** t-h e
-
i' 60 Broad St., New York
New York 6, N. Y.
HAnover 2-0700
Muller
Automat,. ' an
automatic strong.V At. the end 'of 1961, net
cbne: wihder, -Whitin "is the: do- working capital was $30.5 million:
of obsolete machines now in operation, foreign % competition .and
availability of cash on tfre^part^f
the mills,; thanks to the new de-
i
Co!
Steiner, Rouse &
^
NEW YORK-
Y
;V "....i1*?;?'???• :?!
trading
-Whit|^ Machine Works ■.
,
>iiit'-; >ji>j«?,•»*I.-,
problem, don't limit yourself* to
-Increasing publicity is being given increased speed ot the new maregional service. Our large trad-_;
; the
improving'.fortunes "of; the chine. This would represent* sales
r
==
ing
department and extensive
textile; machinery
industry,
A well in excess of $100 million.,
* the
investment Vstature
of
the
facilities not only broaden your
combination of-technologically ad—
Another4 n^w * machines Wihitirr 'stock may'|mprovermarkedly:" "k.
potential markets—they also as¬
sure you
vanced products, a high percent will introduce soon is the Foster .- The company's balance sheet is
of accurate executions.
Next time
Bought—-3bid—Quoted
;
Senibr
Greene,
Allen
Irving
new cards could be installed, al*
lowi„g for the" nufcber;p!*<ards
in existence, average age and the
.
0
Member,J!eiv YorB- Stock-Exchange :
,
States.
many
as
mont, New York City. (Page 2)
the next
Over
years;*,
years
City
,:v
La¬
Jesup t &
Analyst,
Blinn,
next two to
annually within the
"
Louisiana Securities
Whitiir Machine Works^-Bruce A.
of our nation¬
of private wires,
network
Alabama &
*
participate and give their reasons for favbring a particular security.
advantage
wide
Thursday, March 21, 1963
and
Selections
Their
field from alt sections of the country,
.
Week's
Participants
Forum
.
.
National
Quotation
Bureau
Incorporated
Established 1913
Over-the-Counter Quotations
Services for 49 Years
46 Front Street, New Yerk «, N. Y.
CHICAGO
SAN FRANCISCO
Volume
Number
197
The Commercial and Financial Chronicle
6248
CONTENTS
;
»
•/>
'«;
■
V-'"
■
Thursday, March 21, 1963
i?y Dr./Wniiam :"Wv Amos,* Assistant Vice-President,
$Ke First. 'Boston ijofpbratidn,"New ¥&rif Ciiyi * ?
/ DivAmos forecasisJ favorable bank earftings for 1963
>3ranging from:
?■
| ;'0 afbiihd 5% Idr. New Yorkjbity banks to 10^ for
r and \other
^
enough,
some West Coast
bs»
growingbanks.Forecastassumes interestingly
rapidly:
sme
Articles ,and~^ewa
v\
TRIED
GrbVthanel •Changed Confronting'jthe -Gas Industry
change in 4he current interest" rale .pattern
tern;Dr.JAmas,
no
hoWeverj' does1expect
permitting last
anil
eventual rise;iiD'the' prime
an»
OBSOLETE
Ji
:Outif|^foV^
year's^ sUght^jncreaSe* in earnings^spfjtey$ha r p
to
such* factors
as:
!
assets^ncluding^heaYy
absorption of tdx-eXeftiptej
profits from/poftfolio' transactions! use made of EOP iii kefeping
costs: d'ownjr alicf' pf'ogresV. lit'international banking.,"'• *
ris* in earning
COCKTAIL
Fifty Years of< Sulphur. ___i—
rj1 rfrise in interest "rate reqUirementslndurredfTuii^
id
••*'
.v.
i>"
V '
'JL^'
'
-
<?
..>
*'
••
-
*' ••-,••
•,
•.
>** **>Mn
'
;
Sv <'.v>
$'-Vfi'>. -i?:0
-
l- W J*
.'I'v'? .tv>
Guidelines
f
>
Tkhv.xAU^
"/?«••.
Jf*'j'>K*•'
'
be
v
,
%
Vi-'"*-'
»•-.*-
V
Imply Inflation
V.»
.
;
-.,
WALL-STRfeETi
90
.Telephone:
,
NEW
y;
YORK
WHitehall 4-6551
Hedge;
Babson 13
KANSAI
O
;
•; j-X-'.'Ui
industry VViews
ice
^onhulb which*lTffight'despite;
a
•kg* Obsolete Securities Dept*
li«
*v?Vf -r'^
oir
Tax Cut"
a'- 29%"Tisharr operating l-'-i?'J
^
:exbressed as':V ¥f-EP where- V expens^s, s^lusiveoP safer fe&aitd' ^ ^
-£-'*£- ^
^
-v ' benefits? -For
b^hs. :Withl*larg^^
- .HospitalJitdustryV Burgeoning Growth
sultant of
;
tj_
*
Successful Investing -5 *
Edward N. Chapman 12
Roger W.
_x
'5
Jesse C. Johnson 10
;V: A\'&7
for
■
Characteristics*; Which
TannA
,•
.*
Fundamental
v
Cobieigh
__Ira U;
iiji^sitr^ -and; Itdv^t^iitian^iir^ fe?
"
WV,.MW
'
btihersiifeil
ReViewedare t he; p r I n c tp a ft eke t or s"u rt e x |>fect0cf1*y
terirtmoneyfateS,
HAVE YOU
^
,
.
ELECTRONICS
te
"
as^^
•; earnings*. ;
:
peT(^nta^s of?savirfg^ deposhSr
Ilprbved i im^s|blh^
chnes^in'ndt
•
|§yastVyear,
-
'*
:*
s^
i
ex p&n s
K'*
^
dperating,*earnings "a. i
but; th^/shrinkage^in
t ' Banlt of Japan's Lat^sLCut iii Ba^^^^^^
.-v %y. ^hoz^SaSii^ii-^^.s.^...'
r v
6
i-t:-'.
29 .> ^
r>..-..• •
-
wK betowaS
eb r :
THE JAPAN FUND
??os?e^sfAn^yMd^ "Iftrthehi' wist' Co.i--- 28
>
GYRODYNE CORP.
&;r*
'-J-
'fyo^Panies^Cbntjeb^
k
t e
r m - co m
prises
fpr,
31
mhA^a 1-..
renewal.in [the «i fntrpri^i in
-uptrend*
f;-; How
mployeel
paid
-
on
not
structure and
William W. Amos
in
there
because
precise
item
the
chiefly, fees
frtwt aiiAi other services
for
loan
only
a
moderate rise
The
demand?
•
answer
be said .to suffice fob
poses,
.",
further
(although
not
Eittzigt "Anomalous4 Contradictions
rates-are-to
interest
assurfiinff
1963
rtS ci
S
be
reasmSble limits.
within
further
no-
major changes in the rate of in-
terest paid
saving and time
on
deposits, and with additional ben-
hold
in
expenses
funds
l-r'l
-t\y:4
i +
-s
-4
^
1962
Remarkable
5
f"
f
*
12
'>*;<&$:*
?•
■
-
•,
•
,
..^
,
•/
p
•.
.■
.
v"_
*- v\
v.
>f ^\£
•-/■.
j
,-^y
••
^
■
„
J.
,
and You (The)——
*<-'/->•
'
•
Notes
"•*
-
Marrud lnc,:
v
•
20
————'—
-———
News About Banks and Bankers.^
—:
v-
•
j.;-
,
: ;v.„
Russell'Stover
5'
Estey Electronics
22
.
:
*' * /
'J*
Performance
Observatiotis^.^;.iJ^,^*^
•Estiey; Electronics"
4f
Debentures
.pin* Reporter
on/'Goverrtmfent&u^
Utility 'Securities^i-
TiiWic
•
-9^
24
-
Securities rNow in RegiStratiom-——
;;
—
^i^pe^iV^ 8e<mHt^
v'*:*4'
38
Security I Like Best
SINGER; BEAN
32
d'i'.;-S.
(The)——
Si-MAGKIEilNC.
HA*2-900D'i
2
40 Exchange
Plaer, M$T,
Teletype 212 571-0619
:■
andv invest
ic.
.
"t
Another "very
taken
-
.-rr»
*•
«-
(The)
Chicago^
14>
Ta3f-Exempt Boiid^ Market-—-——.-!^—
J*?4"-?"
•»
•<-*>*. V'•»'
»
,
6
>
4
St. Louis*
:
Los Angeles
San Francisco
Washington4
Washington' and) You—44 0
^
Ck^kX
hot available this*week.
♦Column
step
important
Cleveland-
Phitadetphra
.was*
Tax-Exempt Assets
.[ V"**.
State of Trade and industry
\c\
/1.
*'■-•
/-1
im
■*
Direct'Wires-to
but; the
ih.; available
by the 'commerciab banks
last year in- offsetting^ the*rise in
interest
expenses
therinvest-
was
The COMMERCIAL and
Actually, the performance of the nient of a^ large parcrfi available^
^Pubilshe4^TwltfenVeeklyr: ^
FINANCIAL
'
.
^
CHRONICLE
Reg. V. 8, Patent Office
banks of the- nation? ^unds in^t^e^rnpts^ lb haa^qenj
^ILllAM'B, DANA tOMPANV; PUBUSHER '
85 Park Place, New York 7, N. Y.
iasf!!^yeai,Om absorbing the f sharp ^c^ealated that r -the; municipal
REctor 2-9«t0 to 95?6
rise in interest requirements on holdings ob the .100 : largest: cont*'
'/■ r-tnLXtmlr n.t-sBtiuiMT1 President \
':
time arid> saVingS * accounts irtci-^ hierciali banks^ were Jnc)^sed:?b^;i >|A
y-.vom^L DANA SEIBERT, Treasurer ^ 1
WILLIAM
tient't6*the*modificati6n'of Refgu-- $2^.9sbillion:irf 1962 to $lK7'billibn, '
george j. morrissey, Editor
commercial
v
,
•
SavAStop
18
-
.
,
[
«•
41
Mutual Funds
NSTA
4
—
Deposit,
loan
to
Rise
:T. »,
Things Considered
All
^
^U'Wk
v*
^
-
helpful,
Thus,
ings? thfe'year appear to be f avor■
of
sheer size ofc the' gain
prospects for improved bank earn¬
:abie.i-;^--:4
-J*'r
deposits^ and by the- salb of ;.
Certificates
position
line.
Market
This-figure compares
mgs
the banks, gener¬
a? gOod
Connecting Wires i
New York*—* Chicago— Los
Angeles
in Silver
Indications of Current Business Activity----
^fess" tl>sil!'$28i billion r ati; the ? emit
°f ^ and to $2if.# hililohta^reas three-years, ago This-.
substantial-increase m earning assets- was made'ptossiblef in impor» •
lan* PyJ by a/big increase'in sav-
accruing- f rom greater utili¬
ing equipment?
T'
'
j
/
..
Hon.
zation of electronic data process¬
ally'should1 be ip
*
From Washington Ahead of the News____
K
that
This year there
to1 be
expected
li]' v'^-.'
alH1M® high figurb of $3212-witH
bil-
atlhg;earnings wUHadvanco mod-.in
CHICAGO
•
Direct
firm
Hold
arbuind1 present!levelsfibanlioper<*r»telv
NEW YORK
8s
**"
_
dra-
as
J.F.ReilIy&Co.,Inc.
18
43
Ht$& Monetary Proposal"
available supply of bank credit
nationally was very helpful. Our
«Sure® ,sho^ «»* «*'")® <*»:«
the major New- York City-banks
matically as it did in 1962)iand i£
44
Dealer-Broker Ihvestment' BecommehditlbnS-----
.The substantial! increase'in the
indicated, the
been
1
30
Current News in the Field-
changed economic conditions.' f
;
^
(Editorial)
w
Commentary
19%
present pur-
,.
If,, as' has
to
Lamborn 31
i> Coming Events in the Investment Field-
c^dfe'i^vraSa^ciOd ^wnple-^
volumeof earnings'assets is to rise
efits
PRODUCTS
to
of'the alertness, adaptatality and
Gross
income
in
recent VenA. versatdity.-of
banks/.and/ bank
However^ the general formula may Tnanagement generally to meet
item has averaged about
As We See It..
Bank and Insurance Stocks.
ih - which 1her adj ifistment~ was!
rendered
City bariks this
For the New York
are!
Expectations in the-Sugar Industry
:
-
•
UNITED NUCLEAR
fal(hstePs ™ere, tak?n P™mP"y
^ the, ^nk®.to a^sitv.;to"the
chf?ed situation^ahd the man-
is
income
other
of
includes
which
l___
«
_
©yt i
Regular Features
in expenses: overcome, es-
eluding'Fedwal income taxes. This thl® wfuW aPP^r-tcPbe thafs«vis
j.i.
Ody H.
pecially in the; face of a- flat' or
slightly- declining interest rate
;
and
deposits
also
a—.
Growth
this* tremendous in¬
was
crease ~
in-5
savings
time
a
and
benefits,
terest
a-..?
earnings in 1963.
chiefly
salaries
e
-fnr
:
.
-
'•*
TIP TOP
.
^prbportiorisfAnd'thVstage Was-'sbt'*£"P'
I
'in/f.hA
'in
TI- T.h e*'^latfer>
fay ^■;:^7'«r-3.rv>- -$
.................
...
^
/•
v
.
-
,
,
.
lation Q was little short of mirac-
in fact
ulous.
our
a
record.
that Composite figures for the nine
.
;
.
,
rise of 33.5% and the largest in-Better-than two-thirds of"
.
,
principal banks
/-<>:.
in
Thursday; March 21, 1963
figures; indicate crease in municipah holdings- on
New York City
1
;-'
—"
'
•
'
2-S3).
■
"■*'"-'1
'■*
*
Copyright 1963 by William B. Dana Company
All
For many* years we
have
specialized in
advirtising
and.
! issue) and- every
(complete statistical, issue^—market, quotation records,
corporation "news, bank clearings, state and citv news etc )
Other
office: 13a south! L»«sa«erst., Chicago 3, nir(Ph(me sTate
Monday
-7-
.
.
Continued'on page 30
(Simerah n^ws*
Every Thursday
-
\
rights reserved. Reproduction in whole or In part
written permission is
strictly prohibited.
Second-class postage paid at New
York, N. Y.
"
"
■
without
PREFERRED STOCKS
SUBSCRIPTION* RATES
MONDAY AND THURSDAY EDITIONS
<104 issues per year)
In
United
Union
States,
$80.00
U.
S.
r ~'r
f
.-.r..-,"
r
-
f
•
Members1'New
r'---
n-~r-
Founded
25
•
York
1868s
'■
.
*
Union
other
.
-
Stock Exchange
.Bank
-
TELEPHONE HAnover 24300
States,
$20.00
countries
TELETYPE 212-571-0785
-
"
Boston
Newark
Chicago
Schenectady
Glens Falls
Worcester
'
of
-
per
Dominion
American
per
year;
year)
per
members
of
of- Canada
Pan
$21.50
~
American
per
—
mi FRANKELCCO.
year;
INCORPORATED
year.
Record
-
Pan
V
ONLY (52 issues
:•*
OTHER PUBLICATIONS
*
of
Canada1 $83.00
Monthly,
$45.00
per
•
-
/"
-j
year
•
..
'
.
5 J
<
(Foreign
^
;
:
A". ■',*
.*
'
*■
aecount
made in
for
of
foreign
the
fluctuations" In
subscriptions
New York funds.
<
and
i "
the- rate
of
advertisements
'rj-;'-
r'
■'
exchange,"
must
be
..
39 BROADWAY, NEW YORK I
WHitehall 3-6633
Note—On
remittances
Albany
Nashville
$23.50
Quotation
Postage extra).-
in
year;
•
and
and- members
Dominion
year. \
U. 8: Possessions and
per
•V'-U
BROAD ST., NEW YORK 4, N. Y.
in
per
^-THtlRSDAY EbllriON
Irf United
v:-i
Possessions
per1 year;
Q; other countries $87.00
Teletype 212-571-0500
212-571-0501-
-
■>
4
The Commercial and Financial Chronicle
(1172)
.
.
.
Thursday, March 21, 1963
ington cares to contemplate such
OBSERVATIONS...
I
WILFRED MAY
BY A.
dare discuss
a
fiats
and
LABORATORY
reforms
only
newly
the
sabotaging
existing
(which
times
at
American
ones.
possibility.
any
restrictions
new
the
to
safety
rather than rely
case,
defensible
aversion
the
FROM WASHINGTON
•
ivory tower in Cambridge,
such
INFLATION-GROWTH
From
.contingency.
a
of my
but
policy
alter the parity
)1t,
\'xt
,
on
usually
should
be
•
*
t
\
t^
_
1
N
,
:'■■•
..
Ahead of the News
,..
are
BY CARLISLE BARGERON
weapons),
second-best
as
,
In
to
;
of the dollar.' To 1
^
"
■,
.
•
,
/
•
The visit of Brazil's decisive and
Art Reform
say that this can never be done is Southern Republicans who have
The Texan, Mr. O'Donnell, was
thoroughly able Finance Minister*
Such statutory relaxation would to say that what may need to be shown a remarkable resurgency not content with his statement of
Santiago; Dantas/ has served to not apply to the tax credit given done cannot be done, a pessimistic in the last few years are coming,
u
support, for .Senator Goldwater.
highlight the worldwide impor- jor philanthropic donations, ip the, conclusion not dictated by histori- to be right troublesome for the He declared that if. the
Repub.
tance of his country's experience
field of art. Here the code remains
cal experience or economic anal- national, GOP.
The
unchanged in its simple form of
ysis.
Inter-American D eve lop me n t
merely stating that taxpayers may
growth.
and
inflation
with
People
often
that
say
the to demand
They
are
coming
larger voice in the
a
licans nominated! Governor Roekefeller he
would
be
defeated.
He
rest of the nations would not per- party. The national GOP is mov- predicted that Rockefeller would
Bank-Alliance-for Progress meet- deduct the entire value of such mit any change in dollar exchange
ing
right .along
towards
the not even carry New York,
ing in. Caracas next month, as gifts from taxable income.
The rates, but people often say things nomination of Nel$on Rockefeller'< To date; Goldwater has declined
wel] as this weeks Kwiriedy-at- tightening-up, which has already that
Amencan countries in Costa Rica '
in C
th* ,widely P«blicized
case of Baroness
<
Do It Yourself
are not really true.
into
thege
matters>
ii-
^miiia+Ad
the V
to
TiiPcdav
nn
economic
cerned
r,Mr^n
future aid and its utilization.
Revenue
.
Despite impressions to the con-
interval
the
during
trary,
since
risen
to
thftm
deductibility,
«m*u
will
agents
clociAlv
morp
the
scrutinize
with
greater
rate
The importance of the adminis-
inflation has been not only ram- formulas. (The editors of Interpant, but accelerated; the cost of national Art Market currently sug-
candidate,
a,
•
manfinno^
j...
voviotv
ool/o
m^htime.
In the
even ,a
theJPresi-
for
He insists he
..J
the^South^ tractiye^figwm -a
th»t
gests this rule-of-thumb formula.
c
legislators are some quardemanding
.
v,
it
will
have
The first CAjJiuoiuiJ.
Auai explosion
address
an
A.
to President
by
Senator
guiiaiui
Goldwater occurred in 1960. Now
PROF.
of the
SAMUELSON,
M. I. T., reputedly
for
xux
V" \.
,
claiming
that
the
r
Addressed by
/Ti^-1
1*1
Republican
-i*\
Y\FTl
IvODlSlfifll Gil (JAO
&
Chairman of the Republican
trusted adviser Partyin Texas, Peter O'Donnell,
Kennedy, and former is
Q/vw***>%*»
ID A
IS IBA Seminar
a third
nation
of life."
From,
.
threatening
are
high party if he isn't given the^ nomi-
been
time to learn about the hard facts
P A U L
.
..
to us-the-untenability of present ters, they
Dr.
Ira
and
U.
Cobleigh,
Feature
Economist
Columnist
for
The
President, American Economic Senator, the chief rallying point Commercial and Financial Chron1962. (in the five years m'ay be ^lu^^t^t^^lhan Association; to a symposium on for the Conservatives, can carry icle, addressed a Seminar Session
prices had barely dou- double the average price paid for Economic Growth sponsored by every Southern state except pos- of the Invest"•
:
; \
.! -W "
the five top works of the same the American Bankers , Associa-.-sibly Louisiana, againstPresident ;merit Barlkers
^
52% of which occurred in the sin-
gle year
pre-1958
bled;)
il
„•■a
trative function here is enhanced
living having risen by a full 130%,
p
things and if that should reveal Senator Goldwater. In
parties,
enlistment of outside expert help.
Since 1958 the country's by the impractibility of valuation
5%-plus.
George to become
Service'To cur- a sIu*®ish slow-growth economy erners who have elected a Sena- for the causes.he supports. He has
valuations'for un- £ a re^d*
"*1
Congresaman and adrmrers all over the country.
only 6%-plus from
the late 1950's Brazil's growth
has
Presidency.
the
Eternal Revenue
committing $6 million tail "inflated"
a study to guide our warranted
S.
finance
ji
ihg td that situation by runuing
ron-
with
progress;
for
me to go Romney of Michigan and Gover- receptive candidate
but j must nor Scranton of Pennsylvania are dential nomination.
"Time does not permit
"
"Works of
art given to museums
mav
xvwi
w
tion> Washington, Feb. 25, 1963. Kennedy next year—and win the ;Association,
r
From official text released by m national, election. : The.Souths the. at ,the .Whar- f J:
Minister unhesitatingly endorsed Europevduring the year of the
' A.i'but omitted by -Pxof./MidweSt^Snd^tDb*M'Oi^fttgiit(States,^ top, Schb h 1," i
tbe^^tt»*C6riclU^0ri^with; thdfgiftv)
- ;: ;-">i,^
x he says;' can .elect Senator;Gold-.^^University',,of
1
promoted
retarded growth, the
or
remark^ to your
added
inflation
the
whether
Asked
•
growth at all midst;; the inflation
nothing short of
a
Dantas
Senor
firmly expects his impending pro-
.for lowerin£ JJf
Pfiee increases, and the achievea
or^
the Department
event,
any
States
with
the -extreme
uniformity in the product
Correspondingly,
duce
jn
medium sold at
same
the United
rightly will continue to stand on
policy of( case-by-case pro-
"Brazilian cedure,
miracle."
ment of
in
auction
columnist
that "the fact that there was any
is
artist in the
the
as
a ^
t f
well
••rendering
market
t'
s
the
pother
s
non-
as
•
performance"1^
nothing
more than one of several
elements-to be taken into account,
stability by 1965, to pro¬
far higher growth
Another
The Personal Deductions Brawl
rate.
timely item from this
The
changes
proposed
the
in
expert witness is his decisive con- limitation of personal deductions,
elusion that his country's
beeh
has
record
growth which has elicited extreme
con-
stimulated] far fusion combined with opposition,
by capital investment in the seemingly has the least prospect
private rather than the public of enactment. In addition to ob-
more
-
;.
•
•
/s
of
and
members
New
the
;
what
•
Club's Annual
Dinner
sector.
jections based
*
*
*
prospective
"unfairness" and
on
philanthropic
sabo-
States
;
PRESENT REFORM
tage, they embrace the complaint
PffTlTRF
lis j.
that the proposal increases the
Hit
optional standard deduction while
The importance of the prospective junking of the Reform portion
of the President's tax proposals
strongly weighted
on
losing
as
well
as
is
the revenuethe
ethical
considerations.
This
Reform
fact
gains emphasis
that
major
some
have
measures
a
itemized,
thereby
The Treasury in a fact sheet
defending the proposed 5% floor
on
itemized deductions
is not
"virtually
receive
already
been made effective—via
the
adding to the program's disparity,
that it
conclusion
the
from
reducing
But
,
enacted last Oct. 12, plus
up
by
the
this
in
office
administrating existing statutes.
Important in the first-mentioned
legislated category are the codi¬
fied
changes
the
in
the savings and
taxation
I
does
Important
in
enforcement
combined statutory
administrative changes is the
factor,
"expense
now
4*
also
ON
going
con-
accounf'
codified in the
ance
we
time, indications of
same
moves
some
of
for watering-
these
already
enacted reform
measures by statutory. amendment, manifests: the
possibility of the Administration's
,r
,
on
"Is
'
THE-TIMEf
DEVALUATION
—
were
yet contrived.
its, continuation
or
;
usually found voting
candidates. Even-
the
Hampshire
Senator
luck
assurance
ofproductivity
or
called
ultra-progressives, have been
overshadowed.
In the East today,
been
,,
recognized ^authority on the
OTC market and _his observations
tbe breadth, of this panoramic
trading arena and timely suggesN «f «s improvement were
attentively received by his
a"dieace of about 300 members
0± LaA'
.
_
_
AlldreSen
,
10
,
A
Jyy|i| PcivtllP?
X1UI1U
1
vIlvJ.
v
w*
Mieharf r- ^iortino
Marcl] 28 Mlctla®' ' S
!"°
ocouire a membership m the
New York StocfcdSxchange and
WIll bec°me a partner m Andre& Co '80 Br°af St" Nfv York
y> members of the Exchange.
progressive
towards
more
thinking—a trend that really had
admitted
Putnam
&
members
to
partnership
in. the
West,
The
OrVlS BfOS. tO
Republican
two
Central Row, Governors of great Eastern states
of the New York Stock —Rockefeller of New York, and
Co.,
6
Scranton of Pennsylvania, are not
of the firm's research department,
classed as conservatives. :
'
-
-
-
•=
v.
that
will
♦
-
conservative
role
for
the
is^ not"Co-> 30 B^oad St.; New York City,
Republicans of
the
South. The late Senator Robert A.
-
?
nation, always had: his full quota
of
i
-
IN 6W- X^ITH.GI'
the
.
On
April
.
strength in that region
and
vatives
i
1, Sartorius & Co., 39
darling of the conseris
today.
as
Senator
Goldwater
lioiuwater
General Dwight D. Eisen-]
TnVjpy &r ¥TflT*lr
«*. \J UUjr Ax/ AV.1X IV,
A
A
^*^4-
JbO-^AQin
G AA+-4-
uCOlt
kind of
able to Tobey • & Kirk, 52 Wall Street,
M. break through the wall here-and .New York City, .members of the
will admit: Bennett
Schlenger. to .partnership.
Mr., there
be found to be truly overvalued?. * Schlenger
—
w.v..uwvu.r
—
he was the
trends change*
for any reason, should
April 1, Alfred E. Frisbie,
Uonald Eucker and John W.
Hemmer, will be admitted to
partnership in Orvis Brothers &
members of the New York Stock
Exchange. Mr. Frisbie, is manTaft of Ohio, in his campaigns for a§er °f the Washington office in
the Republican Presidential nomi- the Woodward Building,
OartOflUS Will
A f]TYllf"
The
new
TTTM1
not an overvalued currency. But Broadway, New York City, memr hower had to face this
what if the American dollar, be- bers of the New York Stock?EX- >opposition but he was
cause
..
^ a
conservatism moved. Into
states of the Mid-West. The "Sons
of the Wild Jackass," as the late
Three Partners
Perhaps \r*
dollar, at present gold parities, is
abroad
they
when
only
Republican National
f nnsorvflt.ive
New
n
our
the'
and
Exchange. Mr. Russell is manager
*
international balof payments than anything
us
the
to
tually,
ties & Co., President of the Club,
'
or, be
the
in Europe is doing more
have
bring
Congressional
down
*
QUOTE-OF
|and to correct
statute.
At the
Indian, giving
question:
"The wage inflation that is now
through
troversial
.
the
of
in cutting down on the exemption
of their gross earnings devoted to
'
not
bucket half empty, or half full?"
loan institutions,
reserves^'..;:-
will
lra U* Cobleigh
.
its start in the GOP with Presii
taxpayer is ciifton M. Bockstoce, Kent M. dent Theodore Roosevelt who had Arlrmf PoT»fnoT*c
jet, seems to make white and John. B. Russell, will spent some of his earlier years in\xjLvlIIllU JL dl lIlclD
I
cut
rate
raising
"
xat coupled HARTFORD, Conn.—An April 1,
f,g*
the
.
scarce
1101 conservative candidates. Even-
h.„ b Goldwater
For Putnam & Co.
tl°°\ ^
^
explanation
tightening
Collector's
,
Southern
the
the trend of the party leaders has
bination of codified changes em-'
}
•for
Dillon,
Union Securi-
points out
itemizer
every
in
mighty
of them were Negroes. They
They
.
ceiling; and that
a
r* »T» r«
candidates were being nominated.
Lawrence Bo-
man
of
Conventions where Presidential
by
gert', Jr., East-
LaFollette
Iowa,
effective
went
was
announced
of
were
were
Waldorf As¬
tax reduction."
a
com-
bodied in the Revenue Act of 1962
many
the
toria, it
Republican party.
.turning then
calied Progressive with
was
.
of
v
the
Republicans
Starlight
.
-Aldrich,.; Hale a djustment
the great and/Revalua-
-
pioneers
as
today
Roof
in
Dolliver
(March 21) at
the
{
were
.Wisconsin and- Norris* of Nebraska
being
held
,
The- MidrAVest
•
at
Penrose
names
Bond
The
Club, of
York
before
Atlantic." states^
Art
nf
snJnk.
speak
will
will
-
J
^OAA* VJVlUVV ai/Ul,
cpnAinv
7nna
zona
-
,
days, its bastion was in the East,
Tbe OTC
in New England and the Middle.'Market-^Re-
(tHInW511"AT*
Hpri
is
«
a.
member
of \ the.mary
v*,
Volume 197
Number 6248
.The Commercial and Financial Chronicle
.
,
its
(1173)
subsidiary. Nicaro Nickel Co.,
began nickel production
government
;
By Dr. Ira U, .Cobleigh, Economist
A consideration of
f
.
and
United States. and pioneer in irtany significant
dechnological advances in-the industryv <*;•<!
-
It
-
a
Nicaro,
major producer
a
during
since.
under
at
World
War
II
$1,100,000
paid
in
NOTES
NSTA
dividends to Freeport in 1961, but
of Sulphur, ..in- the
:
was
nickel
of
oldest producer
Freeport Sulphur' Company, thf
contract
Cuba. This
0
\
5
is
now
grounded,
•
.
with its assets
•
confiscated by the Castro govern-
In
Biblit$lcalled;it
sulphur at
.temperatuir§* of ; ment. ^'knottier, .Cuban
.a
facility,
brimstone. We «&li it
it's
of
one
sulphUr> and v285 degrees.Fahrenheit, eluriinat- Moa Bay ^Mining Co.r whicH' be-'
versatile and ing remelting.. costs,. contamina- gan nickel/cobalt;■;*production in
most
our
40%
i
n
in
•
of
414
total
A Art
the, world
u;t vtion,and
rfr»i«iil
-f
T v-i
•
p
a
•'
into ; agricul¬
goes
fertilizers^ the balance finds
{Suiphririq
acid)!in /* d^r^dntsVv f 11 fn aj
^nlnhitP
sulphite
and
fnmlnin?^ reoil 5
nylons. The world
iintrwiH
deepwater platform mine
Sulr)hur
t
the
in
in
ffWi'iii:
c
was
ness,-
and
-
•
1956, Freeport Oil Co.
formed to
6rt the Free-
carry
lul"ieu
uuiy on ine riee
P°rt. .0l1 alJ? ^as business in
Petroleum,. Co.
g ]?.
-
.
i
ness
only
the
began its production in the
million.
,
and
1958,
since that time has produced
$100
Co
con-
and
American
other
Canadian
Mexican,
about
Oil
tmues
competitive busi-
a
modest revenue producer.-
and
a
National
and Freeport has to cope not
with
for
.
Freeport
rice(JUU
as an operating
"/
Potash
Co.,
;con
division,
in
Edwin A.
tion
is
Coal
share
95%
a
President:
substantial
a
mines. Abroad, its sales are made
excellent
($1,-
earner
potash a reserves
Sulphur by Sulphur Export Corp., owned modern refinery
Freeport,
and
ihree ; other New Mexico. C
near
H. R. Straughan
and
Edwin A. Gentry, Pierce, Carrison, Wulbern,
Arthur
Inc.
B.
Durkee, Sterne, Agee & Leach,
F. Malone, Andresen & Company.
and Sam
with
Secretary: Roger C. Clayton, Hugo Marx & Co.
a
Carlsbad,
(
Sam F. Malone
Vice-Presidents:
interest,
201,000 net income in 1962)
French
Gentry-
which
Freeport Sulphur and Consolida-
pro-
ducers, but with the output from
Bryanmound, Tex.;
over-50 million long tons;
?
„
.
Sulphur is
'
busi-
in
e. fg,
and the finest technical resources
its htst°ry
Sulphur Co., the first
company
fall of 1912 at
•*
Freeport's
^deveioped^ ^sulj^jar^ ^re^ ^ company's extensive interests
the
greatest productive the
serves,
today.,
.i
t>
,.■
Freeport
<"
'v.*.V
were
..
cjtotno
+^^1,
75 pounds a yeai
American
*
••
Louisiana, Kansas, Texas
New
Ne'" Mexico. In October,
the
rifveloned su^nhur re!
consump-
fho TTnito i
ir
a
•
the United States, capacity, the most extensive and *n .the Lake .Washington field in
ff..t distribution svstem
fin- Lcuislana were sold to Magnolia
in
from. 25 pounds per year 30 years
oon
'v-1:
.
January,
capita consumption has risen
ago to
'
•••*.
®ntrles into ,OiKand potash; In
®
has
now
^
•
,
.
Gulf of Mexico at Grand Isle, La.
F
»'•*'
I.
a
maior offshore
a
v
K •-*1
V'1 ''..''iffyly'l1
•»> ' f- : .ry\ : '
Oil and Potash
More fortunate
from
iacluc11 f a W*? >)I.
'
^
rayons
continuous long-range
a
pun
uptrend, and,
per
•
pap-r, in mining,
tion is in
in
around 2.3 mil¬
coast-including
„#
drugs; and in
which
;
The following officers for 1963 have been elected by the Alabama
,4Sdcurity D'eaiefs Association:'
'
if'
"•
.
comes
tons,
long
V
where;it rtakes,250 pounds
fining and
production,
•
»
series of mines off the Louisiana
niacs«„Q
in
dyes,, plastics, -rpfritrprantc otr>- in
refrigerants, etc.,
inhn^
•.
lion
H
c.
v
"•
'•&
1959 has also been a victifn of
Cuban bearded brigandage. ' "•
or
1962 amounted to
wide' rise in 'chemicals;
nf
Actual
A
tural'
papery
•,
•
dust
from
losses
consumed stockpile erosion;
sulphur
a
A
ALABAMA SECURITY DEALERS ASSOCIATION
.
indispensable, minerals.' A b
Treasurer:
Howard
R.
Straughan,
Birmingham
tional Bank.
Trust ^Na¬
...
,
is principally mined, by the Frasch ;by
which surfaces the min-
process,
era! /from
sulphur-bearing
.logical dome formations
ing
massive
down
domestic
United
pip-
outside the North American
by
injections
cations
P
of
compressed
rground level
a
liquid form and,
in
V
In this form it
-
first to
;
,
the first
had
dustrial and processing centers all
world.
use
transportation.
used
as
port
Sulphur in- I960
a
..
: .JO
was
.1
:
.
.
Baltimore
Annual
of
Security Traders Association will hold its 28th
Spring Outing
on
of
$12,285,478;
Friday, May 17,1963 at the Country Club
Maryland.
"
""
Sif::
v
'"t:-v
f
■
INVESTMENT TRADERS ASSOCIATION OEoBHILADELBHIA
,•
On Friday,
jjupe 21, 1963 the inV^siment-Tradefs/Assficia'^o^bfPhiladelphia .will hold the Annual Slimmer Outing and will host
place at Whitemafish; Country Club in 'WMteiharsh^ Pennsylvania. ■'
capitalization. This common stock
.
.•
i^ a' Golf Match. - As in the past,' the events will take
vestment
Elected Director
1951; fand
in
splitX3-for-l
was
f
City.
3-for-l. again in 1959. Cash divi-
'
:
t
N^w York,
afid the 7,556,525 common shares
outstanding ii constitute its sole
liquid " sulphur
Diversification
V-
The
were ''in- marketable| securities,
principally govetnment^'bbnds.
The company has no funded debt
the
av.
_
an
and of these assets, $44.5 million
only
only
—
:
••
almost
Its balance sheet
liabilities
current
most
sulphur is actually
liquid, however^, Free-
viewpoint,
at the 1962 yearfend revealed cur-
water for mining,
in
company
BALTIMORE SECURITY TRADERS ASSOCIATION
-.
';rent assets: of $80,986,917 against
;
offshore mine,
sea
and; pioneered
Liquid Delivery :j
Since
ideal
earliest-Americ8n?producer but it
ported by land' and water to 'in?
banker's
a
Freenort Stilnhur Co
?uV.
Pioneering
^ ' Freeport' was ;|not
Freeport
was
f
not
sold and trans-
was
last
^
.
Financial Strength
From
^5.%;, .9^ its
;
yellow, powder like substance.
con-^
■
...
-.r:.
-
■
total of. 1,350,000 tons,
:Sul- :Freep^t^s,
air.
as^it cooied and dried,-it became
the
to
year
of
sulphur,
actually climbed 5%
was b.rought up*.to- output abroad,^
^
over
States-produced
of tinent,
hot water, and by booster; appli.
Sales
producers.
geo-
counsel
He is
in
New
York
Director of several
a
dends* iTave^been"baid"without The eiection of Ragnar D. Naess corporations,! including Naess
hiatus for'36 years in a tow.
as a Director of the International Shipping Co., Christiania General
.
undertook
^Freeport Sulphur over the years'
in has aggressively sought to diver-
'
Holdings Corporation, o a closed- Insurance Corporation of New
acquired
Investors have been .a- little- end investment company, was an- York and The Estate Fund Manliquid,: rather than solid,- form; • C u bam American ^ Manganese;* diffident recently, about-; FT* com*-' nounced. Mr. Naess -is the senior agement Corp. of S?alt Lake City,
and now delivers 75 % of its;/den ^ <C^i^ in' the;1930s^; wbicb b
• possibly ^because ; of r ctjtie partner ^of' Naess' & Thomas; in- Utah,
mystic tonnaige tp shipment tefmi- ' 1932 and 1946 (when it closed write-offs Pf-Cuban Investments;
'
%
'
rials- or!!direct to ^.customers, in dPwm), was the> largest producer -While these were unh£q>py avents, >
.
specially
designed
tankers
or of
manganese * in
the Western the company has weathered them
tank-barges. These carry the mol- ^Hemisphere. In December, 1943, excellently arid- may ultimatelyr-,
*
'
"'
~'
rhake sojne recoveries,-It actually'
We we pleased to announce
had .a/higher- Investment"' income^
in 1962 than in 1961, even though
that;
there
were
no
dividends from
'-J7'
,1
March 18,1963
\S H
V't
Nicaro last year. Ahead lie; the
J/ .l
i .V
' %]■'
the
the
extensive
most
program
sulphur in sify
industry to move
business.
its
It;
-
.
s
.
,
.
.
i
-
'
.
'*■ \ v
|
We
pleased to
are
'■
"■* .
• .
_
: *
demands
world
expanding
the removal of our offices to
announce
for
JAMES G.COUFFER, JR.
the possibilities for re¬
sulphur,
l-J'A
'
warding mergers and expansions,
which
the
Q/evd! S,
'
■-
Q/.
v.
t*'
>-w
Our
expansion
of
new a
a
1962
as
net
share
or
age
earnings
of
$1.68
■
American Stock Exchange
•
Midwest Stock Exchange
v'
—
*■
»,». >. "-:?h
-y
■
.
-
^
Trading Teletype:. 212-571-1740 :.
J
■
r
£w.t
•
• -.'I
•
Albuquerque
Anaheim
;
Charlottesville
Denver
Dallas
and,
the
24,
at
dividend,
Asheville
Des Moines
.
Grand Rapids
'
Detroit
Harrisburg
foUowihf>xtties:' '*
Farmington, N. M.
El Paso
.
sive,
*
-
,
and
NYSE)
*
V
ranging
high,
19^4
and
FT
u
common
*
c
(listed
is owned ?by some 20,000-
UNITED
tions.J
.
Investors
attracted
?
by balance
an
,
.
y
'
;
*
>.
,
,
"
CALIFORNIA BANK
MEMBER FEDERAL OEPOSIT INSURANCE CORPORATION
LOS ANGELES
,
,600 South,Spring Street
^
SAN FRANCISCO
495 M9ntgomery Street
,
entrenched company
OFFICES BORDER TO BORDER THROUGHOUT
;in-a basic industry may find con-,.
■
.
"
sheeriy-strengthV^aboye-;^ average!
yield, and
5-4545, TWX-212 571-1096
quite impres¬
Fayetteville, Ark.
Houston
YORK
in
29%.
-^ockholde^idftciridmg..JSS^institu^s
Burlington
Corpus Christ!
,
•
not
between
of Directors
Board
1.;
s
~
Bismarck
Boston
Cleveland
Columbus
' Baltimore
Clearwater
are
Phone 212 Hanover
Management is distinguished, the
J'
'Indianapolis
Joplin
Kansas City
Los Angeles
Malone
--Minneapolis
Nashville
New Orleans
Oklahoma City
Oxnard
Philadelphia
Phoenix
Pikesville, Md.
*
Pittsburgh T»r Portland, Ore. -" '
Potsdam
Rapid Oty, S. Dak.
' ■» Redlands, Cal.
Reno
Rome, N. Y,
St. Louis
Salt Lake City
San Antonio San Diego
San Francisco
Santa Ana
Santa Fe
Seattle
Toronto - Tulsa
Utica
Victoria, Tex.
Washington
Westwood
Whittier
Fullerton
■
•
Cincinnati
Chicago
NEW YORK 5, NEW
yields 5%. Historically, the
1962-63
'•»
--.yt'-
^ .Municipal.Teletyper,212-^71-174^
We have direct wiret to Correspondents in the
f
r
ONE CHASE MANHATTAN PLAZA
,;
*
J
.A, '■ ..*?
Cable Address: GREGSONS
REPRESENT
per
amply; support the; current
shares
Members
York Slock Exchange
'
OUR BOND DEPARTMENT
in the
equities, its
stock
New
V
sprightly
space
$1.20
.
HAVE OPENED OFFICES TO
ventures.
of ' overseas
bouncy
market
.
^
While FT common may riot be
as
WHitehall 3-7600
/■
i .f9
AND HIS STAFF
sub¬
Inteirriational,
Inc., designed to assist in the de-
telejphone number remains the same
l'.fz
\
easily
can
velopmient
V;/;.?
Assistant Vice President
sidiary, * \FfedpOrf :
-
'['r iJT.Jr-.f'.-i
rich cash; re¬
finance, and
Freeport's
sources
*
siderable.; merit in FT common at
prevailing prices.'
i
CALIFORNIA
r
6
The Commercial and Financial Chronicle
(1174)
;*«**-,
Currently the total is $457,013,450.
DONALD D. MACKEY
BY
"high grade" issues. It runs
bond
m a r k e t
has the limit of maturity schedules
.to .show .forthright and the whole.gamut of quality.
reporting, the state .and called
' : ■/•";.> kj'
--A.
.vL'i.V
continued
•''.y*
,l v#\. * ■ fi.v.-;/ ,T''< •<• "*'••• c>r-.;/•.*/*A##:vji...r-v-rr
.y^v-
Frenzied ^Bidding
M^rch 21' (Thursday)
Iowa
2,850,000
5,405,000
1963-1992
2,125,000
1963-1992
S. D.,
Comm.
Marshalltown
Indifferent
2:00 p.m.
1964-1982
Oakland County, Mich.-,^.„^-^^~,
,
;r
.11:00
ajn,
Pomfret, Arkwright, etc., S. D. 1,
To Bond Ratings
This week has been another ac¬
New Yo rk
;
—'w - - -
-
2:00p.m.
11:00
sum*
11:00
the overall
Many months ago, when tax re¬
University of Michigan
1,250,000 1965-2002 ?
tive ode in the field of muuieipal
1964-1988
activity has been moderately .re- duction ? talk was first-ruminated,
bond" Underi^iting^wittva:^^total ^^.Wibnington-, Del.—
1,750,000
duced fropi the high level of a there were .those who visualized
<£-#nds;
1
March- 25 (Monday):
week ago, * business icontinues^to/ some - 'reduetkm ^dnr ^taxrexempt*
selling at competitive bidding. The Florida Dev. Commission—
15,000,000 1963-1983
.reflect a broad investor interest bond prices. This has been a fac¬
frenzy by dealers and banks to southfield Bldg. Authority, Mich.
1,000.0.00 1965-1988/
ia tax-exempts
even
with es- tor in the periodic dampening - of
buy these issues moved prices Southfield School'District, Mich—
3,000,000 1966-1991
calating prices.
the market trend during-recent
ahead by "about 'ten basis • points
\
s
,
'
4-^
months. Now it would seem'that and
spreads harrowed >cohsiderr
'
v
-^
L;
March ,26 (Tuesday) 1964-1900
Tax-Exempt
Market at-Highest
^
cut, whatever it , is'and
ably*)
;differeiiceg ^lnyf^elds^^' (^ar^te,4T^,C.^i.._._vc
mce «1
46,000^)00 5l964-1983
"•
whenever it comes, seems likely
between the' highest rated bdhd&'Dbdgef City Sch. Dist., Kansas—— .
1,500,000
v With this resurging demand for
to fove_but little market meanand bonds of medium*quality-has • EUreka:B. S. D.,- Calif.—,
1,965,000 1964-1988
ifill types of state-:and 'municipal jn~
excepting in its immediate also
narroWedrconsfderably as; uri- 'Huntington & Smithtown Union
bonds the market generally has
psychological impact.
derwriters >ignore ^ratings * in'; an' v Free-Sch, Dist. No. 10, N. Y
3,281,000 1964*1992
reached a higher level tnan at any
'
,
„
The
give and take
official at- effort to buy almost any new ' Jackson, Miss.——————
9,260,000 1964*1988
time since mid-1958, aceordmgito
f
/,
< .
^.
4964-1983
Although
strength;
ol
following tabulations we list the bond issues
In. the
doing could help
,so
better balance ithe market.
municipal
•
Thursday, March 21, 1963
.
might
ahead and in
Since last
v>
.
Larger Issues Scheduled "For Sale :g|
Under present money market con¬
ditions this total represents a mod-
^
* >x~
.
a.m.
2:0Cf p.m.
9:00 p.m.
8:00 p.m.
.
^
11:00 am,
-
11:00
a.mi
2:00 p.m;.
.
m,
j.
.j
•
j-
mco
bond
obligation
general
20-year
high grade
Chronicle's
Index averages out at a
2.896% yield on.March 20 against
2.913% a week ago and against
yield
2.903%
in
marked
levei
markefs
the
high
fact has
Recent. Awards
..
.
'.
National
'J*
point
*a^e#,
4 ■ ! :
: *•/"
that the price transition has been
An superficially considering, all
a
gradual
one
with
irregular of the broad market factors it is
Variations and inconsistencies in- difficult, to .visualize, other .than, a
terrupting
the
trend.
Now
it steady to strong municipal market
might «seem - that 'the innumerable in the months ahead,.aside from
for
least
and
while
a
bid
perhaps for, quite, a while.
>/
there:
issue
d
a
;of
ty
new
to
Other
majbr ;"5 ^nembers^iOf.
group *
•
Barney &
&
Scaled
3,900,000
18,173,000
■
1964-1981
f
include
.
various
>
a.m.
1965-1999
.'
March 28 (Thursday)
40.00 arn.
11:00
a.m.
XP-- 5'C
1,415,000
4964-1978
7:30 p.mi
5,000,000
Sch.'Dist.,;Nev
Uni^r.; pf Colorado, Boulder- Coin.
1964-1983
10:00 a.m.
;
1965-2002
5,900,000
r
4:00 p.m.
SmithC
Anchorage .Tele. Sys. Rev., Alaska
Calif—
1,420,000
coupons,,
8,0.00,000
•1964-1988
•
________
,
Verde Unified S. D.,
Palo
1;45 % to
Shelby County, Tenn
- this
to * yield* from
2:00 p.m.
1968-1988
Algonac School District, Mich.—.
Clark County
10:00 a.m.
1963-1980
Indpe. S.' D., Texas-.
San Antonio
Noon
4,3.55^)00
,
-
J,,
10:00
6,000,000
»r—^
••
1964-1991
^
_
'
-
1964-1998
45,000,000
Authority, San Juan, P..R..
j
1964-1983
1,470,000
Y.-—
Water Resources
p>
the
Harriman Ripley
Co.,
for
2.95%
,issues and in
; x
April 1 (Monday)
6,000,000
Cq. apd>Roosevelt /&'Cross, :Inc. Houston, .Texas ——13,274,000
winning
Con¬
ri;
17™'/inn
bids
interest; cost from
2.73% made- for this
•
important changes
timjes to broaden both in numbers
investor:hatots were gradually
in
four; additipnai
in
well secured issue.
Business
Calendar
>
8:00 p.m.
11:00 a.m.
1964-1993
^ dnnnnn
—
twh-ihihutes Balem,^Ore.-i—
were
2.718.%
.
neW
h
Ohio—
Puerto
the grounds
It is interesting' to note that
ranging
that
more
on
had
it
late.
Impending
It hps been obvious ,for a year
or
rejected
was
that
.
Good .Volume ofNew
r^«r«
Iowa
-n
Cedar ^Rapids Comm. S. D.,
'Ydrk? Grand; Island,. N.
associates but this
Co., and
Trust
,
7:30 p.m.
*
March 27 (Wednesday)
2.715%'net Columbus,
this issue " J
-Tt
a
by tbei Chemical iBank "New
factors
involved
have the
late -sprihg*early
summer
been adjudged favorable enough markdown due to the • unthinking
!|o encourage dealing in a defi- indulgence in overpricing that in/jtiitely new^atehes up with most un-
at
;
6:30 p.m.
1988
1964-1983
1,620,000
Bank group on-#.'„•••!•,.a
bid,
Noon
1967-1999
1,080,000
1,200,000
interest cost, -made ;for
market
tinue
better
-a
was
to the dealer,ontoftbe investor in
•fprospegt that .the .trend wilLcon- derwriters.
City
'2.717% net interest cost*bid. There
of effective.tax^reducUon.
Actually he expects a grea er ne
itself,.this
■■
a.m.
1964-1983
2,280,000 .1965-t
Salem, N.
bonds.to.-the First
Car (1863.1987)
.
a.m.
11:00
41,6.00,000
two
York-State Guaranteed Commuter
11:00
1964-1993
1,960,000
10,260,000
Wis
jMacoteh County, Mich^—X.—
issues of Massachusetts (State of)
—
public bid* Midwest: City^ Okla. *—w - - ding.' ThePort bf -New"Yofk'Auth- Radcliff, Ky.
r---ority- awarded
$8,250,000
New Riverview Gardens Sch. Dist., Mo.
Thursday
Lqst
_of toe
,
;
i.
v:
note Were 'offered/for
ii
<«+
?hases <?f hur"an tetiY ^
J"? P(erhaPshvtl)e. beating
®art
particular significance
no
-° ?r«P 5 !
.
Janesville,
issue.
but including alnaost all
fwl
or sales,
had previously
since the 1958 surge. In
£
,
November .1962
early
which latter
sw
^
^ toward a tax reduct.on,
when. oonfused
niadly increasing state and local taxaUon
records. The Commercial and
Financial
2:30 p.m.
2:30 p.m.
,
.
+
^
...
our
..
11:00 a.ni;
1964-1988
April 2 (Tuesday)
the'present-'-Cleveland,. Ohio
12,000,000 1968-1984 4 L00 a.m,
balance in group i $3,922v000; ;-1.
: matter.of
oMi'rineaiwlis 3pec; S/.D. #1,- Minn.
>2.050,000 1965-1974 11:00 a.m.
bawj«lW,,w«pAa^^. .agh -remains at a relatively-high RortsmouttC Virginia ^awarded :Newport Harbpr/llnion HSD, Calif. 5,460,000 1964-1983. 11:00 a.m.
$4,600^00 general, obligation water' Ohio State University.
—5,400,000 1963-2000' *11:00 ai.m.:
2:00 p.m.'
(1964-1983);bonds to:the First 1V4-^Oklahoma City,, Okla
4,500,093/ 1967-1985
at about ,$675^00^" tional Bank of Chicago and Bank- Sudbury * Sch^ Project 'Loan, Mass. • 1,500,000 , 1964-4983 •" 11:00a.m.
ers Trust Co. and associates'at- a
S:00p;m.
Thornton, Colo——__—
1,750,000 2.792% net interest *cost; The,run¬ Wilson County, N. C———
_2,42Q,«0Q 4966*1084 11:00 a.m,
sourceful, it has lacked the aPf5
f/trt
issue
Sfu7fcndder Uones ,As...3 .though less-than.lt .was a week
rna volume/The visible supply alconsiderations.
to
much
powerlul-
date
has
not
attracted
•
demand, ^with
,
,
^ ^ere'"pres^UyV
ha^be^b/^h^'
\
,
,,
,
able.
well
as
Since
a
as
new
with
*
,
ephemeral dynamics that
litically
are
po-
'2.803 % net interest
the Continental
Illinois National vBank' and Triist
ner-up* bid/ a
**
n*
fiscally desirorder of
distribu-
better
resultant
a
p.
cost,
There -are ttwo iking -sizetissues
eco- -
came
been discounted
V*- Other
;knd, since something less is being schedule.
major members
winning * group
•
of
Loeb &'Co., L.'F.
Rothschild &
&
,
Both issues
of bonds.
000
Corpus• Christi Indep. S. p., Texas
Co., Frederick - County,
Co.", 'Philadelphia, ,Pa,
1,000,000
1964-1981
2,500,000
1964-1988
11:00
374225,000
1964-1988
Nobn
1965-1986
10:00
Henry * L.
set, Harris ^Sons^RoberteGarrett ]&
are
Sons, ^Folgeir^Nbten, >Flemining i&
^
' r pp ;for competitiye ,bidding -and
'
The bapks/surfeited with funds, several are ready to bid in each Co.. and Kean, Taylor j&VCo;
Reoffered 4to yield from 1.60%
and other investors have absorbed instance. .^'Otherwise, the. largest
Sustained
g
t
.
a
record
iover the
•
#
volume
of
last 18 months and from
in 1964 to 2-05%.in
issue requiring bids is an offering
tax-exempts
.
1981,4he.presr
Spokane County SD No. 81, Wash.
1,500,000
^
April 4 (Thursday)
ciSi^iiceville
Sch. ,Dist., Mich—_
.
_
Clarenceville Sch. Dist., Mich.____
4:00 p.m.
ent
balanpe;is?^^$3^310,000/ /Ehe-4982
'Will be-
and 1983 maturities were sold,
the
a.m.
|
1964*1991
1,500,000
1,500,000
8:00 p.m,
19644991
Jefferson Parish, East Bank Sewer
District, La.
ii-—/ 4,00.0,000' 1964-1903
April 8 (Monday)
..
"
prevolume^^ on'-March 26. '
4
Dupage & Cook Counties Hinsdale
sale.
;w
stylet - inyentery v situatforjiV
Township *High S.- D. No. 86, 111.
^can be counted on to be receptive continues to be apparently very
Monday iHeaYUy;.Larded
Missoula• /Special; Improvement
for a lengthy period ahead. Morei>.favorable^ d'be.d^ily offerings re4 £
:
Business '*
/v
District -No./ 281-e & 282, Mont—_
ivl7o,0()0 /.
over,' this virile interest is not re- cently appearing in the Blue List
i On44onday; of the carreht^woek (■«r*
1
7 * April 9 (Tuesday) 1
stricted jto the
so*called "bank have totaled considerably under
several" sizeable flotations; in)Cal-^;Brevard Co:
Spec. Tex SD #l,(Fla.• 12,000,000 - 1966-198L
maturities" or even to the so- the
j present Indications
a.m.
-
.
of $4.1,6.00,000 Massachusetts bonds
2:00 p.m,
8,750.000
-include> Kuhn,
Weeden-& '.Co.-, .Stroud
1965-2002.
1,870,000'
_______
Trier Township
High School District No. 203, 111.
the
System wants bids for $130,000,* Sperieer 'Trask >-&.Co.,
Bull Market Likely to Be
Colorado State University.
Cook County New
' ;
^
,
'
April 3 (Wednesday)
from
Co. syndicate.
thus far involved in the month's
On^ April 10, California
realized, the profit squeeze;<ahiOpg
,^or ^ids. .on $100,000,00^
|pther things is*-forcing a- fchango^".bonds and bn^April lt^the,Wa5h»
in investment procedures.
iqgtop Public; Power . Supply
vbomic growth has
.
2:00 p.m.
cpntihual' and
•
•
-
MARKET ON
%::i-:V
;?•;'y-;:
S; California,
$500,000,000 mean amount
11,500,000
m:r 3 ^- ifornia, Texas, Minnesota and I1-, -Detroit, Mich.__
linois-shared the .spotlight.-The. Gallatin
County Sch. Dists.; Mont.
-2^48,000
REBBK3ENTATIVE -SERIAL ISSUES
1,660,000
lk;k:Maturity^ V-5.-'Bid /-.."•'.Aaked- - City-and-County of San:Francisco Lorppac, Calif.
sold*four- issues totaling $37,215,-, Omaha
City Sch'. Dist., .Neb—25,000,000
^19823.00%
4
New Jersey Hwy. Auth.,
;
Gtd—1981*1982
York, State
i: Pennsylvania,
1981-1982
.—
'3%%
1974-1975
2.95%
2.95%
3.15%
■
3.00%
-1981 v-4
Illinois——1'—"Ji'm 3V4%
New York, New,:York_.-
1981
3%.' ,"4980
■
-
/;March j20, J963 Jndex=2.896%
;*No apparent availability.
r
•
.
4
"
3.05%
3.07%o
3.00%
to. jthe
-
Bank
(1964-1983) '*■
of "America
1963-1973
8:00 p.m.
7:30 p.m.
bonds
.
Associated with Bank of Amer-
ica
:
as
Chase Manhattan Bank, First National
City
Bank,-. Blyth
}
/
&
Co.,
J
;
/
Continued
on
page
40
.
,
j
,,/J
,
'
,L:
Duval Co. Spec. Tax SD No. 1, Fla.
/.
__
10,000,000
'
North?East;IndepoSch. Dist., Texas
_
;
I
-•
.
8
/
^en°sha, Wis^—
Y/
Mich._
A/;-
„
1C
/lt/r
8 1965-1981
10:00 a.m,
2,300,000
,
1964-1088
x
AP*li tl5 (Mondi^f)
/ 2,790,000
7,000,000
Omaha City Sch/Dist.; Neb—25,000,000
1966-1092
11:00
a.m.
1145
5,299,000
April 16 (Tuesday) /
Detroit,
.
-
April Jll (Thursday)
Essex| County, N. J.i___'_;
; 4,4
f
k\
April 10 (Wednesday)
/
Harriman
Ripley & Co., The Northern Trust
,
-
'State School*Building.*--------- 100,000,000
L
major underwriters are the
The First Boston Corp.;
t:
,;
1
California (State of)
_______ 100,000,000
California State Construction-& ■
&-Co.,iInc/wasithe»ruriner^
for $32,800,000 of the
and ' the
interest", /costs
"?*/;4
bidder
ranged ifrom .2.53% to 2.694%/
3.20% v' 3.05%
;:'3.20%
Stuart
up
L 3%%L 1981 ' : V '3.05% i2.90%
-.J 3%% ' 1981 ' ^ 3.05% -2.90%
Cincinnati, Ohio (U.T.)___
Philaoeiphia, Pennsylvania>_._.:.*3^%
f
3.10%
1981-1982
bonds
ing from 2.51% to 2.68%/Halsey,
2.80% '
,1981-1982
000 of various purpose
N. T. & S. A.at.interest.cost rang-
2.65% \ 2.50%
1981-1982
3%%
f Baltimore, Maryland^.
;
2.80%
2.90%
States
Angeles, California..^
fChicago,
2.85%
3.00%
1981-1982
j; New Housing Auth. (N. Y., N. Y.-)_ 3y2%
4
3.00%
;3y4%
Delaware, State
Los
2.85%'!
3.00%
Noon
:-r 1964-1991
•
Connecticut, State'L.-.:^—.v..;— 3%%
; New
.
a.m#
7:30
pim^
■
|
f
>
i
Volume 197
Number 6248
.
.
The Commercial and Financial Chronicle
.
New Issues
CALIFORNIA
6%, 5%, 2%,.2m 2y2% and ZWo
ISSUES,AMOUNTS, RATES,
MATURITIES AND YIELDS OR PRICES
(Accrued interest to be added)
$9,800,000 6%, 2%, 7lA%,
C ®
VARIOUS PURPOSES BONDS
'<
■
VA%and 2%% Airport foris-^962, Series A
i^Ouei $250,000 April 1, -1964-67, in el.
X
-800,000 April ,1,1968-78, Ind.
f-X X;X
X ■.
>
,
.
Dated
iDue April I, >1964-82,
April I, 1963
inel.
*
j... '
$2,725,000$%, 2%, 2>4%, ?\i% and 2%% Museum Bonds ~?1960, Series A
*
\r.\*
$1,690,000 5%, 2%, 2V4%, Vk% and 234% Sewer
"
"
t
': w Due:
tho'liolderXaf tho' bffics
I
,
agency
."1
both
end $%% Municipal Water System Bonds
' X,XX
1961, Series B
V
Tax
V
Museum &
•.c.
1,120,QQ0
6.-2
1,120,000
6
2
'
2
-
:
6
/
:•
1966
1967
'
«A 2,385,000 >2"V
/
4
.
2,385,000
2%
2V4
U0%
-
1.70%
>
•
/'
2%
2%
X2%
1973
2Va
2%
1974
bank's investment, and
moneys
in California;
are
legal investments for savings banks, and
are
•>
*
eligible
are
t
•
as
security for deposits of
■■
100
2y2
Vfi'V/i
1975
2%
2%
2%
.2%
2%
,
2%
1970 W* 100
2%
2%
2%
1971
2%
2V2
1972
2,390,000)2%
X
"
1,295,000.
;
*1,295,000
-
V;,M
'
X 1,295,000
1,295,000
4
>1976
2%
1977
2%'v2%
:;t,295,ooo
<
a
in bonds which
r
2%
X
'
York'4br savings;banks and
Jigar/fimitafions
likewise legal investments in California for other funds which may
2.10%
aV2,385,000
-
U
;M 1
>>'4
the amount of
public
2)390,000
2,390,000
V;
^'A'-'A:'
'
funds, in Connecticut for savings banks, and in California for Savings banks, subject to the
be invested
/
2,390,000
-
;
upon
;
;
.
i00&2.0Q%t
>
r
•
trust
1.85%-
2% >1968
itsbonds is exempt from
Federal and State of California personal income taxes under existing statutes, regulations and court
Legality for Investment—We believe that these bonds are legal investments in New
'
or
2,390,000
.
to
2% 41969 "X 2.20%
2,385,000-2%
"-2,385,000
kC
...
X
as
;X ■; >
t •
'
X^'-X
X;
....
2.45% X X,. X/,,X
2,385,000-2%
£
,
.
*•-
..
Price
,
1
...
f*f:Yield
^ew^r Woter Due
$1,120,000 6% .5% 6%
1964 t
1,120,000%6
5,-; 6 :yi965 ;»
-
decisions.
r
'
Amount,,--,. Airport
- *
Exemption—In the opinion of counsel, interest payable by the City and County .upon
all present
1,295,000 April Y, 1972-83, ind.
,—Coupon Rates—*
,,
of the City and County In New York, N. Y. Coupon bonds in denomination of $1,000 registrable only
principal and interest.-
.
575,000 April 1, 1964-67,Jncl.
'
'ssnif-Giinudf Interest (April I and ^DctobeH) payable, at the optiph of
he City and' County of 'San Francisco) California, - or at the -fiscal
the Treasurer of
,
,1,290,000 April 1, 1968-71, ind.
,,'
of
April,!, 1972-79, Ind.
11 0,000
$
,
Bonds^1954, Series E
$115,000 April 1, 1964-71, ind.
$23,000,000 6%, 2M%,
Due:
Payment and Registration-—Principal and
"
1 ;i
-1.85,000 April 1,1974-78, inch
-
.
\-XC
Due:.$180,000 April T, 1964-73, Incl.
»-■
-
•
,1978
2%
1979
2%' 1980
2%"
-> -.£2%
2%
,2.35%;." '
2.40%
:
2.55% X X'• XXX"'
>2.60% X < . ;
X
2.65%;X...-/- ^X 'xX
2.70%
100
100
X Xx.
1981
^2.80%X.
/''-XX
pi982 4 2.85% :>>>;, X: •
1983
«2.9Q%
fAIrport, Museum and Sewer 2% Bonds are offered at adollar-price of par> Water 6% Bonds are offered at a
price to yield of 2.00%.
-
1
XXXX'XX
tax
dafn,- Amertlsotion of Premium—Tbes* bonds wilt bo Initially issued b/ ih* -above
than
their par value, and a
taxable gain
tions to amortize any premium
Ait?1''
-tv •if'.U'-'-tf.;.- •'
Legal
Opinion—The
other
underwriters
Dahlquist,
may accrue on
paid thereon. %
Herrington
♦
shown
whose
homes'
A Sutdiffe, AKorneys,
bonds purchased at
when,
a
mme<f political
discount. Investors
are
\
~
T.; ■>. .?)(.;<
above .bonds ore offered
pot
.
^
as
subdivision pt not Jess
required under existing regula^
Af&Azh
'i-.fi
v
'■
pnd If. Issued and receivedby Jhe ^underwriters listed below,, as well
will 'b* furnishedon
request,
as
and subject fa approve! oMtpolity ;]by!Messrs, Orrhk+
San Francisco, California, a copy of whose legal .opinion wilh be. printed on reach bond.
8
The Commercial and Financial Chronicle
(1176)
StainlessSteehWhirlpoal, Pitts-
burgh
Plate
INVESTMENT LITERATURE
AND RECOMMENDATIONS
v!,' .;-V
TO
SEND
>/•;[<'■ >5>
" •,r''r
•
THAT
UNDERSTOOD
FIRMS
THE
INTERESTED! PARTIES
and Firestone Tire
LITERATURE*.
1
Australian
1
■
Oil—Review—Demp-
Local
Airlines
Reuben
Rose
Broadway,
&
Co.,
Inc.,
N.
Y.
Opemiska Copper Mines (Quebec)
comments
on
Ltd.
York
New
an
115
6,
Also
Breeze Corp.
American Agricultural Chemical
Report
—
analysis of Southwestern Investment Company.
Ericsson Teleph(me_Discussion-
Oppenheimer,
-
New York 5> N. Y-
.
Service
Co.
...
—
Newborg & Neu, 120 Broadway,
■■■
^
Comments
'
.
<
& Rubber
Allis Chalmers Manufacturing Co.
PLEASED
BE
—
THE' FOLLOWING
•
Glass,
K'''-ii':/
\\\£v
■ .
WILL
MENTIONED
First Flight—Memorandum—Wm.
available
are
Analysis — Doherty^Rpadhouse & McCuaig Bros., 335 Bay
body
York
—
>
Toronto, Ont., Canada.
Paddington Corp.^-'ArtalysisL-Pv
^Memoranpi^-^oseph Mayr
H. Tegtmeyer ,& "Co., 105 South
v*<way> • ^ La Salle St.V Chicago 3, 111.";
Industry--^BuUetih-iGb(^- ^^n®®^ Mohawk: Airlines, Frontier fork \N Y-.
General PiywCod^Bulletin—
& Co.; 2 Broadway,
Airlines,v Southern Airways^ and :A h* 0r i c anBroadcasting Para- -winsloW: C!nhu" Ar
inn :■
4, N. Y. Also
sey-Tegelef & Co., Inc., Americana with particular reference to, AlBuilding^ Houston2;^ Texas^ ; 4^ ^Tf^hany^ Airlines,^Bbnangav Air«r
Auto
1963
Salle
Chrysler, cago 4, 111,
Telephone, Skelly Oil, Dymo Industries
American
IS
La
Thursday, March 21 r
..
Street, Chi- Inc., 231. South La Salle Street,
;r Chicago 4, 111.
"
r
Study—Hallo^ National
Tank
Company — An| JPittston,. Arvin Industries,
well, Sulzberger," Jenks, Kirkland alysis — Schneider,
Bernet
&
trie
Storage vBattery, Champion & Co.
Philadelphia National Bank Hickman, Inc. 1505 Elm Street,
Sfcark -Plug, Libbey Owens Ford
Bililding, Philadelphia ?7, Pai
■
: Dallas 1, Texas. Also available is
DEALER-BROKER
IT
209 'South
.
H." Blair.&<?bmpahy,A'5MHanhver
Square, New Yorfc'4, N/Y. Also
available* are: review^ < of " Hart
at
,
.
& Co., ;72-WalL St.,- New York 5,
Bank
^ on'co^lltoleir^sSd
rih
General
White
Major POol Equipment Corp.—Re-
tti,hwvi
ieports
Genera! Mills.
Tirl
and
Marx
;
Purcell &<Co., 50. Broadway, New
review of the Municipal Market.
>
Stocks
Comparison
-
and
analysis of 25 leading bank stocks
Electric.;;:
^
Y. Also available are
York 4, N
mem-
*
—Laird,
Bissell & Meeds, -. 120
Broadway, New York 5, N. Y.
'
Bank Stocks
Bans^Momts
quarterly
123rd
-
-
rorh
«
•
consecutive P°rt-Hui. Thompson & Go., Inc., Chemical Corp
usra consecutive
—
leading
of
comparison
7o Wall street, New York 5
• "
'
Over-the-Counter Index —^
banks and trust companies of the
st
qt
t
Boston
Hahse^sho^PC
^^r'l:o"da^e ;COmPari^
Broad Street, son between the listed industrial
United- States-^ewv York
atic
Corporation, 60
stocks used in the Dow-Jones
New York 4, N. Y.
:> ? Averages
r
Canadian
Industrial
Stocks-Re-
and
J
® Adelaide St.,
'
West, Toronto, Ont., Canada.
Canadian
Stocks—Brief
on
50 active traders—Canadian Fore-
caster, 238 Adelaide Street, West,
Toronto, Ont., Canada.
Chicago
Growth
can
Bank
perj0(j
Stocks—Study
QuoteHon
—
•
r P°"s
1 ®
Frito Lay.
_
Ginn
^^\rnrn,A,.
Corp.-Analysis-Putnam
'
^ Georgia.
Seaboard Life Insurance-Mem-
.
Front
Emanuel,
Deetjen
Co.,
&
5,.:; N.
120
Also
Broadway, New York 5, N. Y.
Street,
Associated
Truck
—
Lines
available
Veeder
Root
is
Y.
analysis
an
Inc.
New
Analysis—Walston
Puerto
Rican
Securities
—
Baker
Quar-
Oil
terly report to investors-Govern- burger
ment
Development
Bank
Bonds-Bulletin- Tax (Free
Tools—Report—New-
—
Review
—
F.
L.
Guaranty Company and Spring-
—
^ Company 1401 :Walnut §.inan^ Corpor^tion >
p
,
.
,
,
3200
Co., Incorporated, 300
Park Avenue, New York 22, N. Y.
Southern California Edison Com¬
Pru-
u)
..
lru
p
Gypsum; Du Bois Chetmcab, Fi-
1962
_
southern
.
Delity Philadelphia Trust/Harvey
Annual
California
report
Edison
C/D. Lestes, Secretary,
sur^ce LO. — iwAmnrarvrfn™ il-w ,
_
Co.,
eoL West
nuaPreportBeneficialStfphLdelphia^Pa,^6
Utilities P-Bulletin-
Pa^e, Webber, Jackson & Curtis, Co., Beneficial
25 Broad St., New York 4, N. Y.
ton, Del.
&
Horse —Analysis
Haven
Rothschild & Co., 120 Broadway,
Household Finance Corporation-
&
St., Philadelphia 2, Pa. Also avail-
for
Saving & Loan Holding Compan-
Iron
>
« «;
Company of
Insurance
Memoran-
Hawaiian Telephone
Chicago 4, 111.
New York.,
of
«°n5;Bank Savings Bank, and Rico.
of Chicago, Harris
Trust
and
the
Security
of
Inc.
Pmnk & Trust Company. First Na- Puerto. Rico. San Juan, Puerto oble are comments on _BestwaII
Flying
|Hills, Calif.
of
£ Co^roadway, New York 4, Co, Inc.,^11. West Jackson Blvd.,
Continental Illinois National
Evans
report—Rockwell
Courts"'&,-isIandard Corporation, Secretary's
'
^
W. Atlanta Office Coraopolis, Pa.
Co.—■Analysis —
Bureau
Portfolio—Bulletin—Schweickart .Michigan
characteristics of Ameri-
Convertible
Stahd^d .Cprpo!atioh
Annual
1962
Co., 11 Marietta St., N.
PntnaTrl
Anelex
m
in
u» iN-
are-' hiemorarida^'ipb^Reviofj*«and Rockwell
.
National Quotation
Bureau, Inc., 46
New York 4, N. Y.
National Bank & Trust Com-
pany,
Natio„ai
year
data
used
stocks
A,ICVV
Also
intpriakb
Co., 6 Ce„tral Row, Hartford 4,
Great Western Financial Corp— orandum—Kleiner,
Bell & Co.,
AverageS) both as to yield and Conn.
Analysis—Blair & Co. Inc., 20 315 South Beverly Drive, Beverly
market performance, over a 23- Armour & Company—Analysis- Broad St., New York
the
issues-Draper Dobie &
gas
industrial
counter
view of 21 base metals and 8 oil
: Ma«
,
35- over-the35 over-the-
and the
and; the
Q
whnrtk
sr*
BmliRng, Wilmmg-. York 5, N.y. Also availableare „ ' *
On, Whirlpool, Bfeytag,.^ Suburbai
u
of
rails—Auchincloss, Parker &
4eNewhYor^r°adWay' NGW Y°rk
4, N^w York.
F.r.i, S.,urili.-K—[iepnrl—W.ilS%£SS ».S?"
B°"a"
ing Detroit 26, Mich.
Japanese
Discussion
Investment
—
Outlook
Machinery
Review—Nomura
,
*
is
^
-
....
g
a
a
Bank Stocks
view—J.
C.
Wheat
i
East Main St., Richmond 19
re-
"'"'v.:-1
.i
.
■'
...
Ltd.—Analysis^
1
,
.
pany
\
.
^
,
Also
Va
Alco
Co.,
&
cn
12ft
Western
Natural
Gas
^ork&5, %%120
A1
«
.
,
Hornblower
dum—Daiwa
Memoran-
Securities
Co.,
Manhattan
149
&
on
Thor
Toronto 1,
Weeks,
Plaza,
1
New
N. Y. Also available
Broadway, New York 6, N. Y.
Power
are
5,
Eastern
banks, brokers and financial institutions-,
Central
National
X1
V-
'•
-
•?.•>r
:J'"' 'VA;
V.
V.E.V
' *>■'>■
\
iiff; v>;^,
't-A'fci'
•'
14, Ohio.
West
it'- '"'.,
of
Utilities
Insurance
St.,
Detroit
?
"
-
*
'
Block inquiries invited
Mem
•/
o r a n
Bpybe,^!
74
Insurance
Star
Cement
&
Co., Inc., 155 Sansome St.,
Weyenberg Shoe—Report—Robert
North
Consolidated Foods Corp., and
Greyhound Corp.
Corp.—1962
on
^New HaVerrY,; Conhv^
,
B ulle^tinT-T
,,
.
,
-<■
,
1
;
.
W%
-
d,.
?4
liltJUtJl UaUIXl
Scott^apc#8 ^ FUm ^ a"d
NamesDept.EXGCS.
:
d
a
Oil
u in
Charles
.
*i
,
Massey' Ferguson
Limited
—
Ah-
alysis—James Richardson ^ Sons,
M
Wail
St.
New
York
5,
T1,.A'
of Moore, Corporation Ltd,
Trinity Place, New York 6, N. Y.
Teletype 212 571-1780; 1781; 1782
York
Citv^ iherhbers4 of the' isTeW
York
Stock
other
McKesson
^
Robbins Inc.
—
An-
Balti- alysis—Laird, Bissell & Meeds, 120
<^-1962^'-Af8® ."avpilahie,. -is.; an.-;anaiysisv of
l;yMd.«
Exchange
departmental'
manager
.
Detroit ^Edison -Company
*-
.
N. Y. Alsp available is an analysis ^ppQj^g^
-
Refining—
Stein Bros. &
Center,
more
Troster, Singer & Co.
HAnover 2-2400
San Francisco 4, Calif.
Life
•
Commonwealth
p
30
^McK|nnor^ 2: Bro^d- ^Ti-i
M.
and Wm" Wr!sley' *'
;
Harris,
way» New, York 4, N. Y. Also
availabie are^^commcnts on Gen-
26,
spiratiou,ConsoIidated Copper,Co.
Standard & Poor's Corp.; American
Companies
New.York Security Dealera AssCciatioti
—
pv;
Independent Telephones
•
Stern,
•
son
Manhattan_ Shirt
—
Loeb, Rhoades & Co. 42 Wall St,
J Pipelines
&
New York.
:
Congress
New
•
Report
Corporation,
Secretary's
office, Xerox — Memorandum — Chas W.
100 Park Avenue, New York 17, Scranton & Co., 209 Church St.,
Building, Cleve-
Chrysler Corp.—Review—Cari
Gas Producers
Herzfeld
Annual report—Lone Star Cement
Cleve-
Michigan.
Industrials
•
—
& Co., 120 Broadway, New
York 5, New York.
—
"Baker^SitfiondsJ St JCn.^lhc:;Nl51
•
,
Upham
.
OTC:
./ '• 'si «
-
Textron Inc.
Uarco—Memorandum—Birr, Wil-
Lone
Bank
Chrysler Corp.—Memorandum
^nrysier;ijorp. — jyiemoranaum
Trading Markets in 891
of
Water St., Milwaukee 1,
;Wis. Also available are comments
land
.
An-
Inc
alysis—Peter P. McDermott & Co.
42 Broadway, New York .4. N. Y.
W. Baird & Co. Incorporated, 731
New York 5, N. Y.
comments
Tool,
analysis
an
Electronics,
5,
;
Carborundum Company—Analysis Columbus Bank & Trust Company
Reynolds & Co., 120 Broadway, Buildingj Columbus, Georgia.; ?
Chase
York
is
z
Johnson, Lane, Space Corporation,
Union Commerce
Firm
Textron
Company of Memphis—Analysis—
Ont., Canada.
land—Analysis—McDonald & Co.,
For
New York.
Broad St., New York 4, N. Y.
Watt. Limited 7 King'Street, East
_
available
Wall St., New York
44
pany,
Street;
Lincoln American
Alco Products —C o m ments
—
Bay
Report
Company Ltd.—-Analysis—Watt &
Rm^wav
of A jinomoto Co. Inc.
Securities
220
King Seeley Thermos Company—
Canadian
Products—Memorandum
PershinC
New York 6,
N. Y* Also available is an
analysis
Japanese
Limited,
r Industries, Inc.
Canada.
~
Industry
Securities
memorandum on
membrarldum 'on Chrysler.
Chfysler:
-5;.
^
-
Coi^
Street, West, Montreal 1, Quebec
10OL
&• Co..
,
t
a
a
~ '■ <» ■ C-k
4..st ■ w«.»»«.«"«c""a" isszav JSW5
Canadian International Power Co
Analysis—A. C. Allyn & Co., 122
Ltd-TnalvLwRoTal Securito South La Salle St., Chicago 3, 111.
Annual
J
V
Canada.
Yamaichi Securities
New York 6, N. Y.
Japanese
^
«»»co.
Co. of New York Inc. Ill Broadway,
is
Texas.
•
,
partment,
are
"
!
executives
J. Kichard Leyner^
of the mutual fund'de-
and Michael J. Fried-
lander, associate ^manager^qf; the
Broadway^New York: 5, • N.; Y, vdepartnireptof *4^\^tertihancing.
Anpual report—The Detroit Edi-
:
\r
"i
ri'i
Christiana Securities Company*" ' OpenS in MeW York Utj^
T?eP«,3n9nn^rl^' SAPenCe!' Metro^lfa Bowling Centers toe.SS'
M Avenue, Report-Russell & Saxe, 50 Broad
Detroit 26, Mil
4, N.
NEW YORK ciTY-I)avid Gracer
Gompan,, 50 Broad ..Street. David
Doughboy; Industries, IncuBrpt\Montgomery' Ward^,& ;.Co.,
Inc%-^ ^was formerly.; with
chure^William A. :Fuller ^' Co., Analysis—The Illinois Company, Rhoades- & Co. ,
,
Carl M. ^lioebj;
;
j
^
Number 6248
197
Volume
.
.
The Commercial and Financial Chronicle
.
Our Reporter on
t
;
(1177)
9
t
Thi,8 adveTtisemeri
<'r
sell: nor
a
solicitation of offers tohuy any of thesesecurities.
The offering is made only by the Prospectus*
/
>*•
' v /'
.
v
,
c
new/issue"
EY JOHN T. CHIPPENDALE.
; :
March 20, 1963
$30,000,000
Thegact that inyestor^t&fe^ill; iPre^ure; of; Funds Keeping; ,LicC
g */; *'V'.:On Interest Rates * \
■
'
amounts of funds in fixed income
bearing
obligations
outlook
favorable * for
ment
/It seems- as though rates in the:
toe
makes
short-term
Govern¬
area«or
Cork
money- mar¬
ket will be kept high enough so
obligations from the short¬ that the. readily
movable funds
Company, Inc.
est" to the longest ones.
as
large
demand
a
short-term
as
There is' will continue to stay here and not
ever for the; be transferred to other free world
liquidTreasury secu¬
the
rities and the Government in its more attractive, rates- of; return ■*
debt management policy has
available- there.The 4ong -term.
money
centers
,
because
Seal
&
of
4%% Sinking Fund Debentures, Due March 15,1988
'
sector or the capital'mar
darve -of; this /nehd
on-
these
sp: thht;
obligations-have
kept from going down.
fThe
yields,
been
continue.- tp
Price 101.25% and accrued interest
in-.
bxoney that are available for
•
-
vestment in bonds.,*:
late
Treasury- announced
be.' under ^he; influx
-
of the very large amouuts: of
:ence.
thai On ;Aprils 9,; bid§ f There is no question but what
be: ofreried on .an< issue of the heavy pressure from funds
$30/million bonds to nature/May : seeking an outlet in fixed income
yesterday
s
will
?
Copies of the Prospectus may be obtained in any State from
only such of the undersigned as may legally offer these Deben¬
tures in compliance with the securities laws of such State.
oh abd .after bearing obligations is a: veryffa-,
May 15, 1989. ~. The first auction vorable force in keeping ali .rates
award of.. Treasury bonds took of interest, whether they be short,
is/. 1994;fbiit .'callable
.
place last January at which time
intermediate
$250 million bonds
were
sold. The
up
offering
four
competi¬
funds
attracted
and
Francis I. duPont & Co.
this
same
either
The First Boston
these
of
taken
by
Incorporated
"
;
Harriman Ripley & Co.
Goldman, Sachs & Co.
au¬
/
Incorporated
Hornblower & Weeks
thorities.
force, namely,
Kuhn, Loeb & Co.
Corporation
Glore, Forgan & Co.
the
monetary
the
or
any up¬
about mainly be¬
action
Treasury
offerings very much in stride be¬
in
come
of
cause
raising
money
new
that
means
rates
will
areas
re¬
likely
in
trend
sectors of the Government market
have been able to absorb both
of
these
as
available for investment
are
it most
The intermediate and long-term
cause
long from moving
or
extent. As long
any
in the money and capital markets,
tive bids.]
funding
to
*"
Lazard Freres & Co.
Kidder, Peabody & Co.
■
Incorporated;
the large amount of money seek¬
investment
ing
in
Martin Viewed
highest
the
Source of
as
Lehman Brothers
Strength
quality issues. Long-term Federal
•
bonds meet this test very readily.
*McChfesney
Martin
term
Dillon's ViewsoilInterest" four-year
Federal
the
/ Rate Ceiling
v'/.-;/ ///
'The reappointment of William
';/,■■
''
■
* the
of
Treasury
"
Reserve
Board
financial
Douglas Dillon has indicated that
known
Government will not ask for
the
year
terest
ceiling
rate
Federal
term
Dillon
Mr.
on
bonds.
long-
new
In
should
addition,
does hot intend
'
■
'
White, Weld & Co.
Corporation
Dean Witter & Co.
•*r
»•
is
System
independent
from
of
the
This advertisement is neither
Ad¬
•"
ministration
Incorporated
•
,
who believes that
force
or
/
Smith, Barney & Co.
/
Stone & Webster Securities
was
Martin
Mr.
Reserve
remain
pressure
ip juse
one
Federal
the
Incorporated
"
advocate of "Sound
an
money" and
in¬
of the 4V4%
repeal this
district.
as
■
1
of
received with gratification in the
Secretary
*"
Lynch, Pierce, Fenner & Smith
Paine, Webber, Jackson & Curtis
to ./another,
/
Chairman
as
Merrill
pr- any
an offer to sell nor a solicitation of offers to buy any
The offering is made only by the Prospectus.
/« /
-
other legis-.
J961- opinion by Attbr0y /Geh- lative body or/organization.. There
pralK0nedy thaf /the" Treasury appears to be no question in/the
Ppuld/toy/discounting, legally ex^; minds of most moneymarket spe-/
ceed/ the' -AYi %' interest rate Peii^
cialists but thatthe Federal/ Re¬
of these securities.
v;
a
:
ing
The
Government bonds.
on
Treasury by /selling n0g
value
par
issue's
yield
Martin, has done
Ut; good job in keeping the
face yalue "or and capital markets
could raise the keel under
(100)
trying
maturity
to
Ways
that the
Committee
Means
Treasury will respect the spirit
well
the
as
rate
law
ceiling
ernment
for
of
long-term
own
even
domestic
The
Cork
Seal
&
and
Company, Inc.
Board is looked upon as a source
of
strength
and
as
interest
the
money
an
,
very
Chairman of the Federal Reserve
Mr. Dillon told the House
and
on
a
international conditions.
above
the 4Y4% interest coupon rate.
400,000 Shares
Board,/ under the guidance
Mr.
of
^yeh^ive/years /irr^ maturity^
prices ; below rthe
serve
March 20, 1963
new issue
far
as
gold
our
the
as
holdings
dollar
are
Common Stock
con¬
(Par Value $2.50 per Share)
cerned.
Gov¬
The
bonds. However, if con¬
pre
advance
ditions should change, the Secre¬
-
refunding and junior
refunding
$8 billion
showed
taken in
were
that
new
se¬
tary indicated that the Govern¬ curities by the owners of the ex¬
ment might have to ask Congress
changeable obligations. The pub¬
to "repeal the 414 % interest rate
lic's exchanges for the refunding
ceiling in order to finance the obligations amounted
to; $7,7 biW
national debt on a non-inflation¬
lion of 38%,' the largest dollar
Price $31.25 Per
Share
,
ary
basis.
This
Dillon
Copies of the Prospectus may be obtained in any State from
only such of the undersigned as may legally offer these
Shares in compliance with the securities laws of such State.
amount of any of the seven Gov¬
testimony
seems
by
Secretary
ernment advance refundings.
to put forward the
opinion that during the foresee¬
future interest rates
able
going
to
advance
are
great
a
Ralph Dimpel With
not
deal
even
of
,
though there will be offer¬
ings
long
bonds for
poses.
-
new
term
money
'
Mackay & Co.
Government
raising
pur¬
It will probably be quite
® /-.Vi
balance of
; ,N: vg./ig .£ •}«./
rp
J.-l-
-
;
Ralph T, Dimpel has become
a
;>
Broad
•
St., New York City, as cpof the trading / depart¬
manager
payments problem, ment.
Mr. Dimpel recently/was
the changtedconditions of the with John J. Laver & Co. Prior
Common Market and the inflation thereto he was. with Xubetkin,
our
factor,
will
enough
to
policies
being
Treasury
thorities
b eco me
necessitate
and
-
adopted
the
forceful Regan & Kennedy for ten
monetary
the
au¬
towards the money and
capital markets.
Charles O'Brien Murphy:/III: is
different
by /
years.
resident manager of the New York
office
of
MackayCo." Head¬
quarters
of the
in
are
Pa,
1931,
firm, established
located
in
Reading,
...
f.
Z
•"•' '.'-f
•
Incorporated
.
,
Harriman
*
'
;
Francis I. duPont & Co.
/. /
:
:!5. "
Kuhn, Loeb & Co.
as¬
sociated with Mackay &! Co., 50
bit in the future before the effects
of/tax legislation, the urgency of
?'
•,■/.+
' ' '•/
i,
Incorporated
.:
,
•
.•,/']'
' ,t*f..
•
,
i-'r
r
i..f '/v.'-i-
,r
. ......
i-'
-•
'
..
.
</
"Kidder, Peabody & Co,
1
^
;?■■■■?
.
M
•
Goldman, Sachs & Co.
•
Hornblower & Weeks
Incorporated'
'
''
-•/*'"
'«■
Incorporated
'
*.
;
Lehman Brothers
;
-
'
//
-
* —
"
*
'■»
»
-
-
•
-
'
5
-
Stone & Webster Securities Corporation
;
-
' 1
White, Weld & Co.
/••////
!
">■' •
.•
Pierce, Fenner & Smith g Paine,Webber, Jackson & Curtis
Incorporated
,
'•
•.
Smith, Barney & Co.
/
•' '-•'
.
Lazard Freres & Co.
*
••
•
Ripley & Co.
Merrill Lynch,
* •••
•/ Glore, Forgan & Co.
Incorporated/:
'
DeanWitter & Co.
10
The Comjnercial and Financial Chronicle
(1178)
countries
producing
As
The Uranium. Jnilusiry
A
T
1
'
v'
'
'
T\
domestic
our
reserve
.
supply *steam for - the
the, total quantity of nu¬
clear -fuel -required will continue
erating plant.
'
new
lent
procure¬
of
ment program
nouncied
by the {Com¬
mission
on
Nov. 17,
this coal is
and domestic uses other than the
;1962,
offers
the
generation of electricity.
In
ip- j
domestic
of
dustry an op¬
portunity
,to
extend
;
contracts to
This "should
under
eVid
the
1970.
of
?
,•
1975.
erations
government
p
from
nearly
-
4,
1970 and
to
1960
-
4
-
s
threefold
a
Japan
is
•
highly
a
.
•
indus-
trialized nation without adequate
domestic
supplies
of fossil fuels,
bridge the most cnUcal period in Its electricity requirements also
the transition from $ government * arc expected ,tp * double by 1970
to
a
commercial uranium market.' and treble by 1975,
The year also
brought tangible
development of
evidence that the
nrmrnxirnatelv
moved from the
cial-size'
to our
producers is the-- curront
This rate
unless
to develop new
Canadian
ffqreign -programs Cs -well.
the overoptimism of four
Renewed confidence in planning large nuclear
five years ago.
or
re-
estimated; on. a
^to M
Canadian
production
major undertaking.
will
be
strated.
mercial
in
Confidence
"
stations is not confined to
the United States but prevails in
power
of the industrial nanon-Communist
Pearly all
tions
the
of
world.
Nuclear
be
is
power
expected
to
competitive throughout Europe
by
competitive
the
Once
1970.
position ijhas been
firmly estab-
lished by the successful operation
of
commercial
few
a
,
by 1980.
;
the
com¬
"appicatipn f of: nuclear
lation
plants, in
'
produces
fconrtrdction1
•gradually .from
in ,1980.
minings «operations.
production probably will be
to
years
and
10,000
location
be¬
area
of
tons
the
in
equivalent
of
York
New
mate the nuclear power capacity
which ..will be installed .dpring
the seventies, the-total, including
about
700
mega¬
^expanding requitementl^The
airect relation to thetexplora-
iwqgawatts,, and
the
western Connecticut,
other,
to believe that it would not have
of 500 megawatts.
continued at
project,
the
could mean a total uranium re-
pioration
of between 150,000 and 250,000
tons of U.O».
nuclear-
To
meet
such
requirements
no reason
maintained.
been
ex*
A
the
that
California
statement would hold true
of
rmflls. ItZsbould be
are speculative, in {that!they
contingent >upon resolution, of
developmental, programs
in progress.
other band, no radical
of
nuclear
projected
the
ing
should increase
power
mand for
de-
giowmg
electricity is large.,1m-
maintain
ari
expanding
produc-
resumption of .intensive explo-
a
raUon.
Total
^Western
^
Za Zou
Dr.
Atomic
stated
to
Eklund,
Sigvard
of
General
the
Director
International
Energy Agency, recently
that
electric
generating
capacity
installed -each year would be nu-
clear, from
the
•Mr.
with
source
their
If these mpre
bilities
of
hieh-eost .uranium
are
based
contracts with adjustments for the
domestic
stretch-out,
announced by
some
and
lower
proached, nuclear
will
become
larger
Permission, sub¬
:
power
power
urapium
d
at
of
u>0,
whole
of
newly
becomes
November, 1962
un-
installed
nuclear.
This
orted Nuclear
in the
of
issue
Power, was made
in
Salzburg at
allowance
is made for
commer-
cial sales. In 1959, world production
was
a
in
excess
of 40,000 tons
Los
1
Angeles
-:
San
and
\
no ex-
pioration in the major-uranium-
a
larger .share pf tbe
.market. Uranipm require¬
increase
ahpuld
cqrre-
another
sppndingly
The
major
nuclear
ln
$10
concentrate,
of
Wash.
—
Bids,
than
per
n
hrppHpr :
substantially ,1
estimated, /have
ceived for the two
bine
immense
having
generators
been
a
e.ss
retur-
com¬
..
potentialities ,for nuclear
growth
power
indicated
are
by
watts,
and
.
Communist
the
000.
the
total
countries,
United
States,
for
non-
including
is about $70,-
The Federal Power Commis¬
bined capacity ofnbout.800 mega¬
good
.revenue
for
as
there will
from the sale
use
in breeder
reactors.;- In fact,: this aource
piutonium
.a
may
be
sion estimates that the
watts of electricity. The Washing¬
capacity .pf the United States will
grow
to 350,000 megawatts by
ton Public Power
Supply System,
which will'build
and operate
the
of •plant, offered participation in the
important for
,ong Ume t0 proyMe for an ex.
project to both private and public
power
groups
on
a
50-50
basis.
panding use of breeder reactprs.
^
There has been virtually
uranium
than
continue to be built
piut0nium
increase
iess
intrnrliiptinn
AftPr
a
pile production, if necessary.
for
and
ficiency anticipated!
Still
of
the
rapidly
competitive
In tthe
of reactor fuel.
be
or
cpate
power
should materialize, ,or even be ap¬
Southern
ments
Diego.
thorium
plans
countries to
...
power,project which, is. ahout to rthe size -of the^^-market in> which
get lupderway pfter a qopiroyer-: nuclear power will be competing.
opment will depend upon the^use sia'l history, is the turbo-generator The installed qlectric generating
of converter reactors which, to be plant to use Isteapi frpm ^EC's capacity ,pf the United States ,is
economic, should Jhave. available piutonium plant near Hanford, now approximately 200,000 mega¬
source
pro-relatively ; low-cost
These figures
_
but the rate pf in¬
plant.op a site in Camp Pendle¬ crease .may,, be somewhat less
ton, the JVtarine training center Ibei^u^e pf the h^ter .fuel ef¬
fu£i
and
.
optimistic possi¬
been received frqm the Navy to
lobate a 395 megawatt nuclear
re-
of nuclear power,
increased
No
nuclear share would
capacity
prlncipal
that/ear pn this 00-50 continue operations and to stock-
ratio would maintain itself
til
—
'1^' The
Umted^tates will the 1967 for
nccount
about 8,00Q tons of
duction.
breeder
—
actors are expected to become]the
^ would be realistic upon deliveries , underexisting
estimate that by rl980 half of
the
i
^
V
now
World
WvdSind^teltenWhanee con,ce.ntrfte ,P^duct.ion is «"
'i,Aefel-
from
On the
technical
advances .are assumed.
between
^wered generating 1970, the and w«dd call for nindustry, revival
general and-to
this may be before stations, use of the uranium
veai.s
lat¬
example, the current
currently
-capacity
ject to Congressional''gptionj- {has
40
or
g
For
various
Company, ap¬
approaching the con¬
struction stage.
long range-30
stiidies{based'upon
ures
are
Edison
pears to be
for Canada and Australia
For
re^qj^^wer costs.- K ,"
emphasized that these latter fig¬
Another large
uponi reactor characteristics,
quirement for the ten-yearsimilar
re-r
{rapid pr,ogress is
approach iive mills, and by 1980,
in
tion effort and there Is
high rate had
that
capacity
subject to upward
less -than,!onr
Ope, in Los Angeles, y^pldshnve
a
gross electrical cqpaoity of .490
^SCovery rate in this country wis
a
also stated
gin ;gpecating {between 496j6/and
1970,inihh{carly^^i;97ps, costs/may
large JnucJear power, .projects
scheduled ,Mor operation:; in .1,968.
pected to >e in the range of 60 000
to 80,000 megawatts. Depending
tjus
per
.
for
a
ex-~fn
.mills
thinking is that. 500-mqgawatt
plants wlwqhgdn heiwilt>now gre
iikely J|tQv^rp^uLpe[ iha {electricity
-foniej^ than six/'tnill3
tkilowatt.,; hont ^pver .the plant, life.
These are jilanta
wbiqh ^coqld be¬
organizations, have .submitted pro¬
posals invplying design assistance
Concern about
no
was
inPre
Recent
costs.
City
generate; the
would
and
•
watts pf electricity frqni nuclear
.There need be
seven
est:' -opebatrhg'''"expeoehce^
:
plants recently were;
technology indicate good {progress
ceived
by the AtdrniC^ Energy
Commission. Ope is proposed t°r toward achieving iower .power
production, and maxi¬
many
nu¬
pqWer
capability
mining determines the
of uranium
twp-,V:lar4e:-; cPhimerciaj. J * nuclear
Gold,
•
.It
^apein
*
-
-
esti-
{that
the estimates for nuclear
vision. jf
for
: '
.
kilowatt hour in 1970 to .six mills
,.
applications
,
.
was Vassqmed
nuclear po^qr
would be
instances without
some
•
at the ,1062
In .arriving
clear. power costs would, decrease.
of. .large
government assistance.
-1 "
*
v:mates, it
panies tb proceed with the instal¬
a
uranium shortage if exploration
is undertaken well in advance of
that Of "the United States; te
increasing to 10,00p to 20,000 tona
demon¬
energy Ms shown by recent deci¬
byrPhdducl' from
a
to. 110,000 ,tpns.
Annual requirements .at the be¬
ginning of .fhe period were .estireducing -the
l mated' at ?3P0 Mp A,000 tona dJ»Os,
sions'of-several large utility com¬
South Africa,
any ^country,
as"
uranium
Pf 7.5300
i ty
ca pa c
have; been- convincingly
which reports the largest uranium
reserves Uf
-generating
capiiai charges and thereby -low-,
ering the cqst of electricity. 'The
reliability and safety of all three
properties.
-n^rly 400i0p<Mons of
?T°f^ed
,
signed levels, ;thus
•
Industry
Although it is difficult to esti-
-
nucleair ^apaqity ^at :about
S.
,,
generating-electricity, with
lowed
U.
range
electrical
estimated
The
^sthnatesplaceij installed
{ These
substantially above originally de¬
hpweyer,
once
estiinates
JFuel Requirements
Nuclear power plants operating
"
of replacement
reserves,
these
Yankee and Dres- .1980, .were..estimated ip lie in the
den, have ' been able, to increase
exploration; is Undertaken
age of these requirements,
.limited for
pilot plant stage
Canada,
India,
and
several tween 6,000
plants.
the Juno, 1'962, Hear¬
ings ' of fhe Subcommittee on Raw
iviateriais. It is too egr^y .to de-
capacity pf- about 050 megawatts
;5,0!00 jnegawatts by J 070 and 37,-, *
and an additional 250 megawatts
Ooq .by i980.. The. ^otai
fnel
are
scheduled -for -operation in
-requirements far. the ienryear
1963. Three large nuclear plants,
peripd, F.Y. 19.71 through - jF.y.
mined but
is hot likely to, continue,
the
favorable outlook,
mates which the ABC {submitted
mrnea jrai
were reduced only about SMppingport,
mined.
projects,- and
-
more
Competitive" terinine whether
deve!k>p^euts' jslhoujjpi.be^
extensive use of nuclear power in es^g uranlum-bearlng ..tailings
sources, plus another 300 'mega¬
their future industrial develop- ^yhich rhCy ^cumulate as" a ♦ rewatts* from oil-fired,superheaters.;
nuclear power is being revised ment. Nuclear-power stations aK
suit of the cutback in uranium Tljie ;qther, to be '.Ip c a ted "oh
downward
as
new
information ready are being constructed, or
production.
There are 410 sub- Bodega -Bay, north of San Fran¬
becomes available from the con- are about to be built, in both stantial accumulations! at
present, cisco, 'Would have a generating
struction and operation of large Canada and India,
capacity of 325 megawatts.' Mn the
prototype plants. This is a re*
No-Need for Concern If
pa,st two weeks, two other ntility
versal of the trend
which folNeed to-Revive the Uranium
-Exploration Is Undertaken
cost of
new
power gen¬
to the Joint Committee bh Atomic
:|n&|s: eountiry dn4962*had & total
coi^tructiion ^of .commex.- .jgfhcr^aimtileSf^lsQ^reHplmiumg
the
-
generally
"Energy jat
for -the
;
tons
17 500
>x™^
ore were
mum
.that
taking, place-in this Country are"
mates /for the J9.70-1380 .period
Of prinie importance, not only for
may prove to be conservative:
the domestic' power program, tbut
development of properties being
gold
In
have tended -to .firm up, the esti¬
progress in achieving
will be reduced by about
power.in,this country has
nuclear
to
Nuclear power is counted upon
1° provide an increasing percent-
These
the ex¬
.
interest
riucloar-p^
_■ in
by
with
even
^particular
uranium
experience
to
dou-/300,600-tons,^xth-only-orte.com-.
show P?ny scheduled
be . producing
1
Canada by 1970, revival of;
increase
.
due
Of
• in bre to a present
br' 1077000 " tons^ These
Western Europe" production
-
Jesse C. Johnson
increase
riV-civ*4
; u»°»' are now •
•
electricity is expected to
ble
its
o
However! muchiOf
required for industrial
industry.
-
Progress in ^Competitive. Nuclear;
of ;the
-8,000 ions -because of the addition
°f aJ>out >®.500 tons by further
capability forecast for the U. K.
coal
The
iqfi«
close to the maximum production
a n
1970s.*
reported; reserves
J®6^.
01
of coal,
million, tons
180
to
vejpped in the; course., of mining
or
by renewed exploration, f In
will rpnuire annnaliv the eoniva-will require annually the equiva
planning. The
ex¬
demand
oyertakebvailability by {the pected greater fuel efficiency.
in ten
1970s, electrical generation alone
range
by making the more
power,
50%, to 86,000 tons, by 1970 un¬
less additional reserves; are de~
and'that by the end ofdhe
years
for
longer
been
has
uranium
-
.
reserves
k
basis
civilian
e^imate
during eh iirdernatipnal eemihar for dipthe past year have! clarified the lomats.
, ,
iiear-term outlook for our uraThe United Kingdom estimates
and provided; a that its electrical generating cailium industry
have doubled
that
:tons* of
-will -toe reduced to 00% by 19T0
pacity will
.Concern
reassessment,
explored and developed. Strides being
much sounder
for -4he
power now
veined in efxtehsive underground
mining,' frPm a1 high of 240^000
developments
Important
plutqniumr.
j ections of the growth of nuclear
have
/United .States already have bfeen
reduced through depletion
and
abroad are* recounted.-
^
<■
of
hu-
-
planned to achieve competitive nuclear power here and
taken and
duction
foreseen in the
years ^aiTd
middle
•
that
-
defense requirement for pro¬
a
nbt been
could
phasing out with¬
out Goverhment buying thereafter, or stfetthing ouf their faoverhmedt
contracts on a reduced output basis uritil j910 swHei| ffavorable comW mercial prospects are expected to come intoJruition. Producers are
alerted to benefits anticipated from "foil enrichment," to the long-run
prospect of not being -dependent on {aov^rnment rbuying, and to the
fact
is
Public
uranium re-" event, .the ^JvYashingtbii
sources ecPnomic for nuclear fuel. Power * Supply
System
would
Based upon; the iong-range £>ro- lease and operate the reactor to
pressed
Producers now have the choice of sustained
unless additional reserves are
to
abundant bigh^Cost
1970s.
the anticipated near? And^long-term
the development of com¬
high-level operations until the end of 1966 and
•
is! expected
permanency
Clear
market, is designed to help uranium industry
plan its operations.
its
assure
reactor
be operated after there no longer
quirements
U. S.
demand for Uranium and, concomitantly," on
to
should
but
-
Hanford
meet the
recent
mercial nuclear power
1950s to
dustry
T " covered ln me iyous 10 meet the
'
And its PotentiaUMarket^,
Authoritative progress report on
dis¬
Thursday, March .21, 1963
preparing^ for the Expanding Re¬
1
By Jesse C,: J^Director, Division of Raw Materials,
Atomic Energy Commission, Washington, D.C.
in the
covered
.
in¬
pose "5" threat to the uranium
,
reserves
.
loading. ^Breeder reactors do not
since 1958.
been de¬
have
we
upon-the
pending
1 f
1
'
J
result,
a.
.
The
Thorium reactors will continue to
oversubscribed.
require"A
aspect of-this project is that the
U-235
for " their
^initial
.
total
available
An
power
was
important
1970
and
to
generating
600,000 by 1980. Nu¬
clear power
in this country
than
now
one-half
of
represents
less
1%
electrical capacity,; in
of
1970
it.
about
the
our
would
1.5%
be
equivalent
to
and
in
1980, 6%, on
assumption
of
5,000; mega-
.
Volume
197
Number 6248
watts .of installed nuclear
.
.
The Commercial and Financial Chronicle
(1179)
to be well understood by: Indus- can develop; the -ore: to"-be- com-
capac-
ity in I970. and ^7,000 in 19,80..;,
.
try,
.
I
need ^ not '
T^ii"Pn-hf' A KoriWkiY^rtfPhnadefohiasmce
^
reyieW j them-petitive. By*1975,orbefore, the
1939
service'
nut lot
years
11
with
two
with
the
No reference has been made to further.
- :
b
outlook is for a rapidly, expanding
Tj'- - \ 7" TV" " • 1 '•
/V £ ■ ^ II- S. Navy during World War II
possibUity of a onilitary reIn developing a program, it was-market; Aggressive exploration, Jtl, jQl«
Kl6CKfik'.vO. ';
(1944-46)7 #e is.a member of the
jiuirejmentffor. uranium after 1970. necessary forJheCommissioiito- starting well .before 19,75,? will; he
* ;
Bond Club .of Philadelphia and
The possibility of such a require^ limit its commitment for addi- required t if this ^country is rto, be PHILADEtPHIA,w Pa. -7 H7 "A.~
the Philadeiphia "Securities Asment ^cannbt r-be -ruled;out,7but fional. uranium
to .an amountjin, position^to.^supplyv ar, ^major^Hieckei ^Co.vsNtew, York: Stock.aociation. 1
because of the^ uncertainties, itwhich could he justified on. the portion of domestic requirements, Exchanged member;?:
firm
with
Mr. Parker has been in the in*
should/not be assumed fhat jmilfo basis? ,of its projected ' require*?
;
the
-
-
.
,
ments. The need for the additional
tary requirements will contribute
significantly to the post-1970
ilium
uranium,
ura-
7-7 7'7V 77???"':
market,
well
as
the finaticial ?!
as
implications of >the
new program,
was the is.ubject.hf extensive study a
Military,.Needs, 7? 7?and reyiew*,fi^
duPont &
ol participating in^thh hew prp->^
i?b£ ;CQ#ipIqtfe&;iits, .present
Grange -market -put look,-<the %nme- contracts Joy $he?£nd qf 1966;
diatdv
i-prospebt^f is 7for ft .reduced?;7M6st7niiUing?i&6i^
tjhit^^alffifo^nia -$5dnk;: has
:: Although- there 4s *g e
n-e ra
i
•
agreement oh 4he7Eavbrafole4on£+s
uranium
production
.
,.
because
,
,
partner
senior
•.California
Cp.
.,
;
.
of $ Francis
:i.7?v7:?7;7.:
J?;
.1. becoming 'president
7,i-7 is
The two firms' Philadelphia of- Investment
y
Traders
fices will be consolidated
at "1620
Chestnut
\777« {;SOCiation.:7kJ v'-'77
St. 7^* ' '•
in
1948.
He
member of ;the ^Philadelphia
a
and
Philadelphia
Association
Securities
As-
v,>
anr; Riecke & Co. offices' in Reading,-'^4 Riecke Managers John B. Buntbounced thafoJames -G. 'Couffer, Pav Hazleton, Pa., and Daytona
^^tona-Beach;and Joseph
and;-are-studying-the Jr., -assistant - Vice-President and
Beach Fla. will-also become part' 17 Anderko ,of Reading have been
financial aspects, -Some already; ^is staff have
opened off ices at I of the Francis I. huPont & Co. harped
Managers of
the
new
have
silbmitted^orinar probo^alf. ^jiase jijanj1^^tan;Plaza,.New York network.
Francis I. duPont & Co. offices
The prmcipah
IpCSntiV^for •X^r^Cityi.Jfd represent ihe?Ranl$& bond r - Albert A r w»n<7»i
»,«' in
those cities. In Hazleton, Pa.,
ticipation rs;,the. opportmutyvyfo department. 7^:77 7 ">
V
Norman,Shupeck and Gilbert S.
stay.-In;business-through: 1970;,,4, £ l: , ,
...
pMiaa^ufn !ff«7
t
Meyer will continue as co-Manrather than the profits from the r*.
■.
■
Philadelphia offices of Francis I. agers of the Francis I. duPont
additional sales. If the uranium
vfo11Y»r,c« Trn no
duPont & ~Cor for the past five & Co. office.
industry has ^confidence in,/the
VV . .;JDUl'Ub d Ulllo
years, will head the combined of^
advised us of their interest in
of
..
.
...
.
,
,
par...
.
.
declining, .-military*- requirements, ^ficipating
production \villbe reaching its lowest levei^when industry
Should
be building
up
-reserves
andplanning expansion:
There is
he^Ma^^
-
danger that future planning
be
neglected because
with
the
lems;."
:
?
-
.
prob-
Until fhe
recent
future
announcement
uranium
industry
in
was
a
,
.i'....7
the ..commercial
market,
par-
I am firmly convinced ^^that the
program is attractive for
provided for a sustained high those producers with prospects for
level of' operations to" the end of a long-range ore Supply. Those in
1966, but after that virtually the business in 1970 should be able to
eiitife industry would be^forced stay in business if they have, or
ticularly
current
to
difficult
close
ing
The
unless government
extended.
was
basis,
no
position.
new
procurement Iprogram
past,
its,
ments
stated
already
uranium
purchase
in
were
,
7 ~
atijdjfer.
$#11 "nor d solieiidt&brt of an offer koibwy arty
The offer is made qnly by the Prospectus,
7
.
commit¬
of .its're-'
excess
'
i
fvv'it r?
1970 'at
economic
an
based
rate
through
production,
government
on
1,343,117
77-f ■
pur- *
sales.
.
y.;,
-if T
Civilian
Nuclear
Commission
the
f
step to, be ^considered- is .that of
undertaking ^ t o 1 i; enrichment,*
,
With
this
,
could
the
.available,
industryj
•
7 .v>\7
lUi
:
*7-
o
upon
*
„
7 "7
-''"«"
Subscription Price $80
ihem for
.plants to prepare
enrichment," and depend
■
'
,•
•
*
7
*
"*
/r.-;
,
VTJ
buy"' its; raw materials - on &
market; use privately-*
owned
:
Common Stock are being offered rights to subscribe
for the above Common Stock at the rate of one share of Common Stock for each 12 shares
of Common Stock held of record at the close of business on March 15, 1963. Subscription
Warrants will expire at 5 P.M., Eastern Standard Time, on April 5,1963.
.open
.
sp**
Polders otjke&pmpa^
"
further
"A
stated:
i-.7
c.f
president
Power,
.'a;,
; *
(without par value)
"tolt .enrichmeht" is adopted. Tnon
.,y*
t
Common Stock
-.commercial markqt shpiild.ibecome
its recent Report to the
'
'
The
«cbnsiderably ^ mpr^ |imp^
br
ofNewYorkylnc.
:chases.-Industry- also may com-'
pete for .commercial
in
Consolidated Edison Company
industry the opportunity nf . ex-'
operations
toq
■
yThe procurement, program ,annbunced in November .provides
its
With Clark, Dodge
A. Riecke & Co.,jyilV_be-
-
,
Toll Enrichment
tending
.
..
.
7
_
of
come co-Manager with Mr. WenCLEVELAND, Phio^Wilmeth G.
,™e»;
^ice- BOSTON, Mass. — Theodore s.
Burns has become associated with President of Riecke^ has , also Brown
has become associated
Paine, Webber, Jackson & .Curtis, become associated with Francis I. with Clark, Dodge & Co:, Inc.,
rUnion Commerce Building. Mr. duPont. & Co.
.
s
, - . , members of the New York. Stock
Burns .was Vice-President of H. L.
Mr, Wenzel has been in the se- Exchange. Hb was formerly with
Emerson & Co. Inc.
"*.■■■;
curities and banking business in Harriman Ripley Co. Inc. '
tiffis drm
j
that
quirements to the end of 1966.7
7
fices. John E. Parker, President
/n
for-as-,
The Com¬
procurement program.
had
•
x
buy¬
suming further, extensions of the,
mission
TX7
Webber CO.
Industry had
in the
as
•
•
market of the seventies, the new Fame,
program will be attractive; =
- , .
;
domestic
our
.
.
•
by the Commission,
S
,
-777
•
*
may-
concern
immediate
more
-
of
Share
a
the
Government only for .the actual
enrichrhent process" In ihe diffu-*
sipn^piants."^ An "amehdhient to
jfob Atomic "Energy Act would be
required to permit private owner-^
ship of enriched nuclear fuel in this Country. It is believed that
'The several Underwriters have agreed, subject to certain conditionsf do,purchase apjg
unsubscribed Common Stock and, both during and following the subscription period,
•.I,h.ff
'iii
'v1:
i&igypffqr+CommbnJStpcIc asset forth in the Prospectus•
.
.
7
.
.
the availability of the toll enrich¬
service
ment
could
encouragement to
nuclear
power
give -further
the growth of
Copies of-the Prospectus may be obtained-in any State from only
such of .the undersigned as may iejSally offer these Shares
in compliance with the securities laws of such State,
asr well a^ estab¬
lish the basis for
a
broad commer¬
cial uranium market.
The
procurement ^program
an
return for a.
new
provides
; that
deferral
by
and
industry until
1967
1968 of a portion of the
uranium now contracted for de-'
.
THE FIRST BOSTON CORPORATION
MORGAN STANLEY &
livery .prior to the .end .of 1966,7
the Commission will purchase for
delivery in 1969 "and 1970
tity,
up
ton
U3Os,
to
a
MERRILL EYNCH?PIERCE, FENNER
&SMITH
BLYTH & CO., INC.
EASTMAN DILLON, UNION SECURITIES & CO.
GLORE, EORGAN & CO.
a quan¬
maximum of 16,000
to the amount
equal
deferred. The price to be paid the
HARRIMAN MIPJuEY & CO.
GOLDMAN, SACHS & CO.
producers for the additional quan¬
tity
will
be
application of
1963-1968
a
of
:Since the
a
formula
production
maximum
pound
determined ,by
price
Ug08
terms
in
of
the
announcement,
with
$6.70
COS -'{ ?
7
Incorporated,, '
new
and
in the
seemA
.
STONE & WEBSTER SECURITIES CORPORATION
»
19, 1963.
*
~ ;
7
7/r' "' " \
1 "
-
.
SMITH, BARNEY & CO.
„v
-
-
WHITE, WELD & CO.
?
March
KIDDER, PEABODY & CO.
,
B
•
per
pro-'
.
LEHMAN
concentrate.
gram are set forth in detail
public
LAZARD FRERES &
their,
to
costs,
of
the
7;"^77
.Incorporated
"Incorporated
.
DEAN WITTER & CO,
7v7?-''-7'
The Commercial and Financial Chronicle
12
tion,
Anomalous Contradictions
•;'w
v.
I
''
/i «V' ;•
\v\-y
Y--
/>
'
s:
?•':'V^t :•
v
least
low
pail" of
|
f-
•
.
selves
•
of
that
in f
tated
lion
that of reason and common sense, it is
be necessary for the United States
made towards the repeal of the Treasury
to use up its silver
various
'• measures
which' have holdings for an entirely useless
hitherto tied down the substan- purpose? If this had been done
tiai Stock of silver held by. the at the time when the gold reserve
United States Treasury as a re- was over $25 billion and when the
serve
for the ' greenbacks.
The price of silver was low and fallmaintenance of. such a metallic ing, there might have been some
reserve for the conversion of $1
excuse for such a waste. In posnotes while Federal Reserve notes session Of a huge gold reserve and
of larger denomination, though with
the balance of payments
based on gold, are inconvertible, producing a;' surplus year after
is one of the" curious anomalies year, the United States Treasury
of the American monetary system, could have well imagined that it
rtKeniMo «rn- could afford tb pour its unwanted
The repeal of ttie
P of
or more.
wel-
be
must
past
distant
corned by anyone
^
^
^
gQld
reserve
in
be necessary, to
that
be
replaced
notes—would allow the
overvalued
when
or
: six
;
is
'a
;or
of coin-
be used for the purposes
this is
would have to
He argued th^t, unless
age.
this
comes
from
experi¬
ence,
although
^
Balance of Payments Use
terest
of
hnd
finance
done, the Treasury
requirements for silver
its
cover
-stood
about
him
willingness to
must; haver
-One hdver^
great
gold
of
heapes
could be
that
currency
never
Let
pre¬
requisite for successful investing
the
ability to admit mistakes
correct them promptly*
to
arid
-
they are unable to admit to thernselves a mistake. How many times
one
me; - emphasize
known way to
no
hears
in
loss
a person
"I have a
perhaps
say,
stock- and
XYZ
should? nothave
bought
when it gets back-
but
it,
to the price I
paid for it, I'll selL'# This type of
individual
because the loss
that there
to
seems
psycho¬
loss
mis¬
a
represents
a
The important
take in judgment.
accurately
be
unable to take
logically
forecast the stock market.
thing to determine- is, has XYZ
A very
stock;, done worse than the market
and [I do not think
during the period" in; which it has
of them, seem to
been held, allowing, of course, for
have a keen sensri of riiarket tim¬
the leverage factor; if the stock
ing and this is invaluable. Minor
few
But if the ex¬
people,
that
concerned, towards
was
the middle fifties.
spent"
important
very
&ets something Everyone makes: mistakes, " but
most people are so egotistical that
long. This is
especially true in the investment
United States might have been
able to afford it, as far as, silver
there
side
com-
for nothing for very
' nations could afford today. The
every
on
for the
Off
Another
investment
come
work.
in not selling
the outlook
as
favorable
Chapman |
Dr. E; N.
to us through our in¬
heritance and is essentiaiv iAi per¬
son
long
as
eco¬
nomics,
may
security
Admit Errors by Selling Them
the
in
field
minimum -of
in¬
innate
an
Thanks to the rise in the price
a very,
Usually, the old New
/.paiiy, is probably a good one, ir¬
respective of which way the mar¬
ket is going.
Moriey is invested
!when available.
-J i
Much of
is
"Round
-
be
:
custom of letting profits
Remains
real bar¬
a
gain.
pensiye luxury which very few
"
P
silver to
generally
'run and, therefore,
un¬
dervalued
months.
Eiiglarid
some-.
.
thing
is
Ying them for
is
something
Edmund Spehser's Faerie Queene'
fflH
n
should
in-
-purchased with the idea of hold-
frnm
..
of
Thus,
money.
J vestments
garded.
m
make
traders
to.,
find
brokers
small percentage
a
roughly when r:
To have a full-valued metallic
currency in circulation is an ex-
f?
notes—which are to
by Federal Reserve
standing $1
only
recognize
everybody-r-exCept "possibly those
who had put it forward. Ahd yet
this lesson does riot appear to have
been enough to make United
states Treasury realise the absurdity of wasting its silver stock
at a moment when the main probJem is how to maintain the
strength of the dollar's defenses,
adont
in the
trading
most
Indeed,
ous.
The: investor should
able
timing,
stock market is extremely hazard¬
be in a position to sell its stock -field where the competition is
According to the
statement of a Reversal of the trend.'
gradually iff the world market, keen. Success comes from hard
made by the Secretary of the
Much as I would like to claim thereby to meet much of the bal- work at reading the leading fi¬
United States Treasury, Mr. Dil- t
h
forwen
th<* chanee
I ance of payments deficit and ob- nancial
j ournals and at analysis
lonoii March 11 before the House
d^ so
viate to a corresponding extent and not from taking tips from
of 'Representatives Banking and C°™af™
r
the necessity of selling gold or friends' arid acquaintances. In fact7
Currency Committee, the freeing
In the late forties I suggested borrowing abroad.
tips must be completely disre¬
®f^no^Rifould
of
sense
to
successful
A sense of money value
investor.
is important.
be
appear
make a
tion to visualize the possibility
J?
^
small percentage of traders make money*
prerequisites
Certain
deck^
backing of the out-
''v,
; '■■■■'
.
gold reserve down at
ci^umstance.
of the silver
i
An expert
look for and to ignore
selecting stocks^ and he explains why he believes stocks are a;
preferable investment medium to: bonds and mortgages
mil¬
?rith
\
*
'
amateur, Dr. Chapman ^suggests what to
very
peared to be ample for safeguard- limited use for international pay^
Reioicina in§ the dollar in any conceivable ments has become a distinct possi*
JX^
It was large 'and bility. In any case, even in the
7* cftj is apt to pe^more _t a
was
increasing, and very few absence of some international
offset, {hpweveyplSy the t
people could possibly have had agreement to ensure such a use,
purpose for which the changes are sufficient foresight and imagina- the United States Treasury would
mar.;,
'* ' *
1
only a rare few: can forecast market turns) and observes
notes that
,
„
j
•
study showing only 20% of' 400 leading U. S. corpo¬
or increased their profit margins sinoe 1952;
own
that only a
At of silver and the resulting increase
ap_ of the prestige 0f that metal, its
circulation.
public
10
reaching
"x
v.
maintained
rations
ness„ of the. suggestion to. issue
gold coins must now be obvious to
the bottomless
into
stock
cites his
a
|ts present level and with the balance of payments still at a persistent deficit, the utter foolish-:
mu
drain
or
1"
prerequisites for successful investing provides a handy
guide for the" investor infilling'to work hard at 'investing. ' Author'
to
similar
/
\
K
Outline of
painful deflation, with
unemployment
last progress will now.
sllver
them¬
devaluation
either
drastic and
LONDON, England—It seems
have s
found
situation
a
With the
that
have
t'-
*
', >
v
margin of gold re¬
serve.
Frequently recurrent dol¬
lar scares
would have necessi¬
standard's continuation.
.
United
post-war Britain, with
-
-
The
narrow
very
succeeded in the gold
gold reserves if they had
our
>
A vV:r'Ai' -vV;: V'A.-.*.;,.:■' A7/,7:)v^:Spif •
Corporation, San Francisco; Associate Research Directorj Webb?
Waring Institute' for Medical' Researchi Denver : Li/: ;
level.
would
States
would cease monetization of
YY
1*
By-'.Edward N. Chapman, M. D., Financial Counselor, .Colorado
Springs- National Bank; ' Director,. North American Investment Y
gold reserve well be¬
danger
"1
•
For Successful Investing
billion
$10
additional
reduced the
silver entirely and
issue coins of less intrinsic value than face value. He warns we*
stand to lose our silver as soon as market value equals mint value,
which is now almost the situation, and says silver's unexpected sig¬
nificance for balance of payments purpose should preclude retention
of silver holdings for "an entirely useless purpose." Dr. Einzig
likens those advocating silver's domestic circulation and redemption
to the "cranks and freaks" who would have "wasted a considerable
The noted economist
the
Thursday, March 21, 1963
"I
• j_.
-
:
billions,
payments deficit would then have
refers to contradictions between intent ; and purpose in
Secretary Dillon's plan to demonetize Silver certificates advanced
under the argument that it would assure continued coinage of silver.
"I
•.
^through the perennial balance of
Dr. Emzig
visions
.
1111(^111611 tftl (jUlCielmeS
JH
advice been followed,
$10
of
drawal
By Paul Einzig
Recoins.
probably
more, would have been swallowed
up by the circulation. The with-
Proposal
In Silver Monetary
Federal
notes convertible into
Had that
•';
the
making
-
serve
at
at long
.
.
(1180)
1
am
one
perts of the United States Treashas one. If it has done worse Over
the
Whether
the
remark
put
in Ury think they can still afford it, market moves have, as a rule, a a
period of time, it should be sold
market, which would raise the
psychological component in their
market price of silver consider- italics
was true to Mammon's their attitude is perturbing, be- motivation and this is not subject and1; the money reinvested in
something else. It is this inability
ably above the figure of $1.29. cave to which the above quota- cause it indicates that even now to mathematical
analysis. Those
though purchases in
coinage
.
the
for
surd
at
silver
lower
to
Treasury
buy
higher price, coin it
a
the
resell
then
and
a
holders of notes,
slightly less
to
price
at
silver
But it would be only
absurd to
use
the existing silver
stock
the
purpose
for
coins.
silver
of issuing
\
1
'
Intrinsic
At
Value
reasonable
long
every
grown
to
use
assume
back?
clock
have
a
notes
of in-
overtime
of
token
termined
and
in
of
usual
ability mentally to weigh a
de- decision
a ;
campaign to induce the
primarily
to
a
issue
silver
domestic
coins
they have
or
us,
and to
come
It is
In
that
connection, the
to news is
important.
A market
has
which
is
by
matter for
to
risen
is
it
good
no
or
news,
seems
$1
out
for
Stocks Are
-Y
ket that is about to change
tion.
so
far
It
as
supplement
notes of
full-value
to
currencies.
seems
it
is
In
ABOUT
necessary
to
Reserve
$1, which are to take the
place of the greenbacks, through
issue of additional $1 metal¬
the
"The
175
History of Foreign
THE
.A
AUTHOR
Exchange" (St. Martin's Press, Inc.,
18, is Paul Einzig's latest book. It is
stock
yields,
,
A, this is
.
a
no
thirty
:;Ay"
Theory of Forward Exchange" (London, 1937) and "A Dynamic
SEC.
Also,
off
moneys,
coins
metals would
made
of
base-
satisfy all conceiv¬
requirements for moneys of
that denomination,
\ ""
able
i
Why, then,- in .the sacred name
distinguished
economic
posts
on
between
as
the
and
career
includes authorship of 45 other books
on
political problems, fulfilling various responsible
the London-"Financial News"^ and "Financial Times"
1921
and
1956
and, for the past two decades, serving
psteemed London correspondent for the "Chronicle
.
-
.
desirable
Hence,
>
\r;
longer
once
a
If
>
as.
this
has
had.
vone.
inflation
rule
the
.
^
does
*
hedges.
of v thumbs no
authority that it
^ ;Y
■ Y *. >
•
not' have^ ai good
bonds
than
in
or
In fact, if one studies
of
period
that
power
This is
stocks are
■
lic
United
debts
money
world
centuries,
are
one
rarely paid
equivalent in
pur¬
chasing power to the purchasing
thanks to built-in
some
a
finds
safeguards in our economy and to
the
Theory of Forward Exchange" (New York, 1962). Dr. Einzig's
the
like
stocks are a better medium
over
longer assured. Stocks are
years ago,
Investments
the financial history of the
turn in the major
making, but
safer investments than they were
sequel to "The
Better
country
mortgages.
yields are lower than
a
to
Than Bonds
investment
for
market trend is in the
Fifth Ave., New York 10, N. Y.) published la&t Monday,
March
bond
a
omy,
direc¬
It used to be an axiom that
when
7 '•
metallic
certain that,
the Federal
circula- to the entire free world. A
-
as
:
States, which has a growing econ¬
a mar¬
Congress to waste a considerable that tends to weaken the defenses
tradition
in
frequently
Part of that reserve by issuing of the dollar is of grave concern
gold coins for domestic
good; decision
a
when to sell.
stimulated
valid reason why
no
pieces
make
to
fallen: to the
should be singled
upholding the long-lost
to be
the
individual's
an
debt that he is unable
the
over
point where bad news causes no
further drop, is
often
ahd
the point at
longer
from banks.
judgment is so warped by anxiety
response
probably
or
through
debt, the time for repay¬
never
seems: very ; oppor¬
tune
Changed
latter
this
to bor¬
never
securities
buy
When in
correct.
ment
market's
wise rule
a
to
row
given time
Stock-Bond Yield Rule of Thumb
Has
this
loss.
with an answer margin operations
up
which is usually
a
inves¬
stands ready to share some of
a un¬
which affect
any
mistake and to take
tors, even though the government
not given to
sense
market action at
appeared who still think in terms of metalthat" the lie currencies disclose a hopelessly
pursuing
sixth
number of variables
experts
Those
a
most
American gold reserve was really antediluvian (or at any rate preinexhaustible, a great many Keynesian) mentality. This is a
monetary cranks and freaks were working disquieting thought. Although the
consists
circulation which
convertible
to
when it
the
sense
a
loss that is fatal to so many
either
of timing must
keen
United States,
other country, has
The public in the
in
time
the
,1
'
moment.
to admit
fortunate individuals who have a
application to Fort
Knox certainly proved to be unduly optimistic Something like
$10 billion of the American gold
has already been lost in recent
years, and much of what is left
has for a counterpart foreign
short-term claims that could be
any
Advises Coins of No
as
I don't pretend to-they have failed to grasp the basic
change in the international economic situation of the United
States. Evidently they are unaware of the imperative need for
husbanding valuable international
assets such as the silver stock in
order to reinforce the dollar's defenses.
withdrawn in the form ; of gold^ in any case, why, oh why put
has now been virtually tion referred,
clearly ab- know. But its
That price
reached. It would be
tion
of
the
because
have
money
borrowed.
periods of infla-
far outlasted
and
weighed periods of deflation.
flation
is
a
out¬
In¬
favorite: way for the
world to pay its
debts.
The au-
thor's„p.riyate fund has been 85 to
Volume
Number
197
6248
.
.
The Commercial and Financial Chronicle
.
(1181)
95%
invested; in - common stocks /the security sold must be considSince 1941* at all times.
»
;
ered a deterrent to selling, if the
\
is
There
substitute
no
for
versification, in. investments After i- 9ne of/fast: growth.
aside sufficient funds in : The; stocks, of industries should,
cash,. "short term bonds or in a be selected, ; which have a low
savings account,/ or its equivalent, labor cost .per, unit of valuje of
to take care-of living expenses for I
,*;
a year : or two, in cases of emerchideyira
;: litilitiea that the
investor
and
will
petroleum.
industries
Pick
-to sell stocks at- n .that have had little labor trouble,
tithe otherthan/of his ownchoos^ anda which:have vhad ^^ecord of
ing, the balance of funds should fair dealing with labor. Industries .:
he diversified between at least' that haVe pr'ofit-sharing plans are
/
-
the
funds
do
better
to
buy
shares
good -management records,
of
the
type.
closed-end
<
Some
of
or
the
/open-end
former
'
dustries
maintain
with
;
pecially
*
value.
of
picking
should
industry
margins
leading'
of
com-
about
only
vital
profits
increased
increased
(3)
have
tion.
bolster
from
of
should
vital
ment and. labor leaders, if there is
and
all
In
share,
per
changes-in
order to
herent
in
and
company A that Js
a
•
increase
/unproved going
here
and
incentive
an
efficiency, and
avoid the risks innew
a
adjusted'to be
capitalization,
in
to
abroad.
very
\
A
.
for
compete
' v
-.
we
^
a
^
also
stand
that
or no
which
.
an
with
~
a
industries
place
in
country
which
to
change
months Vonce
a
in
year.
purchase
a
live,
in
the
market
possibly * each
averages
those
are
the
or
the market
event,
any
A Also,
principal
and
business
valuable
sale is made,
at least
*Zr
»
feet
own
without
govern-
tion has
been poor
.
,
pendent
on
Proper
defense orders.
500,000
***
••'.At
7* '1
in its fiel^;
company
of timberland.
industry
has
been
sub¬
and the
a
shift to mechanical min¬
ing; has enabled the surviving
compahies to emerge in a stronger
position
to
benefit from
the
growth
steel
in
consumption
coal
electric
and
by
power plants.
Also,
research -being
could
lead
"
uses
for
to
conducted
of new
discovery
coal.
.
but the total" maintain
their -margin
of
sulphuric acids,
fluorides. The
60,000
owns
sufficient
rock
to
production for 60 years.
Minerals
International
Chemical is
and
important producer
an
and a maj or
mixed fertilizer,
of
/of
acres
Florida, underlaid by beds
rock. It
phos¬
phate-based industrial chemicals.
phosphate
of
potash
produces
and
Extensive mineral and land hold¬
located in Florida, Ten¬
are
Idaho, New Mexico, and
Canada,
r: A
'A !
v
V % ^;
nessee,.
.
Four Join Staff.
Of Hayden,
-
Miller
CLEVELAND, Ohio — Fred H.
diversifying into Emery/ Leonard O. Ross, Paul A.
Joseph M. Streifender
Sihler and
Consolidation Coal is the
to'be
and
In addition, many
it supplies cdmpanifes *ate
than •' thirty a years A ago arey
of the oldest and
and
phosphate
sustain
also
other fields.
same
land in
long s h a k e d o w n.
ings
building Elimination of marginal producers
the
V
acres
Coal Industry
jected to
Companies
one
phosphates,
producer
a
'
A^en due to the selection of a few
f.'*'"/ ^fa^>0utom ':the;..
Price-Earnings
Unless
earnings
-
Ratio
share, of
per.
average
larg¬
have become associated with Hay¬
Consolidated Gas is
Miller
den,
Co.,
&
Commerce
Building, members of the Midwest
Exchange.
Stock
All were
for-?
Vice-Presidents/ of H. L.
Emerson & Co., Iric»
merly
Oppenheimer Names
Gerald B? Cramer has
*
unwise to;
pay moreA than fifteen,
A,jyLrn»es earnings
been -ap¬
consistently
stock.-The^;
purchases and-'sales
V
*;
but
since/ the»,^
although
-
.
-
expect
Not
/
l
a
much safer medium
for
proper
-
V t4.
and
about
.
lifetime.v
«
which
once
Rarely
ordinarily
during
come
each, person's
^
,,......
is -aAstoek worth
».1
-overv
twenty / times- iJer » share1jearhfegsv
he
»
some
A
.
j
-
j
:
or
whether he
,/ A
.
,
y.
:.
March 20, 1963
.
/' v.;A :
.
y*>ry> ;/•.-v
•-
75,000 Shares
;5
Fischbach/and. Moore,
^//...ft-i...
v-v-
*
'
••
v
;\V
•
**„««•.
■.
:
"
,
Incorporated?;
COMMON STOCK
(j^l.00 Par Value)
k K.
should- bo
other line of endeavor.
Price
•v-.
In-summai!y'^»uccess tn handling.,
over
•</'; -4;
V
*;• i
.
.
-■
»•.
--
it.
■vr/'-lr*
^19.625
per
Share
..-...-4
'■■■
r;
•»-,<• V•"•
v
"x-'
"j 7
'
"of years* through follow
it v/is:«impossibleAto/j pfegj feet Aing^-^the
'earnings* ^'farr- into. *e-the*^^future.;^^'Ubdve^rgrahrtihg
:
;/
Wm,..a;,,"
• :
:
*
;Y*:•
:
-•
'*'& ''V"s''i
a
vhe*frbsp&ttfrmay. be obtained ffom-the-undersigned;"7 :
Atsiqce,
:
*
man-
inVcstment^ mayhe expected.
a .'period
v
conditions* ^with Amathe-
is. fitted for -investment
agement
in
from. Stock Exchange.
(dividends
-Hi
ihvestmeptj,^except^ ,perhaps Af£^:m^icali4xactnEess?fwhich^
whic^Ather/in
to* khow- whether
seem' to be inherent iirhumam na-
New Issue
' 1
.V
j)eridds^vdf• wild^speeulatioid
ture
a
f-»
i <i
>
-
stocks
w a y
The offer is made only by the Prospectus.
*
i
-orr a' slb\v 'imdroveriient
(lessen—
depression .and. thus to /lessen^
iri^ ^the margiq • Of error: 'This
the depth :of thd: lessi severei ohea> is
*usua^ observed. • All - this/ as
These
s'ofeguaipt(s<a m a k e -A good: eI say,: cam
.
*•';
'
one-
with
-
*1
\
v.Iwhich, -tend to- socialize >the costs•
of
rail
%hjs:dmbuht€imn$^s-Weiiher'an 'o^ef to sell not 4 solicitation of ait offer to.buy any of these Shares* '
>
...
•A A ' '
•
:
* /
/
'
»
V
.
rnentioned 'this can / remain,
above>-v- certain-- ;-saieguards have1/ should
naturally
-
"i J\'.
;
-y-f.'
to make-what
nld«« yardstick
bf^nificant sample^ he eah^determine
thirty-years -ago-used - to be* terr in* - a few» yearSr his margin -of
times earning^ yaS
up^er ;iimit/^forj dt'
/
ern
■
^hhugh
share for the- statisticians call ^ statistically sig-
per
A
a
\
•.
v
•i'-:
/ >
above'.
profit
and the other selections.
a
Margin .Ofj Error X
-<V
•
0frthe/preA
V
J
;
•
iL,-1'
" ,r"
..
'
'
r
*
?'vii* '.-.J.:j'.1
.
;:-A" "•
;
Vi
-:V '-'''V-
/>■
*
'
'•
■
-.
-
'->■
to
inf.
over
;v
of
one
pointed sales manager 'of the New
ment dielp are the beet,sugar icom- iund "hai ? .increased i perceritager and finally,/ test ^ your? abilitys in important contributor; to. profits. York i offieei of Oppenheimer &
panies, some of the airlines' and wise more than the increase in the' the field of investment matheCompany* just: recently exchanged' Co., 5 Hanover Square, New York
many; small compahies quite 'de- '
hvefUges? thevresult* has Obviously matically by the methods outlined' its holdings in Norfolk and West*- City, / members of /the; New York
./
■r
«
of fertilizers. It also manufactures
It also sells lumber
ware.
.
' A
Chemical is
-
.
..
largest producers and distributors
of
car¬
building materials. Company
owns
building industry's future.
s*'
Chemical
and
est domestic producer of bitumi¬
Quite possiblystocks qf ^cigarette; day. .Six inotdhs or^year^^ later,
preferred«tor. bonds for the.: bulk of
companies would not be iheiuded the' wisdom. o£ ,thatvpuijchase' or
one's; investments: for-f the long: nous coal, and has substantial
in thg category of ; constructive in- sale can be
determined b»y a com- pull. Admit mistakes when made coal reserves. The company is a
dustries ;since • the link;between
parisph. with..the
e;r c en t a g e and ♦'seir your losses", do! not bor¬ joint owner—with Freeport Sul¬
cigarette smoking and lung cancer change in the averages r for 'the
phur—in a potash mihing,venture.
row, select stocks of growing con¬
and other diseases
seems, to be same ; period. These- comparisons structive
companies
with
ten : Eastern Gas and Fuel Asso¬
strengthening with each year.
will*-tell after- a :few' years how
yeats "seasoning'> ^selling; at:: hot ciates is a large bituminous coal
.Examples- Of" companies which good .or'how ^oOr .the selection of- over
twenty times earnings—rare¬ produce^, rapidly becoming a gas
seem Unable5 to-stahd
^securely on securities hasA^eeh^TfAthe select ly more, that have been able to Utility .lis wholly - owned: Boston
their
-
•
matches?
jot down
of the
> ;
than
largest gas utility systems in
company
Corporation
in
tjf.. S.. Gypsum is. the largest
three
whenever
averages
•
properties.
containers,
wooden
are
Building Materials
the
ability -to
help make this
better
.
have
government assistance. Con-
structive
-
-
their own-feet with little
on
its
National
tons,
materials
million.Indbstriesshbttid'^
the
produces paperboard, folding
com¬
field/also, possess insuccessful today but gone tompr-Finally, performance, should be
flatioh
hedge /characteristics.
row, 'like1; some ofthe specialized? ch^kodT 9s
assiduousljy?^^^ possible I Their timber dmd min
P?Qi?xelectibh!^
the;securf?*'againsta the/mark
erties/ > should /'gradually become
;
ties Of the company,-should' have
4he?p.erfocnftAnqe ot dtheEs.- Change
mote valuable.;P^
growth
a total market value-of
/at least * in tofalvValueof the/e&P'.ital onder
and. migration/ are favbrabie to
$10
picked
from
Diamond
This
.
is
Company also derives oil
revenues
can
through
which
potentially
Companies / in
Corporation
Some
assets
their
to
costs
fornia.
are
•
*
y. -.a,
holdings in Mississippi and Cali¬ phosphoric
in the enviable position
are
:f,
are
successfully
•.
past.
be¬
on
I believe American Agricultural
domestic-producer of
hardwood. It has large timber
must have this
we
the
now
more/ significant
Columbia Gas System is
quar¬
acreage.
integration.
other respects.
increasing
efficiency; if
..
and
Assets.
possessing
period of consistant growth
earnings
..
largest
on
Integra¬
position
Valuable
seems to be the
present philosophy of our govern-
in
for
far
come
in
inflation* hedge
strategically located
Masonite
con¬
pass
and
inflating
by
their
panies
lghpr alone?
as
to
or
can
by raising prices.
diversification
efficien¬
are
Companies whose profits
labor and the company, not go to
years
which
costs
squeezed
1952.
resulting
which
economy
Diversification
the stock of the best managed and
best situated company in that in-
The last ten
the
and
sumers
increase
management
to
industries
this
their margin of profit since
industry growing Increased
clude
in
me
in
<
half the domestic requirements of
ries and
(4)
a
has in taindAiit' the i way; of desirous
operations will from
dr..
company
cies should be shared equally by
be
he
Vital Industry. This includes com¬
study
20%
or
a
country—and he should pick
dustry.
what
panies
es-
by
corporations
been able to maintain
an
are
made'
the
stocks
to
profit
recent
A
country,
faster than the rate of growth of
tly e
profit
our
growing, constructive
a
—
favored.
able
of
years
stocks, the investor
select
panics irt
been
margin
indicated that of four hundred of
-
.
Selecting, Stocks
In
their
during the past ten
are
discount from asset
a
companies in in-
have
that
w.
of inflation:
Profit-Margins
The stocks of
•
S
/the feountry,.: serving /ibq Easterni
against the effects gypsum w. ilboard and plaster, Central, and Mid-Atlantic regions.
(1) Growth. A com¬ and also 20% of the building in¬ It owns over 400,000 acres of land
pany
experiencing rapid growth dustry's metal lath needs. The in the
Atlantic-Appalachian re¬
will find that its rate of business company
also produces roofing gion which contain largfe.
coal, oil,
increase can lift profits at a faster material,
siding, insulating mate-; and gas reserves. / >
pace than the rise in costs.
(2) rial, and paints. Its properties in¬
of
A
either
excellent management records
availablc at
Ay
of
trusts Awith
?"•■.•*,>./
the
lidding ! Companies
Maintain ,or Increase
%
*
hedge-protection against price inflation? Mr.. Babson outlines. prerequisites and names:.the'Industries; including sample companies,
late
30
«%.vk.'v.-,/,/y>V 7W- A'X-A*''-
v'* V,.
-V'f>ry
outstanding
simplified its
capitalization,; Ihsofah as: future
income A is concerned, the com¬
pany^ coal, river barge, and other
characteristics.V.-
quite
are
the
.investment
--A"'
Several;factpr&/cah/he
involved
limited, the investor will probably
several
a
a;
of
teb^dt^iity/differe^^
If
v* >:?
number of
shares and
common
By Roger W. Babson
*.•*'
•.
-
not be: forced
*—*'•
/ A
shares? and also called
its " bonds; /This reduced
Eastern's
What should* acompany possess, and where should one look, for
.
earnings in late years)
own
of
some
Inflation Hedge Protection
,
so
Eastern's
for its
;
setting
gency,
which had provided about half of
Characteristics Which Imply
outlook for the company remains
di-
13
.
twenty times yearnings'.
One
has: to. i^ividiralize} i/as. best ^one
ver^ broad outline, ."unless you are;
-,bf•/;thdse/'
gisasei® cAllen & Company
i.
capital gain tax
on
profits of- which-Ure "safer investments
now-
r<
r
the
?'I
I
*
*,
V
•'A"--'.*^
X. •;
.•
-tiA.V' r/''
u'y-W'
•'
■
> :v
";-
-v
■V*
■"
.
.
.v
•t;'-. /.•'•-•A.- .-.j;
.y
•
14
(1182)
Steel Production
Electric
111 The State of '
Carloadinga
•
•
Trade
Retail
Price
rood
TRADE and INDUSTRY
A'ltttf-
i-
.*■
■
t.
»
declines*
'
»
,
'-■^"^'/i.^-
Indext
;>
the
as
prices; The largest February
in-beef cattle prices
were
volume
of
but
corporate' bonds
con-
change little. Rates
on
bills
Treasury
\X7oflrT*nq T^lPCtPfi
VV CtbivlllO AU1C/ b
/
"Cdmmoh
•-
Stock
prices
lower
somewhat
JLiOH§ vjOr V
;
President- of Hugh W. Long an
than a/month* earlier, as a rather
sharps drop in late February was
Severe only .partly offset by an increase
S. higher, than a .year oarUer.CO/.
nrrtnfk
nnn4-«i huturl
in
weather contributed frt. a 6% rise in PflflV TVTarflht*'
toearly March.'
"The consumer price index rose
0.2 %
Economic
activity generally eon-" sharply
tinuedT
tofaT
change lUtle- in* Febru-* merchandise
curtailed
in? January
and
prices
Wholesale
ary.
of -meal^
r>i
n
in? fruit: arid-a
Compan y,;
M%
was
/vr»-
exports/,
"A rise Of 5% in- steel? 'ingot--
-— Bruce R.
elected a Vice-
ELIZABETH; ;N; J.
were;
mid-March Watkins has been
in
Westminster
W;■ ;■:: ■ £
^,
'relatively stable:
M ;
"
*
>~f't "-*4
This,
,
-ih February• Production'.of'petiro-h, leu^ products^ alsd increased? but
conclusion is contained-la,;
cnl(1(,. oil
of
5w\h» ?}
sued
«-<
,
C.
D.
i
i
"The
%
:
v
,
'
-
,
.
.a,.
reeent moriths.
.
^
;
creased* sharply
ingS
in-January
.
o.her, recent months and a> rise
m
prtduction of iron and steel
by
declines
other materials.
in
•
.H;
"Auto
..
assemblies,r while
slightly; were
vanced
.
close
to
.
.
'
ernment
much
deposits,
'
tive
rose-
*
priheipal money
' * Week End.^^"
Distribution
at
but
mid-1*962, and? preliminary March ary; Sales, of general merchandise' inereased'to
schedules indicate another month continued- ,to
be
.
lion.
li'mf f e d" by
-
of
high
output. Production of weather,
and
by
home goods increased further in strikes. .Deliveries of
about
were
Staples remained at record
rates,
were
at.
City
an
average
Rise
$175 m'ilf
were
0.2
of
2.2%
tries, production- of industrial and
commercial
an.
J v Gain iii
absorbed
annual rate in;excess
including
imported
cars.
VSPIoearlier^, while
This
increased larger than a. year
machinery
,
was
nn* nh
flow anq an
lion in;
twined
increase
nf
end€^ March*
Systent holdings/of tj.; S.
Sfecmritv Markets
tinue dealing, in Over the counter
(*H6.p% j
uited
ana^
'Mir
securities
^SaeS^tive
2,225,000 toiis
was
irli vari0us
an(j
organizations
re-
fna^im various organizaiions re
« 17o
in the week end-
sincG the earlv twenties
increased 2.2%.
output
nf
"Rp, Tf JD
Shis ghin>as the"seventh con-.
New orders- for ' machinery ;llad *.
Commodity Prices *
secutiVe- weekly increase* and1 is A V IJV
V. I»bi
generally .increased* further in
whoie^Te.' prfci V"''
; £^4
t~\
A
•
T
•
January/ but shipments of; tlieSe level declmfed' afeouf 0.5% from notea: and-bonds and ©restate^ h&et deiiiafnd fors,steel as* welF as
0v Jlv»- -illlSS llXG^
and
other
durable
goocfe ;^er^-'JTahuary :,to"mid-lkarch; reflecting local government: b o n-ds? rdser an ~undercurrent of hedge-buying
limited by* the dock strike ,which relatively sharp'decreases ih meat soihewhafe further^betweenYmiAr
/ag^^t d pbsMible steel: striker Nof Philip Greerwiir become
.
Sea-
in Wall St.
z,i /8,uju jated to, the securities industry
agamst
as
Chase Manhattan
City, to: con-
One
-jbg March 9; The "week to week
Government' securities.
and output of ireand* passeh-j total retail sales were up
ger /.equipment* changed* 'littlfet
: "
11J.4 /0),
of $34$ mil- ^pns
id
-
Y,;:T104^
>
Wtif
has become
Magid 8c
H.
D.
New xltork
Plaza*
Itlf<v-WW**-
.supplied mainly by current in-
Searight
with
Inc.,
Co.,
Year*Ago Week
Below
A.
George
associated
Row; and Is 6.8%
a
irtSease- ^Acfrdi?g' to' dataand'-Steel
American Iran
^
finw
Prior
Over
Week ^Marks' Seventh Weekly
«*
the Reserve Banks. Reserves were
million .units,
2.9
525,830
523,645
February ahd^output of consumen increased, somewhat further, and*
|n the- business equipment- incftis-; of 7 Vz
New Haven*
in
Co.
&
Scrant.on
Conn.
878,224
851,413
Steel
un¬
bank* bor¬
member
Reserves
i
1960
Geo. Searight Now
uS T
=S With D. H. Magid
I'jlliw
newspaper. principally through a reduction
new autos iffillbarkhtf tKrourfr'Sii
!
the
in
regional
a
as
some
*
1963 •
-1962 - A
$18,611,015. $18,094,024 -*
Kansas
prevailing;, since tained at record levels in Febru-- rowings from the Federal Reserve
level5
ed
firm
0.8
million
$475
changed
Mr. Watkins
^^(ODOs omitted)
Reclined in Feb- ™fXphTa
usual. Excess reserves
is
-
Bruce R. Watkins
of the
centers follows:
for
summary :
,
as
Stock
Fund;//
1962'. Our compara-
S'. GUV-. same Week iri
however;
than usual in Febru-
more
ruary
'
"Total retail sales were main-
ad-
deposits
member Mtjte
February,
.
down
the
holcb-
1*;/:■ • .
J
*'V i' ■■ i1; KTar. 16-»-*
t'Total and-: required reserves- of uew- York,.
'
*
■
Growth
representative inwhich it is possible to obtain Northern New Jersey and New
weekly clearings will be
York City. H# was' named assist¬
above those of the corresponding ant/ to the? President last Stfririg.
week" last year: Our pretihiinary
Before his association' with thtf
totals' stand
at" $32,208,158,318 Long Company; Mr. Watkins was
against
$32,002,051,048 • for the a securities salesman for Chas. W.
rapidly than
less
in other recent months-.
sharplj, upward for January, also
in
D-i versified
all* cities Of the United States for
savings'
somewhat
v
declined
Preliminary
ago.
dealers; in-
ary.
activity, which was revised-
some
year
and
Fund
Saturday; March 16, clearings for
and; bank
and
time
rese
construction,
a year which—as last year —'?was-.hamOutput of fyiai products perfedi by. unusuallyv bad weather
somewhat
higher than in. in some regions; Public • construe-*
offset
a
of seeuHties^ also rose* The
anct
mainly1 ai further
residential-
in-
,
was
m
above • an -year- seasonally adjusted money supply
Jahu- showed little change in February,
and: about^ 3% .above
earlier.
,
a
earlier.^ THe-decline* fvorri
of * the ,195^59 gry, reflected
Investment
with'
compared
ta U.; &
loans
Goverhmeht- security
Jani%
In. Febrda??,.
but; was- about? 5%
,.
average,, the same as
was
as
ar>; 'declined: 5%
production., jn.-Feb-
119%
ruary wa®1
,
.HvAlicf.Resei*vesc "
increase
j
]>i versified
figure's
"Total commercial* bank credit,*- compiled by the Chronicle, based
seasonally adjusted; increase# upon'telegfapte ^
i-
which had edged upWard ii$
Industrial' ri'odiictlbn
"Industrial
,/VkT
-•■3-
ah
show
■
I n V e s t o r s,
Bank. clearingsv this week will
V
CJre'dit/,Moneyv
Fundamental
''' substantially further in February." -chief cities* of. the country, indffor the ' week enfcfecf'
"New construction a c 11 v r t y,.
pointed out: '
<HV
non^*
Construction Activity
summaryv"
monthly
fiirtBet'
-curtailed
durable* material* declined: "i
4? euerai^^xteaerv^,s
Governors, Washington,
Board of
Was
cruae 011 was curianea
Other
the rriict-March national summary
oBanfe
*
for
tributor
H
?:;■
expand;, while 'security' markets' tionl materials generally increased
to
'Were
goods
dis-
national
Bank Clearings Increased
and
livestock hdechned;;^further: prcductiort- in February bawbee
and services, except apparel and Fractionally Above
1962 Week's
from mid-February to ;mid-Marfch> followed by a further increase in
•*« ;
^.yolumcr^ 11 f ; ■ ;'
Commercial bank credit/ continued early March* Output of construe- autos, continued1 slightly higher.
other
most
Parker,
at
c-ri
vegetable1! prlces;;Re*
tail, price© of
P
\T
^
de-
Wholesale prices clined slightly to below 2.90%.
tinued to change little.
Commodity Price Index
mid-March,
and
on-
tinued: to
ex-
industrial *; commodities - coii-'
bf *
Failures
slaughter
yields
panded about one-tenth from the three-month
end of last yean
Production^
-Business
livestock
and
dutiful?
-
*
.
Vice•toe^'th^'s^vei^/week^' advanc?es" President of5 St- Rv Aria$* IhCorpqima row ending Feb. 17, 1962, has' rated; 60* Broad St.,* New- York
a-comparabie sustarried' City, members of the New York
Stock.Exchange, as of April 1. -
there been
consecutive rise.
So
:
this
far
March 16
—
through
year —'
*
'
the output of ingots
•
-
totaled; 22T,O9r>060
.
-rs
T :
^
1
^TalfClS- L UU J/Oflt
net tohs^ which 'comes to a 15.7%
decline compared to Jan, 1-Marcli TP/x ; A /Tinif TwW
"l'T^ 1062' production.of 26,19f,0W
irLUIllIL IVVU
-
aer.ton?.cj2r.s%).. .;.
Will Be Published April 4
ended
'Data for the latest week
clirte
★ The 1963
will
Spring edition-of
present
stocks
mon
an
CANADIAN .COMMON STOCK ISSUE
our
up-to-date' resume of Canadian' listed* and unlisted
which cash dividends have been
on
16 show
of
year's7
6.8%'
•r
-
'
f
.
'
;
paid uninterruptedly for
k'*i
'
-
'
'
*
r
\
j[ -v'
* v];? '$:<*( *
**
*y+£?4
**"
'
w
V
134 yeats of consecutive cash dividends.
up: to
'■$
'
*
'*
''1 tV 1
Cleveland
r
,..
★ Don t
Firm,* Corporation
miss; the opportunity to"4 advertise your
,.v
important issue. Adyertlsihgriormsr^ilh'close '-on; April 3
—
108
136
"
,134
160
.163
131 ;
:
120
;
120
-
108
1''
.
Total'
•
,
V-.
'
industry--
114 '
5
119.4
116.9
"Index of production based on average
weekly
Regular advertising rates-will prevail
preduction
lor
Automakers,;:- Other
.Start
•
to
are;
The COMMERCIAL and FINANCIAL
'*,•»(•> / .<•'
• .1
*.:
••
•«
»>,/•.* }-•
H 1
«..v
»
in;'.
•
v
-
r
*•.. •
a
25 PARK PLACE, NEW YORK 7, N. Y.
RECTOR
«r -*
.
.
-t
Hedge
rteLADELPHlA,: Pa.^-Hecker &
Co., Liberty Trust.Building, mem¬
bers
of the New
change/ and
changes.
York Stock Ex-
leading
other
ex-
Will' admit Haroldyrt* J',
„
■
Morris to partnership on
April 1.
Buy
starting to hedge buy against
W. K.Hutton & Co.
.
.
;
Names Phila. Mgr.. j;
*
beginning
to
follow' suit,
magazine said.
'
Steel PHILADELPHIA,* Pa.
•
-
Hutton
':■$ Market analys's are "of cefta'n
how
much
stockpiling is being
but
done,
orders
'•■nut*--
To Admit to Firm
Consumers
CHRONICLE
\ »•
Hecker & Co.
•
Automakers and other big users
1
New York Stock Exchange.
1957-1959.
*1."
for space in* this important issue*
in-Francis
117 »
,
:
partners
pt)nt & cb
r Walj- streeti
York- City, member^ of the
103
St. LOttiSiXw--—-.L i-i'iu;
-i- 108"
Southern
119
; t? Western •
/
Jl
Bank in this
-
Chicago
-'Cincinnati
:•
105
112
,
llS
103
—i
• • - Uetroi t
: '
•
New
become
Mar. 9
lia
.!_, -*'-vll4"v:;-.
Buftalo
I
/sipi PI ttsbur gh,-i
;1;. Voungstown
-
du
Ending
Mar, 16»:
-
North.East Coasts
"
wisman of
Production for
Week
longer. lt includes corporations and banks which have paid
j
*
1
.
:*Inde*-ol IngdtrH
i
•vjoistrict—
5 years or
wiU
2,387,000
("128.1%).
*
'
de-
td- last
compared
output? of
Week
lief tons
com¬
production
a
,
^ch^g aHrf ptfgr R. du Pont
'
March
lt Patll p.
^
.they
estimate
are..running
about
G
e
,
& r Co.
has
W. -E.
v
appointed
K.ZeBdt. manager of the
...
,
that Philadelphia ..office, 1530 Ches nut
20% St. J. Browning Clement Jr. is
HiT.i'r
o
v
;
V :; Continued, on page 42
associate manager.
r,*v
;:
Volume 197
Number 624$
.
T T-pA
111,
,
The Commercial and Financial Chronicle
.
JQ Slljr Ajj (_.Q
|
the past decade Moredv'err' the 'eViderice is ffof;
(from $2.2 billion in 1953 to about convincing that the economy1 is1 $5 .billion: in 1962), 7 the rate /of. suffering todaysfrom sluggishness"
^.iM^investntent spending? InNthe^pa^Mji^hSuftteH ^ehdiffgrpf |rdtir
Q i
?
.
\
,
r^tTi
TFL./
N 10Vi^S Oil
LclX
TTIL
J-
;
:
*-jf- '■
\,
.
'
a?*,
■
7;; ;7
J - vfc
1v'/;A':v,:-V^^."i{v-."> /H;-''77/:
-
industry's spokesman concurs wrtltthev Administtatiorf
to the burdensomeness of ouMax striiclurerand^as tO'the neces^r
should be^for the proposed lowered tax rate$.
Mr. Slichter favors
flat
reduction-through most income brackets with
and
a
a
advocates* tax outs- ahead of tax
which
to
iit
financed
..
•
,
c
tion's
tax
•
^
'
-
-
,.
proposals, raise
.the
'
'country's
steadily: and 4s,
now^^12% -above^the; IbvelC of.
February, 1961. The physicai Woi- ,^6^^
ume of total output.;has advanced: !aafl.
11 %.
eco-
risen*
has
come
.histdry.
Employment in non-agrieul'
tural jobs
to
e'ncourage;
high' employ^
re so
lifted
,
bur'
of
v
\n
level
in
history^ •; tfotai
urces,
vigorous; and
close
to
eco¬
output
share
,
the capital stock of
on
stockholders of record"
to
close
the
at
of
business
April
15, 1963.
Secretary
.Iqhn Filler,
of capital spending: Much of the ap-
March
"
-
-Fr>n*vt'^ '1.
.
»*'j'r;"
20,
1963
°^r.'
were
:
occurred
-?th.eruc?.mP?5alb', perl:ods.
ln'.tnp
brbmisihg:
more
nacnuoV
norin/r
more, the excefss* capacity argu- 111 ment1 dbes not give sufficient'
.r^" weight to vthe cdpithl-'biitlays
«arlrt
i
u
yy««;«.
j
w"UiU
1.1;
y*
4.
.1.
",buc
.^v+*y
»*%*"--•
•
Thd'Dlrefcfoi'S^of Intbrnatibrfat
Harvester
Gotnbamy have declared
quarterly'dividend No. 192 of siity
.
jif.''
'
COMPANY
v^; 010
or ®xarftP .' ^or a cof- new industries, tb produce new
.the' ^spbridmg period"; the j* rose 49 % ' priodinfts^ arid -id iiriDrdtf eold- ones
^
have ear .er*
HARVESTER
5
Further-
mubh lowbr
,1^creases,
phltorv
INTERNATIONAL
ii.
expectation^
prpfit
*>
"j-
•
^
a
k^";
—r*r— - •*
.•
t
aggregate
($.60) per' share on the com¬
stock payable April 15, 1963
cents
—-7-
.
mon
tb sfoCkholdets;
employmeiitvC isf
frothf;;Aug^tii^-19.54i; overlook
close of business
the close interrelation-
6^;rbdorVi:
March
on
GERARD J; EGER,
and services
goods
of
has
quar¬
Company, payable May 15,
1963
is
^ sliiP ; between a rise iri capital
larger thati; ever^^ before,^^ahd^tlid^ t61- id;^latidn tpi GNP h^^Hen' spending andiii bonsuhier
but at
the
same is true of personal income
f.^fage of10-11%' &V spending. Economist's^^ haVe'long
sametime
and consumer spending^-in
recognized rthe powerful effect
both the income ffi^^'&en^iiig'^3Avhicb; ihbreasirig inveSthieiil exmjaintenahce •
of
a
sound
of the average American are at' °JIy
*n the past five years, penditures have, on creating new
dollar both at
a record level even after complete
<1exl|tiP^ stdckU of
and better jobs, expanding the
home and in !
Donald c. Slichter*
k .made, for the greater
flow Of wages' and other personal
^
V u;. taxes anii.ihe
f oreign
ex- "
higher,prices that ^y.Tfte JJepartment^^
incomer and thus increasing donchange markets;' Nb-Abther btisf- he has' to pay;t0 ?av® ^eased1^Je6s
sumer spending in step^ With# risness
suDPorts f these'1 objectives'
'
,l ;
annually since 1957, compared ing-investment spending.
more strongly than life insurance.
Prosperity and Problems
with 4% a year in the 13^47-1957 \ There-must, .of course, be a balOtir continued healthy growth is
It is evident, then, that the period.
ance
between consumption. and
closely linked with a sound and country as a whole js enjoying,,
Accordingly,
there
is
little investment. As we' shall state
vigorously growing nat iona 1 considerable prosperity. But this., question that: weakness- in busi- later, .however, we believe that'
sustained
regular
per
-
counti^^^^fel^^^®
our
record. The"
a
;
oaphcity can easily be
exaggerated' as' a' deterrent^ to
^
nrt.ivitv v . w
f.rv
va v * vj;
econOii.iv
highest
a
dividend of Fifty-Seven
arid aOrie-ir&lf -Griiti8 C571A^')
'
1^
yy.
gains
These
million
two
,
ment
mcreaseoL
declared
.
j
nortiic
trough'
\ Excess
r.vj,1
terly
February, 1961- and 24 .months parent excess Oapacity* probably ; later, plant'and ..equipment ex- includes
plant'; and', equipment
penditiiresvrose abouf 11%, ddm«» that is
obspletd attd' ejcjiensive to »
PWd; >yith. - the iti^rly 20^%:
tf.5<TrvvhV*,',:5.; ^vr/o. risd bpel^te-^ckpacity,;' xnaz woiild be
operaxe-^-capaciiy that woi.ua oe
in' tVifl
„
the Administra-
question of the fiscal policy re-.
quired < at
thisf point
in
our
"
cyclical
riArvoonnvirUrtcf
Viewed broadly,
this day
How Excessive Is Our Capacity?
not
are
between; the
Federal :deficit should be
warns
61.
/ UB BOARD.OF PIPECTORS
%
the
v;
eXpendi-
much -higher than
the level in *1957, In this recovery;
.
anon-inflationary manner which may requireTemoyal
of 4^/4% ceiling on Government, securities. 7 • -: W -l
*
.
Mr. Slichter
day
f
.
argument IS' fallacious.
business
tures for plant and equipment to-
7
capacity
excess
doing* very well;
;or
$121 billion $34 billion td a-record'peacetime
higher than in 1957. Despite this total Of; over $45^ billion.
rise- in- GNPj
reform^ opposes rising trend of
the- extent
are
GN^f
.
omy's problems; amidst prosperity shows how capital spending; lag;
and
sales; aridother sales/
The liquid
conclusive. In assetr in the hands- of the general*
Spending
evidence is
P16ZA
20, N. Y.
autorhoblle
1 $563.-5 ^ billion,
Moreover," tie
finite a'def icit douid becomeaworth while riskV Review of; our econ¬
economy
*
was
.f. Government expenditures; amd clearly specifies undey whatcondi- |
hurt: the
The
'
; way toa'seeondyear otboorfting-
..
the^ lasf tluartep of 1962 thepublic have been' increasing at * a<<
running at an annual rateof very fastrate—-in' 1962 alone1 by-
v
a-\
1
•:
Slowdown, in- Investment
.
top 60% ceiling^
42% rate when* the budget is balanced.
a
*
.
phased out lowering of corporate rate to 47% succeeded ulti¬
mately^ by
'.r
:
M'\
.
td where the incidence?
as
NATUR'A'L GTAS
introduce new. products, and to, As
indicated earlier, consumer
imnrrviTO
ilia
minliftra#
avisiinrt
avaan/^Hiivhi)i
'Vinira
lioon
ricinrf
irriproVerthe vquality; bfexisting^ i^penditurfes have been
rising
^products has .been: disappointing ; duitd; briskl^;'We are? wfell dnour
,
Life insurance
sary size of an over-all tax cut but differs
OUSOtWRTlW
4°wer costs^i fb i&ck of tprtsUmer bdyiiig pdwetl
yfiars
,
'
has
15
^
vllt Jl±ODO S0il&
lr
By Donald G. Slichter,* President, NorthefasfUht
In&uinmee Cqv MUuaokee, WM ± -f
as
(1183)*
iU J ,penditures" in
r!
I
,
af= fbfe
15; 1963.
Secretary
nomic growth, "
NAitdHAii fXjei. oa^ co.
The
close
life
insurance
the
to
total
of
have
been
lions
affecting
economic '
country's
$125
of
whom
forces
business
billion
perity
by
policyholders,
modest
The: life companies have
the greatest single channel
means;
been
of
savings in* the United
These
savings,
billion
from
States;
plhs at least; $60
repayments
industries
—
of
in-
vestments, have; been invested, in
roads,
prime
factor, .retarding
nomic. recovery and
ous
steely rail-
airlines,
and- y a,r iotfs
of branches of machinery • and ithe
mil-
most
of
persons
Certain
distributed,
unevenly
is
capital investment has been
ness
the
•
is that our. pros-
of these
One
A
savings
of
problems.
economic
our
growth.
accumulated
are
is
is not to deny that we face serious
growths
*
The. president's
Vigor-
more
v
eco-
- >
Economic
Re-
;
consumption!
and
:
not
-
;
jbqmic
Report
of the
'
Ouf
interest
in; the. successful lem is not
demand
f5,
it is
during the past 15 years the
insurance, business
-:'i over
-
$2
million
of
-
.
incen-
has made production in this- recovery ..has
': [
to falleni somewhat £ short, "of
tthe/";V
| private research organizations
and
rate
average
past
of
universities
-yfor':•'basic^ economic This of itself would
research,. especially in the area alarming, ! However,
;
of
-
saving,
formation
investment,;
and
economic
:V-One of the projects
irently sponsoring is
terest to your
:
;
The
we
capital
R.
growth,
are
cur-
of direct in-
Committee, namely,
Study of Taxation and
nomie
Growth,
which
Eco-
too
March
■
now
we
.
high.
,
,
being
;,v:
of Economic Research.
ing the past several months.
shall begin by outlining the
yr
eral
economic
background,
I
gen-
as
we
FRB
index
industrial
of
tion
has
since
shown
little
of
'
'
Directors;
,j. Preferred
and
stock
per
it,- against
cision
fiscal
-
;■
which
.about- tax
policy
in
the
de-
reduction-
and
holders of redbf# Mhfcftf' 25',]
1963.
i
ST^VlEhySi ;
A.
-
-
1
Treasurer
;
-March 13; 1963
i
,
■
•
'
.
.
M
Company
cash
the
for
dividend
general
must
be
;; made.
4.:.' -.'
'l:
.
;
-, •
The level of general business
activity
has
moved
to
consider-
"Why
The
Dividend Notice
cents
V
'
per
share
upon
stock.
capital
will be
paid by check on April
4963,fo
of
real strength. Despite a
cession
in-
research
ex-
answer is vlearC'Hiisihessf:
investment has not risen with prty "^
in
Personal
Expansion
main
re-
1960-61.
the
privately
and
financed
rr^e(ford
^ r'
doubling'r:'y-
common
record
at
industrial
development
ex-
:n?.
OREGON
March 13,1963
"
v.';"
•
15,
stockholders
the
close
of
on
March' 22, 1963.
D.
business
L.
BELL
'
-
Treasurer
San Francisco,
Calif.
at the dose^of business March 25,'1963^;,:;^;^;^
PbRTLAND,
thef
common
This dividend
Company's
share on the 5% preferred
31 stock, $T.13 per share on the
4.52% serial preferred stock, ;
$1.54 per share on the #. 1 ft % serial preferred stock, $1.41
per share on the 5.64% serial preferred stock, $1.75 per
share on the
7.00% serial preferred stock, $1.50 per share
c on the 6.00% serial preferred stoek, $1.25 per share on the
5.00% serial preferred stock, $1.35 per share on the 5.40% ,
serial preferred stock, and 25 cents
per share on the common
K stock of Pacific Power & Light Company have been de- *
M Glared* fd£ payment April
10, 1963, to stockholders of
per
'
pansion failed to be stronger? The
ably higher ground since the
of
Has
first
of 25
quarter- of the yedr
Quarterly dividends of $1.25
advance'
Lagged? Why has the current
62
,
.
view
.
share oh; the Cbm-*
niOri
stock,
botH payable1
}; rAp^riT* tOj
stocks
cents-
DIVIDEND' No. 189
V
produc-;
last July.
Boarid
has;; declared af dividend pb
37J^ cents per share on the.
I
DIVIDEND NOTICE*
Thirdly, the tempo of expansion
Rackgi^ound.
ConsecuHv»'Quarterly Dividend
THtf-
u
.
has slowed down noticeably dur-
The 1 Economic
231«»
f
thoBoard pf Directors ori
^arch' 13; 1963^ decjared a
^/
-
conducted by the National Bureau
'i-r
Machinery
CdrpdrdtiOf^
POWER
'
unemployment rate which is still
too
United Shoe
f
Pacific Gas and Electric
;
•
have an
11 r. it
COMMON STOCK
uriempioy^;;;^
expansion of 1958-60, it accounts
-i.
:
PACIFIC
•"'
\
p':'' :;'vVv;:
15. 1963
•
\
HiviDENir jnuiigl
;
PYNER,
Secretary
& LIGHT COMPANY
taken J"to- "
; ;
;
»
-
ment which still existed after the
for the fact that
■'
.
L.
29, 1963.
'
'J'
'.v.^
recoveries.%;»-
not ;be
gether with the excess
;
of business March
16
Secondly, the
grants
close
far
page
r
that
life
1^^ t^stdbkhcddfer'S of'reccfr^ at
GOuncfl df
so
as
Cbihrnon
tne
Eco^
much.a riseJn. tbtal;. 0£ capna\; spending^, this may be tures arid upon personal
job. retraining, and d rather slow and indirect
procesa.
Continued on
Omy isi demonstrated by the factvimprovea.mobility of labor.^
;
;.
econ-
shafe on; the
enough'towardf providing direct
encouragement to a rising rate of
,
functioning of the national
thirty-two
pet
manufacturing concerns,
public
utilities, transportation, commer- completely or partially ^unern-;
^QWa^d -xpanding congumer d6..
The -Need for & Redueed TaX
cial
properties,
farms,
homes, ployed. However, much, of:~tlie rnand in order to absorb excess Burden An important factor in
mines) public improvements, and unemployment is structural
in capacity and thus to provide a" the failure- of our national- ecofiin many; other ways, and have nature, that is, it is concentrated
more, fa.VOrable climate for capiomy* tn expand more vigorously ,
thus contributed enormously to in-certain groups such as the .un-;
tal
nding4 Although "a rise in is the heavy burden-of Federal
the?
economic
growth
of
the skilled and the younger workers.
consumer
spending would be of taxation—especially the burden'
country.
The cure for this particular prob—
aid in stimulating .a*'higher', rate upo;n
business capital expendi—
.
qaarierly divideSEId •; 1
and
one-half' cents;
Stock5 of' the CbftipAhy, payable Afyril
,
'
"declared -»rregular
of
is tipped too far toward stimulat-
ing
1
fediard^ of' DirectoW has' toddV'
the Administration's tax program
capital spending, as well as to
strengthening personal incentives
Economic Advisers' also" stress tlie^
work .harder, to save and inthe general business expansion.
;cru^aj
importahes • of laggirfg' vest» to innovate, and" td assume"
There are pockets of substantial
ca ital
expenditures since- 195$ -. business- risks. It is the latter emunemployment in different parts They hold- however that excess phasis ^hieli offers the bettefr
of
the country,
particularly/ In *pjant capaK.ity ^ the primary Possibilities for a prompt and suSchrprtically depressed'areas. WbiH- factor; discouraging capital exi ^aine^ response toward strong^
many men are working overtime, Pend^ures -;
they propose a ^Usiness
expansion and more
or at extra jobs, many others are
fiscal policy directed primarily viS°rous economic growth,
trades^-have' logged
building
port ,an(J tlie' accompanying
DIVIDfiNDbNO. i24)
^
The
;
.
economy and with a stable dollar,
N. Y.
New- Yt)fk
>
.
Jlaia
Kock'efelfer
3(f
* V''
"' IT. W. Millay, Secretaryv
^:
"
.
*/
v
v
The Commercial and Financial Chronicle
Views
Industry's
Tax Cut Proposals
on
the
one
tax system
.
the only factor,
important one on.
which
effective action can. be
taken. The dynamic qualities and
is by no means
is
an
v
market, economy
energy of our
revolve around
4heincentives for
Taxes'
"
Federal
War;
fense, space
est.
spending
for
in business capital investment
has
de- been the prime factor retarding
programs, and inter-
more
economic
vigorous
expan-
However; the projected Fed-. sion and growth. The Admihistra-
eral expenditures for fiscal 1964, tion ascribes this primarily to
particularly: for: civilian; purposes/ excess-plant capacity and concep¬
must be< subjected to. unremitting: trates*.fiscal; policy on, stimulating
scrutiny to reduce them, at: least: consumption. We see little corito .the - level of fiscal ',1963. - : <. M vincing- evidence, of- sluggishness
m
T
.
arm?^ccelerate/hasinessr- reJltT- is/ra^
V'/// vising our tax /system ,.to, lay "a
/ The
Federal tax system'is the souhd basis for vigorous* and susr
product of the Great D0ression; tained economic; growth" oyer v art
World War II and the Korean extended; period^
:
«
j
able to ~ added
shows that cur-
rently, and since 1957, weakness
be-
Administrations.,
in: consumer spending, or lack of
.
g^atfy^tom^abwtbuylng=p^er.
enlarged deficit
and ^
believe. excess capacity can easier
dccasionerby
'rfciw
Burden'of'All Government
■
and
particularly if the structural - rethe
•••'. (2) The. record
r
to pro¬ structural reform
package of the
tect the international value of the
Administration does not in our
dollar. Thirdly, the tax reduction
opinion achieve this balance. It
program.»which; is .adopted must
grants: relativejy: small tax reduc?
give real: promise of success in tions m the middle and upper
promptly stimulating a large and brackets,
compared! with those at
sustained/ expansion^ i in national
the. lower, end .of thejneome scale,.,
income;; increasing.; Federal / rev¬
enues, and hence accomplishing an
profit and reward for a 'job well earlier • balancing, of the budget.
done. These- incentives: are cer¬
The purpose is not to give the
tainly weakened" by ojur-tax sys-national: economy! a "shot in. the
tem.
;
-
disappointing,
hand, and stronger in- tration's
centives to. work, save,
flationary pressures and
15
Continued from page
tives. The drag of our
1
Thursday, March 21, 1963
.
budget for fiscal 1964
invest, in-? • calls for an rexpenditure - increase
novate; and to ^assume- risks, on of $4.5 billion. We appreciate that
the other.
As noted earlier, the this, increase vis largely attributon
combined tax rate reduction
it
.
be directed to achieving, a balance, fort .to curb tHe further rise; of. rate ,of business expansion* espebetweeh stimulating consumption,. Federal: speridiiig; . The Adminis- daily in recent months, has been
Life Insurance
but
.
(1184)
16
cdvery.
1
-
.
••
....
..
•
.
^tibn-^specially i its - effects' upon
Trient'' rQn^ndinrt
.
policy yduring
directed toward re¬
tax
Kind
What
.
bllll0n this fisdalyear• (1963). The J^. wnrKina^
last year was $6.3:bilIion;. .ne^rjsks, to innovate,
the relief more eveniv amortcr tav
SHnc^Se levSs
Frogram? paVerk at:
^
^
tax program and
Tax
of
: increase
and to save
beena/awd^invest-rris cnhcai tothe prob^'--lentof;improved .economic growth.
distributing; income- and stimulat¬ fiscal. "poUcy, does the life insur¬
The re'ducltion" of individual in/ noted; the; increase -projected -for
favor prompt, action.on a:propbusiness favor?, We believe
ing consumption. On the fheory
bometax rates proposed by -the fiscal 1964 is $4.5 billion. How- erJy
conceived , t a kj reduction
that opportunities for business in¬ that tax rate reduction, both for
vestment were very limited and individuals and corporations, is Administration, taken by itself, ever, the new obligational au- program accompanied by adequate
would remain so, corporate taxes of paramount
importance.
The provides smaller cuts in the mid- thority requested for fiscal 1964 steps: to achieve economies in .the
were raised
and the individual need to stimulate the incentives die brackets than at the lower end exceeds the estimated expendi- Federal budget and at least to
income tax was made-" more pro¬ of individuals to work harder, to of the income scale. It is especially tures by $9 billion, with the bulk hhld the line on Federal - spendin the middle brackets where we of this excess in spending areas iog^ and by monetary, debt manand invest, to assume risks,
gressive in order to discourage
have
great potential; for stimu^ other than defense and space, dement and other measures, to
saving. During World War II tax to innovate, and in general to re¬
personal incentives.
For There is no sign here that Federal avoid
building up inflationary
rates moved still higher. The ob¬ duce the drag of present high in¬ lating
jective ;of national economic dividual income tax rates on our example, according to Federal Re- expenditures will soon stop rising, pressures and to protect the
;
*
policy then was to restrict both economy is urgent. So is the need serve-University of Michigan es- The danger is that even though dollar.
(4) The life insurance business
consumption and private invest¬ to reduce corporate income tax timates, 47.5% of the aggregate taxes are cut. and national income
ment so as to maintain stability rates promptly in order to en¬ saving in the U. S. is done by rises, expenditures will continue believes that tax rate reduction,
of the general price level and to courage a rising level of capital spending units, or families, with to increase and we will be faced both for individuals and corporafree
the
resources
heeded to spending. Rate reduction is, in incomes from $5,000-$10,000, arid with ; persisting ; deficits.: Under. tions, is of paramount importance,
another 35% of the total by units such conditions, we would cer- Therefore, we urge Congress to
carry on the war. Despite various fact, the most important single rerevisions in tax rates since the form we can adopt to help move with incomes of $10,000 and over, tainly. go rapidly down the disas-. ebact such reductions promptly,
war,'the ^dhefSTlfeyel of personal
economy into high gear and Moreover,; if consumer spending" trous. road .of renewedr '-inflation^^PS ^tructUral reform: to sepa^*
needs stimulus, Why should we and devaluation of the dollar, v
!
legislation • later except tonthe
income taxes is ndw.bnly a little to keep it there.
lower than in World* War II. Thd
provide a lesser* tax cut to mid- "
^
'
extent ft can be agreed on without
Tax Cuts Ahead of Reform
basic tax rate on corporate profits
die-income hmiiies which' are a
w
^ust Halt and Reverse
endangering timely action on rate
reductions,
' ;
is even higher than it was in
We therefore \irge the Congress: vvital segment; of ffhe ' market for; ' Government; Spei^ingy Trend.
consuriier
goods? Yfror
If over the longer run1 we are - '(5) :.The combined individual
1946-49, when it was 38 %* cony* to ' enact Ireductiohk in Individual diirable
and corporate - income tax rates these reasons, we- believe that the
liave a helpful reduction in the- income tax rate .reduction and
pared with 52% today;
is: a : serious imbabt on the economy could be burden of tajration; we must exerf Reform package of the: AdpiinisBut this is hot the entire story, promptly. v There
strengthehed considerably - if the an uncompromisihg^ effdrt torre-fration provides,ioo small cuts in
because state and local taxes have danger that to make cuts in tax
rates depend upon: finding solu¬ equivalent.Tevenue Were used to strain further increasesiin-Federal fhe
middlo^and- upper income
also risen sharply. In /1929 the
tions to the many complex struc¬ provide a flat percentage' reduc- spending. As Slm6n» Kuznets, dis< bfackeitsl. to v achieve. the needed
combined revenues of the Fed¬
tural problems
would; postpone tion through most' of/the income- tinguished Harvard professor/and 'effects \on / personal - ; incentives,
eral, state, and local governments
and might even defeat rate reduc¬ scale with "a 'specified maximum internationally recognized author- Similarly/ the revision, of iridividaccounted for 10.8% of the dol¬
As, you. know'
tions which are sorely needed rate of about 6(1%
on economic growth, points, out- uat income tax rates proposed by
lar value of GNP. This figure rose
For this reason, we believe the Committee- for Economic: De-^
^
exhaustive study * Capital the Administration, taken by! itto 16.9% in 1939„to 24.3% in 1946,
that the wisest course would be v'elopment and other groups have Formation and Financing; the ex-: self; affords smaller cuts, in ;the
to 26.1% in 1956; and to 28.6%
for Congress to act first to correct proposed a'tax reform program Panding level.of Federal expend^ middle brackets:,than in. the lower.
in 1962.
the rate structures of the indi¬ along' these general lines, and; we tures, and the increasingdax bur- We believe that the* growth imNot only is the Federal tax bur¬
vidual income and corporate in¬ think; that as a1-basis "for growth den i* lias required, has been a - pact > on the economy would) be
den
'30s
the
was
What kind of a
:*•;
^ P
«
:
/.Where to Cut Tax; Rates
.
-
Xhe average Since;l957 has
little
oyer
$4 billion ppr year. /
ance
•
save
a
^
our
,
•
„
„
4
,
v
■
••
.
now.
heavy,
rates
high
individual
the; very
but
taxation
of
of
incomes, and of corporate profits,
act to dull economic incentives.
A
system bred of depression
tax
and
is poorly
war
suited to
pres¬
ent conditions when our country's
economic
pressing
need
is
to
innovation,
risk-taking and capital spending.
enterprise,
stimulate
Making
Deficit a
come
to consider
taxes and then
islation.
On
be found for
in
other
the
the tax
some
if
hand,
could
solutions
workable
readily
of the problems
structure, without en¬
dangering prompt action on rate
reduction,
would be
we
hope
would
tax
tive
structure
seems
very
recognize with
deep
strong.
We
concern
that reducing taxes in the
face of
a
large Federal deficit in¬
volves the serious risk of reviving
inflation and
The
damaging confidence
in the value of the dollar.
abroad
risk
in
tax
reduction
can
in
our
opinion be justi¬
time
fied if
fied.
three conditions
at this
satis¬
are
First; vigorous action should
aiming
as
across-the-board flat percentage
this
mum
come,tax'rtfte-dtould'
tegral part of the program of rate
country.
reverse
this
by step with individual rate
must
additional
be
sential
as' possible at
eluding
the- structural
amount
about
when the reductions
fully
effective.: The
studied to
tions
should
ductipns.
of
A / substantial 7reducthe
tax
corporate
1
rate
projects to meet the basic test of
ah^'
profitability
age
a
Would
^emfour^
prbnouUCed rise, in": capital
spending
^extremely
This
im-
por^^t because a-highef^level^f
.a 'investrhent.
be
es¬
cur¬
cerns.
An
also
reduc¬
rate
effect
take
in
reduce the corporate rate to
phased
to
over
avoid
am
va -sufficient'
47%,
period
undue immediate im-
&& // //
budget.
The
tax
reductions
should
be
^
42%.
\
Restraint
on
r
V:';'' '
Federal
'1 ^
Spending.^
have;ito be
designed to produce the maximum
It should
the! Uifeclnsurancex business /be/ / ^ ^ t y/While bpr;
policy
measures:,
into
play
up
in¬
'
Reduction in the corporate
.
s
be un uncompromising ef-
omy.
ate
on.
the
econ¬
«l?rtab:®v0ld ®
P°licy toward credit*
restraint should developments re-; a /threat to the ,yalue of vthe
Quire it.;
.-;r
:,V/
^-°^ar-. -1
invigorating,•effect
promptly to avoid building
(6)
Phsh this, Congress should be pre-:
spending. -Increased deficits
Pared to remove the 4 y4%<.ceiling "|l0m any tax cut must be financed
on government bonds** Beyond/^ ^flationarrmanner. And
thls» the Federal Reserve authori- t^e authorities should be alert to
Secondly, the government
other
of about 60%, so phased as
undue strain on the
avoid an
$10
were
be
monetary debt management,' and
to
budget.
increased, proportion of!
must
bring
to
Monetary , and Debt Managemeat Policy. Finallyr it should be
tax rate without delay
reiterated that if Congress should ^olild^e an integrarpart _pf,the
enact, a substantial reduction in^-program. We favor, a reduction to
tax burden, with a resultant
SOf
th
^eavy Federal deficit, great care undue impact on the budget, with
W0UId have to be • exercised' to ^ further reduction to 42% as soon
tailed.
prepared V to
and
are
spending;>is essential
,
should
halt
we
revisions;
to
budg¬
increased, other less
spending
if
achleve vigorous growth,
re-
economies, stages and be phased over two or pact*on'the budget.'Just as soon
wherever possible. If certain ex¬ possibly
three
years ■ ;toavoid as
budgetary: Conditions.permit,'•'ties/would"
penditures, such as for defense, undue * immediate impact on the we;favor a further reduction to shift their
achieve
We,must
trend
reduction and should proceed step
Administration's tax package, >i»r
billion
should be carefully
strengthened considerably by.1 an
» Private capital spending and
the net reduction proposed in the
in
et
manageable limits,
soon
This would
fiscal 1964 and the proposed
major cause, for the slowing down
av°id the building up of Inflation-1 asconditions permit,
ary/tinder and loss- of confidence
balanced budget as an expanding not
-onljr io -provide newand bet- ahroad in the value of the dollar, is. highly fearfubof the mfla bon¬
economy produces larger receipts ier jobs but'also40/irhprove. the- This means that; as the/economy,
dangerS m^y; prog^
with lower rates.
The
revenue me of economy
grbwilt ^The' in- expended, the'
loss resulting from, reductions in
vvestmehi;tak bredit'and the liber-- de^ci^-wou^d ^av0 to be. financed Federal idehcits^ We ^emph^ize
individual and corporate income alized
depreciation / guidelines, in a non-inflationary manner, that a^ain ^e essential conditions of,
tax rates should be kept within
provided" iast year/ took; an inf-' 1S»
individual savers, savings;
to^ely ^pful. reduction
the same order of magnitude as
portaht step' iri the /direction of institld:i0lis' f and .business con- m i^ i5urden .' °^a^aii0J1, There
within
deficit
be taken to avoid any further rise
aggregate Federal spending in
-
in.
would enable many more capital
While it is important to sched¬
ule rate reductions
the burden of the restric¬
reduce
urogram
LporaTe
mlich better,
a
Reduction of the
they tion
adopted.
promptly/ it is
Worthwhile Risk
equally vital to maintain fiscal re¬
The case for prompt action to sponsibility by keeping the budget
a
it is
other tax reforms in separate leg¬
be-emphasized again that/Statement by Mr. siichter before- the
ecbimfeyils^at • th^ /^™^^
consistent with the" immedi¬
: revenue
.loss.
/The
dividual income tax
new-in¬
rates
should
accompanied by
a
determined ef-
not
evenly
distributed^ and-the
0f America.
Volume 197
Number -6248
The Commercial andFinancial
.
Chronicle
(1185)
••r
-The year 1962 was another! lip:
•"
;
iCa 1 Ifb m i a'J
yearTpif So Ut he
r*:£di$^
;
-/PUstomers, current
operating::
'■4results apd jlaying thp:groundv
v%'b!rkf i o:i meet- cbnt i ri u ipg
•
ugrowth. New-records were
e a ga I h-.esta bli sh^d; i hireyenue
p
iip^flow^Hour; sa I es^ %
;ig£ridtetipriartcf ,£eak;demand}
f|anc| ifp-nei incdrne,and earn^
ings^per share.-.Dividends on
.
Common Stock were raised in
h
the second quarter.
One
for the Com¬
reason
pany's success: Edison serves
the' fastest growing; area in
^the nation's most populous
in
state,
1962 hive recorded
the largest increase in meters
since 195&.Edi$p^
\
;yadded-dver^pni million nief
voters in the fifteen
years
since
the end of 1947.
-
-
tomers^ growing awareness
of electric
living. Again in
1962 Edison led all utilities
in the nation
of Medallion
added
to
in the number
(electric) Homes
its
In
lines.
Commercial-Industrial
: put"hew "All
the
field
"jEledt ric- Build irig
Program was launched. The
im press iveTirsjt-yea r resu Its
■
:
indicate that it
become
factor in
increasing revenue as the
important
as
may
a
MedalJion.Home Program.;:
;
..
For'"more information
-
the results of
-
•
ations and
our
on
1962 oper-
our
plans for the
future, please write for our
Annual
Report. Address: C.D.
^ Lester, Secretary, Southern
California Edison
-
601
West
Fifth
Company,
Los
Street,
Angeles 53, California. >4
Southern California
•;-V :
x-
■
s?:'.
•"; < i< '■" s
Edison
».-*.(\fyi,„ X.y y
,
\
y
Company
ft*
17
H
The Commercial and Financial Chronicle
18
.
.
Thursday, March 21, 1963
.
(1186)
higher profits to higher sales, cost;
And You
The Market.
savings
and
Government programs '
on
in
success
diversification
its
But "they also concede that
all but one of the companies pur*
plans.
BY WALLACE STREETE
BY M. R. LEFKOE
chased for diversification are still
■
♦;
.
would not only reverse
slight dips in the December and
current quarters,"but would push
total outlays this year to a record
$39.1 billion, for a gain of nearly
5% over 1962.
. . '
.
r
Another good token: Housing
starts last month reversed a onemonth decline to zoom 11% over
theyear-agb level. The4% rise in
the seasonally adjusted volume
to an annual rate, of M,280,000
Units should help firm building
supply and household goods stocks.
lectively in* its present sideways
signs of any
shows few
term,
definite trend for the short
from last Octohas petered out instead
Its sharp advance
ber's lows
of being stopped
dead in its tracks.
market
technicians con-
While
that
tend
Sed^ ^tablish
still
is
correction
a
base fora
u
solld advance
this liklihood dwin-
for
Incommitments
new
for in-
lessened sufficiently
have
SiS^S un'cer-
; But much of
legislation and other continues to shrug off
matters have cut down on interest good and not so good
for the professionals
favor of inaction.
P
tainty on tax
•
a
,
,
...
.
days;V A
these
ground
Lethargic "D.J."
mutual fund, Delaware,
?
k
xhe 30 point range of the last four
iudsmenfmerelv
Steel Outlook
nearly
has hit the fastest pace in
week's production
gain of 2.3% will undoubtedly
have helped ingot makers' profits
for the quarter.
But what about
the future if there is no strike and
a
Last
year.
a
consequent, cutback to eat up
swollen inventories.
.
;
.
The steel stocks reflect this great
though
force or promise of benefit»
purchase of
significant
are
better buy
—J
unfa-
the
over-discounted
have
.
•
S
a
up
™pUedU
their cash positions, but
to
bfre/Led %tn
•
worth.
D®;M"P"gnly. aiSC°UI':®a:
'
eight major steel makers
uncertainties
fr^"wa^iino*ten"wTth "nartiViViar don its reseaijch
Washington with particular "SS0C1(ati0n
j£ reports on £ore
to aban-
,
?anUhS fro^ 11-to-T
15-to-l. These
mated
to
back to the
k
s <ekf.'-
Impact of Defense Spending
esti-
profits this year, but also
While defense spending
,/
.
,j.
major work stoppage
price increases.
no
Mixed
Elsewhere
trial
of
news
much
confuse
a
which
of
mixed
could
fact
the
Indus-^
nature,
seem
clarify
to.
the
that
unem-
ployment rates, are! up, but consumers
expected
are
in
more
the
they did
to
spend
coming months than
a. year
and
+.
**
special
payment
life
of
nhsprvprc
5nmp'
observers
7-
Lorillard
of
-month
dividends
to
on
^ !
J*
1 *10
++
a
°
r
,
ar"»
in~ arie f. °.r
eveloPr"ent of
a new .®nt -missile missile, the.
Philip
for
new
highs
this
quarter and next, according to the
of $1.20 would be 2.3%
Lockheed
Commerce
Department
that
porate managers will step
capital
levels
expenditures
in the
to
up
cor-
their
record
coming months.
-
;
,
.
,
,
•
.
w
.
.
which guarantees free speech to
wuiun guaiamcca ucc sjjccuii ivj
of
the
an employer unless his statements
state- contain a "threat of reprisal or
employers'
force
As
union had lost)
and
or
promise of benefit."
result
a
of these
and
other
jf the union demanded the bene- even if the employer's statements
fits it was promising the conipariy are indisputably true;
^
day for oral argument, it is likely
4 do
might have to go out of business.
Only the Beginning'
But the Board's policy of deny-
not
necessarily
tl
at any
t
content with the damage it
has done in this one area, the
better if the union lost.
NLRB has now moved to outlaw
^"Moreover the W(yrth Mfg. cose anV statements! made by a cornadds a new and dangerous dimen- pany to its employees on managesion. It indicates a return to the ment-labor affairs in general^
lime coin- discredited practice of viewing an •; In the General Electric^ case,
"/""i.
?„ >»
more,
V
xrr'
up
sharply from
does not include
gain
last
from
sales
year
of
1961's net of
$3.46
or
an
of
share. This
a
$13.1
million
Transamerica
pre-
ferred stock.
•
Lockheed
credit
the
pmnlnvpr'c
nff#irorir«#ic
in
licfTit
P^rtllGr
speech
thp
dPfision" nf
thp
TsJT.PR
this meant that
and
other
lawful
ing in
been committed."
On April 1
where
—
! .7
Robert C. Stava will
be admitted to limited partnership
nni.
t»
The.Boards
mem-
Free
o
Speech
Philosophy
in Beauchamp, West & Stava, 115
Broadway, New York City,
officials
...
.
lawful
share, and
added capital
and working conditions would be
the Taft-Hartley Act during its
negotiations with the Internaconduct
occurring separately— tional Union of Electrical, Radio
were coupled to support a finding
& Machine Workers in 1960. Spethat an unfair labor practice had cifically, GE is accused of engag-
^'^
mil-rBeaUChamp, ^WOSt
a
and that business would improve Not
.
In the Worth case,
can
lion, equal to $4.76
planned increases in the second ;
,
.
also point to rec-Lr
ord profits last year of $37.2
is
the
,.
.
.
$26 million,
survey by
.
;moihths despite the surge of; in-fd e c i s i o n s on other pending terfered with the election when he ing free speech to an employer in
dustrial averages from .the Octo- mergers, including the critical
pri0r organizing efforts had the area of union representation
ker levels. Martin's low last year Pennsy-Central deal. '
»
resulted in the loss of business election was only the beginning,
also cited in
new
.
Martin, now-in the low 20 s, has that the ruling could take several In,the other case (Cole Mfg.) the
0WJ
c^an^e !n recent, weeks or months,- thus stalling 30aj.d held tha!t the. employer in-
best available signs. Good news is
a
■
ordered
the
c
„
headed
cause
graded, though the Interstate Commerce,
",600 shares for the second most Commission has set May 7 as the
active stock of the
1
A
4-
S?^Pany s co?mair
,
are
"
NLRB decisions during the past
week with news that decision on
«in one of "these cases (Somismo, two years, employers have been
projected merger between^^the jnc:), the Board held that the em- effectively prohibited from saying
Atlantic Coast. Line and the Sea- pioyer interfered with the eiection anything whatsoever to their emboard Air Line Railroad may be when he said that the union's ployees which might induce them
postponed* until this summer. Al- promises were ridiculous, and that to reject union representation—
Army
although industrial output
lower, but total corporate profits
1
that an unfair labof practice had
«iJl uinaii lctuui picttutc iiatt
the rail merger
veterans
porate profit margins appear to be
tu
ments, it set aside elections (which
A small cloud
}
and
^ came in May while its high,. •' The original application in the
by the Veterans Administration in °f 287s was posted in the opening Coast
Line-Seaboard case ; was
January.
month of 1962.
filed by the two roads in July
Wage and salaries hit a record
Another space-age stock to fare; 1960 and the ICC. examiner recannual
pace
of $94.6 billion in better has been Lockheed.
Cur- ommended approval last August,
manufacturing
industries
last rently trading in the low 50's it; ; [The views
expressed in this anide
insurance
employees, the Board did not find pletely ignored; Section ;83;(c>
ipan
lean
—.
that new ones be held.
/^
ago.
month, but would have topped
a
Martin-Marietta
obacco
.
some
.and because the company failed
-•
*0war<* the more speculative is- been committed.: However^ be-
1
Morris.
session.-
January's total if it had not been
for
incise
•
a
sues
^
Meanwhile,
personal incomes declined slightly
last
aiiiori
'
...
other
rather; than
and
micciip
'
'
can
ii..
r
Consider
stock market outlook.
Consider
nirpraft
t s
tries.
News
seO
we
'
charges, to give the name of the customer,
gep Landrum pointed out that the NLRB found that Union Car"in two recent cases . [1961] in- bide had "materially. misreprevolvihg employers' remarks: to rented the^'factsj" The Board cran-.
A^bough Reynolds and AmeriTobacco
still have
large
is nu ;
im.
projected production of; p0rtant for most business "areas fflllnwinfy
mo Willis,*,
fnne
%
in it
following,
slightly over 100 million tons, the tnHav it i<3 thp TifphlnnH nf thp
A,>AM
and
„
volved or supply any other infor-
full information
tobacco and efffarette smoking as ?
^au oxieex concern tobacco ana cigarette smoKing as informgd decision."' '• ,
311
^rger. a cause of cancer has turned some In documenting his
on^the
lack of any
reports on
resnSlt
the
significant tha^ the respondent
j
name j the customers-in,.
and could not, there-
secure the
reference* to Wall- Street-concern
relatively low P/E
ratios are based not only on
ahd
and
significant thai
nation."
Thus, because there nf i<envno '»
was only
:-wo,u«»h* Ua one cnatbmer
in.tead nt
^ for an intelligent and one custodier, instead .of s som4e,
both sides>
emanating Association has decided to aban-
iiom
enrrpnt
ratios
employees were forbidden to hear
News that the American Medical
other
S°' °Slv
opinions on La-
fs
iry
^ave^eentimroughlyd^scount^d
na™
A cu5re.n- study by one member from Washington with particular don its research
firm of
a new representation election the
a.
j.
0pinj6n
^
Board
•
vorable over;the last year.
A current studv bV one merhber
^
here indicate that a loss of orders,
« u..
..-j
i
Gagging i,.. r,
the Employer
a
^4
v
^
scant
month ago than will not move until they get more the Surgeon General's office, some
they would seem now, although assurance from Washington on observers feeT the tobacco stocks was then—and will be again-rthat
some
observers feel
they .may'-what the'* future. dollaiV; will' be
during ah-organizing c.amp^ign
a
;
nmpn
Obviously they were built
uncertainty.
,
day-,Yet this nearly unheard-of pom- \ jn a sc^mng attack on the and hence a loss of jobs, would
to-day changes among themost; mitment in rail stocks is "as faravowed disregard lor both result merely iby virtue of the
heavily traded issues. Changes as we will go, according to Linton the spirit and thQ leU*r Qf ^
ernployee^s designation of the
are generally
fractional even
hieison, president ot tne lunq. Rep. phil ^ Landrum (co*author um0n' and-were accompanied by
among the higher-priced stocks
Tobacco-Cancer Picture
of the , Landrum-Griffin Labor constant reference to the probawhere turnover is 30,000 to 60,000
A -^r:n+uA
^e; union won
Annthpr
Ac^ °f
Stated On
of
tile
WOn
Another omen for thp rnarW- Act of 1959) stated on the floor of' J?*lty
for the markpf
^arkpt
■ H
. vear..u
, if +his is
the election.; ^ufther,* . we find,'
election. Further;* we find,"
shares daily.
niapp rhav hp' Mr N<>1 son's d^ri
may beiMr. Nelson's deci- ^ House last ye'ar: ". . : if this is the
j ' 'J.
- contrarv
to
the
trial
ex-iminpr
^ Uncertainties over the proposed;^6'tn siwitrh nntNelsons. deci- to be the Board's standard regard- jun^rary xo me trial examiner,
nf
tnha^f-n^
may be
tax reduction program are uri-, Delaware's holdins have been cut'
free speech—and I fear pyents
respondent [Union Carv
doubtedly taking their toll in the] to less than 3% from better than Promisp^t; wilhbe-^we^^ will"bave Wdehrimaterialjy misrepresented
board rooms. The low daily turn--m%. a .year ago.: The fiind.
has^^^oimedv to the ^Tff^artl^
?Ver confirms that many investors; assets 6f about $100 million. Al-when .an employer could * J.
sunnTv wh^-S
are standing pat. Many have also thoueh
reoort on cigarettes is bet. Safely express to.his^empjoyo ices or supply,, wheieas
More
Specifically, we can find optimism in the fact that steel output
contains na threat of reprisal or
100,000
Pennsylvania
inn nnn shares of Ppnnsvlvania RR.
encouraging.
trends.
nomic
,
,,
if such expression
sioi^s .of ^is
Fund's holdings has .since grown
Weeks is ^unusual; neither is to 12%%
judgment merely on overall e
,
t
in wiitten, printed^_graphic, °r -possibility of a work stoppage due
visual form, shall not constitute to strikes or walkouts."
or be evidence of an unfair-labor
j finding the comnanv euiltv of
practice .under any of the
intraday highs and lows for the year from 2% a year earlier.
pagt week confirms the lethargy.
This percentage of Delaware
r
be admitted that a
Ti
*
+
market follower has a wide choic
.
fair-sized views, argument, or opinion,, or; sole source of supply jf we became
announced the dissemination thereof, whether unionized, due to the ever-present
J
nef,S.T
,
.
»v»airtr
The fact that the Dow-Jones this week that it had boosted its
generally
r Industrials have held to a narrow commitments in rail shares to 10%
degree by either good or bad bustg ^
g
f ten polnts for of lts portfolio at the start of this
-
' ,i '(l
Although the Constitution guaran- guilty of making misleading statetees freedom Of speech to every ments to its employees (a decision
American citizerV .the National eventually overturned-,- by th.e
Labor Relations Board has takenK court) shows the extent to which
year.
it upon itself to single out busi-;the NLRB has gone in perverting
.
Lockheed continues to count on nessmen as a group and deny; the meaning of: the Section 8 (c)
'government .work,-both,U. S.:and ,them this;basic right in the area« free speech guarantee.
that is
fairly lackadaisical market
^v,
x
,
result:
all-too-apparent
The
the IcUy although
lllc; redy" dllllUUgll
combined,sales rose to $76 million
from $61 million in 1961. Only
one unit, Lockheed Electronics is
expected to turn in a profit this
foreign, for 97% ^/^fewmues. of management-labor relations.,.
In speeches to employees before
an, r*'.
vices>; *?j:order.-to Pursue its blatant an eiection on a union bargaining
;With 49%^ of totaLsales
continue to overshadow, but on y right'of free; speech the; Board foUowing statement: "Customers
^hghtly, revenu«^om^nu^le ^so-has
;torc?d to ^gnore are buying prb^UetS'on th^hasis
and space activities. T he latter the- Taft-Hartley_Act which it is o{ prices, delivery, and dependa-i
functions J1*0 ^ ^
°r $823 pledged to uphold, Section 8 (c), bility .The facts are that in some
^
^
~ <*
both theot ^ bimonjasl'/
™ freedom of ^eech in. supply at present for some of our
news, in
But space age not withstanding, communications^^
customers. We have been told that
investors' eyes are; also .on the ployees. The expressing, .of; any, we WOuld -not continue to be the
.
dies^umW declining^^volume
centives-
operating in
Upcrdllilg •• 111
^
considered col- quarter
The stock market,
motion
\
;;
The reasoning
bers of the New York Stock Exch.', Board
in
finding .Union
ployees
by
employed by the
Carbide
unfair
labor
practices
by
communicating directly with
on
the
embargaining issues,
promptly
explaining to employees the terms cf its contract
proposal to the union, and by crit-
Volume
197
Number
6248
icizing the actions. #nd question¬
ing the motives of
officials.
raised
few top IUE
a
A question also haa
to the
as
legality of
.
.
The Commercial and Financial Chronicle
.
$37,215,000 Bonds'
"...
.
5.^
-."1
;
„
pi 5 <, S '
•.•
"V&y:
• «w.;,
'
i
w
"* i
> • ?.'
been
a
pons,
Of San Francisco
from
Publicly Offered
re¬
through
—weigh their real value—discuss
with
An
families-r-decide
your
this
is
a
program
on
to
the
full
enough
union's
to warrant
of
ion"
and, thus,
y The Ultimate Result
Steel Magazine pointed
seriousness of
in
this
the
issue
when
case
it
Municipal
Bonds
$9,800,000
<
1961,.
Airport
Water
series
B;
Bonds, ,1962,
Series
,A;
$2,725,000
Museum
Bonds, 1960 Series A; and $1,690,000 SOwer Bonds, 1954, Series E.
un¬
illegal.
were
$23,000,000
Systems
a
investigation, these actions by.
GE tended to "undermine the
March 18 purchased $37,215,000
various purpose bonds, comprised
charges, • which' the NLRB found
substantial
underwriting group managed
City and County of San Francisco
representatives of your decision."
"
For
•
at stake
wrote:
the
Municipal Water
Sys¬
tem obligations, due 1964"through
out the
1983, the group bid 100.026%
"Do
6%,
2y4%, 21/2% and 2%%
were
i out
airport
to
100.095%
scaled to
yield
sue
for
cou¬
net
a
interest
cost
Co.; First National Bank in Dal¬
On reoffering this ispriced
was
to
yield
las; Republic/National Bank
from
offering
Included
in
the
'
*,
Drexel & Co. to
are:
The
Chase
Manhattan
obligations
both sides of
on
Admit Partners
Boston Corp.; Harriman Ripley &
Drexel & Co., members of the
priced to yield from 1.50% out to Co.
Inc.;; The Northern Trust Co.;' New York Stock
Exchange, and
2.70%.
,7"
Wells Fargo Bank; Security First
y.'
other exchanges, on April
1, will
For the museum issue, due 1964 National
Bank;
Crocker - Anglo admit
David T. Guernsey, John
through 1978; with coupons of 5%, National Bank; • ■ *
;
- V r.
. v
J. F. Sfiefrerd/John W. Boyer,
2%, 21/4%, 21/2% and 23/4%, the
Phelps, Fenn & Co.; Merrill Jr., and James J.
Hughes, Jr. to
group bid 100.079% for a net in¬
Lynch, Pierce, Fenner & Smith partnership.
Mr; Guernsey and
terest cost of 2.52%. These secu¬
Inc.; R. H. Moulton & Co.; Weed- Mr. Hughes will make their head¬
rities were scaled to yield from en
& Co., Inc.; The First National
quarters at the New York office,
1.50% out to 2.70%.
Bank of Oregon;
Seattle - First
45
The
with
Sewer
of
coupons
21/2%
National
bonds, due 1964-78,
5%,
and 2%%
2XA%,
brought
a
&
bid of
2%,
Trust
Wall
Mellon
Co.;
Street; Mr. Sherrerd and
Bank; R. W. Pressprich
Co.;
National Bank
William
R.
Staats
Mr.
&
Boyer will be at
the
con¬
I
Or should they be for¬
company's
Wi
view and get only the union offi¬
$$
bidden
cials'
to
hear
version
their
,
of
tions?
facts
'
and
s
<-
of
course
free
xx;
condi¬
!vl;
"Answers to both questions and;
the
v>:
vx
t
speech in
Beneficial
♦v.;
our
industrial democracy are expected
case
$:•!
Labor
i:
P
to be determined in the
P
8
before
now
Relations
the
[GE]
National
Board."
/
•
•
If'GE's long-standing and con¬
tinuous program of informing its
employees on all managementlabor issues is found
Reports for 1962
illegal, every
corporation in the country will be
afraid
to
anything
say
employees
to
their
labor matters—and
on
$
free speech will have been totally
Earnings
destroyed. As GE put it in itsrbrief>tri
for the NLRB trial
examiner, "the
prosecutor's goal in this
not
merely
speech,
it
case
would
free
extinguish
year
i it.
n
would ">
circumscribe
for the 18th consecutive
up
<'
it."
n f
nt:
i
Service to families
1
at
record
high
$
$
Consol. Edison
Sales of Western Auto division
at
high
new
&
w!
Rights Offering
To Stockholders
Consolidated
York, Infc.
Edison
Co.
of
announces that
fering the holders of its
stock,
the
right
to
-
an
1,343,117
-
one
held
of
' on
record
SubscriptionThe
rights
a
increase.
Morgan Stanley
dising divisions*
1963i
i
expire
i
1
headed
as
nance
Pi
by
I
and The
to
retirement
$13,000,000
of
of
-
rendered
-
than
use
construction
future
other
corporate
construction
before
ever
Receivable
bank
year-end.
Finance;
-
in
to
,
orV fof
System
/j;
$841,061,174
$776,424,063
$303,595,030
Amount of Loans Made
;
Western Auto Sales
.
at
the
*
.,;v
##
Sales of Western Auto
$733,911,447
$282,002,478
familiesv
Amount. of/
outstanding
U-OO
$781,126,625
Total Assets
and. to
the remaining proceeds to fi¬
nance
.
service
y $1.20
•
year.
Loans Made and Instalment Notes
approximately
program,
more
during the
$ 32j723J20
;
$2.51
;
Common Share
;
'
$2.74
'"Cash Dividends per
'
total of 1,374
a
;
loans, incurred in connection with
its
offices with
increase-bf 32
an
shares
short-term
of the
J
-
positipn
largest systems of fi-
The -Beneficial
Consolidated Edison proposes to
apply part of the proceeds from
the sale of the new common
one
/
y
1001
$ 35,329,015
Net Income per Common Share
Beneficial maintained its
15,
Co,,
made by
was
I
-
F/irsi Bohton 'Corp.j NeW YdrkV"
f
Progress
1002
Net Income
finance and the merchan¬
both the
of
is ; being, under¬
group
peak of $35,329,015, record¬
M
basis
: will.
HIGHLIGHTS
were at
ing the 18th consecutive annual
additional
//r/yy.
offering
by
■«
enjoyed the best
in it$ history. Earnings
a new
if -is of-, /
common
the
March
April 5, 1963;y
written
New
share; for each 12 shares
new
In 1962 Beneficial
year
subscribe ,ati
$80 tper Share for
shares
I
r;
Supply Com-
Rate in effect
at
close of year.
,
'.
y.
.
.
;
.
.
..."
■
principal only (unearned discount has been excluded).
,
y
The information contained herein should be read in
construc¬
pany, a wholly-owned subsidiary,
with its 418 company-owned stores
tion program which it is estimated
and 3,851 associate stores, exceeded
Stockholders. A Copy
will involve expenditures
$300 million for the first time.
purposes. ;
is engaged in
company
a
:
The
for the
1963 through 1967 of
proximately $1,300,000,000.
years
financial statements and
notes
of the
conjunction With the
appearing in the 1962 Annual Report to
Report Will Be Furnished Upon
Request.
ap¬
.
a
BENEFICIAL loan is for a
beneficial purpose.
Lloyd to Be V.-P.
Of Walston
.y
'
"i
k"-ivr
DENVER, Colorado—KennethtW^
Lloyd
on
April
1
will
become
a
.•/
Inc.
He
will
make his
the Denver U. S. National Center.
Mr.
I
headquar¬
ters at the firm's Denver office in
Lloyd has been with the firm
in Denver for some
years,
v"
■
^
Beneficial
Vice-President of Walston & Co.,
«
I
i
»
,
I
•
:
t
"
'
;
"
*
t
'
r
,
4.
mance
^
\
■
r
•
.
'•» Vvy.
j
j
.
• .•
•'.y. •*.
*r
^
■
Building, Wilmington, Delaware
*
k
-SUBSIDIARIES IN THE UNITED STATES, CANADA, ENGLAND AND
■*:
.
j\
Phila¬
delphia office, 1500 Walnut Street.
&
troversial issues in collective bar¬
gaining?
..
were
employees have the right to full
information
'
Bank;
New
York; Blyth & Co., Inc.; The First
net interest cost of 2.54%. On re¬
these
of
group
Dallas. "
2V4%, 21/£% and 2%%, setting a First National .City Bank,
offering
19
1.50% out to 2.70%.
2.90%.
issue,
due
1964
brought a bid of
1978,
for
Qn reoffering of 2.51 %.
100.049% for coupons of 6%, 2%,
by Bank of America N.T. & S.A.,
you
want—and then advise your union
According
1.50%
The
that you consider these,
[GE contract] proposals carefully
annual net inter-
an
the securities
"We urge
whether
setting
est cost of 2.68%.;
quest GE made* of its employees:
them
(1187)
s
AUSTRALIA
s
-
-
p|-|_
111
bl|
20
The Commercial and Financial Chronicle
(1188)
competitor to mutual funds in the
MUTUAL FUNDS
to
can't fly
basic
tion
is
spon-; 45%
idea
of
realty syndica-
commendable—indeed^
in
from
ciates
to
$53,647,413.
a
dividend of
*ive cents a share from investment income, payable March 18 to
shareholders of record on Feb.: 25.
the
This
fixed income), within it the
made in
a
$46,091,796
Directors declared
,■
Texas Fund's 54th con-
was
secutive quarterly dividend,
changes -were1
holdings: Asso-
common
Investment*
'Co.,; • Borg^t
Since
real
estate ; natural, It does offer the investor ^arner,
Ford - Motor,■; Gillette, T.nf "H 1Q V .P
fyP
orf
lorcTolv
Of modest meanSA ChanCC at the ;n
r
CnndMnh
n.ilf
syndication concentrated largely
modest means a chance at the Bv F. Goodrich, Gulf nil Johns JJUlvUO V •""* • Ui
Oil,
on new - buildings — commercial land-and-building business. Going ManyiUe,
M e sa bi Trust and
a *
•
Q
structures and apartment dwell- it alone in stocks may be diffi- United States. Steel were added J\ 11161*103/11 k56CS«
"Land," said1 the Nineteenth Cen♦
niifKniAnfhnntr
tury author,
Anthony Trollope,
ing
*
power.
cttts/^4s>*Us-in
that
thing
balance
the
vi
<■
portfolio remained ^ substantially
-fLe same' (55%' ^common' stocks,
reason
believe, .given wholesale
the
Gone With the Land
only
there. is
*
Although
in
S
.so^ship, that.;it; will "revive. For following V major
^
the
from
years
Thursday, March 21, 1963
.
with $121,625,051, or $8.69 a share,
dollar- at ;Oct.?1862.
setback
a
recovering., And
.
about
investor's
sustained
has
1
"is
the
for
Which it, will be many
C. POTTER
JOSEPH
BY
contest
.
.
away." For the invest-
.
man
of moderate ings were most popular-—the syn- cult, but in real estate it's well while MetrorGoldwy.n-Mayer and
PHILADELPHIA, Pa;-^-American
Confining himself almost didatq- manage^ f often,
found
impossible, «
r-, United,aircraft weyp sold*
<
.
Securities
Corporation has anwho^y io buying stocks, ithe iand^themselves, paying^ out to their,|J But memwho^for legitimate or
:!!
*
*
lias < always seemed .beyond
hi$ investors the money :thai these* other reasons, surrender the ,flex.-Morton Organization reports jounced that Edgar J.Loftushas
reach. The-lure .Of the land was people had put up!
;
ibility of their operation by mak-.^ales for:.the first two months of been elected a ; Vice-President,and
ment-minded
means,
.
.
.
but be lacked
strong,
both
.
the
Returns
to
10%
of
.
.
12%
ing
were
wherewithal and the know-how.
.to \ their- -1963'.totaled .$26.7 million, dgainst
promises
unsound
investment field.
^ r
;
estate.
of
a
They even
attraction
that
share
had
is
added
an
for
of
some
for many more.
match:
could
here
these
Securities Fund, Inc.,
share
tors, even in the absence of earn-
12%
of the
in
ln
up
cash
•
■
.of; stealing
from
with"
result of
M.r.
ll^oftus
will
be; John
'share
••• •> of Arhiori tiro
agement, .is
||
h
■ •
Gn
qn.;Churges
.
annual
an
.
is
member
a
District
of
£ i nirocf'i ♦e,;-L
n
to;invest its assets in
the
of
of
Association
tional
11
Committee
Loftus
J.
Edgar
an^ .preferred stocks. This is the
Na¬
Securities
mutual. fun<l in the United'ti
Dealers;
and-of
the Executive
confine, its investment. D
actiyities .to these securities, and Committee of the Eastern ;Penn^
these seem over 60% sylvania, Group of the. Investment
sain distribu-
f,
•„
,,
f
V.-' Mr,1 Loftus
con.v®rt.i?.le.s°cu.ritics' W*
the
at
Woolford.
R.
Presi-
the
-
Wupn
-,q
Cai5'tk
^
recent vote of shareholders.
dent, stated1 that: the new policy
Jan. 9? the'Fund, under, its new man-
of
value
a
as
basis,
.
-ing'-to Mr; Fletcher,
{
:•*>.
»;
Association of,;Americay.
accord-; Bankers
-duriag ithe lasi six mont:
.
past president
IHe; is--a
,
The
of
more
realty investors
Louis Lefkowitz
General of
ney
INC.
the
he was several,
when Canadian peddlers 111
job here,, as
years ago
dealer
your
Assd- '
tl^g ^dnths'yrIter%r-:^^itsCa^as^ayerncreased
months
indictmeht of phe man
shares
quarter
final
,
fusted
L0i,
are; unde^ wgy. and-one.
^
investigation. has;.icesultediib^?^
igation.^^
such-
per
„
;
.
american
Prospectus from
make
ut^c
gations
:
123 So. Broad'
s
:
Street.'
Mr. Douglas B. Fletcher,
■
The
originally anticipated..
a .number of investi,
a number of investi-.-
Far: worse,
;
to
w
payments, to their investors
■at the rates
Selected
failed
waeu
have
xiave
the
a.
set
realty, syndicates
'.
An-'
Los
a
ciated
10%
than
more
Fund's 31st fiscal* yeanended
that
declares
State
1961
isoi
increased
A report by the i during
office of the Attorney General of
York
.
the; Kerr
a:
B0St0n Fund's net asset value per
New
Philar
delphia office,
f
Income Fund, Inc.,
1 llv 1 UIlUu lVCjlUl V
com-
pledged cash disbursements each month to inves-
firm's
the
come., the. njew bUhi.e '.of
panies and serious troubles loom
fund
mutual
no
real
in
e n
ftian-
of
ager
geles based mutual fund, has be-'
,
dream
b e
namecl
,
•
promoters <were not long in get- f°u real estate syndication...
'
ting around to satisfying the little
The day of reckoning already
man's
has
V
stockholders ;mustbe. replaced ,$15.4 ^1^0^ ^ the: last.two
conservative management. Months of 1962.
until then wilf realty syndi*
• r
- v- * - - cation attain a major ^leinttie Nams-Change —:The Convertible
widely,,heralded.* Such yields in
However. "with-' the
building'stocks,; bf'course,-would ;'serve,as
boom that
boomfhat followed World- War II a bright-red warning light to 11*
World
bright^red warning
to inand the demonstrated ability -of vestors in equities, but they apthe
mutual funds to draw
out' parently had a magnetic effect on
billions of dollars in savings, the the little people who wanted in
or
Selected Investments Co.
135 S. LaSqlle St., Chicago 3, III.
:w^4-dktermin«i'iioi
investment
legitimate
per
enterprise,
herd
Massachusetts
yight
paying
dividend
n,et
payable
March
18, 1963
No
of the
of
Mar'chfdi,
;
he was
^on^''
C/CobfiilalSCifc
1: ang
Such
tZfiibulaiiee Wcm/ki/m/, Trusts
^ $48,983,547'
im
over
s
$46,349.082!
year
"a divi-
as
a
.a
law
of
x
pool; in
-
may
the
first
:
er
ais0 a
$41,519.
J***
•
.
I'years' vthe "Public
-^
*
Southeastern
with
im
the
be
far! away.
Already, asset value of $7J625 per sharh
Feb. 8; 1955.
; j
* ^
; ; v
Attorney
o
General's
''
shareholders
Irom
offerings totaling^^
u: 11 .•
1:
whose
H
share
e
^
on
a
the
did
at
the
comply .with state regulations. Amounted to
So what started out as
•
and
;
a
worthy
$9.26
*
per
the
.
_
;;
».
r;v;
An
-
$
share.- This
compares-
.
•
j
amounted
Per
'.
.
.
and
investment
a
to
Texas Fund
$3,069,860,
ne
or
reasonable
Prospectus
5
current
income.
.
"■
fiscal
Jr.
upon
request
—
<
^fc'v^.LoBD, ABBi<n"r Ar C,o
f
•
—»
•
x
:V
X-
Chicago
\
—
year.
re-
stated
value
il.2%-
Los Angeles
;*
San Francisco
the
same
*
the
per
on
on
Feb.
-
believes
that
is
it
0f the three lealing producers
aerosol
tures
cans.
It also manufac-
complete variety
a
of tin-
(bottle- caps) -and is
one of the two leading designers
and manufacturers of high-speed
semi-annual
filling
ended Aug. 31,
re-
six
past
Aug.
28,
31,
1963.
increased
by
and
crowning
Net as- for the brewing,
months,^
1962
In
to
the
period the total net assets of
Fund
Cork
Crown
in; the plate crowns
share increased:by
.the
$10.14
$11.28
..
—
in
toiletries,
Cliver Runnells,
year
in
paint,
chemical and;
industries. In addition,
pet-food
of
than
oil,
drug,;= anti-freeze;
one
:
■
lost
ground
President
from
Atlanta
*
more
^port dated Feb. 28, 1963.
CF
—
*
1962,
share at
preceding
shares
whole
Name.
New York
P„
; redeemable at optional re-
???„« soft-drink,
$13.73
company
set
YORK
iht^^cost ^riby :
1968. Otherwise, they
*
share, compared with $2,769,-
covered- the
seeking
for Its shareholders possibilities A ;>c
of
long-term growth of Capital « " •
,
to March 15,
of the quarter y
ui
'
' -'x
the company manufactures a wide;,
total.Viiet"Assets Share^ i^Amencan Industry Inc. variety 0f tinplate and aluminum
$136^604:976; equal to'
atT the end . of . the^cans for the food; citrus, brewingr
Common Stock Investment Fund
A
'
not j:edeemr
'
fgl§§0und£&,
dealer for
BULLOCK, LTD.
a
in-
ator ^ Standard Sanitary Corp.; demption P^ces ra"gA"g^n!r.or"
^merAC2n, Jlsc^se 9.°,rp;.' Foal J ^ % }° iS' ^ ranging
strong Ruhher* Consolidation
fund
redemntion
nrices
ranging
.«•
income
fol-
lowjng securities; American Radi-: are
;
Established 1894
Afidress.
of
.
included
£jAlmlnailons inciuaea me 101_
w#
possibilities. Sold only through registered
free prospectus or mail this ad to
NEW
t. 1967: and the
>
Eliminations
•
*
owning stocks selected
STREET,
payable
loan
a
The debentures are
hble;^^at h lower
*r
$6 025 723
close
;■.■Jan;."^ 3L
on
Regis
pfnerCo^
tota| of $1.7016 per
initial net asset value'
.
Pr?7 .that
prospectuses
of
St.
206 of assets and $16.30 a
WALL
of
coriaiiv vm+it n^
.■
debtedness to banks.
the close of the
ONE
edness, as follows: $11,424,000 to
prepayment
■-7^:'°".
and
-
CALVIN
repayment of outstanding indebt-,;
Service
on
ad 120
is
which
total
a
mi._
•
not
of-
million. iThis
compares
400 offerings adding up to
moters
investment dealers. Ask your
vx w
securities will b€: app e
much of the enthusiasm for these
$563:6
quality
rxoceeus "UJ" ""c
term
fice cleared. 305
investment
from■ the sale of the
Proceeds
Co,' 5 Vo.%: cum.-ser. the t prepaymenC of ;a.v.4%
fidtq,
ua'i; Virginia Carolina Chem- due Feb.' l, 197:2; $17,100,000 to the
;
vestment Income after payment oi
loan
gtd. :ext
'Bank
lures are priccd.at lot.25%, to
yield 4.29%, and the common stock
at $31'25 pej: share- ; -
Co. conv.
suh. deb. 4%%, 1983;-Japan De-
with
/.Fund-has now paid a from Net Intotal Of $11,-;
101,181 in dividends
but
.
cludedr Collins Radio
*an
4.
* ???•
..
,t.
not be to^ ihe
syndicators,
some
rioto
hpffan^npration«!
Funrl
due•
epayment
end ban't
:
New
v,.m>ucv
ate
year,
for
Co
fbhcb '"debentures,-
or
he
^ ?oonr,^ ^
velopment
Ji? net assets of $3,994,277 on Feb. 8,:;
.
two
the.
co™*
The
.netasstat 140^ ahov#» ihfi
value was$8.lsinking
iq«o
Ta«
a»« compared with S8.54 a year
ag?T'
oh
Net
ago.
*
fund
&
;,:.d.0whi:U:own uorK a aear ^o.,:iiicvr*7s7?
■
u
nn,-
.
has begun do wane.
jn
addition, in its first eight
in
New
York
State
Thus,- in- New York State ..lastvears the Fund has also P
naid* to '
y
mutual
c]upont
j
itsand
date
same
^
•*
promdtions
A
Fratf^is
unless
50 State Street, Boston 9, M^.
Incorporated lSli
^
071
-
K
•
{he
12
places
v
receiving
cmv,o
^
1963.
in
increaSe
an
mvestors,
sophistication, to learn
in
put ' into
atthe '|Jjo&c ..of. business..
ijMateac/irtcth
-1Q63
1
_K/q
and net assets .are the
doubt, it would come as qiute assets were
$43,433,376,
to an investor, however substantial increase over
that
certificates of record
trust
of the previous quarter. This in-
.
«
Q+
that total
cash disbursements
made to them
are
lacking
;•
'
.
jolt
r
holders
to
,v*.t.
I
1
Qn
that
a
investment income,
ji
compe^ fh^e sjmdmators tapr^-;highest
detailed
disclosure
of the
of
/shiu^ frpnj
a
16 cents per
«swvni^
vide
Fund
.WW lj^^^lT^boa&&e:en<i; OeCUTlU^ OOIU
gg*
.
is legislation-that would'
..
,
source
is
'
"
avxA.
now
'
■
DIVIDEND
Massachusetts Life
an-
on
.What
Life Fund
on
and
16.4%,
and wine
erations
.
■-
equipment
soft-drink, dairy
industries.; Foreign op-
are
conducted by 16 sub-
:-rmrtinn
sidiaries, the . major , p^rti
;.
-
nf
,P
whose operationsris x^rrjed^.pn m
Europe, Canada and
Mexico,,;./,.;
Volume
197
Number 6248
.
.
The Commercial and Financial Chronicle
.
transfer
fusion
The Security
then
be in
bids for the stock.
have
I
.
cated
vital
-most
•
-
these
factor
Aniline's
General
strong,
research
to
will
' '
■
fiber
f
?
bearing
u
t
ber
at
dye
line
of
new
while
chemicals
a num¬
under
are
on
this
system.
report
were% taken
were
with V- sever a 1
in
an
Due to
expanded
,
y
that
indicates
firmly in
In the postwar
record
$9.6
1962
with
while
periods
64
sales
were
plowed
in
period,
earnings
$75
The
class A stock enjoys
share asset preference in
a
liquidation, but apart from this, is
a
sort
factor
of
of
been
approximated
or
from $142
$150
million
million,
a
year
"heavy"
ten.
'
in the ratio of $1
class
A shares
the
into
back
has
a
same;; situation, - personnel
turnover has:, been / higher than
-
;
on
1961.
Sales
climbed
to
a
up
future
ment-owned
has
as
\
•
joint corporate ventures, '
j
:
„,
n
pattern.
ownership
able
2,050,000: shares of class B
have
of
private
-
.
;
^
advance,
the
as
momentum
in
seen
the
of
December
■
Government/ airid
of
592,742 /shares
class/A cOmmon, of which the
quarter /figures/ is /even /highert Justice Department holds 540,894
under
appears
citing.
of two years ago,
}
the
.
Household Finance Corporation
.ex-
General Aniline & Film Corpo¬
s
ration
is;Ja .technology-based in¬
dustrial
giant, operating 12 plants,
large
a
research
Pennsylvania
,
really
30
branches
the country, and
across
over
employing
items.
The
.
two: the
thousands: of
the
operating
•
divjisiqusu
Dyestuff & Chemical
and the Photo & Reprq
former
;
■ More Than 2 Million Loans Made
-
Divisions.,
produces
line
a
of
-
dyestuffs/
general
for
textiles,
leather,' "paper /and "other - uses;
■ Net Income Up 8% Over 1961
line of basic and intermedi¬
a
chemicals
ate
Million
■ Record Notes Receivable
t
pigments for paints and plastics;
and
.
fahge "of products,
in
numbering
The
reveals
7,700 people to produce arid ///
sell "a'broad
are
laboratory in /
and
including
sur¬
factants, detergents, organic inter¬
mediates,
chlorine,
ethylene
Caustic
soda,
ethylene
glycol,
1962
oxide,
derivatives.
acetylene
of
dyestuffs is
one
:
history*,-
-
list of synthetic/fibers.
growing
The
•
;
•/"}
[;$rt At
ultra:-violet ab¬
pany also makes
.•.••Wt.-V.
yeaf
served
sorbers; oil well drilling additives,
,
<
optical brighteners, corrosion in-
-
hibitors, beer clarifiers, and
/
//
spe-
The
Photo
1 i
/famous
paper
&
Repro
n e /
Ansco
-
of
photographic film,'
chemicals
and
for
the
-
audio-visual products
accessories. -
-
The"
neered the dry
company*
diazo
-
■lip
and
/
photocopy field entered with
"
rapid rate than the country's economy.
INCREASE
the//'
;
Customer f^otes Receivable Year End.,..
.
dif-
/Equivalent Income Per Share
-
•
/'Dividends
,
27,692,914
.
8.0%
f
*
.
$3.00.,
of Common Stock.
■
11.6%
.$838,342^192 .$745,609,003
///Netincome/./:29|91lf749
•
.
$2.77;
.
•
8.3%
10.4%
.
1.20
Paid^Per Share............; 1.325
,.'5
6.03
'■>'
.
;
Copy of 1962 Annual Report available on request
'
1
•
I960—
/
159.8
1959
■7,,
159.0
1958
1956
105.0
1953
109.6
V/
-
99.7
"
3.1-6
HOUSEHOLD
■
7
•**.
(CsHblithedlCT)
r
..
.'3200. PRUDENTIAL
.
PLAZA,
CHICAGO
1,
ILLINOIS
6.22
9.55
1949—____
80.3
1948—__!_-i—
'90.8
1947_—_v_—
75.0
3.99
^
.
.
11.74
4
'
/
.
4.55
<64.2
4.35
1945__r:__;__
68.7
73.3
6.57
1943_—.
58.8
1942
43.2
"
«.
4.75
j.
1
'*
AMERICA'S -OLDEST. AND
4.95
.
7,:
.
5.32
1944—
,
■
v/:-//,/
5.13'
95.1
FINANCE
'
3.71
99.5
-
—
1946__——
:
5.29
1954—
1951—__
...r;
■ •
6.42
121.2
1952.—___£._
•>.
/ a:75
.
133.6
/
-//■.'•.,
.
7.20
138.4 // *,
.
1955___
9.00
//; 8.83
142.8
—__
1957;______^:
1950
a
HIGHLIGHTS
$11.99 /
163.2
looks for
somewhat/
company
the/year at
ClAShs.
$179.4;
1961—______
*
$3.00.
;
/. -Earned
(Millions)
1962
high of $29,911,749,
.
.
Year
Year. The
continued growth"during^
more
,
expanded over the years, and
Summary
new
*
process, Still
Sules
a
B%: over 196 i ^ ' Per share earnings * -for: common;
85th Anniversary
/
i
engineering and architectural"
it
in customer^^nptes receivable Z
$838 million.
drawings. This basic line has been/
i:
end/1.8 million customers/were being ;
through 1232 offices in 46 states and Canada,
,1963 marks Household Finance Corporation's
pio-,
the leading: mode of reproduction
for
-
:.V;l? .rU.'ly ">'-
stock increased from $2.77 up to
industrial,:
X-ray and graphic arts field; and
J Ozalid reproduction diazo coated I
/ papers, photocopy machines and;
.paper,
;:
'•
-<
V
5"
Net income recorded
Division '■/
includes '>world-1 ufy
amateur,-.professional,
s
'
iyitfo&
cialty iron powders.,
product
^
'
coma
surpassing
billion dollars for the first time in the company's
/ one
in the world, employed with nata
x>f ccmtinuing: growtH for
:^ar
2 million arid the amount of loans made
Their/line
of the broadest
ural materials and. with
wm^ another
HFC with the total number of loans made exceeding
carbonyl iron, and' high-pressure
^
are
re¬
traded
LARGEST
CONSUMER
the
peak
some
price
and purchase is
capital gain in quality issues.
.
/ * .;,,/.
to. be
or
recommended in accounts seeking
Credit-
ownership,
future
govern¬
approximately $345 each,
one-third
under the fairer:; cli¬
been,
mates
of
split
com-*
the achievements to date
as
a
position Is exceptionally strphg."
in the
pyerithe^Cqunter/ Mayftot,
The
capitalization~ consists ' of at
'
owing to the uncertainties of future
on
cents
earlier.
the
been
a
In; connection
sale
stock,
ownership, merger./
precluded,
by
respective
each ten
B share.
growth by exchange of shares has
been
stock,
of dividends
to
shares
new
pf $179 million,y froniv $163
million a year. earlier.' "While the
stream this year. - inspiring,
^
also the subject of;continual
.
normal, while during this period
field of
B
The
stocks share equally in dividends,
$105
over
shares.
business, per class
and net worth at the close of 1962 ' with
the
last
million,
share
a
reported:. 1962earnings
a
respective
of
$44.3 million and $42.1 million.
costs
hand
common
compared
earlier,
year
the' -
A
chlorine - caustic" year-to-year, rate, of-gain itself is imon
stockVentirCly oWned by* the
Ansc0 cameras, films and papers
;
of Government
-V
at times:
ipr yvhicl^, .a commercial unit, peak
inclines to. the patronage, rather
pjant w,xi 'go
profit,
have in
margins
$3.52,
a
class
last quarter
capitalization to reduce ownership
$11.99 per class A common share.
Book value thus approximate $188
to/a single; -class ;of /stock s$il|/
This ; was almost twice the $4.8
a share.
mercial stage this year, ;particu'-1
Long term debt stands at probably be Undertaken.
'
million, or $6.03 earned a share
$24.5 million, : while the current
larly the new acetylene, derivaThe class A
is, a fact that Government control
the
nual
year.,—
having ? quadrupled since. 1942j- it Is now being built. Additionally,
-
profit
cents
been
the
21
expected to graduate to the com¬
though the record is outstanding,
with company: sales and net Worth
than
but
per /
share in
t
considerably;
was
Earnings
/;/'■// yi /.////:•'
// / U / ////; /:
/,777:.'/
/ But the just-released 1962 an¬
4,000
some
market
has
growth
continues wandered somewhat
Concretely, the synthetic
development,
Al¬
u r e.
-
;of "
broadened last year,
compli¬
'
add t°. its store
patents.
<
effort,
their
:///./'"
••
accompanying table in¬ totaled
heavy
length, because their resolution is
a
the
possible, and with a very
2
maneuvering^
legal
Aniline is adding new
As
where
'.
detailed
/
dicates/sales
position to entertain
a
better
products, improving existing lines,
Government
The
to
position. /////.':'
General
quired.
attention
and
paper.
I Like Best 1
Continued from page
equipment
(1189)
FINANCE
COMPANY
22
(1190)
The Commercial and Financial Chronicle
it',
elected
NEWS ABOUT
Board
to
of
the
Commonwealth
.
Directors
in
*
The
BANKS AND : BANKERS
Nets OHicefs, ate....»"Revised
•
banking
of¬
/already
pany
tion of Trinidad and Tobago was
the
National
officially opened March 18 by the stopk
Chase Manhattan Bank, New York,
the
city
capital
of
;
Por.t-of-
at
doors
independent
to
for
business
,;common
and the
is the
located
is
Halpern
of
which
at
ceremony
ribbon
a
H. Vaughn, Jr., who
executive
appointment of the present
tors as
cutting
President Troy bank.
David Rockefeller officiated. Also'
become
committee of
was
officers
Presidents
facturers National Bank and will
Treasurer;
continue in charge of the Cohoes
J. McGarry.
Office
-
Assistant Manager Lionel G. Til-
desley will head
a
Chemical
#
Bank
New
Company
'
York
March
nounced
it
Brighton.
Harry
$
National
was
March
*
*
•
.
Branch
at
-
both
63rd
Road
ence
The merger
submitted
and
who
sistant
shareholders
$5,354,701,
Federal
the
name
County
gen
on
the basis of
of
of
Peter, personal loan specialist.
"V':
■'
the
Palisades
Englewood
Trust
by
Feb.
prior
28
3%
0{
of
System
Calif,
of
The
A.,
N.
San
holding
on
their
March 12 ad-
and
Manager
the
of
He
Bank's San Jose Main Office.
has
been
Corporation Commission
The
Bank
of
»
The United
ap-
♦
*
California Bank, Los
don, Senior Executive Vice-Presi,-
include
would
an
increase in the number of author-
H. V.
dent and
National
City
.
»
.
*
*
*
: ■■
:
standing.
;v.; •Shv
•
The Long Island Trust Company,
Garden; City,
N.
elected
Y.
merger
approved by
than
Assistant Secretaries.
holders
be
-
County
that
of
it
V-,'
*.«.
The
*{\-•
N." |> VrV-;
; v»;y
Banking Department
State of New York gave
on
of
less
not
31
outstand¬
approval
County,
New
City,
N. Y„ to increase its capital stock
from $300,000 consisting of 12,000
Federal District in
New York, as well as other fed¬
eral authorities.
v
;
,„
He
was
of
the
the Bank.
savings
■
,
,
$271,000,000, based on
Dec. 31, 1962 figures. The capital
shares of the par value of $25 of ; the combined ihstitutibh will
each, to $330,000 consisting of 13,- be $4,462,280, and surplus will be
200 shares of the same par value.
$11,037,720. Peoples Trust Com¬
On
of
March
7, the Industrial Bank
Commerce, Albany, N, Y.,
creased to
was
Douglas
admitted to active
membership in
Clearing'House Association of Al¬
of
bany.
:!:
Palisades
'
a
,
National
Bank
of
Cohoes,
Cohoes, New York, (assets $8,400,000), will be merged into The
Manufacturers
National
Troy, New York,
000),
a
i Marine
Trust
will
.
Co.
■
title Tirst National Bank of Oakiana1
.
Bank
of
(assets $85,000,Midland' bank,
J.
^
Directors of the Seattle-First Na-
,
was
elected
Louis
St.
Company,
and:.
Harold
H.
become
Farris,
Sherwood,
Directors
Union
St.
Louis
tional
*
/■' *
'■■■;' *
merger
jointly v by
Norman iV.
Bank of
the
was
three
announced
presidents:
Cohoes; Chester F. Mill-
Corp.
Commonwealth
Bank
and
honored Willard Perry's 50th an¬
niversary with the Bank by mark¬
in
Directors
banks and the bank
of
holding
both
com¬
tive
Perry, who became
Vice-President
on
execu¬
Jan.
23,
1942,
a
started in March 1913, as
stenographer and messenger. He
recalls
position
working
in
the
in
almost
Bank.
He
every
was
Duff
to
Trust
to
organize
Gifford,
Trust
of
P.
Victor
Officer.
Bruce
and
a;
was
elected Assistant
Officer. '
John C.
y^pllam
Houston, Texas.
Herber, and Charles E.
were advanced to Assist-
an|. cashier
think, to
nec¬
assume a
large margin of error in<
figures. And even if
the
we
published
substantially correct, we still
wonder
if they mean
just
what
is
currently attributed
to
them—just as any over-all
figure which purports to rep¬
resent
of
a
heterogeneous
mass
phenomena must tend'
that
to
suspect> to
<
have
often
about
the
.
expressed
meaning! of
ubiquitous GNP figure,
nothing of the margin
to say
of
which
error
be
must
a
al¬
con¬
centrated sort of
average cov¬
of which must be "esti¬
new
it will be
operated under the title
a
much
AnolTrc+c?
cles
Saxon
OlllCagO AllaiySlS
18
an-
that
he »has« given, pre-
liminary^ approval to
National
Texas.
Bank
organize
in
a
Sundown,
-.
Initial capitalization of the
will
be
operated
under
the
title
/The First National Bank of Sundown,
*
-
*-!
discussion at the luncheon meeting
0f the Investment Analysts.SociMarch
,
J. -Saxon
March
18
an-
today,
21, -at the La Salle Hotel.
officials of the company who will
be guests at the luncheon will not
New
in
emphasize
York
Society
December,
the
but
international
of
will
as-
pects, and the computer division.
custom¬
that what
is
of
These,
can
for
expanded
of
of
which
be found,
or
by
operations
which
economic
course,
no
are
yield
value.
;but
a
examples of the question
marks
We
being
conse-
The over-all figures
government
nothing
few
is
little
As
would
production of agricultural
vastly
of
elect.
one
be enlarged chiefly - by
market
duplicate the comments made be-
Analysts
'
Comptroller of the Currency
James
•
fore
*
The
CHICAGO, 111.—The Ampex Cor«p0ration will be the subject of
is
very
commodities
ety of Chicago to be held
new
the
supposb
the
Currency
March
of
customarily used,
may
*
study of -the
than
ary, even in some of the cir¬
Tn TTpnr
J.
closer
components
quence.
PVii^qrcn
Northshore National Bank.
*
Intelligent use of the
figure, in any event, requires
produced
.amount of $500,000, and
ing March 15 "Willard Perry Day"
/ bank will amount to $500,000, and
V':- "H'rA
Mr.
promotions
E.
C.
pre-
■
Kavanaugh, National
house, l Manufacturers/ National;
and Baldwin
Maull, Marine Mid¬
land
approval
given
capitalization of the
^nounced
tive
proposed
he, has
'
•
the
^
Thomas
hapk ,wiU
James
■'•■■A $
Seattle, Wash, have
*
The Comptroller of the
merged Bank.
Bank,
approved
Mo.
the
The
The
Initial
will
of
Trust Company of Pittsburgh, Pa.
banks' stockholders and
reg¬
liniinary
Di¬
subject to approval of the respec¬
ulatory banking authorities.
that
National Bank
,
Brotherton, Victor W.
also
a
infirmity
final
many
Snyder,
of
Peoples Trust Col: "Frted
this
to
„
The Comptroller of the Currency
James J.
Saxon
March
18
an-
Vice-
become
If
add that which is inherent
ering a great many diverse
and involved matters, a
good
bank will amount to $3,000,000,
;
Director. of
Trust
President
Chairman of the Board and
:|s
rector of
The
Morgan,
points.
we
and it will be operated under the
,
:
Thomas G. Rutledge,
nounced
W
unemployment—
is open to
question at various
lowed at all times in
March 19.
ml
;
in¬
be
such
mated."
$1,550,000.
Englewood,
the"
will
get.
of
Natl0tnal BankmOakland Calif.
Initial capitalization of the^new
1951.
pany's unsecured loaning limit to
borrower
estimate of
doubt
®pp~ral '°klor®an^e1?
Manager inl928 and
*
one
...
"ou.nced that he has given pre-
The fOrmaL opening of The Bank
of Lansing, Lansing, 111. was made
on
usually
definition
^
depart-
^
*
frequently
A.
The Comptroller of the Currency
James /'°n ,Marcl? 18 an"
■
*
the
We
J
of
resources
Dan
~
elected Assistant
Vice-President in
When the merger is completed,
Peoples Trust Co. will have total
any
elected
'
mentin 1926,
place
figures
things as "the labor force"—
which is fundamental to
any
,,+Wp offippr
associated with
was
Minn., before joining. Harris Bank
of the Second
the
of
jfornia
the First State Bank of Rochester,
Manager
so
depart-
It must
in 1923
about
Kimball, stand; somewhat
chairman of the Board, an dL. F.
say the least.
Savings. Ward President and Chief
Exec-
savings
after -40 years with
Mr. Kinkaid
,
March 11 to The Peoples Bank
Rockland
the
likewise be* approved by the De¬
Trust
^
of
ment, Harris Trust and
be ; Bank,iChicagOi 111. retires March;
Company, partment of Banking and Insur¬
White Plains, N. Y., named Frank
ance of the State of New Jersey
S. Baglieri an Assistant Treasurer. and
by the Federal Reserve Bahk
•
head
ef¬
can
two-thirds of the
and
>'■:
ing stock of both banks.
The
Henry C. Kinkaid, Vice-President
lift?*.'
Before the
.
/. "" '
»
fected ^ is" necessary
J.
Walter Reider and Peter C. Berger
m
t..'
without
open to much closer scru¬
find the .figures as
Grice, E. Herrick
for each share of the Palisades
ized shares of-stock.
There now' Low, and W. E.
Palmer, Executive
Bank, Trust Co. stock at the time of the. are' 400,000 shares outstanding of Vice-Presidents.
New York, opened its 92nd over- merger,
sh?tehol(jers, of the 460,000 shares authorized. In the
*
*
«
seas
branch and
its
second in Peoples Trust Co. will be asked to
proposed charter restatement, the The Union
Bank, Bos Angeles,
Ecuador, March 11 at Calle Vene¬ approve the issuance of 163,731 number
of
authorized
shares
Calif, elected Edwin C. McDonald
new shares of Peoples Trust Co,
zuela 1000 in Quito.
.would, be ;< increased to 750,000 a Director.
I"?**
Thomas L. O'Donoghue, Assist¬ stock which will be offered in ax- shares.
'
*
*
ant Manager, has been named of¬ change for: the 48,513.26 shares of
the Palisades Trust Co. now out¬
t
The Bank of Sacramento, Calficer in charge.
First
are
essary, we
Angeles, Calif., elected Hal Men-
■
The
value
In the first
unemployment
bandied
fig¬
widely
so
Manager
charter
shares of Peoples Trust Co. stock
the
are
face
at
of these
some
hesitation.
con¬
ques¬
was
prove a restatement of the bank's
which
taken
feel
definition, it becomes
of
;
of the office in
any
such procedures as
opened in 1957.
those employed in
Also appointed Vice-President
applying
the
was John M. Miller.
since it
of
and
Directors
California,
vanced William S. Pfeifle to Vice-
consent
Virginia also will be asked to
Co.
receive
will
cur¬
some
raise
which
Even
»
*
regular meeting
of Governors of the
Stockholders
He change of stock. The shareholders
and^ Edward J.
has total
being filed.
are
an ex¬
for
Reserve
the State
of Peoples Trust Company of Ber¬
Board
Bank
President
Applications
cf the Board
under
The
the
figures.
of
consolidation of the
a
institutions
two
Walter 4C%Luhr, As¬
Manager,
plan, which will be
the
to
of
to
tiny than they
*
Directors
of Henrico
provides for
banking experi¬
years
assets
Montpelier,
pelier.
special meet-
Francisco,
Bank
they purport
all that is
however,
strained
Tri State National Bank of Mont-
stePThe
organize* a
in
Bank
it will be operated under the title
Virginia, Richmond, Va.,
the respective banks for approval,
has
with First National City.
is assisted by
De
Manager,
A.
approval to
of bank will amount to $200,000, and
Sandston, Va., with The
ings called for April 12.
Co., and by
Jesser, Jr., President
under the
Initial capitalization of the new
of both banks have approved
Trust
mean
ures
*
of the two banks at
according to
of the Peoples Trust Co.
Heading the branch is Jack T.
nearly 33
institutions
Palisades
Edward
of First
Queens Boulevard, Queens, N. Y.
Connaughton,
$5,000,000.
Proposal to merge The Bank
of
all that
or
tions about
National
Will be submitted to stockholders
City Brank, New York,
12
and
an¬
to permanent quarters on
moved
Englewood
*
.
at least not to
V
liminary
.
Bank of
';
;
V
-'
County, Hackensack, has been ap¬
the
Rego Park
*
not be
,®e Comptroller of the Currency
James J. Saxon March 18 an-
Person,
Henrico,
of
Harold H. Helm.
The
A.
--k
.
occurring
that such figures may
We,
Bank^ is starting_ .^business
a
statement
issued
jointly
by
by Chairman Douglas W. Morgan, President of
14
i
to anyone, or
to be
it
sacrosanct,
never
nounced that he has given , pre-
Carl
with invested capital of
*
almost
come
be¬
likewise
have
ernment
S
™
TT
proved by the Boards of Directors
Trust
Gordon Patterson to its Midtown
Board,
of
<ii'
«
many,
First
Peoples Trust Company of Bergen
Company,: New York, has elected
Advisory
*
The merger of the Palisades Trust
staff of 20.
♦. V \l
■
*
and
,
Vice-President.
as
Manager Donald L. Porter and
As We See It
apparently
Assistant Treasurer.
Vice
were
s&i/u
btle. The 1 irst National Bank of rently attributed to them.
include:
Glenn C. Bassett, Jr., and Thomas
present
*
*
Comptroller of the Currency
bank will amount to $500,000, and
Menzer, Esq., Secretary and Trust
Officer;
Joseph M.
Reed,
Jr.,
the Manu¬
of
the
.
Other
Mr. Kavanaugh will
director
a
a
Alamos,
J™inar3/ approval to organize a
Nf10"3,1 Bank in Bngh on Colo,
tatol rapAWbos rf. Uje nei?
National Bank of Canton.
advisory board to the
an
M ?'*
Janies J. Saxon announced on
March 19 that he has given pre-
at
Vice-President and member of the
plan
Independence Square, was Bank of Cohoes Board of Direc¬
scene
/• 1
•1
♦
v
Continued from page 1
*
President
is
_A1
the
March
on
Executive Vice-President
LIojS
is
tentative
Bank
new
Bernard
receive
the
in
Thursday, March 21, 1963
vn4'."
pre-
organize
Los
;v»\
newly
and
The
The
stock.
Included
recently completed branch,;,
53
first
801-811 Penn Avenue.
Cohoes
of
given
to
in
Bank
;
New Mexico.
a
Corp,,
Marine, Midland
Spain, Trinidad.
The
Bank
stockholders
has
he
approval
i
.
.
i-sr
Initial capitalisation of the new
indexes and other statistical
bank will amount to $350,000, and
chartered bank to open in Pitts- it will be operated under the title measurements computed and
burgh in over 30 years, will open ^os Alamos National Bank,
published by the Federal Gov¬
the
newly; independent na¬ plan of merger which provides for
fice in the
in
approved
that
National
*
s'.1
<v-M fc:
Company, Pittsburgh, Pa. the first
Capitalizations:
have
\)
liminary
25.
American
first
The
JVetoBranches
•
-
nounced
1950.
Commercial Bank and Trust
its
Consolidations
'•11
♦
which
believe,
the
would
prudent,
tend
place alongside of this
to
now
Volume
Number 62.4.8
197
.»
.
The Commercial and Financial Chronicle
composite fig¬ because
almost sacred
he
and
his
union
adequately
have driven the cost of pro¬
Those
Then
there
economic
the
are
about
the
or
con¬
of
rate
high, that
opera¬
tions in his area^ are no
Growth Figures
clusions
reason or
duction up so
of the statisticians.
ure
longer
shut
down
and
—•
and
-
another is
unable to
other
into
move
and go
area
one is easy and
for
unwilling what
some
a
given
coun¬
may.
and many
cases,
up
•
-v
'
'
>
of
continue
them
the ghost or else moved more that
niight be cited, are
try—and, for thai matter, in its operations to some other definite
possibilities.
They
other countries—even of Rus¬ locality.
It may be that he
may or may not be the faults
sia, where all figures given is Unemployed because he has of the
worker who is the vic¬
to the public are
deeply sus¬ been employed in an.industry tim of them. The
question,
pect. To begin with, most of that is fading out—there are
though, is whether the pro-,
these "rates of; .growth" are always such industries which
grams now being proposed by
calculated from current "esti¬ are being replaced by others
the Administration can! rea¬
'ivy -A
mates of our old friend. Gross that are somehow
meeting the sonably be expected to solve
Rational FrodU9t, and pciust
;requir^ents^oi the day more ( Such conditions.; One guess
growth in this
shall
different kind of plant.
such
that is
no
Washington
to
,matter
does
have
a
we
23
To Be Treasurer
we
ups
Of Milwaukee Co.
tov work in and downs in business; call
All
profitable and the plant has
either
(1191)
by whatever name we MILWAUKEE, Wis.—As
Let us take heed less 28, Dennis H. Willms
aggravate
come
them.
of March
will
be¬
Treasurer of The Milwaukee
Company, 207 East Michigan St.,
members
S. Abrahams Partner
Albert
Marks,
member
of
of
New
York
and
Sade & Co. to Admit
the
*
American Stock
the
Midwest Stock Exchanges.
Exchange, has be¬ tV?V;V-
^
v.-V' v.vk.
r-
partner in Samuel Abra¬ WASHINGTON, D. C. —Sade &
Co., 905 Sixteenth Street, N. W„
hams 8c Co., 25 Brbad Street, New
members of the
come
a
New York Stock
York City, member of the Ameri¬
can
Stock
■jdours^^tu^ne^^gree^ or
Exchange.
'
/
: *
Exchange, on March 28 will admit
Phylh& S; Peterson to partnership.
another suffer from the short¬
comings
of
|
that, figure.
any
event, even GNP
now
In
know it is
we
as
a
figure of re¬
origin, and; true .rates of
growth .must /be, measured
over
sufficiently long periods
cent
of time to avoid distortion
the
ordinary
of business conditions.
What
well
is
be
"law"
,
there
morei
definite
a
by
and downs
ups
may
rule
or
governing the normal
rates, of advance at different
stages of the economy.' Com¬
mon sense and the record of
individual
such
basic
industries
steel, copper and the
as
like,
! strongly
suggest that
something of the sort is true.
ROCKWElfLiSTAN DA RD
.
Who then
can
given rate
over a recent pe¬
riod of any
substantial, length
is to be
say
regarded
as
that any
abnormal?
All such
questions go to tjie
root of much that is
very
being said about ^ the recent
record of production in
They strongly
country.
that
gest
tistical
so
much
and
of
other
the
data
profusely employed to
vince
that
us
radically
taken
sta¬
now
con¬
something
i t h
a
is
wrwwvjtT
be
must
wrong
w
this
sug¬
substantial
sprinkling of salt. Maybe the
of
rate
growth
of industry
and
trade in this country is
lower than might be consid¬
ered normal—and maybe it is
not.
Maybe the rate of growth
—whatever it may
really be
influenced by
growth in the production of
—is
unduly
the
wrong
things.
Maybe
unemployment is directly
simply correlated with
true
and
the
total
goods
production
and
-
services
of
all
—•
and
maybe such is not the
at all.
of
fact,
good
doubting
such
case
There is, as a matter
ground
for
that there is any
simple relationship be¬
The year 1962
recorded substantial gains in all phases of Rockwell-Standard's operations, With sales setting an all-time
highlights: Net sales totaled $293,751,000—up 30% over 1961's $226,340,000.
record for peacetime years. Some
Net income as
a
percent of sales increased to 5.6% in 1962 from 4.9% in 1961. Earnings in 1962 (as a result of these
factors) increased to $3.12
net
share—51% higher than the $2.07 earned in 1961. Total cash
per common
earnings after taxes plus depreciation) amounted to $5.07
per
,
capital increased from $62,842,000 in 1961 to
in
tween the two.
1962; $24.56 in 1961.
Grand
Why Unemployed?
Anyhow, precisely what do
mean
by "unemployed?"
new
high of $66,979,000. Book value of the
For 1963, forecasts indicate
Commander, executive aircraft,
and facilities will
we
•
a
are
a
range as
Report, ask
your
broker
or
There is the fellow who will
Working
stock: $25.59
continued high level of activity. The new Jet Commander and
part of
a
new
equipment
continuing program of cost reduction. Current back¬
log of orders amounts to approximately $111,000,000—substantially the
1962 Annual
(principally
year.
common
scheduled for introduction during the year. Investment in
again be in the $10,000,000
flow
share, compared to $3.86 the previous
same as a year
earlier.
•
For
a copy
of
our
write to Secretary, Rockwell-Standard Corporation, Coraopolis, Pa.
not work because he does not
like the kind of
employment
that is available—and
one
employment
may
can
in
way or another draw un¬
insurance, i
It
be that he is unemployed
AIRPLANES
•
•
STAMPINGS
AXLES
•
•
BRAKES
•
TRANSMISSIONS
BUMPERS
•
•
FILTERS
UNIVERSAL
•
F0RGINGS
•
GRATING
•
LIGHTING STANDARDS
JOINTs/ROCKWELL-STANDARD:
•
SEATING (automotive)
MANUFACTURING
SPECIALISTS
•
FOR
.
SPECIAL DRIVES
A
WIDE
•
SPRINGS (all types)
WORLD; OF
INDUSTRY
24
The Commercial and Financial Chronicle
(1192)
allocations in past years and others
PUBLIC UTILITY
the
company's toll business.
36V2.
ELY
The company's
V
•'
•
other
holding company' 'Which
owns
(with some minor exceptions), the common stocks of 14.
operating telephone companies, a gas and electric company and a
merchandising firm. Gross plant in 1962 approximated $208 million and annual revenues $56 million. The telephone subsidiaries)
with over 534,000 telephones, form the second largest independent%
telephone system. Exchanges are located in 15 states—California,-.
Oregon, Washington, Wyoming, Nebraska,^ Kansas, Missouri* Ar¬
kansas, Iowa, Indiana, Ohio, Pennsylvania, New Jersey, North
Inc. is
Carolina
mid-western
Industries in the
Carolina.
South
and
a
1
Growth and
|nable.
in New Jersey,
Pennsylvania, North Carolina; 23% in Ohio and Indiana; 22%
and
it
as
developed
after
in
§1
;
Things
ll® '
:
,
*
different after the
were
Missouri, and 12% in Iowa, California, Nebraska,
close
of
World
War II.
The
Oregon and Washington. Service is provided mainly in medium-
course
Would
growth in the past decade than the large cities.
parent, and well before 1950 most
enjoyed
has
system
remarkable
growth)
take
industry
quickly became
ap-
be
like
■The
increased from
$15 million in 1952 to $56 million in 1962. How-
1953-58, they have become less important in recent
.
'
the' second thing of which I would
years
remind
The
years.
Inc. and
I
Telephones:
ability of acquisitions which meet management requirements.
calls
customs.
The broad modernization program is probably a major factor/
industry's
markable progress
The gas
tion.
All-dial
other
concentrating its of forts
T
I
minor) contributions
internal growth and renewed
emphasis
to
as
ditionai telecommunications services accounted for the bulk of
the
10% increase in 1962 revenues. Improved toll allocations from the
Bell System added about five cents to share
earnings. The sharp
report
but should be disclosed by
being distributed.
now
Construction
expenditures
1862, only slightly below the level of
at
$22
recent years. With
Let
business is considered
more
returns
showing of recent
past
war
croa-
jyell
judge; thipgs
have been
we
of
view
"
tional
the
)
enormous
exploratory
attendant cost,
_
no
effort
addi¬
and
would
one
its
ar-;
that it would have been desir-
glie
a
a
nlficaS,t ch?TnfP overCoal past decthe AssociaThe National
reported that in 1952
steam
Atlantic
Middle
plants,
The
^or
was
oil
Btu
cost
gas, ine oil istu cost was 66 Vo
£reater than the
gas cost.
simpiy
of
quotient « ot
divided by annual
will decline
depends
remaining
index
resources
_
upon tne total remainin& resources
By 1961,
And: of
had lost this advantage;
index. is,
me
Production,, whether or not
the
33%
was
gas
....
retaerg%01
than that of natural
the
can
before the
reserves
nroductioh. With anv/^iven-level
production. With any given level
utilifv
consumed,
far
reserve^life
course,
Proved
AtiantlC: ,Utillty
as
us
prevent
to
How
industry is doomed?
average Btu cost of
Middle
*
decHne take
for
«onjias reportea tnat JJ1
example, the
further decline?
a
sig-
Sas ye^
to^bo;discovT,
hfmTand
course, we are all familiar with
the intensive advertising that the proved reserves wiU be made, and
oil distributors are doing to build the effort made to find those.reup their sales of domestic heating serves.
Authoritative opinion is;
*
oil
N
industrv
n
^dence
ln
already has.
*.
■
.
_
.
rela-
a
lively early stage of. development
«s natural gas resources, -with
^
tain the markets it
%
that the U. S. is still in
relax:
perhaps some J,200-1,500 trillion
-
feet
cubic
,
envisage
large—scale
The; expectation of
me
ac-
turn now to
between
course
of
domestic heating
provided by
was
.
difficult: it ml, but in face of a strong sales
more
'
more
■
including
remaining,
considers
a
the
future
events.
by
campaign
and
the
the
.
coal .producers
introduction
;
of
-
and
Consider
sun^
to. 10%."
Note
the
stoves and
puring the post- actually
period the industry has been
-
..
.
a
pro-
agencies:; With our
hroduction rh^
trillion cubic feet -per year, it
government
current
^4
would he
.
circumstances:
proved by the
accepted by the financial
community, and -generally used by
modern
(The» Economist,
June 2, 1962.)
^e reported as
ducers,
stoves, the share of bil has now:
;
growth in demand," To theTinam—
years was
production.
possible, by increasing
the exploratory effort,' to add to
new
good sales campaign
ved
p r 0
our
reserves' rapidly
market gain enough so that the recent trend
at the expense of oil. I'm not sug- ju ^he reserve-life index would, be
gesting for a minute that I expect reversed and would, rise.. As an
the Americah housewife to begin alternative, it.;could.vbe; held at;
developing^ preference for a coal approximately its present level, as
stove over a gds furnace. (For one the • etude oil reserve-life index
gave coal
a
.
cial
;
community^ it .was, a growth
industry; and well it might bef,
with
of
around
6^-7%, since the ;
cyclical than that of the electric utili¬
an
\nual
•
average
increase
rate
in
of 7 %
net
an-
production
thing, the American Gas Associa-
has been held somewhere near 12
tion isn't - about
years
to
that
let
since the* 1920's.; The aver-*the past three years .is.
growth
has
been the Dutch fuel oil people got a almost identical with that for the
miich less and this is, in' my opin- nasty shocks of which the moral is,* entire 35 years'since 1927. 0 '
*
ion, one of the aspects of the in- never take anything for granted/ !'H
* 4A
* '
'• \
dustry in which we are at a water- A large portion of the future de® Nee4 for Concern About
the
over
But
period 1946-1961.
pen!)
hap-
But I can't help but think
age * over
,
recent
»
To recompense the
of their facilities in
independent telephone companies for the
transmitting long distance calls, the Bell
;; System has agreed to pay approximately $24 million to the
pendents, and United Utilities will receive about
12
are
blessed with a, very high rate of
ties.
use
1
firsts demand,
on
allowed
are
the
to
ferences
comple¬
level where gains will be smaller. In
general, tele¬
phone systems
we
us
,
1961
t^^l^Sin^doSclin^
psychologists
of the same dies hard.
million for
has been pending recently. While some additional
possibilities for rate increases remain, the rate of return is now
a
longer
change.
case
approaching
.
,
,
—
of
"The Dutch love a; glowing the 266 trillion thaf tiav^ been es-,.
have become, accustomed ^o,; stove; five^years ago 30% of Butch <
tabiished with enough certainty to
becomes
'
year-end net plant from 5.4% in 1957
to 6.4% in 1961 (and
possibly a higher, figure in 1962). Only one
minor rate
steadv
great danger, in
We tend to
customed,
the annual
obtaining rate increases, which
raised the rate of return
.
is
As the
In
of demand
pace
end
the
slightly less than 20
Thefe is, of c o u r s e, nothing
alarjblr|S m this. In the.course o
of the competing fuels used
P
comfort-
giwth
.• "vj.-...-*.
.,
the
is
greatly
so
by 2.7 times
things in terms of what.:
see
and the
;
tion of the modernization
program, however, future expenditures
should be substantially lower. Cash flow is estimated at
$12 mil¬
lion for 1963.
Another factor in the favorable
the success of system companies in
we
tion of the future and of the dif-
estimated
are
of
only
at
to
—
growth slackening, but the level- able to maintain the 1946 reserve
of gas prices at the burnertip is life jndex of S2S year, s0 tj,at
n°w such that a further price rise curTent reserves would now ' be
should intensify the forces of in- 407 trillion r-nhir' feetJ -lMeverfheter-fuel competition This will, of less_ now-that the reserve index'
course, be felt in the industrial has broken through the level of
and .. electric utility boiler fuel 2n there has been a good-deal of
markets, where it is the Btu cost coneern in some aUarters
Will
that matters.
In^Wspnnection
jt K significant that the relative Would. it be
gas-
.
growth.
more
action.
we
,
increase in earnings from $1.36 in 1961 to
$1.61 in 1962 may also
have included the 3% tax credit-~information on
this point is not
available at this writing,
the
l95n
1950.
V
vears
thmk there
and
merchandising of ad-;
on
gas
tures of habit, m thought as
gains,
revenue
15
have proved to
dising additional services, etc. Although acquisition, of additional,
telephone properties in 1962 and scattered increases in charges for
subscriber services made
?'
this attitude.
merchan¬
on
the
are
industry is doing its busithe sam,<^tft£nner tW*lften,
a iareen scale
Has cer-
seen
course
'
now
large,
.
.
Not
increased
annual
times
ade.
able and comforting growth. And
what
of
the future9
Whv
of
for internal growth through sales promo¬
The management is
.
and
institutions
growth^Jieady
By the end of 1963 the major expenditures for this purpose will be
completed. This program has provided the company with unused
room
un
have
exchanges, facilities for long distance dialing and
improvements have been built into the system;
capacity, creating
il/z\
Yet, because
possible
and
^•ta.iply^;fe»^^.^i«^eless^#iat
technical
tion.
in
ness
but
practices
now
as
thev were in
nowastney were in
same
same
has been made in converting to dial service,
etc. With only two exchanges yet to be converted, the United
System in 1963-will reach 100% dial operation—the first major
telephone system in the nation to attain this degree of moderniza-'
time.
trillion' cubic
added 250
amounted
(and to|some,Ka* disappointing)
Sr°wth rate,
by utilities has undergone
"institutions"—ac
By
in the rapid growth in share earnings in recent years. Equipment
of some of the companies acquired was generally old, but. re¬
the
••
What the social.
business
cepted
not
change.
as
refer here to
scientist
Independent Telephone has perhaps narrowed the avail¬
is
you-growth
thing
same
management remains interested in obtaining additional properties
but competition from new holding companies such as
today,
industry washing ta„ grow,
and grow it did.^But—and this is
sold. Revenues have
while acquisitions provided much of the growth in the
ever,
•
the
what it would
see
operations with about 7,000 installations
j
in
events
people in the industry could fore-
Acquisitions
totaling 120,000 telephones were made in the past decade while
were
have
—reserves
population and the economy, both*
of which exhibit a ^ mor^jfliipdeiat
new
sized and small municipalities, many of which have enjoyed better,
The
of
totaled 161
proved reserves
during this period
closely tied to the growth of the
,
Arkansas
was
failure
to grow.. At the end vof
production
ChangesjtSjlj
World War II, remained unimagiare
the
times the 1946 stock.
•
Confronting Gas Industry
water, gas and miscellaneous
serviced
now
'feet to reserves, a figure some
;
dustry,
telephones
de¬
and
trillion cubic feet; since that
we
receipts 3%,
the
1946
.
of
ex¬
it
decline
This
19.9,
result
the
the
year,
uninterruptedly
reserves
•
single
!
90% of revenues, electricity 7%, and
of
of
stands; at
•not
.
served by
areas
a
With
years.
ception
out of line with ratios for
seem
familiar with
of that relationship i*1
course
clined
32.5 to one.
was'
is
industry
subsequent
,
and oil in the mid-west. Telephone service in 1961 accounted for
34%
the
"growth" utilities at present, considering the average
gain
earnings in the past five years.
Continued from page 1
Some
around
the New York Stock
on
In 1946 it
•
The
of 16% in share
non-cyclical, with the exception of coal
the system are generally
high.
currently paying $1.04 to yield 2.8%, The price-earn¬
ings ratio is 22.7, which does not
United Utilities, Inc.
Utilities
application to list
reserves-production ratio, was
or
Exchange has been approved by the Exchange's Board of Gover¬
nors and trading of common shares is
expected to begin April 10.
The stock is
United
Thursday, Mareh 21, 1963
.
possible in the future al¬
are
The stock has been quoted recently over the counter
SECURITIES
.
though the amounts have declined relative to the total amount of
OWEN
BY
;
inde¬
$1,250,000 for the
months
ending June 1, 1963. There have
1962
-
1959
1958
$55.7
$1.61
1.37
47.2
1.20/:®
-
22
38.2
.82
6
.77
30.8
.82
27.8
*Presettjf rate
15.0
$1.04
continued
continuation
over
demand
of
groivth
the
past
in
the
United
States.^
;
price
.
watershed.
Range
;34
-
f
21
Advantage
Declined
23-19
.68
.Competitive
34-23
.73
front,
22-14
Has
••
It is obvious that the
<
we
on
of
at a Exploratory
effort / need be no
*"•greater than is necessary to assure
are
.*•"•'
s
;..
•.1
also,
a-jliverability^^ ob gas. :apd the confidence of the financial world and
the
tlie investor in the industry,
and.
rate
virtually the entire energy market field price increase. -Thus
.84
D
H
D
f
:
,
6
;
.63
.63
.60
18
.59
l
55
.72
tNot
calculated.
1
1
■
Drop in Reserve-Life Index
^
Turn
enormous
growth of previous years
now
to
been
supply.
largely
repeatable affair.
one-time,
a
un-
The takeover of
war era began with a
this
•
„
oil
^
level.
•
In
the
case
of
crude
production the acceptable level
The post-; has been established at around 12
of
reserves
large stock
accumulated
previous two decades
or
over
12-9
value of natural gas and
10-9
vasion of practically all geograph-
product
ical
tions
-
a
10
9-
8
.50 r
8-
7
;
markets
plished
The
and
has
been
cannot
be
growth rate that
pected
henceforth
is
accom-
repeated,
can
be
much
ex-
more
mony
the
to
nature
as
a
search
for
large,
the
previous
of
The
level
of
-
years.
ural
the bythe
reserve
was
production
small; thus the reserve-life index,
has
American
not yet
Manhattan
*
been
ascer-
such ' authorities
but
Chase
addi-'John
of
A comparable level for nat-
gas
tained,
minimal1 the
reserve
concomitant
oil.
the
so—testi-
high percentage of the existing
home-heating market and the in-
12
.50
Mi ii?
has
12-10
5
.72
market
16-10
.73
;
,U;V'V
...
$1.00*
.86
24.4
1953
'
the
'
20
1954
J1
for
mand growth must take place un• :
eserves,
der StrOilgly competitive Condi- ^ ^ gas^reserye-life index ^ee
industry to continue tions, hence there cannot be both be only sufficient to maintain de-
longer it would have to take
"
18%
.98
1955
1952
Dividends
14
34.3
-
similar
that
At the most obvious level,
simple arithmetic will shdw
its past rate of growth very much
Approximate
Earnings
42.4
1957
1956
Earnings
In
50.5
1961
I960:
Increase
(Millions)
-
several
Common Stock Record-
Revenues
Year
been
shed.
some
Gas
Association;
Boatwright,
as
Bank; ) the
formerly
Dr.
.of
Standard Oil of Indiana; Ralph E.
Davis
Associates,
an
outstanding
firm of petroleum geologists; and
the
National
Petroleum
Council
•
Volume
that
agree
concern
there is
over
need
no
level
a
The Commercial arid Financial Chronicle
Number 6248
197
for
between
our
gas
mated
15
resources
and
that
(1193)
are
overesti-
than the volume of gas produced
our
technical
in that year, and there is no indi-
25
enormously reduced (though not about 32% was used for residenentirely eliminated) by the watch- tial and commercial
purposes, al¬
and 20 years.. Furthermore, given
progress will
falter. But .these cation that -this condition is going fulness of state regulatory author- thougli t
his; consumption was
present and/prospective, trends in possibilities piust,. in all prudence, to change,. Further, we. have - a ities, as well as by the enlightened
spread among some 30 million gas
production and findings, it now be considered.
>
substantial factor of safety in the self-interest of the operators. Nev-. consumers of the
type that comappears t h a tan: 18-year level
present pattern of gas consump- ertheless, gas is used in
many prises the bulk of the industry's
would not be reached before 1970,
•suppose it turns out mat Dy ti0n —a pattern which demon- ways and is frequently sold at customers. Of the
remaining 68%
and -a 15-year level not until the dnU*ng
d^eper W m. new .areas strates the fundamental belief of relatively low prices where other sold to industrial customers, more
1980|s,
indicating, a decline so we do not uncover as mucn new the producers and all others en- fuels could be substituted without than
half, about 5 trillion cubic
gradual that if, at that time, for I)atUfaA £as m tne tuiure as we gaged in the industry that ample difficulty.
feet, was utilized in the state
any reason the ability to meet the n0w
e?pe,ct we T,
supplies of gas will be available
+.
.
where it was produced, at a relaload appeared likely to be to- mean that we will rapidly con- over the coming decades.
At the present time there is . a
e
average price
paired, appropriate steps to £ore- >ume the 20-year supply of proved
recognized oversupply in the Gulf
average price.
Statistics
are
Coast area which may or may not
frequently mis¬
stall such a development could reserves now available and will,
Waste in Gas Usage
leading—and indeed, the 20-year
be
temporary.
In Texas some
easily be taken,
'<•■■■■■
before that 20-year period is up,
For the fact is, gas is not being
.
.
...
,
a
_
_
B
be
such-step, of
somewhat
a
-
*
1
could
course,
"Xuftv Sf
According
ditions to proved.
,
opinion,
is
of
eas
to
nfoeltaes
and
reserve-life index I have spoken
product in potent- producers have formed an organl^
,
zation to help them market gas of is, I believe, in many, respects
fOr which there does not appear misleading—but it is reassuring to
pattern of> consumption
pattern
consumption is clearly
deihaK'SiSs note that measured against the
consumed,
as,
a
;
tlaIly short supply' The Present
with> we have each year one of affluence. True, the vent- ing 1961, of the 13.3 trillion cubic
beep-adding more* new; reserves ing and flaring of gas has4 been feet of marketed production, only
ef-
reserves.; Tn-mv
■■r/;
:
•
.
:;;;v
however,Mprice stability
likely
and.. I
problems
o^^^ston^?>V^at^all. ~To
to the producers, .this would then
result in increased exploratory
begin, to: encounter
^ ™
higher price for
price
at -such time;
such time.
new.gas
gas
v
*
"
One
"vely low
for
have
of
number
a
recently
"
■
'
1961 annual consumption of doContinued
,'-:v::...
V
on page
^
years,
heard
the
view expressed that pipeline rates
might decline by one-half cent to
a
cent in
would
price
the next few years,
that
appear
increase
the
over
(It
of
rate
past few
to say the least, greater
years was,
than
the
necessary.)
No Problem in Next 20 Years
To
ion
sum
authoritative opin¬
up,
indicates
supply
for
problem
no
at
least
the
in
gas
next
20
,
*.■
Nevertheless, in looking
.
so,
far..
\
,
into;the fpture; our vision is illuminated by, ^ at best, a dim light:
.
.
what
how.
appears
likely over the
"next 20 'years will hot inevitably
occur,. As
view
an-example "of how ;pur'
-
v
distorted,,T*giye
might be
you a forecast of future coal con¬
.
sumption made in 1905 by H. S.
Fleming^ -Secretary of the Bitumineus Coal Association. His fore¬
cast of 1950 total energy consump¬
was
off by only
1.5%.
If
tion
you've
-
tried any crystal ball
ever
work
yourself,
that this is
a
you'll
recognize.
fantastic long-range*
bull's-eye.
Yet
despite this, his estimate of
1950: coal consumption was
three times the
nearly
actual figure for
that year, because of his
assump¬
tion (by no means unreasonable
of the
in
precast using ;Lone .Star's "Incor" 24-Hour Portland Cement.
1905, when oil and gas
Featured
reserves
on
the
Federal
cover
Science
of
the
report
Exhibit
are
the prestressed
Seattle World's
at the
concrete
Fair.
arches
Members
were
considered to be relatively
short-lived) that by 1950 the en¬
were
tire{energy needs of the United
3tates .would
coal.
be; satisfied^ fromiY~;
LONE STAR CEMENT'S 44TH YEAR OF PROGRESS
V-'-.'.i
>
Difficulties of Forecasting Supply
■
1 realize that 45'years is consid^
erably longer than 20 years,, but-
if
anythirig, there
technical
thap in Flenhng^s 45.
production
gas
be
may
changes. in the
we
Report shows:
gains in production, shipments^ revenues and
net earnings. • .a new production record for combined
foreign subsidiaries, with dividend remittances
continuing at 1961's favorable level•• .continued gains
20
oil and..
are
already
witnessing the successful applica¬
tion: of powerful
such
new
fracturing,
making; possible the
are
in
techniques,
multiple well completions
as
and; formation
terminals
utiliza¬
Tn
in
never
these have,
or
Texas
rpnnrh
thp
as
responsible for
summary, management reports tne company IS wen
•
Concrete, Washington
Nazareth,
indeed, been
less com^
'
'
pletely offsetting the tendency for
need
■
to
look
deeper.
further
"
and
HIGHLIGHTS
drill
At the, same time, there must be
acknowledged :the possibility..-.that.our :vision.
might be as faulty as
Fleming's." What if
are
not
on
the
of
if
dur
present
bright
tarnishes iri
decades; {for
;
.
'
Including Foreign Dividends
parent?
Please understand, ^
-am>.
..npt. suggesting for a moment that *
$122,229,758
$
'
27,999,327
$
28,347.265
$ 14,815,958
$
14,320.318
$1.68
$1.74
$ 12,836,303
per Share
5+^j-
Dividends Per.Share'
;$I.5I::^Y:
$1.00 y
•*'«? Y 'V-
ft; •
.
'T; ■: -?
Working Capital
$ 23,109,641
„
$ 12,331,935
$i.op
> Hz
$ 20,619,397
■
'/:?' ®
Shareholders
Shares Outstanding ^
doming
reasons not; now ap--;
•
Per Share
*
technical
.
;;
.
;Net< income from Domestic Operations
.
$150,577,023
$154,578,658
$126,579,331
ForeignNet Income
•
1,200* to
the
Less Discounts
/Domestic
■
gas resources
scale
l,509 triili6n'cubic feet, as l suggested earlier; but are, on the contrary, much smaller?
And what
promise
1961*
1962
.
Total Billings,
J Sha reholders' Fqu ity,
■
..Y
A .>
"■
25,215
V>-
r;
*'r \V'" o-V
•
Dallas,
• Lone St^r; Virginia • Maryneal,; Texa? .f
Pennsylvania •' New; Orleans, Louisiana •
• Seattle# Washington
Norfolk,' Virginia
more or
the cost of oil and gas to rise in
the postwar period because of the
Exchanges
plants: Birmingham, Alabama
•
Louisiana;
h well
rnmnanv
cement
Springs, Kansas
Demopolis, .Alabama • Greencastle, Indiana •
Houston, Texas • Hudson, New York • Lake Charles,
in the advanced planning stage.
manaaPrufnt
STAR CEMENT CORPORATION
the New York and Boston Stock
Developments
such
Bonner
prepared to meet the challenges of tomorrow's markets.
have constituted
reserves.
ciimmarv
completed
on
Domestic
outstanding bank loans...six distribution
,
tion of gas occurrences 'that
ously could
LONE
Listed
operating cost reduction...prepayments made to
reduce
which
proved
For your copy of the complete Annual Report, write:
Secretary, Lone Star Cement Corporation, 100 Park
Avenue, New York 17, N. Y.
...further
more
next
In
The 1962 Annual
*
y
8,528,546
$139,264,101
;;
24,171'
8,528,856
$133,044,442 >
Li.
♦Restated to irtclude figured of Southern Materials
Company where applicable,
.r.v
v
2$
26
(1194)
ft:H
:■'■■■/ \ \
ir»fYlX7T n
VJI
VV \jjlL
v
GtllvA
VylXCtl±^V-/^,
H
^1T"|
TT*fYH
,
,
-i
I
CP I -r-53 Q
c
.,
y
j
^
■.
"
^cess Due to Two Miscalculations pipelines. The
T3 M 11 QTT*V
vUIIlIUlltlll^ VJCIO XllUUQtlj
Where
instance?
^ons.
the consumers who would suffer
For several years most ott e
the greatest hardship if compelled world s oil men have been waiting
to convert to another fuel, our hopefully for an end to the worldmestic and commercial consumers,
.
the
was
..
WOuid
held off the market.
vain .nope*.
this is a
time
the
its
of
blocks
of
were
gas
high-load-factor
The
pipeline.
from
gas
the
in
pipeline,
turn,
regulation would have less need to purchase
way of new gas through the traditional
producer
as
have
Things
now.
a
20-year contract and more oppor-
The second
tunity .to ^eet its lesset increased
requirements-; through the pur-
,
Other Institutional Changes
miscalculation was the failure to
<
,
much
in
the
at
working out.
substantial
now be apparent that
^
fashion
same
is
yide surplus ot crude, it should
«if
characterized
was
In adoption
climate.
regulatory
the
equivalent of approximately
62-year supply.
we
the
anticipation of ever-higher prices,
trillion cubic feet would represent
proved 1 reserves ; of ^68
that
time have
this
at
is that the
established for
I see iti The first
as
expectation
not
presen^
point I am making for interruptible (including cenpipeline tariff, now tral power station): use.
This
some 15 years and
would reduce the distributor's retoday accepted without question, quirements for new, year-round,
were they wrong in this
There were two mis-
by the governments or many na- calculations,
25
Continued from page
Thursday, March 21^1963
;v: ■"v;'.
W
' :V :;iy;
■■'■•.■".
:
■' ?>{■£>::fW' )l:p
prise system runs. Judgments must was not area pricing but the oc- increased winter requirements of ?
be made with respect to the future casion of the Commission's adop- additional house-heating custom.
and they can,t always be right.
tion, in 1948, of Regulation 154.1, ers, some of the gas already under
. i:y'v'f'v-fff?■
-fvestablishing uniform tariffs for contract that is now being sold
!
V
.
m
present
.. .
v;.i•-ft"f■::^-'V. ippf>{?■:■
"1/^1
53 "Tin
(
1
(
The Commercial and Financial Chronicle
•
"The.philosophy of scarcity
foresee the downturn in the rate
Much of the same thing can be chase of spot gas. The pipeline
rather dominated oil's 0f growth in gas consumption, said of the institutional changes would be less impelled to shop for
thinking for a century is being when the downturn occurred, the currently under consideration in gas on a regular basis to assure
I am by no means implying that snowed under by an economy of offering
of
previously
uncom- rule - making
dockets, involving additional supplies to meet deI favor, or would even suggest, abundance—abundance of energy mitted blocks combined with the rate-of-take arid minimum-quallivery deadlines, and would be
a
form of end-use control that sources, abundance of consumer continued accretion of new re- ity provisions.
In addition, the better able to pick up whatever
a
■''
which
.
End-Use
Control
would channel all our existing re-
mercial
domestic and com-
the
to
serves
control
end-use
some
raised
desirability
the
of
time
from
among
However, the
customers.
question
choices, abundance of competition
has
to
of
been
and
time,
As the Journal
present
before
Never
excess
avail-
reserve
All of this was the consequence rangements in the Permian Basin : whatever the beneficial effects
of the attitude that expects more area
rate proceeding, and the of such action would be there is
of the same, to which I have pre- discussion of these matters in the still the matter of
costs to be
suggests, this is
situation.
novel
a
largely to the recent focusing of interest on the lower-priced gas becomes
situation, problems of gas purchase ar- able from time to time,
contributed
serves
fuels suppliers."
has there been a world-wide cir-
trade journals and at meetings consi(iered 1 repeat I am only
such as this> al* ma^e it evident making a suggestion, and I do not
public mterest. Most recently
^this already being felt in the tighten- paper that I thought the great that before too long there will be know what the actual cost situaquestion was brought up in
ing of inter-fueT Competition in distinction between the changes in important changes affecting con- tion would be for any
specific
by the coal industry, which con- Europe; and the insidious menace the
gas industry over the coming tractual arrangements.
It is my company or area of the country,
tended that such control was de- of the soviet oil offensive arises
25 years and those of the postwar belief that if the decisions of the But if the jncremental residential
fir^. X
n®cessary
assure in part from this circumstance.
period would be the importance Federal Power Commission do not and
commercial
demand
were
of energy plenty.
Its
Congress has reviewed it in the c0nsequences outside the U. S. are
that the limited supplies
claimed)
goXo the
ent
consumers
them.
on
pointed
by
of
review
recently
exhaustive
an
the situation
subnutted jts
parallel
It should be
oversupply.
and has bered, however, that the
report. to not follow from nor is it
remem-
j
well
It
airman.
entirely
is
reassur-
insulated from
}° tbe consumers of gas and tional
no indication what- trol
oil, for it finds
ever
ply
of potential
shortage of
sup-
least the next 2 decades,
or at
But let
the
assume
us
findings
supply had riot been so
on
reassurin?'Would ine committee recoming. yvouia thri rrirrtrnittpp Wcnm
mend
to assure that the
measures
intestate
interstate
nibelinPQ
pipelines
flrid
tho
-ana
do-
the
do-
to be sure,
curacy
the
of
upon
them would
protected,
even
if
limiting
only
the face of
unrestricted
.
Under the impott control
the
of
tens
of
millions
of
such
the
provi-
war
,
history of the industry.
™
+.
.
,
0pmen+
0f
J
thg
eciuai
import
Y,
rp y.
The domestic oversupply of oil
will
incentives
given
producers
rate regulation.
make
an
exception
already occurred.
De-
^
w
to
my
.
...
'.
.
.
L
.
e
.
®
and
?.
'
in
opinion,
my
f
ht
Producers is
.
Moreover,
t
^
saje
although
that would have been
revenue
received
the
would
be
interruptfble
lost
from
there
is
an
0ffsetting benefit in lessening the
rigk
of
triggering
jn
cjauses
the
field
escalation
by
the
cjjase-new gas there
pur-
and thus-
raising the cost of the entire
The FPC, to be
j
sup
'■-*
clauses
ineffective
'
m
new
.
con-
thev
;
but
Vn
still .widespread
gas
has
sure
,
made such
are
J-
-existing con-
in
settled
would
that
be
know
to
are
storage.
interesting,
the
of
quantities
potentially available for
switching
.
more vigorous growth in resi-
that
gtate
.
^
course,
.
^ have in mind the probability
would
t
distributor
•»
,,,
field
Congress
.
th
wnihZ tracts and the issue has not been
growth that occurs will be
industry. It. is~ also a reflection of orice regulation of oroducers is
wish to protect, but because the the national security policy that
here to stay
coal industry is watching this sit- we should have reserves and cauation closely. It would like to pacity in being large enough to
Controversy Over Field Price
that
consumers
situa.
some
at least, the costs would be
'th
,
tracts
Here I
venture to make predictions,
the
be ex-
the future and
.
'
from
earlier statement that I would not
in part a tribute to the efficacy
tax
or
of
can
?vv
®
the
on
Jequar .^im;poirc on me which h
removal
price,
,
the
tween the growth that
.
.
„
This being so, the only devel-
.
0u
of
bature of demand growth. Here,
Pra^fms are created for the distribUtors and Pipelines. I have
emphasized the difference be-
standing development in the post-
only slightly, whereas with
is
*n sedition to the institutional
-<*anges generated on the regula*r°n' there will be changes
arismS from the changing char-
the out-
was
tions
T
n,annpr
that for
Z
Cl^* Demand forGas
_
regulation
■regulatory front during the com°f «ude has ^ 2g years Woui(j be the reverse:
be
interest
was
of the gas market and the
agreement thgf i this
im-
,.P.
within
n*
parp
certain
result.
the
0f
program
entailed
of the
insu-
oil
industry
to
taT,pri
feel
the
Tn
suspect there would be unanimous
P°rts» the term is fully justified.
I believe it would,
because
"well
sions
ac-
fated*, but considering what
would happen to the industry m
less essential usage
some
of natural gas?
not
this
term
riimflte
fundamental
tion of events that fundamental
changes will be the inevitable
those
the Inclusion of
was
producer
Some oil producers,
might dispute the
mestic and commercial customers
dependent
jng change
one by the oil import con-
program.
of
involve
changes they will so set the direc-
the most important and far reach-
interna-
the
themselves
the
t turn now
passing reference
yeaM since the
first made subject
the other. The domestic market is
C
made
reoniatorv
25
part. of
Senator Anderson, the Committee
,fave
to
.
does
one
a
in
changes
changes
international
the
to
of
considerati0n
a
domestic oversupply of
a
fu+ure
the
,
beginning of this
nature of ^ industry
I do not need to point out that
there is
Interior oil
Senate
made
ap-
in
#
most depend-
said at the
j
Oversupply in Oil and Gas
oil
A study group
the
Committee
(as they
natural gas and
of
viously referred.
cumstance
from
An
interruptible
illustration
to
the
of
magnitude'is' provided' bv central
dential and commercial consump.
tion than in industrial consump- in New England and the Middle
tion. It is with, the latter that'Atlantic-states, in-1961. This was
us self-sufficient in an
Regulationinterfuel competition: is * already "abou{
0ne hundred billion cubic
emergency^ To the^extent—and it
The fundamental desirability of showing its. restraining .hand, a feet- There wouid
appear to,be a
ismot inconsiderable—that gas dis-' tield price regulation has* in my hand, incidentally,- that may well g00d reservoir of^gas mow flowing
sible investigation and action if it coveries result from -the search opinion, been demonstrated be- have been strengthened by the
through pipelines from which at
appeared that the supply of natu- for oil, both tend to stimulate ad- yond doubt.
I am aware, how- recent easing, of import restrict lekst a part of future requireral gas were likely to become in- ditions to gas reserves and conever,
that the question of the tions on residual fuel oil. Thus ments might be met:
recapture much of the industrial
make
market now served with gas, and
it would Insist on the fullest pos-
••
adequate in the
near
future.
For-
tribute
the
to
circumstance
that
workability of such regulation is far, with the growth of the resi-
There
remain
the
physic al
tunately, we do not face this situ- was first rumored, then discussed still a matter of controversy. In dential and commercial load, it
aspects to be' considered. It is all
atipn and,, as I have said, I am discreetly,., and finally openly acr.: that connection let me read from has been, possible: to maintain a
very well:to talkvOf 4he aggressive
convinced that we will not for knowledged during the past year: some' communications received
by satisfactory load factor by taking use 0f storage; here and now;
many
years.
The group which that there is at present a general the Commission protesting a pro- on more interruptible load.
The there is> after all> a good backi0g
prepared the study for the Senate oversupply of uncommitted gas . posed Commission action:
;
* - .
market was always there.
of
,
.
storage ' potential
Committee
competent one/ reserves,
representmg the oil, gas and coalNow this
was
a
The
self
rj,ke
commission's proposed ac-
Unfortunately,
observed
I
as
put to use.
that
can
be
But it is idle specula-
in
itself, one mi^ht tion "may prove wholly imprac- earlier, the matter is no longer so tion to talk of more aggressive
i? ,no change; What about tjiq ticable if not impossible;" and. —• simple. The saturation rate* of the
[development of - storage over • the
its findings, are conservative,
great backlog of uncommitted re- to paraphrase—-could advertely
interruptible market, if I may use long term unless it is physically
competence of the report it- serves that grew up during the affect the
financing and financial that term, must now be fairly possible to provide the capacity
may be
that
,
c^tain
say,
,
has
been
attested
to
by
all
segments of the industry.
manufactured
a
gas
There
era?
difference, however.
Those
is
re-
integrity
of
companies
many
in high,
that "existing contracts and rates
gas
and
prices
the
no
existing
of. that would be required,
level
longer gives gas the
serves were not excess when would have to be modified, and large, clear-cut, and unbeatable
Imponderables of Storage
measured against the potential de- the business judgment and discre- price advantage it once had. How,
Does sufficient potential storage
n?and: Consider» f°r example, the tion of management will be ham- then, does one meet the problem capacity exist? I don't know, nor
situation in the late 1940's when pered and interfered with." Fur- of growing residential and com- does anyone else. When one looks
i J I Gu}l Coast rLeserves were beinS ther, it would be "practically un- mercial demand, with its unbal- at such information as that pron
i
peddle^ :in the Northeast at the workable in so far as some nat- ancing effect on the load factor, vided by the Interstate Oil Com? rl samq time, that the, great ?b°me:ural gas companies are concerned; at the same time :that: the ability pact Commission's survey-of storbeallnS market in that area lay since it would require a complete to counteract this through addi- age potential in the United States,
JI, 1962),
Ample Energy Fuels Here and
Abroad
Tt
Tint
ic
ni
ih
+
'
+V,
f
th!
qimnlv
£
pnfrtfv
wnrid
wlh«i
Tourvnl
"One
cHun+i™
a
pHitnriai
basic
prominently
in
mPr.
(b)ec.
fact
a
-11
f
qi
iorov
untapped.
stands
look
at
revision of their rate structure in
tional
reserves
order
to
clining?
of today are excess because there
sions.
This would work
In contrast, the excess
out
the
oil
industry around the globe:
\is simply
no
need for them at this
extreme
comply with
hardship
on
its
provi-
an
interruptible
unduly
them
-
plentiful and low-cost supplies of
energy, and this condition is likelv
more tban buyers ar^ willing to
to continue almost
purchase, suggests to the
j
.
"The
#
'
,
in
ari
era
of
indefinitely
/
^
significance of this
is
yet fully appreciated by all
ducers of oil and other
fuels,
not
pro-
nor
*nist that
has made
is
someone;
a
nothing
econosomewhere,
miscalculation.
reprehensible
There
in
this,
for it is the way our free enter-
is
de-
is
known
struck
one
,
more
known. %
-
Theoretical Storage Use p
con-
I
Possibility
Ume[ SUcb a Condition, inwhich sidering the ends that would-'be
*here has been brou§ht to market accomplished." [rb
is nbw
"The world
load
am
by what is not
than-' by what: is
,
aware
that
certain
gen-
eralizatiori^; can,:bri iriade )from a
The solution has already made knowledge of the general geology
Neither the object of the protest itself apparent: storage. Let me of an area even in the absence of
nor the parties doing the protest- suggest the possibilities of a more specific subsurface knowledge
ing
are
These
what
one
statements
might
were
think, aggressive
made
to
use
of this
means
of such as is obtained from drilling,
the parallelism be-
balancing the load equation. Sup- Nevertheless,
the Commission not by producers
pose
but
ject into storage, to help meet the
by pipelines, and the subject
the distributor
were
to
in-
tween knowledge of the existence
of
storage
potential- and
knowl-
Number 6248
197
Volume
edge of the occurrence of oil and
is
gas
that
strong and
so
extreme
exercised
writing
tribution, will be able to remain
I
off
applicant shall have had
Analysts Seminar
August 19-24
a
mini¬
of five
mum
years' - experience in
that
qualifies) him for
field
a
following verse,
poem called /'From CHICAGO,
a
(1195)
view,
my
industry's. longrterm pros¬
contained in
extraordinary" f ea^;
*
./■■.;•
with * the
pects
of /the
•,
best; illustrate
can
of the
area
an
out of hand.
One
The Commercial and Financial Chronicle
.
complete healthy £nd prosperous.-
so
patftion should be
in
«
.
membership
in
a
constituent
society.
27
N. Y. U. Course in
Sees. Trading
.
111.—The 1963 session
To achieve the objectives of the
gorically.. And one of the ihdus-'
try: bromides is the statement
"Trading iri Securities and Com-/
Analysts Seminar Seminar, attendance is limited to modities," a
survey course for in¬
which Was published *iri the mid- will be held from Aug. 19 to 24 125.
All : qualified
members of vestors, will be offered this spring
19th century.
I have no doubt at Beloit College, Beloit, Wis., in constituent societies,^ with the ex¬ at New York:
University by the
that", the activity ' to which this association with the University of ception of those who attended the Division of General
Education as
verse refers will still be. going on Chicago Graduate School of Busi-V 1962
session, are encouraged to part of its program of non-degree
in 1988 as it Has been now for ness.
apply for admission. No limit is courses
open
to
the
general
"the only
well
tures
of the
the
oil; industryis
repeated discovery of commercial
oil
and
that
in areas
occurrences
gas
had been so written off
cate-^
•
finding tool that counts
The
in the end is the drill."
Sublime
the
the
but
only sure
way
thou this grave
■
In
of
heart
the
the
Another
development
natural
ground
for
traps
With
storage'.
a
a
pipe
gas
a
March It,
Pa.,
Re¬
of
of
level
the
speculation.
-
in
enough
large
are
the
centers,
metropolitan
expected
the
the
alysis
LNG/ storage
the
r.
issue
an
underwriting syn¬
publicly
an
which is, offering
of
Michigan
$30,000,000
The
not
bonds
being
are
offered
at
-
combined;
pipelines?
was' won by the underwriters at
pointing out competitive sale March li9 on a
bid of 101.70%.
LNG as an economic reality, ACis
Of the net' proceeds from /the
worth * noting the' sighificance of
the recent bid to jsupply, a West financing, $27,750,000 Will be used
more
in
Incidentally, -
'
Coast
contracts
for
^nee^'Via a/LNG
the
redemption
all of the
of
frbtfi 'AldskStv The ocfstrotimphrte^ 'Cpmpahy'p outstanding first mort¬
LNG
shortly constitute' the
cit^gate?p>fice of
will
gas
politan
centers
West
of
large
the' East
the
and
applied
program.
.
constitute^the celling'So?
bo
c6st?pf5^e cdthpany's
and construction'
1
will
balance
toward thei
metro¬
Coasts/ just as the cost of
shale oil
the
the
in
bonds, 6%% series due 1982,
gage
ceiling for the
natural
"The l988 bonds will be redeem¬
able- at general redemption prices
this ranging from 106.926% to par, and
Given the circumstances for the sinking fund at redemp¬
country.
crude
of
price
oil
in
the latter ceil¬ tion prices receding from 102.35%
ing is likely to remain more po¬ to par, plus accrued interest in
in the oil markets,
tential
effective for the in¬
than
definite
each
case.
If. natural: gas
Michigan Consolidated Gas, ia
prices resume their upward romp/ subsidiary of American Natural
however, the effectiveness of the' Gas Co., distributes! natural gas to
LNG
price ceiling : will rather i approximately ;880,000. customers
future.
;
.
quickly be tested.
•
in
The Federal Power Commission
has indicated its awareness of this
in announcing its
more
and
than
170
townships
cities, villages
the- skate- of
in
Michigan. About 77% of the
intention of as/ pany's operating
serting its jurisdiction oVerLNG
rived
from
com¬
revenues are de¬
sales
in
the
Detroit
Population of the territory
gaging in idle pronouncements of served by the company is esti¬
imports. In
doing, it is not eri/
so
area.
theoretical possibilities but iS pre¬ mated at about 3,340,000,
paring for what soon will be hard basis of. the 1960 census.'
fact.
I am sure the Commission
is thinking of
tion. Of
feet
day,.
a
head
the
onc
..
Venezuela's produc¬
three, billion ^cubid
over
virtu ally: all casihg-
ffi Ifentz Go.
one-half of which i$
flared. The price of gas to local
distributing' companies/ interest¬
To Admit Partner
ingly,
H.
gas,
.
Reported :tq * range; .(be¬
l4* cents per:Mcf, and
is
tween 4 and
gas
for export is said to be avails
at a 10 cent-butrwe'll/b&r-
able
I
began this paper with refer¬
ence
to'the passage of
Gas
Act .25
went
to
on
coming 25'
Co.;
72 Wall Street;
City; members of/the
New
York
other'
leading
Stocit'Exchange
and
.ex^hahgy,/bii':ApriI
ago
years
speculate
years.
partnership.
"
.
"
.
.
"
.,
and then
thd
about
I have pointed
periods
and periods of change/
growth 'and
W. L. Lyons Go.
To Admit Partner
that / because
and
change
are
onymous*
not
necessarily
syn¬
the\ problems associated
with/ each
are
likely to
be
dif¬
ferent. They will also be difficult,
yet I
the
&
the Natural
out that there have been
of growth
Hentz
New York.
I, will admit Andre Hirschler to
gain price.
am
certain that in solving
emerging
the
problems
gas
industry at all three stages, , pro¬
duction,
transmission,
and/ dis¬
to
he
qualified
BOWLING^
GRfiENi/k^L^ufray
Hill,
resident
W.
Jr.,
L.
the
Lyons &
New
York
will become
as
of April
a
faculty and fellow
to
be
Ketchum,
sent
Marshall
of ^Chicago*
applicant in financial
demonstrated
as
manager
Co., members
Stock
of
of
Exchange,
partner in the firm
1.
The Bowling Green
office is located in the Helm Hotel
Iftiildihg////* //A'-/A./'
1/ /%•;
member
of
the
and
a
the
has
for
As
meet from
seven
8:10 to
Wednesdays,
beginning April 3, under the supervision
of
Daniel
Delan,
a.
broker with the firm of Goodbody
as
than
The
is
course
marily for
investing
are no
accepted.
those
designed
with
experience,
pri¬
previous
but
there
academic prerequisites for
registration. Among the subjects
be
to
traders
Named Officer
covered
under
are
the
benefits
present
to
tax
structure, the various methods of
analysis, and techniques
market
Of Merrill, Turben
and
precepts for successful trad¬
ing.
age,
of
of
constituent
Federation.
qualification
cludes
number
applicant
of
by
years
an¬
on
case-
April 15. No ap¬
plication received after this date
will be
pjn.
and Company and a contributor
;
Director "of- the Semi- ~ to the New York Law Journal.
"
possible and in any
later
Classes will
&:55
D.
to
an-?
will
applications,
education, number of
projects" for 10,2.426% and accrued interest to
needs of two or yield. 4.34 %. Award. Of the issue
have
Applications for ad mission
should
no
Seminarians
management.
number
apply.
and
place emphasis upon the maturity
loads Consolidated Gas Co. 4% % first
great mortgage bonds due Mar. 15, 1988.
why
,
of
manager
dicate
Where the
approach.
sufficient
University
considering
Bonds Sold
The
Again, this invites, the imagina¬
tive
a
as
of
out
witli increasing
size, apply very well.'
experi¬
if
soon
high* but the
perience,
scale. Or the reduc¬ Blyth & Co., Inc., New York, is that the
tion of unit costs
organized
maturity, and responsibility
costs are, of course,
economies of
beginning
is
alysts, The Board of Regents, in
Consol. Gas 1
cently announced projects appear
to have carried this approach
for
it
be made for qualified women
analysts
public.
firm. Arrangements
nar,
with
Michigan jjjj
porosity for
reservoir.
underground
school
Rather
the number applying
terpretation of the subject matter
feasible to use mined-out caverns
instead of natural rock
emphasized
participate in the analyiss and in¬
volume
reduction factor of 600 it becomes
the
be
on
in the field of investment analysis
are
1963.
imposed
from any one
can
Analysts Federa¬
should
training
ence,
address by Mr. Netschert before
the
General
Management Section^ Con¬
ference
of
American
Gas
Association,
Philadelphia,
societies
for those who have gained
;
♦An
under¬
It
analysts;
lique¬
—
*
structural
to
laying
down!'"
gas—reduces some¬
the necessity for resorting
what
tion.
all
to
open
however, that - the /Seminar is not
digger replied—,
'We're
is
constituent
of
of the Financial
London
deep-toned voice of
And the
Liquefied Natural Gas
fied
•
of
Seminar
members
town?'
finding, out the true potential is
with the drill.
"
of the Financial
century.
a
'Qld man, for whom diggest
applies to storage potential. The';
general geology may be unfavor¬
able;
over
Ridiculous"
the
The
"
same
to
ex¬
years
been
a
admission
Turben
an
Ohio
—
John
Further
F.
April 1, will become
Assistant
Vice-President
of
on
information
be
Education, New York University,
rule,
in¬
the New York and Midwest Stock
York 3, N. Y.
Exchanges.
7-2000, extension 8043).
requirement that the
can
obtained from Division of General
Merrill, Turben & Co., Inc., Union
Commerce Building, members of
society
a
CLEVELAND,
1
Washington Square North, New
(telephone: Spring
The Commercial and Financial Chronicle
28
Hospital Supply
Industry's||
the
covers
and use of,
present, 500 com-
hospitals and hospital supplies. At
.
challenging costs of, and need
The
Thursday, March 21, 1963
.
for, hospital services' has
into existence a newly
'growing'
assessment, of the.
An
industry.
'brought ,
hospital supply; indust^ ■ was
|
ucts.
Competition
imports;
from
has been limited to selected lines,
corporated, 63 Wall street, New York City; has announced the
election of John C.
Dillon, F. Donald Kenney, George M. Mackin-
tosh, Franklin' T. McClintock jand John M. Walsh
as
Directors of
reflecting the inability of foreign
delivery to
g:' J gently
•
r
<
„
Joseph P. Ripley, Board Chairman of Harriman Ripley & Co. In¬
velopment; of labor; saving prod?/
firms' to, assure
<
a. small\f k
paniesare competing for. the hospital market, of which
number oi growing firms operate nationally..
•
.
Ripley Elects Directors "
Ilarriman
being given to the further de¬
is
V
"Business Comment" concisely
factors portending increasing growing expenditures for,
Company's
Trust
hospital
attributable
to labor costs,* concentrated effdrt
directly
is
expense
Bur geonin gGrowthProspects
Northern
each. dollar; of
of
cents
The
.
(1196)
the
■
■
.
more
hospitalized, compared •. with the average; patient's, experience of a
7.6
clay .confinement. ;i Between
1940 and 1962 the number of. per- •
sons 65 and oyer, nearly doubled;
ur¬
needed products or to meet;
exacting
specifications for :technical items.
1!M
•-1
"'•*
*
■
3D" ■ &&Z ,' V-''h*V' *•''*\''f' 'j'
Hospital Costs
Rising
expanding population better/
"An
able
to
'
:
Industry
Challenge
.
for- medical; care .
pay
rind/rising
through/insurance
9.0 mUiiqn tp d7,3
cx>hie and better educated to 'the-/
million,- arid the Census Bureau
value of hospital care should con¬
The Northern, Trust. 'Gompan^ in-,
its mid-March Business 'Comment. proj ects a grpwth to- 20 million, .by . tribute to a/growing deriiand fdm
1970J Also contributing to the ex¬
hospital supply products. Together
v The Bank's monthly publication
panding; demand for hospital fa¬ with the opportunities of the fu¬
points out that "the value of ' hos¬ cilities^ arid supplies are increas¬
ture are certain challenges.
Ad¬
pitals in providing for the treat-; ingly betier understanding by the
ditional hospital space arid "equip¬
ment and care of patients is well'
general public of the value pf ment will
need} to - emphasize
known, but their economic iiri-C professional medical care, greater
economy arid efficiency to stem
portance is not so 'widely recog-y use of hospital facilities as diag-*
the tide
of rising hospital ex¬
nized. Hospitals represent a maj or', nostic and treatment centers, and
penses. A major goal is the con¬
market
for
innumerable goods
increasing ;from.
F. Donald
John C. Dillon
/r/S G* M—
Kenngy
Mackintosh
vK-'"-f-'
K
v
the increase in
and services.
urbanization.
trol bf labor costs; New disposable^
It is. estimated- that.
1,800,000
$8 billion
hospitals employed over
people and spent over
last year for supplies, wage
items arid other totally new
Hospital
Expenditures for
Large
and
velopment work may prove fruit-"
hospital con¬
expanded substan¬
"Expenditures for
,
Salarypayments- arid/forconstrue-?
struction have
prod¬
Increased de-'
ucts will be sought.;
Construction
in
ful-
such
areas, as-
-
electronic
equipment to monitor the criti¬
tially during the postwar years,cally iU and eventually even regii-'
were
stimulated by the shortage of beds
lar patients, providing thereby for
supply items, many of which; are accumulated during the 1930's arid.
hospital - admissions
disposable or used only a limited World War II and by the growing increasing
without a corresponding
growth
number of times. These r include
demand for hospital services. In
hypodermic syringes and needles, the last three years, hospital con¬ in; staff. The combination of new.
dressings, sutures, thermometers, struction expenditures have ex- . product development and greater
diagnostic and surgical, instru¬ ceeded $1 billion annually, and hospital needs should result in a
ments, operating and clinical sup¬ totalled $1.3 billion in 1962. Be¬ steady expansion of demand for
plies, rubber gloves and surgical tween 1950 and 1961 total net hos¬ hospital supplies in the years
Approximately';$2.4 billion;
Used to purchase hospital
tiori.
ucts,
operating room equipment," fur¬ annual; hospital admissions rose
nishings for patient rooms, rehar
by 37%, the estimated shortage
bilitation products, dietary foods of civilian'
hospital ; beds did not
and
kitchen and food
seryice inCre^e in this period, according
to.
Rising Participation
demand
the past
pattern of rising
'The
<'•
-
•'■<
I
L
^\. .-s,
'X'J t'l
I
/
'*
.
A
l>^
i \
Hospitals were able to meet this
more rapid growth in admissions
offering
secondary
shares
.
of
personal incomes per
in
rise
the
and tech¬
achieved, while
treatment
nology have been
capita during this period has led
individuals to seek more and im¬
medical care. The * rapid
extension
of
health
insurance
proved
to cover a large propor¬
the population also has
programs
of
tion
vital
of
been
"Today 75%
hospital
and
1950
only
9%
since 1950.
are
50%
60% of hos¬
Federal program
now
legislate
to
efforts
insurance,
homes
nursing
and
expanded
also
has
which
"Characteristic
of
With above average
industry
an
a
of health insur¬
«
previous six years,
correspondence and
ment, and Manager of the buying, department.
Vice-President in 1943 and a Director in 1947,
The
dealers
share.
principal business
of
he resigned as an
the
headquarters at 545
MadisOn
has
offices
22
of Dec.
as
of
.
Manager of the municipal division of Harriman
the company
and was elected a
market
lines
500
companies
relatively
which
31, 1962, consisted of
and
payable
in; notes
.
'
943,624 shares Of common stock;
Chase
Johnston Treas. of Appointed by
N.Y. Money
R. J. Henderson
*?"*
.
SI '
••
/'
v
- -<r.
j
r.
'*
\
>'•,'»
^
f
'
\
'
products.
specialized
product
However,
Spring
.
members
Street,
Andrew
Bank;
Gomoryr Vice-Chairman, Manufacturers
Hanover
Trust" Co.;
,
Mkt.
Luis Aguirre-Edwards, Grace Na¬
tional Bank of New. York; ' Tom
<*■*'« ' *
executive vice B. Coughran, Bank, of America;
Baiik of America; George T^ Davies, Bankers Trust
r }'.s
,
•
Tom B. Coughran,
LOS ANGELES—Harry Z. John¬
include highly
Manhattan
L.
Company; George. L. Farnsworth,
Chemical Bank;:New' York "Trust
.
narrow
often
Ripley in 1951,
Vice-President iri December of 1955.:
president Of
compete ston, former president of Los George L; Farnsworth, executive
for a share of .the hospitai market. Angeles Stock Clearing Corp., has vice president of Chemical.
^an]k.
The great; majority of /firms are been appointed treasurer of R;;Jv 'N0w York Trust Company; Au¬
&
local in scope; many of these also Henderson
CoV 621 - South gust Maffry,-; Seinor Vice-Presi¬
.
at the
the Harriman Ripley organization
joined
organization iri 1934; Breyiously, hb had been associ¬
The National City Company; for; 14 years. He
became
ated with
United States and Canada.
Capitalization
officer and Director and became financial con¬
time of Tts
the
throughout
Walsh
Mr.
Avenue, New York arid
He was elected a
In March, of 1956
corporation, which, position he still occupies.
sultant of the
is electrical contracting.
It maintains
in
the
He advanced successively: tp head of sales
publicity divisions/Manager of sales depart¬
June, 1934, having been with Brqwn Brothers; Harnrnari for
Co., New York $i9.625 per
V
Hospital Supplies
"Over
r
the firm when it was organized
joined
prospects for
600 Companies' Provide
Over
-
*
with concession to
company
Vice-
a
served
share
$1,597,000
sharply.
has
len &
of 55 cents per
became
J
to
came
and
McClintock
Mr.
&
Fischbach
1945,
Moore,' Inc., is heirig made by Al¬
hospitals, the construction
mental
of
in
for
1940.
in
covered
by insurance compared with only
27% in 1950..Despite the>continV
uing growth in private /hospital
expenses
mentally ill are also being
and the
cared
Older people
of our population hospital supply industry are sub¬
stantial.
protec¬
Moreover, more than
pital
recent years.
more
insurance
tion, in contrast with about
in
in
services. growth, competitive forces in the
growing use of hospital
have
in the
importance
patient stay, although this down¬
ward trend has tended to stabilize
He
the, firm from Moody's /Investors'
iri the; buying department as
of the industrial division. He has been a Yfice-President
in
Manager
75,000
of
employ of Harriman Ripley in 1951
buying department.
the1
Mackintosh
Mr.
-
knowledge,
member; of
a
sales representative, and
as
President in 1961*
Secondary Offefld
Depart¬
Health, Education & Wel-
Directors are affiliated with the
Vice-President in 1961.
a
Mr. Kenney entered the
s,|,
J
elected
Service
hospital services over
two decades has been spurred by by increased efficiency in the use
of existing beds and a further de¬
a number of important develop¬
ments. Major advances in medical cline in the average length? of
for
I
^
Fischbach & Moore
common
Programs
Insurance
;
■<"' ,-x
%
new
joined the firm in i953~
Mr. Dillon
figures reported by - the
ment of
in Health
\
All of the
company.
was
as
C
1
-
equipment.
the
M/ Walsh'
John
T. McClintock
New York office.
ahead.
In addition to these prod¬ pital ; bed capacity^ increased; by
hospital • supplies; include 14%. Although the number of
soaps.
; F*'
the
of
Pacific Coast Stock Exchange,
Ir ving' Trust
Company;Jotitt/ M.l Meyer,J Jr.;
CO i ;r August: Maffry^
Irving Trust; Company, Morgan: Guaranty Trust Co.;/ An¬
-N.Overby, vice- drew N. Overby, The First Boston
dent ' of
and
.
Andrew
Mills Act,
president of First Boston Corpo¬ Corporatibn; ,.Walter B. Wriston,
ration, have been appointed mem¬ The First National City Bank.
Foreign
Exchange
president of Los Angeles Stock bers of the
Sub-? Committee on A. I. D; Mat*,
of
the New York
Clearing, a subsidiary of the Paci¬ Committee
ters:
John L. O'Halloran,5 Chairfic
Coast
Stock
Market,
Alfred Hayes,
Exchange, Los Money
unable
Angeles Division, for three years
have
ance
State
in / recent
intensified
and
there
support for medical care is
firms
Federal
Combined
years.
currently provided by the Kerr-
are
a
which
growing number of
operate
nationally.
Mr.
Johnston, widely known in
investment
circles,
banking
.
was
*
-
Most of
these companies carry
a
.
covering older persons line of products numbering in the
afford proper medical thousands, capable of completely
outfitting a new hospital.
treatment.
to
Other
in
Factors
"The need to
Growing
assure
has led to greater geographic
"The
increasing
number
of
in the United States warehouse - facilities, v Industry
reason for competition is also evidenced by
growing use of hospitals and the fate of product innovation, A
older persons
is
another
the
hospital
older
more
but
important
persons
only
Not
supplies.
generally
do
require
frequent medical attention,
recovery
from
illnesses
is
usually slower. Individuals in the
65 and over age group
average
stay
of
14.6
require
days
an
when
noteworthy recent example is the
development
resigned
costs.
such
of
disposable
items
to reduce hospital wage
Disposable items eliminate
costly
labor
processes
and
tor
He
/
of
the
associated
with
Willis
and-
Christy, investment counsel¬
ors,
from
that
to
was
Johnston
the
with Dean
Chapter,
Los
Witter
&
over
of
is
a
past president of
Cashiers,
and
a
;
of
Investment
Los
member
Angeles
of
the
Angeles Stock Exchange Club.
York,
New
the weekend.
announced,
m^rij';Manufacturers ;Hanover
Trust ;
yice^
Co.;
Foreign
create
was
Exchange. Com¬
establishedJn, 1939 to
closer contact and
a
a more
channel, of' communica¬
efficient
tion between the Federal Reserve
Bank
of
New
York
and the for¬
market
exchange
than had
previously existed.
The present
membership of the
Committee and its two Sub-Com¬
mittees
Milton S.
Manhattan Bank;
Arthur C. Krymer, Chemical
Bank New York Trust Co.; Lloyd
B. Mansfield, The First National
City
Bank; Vincent G. Potter,
Morgan
Guaranty
Trust Com¬
pany; Henry Reuter, The Marine
Midland Trust Company of New
Irving Trust Company;
Coe,- The Chase
York.
follows:
Foreign
Charles
Edward G. Grimny
- Bankers
Trust
Arthur. Bardenhagen,
Chairman,
.
Company;
The
eign
years.
Association
House
1955 and prior
1953 to
Co., for 10
as
62
president
Bank
mittee
was
reusable
Because
vice
a
laundering, sterilizing and sorting
products.
in
beginning
Exchange.
di¬
versification of manufacturing and
that,
1955, served successively as audi¬
prompt de¬
livery of essential hospital items
Supplies
Demand for Hospital
before
and
President of the Federal Reserve
Exchange
Committee:
Cain, Jr., Chairman, The
Sub-Committee
on
sets Control: George
Foreign As¬
J. Messemer,
N, T. & National Trust and Savings Bank;
Diego, has been named Finance, Harry E. Parker Jr., vice
president and trust officer, The
general conference chairman.
7
dent, Bank of America
tional Bank.
V
Host to the; conference! which
Bank; Publicity, Oliver; B. James,
annually brings together trust
officers
of
from
banks
Alaska,
Vice
president
senior
and
Significant step toward in Japan's
j
M;%w-
inter
v
n
t i
a
1
.;m en t
'M
c1Uean
.t
senior
vice. presl.
'■■■. >4
vice
The
president,
m,
First
Willmont,
WINSTON-SALEM, N.C.
March 28, William
become
York
a
in
partner
Stock
Reynolds & Co.
headquarters
20.
.
N
York
'of V
,
Fuji'
Ltd.,
Bank,
Japan's
larg¬
est
commer-J
ci
Shczo Saji
b a nk;;
l
a
CO.
St
Agent7,7
the
IE
Cae H
The
bank rate of 6.205%,
new
since
lowest
.
ill
became effec¬
1955,
.*
tive March 20 and marks the third
reduction since Oct. 26, 1982. Each
has. been for 0.365% /
reduction
Noting that Japan's money rates
are
highest in the Free
among the
World, Mr. Saji stated:
"Japanese
circles
banking
ap¬
plaud the lowering of the official
discount
rate.
,
Japan must'. pro¬
,
gressively drop its money rates to
international
liberalize
gain
strength
the
"Interest
to
ancf
economic
same
7
"1,7 7
.
in
an
where, capital is still in
short, supply. Higher
invariably
funds
•
1902 ANNUAL REPORT
interest rates
strong
from
stem
for
mands
low¬
be
cannot
rates
artificially,. however,
economy
the
is,
the United States and
as
Western-Europe.
ered
it
currency
mpv<^
capital
ally
if
levels
trade,
de¬
with
compared
country's limited supply.
efforts
"Greater
made
create
to
still
must
be
environment
an
that will facilitate the lowering of
rates by both the govern¬
money
ment, and
private circles.
."Japan's interest rates for long-
Chemical Expansion
term: loans are-higher than those
loans in most
for short-term
industrial
vanced
current
our
loans
is still
a
a
In 1962, W. R.
discount rate of 4.5%
and 3% in West
Germany and the
A
comparison
almost 70% of the
West
Germany,
Britain,
5%
France and
Japan,- 7.5%
in
5.5%
in
Italy,
During the year, three new facilities were
3.27%. in
Great
been
8.76%r
4.5%
double
nearly
in
rate
the
U.
The
v
.
''7..
.
purchase of
&
Houten
a
completed
Spain and Japan.
chocolate
"Most Japanese financial circles
Year
known. Chilean cooky
that Japan's greatest need is
lower
loans.
rates>
-
Per Share
(Based
and biscuit company.
Such
.
action
will
in
greatly
ating
funds
for
and thus, in turn, reduce
|
tion
•
firms
:
pro due-
.
Japanese
in
short-
Per Share
flowing'from Raguba to the port of
Marsa el Brega.
;'
7
'
;
•
-
;
^
v"' '*
7
tually
for
•
v
7
help
even-
v
achieve .lower .rates
long-term loans.
':'-7V\.V7v-;; •>>
Results of Grace Line Iiic. were substantially better
now
preparing for
an
-
in
cut of
.
annual
1962, and Grace National Bank earnings;also; increased.!
7; rates to the 5%; to
Bank: of
y;
.
8%. level.- The
Japan's ;action
may
.
*.
be
considered: the first step in £ this
7
"i' process.":;7717-
_
.
...
.......
j.,.
....
.'*
copy
of W. R.
the Public Relations Department, 3
HanovwrSquare, New York 4, N.Y.
■
'•
.•
V
.
W. R. Glace S Cir., ExecutiveOfftees: 7 WKwver Square, Mew
•.
v:
.
,v
.
V
V'.v
I
'
.:V
V
York 5, N. Y.
i
<•
.
0.78
2%
2.1
'
to
1
2.3 to 1
.
$326,672,130 $297,104,440
Stockholders' Equity perCommon
iif*. V •**"»
Grace &
Co.'s 1962 Annual Report, write to
your
0.87$
2%
-
$136,534,287 $136,092,544
10,719,646
(Including-1969, 6b,057; 1961, 100,S6b
shares held by the Company)
,
,
25.ll
26.09 $
Share $
NumberofCommon Shares Outstanding
For
928,664
7,779,423
of
Net Fixed Assets
across¬
interest
at rate
Current Ratio
.
-the-board
—
"Net Working Capital
/
928,664 $
9,028.993 $
'
$
Stock Dividend Paid on Common;,......,.;.
"Financial: and industrial circles
are
'
Common Stock
Raguba field, increasing the total
<
;| term loan rates would also
outstanding)
,
7 Preferred Stock
now
1.80
2.02 $
number of shares
Libyan oil operations where 12 additional producing
to 24. Oil is
•
Reductions
costs..
$
Cash Dividends Paid:
wells Were drilled in the
assist in cutting the cost of oper¬
21,882,662 $ 18,830,028
Taxes
on average
1961
1962
$574,181,745 $534,698,977
of Common Stock.....
The Grace Annual Report describes further progress
;
short-term
for;
December^31.
Operating Revenues
Net Income After
S.A.C., well;
agree
to
,
Ended
Sales and
Latin America with the
products, and in
obtaining of an interest in Hucke Hermanos
.'
;
Summary of the Year's Operations
N. V., manufacturers of cocoa and
Zoon,
1962
1961
including
overseas,
majority interest in C. JV Van
to
3% % in Great Britain'and .3.48%
in France.
four
and
Company's food activities were expanded in Europe
with the
the
2%%
S.;
States
Grace's first manufacturing plants in
States. The call rate in Japan has
.
United
in
United
the
the
in
in
3.9%
Company total.
of
interest rates for long-term loans
for
million.
Operating earnings of the Chemical Group accounted for
Britain, 3.5% in France and Italy,
United
and revenues
7%. Grace chemical sales exceeded $300
up
Great
in
Grace & Co. continued to set new records,
with net income increasing 16% and sales
high in comparison with
shows. 8.22%
23
7 World-Wide Operations
discount rate of 6.205%
States.-
EARNINGS PER SHARE
Millions of Oollars
NET INCOME
short-term
for
rates
ad¬
while
also very high.
are
"Even
nations,
Highlights
5,050^261
a
~
,
" ' ■
Number
Common Stockholders..
•
Number of
Employees
{
45,200
•
27,814
27,895
1961 per
share figures adjusted to reflect
and two-for-one
-
New
firm
of
Wiriston-
the
at
W. R.
|
w;
e
On
president ' and: Salem office, Reynolds Building.
vice
.
Shozo
by
Saji,
v v",
He will make his
re~^|f
March
—
the
Exchange
was
,
>«j
E. Hollan will
"
made
*■
To Admit 'Partner
officer, San Diego Trust & Sav¬
f sponsibilities."|::>"
;/v' This:. state.
:v*»»
Reynolds & Co. ?
-
n«a
o
monetary,
•/■'•''s*4''
"y
trust
Arizona,
California,
Colorado,
will be. held Hawaii, Idaho, Montana, Nevada, ings Bank; Entertainment, Byron
M. Randall, vice president and
at the Hotel Del Coronado, San New Mexico,
Oregon; Utah, Wash¬
senior trust officer* United States
Diego, Calif., Sept. 26 and 27, ac¬ ington and Wyoming, will be The
National Bank; Hotel and Regis¬
cording to LeRoy B. Staver, presi¬ San Diego' Trust Officers Asso¬
tration,
Lloyd
Baldridge, vice;
dent of the A. B. A. Trust Divi- ciation.
president and trust; officer, Title:
"An important cut in the Bank sion and executive vke president,
Chairmen of committees; plan-*
Insurance
and
Trust
Company;
of I Japan's' official» discount rate .United
States 1, National, Bank, ning the meeting include: Pro-!
; and -7 Trarispoftatibht^1 Gerald
; announced i»day marks another Portland Ore.
' F7
.gram, Claude C. B lake m or e,
its
-Jv'>'■
v'
!""•*
>7
Bankers Association
:
-
7
Security First .Na¬
']
,/
First National Trust and Sayings
%
.
officer,
>„
-
.
,
trust
S. A., San
Chairman, Irving. Trust Company;. A
"D
A
WpQfoVD
S., Coe, The Chase Man- A*
* * Co LCI II
hattan Bank; Alec Drysdale, The n
r»
First National City Bank; J. C; OOntGrGnCe:
Lucey, Brown Brothers Harriman
& Co.
The 37th Western Regional Trust
Conference
of ...The
American
Milton
stock split.
"
r
'
•
'
-y
39,500
2% stock dividend paid in l962
f
f ' *
,*
J
1
y
30
The Commercial and Financial Chronicle
(1198)
.
.
Thursday, March 21, 1963
.
stockholders.
The raises are based primarily on the continued
growth of net investment income. Over the past few weeks, in¬
creases in the quarterly cash rates were
posted by Aetna Casualty,
Reynolds, Employers Group, U. S. F. & G., Common¬
wealth Life, Crown Life, Jefferson Standard, and Seaboard Surety.
Insurance Stocks
In
addition, stock dividends
National Old Line
announced
were
by
Hartford Fire,
creases.
:Fteadete dT recently released 1962 aiinual' reports of fire and"casualty insurance companies are finding that the underwriting
results for the yfear were mixed, with only a small majority of the
companies reporting higher underwriting earnings than in the pre¬
vious year. The reports indicate that homeowners' and automobile
liability: ihsui:Wtt6e continue" td be major problems 'withiii the in ¬
r
,
777':
•.
.
This
losses
-7';Sfa'Si
interest'
1961, automobile insurance results
to; be headed downward again. The year 1962 was not sigr
nificantly different from the results in 1961, but the inadequacy
in rates due to continuing and increasing high loss ratios remains.
This will soon be reflected in higher rates. Recently announced
appear
EDF
Increased; efficiency:
include Illinois—9.2 % j: Virginia*1—# % j California
measure
Florida—
needed throughout
gains. Straight fire results are also not satisfactory. Estimated fire
reached
new
a
highi 4.6%
above the
1961
total.
January fire losses were also disappointingly high; .6.4% above the
high loss month of January, 1962. The inadequacy of fire rates
is reflected in the recent 5% rate increase granted in the State of
New York. It
the first significant1 increase in that state since
was
1947.
Generally, quarterly underwriting resultr tended to improve
throughout the
first quarter
after the heavy losses incurred during the
year
from the severe winter weather conditions experi¬
enced throughout the year. The
for many,
fourth quarter
the year's best
was
ef¬
on
seaboard)
have
of
First
been
the
is
City Bank,
their portfolio
on
In
evaluating the Current" out¬
bank earnings, it* would
appear that the pofentialS are of
look fbr
ChaSe
saviiigs? arid* time- Manhattan and
Morgan Guaranty
Greater1 economies
profits
tVahsaCtions'.
international; banking,
National
Last'year most' of the banks
of
•
property field, the homeowners' line continues unprofit¬
despite impressive premium volume
1962
costs
deposits.
able due to keen competition
in
.
capital gains
have been in the news
recently in greater significailce than the ac¬
operation have beert' pursued all connection with investments in tualities of thd momenf. The basic
along the line, bttf peltHaps the
foreign affiliates. Through a sub- fact of the balance of payments
principal factor hay.begn in the
sidiary, First National City ac- problem presents a strong poten¬
increased utilization Of
(Elec- quired a 16% interest in M. Sam- tial element favoring! increases
trohie
Data PrdccfSKSihg) equipuel &. Co.; a London investment rathef than decreases
in shortnient.
This is a difficult4 matter
banking firm, for about $5,400,000. term interest rates.- The "con¬
to trace or on whicffr to Obtain
Morgan Guaranty, through Mor- straint" in our balance of pay¬
precise information ay
savings, gan Guaranty International Fi- ments- which necessitates rea s!on*
HoweVer, the 1962 ariiiuaF stock- nance
Corp. has announced acqui- ably firm short-tefhi- money rfttes
holders report of The? First Nasition
of
interests
in
several in the knifed States lias been re¬
tional Bank of BostOrt ptbVides a
foreign banking operations. These ferred to repeatedly by our Moitfew items of irtteresf
albiig this and a rapidly
growing mumber of etary: and crfedif lehderS; ariCf' ad¬
line, pointing out that during 1962 other
major banks throughout the ministrators; It promfses to persist
the bank processed oCb million of
country now have Edge Act Cor¬ and to remain a potential' for
ns
owri checks,
most" of which porations in
being for the appar- Higher short-term interest rates.
were
handled an UVef^gc pf #
ent purpose of engaging in
Another big potential for the
foreign
times.
Automation (7iVilL reduce financial
operations, chiefly per- banks lies in the fact that there
thi? to. 2 manual handlings—the
t'aihing to investment in equity is room for a large increase in, the
significant4 reduction in losses appears im¬
possible.
losses
gaih.
by which the batiks? have field
terest
In the
since the
rate, on
may
showed1
eastern
fhtfthird pushing forward recently
5%; and Massachusetts—1%. Higher rates are
the country in order to put automobile liability, insurance on a
a
tax
(especially the institutions along
attacked the problem- of higher in-
as
parti<m|miy .\yel-fr
are
the- banks
to
the
Cost-Cutting
8%; New Jersey—7%; Michigan—13%; Arkansas—15%;
profitable basis,
Frofits on security
i$tonly 25%; while security looses
be charged* against: earriings
with a Consequent 51% tax credit.
Continued' from page 3
International Banking Progress
- V
ThuSy IF gains' and IdsseS befo^
the increase took place in the first
Another
interesting
area
in faxes .match perfectly, the 'net
half of the year.
which the large commercial banks after-tax effect is an over-alf net
Outlook for Bank Earnings
significant improvement over the disastrous 1957-1959
rate increases
come,
7'.7
■
fective
dustry.
After
-
prices
wheri' bdftd
rates
declining.
transactions;
7? 7 :7-
■■
sales
bond purchases and
on
develop during periods of rising
to
'
period in the years 1960 and
bond'prices rare; rising.
contrasts with a tendency, for
ods when
are
77• ■:■■■ .77*;77;77^■"
for
peri¬
build up during easy money
Life, Life Insurance Co. of Georgia, Republic
ployees :vLife have announced stock splits and cash dividend in¬
:
factor
is the tendency
profits on security transaction? to
Life, United Insurance, Continental Insurance and Life
Casualty. Both Reliance Insurance and Government Em¬
and
underwriting
7777;
compensatory
for the banks
National
mfcfc & Casualty insurance 1962
results-^ h :y
Transactions
Another
Corroon &
Portfolio
From
Profits
77;; v7
companies, providing some encouragement for 1963.
.
Selected
Underwriting
Profit
Margins
-Quarterly 19621st
2nd
Qtr.
Aetna
Casualty
Aetna
Insurance
Boston
...
Full
Qtr.
Qtr.
Qtr.
Year
4.1%
2.4%
2.6
0.4%
0.3
*
6.0
—4.8
—11.4
Continental
Casualty-
-5.1
2.6
0.8
5.4
Insurance
-5.9
—4.8
—2.6
0.9
—3.1
18.3
13.9
3.9
9.6
—2.8
2.5
Fidelity
&
Deposit
Gov't.
Employees
Great
American-
Hartford
Ins.
Fire
Insurance Co.
National
7
0.3
Hartford Steam
o.i
—0.8
—5.4
12.3
7*7
5.4
—3.4
—2.3
10.2
-
(Group)—
l.l
3.0
Paul F & M—— —1.5
7 —0.5
Casualty—^"' 1.6
: i:
1.2
1.0.7;-
.•)
3.8
2.3
1.2
;—5.i.,;
&
—2.5
t—2.3
?;
0.8
—6.8
0.2
7
2.5
:
2.4
77 '7'.- iV<7y7'■
v
0.3
2.3
1.5
10.0
—3.7 7
2.1
——8.1
\
—0.9
,4.3/■
>
1.3
1.47-
3.0
—6.4
—5.0
Insurance— —4.9
Western
—1.6
—1.8
Phoenix
11.3
7.9
—6.8
of N. A.
Union-
3.0 7
—8.8
15.3
9.6
0.4
—1.0
Insurance
St.
8.0
13.6
Boiler
Peerlessi
Security
20.8
V;:
—0.9
—5.5
7
2.6\
7
0.4
*
0.9
5.0
7 ,1.3 ft
—2.1
•
1.8
,
-0.9
0.0
■
'* 3.2
TREND
problem-from-
CONTINUES
Th» merger trend, str evident in thd
insumied field in recent
years iii the effort tb provide all insiurande line
coverages' and
cut costs, continues into 1963. In a
major merger Fireman's Fund
has announced that 80% of
the? holders of American Insurance
have accepted the exchange offer. Great
American Insurance Co.
has recently announced that it
plans to acquire the First Insurance
Co. of
Hawaii^ Ltd. irt
Hartford
exchange of
an
Fire Ihsurance Co. is
common
other mergers
discussing the possible
proved
been
are
*
of
7
-
:"f
companies,
r;:;:,
both
operations
merger of
have
already
a
permanent
7.7
is
the
start
of
a
tiOn. to process a
fire
As
the
of
commercial banks
into
the
electronic
data
to
.
2S Leading Bank
Stocks Outside N. Y.
.
:
r
v
'
•
PAKISTAN
•
t
•
CFYtON
SOMALIA
*
deposit
on
Request
BURMA
EAST AFRICA
AND THE RHODESIAS'
and
employee
payroll
8$
rec-
payments for customers
doing many bookkeeping
op-
factor
is
New
American
120
York
Stock
Stock
Bell
,
BArclay
rates^
principal ;;balthe
increase
assets
offset7 the;: restrictive
earnings
of
lower
fairly steady last
for
fhture
development
a
case
in
re-
t
i
«
,
effect
early rise iri, the
rath ffoih the 4%%
has
which
continued
since' Ocf
I960,
-un¬
in
;
be
keep
earnings
that
assets; Would suffer rio more than
a
.moderate; shrinkage
7term money
for
make
in
rates
biggest
the
the
a
potential
of
might
substantial gain
it
since
banks
possible
bank
short
as
firmed.; This is
operating
earning?.
;
Coming back to the question of
outlook
for bank
rates,
year
rates
but
held
earn-
sharply enough to
modest
10%
an
even
keel
and to absorb the higher interest
-V.'7'
in
gains
the
earnings on
should
earnings in
.
net
ofder
operating
of
was
•:
5%
to
Mbst of
be7fio?SibIe.
the burden of the rise in
expense
on
favorable
1963, it is expected that over-all
interest
rose
leridirig rate
particularly
the present .large base. of., earning
the
interest
this' arid
eventital increase in
| fOr bankv earnings assuming
on
costs.4
it.
.
itortiediate
hO
are
an
increase in the'prhhe
to
banks have been quick to capitalon
?
other short-term money rates."An
bank
ize
Specialists irt• Bank Stocks'
for the
level,
an
of the major New York
banks,
of itig assets
number of
.'
thOre
changed
earning "assets
rises—tending
business apparently holds much- in
banking services, and
substantial
room
prime loaning
•
ReserVe Board's
dbclihe, the volume of
earning
City
store
7-3500
Teletype 212 571-1170
ahead,
While
all
In the
BROADWAY, NEW YORK 5, N. Y.
Telephone:
a
indications of
demand
easy ^0ney Policy tends to create
time of the machines. This type of
Exchange
Exchange
There is
Sees; Eventual Ris# iii Short5 Term
.
Members
in which the banks
making
and implementation
number of other personaf and
ye&rs
recovety
the volume of available credit
erations, in effect, leasing the free
Laird, Bissell & Meeds
revolv¬
corporate banking services iri the
busisl
involves, such,, activities
ords
and
■
ZANZIBAR
This
handling
■
Members
ADEN
balance
com-
as
tmiff-^
area
perhaps
_
,
Branches in "77;
INDIA
pensating
Earnings' Comparison
•
of
con-
777-7
7
LONDON, E.C2
UGANDA
d8Wrttvard. ' The
and
-
or
have
personal
new
pians, special checking;
been
would
^
the Government1 in "
•
move
equipment, they drd' beginriirig' to
series and bank
on
additional' service fund- which- the Federal
Bulletin
KENYA
another
earnings even when the general
leV®l of activity iri business turns
processing
fee
.
instalment loans have been
sumer
related to the commercial banks
the qiisility of balance., While
ancing
a
many
and
accounts
pnssihle for the banks to maintain
"
acquisition
^ex¬
my
POtt^atbfy factors influencing their
pporatihg r^$ulty which make it opinion it is reasonable to' expect
trend
-7
hew
ever
the banks
years
banking services such
adaptibility
peribds' of* business
staff
greater voiumd
of work with fewer hands.
and
take
Telegraphic Address
•
as
of
•wHichtWilf etiahle if
and
recent
ing credit
•
or
million
25
for. aii
customers
development
Closely asyoci&tbd with the
cePl of versatility
a
over
developed
IJto-a^ Credit ,and^ interest rates are
hopes that on lhe rise' there are several com-
new
of
decade,
virtually untapped
panding number of bank services.
In
modest* drop: Of
tions, generally oh
Bankers
bank
have
^ prosperity When the
Boston's
total of 4,052. The Bank
Rank Limited
ADEN
there will he
market
Decline
;:;7^v':--^.; -
in>
the balance of the present
Durjng Businera. progress;
be'riefit's
dispos¬
personal
and
population
able income continues to grow
ating' earnings performances dur-
showedf
National and Grindlays
Telex Nos. 22**8-9'
for bank services is enormous.; As-
"
of
numerous
'•*'
life
1
continued increase in the volume
of work handled, First National
use
MINERVA LONDON
7.
operations to new con-
CVeri-
of reduced costs per unit
further
U BISHOPSGATE,
*
•
system-wide'
and1 furthef
noted,
form
casualty, have recently announced dividend1
increases for their
«
u_
expected to be realized in the
this
DIVIDEND INCREASES
insurance
Head Office
7
•
t!
production/ For the first time in
mbny yeat^'arid5
the^.f^ce- oi
companies by major
•
number
u
-
alPrddtind'ep.
Tangible benefits in im-
erations.
common stock.
undoubtedly be followed by
a>
concept which lboks tb the
throughout > the year as small'specialized fire and
casualty underwriters find it is impossible to
compete successfully
in today's insurance
market.
A
T
Ten such corporations business and income of the banks.
The actual and potential market
formed in 1962.
were
ac-
iual automatimi of
stock. In addition
Pacifi& Insurance Co., Honolulu
through issuance of
The proposed
mergers of these two Hawaiian
mainland underwriters will
checking
aSsigried
-
477?7*7
MERGER
all
", 7°^. lmP°^taiJt intemabanking and finance will
magnetic-ink
encoded
checks. b!
contributing lo the future
Bookkeeping has almost concluded It
? 0 f
S 1" the United
its changeover from alphabetical
Statte? ,ls "ot now known. But
to numerical account order. This certainly
there is a movement
operational revolution, they say, toward
increased emphasis on
will change the character of
many world-wide
trade and banking
traditional bank jobs almost beW^h app.e®rs t0„^e movlng ft!rr
yond recognition. Instead of COn- Jif ^
rapidly. The commercial
fining its attention to the check- banks are getting into position to
processing operation, this bank, 77
7Cv!laf.^.1 °?ce |§ai.n
like many others, has
approached^ "
P
the
—9.9
1.1
Continental
^hey securities.
'S
that
count numbers and mortf than SH)?.
have been supplied with tHe new
1.1
—5.7
state
customers have beert
Year
5.6%
'"1.6
2.1
-7.2
further
1961
Full
4th
1.5%
—3.1%
0.3
Insurance
1962
3rd
interest
in
absorbed
1962,
with only a small oVer-all decline
in
bank
this
earnings
bulge
in
last
year
expenses
is
and
now
Volume
197
Number
mostly behind the banks}
f
!
624$
..
.
The Commercial and* Financial Chronicle
.
In* in-
have
ttereb^sbenw|; Growth Expectations' ■ ■
''
1| In the Sugar Industry
dividual cases,
differences in romnarat.ivp rpsult*
comparative results
because of
special factors such
increases in rental costs
First
expenses.
cause
of
accrual
cause:;
of
special
1962
taxes
merger,
1963;
be¬
or
i.e.,
the
incurred
expenses
by?
net
thatf
seenr
should cUC!
UU1U"
be
banks
this
able lO
dpiv' to
achieve
aCIilcVC
m ^
,
'fd
^ ^
-
:
^
s*
best of
}
f, i
lv
j
r*-*
*
i(
>y
*
t,
a-
is
Mun. Bond Sales
a
stern disci¬
WASHINGTON, D. C.—Municipal
industry bond sales, during;1962; reached a
aa
smooth
ar
road
to
record; of "nearly
suc¬
$205
It has demanded
men;
in
their
million
$8.% billion;; up,
the previous
from
sales record" set last year, accord¬
men
ing to the latest? issue* ofr the; IBA
Statistical Bulletin published by
efforts,
of-
men
constancy and men com-; the Investment Bankers Associapletely dedicated.
The industry1 tion of America. Elementary and
quickly disposes of luuoc wiiu Will
4UiLxvily uiopusco ui those who will
Secondary school bond' sales dur¬
^ot?
sents no beq of rosesr, totitS'
ing 1962 totaled' over*
^
^
,
LB. A. Report on
hard taskmaster.
a
indefatigable
'■•(sugarr^
^
It is
It has always demanded the
cess.
present in the endless horizons and challenges of volatile, turbulent
earnings^ gains* of jr-an^, and-' always* have been, an
5% and 10%. The1 lower ^ntftusiastabout* the
sugar busi-
between
goals—or
.
operating
atiwg
industry
sugar
those seeking quick and easy
for
'
*
-
in that industry underscores the intriguing and impressive potentials
•■
unchanging,
Assuredly,, it is not
provided point up' growth prospects of the
the
year
the
plinarian. It is
industry. Mr; Lamborn's depiction of job opportunities present
sugar
On the average, however, it
would
New York City
*
Conservative estimates
Manufacturers Hanover Bank last
year.
Yes,
had uttered
and
31
>
great educator.
By Ody H. Lamborn,* President, Lamborn & Co., Inc.,
related
•
i
results
expense
or
truth.
*:<
as
,
either
to
for
•
known that he
an" unassailable
other
or
quarter
X
«
be particularly confusing be--
may
(1199)
sumed iii prdep^ to> maintain only'
the current level of-the per;capita
$i£f ;biIIiotfv
percentage
is
York
1961' record for sates5 of this? type?
banks
of issue.
City
.
figure
being.
W8st ytjo^
the
in other
:
should? require in
tremendous
^
growth areas/around the expansion
country.
industry's
foresee
rapidly growing, banks*
mpre<
This"
it
lions
i ri
67%
ex-
V. 7
ib
talk
a
York
New
:;M
v..
:■
,v-V
"L
•/
'? 4.-',
-*
"r:
"•>
:■■ *
■
■>-
■
approximately
tons,
0f
is reasonable
to
price trends, it is
erous
the
as
and
seas
suddenly
may
I the world per capita consumption
will be
squall.
Crops
be
can
with
ingly
serious-
Beef Companies
.
a.
n-amely,
the
will
induction'
and
will continue to increase
sugar
be
have
-
Ody
H.
Lamborn
heavily
volatile
the conservative side.
to
assume
of
in-
and
turbulent
despite this, those who
nearly $1.3 billion,,
16% of total sales.
second with
was
million,
sales
followed
with
sales
of
by
$544
million, Texas with $441 million,
and Illinois
In
with $425
separate
a
million.
breakdown
of
elementary and secondary school
industry.
age
$868.
'natidn
ahead- of the
Pennsylvania
Market trends
But
con-
a
a
must respect this, at times,
sugar
and
1975
California
munici-
by stateS showS
of
roughly
or
be completely reversed. As a
sailor respects the sea, so one in
I
estimates
York-
total
of
sales
with sales
can
it
Hence,
for
above
were
we
the
that
seen
are on
If
world.
the
given
.1987
training
jured overnight.
as'the standards of living improve
throughout'
-
prob¬
lem,
Talking Merger
J of
increas¬
faced
Japan's Leading
into
breakdown
New
treach-
requires
develop
*
ments
as
I
.
pal " bond
wariness at all times Any zephyr
that
assume
A
infinite number
an
influences, affecting production
ancj
than the current world
more
It
'
•'
or
sensitivity to
capita—95 mil-
consumption of 57,000,000 tons.
by Mr. Amos before* PUnsiOH Will,
Society of Security Atab©" SO
large
alv«tti f
alysts,. New Yrttdif'- ritvv. MakcI» 11
York City, March 13, 1 QK&Vs-1963;
•From
the
of
.1987—assuming
per
unchanging
an
-
'
off abopt; $100;^^millien; frbmfc;the
mem
to meet the challenges have
bond
sales- by
state, California
again is the leader with sales of
man-
of
young men,
stant increase in consumption of the inexpressible satisfaction that
nearly $344 million. New York
SANJTRANCISCO, Calif,. — Two rapidly enough; for key position&. 4% per annum, the world sugar comes with accomplishment—
was; second with, sales
of $263
of Japan's Largest brewing comit? notfor* the fact .that, requirements for 1975 would be with safely reaching port?;
million in this category, followed
panie's*— the; Asahi Brewery and '"quite properly, my remarks must 95 000,000 short tons and'for 1987
,
,
Nippon
Brewery — have been* he limited because of the limits a startling figure of 152,000,000- the occasion of his acceptance of the by Pennsylvania with sales of
discussing the possibility of a of;this paper, I.should have liked tons! : *
,»
Dyer. Award, .New York city, March 12, $244 million to finance education;
M
t
1963.
Sjve, in some detail, my views
merger,, it was announced here by
i»he
Kenjk ;HataTtakav
President
of. on the extensive opportunities the
Nikke-Kasai Securities Co, Nikko sugar industry presents to young
centurJr
rnu.
Kasatis an affiliate of The Nikko mpn—men ambitious;; to make a&
men-
Co:. Ltd:,
If
plans
realized, the merged
are
will
become
the
industry isR maintained by Kirin
Brewery Conrpany which enjoys
45% sham of the market.
the
.
voune
»
y'*~
8
menbu'tadvanced meth°ds "irn planting,
°1
harvesting,
great opportunities presented
postwar
brewing- in-
indusfriesi But:those ^
gaged In this industry know^that
tense'competmon
Kirin,
among
Presi¬
Alvin
intriguing potentials
and
this- concept is in error. We know, developed in. fhe
the sdene.
mantic, historically colorful past;
It,
is
-next
expected that competition
Kotobnkxya;
tho sales
with
war
a vThis
that it has an exciting and katei-
future,
if ,tr
gest
for its Sumory-brand
has
been
for
time
some
under-
going plans to add brewing to its
other*'activities*
'
J/
;
As^ long
;
-
rival^?
individually,. Kirin's
On the
growth factor alone
need only
look at the
to
distributing
The
Fall!
record
of the past quarter century. In
period? the^•stigair-consumptlbh
-t^
.
.
The
Commission,; 50%.
whidh is said to have been notified
the
about
000,000
the
counter
considered
is
merger,
sugar
consumption
world has'jumped
short
tons
from
to
of
booklet which will
a
fit; of undergraduates,
..
>
Coffin
&
Burr,
New York
changes
R.
and
Thompson,
S'tock
Coffin
.nouncd
e
g
their
i
s
the
^
vast"
John
e r e
.
*
about 4%
world
per annum. Tf that rate'
joined
their
have
W.:
also
consumption
one
an-
industry of
a
tremendous
before it. Even if world
a
iota-,
sugar
we
does
per
not
job
..,v
;
'politics
trade
'
arkets
advel.ysing
or a
capita
of
75,000,000
MacDuffie -short tons.
Putting:if another way,
become based
solely on
population in-
have
d Representatives in
office, ,141
Milk
w',
crease
short
.
than
we
shall
years,
are
need, in thirteen
18 million
presently
;
bu8lnes8Pol
n„mbpr
point out that
learn
its
in
the
transmission
horizons
there' is'
more
being
endless
are
of
a
young
;
man,
prominent
to
.
of* industry,
'* -■ p
1S62 describes
generation
and
•
.v.: marketing
.
^. sys-
Report is theF story of another
growth
goes
.
and sound
operation
.
„
the- kind- of* steady
with the company's record
'"'it ;1-V
V
7
""
•' '
\\ i*
A OF THE 1962 ANNUAL REPORT
•■-y
-A
7.'
TO OBTAIN A' COPY
>
/?
WRITE
EDWARD
M.
4.; *
SPENCER, TREASURER
constantly humbled him. He.
said
there
that
was
that the sugar busi-
daily
still
so
he
L discovered
much
to
2000 SECOND AVE.,
:
learn
it
tons
know.
I
con-
then.
—
so
could
much
not
he
did
believe
not
him—*
But for many many years
I
DETROIT 26; MICHIGAN
'
-
4.
••
.
^
J
•
v
'i
An Investor-Owned Electric Power Sys.em
1
/.
•■!.
;.
r
'
*'
,
.
.
•
*
$
-7
THE DETROIT EDISON COMPANY
'
-...
about
;
research, including atomic
successful
growth that
well-
ness
me
,
well as for
as
-;;,y ■, of 21ff- consecutive quarterly, dividends..
sugar
told
of
economic
I
man
Annual
year
new
was
and
.
7
■
planning to meet future energy needs.
This
that
and
flow
when
very
tern
v;
industry;, that
challenges. I recall that,
a
.
weir: might
one never ceases
constant
a
.
7"
for
more*tHsnrhslf the
.
electric
in
...
power development
.
•
sugar
'
;
electricity
demands
power
$1.49
1,'V'
;
sae-
,.H>ots
ot
the booklet
furnishes
Company*s report for
infinite::
an
'7-1
and agriculture.
'.fi r-V V-'* i:'-:
advancements
merchandising
sugar has
heavy
• The
com-
kost of other
Edison
commerce;
•:S.;^:'-YVY
aineerine. acc0UT1tins„tinance.,in-
increase .seasoned
shall need, by 1975,
production
,
42,917,008
.............
.
population of Miohlgan
the
?ernatioaal
".»•»*•'{Ms
4.,300,000 people*.
chemistry, en-
towards
And
consumption
sugar
Y
.$301,446,008
.
$
7", 47-
Detroit
•
scope; off the' sugar industry;; ■ its
variations
and
ramifica-
.
growing at the rate of
that;
have
Paschen
^Boston
Street.,.*
Ex-
of sugar is
Charles continues, the
Registered Repre- the" world has
Burr
that
t
Stock
Boston
the
office; 64 Wall Street.
&
Hans
and
Presently,
of
^William J. O'Hagan,
Trader,
New York
V ponnds w 38 pounds-.
...
members
announce
sentative and
r
sumption has increased from 32
..
.
.$242,908,000
EARNINGS PER SHARE............
many
3I,-m
57,000,000
con-
...
.7.... 7. 7...
NET INCOME.
mSSS'SI?"' worldIs .annual per capita ®e ciXed Zauits bfor, indeed,The
Saf f f4%- T*
proving the plan, Hatanaka said,
Coffin & Burr Adds
FIGURES FOR 1962^
EXPENSES.
superibfil^ ofl^tfeil^S^teSrhas increased
,
Trade
•
graphically portray, for the bene4we
tshhUtherS iS hardly:Jikely ™rf°Sh0rtt0f t0falrS!
rffiOaO.OOO tony—a gains of about
mb
to beJshakent.
SOME BASIC
W'
■
Sugar Consumption-Growth
whisky,
4
GROSS OPERATING REVENUES.
publishing and
by
sugar
AVAllABtE
j:"XY
j"? ;
,
off
ignorance of the opportunl-
8
,
over
fashion
soma
will
collectiveiy,
0
.
NOW IS
inWiduaj.
ouJ, s
Jy
*r
approaching
in good tlme
Perhap
Suntory
Japen's^oidest and lar- growing industries of the world.
distillery,, known the world
4
and is
'
before, is
^s problems in a dynamic
its^ mamUia^ ;m for fhe
one of th« fastest
Ltd, .joam. foW- Add*
of the four,
one
never
60th ANNUAL REPORT
to, be
—
to eome-:
years^
^s'
industry;
the move
0n
«?^,doscopIC present; that it is comSuntory-^hi,ted, pletely challenging m
AprRwhen
ormerly
that the industry has- had
DETROIT EDISON'S
Any objective study of our in¬
Asahi and Nippon.. More; recently,
Takara Shuzo Company has'joined^
R
Treasurer;
Changes
portunities present in many other
been* the. soene of ih-
dustry has'
.
and
dent
beerr; madb
Japan's
Amosand,.
—
ficers are Donald M. Amos,.
processing,
have occurred in the
by Itokoro trary, f have heard that many market places and in merchanUemura;. air executive' of Nippon young'men consider that our'in- dising.
The
politico - edonomic
Brewery^ anda major figure in dustry does hot have the g[lanS©urr sugar
structures^ here and abroad,
Japan's financial world.
the growth pottentiaii; or the op- have undergone vaist alterations.
have
Ind.
Inc., Lafayette Life Building; Of-»
digious alterations in the industry.
Proposal'for the merger is said' by the sugar industry. To the con-
to
New Indiana Firm,,
LAFAYETTE,
M.
shipping have been eiected vice-presidents
Halverson,
Vice-Ftesident
and
a s,° 0
and storage. The development of 0f
Quail & Co., Inc:, Davenport
Secretary; and George Spitz? and
X fear that, all too unfortunately, the bulk handling of raw and
Building members of the
the undergraduates of our nation^ refined sugars, and the increasing
York and* Midwest Stock Ex- Charles M. Maddox, Vice-Presi¬
in- considering plans- for their popularity of refined sugar in changes.
dents.
'■
careers; are not fully conscious* of liquid form, have wrought pro-
market,"
Hatadalca saicf.iPresently the dominantV position;: in the > brewing,
.Yo
in
DAVENPORT, Iowa — Hugo C.
Arp,. Jr. and Robert B. Ausdal
onlvto"
»
53%. OL the national! beer
•
occurred
TSJornpcj VPs
1Nd,mCS V 1 °*
f" t_not
the,largest
brewer in Japan, and should'claim
a
have
SJLj" stn4 r chnsidfer^iirihdr- These changes have brought about
"Big Four."
firm
V/Uctll & \jO.
^
-
.
mark in_ the world and anxious to
w
jn th
factory and in the
serve their fellow men. But I ^Cmetitand-'theuseof sugar.
of Japan's
one
revolutionary in-
many
..
novations
Securities
industry is a
in^the pastquafter
sugar
,t
;•*
-1
'
"SIXTY YEARS OF SERVICE IN SOUTHEASTERN MICHIGAN"
^'7' :7;
32
(1200)
The Commercial and Financial Chronicle
'Vif'-i
.
.
Thursday, March 21, 1963
.
* INDICATES
Now
Securities
■r
NOTE
Registration statements filed with
;;/: the SEC
icle"
.
since the last issue of the "Chron-
—
y
tion." Dates shown in
the
<
company's
flect the
:
"
firm Offering datesv
"Effective
Registrations" are those issues which became
effective this week and were offered pub1
1
1*V
^
1
*
^*
' 1
*
<1"
'*
*
*
-
V
V*
ihg,
writer—Walker, Wachtel & Co., Inc., Boston. Offering
loans
Mortgage Co., Inc.
1962 filed 135,205 common, of which
on
sink¬
•
Atlas Finance
.
deben-
subord.
^
to be offered by
J
debt.
St., An¬
Chestnut Hill
Industries, Inc.
tifloa
29, 1961 mcu 300,000 class - A common, of which
filed
Nov.
*,wv.
$6). Business-Company
and_leases, coln-operated auto-
f
156 South
—
ioui
owuuu
,wmiluu
225.000 are to be offered by the:company and 75,000 by
stockholders.
,
Prlee-$5.
Business-Design
and
•
mahu-
Fla, Md., N. Y„
of
Proceeds—For investment. Office
napolis; Md, Underwriter-^-None.
of which 125,000 are
100;000 by stockholders.
and
chemicals
Chesapeake Fund, Inc.
common,
company
of
March 5, 1963 filed 100,000 common. Price — Net asset
value. Business — 1A closed-end: investment company.
Merchandising, Inc.
SdiariesSiduc?FriceTByownS, services (max.,
?men4ment
oPewtes.
In
consisting of one $10 debenture and two
Price—$12 per unit. Business—Production and
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. Underwriters-Price In¬
vesting Co., New York.
Co., Inc.
May 24, 1962 filed 225,000
Corp.
common.
sale
.
Properties, Inc.
Electronics
North
Agency,
offered in units
and
Business—Consumer finance. Proceeds—For work¬
ing capital and debt repayment. Office—262-264 Spring
St., N, W., Atlanta. Underwriter—The Marshall Co., Mil¬
waukee. Offering—Imminent.
*.
,«
Automatic
conv.
first mortgages
real estate. Proceeds—For loan repayment, and
par.
Tenn. Underwriter—To be named*
«
of
Office—110
Dec* 28, 1962 filed $150,000 of 6% subordinated income
debentures due 1973 and 30,000 common shares to be
Feb. 25, 1963 ("Reg. A") $300,000 of 6%% series A
junior
subordinated debentures due March 1, 1978. Price—At
repayment, land development, and
working capital. Office — 3756 Lamar Ave., Memphis,
a*
servicing
investment.
Proceeds—For
St.,
Dhemair
100,000
to be offered
marketing and
Fund, Inc.
Jacksonville. 111. Underwriter—CN
Inc., same address. Offering—Indefinite.
Washington, D. C. Underwriter—Shields
New York. Offering—Expected in April.
For debt
*
East
by company and 35,205 by stockholders.
Price—By amendment (max. $10). Business—Originate
are
ing fund debentures due 1973 (with warrants) and 100,000 common, to be offered in units of one $20 debenture
(with a warrant to purchase two shares) and one com¬
mon share.
Price—By amendment. Business—Mortgage
banking, real estate development, and sale of insurance.
„
stocks.
working capital. Office—1120 Connecticut Ave., N. W.,
& Co., Inc.,
Allied Mortgage & Development Co., Inc.
Jan. 28, 1963, filed $2,000,000 of 6% subordinated
April 24, 1962 filed $5,000,000 of
Central Mutual
Aug.- 20,- 1962 filed 100,000/ capital' shares;^! Ihrice-^Net
asset value
(max. $14) plus a 2% sales' commission.
Business—A mutual fund specializing in life insurance
Associated
Dec. 21,
'—Indefinite.
All-State
subordinated
Sept. 28, 1962, filed 100,000 common. Price—$5.50. Busi¬
Design, manufacture and installation of large
microwave antennas aqd/antenna components. Proceeds
y-For reduction of bank loans and working capital.
Office—349 Lincoln St., Hingham, Mass. Underwriter-Emanuel, Deetjen & Co., New York.
Accounting Corp. of America
5, 1962 ("Reg. A") 300,000 common* Price—$1.
Business—Operation of an electronic data processing
service. Proceeds—For expansion, equipment and work¬
ing capital. Office — 37 Brighton Ave., Boston. Under¬
—
convertible
1978, and; 15,000 capital shares; Price—
debentures, at par; for stock, by amendment (max.
$20). Business-r-Furnishing of specialized chemical metal
Centennial Life Insurance Co^;
processing and finishing services. Proceeds—For debt reMarch 6, 1963 filed 260,000 capital shares. Price — By t..
payment, new plants and other corporate purposes. Pro- <1 amendment (max; $3) Business—Company is engaged / ;
ceeds from the; stock sal^will gq to certahr stockholders;
in writing life /insurapc^Ziin;;
Qrejgo^
Address—10047; Garfield-Aye./South -Gate,* Calif:iUnder- % Proceeds—Fof additional Capital' and: siifplus;j Office-^—
—*>writer—Dean Witter & Co;, San1 Francisco.
811 Svw Sixth, Portland, Oregon. Underwriter—June
S. Jones Co., Portland.
'
'• Antenna
Systems, Inc. (3/25-29)
ness
^
T
Dec.
Proceeds
Corp.:*/y:y;:/.'Price^-$100. Business •
Company plans to qualify«'as a public utility and
furnish water
and ; sewage- disposal
services in and
around Cedar/Lake, Ind. Proceeds. ^ To construct a!
sewage disposal system. Address — R.R. N! 3, Box 28,
Cedar Lake, Ind.. Underwriter—Nona. :«/
'M'
—
(4/8-12)
28,;~1963, filed $800,000
ISSUE
ITEMS REVISED
March 20, 1962 filed 9,964 common.
For
parenthesis alongside
shown under the caption
Also
Anadite, Inc.
ADDITIONS
PREVIOUS
~I Cedar Lake Public Service
debentures due
expectations of the underwriter but
® &r$ not, in; general,
:
•
and in the index, re¬
name,
•
products. Office—1570 W. Blancke, Linden, N.. J.\Un«.
derwrlter—John K. Boland & Co., Inc., New York. Of¬
Jan/
"Securities Now in Registra-^
of this section
SINCE
fering—Indefinite.!/!:-!:/:/!!//^
the end
carried separately at
now
are
in
Office—230
be jnanied.
Allyn & Co., Chicago,. Offering—Indefinite.
Amerel Mining Co. Ltd.
i™3!™
Business—The fUed 400,0I10
companyis
•
.
#
Pr.,.ce-5.°<-
commo® fhareS-,
Feb. 11, 1963 filed
engaged In exploration, development and mining. Proceeds—For diamond drilling,
construction, exploration and general corporate ex¬
Office —80 Richmond St.,
penses.
writer—E. A.
ordinated
tures for each 20
rights
subscription by stockholders
offered
be
basis of
the
on
Price—$18. Business—A mort¬
insurance company. Proceeds — For investments.
Office—300 S.
—None.
■
•
'^v/::;V2
Pacific
:Vf5
:
p|f 81
Fund, Inc.
.
accident: insurance,
•>
/
.
of
$1,000 debenture and 100 shares.
Price—
unit. Business—Manufacture of amplifiers and
one
per
accesjsory equipment for musical instruments.
nrifi
ana
Cabot
Corp.
Proceeds
•—For
ror
inventory
inventory,
eouiiirnentr> detit
equipment, debt
*
rensvment
repayment
new
.
Z
m
"<<.9
.
" tii,
specializing in
««NEW
.
.
—None.
% •'/Commercial CmdiiCo^ (4/3) '„;
;
—By
./-:
a
/!•/♦/
" I
/
ESTABLISHED 1942
Olgby 4-2370
V
'
*
t
::
'
1
■;
A*
.
'
.
,
! ^
»
*
•' ■
'*■
* 'j'"!. *•
-Direct Wires
v
JL LHENDERSON & CO., INC., Los
Angeles
WOODCOCK, MO YER, FR1CKE & FRENCH, INC.,
^
a
Engagedv in
>
specialized >;
'
insuranceCo. tbfMidsouri
Nov.. 26, 1962 ("Reg. A") 46,000 common *tdv be offered
for subscription by stockholders on the basis of one share
for each 3.36 common shares held.'Price—At-the-market,
black,
pump-
•
Business—Sale of health, accident, life and; hospital in- surance:
Proceeds—For working capital.
Office—3570 %
Lindell
Blvd.v St. Louis. UnderwriterrPEdward P; Jones
,& Co., St* Louis. Offering—Indefinite;.
"**'
*'
'
o
-
•
v:
.Canaveral* Hills.* Enterprises,. Inc.
^
May 10, 1962 filed 100,000 common.1 Price—$5.
—Company was formed to own and operate a country
club and golf course, swimming pool and cabana
club,
*
,
'
4
.i
Common Market
y
'
•
f"',
-
Fund, Inez
"
"1
^
1
-.V.
/
•
<
V'
,
specializing in securities of foreign and American com-r
panies operating in the European./ Common Market.
Cape Canaveral, Fla., and * develop real- estate,
homes, apartment houses, motels, etc. Proceeds—
Proceeds—For
!-r
'
.; /
'
* v
Office—309 Ainsley
Bldg., Miami, Fla. Underwriter—Willis E. Burnside &
Co., Inc., New York. Offering—Expected in mid-April.
Philadelphim,.
pan
($1,000);
Business-r-Company
Wilshire
Blvd.,
Cabot, &
Consolidated EdiSon Co. of New
Feb. 26, 1963, filed
-York, Inc. / -1 /r
1,343,117 common being offered for j
subscription by
•
stockholders on the basis of one new
share for each 12 common held of record March 15, with /
rights to expire April 5. Price—$80. Proceeds—To re- >
pay bank loans, and for construction. Office4 Irving •
Place, New York. Underwritersr—Morgan^Stanley &. Co., *
and First Boston Corp., New York, u
•
•
Consolidated Leasing Corp.; of
America
April 27. .1962 filed $1,009,000; of 6^%
subord. deben(with warrants),: and 99,000 common.
Price—For.debentures, at .par; for -stock,* by .amendment!^
(max. $0). Business—Renting of cars; trucks and equip- £
merit. Proceeds—For debt repayment,//acquisition/ /
and other corporate purposes. Office. -^ 1012 Baltimore :
Av^.; Kansas City, Mo. Underwriter—Blair &. Co., N. Y,V:
Offerinr—Indefinite.
toes
plans; ; to. t
offer management and consultant services, to motels and
;
furnish" them- with
equipment.H' Pfoceeds---F6r general r
corporate purposes." ^fftee^-1068 B. Ocean Blvd., Pom-- '
i..pano/;Beach,' Fla.; Underwritier^None^ut^^-t^^'^^'1: ^
Office—9465
.
.
•
Hospitality' Services, Inc.
Price—At:
investment.
Beverly Hills, Calif. Underwriter—Kennedy,
Co., (same address).' * *
*
"
- >
Dec. .^4,1962 filed $500,000 p£v8%* debentures due 1969;
w
;
—
"
March 7,-1963 filed 2,000,000 capital shares/ Price—Net v.
*
Business. /asset value plus 8.5%.-Business1—A-^new^ mutual fund!4
Castle
TWXs 212-5^-0320
"
Btisiness*
of.
UnderwritersP-rFirst Bdston Corp., and: Kidder; Peabody
& Co., Inc.; N. Y,
/•
"
'
Price—$250 per unit, Business—Merchandising of coupons.by vending machines in supermarkets. Proceeds.—
For equipment, debt repayment and other corporate pur¬
poses. Office—682 Main St., Stamford, Conn. Underwriter;
''■l:—Reese, Scheftel & Co., Inc., New York. * J J ' v*.
39 Broadway, -New York
"
-.' ^ V
**"<
financing and* insurance;- company als;p has
several
manufacturing subsidiaries/. Proceeds- — For f.
working capitals QffiCe-r-300 St;? Paul Place, Baltimore;/
•
v
Members of New York Security Dealers Association.
amendment.
,
forms
Cash-O-Matic Coupon Corp.
.
Feb. 15, 1963 ("Reg. A") 800 units, each consisting of
100 common shares and 10 stock purchase warrants.;
{/tin™ d SIEGrEL t
1
\
March 13,1963, filed $50,000,000* of -notes due 1981: Price
For debt repayment and expansion.
BOUGHT-SOLD-QUOTED
for Banks, Brokers, Institutions
;
•
Colorado Imperial^Mlnlng Cow /
Sept; 20, 1962 filed 200,000 common., Price—$1. Business—General mining.
Proceeda-^-For: exploration and
/ operating expenses;- Office—Creede; Colo; Undlerwriter
equipment. Company also operates a natural gas utility
in West Virginia, and manufactures various materials
for use in the rubber, paint,
ceramic, and plastic industries.
Proceeds—For selling stockholders; Office—
125 High St.,/Boston. Underwriters — Carl M.
Loeb,
Rhoades & Co., and White, Weld & Co., Inc., New York.
/ erect
111 ISSUES!!!
/
—
By ameild^ A A^Commercial Life
ment. (max. $42). Business—Production of carbon
natural gas, condensate, crude oil and oil field
near
:
(4/15-19)
Business
„
/
;
....
49,000 for stockholders. Price—By amend¬
Manufacture of fiberboard, boxboard
plant improve-,
menti loan repayment and. working .capital,; Office-f-^615
Parker; St., Manchester, Conn. Undermiter—Putnaum &
Co., Hartford.
.
f47i
•
| over-the-counter securities
.
Corn
196o filed 295,140 common. Price
*
new
.
m
company and
ment;
and shoeboard. Proceeds-^For equipment;
dispenser called the "Pbrtatainer-'. Proceeds^For debt
repayment, equipment, expansion and working capital*
Office—134: Industrial Way, Costa. Mesa, Calif. Underwriter—Miller, Fox & Co., Anaheim, Calif.
.
.
,
" ^
Oct. 29, 1962 ("Reg.
A") $294,000 7% conv. subord. de*
bentures due 1972 and 29,400 common to be offered in
$1,020
common arid a warrant to: purchase • one common
share. Of the common, 26,000 shares will be sold for the
Feb. n, 1963 ("Reg.; A")- 30,0(W common/ Price—$10.
Business—Wholesaling of;draft beer for home u?e in a
/
Ampeg Co., Inc.
units
California
■
two
Office—832 Scarsdale Ave;,
Brewmaster
cr1flSrp«t!r~taiCa° MiC Management!
i
to
Scarsdale, N. Y. .Underwriter—P# J, Gruber & Co., Inc., NCw York^ Note—This
/registration; has become effective;
Proceeds—For investment., Office—1523 Kalakaua
Ave.,
$1,50' preferred :{$25
common and warrants' to purchase 37,500
common shares to be offered in- units^ of One
preferred,
Big Top Stores/Inc./
ital.
■
'par), .75,000
•
stores, and the servicing of franchised dealers. Proceeds
expansion, additional inventory, and working cap¬
common. Price—Net asset value.
Business—An open-end management company; special-'
izing f in life,/ health, casualty: and
on the basis of $100 of deben¬
shares held of record March 14, with
—For
/ A
July 9, 1962 filed 94,500
(3/25-29)
March .28; 1962 filed 37,500 shares of
Nov* 26, 1962 filed .86,000. common. Price—$3.50. Busi«;
ness—Operation of five retail toy, stationery and variety
Salisbury St., Raleigh, N. C. Underwriter
..
American
Colonial Board Co.
being offered for sub-
Address — Pennsburg, Pa. Underwirter—Eastman Dillon, Union Securities & Co., N. Y.
for each five shares held.
gage
elbitrevnoc'%iV
su&
of '5
1983,
8t.; Hollywood, Fla. Underwriter/**--.Clayton Securities
Corp., Boston, Mass. Offering—Indefinite.
;
For debt repayment.
for
share
one
due
^
expire March 28. Price—At par. Business—
Leasing of trucks, tractors, trailers and related equip¬
ment, and the sale of used and new vehicles. Proceeds—
Manning, Ltd., Toronto.
American Mortgage Insurance Co.
Jan. .10, 1963 filed 31,070 common to
$5,43^,806*
debentures
-
scription by stockholders
Under¬
W.| Toronto.
*
Herman Leasing Co
'
/
?
due -1977
,
.
Number 6248
Volume 197
.
.
(1201)
The Commercial and Financial Chronicle
.
*1/ ••
■; VZ
Life- insurance Co.
•.
Consolidated Oil
Inc. // !
Feb.; 28, 1963, filed $2,482,500 of 0% sinking fund deben¬
tures due 1975 (with warrants) to be offered for sub¬
scription by common stockholders on the basis of $500
Underwriter—First Alabama
Creative Ventures Corp.
/May 28,1962 filed 150,000
common and warrants to pur¬
chase 30,000 additional shares, to be offered in units of
one share and one warrant. Price—$2.25 per unit. Busi¬
:
ness—A corporate guidance and interim
repayment, working capital and other corporate purposes.
Office—129 S. State St., Dover, Del. Underwriter—Dana
Securities Co.y Inc., ; N.. Y. Note—This .registration will
withdrawn.
-
.
,
■
Coihpany
cern.
also act
may
as a
financing con- /
broker-dealer and un¬
Proceeds—For investment. Office—733
derwriter.
Third
Ave.; N/4 Y. Undfcrwriter—Hampstead ' Investing Corp4
'v:;Hew/York.vf;!/ye^V'-/'
..
Mutual
*;/;///' ?^^':///^v!/;/:•-
ery, Ala.;//
April 2, 1962 filed 70,000 common. Price—$5.75. Business
—Operation of vending machines. Proceeds—For debt
Consultant's
,*v..v.:
*
capital.'Office—901-22 Ave., Tuscaloosa, Ala.
Securities, Inc., Montgom¬
working
Business—Company is engaged in the
acquisition of oil and gas leaseholds. Proceeds—For note
repayment and working capital. Address — 4150 East
Mexico Ave., Denver. Underwriter—None. ■
•
:
'
(3/25-29)
1963 ("Reg. A") 30,000 capital shares. Price—By
amendment. Business—Writing of life, health and ac¬
cident insurance in Alabama and Georgia. Proceeds—For
31. Price—At par.
Consolidated Vending Corp.
7 7
Feb. 11,
of record March
of debentures for each 500 shares held
States
Cotton
& Gas,
•
Investments. Inc.
(4/11) M
filed $5,500,000 convertible subordinated
1983, to be offered for subscription by
stockholders on the basis of $100 of debentures
acceptable securities on the basis of one
share for each $10 market value of securities). Business
Diamond Mills
March 11, 1963
debentures due
for each 60 shares held of record
(4/1-5)■;
.
change
•
common
new
—A
to
mutual fund. Proceeds—For investment. Office
S.
Underwriter—Gerst-
Broad St., Philadelphia.
ley, Sunstein & Co., Philadelphia.
—211
v/Z Contact Lens Guild, Inc.
N. Y. Underwriter—Carl M.
Loeb, Rhoades & Co., N. Y.
Sept. 19, 1962 ("Reg. A") 75,000 class "A" common.
/ [
D. C.j Transit Systems, Inc.
Price—$4. Business—Manufacture and sale of a patented
April 30, 1962 filed $6,250,000 of 6%% conv. subord. de¬
Contact
lens. - Proceeds—For
moving
expenses,
re¬
bentures due 1977 and five-year warrants to purchase
search, inventory, ■? advertising and working capital.
an aggregate of 187,500 class A shares, to be offered for
Office—360 Main St. E., Rochester, N. Y. Underwriter—
subscription by holders of class A and class B stock in
John J. DeGolger Co., Inc.; Rochester, IT. Y. Offering—
units consisting of $100 of debentures and three war¬
Indefinite. 1
■
:
7
."
rants.
Price—$100 per unit. Business—Operation of a
• Continental Device Corp.
public transit system in Washington, D. C.; a new sub¬
(3/25-29)
sidiary to construct housing projects in Washington,
Dec. 26, 1962 filed 275,000 common. Price—By amend¬
D. C. Proceeds—For construction and general corporate
ment (max. $6). Business—Company is engaged in re¬
-
*
**
"
"x
i1'
\
" '■
»S V,
«■
/ Cosnat
Corp.
May. 26, 1962 filed >$1,250,000 of 6%
i
:
*
'
Underwriter—None.
convertible! sub*
Proceeds
For the repayment of debt," and
working capital. Office--315 W. 47th St.,
Under¬
writer—Van Alstyne, Noel & Co., N. Y. Note—This firm
was known formerly as the Cosnat Record Distributing
/ Corp. Offering—Indefinitely postponed.
records.
Wy■:.» SA
-p-i-
..k*.
i
and
Company
ownership.
Ave., Rockville, Md. Underwriter—K Ferris & Co.,
Washington, P„.Q„
,
Defenders Insurance Co.
Jan. 30,
1963 filed 100,000 common. .Price—$12.50. Busi¬
ness
.
Company plans to .write-automobile irisurance.
general corporate purposes. Office—146
—
Diversified Collateral
Corp.
June
13, 1962 filed 77,050 common. Price—By amend¬
ment (max. $11.75). Business—A real estate investment
company. Proceeds—For investment. Office—8397 N. E.
Second
Ave., Miami, Fla. Underwriter—Karen Securities
Corp., N. Y.
/
Diversified Resources, Inc.
Jan.
,
67,000 common. Price — $3.
lightweight structural board
and sheet insulating material (wallboard). Proceeds—
For equipment, leasing of working space, advertising,
and working capital. Office—42 Broadway, N. Y. Under¬
writer—A. J. Gabriel Co., Inc., New York.
16,
("Reg. A")
1963
Business—Manufacture of
a
Dixie Lime & 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. Offering—Indefinite.
Doman' Helicopters, Inc.
'
/
April 19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
shares for each three held. Price—By amendment (max.
$1.25). Business—Research, development and construc¬
tion'of /experimental helicopters, Proceeds--To obtain
Proceeds—For
Old Country Rd., Mineola, N. Y.
Continued
Underwriter—None.
on
34
page
i£<i;,
7*77 ;,-au7~uauv
:
development
Irian
—
■
.
,
300,000 common. Price—$10. Business
plans to deal primarily in commercial, light industrial
and apartment properties. Proceeds—For debt repay¬
ment, and other corporate purposes. Office—1710 Chap-
1977. Price—At par. Business
and
distribution
of ; phonograph
manufacture
estate
—Real
ordinated debentures due
—The
Real [Estate Investment Corp.
Danac
Feb. 1, 1963 filed
K
>
of which 120,000 are
80,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of
women's nylon hosiery. Proceeds—For debt repayment
and working capital. Office—417 Fifth Ave., N. Y.
Un¬
derwriter—Drexel & Co., Philadelphia.
Offering—In¬
definitely postponed.
Office—3600 M St.> N. W.f Washington, D, C.
purposes.
search, development and manufacture of certain types
of semiconductor products, /and specialized test equip¬
ment. Proceeds—For loan repayment, equipment, and
other corporate purposes. Office—12515 Chadron Ave.,
Hawthorne, Calif. Underwriter—Carl M. Loeb, Rhoades
& Co., Inc. New York.
Corp.
Jan. 23, 1962 filed 200,000 common,
to be offered by the company and
April 11, with rights
expire April Y5. Price — At par. Business — Publi¬
cation of various types of educational texts and related
materials, and the operation of a home study school and
radio broadcasting facilities. Proceeds — For working
capital and loan repayment. Office—640 Fifth Ave.,
for
Deuterium Corp.
Sept. 28, 1962 filed 120,000 common with attached war¬
rants to purchase an additional 120,000 shares to be ofered for subscription by holders of its stock and deben¬
tures in units (of one share and one warrant) on the
basis of 3 units for each 5% prior preferred share held;
2 units for each 5%, preferred A stock held and 40
units for each $1,200 face amount of non-interest bear¬
ing subordinated debentures held. At the same time, the
company will offer the securities to the public. Price—
To subscribers, $20; to public, $22.25. Business—Com¬
pany plans to erect a small size production and experi¬
mental plant for the limited manufacture of deuterium
and deuterium oxide, and to establish and equip a gen¬
eral research laboratory. Proceeds—For working capital,
construction, eqtj ipmeht and other corporate purposes.
Office—360 Lexington Ave., N. Y, Underwriter—None.
Crowell-Collier Publishing Co.
®■ > v!
■/
Dec. 21, 1962 filed 500,000 common. Price—$10. (For an
initial period the fund will also offer its shares in ex¬
/
33
r
*
j
* -»r
5
3
l.
t' ' ^
°
k
issue calendar
Electric
100,000 shares
(Putnam
&
275,000 shares,
Alabama
Securities,
Inc.)
•
(Bids
Pak-Well Paper
$5,475,000
April 8
&
Debentures
■
(Bids
Electric
March
12
EST)
noon
27
11:30 a.m.
..Common
Recreation Industries, Inc.
Bussotto
Sachs
&
..Common
(Bids
March 28
600,000 shares
12
Co.)
(Bids
$150,000
Barney
12
"/
Inc.)
Wisconsiri
1'
(Bids'11
,
11
(Bids
Co.———Bonds
ta,m,,;CSpi($30.000,900
o
)
,7
EST)
$4,020,000
(Bids to be received)
(Miller,
^
Fox
..Debentures
(Tuesday)
May 21
(Offering to stockholders—underwritten by Carl
M. Loeb, Rhoades & Co.) $5,500,000
Central
Illinois
Co.)
$300,000
;
77
(Gerstley,
Sunstein
Estate
Real
&
Highland
(Hyder
j
&
Shares
.
^'.
(Glore,
/
Investment Corp..
.•
.'r-7
...Common
(Troster, Singer & Co.) $955,293 ~
v
•
(Smith,
•
;
Barney
;
-
&
Co.,
Inc.
April 3 .(Wednesday)
Commercial
and
The
CredityCo
:/
.
.
'■i Pacific
V
T
and Grant-Brownell &
120,000 shares
Co.
.
.
:
$15,000,000
June
;«
18
7
*
/ Mil
National
r
.
Corp..—
a.m.
Co., Inc
Debentures 1/
EDST)' $20,000,000
Co.)
(Tuesday)
/
'
Bonds •?
$
August 6 (Tuesday)
7/ 7/7 /
Bonds
Michigan Electric Co
(Bids to be received) $45,000,000
Co
(Bids 11 a.m. EST) $50,000,000
-
11
: j
Public Service Electric & Gas Co
(Bids 11 a.m. EDST) $40,000,000
—Bonds
Northwest Bell Telephone
; •
April 22 (Monday)
;/'-/V -/'-^/. Ve;/Notes
7
&
/7; 7
Class A Common
Utah Power & Light Co
V_. ;;; 7 .
(Bids 11:30 a.m. EST)
7
(First-Boston Corp. and Kidder, Peabody'& Co.) $50,000,000
(Bids
$25,000,000
1
(Tuesday)
Bell Telephone
Common
April 16 (Tuesday)
Securities
Nomura
Co.,,Ltd.) 300,000 ADS
Indiana
11
Indiana &
.7.7
Shares
Sony Corp.
Forgan
7
7
Manchester Insurance Management &
v
June
v
Reynolds & Reynolds Co
Debentures
(Bids to be received)
/
Co., Inc.) 295,140 shares
•
Capital Stock
200,000 shares
&
Natural Gas & Oil Producing Co
; v7
(Peter Morgan & Co.) $900,000
^ 7;'!'77
$300,000
Trading Co.^
Bonds
(Thursday)
June 6
Columbia Gas System, Inc
Life & Casualty Insurance Co. of Tennessess.^Conu
'M :■
(Goldman, Sachs & Co. and Equitable Securities Corp.)
•V
7/v.
' .
:.s
1
500,000 shares
.
..
•
'
Common
Corp
Co.)
(Nemrava & Co.)
77/
$5,000,000
!
Common
—
Weld
Common
Fund
Development
.
Investors
7
Co.)
Corp
(Carl M. Loeb, Rhoades & Co., and White,
(Baker, Simonds & Co., Inc. and Alex. Brown & Sons) $1,320,000
.
.
Cabot
7
/• Consultant's Mutual Investments, Inc
General
.
Service Co.
Public
i'-:;7.;,77;7;7'7'-77*'::"77,; ;-v;f- 7''-7'7,:-:7;717y ■ 7.77':'7-:
(Monday)
April IS
/
Common
Corp
&
$49,000,000
(Bids to be received) $10,000,000
April 1 (Monday)
f
$5,000,000
(Bids 11 a.m. EDST) $30,000,000
(Thursday)
April 11
(Morgan .Stanley & Co.) $200,000,000
.
Preferred /
——
received)
May 14 (Tuesday) |//
,Chicago Union Station Co.———t———Bo&ds |
$6,000,000
Crowell-Collier Publishing Co.—
(Thursday) v
California
be
Virginia Electric & Power Co.—.—-—_v„Bonds »
Socony Mobil Oil Co., Inc......—.—Debentures
Brewmaster
to
^
.}
}
Co....———./Bonds
EST)
a.m.
Alabama Power; Co.
$4,500,000
CST)
noon
Michigan Power'
(Bids
$4,500,000
(Bids to be received) $16,000,000
Equip, Trust Ctfs.
Northern Indiana Public Service
Co.,
&
' 7,
"
$10,000,000
Power
Alabama
..—...Equip. Trust Ctfs.
noon
& Co.)
(Thursday)
Co.——Bonds j.
May 9
Inc.;
Co.)
$15,000,000
Missouri Pacific RR.——
-
.Common
350,000' shares
'
f
Securities
Union
(Wednesday)
May 8
Debentures
& Co., Inc.; Kuhn, Loeb & Co.,
Ripley & Co., Inc.; Lazard Freres &
(Smith, Barney
Harriman
Co-, and Smith,
Southern Railway Co
Debentures
Corp.
Dillon,
(Bids 12 noon CDST)
Copenhagen Telephone Co., Inc
Inc....—^.....Common
Robins (A. H.) Co.,
lV
•
Equip. Trust Ctfs.
-
&
1 /-
-
Chicago Burlington & Quincy HR.
115,339 shares
Co.)
Sugar
April 9 (Tuesday)
$22,000,000
(Wednesday)
(Costello,
&
'
*
$8,100,000
EST)
(Merrill Lynch, Pierce,' Fenner & Smith Inc.)
(Goldman,
Witter
———.—Bonds
:
*
v
29 (Monday)
(Eastman
Western Light & Telephone Co., Inc.—..Common
(Offering to stockholders underwritten by Dean
shares
Puerto Ricari Cement Co., Inc..
>
Holly
Common
—
(Ingram, Lambert & Stephen, Inc.) $718,750
W
4
1-
IApril
800,000 shs.
(Kidder, Peabody & Co. and McDonnell & Co., Inc.)
150,000 shares
200|000
Debentures
$35,000,000
(Bids 11 ft.m. EST) $48,000,000
7
7
«
..Capital Stock
Financial Federation, Inc.—..
Service Co.—.—.Bonds
(Bids
Tampa Electric Co.—
-
^
Southern Pacific Co..—.-^-.-.Equip. Trust Ctfs.
Texas
$800,000
(Dean Witter & Co.)
Lunar Films, Inc.
Weeks)
•/';
(Wednesday)
April 24
15,000 shares
Anadite, Inc
^
Trucking Co., Inc.
(Hornblower
Capital Shares
—
(Dean Witter & Co.)
(Tuesday) v
St. Johnsbury
Hfl'April 23 (Tuesday)
(Monday)
Anadite, Inc.—
Industries, Inc.—Common
(Francis I. du Pont & Co.)
March 26
!
EST) $4,500,000
noon
-
Equip. Trust Ctfs.
12 noon EST)
12
(Bids 11:30 ft.m. EST)
shares
30,000
Norfolk & Western Ry
(Bids
Ry.——Equip. Trust Ctfs.
Consolidated Natural Gas Co.—
..Capital Stock
Cotton States Life-insurance Co.
(First
Common
'
..Common
(Carl M. Loeb, Rhoades & Co., Inc.)
..
200,000 shares
(First Boston Corp,) 375,000 shares
..Units
units
37,500
Co.)
Continental Device Corp...
Balrd 8c Co., Inc.)
and Robert W.
Weeks
(Hornblower 8c
Norfolk & Western
Southwestern Electric Power Co.————.Bonds
77 7
~ (Bids to be received) $30,000,000
v,
Colonial Board Co.—.——
Mortgage Guaranty Insurance Co.—-——Common
Bonds
Co.—
Scripps-Howard Broadcasting Co.—
Systems, Inc.——-Common
(Emanuel, Deetjen & Co.)
'
Light
(First Boston Corp.j PUtnam & Co.,v,and Charles
W. Scranton & Co.) $15,000,000
(Monday)
March 2S
.
4
Hartford
^|||new
Antenna
^
U>-'-/
Debens.
'
November
(Bids
'■
7
—
(Herbert Youn^ & Cofi Inc:)- $376,000
7
(Thursday)
Bonds7
Georgia Power Co
Common
to be received)
$30,000,000
Preferred
Georgia Power Co.
f-7
yv•:
* XBids
to be received) $7,000,000
.
??■
*
;
«•
■
34
i-
The Commercial and Financial Chronicle
<1202)
•'
•'
Continued
:
V- ^
1
'■\»i'. VZ»*y;.
■'
from page 33
,
"•"**' \
;/:v / / :>• ■;
■''*■ '•
/
V?'Ziv\ // • V:
Forst
;•
,
Inc.
Thursday, March 21, 1963
.
(Alex) & Sons, Inc.
equipment. Proceeds—For debt repayment, inventory
working capital. Office—35 Engel St., Hicksville,
Beane; New York.
Offering—Indefinite. ///// -;'///////■/:■:/;/!//.///1
1
'
v
and
ment
N. Y. Underwriters!. R. Williston &
$15). Business—Wholesale distribution ol
-toys and games. Proceeds—For-selling stockholders. Of¬
fice—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬
Donnell & Co., New York. Offering—Indefinite.
at models, train
Donmoor-lsaacson,
•
.
March 23, 1962 filed 125,000 common. Price—By amend¬
service personnel, repay
debt, 4etc. Address—Municipal Airport, Danbury, Conn.
Underwriter—None. Note—The SEC has questioned the
accuracy and adequacy of this statement.;
>
v y
r
certification
.
1
(max.
Freoplex, Inc.
v
Hallandale Rock &
March 30, 1962 filed
f >/
Sand
Co.
$250,000 of 8% subordinated deben¬
tures due
4977, 200,000 common and 6-year warrants to
purchase 25,000 common at $1 per share to be offered in
units consisting of a $10 debenture, 8 common shares and
of retail meat supermarkets. Pro-one warrant. Price^$l8 per unit. Business—Extraction,
-
•
Jan. 2, 1963 ("Reg. A") $200,000 of 7% convertible sub¬
ordinated debentures due March 1* 1975^ Price—At par.
26, 1962 filed 1501)00 common, of which 50,000 are
offered by the company and 100,000 by stock¬
holders. .Price—By amendment (max; $12). Business—
I Feb.
to :be
eBusiness—Operation
aiiu manufacture
Design and juianuinvvui^ tin. boys knit shirts, sweaters, ; coeds—For debt repayment and working capital. Address; /processing and sale of rock* and sand. Proceeds—For a
of
I
—
Route 18, Tices Dane, East Brunswick, N. J. Under¬
and pajamas. Proceeds—For working capital. Office—
new-plant and other corporate purposes; Address^-Halwriter—Alessandrini & Co., Inc., N. Y. • Offering—Indef¬
1115 Broadway, N. Y. -Underwriter—Goodbody & Co.,
landaie, Fla. Underwriter—To be named;1 ■
1
inite. ,;V--:'S' 'C/ZZ;Z//Z /:;///v
New York. Offering—Indefinitely postponed.
:
-rZHartford Electric
~'JL/TTS»gIl
.UgNt
*/• Duro-Tost Corp. > •}:'
Dec 6, 1962 filed 150,000 common. Price—3y amendment
(max. '$9). Business — Manufacture of various types of
lights for industrial and commercial use. Proceeds—For
the selling stockholder. Office — 2321 Hudson Blvd., '
*:
A../.kinJna><
Drvrlror
North Bergen, N. J. Underwriter—Auchincloss, Parker
Redpath, New York. Offering — -Temporarily post¬
poned.
il-
«r
XT
-m
sT
11..
,*T_ J
Garden State Small Business Investment Co. i
I..
medical
lor
marine
and
purposes.
working capital, equipment and debt re¬
Office—-2222 S. Centinela Ave., Los Angeles.
curitiea >Co..,
General
Eastern Camera & Photo
'Corp. ,<>
March 28 1962 filed $500,000 of 6% conv. subord. deben¬
tures due 1972 and 50,000 common shares (of which 25,000 will be;sold by the company and 25,000 by stock¬
holders). The securities are to be offered in units of one
$100 debenture and 10 r shares. Price—By amendment.
EBusiness—Operation of retail camera stores and depart¬
ment store concessions.
Company also processes black
and white film and repairs photographic equipment.
Proceeds—For debt repayment and working capital. Of¬
,
Dispenser
,
,
Corp.
.
,
,
,
,
'
&
Dr., Milwaukee. Underwriter
Hopwood, Minneapolis.
r
General Real Estate Fund
Jan.
29, 1963, filea o0,0Gu common. Price—$2.
—Manufacture of the SAFER Butter Chipping
Business
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
York. Underwriter—L. D. Brown Co., New York.
—
Piper,
•
one
Heck's
Discount-Centers, inp.
-
I
i
-
i
proceeds—For inventory, expansion,, debt repayment and
working capital. Office—6400 MacCorkle Ave., ;S. W.,
St.
Albans, W. Va.
Underwriter—Willard Securities,
v
Inc., New York. Note
—
This registration will^be/with-;
-I Hek
Manufacturing Co., Inc.
Aug. 7,1962 ("Reg. A") 75,000 common, of which 69,000
shares
are
to be 'Offered
the account Of fher
for
and 6,000 shares for the underwriter.
pany
com¬
Price—$2.
Business—Manufacture of dental equipment. • Proceeds—
For debt repayment, advetrising, research and develop¬
Jaffray
ment
\
working- capital, v 0ffice—217.6
and
Francisco.
(4/1)
New
filed 132,000 .shares of beneficial interest.
.Price—r$10. Business—A real estate Investment, trust.
Proceeds—For acquisition of property, idebt repayment
and working capital. Address—2034 First National Bldg.,
Feb. 18, ,1963
Detroit.
basis of
on
June 7, 4962 4i,led 125,000 common. Price—By amend;ment .(max; $5)Business—Operation of discount $tores.
of Wisconsin
Capital
,
!
.
-
preferred share for each 10 com¬
estate. Proceeds
general corporate purposes and debt repayment.
Office—40 Beaver St., Albany. N. Y. Underwriter—None.
—
Co., Inc., New York. Note—This registration is expected
'
—For
.
Life insurance Corp.
v:
held.,V Price—$12. -Business—Real
mon
6, 1963 filed 311,625 common to be offered for
subscription by stockholders on the basis of one new
share for each four held. Price—By amendment. Busi¬
ness—Writing of life and endowment policies. Proceeds
For general corporate purposes. Address — 8500 W.
ers—Edwards & Hanley, Hempstead, L. X, and Street &
Electronic
holders
March
St., Hempstead, N. Y. Underwrit¬
to be withdrawn.
General
/con¬
WetheTsfield,
(Corp., ,:New York,
and Charles -W. Scranton &
Ave.,
Boston
Heartland .^Development Corp.
■
equipment and working capital. Office—1252 ,W. peachtree St., N. W., Atlanta, Ga. Underwriter -^-Robert M
Harris & Co., Inc., Philadelphia. Note—The SEC has is¬
sued an order temporarily suspending this issue.
>
^Cumberland
March; 28, 1962 filed 23,300 shares of 5 % .convertible
^preference sfdcht to ibq-pffered fbr.subscriptibn by stock-
Inc., JKansas City, Mo. iOffering^ndef inite.
Design
amendment. ^Proceeds—For
Price—By
Underwriters—First
Putnam & Co., Hartford,
Db.,':New.-Ufoverii'' Conm.:"
.
Corp. - . >
April 25, 1962 ("Reg. A") 65,000 common. Price—$3
Business—Design and development of new products for
various
industries.
Proceeds—For
debt
repayment,
%Underwriter—None.
fice—68 W. Columbia
-
.Underwriter—Midland Se-
4124 N. Broadway, St. Louis.
iProoceds—For
payment.
V
*
r
Geigher Pipe Supply Inc./-//Sept. 28,1962 filed 60,000 claps A common, tof which 50,jOOO are to be offered by company and 10,000 by stock¬
holders.
Price—$9.50.
Business—Sale- of steel -pipes,
valves and fittings. Proceeds—For inventory. Office—
Systems 'Corp. /
<Sept. 28, 1962 filed 750,000 common. Price—$1. Busi¬
ness—Manufacture of electro-mechanical vehicles and
devices
rn„
_
1993.
Conn.
Underwriter—Godfrey, Hamiltqn, Taylor & Co., N, Y.
->
4
Offering—Temporarily postponed.
•; Dynapower
/electronic
due
struction.^ Office—176
investment. Office—1180 Raymond Blvd., Newark, N. J.
-
^Co.;<4/3)
lMarch 15,1963 filed; $15',000,OOJ "of fisst jmortgage, fboniis
Oct. 27, 1961 filed 330,000 common. Price—$3. Business
—A small business investment company. Proceeds—For
•
York.
Falou,
San
Underwriter—Queensway/ Securities /Corp.,
■
,«
.
,
.
Highland Development Corp.
v/,>^
f
(4/1-5);/
Feb. 23, 1963
("Reg..A") 60,000,common. Price—$5i Busi¬
Albuquerque area. Pro¬
general corporate purposes. Office—607 San
ness—Real estate investment in
ceeds—For
Under^writers-^aker, /Simbhds
Mateov Blvd., N, <E., Albuquerque. Underwriter—Hyder &
Co., Albuquerque.
^
-
troitandAlex.^rown^&^Sbns,^^Baltimpfe;; ^
Enzyme Corp. of America:
$0 General Telephone & Electronics Corp.
,/5
L:
Feb. 21, 1963, filed 120,000 common. Price—$2. Business
March 1, 1963, filed $50,000,000 of sinking fund deben¬
—Company plans to market a new drug known as
tures due 1988. Price—By amendment. Proceeds — For
"Clinizyne" to be used for treatment of a variety of
investment in and advances to subsidiaries. Office—730
tumor related diseases. Proceeds—For equipment, sales
Third Ave., New York. Underwriters — Paine,WVebber,
promotion, research and development, and working cap¬
Jackson & Curtis; Stone and Webster Securities Corp.,
ital. Office—727 Land Title Bldg., Philadelphia. Under¬
New York and Mitchum, Jones.& 'Templeton^ Los An¬
writer—Bristol Securities Inc., New York. ,l
17-. /
geles. ^Offering—Imminent. ;
Equity Fundtng Corp. of America
.V > .
Global Construction Devices, Inc.
;
March 29, ,1962 filed 240,000 common. -Price—By amend¬ /
June 29, 1962 filed 100,000 common. Price—$10. Busi¬
ment (max. $6.50).
Business—A holding company for
ness—Manufacture, sale and lease of steel supports and
,
.
.
,
.
.
Hill Street
.
Oct.
16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬
nia
on
share-for-share basis.
a
Price—$3.
Business—A
management investment/company,;■ Proceeds—For in¬
vestment. Office—760 .S. Hill JSt., Los .Angeles/ Under¬
writer—None. / ///:'/
/./; //;:••v
,
Hollingsworth Solderless Terminal Co.
Feb.
~^or
new
sales
^sobsidisries &ud
i/r mpnf
.working
capital^ ^Office—-5150 -Wilshire Blvd.. Los A**"
geles.
Underwriter—Wisconsin-Continental, Inc., Milwaukee.
'
-
Fedco Corp.
Del. 29,1962 filed 20,000 common, of which 17,500 are to
be offered by company and 2,500 by a shareholder. Price
—By amendment (max. $15),
Business—Design and
•ri;
manufacture of tools, dies, molds, beryllium castings and
^the distribution of plastic, metal and glass products for v
borne use. Proceeds—For a recession offer to stockhold¬
and reduction
ers
of accounts payable.
Pratt Ave., Chicago.
Office—3600 Wv
Underwriter—None,
%
.
,
Fidelity Mining Investments Ltd.
Nov. *30, 1961 filed $00,000 common. Price—By amend¬
ment. Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
Richmond St., Toronto. Underwriter—G; V. Kirby (
; & Associates, Dtd., Toronto. —62
i*
Financial Federation,
Inc. (4/8-12)
• \
March 11, 1963 filed 80,000 capital shares. Price —
By
amendment (max. $60). Business—A
holding company
for 11 California savings and loan associations and an
-insuranee agency. Company also assists in' the
purchase
and
sales
under
of
real
the -deeds
holders.
estate loans
of frust.
"Office—615
and
serves
as
a
trustee
Proceeds—For selling stock¬
Flower
St., Los Angeles.
South
Underwriters—Kidder, Peabody & Co.
and
&
•
McDonnell
Co., Inc., New York.
First American Israel Mutual Fund
Aug.
15,
1962
filed
2,750,000
shares of beneficial in¬
terest. Price—By amendment (max.
$10). Business—
A mutual fund which plans to invest
primarily in equity
type securities of Israeli companies, Proceeds—For in¬
vestment.
Office—141
Milk
St.r Boston. Underwriter—
Paine, Webber, Jackson & Curtis, Boston. Offering—Ex¬
pected in May.,
///j;
"'Y
.
!
Florida
June
28,
Jal
Alai, Inc.
1962 filed
400,000
common.
Price—$5.
Bual-
— Operation of ,Jai Alai games and pari-mutuel
betting. ^Proceeds—Por rent, .purchase of leased quarters,
building improvements, working capital. -Office—Fern
Park, Fla. Underwriter—To be named.
k
p^s
.
Floseal Corp. *
■:
May 10, 1962 filed 169,420 common to be offered for
subscription by stockholders;
Price—By amendment
(wax. $2). Business—Company owns and licenses carton
pouring «pout patents and die patents. Proceeds—For
?debi ^repayment jand other corporate purposes. Office—
100
W.
10th
St., Wilmington, Del.
used in construction.
oeams
officcs^ .^sdvsnces
Underwriter—None.
less terminals and other wire
Proceeds-For debt repay.
'invpntorv
snrl
equipment, advertising and
working capital. Address—P. D./Box 430; Phoenixville,
Lane
Teaneck
hi* JT Underwriters—Winslow,
window
cedar, &Lane, -leanecx, n. ^).
Cohu
Stetson and Laird, Bissell &
Pa.
Meeds, N. Y.
Inc.
Holly Sugar Corp.
13, 1962 filed 80,000 common. Price—$4. Busi¬
ness—Manufacture, development and sale of pharmaceu-/
jtical and veterinarian products, proceeds—For advertis¬
debentures
tion
debt repayment and working capital.
Office—36 Lawton St., New Rochelle, N. Y. Underwriter
&
& Co./
Philadelphia. Offer¬
Co,, N. Y.
(4/29)
March 7, 1963 filed $10,000,000 convertible subordinated
research,
—Droulia
Underwriter—Harrison
ing—Temporarily postponed.
'
Mareh
ing,
terminating products. Pro¬
ceeds—^or debt repayment,
Offirp-—545
Cedar
Gold Loaf Pharmacal Co.,
j
;
27, 1962
("Reg. A") 75,000 common. Price — $4.
Business—Manufacture, sale and development of solder-
■
of
due 1983.
beet
Price—At
and
sugar
related
Business—Produc¬
par.
products;
and
sale
of
livestock, beet seed, and fertilizer. Proceeds—For a new
plant. Address—Holly Sugar tBldg:, ^Colorado Springs,
Colo. Underwriter—Eastman
;
Gotham Educational Equipment .Co. Inc. '
Dec. 4, 1962 filed 75,000 common. Price—By amendment I
Co., New York.
(max. $6). Business—Design, manufacture, and market¬
ing of items used in educational institutions such as
chalk boards, exhibit cases, etc. Proceeds—For general
corporate purposes; Office — 91 Weyman Ave.,. New
Rochelle, N. Y. Underwriter—Federman, Stonehill & Co.,
Dillon, Union Securities &
Jan.
New York. Offering—Indefinite.
Great Continental
•
Continental Real Estate Investment Trust.
of
v
Park, Inc.
1963, filed 136,094 common to be offered for
•subscription by stockholders on the basis of bne share
for each AVz 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.
Greater Nebraska Corp.
Feb.
20, 1963, filed 3,000,000 common. Price—$2. Busi¬
ness—Company plans to operate subsidiariesIri the fields
of banking, insurance, finance, etc. Proceeds—For gen¬
eral corporate purposes. Office—1107 Federal Securities
' ..r
Greenman
Bros., Inc..
April 25, 1962 filed 150,000 common, of which 50,000 are
to be offered by company and 100,000 by stockholders.
Price—By amendment (max. $7). Business—Wholesale
and retail distribution of
shares
toys, hobby lines and sporting
f'
and
one
warrant.
Price
—
are
$100
per
unit.
engaged in the
development and promotion of a pay television system
in Santa Monica, Calif. Proceeds—For installation of a
pay television system/ Address — 49th and
Broadway,
Santa Monica,
Calif. Underwriter—Bernard M. Kahn
&
'Co., Inc., New York. Offering—Expected in early April.
"
Horace Mann Life Insurance Co.
4, 1963 filed 200,000
common, bf which
be offered by company and
Price
—
80,000 are
120,000 by stockholders.
$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-j-Horace Mann Investors
Inc.,
Hunsaker (S. V.) & 5ons -/d.:
March
nated
25,
Building, Lincoln, Neb. Underwriter—None.
-
to
April 13, 1962 filed 381,600 common. Price—$5. Business
—Company plans to write certain types of fire and
casualty insurance. Proceeds — For general corporate
purposes. Office—116 John St., New York. Underwriters
|—Emanuel, Deetjen & Co., and Zuckerman Smith &
/Co., New York. Offering—Postponed. •
;
Greater Miami .Industrial
10
Business—Company and subsidiary
Feb.
Great Eastern Insurance Co-
:
16, 1963 filed 230,000 common of Home Entertain¬
ment Co., Inc., Dos Angeles, a subsidiary, and
23,000
stock purchase warrants in parent, to be offered in units
Real £state Investment Trust
—To be.named. Note—This firm formerly was known as
Feb.
Home Entertainment Co. of America
-
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
ment. Office—530 St. Paul Place, Baltimore. Underwriter
-
Price
(same address).
30, 1962 filed ^$1,300,000 of convertible subordi¬
debentures due
—
1977
By amendment
and 200,000
(max. $6 per
common
shares.
common
share).
Business—Construction of homes and apartments on land
which company has
acquired in Southern Calif. Proceeds
—For
debt repayment and other /corporate
purposes.
Office—15855 Edna PI.,
Irwindale, Calif. Underwriter—
"To be named. -Offering-Indefinite.
Infotronics Corp.
v: \ D: Z 23, 1962 filed 100,000 common. Price—$5. Business
Oct.
—Research, engineering, manufacturing and marketing
Inlhe field of electronic information handling and auto¬
mation systems. Proceeds—For mew
products, inven¬
tory, new plant and working capital. Office—1401 S. Post
Oak Rd., Houston. Underwriter—None.
Intelectron Corp.
:
10, 1962 filed 100,000 common. Price—$3. Business
—Company plans to engage in the research and develop¬
ment of devices lor the hard of
"hearing and equipment
Dec.
Volume
Number 6248
197
.
.
The Commercial and Financial Chronicle
.
end investment company.
applicable to certain specialized and affiliated areas of
(1203)
Midwest Technical Development Corp.
Proceeds—For investment. Of¬
Feb.
26, 1962 filed 561,500 common to oe offered for
subscription by stockholders on the basis of one share
for each two shares held. Price—By amendment (max.
$7). Business — A closed-end management investment
company. Proceeds — For general corporate purposes.
fice—26 Broadway, N. Y. Underwriter—Filor, Bullard &
Smyth, N. Y. Note—This company formerly was named
poses. Office—171 E. 77th St.,-New York. Underwriter—*
•Logos Financial, Ltd. Offering—In late April.
None, .
.
'
,
Proceeds—For
communication.
general
corporate
pur-1
,
/.•'/
International Systems Research Corp.
Match 30, 1962 filed 110,000 class A common and 9-month
warrants to purchase 110,000 class A shares at $4 per'
v.
—Keon &
and
Interstate Equity
/.//•• /:///.'•
Systems,
Inc. '
■
.//-••;.
1963 ("Reg. A") 100,000 common. Price — $1.
Business—Operation of drive-in restaurants. Proceeds—
For leases, equipment and working capital.
Office—
1601 Mandeville Canyon Rd., Los Angeles. Underwriter
manufacture of mechanical, electromecnanical and electronic .equipment for government
agencies and the military. Proceeds—For equipment,
debt repayment and working capital. Office—Engineer's
Hill, Plain view, L. I., N. Y. Underwriter—Leib, Skloot &
Co., Inc., Clifton, N. J. Offering—Indefinite.
v •
Service
Jan. 14,
share, to be offered in units, each consisting of one share
and one warrant. Price—$4 per unit. Business—Design,
development
Lord Jim's
Office
•
j
f
Proceeds—For investment. Office—450 Seventh
Underwriter—Van Alstyne, Noel & Co., N. Y.
Offering—Indefinite*
•;
-
/offered in units consisting of 20 preferred and 50 com¬
mon shares. Price—$250 per unit. Business—A business
/finance-company. Proceeds—For working capital. Office
V \
;
/j#
Bldg., Minneapolis.
Indemnity >Co.
1962, with rights to
expire April 15. Price—$19.50. Business—A multiple line
insurance carrier. Proceeds—For additional capital and "
surplus. Office—6901 Wooster Pike, Cincinnati. Under-t
writers—W. D. Gradison & Co., Cincinnati, and Greene &
Ladd, Dayton.
-*;*r
r'
'
v
>
-
Ave., :N. Y.
Midwestern
Bank
t
.
each three held of record Dec. 31,
1962 filed 1,605,100 shares of beneficial interest ; j —5 W. Main St.* Freehold. >N; J. Underwriter-^Friedman
^ v. K
Price—(max; $10). Business—A real estate investment /&' Co;, Inc., New York/ Offering—Indefinite; * i
company.
First National
26, 1962 filed 25,495 common being offered for sub¬
scription by stockholders on the basis of one share for
•
Match 30,
2615
Dec.
Dec. 19, 1962 l"Reg.( A") 24,000 shares of 6J/4% cumu¬
lative convertible preferred and 60,000 common to be
'
—
Underwriter—None.
Co., Los Angeles.
Loyalty Financing Corp.
>
35
.
• Mil National Corp. (4/22-26)
.
^
^
Jan. 28,1963 refiled 94,006. common. Price—$4. Business
v
Lqnar Films, Inc.> (4/8-12) ///>/
Aug. 31,1961 filed 125,000 common. Price—$5.75. Busi¬ /—Distribution of commercial dry cleaning and laundry;
/ equipment Proceeds—For general corporate purposes...
i ness—The production of television films. Proceeds—For
Office—1161 East Tremont Ave., - Bronx, /New York. >
filming and production and working capital. Office—
•;
•
Investors
■
-
RealtyTrust
1
v
;
Madison Ave., New York. Underwriter — Ingram,
Lambert & Stephen, Inc., 50 Broad St., New York. /
May 31, 1962 filed .200,000 shares. Price -^-$10. Bnsinesa
—A -real
struction
investment trust.
estate
and
investment.
•
Office
—
—
For
con¬
Connecticut
3315
Investors Trading Co.
Feb;
Denver Club Building,1 Denver.
Co. (same address).
Co.,'Ltd.
Feb. 20, 1963, rfiled $10,000,000 of convertible sinking,
fund debentures due .1978, and 125,000 American De¬
positary Shares. P-rice—By amendment (max. for shares
$20). Business—A general grading company dealing in a
variety ,of industrial, agricultural and consumer goods
19, 1963 filed 100,000 common. Price-fPy amend¬
ment
(maximum 1>I4). Business—Production; sale, erec¬
tion and financing of manufactured homes. Proceeds—To
(4/1-5)
1963 Hied 200,000 capital shares; Price — Net
asset value (max. $5), plus 8% sales charge. Business—
A mutual fund. Proceeds—For-investment. Office—460
Jan. 17,
finance future credit sales of homes. Office—315 E. Lan¬
caster Ave., /Wayne, Pa. Underwriter—-Drexel
Philadelphia. -Offering—Indefinite.
Distributor—Nemrava &
Management
&
and .commodities. Proceeds—For general corporate pur¬
Co.,
Address—Tokyo, Japan. Underwriters
Barney r& Co., jnc., .and .Nomura Securities
poses.
Investment Cprp.
New
Aug. 29,19^2/filed 2,600 common (with attached war¬
rants). Price—$500. Business—Company plans to furBusiness
nish equity capital to firms in the atomic, space and
machines
missile fields, and provide advisory and management
the production of .teaching programs. Proceeds—
expansion, new facilities and working capital. Office //counseling services Jon a fee basis.
Proceeds—For re¬
Jaap Penraat Associates, Inc.
For
•1—315 Central Park /WW N< Y Underwriter—R. F/Dowd
& Co.,
Inc., New York; Offering ^ Indefinitely post¬
Jamoco Air Conditioning Corp.
,
writer—Mar tin-Warren
•
investment.
estate
Proceeds—For
be
by company and 14,600
Price—$3.50. .V Business—Manufacture,
debt
This registration
of
will be withdrawn.
Kraft
(John) Sesame Corp.
May 24, 1962 filed $225,000 of 6% conv. subord. deben¬
&
Weeks, Chicago,
Municipal Investment Trust Fund, Series B
April 28,1961 filed $15,000,000 (15,000 units) of interests.
Price
To be supplied by amendment. Business— The
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories,of .the U. S. Proceeds—For
/Investment iSponser—Ira Haupt & Co., Ill Broadway,
are
by stockholders.
packaging
and
'
New York. (Offering—Indefinite.
various
proprietary drug products. Proceeds—
For .equipment, new products, debt repayment and -workr
Ing capital. Office—156 .Tillary St., Brooklyn, ^N. Y.
Underwriter—Dana/Securities Co., Inc., N. Y. Note—This
saie
"repayment -and working capital. ^Office—*30 ;E. 42nd iSt„
N„ Y. -Underwriter—Uayden, Stone & Co., N. Y. -Nofe—
Underwriters—Hornblower
waukee.
and Robert W. Baird & Co., Inc., Milwaukee.
Rd., St. Louis. Underwriter—Troster, Singer
N. Y.
offered
Proceeds—For
1963, 200,000 common. Price—By .amendment
(max. ^$27). Business—Company is engaged in Ihe in¬
suring .of lenders from loss on residential loans. Pro¬
ceeds—For investment. Office—600 Marine Plaza, Mil¬
/March! 29; 1962 filed 72^00 common, of }which;58,000
to
estate.
Office—82 Baker St., At¬
March 11,
Manhatfan?Drug^o.7inc.
.
real
llndern^ter—Qy^as Inyeistpoept/Beryioe, /Se-.
ville, Spain.
•
Mortgage Guaranty Insurance jCorp. (4/^2-^26)
Manchester insurance
& Co.,
commercial
lanta.
Manchester
,
and
general corporate purposes.
Management &
Corp. (4/1-5) /
Nov. 28, 1962 filed 272,941 common. Price—$3.50. Busi¬
ness—Writing
of
casualty
insurance,
adjustment of
claims, financing of insurance premiums, and the mak¬
ing of investments. Proceeds—For expansion, loan re¬
payment and other corporate purposes.
Office—9929
ftavanauCorp.
March "29, 1962 filed 50,000 shares 6% cum. preferred
and four-year-common stock purchase warrants Ho be
offered in units consisting of, one preferred; ap$ one
warrant.
Price—By amendment -(max. 4101 per unit).
Business—Real
residential
Investment
Cow Ltd., New York Offering-
Indefinite.
:
•
Feb. *?8, 1962 X "Reg. A") 40,000 common, ;Price — $3.
Business—Design, installation and .maintenance of heat¬
ing, plumbing and air conditioning .systems. Proceeds—
For inventory, equipment and other corporate purposes.
Office — -954 Jamaica Ave., Brooklyn, N. fY.
Under¬
Yoi;k. Offering-Expected in late April.
1963 filed 1,250,000 common. Price—$2.50. Busi¬
ness—Company plans to develop mobile home parks and
$
None.
Smith,
Co., ^td.,
Jan. 28,
payment of loans, and general corporate purposes. Office
—130' Fulton -Federal Bldg., Atlanta.
Underwriter—
poned.
—
Mobile Home Parks Development Corp.
Jan. 30, 1962 filed 100,000 common. Price—$3.
—Industrial designing, the design of teaching
and
Ypung, & -Co., Inc., New; Yorlc*
Mitsui &
•
"ii
/ Madway Main Line-Homes Inc.
D. jC Underwriter---None.:
Ave., -N, W., ^gshtogton,
:
Proceeds
Underwriter—Herbert
543
Music Royalty Corp.
July 27, 1962 filed 150,000 common. 'Price—$1. Business
—Company .acts <as;representative ;of .artists, musicians,
etc. andi plans to engage in the music spublishing busi¬
ness.
Proceeds—For debt repayment, public relations,
acquisition pf musical properties, and working capital.
Office—545 Fifth Ave., N. Y. Underwriter—Associated
/ registration y/tU «be withdraw^
Marshall ^Press,- -Inc.
due 1972, and 150,000 common to be offered in
/ May 29, 1962 filed 60,000 common. PrlceT4$3.75. Busi¬
$300 debenture and 200 shares
ness—Graphic design and printing. Prpcee^ds-^Fpr «pubr
Business—Processing and distri¬
lishing a sales catalogue, developing a national sales
bution of sesame seed. Proceeds—For accounts receiv¬
staff and working capital. Office—812 Greenwich/St.,
able, inventories, plant expansion and working capital
N. Y. .Underwriter-rrTp be named.
pffprlng-^lpdeflately
Office—230! N. > Main St., Paris, Texas. Underwriters-
tures,
units
consisting of a
Price—$900 per unit.
SecuritiesFifth ,Ave., N. Y
National
•
Central
Life Insurance
Co.
"
Dec.
7
filed 125,000
common.
.Price
—
By amendment
•
John A. Dawson & Co., and Leason
•
;
& Co., Inc., Chicago
'Kreedman Realty &-Construction Corp.
19, 1962 filed $5,000,000 of conv. subord. deben¬
be offered
In units consisting of $25 of debentures and ope common
/ share, ; Price—By amendment (max., $27).
BusinessConstruction and operation of office buildings. Proceeds
—For
debt repayment.
Office—9350 Wilshire Blvd.,
Beverly Hills, Calif. Underwriter—Lee Higginson Corp.,
New York. Note—This registration will be withdrawn.
April
tures due 1982 and 200,000 common shares to
(max. $15). Business—Writing of health and accident in¬
l/J surance. Proceeds-r-For general corporate purposes. Ad¬
dress—2632 McGee St., Kansas City, Mo. Underwriter—
Medic.Corp.
Feb. 28, 1963, filed 1,000,000 class B common. Price— //To be named
$1.25. Business-^A holding company for lhr.ee life insur¬ W
National Equipment & -Plastics Corp.
-•
ance
firms.-Proceeds—For .loan repayment,, operating rex- //Sept. 28,1961 filed 105,000 common. Price—$5. Business
insurance concerns. Ad—Operation of a cleaning, and pressing plant and affiliOklahoma City. Under- / ated stores. Proceeds—For debt repayment, store ex-"
penses, and investment in other
dress—714 Medical Arts Bldg.,
r
;
ppstppned.
;
writqr—XJucpln,^^Securities Cprp. (same .address)*/;
^
-Medical industries
Fund, Inc.
Oct. 23, "1661 filed 25,000 common. .Price—$10. Business
—A closed- end investment company which plans to
'% pansion and working -capital. Address — ?Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y. Note—
This iregistration wUl ibe withdrawn.
.
Kwik-Kold, Ine.Wm.
National Fence Manufacturing Co„ Inc.
29, 1962 ("Reg. A") 100,000 common of which / become open-end.
Nov. 29,1962 filed 100,000 common. Price—$8.75. Busi¬
Proceeds — For investment in the
medical industry and capital growth situations. Office
65,000 will be ,sold for company and 35,000 for stock¬
ness
Manufacture of galvanized chain link fence
holders. Price — $3. Business — Manufacture of certain
—677 Lafayette St., Denver. Underwriter — Medical Aswelded concrete reinforcing fabric, gates and related
patented cooling packages. Proceeds—For debt repay¬
goqiates, inc., Pepyer.
products. ^Proceeds—For construction of a plant in Ire¬
ment and working capital. Office—Jennings Bldg., P. O.
land, , and working -capital, t Off ice—4301 46th St., BladBox 638, Moberly, Mo. Underwriter—John W. -Fly1"0 if Medical-Video Corp.
ensburg, rMd. ^Underwriter—Netherlands Securities Co.
Nov. 13, 1961 filed 250,000 common. Price •—$1. Busi¬
& Co., SantaBarbara, Calif. Note—This letter will be
Inc., New York. <:Offering— Indefinite.
ness — Manufacture
of medical ^electronic equipment.
withdrawn,
•
;
National Memorial Estates
Proceeds — Eor
general corporate purposes. - Office
{Laboratory Procedures Inc.
Oct. *11,1962 filed 4,750,000 common.
Price—$1. Busl—Studio £ity, CaXif. Underwriter
Financed Bqpity
Feb. 26, 1963, -filed .225,600 common. Price—$1, Business
X ness—-Company plana to engage In cemetery develop¬
/fCtwfp^/Los JVngeles; • f
*
:. ;
—Operation of six medical testing laboratories. Proceeds
ment and to establish and operate a life and disability
Merco Enterprises, Inc.
"f •
—For general corporate purposes. Office—3701 Stocker
/insurance concern. Bwa®4s—For.general corporate pur¬
Nov. 5,1962 filed 104,000 common, of which 33,000 are
St., Los Angeles. Underwriters — Charles Blohn & Co.,
poses. ,4)fflee—13 S. Broadway, Red Lodge, Mont.
Unto be i,offered by .company and -71,000 by stockholders.
and B. W. JP^zipi t&-Cpt,New; York.
*
ienqiiei^^ iH^kerage
Billings,
. /
Price—By amendment (max. $5.50). Business—Sale of
.Las Vegas Properties Trust
National Mortgage Corp., Inc.
/r
phonograph records to, ,and the providing of merchan¬ S
Feb. 7, 1963 filed 500,000 shares of beneficial interest.
Dec. 28, 1962 refiled $8,000,000 face amount certificate®
dising services to retail record department. Proceeds—
Price—$10. .Business—A real estate investment trust.
/ For general corporate purposes.
Office—750 Stewart ; (series 20) and 300,000 common shares. Price—For cerProceeds—For investment. ^Office—4933 Paradise Rd.,
:
tificates, $782; for stock, $115. Business—A mortgage
; Ave.,' Garden City, L. I., N. Y. Underwriter—J. R. WilLas Vegas, Ney. Underwriter—Secprifles Co. $£ Neyacja,
loan company.
Proceeds—For general corporate -pur¬
liston $ JBeane, ;N. Y. ;Qfferlug—Iudefhiite.
Las Vegas. '
^
' V-- W '
■' •
poses. Office—113 S. -Hydraulic, Wichita, Kan. Under¬
Meridian Fund, Inc.
"
writer—National Mortgage Agency, Inc., (same address).
Liberty,Real .Estate Trust
./•
March 4, 1963 filed 500,000 capital shares. Price—Net
Note—This offering will be made only in the State of
Feb. 25, 1963 filed 500,000 shares ,of beneficial interest.
a asset yalue
plus 5%. Business—A new mutual fund to be .-•/Kansas.
Price—By amendment (max. $10). Business—A real°esoffered initially to members of the medical profession.
• National Security Life Insurance Co.
tate investment trust. Proceeds—For investment. Office
Proceeds—For investment. Office — 714 Boston Bldg.,
—432 Commerce Exchange Bldg., /Oklahoma City. Un-.
March 23, 1962 filed 100*000 common, of which 80,000
Denver.Underwriter—Centennial
.
March
—
.
-
"
,
„
.
-
.
.
*
..
■
,
depwriter—None.
■.•,-,
-••
;
;:
•
Management
-.-■/•■V-"
Corp. /
/.
//'
Feb. 23, 1962 filed 130,000 common. Price—$10. Business
&
Re¬
are
search Corp., (same address).
;—Ah insurance holding
sure
ne,w
whose subsidiaries in¬
the lives of all types of animals. Proceeds^-To form
subsidiaries. .Office—26 Piatt St., N. Y. Underwriter
company
;—Shearson, Bammill <8e Co., N. Y. Offering—Indefinite.
•Logos Options, Ltd. '
■/" //*;•/
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max. $10). Business—A diversified closed-
,
Met Food Corp,
convertible subordi¬
.Price — By amend¬
ment. Business—Distribution of food and related prod¬
ucts
.to
supermarkets
.and
other .retail
stores In
the New
insurance
/■Office
130
company.
Alvarado. *N.
National Security .Life
>
Yprk Metropolitan area. Proceeds—For general
corporate purposes. Office—345 Underhill Blvd., Syosset,
!N Y;
Underwriter—Brand, Grumct A Siegel, Inc., N. YOffering—Indefinite. ^
offered by company and 20,000 by stock¬
Prtee-417.50. Business—A life, accident and
be
Proceeds—For investment.
E. Albuquerque. N
M.
Underwriter—Hyder & Co., Albuquerque.
Note—This
registration has become effective. Offering—Indefinite.
health
„
March 30, 1962 filed $1,000,000 of
nated debentures due Nov. 1, 1977.
to
holders.
Livestock Financial
Insurance Co., Inc.
1962 filed 590,075 common
subscription by common stockholders
Nov.
i
/
28,
;.
.
to be offered fpr
of record Oct. 15,
: Continued
on
-page
.36
-
36
The Commercial and Financial Chronicle
(1204)
>
.
/ Thursday, March 21, 1963
«w'
I
from page 35
Continued
///.//Z/:
Proceeds
V:
—
For
debt
corporate purposes.
on
a
share-for-share basis. Price—By
-
National Telepix, Inc.
pany.
„r
To
Ave.
:
f
of
Proceeds—For production and distri¬
expenses
and working capital./ Office—1270
the Americas, N. Y. Underwriter—None.
,,
National Uni-Pac, Inc.
named.
,/
"Z||
t
Parkway Laboratories, Inc.
—For
;/>
,
Office
—
2301
Pennsylvania
Underwriter—Arnold Malkan
coin
and general corporate purposes. Office—220 |Z
St., N. W., Washington, D. C. Underwriter—Hirschel Co/ Silver Springy Md.- Off eringr^Irtdefinite. Note—/ ■
'The SEC has challenged the > accuracy and adequacy
•••
of this registration statement,;
;
> 4. 4 ?
a
; ]
; .
K
'
f
Ave., Philadelphia.
Robins
Co., Inc., N. Y; Note—
1
Price—$5.
•
Playboy Clubs International,
<
Sept., 26, 1962 filed 100,000 common/ Price—$5. Busimanufacture;' and distributionOf girls' %
Co., New York.
Proceeds.
drilling expenses, working capital and other cor¬
(A. H.) Co., Inc. (3/27)
1963 filed 350,000 common.- Price—By: amendihoht (maxf$82.)i Business—Development vand martufdc-;
ture of pharmaceutical specialties.. Proceeds -— For sell- ing stockholders. Address—1407 Cummings Drive/RichFeb. 28,
; /This registration will be withdrawn.
-
—For
4'■/////
repayment
Business
debt repayment,
Sept. 7, 1962 filed 180,000 class A common.
Business—Production of natural gas and oil.
Price—$5.
Dec. 21, 1961 filed 142,858 common. Price—$7. Business /:
~—A real estate investment company. Proceeds—For debt//
vending - machines. Proceeds—For
Pictronics, Inc.
equipment and working capital/ Office '.Feb. 27, 1963 ("Reg. A") 75,000/ common. Price: — $4;,
—15 Peachtree St., Atlanta. Underwriter—None. Note—
Business—Production of TV documentary films, and the
This registration will be withdrawn.
.
*
Natural Gas & Oil Producing Co. "(4/15)/ /v/;;.,;:: y.v.
lease
Richmond Corp.;
4
'/•
Proceeds
acquisition, research and other corporate pur¬
an
poses.
$4).
operated
(max.
be
6, 1961 filed 160,000 common. Price—$5.
—Manufacture of drugs and pharmaceuticals.
^
.
Price—By amend¬
Business—Company plans, to sell or
common.
>
Proceeds—For general corporate purposes. Office
Underwriter—
Dec.
filed 85,000 common.
July 31, 1962
ment
V
;
pictures.
bution
^
—70 N. Main St., Freeport, L. I., N. Y.
,
;
July 30, 1962 filed $150,000 of 6%% conv. subord. deben¬
tures due 1972. Price—At par. Business—Production oi
motion
.
/'W
;/// Business — A securities broker-dealer. Proceeds—For
PanAm Realty & Development Corp.
working' capital and other corporate purposes. - Office—
March 12,,1962 filed 400,000 class A stock? Price—$10 ;
237 W. 51st St., N1 Y. Underwriter—Richard Gray Co,
New York. Offering—Indefinite./
Business—A real estate holding and development comn —■ ""
"
amendment (max,
pating ordinary life insurance. Proceeds — To expand
operations. Office—6225 University Ave., Madison, Wis.
Underwriter—None.
>
and other/// Richard Gray & Co., Inc.
Office—39 Broadway, N. Y. Under- ;/ June 21, 1962 ("Reg. A") 60,000
writer—To be named.
participating and non-partici¬
$2). Business—Writing of
A* *?' -irn,
repayment, equipment,
/ * nesw-^Design,
Inc.
May 28, 1962 filed 270,000 common. Price-By amendWousea, sportewear, andcoordinates.. Proceefl^For •
(max. T
$7). Business—Company is engaged in the
repayment. Office—112 W. 34th: St.,N.. Y» Underwriter—Wmslow, Cohu &; Stetson Inc., N. ,Y. Offering—• /
ownership and franchising of Playboy Clubs. Proceeds—
/' Now Campbell Island Mines Ltd.///!/}
rIndefinite.: :/:•,/,/'/•//r/';*/.
For debt repayment and general corporate purposes. OfOct. 13, 1961 filed 475,000 common, of which 400,000 are;
fice—232 E. Ohi6 St., /Chicago.
.4
Underwriter—Golkin,. // -Royaltone^'Phbtb- Corp.to be offered Xby the company and 75,000 by a stock¬
/ Divine: & Fishman, Inc., Chicago. Note^This registratipn; • Nov. 29, 1961 filed 300,000 common, of; which; 100,000
holder r Price—50c.
; Business—Exploration, - develop-'
are to be offered by the company and .200,000 by stock- 'j
: was withdrawn.
ment and mining. Proceeds—General corporate purposes
-a:' Potomac Real Estate Investment Trust
-T *
( holders. • Price — By amendment. Business — Develops
Office—90 Industry St., Toronto, Canada. Underwriter— //
and/prints • color,, and * black and; white- ' photographic
July 6, 1962 filed 1,000,000 shares of beneficial interest
A. C. MacPherson & Co.,. Toronto/
;
"
*
filihV Proceeds/^fF6r equipment and/forking capital./
/Price—By amendment (max. $5). Business—A real estate
;:.
New Industry Capital Corp.
Office—245 7th Ave., N. Y. UnderwriterFederman,
:V investment trust. Proceeds—For investment. Office—880
Feb. 25, 1963, filed 30,500 common. Price—$10. Business
Stonehill & Co., N. Y. Note—This registration will be
Bonifant St., Silver Spring, Md. Underwriter—None.
—A small business investment company. Proceeds—For
withdrawn.
Powell Petroleum, Inc.
investment, and working capital. Office—1228 Wantagh
Russell Mills, Inc.
Sept. 28,1962 filed 100,000 common. Price—$5. Proceeds
Ave., Wantagh, New York. Underwriter—None.
Sept. 28,1962 filed 312,500 common. Price—By amend¬
4—To drill for and operate oil wells. Office—418 Mar¬
ment (max. $12).
New World Fund, Inc.
Bnriness-^Manufacture of athletic
ket St., Shreveport, La. Underwriter—None.
Feb. 21, 1963, filed 250,000 common. Price—Net asset
clothing, knitted underwear, children's sleepwear and
Power Cam Corp.
cotton cloth. Proceeds—For bond retirement and plant
value plus 8V2%. Business—A new mutual fund. Pro¬
Jan. 28, 1963, filed 200,000 capital shares. Price—$4.75.
ceeds-—For investment. Office—4680 Wilshire Blvd., Los
expansion. Address—Alexander City, Ala. Underwriter
Business—Company plans to manufacture a new type of
—Hornblower & Weeks, N. Y.
Note — This company
Angeles.
Underwriter — New World Distributing Co.
brake unit for heavy duty automotive vehicles. Proceeds
formerly was called Russell Manufacturing Co. Offering
(same address).'
•
>
^For equipment, and working capital. Office — 2604
—Indefinite.
• Nordon Corp., Ltd.
'Leith St., Flint, Mich/ Underwriter—Farrell Securities
/• San Francisco Capital Corp.
March 29, 1963, filed 255,000 capital Shares being offered
Co., New York.
April 23, 1962 filed 60,000 common. Price—$12.50. Busi¬
for subscription by stockholders on the basis of one new
Prescott-Lancaster Corp.
'
ness—A small business investment company.
Proceeds
share for each five held of record March 8, with rights
March 30,1962 filed 150,000 commlfth. l'rtce—$5/Busineei
For
investment.
Office—400 Montgomery St., San
to expire March 31. Price—$2.25. Business—Acquisition
—Real estate. Proceeds—For purchase of hiortgages, and
Francisco. Underwriter—Cantor, Fitzgerald & Co., Inc.,
and development of oil and natural gas properties. Pro¬
working capital. Ofti#^18 Itahcaster Bd., Union/N./J
Bevely Hills, Calif. Note—This registration was with¬
ceeds—For drilling expenses, and working capital. Office
porate purposes.
Office—Tekoil Bldg., Oklahoma City..
Underwriter—Peter Morgan & Co., N. Y. j
;
;
:
;
ment.
■
-
—
-
-
-
'
.
,
Underwriter—To be named.
—5455 Wilshire
Boulevard, Los Angeles. Underwriter—
Gregory-Massari, Inc., Beverly Hills, Calif.*
drawn.
Professional Men's Association, Inc. |
Jan.
Scripps-Howard Broadcasting;.Co. * (4/3)
1963 filed 40,000 common. Price—$5. Business
—Company specializes in financial consulting, and serv¬
March 5, 1963 filed $30,000,000 of first mortgage bonds
icing patients' accounts of member hospitals, physicians
due 1993. Proceeds—For working capital. Office—5265
and dentists. Proceeds—For debt repayment and workHohman Ave., Hammond, Ind. Underwriter—(Competi- i
Zing capital, Address—100 Wv Tenth St., Wilmington, Del.
tive). Probable bidders: Halsey, Stuart & Co. Inc.; White,
Underwriter—None.
Weld & Co.; Eastman Dillon, Union Securities & Co.• Publishers
Lehman Brothers-Bear, Stearns & Co.
Co., Inc.
(jointly); Equi¬
table Securities Corp.; Dean Witter & Co.-Blyth & Co.Aug. 29, 1962 filed 25,000 outstanding common shares
Merrill Lynch, Pierce, Fenner & Smith Inc.
5(jointly); ' to be sold by stockholders. Price—By amendment (max.
First Boston Corp.;. Kuhn, Loeb & Co. Bids — April 9
$10). Business—Book publishing. Office—1106 Connecti¬
cut Ave., Washington, D. C. Underwriter—Roth & Co.;
(11 a.m. CST) at 111 West Monroe St. (8th floor), Chi¬
cago.
/'/// -•
' A;r; Z;.;';; Inc./ Philadelphia. Note — This registration was; with-;
•
Northern
Nuclear
Indiana
Science
Public Service
&
Engineering
Co. '(4/9)""
drawn.
services.
Proceeds—For equipment, debt repay¬
expansion and working capital. Address—P. O.
Box 10901, Pittsburgh. Underwriter—Johnston. Lemon &
Co., Washington, D. C.
Note—This registration will be
withdrawn.
]
Nuveen
Oct.
17,
;
^
Rican Cement
Co., Inc.
(max. $20). Business—Company owns and operates
stations, three AM radio' stations and two FM
stations,
Proceeds—For
selling Z stockholders." Off ice—
Bldg., Cincinnati/Underwriter —
First Boston Corp., New York.
1121
Union
Central
Seaboard Land Co.
July 25, 1962 filed 200,000 class A Common, Price-^By
amendment (max. $2.50). Business-r-Ownership and de-
:
•
velopment of real estate. Proceeds—For working capital.
Office—912
writer
—
^Thayer:
North /
(same address).
4
*
_
ment
four TV
v
Selective
(3/27)
Ave;,^SBvieT^Bpring;i;M^/Cteder^ /
American
.
Financial
;
> Seaboard
*
Securities ; Uorpv/
.
Corp/
of which AooiobO ;;: Feb/ 28; 1962 filed 500,000 cOmmony
wfaich^^05;000
are to be offered for subscription by holders of the
will be sold by company and 200,000 by stockholders.
A,
B and C stock of Selective Life Insurance Co.; an affili¬
Price—By amendment (max. $21). Business—Manufac¬
ture of Portland cement, and multiwall paper bags/Pro¬
ate, on the basis of 4 company shares for each class A or
ceeds
For debt repayment, and expansion. Office— | B share and two-thirds share for each class C share of
Selective Life held. Remaining 94,822 and any unsub¬
Calle Real No. 16, Playa de Ponce, Ponce, Puerto Rico.
scribed shares will be offered publicly. Price—To public,
Underwriter — Merrill Lynch, Pierce, Fenner & Smith
$6; to stockholders, $5. Business—Company plans to en¬
Inc., New York.
; ;
/
.
gage in the consumer finance, mortgage, general Zfi- Z
Putnam Management Co., Inc.
nance and related businesses. Proceeds
For general
Aug. 22, 1962 filed 150,000 common (non-voting). Price
corporate purposes. Office—830 N. Central Ave., Phoe¬
—By amendment (max. $14). Business—An investment
nix.
Underwriter—None.
1963/ filed 600,000
common,
—
ment,
/
-
• Puerto
Feb. ;21,
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬
ment
-
Corp.
March 29, 1962 filed 100,000 common. Price—By amend¬
ment (max. $15). Business—Research and ■
development %
on contracts using radioactive
tracers; precision radio¬
March 12, 1963 filed 375,000 common. Price—By amend¬
8,
■
—
Tax-Exempt Bond Fund, Series 4
1961
filed
$15,000,000
of
units
representing
fractional interests in the Fund.;; Price—By amendment.
adviser
and distributor of
mutual funds. Proceeds—For g
Shaker
Properties
19, 1962 filed 215,000 shares of beneficial interest.
Price—$15. Business — A real estate investment trust.
Quick-N-Clean Corp. of Minnesota, Inc.
Proceeds—For investment and working capital. Office
to be exempted from Federal Income taxes. Proceeds—
Oct. 1, 1962 ("Reg, A") 205,000 common. Price—$1.15M —1956 Union Commerce
For
investment.
Bldg., Cleveland. Ohio. Under¬
Office—Chicago, 111.
Sponsor—John
Business—Company plans to open a chain of coin oper¬
writer—McDonald & Co., Cleveland. Offering—Indef¬
Nuveen & Co., 135 So. La Salle St., Chicago.
ated dry cleaning stores.
Proceeds—Advertising, expan¬
inite,///
Orr (J. Herbert)
sion and working capital. Office—712 Fir
Enterprises, Inc.
St., Brainerd, X
SignaliteInc. "
s,/.
May 1, 1962 filed 200,000 common. Price—$5.25. Busi¬
Minn.
Underwriter—Northwest Securities, Inc., Detroit
Jan. 29, 1962 filed 126,000 common. Price~$4 50. Busi¬
ness—The company and its subsidiaries manufacture
and
Lakes, Minn. Offering—Expected in late April.
,/
\
distribute cartridge type tape player recorders and
ness—Manufacture, sale and development of glow lamps
pro¬
/• Recreation Industries, Inc. (3/27)
for use as indicators and circuit components. Proceeds—
grams therefor; sell at retail nationally known audio'
|
Nov. 23, 1962 ("Reg. A") 75,000 common.»Price — $2.
For debt repayment, equipment and working capital.
visual equipment; and manufacture men's and
boy's dress / Business—Sale of travel
and entertainment. Proceeds— / Office—1933 Heck
trousers. Proceeds
Ave., Neptune, N. J. Underwriter—
For additional
inventory, equip¬ /For
capital investment, and working capital. Office—
Milton D. Blauner & Co., N. Y. Offering—Postponed.
ment, research, and working capital. Address—P. O.
411 W. 7th St., Los Angeles. Underwriter —
Box 27, Opelika, Ala.
Costello, r
Underwriter—First Alabama Se¬
/ Socony Mobil Oil Co., Inc.
(3/28) //
./V
Russotto & Co., Beverly Hills, Calif. I
' r ' ■ s
curities, Inc., Montgomery. Offering—Indefinite.
March 12, 1963 filed $200,000,000 of debentures due 1993.:
Remitco, Inc.
Outlet Mining Co., Inc.
Price—By amendment. Business—Company and its sub- i
1
Nov. 19,1962 filed 952,000 common. Price—$18. Business Z sidiaries are
Feb. 28, 1962 filed 900,000 common.
engaged in the production, transportation,
Price—$1. Business
—Company is engaged in selling "puts" and "calls." i refining and marketing of petroleum products in the ■
—Mining. Proceeds—For equipment and
working capi¬
Proceeds—For Working capital. Office—130 N. Virginia / <U.~S. and abroad. Proceeds—For
tal.
general corporate pur- :
Address—Creede, Colo. Underwriter—None.
St., Reno, Nev. Underwriter—None.
poses. Office—150 East 42nd St., New York. Underwriter
• Pak-Well
Paper Industries, Inc. (3/25-29)
—Morgan Stanley & Co., New York.
' '
Resort Corp. of Missouri
/. '
\i
v •
March 30, 1962 filed 150,000 class A
common. Price—By
Nov. 27, 1962 filed 125,000 class A common and three• Southwest Forest
amendment fmax. $13),
Industries, Inc.
Business—Manufacture of en¬
year warrants to purchase 1,250 class A shares to be
Jan. 11, 1963 filed 638,237 common being offered for
velopes, packaging materials of various kinds,
wrapping •offered in units
consisting of four shares and one warsubscription by stockholders on the basis of three new
paper, stationery, and school supplies.
Proceeds
For
rant.
Price
$32 per unit. Business — Company will
shares for each five held of record March 14, with rights
selling stockholders. Office—198 W.
Alameda, Denver.
erect and operate a luxury hotel and resort facilities,
to expire March 28. Price—$5.
Underwriter—Francis I. du Pont &
Business—Company man- J
Co., N. Y.
and sell 80 acres of land for home sites. Proceeds—For
ufactures lumber and wood products, and converts, proc¬
Pan American Beryllium
Corp.
.construction. Office—3615 Olive St., St. Louis. Under¬
esses
and distributes paper:products. Proceeds —For.
Feb. 28, 1962 filed 100,000 common.
Price—$5 Businesa
writer—R. L. Warren Co., St. Louis. Offering—Expected
.working capital and debt repayment. Office—444 First
—Company plans to mine for beryl ore in
in May.
Argentina.
=
National Bank Building, Phoenix. Underwriter—None.
Business—The Fund will invest in
interest-bearing obli¬
selling
gations of states, counties, and municipalities of the U. S.,
and political subdivisions thereof which are believed
stockholders.
Office—60
Congress
St.,
Boston. Z
Oct.
Underwriter—To be named.
—
-
.
...
.
-
—
?
;
-
Volume 197
The
Number 6248
Southwestern Electric
Power
Co..
Commercial and Financial Chronicle
(1205)
(4/3)';"||?Hp; equipment arid working capital. Office-^317 East Emma
March 11, 1963 filed $30,000,000 of first mortgage bonds
telephone
properties ' in central
Kansas,
and
tele¬
phone properties in Iowa and Missouri. Proceeds—For
general ^corporate purposes. Office—2015 Forest Ave.,
.
Ave., Springdale, Ark. Underwriter—Rauscher, Pierce &
Co., Inc., Dallas.
,
1 "
f: due 1993. Proceeds-r-For construction, and debt repay¬
ment. rOffIce—428 -Travis St.," Shreveport, La. Under¬
writers
(Competitive.) Probable bidders; Merrill
Lynch, Pierce, Fenner & Smith Inc.-Eastman Dillon,
Union Securities & Co. (jointly); Kuhn, Loeb & Co.Blyth & Co., Inc.-Salomon Brothers & Hutzler (jointly);
Halsey, Stuart & Co.' Inc. Bids — Expected April 3 at
/
Great
Underwriters National Assurance Co.,
Bend,
Chicago.11
.
-—
20 N. Wacker
•
Drive, Chicago.}
Feb.
of. which 31,176
shares are to be offered by company and 18,824 by a
selling stockholder. Price—$7.50. Business — Writing of
health insurance. ProceedSr-^To; increase capital and sur¬
.
common,
Ultrasonic Laboratories, Inc. '
>Nbyv 29, 1962 filed 67,200 common. APrice—$3.50. - Busi¬
ness—Design, engineering and manufacture of special¬
Charlotte, N. C. Underwriter—Fleetwood Securities Corp.
ized products primarily : in the field of .i contamination
v of
America, N. Y. Offering—In late April.-VJ1
control. Company also acts as sales agents and distrib¬
utors of allied equipment in the fields of contamination
Sterling Copper Corp.
control and ultrasonics. Proceeds—For debt repayment,
I Aug. 2,- 1962 filed >950,000 common. Price—$1. Business
oornnrafp nnrnnsps
-^Company plans to operate n nonrferrous rod and tube *' eniiinrh en L ad-vertisin ff and other corporate purposes,
equipment, advertising
j mill. Proceeds---Foi; plant and equipment,
%taV and other corporate purposes
.
Note—The* SEC, has 'issued
pending this issue.
.
-.r-u.-
nn
:
:
-r-r
an
order'
temporarily!
'
,
.
sus¬
^
,
Western Travel, Inc.
Oct: 29; 1962 (O'Reg. A") 187,000 common." Price -r- -$K
Business—Operation of motels, hotels, - restaurants and
Telated businesses. Proceeds—For completion of a motel
anrl wnrJHnr* rnnHal!1
1M
TTnWorcftxr
and working capital.' Office—290' N." University Ave.
.
,.t
>7.;>>(:->>v'>
Price — $1.
Business—Company plans to erect a mill to produce cer¬
tain types of iron by the new "Taylor Process." Proceeds
—For plant construction and. general corporate pur¬
poses. Address—Suite1412-413 Hynds Bldg., Cheyenne,
Wyo. Underwriter—C. B. Hoke Agency, Cheyenne, Wyo.
.
,
Kan.. Underwriter—Dean Witter &" Co.,
> ::>>>■(> (>>>>> >'m
(
Western Steel, Inc.
Jan. 17, 1962 ("Reg, A") 245,000 common.
plus and for expansion. Office -4. 1939 N/MeridiamSt^
Indianapolis.' Underwriter — K. J. Brown & Co.,. Inc.,
Muncie; Ind. <
<■
- y
• * s ' *1 -•
-
;
Southeastern Mortgage Investors Trust
Feb. 15, 1963 filed 1,100,000 shares of beneficial interest.
Price—$10. Business—A real estate investment trust.
Proceeds—For investment. Office—500 E. Morehead St.,
:
50,000
1963,, filed
21,
37
Pincqnning; Mich. Underwriter
•.Stone Mountain Scenic ASitroaa, inc. — x
.Jan; .22;.1963.filed:< 105,000 ;qornmon-to benfferbd for;
>'
'
scriptiorv5by*$t06kholder$;;pr£Ihe* basi$
.
oL
to
S
investment.
Office—4900
Los Angeles. Underwriter—None.
J
•.
Wilshire
(/•
r
Blvd.,
?»
also
Business
Manufacture
—
of
;
New
Y'
Third
Underwriter—Creative Ventures
Ave., N. Y.
^
^
1
:
m
}
—
drawn.
Proceeds—For investment in U. S.
Government Bonds and in new subsidiary. Office—801
Lafayette Life Bldg., Lafayette, Ind. Underwriter—Amosand Inc., (same address).
^
writer
new
mutual fund.
>
Pr^ceeds-For :»j has been licensed to conduct harness racing with parimutual
betting. Proceeds — For
i w****—• »——77'— debt repayment and
J
working capital. Office—3 Penn Center Plaza, Philadel¬
Reed, Inc.; Kansas City; Mo.
.
phia. ^Underwriter—Stroud & Co.; Inc.; Philadelphia.
Inc.'
unit.:' Business—Manufacture
■
of
Winslow
Electronics, Inc. "
Dec. 28,
1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision;• electrical and
electronic measuring devices and test equipment. Pro¬
ceeds—For debt repayment and other corporate pur¬
poses. Office—1005 First Ave., Asbury Park, N. J. Under¬
urethane
Bldg., Dallas.
Republic National Bank
Under-;
Neb.
writer—To be named.
First Nebraska Securities Corp., Lincoln,
—
Racing Association
-
r
;
Offeringi-Temporarily-postponed ^
Jan. 26, 1962 filed $4,500,000 of 6.5% convertible sub¬
ordinated debentures due 1977 (with attached warrants)
(4/15)' 11, 1963(filed $15,000,000 first mortgage bonds
Utah Power & Light Co.
March
1993. Proceeds-^-To refund
due
to
A
Office-r-1407 .West North Temple
St.;; Salt Lake City., Underwriters
(Competitive.)
Probable bidders: -Eastman Dillon, Union Securities &
Co.-Smith, Barney & Co.-Salomon Brothers & Hutzler
(jointly); Kidder, Peabody & Co.; Lehman BrothersBear, Stearns &|Coa (jointl^);^/White, Weld & Co.-Stone
& Webster Securities Corp. (jointly); First Boston Corp.Blyth & Co. (jointly); Halsey, Stuart & Co. Inc. Bids —
April 15 (11:30 a.m. EST) at Ebasco Services, Inc., 2
Rector St., New York; Information Meeting—April 11
(2:30 p.m. EST) at < same .address.
\
~
1963, filed. $22,000,000 of; first mortgage :boilds
due 11993. Proceeds—For construction. Office—7th and
Lamar St., Fort Wofth. / Underwriters—(Competitive>.
Probable bidders: Halsey, Stuart & Co. Inc.; First Boston
(
Corp.; Eastman Dillon, Union Securities & Co.; Kidder,
Peabody & Co.-Merrill Lynch, Pierce, Fenner & Smith
Inc. (jointly); Kuhn, Loeb & Co.-Blyth & Co.-Lehman
Brothers (jointly). Bids—March 26 (11:30 a.m. EST) at
Ebasco Services, 2 Rector St., New York. Information
Meeting^-rMarch 22 (11 a.mvEST) at some address;1
;
Valley Investors, Inc.
Jan.. 23, 1963, filed 328,858
—A
be offered
for
subscription by stockholders of class
of $500 debentures for each 100
class A shares held. Price—$500 per unit. BusinessReal estate. Proceeds—For debt repayment and realty
acquisitions. Office—10 East 40th St., N; Y. Underwriter
S; K Securities, Ine;i 10 East 40th Street, New York.
Note—This registration will be withdrawn.
like amount .of 5 % %
a
bonds due Oct. 1, 1987.
,
(3/26)
per
—2300
chase warrants for 100. common shares to be offered for
subscription by stockholders of Ten-Tex Corp., parent,
of record Feb. 1, 1963 on the basis of one unit for each
150 common shares held.
Price—$100.
Business—Sale
and lease of machinery for production of tufted textile
products. Proceeds — For debt repayment and working
capital. Office—3814 Tennessee Ave., Chatsworth, Ga.
Underwriter—Irving J. Rice & Co., Inc., St. Paul. Of¬
fering—Indefinite.
'
Electric Service Co.
Bustness-A
Urethane of Texas;
$5.05
Ten-Tex, Inc.
1962 ("Reg. A") 3,000 units each consisting of
one 6%% 10-year debenture, 25 common shares and pur¬
Texas
,
11, 1961 filed 2,500^000 shares of stock. Price—$^0
sh^.
Penn
1963 filed $1,000,000 of 6V2% sinking fund de¬
bentures due 1978 and 100,000 class A non-voting com¬
mon shares to be offered in units of one $100 debenture
and 10 shares. Price—$220 per unit. Business—Company
foamsi i;Troceed^FoT t equipment, .working
capital;
leasehold expfensSs^ftd other corporate purposes. Offiee
Dec. 31,
Feb; 25,
-
.
Wiliiani
March 8,
Feb. 14, 1962 filed 250,000 class A and 250,000 common to
be offered,
ipt units of one share of each class. Price—
company.
iuis,uuu arc
Co., NewfOrleans. NoterVrThis fegistratioh will be ,with-*
'
'
investment. Office—20 W. 9th Street, Kansas City, Mo.
•
wmcn
April 2, 1962 filed 80,000 common. Price — By amend¬
ment (max. $11). Business—Operation of a chain of shoe
stores. Proceeds—For debt repayment, expansion and
working capital. Office — 808 Dakin St.. New Orleans.
Underwriter
Howard, Weil, Labouisse. Friedrichs &
Annuities Fund, Inc.
.Underwriter^-Waddell &!
Jan. 21, 1963 filed 48,500 common. Price—$100. Business
—A holding company which plans to organize a life in¬
>
For
—
York.
A^ril
..r
.
Tecumseh Investment Co., Inc.
surance
Proceeds
United Variable
Corpi. 733,,
1
xu*,uuu cuuunuu, vi
'■;V^;Wiaher:'.Sliea'ThcS:':f;fi||^i^
Address—Rehovoth, Israel. Underwriter—Brager & Co.,
furniture.
.
meu
Ihg capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
Underwriter—Godfrey,, Hamilton, Taylor -& Co., N.. Y.
light household and office
general corporate purposes.
Vj, Teaching Systems, Inc. fM
"
," Juhe .1, 1962 (VReg;A") 50,0d0 commbh.ePriee—$2, -Busie;.
vncss—Production: and : isale pf educational audio-visual
teaching aids;.- Proceeds^For equipment^ promotion and
advertising andworking capital.' I Officcsl650 Broad-
i»ux
"offered by' the • company and ,60,000? by stocke-: P^^osrapnic equipment.. Com--:; holders. (Price-^-$3/ Business—Operates • a chain of retail
sells • radios, tape recorders dictating and
drug stores. Proceeds—Expansion, equipment and work^
Ltd.
Feb. 25, 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.
,
Proceeds—For
wu.
•
United Saran & Plastic Corp.
Sutro Mortgage lnvestment Trust.;
1, 1963 ;'filed v30,000- Shares' 'pf! beneficiai ^lnierest.„:
Price—$100. Businesses A real estate!investment' trust -
„
..T""
and
/
Feb.
"Tr"
photocopying machines, and provides a film developing
printing service.
Proceeds—For new. stores and
camera concessions.
Office—25 W. 43rd St., N. Y. Un¬
derwriter—Ingram, Lambert & Stephen, Inc., 50 Broad
St., New York. Offering—Expected in mid-April.
the
public. Price—To stockholders, $5.50; to public,
$6.50. Business—Operation of a scenic railroad. Proceeds
—For construction, debt repayment and other corporate
purposes. Address—Stone, Mountain,.; Ga. Underwriters
"
—"Vil—'
'
each three shares held. Unsubscribed shares will be sold
•
«*".•
sub*:>?^
^harq ^r^
stock
on
the
Issues Filed With SEC
-
common^ Price--$1. Business
mutual fund.^Proceeds—For, investments Ad*'
new
basis
This Week
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
Plasticsr Inc.machines, and clothes washing and drying machines.
July 27, 1962 filed 313,108' coxximon. Price—$3.50. Bust- 1
Proceeds
For debt repayment, equipment, expansion
ness—Operation of a plant producing plastic film and
and working capital. Office—565 Fifth Ave., New York.
packaging products. .Proceeds—For working capital.
•
Address—Elsa, Texas. < Underwriter—Crow, Brourman & / Underwriter—M, G; Davis & Co., Inc., New York*'
Chatkin, Inc., N. Y.
Wade, Weiiger ServiceMaster Co. '
(
Nov. 23, 1962 filed; $250,000 of 7% ^onv, subord. de* /
^ Top Dollar Stores,
Price—95% of principal amount
May 1, 1962 filed 200,000 common, of which 100,000 are '; bentures due 1973.
Business—Sale of franchises for on-location cleaning of
to be offered by company and 100,000 by stockholders
Price-—$5. Business—Operation of a chain of self-serv- « carpets, furniture,; floors, etc.; and the manufacture and
ice retail stores selling clothing, housewares, etc. Pro- - sale of cleaning equipment arid materials. Proceeds—For ;
eeeds—For expansion, equipment and working capital > V debt repayment and other corporate purposes.
Office— I
Office-r-2220 Florida, Ave., Jasper, Ala.
Underwriter— i ' 2117 N. (Wayne, Chicago. Underwriter^None^ ; „•
Texas
—
.
Philips/^Appel^Walden^
jlSvBrqadwayr Jf^Y; Offering ^
^•—Temporarily;'1 postponed,
Transarizona
;•
Resources,
iment.
Inc.
May (28, 1962 filed 500,000 capital shares. Price—$1.50
Business~fExploralionr. ^development and production of
; the Lake>Shore copper, deposit near Casa Grande, Ariz
;^niceeds^Fqr^egu4p{npnt: exploration and working capttal. Office—201 E. 4th St., Casa Grande, Ariz. .Under;
-v
n_—l
....i7i
.'1
t«
j
Li
...
writer—None.
1963 filed 810,740 shares of $2 preferred (par
$50) to be offered in exchange for a like number of out¬
standing $2.70 preferred shares (par $50) on a share-forshareibasis.
All $2 preferred sharea not exchanged by
April 22, will be offered publicly. Price—By amend-;ment. Business-i-A closed-end investment company; Pro
ceeds
To help finance the redemption of unexchanged
$2.70 preferred shares. Office—65 Broadway, New York.
Underwriter—Eastman Dillon, Union Securities & Co.,
—
;
.
New York. '(•
Tyson's Foods, Inc.- •
^
■■
^26; ;3(962..<filed >100,000 common. Price-r«By amend¬
<max, $12) .:>BusIness-hCompany operates aii date■'igrut^d ^poultry business, Proceeds — For construction;
.
Dec,
ment
'Business—The
carrying
71
'
•
Tri-Continental Corp.
•
Steamshlp Corp.
'
of
t
750,000; common. Price—20
Business—Exploration and development of gold
placer claims in Alaska. Proceeds-^For general corporate
purposes. Office—E.: 15 Walton Ave., Spokahe. Under¬
writer—Duval Securities, Spokane. 1'
•
cents.
,
(Bush'' Hog,
I
March 19, 1963 filed $1,000,000 of 6^% convertible sub¬
ordinated debentures due 1973, to be sold by the com-
patty; and 200,000 comrtion to be sold by stockholders.
The offering will be made in units of one $10 debenture
and two common shares. Price—$28 per unit. Business
—Manufacture of farm machinery. Proceeds—For debt
inventory, and working capital. Address—
P. O. Box 1039 Selma, Ala. Underwriter—Courts & Co.,
f repayment,
liner-type-cargoes
*
-Atlanta, Ga.
^Pruceeds—For the purchase of vessels, and working cap
U'fDl
Caint
Tnoor\V>
St
MnWlo
Alo
TTyifiar
!talv,4)ffice—71 Saint Joseph St., Mobile, Ala. Under★ Compass Exploration,1 Inc.
wrUer^Shields^ (Cp^lhc;; N./Y; X)ff ering-^iridef ihitely (
Feb. 27, 1963 ("Reg. A") 30,000
March 1,
>
Waterman
Aug. 29, 1961 filed 1,743,000 common.; Price—By amend-
'
-A' Bonanza Gold, Inc.
March 4, 1963 ("Reg. A")
i,
-
a
'• *
common. Price — $10.
A Business—Exploration, development ancjl ,operation of oil
,
"
postponed,
,v
,
^
\
-'V' Western Futures, Inc. \\ "■'
Feb. 11, 1963 ("Reg. A") 120,000 capital shares. Price—
$2.50. Business — Acquisition and development of land.
Proceeds—For general corporate purposes. Office—2727
N. Central Ave., Phoenix. Underwriter — William W.
Bones Securities Co., Phoenix.
,
and
gas
properties. Proceeds—For working capital and
corporate purposes. Office—101 University Blvd.,
Denver. Underwriter—None.- v
i
'O. -
( other
,
;
_
Western Empire Heal Estate Investments
^ Copenhagen Tfelephone Co., Inc. (4/9)
( ] '
March 20,
1963 filed $15,000^000 sinking fund dollar
debentures due 1978. Price—By amendment. Proceeds—
For construction., Address—Copenhagen, Denmark. Un¬
derwriters—Smith, Barney & Co., Inc.; Kuhn, Loeb &
Sept. 26, 1962 filed 600,000 shares of beneficial interest
Price—$4. Business—Company plans to quality as a real >,Co„ Inc.;(Harriman Ripley 8c Co., Inc.; Lazard Freres &
estate investment trust. Proceeds—For investirienti' Of¬
Co., New York. ( V\."
>
.
V>
•
*
,
*
.
fice—1755
•
Gilpin St., Denver,. Colo. UnderwritesfrNons.
Western Light & Telephone Co., Inc.v (4/8)
«
if Homestead Packers, Inc.
March 13, 1963 filed 5,000 shares of
'
6% non-cumulative
,
March 12,
1963 filed 115,339 common to be offered for
c preferred stock; and 5^000 common, to be offered for sale
subscription by stockholders on the basis of one new
in units of one common and one preferred share. Price
share for each 10 shares held of record April 5, with ', —$150 per unit. Business—Company plans to construct
nghts to expire; ApriL23^Prlce-^y amendment (max. '
,v
(;;;;
7a
$35). •v Business — Operation of electric, gas, water and t . '
'
-Continued on page a
^
38
The Commercial and Financial Chronicle
(1206)
Continued from
37
page
1
-
.
'
'
*
Milwaukee
-
beef and pork packing plant. Proceeds—
equipment, and working capital. Ad¬
dress—Beatrice, Nebr. Underwriter—None.
construction,
^ Life & Casualty
•> •
(4/15,19)
1,000,000 common offered at..$19.?>0<per
Webber, Jackson & Curtis, New York.
V«-
OffW^Ute and
(H. A A.) .Inc.
Seimer
1963 filed 500,000 common. Price—By amend¬
ment (max. $36). Business—Writing of life, accident and
health insurance. Proceeds — For selling stockholders.
March 15,
For investment. Office
—
—
per
Tampa Electric :Co. (4/24)
March 15, 1963 filed $48,000,000 first mortgage bonds due
May 1, 1993. Proceeds—For refunding of outstanding 5%
bonds due 1990, loan repayment, and construction. Of¬
fice—111 No. Dale Maby Hwy., Tampa, Fla. Underwriters
—(Competitive) Probable bidders: Halsey, Stuart & Co.
Inc.; Merrill Lynch, .Pierce, Fenner & Smith Inc.; Stone
& Webster Securities Corp.; Goldman, Sachs & Co. Bids
—April 24 (11 a.m. EST) at 90 Broad St., New York.
Information Meeting — April 19 (11 a,m. EST) same
write
us
...
/
,
REctor 2-9570
Park Place, New York 7, N. Y.-
telephone
at 25
us
at
or
Prospective Offerings
?*•/ Alabama 'Power 'Co.
voting . shares, without par
series. Series I will be
issued to the public, firms that produce space explora¬
tion
equipment and other non-communications y coiir
cerns. Series II will be issued to FCC-approved -com¬
munications common carriers, with the provision that
no
more
than half the company's total shares can be
/ held by these carriers* and no individuals group* may
/ hold over 10% /of the remaining 50%. Price—Maximum
t. of $100 per /share.
Business—Congress has authorized
the company to provide satellites and ground facilities
for the international transmission/of telephone, tele¬
graph, television and othei -communications. . Under/owrlters^-TqlBe named.'.
^.
. ■,
*. .w. :
//
;
have an issue you're planning to. register?
Our Corporation / News Department .would like
to know about.it so that we can prepare an item
you
Birmingham,
St.,
-(5/9)
Ala. <■Underwriters
Union Securities &
(Bonds):
—
(Competitive).
Smith Jnc.-Salomon Brothers
Co. (jointly); Blyth & Co.; Morgan Stanley
Stone & Webster Securities Corp, Bids—Expected
May 9, 1963.
Securities
«• Arizona
12,
Bank
(Phoenix),/
v-
.,;
1963 it was reported that the bank is
offer¬
its stockholders Mhe right Mo*/subscribe for . ;an ad¬
ditional 51,834 $5 pat•sha-re'S1 kmMhe^basis of'one new
share for each 14 held of record March 15, with rights
Monday issue of the "Chronicle"
AMP, Inc.
225,000 common offered at $27,375 per share by Kidder,
Peabody & Co., Incv and 'Blyth ;& Co., Inc., New York.
Berman
Leasing Co.
.<
$5,439,800 of 5V2% convertible subordinated debentures
due March
1, 1983 being offered for subscription by
common stockholders,
at par, on the basis of $100 of
debentures for each 20 shares held of record March
Rights
will
expire
14.
28. Eastman DRlon,1 Union
York, is the principal underwriter.
March
Securities & Co., New
Consolidated Edison Co. of New
Yorky Inc.
1,343,117 common being offered to stockholders at $80
per share on the basis of one new share for each 12 held
of record March 15. Rights will expire April 5. Morgan
Stanley & Co., and First Boston Corp., New York, are
the principal underwriters. ;•/'
Crown Cork & Seal -Co., Inc.
-
$30,000,000 of 4%% sinking fund debentures due March
15, 1988 offered at 101.25% and accrued interest, to yield
4.29%; also 400,000 common shares offered at $31.25 per
share by Francis I. duPont & Co., New York.
/
Fischbach &
75,000
Moore, Inc.
common
offered at $19,625 per share by Allen &
Co., New York,
Michigan Consolidated Gas Co.
$30,000,000 of 4^2% first mortgage bonds due March 15,
1988, offered at 102.426% and accrued interest, to yield
4.34% by Blyth & Co., Inc., New York.
Midwestern
Indemnity Co.
25,495 common being offered for subscription by stock¬
holders, at $19.50 per share, on the basis of one new
share for each three held of record Dec. 31, 1962.
will
and
Rights
expire April 15. W. D. Gradison & Co., Cincinnati
& Ladd, Dayton, are the principal under¬
Greene
writers.
.
den St., Berlin, Conn. Underwriters—To h& named. The
.last^public " offering /of, bonds^^ Jart;/?0;/1960- wa^
handled by Morgan Stanley & Co.-Putnam & Co.-Chas.
W; Scranton;& Co.-Estabrook & Co. (jointly).
^'^Consolidate^ Edison Co. of New York, Inc.:,
Feb.
of
26,(1963 the company stated that upon completion
current rights offering, it will, jhqve Jto. raise
its
approximately, $690,000,000 through; thq,tsale?;Of ^ecuHrities, to finance its , five. year construction program.
In
addition it
will be required
to refinance *; $27,561,000 of 3V2%. bonds maturing July 1. 1963,' and
Angeles.
$24,331,000 due July 1, 1967. Office—4 Irving Place,'New
Arkansas Louisiana Gas^Co;/
York. Underwriters—To be named. The last bond issue,
March 20, 1963 it was reported that the company had
in December, 1962, was won at competitive bidding by
filed an application with the State Public Service Com-/
Halsey, Stuart & Co. Inc.
Other bidders were Morgan
mission for permission to issue $45,000,000 of 20-year
Stanley & Co., and First Boston Corp.
* ' 1 J
expire March 29.
Price — $29.50/ Proceeds — To
capital funds.
Office
44 West Monroe St.,
Phoenix. Underwriter—William- B. Staats & Co., Los
to
first mortgage bonds.
in
subsidiaries,
Proceeds—For construction, invest¬
and loan repayment." -Address—
Bethlehem Steel
Co.
Feb.
Offering
.
_
increase
k-
details, where ^available. <will be carried in the
...
Co.
Dec. 10, 1962 it was reported that the company is con¬
sidering the issuance of about $22,500,000 of bonds in
1963 or 1964. Proceeds—For construction. Address—Sel-
Boston
& Co.;
Probable bidders: Halsey, Stuart &
Brothers & Hutzler;-BtohG; & ,W#3ster
.
, - >
i"
tConnecticut- Light A Power
Corp.; Morgan Stanley & Co. .(Preferred): First Boston
Corp.; Eastman Dillon, Union Securities & Co.-Equitable
Slattery Bldg., Shreveport, La. 'Underwriter.— Eastman
Dillon, Union Securities & Co., New York. Offering—
Expected in early April.--•/ > /-/" ...
- f
'i
clared effective this week by the SEC.
Co. Inc.; Balomon
Securities Corp. *
Co.-Equitable Securities Corp.-Drexel
(jointly); Halsey, Stuart & Co. Inc; First
& Co.
ment
The following .registration statements were de¬
—(Competitive).
Blyth •& Co.,
ing
&
common
*
Inc^-Kidder,
Peabody & Co. (jointly); Lehman Bros; Eastman Dillon,
bidders:
Probable
^'Wisconsin Michigan Power Co.; (4/9) ;
March 13, 1963 filed $6^000,000 of first mortgage bonds
due 1993.'Proceeds—For refunding of 5%% bonds due
1989, loan repayment and construction.-Office—231 West
Michigan St., Milwaukee. Underwriters — (Competitive)
Probable bidders: Halsey, Stuart & Co. Inc.; Merrill
(jointly); Kidder, Peabody & Co.-White, Weld
Co. (jointly). Bids—Expected April 9 (11 a.m. EST)
i in Room 1306, 48 Wall St., New York. Information Meet¬
ing—April 8 (11 a.m. EST) at Bankers Trust Co., 16 Wall
-St., New'.York.
' ///
Company's
8/1963 it was reported that this subsidiary of The; /
Community Public Service Co. ,s
W
;
Southern Co., plans to sell ?$16,000,000 of 30-year-first
Jan. 16, 1963 it was reported that this company vplans
mortgage bonds and $5,000,000 of preferred stock in/ td sell $8,000,000 of first mortgage bonds in June;1963.
Office—408 W. 7th Street, Fort Worth, Tex .Underwriters
May. Proceeds—-For construction.-Office—600 North 18th-
March
& .Hutzler
,s
value, will be divided into two
March
address.
Lynch, Fierce, Fenner
20,11963 it was reported that papers of incorporabeen filed for this company, in Washington,
D., C.
Do you
Would
Satellite Corp.;:
tion have
ATTENTION UNDERWRITERS!
esimilar.to thoseryou'll find hereunder.
"
.
Feb.
;
.iHuJkzier.!
~&c I Cm-Lehman Brother!sTSalompri.'^;B
' //// .%Bids-^-Expected Jurie 6.
Communications
-
ir Sony Corp.'' (4/1*5)
/;/'
March 13,1963 filed 300,000 American Depositary Shares.
.Price—By amendment (max. $20). ^Business—Manufac¬
ture of transistorized radio and television receivers, tape
recorders, and other electronic equipment. Proceeds—
For expansion. Address—Tokyo, Japan. Underwriters—
Smith, Barney & Co., Inc., and The Nomura Securities
Co., Ltd., New York.
for construction.: Office—^120 E. 41st St.,
Underwritersrrr(Competitive). Probable bid-.;
)dejs: Morgan' Stanley l& Co.*-First Boston i Corp.' (jointly) / Merrill Lynch, Pierce; Fenner .&> Smith Jnc.*.White,
Weld & Co. (jointly); Halsey,. Stuart. & Co..inc.;.'B1yth
held of recbrd March 14. Rights will
N<£ underwriting is involved4;»
p
<
1963
raise/ money
~
share.on tpe basis of three new shares
expire March 28,
^Reynolds &. Reynolds Co. (4/15-19)
March 18, 1963 filed 120,000 class A common. Price—By
amendment (max. $28). Business—Manufacture of busi¬
ness and .accounting forms and systems, and allied prod¬
ucts. ^Proceeds—For selling stockholders. Office — 800
Germantown St., Dayton, Ohio. Underwriters — Glore,
Forgan & Co., New York, and Grant-Brownell & Co.,
Dayton,
;
.
share .by Clark,
;-?r///■',/
, soumwest torest ,nauslnes,.tnc. &«***;-
111 Broadway, New
-
.
Southwest Forest .Industries,/Inc.
for each five shares
lnc„'/(6/6><
the company stated that it has-made
tentative plans to sell $25,000,000 of 25-year debentures
^in Jupe, for possible refunding operations. It has definite
plans! to sell $25,000,000 of debentures in-October to
18,
New York.
:v/'^"r•?.
March 14, 1963 filed ^253,478 capital shares t6 be* offered
for subscription by stockholders on the basis of ;'onef new
share for each five held of record April 11, 1963. Price—
By amendment. Business—A closed-end investment com¬
pany specializing in aviation and aerospace stocks. Pro¬
1963
Thursday, March 21,
.
•Columbia Gas System,
/ March
120,000 common offered at $15.75 per
National Aviation Corp.
ceeds
;//.,/
.share by Paine,
/•
Dodge & Co., Inc., New York.
iiJqu|tapie.b^cwfitira^orp., n»«siiyiue.;^holders at $5
York. Underwriter—Nbhe.
»
.
July 1, 1963. Office—/210' So. Canal St., Chicago. Under¬
writers—(Competitive).>Probable bidders: Halsey, Stuart
■;
Co. Inc.; Kuhn, Loeb & Co.; Kidder,.Peabody & Co.;
Blyth & Co. Bids—Expected May 14. ;s*,v
.///
/ '//
-
& Casualty Co. l/«
North American; Life
Co. of Tennessee
.Insurance
?
115,000 common offered at $11,375 per share (to Wiscon¬
sin residents only) by Robert W. Baird & Co,, Inc., Mil¬
waukee.
.• / '•'//"
..//
//•-/
and operate a
For
Braves, Inc.
.
26, 1963, Arthur B. Homer, Chairman, announced
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 t secured
externally.
Mr. Homer added that this
would not be required until at least 1964. Office — 25
that the company will
/Consolidated
Feb.
sell
Natural/Gas
Co.
(4/23)
.r
plans to
debentures: clue 1988
11, 1963 it was reported that the company
of sinking
$35,000,000
fund
April. Business—A holding company for six subsidi¬
aries engaged in all phases of the natural gas business.
-Proceeds-—For loan repayment, and expansion. Office—
in
30 Rockefeller
Plaza, New York.
.Underwriters—(Com¬
petitive). Probable-bidders: White, Weld & Co.-Paine,
Webber, Jackson & Curtis - (jointly); Morgan Stanley
& Co.; Halsey, Stuart & Co. Inc., First.BostonXorp, Bids
—Expected April 23 (11:30 a.m. EST) at,above address.
{Information Meeting — April 18 (10:30 a.m. EST) at
Bankers Club, ,120 Broadway, New. York..
^ '
{Broadway, New York. Underwriters—To be named. The
// Consumers Power Co. { .
,
^
;
/
last public sale of securities in May, 1955, was handled
by Kuhn,,Loeb & Co., and Smith,>Barney & Co., New "; Jan. 16, 1963 it was reported that the company plans to
sell $40,000,000 of bonds in the second half of 1963, or
York.
in 1964. Office—212 West Michigan Ave., Jaekson, Mich.
/ / California Electric Power Co.. *
s-,.. /
,.
.
Oct.
reported that this company plans
to raise new money in the third or fourth quarter of
1963. A spokesman for the company stated that the util¬
ity is thinking of selling 380,000 common shares, al¬
though a final decision has not been made. Office—2885
Foothill Blvd., San Bernardino.iUnderwriter — Merrill
/ Lynch, Pierce, Fenner & Smith Inc., New York.
29,
1962 it
\Central
Feb.
to
25,
issue
was
Illinois 'Public
Service Co.
,(5/21)
1963 it was reported that this company plans
$10,000,000 of first mortgage bonds due May 1,
1993. ^Proceeds—For construction.
-
Office—607 E. Adams
St., Springfield, 111. Underwriters—(Competitive). Prob¬
able bidders; Eastman Dillon, Union-Securities & Co.Equitable Securities Corp. (jointly); Blyth & Co.-Kidder, Peabody & Co.-Merrill .Lynch, Pierce, Fepner &
Smith Inc. (jointly); Halsey, Stuart & Co. Inc^Salomon
Brothers & Hutzler; First Boston Corp.; Lehman Broth^ers-Bear, Stearns & Co.; (jointly), Bids—Expected
21
at 20 No. Wacker
Dr.,
Chicago."
,
/r
;
May
.Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; White, Weld & -Co.-Shields & Co.
(jointly); Harriman R;ipleyi& CQ.yinc.TFjhstDOston Cprp;
(jointly); Morgan Stanley & Co..
\ ,
.
^
.
//;* Eastern Freight Ways, -Inc.
Oct. 9,, 1962 the ICC authorized the company to issue
M00,000 common.-Price—By amendment (min. $5)./Busi¬
ness—A motor vehicle common carrier operating in;nine
eastern states from VermontMo Virginia. Proceeds-i-For
working capital, debt repayment and advances to. sub¬
sidiaries.
Office
—-Moonachie -Ave.<
Underwriter—Allen & Co.. New-York.
/First National Bank of Memphis /
Carlstadt, N.
-
J.
//
*
^
March 4, 1963 stockholders, voted to increase authorized
/stock to provide for the offering of 100,000 additional
-shares to stockholders on the basis of one new share for
each nine held of record March 4,
with rights to expire
April 2. Price—$40. Proceeds—To increase capital funds.
Office—127 Madison Ave.j Memphis 1, Tenn. *Under-
v writer—None.
/;
-Chicago-Burlington & Quincy RR (JS/C).
>
Florida PowercCorp.'
March 18, 1963 the company anndunced plans to sell $4,/r
M"
March 12, 1963 the company announced plans to coffer
500,000 of equipment trust certificates in May. Two ad¬
ditional issues, totaling about; $10,200,000, are tentatively:
stockholders, sometime in 1963, the right to subscribe
for about 457,265 additional common shares on a l-for-20
scheduled for Aug. 1, and Oct. l.-.Gffice—547 W. Jackson
Blvd., Chicago. 'Underwriters-r-(Competitive). -Probable /basis. Proceeds—For loan repayment, tOffice—101 Fifth
bidders: Salomon Brothers &<Hutzler; Halsey, Stuart &
St., South, St. Petersburg, Fla. .Underwriters—To be
named. The last rights offering in May =1959 was under¬
Co. Inc. Bids—May 8 (12 noon CDST) at above address.
written by Kidder, < Peabody & Co., and Merrill Lynch,
• Chicago Union Station Co.
(5/A4) > ;
Pierce, Fenner & Smith, Inc., New York
March 19, 1963 it was reported that this company, owned
Food Fair Properties, Inc. '*
/. ;
by four major railroads, plans to sell 420,000,000 of 1-10
May 11, 1962 stockholders authorized the company to
year serial bonds and $29,000^000 of sinking fund bonds
.issue 756.000 shares of a new convertible oreferred stock
due 1988. Proceeds
To repay bank loans, and refund
which will be offered to stockholders through subscripoutstanding first 3^% and first 27s % bonds maturing
•
...
•
—
^Number6248
Volume ;197
.
to $6,0QCM)00 convertible debentures
of
gv
Major Realty Corp.,..an affiliate.. Of flee—223 East Alleg¬
hany Ave., .Philadelphia. Underwriter—To ibe named.
The last rights offering in December 1957 was under¬
written'by
Eastman
Union
Dillon,
General Aniline & .Film Corp*
1
,
>
Iowa Public Service'Co.
,
.
3, 1963 Attorney General Robert F, Kennedy an¬
that the Justice Department had .reached an
out-of-court agreement with Interhandel, a Swiss hold¬
March
1963 'the
12,
(4/22)
13, 1963 it was reported that this road plans to sell
about $4,500,000 of 1-15 year equipment? trust certificates
in April. * Office—8 North Jefferson St., Roanoke, Va.^
Underwriters—(Competitive).-Probable bidders: Halsey,
Stuart & Co. Inc.; Salomon Brothers & Hutzler. Bids—
company
.
nounced
Norfolk & Western Ry.
39
Feb.
,
»announced plans to
sell $14,000,000. of {first mortgage bonds in September.
Address—Orpheum-Electric Bldg., Sioux City,?luwa. Un¬
derwriters—(Competitive). Probable bidders: ^Kidder,
Peabody & Co.-Blyth & Co. Inc.>(jointly); Eastman Dil¬
lon, Union Securities & Co.; Equitable Securities Corp.;
White, Weld & Co.; First Boston "Corp.
.: -4t
March
Co.,
&
Securities
New .York. Offering—Indefinitely postponed.
•
-petitive). Probable;bidders:;First Boston Corp.; White,
Weld
Co.; Halsey,. Stuart & Co. Inc.;;Equitable Securi¬
ties Corp.; Kidder, ♦Peabody & Do.; Eastman Dillon,
V Union ^Securities & Co.; Lehman Brothers;-Blyth & Co.
rights , on .a aTfor-10 basis. Price—By -amendment.
Business—Development and operation of shopping cen¬
ters. Proceeds—To, retire, outstanding d%v preferred stock
tion
and purchase up
(1207)
The £tommercial,a?id *Financial'!Chronicle
y.
April 22 (12 noon EST).
'
Northern Illinois iGas Co.
March
■
raise
1963
8,
the
$90,000,000
reported ;that it plans to
outside sources to finance its
company
from
five-year construction program. > Of .this
$20-$25,000,000
will probably be obtained
% through the sale of bonds later this year. * Office—615
Underwriters— (Competi$200,000,000
-
amount,
it Japan (Government of)
designed to settle, the 20-year old dispute gMarch 20,:1963 it was.reported that the Diet is considerEastern Ave., Bellwood, 111. Underwriters—(Cprr
>••4 ing the .Government's budget'for fiscal ;1964, which *in- % Underwriters—(Competitive) . Probable , bidders: Halsey,
control, of;the 540,894 class A .and 2,050,000(classTB
shares of General Aniline sgized-.by. the D4S., Govern¬ : ^eludes; plans
iisell *$6O,OQO,O0Q/of External loan *
ment in 1942 as a German asset. The stock represents
and $20,000,000 City of Tokyo bonds.in theUvS.during^Glore,Forgan #,Co.
,
•
98% of the voting.control of the company. Mr. Kennedy
the fiscal year April 1, 1963 ,to Marchv.31, 1964»v=If ^ap-?:;
• Northern -Natural QflS'Co^
^
*** *
^
said that if General Aniline should be sold for $200 mily. proved, ,it is expected that-$30,000,000 of vthe. external f
jan 16/1963 it was reported that this company plans to
loan bonds would be offered,in May. Underwriters—To
lion, 'the Government. woiUd receivie abput>$140 .million
gell $30,000,000 of debt securities sometime in 1963 or
and Interhandel about $60 million. The settlement terms
be named. The last sale of external loan bonds in ;Feb1964. Office—2223 Dodge St., Omaha, Neb.'Underwriter-^
must', be approved* by;Interhandel stockholders and. the
ruary 11959, twas underwritten by First:Boston Corp, .The
To- be named. The last sale of .debentures on Nov. 16,
U; S£ District Court at Washington, D.; C. eBusiness— \iflast issiiegof• Tokyorbonds '■jn -;Ntatch i.1927,; was handled:
1960 was f handled on a negotiated 5basi^by- Blyth
Company, is:■ a leading domestic producer" of' dyestuffs,
by Kuhn, Loeb'& Co., and as&ociates,
S.
/-«'
chemicals and photographic materials. Office—111 W.
Jersey Central Power & Lightiio.
Northern States Power Co. (Minn.)
50th St., New York. Underwriters—(Competitive).-Prob¬
March 12, 1963 it was reported that this subsidiary of
Jan. 11, 1963, it was reported that this company plans
able bidders: Blyth & Co.-First Boston Corp. (jointly);
(General Public Utilities Corp., plans to sell $10,000,000
to sell $25,000,000 of first mortgage bonds due 1993 in
LehmanBrothers-Kuhn, Loeb &Co.-Dlore,Forgan & Co.
of 30-year bonds and $9,000,000 of 25-^year debentures in
ithe last -half of: the year, proceeds -r--For/construction.
/XiQintlyDgifTf^
the fall; Address-^-JMadison Ave.,: at >Punch »Bowl :Rd.,
-Office—15 South Fiffh St., Minneapolis.5Underwriters—
General Telephone Co. af California
Morristown, N. J. Underwriters—(Competitive). Prob¬
(Competitive). Probable bidders: Halsey, Stuart & Co.
Feb. *5, 1963 it was reported that, this subsidiary of * Gen¬
able bidders: Halsey, Stuart fe-Co/Tnc.; White, Weld &
line.; First Boston Dorp.tBlyth & i Co. ?(jointly); Merrill
eral Telephone & Electronics Corp., plans" to sell $25,Do.; First Boston'Corp.; Eastmah DiilonjUiMoh Securities •
Lynch, Pierce,;Fenner & Smith Jnc.-Kidder,-Peabody &
000,000 of first mortgage bonds in June.
Office — 2020
&
Co>Salomoh "Brothers -&
Huttler-Merrill Dynch,
Co.-White, ;Weld & Co. (jointly); Equitable Securities
Santa Monica Blvd., .Santa Monicaf Calif. -Underwriters
Pierce, Fenner
*Smith Inc. (jointly); -Kidder Peabody
Corp.-Eastman Dillon, Union Securities & Co. (jointly);
—(Competitive). Probable bidders: First Boston Corp.& Co.; Harriman 'Ripley & Co.
Lehman Brothers-Riter & Co. .(jointly).
Equitable Securities Corp.'(jointly) ; Halsey, Stuart &
Louisiana .Powar & LSght Co.
Co. Inc.; Paine, Webber, Jackson & Curtis-Stone & Web¬
Otter Tail Pjower Co.
Feb. 20, 1963 it was reported that this subsidiary of
ster Securities Corp. (jointly); White, Weld & Co.-KidJan. 16, 1963 it was reported that this company plans
Middle South Utilities, Inc., * may ;iss.ue ; $25-$30,000,000
to sell $10,000,000 of bonds in the fourth quarter. Office
der, Peabody & Co; (jointly).
of bonds early in d064. !3Proceeds--^For construction. Of¬
—215 South Cascade St., (Fergus Falls, Minn. /Under¬
fice—142 Delaronde St., New Orleans. Underwriters—
Georgia Power Co. (11/7)
writers—(Competitive). Probable bidders::Halsey, Stuart
Jan. 22, 1963 it was reported that this subsidiary of The
(Competitive.) Probable bidders: Merrill Lynch, Pierce,
Fenner & •Smith (Inc.- .Kidder, ?Peabody: & Co>Harriman
& Co. Inc.;»Blyth • &Do. Tnc.^Glpre, Forgan & Co.-KalSouthern Co., plans to sell $30,000,00Q of first mortgage
i&ah'ij&iCo.'(jointly); White,(Wold ^Do.
bonds and $7,000,000 of preferred stock; in November.
Ripley & Co., Inc. (jointly); White, Weld & Co.rBlyth
& Co., Inc.- Shields & Co. (jointly); Halsey, Stuart &
Proceeds—For construction. Office—270 Peachtree Bldg.,
Pacific Northwest Bell (Telephone Co. ,(4/16) g
Co.
Atlanta. Underwriters
Inc.;
First Boston Corp.-Glore, Forgan & Co.
Jan. 28, 1963 it was reported that this company plans
(Competitive). Probable biddersr (Bonds): Equitable Securities Corp.-Eastman Dil¬
to sell $50,000,000 of debentures due 2003. Proceeds—•
(jointly);. Salomon Brothers & Hutzler-Eastman Dillon,
Union
Securities .&
Co.-Equitable Securities
Corp.
To reduce outstanding debt, due Pacific Telephone &
lon, Union Securities & Co. (jointly); Blyth & Co.-Kiding
company,
over
.
;
—
(jointly).
&«Co.-Shields & Co. (jointly); /Halsey,
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.
der, -Peabody
Stuart & Co.
Jan.
sell
441
body & Co.; Blyth & Co.-White, Weld & Co.
shares of preferred stock (par $100) in the second
half of 1963. 'Office—285 Liberty Ave., Beaumont, Tex.
"
Probable 1 bidders: Stone
Corp.; Lehman Brothers-Equitable
Securities Corp. (jointly); Glore, Forgan & Co.-W. C.
Langley *&• Co; (jointly); Lee Higginson C.o^^
;' V:
,/
March 5, *1963 it- was -reported that "this company- plana
to sell about ;$ 14,000,OQ0rof "first^mortgage bonds ,in the
v
third quarter. Office—900 Richards St., Honolulu.
Un¬
derwriters — Dillon, Read & Co. :Inc., New York and
•
.•>
7
^
,
•
Feb. 13, 1963 it was reported that this road plans the
' j ( sale of about $4,500,000 of equipment trust certificates.in
Hawaiian Telephone Co.
Feb.' 4, "1963, the. company announced plans to :sell about
$9,000,000 of
have
Details
stock
common
not
been
late
in
third
the
April.
-Mo:
^Probable ^bidders:
ly); Eastman Plllon. Union
Peabody-&Do. (jointly).
upon. However, -in the
period August 1937 to October 1961 the company; offered
to stockholders through subscription (rights, 14
•
PennsylvaniaPower^&LightCo.
the company stated that it expects to sell
$75,000,000 of bonds in the period 1963 through 1967.
March 18, 1963
-
Proceeds
^
(6/JL1)
March .13,
I
;...
.
g g
.
-
,
:
auipment
? ?cer
$4,5,00,000.of equipment
May or early June.-This will be the second installment
(of ^a total "$9,000y000 issue. Address—-Missouri Pacific
Bldg., St. Louis 3, Mo. ^Underwriters—(Competitive).
/ Probable * bidders; ^Salmon
Brpthers tfkj Hutzler; ,-Halsey,
,
V
Stuart & Co: Inc.
jDillon, Union Securities .& Co.: Harriman
Ripley
\Dec. 19, 1962, it
& Co.
Inc.;.FirstiBoston.Corp.,Bids—Expected Aug. 6 at
American Electric Power Co., 2 -Broadway, Hew York.
;
Underwriters—(Competitive). Probable bidders: Merrill
Lynch, Pierce, Fenner & Smith Inc.-Kidder^ Peabody &
Co. (Jointly); Halsey, Stuart & Co. Inc.; Salomon Broth¬
ers & Hutzler;
White, Weld & Co. (Common)—Kidder,
Peabody & Co.; Merrill Lynch, Pierce, Fenner & Smith
Inc.;- Ladenburg, Thalmann & Co.; White, Weld & Co.
•
Iowa
Jan;
16,
to sgll
Power &
1963 rit
Light Co.
was
reported, that
/'V
the
$10,000,000 of bonds in late 1963
fice—823
Walnut
or
.
plans
early 1964.* Of -
company
St., Des Moines. Underwriters—(Com-
^
,
.
^
,....
.....
_
phia., Underwriters—To be named. The last
sale of bonds
15, 1959 was handled by Morgan Stanley &
Co., nnd Drexel & Co.
Other bidders were: "Halsey,
Stuart & Co. Inc.; First Boston Dorp.; (White, Weld ix
Oct.
on
of common was a
rights offering on
Co.
The last sale
June
2, 1959, underwritten by Drexel &
Stanley,# Oo.
•
v
Co., and Morgan
*
.
,
Public ^Service1 Electric &
Gas Co.
(6/18)
plans
1993.
Proceejds
For construction, r Office
i80rPark >piace,
Newark, N. J. Underwriters — (Competitive).,Probable
bidders: Halsey, Stuart & Co. Inc.; First Boston Dorp.;
umucia. n«»scjr, oiumi «.
'
-White, Weld & Co.-Blyth & Co.-Goldman, Sachs & Co.Harriman Ripley •& Co (jointly); Lehman BrothersMerrill Lynch, Pierce, Fenner
Smith Inc.-Salomon
1963 it was reported that this company
$40^)00,000, of first mortgage bonds ,due
March 4,
to
sell
—
was reported that the company plans to
seii,$20J)00,000 of.bonds;in the United States;in. the fiscai year April
l, il963 to March 31, 19.64. The financing
Brothers & Hutzler (jointly). Bids — Expected June 18
program is subject to approval by/the Japanese Diet.
*(11 a.m. EDST) at above address. Information Meeting
Business
Nippon, Telegraph, wholly-owued by the
-—June 13 (2 p.m. EDST) at One. Chase Manhattan Plaza,
JapaneseDovernment, furnishes domestic telephone and
?New York,
r
teiegraph .services,* without competition, in _Japan. Pro¬
ceeds—For^expansion. ! Office—Tokyo, 'Japan. UnderSt. Johitsbury Trucking Co., Inc. (3/26)
writers—Dillon, Read & Co.; First Boston Corp., and./ Mar^6/1963"the company: applied to the'ICC for perSmith, Barney & Co., New York.,/
'
^
* /
^mission- to offer publicly 200,000 common shares. iPrice
,
Interstate Power Co.
March 5,-1963 it was reported that this company plans to
sell $6,000,000. of first mortgage bonds and $3,000,000 of
common in 'May. Office—1000 Main
St., Dubuque, /Iowa.
v
financing, from time to time, through the sale of bonds
and common stock.* Office—1060 Chestnut St., (Philadel¬
-
-
.
period 1963-67. It added That about half the money re¬
quired will be generated internally, and the balance
obtained by bank loans to be converted into permanent
'
.
,
^
^ JPo» i-H
^
..M
i;;March 5, ^ 1963 the company .reported ..thatjit plans to
spend $478,000,000 for construction during the five-ryear
Inc.;
■
1::
.
.
man,
Wamiitftr»
Co^ Other .bikers
Co; ii Other -bidders W^rCPfels^yg Stpartg8t
—
•
Co.r{nc.; First Boston Corp.-Drexel & Co. (jointly),
(
.
Co.
_nH
( Peabody &
Peabody &
t
New England Pcwer Co.
Morgan ■:4$Tan/
16, f1963»it ^was r^pprted /that this - iutility j?lans to
Stanley & .Co.;-First Boston Corp.; .White, Weld & Co.;
sell $10,000,000 of bonds and $10,000,000 of preferred
Eastman Dillon, Union. Securities & Co.-Kidder, Pea¬
stock Jn the fourth quarter. rOffice—441 Stuart St., Bosbody & Co..(jointly);-Blyth & Co.-Lehman "Brotherston. -Underwriters — (Competitive). (Probable bidders:
Merrill Lynch, Pierce. .Fenner & Smith Inc.-Salomon
^(Bpnd^) Halsey;^Stuart
*Cb:-Inc^; Lehman BrothersBrothers & /Hutzler/(jointly).-Bids-^Expected June 11
tEquitable Securities Corp.i(jointly) ;>Kuhn,)Loeb & Co.;
> (11 -a-m. EDST) at ,195 Broadway, New York. Informa-'
^Merrill
Lynch, Pierce, Fenner & Smith .Inc.-Kidder,
tion Meetings—dune 6. (2:30 p.m. EDST) at ;^ame address.
'Peabody & Co.-White, Weld. & jCo. (jointly); FirstBcsIndiana & Michigan Electric,Cp. 18/6);^.-,4
ton Corp.- (Preferred) First 'Boston Dorp.; Dean Witter
March 12, <1963 it was reported that this subsidiary> of
& Co.-Smith, Barney & Co.-Wertheim & Co. (jointly);
American-Electric Power Co., Inc., plans to sell $45,000,Equitable Securities Corp.-Kidder, (Peabody & Co.-Lee
000 of-first mortage bonds due-1993. Office—2101 Spy
Higginson Corp.-White, Weld & Co. (jointly); Lehman
Run: Ave., n-Fort Wayne, .Ind, /Underwriters— (Competi¬
.Brothers; Merrill;Lynch, Pierce,;Fenner & Smith, Inc.
tive).; Probable; bidders: Halsey, Stuart & Co.;Ine.; East¬
/Nippon Telegraph & Telephone ;rruDiic \.orp.
nippon
i eiegrapn
ieiepnone Public Corp.
Stuart
retirement of $8,Qt>1
o
^
'•
1963 it was reported?that this^*road plans?the
T: sale,of
sidiary -plans ;to sell-$20,000,000 of debentures:in June,
marking its first sale-of debt securities. Office—240 No.*
Meridian St.,}Indianapolis.^Underwriters— (Competitive).
.
For construction and the
Adartes—Missouri Padfic Bldg--St.vLouis ,3,'
Underwriters—{Competitive).. .Probable bidders:.
•w^Aprfl^(12n°«eCSr) in bt. l^>uis..
Missouri Pacific RR
v
March ;4, 1963 it was reported that this A. T. &lT. sub¬
Halsey,
—
>-
.
'
1
times.. Office—1130 Alakea St., Honolulu. Underwriter
—Kidder,,Peabody & Co., New York.
g .
. ^
bidders:
Securities & Do.-*Kidder,
'
common
Probable
Brothprs-B^i^gStearps;/^
Lehman
&
Hutzler
(jointly); Halsey,
Blyth & CoAWhite, Weld & Co. (joint-*
Brothers
Co.-Salomon
Stuart & Co. Inc.;
quarter.
decided
Indiana Bell Telephone Co., Inc.
1962 it was reported (that th^; cpnipany gplana
of first mortgage bonds in June 1963.
Proceeds—To repay outstanding loans.fOffiee—920 S.\W.
Sixth Ave.^Portland, Ore. Underwriters—(Competitive).
to issue $30,000,000
(4/9)
Missouri Pacific RR
properties
Pacific,Power & Light Co.
Michigan Wisconsin .Pipe Line Co.
March 12, 1963 the. company; stated that it is considering
the issuance of about $25,000,000 of bonds in,the third
quarter, .to refund a,like amount of outstanding 6^4%
first pipe line bonds due June 15,(1977. (Action is con¬
tingent upon successful completion of its rate case now
pending with the;FPC.*Office—500 Griswold Bt., Detroit,
Underwriters—(Competitive). Probable.bidders:-Halsey,
Stuart & Co. Inc.; First Boston Corp.; Blyth & Co.
& Webster Securities
latter's
the
Nov. ^8,
(jointly).
g
,
Underwriters—(Competitive).
Dean Witter & Do.,; San Francisco.
Halsey, Stuart & Co. Inc.; First Bos¬
Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.;
Eastman Dillon, Union Securities & Co.; Kidder, Pea¬
000
HawaiianElectricCo.,Ltd.
in /Washington, • Oregon and
Idaho.jOffice—1200 Third Ave., Seattle, 'Wash. Under¬
writers—(Competitive). Probable bidders: Morgan Stan¬
ley
Co.; -Halsey, Stuart
Co. .Inc. Bids — .Expected
April 16 (11a.m. EST) at -195 Broadway, -New York.
of
ton
annouhced plans, to sell ,100,-
transfer in 1961
Telegraph Co., in connection with the
16, 1963;it was reported that this company,plans to
$10,000,000 of. bonds in the fourth quarter. Office—
Stuart SW Boston.*.Underwriters — (Competitive).
Probable bidders:
Gulf States Utilities Co.
Jan. 29, ;1963 the; company
1,
,
Massachusetts Electric* jCo.
'
—
_
,
.9
Norfolk # Western Ry.
Dec. 26,
1962 it
was
sell
equipment trust certificates
in March. Office—8 N. Jefferson
St., Roanoke, Va. Un¬
derwriters—(Competitive.) Probable -biddeis: Salomon
Brothers &-Hutzler: Halsey, Stuart & Co. Inc. Bids —
March-25
(12
noon
EST).
.
;t
;
Business—A common carrier by motor
operating in 11 eastern states from Maine to
Maryland. Proceeds—For selling stockholders. r Address
—St. Johnsbury, Vt. /-Underwriter — Hornblower &
By amendment.
(3/25)
reported that this road plans to
about~$5,475,000 of 1-15 year
_
f
1
vehicle
Weeks, New York.
*
r
.
/, 1;/ Continued on page 40
40
The Commercial and Financial Chronicle
(1208)
V Continued from page 39
'
•.
<■
•
mortgage 3%% bonds of Atlanta & Charlotte Air Line
'*
'
RR.; reimburse the treasury for capital expenditures and!provide for additional capital expenditures. Offices—14th
Union
—
•
fund
mutual
ruling which "has been construed by some to mean that
registered investment' companies could not purchase
Sears' stock or would be required to divest themselves
&
Co.-Salomon
Brothers
&
Hutzler
>
.
Light, Heat & Power Co.
Feb.
18, 1963 it was reported: that this subsidiary
Cincinnati Gas & Electric Co., plans to sell $6,000,000
!
(jointly); Halsey,
Stuart & Co. Inc.;
Kidder, Peabody & Co.XWhite, Weld
& Co. (jointly).
'
*
'
'
t ^
*
,
Thursday, March 21, 1963
(Bonds): Halsey, Stuart & Co. Inc.; Lehman Brothers-Blyth & Co., Inc. (jointly); White, Weld & Co'.-/
Shields & Co. (jointly); First Boston Corp. //V
"
1963, Allstate Enterprises, Inc., subsidiary, an-;', and Canal St., Richmond, Va., and 70 Pine St., New:
that it had delayed its plans to form a
York. Underwriters
(Competitive). Probable bidders:
until it received clarification of any.Sw&S First/Boston Corp.; Eastman Dillon, Uniory Securities
19,
nounced
.
Inc.
_
Sears, Roebuck & Co.
Feb.
.
.
of
of
/first mortgage bonds in 1963. Office—139 East Fourth
St., Cincinnati. Underwriters— (Competitive). Probable:
bidders: Halsey, Stuart & Co. Inc.; Blyth
Co. Inc.First Boston Corp. (jointly); Merrill Lynch, Pierce, Fenner
&:-Smith Inc.-Kidder, Peabody
; (jointly);.
Equitable Securities Corp.; W;hite, .Weld. & 'Co.i. Kidder,'
Peabody & Co., - ti
V v." V
it, if Sears' itself owned a mutual fund." Earlier, All- /
/:;■ Southern; ■ Railway Co. (3/27) '/'*'■
state said that the fund would be in operation late inJan. 29, 1963 it was reported; that this company plans
1963 on a "very small scale," and would be started on>'
to
sell
$4,020,000 of equipment trust certificates in
a state-by-state basis as approval was granted. Office—
March. This is the second instalment of a total $8,040,000
925 So. Homan Ave., Chicago. Distributor—Allstate En-/
issue. Office
70 Pine St., New York. Underwriters—
Virginia Electric & Power Co. (5/14)
;
terprises, Inc., Chicago../x/
(Competitive). Probable bidders: Salomon Brothers &
Jan. 16, 1963 the company announced plans to Sell' $30,-/ :
Smelling & Smelling, Inc*
Hutzler; Halsey, 'Stfcart & Cd/The. BIds-r-March 27/'<12
900,000 of first mortgage bonds due 1993. /ProceedfiM-For •
Nov. '20, 1962 it was announced that the company plans
noon; EST) at above address.construction. Address—7th and Franklin- Sts., Richmond.
its first public offering of stock. Business—Operation oiv
' Southern-Union Gas Co*
Underwriters--(Competitive)v Probable bidders: - Halsey, \
a nationwide network of franchised personnel; consult-X
ants with offices in 35 major cities. Proceeds—For ex-? /Aug//15/!L962/^t/was^ reported/that ihis
htUityJ/pians* ^ ;v/Studft; & Co; Inc.; stone, -1& -Webster /Securities Corp.;
v
Wi4te,/Weld &' Co.; Eastman Dillon, Union Securities &
pansionv Office—1530 Chestnut St.;Philadelphia. Under¬ rights offering; of $10,000,000 of convertible preferred
Cc./ Salomon Brothers & Hutzler. Bids-L-May 14 (11 a.m.
stock in the first quarter of 1963. Office—1507 Pacific
writer—To be named,
ELrST) at One Chasie Manhattan Plaza, New York. In/Ave;; Dallas. Underwriters — To be named. The last
Southern California Sdison Cd.
/rights Offering of/ preferred, stock in April 1959 Was/ formation Meeting—May 10 (11 a.m. EDST) at same
March 12, 1963 it was reported that this company plans
aduress.
j
1
handled by Snow, Sweeny & Co., Inc., N. Y., and A. C.
|
to sell $60,000,000 of bonds in the third quarter.
The
Washington Gas Light Co.
Allyn & Co., Chicago.
company stated that it will require about $60,000,000 of
Auj. .1/ 1962 it was reported that this company plans to
new money in 1964 and again in 1965. Office—601 West
Tennessee Valley Authority
sel
$i2,000,000 of 25-year bonds, in the second quarter
Fifth St., Los Angeles.
Underwriters—(Competitive).
Oct. 3, 1962, A. J,/Wagner, Chairman, stated that the
of: 1963. Office—1100 H. St., N. W., Washington, D. C.
Probable bidders: Halsey, Stuart & Co. Inc., First Boston
Authority plans to issue $50,000,000" of short- or longUnderwriters-—(Competitive): -Probable bidders: East¬
Corp., and Dean Witter & Co. (jointly).
term securities in the spring of 1963.
Proceeds—For
man Dillon, Union Securities & Co.; Equitable Securities
Southern Counties Gas Co* of Calif.
construction. Office—Knoxville, Tenn. Underwriters—
Cox p."; Kidder, Peabody & Co.; First Boston Corp.; HalJan. 2, 1963 it was reported that this subsidiary of PaciTo be named. On Jan. 24, 1962 the Authority sold at
': sej
Stuart & Co,. Inc.
fic Lighting Corp., plans to sell $27,000,000 of first mort¬
competitive bidding $45,000,000 of 4%% bonds due Feb.
Western Union Telegraph Co.
gage-bonds in the fourth quarter. Address—P. O. Box
1, 1987. The issue was won by a group jointly managed
March 6, 1963 the company announced that it had ar¬
by Chase Manhattan Bank; Morgan Guaranty Trust Co.
2736, Terminal Annex, Los Angeles 54, Calif. Underranged to borrow a total of $100,000,000 by sale of notes
of New York; Chemical Bank New York Trust Co.; C.
writers—(Competitive) Probable bidders: White, Weld
maturing serially, one-third \at the/ end of each- of the •
&' Co.; Blyth & Co. Inc.; Merrill Lynch, Pierce, Fenner
J. Devine & Co.; and the First National Bank of Chicago/
/years 1964,1965 and 1966. It plans to refinance the serial
& Smith Inc.; Halsey, Stuart & Co. Inc.; First Boston
Transcontinental Gas Pipe Line Co.
notes by issuance of long-term debt securities, but has
./:/ Corp.;:;-;/p:?,?Hj:^^
Feb. 20, 1963 it was reported that the
not determined the terms or timing of the action. Office
company is con¬
Southern Pacific Co. (3/26)
sidering the issuance of $30-$40,000,000 of debt securi¬
—60 Hudson St., New York.
Underwriters-^-Kuhn, Loeb
Feb. 20, 1963 it was reported that this road plans to sell
ties in the third quarter. Proceeds—For expansion. Of¬
& Co., Inc., and Lehman Brothers, New York.'
fice—3100 Travis
$8,100,000 of one-15 year equipment trust certifi¬
St.; Houston. Underwriters—White,
• Wisconsin Public Service
cates. Office—165 Broadway, New York. Underwriters
Corp.
Weld & Co., and Stone & Webster Securities Corp., N. Y.
March 19,
1963 it was: reported that this company
—(Competitive.) Probable bidders: Salomon Brothers
it Union Electric Co.
plans to sell $15,000,000 of bonds later this year. ^ Office
& Hutzler; Halsey, Stuart & Co. Inc. Bids—Expected
March 19, 1963 the company stated that it plans to
issue; —Iu29 North Marshall St., Milwaukee. Underwriters—
March 26 (12 noon EST) at above address.
$20,000,000 of preferred stock and $40,000,000 of bonds / (Competitive). Probable bidders:.
Halsey,; Stuart & Co.
Southern Railway Co. :■/;
by the end of 1964. Office—315 N. 12th Blvd., St. Louis. / Inc.; Merrill Lynch,
Pierce^ Fenner, & Smith Inc.; East¬
Jan. 15, 1963 stockholders authorized the /company -to
Underwriters—(Competitive). Probable bidders: (Pre¬
man Dillon,
Union Securities & Co.-Salomon Brothers
issue $50,000,000 of general mortgage bonds. Proceeds—
ferred) : First Boston Corp.;^Dillon,: Read & Co.y Inc;;
& Hutzler/ (jointly)^; /First^Boston
Cprbij/White/ Weld 8c x
To acquire stock of Central of Georgia Ry.; retire first
Lehman Brothers; White, Weld & /Co.; Blyth: &
Co:,
.Co!/:Kidder,
of
•
.
;
.
,,
—
<
'
.
•
:
«
..
.
j
<■
.
.
,
i,
i
.
V,"1"!Kvf)
.
X//;
'
...
-
..
V
*
J.' ':>1
>
-
J\ .V
\
:
.
■
■
V
composed
Co.
Hemphillj Noyes & Co.,, Connecti-
Wells
rirst
First
iNationai
National
Anglo
;
Fargo^^ Bank" Security^
Wertheim
Phelps,
tionai bnawmut nam o; Boston
on
a net interest cost bid ol
P°Z ^
Bank,
Merrill Lynch
qh(Lmmut
Pierce
Rank
of
notion
issues*
y
'"f''
I
of' which
all
carried
;^1*/el^a'a^wrKnoxville,
Flemmg & Co. and National Bou- $1,365,000
lpvard Rank
rhipfl„n
ti
Aevarcl Bank, cmcago.
McMmnville,
vi^nnn
what
\
> /.
•
'$).
■/"/*.
^
\
>
v
*
-*
,,
#
/
I'
,
issues and
there
are
Tenn.;
■ -
is at pres¬
ent no;
Tenn.;
bonds
being received by investors.
Tenn.;
.
^$1^15^000 jriayettievi!lle^ Tepn,,
*1
/
/The; First; Boston- Corp:; Drexel
/
& Coi and associates^ bought; $214 x
Smith, R. H. Moulton 2-896^/ The second bid/a 2.933%
Co., Weed en & Co., Inc.* The net interest cost, came from The
Fenner
^ I
groups, spent/-*all |of Wednesday /;
just trying to figure out who won
a
3%% coupon; $7,835,000 Paducah,
^ ila<?
\
-
ki
vy
ia Trust C°-' Folger,. Nolan, $1,465,000 Morr.istown,
cut Bank and Trust Co. and Na-
yrocker
Q4
Sohs> ^y.F $1,665,000 Edison Township,
Co.,
&
Crocker-
Bank
uanx,
National
Fenn & Co.
of
Peabody &/Co.-;
.
L: tS
Bank New York Trust Co., Francis I. du Pont & Co., First of
Continued from page 6
*■>\ >'
i>)
&
Scaled to yield from^1.60% in
000,000 Los Angeles, California
"&
1964 to 3.00% in 1982, the present $<*35,000 i reeport, N. x.
Department of Water & Power
First National Bank of Oregon, First Boston Corp, and associates, balance in group totals $2,175,000.
Wm. S. Morris. & Co., bidding;
(1964-1993) £ bonds/bn a 2.969% s /
Seattle-First National Bank, R. w!
^1,*-i Raw i„ The 1992 maturity carried a 1/10 r alone, was the high bidder tor bet .interest/ cost/bid/- Second/ bid
/
^
Pressprich & Co., Mellon National , o«d
^
°vof 1% coupon and was sold at a eight issues totaling $8,155,000 as for the/issue,
s^ttihgvd 2.98% net " ^
Bank and Trust Co.-Wm; R,Staats
K nnn
S** X v- ,
Allows: $2,215,000 ' Poplar. Bluff, interest dostf came jrbrh Harriman / /
& Co, First National Bank in Hal- balance, is 31,560,000. The 1991 to
Missouri bonds as 3 V8s, $1,120,000.
'Ripley! &. Co.v and associates.
1
las and' Republic National .Bank-it93
mtobe^rar"Cd a ^
Housing -Award Fragmentised ; Grinite City,: illiriois' 3y4sV $Uof Dallas
'ifw
sold at a
The Public Housing Authority 030,000 Williamson.. County, 111.,
Reoffered' to yield1 from 1.55%
/ Scaled to yield from 1.30% to
% yJe
•
" ,'v
' '
came to market Wednesday with 3 y4s, $935,000 Ripley, Tenn. 3%s, to 3.20%', the present balance is
2.90for various coupons, initial
Monday's final sale /involved: 3
$137>820,000 various New $925,000" Madison County, Ill- $11,160,000./:
;
://,-:./;/.•
V
sales have amounted to $18,000,- $2/400,000 Eastern Illinois Univer- Housing
Authority bonds.. ; In- 3i/4S, $835,000 Phenix City, Ala;
Dollar Bonds: Co Higher
000. As we go to press a balance sity
Residence ; Hall
Revenue solved were 31 local agencies and 2%s
(only matured
to
1981),
of $15,385,000 remains in account.
(1965-2002)
bonds which were the maturity schedule ran from $555,000
Pope
Long-term dollar quoted toll
County,
Illinois
^
-
.
.
,
The
svndicate
headed
Northern Trust Co.
bv
The
the
was
sue-
Purchased by Kidder, Peabody & j9?3 to 2003.
Co- and associates
on
cessful bidder for
$8,500,000 Dal- netl^erest^sJ bid/ .T?e runnerlas^Texas limited tax (1964-1983) up bid, a 3,55% meLmterest cost,
bonds at a net interest cost of
made, by f the Bear, Stearns
2.72904%./ The second best bid & Co. account. « ;
|
for. the
bonds
net
interest
the
group
First
figured
cost
and
Corp.
Trust Co.
syndicate
linois
Co.,
:
include
Chicago,
National
First
Oregon,
and
Bankers
and
Trust
National / Bank
-
First
of
National
nia Bank, W. E. Hutton & Co. and
•
Securities
securities
are
Co.
offered
to
yield from 1.50% to 2.95% and the
present balance in syndicate totals
$6,090,000.
Duluth,
Minnesota,
quent borrower and
enjoys
a
Athens,,
Ga.
2%s (serial to- 1981)x^^
<
■
_
road,
toll bridge, public utility
general authority issues have
and
,
,
wv,iph
gained,
%o. .submitted
innindtrq
non
,
,
-
ties
Dick
Corp.,
&
Lee
Higginson
Merle-Smith,
Corp.,
-
-
'
' Youngstown, Ohio bonds also
•
as
3s.
thus,
on an average,
Francis: I.
gained about
,
■
Bank
Seattle
Union
as
-' - -
-
.
The account headed jointly by ' John Nuveen & Co., bidding a point since last writing.:
du Pont & Co., Spencer Trask & Phelps, Fenn & Co., Lehman Bros, alone, was the
high bidder for
Some of the issues leading the
of the winning Co., New York Hanseatic Corp., ar[d Blyth & Co., in association $3,980,000 Minneapolis, Minnesota
market are as follows: Kentucky
First National J* B. Hanauer & Co., Park, Ryan with the First National City Bank bonds as 3V8S. Bank
of America
Turnpike, West 4.85% .at 113%
Continental II- & Co. and R. James Foster & Co. and the group headed by Chase n. T. & S. A. and associates were
las, Carl M. Loeb, Rhoades & Co.,
Wertheim & Co., United Califor-
The
f/.S:
and/ $540,000
b0hds
t
considerably
again: this
B j Van Ingen & C0} ^
week. Our revenue bond
Index
bidding alone, was the high
Vnrk ritv iv?- mm'rtnn bidder for / two F issues 5 totaling averages out at a 3.369% yield
fVI" w $21,255,000 of bonds as follows: on March 20 against a 3.419% Index a week back,. The 23/ issues
Other members of .the winning
$2 230000 Westmoreland Ponntv
$15,200,000
San Juan,
Puerto
group include Equitable SecuriPennsylvania bonds as 3s
Rico bonds asi 3s and $6,055,000 represented in our Index have
/^Reoffered
to
to
vield
S&f
485 000
' "
from
high
a
an
rating,
$3,100,000 generalobligation (1964-1993) bonds to the
group
of bonds. This
Tuesday was a quiet day with
only one sale of mention on the
calendar. The group led by the
Chase Manhattan Bank submitted
besty bid for $4,265,000West
Allis' Wisconsin -Corporate PurP°se (1964-1983) bonds with a net
interest cost bid of 2.794%. The
runner-up bid, a 2.82% net-.intercame
•>,
Other
nc;
major
Halsey,- Stu.^
assocmtes.^
members
Jfan™tan Hank
and
Bankers high bidders
lor lour issues totaling $38,770,000
.
city which
credit
awarded
infre-
2.00%
1
Bank, First National Bank of Dal-
Dallas
3y4S
•
,
,
Other members
of
from
came
headed jointly by The
Boston
Bank
2.742%
a
The group headed
a&
•1
of
bidder for $30,800,000 Chicago,
Illinois bonds as 3>s, $4,805,000
winning group include Chemical
for four issues total- 3.40%
inS $4'e80'000 o£ bonds' These
sues
are
$1,950,000
Las
isI
Vegas,
Nevada
Colo.
3V8s, $1,255,000 Trinidad,
3V8s,
$860,000
Robstown,
IVi;
up
Kentucky
at 101 bid, up one;
Turnpike
3% %
at
Texas
,
Turnpike
91V2
Kansas
bid,
up
%; Chicag6-0'Hare Airport 4%%
at
115
bid,
up
one;
Mackinac
Bridge 4% at 103% bid, up iy8;
Taft, Oklahoma
Turnpike
43A%
at
-Arkansas 3V4S, $2,695,r- Texas 3VsS. The Hartford National 109%
bid, up one; Richmond000 Birmingham, Alabama 3Vas Bank': and Trust Co. *
bidding
Petersburg Turnpike 3.45% at 99
and $470,000 Gallitan County^, II- atone, was high bidder for
$1.bid, up one; Virginia Toll 3% at
linois: bonds, as 3Y^s.
• x
190,000 Bridgeport, Conn, bonds
99 bid, up one.
*
;
The
account
which
included as 3V8s.
/ v/: //;//
Equitable Securities Corp., Dean
The
entire list
has generally
Reoffering scales generally ran
/
3^s /and / $615,000
^^ma/in'
,
,
,
witter
&
Co;,,.Ira Haupt &
Qhilds
mitted: the
the
group was the high
bid,
issues,
account
Securities
best
Co.
Corp.' sub-
bids
for
eight
from
issues,
1.50%
the
following
3.30%
siderations, yielding
totaling.o$17,000,000.-tThis Duetto
purchased
to
with
because of local
the
a
tax
some
con-
little less,
complexity
participated
vidual
out
the
better
ofthe marketability
bidding, most of the underwriting
type
the/rise-;as -indi-* V: /
in
investors
continue
yields
to
and
availablein
of security/
; ; /°
:
seek'
ready
/4 x
v
/
this
/'////'/.
Volume
Number
197
6248
.
.
The Commercial and Financial Chronicle
.
The
Indications of Current
week
IRON
ingots
of
Index
castings
production
Mar. 16
weekly
average
on
oil
Crude
and
gallons each)
Crude
INSTITUTE:
condensate
to
runs
Gasoline
production
Distillate
:
oil
8
Mar.
8
8
(bbls.)
average
(bbls.)
8,813,000
Bituminous
(U.
CONSTRUCTION
6,267,000
8
211,754,000
209,395,000
8
22,242,000
83.402,000
23,112,000
89,174,000
43,522,000
44,752,000
81,660,000
/■/J/:/." ./ 'V
81,242,000
104,621,000
46,830,000
44,752,000
tv ...
532,817
528,762
.
498,921
510,032
*8,400,000
7,480,000
363,000
8,505,000
312,000
358,000
$546,800
258,700
205,000
1,654,100
192,200
205,300
Mar. 14
Mar. 14
172,300
——!——
warehouse
Mar. 14
INDEX—FEDERAL
,
341,500
176,900
15,300
319,700
21,800
1,012,765,000
and
89
To
86
South
To
92
Asia
COKE
.Mar. 16
16,845,000
16,142,000
17,672,000
17,061,000
348
302
311
6.196C
6.196c
6.196c
.Mar. 14
Pennsylvania anthracite
America
;
Mar. 11
—
PRICES
(E.
&
M.
:
$63.43
$63.43
$66.44
$27.50
$66.43
■
,■•:!;'
$27.50
-■
>■
/•
$28.17
All
$31.83
refinery
Export refinery at
Lead (New York) at
PRICE
Lead
IZlnc
A
Zinc
at
—i——
28.675c
10.500c
10.500c
10.500c
10.300c
10.300c
10.300c
12.000c
11.500c
11.500C
11.500c.:
Aa
—
22.500c
109.125C
109.000c
108.750c
—;
,
J
—
A
:
123.500c
90.23
,90.19.
89.23
Railroad
Public
Group——
.
93.23
90.91
91.05
90.91
Mar. l9~
89.51
89.51
89.37
86.11
*Mar>T9v
83.79
83.66
83.79
Mar. 19
86.65
86.78
86.38
(
Utilities 'Group*-.*—tJ——M'ar." 19
Industrials
90.48
90.63
90.48
90.63
/
U. S. Government Bonds—
...
••
■
Aa
4.19
4.19
4.19
4.35
4.53
4.45
4.46
4.70
-
4.88
4.89
-
Group—
—Mar. 19
INDEX
•
4.37.
.
~:t
368.4
369.3
.
:
383,719
353,698
375,457
348,115
95
94
Mar.
9
496,459
463,601
OIL, PAINT AND DRUG REPORTER PRICE INDRX—
.1949 AVERAGE—100_,———~»——^u..___„^.,Mar, 15
112.55
113.04
2,183,200
2,835,810
otperiod—
FOR
—
ACCOUNT
Total
initiated
the
-■■■
'
-/
v
U
-
■
2,925,930 K
459,770
649,020
709,980
445,500
619,600
77,000
662,100
80,100
530,210
595,960
676,060
663,600
403,300
607,210
1,201,645
'
P- 180,456 ■"■
121,104
'
736,340
;
Feb. 22'
■
857,444
■
3,429,585
22
617,074
Feb. 22
2,666,700
---Feb. 22
-
Odd-lot
sales
Number
/;•
,
of
by dealers
ON
N.
EXCHANGE
(customers'
3.283,774
Y.
Number
of
orders—customers'
short
Customers'
other
,
Other
Round-lot
TOTAL
.
178,900
1,045,637
.
1,132,776
1,311,676
1,226,093
99,060
sales
Shipments
4,657,055
906,476 '
'
4,720,893
2,715,590
*'504,760
968,980
3,895,656
2,768,973
EXCHANGE AND
FOR
v./../
ACCOUNT
OF
STOCK
MEMBERS
Total round-lot sales—
y
Shipments
17,910
19,028
10,318
Production
1,486,248
$71,908,195
1,852,047
14,893
1,958,067
$92,857,310
$71,519,824
711,530
457,350
Short sales
^.Feb. 22
Feb. 22
Feb. 22
TRANSACTIONS
597,010
698,730
-
i
-
All
commodftles
:
other than farm
and foods
9,975,023
9,841,025
7,736,844
10,902,459
—
9,291,298
10,173,285
25,171,163
24,285,563
23,059,423
r
t
,
357,008
)*
7"V:,"*V:
176,566
331,187
313,332
256,958
1,143,496
1,107,535
3,953,936
8,938,090
2,640,164
3,140,714
9,897,642
8,062,019
39,679,000
41,719,000
17,263,000
40,696,000
*40,243,000
15,509,000
40,297,000
41,299,000
16,412,000
311,568
1,105,338
/
-
—
Inventory—
—-—————■
Tread Rubber (Camelback)—
i
i
Inventory
•
Truck
(pounds)
(pounds)
(pounds)
Tires
and Bus
——-
597!oiO
.
•
698~730
7l"l~530
5,073,988
5,297,126
3,691,642
(Number of)—
404,770
464,190
389,800
,
;
.
1,135,749
1,527,828
1,327,099
3,613,424
3,740,552
29,670
6,685
29,435
36,355
35,815
30,680
—
1,040,738
1,330,099
3,883,081
(pounds)————————
5,675
29,670
6,145
160
145
1,250,182
457~356
275,250
——
——
Production————
TIN—CONSUMPTION OF PRIMARY AND SEC¬
ONDARY TIN IN THE UNITED
STATES
/
BUREAU
Stocks
.
863,500
1,199,080
16,514,930
OF
MINES—Month
17,378,430
13,178,030
13,778,410
23,410,500
Stocks
•
Total
:
100.0
'
95,5
*100.2
100.1
*96.1
96 <2
98.6
*99.9
100.3
-
——
—
processed
Primary
100.7
•'
/
!'/'/:
of period
at end
Consumed in
r; ,•
_Mar. 12
December
———————,—
—
Intercompany
v"L
of
^;
beginning of period—
in
Receipts
Supply
600,380
22,211,420
Mar. 12
—
foods
«
'■
1,394,272
—
scrap
i
transactions
/r
;
33,910
;
8,895
42,805
36,265
6,540
1
200
5,515
:——
6,000 V.
6,340
3,760
manufacturing
1
Secondary
.
6,380
4,030
3,990
! 1,755
1,970;
:
/
2,350
101.7
Mar. 12
S' 99.2
88.8
•
v,
———:—-——
Inventory
Feb. 22
products.
Processed
>
Feb. 22
fV All - commodities
Farm
^
-Feb; 22
;
Group—
ASSOCIATION,
(in long tons):
-
WHOLESALE PRICES, NEW SERIES — U. S. DEPT. OF
LABOR—(1957-59=100):
•", i /'/..i
^
//■
$86,988,770
:
STOCK
Total sales
Commodity
$1,041,436
,
—
Other sales
'
-
Shipments
?
$1,269,755
533,429
Shipments !-!-!-—!—
1,404,590
1,704,871
(SHARES):
r
.
264,323
y,.'
—
institutions
—
! Production
i,362,347
$71,968,608
"
f
1,572,170
1,972,960
Feb. 22
ROUND-LOT
lending
Inventory-!———
$79,925,442
Y.
375,203,217
347,000
2,984,000
«
BANK
iS •Inventory-;!--*—!—,--!!!!!!i!!!!!-!!!-!!.
;
,r
_Feb. 22
N.
34,000
.
omitted):
Production——.-—:—————
.
THE
LOAN
(000's
Dec.
Tractor. Implement Tires (Number of)—
•
Shipments
—!
—
—„——
2,264,213
4,864,636
3,690,247
4,596,723
c
1,871,075
—
ON
591,000
3,025,000
;: Production——
*'.•/
$75,594,775
1—
SALES
f'S'i■
Passenger & Motorcycle Tires (Number of)—
765,213
1,504,158
purchases by dealers—Number of shares
STOCK
v'>
••
NONFARM
IN
HOME
—
of
INC.—Month of January:
666,153
Feb. 22
ROUND-LOT
lv'4-
!'S::
Total
.
Short sales
j /1'
S.
—.——
.——Feb. 22
———
sales by dealers—
Number of shares—Total sales
K
and
1,207,296
$57,923,333
^
Dollar value—
U.
OF
Feb. 22
sales
Round-lot
FINANCING
ESTATE
——Feb. 22
—
shares
other collateral^
Passenger, Motorcycle, Truck and Bus
Inner Tubes (Number of)—
Feb. 22
sales—
total
sales
listed
RUBBER MANUFACTURING
■
'
:
Customers'
customers——-——,—-
on
Miscellaneous
STOCK
purchases)—t
shares
^•
••
436,000
1,225,000
Individuals
COMMISSION
.1 Dollar value
i
.Odd-lot purchases by dealers (customers' sales)—
$'•
balances
debit
net
to
of
*90.4
92.9
96.2
Mar. 12
100,7
100.7
100.6
.:
100.7
—
TREASURY MARKET
RECT
AND
TRANSACTIONS IN DI-
GUARANTEED*
SECURITIES
OF U. S. A.—Month of February:..
♦Revised
V
figure. i+Npmber ci orders not reported .since introduction of .Monthly Investment JPlan. -tPrime Western Zinc
i-CrifliitTAold
M-AiL^W«iHErt'A>afeii;At!bajlters^heTfe ireight'^om-Kasti-St.tLouis'"'exceeds bne-haif *cent 'a" pound;'Not-available.r"
«' Net :sales
—.—■—
*
*Net
purchases
"
116
r
•
1,216,000
345,846,116
843,000
3,004,000
Banks
'
Feb!
—i—_Ju—-
SPECIALISTS
116
,
y-
' ■■■'
Insurance
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDAND
t&
.t
;
of U. S. Govt, issues
'272,450
1,132,863
./
800,885
•;
,
.Feb. 22
SECURITIES
T
T/
-
244,250
^
—Feb. 22
sales————
—
118
v
$1,168,024
companies —w—103,460
trust
companies
—444,452
Mutual savings banks
——————
168,283
28,200
.——Feb 22?
DEALERS
119
*
v-i.'
••
Savings and loan associations
219,570
36,200
367,100
.-„4.__Feb. 22
sales—:
LOT
n9
120
■
'
/-
hand and in banks in U.
BOARD—Month
1,353,810
1,731,310
sales—!
EXCHANGE
"
::r
—
.-
Member borrowings
377,500
2,876,900
———
——
3
Member borrowings
1,832,420
2,166,920
Short. saleS—
Total
if-1?
1,199,000
363,215,228
.110.73
2,363,420
-—Feb, 22
Other
.
i'.
Total of customers free credit balances
'
Short
;
£.
RESERVE
carrying margin accounts—
extended
on
AREAS
Total round-lot transactions for account of members—;
Total purchases-——w—,,
—
'
108.5
104.9
$4,145,000
REAL
Feb. 22
—
•Y.
110.0
105.6
405,000
113.98
Feb. 22
^
Otherv sales—
'Total. ■ sales—
1056
,
r
■-
■
112.6
/
107.6
*$4,149,000
24,000
502,431
the floor—
on
H4.7
*
414,000
464,550
2,114,400
—
—
Other transactions initiated
Total purchases——J
.•
•
$4,236,000
28,000
Cash
floor-
Other' sales—
-
115.3
'
:
S.i_
Credit
96
1,563,260
:
—
;
Average=l00—Month
(000's omitted):
customers
Total
350,490
2,023,030
'■£$., ''Total /; sales_—
,.-
1957-59
of January 31
368,844
Feb. 22
off
FEDERAL
THE
OF
—
NEW YORK STOCK EXCHANGE—
96
_Feb. 22
sales
; 104.8
.
115.T
110.2
—
x':v'! ::v
355,574
-Feb. 22
———
purchases——
Short
106.0
.
106.8
/
100.0
;
108.0
,
105.7
—
SeasonaUy.: ad justed—:
r
S2
__Feb; 22
sales—.——J—
sales———
107.4
98.6
101.3
>
115.5
.
i
February:
Market value
v
_.Feb.
;
transactions
Total
in which registered—•
sales—
Other
Other
specialists in stbcks
102.4
108^-
MEM¬
OF
purchase^—
Short
Total
of
101.8 ' '
j
104.3
"
v
,115u7.-.
and recreation
goods and services-
365,319
,
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS ^
Transactions
"•,/
106.6
,105.3
;
Public
Member firms
9
TRANSACTIONS
—
/Private
•
Unadjusted —_—:—
369.2
9
;
/
100.3
—
apparel———
4.51
9
ROUND-LOT
103.9
103.6:!^/
,
98.7
106.5 vi
108.1-
103.0
;;
.
Y
98.6
.
'
101.5
of
4.87
4.37
Mar.
activity———
(tons) at end
•
109.3
i
girls'—
107.8
103.9
109.9
SYSTEM
4.61
4.37
4.38
Mar.
(tons)————
Unfilled orders
boys'—
/Y
:
104.8
97.9^
/
1
.
105.1
108.1
104.9
i
-
and
106.2
a
100.2
As
of
and
ERNORS
-
.
Percentage
oil————
operation—
97.2
104.4
INDUSTRIAL PRODUCTION—BOARD OF GOV¬
5.03
-
4.68
4.38
366.8
Mar. 19
NATIONAL PAPERBOARD ASSOCIATION:
^Orders received (ton's
i.—Mar^
Production
fuel
and
106.3
>108.2!
;
•
109.2
.
105.2
•
Group——U—_—-l—.^.
COMMODITY
4.37
Mar. 19
4.88
-
-4.65
-4.66-
Industrials
MOODY'S
-
97.2
112.2
.
Y
109.8
Other
4.39
4.34
4.45
-
Utilities
Public
-
—J
._i»
Personal/care
3.89
4.35
—--Mar.-19
--'Railroad-
-'——JL.-
101.2
106.6
4.66
Mar. 19
—
Baa
'•■
3.72
4.47
Mar'. 19
A-
-
3.72
4.47
—Mar. 19
:
s
102.5
.
3.72
4.47
—MarV19
—.—
"
'
97.6
Reading
^
^
Mar. 19
.
100.6
112.3
Medical'/care-lkLi-k,w--i-^----w-^4k-i.w-i-.^
MOODY'S BOND YIELD;DAILY AVERAGES:
Average corporate—*
i—*—*—
——————
Aaa-—*——1_——
105.6
105.4
Transportation
':
88.67
•'
103.9
100.2
*
:
Other
"
\
/■%^V'99.8
104.5
■/
■■
Footwear
87.32
90.63
•
102.5
106.4
electricity
fuels
Men's
83.91
90.63
-.--.-^-Mar,-19
108.2
103.8
from home (Jan., 1958=100)
—-.i—...1——I.*
J
Women's
81.90
i
101.9
108.7
^
105.8
103.5
102.5
-
Apparel^
.88.40
.
106.0
103.2
Housefurnishings————
90.34
Mar. 19
.
5,374,522
100—
=
products—
and vegetables—
and
Solid
86.65
93.23
Baa. !—!!!——!«-!!!———
v
3,860,362
...—..—kL—
—
Gas
88.09
89.23
93.23
i.
1957-59
—
bakery products
poultry and fish
Household
89.23
.
;
Rent
■';rn'.)
_Mar. 19
——Mar. 19
——
INDEX
and
Food away
24.000c
A;1 'W"
_i«
—
3,930,013
'
Housing
12.000c
22.500c
90.23/
corporate—,—
.
9.500c
22.500c
XL S. Government Bonds
Average
Aaa
.
100,313
3,820,406
Other food at home
12.500c
___Mar. 15
,fv:
5,274,209
54,046
104.7
Fruits
9.300c
12.000c
Mar.'15.'
MOODY'S BOND PRICES DAILY AVERAGES:
*4,088,397
*4,034,351
home______—
Dairy
30.600c
28.475c
,12.000c
_M'ar. 15
i
(primary .pig, 99.5 %)
Straits tin (New York) at
;
f"
30.600c
Mar. 15
,.
(East St. Louis)
30.600c
28.425c
.Mar! 15
Mar. 15
(St. Louis) at
(delivered at)'!-—*!!!—..
-Aluminum
,
30.600c
28.425c
i
Mar. 15
Mar. 15
•
.
4,301,754
4,237,472
64,282
,£
Meats,
:
.
32
2,167
of Jan.:
—
Food at
QUOTATIONS):
at
64,444
360
Food
,
copper—
Domestic
57,684
187
—
coke
items__
*
.
124,327
141,469
—
(net tons)
Beehive coke (net tons)——————
6.196c
-
Mar. 11
.Mar. 11
J.
215,446
73,430
60,902
9,121
Month of January:
V
"
(per gross ton)
Electrolytic
:
(net tons)———
(net tons)
Cereal
METAL
70,023
.
.339
-
Scrap steel
$2,564,772,000$2,592.643,000$2,559,432,000
Oven coke stocks at end of month (net tons)
'
Pig iron
843,957,000
105,650,000
between
(BUREAU OF MINES)—Month
(net tons).
Oven
PRICES:
(per .lb.) *!
(per gross ton)
shipped
——J—
—
CONSUMER
COMPOSITE
steel"
995,747,000
——
——-
9,700
82
32,700
9
.Mar.
(COMMERCIAL AND INDUSTRIAL)
BRADSTREET, INC,
AGE
12,831,000
209,840,000
158,980,000
170,149,000
149,300,000
credits—
VV1
J':
output X in ;000 kwh.)_
Finished
915,179,000
9,379,000
(net tons)—;.
To North and Central America (net tons)To Europe (net tons)
197,800
192,000
182,300
;;
FAILURES
IRON
$471,975,000
729,957,000
8,934,000
138,808,000
-
Production
Electric
$538,111,000
703,389,000
BANK
COAL EXPORTS (BUREAU OF MINES)—
INSTITUTE:
ELECTRIC
$239,400,000
OUT¬
Month of January:
SYSTEM—1957-59 AVERAGE=100___
'
$325,900,000
OF
YORK—As of February 28:
U. S. exports, of
$1,846,300
State and Municipal————
EDISON
198,424
$541,896,000
NEW
on
goods stored
foreign
countries
;
$463,700
Public
STORE SALES
170,140
(000's omitted)
Based
$389,800
:'v,' M.V
.Mar. 14
!_!!
182.424
140,126
$274,500,000
OF- GOVERNORS
:| Dollar exchange^.;
8,001,000
383,000
:
184,158
154,399
end of Jan.
DOLLAR
Domestic
516,369
9
January
(short tons)
;Domestic shipments-,.^—
525,696
520,207
9
of
Imports
Exports
81,242,000
81.506,000
517,757
Mar. 14:
Private
DEPARTMENT
89,174,000
9
<000*s omitted):
planning by ownership.
'■'-Federal
OF
23,112,000
9
Mar.
—
Ago
aluminum in the U. S.
ACCEPTANCES
STANDING—FEDERAL RESERVE
209,395,000
;
1
:
primary
DEBITS—BOARD
BANKERS'
5,996,000
25,847,000
',
Year
Month
THE FEDERAL RESERVE SYSTEM—Month
PLANNING-- ENGINEERING
NEWS-RECORD—NEW SERIES
Total
i
202,115,000
v
Previous
MINES)—
13,624,000
15,625,000
7,060,000
Mar.
(tons
ADVANCE
OF
tons)—Month
Total-
(tons)
anthracite
Pennsylvania
/ ^
of
short
/of February
■•.
3,245,000
S. BUREAU OF MINES) :
and
coal
8,377,000
16,256,000
■
BANK
29,571,000
6,470.000
—
COAL OUTPUT
.
15,852,000
freight loaded (number of cars)*!—
Y—_Mar.
freight received from connections (no. of cars)—Mar.
Revenue
8,788,000
3,954,0001r
8
ASSOCIATION OF AMERICAN RAILROADS:
Revenue
(in
7,397,510
29,518,000
3,689.000
9,075,000
30,531,000
3,061,000
8
fuel oil (bbls.) at—
Mar. 8
Residual fuel oil (bbls.) at-./——-Mar. ,8
Unfinishedoilp J(bbls.) ^at——
.—Mar; 8
'
128.1
J
7,370,000
Mar.
at-—_Mar.
Distillate
;
110.3
Mar.
——,
—
——————
//Stocks-at refineries,bulk-terminAlsr.-iiii.-.transit,' in pipe lines
j
' Finished
gasoline - (bbls.) >. at———.
——:
Mar.
(bbls.)
Production
29,447,000
'
output
(BUREAU
of that date:
are as
Month
ALUMINUM
r.
116.9
7,417,010
7,459,810
^Mar,.8
Residual fuel oil output (bbls.)
Kerosene
<i
either for the
are
Latest
Ago
2,387,000
Stocks of aluminum
of
—Mar.
(bbls.
,
stills—daily
fuel
v
Mar.
*
of quotations,
cases
'■Year:/'/'
Ago
2,054,000
2,178,000
2,225,000
41
production and other figures for the
cover
Dates shown in first column
that date, or, in
on
1'
output—daily average
output (bbls.)
output (bbls,)-
Kerosene
Month
Week
Week
:
Mar. 16
PETROLEUM
AMERICAN
42
based
tons)
month available.
■
INSTITUTE:
(net
1957-1959
for
'■
STEEL
AND
and
or
month ended
or
Previous
Latest
Steel
following statistical tabulations
latest week
Business Activity
AMERICAN
(1209)
^
,1*9,300
.;<*»•
42
r*:*
Commercial and Financial Chronicle
(1210)
/v.-v. i:-:''V
.
Thursday, March 21, 1963
v'::' ■/"
Institute of Investment
v>
.
.
■
Banking
^77/:./
■ji);7 !vJ '
•
'.**!?',. .-J--*'
4)'
'J;..
;
■Wf
,Vt'Vt4*vii
(j
{( «•
?vftojn *1T
'
»>•»
•
jj
V:
I!"
.;'
'111'
7-7
■♦i/-
/;7'
-
V
*
•.
_
p
■
'
,
i' ic
-
'■
>
-•
J;,. iii
FIRST
to right)
left
John
Dillon, Union Securities & Co.,
First California
Company, Portland, Ore.
Stevens
to Sons, Baltimore
Newell
' >
Thomas MV Dale, Jr.
Kalman tot Company,
Ensor
J 4.
right)
to
New
Richard H.
.
Spurzem
Charles D.-
Deane to Scribner;
Youngstown' Ohio
!? 4 Singer,
Hill
A.
Stanley
Stein
Tankersley
Ala.
Vincent A: Wood, Jr.
J. C. Wheat to Co., Roanoke,
Va.
Clifford Lanier, Jr.
Mohr, Farish to Gauntt/ Inc.;
Montgomery, Ala.
Thornton,
^
/
&
i
Baltimore
Baltimore
Boyce,
to Redpath
Auchlnclossj- Parker
Washington; IX C»
"
>
■
Richmond,
t?
Estabrbok'
Peter
'
Putnam
to
MiddletoWn, Conn.
Co.,
v
:
TLazard, Freres & Co., NeVFYork
Company , officials
Rbout
tdst*
Steel-* results, but they admit potential
coating.
t'alk^ eohsefvatively
l4:
^p-
>
improvement* in
demand.
<
customers
excited
are
the
about
Steel fig-j making has jumped tb about 73%
of unofficial ^capacity; around 2;-- product's? possibilities, g Du
Pont
ured user inventories during the
is field testing bumpers, wheel
first
quarter
will
increase by* 240,000 tons- wore produced last
covers, and* trim.
;
•
95^000 tons. That1 is only one-' week; Steel?looked for the* eighth
ahead
of*
consumptioft.
size of the buildup'in> consecutive
fourth the
the first
quarter of 1962 (3.7 milA
lion+tons).
♦
*
-
increase
steel
in
in¬
got production this week.
-V-'
is
Scrap
Order
at
Rate
Highest
Point Sinee 1962's Inventory Push
benefiting
not'
Mills'
from
steeP inventory buildup
The
T.
is "
H
v
•
Ohio
Cleveland,
Co.,
&
Securities. Corporation,
Winston-Salem,-* N.
James
F.
Weeks, Portland, Maine
.
C.
Gallivan
Alester G; Furman Co.,
&
Greenville, S. C.
Peter! A? Nowakoskl
*
,C
,
Clark; Dodge* to' Co.; Inc., Newark, N. J.
Fred A" Slimp
' i'7: 7
'York'/- / 7
Dittmar'&
have lulled" many steel users" ifitb-
San
Inc.,
Company,
Antonio
The statistical agency estimated
Committee,
Relations/
u rn an
Miller
Interstate
Bramhall
C.
"
Parker
A.
Hayden,
Morgan* Guaranty Trust Company
New-
:f
;
•]
-■
Bill Sexton
Richard L: Tauber
■■■
1
Western
of
Co., Boston
Hornblower
John J. D'Lhhy
type
Continued from' pqge
'Marine* Trust Company
;
William L. Clayton
E, F. Hutton to Company/Inc..
7
4
,
Angeles
Los
Hayden, Stone &r Co., inc., Coral Gables,
:;/:,FloridaV;4::7;
'77777/^
Wobdruff
Robert Aj Witbeck
Richard T. Gibbons
Bannister
F.
Co.,
George M. Wilson
Jfew Yorky Buffalo
Stewart
McLeod, Young, Weir, Inc., New York
&
xHaydpn, Stone- &* Co., Inc., Miariif, Fla.
Richard
i'f ^
Va.
•
Weedon
_
David H.
A.
James
^
*4,
,
Wade'Isaacs/
Inc.,
Mason-Hagan,
:
'
•.
Milwaukee
Incorporated,
Crowell
W.
Robert
Jackson & Curtis,
Co.
to
Donald
William H. Patterson
.
United California Bank, Los Angeles
-
Company? Baltimore
Baker, Watt's &
B.
Jr.
j,
>
Carter
L.
Loewi
Buffalo, N. Y.
Crowell,
Boston'
.
1
'
.
Hall
Paine, Webber,
Clark, Dodge to Co.,, Inc.
;
Semmes G.? Whlsh
Joseph R. Carson
Hemphill, Noyes to Co., Philadelphia
Walter A. Caine, Jr.
J. A. Hogle & Co.; New York
Eldridge J. MaoEwan, Jr.
Drexel & Co.; PhiladelphiaHenley C. Hoge, III
-
George W. Gearner
J
First Southwest Company, Houstoh: V
Bros.
£7
Bank; San? Francisco
;
Ohio
Thomas
Co.,
Minneapolis
Company,
George B.. Daniels •
•,</-<
■ Frost,* Read
& Simons, Inc., '
Charleston, S; C.
x
Jr.
Crawford
L.
James
:
Brager,
Richard L.
Wells Fargo1
rl
.
William H, Rrtchardson
Columbus
\ $
Allison Williams
Ronald E. Eadie
Francisco
Co., San
Collins- to
V/
E. Overlid
-
•«
&
Pi Prescott,
Trubee,
Baker
David L.
.
.
Robert Garrett & Sons,
,
Sterne, Agee to Leach, Montgomery,
,,
Ore.
Eugene,
Merrill, Turben & Co., Inc., Cleveland;
Piper, Jaffray'Ar Hopwood,
:; Rochester, Minn.
Arthur D. Baker, Jr.
Butcher & Sherrerd, Philadelphia
Richard F. Blue*
Company,
Ohio* Company,
The
Pikesville, Md.
„.
.Prescott to Co., Cleveland,
H. Jermey ;
John
Pierce, Fenner & Smith
Incorporated, Philadelphia
Frank Stonecipher
Courts & 'Co., Chattanooga, Tenn,
Arnott
Edward
.
Skinner
B.
Schwabacher
California
First
Incorporated,
,
Greenebaum
*
-
ROW
(From left to right)
Ronald
Company, Pittsburgh
;: Thomas
(From left*to right)
,
Soltis
Paul E.
Inc., Minneapolis
FIFTH
ROW
(From-left to right)
Jack Danby<-
John C. Legg-&-Company,
Merrill Lynch,
Will
-
Baltimore
Bulford
Leonard M.
Braun, Bosworth & Co., Chicago
;
York
THIRD ROW
Greenshields to Company
York'
.
Brothers, Minneapolis
F. Brittain Kennedy, Jr.
Lehman
George L. Shinn
left
(From
Michael J.
Brown
D.
Wm. E. Pollock & Co., Inc., New
Duddleston,
*,, * !
SECONtf ROW*
Clinton P,
John
H.
FOURTH
Patrick Lynch, Jr.
J.
Jr.
James
Gordon Childs
Alex.
Duddieston,
Robert. Garrett to Sons;.
Francisco
San
s.
Kroeze, McLarty to
Jackson; Miss.
'
Williams
S.
Eastman
C.
Lee
ROW
(From
Dan
cfuttiut* last; week at* 149f;523
cars,
hopeful attitude that there*will- only lHTo" off*, the 151,699-unit
be no strike, the magazine said. * tbtaL of: the^ prior week and well
a
4
Botlpindustry^ and-labor? lfcaders^
pointedly avDidfeds amy? ref¬
have
erence 1
May
to" the
tegically,
this
probability
*
of"
135^74
same
ye^r ago.
a
planned ,22.9%
last? week's*? output
of
uled*
in
produced
cars
week\of/
Ford^Mbtor Gov,
a
reopening? notice/ Stra¬
1
above
the
and sched¬
plant in
not' be the most ad-- overtime last? Saturday, March 16
from?
might
the* union
side,*
production* at5
one
(Mahwah; N. Ji); yet closed its
steelmaking: gains)
Steel-- moving ahead at a rate that wilt' vantageous* time to move.
users « are the
Wixom i ( Mieh.) * plant blast Mon¬
are
reactivating/ blast add about- four million tons of
automakers makers
Nevertheless,1 the major stebl4
furnace capacity; planning to use
are among the few that have an¬
day
only
and / its
Dearborn
steel to user-'stocks in the second' users know, and have stated in
more blast
ftirnace hot" metal in
nounced their intentions.
(Mich.) complexion Friday. Ad¬
quarter, Iron Age magazine re¬ no uncertain terms, that'they can
Hbw ; much' steel' automakers- their melts.* This^ situation and a
ditionally; its" MetUChen (N. J.)
not afford to be caught with? low 4
ported.
site was closed? all* of' last week.
buy in the next few months will, heavier flow of scrap because of
inventories if a steel strike " isc
Although
many,
hedge,
planning
to
of course,
depend on how closely moderate weather*
they
their
to
adhere
schedules/ They
build
about
as
scheduled fbr* the
they
first
but they will
there
is* any
in" the
cars
have
(1.9 mil¬
back
cut
weakening
in
if
de¬
mand.
January
and. Febru¬
auto sales exceeded last year's
corresponding' figures* by
13.5%,
they trailed production by 217,000
units.
Result: ? Dealer; inventbries
climbed* to over
on
March
1.
million
one
That
is
*
nervous.
to1
'■
and-
make
v;
Improving
from
-
No/ 1< heavy
Steel
said
$28'
top
a* gross'
ton;.
officials
Soviet
predicting that'Russian steel¬
are
makers
will
turn
5%
out
in
/.
1962
(about 84.2^ million tons).
Oxygen
much
as-,
Iron
Curtain
pace
.
like
are
will
turn
This
market's
Capacity
are
to
nearly
the
lifted
15
estimated
is^
productivity
to
20%
by
blast
blowing
helping
in
73%;
shaping > up.
This
activating that
in
the
steel
-.
week
Du
Pont
with-
a*
Steel!
is
strike
announced
testing
diffused,5
a
in late
Other
buying
autumn.
summer- or
;
in
period
a
in
?
carbon
stainless
is
of
of
pressure
even
more
a*
full
year's
are
more
much
ap¬
careful.
more
nop doubling their ton¬
overnight.
With
only
one
month of grace, buyers are
behind
three* months
last
now
reasons
are
mandatory
can
they
obvious.
90-day
not/ earlier
April,
steel
than
advance
the
consumers
deliver
With
very
end
need
highest point since last"
have
run
over
A rate of 80%
ative.
But
in
nearly
that
management.
100%
of capacity.
would be conserv¬
most
forecast"
not
steel
Monday
production
adjustment.
Offsetting these cutbacks, how¬
ever,
American Motors' output of
anything
from
ran
Output
Year-Ago
Stays
for
In
a
the
ing
oc¬
Ramblers^
125 to 150%
the
output
passengers cars
10%
a
supplier
were
count for 7.0%
as¬
by
a
company.
expected
to
ac¬
of last week's out¬
777-.
Chrysler Corp.'s' six- car-making
Above
1963
model
from U. S. plants
continued
to
last
week
more
than 10% above correspond¬
were
programmed for
normal five-day
Row
complexes
operations, some
facilities employing two
re¬
auto maker's
that
sales
of
a
range *
1962 despite some caution
, ing
in the union-industry flected in i assembly programs.
Reports, vague as they may be,
within
put.
Two * Weeks--
of
affected
been
shortage of underbodies develop¬
like
Ward's Automotive Reports said
that
previous weeks; Rambler
sembly. had
do
capacity to produce.
Auto
two
people
ordering surge of > 1962 which
feel
time.
Further,
there
has? been, littlO
saber rattling by either' steel labor
of progress
at the
casionally
pace.
what
or
on
but5 sent home its "
off
of
The
a
(Irid.)
ago;*
this year's inventory push. For' short? Rambler- cars returned to a 24Age: noted. periods,, order rates for some mills" hour, five-day basis last week. In
buying,: Iron
are*
nages
week
a
another
their1 customers.
of
The order rate for? most1 mills-is
pattern
the
Users
They
Studebaker Corp. produced cars
that' at South Bend
smaller 7 industries
is* might be tempted to gamble, for-
hedging.
year's
notice
U. S; automotive trim market may
be
called
1962.
quarter of
full three months-behind- the most part are being carried1 Lartf afl^iHavlck model assemblers
of* last year when steel? into the inventory buildup-by the for- the balance '.oft l&st week in
mills
battle
thap charac¬
inventory
contrast
The
parent
being
Carbon
competitive
first
indulged
users
furious
of
A
a
rate
of"
oxygen-enriched natural' gas.
furnaces in response to the sharp
tons
busi¬
upswing.
Jumps
mills
million
22
out
means
the
the Free
it" is in
And* it- is
ers.
canmaking
also
as
getting;
behind
World. By-1965, Russia reportedly
:
Steel
attention
rising seasonal demand
industries
steel
steelmaking' is
the
about'
this- is
of' buildup
more
day. steel
annually in oxygen convert¬
steelmakers
metalworking
and construction
the
week ago at
excessive, perhaps, but big
furnace
enough
ness
cars
46
a
supply at the February sales
—not
on
comparison,
rate
terized
ingot steel in 1963'than they did
Although
ary
the
melting steel* is unchanged1 from
a
By
contribut¬
are
ing' to * a softer' market* generally.
to Steel's- composite
planning
are
many
; quarter ; as*
second
lion),
production
"shifts, as
production and
continue to* range far
year
ago.
ahead
The company was
expected to account' for 13.6%
last
week's
of
output.
Generals Motors
Corp.,. planned
Volume
Number 6248
197
4
43
(121
The Commercial and Financial Chronicle
...
&
56.3%
industry assembly last week, or an increase over the year street* Inc., inched down 0.2% to
of
week.
*
1.5%
Freight Drops
Rail
Last
Leading* of
Business Failures Climb in
Below
Week
Year's
•
;
Latest Week
>
Current News in the Field
$5.77 on March 19 from $5.78 in
the preceding week. Continuing
the trend below year-earlier lev-
week of 4.4%.
ago
;
effect since
in
els
Dec.
■
1962,
11,
These Items are supplemental to similar notices appearing elsewhere- in this issue,
freight in ^ -Heaching
the
highest: level the index fell 2.0% short of the
middle of June last year, $5.89 on the similar day in Mrirch
revenue
the-week ended March 9, totaled * since the
517,^57
Railroads
American
This was
or
12.8%
week.
decrease of
a
below
-
the
.>
;
-
_
Corporation
of commercial and industrial;! fail- last year and was down sharply NEW FIRMS
announced.; tires rose to 348 in the week from $6.04 in 1961.
BAYONNE, N. J:—Trio
Association
the
cars,
*
Financial
15,060 cats ended March 14 from 302 in the
Dips in wholesale cost were Planning, 852 Broadway, William
preceding preceding weekj reported Dun & registered for wheat, eggs, pota- M. Corey is proprietor.
v
«
.
.Bradstreet, Inc. Casualties inched toes,
.
oil,
cottonseed
and
hogs
Calif;
BEVERLY HILLS
Harri-
was
>
Inc.
We have
successorT to
a
Sackville-Pickard
and
been
Company,
informed
this
is in error, as the corporation has
only changed its- name,
other
no
changes being effected.
The. loadings represented a de- ahead of the 339 occurring in the lambs. These outweighed"+>y a SOn Kolb & Company, 186 North
~
of 7,939s cars or 1-5% be- similar Week a year; ago but- did- verysligtif^ margin the/ higher canon Drive. Harry. Kolb is pro- OGDEN, Utah—Capital Ihvestbrs^
low? the corresponding week! in not quite 4edual the 363 in 1961. ^UOtatlohsv chalked up at wholew?
priet6r r of the
firm;) He : was *2404 Washington-Boulevard. Of,
crease
ease
R*
.
hiif
.
v
inrroocri-
ore
17%.
Rhmp
9Fv 173*
nf
mor<»
.
businesses
Siic-^'-aaT*
fon* corn
hams.
rve^
•tne price
•
per
(This was- an increase -of change I among larger casualties trendof food prices at the whole1,627 cars or 11.8% 'above the involvingv: lossesin.,; excess S of sale level. §;•'
::
; corfe^ondifig week of 1W2 and $iOO,OO0. They numbered 51- as^4,308/tari/br/3d9%:inbOye*;thd;againstv53*in :the;^iof;we^ and;;i<j^^^'°^^®jJ®^^ .
■>
.1961 -week.
- ■'
v
59. a year ,ago."»;.. •, /
' ■.; ■
f;
& Cumulative piggyback loadings; + The toll among;retailers jumped + Spring buying finally got? under
for the first nine weeks of 1963 to 167 from 126 • (revised) in the way with some zest in the week
K totaled" 123,107 cars for an: in- preceding week, and there Was- a ended Wednesday, Marbli 13. With
crease
of
14,087' cars or 12^% mild increase in the manufacture good* weekend. weather, strong
above the corresponding period" of ing toll to 68 from 611 In other gains* were chalked up on Satur1962, arid 32,919 cars or 36.5% lines, little fluctuation appeared day, and, while ramp alia floods
abOv^ the!ebrrespondirig pericrdiih^cpnstrtictiori'casualties^edged th*Mmpmedr retail activity^ in- sc»ue
1961. There were 61 class I IJ. S. 53 frorm51i Wh©les$linrslackened areas^ early this week, total volrailroad systems originating this to 27 from 31 (revised) and serv- time: pushed- well ahead of . the
type traffic in this year's week ice held steady at 33. More manu- year-ago level. Women shoppers
compared, with'58 one year ago >facturers and retailers failed than interest came alive, as temperaand 57 in the corresponding week last
year;
service
enterprises tUres : moderated; Although the
total.)
,
•
,
■
'
;in 1961'
Truck
rtChe"^lr. from 1962? levels
.rr"eiwwri ratfi
However; dips!1
dips^
iyb2
'
'
Tonnage Gains-1.2% Over
'occurred'iirwholesaling-and
Rise
.
Eight. Weeks
m
'
^ructi6n.
•
—
r?orifni+i*
T
i
R^NSSELA^. Ihdi
'-*• Kmfrr &
Company, _623> Milroy, Avrniue.
Theodore W. Knorri is: proprietor.
Elliott shreVEPOET,
Boulevard/ formerlyJbsephCKak~
Securities. Officers are joheph
j^|ie
La.
American
investment
Corporation,
Firepoint Plantation. Officers are
.
Elizabeth
L.
VSentell,i:EresiaentS
President;, .jBenjamin. Barbara^.. Bake^ Vice-President^
-Sll^,-«e*5Pes,^®n • an^ ;Hazel W/Je«coat;:TreaiUrerv and
Chsfkoff,
,
Chakoff, Secretory and
:
\
Roslyn
]y[arie Hi, Poliin
:
Secretary
'
Treasurer; '
TUCSON, Ariz;—RegisteredPlan*
Associate*' Inc^ 4625 East
officers- are Joseph M. Lemley, Broadway. Robert J. Rumsey is;
p^gident; Seth C Catchell/.Ex- ™esident./
./
Professional
DENVER -Colo.
p)ann|nft corp#>T0395 w®st Colfax.
ecu^ve Vice-President; Marvin R.
WASHINGTON
Florell> Ranald H. Macdonald m,
and James D. Geissinger, Vice-
&
jj.
presidents; and Merle1 L. Lemley,
Wachtel,
Secretary and Treasurer.
ORANGE
7./roT>.
con»
-
tinlan
ara
N
j
v
_
Maria
D
C
'Wachtel
Co., Inc., 729 Fifteenth StreetW.
Officers
Sidney' B;
are
President; Christian L.
Engleman, Executive Vice-Presi-
dent; I. S. Wachtel, Vice-President
P™m^o^°att^Swav Brtlw Associate, 351 Williams and Treasurer; IrvingKtirt Berlin
P. Baumaii,
unerverr, some over-all neaaway
some overman n^uw«*y
•
^Vice-President*
'appMrnedSPMimad'l»;h8m«gw>d»»^!^ -w2tor^rt?i^lSaZSeciet8ry. Sidney B and I- s'
■
^ear-Ag»^ Week;Bferks First
o
Securities Ltd., IAoi, 3807 Gfraftadk
,
,
liWe
zr
pound: of 31 raw foodstuffs
tairrers (piggyback)' in the week - 297 from 249 a week earlier hnd> and meat in general use. It is?not
-was*
^
endbd Merdl 2, 1963 Hwhieh w^iet 280 in Ithe comparable week of a Onst-of-living index. Its chief r0,
k
included: in .'.that week's over-all-1962. Meanwhile, there', was little function- is-- to show- the general CORAL GABLES, Fla.
thighWay trailers orwMghway-con- under $108,000,' which climbed to
5a,
v«ik
remained relatively
_
and
R
partners
slow, with
g^ogrtiphie regions
re- sizable gains4 reported in only a Wo1Vov fr
Intercity truck tonnage* in the ported1 rising/ business tolls during few, areas;
However, signs of- Walker & Co.
week ended March: 9. * was-. 1.2%-the wefekr Failures in the East spring refurbishing- were
noted' JERSEY CITY,
Fjve
in Wachtel & Co.
A
N. J.
&
R
Gerard
WASHINGTON, D. G.
to 82 in the movement of / furnishings^ Investment' Co., 134 Terrace Ave.
responding weefe of. 1962,; the from 43', whilb moderate upturns-and housewares as well as in Partners are Robert Ji Crescenzo
American^ Truckinr Association lifted Middle " Atlantic casualties- hardware and building supplies? and Alphonse T. Crescenzo. ,
Corporation, 4706 Wisconsin Ave.,
N. W. Officers- are Gerard T.
Corkery, President, and Treasurer,
announced;
an<^ ^rene Lewis? Secretary
ahead
in the
the volume
of
North' Central States surged
cor-
Trucktonnage: was to 84 from .77^ South Atlantic to Car purchases-continued- to hold LOg ANGELES; Calif.--J^ Bento
^
—
"
—
^
.
"
-
-
Herbert
Drive.
previously
&
WW
oivuuu
uvvn
-
vv-uuai'
:
year.
findings-
These
15
,
owica)
WW"
respectively.
In
ku.
six
AW
aim
of
J.i.gi. «,vvw*
iVJUiyei'
tail1 tfade ii*: thev statement
nine
with
Inc.
and
M. L. Lee Co., Inc.
OS' S UX,
wefek-'f^.^_
•
Co.,
S.
Mr.
•
M5nri
MTS
Wednesday ranged: from 3 • ^ ■1N^•
NEW BRANCHES
weekly survey of 34 metropolitan vary from last year's levels by to 7% higher than a year &go\
areas conducted by. the. ATA De.:
more than three coseS. Two areas? according to spot estimates col* ;
•,
/ BOSTON, Mass.—Moss, Roberts &
partmerit of " Research and Trans- the East North Central and South lected by Dun & Bradstreet, Inc. NEW5 YORK CITY—Laren Secari-Co., 40 Court SL/ John Jr Moss
port; Economics. The*.report' re* Atlantic; had': noticeably heavier Regional estimates - varied from ties Corporation^ : 261 Broadway; will direct the operations of- this
fleets tonnage handled at more casualties"thahkin 1962 while the comparable
1962 levels by the formerly Laren and Grimm Itic.
local branch. ^ ^
are based orr the* major
regions-,
failures
not ended'
did
.
than 400 truck terminals of corn-
carriers
moh
of5 general
throughout^ the^country.
'Hie
terminal
wepk
wiljh
a
year
the
centers
i;
at
tonhage*
19 localities,
level.
tonnage gains" ranging- from 10.0
to 122 6% * while* two
areas
re,
...
Compared
10%
or more,
areas
tonliage,
seven
seven
areas
areas
601 Wall
Streets
In
rere-
CHATTANOOGA, Tenn.—j; C.
&
Co., .- Pioneer Bank
Bradford
,
Building.
Paul
Christense n
is
preceding week and 40 in the to +4; West South Central +1 to been reported that First Pickard manager.
similar week a year ago.
-f-5j West North Central 4-2- to
EAST' ST.
LOUIS, 111. —Grant,
Pacific +3.to +7; Mountain
+7 to
11;
J~7 +n -1-11' Middle Atlantic -J-R votes. Except for the N. Y. Post; Jbnes & Company, Inc., 1054 State
Atlantic +8
Remains Down
.
to
.+12;
matelvthp
ported decreases;
Q
tin
+10 which
without
Department*
Store
»%l_Abdye /
Last4 Year's Week
v
v
^
^
^
^
,
rnhhpr an<i
imiei*.
little higher in
publication Feb. St., William F. Dunham is
resumed
i
whole-
reported'an
man-
28, New York City will still be ager.
One
what
any
can
the
major newspaper^.
only
sales
speculate
as
overall gain
of 7%
HARRISBURG, Pa.
tO M0yer,
wo^d^ltave Ibeen
in the absence of the. strike. Even
store sales on a though the strike
mit/masia>a&^^taken from:
the four
same
silver
^
Atlantic
South
inching down-last Wednes- to +14.
<l^y to 266.99, the lowest since
■—
*
I961; the general whote^ Nationwide'
s^cotamodlfy- prite^lndfec pre«.
registered.increased
while
?
compared with 43 in —2 to -j-2; East South Central 0 the ChroniOle of March 7th it had
as
.
the
ately .preceding? week; 27 metropolitan
reported
pared by Dun &'Bradstreet moved:"
immedi*:r<s«i,
,,
with;
following percentages; New Eng.- NEW YORK CITY—Firat' Pickard
Canadian; failures" were land-—4 to 0; East North Central Corporation,
Fifty
Trucking
at; fiver points- registered
v
-.-v.-;
last the
reflecting decreases
1962
fleVted decreases of
.
-
r
for
survey
ago
15 points
from
1
-
showetP increased
from
Middle Atlantic had' fewer.
freight
Fricke
&
Woodcock,
—
French. Inc.,
2635 Reel Street. Charles- Doran
yan€e is representative in charge.
spread to Cleye^
week average LEXINGTON, Ky.—Bankers Bond
totalled2%- more than a year ago Co., 200 Easti Main Street. The
^
xcporieaan uveraxi gani 01
t/0 for the country's 12'principal I re- address was previously reported
tail centers which;: incidentally, incorrectly as 408 East Main St;
and dbwns
Were? registered
in pared^With tholike^period1962^." i I- ^8 7T 't™
XTX
Lumber Data Unavailable
gjrain and* livestock *■Quoted lowe^
includes Cleveland-and. New. York. crr ffFTH'Tt^nTinr Fin
ppninEditor's Motet ^W". *e e k 1 y and thian on- the
comparable? da W lak
four>-week periodend^ city; Cleveland's sales in the pasl
*
.
yearly '^ lumbef production,1^ ship-? week Were wheat oats hoes and March 9, 1963, salfes gained +2% four weeks plunged for two con- su,ar Investments, 7240 Central
,WVCK- wexc wueai, uais, nogs ana
->uA. «^-«Aerkn-l^:ri<, T-Lor«irt/i
in
oncf
.'
—
'
.
^
.
Week, ended
March
9,
com-
,
■
_
■
order
data are"
tSr
Over
The
were
Last- Year's- Level;
amount
distributed
and" power
ended
Saturday,
March
according
to the Edison
16,
16,845,000,000
Output
kwh. less than the
of.
was
was
ity
Price'
Index< stood
at
267.36
close to*the* 267.35 iri the precede
lar day of
February and rariained?
kwh., doWn appreciably from the
com-
Electric parable 1962: level of 272.60
210,000,000
•
,
>
:•
Wholesale Food.Price Index
17,061,000^K)0: kwh., and^ Off Fractionally in Latest Week
of
the
comparable
According to the Federal Re^ sales-for the iveek;ending Marcft
pi._H.rrl,
department1 store 9 were-6% above the comparable bJ"
ria. narris,
sales in New Yorkr City for the* Week in: 1962.
Upham & Co* 3303 Third Avenue,
wee1^ ended March- 9, advanced
iri' contrast" to the FRB departs North. Albert Wadle is manager of
3% above the corresponding year- ment stores* 2% sales gain in the the new office. Willard A. Gort*.
_
sOrVe' System,
ago week.
\
The'New York City
strike
newspaper
four weeks ending March 9/ the
Commerce Department reported
ner
Waiter j; Loick and Paul B;
Good
are
associated
with
it
as
by the printers' Big Six total retail sales, unadjusted' for
registered representativesi
a.m. Saturday, Dee; seasonal variations, for the same
8,^1962; The bargainers-; agreed to four week period-rose 6%
Brad-
com-
settlement?Friday^ M&rch 8,.but pared to' last year's level; The
0n March 17 the N. Y. printers1 year^aigo percent change for the
SARASOTA, Fla.—WilSonv Gold-
a
The Wholesale Food Price In-" rank-and-file rejected the
1962 dex, compiled by Dun &
man-
comm^iced'2
previous week's
703^000,000 kwh. above the total
output
The Daily Wholesale. Commode
by the* electric light irighveek. It was off slightly from
industry for the week the 268224 chalked up on the simiat
total
quoted
won_
00^ rye ahd'steers oi'er the corresPondin8 period in secutire weeks in a row 5% be- Avenue. Elmer F. Wamke Is
tfigh^.
•
1962.
low last- year's period,, but* the ager of the local office.
(1930-32*= 100) on Mbn., Mrir,
of electric energy
estimated
Institute.
lamb's; white
'
Electric Output1 Rises- to? 4.4%
-
i*
v.
a,,
merit* and* new
unavailablerthisc week;
pub- current'March 9th sdiowed an 8%
lishers* contract' by 1,621 to 1,557 gain.
w
^
p
c.
.
919
T_.
__
'
T
^
t+
Osprey Avenue. Jerome H.
wyri is in charge;
cnilth
j.
Gold-
>'. VM?.'
«n«A<VW
•
44
•
'
:
'
;
■ ■■
_
■
,.g> .r-y .-r •" J"'
.
-TI—• J. -A • *• -
.
T -..J.
-
^The €omntefcial'and Financial Chronicle
yi
(1212>V
'.
.
.
.
v'Vv*.
Thursday, March 21, 1963
j April 17-21, 1963
WASHINGTON AND YOU
American
Thursday
(Syracuse, N. Y.)
Bar
Association
gional Meeting.
\
Re¬
1
MARCH
\
{
V
BEHIND-THE-SCENES INTERPRETATIONS ;;
21
April
1963
26,
Security
CAPITAL
FROM THE NATION'S
New York
Grand
in Washington "What's
'/
question.
>
'
..
with
Committee,
came
most identical
al¬
an
their
been
able
evoked
thinking of what really is going
in Washington, but have not
made the front pages. Cuba has
long been headlines and perhaps;
some of the biggest are yet to
I
doubt all
Senator, and no
of
volume
of
deal
reduction
without
Cuban
receiving
are
there is
sen¬
a
doubt
no
mind that the country
is
whole
a
about
cerned
much
very
con¬
which
events
the
and are taking
have taken place,
place every day, on that most un¬
fortunate island in the Carribean.,
'
V
dealing
are
vexing, and may I
situation.
dangerous
a
might
with
We
maniac,
a
hesitate
not
Cuba
that
doubt
no
very
a
add,
"<fk
is
"There
poses
>
As far
there
to
an
cause
have
been
hearings
some
with
deal
Con-
junketing
>y£-\gressmen who "lived it up" when
they traveled abroad at taxpayer's
a
and
adjourned.
Now
staff
•
Congress
.y
.
Congressional
numerous
members
in
getting
are
the "fringe benefits" that go
working
on
made
and
the
of
some
but the
more
with
trips
by working members
of Congress and their
bers,
on
Capitol Hill. There is
that
doubt
were
nearly all trips
junkets,
on
and
as
junkets, Num¬
of
members
erous
being
overseas are
lumped together
Congress take
it
reduction,
to
of
be
cut by
a
a
days
printed
-
They
as
$10
a
a;
billion
tax
majority
said
in
Committee
views
said
minority
they are all for a tax.
reduction, but they want the Ad¬
the
the
their
airplane
liner
ocean
of
cost
cost
More Treasury Bond Auction
overall
overseas
total
the
or
only
cost
The
part
a
the
of
who
marked
interest
nomic
the
of
Committee
issuance
Answer Is "Nothing"
of
inquiring
A;
citizens
recently sought to find out
Joint
rec¬
Eco¬
to
-
policy
a
of
Wisconsin, in
may or
Baltimore Security Traders. Asso¬
\
\
at the
COMING
i-.
: >..*
:•
contentions
the
that
taxes would result in
cit
on
a
a
of
a
June 21,
-
s
>
<
■
,v.---;;:
.
ing
*
:
for the
marsh, Pa.'
mean
more
dim
March 22,; 1963
mire.
a
is
(year
debt.
j?v
'
v
-
tion.
Party
March
now to service our national
A Federal deficit of large
1
■
Hotel,
(Indian
Section-April*• a
Texas
Congress votes to cut taxes.
Association
a
fiscal
our
in
;
affairs
order,; The
can
problems
plicated ? and
are
more
deeper> "than
Section April 25.
-C-.i
" • »
■:
' V
'
•
y..y"
••
;
•
? •
a' 'i'. -'t*t *"
"
:
Toronto
eco¬
tion
com¬
Bond
King Edward
the
■
•
'
;■
even
two
months
Congress
piece
legislation
of
have
convened,
major
has
been considered
of either House.
.
The
liberal
sional
Dinner
Sheraton
LERNER&CO., Inc.
'J
Associa¬
at
Investment Securities
the
10 Post Office Square, Boston 9, Mass.
Hotel. K
Telephone
Rules
-
2-1990
Teletype
617
>•
451-3488
%
'
(Major Pool
Equipment;
Committee
(Corporation;
the
suggested
C*ahl Marks & C.o Inc.
Bought—Sold—Quoted
tions in the future.
im-
passed
on
or
the floor
The
Joint
Economic
commended
exploration
the
of
Treasury
the
FOREIGN
Report
in
the
"repacking"
Committee,
House
which
is
marked
of
the
1988-93
sale
bonds
for
auction
method, and for the
.
bloc
has been successful in
the
telephone number is
/
•
HUbbard
...
York
CAnal 6-4592
-V(•. K- :•'»>..
Traders
Annual
31st
Mills:
Electro
Waste King
-
April 5, 1963 (Toronto, Canada)
minority
maintained that the nation's
nomic
(be
Dealers^
the
( CHRONICLE'S Special Pictorial
$95 billion on Federal spending/'-: (
until
at
Our New
Statler Hilton Hotel.
"temporary ceiling of
held
May 31,
Official
Group Investment Bankers
Convention
Head
Maxson
T
April 3-4-5, 1963 (Dallas, Tex.)
ing 1963-64, regardless of whether
The Republican minority report
on
be
('■; Botany Industries
proportions must be financed dur¬
>;
Cocktail
A
Party.
and Dinner will
TRADING MARKETS
SECURITIES
SPECIALISTS
,
\
Spring
Attention Brokers and
CHRONICLE'S Special Pictorial
'
Ga.)
Security Dealers Asso¬
ciation 37th Annual Dinner at the
costing about $10 billion
advocated
.
.
May 30, with Outing
(New York City)
29, 1963
New York
^ Waldorf-Astoria
yy:'"
at the Cham¬
pion's Golf Club.
almost
the
at
Georgia Security Dealers Associa¬
Annual Field Day
tax income
<J
t-fJ
It
(Houston, Texas)
Stock and Bond Club of Houston
certainly wrong," said Mr, Prox¬
'
1
May; 30-31,. 1963. (Atlanta,
lower defi¬
Treasury. "That is
summer
tournament
<
the theory that more spend¬
ing would
golf
and
Wh,itemarsh Country Club, Wlrite- .;
IN INVESTMENT: FIELD
in
!
1963: (Philadelphia, Pa.)
Philadelphia; annual
i
some
cut
spring Outing
Country Club of Maryland.
Investment Traders Association of
the
:
Belie
Country Club, respectively.
ciation 28th annual
in¬
an
Meadb
the Committee said. In advocating
Treasury conduct more bond auc¬
portant
4
Outing
Hillwdod Country Club and
extreme
although
since
Club;
16-17,1963 <Nashville,Tenii.)
shortening of the debt structure,'
that
single
City
Nashville Association of Securities
for the Treasury Department
pursue
may
a
Day-
try Club.
long term financing, the Congres¬
not
Field
Dealers annual spring party at the
reflect
to
criticism in the
some
by the United
Washington,"
be mildly surprised to know
"what is going on in
passed
con¬
Park
Sheraton
Annual
Queen
May
concerning the
bonds
of
of
placed
invest¬
to
banks is the
ment firms and
ommendation
43rd annual,
the
;
"
States Treasury. There is no rea¬
travel.
trio
Recommended
Sales
Of
son
The
1
em¬
spouses,
ticket
is
Spending first,
ministration to cut
and
Administrationists
Ma¬
the Joint Eco¬
on
views.]
own
The Mid-Westerner takes
few
should
\
be cut in 1963,
Republicans,
Mutual
of
coincide with the *fChronicle's" May 17, 1963 (Baltimore, Md.)
may not
future.
of
report.
from the nation's Capital and
.part of the majority report de¬
that our $300 billion pius
view
called
reduction
billion
$6
near
$250
auction
the
via
in the world combined..
However, the
President Kennedy.
Miller
national debt of all other nations
'
proposed earlier in the year by
as
approximately
national debt is {greater than
expected,
be
Jack
and
"behind the scene" interpretation
the
clared
spread over the next three years
phasize that they paid the trans¬
portation
a
Vv
a com¬
Democratic
The
to
jority,
of
bonds
Democrat of
favor¬
report
York
dividual report which^ was;vmade<
Senate and House issued a
ago.
sale
contemplates
Treasury
report. Senator William Proxmire,
The Joint Economic Committee
114-page
the
review
tax
parable reduction in spending.
of the
practices.
us
{Our National debt came in for
the end
there will be
year,
-'a
is-a
there
and
chance
of the
going
New
estab¬
an
have
[This column is intended
among
v
made
be
would
believe," Senators Jacob Javits of
Iowa sigft&d the minority
million
the American-
on
**•
is
bidding
ally,
with'some
meet
medium-; Administration
and
Ineideht-
the
in¬
seems
•
there
If
longer
Treasury bonds at competi¬
management
Democrates
both
a'great degree
people.
at
.
Cincinnati
lished part of the Treasury's debt
but this' will depend to
success; *
r
their wives with them.
of
offering
mighty attack on method in the
a
will
it
mem-; nomic
staff
public is frowning
more
a
'
but
of
Republicans. There is a
chance
Association
Municipal Bond Dealers Group of
day of Spring!"
tax
term
budget is shaping up
conservatives,
^
^
May 17 at the Losantiville CoUn-.
first reducing
Therefore,
for
after
fall
last
expense
no
the
- '"
May 16-17, 1963; (Cincinnati, O.)
about the
don't get quite so emotional
we
the
-■
evitable that
reports filed. Some of the re¬
ports
but here in
Miss Toodles,
-
are
ment
budget.
', '
^
an¬
Palmer
Reception and Dinner May 16 at
There is- no question but senti¬
is growing for a balanced
.
able
Congress is concerned
as
appreciate your spirit,
first
Balanced Budget' ;■
who
incident that would lead to war."
and
"I
great
a
mail," said
Cuban
in my own
.
to
spending.
colleagues here in
my
ior Senator, "and
as
opposed
Sentiment Growing For
of
Senate
Association
Meeting at
;
Va
^(
:(H6tei.:^p.':-^
not
tive
"All
the
law-makers
the
con¬
crisis.
''
House; X
ference
Con*
a few of the
,
S
„
are
mail
the
and
Castro
letters
-Bankers
Savings Banks
offices from scattered
sections of the country indicates
that
(
Analysts Federation
National
Wall Street
(A check; of
(White
J May 13-15,1963 (Washington,B.C.) 5!
From
either."
so
receiving
House members, are getting a
cerning
■;
and
can
all appearances, Congress does
think
Sulphur
i
Va.):^'Ji
convehtion ;tat' the
nual
gressional
Meantime, nearly every United
substantial
it
country.
the
•
;
of
policy
liberal
Springs, W.
rw
Financial
wonderful thing if it can
does
the
John
May 12-15, 1963 (Chicago, 111.)
that
"com¬
are
done. We do not think
neither
of
the
a
conservative policy of taxing less
on
the
policies
approval—a
—a very
at
% the; Greenbrier.
one
ago
wrote
spending more, combined with the
some
Governors
Investment
sistent policy handed Congress for
its
^
Exchange '::Z
Meeting
i Board, of Governors
pletely consistent with the incon¬
bigger and more complicated.
questions
days
House
their
from
obtain
of
8-11,: 1963
May
bit
the
letter directed to his district
Some things were un¬
clear to them as Government gets
States
the
of
(j;
the
Marshall Hotel.
and
a
not
they had
that
to
come.
few
A
the conflicting
newspapers.
Their
Senate.
the
each was seeking
developments in
Capital
MR. CACKLES
of V Stock
Spring
Board
conservative than
more
member
or
news
is
Senate is
Traditionally
inconsistent.
House
question.
Apparently
some
with
up
Association
Firms
•
and Means
before the House Ways
in i the £ House
in the
action
the
in
;
-
The. action
y
Dinner
May 6-7, 1963^ (Richmond, Va.)
filibuster
the
of
legislation.
up
appeared
who
husband
her
\
the Far
Capital
the'- Nation's
in
.
major ac¬
a
permits Senators to bottle
which
head of a
Then the wife of the
large investment firm in
South,
so-called1 rule
asked a similar
Charlotte, N. C.,
Senate
the
Annual
(
of
CHRONICLE'S Special Pictorial
v
complishment has been the efforts
of the conservatives to keep the
from
banker
and
businessman
In
floor.
going
another
Still
Washington?"
on
City)
■&S Section May 9.y
the
legislation to
Administration
recently asked an acquaint¬
ance
unbottle everything
easier to get
to
and make it easy or
Mass., business¬
man
a
designed
DJ C.—A ^prom¬
Worcester,
inent
York
Association
Ballroom, Waldorf-Astoria
A* 1 '
Hotel.
WASHINGTON,
(New
Traders
of
success
its
bond
that
$250,000,000
last
;
; T
20 BROAD STREET • NEW YORK 5, N. Y.
TEL: HANOVER 2-0050
'V
:
!
The
report suggested that the practice
Annual Report
,v
on
available
request
TELETYPE 212-571-1685
HILL, THOMPSON & CO., INC.
.
year.
.
:
10 Wall Street, New York 5, N. Y.
.
Tel. WH 4-4540
Tele. 212 571-1708
i
.
@FedFRASER