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ES^aMWieiM, ^tiJTNAMJIAL
Reg. U.S. Pat. 0)1.
Volume
AND
LEADING
THE
Number 6250
197
MOST
INFORMATIVE
New York 7, N. Y.,
PUBLICATION
IN
THE
FINANCIAL
Thursday, March 28, 1963
FIELD
.
.
Price 50 Cents
Business Activity
EDITORIAL
ESTABLISHED
.
Copy
a
x
What has
over
promises of
an
decidedly hollow ring to Kremlin
economic millennium for "workers" and
gives
a
By John A. Cochran, Professor of Economics, and
Chairman, Economics Department, Arizona State
"peasants,'! and the President does well to call sharp
attention
The truth
is that
if
examine
we
theory
expounded by
as
early
find that
we
even
the
elect in the
very
long period of
years
Overall projection of substantial economic
growth
com¬
resuming
by late spring or early summer anticipates 4.3% GNP rise
1S62
at
annual rate based on assumption of tax
reduction by September made retroactive to
July 1, 1963.
over
an
terms
as
well
detailed
as
quarter
by
quarter
lion.
billion
^
by
The
enough in official documents.
every man
■
be
can
the
from
communist
munism
is
years
thus
and
built
literature
years
the
to
itself
problem,
these
as
U. S.
it
is,
of
course,
In
put
point
A
Underwriters
Distributors
as "
indicated
by
was
increase
an
■■A
•
of
The
manufactured
stock
market
the
¬
again
23)
mild
recession
no
this
previous
that
Since
be
the
these
we
say
us
place ourselves
optimists, in that
we
anticipate
but rather look for
year,
of
boom
Despite these
however,
we
some¬
not
are
superboom this year,
projected for 1963 is
or
advance
the
over
dollar figures
(GNP) is
prices
are expected on the average to
1%, the gain in total real output is
being
noted
only
that
3.3%.
Furthermore,
projections
our
both
rest
it
on
enact
however,
an
individual
President
across
and
assumption
is
that
the
underlying
Congress
board
corporate
Kennedy has
tax
tax
wilt
cut
foj?
payers,
aa
(Continued
on page
24)
State,
ECONOMY: SECTION 2
r
623
&
Street Los Angeles
California
So. Hope
r;
,
Members Pacific Coast
Co.
17,
Notes
Municipal Bond Division
Pasadena, Pomona, Redlands, Riverside,
San Diego, Santa Ana, Santa Monica,
I
THE
Whittier
CHA
FIRST NATIONAL CITY BANK
Inquiries Invited
135 So. LaSalie Street
■*'
Bond
on
Southern
California Securities
Dept. Teletype: 571-0830 V
New
w
Bonds and
dale, Hollywood, Long Beach, Oceanside,
JEBMIDWEST STOCK EXCHANGEjEE
TWX: 212-571-1414
Agency
Exchange
Offices in Corona del Mar, Encino, Glen-
•
A
Chicago 3, III. FRanklin 2-1166
York Correspondent
—
MANHATTAN
Pershing & Co.
BANK1
»
i
S"
it.
:
Markets Maintained A
Dealers, Banks and Broker# '
Net Active
To
/-I-
•
T.L. Watson &Cp,
ESTABLISHED
I1832
New York Stock
UPIRST
£>0ilthw€4t j
"?coMf^^:5P!
>
'
•'
*
j
j
.
i
•
"
;,
Exchange
:
,
Executed
NEW YORK 4, N. X
1
.
"Teletype
•
-
PERTH AMBOY
On
212-571-1213,.
*;
; Goodbody &
NEW
2 BROADWAY
NEW YORK
.vV,/
y ?*• \ r-]
THE BANK of NOV.
All
(Expire
.
^
r''A AA
( MKCT VIRES TO MONTREAL AND TORONTO
MEMBERS
BRIDGEPORT
A.
Canadian Exchanges
v
STREET
* ■:
buy
:>v■;£xt:
RIGHTS
Orders
'
BROAD
■
'
CANADIAN DEPARTMENT
-
,
:
We wish to
v.-v
.
Block inquiries Invited
Commission
American Stock Exchange
25
*l
; Canadian Securities
7
vr-'-vrA""'
Members
AfN' '*$'*
YORK-'STOCK
vr-. 'a
Dominion
Grporation
Co.
EXCHANGE
1 NORTH LA SALLE ST.
%
CHICAGO
zZ
^
promised by the President.
re¬
a
important
most
figures,
indeed
Lester, Ryons
*770-2661
■•
1962.
year.
another
haps
John A. Cochran
or
the upside. Let
on
of
figures,
number of assumptions, which we shall examine
as we look at the
economy sector by sector, per*
of
one
recessions
clearly at the beginning
the
rate
should
postwar
among
the
estimated Aas
headed for another
out
since
economy
the
year
real
a
reflected
was
break
the
lower than that actually recorded in 1962
rise
and seemed unable to make up
would
for
impressive
looking for
1962.
goods.
its mind whether the economy
is
1963, GNP is projected at $577.0
with an estimated $554.0
gradual increase in the price level.) For 1963
w^
are projecting in currant dollar figures an increase
of only $23.0 billion or 4.3% in GNP over that of
the
Dealers
MEMBERS
Yorks£jNf.YV''
>
fourth quarter of 1963
a
by $35.3 billion or by
some* 6.6% pver 1961. (Actual output did not rise
this much, -of course, since we still had some
the
in
of
Members New York Stock Exchange
Associate Member American Stock Exchange
BOND DEPARTMENT
•$
In
means
Housing
v
;
"
services.
and
GNP, terms this
compared
1962 output in current
Securities
It—""
goods
or
and Public
CHEMICAL BANK NEW YORK TRUST COMPANY
770-2541
of
estimated to; have increased
Corporate & Municipal
V,O.Box 710, New
output
Product,
Municipal
®|lhemiG|ii;!=
•
were
all
as
Municipal
,.<T ■' ''
PHONES!
For
what
to
Securities ! '
I
total
Housing), •;
State and
)
indicators
to
their particular
this hesitation in
com¬
on page
some
according
were
unemployment r>a£e?; accom
panied by stability in the out¬
light of such
(Continued,
Although
could
JAPAN-THE GROWTH
Government,
Public
belief
direction
in January and February
1963,
point of recognition even
by the followers of Marx and Lenin.
facts
that
optimists
data
it is said,
must elapse before
sidewise
point of view. The most serious
production until gopds arid, services are in
super-abundance, making it possible for everyone to
have his "need" fully satisfied at all times. It is
quite
evident
observers.
data to support
is to increase
general that
a
.
goal isstilLbut a vision: of things
far off. TJp to now, it has-been proved
again? and again
that nofmal production by the individual
depends - uppn
distribution of output roughly in proportion to individ¬
so
in
pointing downward,
that both the pessimists and
A""7
so
has actually risen to the maximum of his
output. The task of commtinism at home,
moving
in early 1963, seemed to
pointing upward, others
Kussia itself this^latter
ual
omen
American economy,
many
theory—only after production
ability: Onlyv when this latter Has occurred would there
be
-go^dsf ahd seiSdces Hq^gtfrouncL But even in
;
good business
as a
billion
by that term has been
according to his need" system
or
quarter annual rate of GNP in 1962 of $563.0 bil¬
sectors
and pins hope on consumer.
in communist
spring
viewpoint, business activity by the end
should be setting new records in
that my forecast calls for
ing
every man
late
Analyst examines broad trends expected in economy's major
always talking about "building" communism in its
Any "to
by
seasonally adjusted annual rate of GNP of $567.2
billion, as 'compared with an estimated fourth
is
come—even
growth
spending
and then only after the
means
i'%
year
of
Construes any credit tighten¬
country, and what it
upward
Gross National
changes within those sectors.
made clear
of
my
accomplishment of miracles of production. The Kremlin
own
»"*'■'
•'
summer.
this
of
really expect anything in the nature
of § the economic blessings ordinarily claimed for the
principles of Karl Marx and others. Certainly, not at
a
In
Khrushchev and
munist world do not
least for
sumption
University, Tempe, Arizona
communist
Company
fact.
the
to
*
.
New High Levels in Current Year
happened in Cuba since the communists took
the island
In 2 Sections —Section 1
Will A t tain
*
•
1839
A:
40
municipal bond department
Exchange Place, New York. 5, N. Y
Teletype 571-0880.
Area Code 212
bank of america
.WHitehall 4-8161
--Yv~
-
n.t.&s.a
;
san
francisco
•
l(5&
angeles
2
The Commercial and Financial Chronicle.,,.
(1270)
S-fl
>.s
*•
Dealers only
for Bonks, Brokers,
I Like Best...
A continuous forum in
a
Vice-President, Johnson, Lane, Space
Contacts through
of
range
our
nation¬
i-'V<....
-
r*. -it
/
■»..<,.
..w'i
-tei
the
magazine
news
(there
share
Walter
Jim
re¬
i
Selection*
industry as among the most
ever witnessed '
*«Call HANSEATICJ'
Louisiana Securities
Vice-President,
Jr.,
Savannah, Ga. (Page 2)
Bought—Sold—~Quoted
,
,
;
Supply: Co.—Thomas E.
King, Vice-President, Dempsey-
Steiner, Rouse & Co.
Tegeler & Co., Inc., Chicago, 111.
Members New York Stock Exchange
Members American Stock Exchange
(Page 2)
were
79 Rector St., Kew York 6, N. Y.
originally
sold tor the general public at a
Jim Walter stock was
-
HAnover 2-070a
North Dakota, as well as by means
'of
132-page mail order catalog,
a
Tractor
Supply
Mobile, Ala.
'
>
,
Direct
several
offers
212 571-1425
New Orleans, La. - Birmingham, Ala.
to have been price (adjusted for a subsequent thousand items
ranging from ne¬
weak three-for-one split) of $7 67 per cessities to comparative luxuries.
sisters siyept down the drain.. On share. It subsequently sold above
Part of the reason for Tractor's
the other, hand, Jim Walter Cor¬ 60; and in the general market de¬
consistent progress stems from
poration, the largest builder of cline and simultaneous debacle in
breadth of product line which,
shell homes in the country, has tv 6 Shell home industry sold as
because
of
continuing* experi¬
low as 9,
; recently indicated earnings up
ments 'to 'find suitable additions,
200% in the qtiarter ended Feb/
is wider today than ever before.
Yield Attractive.
20, 1963. It looks as though the
The stock is currently trading Across the land, the company has
blood bath is over.
a
reputation for
two
in the Over-the-Counter Market earned
The fiscal year ended Aug. 31,
attributes extremely important to
around 18, where the current in¬
1962, was a poor one for Jim
its
clientele:
competitive prices
dicated yield is approximately
Walter Corporation/The company
and ready availability. With its
41/2%.
earned 93 cents (down from $2.11
streamlined
distribution
system
Jim Walter Corporation keeps
in
fiscal 1961), and there
was
Tractor Supply not only manages
its books in such a way that in¬
much talk
in Wall Street and
in many cases
to undersell its
Main Street about the safety of terest (time charges) from mort¬ competitors;
on
the shelves at
the 80 cent annual dividend. After gages which it holds on all of the each TSC branch or subsidiary
The plug
NEW YORK
cruel
•' /■/'•» 'jtf
v
which has" washed' the
sure
£ t
r
•
Alabama &
and
cently referred to the blood bath 1*949,721 Jim Walter shares out¬
shell home standing oft Nov. 30, 1962):
,
yoifre getting*
widest possible coverage,
To make
national
A
wide wire system*
Jelks,
Tractor
000,000 was acquired /without the
issuance of
a., single;; additional:
Corporation
Jim Walter
V
Johnson, Lane, Space & Co., Inc.,
company
which in 1956 earned almost $6,-
New York Stock Exchange
Members
a
as
Inc., Savannah, Georgia
and Co.,
50%
which as recently,
1959 earned over $4,000,000 and
of
Z
Jim Walter Corpl.-—Freeman Nap¬
of some
Ownership
5 % %.
FREEMAN NAPIER JELKS, JR.
service and
broad
particular security.
Thursday, March 28, 1963
.
X;
.
Participants
Their
ier
department offers
reaches
advisory field from all sections of the country
participate and gtvd their reasons for favoring a
Our experienced- trading
Trigger-quick
which, each week, a different group of experts
in the investment and
Week's
This
Forum
*
+
'if
.
The Security
Call "HANSEAT1C"
-JUS-:;} <"
*
•
•
wires
to
our
-
branch offices
seems
pulled from the tub, and the
flHANSEATICl
CORPORATION
Established 1920
;
/Associate Member
American Stock Exchange
Telephone: 363-2000
Teletype: 212-571 —1231,32,33,34
Boston
Chicago
•
•
Los Angeles
Ban Francisco
Philadelphia
JAPANESE
■
4
60 Broad St., New York
World Wide Wire Service
SECURITIES
D A I WA
•
Continuous Markets
Virginia Securities
Call
us
Ffrst
Bassett
Furniture Industries
Craddock-Terry Shoe
security
STRADER and COMPANY, Inc.
LYNCHBURG, VIRGINIA
LD 39
TWX
Victor 6-1333
703 846-0920
Private wire to Shields A
New York
Co.,
City'' ]
tot. the
MUNICIPAL BONDS
of
WEST VIRGINIA
the current 20
of
tially increasing reported earnings
in the latter years.
It has been
$1.50 a
indicated that if Jim Walter Cor¬
share. Management has indicated
poration kept its books on the
that earnings for fist six months
declining balance method of re¬
were approximately 44 cents, up
porting interest, sueh as is used
from 23 cents last year.; Earnings
by most finance companies and
in the normally poor second quar¬
virtually all other shell home
ter, which ended Feb. 28, 1963,
companies,
Jim
Walter's
1962
were estimated to have been
21
earnings would have been twice
cents, compared with 7, cents last
the figure actually reported. In¬
year.
stead of reporting these earnings
in 1962, they were deferred to
Acquires Celotex Control
1963 earnings
We believe fiscal
.will be between $1.20 and
future years.
The most important step taken
VIRGINIA
^
by
NORTH CAROLIN,
SOUTH
retail outlet, ready for prompt
delivery, may be found an exten¬
sive inventory of items for all
leading makes
and ' models of
cent earnings in the first y£sfT of the farm machinery, savng the farmer
life of a mortgage and substan¬ store-to-store
shopping time.
quarterly dividend rate;
All Issues
R.F. &P.
CAROLlN
Supply, I remarked on the com¬
pany's aggressive expansion pro¬
gram. This program, which has
continued
another
67
'
•
'
*
1
.
T- '
3
-V,
Ji,
L
U <p
' \
first in the
fW.
4CO
country in the
The acquisition
RICHMOND.
VIRGINIA
Jim Walter is
products at
was
an
a,
and
Tractor
more
owns
slightly
Walter
Jim
than
more
50%
than
million
thT bankers bond
k
420 W. Jefferson St.
LOUISVILLE, KENTUCKY
584-0226
502 589-1123
share,
as
holders
of
Chief
now
Jim
Walter
Hanna.
Cleveland
CH
1-5671
Private
Building
15,
Ohio
Tele. 216-574-9180-81
Wire
&
Exchange
to
L. F.
Executive
companies,
1963, and
York Stock
—-
must
there¬
Distributors '
Earns.
10/31
Per Sh.
(millions)
(millions)
1962
$18,378
$1,515
14.404
1.448
Corporate and Municipal
$1.22
1961
1.17
1960
12.112
1.326
10.404
1.205
.97
1958„__
9.631
1.137
.92
1957
7.558
,783
Securities
1.07
1959
nominate
.63
McKelvy & Company
New
5.539
.519
4.552
.355
.29
suburban markets.
Corpora¬
two small
Walter,
Officer
the
—one
of
firm
was
cent years, farmers
which
a
produces
cotton
expected to operate specialty manufacturers, in
Control of Celotex
by
acquired
Corporation
Walter
Jim
was
Union Trust
000,000
on
poration
an
efficiency of
machines
many
people who
Operating
stores
interest rate of
through
located from
ment
California
and
from
by
tial
Texas :• to
Rothschild
a
or
(This is under
a
no
circumstances
solicitation of
an
to
be construed
offer to buy,
any
as an
offer to sell,
or
security referred to herein.)
to
York
New
maN. Q.
pos¬
City
means
;
B.I§|
OVER-THE-COUNTER
growing number of
of
replace-
INDUSTRIAL STOCK INDEX
:
share
of
this
23-Year 'Performance
substan¬
future
to
gain
an
ever-greater
y
POLDER
•
*
-
of
35 Industrial Stocks
.-«>'■
•
..V
*
i.'
.v
*
•
'*
ON REQUEST
; .v
r.
'
'
f
;
In
the
ended Jan.
"three
months
which
31, 1963, Tractor Sup¬
ply reported volume of $3,679,733,
as
Teletype 412 642-3080
Wire
upgrading
market, TSC is likely in the
'branch proportion.
to
1-8700
Private
parts. While commanding a
still-small
sup¬
New York
V:
fAssociate)
Bidg., Pittsburgh 19, Pa,
have displayed
maintaining
sible,
machinery manufacturers.'"
farm
>,
which Jim Walter Cor¬
pays
same
GRant
propensity to delay purchase of
capital equipment wherever
ply parts for the country's major
on
bank-financed borrowings of $15.-
the
Exchange
Exchange
individual
of
manufacturing facilities
revealed
cases
income
Stock
operators continues to rise... In re¬
of
in the black for the year.
the
and
only
operates
Stock
.42
1955
York
Pittsburgh Stock Exchange
American
Co., N.Y.C.
Underwriters-Dealers
.
Net Income
the security I like best.
While
*
Year—i 963
of operation."
Net Sales
to Tractor Supply
occasions
areas
Yr. Ending
picker spindles and the other
that piston sleeves, it e commands a
Celotex had shown a small profit
major share of the output of sev¬
for-the quarter' ended
Jan. 31, eral hundred small but efficient
both
murch & co., inc.
dous strides.
TSC, which in 1963 is celebrat¬
for the stock¬
news
tion and Celotex when Mr.
Member New
belongs
related
ing its 25th anniversary year, is
1954-.
4.159
.234
.19
On the other hand, as a money¬
one of the nation's leading* mer¬
maker, Celotex at 30; looked like chandisers of parts and accesso¬
The number of farms in the
no bargain: the company lost $2,ries for farm equipment, as well United States continues to
decline,
405,447 in its fiscal year which as other items for the rural and while the size of individual farms
fore, excellent
/•///■/: HI /;/;:"-///fe./
Northern Ohio
year-to-year
in
1956
ended Oct. 31, 1962. It was,
Effective Distribution
an
Co., which I now—as on two pre¬
Celotex Shows Profit
Incorporated
/
ment
74th
■
availability of profitable ven¬
tractor Supply's record for the
past nine, years depicts tremen¬
This singular record of achieve¬
cost of less than $30 a vious
a
claim
the
shares of Celotex stock outstand¬
ing, at
record of
can
1889——Oar
"4
gains in both sales and earnings
since its founding.
of
one
that I know* of
now
estimated to be worth more than
share.
the
1,800 stocks listed on the
York Stock Exchange, only
unbroken
share, which has been
one
York 6,"N. Y.;
Telephone: WOrtb 4-3033
have
tures
Of the
of $45.59 a
a
Louis, Western Mer¬
CO., INC.
Supply, of; Jopbecome subsidiaries,"
demonstrating TSC's alertness to
Supply Co*
New
$60
PRINTING
130 Cedar St., New
and .Ozark Farm
lin,
Co., Inc., Chicago, III.
"annual- rate of be- -
$2,000,000
St.
East
of
i
$3,000,000.
Moreover, Celotex had a depreci¬
ated^book value on Oc£ 31, 1962;
tween
appeal;
com-.
panies^-Roberton's Farm Supply
Vice-President, Dempsey-Tegeler &
natural:
using Celotex
now
12 months, Trac¬
by external means, *
ThreeMissouri
well.
as
THOMAS E. KING
;
•.
-
in¬
an
in number of sell¬
cantile Company of Kansas City
manu¬
board,
facture -of insulating
representing
Over the past
building materials firm which, is
call
today,
ing units in little over a year.
?)
}\
had
Tractor
operation;
tor has grown
^
is yet
record
article,
of 20%
crease
*
,-V
for
in
stores
there are 81,
the acquisition of con-, to bfty and hold Jim Walter stock
* <
Celotex Corporation, the and debentures at this time.
,
1962
ruary,
was
trol; of
since,
TSC's
unabated
reason
growth. At the time of my Feb¬
of
We think there is every reason
in
Corporation
Walter
Jim
1962
Telephone: BEekman 3-3622-3 "
Tractor
discussed
last
I
When
OFFICE
NEW YORK
149 Broadway, New York 6, N. Y,>
homes
which it constructs
on
the estimated earftcredit are reported on a straight
ings for the Feb. 28, 1963 quarter,
line basis. This has the effect of
Mr. Walter went out of his way
to underline his confidence in the deferring earnings, penalizing
announcing
American Furniture
Securities Co.* Ltd•
an
increase of 50% from the $2,-"
National Quotation Bureau
-
~
CHICAGO
Continued
' on
page
9
Incorporated
46 Front Street, New York
4, N. Y.
SAN FRANCISCO
Volume
197
Number 6250
.
.
The Commercial and Financial Chronicle
.
(1271)
CONTENTS
The Aerospace Industry.
VT
•.V'l*>•'
U'r-
V*'*^
CCi'*-1-'ft '•
V'Ui/1
1
-■
Thursday,
^\r;V VV.\
u.;
March
28,
3
,;v"'
*"■
1
1963
Its Problems and Prospects
By Hartman
Butler,
Jr.,*
Partner,
Duff,
Anderson
Industrial Investment and Financial Analysts,
The phenomenal development of the aerospace
Articles and News
Clark,
&
Chicago, III.
Business Activity Will Attain New High Levels in
Current Year
John A. Cochran
The Aerospace Industry—Its Problems and
industry, and sound
prospects for more of the same, and the attractions it holds for the
Prospects—
investor Warrant inclusion of its "equities in invesforsV broad port¬
folios* in making this point, Mr." Butler does tiot minimize the
so greatly transcend the ancestral
aifcraft manufacturing industry; and recommends portfolio package
Where's
could be the year
is
word
a
as
are
essentially
>
ally
Aeronautics
to
tration
sion
the
longer
p-entific
and
National
of
Defense
tronautics is budgeted
and
perhaps
Many
invest-
3% of
ment
m a n-
For
shied
the
Jones
category—or
the
investor,
high the past
A
can,
the
traced
be
of
name
craft
by
of
airframe and
known
Investment
in
Japan
Is
Reflects
Spectacular Growth
YORK
V'V
New York
13
and
CHICAGO
•
K):
Direct
12
.
Connecting Wires:
—
Chicago
—
Los Angeles
Japan's
'Ji-'HhVi
■
"V-V
Expanding U. S. Market for Japanese
Daniel
:
J.
SavAStop
Berrell 17
Inc.
Marrud
FranUin Life Ins.
two
pro¬
As We
Bank
com¬
See It.—.
and
(Editorial)
Insurance
1
...^
22
Stocks....
19
Dealer-Broker
Esfcey Electronics
40
a,
the
Current
cover
the
model
versified
companies
—
with
the
Field..
8
Singer. Bean
%
4
37
(The):^__—18
J J_——
21
Mutual^ Funds.'iL.
News
Empire State Oil
39
Investment
HA 2 9000
40
Exchange Place. N. Y.
.
About Banks and
Bankers
20
-
Teletype 212
'•
Observations
Our
Public
Securities.
18
28
Registration
Security
Offerings
Chicago
to
'■
St. Louis
San Francisco
? v
Washington
20
State of Trade and
'
Wires
Cleveland V Los Angeles
Philadelphia
34
Security I Like Best (The).;
Security ^Salesman's Corner..
fys&tyy# ft
Direct
22
in
Now
Prospective
Governments
on
Utility
Securities
%
4
Reporter
571-06lff5"* '*
16
2
Industry (The)
Tax-Exempt Bond Market—..
Washington and You—...l
.iV
(
■Si*
°"J-
L,
6
40
the'
Aerospace Industries;
merger some years ago of ConAmerica, Incorpo¬ vair
into General Dynamics (2nd
rated-—with nearly 100;members
largest DOD 'contractor last year )
including in some cases more than
and more recently
Martin into
one division of
large companies.
C"'
1' 1
,v'
V
*•'*
3' A 1 Martin Marietta (6th) J A broader
as
News in
Market ;V; and You
aircraft, missiles
by neces¬
sity two major factors in the aero¬
space field now parts of highly di¬
...
Indications of Current Business Activity..
en¬
excludes
—
Recommendations....
Einzig: "Ups and Downs and Futufe of" Sterling"
From Washington Ahead of the News
field and their
aerospace
Our
now
NEW
Increasing
Naomichi Toyama
Lawrence L. Carter
Regular Features
and space.
aircraft '1 manufacturing
category. The association is
Foreign
Coming Events in the Investment Field
tire spectrum of
number of Companies Outside the
strictly
the
and
These ten
combined activities
its
membership enlarged to include
powerplants
J.F.Reilly&Co.,Inc.
Shige Kawata 11
Commentary
in*
was
with
from
Americap Aviatioh (4th),
Northrop (32nd), Republic Avia¬
tion (15th) i and United Aircraft
(7th). Each company concentrates
subsequently changed to Aircraft
Industries" Association,
8
in¬
North
aircraft
engine companies. The name
all-time
Lockheed^ 1st); .McDonnell (17th),
the Air¬
Manufabturers
score
in
Saji
Resurgence...
....Yukichi Abe 15
Japanese Electrical Firm Outpaces Nation's
Growth__.___—:
Fumio
Iwashita 16
aero¬
jet-General' (13th), Boeing (3rd)?
Douglas (12th), Grumman (18th);
the In¬
Associationj,
consisting of something less than
a
Harry
—
all defense contractors, are: Aero¬
beginning of. the postwar period,
as
during
aerospace
obtained
pulsion systems.
dustry's trade association^ At the
the group was known
be
ShOzo
10
The
the
UNITED NUCLEAR
panies^ iiv: alphabetical or^
to*
gether with, 1962 ranking among
broadening of the field of
of the large "aircraft"
in
of
PRODUCTS
Japanese -■*
_i
Airline's
year.
manufacturers
leaders
activities
changes
can
aircraft
military and space
in
th e' billion-doilar
companies
an
the
on
ADRs and the Investor
combined results of eight old line
category.:
The
model
dustry
on
programs
sold at
TIP TOP
Seg'german
Why
aerospace
four
and
Capital
Securities....._—
this discussion of the
aircraft manufacturer is the basic
point of reference and I will con¬
centrate
the
Average
decade
past
space commons
industry, the traditional
GYRODYNE CORP.
to Japan's Growth_'__R. Ohta
x
than
outperformed the Dow-
Industrial
"Aerospace" has become well
ac¬
to
following articles:
Contrast Between Securities Markets in
Japan and
U. S. A._.—__i
..Itsuo Minami
Encouraging Outlook for Japan's Steel Industry
Gross National Product.
our
group has
away
"Armaments"
In
Investors.
now
even worse,
aerospace
Foreign
Economy......
Fed¬
"Aircraft"
the
Opportunities in Japanese Equities for U. S.
at slightly
expenditures
aerospace^
i-but, the industry .classification ?
cepted.
Impact of
(DOD)
are
instinctively
the
"Chronicledevoted
Japan Plans to End Controls to Meet Highest IMF
Status.......
Tadashi Ishida
1964.
$1 billion. The result is that
over
limited by the
Butler, Jr.
agers
from
Sound Policies Key
a
f' atmospheric approaching one-fifth of the
vL envelope. eral budget. They are more
H. L.
today's
includes
Mutsuji Nakanb
Space Adminis¬
(NASA)—nominal only
Department
J design talents
•
v
the
of
spending under the category As¬
sci-
are
category. Thus,
se
nearly $6 billion for fiscal
^companies. No
-
of
economy,
evalua¬
few years ago—are proposed to be
of
aircraft
the
THE JAPAN FUND
Edward Marcus and Mildred Marcus
Japanese Industries With Marked Growth Outlook
dimen-
activities
ELECTRONICS
Japan: The Growth Economy
per
space
appropriations
a
KANSAI
■
the
liter¬
adds
new
TWO
JAPAN'S
YORK
4-6551
Future*' -;
More Articles in Section Two
SECTION
STREET, NEW
Telephone: WHitehall
'TT'
Nicholas Nyaradi 14
Savings-Loan Mtge. Portfolio More Risky.36
re¬
request.
9
—.—
..
the
on
'
>
tion category, and the addition of
airplane,
space
in
increase
an
Rails'
Smith
WALL
■
for aircraft and missile pro¬
search-development-test
extension of the
fe
considers the fact that 1963
duction,
vocabulary. Although missiles
an
,
.
level. This reflects continued large
handy as it is new in
our
available
99
Wayne A. Johnston 10
Why the Administration's Tax Program Is
Essential:.—Walter W. Heller 12
Who's Your Partner—Uncle Sam or' Karl
5 Marx?
of decision for several important programs,
sums
-
A.
Industries, Inc.
Copies of latest Annual Report
5
8
Arthur
,
their all time high'the past year^ Mr. Butler's
classic prefix
Aerospace with its
Hedges
Roger W. Babson
Delay on Equity
Optimist About
an
-
expend^ closO"to'onO-1ifth. of.the,Federal,budget or
recapitulation of tangible developments
M"A
BURBANK, CAL.
Inflation
as
Fallacy?..
1
3% of GNP, has outperformed the D Jl A- in the past decade, and four
aerospace common, hit
the
Why I Am
approach In preference to;concentrating on one name Only.. The
now
Mining
Wesco
3
5
—
theT'ektraordinary ohanges whicW
industry
and
Japan Drops Six Month
Repatriation
review singles out what to look for in selecting a cortipanyj. notes
/
Trusts
V./r;Z "■"
v>
1
Hartman Butler, Jr.
Ira U. Cobleigh
Curtis Mathes Mfg. Co.
Land
negative aspects nor-exaggerate1 the positive ones. His analytical
v
'a .'.no
PAGE
Association of
\
place the
and
few years ago were
$10
billion
but
over
annual
rate
the
reach
soon
the
general list would, of
these two plus
include
Bendix, Thompson Ramo Wooldridge,
Hughes
Aircraft,
Avco,
Thiokolj Fairchild Stratos, Ray¬
theon, Garrett, Ryan, several heli-
a
slightly
more'
course,
aerospace field in
perspective, total expenditures
should
COMMERCIAL and
$20 billion
Continued
on
page
26
FINANCIAL CHRONICLE
Reg. U.
WILLIAM B. DANA
;
Industry's Phenomenal Size
To
The
Published Twice Weekly
25
Park
S.
Patent
COMPANY, PUBLISHER*
Place, New York 7, N. Y.
REctor
Office
*
'
2-9570
to
9576
CLAUDE D. SEIBERT, President
WILLIAM DANA SEIBERT,
Carter
Treasurer
GEORGE
J.
MORRISSEY, Editor
:
Thursday, March 28, 1963
Everv Thursday
(general news and advertising issue) and every
(complete statistical Issue — market
quotation
records,
corporation news, bank clearings, state and city
news, etc.).
Other
Paint Co.
Monday
Office:
135 South La Salle
St., Chicago 3, 111. (Phone STate 2-0613).
Copyright 1963 by William B. jttana Company
All
For
many
have
years
weDDCnTDDCn ^CTflPVC
IIL f;L HIIL UV u I U U11 u
specialized in \ \
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4
The Commercial and Financial Chronicle
(1272)
Eflscr^bdut to make
Senator Clark's oil royalty
the
demonstrates
MAY
A. WILFRED
BY
prescribing
stake
of
advisability
disclosure
complete
(TWENTY-FIVE THOUSAND MORE
.-Ahead of the News
..
this trend stems from the time of
"General Motors Charlie" Wilson's
furore
the TFX fighter
over
services
rendered
(Spe^
and it compartmentalized)
cialized
And
TFX
the
has
controversy
Chief,
Big
Gilpatric's
financial
data
he
this
the President's
issues
prescribed
are
Senator Javits for
reasons—if
in
held
amounts
And
in
the
case
of U.
S.
.
for
—*
the
1934, or the Public Utility Holding Companies Act of 1935 and/or
at the time of his
line with the
in
investment Companies Act of
re-
with
case
this
ethics
in
Easter
1940' and - (2) their eligibility such hiatus still extent in the
appointees to divest themselves of through potential activities with business sphere,
stockholdings in any company other Government Agencies as the
One of these areas is now up
whose dealings with the Govern- Federal Power Commission.
for action among the President's
office-holder
such
of
quirement
ment exceed
$10,000 a year.
McNamara's
current
as
reported by the Associated Press,
total $1,278,200, including $1,305
$294,100
est
*
has
Statesmanlike
including Senators Ybung of Ohio,.
Clark
vania,
consistent
apply
con-
being
noty
introducing
-Keating
.
mittee
on
" ~fe
co-sponsor)
January 18 to create
•
.
a
Joint Com1
t
,
Ethics to develop a code
for members of Congress and
the
pletely
"It
that,
out
incongruous
is
for
nancial
appointees
Senate
their fi-
on
when
affairs
those
of
us
In Congress and our staffs are not
subject to
similar
standards
and
requirements. We cannot continue
function
to
this
on
to the Senate
ex¬
ecutive
the
but
for
none
con-
'.,
\
•
^
MarclrTS of this
on
e f a
year as *°M°WS*
iviarcn 10 01 mis
-
100
Action
Interim
the
Johns-Manville:
enactment
of
a
Machines:
150
shares.
Oxford Paper Co.; 300 shares,
Pepsi-Cola Co.: 100 shares.
Rohm & Haas Co.; 91 shares,
code of ethics for the guidance of Scott Paper Co.: 12 shares.
Congress members and employees, Sel~R®x Corp.: 100 shares,
comprehensive statute, the moving
including the requirement to pubor
a
000 of more, in any
:
•'
Some
Senators have shown th?ir.
statesmanship by "beating the legislative
gun" in voluntarily; pro-
mulgating
detailed
tVioir-rk/iftfoiirk
earlier
this
c
S"
v.
month
for the record
a
disclosure
+
•
ena or
has
of
t
avits,
submitted
detailed statement
Nine
Municipal
iNiiic: iviuiueipdi
.
and
for
and
also
go
the
April 1.
on
last
bill
the
March 28.
on
Interior
Demonstration
fact,
and
this
before
depended
year
Au
^
n
*
.
■
...
Bond
Particularly
a
spending."
Majority whip Boggs. o£ Louisi_
bas started polling all Derao-
ana>
crats
on
the Export-Import Bank
extension.
aroused
The
"back-door"
its
has
measure
controversy except for
no
spending
Leaders want
whether this
provi¬
determine
to
provision has enough
support to get though the House,
possibly under
jority
a
two-thirds
ma-
by-pass the Rules
to
vote
Committee.
will
committees
schedules.
shoulder
heavy
They will consider ad,,
,
,
Tth maSf
P
mill-
a
:
Illness of Rep. Madden,
liberal,
Democratic
~
iast
week
vote
statement this month
"alteration
stock option
in
7
a
to
was
Indiana^jj^. pi
a
is
it
"confer
to
these eleven
these eleven
Benefit vis
Wagnalls
and
defined
employ-
"promotion
as
prosperity;
t
helpful
shares
m
March
a
net
.
decline in the^stock s market price
o 26 presently, with an mtra-
? VJ f. y J
w T,
'
cerned
that -the
options held
by
the
to
11
orlginal
ifornia
and
with
headquarters
7th Street, Los
Angeles.
formerly
option
a
at 32%.
v
was
Southern
California Re¬
John J. Hood
gion al
Vice-
President 0f
North
previous March 21 (1962)
,
Mr.:. Hood
registered in the market on Feb.
12, when the proxy material was
the shares had sold up
West
210
at
ice Also above the original price
was 'the market
price of $27,875
On the
in
Arizona,
was
being compiled.
Long
Southern Cal¬
the stock sold at $27.875,
above
the
Company
before
^S'r^est
writte„
just
^
4„ct
W. Long
He will represent
walk Qut,
were
of Hugh
'
iq^
John J.
Regional
—
Company of Elizabeth, N. J.
,
19
Calif.
Hood has been elected a
and
■,
TI
CyO. ;V."Jr«
cise date, the 11 "key personnel"
individuals were, in the absence
£ a changed contract, ready to
n„
tT
ANGELES,
a'
1963
$27.50. After
jQTIO^
&
lqs
contending that because no sizab e
market appreciation was available
of
pany's change m the deal are
quite typical. In March 1961, six
months after the Plan's adoption,
100,000
,
,,
,
-.
j
j
~
*
by Funk
1
Vice-President
============
The circumstances of this com-
for
youth
<
a
results; [sic] profit; advantage."
options
the
J
Myvtv/U;
factor
7 committee
preventing clearance of the
agreements," frankly
that
on
on
of
certain
of
The Senate us way -behind the
;
;
conservation corps
bill and the Export-Import meas-
proposing
^
but nut'necessarily defeatan-tohle-fiUbuster-..>:5'
Price was $31 875 and
was
blocked
to^:
commi^eesi^They fece'
*be Rules Committee.
issues the company Stock Option Committee reports that it "becapie con-
signif icant
which
,
in its proxy
issues
oona
door
.
medical training aid bill. Sponsors
?
were also included.
vote
7
Many House committees and sub-
bills
other
of
v--
New York Stock Ex-
a
the option price
curm
to
sion.
on
year
7
T*JeRules-Committee thileat- lems,^mentalL«alth, military?onened to be the main road block, struchon, and parts of the ommAdministration bills for *youth
FedfiT^. Aid toE^iedtioin hill,
^keymarket
management employees."
The
Stork
Newmont Mining Corp., 4%
action which
preferred: 150 shares.
a
This bill
the
resolution to ban so-called "back-
*
not
doe*
eomnensation.
assured
beginning
^ block
value of $10,-
is subject to the jurisdiction of
rrmiiitnrw ncrpnrv»
c
Preferred
interest, direct
indirect, having
for
before
House
™
granted exercisable over lO years
Senators have proposed an interim
licizef "a financial
nntion
the
constitute assured compensation,
mu
Business
19 shares.
Pending
that.
and
America:
Representative Avery
committees rather than mtaistaUon proposals dealing
nooir
" "
I*?.
.agerial acmievemenMs:<tenifid.*xpoit tarto;.with'demoUttoa«f''thfi
benefit"
shares.
International
legislative branch."
North
of
moving bills through the Rules
committee.
f"d PUblic health personnel have
been'
wealth
Co.
com-
cooperated
Thus, the. optionersl premise
that market'action reflects man-
ees.
shares.
Insurance
Republicans
"on three year Federal aid pro- in the .House,for another month
K>'am for training more medical or so.
;
.
> :
s
stated
First Pennsylvania Banking &
Trust Co.: 490 shares,
Franklin Life Insurance Co.:
House
if
option.
...»
—
market price has declined instead
°f risen
J
"
In
Avery Island, Inc: 800 shares.
in
the
faster
cooperation could have prevented
change listed industrial company
American Telephone & Telegraph:
100 shares.
;
Armstrong Cork: 160 shares,
piaining
that
much
move
..
Leader- Al¬
effort is further -."sweetened" if
arrangement has not worked
the
nntioneete advantnpe
employment".and conservation • -These bills,-as well as
to the optionee's .advantage
' '
'
"
'
-
Current
Common Stocks
double stand-
ard of ethics—one set for the
branch
Courts*-''
com¬
Committees to rigorously question
executive
the
£_de
d
r"
25,000 other legislative employees,
pointed
in
by theGr0Up.
J
bill [with.Senalast
a
as
battled
ticipation in which is being,
tes^fave.branch. Senator-Javits
tor
Insur—
contemnlated-nctivltie^
the
over
the.^,,
flict-of-interest restrictions to
in
Criterion
includes
Pennsyl-^
Scott of
and
to
(which
g
8 r au n
pup
by
sNew York, with activ.e»supporters
and
Employees'
Government
ance) of the SRnstor
Keating/ cf „the,
uncertainty o£
and
Javits
Senators
ac—
7
initiated
been
now
the
("Graham-Newman")
i
wiuan-i
declared
could
year.
ments-and,-of course,, the SEC. by the already one-sided arrangeAn additional wrinkle concern- ment
for rewarding -incentived
ing
Broadening the Coverage
bert
Labor-HEW bills in March of last
Transamerica, through its -bank which at least the Reset abuse
Passage
and .insurance holdings, as the should be eliminated. This is the mid-April
.
House; Democratic
fiscal
next
,
Education
passed
with the great-
and tax-exempts). \
Meanwhile,
also
and is not
for another two weeks.
ky th°se for the
March 6 and in 1961
It
two
departmental
begins
Office
Post
cern
portion in U. S. Governments
tion
the
an.d ComPtofMer of the Currency, and extension of the managers serying
of i; the self - wherealso with State insurance depart- technique
.$9?2'755
in bonds
"do-
a
of
conserva-
Kansas, a Rules Committee Republican, replied that Democratic
which. may
recess
combination
Democratic
will
Rules
a
expected to return to the Capitol
The House passed the Treasury-
Some issues may elicit the con- proposals for tax reform. We refer
of one or more agencies, as to the Stock Option practice, of
(Mr.
holdings,
off
measures
Office
Health,
through
of the law makers' ethics is
vote
overcome
tives and all five Republicans. Mr.
Department is to
saon
Welfare
gap
The
start
Committee
Treasury-Post
GAP ELSEWHERE
Madden's
to
of
the
the Interior
v....
Labor,
Joined
Committee
is expected from the House
suant to the Acts of 1933 and/or
ETHICS
to
House action next week.
.
„
for
Appropriations
Government bonds, a Congressman
loaded with them might
ai.ij.i-*
,
travel.
is
regular
bill
money
said Mr.
necessary
Southern
offices
rising storm of Re-
a
The first
proposed tax rate
year
even
be
nothing Congress
Congress.
last) by
Feb. 21
on
allow¬
more
publican complaints about
(as pointed out
even
space
to ward off
or
for
shower of
a
list of his current
a
gave
in
past
expected
was
district
April with
ure
Madden is hospitalized
however,
hope,
state
serious
Congressional
be foUowed
holdings,-up-dating
confirmation
future—and
exemption,
for
home
and
of
tap until after the
on
resolutions
on
ances
cutting.
for disclosure by
two
tax
has
recess.
oyer $10,000: (1) their coming.think twice before approving inwithin the view o{ the SEC pur- flationary measures.
vol-
Defense Secretary McNamara,
untarily to submit to the McClelIan Committee
such
their
now
gone, it
nothing
A vote this week
measures
or
is
importance
subsidy; proposals for elimination
Delaware.
All
by
Federal
with
concerned
of
there
and
worth
Their
agency.
affected
Congress
accomplished practically nothing,
to
Ed"
Fund
Easter
be
could
Southern Company
Transamerica Corporation of
co-awardee.
prompted
$10,000-holding
a
"Trust
regulatory
^Company,
Dynamics, the contract
to General
might be as important
as
Kennedy.
Government Employees Life
-*•.Insurance Company. _
Sinclair Oil & Gas Company
South Carolina Electric & Gas
law firm of which he was a mem-
ber, -has
him
Senator
Company,
plane
contract, such rumblings have now
reached the Deputy Secretary of
Defense, Roswell Gilpatric-on the
flimsy basis, that, the New York
to
88th
the
almost three months
Bonds also
the
country").:;; In
the
With
of
shares
12
or
strongly manifest the
Government Employees Financial
shortcomings of limiting conflict• Corporation.
Government Employees Insurance of-interest susceptibility to a
("What's good for G.M. is
good: for
IBM
Scott Paper
Criterion Insurance Company,
Government Employees
Corporation
epochal clash with a Senate Committee
of
CARLISLE BARGERON
to above-
.
Cities Service Corporation.
appointee area,
In the executive
BY
$10,000 holdings would seem less
satisfactory.
The
Senator's
19
shares
Corporation,
further accelerated.'
regulatory agency.
above-cited resolu¬
a
the
tion limiting disclosure
CHARLIE WILSONS)
American & Foreign Securities
Con-
Concern in Washington over
flict of Interest is becoming ever
by
or
Besides,
CONFLICTS AND ETHICS
1963
*:
without the limitation of preview
size
Thursday, March 28
of his holdings.
closure
r;
.
.
similar dis¬
a
-•«*/,.4"
OBSERVATIONS,
.
pany
he
American Securities
Com¬
for seven years. Prior to that,
was
a
representative of Les¬
ter, Ryons & Co. for three years.
Interesting is the unwillingness
of the management to .wait for
■_
^
mebt regarding oil royalty inter- the primary purpose for; which the approval of the stockholder
T. AlCUS ForniS Co.
e?ts: ^ add the footnote that the they Hvere granted, namelythe meeting on March 19 to execute,;
0U'royalties paid to me by the furnishing of incentive' necessary-the|NeWv Deal, ^this. having been^NEVP^ ORLEANS,-La.-i—Samuel T.
Senator Clark's "Footnote" state- these emp? oy ees
Humble
Oil
&
wells drilled: oh
erly
m
Louisiana
Refining
my
are
no
longer fulfilled
Co. -on-in order; to retain the most effec-
family
prop-
the principal
tive personnel:"
duce
the
This.led it to re-
option: price
from
the
^
out.through, ."subject to -later ap- Alcus, Jr., member of the Midproval,"^: on last Ded. 4.
west Stock Exchange, has formed
This,
'profit!
as
well as the, entire per-
S. T. Alcus & Company with of-
-
,
»f
v;;'
Volume
197
'
T
.
.
"
~
.
Number 6250
1
The Commercial and Financial Chronicle
.
(1273)
5
*~V
Curtis
.'Co.—' ~'
sales
Dr.
Ira
U.
Cobleigh,
and
common
profits
phenomonal
and Profitable
By
Mathes
have been at
rate
for
quality
When
a
builder
control, marketing and financial
home
profitability
entertainment
able
to
in¬
rigidly
period from less than $4 million
annually to $40 million; and
losses
sales
vert, in the
in
five
a
year
con¬
time period, an
same
operating deficit of $750,000 into
profits, indicated for the cur¬
net
rent
of
fiscal
over
$3,500,000, that
certainly
of
deserves
growth
When that
creased
50%
is
a
its
times
at
about
it.
The
outline
an
O.
C.
financing
are
D.
or
rate
vertising
around
and
is
its
more
Curtis
Co.,
and
production,
with
family
a
B.
Kelton,
furniture
maker,
Olive-Myers-Spalti
ing Co. located
the
Texas.
its
Texas
of
and,
the
in
plant.
is
and
low
within
the
facilities,
five
past
years,
Curtis
Mathes Manufacturing
Co. has become one of the world's
largest, manufacturers
entertainment
of
home
>
centers.
These
consist of craftsman-quality hard¬
wood cabinets and
consoles, at¬
tractively housing complete
binations
Hi
Fi
of
corders
and
though
television
pricing
(rang¬
high quality standards have been
its
of
this
the
in
the
higher
set
the
industry,
percentage
components
the, larger
business.
has
company
a
own
of
any
than
companies
The
Curtis
in
Mathes
line has not yet been
extensively
marketed in the Northeast
and,
because
advertising
through
than
dealers
on
pany
is
done
locally,. rather
national scale, the com¬
a
is
name
not
well
women
products
counts
nomenal
highly
Curtis*
of
Mathes
excellent, which
are
for
the
company's
growth
in
Oriented
ac¬
company are
order,
built
than
Another
low
Company
plant
the
two
are
outlets.
control
made
for
stock,
normal
weeks.
Of
these,
stores.
direct
commissions
dealer has
100 sets
-
maintain
service
a
to
All
(no
to
on
so
never
•
order
The
line
about
is
split
a
in
excellent
and
cash
responsible
profit
The
as
in
election
of
Brittin
C.
Eustis
Producing Company has been
nounced
by
Oscar S.
Jr.,
Chairman of
the Board and
color
television
higher
this
is
priced
market
is
continued
in
for
expansion
the
home
broad
a
part¬
of Spencer
&
New York investment
its
of
Oil and
He is
busi¬
York
and
Stock
Gas Department.
and
of
has
Stock
been
Exchange Firms
a
of
governor
the
Association since 1956.
for
education
75
same)
and
and
or
each
of
warrant- to
provide
facilities
adequate
and
stocks of parts. There is
tape
recorders.
policy
selling
to discount or cut rate outlets, and
schedules
of
retail
prices
are
is
models
to
to
but
home
Curtis
make
Mathes'
portable
no
confine
to
using
its
appropriate to
standards
living,
gracious,
stimulated
by
casual
rising
na¬
tional per capita income.
OTC Film Shown
The growth rate and high profit
which Curtis Mathes has
recorded,
common
the
now
38.
stock
The
May
31,
company
513,068,
the
fiscal
but
from $14.8
corresponding
This works out to
profit
of
$1.84
and
for
points
figure
a
above $3.50 for the full year.
stock
of
The
pays
no
has
dividend,
sedulously
and
the
plowed
back its profits to expand its fa¬
cilities
and
reduce
its
the
by
securities
partners and
dealers
screening of the
mem¬
attended
new
film
which
describes
the
charac¬
which
of
those
standards
growth stocks
are
by
and
Mississippi,
in
interest
Kaiser
second-largest
cop¬
More than two-thirds of its copper
is mined in
Chile. In
has
par¬
in
mines
addition, it
Montana
and
Nevada, end in Mexico. Anaconda
is
and
also
fabricator J of
leading
a
and
copper,
Australia.
uranium
processes
and
Another large land
aluminum. Operating costs of
its foreign mines are low.
is
company
TEXAS PACIFIC LAND TRUST,
of about
Texas.
In
transferred
most of its
1,700,000
1954
to
oil,
rights
this
TXL
acres
OIL
its then producing
on
property. It retained title to vir¬
tually all the surface land, a small
perpetual royalty interest in 85,producing
acres,
producer
which
CORP.
other min¬
gas, and
Second-largest domestic
in
company
and
1/16
a
is
is
PHELPS
issues
provide
bank
are
another
is
used
Im¬
mine.
by its fabricating plants.
It has
a
Peru
Copper,
16% interest in Southern
sizeable
and
in¬
vestments in Amerada Petroleum,
American Metal Climax,
and New
Jersey Zinc.
is
an
impor¬
tant copper producer in the Lake
Superior
medium
sort of un¬
of
output, the
ore
bulk of which is mined in Arizona,
a sense,
deposits.
copper
DODGE,
favorite
a
Nearly all of its
Though
region.
sized
and
it
is
relatively
a
high cost producer, it is fully in¬
tegrated from mines to market.
massive
The
ore
methods of
in
to
upgrading
offset
costs
Best
The
quality
ore
rising
of
effects
investments
companies with large
serves
ore
AMERICAN
COMPANY
its
of
re¬
New Mexico
METAL
has
ing producer of lead, zinc,
silver, gold, and
are
and undeveloped acreage.
CLIMAX
Turning to base metals, UNITED
capable of STATES SMELTING, REFINING
extraction, and new & MINING COMPANY is a lead¬
many
is
extent
of
the
Africa,
Mexico,
on acreage
S. mountain
in
Western
Canada.
Donahue, of Joseph, Mellen &
was
chairman
of
a
We
are
ing at which the OTC Education
Program
was
discussed.
pating in the program
A.
Partici¬
were:
vice-president
announce
that
Member New York Stock Exchange
the
Commerce
Bank; Arthur
Schmidt, Director of the OTC
Information
Co.;
pleased to
Maurice Meyer m
E. W.
of
Bureau, N.
of ;VWm.
and
Richard
J.
has become
a
General Partner in
our
firm
Y.; Gary
Mericka
&
Probst
of
A;
ft"
Saunders, Stiver & Co., members
of the
Cleveland OTC Education
H I R S C H
.
Ledogar
-
Horner
cation Committee which
Company,
judged the film.
produced
8c
C O.
'Member* New York Stock Exchange orid Other Exchanges
25 BROAD STREET
on
oil
holds
and plains states,
Security Traders Association, John
Inc.
It
and min¬
options
president of the Cleveland
meeting preceding the film show¬
in
in various
and
in
are
eral
U.
land
properties
and Utah. Company
development.
gas
copper,
coal. Most
leases, royalty claims,
attractive features. This company
OTC
mining
even
increasing its emphasis
and
holds
and
chairman of the NSTA OTC Edu¬
all
Louisiana,
even
the
National Se¬
curity Traders Association color
of
By
New
and
in¬
owner¬
producer is ANACONDA.
per
properties in Western Canada,
help
indebted¬ Committee; and Morton A. Cayne
ness.
gas
labor
Galdun
company
preview of
picture followed
More than 50
Union
to
a
bers of local brokerage firms and
the
half
California,
Arizona;
motion
at
reception at the Mid-Day Club
McNelly,
first
and
13%
a
The world's
LAND
nearly 2 mil¬
OTC
net per share
a
in
acres
67%
a
opment of machinery
Miller,
in
COUNTY
owns
Kennecott's
Aluminum.
One of the largest domestic land
KERN
op¬
low-
ship of Quebec Iron & Titanium
min¬
and
is
exceptionally
substantial.
are
proved mining techniques, devel¬
R.
period.
a
firms
first
million
at
are
Its Utah and Chile
are
vestments include
and
rities
the
1962
operating costs
labor
host to members of leading secu¬
at
$20,-
the
imum.
derground
ends
of
other
Their
(4)
mineral deposits
year
sales
reported
up
vestments.
Commerce Bank of Cleveland
currently
(ended 11/30/63), the
in
of plant and equipment in¬
way
CLEVELAND, Ohio— The Union
teristics
for
panies operate with little
cost. Ore reserves of the company
Mining
market.
46
the
erations
hedge against inflation. In
1,087,120
stock
OTC ^market,
sold as high as
1963,
months
There
the
The
year.
reward¬
a
outstanding
in
last
as
investment.
common
defi¬
year,
attractiveness
stock
long-term
trading
six
after
year
suggest
is/
mining
copper
COPPER RANGE
March 25.
ratios
largest
company.
Established Mining Companies
was
deposits.
COPPER
ings in the form of surface leases,
rights, etc. (3) These com¬
In Cleveland
a
For Investors
refinery in New Mexico, plus
in underground mineral
earn¬
tion from 387,000 acres.
output
steadily higher
our
of
of
source
royalty in future mineral produc¬
machines and
"higher-ticket" cabinet models
suitable
no
the
are
minimum
a
in
electronic teaching
basic
a
metals.
potash mine
a
water
000
entertainment
nonferrous
The major copper mines also
hold merit for investors interested
'kicker" to
a
copper
oil and gas interests.
their
world's
eral
past president of the Asso¬
ciation
and
com¬
garnered
of
seller
African
Other lines include
agricultural purposes, in
the discovery of min¬
usually
owns
molybdenum
large custom smelter
KENNECOTT
owner
New
com¬
a
and
advantages:
of the older
some
in
mines. It is
land
several
originally
land for
Co.,
Exchange, and is head of the firm's
a
and
Trusts
ticipates in development of oil and
Mr. Eustis is
unit
company believes
basis
a
with
combination
spring. The
there
the
A.
Davis.
members of the
entering
(1) While
panies
Mexico,
14%
Plans
Estate
have
lion
im¬
largest
mine. The company also has large
better-quality
by the passing
senior
world's
investments
Real
of Joshua
fiscal
LAND
of
TRUSTS.
trusts
bankers
Future
the
discussion
a
COMPANY, It
a
than half the world's
more
with
directorship
to
duces
protec¬
supply of molybdenum and
made
vacant
America.
located in
are
Colorado/New Mexico, and Mich¬
igan. American Metal Climax pro¬
commonly
so
inflation
South
tion, it might be well to lead off
Eustis fills the
Brittin C. Eustis
Mathes
an¬
Wyatt,
President. Mr.
1962.
Curtis
with
is
director of Coastal States Gas
a
cost
a
is
erals has introduced
Trask
for
associated
deflation. Be¬
as
estate
companies of this type (2) There
Elected Director
of
was
well
as
real
and>
Domestic properties
recent years
ner
margin
gain¬
flow.
extensive
and
inflation
cause
Canada,
program
in¬
new
ing stature because of its unique
success in building
consoles, cus¬
tomers
investment
provide protection against
stock
rapidly
and employment
training opportunities.
Overall
sound
panies
Mathes is
com¬
contributing
A
should
buying
a
seeking hedges against
assesses
of, and insight into, the subject reviewed.
The
Curtis
of
choice
mines.
vestors.
relations
is
New
the
attractive to
more
lowest
the
wide
a
plans
the
Exchange, and there
..
pretax
year,
sales
middlemen
buy
year
or
the
union
production
portantly
department stores and the rest
specialty
its
majority
a
automation.
shares of
is distributed nationally by some
64 commission salesmen to over
2,000
from
because
factor
cost
ing
inventory is
and
up
backlog is
be
institu¬
are
on
working hours,
and special
of its
a
classically excellent.
that excessive
There
by
all
in Hous¬
one
and
and
offers
pany
in
sales
policy is to produce
rather
Stock
stock
and
shares
wage rates in the business.
nitely
marketing methods of this
The basic
the
the
also two
are
benefits
excellent
are
The
individual
and
of
for in
the merits of land trust and
Several companies are described for their
representativeness
seems
products,
common
investors.
list
priced
Farwell, Texas.)
location,
Employee
phe¬
competitive field.
Market
in
workers,
hourly
known.
Consumer acceptance and quality
performance
tional
the
price inflation, Mr. Babson
un¬
field, and great future potentials
overhead
builds
medium
(There
one
Southern
ness
Today,
re¬
Benton,
producing
now
company
maintained.
lowest
final
In all of these plant
operations,
the
Al¬
ing from about $200 to $1,000 at
retail) are extremely competitive,
rigidly
analysts,
Dallas,
and
feet at
warehouses,
and
and
sets.
schedules
of
Continuing his discussion of what to look
of the
awareness
com¬
stereophonic
phonographs, AM and FM
(with multiplex), tape re¬
radios
and
ton
in
are
work
square
Arkansas,
Dallas, Texas,
production
company
merits
range
done at the Athens,
A new leased plant
are
350,000
Manufactur¬
Swiftly they converted
modern
This
of
increasing
might
Cabinet
assembly
are
time.
dealers.
The main office and electronics
virtually bankrupt at
was
its
assembly operations
Curtis Mathes
son-in-law, Horace
which
The
Plants and Production
.bonded
1957,
Sr., . his two? sons. Charles R.
Mathes and Curtis Mathes Jr., and
a
plan.
situation
which would place it in
the
profits follows.
management team,
over
the
ingly successful.
of
History
a
sale
cash,
York
at
name
November,
took
since
for
floor
on
merchandise.
In
costs
strictly
company shares costs of local ad¬
common stock
name
of
and
and
sales
chised dealers has been outstand¬
the
Manufacturing
progress
have
constantly broadening nationwide
to
earning, you'll probably
Mathes
company
stock
That
By Roger W. Babson
surpass¬
the
unlikely to persist because
marketing through selected fran-
investors.
available
want to know its
been
common
heralded.
attention
the
and its
year,
its
company has in¬
sales
good.
its
company
minded
-
same
currently
10
(ending May 31)
year
Both
and
centers,
maintained
except
for
special sales during slack seasons.
Curtis Mathes
eliminates credit
its
crease
has
ingly
of this
Mining"
As Inflation Hedges
competence
Economist
high
Land Trusts and
com¬
mained quite un-noticed and
is
company
of
and
any
a
in any industry. Managerial
in
production, cost
pany,
management
Recounting the remarkable growth
appears
favorably positioned. Increases in
NEW YORK 4, N. Y.
6
(1274)
The Commercial and Financial
Chronicle
...
Thursday, March 28, 1963
Number 6250
Volume 197
;
,
\ The
Commercial and Financial Chronicle
Sees Sterling Supported
rate
loans
the
And Its Future Prospect
'■■'■v'VV1.:.
V '
•
*'.J
...'.-'V
'/
Though the recent attack
further attacks will
>'
is unable to register
selling forward sterling.
of 4%. The, result of this
relatively
moderate and in which there is
t
authority explains the reasons for sterling's weakness and recovery;
present attitude of the Government Justifies fears of de1 valuationj and expects the Government will support sterling should
it decline rather than depend upon the automatic recovery of the
exchange mechanism to bring the exchange rate up again. Dr. linzig's
third book on the subject, "The History of Foreign Exchange," was
published last week by St. Martin's Press, N. Y.
^
'■
its
has
that notwithstanding the various
a
of
existing
decision
it
the
a
;deprecia-
circumstances,
to
devalue
find
to
in
the
its
to
it
own
would
justify
to
or
level,
attitude
present
government
voked
in-
be
such
fears,
Nevertheless they exist and their
that
°f automatic working of the
ex-
and
usually
cover
in
the
importers, who
August
only,
thrown into
a
who
but
spot
rate at
by
an
Even though unemployment
cern>
declined
revival
adopted or
with
jg
likely
about
1
necessary.
The
a
result
the
the
measure
a
par
decline of the discount
forward
sterling.? There
certain
amount
at
same
the
forward
of bear
time
the
discount
•
on
was
take
to spend its
^
A
further attacks
1
mi
rifle
*
P W/nnrl
VV UUU
T?
•_
'
■-■
■
•
vestment banking firm Of GoldSachs & Oo. announced that
were
man*,
sponsible
for*
anticipation
of
-
tions
of their opera-
„
?
TJns announcement is neither ap o
■,
The
'y
aggravated by the Brit¬
was
onl^^ "anceactlvit^s.oftheirPfm^el.
selljtoia solicitation of an offer to buy abybf these Debentures i
offeris made only by the Prospectus,
, ' ;-■ •
' v •!
ish Goverrmient's decision not to
renew dollar 'guarantees given to
continental Central banks holding
sterling
which
the
The
reserves.
ceased
to
be
by
March
from
guarantees
$200,000 *000
amount
covered
1,
Mobil
1963, is something like £ 200 mil¬
lion Whether
tial
not any substan¬
or
this
amount
was' actually withdrawn
as a re¬
proportion
sult
of
of
termination
the
guarantee, the
such withdrawals
of
to induce
sterling
of
the
-
Socony Mobil Oil Company; Inc.
anticipation
mere
enough
was
selling of forward
some
commercial and specu¬
on
4^% Debentures Due 1993
lative account.
Between them, these influences
the
caused
discount
widen
sterling
to
But'for
official
forward
on
Dated
considerably.
operations,
Due
April 1, 196-3
spot
Interest
April 1, 1993
payable April 1 and October 1 in New York City
sterling would undoubtedly have
declined to its lower support
point of $2.78, at which rate the
British authorities. Would have
had
to
a
compliance
the
to
Price lO0Vi% arid AccruedInterest
intervene and sell dollars
to
prevent
further
with
decline
in
their obligation
International
Monetary
Rind.
;>rIt,
is
matter,
a
opinion
of
:
whether intervention' long before
Copies of the Prospectus rrtay be obtained in any State from only such of the iindersigned
y
—;
'
as may legally offer these Debentures in compliance
!
<.
with the securities laws
that limit is reached is to the ad¬
of such State. I't:
';
;
" :
,
vantage of the authorities. On the
hand,
one
it is; arguable
depreciation to
the
that
lower
a
limit
permitted under the rules of the
International
would
M
create
o n
et a
bad
a
r
impression
and might lead to withdrawals of
uncovered
MORGAN STANLEY & CO.
Fund
y
foreign balances,
or
to
THE FIRST BOSTON CORPORATION
DILLON, READ & CO. INC.
-r
.
4:';;",^;?;.. -,.V, '. v'-'". '. "F'.
■■
the covering of the exchange risk
on
them through the sale of for¬
ward
sterling.
The
resulting
further widening of the discount
on
forward
sterling would
stimulated interest
ing
to
pressure
arbitrage lead¬
on
and thus necessitate
volume
of
have
spot
an
sterling
""
>'
1
'
*
V "
J-
*
"'u
.
'
f'p
<-
this
official selling
During
theory
came
widely
accepted
that
Bretton
Woods
system
of dpi-:
sellers
the
of
residual
dollars
for
side
recent
to
under
it
monetary authorities who
variably
be
the
is
in
-
x
•
-
n
^
S,V'
i
1
"
HARRIMAN RIPLEY &
/,
j...
.
Incorporated
'
.
CO."
'.x *
:.
LEHMAN BROTHERS
DAZAlRD FRERES &
KIDDER, PEABODY & CO.
MERRILL LYNCH, PIERCE, FENNER & SMITH
CARL M. LOEB, RHOADES & CO.
are
in¬
Incorporated
WHITE,WELD & CO.
buyers
'
■
'
DEAN WITTER & CO.
which
no
PAINE, WEBBER, JACKSON & CURTIS
or
the ordinary way.
Be-
March 28, 1963.
v
jSTONE & WEBSTER SECURITIES CORPORATION
SMITH, BARNEY & CO.
DREXEL&QO.
HORNBLOWER& WEEKS
the
counterpart is forthcoming in the
market
fa
Incorporated
problem.
the
-
increased
There is, however, another
years
V.
GOLDMAN, SACHS & CO.
GLORE, FORGAN & CO.
lars to meet it.
to
KUHN, LOEB & CO.
I:>>F'V;F'j'XIncorporated
EASTMAN DILLON, UNION SECURITIES & CO.
BLYTH & CO., INC.
'-<>
W-
power to charge a high- This was
because
speculation P*1*3 office, Philadelphia National
interest rate than the bank could be carried out at a lower Bank Building. '
er
were
inflationary
an
now
Corporate Fi^
the
sible devaluation talk and by the
budget,, The effect
.
The. in-
'
■
profitable in spite of the fact that Edmiind B. Wood,. Jr. is
ratewes
at-
likely to follow,
discouraged
Euro-steriing was quoted at $%%
«
view
will
out of the
way
so,
covering
narrower
operations
short
and
iTf)|HtY)Q"R' SnQPnO
a
earlier widening of the forward
such
are
im-
Government
a
position
sterling
arbitrageurs from swapping into
Euro dollars. As a result of the
discount
Iq
the
seasonal
the
by irrespon¬
scare
improve-
,,.
on
was
the
and
depression. If
of
rise of spot sterling to above
ancj
beyond
provement,
force the defenses of sterling if tempt
the «rst «me of ^|ts recently
~
measures
about to be adopted the Government is still determined to rein-
artificial acquired
level.
their requirements
the announcement that the Bank
tpe authorities would aggra- of England would avail itself, for
dafrlqu^ementsby impor^sTf ™te thf
other
tobacco
reflationary
existence rules out the possibility
this assumption it would appear
The
$2.80.
of
was
in the rates would not have atr
In
—
largely attributed
JIX
I sterling
on
-
tion continues to give rise to con-
tion.
Nothing
v.'>/■
parity
attack
market and in the discount market- Even though the actual rise
strong anticipation of
change mechanism within support
point. Sterling would not attract
additional buyers at $2.78 any
period. Selling pressure developed the
exchange rates would not more than at $2.80.
on
a
fairly large scale and the automatically attract a natural
There was, however, a noteauthorities had to intervene to. counterpart in
the market, in worthy recovery on March 20,
moderate and ..reverse the decline which case the operation of the only part of which was due to
of the sterling-dollar rate, which market mechanism would obviate official support. There was areon one or two occasions slipped
the necessity .for intervention. On vival of confidence as a result of
below
firmer trend in the
The
easily halted. But the basic posi-
no
Since the yond doubt that is true. The quesbeginning of March sterling ex- tion is whether in the absence pf
perienced
air at her unsettled official intervention^ a change in
movement was
was a
move
money
allow
denies the
LONDON, England.
4V2% against the bank rate
now
by borrowing Euro-sterling
selling spot rather than by
tracted much foreign funds on the ment of the weather'and is exmany
quarters
a
feeling
that basis of the present discount on pected to decline further, the
sterling
might depreciate even forward sterling, the gesture is budget is likely to be inflationary,
beyond support points as a result considered important. It implied There are no signs of business
spending follows as' a
vv
is
which' pressure " is
to
of
•'
of existing economic doldrums. The noUd foreign exchange
way aut
-
ft Britain's economy
resume
and
on
however, the argument does not
hold goodi There is at present in
.vS^V "V'
'W.!
sterling has ended, Drr Ein^tg suspects
on
than seasonal gains and government
more
D
F
By Dr. Paul Einzig
v.,.
cost
in
.
Discount
Market. Actually the rate charged
to recommend it in circumstances
JJps and Downs of Sterling
The above argument has much
SALOMON BROTHERS
8
The Commercial and Financial Chronicle
(1276)
,
|
Co.,
Wall
42
■MYw.-r: V •'••yVv
*7
4'J.
.MVV. !v
V. <••.<•*
&
Fidelity
Philadelphia Trust, First National
City
of
of
Hall
&
611
Company,
d. c.
Broadway, New York
Also available
N.
6, New York.
Stocks
&
—
Comparison and
Y.
oh
Archer
Reliance
Laboratories,
analysis of 25 leading bank stocks
Miles
—Laird,
surance, Florida
Industry
Greenshiields
Place
Analysis
—
Incorporated,
d'Armes,
Montreal,
—
507
Que.,
Canada.
Industry
David -L.
—
Analysis
and
Babson
—
Company
Incorporated, 89 Broad St., Boston
10, Mass.
Analysis— Putnam
Central
Also
available
Co.,
&
Hartford
Row,
6
Conn.
4,
analyses
are
Alison
City.
Lewis
&
Stocks
Bank
—
Co., Jefferson Building,
Japan
Stock
Comparative figures
New York 5, N. Y.
Exchange
Detailed information
Manual—
is
variety
&
on
a
a
bulletin
Also available
Montgomery Ward
on
owned
Wall
Co.
available
Also
Union
comments
are
the
toward
progress
ducing the time holding period on
the
American
Memorandum
Avco
sev-
ity and has been successively re-
State
repatriation
equities
of
where last Aug. 1, 1962,
Wortliington.
and
past
goal of full exchange convertibil-
Plastics,
Aurora
noteworthy
on
the
In
Japan has been making
Atlantic
Empire
on
stocks.
eral years
to
the with-
XIV
Art.
and
dealing
in
.
,
.
m
S.
investment
Japanese
ending six-months
^
with
U.
as
se¬
full of praise for this
are
waiting
equity
incen4e
.
firms
well
as
profits.: They see
foreign
Industries,
Arvin
and
memoranda
Express
&
Inc.,
Co.,
of California,
Oil
Refining,
Oil,
&
St., New York 5, N. Y.
securities
here,
repatriating
on
pre-
was
barrier to the free flow of
and
jAvon Products, Fuller Brush Co., —Reynolds & Co., 120 Broadway,
and Beauty Counselors.
anticipated
t
Japan
curities
move
March
end the last remaining
to
paring
,
leave
sooner.
Japanese
branches
ac¬
—Bulletin—Walston
statistics—McDaniel:
—
,,
that
predictions
Fi¬
ago,
26, confirmed widely
—
New York 6, N. Y.
way,
Greensboro, N. C.
of Oil Stocks
Analysis
—
of
American Telephone & Telegraph
; 74
Carolina
tion, made two days
Co., 39 Broad¬
develop-
Securities Firms Hail Move
bankers
of
to
broker-dealers
this
Ministry
Japanese
announcement
nance
....
Joel &
hopes
1964, if not
of
outflow
the
profits from Japanese stocks
The
Inter chemical
on
Ayres, Inc.
Martin J,
Edition—Booklet—Julien J.
Studley, Inc., 342 Madison Ave.,
Comparative
comments
Japan
holding
six-months
the
economy's
the
protection for Art. VIII by Sept.,
completely re¬
by
and shares by non-residents
Corp., and Bemis Bros. Bag.
—
Montgomr
Office Buildings, N. Y. C.—
New York
sales
have no
the inflow and out-
delaying
period
—
on
funds
of
ment in
1,
of nations which
moving
10, Pa.
Philadelphia 3, Pa. Also available
1963
North
Cosmetics and Toiletries Industry
Report
Title
Land
Comments
—
flow
moval of the six months holding
period attests to Japan's decreasirig need for protective controls,
and to the remarkable improve-
Japan ment and to its ability to handle
dazzling mile- foreign
exchange
convertibility,
April
another
mark
restrictions
Townsend,
Boenning & Co., Alison Building,
St., San Francisco 6, Calif.
New
Chemical
—
&
Bodine,
Markets
Acme
In¬
are
Dean Witter & Co., 45
Haven
&
Crouter
Utilities and the
Money Market Banks
ery
Laboratories—Memoran¬
De
—
Building, Philadelphia
Bissell & Meeds, 120
Municipal Market.
Broadway, New York 5, N. Y.
Cement
will
Co.
Abbott
reports
Co.,
are
Monday,
coming
Stein,
on
dum
Midland
Daniels
memorandum
a
coterie
Packers—Study—Goodbody
Co., 2 Broadway, New York 4,
'' '' '
repatriation of their equities in Japan effective this Monday, April I.
stone in its steady march into the
Meat
t'
Stocks—Report—Lubet-
&
and Union Bank
Dallas
Co., 61
Bank
Fif¬
Angeles—James Oliphant
Los
&
National
Republic.
Bank,
Bank
is
St., N. W., Washington 5,
; ■;
•
equivalent to the length of time governing our capital gains tax rules.
able
teenth
v-
Building, Detroit 26, Mich.
Life Insurance Industry—Analysis
—Ferris
•.•'•5
For the past eight months there has been a six-months holding period
Industry—Analysis— Shibaura E1 ectric, Mitsubishi kiri, Regan & Kennedy, 44 Wall Foreign investors in Japan will
no longer be bothered by any deHemphill, Noyes & Co., 8 Hanover Shipbuilding, Nissan Motor, Mitsui St., New York 5, N. Y.
restrictions as to when
& Co., and comments on Nippon Treasury Market—Bulletin—New laying
St., New York 4, N. Y.
Breweries,
Hondo
Motors
and York Hanseatic Corp., 60 Broad they can repatriate their equities
Bank Stocks—Analysis with par¬
from that country. Beginning this
Asahi Breweries.
St., New York 4, N. Y. Also avail¬
ticular reference to Chemical
Trust,
-
Co.,
Lerchen
Automobile
York
»
Foreigners will be accorded complete freedom from any delay on
letin—Watling,
Ford
New
V-'-*7
| On Equity Repatriation
5,
Selected Stocks for Income—Bul¬
Tobacco
Bank
vs
Bro-
York
New
St.,
Thursday, March 28, 1963
Japan Drops Six Month Delay
-V
—
York.
New
WILL BE PLEASED
PARTIES THE FOLLOWING LITERATURE:
INTERESTED
SEND
TO
Stocks
Common
.
,
Walker
chure—Carl M, Loeb, Rhoades &
FIRMS MENTIONED
THE
THAT
UNDERSTOOD
Locust,:' sl
Selected
AND| RECOMMENDATIONS :
IS
IT
H.
&
Louis-
St.
&
INVESTMENT LITERATURE
-
G.
Co., Broadway
Louis 1, Mo.
around
DEALER-BROKER
.
.
here
to
sales
increase
Tarianp(,p
-
addi-
an
U.
S.
stopk<;
Japanese stocks.
.
Foreign investments in Japan
total $1,879,000,000 as of the end
of last month. In the ten months
through Jan., 1963, foreign pur¬
chases
of
Japanese
securities
through stock exchanges aggregated $74,580,000. Current indications suggest most emphatically
drawal delay interval was down to that American Depositary Receipts
Coggeshall
nuisance
minor
a
Hicks, 50 Broadway, New York
months.
4, New York.
bf s'ubj ects concerning the tech¬
Over-the-Counter Index
Folder Bank of America—Memorandum
nicalities of investing in Japan—
showing an up-to-date compari¬ —Orvis Brothers & Co., 30 Broad
The Daiwa Securities Co., Ltd.,
son between the listed industrial
St., New York 4, N. Y. Also avail¬
149 Broadway, New York 6, N. Y.
From
August,
value
the
1962,
of
six
.y
now
traded Over-the-Counter will
to become eligible for formal stock
1961
April,
exchange listing,
hold-up
was
previously
was
The following is extracted from
one-
the Japanese Minister's announce-
—
stocks
^Vlso available
on
are
statistical data
Japanese
counter
for
Economy
Booklet—Nomura
1963
and
Averages
Japanese securities.
—
in
used
the
35
industrial
National
the
Dow-Jones
the
over
-
the-
used
stocks
Quotation
in
Bureau
Securities
Co.,. Averages, both as to yield aixfl
Ltd., 61 Broadway, New York 6, market
performance over a 23N. Y. Also available is a booklet year period — National Quotation
on
the Japanese Stock Market for
Bureau,
J1963.;
Inc.,
Street,
Front
46
New York 4, N. Y.
Japanese
Investment
Discussion
—
Outlook
—
Japanese
Review—Nomura
Securities
J.
Register.
Cigars
Bayuk
W.
available
&
Co.,
York
New
way,
is
Attract
Memorandum
—
Sparks
120 Broad¬
Government
Bank
Puerto
for
—
Put and Call
Co.,
Review
Ltd., 61 Broadway, New York 6,
N. Y. Also available is an analysis
50
—
Activity
N.
5,
Also
Y.
memorandum
a
to
C.
.
Bemis
country
J-
Brothers
Bag Company-
Mitchum,
—
Jones
Angeles
Los
available is
Company
report
a
of
Brooks
Hirsch
&
V/v^b"
York
—
V
4, N. Y.
u
than
.
*
into that
short-term
,
an
g
a
Any
ability
nation's
rect correlation with the
ment
of
its
to
from
Japanese
owned
stocks
by
foreigners:
On March 26, the Japanese
.
,
v
-
,.
,
Min-
,
ister of Finance announced
a
new
liher-
further
p°? eonce.rnI.n? J urW®1 llb.®r
alization of invisibles and
capital
transactions.
The basic
principles
*
governing the changed policy are:
(1) Invisibles and capital trans¬
improve¬
actions will be liberalized
climate.
investment
period
waiting
step-rby-
step aiming at the complete elim¬
Memorandum
One of the most Important in-
—
gredients of such
a
climate is the
**'
'
v.
increase
sizably
,
rather
capital.
Co., 25 Broad St., New
J/-* "NT
required
attract permanent funds is in di¬
Also
Union Oil
on
that foreign
investments
money
&
California.
Bobbie
Broadway, New York 4, N. Y.
Calif.
14,
now
should
step
,
& Co.,
B. Richard
pertaining to the waiving of
six-months
governing repatriation of proceeds
comply with any holding limit,
this
on
long
Weekly"
—
ment
Capital
owned stocks will not be
,
—
and
Long-Term
Paradoxically,
—
Metromedia.
Analysis
Rico, San Juan, Puerto Rico.
Industry
six-years
the
Cash
tional
St.,
Development
from
day to four-years and one-day.
Templeton, Inc., 650 South Spring
Report
—
and
years,
shrunk
Na¬
on
thority
York 6, N. Y.
Machinery
memorandum
a
Puerto Rico Water Resources Au¬
Yamaichi Securities
Co. of New York Inc. Ill Broad-
Way, New
is
able
two
absence of any limitation govern-
ination
all
of
encj of.March
'
•.
restrictions
' '
1964.
,
the
by
•
;'
^24^$herJapa»c^
Canadian British ^Aluminum CO; ing the timing of private capital
wm
continue
to
be
concerned
St,/'New Ltd;.—Analysis—Ross, Knowles & toovements Other ingredients,in- with
Japanese Market—Survey—Daiwa
mottog^ou^:fOT€.
inr
York ' 5, N. Y, Also available are Co., Ltd., 105 Adelaide St., West, elude
sound
economic
growth,.
Securities Co., Ltd., 149 Broadway,
^to^^iSt^ntributeito thei
comments on New York, Chicago Toronto 1, Ont., Canada.
'
non-discriminatory treatment of
New York
Railroad
jof A jinomoto Co. Inc.
6, N. Y. Also available
are
Ch emica 1,-
Chemical,
kawa
Nihon
Electric,
—
Discussion-—
& St. Louis and Canadian Pacific.
analyses of Toyo Rayon, Mit¬
subishi
Mergers
H.-Hehtz & Co,, 72 Wall
Sumitomo
Cement,
Hitachi,
St, Louis Bank
51
Tokyo
Stocks—28th
an¬
Louisiana
Electric
Inc.—Review—L.
F.
foreign capital free convert.bihty
Co.,
of
Rothschild
edition
of
manual
covering
Bissell
Meads,
&
payments-balance. Tha latter has
been the only problem .which
lately is being overcome, to the
Point where Japan has been advised by the International Mon-
120
Broadway, New York 5, N. Y.
and financial institutions
•
•.
Madison
Fund,
port—Madison
ware
Trading Markets in 891 OTC:
Inc.—Annual
re-
Fund, Inc., Dela-
Trust Building, Room
etary Fund it Is eligible for Art.
membership status. Japan is
1455,
VIII
Wilmington, Del.
Clevite
•
Gas
Marietta
lanta
Utilities
•
Corp.—Report—Courts
Co.,
Industrials
•
11
St.,
N.
W.,
still permitted to seek
&
tion
At¬
Producers/Pipelines
of
IMF
Art; XIV
allowing
A.
Insurance
Qn
m
j
matter ke
jn
on
":
page
•
v
f,nTOrnm„nt
T.n.n...
wilL take necessary steps m order
^
upon the balance of payments.
carry
out the above principles, in-
elude the following among others:
run
(1) Elimination ol the six month
27 payments-disequilibrium. The re-
waiting period for repatriation of
American
G.
Continued
to
strictions
combat
short
i
sales
profits
vestments
Independent Telephones
•
actions
The measures, which wijl be efthe protec- fective April 1, 1963, in order to
exchange control and import re-
1, Ga.
Commerzbank
•
fixed
take further liberalizing
,
-Laird,
Firm
relatively
^
&
Christiana Securities Co.—Bulletin
For banks, brokers
at
exchange
^ JapaDeSe. economy;
and
Co., 120 Broadway, New York rates and the concomitant capacity
step with liberalization of capital
:
>
to earn income for international tra'nsactions in foreign countries.
of the principal banks in and 5, New York.,
nual
Furu-
Central
from
by
validated
in¬
non-residents
in
Japanese stocks and shares, with¬
ANSWER TO YOUR
Companies
out any
change in restrictions on
debentures,
government
bonds,
and others.
MARKETING
Block inquiries invited
PROBLEMS
(2) Easing restrictions
ness
Are
other
Troster, Singer & Co,
Members New York
.
HAnover 2-2400
proof of how I
whether your
New York 6, N. Y.
Teletype 212 571-1780; 1781; 1782
Commercial
O
distribution,
York 7,
can
growing?
products
&
N. Y.
Let
solve these
your
me
Chronicle,
share of the avail¬
show
you
documented
Marketing Director—•
as your
are consumer or
Financial
effectiveness
selling
marketing problems keeping
able market from
Security Dealers Association
..; 74 Trinity Place,
merchandising,
industrial! Box C 37,
25
Park
Place,
on
busi¬
on
pay¬
trips abroad,
or
New
(3) Easing restrictions
ment of cargo
freight, eitc.
ED. NOTE: Section Two of
"Chronicle"
continuing
economy
is
today's
devoted
growth
of
the
to
Japan's
and the sound invest¬
ment
opportunities
in
nation.
% \
\
M
.
that
.
'••
'
j
Number 6250
Volume 197
.
.
♦
The Commercial and Financial Chronicle 1.
lieved
Fallacy?;:
"Where's the
(1277)
tolerable?, There
that
t surance
it
will.
ploymenU problem
is
no
The.
QTTPTTT)THPV
not
cured
Economist, First
far.
-
financing
by -de/icit
Should
thus
a
ployment is, in fact, cured by deficit,
;
;
.
^
,
a
mae
The
debt
nation's
the
that
fiscal 1962. Net income
rroin
n
190/
nf
advanced to
u
rose
P
-fyrvwi
cents
close
of
business
,
and Chairman Charles £■
'
Schmidt has forecast "a definite
share
per
for this year.
from
J
earnings"
v
;
The firm's business ratio is a
acquired subsidiaries which enjoy
healthy
4-to-l,
long-term
and
substantial volume in the late fall debt amounts to less than 1% of
and winter. However, most of the total capitalization, y Selling cur-
on
29, Wood, Struthers & Co.
hfinrt1
new
c°|ubihe under the name and will
their business of Wood,
continue
..
Supply over the past 12 months matically from last year's high of
/
f,
stores
opened
by
;
Tractor rently at around 24 (down dra-
by
Another statement often heard
positions, is that the Federal debt is of no Struthers & Winthrop, 30 Wall
ve been selling only m the final
Tteqtor is available at less
burden is consequence when assets of the Street, New York City, members weeks of the first quarter, so that than 20 times 1962 earnings to
government are. considered. The of the New York Stock Exchange, their contribution had slight ef- yield nearly 4% on the 90 cent
in rather high
persons
an^
the
f
•
and Robert Winthrop & Co., will
^mckn4
occasionally
times,
many
of
March
.•
,
ti^9 qqq
share
YV1I1UI1IUJJ 1 (JI Illlllg
financing.
\
'of
quar-
Wiritlirnn T^nyminG* 9 cents* The results include newly
As
1
•
•
P«>flt- However by^ increasing
?teS P®r store' the flrm antlcl"
^ t 'ZTcZLZTrZf "r
f
year's $117,090, while net per increase in
UUU, OUI UtlltJI b 06
rowed
r>T?OT
JJILO 1
to $132,393 a gain of 12%, .from
«
,
Wnnn •SfynhVlPT'Q Rt
VV
money and inflationary consequence! (2) U.S. contingent
liabilities! (3) extent debts' burden is superficially eased by
inflationi (4) dollars international value\ and (5); whether unem¬
;
Contmu'ed rom P°9e %
bigger 446,547 achieved in the first
ter
^
growth of the federal debt. Moreover, Mr. Smith contends debtdefenders overlook} (1) Federal Reserve's creation of U. S. bor¬
y
have
we
fn
arguments advanced by
non-alarmist position regarding the quantitive
T T1ZT7
,,}f
deficits'?
Texas banker-economist finds fallacies In
those who take
1
been
has
'
By Dr. Arthur A. Smith, Vice-President and
National Bank, Dallas
T
OJuV^UlVll I
as-
unem-
9
,
<.♦
not
] alarming
"as
because
a
| government does not;
of,
proportion
our; gross na¬
tional
uct,
fc be
not
is
able,
,t but y is
steadilyyde-
is
Such
-
^
doubt
the
Dr. Arthur A. Smith
v>,; 7t:
feasibility y of
Un-
fortunately, the argument tends to
disarm the
fallacy
opposition because the
it
of
parent.
is
•
measures
ernment
is
Product
a
on
spending
Since
^
gov-
ever
since
ment
'
comes.
In
GNP. By
were
-
reflecting
$1,802,000
1964
1.50%
1965
1.70
building. True the
might not need so
1,802,000
1,802,000
1966
1.85
1,802,000
1,802,000
1967
2.00
1968
2.10
1,802,000
1969
2.20
1,802,000
1,802,000
1970
2.30
1971
2.40
1972
2.45
capitol
the
government
But if one agreed that it would
-
proper
prepare
a
for the government to
balance
sheet, as
1,802,000
1,802,000
1,802,000
1,802,000
does, then why
business
private
not have the government include
of
its
as
1973
How Large a Debt?
* 'I
'
1981
Dated
Due
May 1, 1963
May 1, 1963
?
»
May 1f 1964-83, incl.
3% Bonds
$13,260,000
Due
•.
^
May 1, 1964-2002, incl.
2.90
1984-85
Interest
1977
2.70
1978
2.75
1979-80
2.80
Exempt From Present Federal Income Taxes
Principal and semi-annual interest (November 1 and May 1) payable
in New York City at Bankers Trust Company, in Boston at the State
Treasury, or in Chicago at The First National Bank of Chicago. Coupon
$1,000 and registration privi¬
bonds in denominations of$5,000 and
leges fully described in Circular available on request.
•
2.95
•
382,000
1986-88
3.00
These Bonds, in the
382,000
1989-90
3.05
Commonwealth of Massachusetts, will
382,000
1991-93
3.10
200,000
1994-96
3.15
1997-99
3.20
2000-02
3.25
200,000
tastically high in money , units
government spent was borrowed. under inflation. Government, like
Alter the war- governmient spend* all cither buyers, has' to pay . more
ing declined for a short time, but for what it buys, and if it does
civilian spending more than filled not balance its budget, then it
the void
as
people hastened to contributes to more inflation, as
buy. In 1950 Federal Government its debt mounts—a vicious circle
expenditures were 14% of GNP, indeed. The saddest part , of the
and in 1962 they were 16%.
story is that people are deluded
'J?
•••»
2.80% Bonds
$28,340,000
Dated
2.85
1982-83
lion, since about 54% of what the
'
2.65
382,000
'
?
r'*
.
Commonwealth of Massachusetts
2.60
1976
,
2.55
1975
'
2.50
1974
1,802,000
1,802,000
1,802,000
1,802,000
1,782,000
1,782,000
the of other countries shows conclu$53 bil-. sively that debt can become fan-
over
Yield*
i
public land; and it might
much
'
Due
•
year
same
grew
$41,600,000
Amount
the
the
In
spending.
Federal debt
March 27,1963
SCALE
tremendous debt go? There is ho absolute
outlays for war, also rationing answer. Much depends upon how
and other restrictions on civilian cheap the dollar is.
Experience
GNP,
.
New Issues
with, some of
9% of
Occasionally the question is
46% of raised: How large can the public
1945 they were
growth
y l" >
no
Each Year
.
about
sound
situations, \
lower gross
'
government :is not going to
cease
operations. It would need
Government
Federal
1940
expenditures
a
"
the government. Anyway,
contingent liabilities,
spends, the higher GNP be- private business does?
GNP, then the more the govern-
items offering
think of foreclos-.
included in in said balance sheet a statement
is
..many
the so-called assets? Furthermore,
abstraction" be
total spending of
spending.
private
would
not need to keep the TVA.
nation, public as well
the 'entire
as
ap-
:
'
statistical
"glorious
which
readily
not
;
National
Gross
particular r purpose
the
try
Federal. deficits.
repeated
etc. ,ry;.'
vwhat could you do
who
seeking
product line, Tractor has added vestors
planes, :tanks,
ing
jrieply to
those
partners in Robert
& [Co , will become
balance sheet would serve
a
one
-
,
Supply; ranks.; as a stock
sales increase. With its widening worthy of consideration by all ins Predicted a dramatic tor
in-
no
This
,
^
^
m
DanietS Pobr and Robert
partners in the merged firm.-
It seems clear to me that Trac-
For the full 1963 year, manage-
non-obsolete),
and
eluding ships,
j
oftenyused
as
but if it did there would
annual dividend.
Roderick H. Cushman, Harry B. feet.
-Freeman,. Jr., Moselev K. Halloran,
Robert Jr Melvin
Frederick S
listed the value of/all the Fed-;; G. Ott
obsolete
y
manage¬
clining."
-compile a
l^eraly-buildings, y Federal lands, Winthrop,
| roads, military .equipment (both Winthrop
debt
our
only
i
prod¬
burden
£9l?nce
business,
r
200,000
,
(Accrued Interest to be added)
-
the
*Where
yield and
the Bonds
same,
coupon
gations of the Commonwealth for the payment of which its
full faith and credit will be pledged, including the authority
to levy unlimited ad valorem taxes upon all of the taxable
property
within the Commonwealth.
-
rate are
offered at
are
opinion of the Attorney General of the
constitiite'general obli¬
The above Bonds
the
offered when,
are
as
and if issued and received by
us,
and
subject to prior sale and approval of legality by the Attorney General of,
par.
the Commonwealth
of Massachusetts.
^
If you
Federal
look at the growth in the
debt,
increased
it
on
you
from
readily
on
$303,988 mil-
31;^ 1962. Over the
Dec.
period
same
that
$42,968 million
June 30, 1940, to
lion
see
we
have
value of the American
the
seen
think they
They overt°ok the inescapable fact that,
what they do not pay m taxes
needed to balance the budget^
they pay in higher prices even-
Money
The Northern Trust Company
R. W.
thing, out of nowhere-a mighty
Created
would
be
Shields &
getting some-
the
government
runs
financial affairs in the red
(as it
has all but six out of the past
years),
the
question
does the money come
the government
the
from
its
34
is:. Where
from? Does
borrow it directly
people? {In
part,
yes;
and, when government .does bordirectly, the process merely
row
'
inflationary effect.
is
that
much
of
Whether we ever see the truth
or not>
fsf[ed that foreigners
are not fooled, because they know
e
'
fac*s fte serious
of how Jo protect the
do11^™r'd mar^. a Prob¬
tliat will be tnade worse with.
eatdl budget deficit.
But the is running at a record high, as it
what
the
Carl M. Loeb, Rhoades 4 Co.
Bear, Stearns & Co.
G. H. Walker & Co.
B. J. Van Ingen & Co. Inc.
Weeden & Co.
Hemphill, Noyes & Co.
Incorporated
,
Let's pose another question:,
from
private to public without When will deficit: financing ever
affecting money; supply and with- cease, if not when the economy
out
.
^
Equitable Securities Corporation
Hornblower & Weeks
Company
.
-
,,
,,
The Connecticut Bank & Trust
did in 1962? The very some Gross
National Product to which some
has'Vpme through the Federal Re- people like to relate;the Federal
serve
System and represents debt shows that the American
"created money" which accounts economy set an all-time high last
First of Michigan Corporation
Company
Dick & Merle-Smith
W. E. Hutton & Co.
Hartford
Stroud &
Adams, McEntee & Co., Inc.
Hallgarfen & Co.
:
The First Western Bank & Trust
Incorporated
American Securities Corporation
| Mercantile National Bank
Republic National Bank
Company
W. H. Morton & Co.
Company
Incorporated
Federation Bank and Trust Company
Win. E. Pollock & Co., Inc.
Los Angeles '
changes the use of available funds
truth
of Boston
Mercantile Trust Company
The First National Bank
Ladenburg, Thalmann & Co.
Wertheim & Co.
good thing, if it were true.
When
The Philadelphia National Bank
Blair & Co.
Seattle-First National Bank
Goldman, Sachs & Co.
Blyth & Co., Inc.
Salomon Brothers & Hulzler
Eastman Dillon, Union Securities & Co.
Pressprich & Co.
Phelps, Fenn & Co.
Halsey, Stuart & Co. Inc.
Incorporated
tually; so it costs willy-nilly^ If
this were not so, then the gov¬
ernment
Reserve
Lehman Brothers
Chemical Bank New York Trust Company
process. They
are not paying for it.
dollar de-
Cline by 55%.
Federal
The Chase Manhattan Bank
Fidelity Union Trust Company
i
"1
Newark
r
-::
•
ot Dallas
National State Bank
Newark
Darkness & Hill -■ Dempsey-Tegeler A Co., Inc.
Incorporated:,,,,
The Ohio
..
R. H. Moullon & Company
Geo. B. Gibbons & Company
Ineorporolod ■>' 'W;;
New York Hanseatic Corporation
Townsend, Dabney & Tyson
'•?
.yiy^yz^-'' '.C-.: yfl-.-tf-..:-
Bramhall, Falion & Co., Inc.
Company
The First National Bank
Trust Company of Georgia
of Memphis
government has "borrowed" really
and will
for our inflation,
con-
year.
tinue to contribute to inflation as
not
long as the process continues, and
ever,
to
high
reduce
enough,
how-;
" "
;
;.c
^;
Kansas City; Mo. rv
Childs Securities Corporation
employment
to
some
level
be-
*
^
;*
R. D. White &
Commerce Trust Company
Swiss American Corporation
Company
Stein Bros. & Boyce
Kansas City, Mo.
Henry Harris & Sons
Incorporated
Clayton Securities Corporation
Halle & Sfieglifz
American National Bank
■
unemployment
of the fact that the debt much below 6 % at any time. Will
not: be any greater propor- an $11.9 billion deficit reduce un-
tion of GNP;
City National Bank & Trust Co.
Maybe, as some say, it did
operate
in spite
may
Fahnestock & Co.
t
Newburger, Loeb & Co.
'
»
"
White & Company
Saint Paul,
Minn.
The Illinois Company
Incorporated
Chace, Whiteside & Window, Inc.
10
*
•'
'
»
(1278)
T1''
*
f
v
it
TT7-|
'»
.
T
{
i
1
''
/•
r>
Vx/
1
-pw
.
IY
i, uutiiy
iXUyU \J XVCt/lAKJ j
•
.»
n
,
T
By Wayne A. Johnston, President, Illinois
Chicago, Illinois
rm,*rni
jesg
.
,
1
...
x
pp
Johnston^ cites the ^straws a f
J'
-tong last burdeustiua;heguHias willb*
Let
b
Commerce dent Kennedy asked Congress to
the railroads came put all forms of transportation on
into being In the years that folan equal basis. Let competition^
lowed sharper teeth were put into not regulation^ decide who will
t iTe Act
carry the freight and the pasInntf
railWWSBfck*,-'
I sengers, he asked. "Reguiatioh of
.
transportation," he said, "is based
on
a
chaotic patchwork of inconsistent
arid
often
obsolete
laws/' Whv, one may ask, are
these laws
obsolete? They are
obsolete because they were writ-
were
Mm
m
■
nnrtation
JHKBHHfe
I
filiation
vp
wafnot harm-
monopolistic VailI>een
Commerce
long-time since the railroads)hadAct
made
it
toMrS a monopoly. The railroads had benecessary for
gun to lose their monopoly at the
railroads to
end of World War I when I
eet 'governw
a
i i.
started my career on the Illinois
Wayne A. Johnston
D^ing the twenties and
al for increased fares and rates, thirties new truck lines seemed to
This was in the public interest spring up everywhere as highways
But; then
in
1920,
the Com-5 spread ovpr the countryside.,
mission also began to regulate
Working; under a compiex ssys-
fill
ten to control' a
their
to
Irlwth1
Ik ;;;id'h;di;;MSS
"Ml
The
II
I Ifl I
rates
minimum
railroads
to
,preyen|k
the
ydiing truck and barge industry,
Fro^i that time till now, the rail~floor on rates and fares. Trucks
were
of
relieved
farm products
regulation
on
and barges on bulk;
As a consequence,,
commodities.
as time went on, the railroads began
to lose more and more of their
the
Thursday, March 28, 1963 '
barges,
to appear other
well—
as
x
outpouring
great
of
new
forms Of transport could not have
taken
it
of
a
year
this; way:
or
two back put
"In most
airlines landed
on
the
cases
VK)*>
^
ti
'
'
i
»
22,000-mile
Federal
g0^i am ,an optimist. I've been
system
of
waterways. At its most optimistic,
the new tax Would bring $10
million into the Federal treasury
shown
cite
me
;
Russia mantrfactures a good cahse tHe'
cause
track,-she has.ample supplies of
lew illustrations,
a
should pay nothing for its use of
-.-../brfc transportation .needs,, be-
.
source
taxes
o£ all the
it'niv* mi-
"
tlm
milHoS that arl
Retirement
n
payipg empIoyee
on the inland waterways,
ActHavea -mtaevei country that lends has a right to insist Upon this tax
retirement itself to highway construction. on barge
0 r " ; -!
j? two cent a gallon tax on aviatibn
everyone knows, the
^'
Federal Government and, to some
^ v«a«l|o»& Rail Performance
extent, state and local goverri^Russia^s -Kail reriormanee ^. ments, spend vast sums on air-x
Along;this same line,'I might fields and air traffic systems*'-To'
say, we.,on;lhe Illinois^Central are its credit, the airline industry is
those paid by their competitors
under the Social SeouityjAct. At
|®st freight c?rs of any railroad in .fuei. As_^
;this mornent railroads are; P^ng
7*4% of the first $400 earned by ;.
each employee. That's ' $29 a
;
m6nth;>Under ^Sociial: Security^ a
truck or an air line or a barge
company pays'3%^%' 6n -$400;-6r • cumtaptly beingvisited^y
r
$14.50 a month. That's exactly roadersfrom other parts of. theFavorable action on these two
half: That big spread^and^some-7
"J?
:P?>3:^ - l^ifls: is vital to -the^ futureX of tbei ^
times it has been even bigger^; American-; railroads how tdim- railroads.; Indeed, such action is
has been in effect for more ihan p^^^i^oper^faOi^ b^kdiume.: important ;to:xthe; future of all
a quarter century. Obviously it; All of them say the same thing-^ Iprivately-owned transportation in
w«»•«» labor M
^e wer? ""der- Pr|vat® -the United States..Last month- in
• There-is another and similar ;so we"a?u{f'-0Pe^a ® ?s Chicago at;%Transp9rtati6h AsSo-»
tax, the unemp%mmt iax.! The <"aS,
elation of America conference, a
rai foadsi pay 4%:> oiXthej firsriS^^^^^toid.us.^.competitor of the railroads made
:
$4oo of each employee's salaty, Or^ ^^er den *DU
They don t ■ the point that it is important to
$]6 a month. The employee pays toallK because we snow be er. an forms of transportation that
,
nothing into the tax.
J? toe rail^ds.becpnm; profitably
Right; now
-because if .railroads were ••to fall-
the government is trying to
wHen M has the f^ts, it moves to
.correct injustice. The problem, o
^ an fPn^nious y compHcated.World, is how to get^ti e
State,;; ravl
s.tpry. a.cross to tlie public,
«rne railroads across the copritry
pay state ad valorem taxes; that
have a higher base than those on
which.our competitors or business
justice, but it will .be some% time Upited . States, have, asked Conbefore we get the? full'benefit of g^ess to correct the inequities
their ruling, because, the new per- that exist in regulation. Last year,
centage first has to be determined -i as I
already have mentioned,
in each county, and of course no'President Kennedy in his Transcounty is'eager to give up tax pqrtation Message asked tor acdollars.
. tion.
It was, you recall, an elec--
•
place without government
sporisorship. An investors' handbook
/J'
pay not
general is taxed. Iri this
example,' railroad property
.
f^r
-
.
.
this
r
operators, as you know,
Jt is a difficult problem, as I
pipqlinea and.airlines and buses,
taxes forVmehy years
SPrP investment bankers have
and ^ of
course
the millions of
hased on 100% valuation, whereas discovered. when they have tried
private automobiles that increas£or ]3USiness fn general they are toXwin public approval for. some
ingly took over the transportation
at approximately 50% rate. Fortu- principle
they believe in, , We
bf passengers. It iS' Well known .ta
At this point some of you may nately the Illinoia,Supreme Court kpow we are making progress,
students
Of1 transportation
that be thinking, "That may be so, Mr: recently helped to correct thiiS in- fT&eJ laft fpar Presiderlts of the
forms
transportation
^1
J
Johnston^ but. were the railroads
in those years * doing all • they
should have to meet the changing,
times?" I would have to answer,"No, they were not.", A writer in
the
Harvard
Business
Review
some time ago made quite a splash
with his analysis to the effect that
the railroads made the mistake of
thinking of themselves exclusively
as rail companies, rather .than as
barges,
and
trucks
I 'mention
but -there began
'
to
. . .
*
:
:
•.
almost free air-
.
.
„
times. Look at all that has happened in the last 12^ years in
There
are
mUch
of transportation can show what
^.9n
in-'
bigger
for action. The two bills
s^bn>itted in 1962 Have been rejn
ttie- communities served
by
^ virtually ^ the same
—coal slurry lines and High vol$- what it wants. Incidentally, that those airlines are
being., forced to
.^ne of: those bills would
age transmission, lines and, not same author, Theodore Levitt, in.
rail* service* a -45 000- mile
minimum rate regulatoo far, ahead, the possibility of that article also criticized other
network, of magnificent .highways Hon- of conimodities" handled in
moiiorail and lievecar systems.
major - industries for the
by* the Federal Government = bulk and of agricultural productSA
That
brings us* up
to
the fault
the oil. industry, for ex-* use(j by our cbmpetitors atrlittle I At present 70% of all the tonnage
momenta The railroads in 1961; ample, for thinking of itself as a cost HtcA^The
list is a long one - H^Hled by railroads is bulk tonoperated at less than 2% return producer of gasoline for auto- but I will not trouble you further nage< s0 the imP°rtance of this
on their investment, and although
mobiles instead of being concerned with it I will simply say this*. The bill ,to the railroads is obvious,
1962 will show
somewhat better with all
the potential uses of ran
industry must have a^^ consti- Barges-^ are'^ not regulated
on
return,: it still will be a long, long petroleum. No question about it, tution like
lion to have lived minimum i rates*
Railrpads want
way: fropn the 4 to-AVz % that an large industries,
and especially through alj it Has. If there is any aad' n®ed
same
free
to* barge-
there
users.
And now we have on the horizon
are
na
industries*
growth
only, industries that are growing
because they are giving, the public
still other forms of transportation
maintained
to feeder
waterways*subsidies
airlines while Jailcoads
;
'
—
a
:
they are not the transportation
form of .the future. Well, ,those
people are wrong. Except for a
ship floating on an^ocean or a
great lake, the most efficient ailaround form of transportation is
still the steel wheel, rolling with
a minipium of friction on the steel
raii; Nothing else can move people
and products as economically as
the railroad, when all the costs
are considered,
a
investor
account
obtain
can
without
on^ a
taking
savings
those that have been dominant for
risk,
any
Obvioqsly, then,; ,the y a i 1 y o a d
industry
is^ not
attractive
to
long periods of time, do not have
^
r
^
^
/Ma»na
*
*
v
-
>
The situation reached the point
where
last
year,
in April, Presi-
,
,
^
^
costs
when
-all the
considered, it is the
are
i
•'
">
*
«*
TT
-
of 1963 is a year of
the railroads. Favorby Congress on the
have been speaking
Having said that, let me add they -have survived as private mendation that users of Federally about will go a long way toward
that during that period when.new companies despite an avalanche built airports and waterways pay freeing the railroads from exces-
•
Tin ta '
!
companies.
Year of Decision
This year
I
Assessing Users
decision for
true :
The other bill would put into able action
fact effect* the
President's
recom- two bills I
proof needed that railroads are?:
the ; most
economical
form ' of]
;..the. quickness of fopt. .of youug.-. transportatipn,
investors.
Pat,
;
.
>
:
,
^
^
transportation---the coming of ]etS,
the rise of piggyback, the diesel
revolution, the huge Federal highway system, purely we will see
equal or greater.^-changes^i^^the- -:- ,
next dozen years. ...
He^went
on to say, "We have a choice of
two paths. We can do nothing, and '
watch the continued decline of
the • railroads, the trend to more
private trucking. Or we can move
in the direction President Kennedy has asked, in the direction of.
less, government regulation and *
subsidy; toward a free and1 open
environment ip whiph: each form
,
year» and it is hard to get it can best do"*,/ - • -. i;
free expressways and the barges
equities I might mention, even action ^ wntrwersial maUers in
i know there are people who
floated1 on Federal waterways." I
though ih a general way you are an election year. But this year of sincerely believe railroads are an .
willl add to that quotation by.
aCqUainted with them. Huge air- 1963 we have high hopes ,for outmoded form of transportation,
saying the waterways were not transportation companies. His ports built by the governrnent* a^ preg1"6158- The President several "Yes, they say, the railroads Helped.,
almost free, they- were furnished: thesis is well taken-^namely,. that vas|., gys^em.0£. jie^erah huiit and ; tim^3*3already Has renewed his build the nation, it's true, but
strips, the trucks rolled on almost
completely
=
.
trucks and more and more of their
commodities
;•!
what the rate was with: which
had to compete. To a very great
extent, particularly in the handling of agricultural pro(Iucts by
trucks and the movement of bulk:
commodities .by. barge, the fame
situation is still in effect today.,
They do not have to publish fheir
rates, so we have no way of
knowing what they are.
highly rated, merchandise to the
bulk
'
t
roads have had both a ceiling and.
a
l|'
.
the percentage upped another
utRtu-Swgr
£ an!. Jf* Mnder government' contrpt a)l;
quarter - of - a - percent. Conhpare
tyentii1 ^ transportation ; would be ..
that big bite;to theunempioyment
still oo^ating like we ^nghered• •
. '
tern of regulation we rail carriers taxes paid by other - employers
all ho Soke fx ^ tHe same meeting,. Clarencp r,
would go through time-consum^ under state iawsx!|^ul f
v ^
X
;
:D. Martin, Jr., Undersecretary of .
ing and expensive hearings to
-But it is not. only-in-taxes,. butj,
' ^
-»Ti: C?^!fere®
'
adjust our rates to
] the ^ mally ,pther wdy$;fhat,fa&road
|As^
^ W ai^opti^ist, d of. the-fjnos^.
competition of those tracks. (The regulation tis> aa the ^a^bf^e m theinh^
^today, made the..
^ay after the rail ra*es
said, a patchwork of inconsistent^ o^ the American public, and once^ keynote
speech^ I ^don t_ seeT.
finally published, trucks offered an(j obsolete law's. A railroad is : JJj€a rai^?aJs succeed in getting disaster on every .front,, said Mr. .
new and lower rates. It was ? like reqUire£j "to file with the inter- that public to understand he fac s -Martin. By and large, _ our transtrying to fight a ^os^THe^e^vas; state Coninierce (Commission great *the case, I am convinced it will portation system is working well,
nothing solid to hit. Often, yiere voiUmes-of reports of,;qvery< type demand, action Hy Congress. The ,]^
must keep^ growing, keep
no ^ay ^Or a railroad to l'earn no^.
0f our competitors.
fa11!. P Y' aTJ changing to meet the changing
the
underpricing
from
h
their, competitors are not.; turn to thd highway truck for her
Kailroad.
Act to regulate
dornTnant
fd^^ft^ns:
i»
-since 1936 the railroadanindferte 'cemerd and petroleum a^ she has spent
In 1887 the Interstate'
ids
wbo jg in r^m
some Burdensome Inequities
.v-v
convtnced;this year wilf he the year for
he
one
r >
reamed,
S
ro
0njy
run
which
to
a.JlW
•
Mr. Johnston is
Charta "
'
the railroads are - subject but- to fast - as she can. She could easily nail," with the argument that it
.
that atx
timesf voices confidence
change quickly to meet changing
;
1 1
;up to take era! Government last year spent
Look arou^
the , $1,74 Hiillion on river maintenance
Chamber of Horrors to review all world. Our greatest 'competitor,V alone. The barge industry i* fishtregulations and taxes to which Russia; is building railroads as jng the two cent tax tooth and
h-uA
.....i
of the present which augur welt for rails outlook. The
JBd«stri»listab5«lm tto Industry <r.mblame-tar ring unable
.
■' v' 1
v ;
unequal regulation had- become.' Nothing has
^
like' walking through; a their
plape.;
,
-
the unattractive investment
had for some time,, Mr.
f
reading can fully appreciate how one all my life about railroads, annually. By contrast, the Fed-
KnilmnJ
Central Rail
.
Without glossing over
? 4$ % V ''t
,
•
.
''/'Ml
J
to meet the changing times. The "How can his paper have the title
An Optimists if things
railroads had ^H&cOme so burden- are- as bad as He says?" That's a'
• "I
j
j
* '
' some that it was. a miracle the good question,- if you do happen
1 ft ^ F 11TA1T0 industry was able to move, much .to have it in mind. But the fact' is
.•
.•
A hnn f
*-'■
l" '
V
( mTTFTYllSli SSB'ft .^/chain&v'of sregulation^srohnd
JL Cilll Clll
aIJ
V,'
'
H
,
,
an
¥
The Commercial and Financial Chronicle
'
*
,
forms of transportation were.aris-
of
ing,
tition.
it
was
virtually
impossible
for the railroads to change
quickly
government-sponsored compe.
;
♦
-
,
;
Now this time you may--say-—
i
something for that use. The* Presi-
sive
regulation.
As
you
know,
dent asked for a tax of two cents earlier this month (March 4) the
a. gallon
on barge fuel/ Barge Supreme Court upheld the right of
-
Number 6250
Volume 197
The Commercial and Financial Chronicle
(1279)
railroads to make changes in
the
work
rules
with
the
prior
ing something about the Illinois statement,, but it is
Central.
ap¬
We
think
have
we
that
a
a
basic, fact Central and which operates
pretty
in
railroad
any
•
financial
much in the
same
territory
proval of the operating unions. It pretty good railroad. After more Straits is not a good company, to south of
Chicago, The Chicago &
was a big decision not only for the than 110 years, we still are oper¬ work for, at least not
for; long.: North Western has acquired some
railroads but for business at lqrge. ating as the original company." We The; B&O is in financial trouble..
13.44%
Now we. will sit down with the have come through wars and de-'
^WhOri; it gets squared away; after we do not feel that ownership is
unions
and
negotiate a. set of pressions, and have managed to joining the stronger C&O* the joint
any. deterrent, t o our potential
working rules in harmony, with stay alive and to make money for. properties* /will, make a
stronger- merger with the GM&O.:.
j
modern
our owners most of those years.
conditions.
Featherbed-,
company, and therefore a better
and
ness
we do
ness
a
•:
intend
to
11
stay in busi*
long time. '"11,
v;>
rjY:
...
♦An
27th
address by Mr. Johnston
Annual Central States
.
..
the
at
Group Con-*
ference, Investment Bankers Association
America, Chicago, III., March 14, 1963.
of
.
*
.
ding
practices
the
that
American
railroads
annually
$600,000,000
As
costing
were
nearly
were
employer. The
Good Year in 1962
Considering everything,
^em¬
a
in
brought $12,767,000 down to 'net.
the
of
days
steam engines.
hand-fired
the
That
The general pub-
lie naturally, has not yet;
*
had
an
of
the
decision, but
calculation
formity with
ICC
Court
Supreme
good
.
1962.
is made
We
cori-
in
generally .accepted
and
keebbnting^^
opportunity to recognize the sig¬
nificance
reasonably
formula
and -the
I
have
neW
railroad officers credits, we
know that that decision was vital you may know, for the first time
the
to the future of the industry.
the railroads in 1962 were. given
of
.simply
to
a
in all directions when
a
an
come
time
say
to
discuss.
too
we
There
,
are
f
other favorable signs
portation
erty
tax
dropped. New
was
depreciation
into
career
rail trans¬
on
rules
effect, and these
their
involved
who
one
as
"started
impact
on
future years of current
Federal income tax. reductions, so'
kinds/
as
I
prefer to think of
1962 profit
our.
,
'
„
';
,
the
compete with all
its
.of
ownership
•
state Commerce Commission that
in
logic. is simple: We
we
are
urge
long.
so
We
know
technology v to
or
will be held
Thursday and Friday,
March 28-29,
at the Penn Harris
I
haven't
successfully
forms of
talked
even
ing
subject
all
by
Florida
about
fascinat¬
a
bankers and trust
men
will attend.
have
we
any
technology, and that is
Our
us.
a~
As
transportation.
the
We
that that stock be aoldwto
and
-
Nashville.
woods.
railroads ice-bound
for
itself—piggy¬
Speakers at
ference" will
Copeland,
the
two-day
include
Con¬
William
Vice-President,
J.
Pitts¬
burgh National Bank; John M.
Duff, Chairman, PBA Trust Divi¬
sion, and Vice-President, Pitts¬
burgh NatiorialHahlc; PBA Presi¬
back, welded rail, automatic yards dent William A.
Lank, President,
freight and a host of other
marvels of the The Farmers .National
Bank of
connections, arid electronic
age.
Please take my
Bloomsburg; Norman
E.
need to protect our access to
Walz,
.railroad
$12 million plus: rather than $19
Another sign of the thaw is the million plus.
J; ^ apparent recognition by the Inter¬
puring 1963 we will further im¬
v"
,
,
that has kept
We are not against their
merger,
but we want the ACL to divest
his
making it easier for railroads
to invest in new equipment of all
,
We
the '< proposed
Seaboard
to
we come
the
Hotel, Harrisburg. It is sponsored
confident this year of seeing
by the PBA Trust Division. Ap¬
k' further thaw in the regulation
proximately 275 Pennsylvania
Air Line
Louisville &
are
.
railroadJridusfry;; VNr
and Atlantic Coast Line Railroads.
accountant fresh out
an
in
merger of the
I guess I am a little itself
old-fashioned. I'm thinking of the
put
rules
new
calculating
Of college,
prop¬
were
As
ods.
ing is coming to ah end. Late last
the 10%
of
profit under two different meth¬
that the long ice age of railroad¬
year
swing of things.
merger
are
choice
Penn. Bankers
are
,
the
in
spot
open
part of the
in
are
,
v
from the very
see
easily take
subject that might
] tax, great amount
.made; $19,6^,00.0., As I will
we
can
Conference"
"had
we
bedded in the old rules made back
you
line of think¬
same
tentative way T am touching upon
ing goes for the communities those these
merger matters, a long patwo railroads
serve—they will be petf' easily could be made on the
better off for being servecf by a
Subject.; Let me say-that.-we are HARRISBUHG, Pa.^-The 36th
strong business.
! j. .* ZlZ-i
•
keeping our eyes peeled, to use an Annual Trust
Conference of the
I have been
talking for some old pioneer term; and are looking
Pennsylvania Bankers Association
time now
£
,
with
.
important
passenger
word
the Southeast.
'
for
it
that
the
Old
Iron
•
Senior
Vice-President
and
trust
Horse is not ready to collapse in
officer, The First National Bank
We also are involved in the ef¬ a heap of rust. This is an indus¬
railroad mergers are necessary.
of Sunbury, and Director of the
nearly $32 million on improved
forts of the Louisville arid Nash¬ try that is still a basic
Mergers will help railroads get
industry. I 1963 PBA
roadway arid on equipment. Nearn
TrustrTrainiri^ School;
ville "and the Missouri Pacific' to wish I had time to tell you more John Y.
down tb fighting weight. There is
Scott, PBA Counsel, Har¬
ly $25. million of that total will be
a
acquire the Chicago & Eastern fully what happened a few months risburg; Robert;v Ji
surplus of transportation facili¬ for new freight cars, new diesels
Wharton, ViceIllinois. We prefer to think the ago when the nation suddenly
ties in the United States; Part-of
President and trust officer, United
and ; other rolling stock.
At the
prove" our property
that surplus is unneeded rail lines
in -many parts of the nation. Since
the
of
end
World
II
War
moment
nearly
the
amount
of
mileage
many facilitiesj that Were
but
longer
no
are
faced up to the Cuban crisis.
Illinois: Central., An inquiry bu¬
improvements out of
drawer—not
reau
by adding
of the .Commission has
cry
You don't
rec¬
ommended that the L&N and the
There
and
are
s
subjects
two
in
or on
required to terminate their
control
of
the
C&EI
because
probably have been reading about;
their ^improper .purchase of
in, -connection with - the Illinois
neces¬
Central.
needed in the
One
the
is
-
stock of that company, but no-de¬
subject' of
cision
down,
day of the jet plane and highway Illinois Central Industries; -Inc.
Properly planned mergers Very simply, we are trying to ob¬
tain greater flexibility of invest¬
are necessary to progress.
as
y'.'
yet
has
been
Another favorable
to
the
be
ment,
development
but the railroads
handed
before the
attitude toward the pricing of rail¬
road .services.
The Commission is.
allowing railroads to
fect
reduced
•past
rates
probably
would
been j approved.
shippers
over
porting
us
By
•
broader
earning
know, .we, went
have
are sup¬
greaterv freedom to compete*.
?
the
the
new
\
RE A
Express
of thinking,
a
very
As
them
to
Well
company.
deadline,
are
of
the
on
more
involved in
size
of
the
have.
successor to
the old
nearly
company;
business,
was
-
125
in
years
about ready to fold
to
get
before
where it
turn
serves
deficit
a
profitable
secret as
We
to what
haVe
in
As
are
operation
into
a
which
A. HL Robins
*
-
finding the
volved
tion
and
customer
hard
work
what
magic road to
of
he
to
give the
wants, is
success.
This year
1963, I firmly believe, will
the
railroads
to solve their
no
reason
the
get
more
problems.
why
an
the
see
freedom
Company, Incorporated
Common ;Stock^;
($1
Upon request,
come
■;
a
■:'.
r
..-
';
general.
of
Prospectus describing these securities and
may be obtained within any State from any
regularly distribute it within such State. The
who
offered only
is
are
neither
a
<
may
an
by
offer to
means
sell
of the Prospectus, and this
nor
a
announce¬
solicitation of any offer
to buy.
Trend
about,is
mergers." It
the
in
elements
many
any
is
:
mergers.be-
of
Smith, Barney & Co.
Blyth & Co.; Inc. : Eastman DiHoiv Union Securities & Co.
Glore, Forgan Jc Co.
Hornblower & Weeks
Lazard Freres & Co.
The Commission does not.
approved
the C&O
move
B.:f Incorporated
Lehman Brothers
the'- combina¬
trie B&0.:
owners
and the
Kidder, Peabody & Co.
^
^
.
■;* i
"
t 'i.>•
Carl M. Loeb, Rhoades & Co.
and
is goihg tb
only for the
serve
Goldman, Sachs & Co.
Incorporated
discussion of the '
swiftly in this field, ijut ■ it
does seem to be moving in the
right direction. As you .knrny, it
recently
:
in¬
foe good not
Merrill Lynchj Pierce, Fenner & Smith
of those two "
employees of both
A union; employee
discussing railroads roads.
riiay
Let me close- by say¬ raise his eyebrows: at; that -last
value)
Company
Underwriter
ment
Wertheim & Co.
c
Stone & Webster Securities Corporation
White, Weld & Co.
;
Match 27, 1963.
I have been
in
copy,
securities
'
company.
railroads, but eventually it alsa.
strong and profitable in- will be good for the territory
the|y •
dustry.
a
the business of the
in
tcr the benefit
to talk about
of
subject.
industry with That
advantages of rail¬
roading should not once again be¬
par
Price $29 Per Share
move
There is tion
inherent
cation, and legislation.
The other subj ect you have been
cause
through imagina¬
directions
our
Mergers'
what the customer wants and then
way
in busi¬
plans.
seek good op-
of
of
owners
learning difficult
business,
were
350,000 Shares
;
arid down
up
we can move
of the
reading
any
Graduate School of Business Ad¬
ministration, New York Univ.
plan to do.
we
deep-seated
no
number
a
best—has helped ':
one.
moving
than, the
•
whether by rail or not. Such co¬
ordination — use of each mode
were
not a new issue
President, Williarn B. Johnson; the
^porturiities Jot ?lnyestiperit. -We •
slow-moving; agency, has' been will riot he able to operate any
streamlined. The old practice'of
transportation company, other.
dividing traffic among its owners than our own railroad. But there
is gone. Now the REA picks" the
best service for its shipments,
Dr.;iPaul/Si Na^r.
We are not hiding any big dark
spired
:
Division Costs and Charges Com¬
a'
tral Industries.
three^years ago.: Under the in¬ We intend to look
leadership 6f its young the railroad and to
up
Johns¬
you
required 80% of the outstandingstock. After they actually have
Railway Express Agency. This old
in
there, and ler, Assistant Professor of Finance,
had hit the head¬
The railroads
-
Express,
in buses
a
Illinois
important straw in the wind is, the deposited 80%, the exchange offer
way One railroad-owned company will be declared effective, and the
is showing the way to a new con¬ Illinois Central Railroad will be¬
cept in transportation. I refer to come a subsidiary of Illinois Cen¬
REA
Bank
;
our owners gave us
letters of intent
To my way
base.
their approval to exchange their
railroad stock for equal shares of
'large,-
Efforts to win
our
provide our shareholders with"
years
not
and
the country
in
v v;
put into ef¬
that in
news
were
lines, the railroads
we
National
or
"
Firially,
Frankly, railroading • with all its
40%
restrictions has been pretty slim
pickings profit-wise. We want to;
realistic
more
armored divisions
or
States
by barge or by air. mittee; Charles W. Buek, Presi¬
them by trainloads. You dent, Hnited States Trust Co. of
trucks
move
The
help. town, and
Chairman, ^BA "Trust
The program includes talks on
joint study with the Gulf, Mobile troops and supplies through the
& Ohio, which is a railroad about quiet of the night, as they always economics, investments, trust edu¬
diversification.<
g r eat e r
move
railroad
private automobiles
You
of
for
the haven't heard anything about .it— •New York; and
truck.
appears
went out
MP be
back in horse and buggy days,
sary
C&EI should be controlled by the
pay
to bur debt.
been abandoned, but there is still
great
cash
spending
planning to
are
for all these
20,000 miles of branch lines have
a
we
by
Incorporated
Dean Witter & Co.
■
,
.
.
■
'
■
I
The Commercial and Financial Chronicle
12
tion
Tax
.
of
Heller,* Chairman, President's Council
By Walter W.
Economic Advisers
r
least a waste of
turn or at the
background
the
which
President's
tax
program
its
lived up to
for
the
past
five
and :
deficit.
1965
But
a
does
activity,
its stimulus to economic
cal
dent's
result of
a
of
which led
—
rate
im ¬
of,
Expected
Than
More
and
for
cash
four
cash
the
fiscal
when
years
unemployment
about 6%;
and
deficits, for
there
the
,
-
people—faster
But
inconsistency,. I
tained
of
over
the
scores
In
unemployment
an
6%
is
source
a
of
of expansion¬
urgency,
planning
.
reduction,
one
permanent
a
basic
that
might
it
does
of
income tax brake,
to
regains the
that
GNP,
contribute
To
tive,
it
re¬
major
this
objec¬
tax
to
President's
the
and programs
policy
incorporate several
stimulants
risk
to
taking,
kindle the fires: of self-reinforc¬
initiative, and investment:
forecast ing growth. But. even the closest
not
moderate
change
our
economic
expansion
There are several
1963.
inspection reveals
such
no
First,
self-
conviction
experience illustrates, President's
slackened ab¬
(3) Business operating r ate s
once again that the U. S. economy
ruptly a year ago. The $16 billion
averaging well below those of the has to run fast
advance in GNP (at annual rates)
merely to. stand,
preceding .decade, with a conse¬ still and has to run even faster
of the
fourth
quarter of ' 1961
quent ;loss of $40 billion in poten¬
to catch up with its potential.
dropped to a $6 billion pace in
tial corporate profits for the pe¬
the first quarter of 1962-^-a pace
(3) Evidence is mounting that
riod.
that set the pattern for 1962 as amoderate expansion of plant and
For a country concerned with
whole.
^
equipment outlays will take place
Between the fourth quarters of restoring not only full employ¬ in 1963. Private surveys—includ¬
the current
direct
vestment in
rea¬
already taken last
-
best
of action
course
unshackle
and
private sector of the
a
reduction—that
tax
was
Liberal¬
year.
investment
new
credit
tax
were
put into force, thus providing $2J/fe
billion of tax saving directly re¬
lated to business investment in
plant and equipment.
rewarded
measures
for
a
These
long; yvait
a
depreciation reform
moved
and re¬
the
early skepticism that
Democratic Administration and
Congress would, in fact, translate
words
into
incentives.
action
From
on
investment
numerous
vate
and
pub lie
have
now
gone
pri¬
reports,
one
gathers that many of the skeptics
today is to
the
strengthen
in¬
to
ized depreciation guidelines and a
the
that
stimulants
plant and eQuipment.
Important action on this front
'
recovery
investment
tax action; and, second, that
ary
for
relative
ade.
also looks beyond
forces
only
not
jobs, the higher
achieved in the first postwar dec¬
tax
the immediate cyclical outlook to
the
if
levels,
Self-Reinforcing Growth Force
No
growth,
better
1958-1963, productivity and lower units costs
averaged that underlie price stability 'and a
deficit of $30 billion.
can
.
but
more
five deficits strong
competitive
position
in
a net cash world markets—can only be at¬
were
surplus, for
one r
net
a
of $20 billion.
surplus
,
But
it
in¬
vigorate the creative spirit, prpthe hiore efficient flow of
economic problem;
our
restore the incentive,
Moreover,
great concern and strongly under¬
spurt in 1961 is the true measure
pressive ad¬
Presi¬
what
recession 'mote
generating forces. It is true that
that the sons for this:
stepped-up family formation, couwhich was last
vances have
*
alterW.Heller
^^•^ttfTO^-.grqwing'. pay-off oh
(1) Much of thp increh%^ff
adjusted in 1954, is set too tight
5.5 to 6.1 %l^Opres^pts ^fSelayed research and .development efforts,
■beeh:;;:interr^^^^fe;;v\
for an economy no longer under
eventual
t additibh ,tb
labb* dTbr e& ?(Mtrig-;
rupted by the 1954, 19?>8, and 1960 the
whiplash of. war or the pres¬
stimulus to Home building and
recessions and the 1962 slowdown;
ing it more'into hriewith project
sure of postwar inflation.
durable goods consumption. But
an economy in which production,
Thb cold facts of the economy's tioris), not a drop in employments
to
fold
our
hands
for
several
employment, and ^profitst^though
(2) The rise has occurred in the
inadequate performance s i nee
years and accept an annual loss
at record ievels^--have been too,
face; of increases in manufactur¬
mid71957 * are, widely recognized:
ers' orders, personal incomes, and of $30 arid, $40 billion to idle re¬
low, and unem^^ent and Fed^
(1) Two recessions and two in¬
eral deficits; have- been too high.
total output—indeed, like' the ex¬ sources, | everi without recession ^
complete recoveries.
and
to
accept the continued
At the outset of 1962, aftet nine
perience of the fourth quarter of
(2) Unemployment at 5%
or
months of rapid recovery, hope
1962, when GNP rose by $6.4 bil¬ budget deficits which accompany
above for 64 consecutive months,
lion in real terms (1962 prices) this slack—would be neither re¬
was widely shared that we were
with a consequent waste of 20
breaking the; grip of slow growth billion man-hours of
over the third quarter, but; the sponsible nor prudent.
productive
The tax program- reflects the
and
below -capacity
operations. labor.
unemployment rate did not drop,,
i
whose
to
by the
program—on
employment recession
payroll
first, that
say,
a
leader¬
agriculture, arid the public to call
tax reduction —r is that the
slack since 1957 rather than the
my -
provided
tax
,
mid-1962.
Without
for
ail'
o no
c
As
or
slack and deficits.
knowledge and new technology)
retail For the eleven fiscal years frorii arises from the Administration's
sales, in spite of the surprising 1947 through 1957, when unem¬ growing and increasingly deepsustained
averaged
about 4%, seated conviction that the ; basic
pace
of
a utomobile ployment
sales; have/barely edged up in there were seven cash surpluses economic goals of the American
ship of American business, labor,
one-half
e
outlook,
immediate
nonfarm
of
since
lesson
broad cross-section of the
tial
year s;
slowdown
1962's
poten¬
great
stimulus
billion to the anticipated
Moderate Recovery
overriding
a
measures
Need
the
build
'
1962.
But
to
e.,. measures
business
of productive deficit.
expansion, moderniza¬
'
•
Indeed, our whole postwar his¬ tion, and innovatioii.'
example, there has
.'i
;V'<y S^
>yh.'-:;': i;1)
been virtually no change in the tory confirms
the relation be¬
This emphasis on business in¬
level of industrial production and tween prosperity and surpluses, vestment
(c o up I e d with new
Overriding Lesson Since 1957
which has not
i.
activity. For
expansion.
economy
an
early omy,
it would add even less to the fis¬
.
to-the
higher ground dur¬
This was a tribute both recent .months. Also, the work-,
to the great resiliency of the U. S.
week has shrunk somewhat. And
economy and
to the wisdom of now we have the 6.1% unemploy¬
budgetary and monetary policies ment
rate, .capping a two month
which, unlike those in 1959-60, rise from 5.5
%.' in December.
facilitated rather than thwarted"
addressed:
is
in
fiscal 1964 deficit.
several
slowly, onto
ing
flat
misgivings have been ex¬ pulling annual GNP down by as investible funds, and bolster the
pressed on the basis of the per¬ little as 3%, or $16 billion, would product markets that combine to
sistent
sidewise
movement
of. add more than $5 billion to the create a healthy environment for
$30-$40 billion idle resources, con¬
unless we act now on the tax
unemployment rate,
announced March 7, which dram¬
atizes the economic problem to
.rather
go
•
Thursday, March 28, 1963
some
Dr. Heller delineates what the recent and proposed tax
program would do to restart economic growth; cites economies in
Government's operations; avers that the planned deficit is not an
end but a means to stop deficits; and contends Federal debt has not
been growing and inflation poses no threat.
against the
covery
add $2.7
As
deficits and unemployment,;
6.1 %
merely to faciliate, but
horizon.
program.
meet
•
would; be less strong. But no
such force, is evident on today's
of the Presi¬
is most conYioppd that our tax structure is responsible for Our slowed private
sector growth, that the offing holds ho prospect for a self-propelling
dynamic growth force as in the post-World War II decade to make
less urgent the need for tax action, and that we face a recessionarytinued
not
cuts
expansion, the imperative need for immediate enaction
dent's tax program is not obverted one iotai Dr. Heller
a
.
pqwer
-
postwar decade, the case for tax
.
of moderate economic
should live up to its prediction
Even if 1963
of
.
expansion is required. 1956,. get a bit of a second wind bridge between growing produc¬
Yet, tax action mUst be geared later in the year, arid then stum¬ tivity,' which releaJses inanpower,
not only to economic dev^lopr ble into recession in the. second and growing demand, which ab¬
sorbs manpower.
ments to date but to the e^or^omic Half of 1957.'
Recession would plunge the
prospects that lie ahead. If. there
Investment Stimulus
were
good prosp e c t s. foV an' Federal budget far deeper into
Given limited
the red than the proposed tax
time, let me focus
early restoration
of the ;,i selfpropelling dynamism of the' first program.. That program would your attention on the investment
to
Administration's
Program Is Essential
Why the
We
.
(1280)
through
a
happy
period of discovery of the higher
economy by
no massive
cash flow from investment gener¬
ated by
substitution of public for private
In
these provisions.
the
category
same
the
is
in¬
President's proposal that the cost
centives for private creativity and
of machinery and equipment for
initiative which are basic to a re¬
could generate the
spending
research
and
experimental
pur¬
annual ment -but a faster rate of eco¬ ing the report in March 6 Wall newal of our economic vitality.
poses be allowed as a current ex¬
4%%, nomic growth, the record of pri¬ Street Journal—indicate that up¬
pense deduction. This will be an
vate
investment
since
1957
is ward revisions are taking
place The Tax Program and Investment
(3% after price correction) ~additional $50 million
spur an¬
The objective of the President's
barely enough to hold our own on particularly revealing — and dis¬ here. In due time, we will know
Indeed,
gross
private whether the Commerce-SEC Sur¬ tax program is to stimulate and nually to private research and
rates
of unemployment, profits, turbing.
development and will bear fruit
and capacity use. Unemployment domestic investment is the one vey
supports
the forecasts of sustain economic expansion, to
in the form of better products,
of
economic roughly 5% expansion in private move the economy to full employ¬
generally fell during the first half major component
lower costs, and larger markets.
which has shown
no ; plant and equipment Outlays un¬ ment in a reasonable period, and
of the year, then rose on balance activity
since the mid- derlying most of the 1963 GNP to arrive there with a production
during the second half, but stood upward trend
1961
and
rates
1962,
GNP
$25
rose
billion,
at
or
,
at 5.8% in both
January, 1961 and
Profits: hovered1;
January,
1962:-
around
$51 billion annual rate
a
throughout 1962. Capacity utiliza¬
tion showed little change:
(1) The
rate
tion
McGraw-Hill
for
utiliza¬
in¬
manufacturing
dustries stood at 81 in September,
1961, at 83
(2)
a year
later;
The Federal Reserve oper¬
ating
rate
major
for
materials
stood at 83 in
80
a
December, 1961, at
later;
-
year
(3)
,
The
FRB
at
stood
rate
manufacturing
in
85
quarter of 1961, at 87
I
do
not
1962 offers
tion.
In
mean
no
the
to
the
a
flood
recession forecasts last
slump
later.
suggest
that
of private
summer—"
mention the stock market
and
did
1955 > peak of
prices)
return
not
tmtil
1962
risen
thwarted
hopes
rarige,
(4)
21%.
Tax
•
Burden
Too
*
Reducing Corporate Taxes
$575-580 billion
.
-A:
m %
■ :
The pattern for
especially
peacetime
with
the year,
pattern and incentives primed for
Second, reduction of corporate
growth ;.and progress. While tax
reduction is the centerpiece of
tax
and knowledge.
tax rate
liabilities.
A
view
balanced
tax
and
one-half
years
come
tax has exerted too
drag
on
that
private
the
sion
in
the
duration
three recoveries. ;;
a
and
tax reduc-.
-
,
Second, to stimulate and gener7
ate
a
higher
*
*
of
the
last
\|
Third, as we review the 1956r5T
experience r. I Wtoch: ;saw^ the; re*
:
goods.
f
;
-•
"
''.Z'..
-
-
.
_y
,
of
a
inducement
to
/
small
rate
revisions
structural
m
represent,
reforms,
an
:
after
additional
^orate tax
$2.4 billion cut in ;.
•;
to liabilities.;
A:-A
dynamic, econr '.•.Combined with th", "62 changes,
sThird, «to r re-adapt
demands
special
to 47%—with
by lowering the normal
tax rate from 30 to 22%.
These
•
manpower
and other: productive-resources
the
.
from 52%
business
-
in¬
heavy
incentives
I
levels
of demand,
Seconds as .we view the rather stronger -markets for; both con¬
goods and
investment
ominous 45-35-25 months regres¬ sumer
leaves
Federal
steadily,if product markets—that
1920
petering out, on the average, after
The economic record of the past
five
since
expansions
28 months.
Heavy to Carry
price increases—the economy held
the new high ground gained in
the
.
doubt
pushed
in
forecasts
'
when real
Fixed
—
by
little
and
its
of the corporate
and individual
reduction the Administration's economic ac¬
income tax cuts in the Adminis¬
investment in relation
to GNP
foresees a stronger second half tion program, serving both the
tration's prograni requires an in¬
has
fallen
from
the
10-11%
immediate goal of full recovery
than first half.
tegrated look at the 1962 action
levels of the 1949-57 period—and
and the ultimate goal of rapid
What I have just been saying
and the 1963 proposals. Roughly
even 12% in 1947-48—to an aver¬
it is only part of a
indicates that we have not seen— growth,
$2 billion of the $2^ billion an¬
age of only 9% in the past five
and do not now see—1963 as a re¬ broader approach with three main
nual stimulant already provided
years. The existing stock of busi¬
themes:
cession
year.
Nevertheless, we
accrues to corporations: $800 mil¬
ness plant and equipment has in¬
find strong added reason for onFirst, to stimulate and generate lion from the investment tax
creased by only 2% a year since
schedule tax reduction to provide more rapid growth of productivity
credit and $1.2 billion from the
1957, compared with 4% a year
insurance against recession:
through investment in modern depreciation revision. The Presi¬
-in the 1947-57 period
(Depart¬
and expanded plant capacity, in
dent's 1963 tax program would
ment
of
Commerce
estimates).
Added Reason for Tax Cut
reseatch and development to further
And 1962 was the first nonrecesenlarge the flow of in¬
First, as we scan the history of speed the advance of technology, vestment funds, and boost incen¬
sion year in the postwar period
business cycles and see the eight and in education to upgrade skills tives
when corporate
by reducing the corporate
investment fell
had
GNP
of
1961
to
$75 billion (in 1962
ground for satisfac-. short of corporate saving.
face of a wave of
pessimism and
not to
fourth
a year
It
1950's.
.
•
Volume 197
Number 6250
The Commercial and Financial Chronicle
/.
.
(1281)
these measures will reduce
corpo- recession—-from. ;a high of '$46.0 by the * Big' Three
TateUjabntties/byroughly 18% hy Jbini^iA$heTjTst/<p4arte£
1965 whea ihe proposed
program
is fully effective.
to
22%" be-' and
billion in the 53%./ VV,;. •* '•*/*
low of $32.7
a
rose
first quarter of 1958 or the com-
i
v
V-
"
Plaut Outlay .SurveysJ?latroU/bete
Third, reduction of high; mar? parable experience In the 19,60^61
ginal rates. Not only are the profit recession, when corporate;-profits
hi 1963
'
J',
-
:
scales'tip£edvrhore:favorably Vto dropped ^froin, a- rate.qfI$49^2* to capacity;; and Investmcnt/iS alSQ
the corporate- manager who is a $39&,$il^^
* strikinglyillustrated< br/.re
key investment-decision-maker/ great^stake that investors-have in; experience^Fortttne^ June survey*
.
.
by Fortune
crease•
-—
plus
a survey
shows that the 0f
manufacturers will in-
theirplant and equipment i.
in 1963 by
stead-of
billion above their ,actual- .level, autos
from_59% to 47% at $50,000 o£
nwwed
aTs35 000Clnd'/roT^J\^tnv
at $20 OOo'
Even 3ter sVuctural
and
liabilities
freeing
significant
in
these
venture
and
direct
to investment, the $10
and
large
the finals quarter*of T962y billion'of consumption stimulus**--■■
the r industry
operating
rlcenTperfonn- r3te t0
3" estimated 92% o£ ca- market forces-will reduce risks,
Pacity, six points above the opcr- increase profitability, and provide
Thus' while the number of units ating rate for the final months of a Powerfully improved
(cars> trucks, tractors) produced 1961. This expansion of demand for business investment.
'
in
' -V-v.'
-
.■
for
effort
-:;
bcoiiom^c condltions^nd3of the
rwJJihnd
fim
'nn
• rnnA
W1-fb thAm' but
b? wtrnmA«t SuThS
'» 'economii
The
President
'/.■■-V4/■•./
that
reduction
straints
.
hol(Js
*.
aoimrnrhpnt'
acted
for
strong
spending
if"--
* ^»
propo'sed
and
■
.
civilian
Continued
on
'4.•'''u',':,..•.*;•'■V'•
more
get their beneficial interest in the
by
comes
people
were
re-
with, net
above $10,000,
in¬
one-quarter
below
.
$10,000; that 48% of-; alldividends went to those with in¬
above" $25,000
comes
and
those: beloW $25,000.
out
: the
of the
-
'
to
Ahy netting
pluses and
m in uses
of*-.
•.Administfatioh's tax. program
must
-
•
52%
-
take these
count.-
figures' into
^"f-.
a'c-
I«
?
[ of,art- |rdni:
-rate reductionsi such'
provisiqns as - ' >;
/those Velatihg '. to "capitalgains,v
^a^ation^-bf; bat^al'resources^
:
come;
averaging,and
.
provido"a freer and
:
,
^ ::
consoiiA
•
>dat^d Returns:! £ should/
•h^p^f|c^'^v.v^
efficiehti
more
1'
flow of investment funds. :In par-;
-.
*
n
;gti^lar,/^e:Jo^er^: raitfe 'mn^reaintal^/
sj gains, combined with*
removal
of
«•
.
ll that prime -.deterrent to v.stoek:,>;. *'
/ turnover —- the privilege of int : :;
;
;
come-tax-free
transfer
ofv appre- *
and
facilitate
^uses..
;
the
v
.
V Fifth,
the
ultimate
/
r
ciated capital at death -1— would'
c
greatly reduce the lock-in effect-y'J? \
of present capital gains
provisions
flow
of
equity-,
•'
funds to their most
advantageous'.v
:
Hzt/yV/
incentive, of
investment, namely,program;
/ roughly
the
$10
-
1965,
'
The
taxpayer
first
link
in
tax
will
the
.
,
^
;
;
5
in
Dictionary refers R. Ketch ledge/ Director of the Bell System's Electronic Switching /
model of the electronic switching system.
in¬
only
'
•
Laboratory, to faulty components in a
'
the
/
incbmes,
Amazing new telephone switching system is its own''doctor
more.jobs, imore savings and profits
that
lie
at
expansionary
with
the
heart
of
the
this
greater
will
> process.
Coupled
investment
rising
;
.
ofJhigher
higher
consumption,
for
liabilities.
be
chain
^
primarily
<
reduction
income
'
t
The tax
will
inject
directly into
stream,
through its 18%
the "
of
markets
billion
spending
dividual
;v
increasedt
,
of industry.
0 by
.1
-
/•/. -'
strengthening
the products
demand,
consumer
demand
There
of
are
6500 transistors and 45,500 diodes
which will
in the heart
validate
already
to
/the expansions of
equipment that Have
'and
plant
been
come.
made
When
and
are
utilized, and prospects
good
for
continued
strong
porate
/ into
tax
rates
come
against
us
a
to
mar-,
;
for the failure
fully
con-
*VJ
use
AV'
the
rate
profits
recession,
rate
during
with itself.
This will
assure
be found in
a
'
V"
'>'»!//
>}
in
'
l-'
"
'
' n" if1'
,
•' iK
/" ~1'
,
*
T-
1295-page "medical dic¬
i
'
'T*
*
*•
-
'
1
^^
?.U
•
,
' *
,
commercial
/
•
Electronic, Central Officev
a
challenge
we
ing service for
Telephone System
of
corpo-
*y
the - 1957-581 r
~
-
ex¬
welcome in providing continually improv¬
you.
Owned by more than two million Americans
i '•
new,
reliability needed in today's communications. It's
^
the
reliability needed for
Ingenuity to the nth degree is demanded for the
treme
.
System developed this new system for
its first
the great
super-fast electronic telephone switching.
powerful
One need only' look at
plunge in the
can
tionary" which it authored itself!
"greatest enemy of profits and investment.
tell what's wrong
can
The Bell
multiplied stimulus
bulwark-
dictionary will locate 90% of all failures that might de-
given the system a
What's more, the system can indicate where the -cure
play.
The
begin operation in Succasunna, N. J., in 1965.
Bell engineers estimate that the system's mind arid
velop at Succasunna.
mind which
Plunge of Corporate Profits
sumption /offers
•
are
the lower cor^i
can
Bell Telephone electronic switching system.
That's because Bell experts have
1
kets, the incentive effects of the
1962 measures and
a new
Yet, if any components fail, finding them is easy.
yet
plant capacity is
fully
:
';
\
;
re-
strong
■■
spendl°ng
(other than defense, space, and
climate interest outlays) below fiscal 1963
$4%;-billion of corporate tax cuts.
Figures for 1960 show that three-1
fourths of all dividends
tax
^
-
In speaking of the benefits to
these, groups, one should not for¬
:* ceived
the
on
laree-scale
a
calls
on
.»
in
ha*
new
far
.
nn
™
•
- •
?...
rmiJ
1QR3
,.
making risk-tak¬
added
attractive. ;
pushed
in
i
brackets, thus
capital
investment, and
ing
cuts
the
mar-
the automobile industry
ance of
reforms, this would provide substantial
b/
between,
in-
rpvi<?inr>
v.*
Hand-vnre'mise
^
relationship
a
Issues
about 13% in-
-the^-Originally ' planned
1962 wouldhave. been- $7 to. $8 unexpectedly/ large: ;demand, for stimulants
reduced from 91 to 65%. The mar-:
ginal irate (for a married person:
u„
now
top*; and middle bracket avoiding; recessions,
-corroborated by. McGraw-Hill's 5%. •
f
rates^of theindividual income tax>n^:>
il
^r ^ Septeinj5?r survey ^-showed"the*, " So consumer markets and profit'
drastically ^scaled dowriv t
estima^
ecpnr^automobile industry planning, to incentives are tightly interlocked
under*:the: ]^resident!s program.'
were*operating-a$ f%.unem?:increase ^capitcfl -expenditure--b^ -in the investment process/
top* brhehet rate would
duction and
taken
the
The
Related
has apparently.raised
—
investment sights?
-
but
capacity
pressure on
13
•
page
14
14
The Commercial and Financial Chronicle
(1282)
faced
Why theAdministration's J
the-' more, agreeable
with
ttti;4^ j
~\T ^
'lT*
"Pi
r
*
i. Thursday, March 28, 1963
.
3S?J£5."S?X'U5.^fO spour Partner
for
this
action
is
less
no
urgent
iTaxijProgramds Essential srl?S^S^^}UnclevSam:pr|Carl
.
levels
fourth
the
onlv
....
In
ni:lv
^
vate sector of
ci,rnliis-^hnt
a
in
increase
annual
average
.
,
,
tive
■
...
lifetime
greater. Seldom in our, lifetime
has the opportunity for construe-
full
surplus—at
a
nployment.
f
eniployment.
rJnhi
Tho transitional
defithe
this
sector
of
budget has
On debt. The transitional den
been 7.5%
cits which will arise in the early
Further, he has pledged that he phases of the President's tax. prowill submit
no■
budget" "which gram Will, of course, add to the
does hot continue a persistent and national debt.
No one welcomes
surprisingly unpopular program, 311 increase in ■ debt^ for. its own
of cutting costs, increasing effi- sa^e
whether it is in his houseciency, and weeding out obsolete hold, his business^ or^ his governthe
Studies, Bradley University, Peoria, III.
economy been
our
niir
large
past nine years,
for the
fact,
.
yielded hotfar too
tax
reduction
available
it
as
American bankers
hold
todav
is
In
move
.
re vision. ;>
and
Marx?
By Dr. NichoIasNyaradi,* Director, School of International
would!: have the need for stimulating the pn-i
that
system
tax
a
in
time
levels—only; tne iourin time,, in
that this has been done,
15 years
Never in the postwar years has;.
excessiVe tax burden-out of
an
fromjfydge] i$
Continued
are
alerted to the
possibility that Karl Marx will
their partner, and that foreigners will hot continue tn
to dollars if we adopt current fiscal-deficit
proposals. Dr.
as
on
Nyaradi
Deen avanaoie as it is xoaay.
urges bankers to wage a grass roots educational campaign
points out this, should not be difficult to do iit view of the
and
Ih economies, organized differ-,
ently from
ours,
the tasks of
maintaining full employment, and
achieving rapid g r b w t h * fail
American majority's dislike for unorthodox policies.
:
'
A
.
.
.
h the American public and care-of individuals in the history
Congress have been so preoc- of^the human race is to a great
the. after- extent the consequence of a sound
wholly on projects of a centraljZed public sector.The President's
ri
activities."
Judgments of the level of Fed¬
eral
relation to
spending in
rent
tax
also
place the Federal budget in historical
perspective.
budget
expenditures represent
smaller
—than
Product
thev
in
did
the
7.3%
1938—8 8%—
Even when do-
expenditures
ratio
included,
are
Federal budget
of
penditures to
a
Gross
of our
today—at
and 1949-10.1%.
fense
Nondefense
proportion
National
the
because tneir neneins ouiweigaeu strength
cur-
should
proposals
of t'h
ex¬
And it is worth
noting that the mid-1952 ratio of
Federal employees per
1000 of
population will have dropped
our
13 per 1000 by mid-1964.
to
picture of
The
Federal budget and
a
bureaucracy threatening to engulf
the private economy finds no sup-
port in these central facts on the
Size of the JFederalDebt
Deficit
On
Means, Not
a
as
A1S0lt°fePtheFetoaldebt A
deficits:
Although
duction will result in
in
relationship to the s-uo
"re 14 in
eral debt
of
Today: it
J
tax
-
re-
increase
an
to
provided,
credits
always
was
economic
whip
In
+
the
Payf,e"ts ^ayeMlalleTn
oublic ;sale
first
*
«
Inc., of
Co.,
Richmond, Va„
an
nounced
%X:lZZell.*eSJ}Z*
questiomof whether
increase in debt is sound or P^'
0££ere(j
must ask ourselves wheth-
1965, the "President's tax
pro-
fr the addition
we
At, the
ditional
In. the v context of the tax
cut»
the. stock
of
share
any
dent.
offering, of
an
shares
same
350.000
at ,$29
time^an
75 000 -shares
are,
,
American
ad-
^
being:.
for' sale to Company
economic
We
:
the
.
^
always have
fundamental
em—
take
relatively
tion
..
of
the
inflation—besides
of
and
into
one
of
the
danger
..
to
consideration the fact that
'NichoIasNyaradi
«*•««
achieved
have
heritage,
Reaction
disequilibrium
reasons
between
consumption
r-r-
produc¬
—
is
the
—
As a matter of fact, we could deficit financing of government
observe the rather rare phe- operations. If we are going to run
^ilo such diamet- Up unprecedented high deficits in
really 4iff?npg orgamzaticms like our forthcoming Federal budget,
the United Sta es Chamber of the inevitable result of this will
be to raise the eyebrows of those
rn^rce
Commerce and ihe A.F.I .-C.I.O>
have
alteJ
per
savings, as thrift
important part of
an
Foreign
ible Success.
the^^-.eik..->wvv.-
of
these
by the
these
»
P
up
,
that
course,
terest iii its tax reduction plans,
GOmmOmGliereCfc
our
only
is
the
strong
made possible
of
always
a
expansion,
"
t°
in-
k
of
were
availability
was
Acl
t
1°
f.
.short, the ■
erwriting
jointly headed
Federal debt is becoming a proGoldma® °Sac^ &yCOr and
Sress!vely 1,«hter: burden on 4 Smith, Barney & Co.. Inc. an-
1964
deficits
availability of inex¬
easy
stimulus
-cffce"lr^ted■
JJ RobblS CO
^ IWUmb ^
S*nca 1947 annual interest
55
in fiscal
budget
and
100%
over
was
GNP.
annual
the
End
an
The
pensive credit
ministration's
growing economy.
subject.
ment.
•,
•
16
—
National
Gross
years.
private
our
.
steady at about 16% for the past
eight fiscal
of
their costs. From the end of 1947 ^ow |s the time and here is the
e
through 1962, corporations in- pjace to demonstrate to people = turned existcreased their debt by 204%. Other everywhere that ■;the greatest
e °1 3
private debt, including mortgages, economy the world has known is p.
went UP 382%. State and local fuuy .determined to meet its re- ?p.er? - .v??,
government net debt rose 400/<?. Sp0nsibilities and its promise,
v-' " ®
Contrast this, if you will, with an
™ ea 1 fJ^
increase of 18% in the Federal £A„
^
debt.
1963.
pp
f'fbr
different
ha-
reasons
foreign central banks and of those
d 94be 'Administration's foreign
governments
who
are
P^nsr-fPr«
^ reduction, the holding an increasingly large
American people in general seem amount of dollars in their port-
to be rather apathetic if not out- folios^
: ,
right critical, about, this proposal.
The .American
public simply
None of thezproceeds from the
professor '^Walter -Heller*
the; doesn't know, what" amount of
gale of the 425,000 shares.will ae- chief economic :,adviser of the persuasion, cajoling or outright
crue to the company, as the!stock \pjesident, ,accused the opponents pressure: Was needed on the part
is being sold for the accounts of of fhis vfax reform of "Puritan- of the United States Treasury
certain stockholders.
ism," as rather antiquated people, during the past two years to reployees
to the debt result-
'
'
.
thefr°m the tax cut- will pay for
condition of recurrent, unplanned bplf .b higher Gross National
deficits which have plagued the Pro^uct>'a rf^bng rise m
rev^
economy in recent years. The ex- yenues ^9 their former levels and
pansion
of production,
income,
a greater legacy of
real
employment, and profits which real. wealth—productive plant and
— — „.w,in<! r. =, pn„a„pd in who are unwilling to see how a duce somewhat the gold withRobbins Go., is engaged in who-are .unwiUing to see _how a duce somewhat the ' gold withtax revision will generate offers equipment, houses, schools and so
^
^ deficit caused .by. tax reduction, drawals ov the part of the foreign
*
trvHov
ctimulntp
thp
the surest and soundest" Way; to: children.
g^edQ^
y today would stimulate the econholders of dollar accounts. I just
is
gram
designed
to
end
>
,
tllUUItll.
.
bring the
at
ance
budget back into bal-
levels of
high
9°^dltian^of fuU
empldyr
pressure,
.
ducted
iti
ment, income, ?nd-
p
?j.
Let me
emphasize that, contrary
apparently widespread inv
press,on,
deficits
are
not
the
to
an
"object
of
present
tax program <—-tax
the
exercise."
in
tlie
cuts
ba]ancea
throush
omy: to|norrow
ac-
of about .700 field r
representatives,!or. "detail" 'men,','
with approximately 570 located in
again
measures
when
^
Opposes Deficit-
Majority
t
4,.^,4.
.to such an extent do not know how effective, these
thatv the budget:^
^ tjjd ^la^; ,
phvsi-
towards
pany has a staff
addition
teimiorarv
Pffin-
....
Dromoted Methicallv»
•
can
be
in
foreign
these
the future
of
holders
dollar balances Wl11' see these
.
huge deficits piHng up in our
;today"quest j0n
the
from the tax cut.
United
the
^^^gVpo^:
rightfulness of the, basic Keynes-
by tbe flow of benclUs
p0ne their claims to convert their
People
States.
UW4U^W
inflation: Much • of> the.con^*. • The . Robbins •; organisation >hadv ian .ecpnomicr. theory.. according dollar holdings 'into gold" as* long
expressed over deficits and its inception in 1878,: When. A;; ll.v^tp which 4he- g^^^^
, should ag tj^g Keynesian hope of future
Deficits, per se, provide no thrust -debt arises out of the belief that. Robins, grandfather. ot the cur^ vgo.' on; a spending spree because
surplus through present
to the economy.
What provides they inevitably lead to inflation, rent pr^identv opened a. srn^l .^ftef allf even if they, get deep pudget deficits will materialize,
the needed thrust Is demand
But consider the situation today, apothecary
and";;manufacturing into indebtedness we shall -still
The American nublic indeed- is
investment demand and-consumer We have substantial idle indus- chemist shop in Richmond; Va. owe this money to ourselves. This
considerably
m o re
Puritanistic
demand, born of adequate incen- trial
capacity to help supply The present company was incor- easygoing theory is still unfavorconservative in its economic
are
the
prescribed remedy,-, defi-
cits
are
the inevitable side effects.
'.
cern
v
—
tives
and
adequate
These,
power.
purchasing
in turn,
erated not bv deficits
rnh
The
deficits
of
are
gen-
hut. hv
tax
*
Q
recent
years
slack and recession-
grew out of
out of levels
of demand, .pmduction, and income that either de-
fu'n'emrUnwnent Jo
employment levels.
that
arises
shrinkage
acts
a
as
shortfall
or
of
thna
thus
of
serving
the
out
cm
a
a
as
a
But
^..4
«
of
a.
cut
n...h)nn
cushion
CG. ?
or
.
„
!
acts
'•■a
a
4
as
4-u
at
^^a booster whT h^"8
consumer
demand.
The
and
paradox,
skeletal muscle- relaxants..'Other
lnternational
business
then,
is
have
been
-»
er
m
recent
years
grew
out
of
smaller
.
an
nan
.
(except
.
-
Canada).
n
rtlc> pntiarthritic, ^anticholin'ergic.
Uret C 3
anv
.
,,
con-
x
_^e_
rng0IS._° im1P*
"on.?.nd balance-of-payments difarising from the tax
ficulties
'program are at a minimum.
.
,
,
-v:'
.
Summary,
Vltaml" SI!C":
.
.
are.
from
the
of
hudaet
the
,
n.,
"pay
fgo", should be re-
.as. you
by the
new
his
and modern,
-
go"
*
-
1
^
;
-
colleee
+
*
^
advise
and
Frederick,
Inc.,
activities
-
promote
culatory. .system
of
the
the
neces.
eventually might
have
the result „of drastically ,reducing
vajue 0f his client's savings—
either
^40QC^ cir~
conscience
Sity of thrift when government
The monetary system to a. coun-
MILWAUKEE, WisV—William
Riley, Jr. .has become- associatedvfunc^alPg
&
clients,
with. good
»»,», i
Splaine & Frederick |
Splaine
manv
,.
dividual family.^In their eco- American banker, who in his
nomic Puritanism*.' they still positjon. can and should have
question-whether or not the time- aimost as much influence as the
■**#. % American doctrine. of; teacher or the famUy doctor on
as you
with
t
•<.
"•"*"*.*" Key"esia"-°r sh<)uld we dare to
W. T; Riley, Jr. With
say socialistic -variation, of "owe
m
. th
of^'thrifty the necessity of,saving
for a rainy day, but how can the
in-
/he)bUdTgettd*.th?. ""
placed
m
UL
p
''
.
These
factors strongly support the
.4..
anor-
than
M
other industrial country in the
,
.
through
i n f 1 a t i o n, or
through devaluation, or both.
,
human
Twice in our recent history we 800 North Marshall Street^'Mr. body. The dazzling success of the^ V Grass ^Roots ; Approach ;
Amerieans have been willing to Riley was fori^rly. with
^ American free enterprise system, " The American banker should
make
sacrifice of increasing Company^°ln th^past he^^S
the fact that we Americans ,aje use his unique position at the
t^at in considerable part the defi- °ur taxes when the
CI S
Products include analgesic,
mar-
anytime in the postwar period
+u
onomy, less taxes are taken out
serving
,"creases
gastr°-intestinal disorders, *drug.$
*°r cough and cold ailments, and
s
orj^i
^
b^et>f adifferent should,princinattori
be- so
completely
in its
aHbspasmodic ,-d^ugs..-^ ^ses^^ for
bets. Recent U. S: Wage rate in-
p°w|r in the
a+
,b
domes.i(,
world
arising
rates
ComneUtion
they
a^
oduets
ample
an
under down-
nrices
™ald 7J,.,®8
_
which
v
unwilling to See: why* the
/
supply of manpower, World raw
shortfall
defic
deficit
tax
a*
as
taken
.
4
in
t
v
a
not
are
innnmP
shrinkage
income.
^,,4
a
yearprovide
a
mateHals
income
of
absorber,
amnllnr
a
anrvinn
limits
million
creases
from
the ably looked = upon by the. great
majority; of American psople as
as
force increasing at the fate of 1.2
an
shock
a
propellant: less taxes
out
i
A deficit
passively
stronger markets.. Millions of un- porated: on Sept. 24,. 1948
employed workers and a labor successor to a. partnership.
terest
required
national in^
it.♦ Now
we
are
0fficer
0f
Riley
Milwaukee.'/
&
-r-
Company
;
,
r,i
"♦
in
;-r
"
the best-fed, the best-dressed, the grass roots of America to promote
best-housed
and
the
best-taken-*, not
only the age-old, time-tested
Volume
ideals
of
197
sound
Number 6250
finances
and
.;
Financial Chronicle
.The Commercial and
ments."
by
followed
will be
He
nomic theories.
If
the
American
live up to his
banker
will
duties and obliga¬
Otherwise, the debentures
15
are
deemable
of
re¬
the general funds of the company
the and will be used for general cor¬
company
at
redemption ~ prices porate purposes including future
ranging from 105% for those re¬ expenditures for
exploration and
deemed prior to April 1, 1964 to
•
development of oil and gas prop¬
■>
\ YY Y:-';-.
:'"Y.
>100% for those redeemed on or erties. For the
A nationwide underwriting group
year 1963 the com¬
after April-1, 1988.
and Cons of Inter-local Coopera¬ headed
The deben¬ pany's capital and exploration pro¬
by Morgan Stanley & Co.,
tures will have the benefit of an
tion,'^ which will be rnoderated by
gram is estimated at
Socony Mobil ; Oil
'
thrift, but it is also his- duty, to Mr./Browne. -.'
explain to his clients and to his
The latter part of the afternoon
community, at least some of the session will begin with Dr. Mar¬
pitfalls, of fcertain/uew glamorous, tin's talk and will bfr concluded
but not always foolproof,
eco¬ by a panel - discussion on "Pros
,
(1283)
the
option
Debentures Sold
■■
New
Brice Clemow,
at
Publisher of Con¬
York, is offering publicly
an
$500,000,000.
annual
issue of $200,000,000 Socony Mobil
sinking fund of $6,250,000,
Socony Mobil Oil, one of the
414% debentures due
1992, which is calculated to retire major international oil companies,. /
1993,; priced1 at 100V2%
75% of the issue prior to maturity. conducts an integrated business in;
trying to stop or at least to slow rector,-Capitol Regional Planning and accrued interest to yield 4.22%
Sinking; fund redemption prices the production, transportation, re¬
down
the
increasing socialistic Agency and Louis E. Ball, Editor to maturity. This is the largest
will range from 100.43%, begin- fining and marketing of petroleum
tendencies in Our country which "and Publisher of the Farmington corporate, public offering of secur¬
and its • brodxictsi, including petro-*
are mostlyAlSguised under" s'ucli Valley Herald.
ning April 1,1969^ to 100% on and
'
•
* "
ities thus far this year,
y
•.Y-y^.Y/ 'fAt'Sh A vU:£&•••>'/"
teV;-;'
chemicals, in the United States
^
«A *+\i'
^ after April 1; 1988.
beatifully
sounding
names
as
Following the afternoon session
and various foreign countries. Its
The debentures are not refund¬
V"uItraliberalism," "progressive- a social hour will be held in the
Net proceeds from the sale of headquarters are at 150 E. 42nd
ism" or even-"big spending." Be¬ tStatler's Cities Room and a din¬ able prior to April 1; 1968 at an
interest cost of less than 4.25%. the debentures will be added to St., New York.
cause
if ,*the
American
banker ner in the Ballroom. •
tions,
then
he
still
might
con¬
tribute to the superhuman task of
necticut-
Robert
Life,
D.
Panelists are
Inc.
Oil Co., Inc.
Planning Pi- April
Brown,
in each of the years 1969 through
1,
•
•
Y
,>r-
■
i
v
.
,
will fail to live up to these duties
and
obligations,* then he had bete
have -ready another
ter
his
office* for
his
desk in
business
hew
partner who will be
no
1
•'
else
one
1
-
•
•
67th Annual
"
but Karl Marx.
":
•
•''•
the
talk
a
National
Dr.
by
Thrift
Nyaradi
Committee
-M
befrre
of
\
'
p*
*
*
^
v
<
i
"*
*
Yj
"1 "a
^
^
* 7 *
United States
National' Savings/-. Conference, sponsored by
the Savings Division of " the
Forum April 4
'v
j.' J"
^
*
£ '
'*
HARTFORD, Conn.^-More t h
400
state and
"
^
''
.
' <"
v
•
^
^
#
<'
Assets
Mun. Finance
A. ';\.y
j
and Guaranty Company
Fidelity
American Bankers
Association, New York
-City, March 5, 1963.
^
'
^
;
the
z/;60th
'•
7
'
.
of December 31 of the
as
*From
-
Report
local ^officials
Cash ..,..V..
"
a n
Investments:
will
attend the 11th Annual Forum
...
5355,355,341
Bonds..
on
Municipal Finance sponsored- by
%. Preferred Stocks
>
|Common-Stocks
;
*
$343,729,124
•
3,612,500
88,513,056
-
....
:||p
•
•
•
..'..
•
6,944,086
3,727,588
■
ll';....'
lo3t351;261
16,206,931
i•
.
77,748,723
-V5.
'"••6,841,909
Oflice:Buildings-T-less"depreciation
560,197,251
212,511,975
608,698,149
249,730,308
^ Xdmitted Assets
3,956,152
:
Premiums Receivable*
-
S 18,933,745
|*.. $ 19,791,069
15,822,370
$682,997,436
| Liabilities! Capital
Alan K. Browne
The
Lester E,
Stock and Siirphis
:
■
Shippee
Reserves:
Connecticut Bank and Trust
"
Company in Hartford
day, April 4.
-The forum
idea
originated
by the. bank's Municipal
exchanging ideas
ters
of
interest
ments.
as'a
local
way
of
mat¬
Dividend
239,505,943 $446,210,700
tr.
220,333318 $422,720,134
5,557,200
6,221,161
;.....
2,165,429
Payable
1,663,672
(
of
finance
for
officials
local
the
11th
and
fiscal
of¬
Forum
-
Lester E.
$453,933,329
TOTAL LIABILITIES
i'*\•<Y"
r\F
'C
V,
i
-
| Capital Funds:
'
" "^r"'-
jC
? "
>
^
'
*
.
--"a> .i' r
k
^
< <
f
"r
f
par
host bank, will welcome the
state and local officials to the
$ 27,727,870
125,254,236
Voluntary Reserve
afternoon
TOTAL CAPITAL FUNDS......
be
held
at
the S'tatler Hilton Hotel in Hert¬
ford. Pomeroy Day, President bf
the
bank,; will
introduce
speakers ahd 'panelists.
*
C
'•
».
.$ 36,090,480
value.......
Surplus..
the
to
,
/
^
177,531,874
Capital-$5
Shippee, Chairman of
session
\
f
$430,604,967
on
Municipal Finance.
,
1,315,248
selectmen, directors of
other, state and
ficers
9,027,257
183,287
Other Liabilities
finance,{comptrollers, treasurers;
board
$192,043,811
9,020,924
Foreign Income Taxes
Unearned Premiums
,
.$197,500,546
Operating Expenses.
govern¬
Invitations have been sent
to mayors,
Federal And
Finance
fiscal
on
to
Claims and Adjustment Expenses
;
Premium Taxes and
was
Department in 1953
Thurs-
on
76,223,019
99,410,363
289,845,373
252,392,469
$743,778,702
' ■•*•
..
r
$682,997,436
Y-
'
the
^
==============5==?'
,
-
.•".Alan
K.
Browne
Vice-Presi-
dent
o| the Bank of America, one
of. the
principal speakers, wiil speak
"A Banker's Role in Mu-
on
nicipal
Finance"
and
Drv Roscoe
Martin, Professor of Political Sci-?
ence
at
speak
.
Syracuse University, will
'"Cooperation
on
Communities
on
a
Among
Securities values, except
panies,
as
of subsidiary insurance com-
If stocks of subsidiary insurance companies were
prescribed by the National Association of
carried at book value and all other securities at market,
Insurance Commissioners: bonds at amortized
values,
Total
Capital Funds would be $297,699,254.
stocks other than those of subsidiary insurance com-
Cash and securities in the amount of $15,713,054
panies at values prescribed. Stocks of subsidiary insur-
the 1962 statement
ance
companies
are
carried at less than book, value.
are
deposited,
as
* Excludes Premiums Receivable
over
90 days old.
Regional
Basis."
The first part
session
will
WarlterJ.
President
of the
afternoon
underway
as
Connolly, Jr., Vice-i
Municipal Finance De¬
partment of the bank, outlines his
"Outlook for Interest Rates."
Richard
Director,
•
Thompson, Regional
Community
Facilities;
Fidelity & Guaranty Co.
Fidelity & Guaranty Insurance Underwriters, Inc.
M
ff.
.
Fidelity & Guaranty Life Insurance Co.
•dtfemnt
Fidelity Insurance Co. of Canada (Toronto)
MiACINI
Merchants Fire Assurance Corp.
J.
New
York
City,
COMPANIES-BALTIMORE 3,MD.
will speak on "Federal Aid in Fi¬
Community
Improve-
Merchants Indemnity Corp. of New York
CASUALTY-FIRE-MARINE-LIFE INSURANCE
□
;
of New York
.
Administration,
nancing
-United States
get
m
required by law.
FIDELITY-SURETY BONDS
,
16
Siteel Production
Electric
The State of
i
Steel
Output
Carloadings
Retail
In
injected
the
cline
econ-
Production
government
construction
released
Corporation.
All
contract
today " by
statistics
F. W.
and
de-
figures
on
con-
in
advance
.
the
through
.
,
„
andihe^highest nut^/in^aiihost .Sheet order,}voltmftai$afythe^be^/ihAi^
a year.
-I.,;'-.: >•
W
level in a year.
; 1
Y
little, deeper into the J cost-price
Future construction volume,
seen
,
a
,
the future trend of home build-
ingi
building
for .'tonnage
in preciation set-asides byv/inearly
possible strike, 32%, Iron Age magazine reported.
Steel magazine said.
.'. This, is disclosed in a detailed
The market is tightening faster analysis of the sources of funds of
users
preparation for
in Chicago than in Pittsburgh1 or the eight largest steel comp^nie?.
the East, but backlogs are mount-- Together, they account/for About
stitute, production for the week inS everywhere; ~r even in areas 80%
of the total steelmaking
ended March 23 was 2,330,000 tons where vsteelmaking , capacity exr capacity of the U, S.
•
(*125.1% ),"as against 2,225,000 ceeds consumption^.,? A V: -A.' fci Iron. Age pointed out the para-"
tons (.*119,'4%) in the week end*
In the last month, deliveries dox that while steel companies
ing March 16. The week to week have - lengthened by about two earnings declined some 15.9% in
output increased/4.7%i the sharp-' weeks-; M!ostl mills are quoting 1962,<^siy lo^^
est gaih^i.n the pa$tisixweek£ out .cotd /rolled, sheets^at six ;
weekSj.9%., - • ■
;
>
;
nf;eightCcphsecuUv^^
gain&$ahdi^ !tet^rmied:>^heets at. lour. ( From-.an, operatin^stt^
construction
and
scramble
Thursday, March 28, 1963
i
the American -Iron arid Steel In-
.
put in place is not indicative of
Dodge
.
major
starts
Over Prior
i\
According to data compiled by-
Business Failure*
January-February
in
during; February according housing
omy
to
that
impor-
an
stimulus into the
new
4*.7%
Below Year-Ago Week
Index
Commodity Price Index
Construction
of:
Row, and. Is Only 2.7 %
a
Trade
Price
Auto
TRADE and INDUSTRY
Rise
i
Week- MaTks Eighth Weekly Gain
Food
tant
The Commercial and Financial Chronicle
>
(1234)
->Thte:~eight Arohsedutive?^Weekftr
...
Ste# jseryief centers arp- plac-< squeeze. Despite greatervolume,
increase': is:* attributed t<7*ah ari-;h)g *arger-qrders-*miris Jo- they earned less' mbney per dollar
last month, as the total reached way up."
vancing current use demand ior,-replenish stocks,V\Y' .A^-of sales, per dollar invested, and
$2,917,263,000; up 6 % over FebrtiFebruary contracts for con- /steel as well as a
growing undenv .hTbe ; markets soom^ will" get per .ton shipped.
ary, 1962. The seasonally Adjusted
^truction,,/w q f k pot^irivolyihjg
Dodge index* xose to 130, a
soh^ buildings rose 6% oyer jthe same ^qrrerrt^^^edge^u^ngr^ * cash
7%_ gain over January of thik; month last year. This gain follows A^pbssible ktbel sfrikeANqtihat^vAdelayed
"the 'severir weekly ^ adfvahohs in 0 guying .aregomgxto>;placeYord^
corner.*
year.
a
struction "categories showed gains
Dodge contract figures,,is
the
on
Yl
fairly sharp decline shown ill
row '
ending
February contracts followed the January and is largely accounted
dhere been a
previous month's pattern to the for- by a substantial gainf in qonvconsecutive
extent that nonresidential con- tracts for road building and assoV
.
:iar-'this year, -f ttirough "^5; ?0/P:'. will" continue • tteiV'
tracts, up 1,3% frorri a year ago, dated work. Total public works
provided the bulk of the month's projects posted a 17%. gain in /Mrch' 23^;the .(iutBut ot^ngofe';P1^n^Vb^W^. ^ may 'evOT
gain. Residential building volume February and stand almost even and castirigshas totaled 24,421,000 request early shipment of "sdme
net. tons which is 14.6% below the orders.
■
scored a small but significant in- with 1962 for the year-to-date.,
;
*•
*
.•
irbdit .produced another §30 iriil'Ii<m
: :
So
.
,
The rtiagmlude• of these acditions can be seen from the- tact
Small, divisions of giant; corpo- that they/equaT something like
tations wili accelerate their stocks ^0% of the steel industry's capital
PilinS for fear of being squeezed spending last, year, rrf viv
.
_
work
other
and
crease,
from
recovered
decline.
■
.
Above 1962 Week's Volume
>
Within the nonresidential cate-
and
commercial
gory,
of
Bank Clearings Spurt 13.9%
January
a
show
turing contracts showed moderate
a
t
n/r
the
for
U
oo
23 show
latest
below Aast
'(*128 5V
cational and science building ad-
upon
vanced
"e-
chief cities of the country, indi-
3%
February, 1962,
over
while public buildings and hospi-
tals
institutional
and
showed
very
gains last month.
Residential
building
advanced 2%
February,
that
contracts
ized
,
3%
which character-
category
,
but
throughout
•
nevertheless
scored
same
is
*
A
Georce
George
senior
'North'
•/
Christie
Buffalo
tract,
123
J
_i
,
'.." Cincinnati' LJ
r_
•
171
!133
«
1,240,000
;
qis 284
IS
increasingly .clear
+
--
addition;
a
the
Steel-
the
case
n
rest
is
income.
simply
On
the
taken
actual tax depreciation
eon-
-from
hand,
other
the
great-
was
the
the
greater
likelihood
last
er
buildup an
year's 4.5 million
than the reported depreciation
some cases.
The
>
•
picture
is
.
further,, com-
tons.
About
15%-
.
Louis___2„i___^'' 120
the
'of-
*
J
1 il
plicated by the fact that individual miMhave' applied the-.invest-
steel
WiH
--
ihtd
^ iInyehtpries,bwsthig^> stPcks
to; earnings, tp
/
tax
•
:
?'
neai'13r' I millions tons*^' ***
•index*oi"production bfissd
.
1
cjn
V
w-.
" the
Steel <■: believed
-
51 -reserves, or to
# The< most
' odds "are -
againstsettlement7 by
depreciation, s *
/significant >result - is
AprilVrlA tbat increased tax flow-has paved
avui'ujgo' IVlost/ observers' doubt- that the the way for/-increased spending.-*x.
yHumdm Relatichs-Committee v Will! However, .no gene^al^rule -cap be
'
-
>
§tifcei! MllV ^ucife I^ohger
'>
■:
-
pplied to^
"reaeh agreemeb^.hd the key
i^bMh&riek'as- BacI^O^MduAf
t.
* 4
-
■-
•119..4.
weekly pidduction for 1957-1959-'
"
*r^ .30.
companies, jbeeause.
confronting individual mills.; A
v.
;.
'
-If the
3 0
SI 4
- cau-
figure has to
,,0f the increase isonly about half
depreciation,r.of
net
postpones its
that this yearrs inventory
1,"293,000'--- 4.0
0411-10
.
magazine
raw
,
,122
4,347,107 + #.4"
1,405,781
Philadelphia
.Bot.ton
United
reopening
on
will match
147,
>
Detroit
Chicago
;
'
117114
•
.Clevoiaud.
.
.
-Pittsburgh •
Young s town
.
Chicago
U
the
of America
decision
*
•
•
*
—,(ooo$omitted)-—i
York
v
Dodce
A^GnriSUe,
E&St' Co'a5>t-lJ ' 115
.
1963
1962
% :
$21,629,240 $17,590,819 + 23.D
the
tioned that this
'
•
Mar* 23_~
longer
workers
Wcelc Ending *.
Mar. 23 Mar. Hi
District—
1
St.
.weekEnd.
economist, commented, "It
becoming
Production for
•
summary for some of the
principal money centers •follows:
level. .One- and two-family
housing rose a solid 5% in Febru• -•
be >13.9%
Duyeis «
*DeIayed Contract.. Reopening
Aids Steel Output Increase
The
'
ended
stand
at
$36,264,836,953
'Southern
1121
.$31,826,419,531
for
the aA;Western --.124
week in 1962.' Our compgra.•
Total Industry125.1-
tive
a
ago
*
will
"
against
increase o.ver the high' year-
A-y
week
above those of the corresponding
Apart-/ week last year. Ouri preliminary
1962,* totals.
that
the
clearings
weekly
;rqent building -failed-,ta show the totals
\1962,
for
However,
buyers enter the
be closely evaluated. In the
*'
*Index of Ingot
the comparable
over
dramatic, gains
telegraphic advices from the
buildings. Saturday, March 23, clearings- for
percentage all cities, of the United States for
which it is possible to obtain
large
-
cate
^
gear's week
'
)
ended
week
7 week ended
production is only
Preliminary, figures,
ago,
year
2.', %
increase compared with
an
compiled by the Chronicle, based
£du-
28,585,000 / net tons '(*127.9%);
Data
clearings this week will March
Bank
manufac-
gains for the second month.
1-Miai,ch 24, 1962 production
Jan.
construction
auarter^aVket
second qumter
er
as
^teVl
•
Y/ebperis thd cob-:;%f
US!W
:
Age{ said^ the-/^.analysis
.
tl'act :on or aJter May l. it may makes it clear that ta.x-.changes
markeU^s^ e
-dbmandr'd.-Tight restrictions-
have given -the- steel
on
industry
a
/.tarrned:Out:work:; %
^time
pay. 3. An
program
Righ^ovet^;;j>owerfup shotvin tlie ami. But the,
extended- vacation ^ question still .remains of "whether
similar
the
tp
companies Adopted
-can
'?those -proposals
would; larg. to modernizePfasU.enough to
; increase our Cosand We
cah't afford
★ The
4,
<
' 4(
'
/«,
1963
^
's*
Spring edition
!\\ ,r
>
r*
N
}
v
v'
w
t. <»
of
rl \
v
our
•
?
April 11, 1963
'
»
•*"
/
v,
V'1
v
1
ISSUE will present an up-to-date resume of the securities
world's
largest market.
•
,
I
.
,
'
M
dividends
includes
OVER-THE-COUNTER
of
.traded, in;the.
problems
•; •
by
expanding
-
have
been
paid uninterruptedly
"
for 5
on
years
But
.* whichV-cash':
longer.
or
/line
It
.
tp
up
-
price
s u
corporations and banks which have paid
-
if
efforts
Are
179, y^ars. of'
.
Bank in
before
this
important issue.
to advertise your Firnv Corporation 1 or
Please
unavailing,
increases won't
rise,-
rp
yourx
gpodsr
sp*ae$ :requiremeh|s;
closing date of April 8th.
Wire
-standard
•
,
reserve
l'r"
-
the
;
Delivery
Cost
as
.
Most
likely
have suddenly lengthened.
be
to
rods,
Least
reinforcing
-pipe; ^and
oil
like-
country
this important issue,
books
for
an& June
are
filling
.tected.
week.^Output- will
>5
,
"
'
ji'' -
fr
''
■
•-'« '»
V'
-*•'1
■
•
k
"
•'
J
V
"-jV-p-iv-".v -•/'.*• •,"
'
■■■*.
* •- ,*
■■
■
'-'rU*?■
■
i
,U,
:poured last week.
:vJ 'f
iriduStty^^
^V
.M slow
S
The COMMERCIAL and FINANCIAL
mand.
CHRONICLE
-No
a
| ';
u;
25 PARK PLACE, NEW YORK 7, N. Y.
RECTOR 2-9570
-
*
Reserves Reported
at-$28
v
•
decided
J.toa^
i lines
adopted
*
•
steel
possibU
-
notice of
to
reopen
^
^
-
t
i.s
buiJd
a
their
hedge hgainst-
steel strike.
There has
been
;
some
.dragging
of feet and the inventory buildup^
Is * about three months. later in;
during5 1962, ;the getting off ;the ground than in
Under new depreciation guide-
£ steel
file
poHcies^ has been
hed. As expected, most steel
laclcmj acUvc null decomposite on
gross ton f°r the third-week.
? "r
This is the critical period
Apparently'the time of decision
SteeVs pnee
heavy melting held
ajre; pro-
bn ' inventory
.32% Gain in Steel Depreciation
-
/K;llA'/feAl'
1.
as; steel"
up
they
"the^^ Idbot YoriiraSC "
*
k
sure
^
-
April, ^May,
^0, • union's/; intention
.
•
make
jf -the Steelworkers
slightly-exceed the; 2,260,000 tons,
that 5teei estimates the
their steel needs for
Order
.
its^ steady climb:yXook for tlje /timers
ninth consecutive increase in
.
on
the' next- few. -months:
-
.
;putpuWihis
,i!
.
that they will have to make com-
bars,- mitments
steel
for space in
those
.
.
a
v-Steel.ingot production continues
■
Regular advertising rates will prevail
On
.
products' that traditionally are
tight, in periods of strong demand
selective
come
promises
bumped: Sheets. (cold rolled, hot
Steel
mills
are
telling -their
rolled, and galvanized), plates*' customers, in nq; uncertain/terms,
ly:
the opportunity
•
to hold
bars, and structurals.
-miss
01
'
consecutive cash dividends.
★ Don't
their
they've lost to. foreign mills and
stocks
•
Yeptory buying has hit steel; sales
offices, Iron Age magazine; also
reported.
•
The surge of new orders in the
Pas^ week has had these quick
results:
\
-markets and recapturing business
,
MARKET
j
T*
Inventory Hedging Sharply
•
v"
competing materials.
★ A, list
.
_
price hikes. because they, believe
they "can solve most of their
MARKET
^
"
increases,"
more
^■'.Steelmakers would liko:••
moratorium on cost increases and
The longrCxpocted flood; of m-
OVER-THE-COUNTER
V ^
colieve the lepst-price t squeeze.' \ >.
/ V
simply
major, producer.
says, a
Will Be Published
any
thev they provide temporary relief or
one
last fall.- will'give mills enough added dol-
industry' inereased-
-
fiVAH*;Continued-
on-paye
38s.*
Volume
197
Number 6250
the
qualified and
trained
sales
emphasis
major
nual
of
highly
received
1962
an¬
report to members released
the
by
National
Securities
Association
The
Dealers.
of
NASD
is
national self-regulatory associa¬
a
tion
over-the-counter
of
dealers
enforces
which
broker-
volun¬
a
tary code of ethical standards and
rules
fair
of
practice
its
among
members.
More
salesmen
2,200
to register
seeking
year
with
Association
the
organization's
the
examination
for
resentatives
securities
new
glass
has
Association,
markets.
been
its
last
Mr.
programs.
warned
direct
that
cost
2.80%
$41.6 Million Bds.
the
in
carrying
self-regula¬
responsibilities
tory
and
expenses
involved
would
un¬
On
Of Massachusetts
he
industry must be prepared,"
said, "to finance the
Allowed
it
under
the
benefits
Maloney
Act."
An
underwriting
NASD's
financial
state¬
ment showed that income for 1962
was
approximately $400,0Q0
while
1961
for
the
expenses
previous
over
managed
tan
The
Chase
Fenn
&
chased
Co.
on
Salomon
Manhat¬
Stuart & Co. Inc.. and Phelps,
sey,
March
26
pur¬
$41,600,000 Commonwealth
Massachusetts various purpose
Chemical
due
May
1,
1964
Sachs
at
of
competitive
100.5586
for
sale
the
on
its
coupons
of
New
&
Hutzler;
York
Inc.;
Trust
Goldman,
Co.; The Northern Trust
Freeman
&
Company, 61 Broad¬
New
York
City,
writers, distributors and
way,
bond
dealers,
have
National
Co.;
Philadelphia
Bank; R. W. Pressprich
Co.; Blair & Co., Inc.
attle
-
Trust
Company;
National
&
Stearns
Co.;
Se¬
La-
Bank;
Carl
M.
firm's
is
in
the
Since
ity
issues,
Manager
Loeb,
Mr.
and
Department.
of
the
tion
its
examination;into »effect
Jan.
year,
animations
-
in
and
1962,
to
.
last
1
dure
in
'answers
which
1961,
A
v?V.
:
proce¬
questions
method
:•
given
test
The failure
old
In
disclosed
were
purposes.
■the
risen
were
NASD
old
of
had
32%.
examinations
the
months
rate
approximately
under
.
two
failure
the
30,790
.
last
ex-
administered
*
were
the
on
16,000
over
and
for
rate
study
under
approxi¬
was
mately 3%.
Wallace
H.
24 years,
:
Fulton,
Director
Executive
bers
pointed out that Associa-
branch
and
than in any
of
more
previous
the
•of
members
branch
.1962
offices
in the
year
and
mem¬
last year
offices
organization's; history.;
Over -36%
14%
of
the
examined
were
in
compared'with 31%. of the
b
m e m
.
i
past
tiori examiners had inspected the
books and records
.
NASD's
the
for
" andA10%
e r s
.branches
in
1961.
Complaints
of
the
during
the
•
»
.
filed
resulted in the expulsion of
year
52 members and the revocation of
74
representatives.
'included
15 \ members
registered
pended;
318
arid 332
1962
and
members
32
sus¬
arid
representatives
members
sentatives
;
disci¬
representatives
registered
*
Other
action reported for
plinary
and
64
fined
90
repre¬
censured.
Mr. Fulton stated in the report
that
although Association
mem¬
bership for 1962 had risen to
all time high of 4,771
was
marked
a
an
firms, there
decrease
of
more
than
8,000 representatives regis¬
tered by the Association,
from
the* 102,000 figure achieved at the
close
of
branch
1961;
offices
Registration
of
.
member
of
firms
/continued to increase to just over
FOR
The NASD
that
stock
was
BEATING
THE
ELEMENTS,
annual report noted
$600,000
worth
of
COPPER'S
common
YOUR
BEST
BUY
subscribed last year by
Association members for the purpose
of
facility
establishing
for
curities.
clearing
a
over-the-counter
This
se¬
new
organization,
known as the OTC Clearing
Corp.,
has opened offices at 12 Albany
in
St.
Charles
New
A.
New
the
York
Gilroy,
York
Corporation
City
Stock
of
Vice-
President. It is expected that this
new
corporation
erations
in the
will
early
begin
op¬
summer
metal;—pure
open
contained
in
letter to members
the
report,
Avery
to
the
Securities
Commission's
and
Exchange
intensive
special
with
a
little
added.
a
They're
terrific buy for
tough,
undrilled oak with
driver if you
to
the
test.
weigh just
of
about
a
hull, crossbars
pole,
or any
on an
electric
hardware
ex¬
posed to the elements. They'll
never
rust—will stand up
in all
kinds of weather. Even in salt
wateYV
And
they're
so "strong
and'
could drive them into
you
jobs like fastening the planking
Rockefeller,
Jr.,
NASD's
1.962
Board Chairman, called attention
copper
and;manganese
power
an
made of Everduri®
bit of silicon
of
1963.
In
screws are
Clearing
Executive
as
with
formerly
These
at
the
a
a
Six 124-inch #8 screws
%
ounce,
refinery price. Of
add the
fabrication,
cost
they
are
a
contain
a
of
not
using them
can
be
deal higher/ This is but
simple example of the hun¬
dreds of ways copper and copper
alloys
course,
of alloying,
our
can
help
nation's
losses from
packaging, market¬
still
bolts, nuts, nails—because
cost
great
one
copper
ing, they cost considerably more.
But
the
wanted to put them
over
their counterparts, machine
screws,
power screw¬
penny's worth of
after you
as are
;
terrific buy— %
the
Depart¬
prevent or
reduce
appalling annual
rust
Ackert
is
Municipal Bond
difficult qualifica¬
more
Mr.
ment, specializing in public util¬
re¬
put
Association
the
and
gen¬
with
Bond
port.
new
Philip
firm.
associated
Corporate
Bear,
Thalmann & Co.;
denburg,
partners
Devine
National Bank of Boston;
First
eral
rep¬
the
to
announced
Ackert, Jr. have become
failed
registered
under¬
general
H.
&
qualification
according
_
Securities
Mercantile
issue
ri
Go.
that Donald J. Bevine and
through
awarded
was
Brothers
Bank
&
First
group
Q
r reenian
Company; Eastman Dillon, Union
2002.
The
Rhoades & Co.; Shields & Co., and
Hornblower & Weeks.
are
in 2002.
Co.; Blyth & Co.,
&
bonds,
bid
by $383,733.
by
Bank; Lehman Brothers; Hal-
year;
in 1962 exceeded
reoffering the securities
17
inSers of the offering group Admits Partners
jointly
group
annual
an
scaled to yield from 1.50% in 1964
Offered Investors
of
The
3%, setting
out to 3.25%
doubtedly increase in the future.
"The
and
net interest cost of 2.84628%i
held
members
Rockefeller
the Association's
out
income
than
securities
the
(1285)
and each of its present and future
more
in the
the
to
provide
personnel
of
magnifying
responsibility
securities business to
better
The Commercial and Financial Chronicle
.
He said that through the study a
Annual Report
continuing
.
study
NASD Releases
The
.
and corrosion.
62203a
AnacondA*
18
(1286)
The Commercial and Financial
Chronicle
The Market..
BY
Center.
ogy
And You
.
tract
The
center's
the Titan
launch
III-C,
«
The
state
the
of
stock
term
ef f
e c
Meanwhile,
earth-bound
and steels
"V^hile
the
Brightening S.
range of the
narrow
only
averages covers.
Witness
a
the
^aetion&
I s'V'"'
:
P-Ji
5
SECURITIES:
imposition of
restricted to. shifts of
savings
and
loan
are
facing
generally match
made by Lukens.
the
rails
10%
to
boost
orders
anxious to
from
most
customers
hedge their bets
oh a
fairly
narrow
range
in
trading volume also indicates how
extensive the watching, and; wait¬
ing has become among, most hlar-
Prospects of
housing starts
Even* the auto companies are said
to be ordering part of their 1964
model
materials
for
segments,
failure
of
the
professionals to take more defi¬
nite commitments" confirms the
And
Wall
yet
as
Street
well-known
one
observer
noted
cently, speculation is
of
specifics,
But
this
even
re¬
business
a
has
its
applied
to
measure
when
Big Board issues these days.
many
Good. Economic News
Consider the generally consist¬
ent good run of favorable eco¬
nomic
Retail
news.
sales
are
ex¬
pected
to
month.
Steel production is spurts
hit
high
new;
a
ing to the highest level in
Auto sales:
fastest
a
this
uct
Financial
wider
burgeoning to the
since record-setting
is,
Gross
sources in>
top
the
rest
year
lowing.
October,
official*
An
Washington, scheduled
$578 billion from $554
year of 42%
or. about 7
current
iq
points
level.
of the
nical
faptors,
sure-fire
interest
Short
often
stand
Interesting Laggard
influences, such
and
odd-lot
interest
-
ratios.
released
last week of more than six million
shares would generally have been
considered
classic
a
bull
market
sign. This total number of shorts,
nearly double the recent daily
trading volume
average of a little
three million shares, should
over
have had some
effect, but did not.
Odd-lot sales figures also
to
have
lost
barometer.;
their
The
—another
that
the
bulls
the
to
market
the
be
in
the
to be
unless
dead-center
year of
ments
in
lower
600s
cuts
as
start
Yet
first
ning
the
isi also
the;
one
stocks
even
the
quarter
to
be
the
The
re¬
middle
downside
seems
to
and
stronger
into Spring.
move
There
to
of
on
ap¬
narrow move¬
averages.
the. upside
on
we
the
level
are
may prove, to be
relatively
sistance
signs
more
pearing that. 1963
as
year
de¬
ago
the
on
the; lower
president blames
net: on
higher
wages, and;
Its- stock, has been
Baltimore
&
less
and its
in October;
came
The paper
company earned $1.83
for the fiscal
year ended Oct. 31.
This was a considerable
gain
previous
fiscal
year's
over
Space Contracts Significant
Space contracts continue to in¬
dicate the course of
new
spend¬
.
ing.
Boeing^ loser in the TFX'
fighter-bomber race with General
of
tax
incentive needed
on
another
prospects
earnings
rally.
of
good,
begin¬
are
discounted
in
some
places. But offsetting this
may be
the prospect of
outlays this
a
5% rise in capital
year and their
won a $358 million
award from the Air
Force for the
Dyna-Soar project.
working
than
longer-
on
a
Boeing
has
bee
n
of
regions
densely:
of
has had
a
populated and
low
mU
in ; South
Carolina
reaching
coast.
recently received
the
The multiple main
pipeline
system extends from close to the
and
border
alongf the
(where it obtains
extends
-S^honzatmn to serve: two new
customers. United Natural Gas
Gulf* uL i
with 3.6 .billion.
gas)
of gas in 1963 and has requested
its
1,840 miles to New
York City.
t%t
erf atC°wholesalerInS en^states"
service beginning -m. 4964 on a
long-term contract basis. North
Penn Gas is authorized to receive
.
III
missile
to
launch
the
Another large contract
awarded
the
Titan
week
leased
that
formally
craft
III
when
the
selected
was
announced
news
Air
a
was
Force
United
subsidiary,, United
and.
Alabama
orized
customers.
daily
allocated
Auth-
be
increased
1,640,000 mcf late this
-
short-term prospects of
many
roads
look; much better
than they did, a
year ago. South¬
ern,
of
one
re¬
has
Air¬
Technol¬
The
to
year.
gas
sys-
terns which have acquired
production properties).
Reserves aliocated to
the
use
of the company
under purchase contracts
mated at
11.4
are
esti-
trillion cf; reserves
increased
one
largely
the result of additional
as
in
reserves
trillion
two
shore, fields" in
planned at pres-
cf
in
connected
Louisiana.
Transcontinental is fortunate in
having no troublesome
regulatory
problems. The 1062 report, states;
"As
buys all its
(unlike most
company
requirements
common stock is
pipeline ent.
1962
off-
Last
year
the company obtained 335
billion cf of gas in Louisiana and
211 billidm in
Texas;, with a neg-
a
ations,
result of settlement
negotia number of producers sell-
ing substantial:
quantities >df> gas
to
the. company agreed during
1962 ; to accept lower prices than
those theretofore' charged
make refunds
oh
and
to
past deliveries,
In compliance with the
company's
sales rate
settlements, these
re-
funds, haye been
paid by the cornpany to its customers, and the
company's sales rates have been
reduced to reflect the lower,
pro-
ducer 'prices.
Such
refunds and
rate reductions had no eff ecb
op*
ligible amount from Mississippi. It net income
but. the company's
some 203 purchase contracts
competitive
position
has beeh
with producers in 206 fields. Adimproved"
has
Yet the.
the
vance
payments for future gas
deliveries totaling nearly $23 mil¬
lion are shown, in the " balance
better-situated sheet
under the heading
lines has already shown a
"Prepaid
better
Gas Purchase Cost"
I
profit for, the first two months of
this year
compared, with the 1962
Transcontinental, by
ing
a
maintain¬
fairly simple system
ture
and
sion
into
avoiding undue
production
struc¬
expan¬
and
other
fields, has
The company
has extensive
un-
been able to achieve an
excellent share earnings record in
the past decade although most of
period.
derground
Now selling in the middle
50's,
it is within 4. points of its
1962-63
vania, including 25 % of the Leidy the growth
was; during the;
firsjt
Storage Field. As a result of de- half of the period.
Thus, earnings
velopment o£ the new Wharton per share increased
storage
in
Pennsyl-
high of 60%, and well above its
Field total gas available from
low of 44 set last May.
Although
underground storage will be inSouthern is also
watching the creased
merger
muddle
appears
from 491,000 million cf to
with
interest, it 637,000 million
determined' to
success on
its
own
make
a
tracks.
[The views expressed in this
article
do
not
They
this
delta-wing glider Dyna-Soar.
this
recent
Attractive Carrier Issue
necessarily
cide with, those
contract for the booster
phase while Martin is
building the
for
the
featherbedding
at
presented
are
any
time coin'
of the "Chronicle**
as
those of
ly,
ural
gas
cubic
M.
pointed
A.
M.
Pollack
director
Kidder &
has
of
been
ap¬
research
of
Co.
of the New York Stock
foot
natural
,
gas,
of
space.
The
by
the
next
five
(compared
common
one
plant,
_°Pe billion
gas and
available
for
1964-65-heatmg
The
has
sales
is
season.
Transcontinental
enjoyed
cf
of
expected to be
deliveries
in
e
;
^ t^e recent over-counter
price
aroun(j 23% the stock yields 4.3%
^ase(j qn the present $1 dividend
rate
ingg
very
rapid growth,
increasing from $58 million
at
19 4
timeg
Earnjngs figures above
earn-
have
been adjusted for
the 20% stock
dividend paid March
i, i963. The
^ dividend rate was continued
on
new
sjlareS) jn effect giving a
20% increase in the cash
dividend
rate.
System
and sellg
20%
The
and
equity
book
ratio
value
is
around
about
$10.
uses accelerated depreciation and the 7%
investment
credit, but normalizes
The company
Exchange in 1953 to $213 million in 1962;
leading exchanges*
since
1958
sales
have
almost tax savings.
-
in
$1.21 in 1962
pipeline been declared.
^$J'S$ S°Phiefjt,
wiUJhave^a storage capacity
equivalent to
Inc., 1 Wall
Street, New York City, members
and other
the main
near
converted to a: liquid
refrigeration will occupy only
Appoints Pollack,
irregular gains
years to
applied to stock was split 2-for-l in 1956 and
the FPF for permission to build stock
dividends of 10% in
1957,
a storage plant for
liquefied nat- 20 % in 1960 and 20 % in 1963 have
when
A. M. Kidder Co.
from 39 cents
1952 to 94 cents in
1957, with
(daily). Recent- with $1.08 in 1961); The
natural
the
only.]
Leslie
cf
in
Transcontinental
i»nANew Jersey. ofApproximately
600
cubic
feet
backlog con¬
Martin-Marietta has a
siderably.
Titan
by
the
issue.
this program for more:
author
year,
an
award
size should
help its
buoyed
on
total
$1,55, but; still well under
1960's net of
$2.07 and 1959's $2.20.
Although
been
lpwer prices,
v
separate
talk
Piedmont
by
area
Saturation o^hoqsqGeorgia, -the Carolina^ and : Virheating customers.-Further
growthginia;; the eastern shore of Dela- of this
nature may be
ware and Maryland:
anticipated,
and-an area
1
will
Ohio
costs,
relatively dor¬
mant, in the last few weeks and
now sells in the low
30's, Its high
last year was 46 in March
low- of 26 %
had
victories
Dynamics, has
Meanwhile,
700
Its
higher
sign
soon.
a
a
purchases
discards
gets off
share;
of
a
pre¬
ascendancy—may also have
relegated
a
$2 million gain in sales for
a
period.
the
tell-tale
would
■
as
touch
over
former
the
seem
continued
ponderance of sales
spite
as
short
as
sales
figures
cents,
tech¬
more
regarded
the
are
.
billion last" year.
But the market
some
served
Other important* markets"
Transcontinental. MoSt; ofThe
development in recent years served is
1'^67,000 mcf, plus
491,000 mcf from seasonal storage;
As for the rails, the
merger pic¬
ture seems more
muddied than
ever,
The Justice Department's
and. the Chesapeake & Ohio tieAlthough many companies see up could throw
a
formidable
good earnings of, i962?s final
quar¬ roadblock in
the path of all merg¬
ter continuing into the
(and most in¬
first three ers : now
p e n d i n g> before\ the
dividual
issues)
continues
to months* of 1963; there are some Interstate
Commerce Commission.
shrug off the good news that or¬ major exceptions. These include This
development, combined- with
dinarily could be expected to ex¬ West Virginia Pulp & Paper.
the attitude of
some roads that
ert a bullish influence.
West Virginia
Paper's profits mergers should include all
those
for the four months
ended Feb. who want to
j oin, could dampen
From the "Technical'' Area
28 fell; to 40, cents a share
from the hopes of,
many investors who
Or take
51[
to climb to.
under
Coast
conservative^ Ford has
apparently
lost much of its institutional* fol¬
below its
National- Prod¬
according to
quarters, the outlook for the
of
re¬
anticipated in 1963.
Much of the gain in
sales has, of
area
m.
bene¬
deliveries is
depends strictly on
a?U,°Ximately 1-8 billion cf ancent days.
f^
i
uirL
states,
the extent of
inventory accumu¬ ranging from Alabama north to nually on a long-term basis beSan Diego, now
trading around lations and work-offs.
gjnnjng m the latter part of 1963.
This big New York. Among the
company's
12, has held to a. relatively narrow rush
•
■
*
"
now. could result in a lean principal
utility customers are
Transcontinental
spent
about
range in the last few months.
It second half
for some steel mak- Consolidated
Edison,
Brooklyn $67 million for system expansion
bottomed out at 8 last
May from
Union Gas, Public Service
Electric in 1962, and about $18 million was
a high of
16% in January, 1962,
& Gas and Long/Island
The outlook for the auto indus¬
Lighting, also required for bond and preafter edging up to 13 V2 in
July,
About 79 % of the gas is delivered
try is far different. The Big Three
it fell to 8%. in October
ferred; stock sinking funds. Some
before
to customers in New
look promising from the.
York, New $85 million in new securities were
investor's
starting its gradual climb to its.
Jersey,, Pennsylvania, Delaware sold to the public,
including $40
high of slightly over 12 for the viewpoint, but- even here there is
and, Maryland; 17% to
customers million 1st 4%s, $30 million demuph variance. Chrysler remains
current, move.
in Virginia, North
Carolina and benture 5s and $15 million of
the pet of the
Great Western, another mem¬
more speculative
South Carolina; and 4% to
and General* Motors for the
Georgia $6.26 preferred, stock. No sale of
ber of the most actives
mor.e
cam© in
the
have
doubled and the
gain in 1962 was
A gain of 10% in.
peak day
.
Metropolitan
are
bound to show better
earnings re¬
sults for the first
and second
and
interest in
steel companies
from; its high last
year.
1955.
And
Financial,
California
systems,
Mexican
the
this week,
has also; moved
up a bit from its
1963 low of
16%, but is still far
are
pace
Western
de¬
livery.
While
Line,
of the major pipeline
serving the New York
one
.
not- generalizations.
shortcomings
Great
of the current
early
last year have
also strengthened the
savings and
loan issues. San
Diego Imperial,
fited. from
cautious appraisal
market.
housing
many
lion, is
currently
enough this year to make up for
the added taxes.
as
Pipe
.
possible labor tie-up this summer.
as
Gas
.
their" earnings
The
Transcontinental
with annual revenues of
$213 mil-, 14%.
areas.
are
concerned with the mounting rush
pected,
ELY
(including Long course, been due to
conversion to
Island), most of New Jersey, and
househeating by customers of the
slash the Philadelphia and
Wilmington utility
companies
of
highly favorable. Yet many
the lending firms are now; ex¬
of
Watching-ahd-Waiting
OWEN
Transcontinental Gas Pipe Line
Corporation
mun¬
earnings for the fifst time, did not
a
BY
more
like
more
the
Most steel makers
20%' tax ort their
a
of
some
industries
seem
to rarely more; than
ecopple of points.
ket
'
?;•
the lead of Lukens Steel
earlier this week of cutting
prices
on stainless clad
plates. The cuts
small, percentage of the many is- issues. Most peaked out in ad¬
Shes araidedi it is significant that vance of many industrials last
jrncst daily moves of the active: year. And prospects for 1963, with
are
x
lowed
& L. Picture
*
"stocks:
K
dane problems than those of how
to, place a. space team on the
moon.
More steel companies fol¬
circle.
industrial
1963
t
on
the
general
market eould perhaps Jbfe; summed^ economy.
In short, there is
up' as "balky,"
It is certainly
good news of
^trendless, as far as overall direc- an economic nature for those in¬
^ tion is concerned.
The Bow ap¬ vestors who, care to seek it out in
parently refuses to stray from its particular areas.,
"
;
.
The Mundane Rails and Steels
current
670r680
.&•'
»•
t
28
PUBLIC UTILITY
,
f
Thursday, March
standard space-
a
vehicle.
"
\
.
con¬
was
$175 million, and covers
development of the first stage of
WALLACE STREETE
.
resulting
Volume
197
Number
6250
.
.
The Commercial and Financial Chronicle
.
adopted byc the /Commissioner in •
the early days of Federal income
icommenmk.;;
tax legislation, "in continuous ex¬
istence
r. "lefkof
m.
(1287)
since that time, and
con¬
sistently applied by the courts
-'Xy<X.I'.*
distinguishing Charac¬
One of the
Court
preme
involving pub¬
case
persuade
licity activities designed to affect
when
ward collectivism during the past
the passage of
the
few decades has been the increas¬
their
ing frequency with which the law
the
of the land is written by govern¬
the
teristics
ment
march.: to¬
of America'^
to
vows
nation's
number
growing
.
tions
issued
essary'
regula¬
which
for
-rights guaranteed Ameriunder the Constitution!
cans
.
v
clear and
so
to
as
the basis of the regula¬
2,395,280 million.
of such
an
administrative agency
on
Court
1 Art t y,
e
then
con¬
longevity,
The
leave
ho
cial group of expenses find mak¬
since
the power
unconstitutional
being
a
contravened
course
Petroleum Association in the
serve
arid
oil and
gas
re¬
the
estimated
year
specific Con¬
any
gressional intent to deny tax-de-
ductibility to
creased
total
lobbying
expenses,
to
the tax
use
business
a
near
,
due to extensions and
trying to
amounted
E. F. Hutton Co.
a
to
re¬
As of April 4, Richard K. Buech-
670,895,000
ler, William F. Groszkruger, and
A. Lucas, Jr., will become
maintenance
defeat
Mark
werb the result of pressure
rels
system to penalize
firm
to
Changes in
barrels, of which 180,291,600 bar¬
Service's attempt
Revenue
barrels
5,176,052,000.
visions
the High Court supported the In¬
ternal
426,824,000
of
reserves
and
secondary
Vice-Presidents
re¬
&
projects. Discovery of new
fields arid- rie\v pools in old fields
covery
legislation which would destroy it.
accounted
"Sky Now the Limit?"
for
estimated
an
with
armed
its
explicit
of
E.
Huttori
F.
Company, Inc., members1 of the
New York Stock Exchange.
Buechler
Mr.
24,-
346,000 barrels of proved reserves.
headquarters
Net '
Thus
City
gressional
spread
1
To Be V.-Ps. of
of crude oil and
reserves
production - for
the
year
policy.
Contracts to gift of absolute power as a result
Ariiounted to 268,417,000 barrels.
insidious influences of the Supreme Court's failure to
lect taxes *on
Proved producible natural gas
legislative halls have see any connection between > the
served, by the Constitution solely thrOugfh
cases
in
question
and certain reserves as oi Dec. 31, 1962 were
to
;
Congress.
Moreover,
since long been cohdemhed. ;•.; '''•
*:
"There is no reason why, in the rights which are protected hy the .estimated to be 35,436,892 million
Revenue Acts as passed by Con¬
absence of
clear Congressional Constitution, "the IRS published;a of cubic feet, an increase of:1,899,gress
are
replete with vague,
new set of regulations in Decem¬
042 million of cubic feet during
^ambiguous, and indefinable worcts authority to the contrary, the
Containing even more
and phrases, the IRS has been rule-making authority cannot em¬ ber, 1959.
the year.
A11 increase of 453,113
ploy that general policy in draw¬ restrictions than the first set of
granted the authority to "enact"
million was attributable to dis¬
regulations, they stated:
a
line between legitimate
tax legislation: It has the power ing
business expenses and those aris¬
to
"Expenditures for lobbying pur-!
interpret the Revenue Codes
"to lay and col¬
incomes" was; re¬
«^
estimates for the year 1962.
During
of law."
Thus, lacking
Con¬
any
mil¬
natural gas liquids in Canada in¬
the internal; Revenue Service. ing them non-deductible. We fail
The very nature of the IRS bor¬ to find anyv indication that such
on
pro¬
future.
is
ders
net
tion of Canadian
the force
room
legislative
the
1962
recently completed the compila¬
•
usurped
new
A summary of. provincial totals
will be published by the Canadian
of the
Association
Petroleuin
proved
interpretive regulation.
Nor has the administrative
agency
Reserves Committees
Canadian
that the regulations have acquired
particularlyJ good example function by carving out this spe¬
One
expenditure has been demon¬
The
an
.
even
and
duction, amounted
Data Compiled f/4, lion of cubic, feet,-to'" /948,961
to
cluded,
un¬
in/their medning and
application
themselves abrogations
are
of the
•
not
are
ambiguous
are
administrative
these
by
bodies
the
of
decisions
and
the ^electorate,
fields
new
iri old fields, while changes
in proved
reserves, due to exten¬
sion and revisions, amounted to
J
&
j-"S"*-'
And Gas Reserves
Security previous court sanction, "we think
Mills
Textile
in
1
Congress. Not only is this Corporation v. Commissioner: ~
"The words 'ordinary and qecpractice unconstitutional, hut a
than by
efforts
clear business motive for
a
Tribunal tion's
Highest
in
strated."
Constitution, the majority of
stated
'agencies and boards! rather
legislation. Despite
uphold and protect
expended
sums
7 'pools
;
.
'i'.-ft
on
.mariy_ occasions to deny deduction
of
of
covery
Canadian Oil
i
19
office,
Plaza;
such
Mr.
regional
will
at
-
the
who
Groszkruger,
director
of
h;s
Yorl?
Manhattan
Chase
1
make
New
v
js
will
sales
continue to be located in il:e Dos
Angeles office, 623 South Sprlrii
St.; Mr. Lucas is in charge of the
municipal and corporate bond de?
partments of the Kansas City of¬
fice, 920 Baltimore Avenue.
.
Tssue'specific^ Regulations — ing from/That family of contracts poses, for the promotion or defeat
-to which; the. law has -given no pf
legislation, for polifleal/cam¬
haying the foirce 'of; law—-wluch
^peli but fn detail what types of sanction,' .The exclusion- of the paign- -purposes- (including the
latter f rom .--ordinary , and neces- support or opposition to any can¬
'revenue^cOristitute ^taxable in¬
'and
sary? expenses certainly does
come, And what expenses qualify
Asr taxable ^deductibhsr
Finally,
violence
what constitutes'
a
the
didate
no
can
use
of the Bill of
the
the
ing
government
against
designed
Rights in fight¬
to
its
Consider, for example, how IRS
a
regulations have largely destroyed
protection
the
offered
with
tive
by
to
which guarantees every American
IRS
tion.
the right "to
ment for
a
types of lobbying
petition the Govern¬
grievances."
/Finally,
Early -Policy of "IRS
T
!
Court
in
and
Congress
modified
these regula-
ions
designed
the "ordinary and
;
necessary" Ax-
payers
Quarterly dividends were paid in 1962 on the four
cuinulati^e preferred Stocle outstanding, the
series of
a
<
business; firrm in testifying-be¬
a legislative body.
But. the
.
of
the
rstbek amounted tb $l0,263,546, which was equivalent
regulation
IRS
to $2.05 per share, based on the 5,000,000 shares
outstanding at end of yeark Common stock earnings
dealing: with money expended to
to organizations which ex¬ .influence
directly
legislation,
or
based on the 4,50O,COO
outstanding at December 31, 1961,
.Cash dividends lit the amount of 30 cents per share
amounted to $1.62 pet share
business pendedthem: id*extensive pubjic- by attempting to inform the; pub¬
to deduct in. computing. Its taxable iity programs. ^ The' programs in lic, not only was. retained, it was
income. The regulation stated, in question
had been designed to granted the full -sanction x>f Con¬
part: "Sums of money expended persuade the voters to cast their gress. As of the moment, the IRS
for lobbying purposes, the pro¬ pallots against s t a t e "Initiative has yet to issue a revised set of
motion or. defeat of legislation, measures whose passage admit¬ regulations based on the 1962 Act.
permits
penses the law
a
shares
.
^exploitation of propaganda, tedly^ would have seriously afincluding - advertising," other than fected Or destroyed the taxpayers'
L
trade
tiorns
businesses. \
and; contribu-
advertising,
from
Possibly
Necessary"
and
bodies
;
set
up
by, Congress
d'etre
raison
constitu¬
is
"
HIGHLIGHTS—1962
dubious, whose regular
activities strain the .Constitution
Operating revenues.
to the breaking point, and whose
public during the early v. U. S. and F. Straus & Sonst Inc.
v. 177 Sr—the Court held that, even
cf the income tax system,
the IRS* .did not enforce this reg¬ though the amounts expended for
ulation uniformly for many years legislative matters were "ordinary
aroused
Operating
s p
perio
stroyed
and
promulgation.
In
fact, the record indicates that for
its
to
i
cases
which
i
lobbying
money
of this
In
ble that there were some instances
where
such
expenditures
disallowed; if
any
of
were
IRS ruling in the
its
v
fe
^
In
•
Court
Decision!
Upheld IRS Rulings. %>'
1941, however, the so-called
"lobbying expense regulation"
was
challenged directly in a
Su¬
•
document still exists.
taxpayers'
the
the
some
of
Internal
-
To Hold
concluded:'"Here
at
field
biguous
day
at
its
regulatory
have
unam¬
.
$ .73 807 670
,,
$
-
,
8 623 307
capital expenditures
,
.
2.22
$
1.62
/
$
.
2.05
$
1.62
$ 20 612269
•$ 25 817 865
$355 346 374
.
$336 754 962
utility
♦
.
.
'
year-end
•44
.
349 657
342 446
Gas Department
annual
v
-
,
Electric Department v
OMAHA, Neb.—On May 23, 1963,
the Nebraska Investment Bankers
we
outstanding
plant at year-end.
Outing
Supreme Court
justification for Association will hold
regulations and then
$ 11 614 546
.
.
$ 87 400 507
$ 79 356 693
Number of customers
.
283 827
278 692
.
.
.
Number of regular employees
at year-end.
«
.
,
<
.
'•
-
.2903
-
J
2 899
the Omaha Country
Club. The Field Day will be prere-enactment by Con¬
the provisions • of the ceded by cocktails and dinner on
Revenue
Code* which May 22 at The Omaha Club* ' * V*
underlie the
.
Total investment in
Neb. Inv. Bankers
ex~
to
|||.!
Total shares
Gross
position. It first referred to the
gress
a
.'$96109 012
.
.
deductions
Earnings per share of common
- stock based on: ' «
'• 4 4
Average shares outstanding
$ *
ap¬
repeated
Supreme
,IRS
the deduction
regulations and their
attempted
courts.)
the
1962
-'•4
were
sustaining both the validity
the
pencitureSj'
exist, 'however, the business firms
did not challenge the
involved
still
particular type of expense.
plicability
such Cases did
that such
revenue
Net income
of the tax¬
because
regulations barred
disallowed as a taxexpense. (It is possi¬
was
dedu.iibie
deductible
not
for
spent
necessary"—in fact, essential
the very survival
payers' business—they
two decades there were few
over
eel fic regulations have de¬
so much of the* Bill of
Rights that one is forced to won¬
der if the Supreme Court is aware
.
follow .ng'
-
-
tionally
In these two cases—Cammarano
an
Service
Internal. Revenue
only one of the many govern¬
ment
'
it feared
because
"is
,
But Nevertheless Il.egal
-V-'''
*
come.",
"Ordinary
in-
gross,
' \
.:
-
whose
for^ campaign expenses are
not ~ deductible
"
The
paid in each of the first three quarters of 1962,
totaling $ 1.22 per
.share for the year. Common, stock dividends paid in
1961 totaled .$ 1.20 per share.
were
and 32 cents in the fourth quarter,
.
the
•
payments totaling $1,351,000 for the year. After
these payments, the balance available for commoft
fore
status to money paid by the tax¬
delimit
to
1962,
slightly by permitting the
-19'13,'the IRS issued" a regulation 'regulations denied tax-deductible provision
was
of
'deduction of expenses incurred by
com
Only two years after the first panioh decisions whi^K^d^trWith
income^tax taw was passed in the question of whether, the IRS
whichi
EARNINGS AND DIVIDENDS :
<£.
Act
two
down
COMPANY:;
sup¬
legisla¬
Revenue
Supreme
the
1959,
handed
of proposing,
courts.
the
SAN DIEGO GAS & ELECTRIC
the
In/'the
expenses,
reached
cases
more
redress of
'
members
opposing
or
of
to
indirectly,
or
such
contact
porting,
other
1962 ANNUAL REPORT
legisla¬
a
encouraging
or
for the purpose
deci¬
challenge
attempting
directly
body
urging>
sion iiithe -Textile Mills case, the
to
of
purposes
provision of the First Amendment
began
shall
[influence] members'of
public
Court's
the
t-ieso
to, expenditures for
the
tax-deductible expense.
Armed
the
by
on
"but
include,
what is and what is not
own
restrictions
not be limited
lob¬
/
Excerpts from the
Further¬
expenditures
bying expenses, the Court granted
authority to the IRS to, decide on
*
nesses.
of
deductible
not
are
income.
the
more,
specifically
never
authorized the deduction
controls
their busi¬
destroy
had
and
uous
foregoing
from gross
take full advantage
expense,
for
or
ing advertising) relating to any of
this line was too strictly drawn."
of
In * other words, because Contax system to penalize Ameri¬
citizehs who attempt to-make egress had been vague and .ambig¬
•
office),
public
carrying on progaganda (includ¬
statutory
clear it is not for us to say
tax-deductible
for
lan¬
The general policy being
that
guage.
of its decisions, which define
som e,
to
Herbert H. Davis, Jr., Kirkpatrick Pettis Company,
language, of the. field, day.
;
is Chairman
^
^
/
*"
'
-
For
>
a
-
"
'
copy
.
v
of
v
•
.VA
our
.
t.
li
-
'
f
J
Vv
1
r.J
i(
;
v,
*
I v
.-4
7
>
W J,
-
Annual Report write: Secretary—San Diego Gas
& Electric Company, P; 0\ Box
1831, San Diego 12, California
'1
20
(1288)
^
Comptroller
NEWS ABOUT
laghan
;'V-^."■
The
BANKS AND BANKERS
Ai-
ft
'
ft
'
New
•
Branches
New
•
Officers, etc.
Chicago,
Appointment of George E. Kruger,
Shea, and Richard G.: Trub
Vice
named
Technical
-
Di¬
IJs
First
Assistant Treasurers;
post of Technical Director-Atomic
The; Long - Island Trust Company,
Energy
Garden City, N. Y. advanced John
by
Walter
Dennis,
E.
P. Armbruster and
Executive
In
Mr.
his
broadened
on respon-
the
atomic
par tihent,
Dr.
Paul
P,
The
Genachte,
atomic
division from 1955
energy
Honeoye
vote
much
as
energy
time
to
in the past.
as
New
atomic
and
he will be available for consulta¬
tion.
»
.
Chemical
Trust
Co.,
James
Bank
New
Dv
'
New
York,
Elleman,
Galligan,
Jr.
elected
William
v';.1
*•''
-
P.
*
member
a
Midtown
Chemical
a
of
the
Bank
New
York
nounced
Mar.
19
by
Helm
its Upper Midtown
shares,
William
H.
>!t
Gordon
Woodward
*
1923. He
was
Bankers
-
elected As¬
ft
Vice-President in
1946
"•
J.
W.
Con¬
Kahler,
o
n,
Corporate
Agency Division, John L. Potterand
the
John
B.
Banking
Sherman, both
Operations
De¬
were named
in the
Assistant Sec¬
Corporate Agency
Division.
be
John E.
Denny and Albert A. T.
named
were
Assis¬
branch
new
Treasurers
tional
in
"Banking
the
John
Investment Research Division
and
re¬
Alan
Frood
of
named
Emil
of¬ .The
Moore
also
announced
the
election of Michael A.
D'Angelico
a
Vice-Pre-ident in
the Bank¬
ing Methods and Electronic Proj¬
ects
Section
erations
elected
of
the
Banking Op¬
Deoartment.
an
1957 and
He
was
Moore
appointment
Lauer, Jr.
as
also
r.f
•
announced
the
Frederick
G.
the Metropolitan
Banking
Department and. Joseph E. Bisso,
Theodore M. O'Lear, William A.
a
me.
a
is
man
doesn't
that
of
man
knowl¬
member of the
a
sions
to
have
to
another
his
firm,
own
commis¬
pay
broker; he
orders
own
—
can
but
he
broker—a young one, too!
a
Southern
new
Los
in
to
in
open
at
the
Head
Office
in
Ferro,
Trust
of
in
California's
San
He
Officer
at
Head
Francisco,; passed
59 years old.
was
downtown
at
Praca
AVi
corner
$a
7nstent.Trast
Estados
'
1
"
>j
*
»
whs
appointed As-
Officer^ arid!j)ecame
the offieer an"charge-of .the Stock
Transfer Department in 1948, ad¬
"
,
iris thevr Stock Transfer department
wUlA.be xdnce-1927. JFIe
!
" '*
Na¬
J
j
■ft
'[ft
ft
>
of
its
Oakland
new
Community
for
Office. The Office is scheduled to
April
onen
8
at
Forbes
the
Mr.
Hill
Goelz
of
Top Community Office.
Promoted
to
officer
status
was
Roderus who becomes
Assistant
Porter
Manager
as
Manager
of
WPNB's
moves
from Assistant to the President
at
and
Meyran Avenues.
place
Clyde O. Phillips who
up
Bank
of America's
San
Fran¬
cisco head office.
•
who
introduced
of
son
who
will
retire
late
this
spring
and who will continue to serve
member
cated
himself
Ohio. Citizeps
Trust
Toledo, Ohio elected Curtis
a
that
he
upturn
an
the
as
He told
the
of
one
firms;
in
rep¬
large
lo¬
was
office,
and
that he would like to confer with
time
to
time.
and
man,
Being
friendly
a
with
the youngster's
«t!
$
ft
W,
The
Northern
a
director.
Trust
Company,
Wallace, Vice-President and
Secretary, will retire on April 1.
Mr.
Wallace,
Trust
officer
an
Department,
has
in
the
been
as¬
The
of
Hawaii, ,has
Hawaii,
Honolulu,
the
announced
ap¬
years
and
has been
tary of the Bank since
•;
Lawrence
President
W.
in
1939.^
Gougler,
the
Secre-
a
,
Vice-
Administrative
Department, has been elected to
replace Mr. Wallace as Corporate
Secretary.
■
•
National
Boulevard ..i. Bank,
Birch,
Jr.,
Vice-President
and
If
the
available
had
sum
been
larger, he explained, it would be
additional
made.
purchases
But,
under
could
the
be
circum¬
stances, he thought that the cus¬
tomer should wait and
make his
investment commitment at a later
date.
Several weeks went by and the
market
had a sizable correction.
The customer then received a tel¬
ephone call from the young
and a very sound stock was
ommended,
man
rec¬
It later advaneed
about 15 points and the
customer,
who was very
to
the
wrote
man'e
young
complimented them
ing
such
well
a
a
firm
hav¬
on
informed
and
that
he
is
'student'—he
a
has
a
grasp of the fundamentals and of
timing.
His suggestions h a v e
merit,; His advice has been profit¬
able. (You
know I enjoy
lation
several
and
proposed
sales
specu¬
times
he
excellent
some
that worked
out
has
short
well.
very
He is careful and
thorough.
time, he called Tne to check.;
One
some
concern¬
was
the
the facts but made, some .excellent
deductions after he analyzed the
He gave him his reasons
why he
considered the stock to be
choice.
He ■
cpriciseiy
facts
that
known
about
the
situation.
some
quite
so—I
company's
new
not
.
know
understand
missions
had
there;
few others who
a
only
That is why I give him
business ;and ;I
generally
not
were
wise
a
covered the
fundamentals,, he presented
were
second-year he
.are
are
doing
gross
his
over
products. He mentioned that their
com¬
$100,000 the
representative."
and
proved,
ment
situation
also
had
some
im¬
manage¬
changes that had been made
In addition, he pointed
recently.
out that the stock
that
in
was
in
was
a
group
.public disfavor, but
beginning to show some signs
regaining investor acceptance.
was
He
discussed
Which
you
can
that
tion
from
York
placed
neither age
barrier —IT
and
made
which
way
my
order
man's
friend
with
the
nor
youth
is
a
PERFORMANCE
"Put Yourself in the
Secretary's Shoes"
the
time
The
out very
time
to
investments
advice.
he
and
him.
turned
from
other
young
IS
of
Exchange—and
THAT COUNTS.
standpoint.
presented the picture
to
an
member
a
Stock
"Dear Mr. Dutton:
thorough
appealed
registered
the low price-earn¬
technical
a
was Aai
all goes to ^ prove that
do business with almost
anyone —even
New
ings ratio, the high return^ and he
then explained that the stock had
on
he
the
Although
a
"Your article in the March
7, 1963
issue of The Commercial and Fi¬
nancial Chronicle states—-A
good
manager
the
as
of
an
office
lays down
rules.'; however, as you used
example the case of a sec¬
an
retary whp replied, when asked, to
been
The
TT«,
-i
lr
1
tr
M
When
*
TI
:
I
was
"There
has
friend
why
are
good,
he
replied,
two main reasons why
has made
a
success.
He
25 Broad Street, is conscientious and he is a
good
City, members of the judge of securities." Then he told
Stock Exchange, have me
of another instance when a
announcedIII
mv
Co.,
York
York
partner.
so
;
that bov
&
asked
that
been
•
7
•
Maurice
appointed
*74
a
Meyer
general
man
came
voung
into
the
office
fellow's i'floor
introduced
himself
and
a
secretary.
"There
thought the young man's ad¬
vice
'
*
he
Ttt
M PVPT
Hirsch
Student
A
HirSCn Admits
New
Chicago, Illinois elected H. Ward
more
take a letter about 10 minutes be¬
pointment of Howard H. Hama- few of .the suggestions were not
fore it was time to go home—'It
mcto,
Welden
C.
McCullough, profitable, on the whole, there
Henry T. Nishihara, and Kazou have been few losses and some was almost five o'clock,'—you, in
all your experience, have never
Kohatsu as Assistant Cashiers.
very profitable trades.
New
The
a
favorable market outlook than to
invest his funds just at that time.
specialist,' and * he
sociated with The Northern Trust
for 40
thought, it
for
he consider buving a certain stock.
first transaction
Bank
wait
telephoned him and suggested that
•
California elected M. J. O'Dea
to
father, my friend
quickly acquiesced. Several weeks figures and information
transpired and the young man ing a' stock in which I
The
Thh Hibernia Bank, San Francisco,
Co.,
Director.
advisable
ac¬
representa¬
young
him that he
and
registered
was a
for
young man
The
told
in, appeared to be under accumula¬
ah advisory capacity at the senior
level.
Building Office.
tive
pleased,
received
of his friends.
one
him that he
of
Mr.
Phillips succeeds Senior
Vice-President Graydon Hoffman
in¬
After
talking a; while and becoming
competitive
vancing to Trust Officer in 1959.
Pennsylvania
-
small
a
$5,000.
telephone call at his office after conscientious representative.
the "Exchange" had closed for the
"The main reason I
give him
day. It was from a young man business," my, friend
stated, "is
kindly
"
make
about
a
him from
ft
he
ago
years
resentative
Strickland, Jr., has also
to
of
quainted, this
letter
Several
headquarters
Bank
Office
j
Office
Assistant Vice-Presi¬
dent in
that he told
background
ber, this
■■■
tional Bank, Pittsburgh, Pa.,
ap¬ A highi level appointment to Senpointed Elmer. L., Goelz Manager
id^Vice-President was announced
Assistant Treasurer in
Assistant Vice-President
in 1960.
Mr.
(Calif.),
Vice-Presi¬
Miller
the
scheduled
P.
away.
M.
as
ft
■
ft
Chicago, 111. announced that Frank
Assistant Manager.
Mr.
South
San Francisco.
Bankers
was
share
gave some business? Remem¬
well
C.
Trust's London office
an
#
M.
J. Robert
(Bahia), Brazil.
Unidos.
Davis,
spectively.
to
think
you
you
his
about him
you
like
Knowledge Is Valuable
of
Angeles,
V.
an
Interna¬
Department
story with
has
dents
April .1,
on
would
subsidiary of the parent Cana¬
•-
tant
508
at
"
N.
telling
am
I
execute
(
opened
Salvador
William O.
Wickersham
that
"Exchange," he has his
area.
The Bank of California, Sari Fran-
David H. Abrarris, Jr., will re¬
Thomas Campbell and James H.
retaries
Our
v
partment.
Conley
will
Vice- ^The^.. Western
stable, Southwestern D iv i si
William
ft
also
■
County
Bank-Unie
Salvador
»wv
Richard
are
ft
i
Assistant
Canada
and
August.
-
Newly-elected
Presidents
is
dian bank.
Treas¬
Worcester
forties, and he
vestment
ing ^the "break" in the market at possible to make a
suggestion;
the end of May 1962 were
among Then if the timing was not
oppor¬
the most trying of his career. The tune
and the market went
lower,
Spring Street is the second office
elected
Amsterdam announced that
Inglaterra
Vice-
and
California
President
the
of
of the
that the three days dur¬
he
The
*
.
and
me
two-way trade between also
been advanced to Assistant Vice-
located
sistant Treasurer ih 1945, Assistant
President in 1950.
told
ing services iri this
par
Sub-Manager.
'
Woodward j oined
March
on
who is retiring on April 1.
■
through
He remembers the 1929
•
Banking Department.
Mr.
Angeles
-The new .office -will be .under
•Mr. Ferro joined-The Bank' of
the. direction' of Mr; P. J. A. Boot,
.California in 1920 and had served
Vice-President in the Metropolitan
Trust in
Los
California
.
been
Stock
he wanted
have another broker to whom he
in
Vice-President
at
First
as
thirties
with
pUco, Calif, made M. Brock Weir
■
some
York
"crash," the hectic markets
of the Bank of Montreal
and
New
He has
the mill.
Would
'
and
fice
Exchange.
reason I
ft
the
on
and to provide specialized bank¬
*
Boston,' Mass.
Ilollan dsche
of
listed
J.
S[S
Bankers
Trust
Company,
New
York, has announced the election
ft
*
Southern
con¬
•
Chairman
Moore,
a
Valley National Bank, Phoe¬
27 to aid
National Bank, Worcester, Mass.
I'l
as
office
Advisory
Board.
ft
an
John H. Long, Jr., was elected an
advisory directorofthe Fitchburg
that
elected to
was
and, in
shift, J. A. Elkins, Jr.,
urer,
Chairman
announced
March 29,
Texas
specialist in
a
prominent and active stocks
very
office
Street Bank and Trust
ft
also
the
30 years. He is
Vice-President.
a
Harold H. Helm.
Raymond C. Daly,
of
Lay,
an¬
was
Board
as
Lewis has been appointed to head
Trust
HUTTON
Young Man With The Right Idea
The other evening I was with a
friend I have known for over
edge and long experience would
in par value
$100,000
*
retire
the Depositors Service Division of
the
Bank, replacing Ernest W.
of
BY JOHN
The Bank of Montreal opened an
Lewis, Vice-President
Treasurer. In addition, Mr.
and
Lower
Board
the
tjl
Donald
has been
Advisory
of
will
•
Falls,
sisting of 10,000 shares of the
The State
' *
.
nix, Ariz, elected A. H. Johannes
19
the amount of
from
*
;
Company, New York it
■iv
Mar.
on
Honeoye
increase in
Company,
*
C.. Thurston Woodford,
Mr.
The
value of $20 each,
Jones Vice-Presidents.
elected
York
Falls,
J.
Kenneth
and
.
CORNER
H.
director.
value of $10 each, to $200,000 con¬
.York
.
Mr, Kirkland will continue
sisting of 10,000 shares of the par
■■
SECURITY SALESMAN'S
and
to President.
.
'■»]!.
*
■'
Ever¬
Otto
S. Marcus Greer will be advanced
'A:';;
York, to increase
an
J.
from Vice-Chairman of the Board
Department of the
capital stock
<1
The
•
of all previously authorized
However,
ft
■
Bank,
elected
Vice-President
)V.
New
of
Frank
to Chairman of the Board, while
a
D.
gave approval to the State Bank of
to .1960, has not been able to de¬
of
Richard
•
Banking
State
who headed the Chase Manhattan
field
and
New York.
his present
respon¬ v-;.Aft
of
,A'V.iA
will be promoted from President
ft
Trotta fias been advanced to As¬
sibilities in the International De-
Of
*
111.
Kirkland,
executive
Bank of Westchester White Plains,
Because
;
ton,
sistant Vice-President at National
energy
field.
7
ft
Vice-President
sibility for furthering the Bank's
in
George Heling
Richard C; Ives has been named
assignment,
Kruger will take
activities
■■
:
A.
Chairman
Vice-Presidents.
■
Bank, New York.
Thursday, March 28, 1963
Bank,
First City National Bank of Hous¬
from Assistant Vice-Presidents to
Vice-President,
United
States
Department, The Chase Manhattan
'.A 7
A
'V
W.
announced March 25
.
ft
National
Crouch, Jr.,
Cashier.
were
rector, Mining, to the additional
was
>
made
.
Cal-
Vice-President.
a
.
Revised Capitalizations
•
The
President
P.
■
National
Illinois,
O'Rourke
green^ Park,
-
sit
Mercantile
«
Consolidation*
Francis
and
Vice-President.
a
■:
The Commercial and Financial Chronicle
.
on
day.";
said
is
a
rule
—
DO
UNTO
OTHERS AS YOU WOULD HAVE
THEM
DO
yourself
UNTO
in
the
shoes, whichever
put it.
an
YOU,
other
or
put
person's
way you
wish to
A good organization man,
executive,
a
manager,
always
organizes his work to have his dic¬
tation
this
completed in the morning,
leaving his secretary the time, to
He
complete his letters and have them
that
out
in
the
mail
before
the
close
Volume 197
the
of
Number 6250
.
.
The Commercial and Financial Chronicle
.
day's activities. In most
delayed dictation, the
MUTUAL
of
cases
executive always thinks of
good
(1289)
JOSEPH
BY
C.
Meeting Apr. 3-5
POTTER
realizes that nothing, except
is
important that
DALLAS, Texas—The 28th annual
meeting of the Texas Group of the
To
Investment
emergency,
give
so
dictation
secretary
a
at
Impressive Figures
the last minute, which many dis¬
a
will
executives do, creates
organized
hurriedly typed letter,
tively
first
have
cooperative,
a'
getic,
progressive
office,
you
team
your¬
self in the secretary's shoes,
think
and
fabled
accomplish
you
Thus,
with
staff
tory
good
will
and
to
Insti¬
peaceful period in his¬
the
what
good
distributed
management.
trade
income
ment
JR.
18
St.,
"P. S.
Gloucester,
tary
year,
to
Experienced in both office
management and executive
net
Last
Mass.
5.4%
has
like
something
tion. 'A*/
Pratt to Address
'
'■
vli.'.
•
'"t t
in
'
'
■
of
Co.'s
Municipal
Estabrook
luncheon
delphia.
Pratt,
bond
"M
i
u n
in
like
in
of
1962.
of
who
where
not
sell
and
cars
do
well
who
sell
that
is
top
the
the
can
been
decade,
but
net
disbursed
gains
Axe-Templeton
of
until
realized
in
quality
a
by
market
be
is
luncheon
will
first
held .on
be
Room
at
for
time.
Dudley, Almon, McKin¬
POMP AN O,
Growth
Fund
of
quar¬
from
$8.83
to
$9.59
three-month
(U.
S.)
period.-
tors
Energy
Fund
;
28
/Socony; Mobil
Dutch
that
announces
Feb.
its /15
at
holdings
largest
Oil,
Chris-Craft
and
style
(Corporation
Unlisted
is
Neiman
for
in the
sidiary
Zodiac1
Texas
-
Ind
-
of
-
st rie s,
u
Inc.,
Over Texas"
style out
of
Chris-Craft
evening the Group will take
a
sub¬
the/
Marcus, and in
the "Six Flags
wholly-
a
owned
show
held
be
Corporation.
Chris-Craft
(former¬
ly NAFI Cor-
doors
poration)
There will be
a
Oakland, Cal.,
golf tournament
Country Club, and
evening
the
at
also manufac¬
Statler
tures
Cornelius Shields, Sr.
are
motive,
Goodbody & Co., General Chair¬
Stephen
Dinning
Phillip
Bernet
&
and
Pierce,
Jr.,
Room:
Rauscher,
Pierce
Guerin
&
on
dent
and
Mr.
&
brother,
two
west
television
coast.
sta¬
j
-
Chief
Executive
officer
Shields
Paul,
succeeds
who
his
elder
passed
away
Dec. 24, as Board Chairman.
Cornelius Shields
is
the
senior
partner and co-founder of Shields
Turner,
and
Company, New York invests
ment
Company, Inc.
banking
recently
Entertainment: Clarence Sample,
Bank.
the
officers.
C.
Inc., and Harry Reed, Dittmar &
Mercantile National
covering
Harry Coll and all other corporate
Co., Inc., and William Seitz, Goodbody & Co./ •
y •
Eppler,
floor
The board also re-elected Presi¬
David,
Hickman,
Charles
and
operates
tions
Inc., and Munson McKinney, Almon, McKinney & Dudley, Inc.
Hospitality
shoe
fiber
the auto¬
industries; carpeting; has exten¬
sive interests in oil and gas fields
Strange, Goodbody &
Transportation:
Schneider,
fabric products for
and
Hugh Dunlap,
man.
Registration:
foam
rubber,
Members of the Dallas Conven¬
tion Committee
that
company
dinner dance
a
diversified
a
Friday morning, at the Northwood
Royal
Petroleum,.« Consolidated
!
of
Placements,
Dallas Dealers Party: John Tur¬
wen*;
BEACH, Fla.—
Cornelius Shields, Sr. was elected
Chairman of the Board of Direc¬
dinner.-*
far
Report
reports for the third
the
the half-billion mark for the
over
Bonds.",..
and
will
ner,
capital
year
Exchanges,
tea
A
past
last
charge
Named Director
America;
Hilton.
$5,451,693. Value of the shares
rose
v
the
Private
and William
were:
Marsom B. Pratt
Stock
Friday
have
salesman
The Funds
have
during
pauses
of
Co.
in
there
Morris
Markets.
they
but
funds
Association
are
con¬
behind?
$29
$106
was
double/And
or
on
cipal
cussed
nevertheless,
If
measure.
is
there
not
surpassed
in
are
Lyne, Mrs. Stephen
Denning, and Mrs. Davis Temple.
on
morning
Thursday
over
automobiles
saturation,
to
there,
$53 million. And that
was
was
Ladies Activities
of Mrs. Lewis
Co., moderator; subjects to be dis¬
the
Canada
sum
The
Goodbody & Co.;
Oliver, Sanders &
L.
Company.
the
Reilly, Goodbody &
Corporate Forum will be
A
held
in
is
gains
year
Bankers
rich market such
a
Folks
market
any
dis¬
the
at
Gilbert,
Allen
business
62
every
population
maker
"product"
1932,
was
Thursday, April 4.
ladies
foregoing,
of
one
crack at
a
this.
seem
subject
were
figure
1945,
consider¬
a
the
the
siderable
a
al¬
over
gains
That
1951, when the total
Industrial.
The
1936
3-4-5
tration, with business meetings
ter, ended Jan. 31, total net assets
lion,
field,
speak
a
also
in
capital
by
such
of
record
municipal
will
last
That's
the
the
of
been
April
afternoon, with
month
Robert R. Gilbert, Jr., Sanders &
longer month. But it's
a
A
Folks
years,
Back
accumula¬
which World War II ended, when
on
cont roversial
issues
the
no
topped- until
is
who
expert
an
assets.
new
opened
noted
with
totaled
gains
capital
held
and James F.
appliances would be delighted
as
increased
It
have
but
bursed.
Mr.
1938.
pause.
were
million
Phila¬
of
were
household durables must labor in
income
over
these
periodic
realized,
ment Associa¬
tion
in
swelled
there
earlier
in February
funds.
$553 million last year.
though
to
of
same
net
of
22,061.
persons
found
be
thereafter, reaching
realized
have
Invest¬
the
of
Net
in
Department
will be guest speaker at
Marc il
Boston,
the
investment
&
plans
something
of
following figures:
every year
sum
to
12
Co.
As
the popula¬
is
the
28, the
year
average
opened
of the steady growth
payouts
million
$11
PHILADELPHIA, Pa.—Marsom B.
Manager
the
Net
Phila.Inv. Ass'n
Pratt,
these
of
for
I "
measure
be
Association
Statler Hilton Hotel.
long way from the 36,747 plans
a
or
A
a
which is
fund
one
month
able improvement from the 21,482
such
plans opened in January,
gains.
million
Feb.
number
tion
balance
capital
62 persons in
every
work."
the
three
of
The
these bounties flowed
about
owners,
secre¬
and
assets
ended
February
$8 billion, nearly
realized
from
Poplar
Rader
meeting will be addressed ney & Dudley, Inc. is Treasurer
of the Convention Committee.
by Mayor Earle Cabell of Dallas;
as for the
year-long period end¬
Amyas Ames, Kidder, Peabody &
ing in January. Redemptions for
Co., President of the Investment
the
12
months
ending
with
$4.5 billion of this in net invest¬
"ALLEN FREDERICK GRANT,
net
average
totaled
the
years
some
like
the
Bankers
Gray
and
April 3 will be devoted to regis¬
months
fund
a
in
Redemptions amounted to 5.2%
pjresent.
is
million
1962.
of
treasure.
the
Over
turbulent
emerges
salesman's
office
your
that
And
day's work.
your
will infect
you
.Company
growth of the mutual funds
from
that
so
holders/ received
fund
of
a
with
tute, in reporting this, charts the
doing the actual work,
organize your work
had
acquaintance
Investment
The
how you would feel; for the sec¬
retary is
Chicagoland
New
$2,000 in net investment income.
your
must always put
outside
and
hand
-
$83.4
time when rela¬
a
people
stocks,
ener¬
in
1924,
few
York
sec¬
retary, and ill will all around.
"To
in
Back
nervous
tension of both executive and
C.
Golf: Richard Clark, Dallas Un¬
ion Securities Co., Inc.; Mitchell
it cannot wait until the next day.
an
Publicity -Program:
McCulley, First Southwest Com¬
pany...
■'/■// ,////;/
.
his right hand, or secretary, first;
and
]
Texas I.B.A. Group
FUNDS
21
elected
firm.
He
was-
director
a
of
Chris-Craft Industries and is also
"
"
a
r '• C
dfrectO£/^
Frida^ ^March 29 * .atj TheHjEngi- "'f The * institute points. out what Edison,, of New York,- Amerada
Forum
Moderator:. Robert
R,. Cjompany,; • and .Maryland ■ Shipevery fund salesman, in his turn,
neers' Club, .1317/Spruco"street.
Petroleum, / Florida
Power
&
Gilbert, Jr., Sanders & .Company... building, and. Drydock Company. \
SamueP R. \Robertsjl>of .-Schmidt, should point out: to .prospects:
Ligh't,-(Fqrd('Motpr> International
Roberts & Parke, is in charge of funds- collect dividends and in- Business " Machines,
Philadelphia
■
•
-
■
1
.
,
t
,
,
,
.
Iterest
arrangements.
paid
*
bonds
in
vested
on
form
Mark
dends.
Sales
has
been
terest
named
Manager
,
Such
usually
are
tervals.
William Department of Leh•
\
New? • Yofk City} national under¬
gains,
writer of The One William Street
Fund, |nc.,
a
S. Amazeen,
;
partment, has announced.
rities
entered
business
in
erbocker
a
Shares,
as
Inc.,
the
accepted
later
and
ditional
An
f poratioh. HeWaszrriost recently h
Reg ion
a
''
-
V
"
""<
Vice-President
1,
is
of
l .t'lLU-'j" ^ S
'
*
l-
institute cal¬
distributed by
gains is
their
by
year
in" the
of ad¬
form
;
more
-
than
meaningful
unmindful
these,
to
long-time growth,
,
.
salesman
a
sales,
For
amounted
Association
Brokers will hold
1 at 15 William
City.
Speaker
Customers
of
a
meeting April
Street, New York
will
be
George
Chestnutt, Jr., American Investors
Corporation, who will discuss the
selection of securities/r
#
*•"
•
\«
-
to
can -
be
the
of
fund
.$166
A.
Mackenzie
of
Boston. John JSwaney, of Bos¬
Aahd Louis A:; Va'chon 6f Los
ton
the
Both
are
Vice-Presidents of
^ -
company.
Purchases
The
Copies of the
common
Boston
,
stocks
bv
Putnam
of
George
Fund
of
during
the
months
of
compared
1963
•
first
totaled
with
^
two
$14,-
sales
of
stocks represented:;65^%
two
months
profits
.
of
.
-
sales
$1,536,000
1963
of
and
for fiscal year ended
of,;t0tal
December 31,
1962
and Dividend Investment PIar>
realized
securities
AVAILABLE ON
REQUEST
market
value of all investments owned
last by the fund oh March 1 exceeded
cost
preceding month and
Redemption
from
of
ANNUAL REPORT
common
shares
by
1963,
total
net/assets
increased
in
first -month of; this year and
to
i
$53,834,000.
During the first 2% .months of
February totaled $il4.9 million, from, $286,060,000 to $298,025,000
■
compared/ with .$li§]4 !• mUlioniri /and /value/^e^jshSre/ "froip
the
MADISON FUND, INC.
shares
million
the $271.4 million in February pf
1962]
Independent, Fully Diversified, Closed-End Investment Trust
Winnetka, 111.,, haye been named
Vice-Presidents of jKeystohe Co.
totaled
month, down from the $234.6 mil¬
lion • in
An
•
Wellesley
pattern of growth $3,585,000. At March 15,
discouraging.
The
William
and
•••"
/Sholley ' of
778,000,
shares. //.'■/■
of the
*
Customers Brokers
To Hear-.
B;
month-tp-month reports on sales /investments, against .60.6% atrthe
of fund shares. Yet the latest of end of the year. During the first
Corporation.
^
each
historic
far
#•<:'*"*
.:■%
-
dividends and about
shareholders
Regional Wholesale Rep¬
Devon Plans
the
from/realized
funds
Wisconsin
and
Power.,
Angeles have been named Direc¬
70% of the money
Re¬
a
resentative with The Crosby Cor-
Z
of
/
Incidentally,
of all income
secur
gional Representative with Knick¬
became
T.:?
Pe'ter
gen¬
made at the close
year.
Utilities
land
Electric
culates that mor$ than one-third
the
1958
fund's
other, hand,
the
on
America^ ^qs^^liquse,^Elect^q,
Marathon /Oil^ Qrange /•& i Rock¬
tors.
National Sales Manager of the de¬
Lerche
course,
''a,-'
•
/
the
Distributions of realized capital
1/William Street,
Corp., Nevada Power,
pqneral Electric,. Radio Corp. of
divi¬
made at quarterly in¬
erally ;are
Mr.
payments, of
'
One
man
Edward
the
in
stockholders
investment-income
the
of
distribute
funds
to
of
:
Brothers,
and /& Reading
in¬
have
balance of the. dividends and in¬
Appoints Lerche
Lerche
stocks
they
behalf of shareholders.
the
penses,
.
T.
the
AfterApayirig their, operating ex¬
Lehman Bros.
Assis ant
on v
which
$14.51.
DELAWARE TRUST BUILDING, ROOM
g WILMINGTON, DELAWARE
1455
22
(1290)
The Commercial and Financial
Chronicle
Natural Gas-
New High"
fy
'
V
reserve
'
'
,
i
' V
1 r"
/
<
'j
U
'
Iff!
4
'
supply
in
1962,
the
over
re¬
high of 273.8 trillion cubic feet.
-
After taking a record 13.7 tril¬
lion cubic feet of natural gas out
/
came.
of
Ricans enjoy United States
citizenship.
The great
pioving
have
Of the
and
earnings
Banco
Popular
Banco
Credito....
Banco
de
Earnings
$89
Ponce.
Ratio
*$8.00
11,2
Dividend
2.00.
x
Yield
(%)
Deposits
Loans
2.25*
$195
$94
55
3.66
15.0x
2.40
436
154
95
26.01
12.6 x
10 00
3.20
99.8
•Estimated, June 30, 1963.
to
Shares
48.2%
53.5
236,144
54.0
Natural
report
32,750
the
have
225.3
Net Income Per Capita—Dollars'.
121.0
ardsS Product—Millions of Dollars
614.0
iv:.
Private Savings and' Time Accounts—Millions of
.
Dollars
Recurrent* Revenues
of. the. Central
.....
SOCIOLOGICAL
Population
of $
v;/
FACTORS-
Per
+ 902.0;
Reserves.
oil
is
+
2,560.7
reserves
+
22 5
—
63.7
,71.0
+
54.3
46.0
589,458
.,
21,262
+
,.
326.3.
2,370
+
OF
.1,047
+
INCOME-
2.2
...
J2.0
Commonwealth and
Municipal Government.
23.0
31.0
/
13.0
+
'
11.0
—
18.0
9.0
13.0
+
„
Other..
16.0
+
—
1.0
35.0
:
feet
states
14.2
with
9.2
Canada's
:
Telex Nos, 22368-9
v
;
.
gas
Bankers
ADEN
KENYA
•
!
;
INDIA
to
•
UGANDA
ZANZIBAR
'
•
CEYLON
SOMALIA
•
Members
AND THE RHODESIAS
BURMA
,
ISO
,
.
/•
■
Laird. Bissell & Meeds
Members
•
EAST AFRICA /
Request
New
York
American
BROADWAY,
Stock
Stock
Exchange
Exchange
NEW YORK 5, N.
Y.
Telephone: BArclay
7-8500
Bell
Teletype 2tf >71-i•
by the
by
rising
cubic
feet
from
Production
was
up
previous
the
in
Cana¬
record
7.3
to
35.4
33.5
949
in
billion
sharply from 787
the
year.
of
seven
„
natural
U.
S.
billion
■«,
gas
reached
Socialists
in
com-
Bank
Stocks
This
competitive capital
9n the other hand,
employment and
as
be
it
NEW
name
bers
It is also; be-
bidding competijust as keen in this
in
was
the
of
Waters
the
&
Offices
are
—
in
with
omy
no
a
too large un;sluggish econ-
abuse "of
credit
fates.
,
•
"p
-
,
.
,
.
T?V|PT*Qf hrlf Ori
O tdu t vU.
-LuCl
•
m
A
Ti
1
±Q
rJb
-i
"
1_
3X11161/,
On April 4, Robert G. Zeller Will
become
>, J
„■
a
partner in F. Eberstadt
«^
ce
* /
i
i
;6^
,
xr
.
City, members cf. the.New
'the
of
db
,
Stock
Exchange.
'
xr
i
York-
...
T
/
.
Issues Were ;
Over-Priced
Specialists
u.s. government
tendency to overbid for
most of the corporate
bonds which
have been offered
"
-
the
various
ratings of
has narrowed to
bonds
that it does not
This
condition
tors
can
choose
-
continue
as
to how
funds with
a
Securities
very much.
that
to
*
'■
point
Certificates of Deposit
inves¬
pick
and
they invest their
wait and
see
attitude
working pretty much to their
vantage since
marjy of these
ad¬
over¬
priced
1961,
tractive to purchasers.
tax-exempt issues have
few
a
cases
followed
a
which is not dissimilar
to the
bond
out
by
new
in
ATJBHEY G. LANSTON
pattern
one
& Co.
corporate
offerings.
INCORPORATED
.
mem¬
Stock
Ex¬ /
changed
to
&
mean
means
and
federal agency
corporate
the
;
-
offerings have gone down
to levels that have
made them at¬
The firm
Alcus,
Midwest
change;. has
been
Waters, Parkerson
Building.
Bank- rate
new
first
raisingvehture
being carved
ORLEANS, La.
of
he.' aiiy
bot seem to call "for higher interest
.
com¬
barrels,
billion
a
Now Waters, Parkerson
v
.
?
that the
tion will
The
Branches in
PAKISTAN
'
ADEN
•
under
Treasury, bond.
market conditions.
lieved
not
on
the Government in
•
reserves,
^
Bulletin
pubiic
bonds
current
:db
cases
there, will
-
records
pared with
MINERVA LONDON
believe
v
.
scheduled
for
And there is still a siz-
down from
-
Association, also
liquids
Securities Co.
,
,
dollar.Money marrU
holdings,
waiting; it will be done, thru debtCmanagesoffering* of tnent as it has been in the past.
publicly;
In
addition, the yield spread between
natural
Discoveries
Christiana
Telegraphic Address
meet
thah-
more
billion; and
Virginia, 2 trillion, up about
1961.
Head Office
;
at
is
probably means that the impending new money bond will go as
atural
46
up
cubic feet,
1ISHOPSGATE, LONDON. E.CJ
of the
k
billion
.
.
■
change in the Central
bidding
long-term
one
trillion,
trillion,
trillion
Bank Limited
U
of
9.1;
broke
«/
the
category
feet
"reported annually
dian Petroleum
National and Grindlays
V
our dollar
Short-term
because, if., higher Interest
the;offing rates should be needed tp proteot
future.
"the dollar ahd our gold
market
next
April 9.
stand
as
18 billion.
4.0
36.0
cubic
:
California,
West
4.0
12.0
«...
Trade
problems.
here
Treasury. under .competitive bid-r
areKansas, 18.7 tril¬
lion,- down trom 19.2; Oklahoma ding conditions.
18.4 trillion/ up from
Recent Corporate
17.4; New
from
;
Manufacturing
policy, it is
giving help tc-
gold
many
trillion, up
The capital 'market as a whole
Wyoming, 4 trillion, has not been
showing too much
dowh from 4.1;
Mississippi, J2,8 activity of late
because there has
trillion, down 97 billion; Colorado
been a
33.3
Percent of Net Income from:
Agriculture
the
petitive
/
14.8;
•
DERIVATION
billion
Mexico,
365.6
6,294
Physician...
a
powers that he
bonds
raising
,
capital
.
106.0
+
509
the
.
natural gas
"
4,987
obtained
to be in
(foreseeable
two trillion cubic feet of proved -money-
32.7
-
and
^ not
by adding 720 billion cubic feet. well as the last one did provided
JitMsiqffered atva yield. thait will
This brings total proved
reserves
gas;
■'
*6.6
286,113
money
Government
where the gas industry
trillion ; cubic
107
' +4,442.5'
30.2
18.2
Enrollment
the
for
by
Insti¬
now
new
appears
The
;
328.5
V:
39.0
......v
for
in the state to 1.6 trillion cubic
/feet. In i960,, Alaska had only
+1,144.3.
+1,063.4
1,869,255.2,482,000
Physicians.
Persons.Per
more
The
made
Petroleum
Treasury decides tq sell
than
getting started, broke into
Other
.
Number of
:
.
Day School Enrollment
University
.
260.0
/;■:
1,000..
Ll|e Expectancy—Years,
Public
166.0
Per 1,000.....
Rate
State
-
also
are
will not be attracted to
any other
type of investment other than a
the
+ 440.3'
306.0
-
26.3
'■
.............
Rate
Death
'•
•
the
dropped slightly,
Gas
Texas'
is just
-
219.0
:
28.0
-
Government—M i II ions
!iPower'Generation—'Millions'of KWH...»;.............
Birth
932,0
17.6
•/Private; Checkinj: Accounts—Millions of Dollars.v./ iii
;;
Unless
only to those of
crude
on
Alaska,
463.6
+,'592.5
Panks:>
♦total- ^Bank-Assets—Millioft-^of Dollars
"V,
3,318.0
-93,0
Decrease
+
1,985.4/
be
ket Specialists in most
able amount of money
Waiting for
this issue to come to market which
+/632.4-
682.0
.
286.7
••••••
Avera^d; Family/Income.
Commercial
1,650.2
or
will
following such
'position
there will be any important
change
in
lohg-term interest rates
additions to reserves by about
335 billion cubic feet
during 1962.
% Increase
1962
so
tl^
capital -market. in
exceeding
Fiscal Years
are
of
rates, it seems, will be Jcept
high, there levels that
The
feet,
119.5 trillion "cubic feet
result of production
ECONOMY OF PUERTO RICO
1940
In
long
now
cubic
American
tute.
ECONOMIC INDICES—
Net Income—Millions of $,.
planning
most
money to finance our
deficit
evident that
as
ac¬
state
at
THE
As
new
that
balance of payments problem will
hot be further aggravated,
the inflationary forces are dormant and the
economy Is sluggish
and unemployment: is
trillion cubic
Louisiana
committee issues its survey find¬
ings at the same lime a similar
277,500
60,6
bearing obligations.
how
in in the money market so that
our
vestment in discount and fixed income
is
proved
trillion
second
are
on
'
>
19.6
1962
Texas reserves
Wo. of
Loan/
Deposits
(Millions)
315
.
began
according to A. G. A.'s Committee
P/E
.
,
it
Texas.
:j
-
total
reached, 71.9
basis and offer long-term appreciation possibilities. It
should be
noted that dividends are subj ect to a 20% Puerto Rican
withhold¬
Price
since
added
been
.
ties with the United States.
>
force
or
Treasury
.
geht movement leading to independence is remote as there are but
political parties of importance and neither is anxious for sev¬
1
The debt management
policies of the
talk of late about an
increase in
spite ;the.tiiscount rate
because of t,He
of a few more
counted for
corporate/(issues need for higher interest rates as
near}y half*; with its,
"discoveries -and /revisions Teach¬ being offered to thfr public is hot -a "protective measuire
against;, fuij'-!
ing 9.5 trillion cu;bic feet. Re-, being crowded b^ hew^^Offerings:^fthefclosses
/gold
And there are no ihdicatiTohsr that
serves
in
the
two
.
study^ A. G. A.
that
out
feet added in
■.
„
world
money centers will
continue to stay in this
country.
areas,
l
Also a consideration to the investor in Puerto
Rican securities is the
proximity, to Cuba. It is readily apparent
that Cuba.is much closer to the mainland of
the United States than
to Puerto Ttico^In
;addition, the Cuban influx tp Puerto-Rico has
been very slight. .Also, the
possibility of nationalism or any insur-,
on an
important
funds
haven in other
'
nate the economy.
relatively cheap,
most
that
so
a
are
high enough to
quite; likely to be large sums
keep monetary transfers from .this
of money that will be
reserves. During this
period, pro¬
seeking ;an country for yield
purposes at a
duction totaled 161.7 trillion cubic outlet io
bonds,;with Government minimum;
feet. When A. G. "A,
issues still
began its
among
the favored
■'
No Increase In Discount
Surveys 17 years ago, there was ones.
Rate.
known to be about 150 trillion
Likely
Coming Bond Offering to Attract
ciibic feet of proved'reserves.
There
has
been
considerable
Keen Competition
percent of the total and the Gov¬
of the importance of not
letting this factor domi¬
ing tax.
reserves
reports in 1946, more than
285 trillion cubic feet of natural
previously mentioned features of
are
The
addition of
net
a
such
as a
The stocks of these banks
free
amount, of funds available for in-
gas
of any
with
in
1960.
pointed
Although the industrial development continues, tourist trade
has been'growing rapidly. An
economy which is tourist dominated
tends to produce variations in
income; however, tourist income is
erance
authorities
which could find
both the money and capital markets at this time is the
sizable
annual
attraction.
ernment is aware
ground
In announcing the results of its
However,
relatively unimportant
trading
tary
This is quite likely to be the
foreseeable course of action for
both
of these sectors of the
in
important lure to industry is the 10-year tax exemption.
Many of the industrial firms located there are
funning out of the
period of exemption but few» have evidenced interest in
still
conditions are both far
from being
satisfactory, the money
and capital markets.
continue to
move
in
narrow
3.9 trillion cubic feet the
previous
year, and 1.2 trillion cubic feet
bility of labor and relatively low cost labor is one factor. Also a
feature of attraction is the abundance of
low cost industrial sites
^Often constructed by ani agency of the government.
their operations due to the two
the
compares
publicity the island receives has occurred due to the
industrial development which has been
substantial. The availa¬
the most
JR
it is being
managed by the mohe-
national
Government geared
production,
market unless unforeseen
there was -still a net
happen- needed
gain in 1962
of
six
trillion
cubic feet. This ings should take place.
sizable
more
autonomy than territorial
close liaison With the United States. Puerto
Status but permits »-a
CHIPPENDALE,
Even; though ; national and inter-
year,
ported March 27. Proved reserves
in the U. S. now stand at u new
Since the;turn of the century Puerto Rico
has been part of
the United States and in 1952 the
status of Cpmmbhwealth
This gives the island
on
13.3%
a
previous
•
into: being.
BY JOHN T.
4
1
19.6 trillion cubic feet
the American Gas Association
it would be difficult
occur
large institutional holding.
a
V
were
increase
Although fre¬
to obtain
Our Reporter
of natural gas added to the
proved
three principal banks in Puerto Rico.
These three in
order of size are: the. Banco
Popular*, the Banco Credito, and the
Banco; de Ponce. The first two. of these banks have
fairly active
markets and the latter stock is almost
unobtainable.
are
one
il'
There
PUERTO RICAN BANKS
for
Thursday, March 28, 1963
Bank Stocks
—
'•
quent offerings of these bank stocks
.
.
Reserves Reach
This Week
There
.
Company.
located in the Whitney
20 BROAD STREET
,
Short-Term Treasury Market
:r x ,v<
Well Supported
The
short-term
sector ,of
Government market continues
move
in
a
narrow
range
:
NEW YORK
-
\.
the
CHICAGO
to
because
'
BOSTON
>
Volume
Number 6250
197
The Commercial and Financial Chronicle
abuses and
As We See It
Continued from page 1
absurd
its face to supposo
on
stroy capitalism
rather small. It may or may
be wise politically in
"build"
could
,nism
within
:
commu-
time
finite
in false
/the best—that
those who wish to
jcal
economic1
about
ideas
+0
seems
benevolent
less
more
as
the .Exe^nge's Hual rer
report on the stockmarket
we
w
despots
ers.
even
May 28, when all
on
Others sold
on
customers,
however,
sellers,
balance.
all three
on
Margin
ndfc
•; were
days.
;
During May 28-31, the pro^portion of. total public volume
our
billions
even
.
...
millions in our efforts to get the world recovery of
to many straightened out
particu- May 28~31.»
or parts of the world. That all
iariy in the so-called back- l962v believe
We
in this, however, is performing ward countries- if we recog- t his stud
they could do and
would be to act
that
us
.
.
possibly achieved to send
—
Exchange RepOrtS
rA„; u
.
...
11
us> mat we search
the welfare and how it may be should make better
headway "break" and
of
countries
world. The most
Y. StOCk
de
23
and also
—
,
.
backward
would
gain politadvantage by abusing the Keith Funston, President of the
order to stem the march of already unpopular
Kew York Stock Exchange, has
;that far-off Russian commu- not
mists
by the propaganda
of all those who
"
s
-
(1291)
originating in major metropolis
tan areas
lower than usuaU
was
.Short.selling accounted fop
5.6% (2.6 million shares) of all
.
y
.
shares
sold, during
compared
with
the
3.8%
period,
for
1961 and, 4.3% for 1962
all of
through
May 25. About two-thirds of all
;heriign rulers far away, and .millions is a delusion, and we real difficulties we ourselves the entire Exshort sales were made by
spe¬
:in this way- increase produc- shiould be wise not tp become encounter in our
cialists to meet the public's
programs of change Comde^
'tion -aftet~ a long* period of victims of .any Such false nomand for stock, especially
foreign assistance and the munity .met
ip
the: rising, market on May 31. >
^vears to a. point- where the. tion;. Human nature does hot uke. We should be more than one of the
Keith Funston
The Exchange's report examines
'producers are able to live a behave that way whether, the foQlish
that the
in detail the activities of Exilittle better than fhey have in. economic processes are mod- success of. such
programs can history of the market," Mr. Funw change members and public iritthe past/Actually, even such ,eled after those Of commu- be
measured by the number ston said. During the period under vestors—including institutions and
*
-
^ Oppose
:a
exceed- nist countries
Consummation "is
after
or
TUr,
ours.
ftf dollars
nr
billinn«?
nf
study,
Hnl-
orders intermediaries—-over the
individual
673,000
day period.
from the public were executed.
It provides
three..
day-byprob- lars, that we put into the efUnder
the
title, "The
Stock day chronological summary of
individuals such as are usu- ably well aware of all this. fort. This is a
good season, Market Under Stress," the 60-page principal market developments
'ally to be found in backward Their remedy is to convert particularly in light of the study combines new data with during M!ay 28-31, .as Well 9s sep'countries could be deceived the beneficiaries of their asreleased
general conclusions of the re- material previously released by arate discussions of the use of
by arate
presents for the stock market credit and the opby the blandishments of com- sistance into slaves and com- port by the Clay Commission, the Exchan^ePr
first time a comprehensive picture erations
of the Exchange.
The
munism, but, of course, it is pel them to produce abun- to take such" matters under
of
ingly dubious. Only ignorant
such
in
that
areas
The communists
1
are
4.V.
4.
.
.
,,
,
„
who bought
danger dantly. That does not work, close advisement.
and it is, accord- either, and we are having that
;ingly, well that the President fact demonstrated again and
Economists GrOUD to
has taken occasion to call atagain throughout the world.
in Cuba.
:ure
pro-
Publish Newsletter
cedure is that of slow educa-
■
,
40 million shares changed hands:
In
...
All of
•not be
to
this, however, should tion and training of the under-
permitted to blind
the
tact
that
the
commu-
.nists could with very
•erable
developed nations and their
peoples
and
—
at the
consid- time doing what
ket
Oil
three-day; period, individu-
als
same
in
The National Association of Busi_
charges about
to better their
own
condition
come
lifting
antitrust. debate with a quarterly
RSft. "STSISSl
these
unfortunates some peoples will respond
7
win ic.^punu
quagmire of their more readily than others. But
ignorance and poverty, but in slow or not and difficult or
.
£
the
much that
.
have had to say
we
ithere has been
an
implied
as-
we
were
de-
,
...
j
that
•Surance
tprmined to bring them up to
.'better things. Well, in some
rinstances^ for ex h;m pie in
not, it is the
one
and only way
v
be made...
^
r .
^ctj enabled the rank and file how be brought to understand
fto proceed much faster to is that capital in one form or
familiar with
riomic
of
reasonable
eco-
another
is
essential
to
and
today is about half the average
price of shares, traded in 1929%:
;
on
e
in relieving distress
way,
really backward peo^ least
they
or
can - • obtain
moderate
amounts
pies who, like the Cubans and capital from outside,
Other
and
the
Latin
American
file, have
benefits
rank
of
selves
frank with
are
we
will
this- fact. If
en
•
our-
readily concede
we
are
consumption.
This essential can, though, be
had—and it is vital that the
sold
1C reP°rts on f^e
Ba t e of
a
total of 9.5 million shares
.
#
•
Written margin
.
for
counted
of
i
i
j
make marked
future
such
by
•
u
,,
j
headway
merely
in
-
the
and
honestly. Recognition of
"
the fact that capital as well as
.1
o
.
.,
.
..
i
n
that
they
more
difficult at times by past
sold
million
by
only
a.
available show that:
.
.
.
der
$10,000
of
income
Effectlve April-4, Stern & Stern,
will be formed with offices at 40
York
City.
accounted
total
total
.
.
.
li7%,
and lL7%>
were
regp^ctiyely.
,
Individual copies of "The Stock
Market Under Stress" may be obv
SMS, New York Stock Exchange,
11 Wall Street, New York 5, N. Y-
(New York City residents add
saies tax.)
V;
^
%lt
.
.
-v
.
•
i
-
•
MQHGy lirOK6rEg6.
•
;
•
k
Firm Ooeiis
un-
f or
a
volume
a
money brokerage business in hig
own name with offices at 84 William Street, New York City,
Mr. Palumbo has been active in
international banking, foreign exexpected, higher- change, securities and money bro-
individuals
volume,
were
rela-
as mar-
*
Cash investors in all income
groups-were
the
Exchange.
cash
margin
tively more prominent
gin customers.
"
'
-
stock
On October
28 and 29, 1929, the declines
George G. Palumbo has started
;
Investors With incomes
aividuals'
New
basis,
May 28 has
on
other, new data not previously
larger proportion of public in-
street,
percentage
a
small
0f overall margin selling.
part
changes in competitive pressures,
Worth
on
decline
Jones dropped 6.5%.
margin
uidation due to written margin
supplying labor is worthy of its hire is Partners will be Jacob Stern and
need ' is
calls ac-
one
However, forced liq-
calls represented
N^iette; To® multrate t'he'se
peoples with goods and fundamental and is made the
services
about
shares
all
customers.
realistic borrowers understand the fact
shall be able to
5.7%
shares tained for
$1.5(1 per copy^ by writ*
ing to: Publications Division, Dept.
shares.
As Would be
we
organizations
member
net sale balance of 2.8 million
a
?.
than
hood that
the
—during May 28-31, recording
company and industey. Spe-
the
as
—and bought 6.7, million
"Busineess Competition News-
of current produc-
tion for current
transactions
Margin customers of Ex-
.
change
a t
n,ore out
they "supplied
when
31,
buying
.
.
and thus
the 35-point drop in
and the Dow-Jones Industrial Average
members
satisfy the heavy pub- been exceeded on 23 other days
demand.
Odd- lot since 1927. On Sept 26, 1955, the
dealerg, of course, were an ex- day following. PresidentEisenception, making of f se t tin g hower's heart attack,' ^the' Dow-
.
market reali¬
abstract and esoteric
•
The report also suggests that to
emphasize
organizations, in gen- oh 3\4ay 28, 1962,. would Jbe. some^misleading.
In terms of
market was declining and ^ not points, this; wag, indeed, the secsellers as the market rose. Over- ond-largest one-day decline ever
all; they were net sellers for the registered by ^ the Dow T Jones*
round-lot
rne^tlcCo^^ndToducfs
tt.„.
we
the
~
public bought and sold odd lots.
g e
production more letter" emphasizes that, as our
known quickly - enlarge it to the
modern m- point of
paying for the use of appear, the patterns and areas of
the
'A1- -— 1 still have competition shift for the individ- *capital and -i i11 1
We Have Troubles, Too
If
sion in
selling,
were
,
of language of theoretical economics,
never
dustry.
w
l
at
investors
Exchange
.
.
lie
ties and does not cloak its discus-
d
when indi-
stock to
and
condi-
they 1 u t u re welfare. - They can developments are reported;^
:
by their either forego current con- jette^hopes tonarrow"he co^own
efforts alone. Moderate
sumption in order to develop munications, gap be'twe.eh- the
successes have been achieved their
own
equipment and lawyer and the economist in this
elsewhere, but not a great other capital goods, realizing complex ^area. The Newsletter
-'■*1
°
among
the
throughout
three-day period—especially on However,
r
could have achieved
ma
trends
days, buying
erak were net buyers when the what
their tions. Foreign as well as domestic
focuses attention
attempted
member
welfare* than
°
the
and vice versa.
econo-
antitrust
trends
have
parallels between the May 28-3f
under-$10,000 in- market and other periods in which
shares,
.
competitive
tators
•
commento draw
May, 1962, for example, 7.5 billion
vidual
realistic economic
criteria for defining competitive
.more
Observing that "some
market
-"
positions
upper-
.
May
a
and
buyers, especially on May 31,
veloping
One of the things that thesO .forecasting, a major - objective of
to
thie
were listed on the : Exr
change, compared with less than
as commercial banks and nonone. billion in October^ 1929. Also,
member broker/dealers bucked the average price of shares-traded
rily with the analysis of business
conditions and the problems of
-
in
three
Recognizing that business
of
As a groups financial institutions and intermediaries such
.mists.have, been concerned prima-
Capital Essential
and
'
...
progress can
taken
limitations
category were substantial
of antitrust discussions and in de-
jii whicji. solid and enduring
•
°
hew stock
a
steps
than three decades.
".
^shoul<iPro^esPerially helpful in
upgrading the economic content
more
the
as
prices declined sharply," the report points out that stock market
when the odd-lot purchase bal- conditions in, 1962 were very difr
ance of 1,245,000 shares was the
ferent from, conditions existing
highest one-day total in more three and four decades ago. In
net
ancurag. th, h.pa
peoples on their economic that they can better their own March 22. NABE feels that its
feet. We may or may not have condition. Such
process must, members, being the economists
made foolish promises about - of
course
take
vears
and closest
to the business world,
from
middle
the
those
Economists, P. O. Box 3575,
ness
overcome
well
income groups were net sellers;
can
to r«t tokw.rd and to
»
Industry Competition
as
rising. Over after the period of stress.
was
the
.
Exchange's plans for
ticker,
declining and; bought present ticker both during
Was
heavily when it
be done Grand Central Station, New York
some-,to instil in them the desire 17. N. y„, la Joining the growing
validity make
what the same
us
general, public individ-
ualjTsold heavily when the mar-
,
;
and who sold dur- latter includes an examination 6f
tape lateness and describes the
ing the crucial three days when
.threatens
jtention to the economic fail- The only basically sound
a
net'buyers
over
years.
He
will conduct a money brokerage
business; specializing in brokers
loans, and individual and
rate
collateral
loans,
has been active in
buy- two decades.
three-day period; those with
incomes under $5,000 were
kerage for the past 45
a
for
corpo-
field
he
close
to
;
24
(1292)
The Commercial and
Financial Chronicle
•
;
.
final, output, income and em¬
hand, is contemplated by mining
ployment this year, not only be¬ and
non-rail transportation com¬
cause
of expected
higher levels panies,
Generally speaking, we
of disposable
income, but also be¬ should not be too
surprised that
cause
of the large amounts
of the■ most recent
surveys of in¬
liquid asssets which the consumer
tended
capital
spending
show
Continued from page 1
in 1963. At the same time it must has at his disposal—liquid assets
higher totals than those taken
which
in
fact
asked Congress for tax cuts over be noted that the Annual
were
increased last fall. That this has
Report
happened
a three year
period which would of the Board of Governors of the throughout 1962.
before is indicated
by the fact
cost the Treasury some $13.5 bil¬ Federal Reserve
that McGraw-Hill's own
System, 1962, re¬
survey
lion in tax revenues and raise the cently published, revealed con¬
Plant and Equipment
in
the
fall
of
1961
concerning
deficit in the Federal budget from siderable
Expenditures by Business
division
of
capital spending for
opinion
1962
pre¬
dicted only 4% rise in such
$8.8 billion for the current fiscal among the monetary, authorities
Before
spend¬
turning, however, to a
year to. $11.9 billion in the 1964 as to the proper monetary policy careful
ing in 1962, while the actual in¬
examination of consumer
fiscal year beginning this July 1. to be followed. This was drama¬
crease in capital
expenditures last
spending, let us first look at
Individual income tax rates would tically revealed in a 7 to 5 vote
year was more than double that
anticipated
Business Activity Will Reach
New High Levels In 1963
rate
to
range
the
14%-65%
a
capital
rate range. The first of these cuts
for individual tax
payers would
in
significantly
deficit
in
our
continuing previous
balance
our
from the present 52% rate to the
ments, resulting in the
pre-Korean War tax rate of 47%
leak
Jan.
1,
in
"Recession of
*
i
1963"
and the
recession
in
was
vigorous
supposed to take
place in the first quarter of 1963.
Many
observers, including
as
long as a year
*?one,
were
looking
then,
comparable
earlier
for
recessions
In
•from
numerous
These
re¬
de¬
the
previous
record
given
a
it appears,
so
confidence.! to
new
and
consumers.
has
that
estimated
total
of
actual' investihent
spending in the third quarter of
1962 was $J/2 billion
higher at an
rate
than
had
been
pro¬
jected only three months earlier
by the Securities and
Exchange
Commission of the Federal
ernment.
In
the
1962 such
capital
third
Gov¬
quarter of
spending
record annual rate of
was
at
$38.35 bil¬
lion, seasonally adjusted, but de¬
clined to
the
a
fourth
business-
promised
The
thermore, the
successful
alike*. Furthermore, the Ad¬
men
1957.
rate of
$38.0 billion .in
quarter.
Such
capital
spending is estimated to have held
steady in the first quarter of 1963
at
a
$38 billion
annual
rate, but is
expected to rise to an annual rate
of $38.65 billion in
the second
quarter of this year and a rate of
Street
Journal
recently:
"'It's
primarily through higher Federal
quite possible, we'll get, through
Vthis year without any real re¬ spending, but rather through the
nearly $40 billion in the second
stimulation
of
greater
private
cession,'
Howard
says
Vice-President
mist
of
and
California's
•
Craven,
chief
econo¬
Bank
of
America,; the ; nation's
largest
-bankV Until recently,r Mr/Craven
Anticipated a recession sometime
in 1963.
•"
1
was
pessimistic earlier last
spending
half of this year.
t.
1
increase
indicated
as
in
projected
equipment
for
1963
business firms may
many
garded
all
as
the
more
by
be
re¬
remark¬
able, since according to last fall's
of
$37.4 billion in 1962,
however, was
a substantial
9%
higher
than
actual investment in
1961. Fur¬
a
its
higher levels of economic
activity
this
year
will be sought, not
story printed in the Wall
a
and
ministration
come
have
crisis
as
October
many,
oc¬
quarters
to
seems
mid-
has
suggest the
statements
Confidence
afeasrhowever, greater
resolution, at least
.
curred in
cently.
Consumer
The
spending in
a
poli¬
compared with
last
,
help to
growth
1962 sentiment. The .Cuban
;
Some representative statements
from
various
economists
and
"change in sentiment that has
some
veloped,
ex¬
perienced in the postwar period.
^bankers may
in
annual
confidence
four
have
we
imply the need
ago
the
of
equipment set
economic
this -Improved
downturn
a
to
exceeded
cies among'the
monetary authori¬
ties, who pointed to the current
hesitation iri the economy.
history is
our
slow
restraint, was bal¬
by proponents of more
anced off
Cuban Crisis
that which
level
for more credit
Perhaps the most widely fore-
.cast
same
March 28, 1963
McGraw-Hill
turers
Chases, like business hard
goods
purchases,
are
on
survey,
the
manufac¬
average
were
that
essary
second
That
absolutely
John
Doe
nec¬
buy
•
that
for June, his
wife, this
year even
though she might like
to have it. It
is also possible to
car
make
just
the
washing
machine
run
little longer, or to
repair
the television set
instead of buy¬
ing
a
a
have
new
a
one.
great
stepping
Hence,
deal
up
or
of
consumers
latitude
reducing
spending in this hard goods
in
their
area.
Major factors of significance in
determining whether, in fact,
increase, hold
con¬
even, or
reduce their hard
goods spending
include:
(1) the level and : rate
of
change of disposable personal
income, (2) their
accumulation of
assets,
particularly liquid assets,
(3) the availability of credit with
which
op¬
postporiable.
is to
say, it is not
sumers will
spending
although this high
1962 barely
year,
pay¬
approximately 9%,
earlier.
the
of
our
which seemed to
The
of
those
over
gold stock holdings $37 billion for business
investment
experienced throughout 1962, in new plant and
we
'
1964.
or
Federal
The seriousness of
take place July 1, 1963.
Corporate
income tax rates would be cut
on
spending
by
mid-December 1962, by businessmen
on new plants and
Open Market Com¬ equipment for 1963.
Capital ex¬
mittee, after which some tighten¬ penditures last
year
increased
ing in monetary policy occurred.
taken
be reduced from the present 20%-
31%
Thursday,
of
hard
new
goods
may
be
acquired, and (4) the existing
age,
condition, and size of the stock
erating at only 83% of capacity
during September, 1962. Further¬
of durable
goods held
by the con¬
and (5) the state of
conA
expecting only •fidence of
consumers.
Most of
a modest rise in
sales of" some 4%
these factors
appear to us at
in physical volume this
thef
year. Part
manufacturers
more,
at that time
of the
whole
a
sumers
moment to be
impetus to continued high
capital spending, how¬
levels
ever,
as
were
for
be
may
found
in
the
The upward
adjustment of auto¬
mobile
machinery and
It is not difficult to
their desire to reduce
high and
increasing
maintain
we
labor
costs
should note in
capital
and
profit margins.
spending
a
ne\y
automobiles
auto
thus
of
Finally,
in
dealers.
reported
recent
years such
by
March,
consumers
In
1963
Chevrolet
discussion of
that
schedule rates
already been mentioned. This,
of
course, is due to the
continuing
high rate of final purchase of
equipment.
see
production
has
capital spending
automated
consumer-
spending in 1963.
devoting higher percent¬
ages of their total
relatively favorable
increased
fact
that manufacturers
generally each
year are
to
possible
of
and
from
the
third
initial
General
Pontiac
record
Motors
divisions
sales,
while
Chrysler had its best. early-March
spending has .not var¬
widely from year to year.' sales since 1960. All of jttiis in spite
of bad winter weather
This is of particular
importance
followed
in connection with the
mild de-» by early spring thavps and flood¬
clines in business
activity. which ing*
ied too
we
hAve-experienced in the post¬
war
period. Most business firms
Earlier surveys, of expected
Encouraging Mid-March Retail
cap¬
have continued to
ital spending this
spend what they
Sales Data
year had fore¬
had planned, rather than
businessmen alike. Be this as it seen lower levels of such
showing
planned
The Census Bureau
reported in
panic in the face of some declines
.may, it does appear that there capital expenditures. For
mid-March that retail sales in the
example,
is renewed confidence on
in their final sales.
the part the Department' of Economics of
week ended March 9
showed the
of many sectors of the
the McGraw-Hill
economy.
Some
Publishing Com¬
inventory accumulation biggest margin of increase over
pany released on November
The
9, particularly by steel users can be 1962 levels in nearly two months.
bouyant level of recent
1962, a preliminary, survey of ex¬ expected this
automobile sales, for
Total retail sales
year not only be¬
in that week
example, is
pected capital spending
a case in
by busi¬ cause of a possible steel strike were estimated to total $4.3 bil¬
point. The new car. sell¬
ness in
1963. .The actual
ing rate set records in the fourth
survey which could occur after July
31, lion, which was 8% higher than
was
taken in
October, which it but also because of the necessity in the corresponding week a
quarter of 1962 in each month.
through
„its
recom¬
mendations to Congress of a
sig¬
nificant tax cut to consumers and
.
/
.
,
'year and thought there would be
a downturn in
1963,' says Robert
Ferber,
acting
."Bureau
.
Director
Economics
Research
ness
"of
of
Illinois.
recession
at
the
'But
Busi¬
University
say
seem
a
ve r
I'd
now
doesn't
the
of
and
This strong upward
surge of auto¬
mobile sales is
continuing in 1963
y
with the production
schedules: of
likely.'
V
"Adds
dent
L.
public
T
Vic^-Presi-
Executive
A.
Jennings of the Re¬
National Bank
don't predict even
in
Dallas:
moderate
a
recession.'"
The
stock
seemed
to
market
in
almost
sharp
Apri 1
a
downturn.
the stock market has had
the
such
other
seems
that
to have
indicated by
1962
to
and
Street
at
should
cars
expected
quarter
good
of
compared to
as
an
1,900,000
of
this
in
stock
market
changed its mind
1963.
that
as
seems
thinking in Wall
time
have
This
a
was
the
over
of
last
the
cars
high second
and
year
first
This
year.
ex¬
would
quar¬
would
be
nearly equal to the record set. in
1955.
It
does
appear
that
we
strong
business
year in 1963. The sidewise move¬
will be
remembered, was during of business firms adding to their
Cuban crisis with all the at¬ inventories
in a period of
up¬
tendant uncertainties and
confu¬ swing in final consumer
buying.
sion.
Nevertheless, the McGraw- 'The wery ** conservative.?
policy of
Hill survey revedls that in
October many business firms in recent
1962
American
business
firms months will help
to lead to some
planned to invest $38.15 billion or
the
build-up
3% more, in new plant and
equip¬
ment In 1963 than it did
in 1962.
A similar
survey of planned
capi¬
tal
in
outlays by business firms taken
February and released iri
good years back to
back.
>
•
Since
our
outlook
cally
on
view of the business
this
depends
year
the
expected
criti¬
behavior
of the consumer such
confirmation
of survey data of
consumer
in¬
tentions to spend is
very hearten¬
ing indeed. The survey of con¬
sumer
the
buying plans
released
mid-
sumer
of
inventories, if
future, since
have
con¬
sales continue to rise in the
reduced
their
inventory
holdings to the barest minimum
possible.
and
the
Securities
Commission
that' capital
and
showed
spending
this year
should rise to $39.1 billion
or 5%
more'than last year. This
upward
adjustment of expected real in¬
vestment spending
mon
ness
is quite
Capital
Spending by Principal
Industries
Federal
,•' A'',''
A;.
this
sales increase followed
healthy
one
of 5%
for the previous week.
Restaurants
and
general merchandise stores
showed
the
biggest gains in the
week
ended. March; 9,* with sales
rising 10% from 1962.
Clothing
stores and
stores
sales
had
of
9%
a
auto
increase, while
dealers
rose
3%.
Consumer hard goods like
refrigr
erators, washing machines and the
-A-A
have just suggested, some
build-up in inventories by busi¬
we
preceding year. January 1963 ship¬
ments of such
appliances showed
gains over January 1962
ness shoulct occur on
ranging
the basis of
from 12%*in cloths
dryers to 22%
expected continued gains in conr
in
refrigerators.
spending. Throughout the
It may be that at least
period steady rises in
some of
consumer
spending have provided these substantial increases in sales
a significant
were due to
support to the econ¬
price cutting by man¬
sumer
com¬
during an upswing in busi¬
activity.
by
As
Furthermore,
like also showed
healthy increases
in their
early 1963 sales over the
Consumer Spending
■
year
ago.
furniture-appliance
many business firms
March 1963 by the
Commerce De¬
possible, partment
therefore, that the auto industry
Exchange
can have two
On
its behavior in late
that
ter
easily be
can
the
early
suggest
a
a; prognosis.)
hand, it
observed
also
everyone
it might be noted,
now,
record. in
assembly
1,950,000
be 5%
its
last
signaling such
<Up till
auto makers for the second
'quar¬
ter of 1963 set for
pected production of
decline .beginning
to be
.
postwar
omy. Consumer spending on serv¬
as medical
care, vaca¬
tions, education expenditures, etc.
ices such
ufacturers, but another part of
rising sales must surely be
such
attributed to continuing increases
in
Naturally, different sectors of has shown a steady year
in personal income
of consumers.
by year
strong the
economy have different antici¬ gain throughout this entire
1963,
suggested
some
period, Wage and salary payments, which
pations in regard to their
doubts developing again as to the
capital while soft goods spending by con¬ is a major source of such dis¬
strength of business conditions in consumers in 1963. Consumer in¬ spending plans. Manufacturing in¬ sumers has ^also shown a
fairly posable personal income, rose in
dustries as a whole are
1963.
tentions to buy such
looking high degree of stability with the February 1963 by an annual rate
goods rose
for capital outlays of
$15.7 billiion general trend upward in the post¬ of $1.8 billion over
markedly since the survey taken
AJanuary. Fur¬
ment
in
the
stock
market,
in
Furthermore,
serve
credit
Federal
have
its
more
policy
provides
the
to
seems
somewhat
money
recently,
another
Re¬
tightened
and
which
straw
in
tial
for
in
the
•
<
i.
-
■.
the
growth
American
''f
■>;
"
plans,
released
favorable
the
in
that the
were
we
turers,
1963,
step
still
<
up
Railroads,
are
a
to higher levels
in
*
particular,
capital
substantial
improvement
expect the consumer to make
real contribution
or 7% more than last
Durable
goods
manufac¬
year,
year.
buying
March
intentions
so
this
Quarterly
consumer
noted last November has not
been
poten¬
'
In
Survey of
diminished signicantly.
Therefore,
economy
!,:
mid-1962.
consumer
the
suggesting that the mone¬
tary authorities have considerable
confidence
in
Board
wind
••
Reserve Board
November 1962 showed a
rise in intention to
buy cars and
other hard goods on the
part -of
March
11%
over
perhaps
intending to
expect
expenditures
last
to
a
year.
war
period. Only in the
hard goods
have
we
spending by
seen
variability in
ing that
can
spend 13%
more
this year than
last. Some cutback
in? capital
s"spending* on the other
vestment
The
that
and does
spend¬
occur on
the
firms in their in¬
expenditure
decisions.
key point here, of
consumers'
of
anything like the
year to year
surprisingly, part of business
area
consumers
hard
course,
is
fgoods 'pur-
thermore,
this
the
was
best
monthly gain since April 1962. A
good
part
wage
and
of
this
large
gain in
salary income seemed
to reflect the fact
that
nonfarm
employment which usually drops
on
a
seasonal
held almost
I *ATt h
o u
basis
in
steady this
gh
February
year.
personal A income
Volume
showed
197
Number. 6250
the
special Government insurance
of
Department of Commerce,
cuts
in 1961 to the $55.0
year
outlays have increased more than
and
two
$2 billion. This rise in adjusted
half times.
a
consumers,
in the rate of
Private
at
quarter level in 1963 of $380 bil¬ there will be
largely responsible for this rapid
rise in the state'and municipal
housing starts were
new
seasonally
a
spending.
annual
adjusted
before the
lion.
cuts go into effect,
actual tax
little
spending, for ex¬
consumer
so
tax
anticipation of
cut, it seems plausible to as¬
of
least ■ some
at
that
sume
the
lower rate of in¬
a
Federal
in
crease
consumer
govern¬
government
expected to increase, spending this year than therb was
all, kinds of businesses last year. Furthermore state .and
benefit
consumer
promised
a
of
types
that
are
that
should
ample, which has been made thus
far in
All
spending
Although there may have been
a
should be no ex¬
1963
1963
saying
spending will be lower in
than It was Tn 1962 but that
•
steady- rate this year to a fourth
the factors
been
not
are
pected to result even
cities
to
country
have
towns
and
housing starts.
new
the
from
ment
indicated,
already
as
also resulted: in, an .increase
we
ment
anticipatory spending may be ex¬
The sharp
personal income resulted not only increase in persons of school age
in increases in hard goods sales to and the continuing massive move¬
hut
are
for consumers and Jan. 1, billion in the fourth quarter of
1964;: for cor por a ti on s sbmef last year should rise at a fairly
and local; government
such state
•
,
take
spent in 19.62. Since 1950
billion
though the proposed tax an actual rate of $358.2 billion in corded in 1962. Lest there be any
third quarter of,. 1962 and misunderstanding on this point,
not expected ;to actually the
effect until July 1 of this were estimated to be about $361 let it be clearly Understood that
Even
from the $50.4
nearly 10 %
billion spent
dividend payment made to veter¬
ans in., January, t there,,.was-.; a
monthly gain in personal income
S.
rose
to February, jf,.one excludes
25
(1293)
The Commercial and Financial Chronicle
.
.
U.
slight drop from Janu-
a
ary
„
government
increased' local
from
in
spending
1963, as it did in 1962, is expected
to increase at a somewhat greater
spending.
Residential Rousing: Leveiihg Off
Federal
than
rate
Government
spending. Finally it should be
il;280,000. in jPebruaryv ; ception to this rising, trend of the recenf step-up in business speed¬ 1. When we turn to Gross Private
noted that the projections given
which1 v^as an increase of 4%,over postwar period. The Federal gov¬ ing -for additional > capital goods Domestic
Investment: wefind
for Federal spending, for example,
January. VThe February rise; in 1 ernment,, too, will surely add to may be related to such hoped-for more modest increases, estimated
on
goods and services are 'con¬
this expected ; increase
new .housing starts resulted in a
in total tax reductions. If this reasoning for the fourth quarter of last
siderably -less than ^reported
number; of- observers; tbQkiiig- for government outlays, though the is correct, failure of Congress, to year and for the fourth quarters
taxes
increase for 1963 will probably be cut
by
September, .with Of-this- year over^ that levei"aptu^} in., the Federal budget. The" dif-<.
a strong; spririg^a^ai^.1^
ference, say, between the nearly
back
to
ing construction., Consumer spend- somewhat less than the actuals retroactive ; provisions
Oily prevailing lh tho third quar-<
increase in 1962;:o:;;I
v-i-'j
July i, 1963; may haveim^surr; tfer^lof T96^ Ih^the third^^;quarter;; $65. .billion ;bf; Federal; spending.-,
Tng,;n9t;qply~pn^
for Ihe nextvyeaf and ihe nearly
able deflationary effects on the of 1962 Gross Private' Domestic
a In- the iadmimstrative. budget for
ahdsef vices
the present fiscal year of 1963 the. economy. We are still assuming Investment was at a level of .$76.3 $100. billion reported in the .Fed-.
thus appears to be-vmaking dtsyxeal
eral, admiriistratiye. budget rep¬
cbhtributipp;
U^Spnpmic ryprps?y ♦ latest official estimates, show: fed¬ in our forecast, however, that such billion andr is expected to rise resents soriib
$35 billiou "of trans¬
eral expenditures of $94.3 billion tax cuts will occur. If Congress
perity.y
only to $80 billion by the end of fer
^{<-,:*/: r
payments
going from
the
with budget receipts estimated at does not in fact reduce taxes, the 1963; Some of the reasons for this
Federal Government to the state
Liquid ^Assetsyand D
being $85.5 billion thus showing forecast levels of Gross National fairly modest projection of higher
governments in the form of grants
..." '■ <■'} Income
' '■>> a deficit of $8.8 billion. For fiscal Product for this year, particularly levels of investment
spending for
rate
,
of
„
.
-
:
s.
.
If
examine consumer spend-; year
we
1964, beginning this July
1,
relation to disposablespery; expenditures are projected to in¬
(disposable incomes crease from $94.3 billion to $98.8
ing in
sonal income
of
income
personal
is
course,
pay)
we
three
ed
take-home
find that the ratio has
in -short,
liabilities,
receipts
ing to the Federal Reserve Bank
the
of New
of
take-home
to
What may seem
like
a
percentage points between 91.5%
and
levels
administrative
cash
total
public
to those
budget, we
billion
i
the
to
payments
$113.2
of
fiscal year,
however; >at current
94.5%♦
in- this
of 1963 rising to $119.0
income, rep-, billion; for Miisc^>year* 1964,/next
year, while cash receipts from the
$11. biillion ;r
of disposable.
about
resents
gesting- that'.not only the lOveLof
disposable
other
but the
income
enumerated, including, the
matter^ of
do hear
consumer ?
Confidence,
importantly, on; consumer
spending, v-)
Certainly,
of
the
expected in some of
spending sectors of the Amer¬
the
some
quarter by quarter for these sec¬
tors
throughout
qf the economy
the
This .type, of :detailed
year.
projections imposes a discipline of
thought
analysis that might
and
otherwise
not
looks
1963
in
possible. If one
be
the econ¬
for. expansion in
construe*
expected
is
relief
to hold
be below that of this year.
forecast
official
The overall
housing
of
1963 has estimated that
starts for
housing starts will total 1,450,000,
which would be up less than 2%
expected; 1,425,000 in
1962. By way of comparison 1962
housing starts were estimated to
an
Furthermore,
stantial
try¬
a
very
good
1963
year
for
business though not necessarily a
housing
actually expect some decline this
year
we are
economic expansion.
should be
private ob¬
industry
some
the
in
servers
picture
ing to present here is one of sub¬
higher than those of 1961.
be 9%
subsidy and
individuals.
to
Conclusion
Department of Commerce in
from
payments
in part because of the new I
anti-discrimination clause recent¬
"boom"
year.
ployment
The rate of unem¬
should 'decline
what
from
6.2%,
but
the
probably
the 4% which
of
down
not
Is listed
some¬
level
recent
to.
as
the of¬
ficial Administration objective of
"full"
employment.
increases in
some
Furthermore
prices/are to ;.bea
expected as the year y pro^eeds..)^
regulations.
These inflationary t pressures!: witl&i
experting that busi¬
the continuing deficit in our bal¬
show
exactly
how
much
and ness
are expected ;to -increase from the
capital spending will have to
ance of payments, along with the
where
the
expansionary
forces
$1C0.8 billion hoped for this year
overcome this stability, or even
to $111,4 biHion assumed Tor next? are assumed to exist. We expect slight decline In housing-* starts gold putflqw problem; developing
Gross
National
Product,
which
therefrom, ;fnay lead increasingly
this year. Furthermore, we are
year. Since receipts of the trust
.to pressures; on the Federal Refunds -are somewhat greater than attained a level pf $555.3. billion •projecting only" a modest net in*
spending^ In short, • we;, are ysugyy p&blicTo the.Federjai,gpvernmcnfe
factors
some
detailed projections
find
small three
at
looking
look at
we
cash
consolidated
the
at
billion. If
tion
its
After
Residential
are:
The
1963
for this year, let us
the
of
for
Forecast
ican economy
$86.9
ceipts and expenditures
93.1%,
was
pay
budget^
estimated as increas¬
budget, which adds trust fund re¬
spending
consumer
Detailed
in aid and in various
this
or even
broad trends
look
York, between 91.5.% and
ratio
be scaled down.
deficit to $11.9
to
94.5%. In the third quarter of-1962
cut,
tax
stage
are
should definitely
year,
somewhat from $85.5 billion
billion, thus increasing
ing
varied in the last 8 years, accord¬
this
ter of this
billion, while despite the project¬
minus; personal taxes/and heri*tax
expected in the fourth quar¬
that
omy
for this year, as we do, these
projections force one
detailed
to
placed
ly
FHA
in
Hehce wb
are
ventory
accumulation
t
J
we
the
know that r cpn-
deficit
the
the
trust funds,
in
the
consolidated
then
from
payments
in
third
rose -
1962 and
quarter of
sharply to
level of
a
Again,
year.
was
as
for
this
-
suggested
servel-
to
relax ' somewhat
,
the
present policy of credit ease apd;,
approximately $563 ..billion in the earlier, - however, if: eebnomic ex¬ to permit interest rates to, rise
somewhat.
fourth "quarter of 1962 to continue
J- v'
'
pansion yeally begins to accelerate
The recent decline in the free
risks. The poliey of the -Federal that in the administrative budget.. rising throughout 1963 to a fourth t hr o u g h out the year capital
Reserve
System, helped this by The cash budget thus shows a quarter annual rate of $587,2 bil¬ spending plahs of biisinesses will reserveposition; of commercial
of ;$8.3. biilion in fiscal lion. We expect only a modest be' revised sharply upward,' as banks suggests that in fact the
Free Reserves in '.excess of $400 deficit
cash
credit
sumer
budget in each of these two
easyrtd; eome* by-;for goodi creditj fiscal years
•
is somewhat less- than )
.
.
million
monetary policy
garded
as
was
being one
This
1962.
throughout
year
$10;3
and
1963
fiscal
generally re¬
of fairly easy
year
1964./*./^-
billion
for
from the fourth quarter
increase
this year
Cut; Stimulation
Tax
is
Fed
returning
to
its more
they-already have been since the
the first, quarter of surveys of last fall. If anything,; traditional countercyclical policies
of only $5 billion, with Pur estimates: ih this 'particular; : of tightening somewhat on money
of lasf year to
*
Potential
a
continued slow expansion from
conditions in
credit
and
the
up¬
area may prove to be too modest'
of when the
year's results are finally swing of the business cycle. Hints
have already been thrown out by
the
economy
in... calendar year 1963 at approximately the same tabulated." V-.
M
relaxing Somewhat its policy of
1963 expected from the Federal rate of increase. The second half
official Administration spokesmen >
such credifyease ^as indicated: in ■
The next component of GNP is
of 1963, however, should see a
that a cut in taxes by Congress
ihe latest Federal Reserve statis¬ government is through ,tax ref
that of Net Exports of Goods and
more vigorous resumption of the
after mid-year would permit the
tics which show Free Reserves forms and tax reductions prom¬
Services, which is simply the difised for this year rather than upswing, with GNP rising a pro¬
Federal Reserve to allow interest
now running around $300 million
i ference between total exports of
fromincreases
in
government jected $7 billion from the second
rates to rise somewhat. Although
or less, it still seems tb US' that
goods arid services and total im¬
to the third quarter ■ of this year,
most
lending
institutions
will spending. In 1962 some liberaliza¬
in interest rates
ports of goods and services. Our any increase
tion
of depreciation allowances In the last quarter of this year
have adequate amounts of funds
would
be
directed
at
helping
and tax grants for increasing GNP may increase a sharp $9 bul¬ projection; does not show much
to loan to help expand consumer
capital spending was provided fOr lion as a result of cumulative ex¬ stimulus from this sector of the remedy our present deficit in our
spending. Furthermore, consumers
»>
> yHyj.l P'o
,1.1 fay kand may be a partial reason, for pansionary forces, such as rising
themselves are in a highly liquid
economy,
since any increase in balance of payments, the sharp
investment spending sparked in
position as evidenced ;bY thO sub¬ example, for the large 13% in¬
exports this year is - likely to' be division of opinion Within the
crease in capital expenditures ex¬
part by continued increases in
stantial
accumulation
of liquid
matched or more than matched by Federal Reserve would probably,,
pected ^ for. 1963. in. r;thesteel consumer spending. Perhaps the
mean
that interest rates would
assets
held by consumers last;
most important factor of all in an increase in imports of goods
industry. Further cuts in- corpo¬
year. Savings deposits in commer¬
and services arising from higher not be increased unless domestic
rate income taxes have been sug¬ this pattern of continued growth
the
'Credit'conditions.-Rventh^
Federal
signs
shows
Reserve
The main stimulating effect On
of
the first to the second quarter
.
-
t.
cial banks showed
throughout
the
r
a
sharp growth
of
year:
while other liquid assets
sumers
also mcreased.
'1962,
of con¬
>•
-
1963
as
to
likely to be enacted in
:
take
effect
throughout the
Let
us
turn
now * to
ing.
Every
period
year
postwar,
has; seen state, and
local
outlays y increase
government
y higher-
of., the
spend¬
as
;cbsta < andy greater respon-
sibiiitieis for educatibfr nrid: highWays have
pushed
.up
last
.
local
year
government
as
.come-product
vide
have
-
been
and if enacted should pro¬
some
higher
new
of
of the needed steam for
consumer,
spending.
emphasis-is thus
on
This
the role;
the Federal government
vate
spending
and
accounts .:, by
-.
the
activity rather
-
fA
levels of' economic activity.
Fur¬ economic activity
running
promised to take effect in mid¬
year
7''--1
strategic role of the consumer. In
as
art
thus
bring
th an by
directly
stiff
into
foreign
devoted to
is
Product
the consumer in his
^satisfyihg resulting from
purchases of structures in
durables, non-durables, and serv¬
ices.
An
additional
amount
to
the
•
consumer
although
in the
we
form
of
Personal
fore
our
they ;can. reach the final con¬
sumers
Turning to the category of Gov¬
ernment Purchases of Goods and
Private Domestic
Services
we
may
note
Expen-
spending*; ditures^therefore, which were, at
itself could probably be
construed
as
a
good
business prospects for
der
of
the
omen
The
year.
for
the remain¬
consumer,
is
on
him that our optimistic out¬
tinues
as
we
to
increase
his spending,
hope and believe that
he
that our will, 1963 should go down in the
record: book as a very good year
projections. cal!*for an-increase
Consumption
Hence, any credit tightening in
and; of
look largely depends. If he con¬
In foreign lands.
technically satisfy
this under Gross
increasing
.tariff walls,, it turns out in our projections, as- •
products, must scale be¬ sumes- a key strategic role for it
construction,
housing
residential
rigid cost:
industries, but
was
satisfactory rate;
a
also because of rising
of which
National; Product also goes really
bur high
many
at
com¬
any
given year approximately petition hot only because .of highprices
of
American
goods
two-thirds of the Gross National er
spending about higher- levels of economic Investment.
reported? in* the in-
too,
taxes,
■
further
state and Instrument trying to increase pri¬
local" government spending. State
and
income
.,
thermore, American exporters are
•i^imulu%;^^|^§ihep * expansion.
expected
has been
m-
suggested in several places, is the
'
1963 levels of government
year, as
v;',.
1964,
1,
provide
should
which
Jan.
y Across the board cuts in personal
Government "Spending-
.•
gested
v
in
Federal Government spending
in
1963
less
than
that
actually
re¬
indeed
insofar
as
economic pros¬
perity is concerned*
26
v
1
\r
**-
'
\* • p.'»' *■ *»
<
fj
'.
' '
-
'
'
.
»?'
,»
r,
''
v 1 I
,
,
j',
,
mmnanies
nrivate
the
'
rers
Prob-
manu^tur^rs, .et au rtoo
°
in
'
Aircraft
United
half
dollars
billion
of
,
verv
was
did
others
Several
over
a
aerosnace
last year—the Bell Sys-^
business
Martin Aerojet RCA Sperry
tern
and
Rand
well-
Two
Douglas.
known investment names
playing
imnortant role in aerospace are
an
Westinghouse Electric and Minneapolis-Honeywell.
v
Administration's
Jr
As
ent
aid in analyzing the pres-
an
position of the
in-
aerospace
dustry, it is helpful to review the
postwar history. A logical breakdown is by
trations
these
presidential administo
aid
objectivity
and
labeled
be
can
by Roman
numerals—Administration 1,1945-
52; Administration II, 1953-60; and
Administration III, 1961 to date.
In Administration I
the typical
manufacturer'entered
aircraft
the
s'.
1
"
'
r'
i
1
-
'*
'
'j1
«(
' '
1
'i1
i
"
t'l
*
;
'
«.
\
f
*
American cipal
North
and
<
contractor
systems
and
Aircraft continues
Wt
were
Most of the individual
the additional transition from long
production runs Ot aircraft to
to
and
advanaed
missiles
and
^
to
V
group, howseverely reduced by
losses incurred by four comPanies '°n commercial jet piane
development and >p r o d u c t i o n;
Some have called this the air^raft manufacturers' "billion dollar
ever,
were
gift^ to the airlines". The result
heavy -red ink for Douglas,
I^ockheed, and General Dynamics,
was
wittl di vi d e n ds being passed
(Lockheed resuming the next
year)- Boeing's chargeoffs were
also very large but with the huge
it showed
a
and
as a
component "sidiary, also has
a
major stake in
to
(H-l)
Administration III has greatly
expanded military and space
spending. The present administration, however, has taken the
calculated risk of de-emphasizing
bombers—with the 1962 closing
down of the B-52 and B-58 production lines, the restriction of the
B-70 bomber to probably no more
than three prototypes, and the
<
~
* ; ''
•
'
_
Apollo moon ship award, and Boe-
P1® advanced Saturn rocket
lars
booster...
Convair
B-36.
In
controversial
June
nf
In
1950
_
Successful and Unsuccessful
ings
large
ation.
'
The aircraft
well
after maximum
even
profit taxes and renegoti-
excess
in
the
t"
give
early
Ad-
of
years
ministration II. The transition
was
'completed "to jet bombers and to
supersonic
fighters.
elimination
of
continued
profits
With
in
EPT
large
the
1954
and
production runs,
large and increasing,
were
a
total
thrust
of
Navy^ and in production (as the of five F-l engines, or a ;total
Titan ICBM has certainly been a
sabre, the first of the "century"
A somewhat paradoxical de- M-l with a thrust of 1.2 million
supersonic fighters, was a billion velopment in recent years is the pounds. Atomic power may be
dollar program as was the Lock- growing importance of U. S. used in an upper stage and the;
heed F-104 Starfighter. McDon- ground forces in aerospace. Today principal project (joint NASA
nell's early supersonic fighter the U. S. Army is a major factor and AEC). is NERVA (Aerojet,
programs for the Air Force (F- in helicopters, light planes and Westinghouse Electric and Lock101 Voodoo) and Navy (F-3C missiles, In >addition to its Air--heed): Looking to 1975, plans are
Demon) have undoubtedly ex- borne Division, the Army is pro- for a behemoth engine developing
ceeded a billion dollars. The posing an Air Assault Division 6-9 million pounds each. A cluster
Republic F-105 Thunderchief is where the helicopter might be
as
would give
unusual
an
and
prolonged
ago.
In addition to these successful haVihg; important contracts.
:
The past decade- has . seen
"boot hill" where once' promising rocketry become a multi-billion
programs were ended before their dollar endeavor. North American
time. It is interesting to note that Aviation and Aerojet practically
North American Aviation, with divided among themselves > pro0ne of the best records in the in- duction of rocket engines for the
-
the team of General Dyna-
missile Was
purge.
pro-<
niilitary over a period of ten
months recommended the Boeing
er,
design, the ^contract was finally
awarded to General Dynamics-
same
Grumman.
down in its
Both
designs
used
a
casualty of the 1957
a
The NAA advanced fight-,
the
wasl barely
F-107,
con-
ceived While its F-l08 (to use the
GE engine as the B-70) was,
killed
off
at
early
an
prime
was
first stage boosting
exploration work, the
was
t they NAA: X-15,
continues
probe:
to
the
Cut
age.
booster) :put the first • U. S*. astro-
naut into orbit about a year. ago.
McDonnell's original and pioneering contract with NASA has now
been expanded to the Gemini
(twins) as a two-man space vehide to pave the way • for the
first generation ballistic missiles. Apollo. The Air Force will: par¬
Todays Aerojet is number, one., in ticipate• in the Gemini program,
solid propellant motors, with the. Practically , all U. S. space efforts
first stage of the Polaris and the to date, however,
have been
second stage-of the .Minuteman,• through1 the civilian; agency;
NAA's Rocketdyne Division is the NASA.« Thus;, the -.plowshare is
leader in ^development and pre- - literally being placed ahead of the
duction of liquid propelled en- sword.
gines -for space work. Two other
In other space work, Lockheed
major factors in -rocket engines: is the;leader in satellites with its
are Thiokol and Hercules Powder Agena
having = several possible
programs, we should also look at
m\cf and Grumman. Although the
a
power of 25-60 million pounds, or
over 100 times the pdwer of our
years ent leaders, with Douglas, /Ray- initial layer of space. The McDontheon-Northrop,- and Sperry also. nell Mercury
(with its Atlas
manufacturer. In -early 4962 the1 grams or more' likely four- (in-list was narrowed down to Boeing eluding • the B-70). Its Navaho
and
-
.w
i
Companies did very
'
,
Spending Programs ; ,
F-4B), and now being procured initial thrust of 7^ million.: The
Before considering present pro- under a billion doUar plus con- upper stages will consist of the
grams, it is interesting to recapi- tract by the Air Force (the F-4C Hocketdyne J-l hydrogen engine
tulate postwar projects ihat have or formally the F-l 10). No com- (with a thrust of 200,000). Under
meant a billion dollars or more to pany can match Lockheed in Neither rendezvous concept, : the
the company responsible for de- manned aircraft programs
the €arth or the lunar, the-advanced
sign, development and ;production.;;new, C^-14Ir continued vdrders for jseturm will bave. the powei4, to get.
Boeing has had . at least three— the workhorse prop Jet Hercules the U.-S. to the.moon and back,
the B-47 medium jet bomber, the ^(C^130), :tiie jB3y : patrol bomber
For a direct ascent to the moon
B-52 heavy jet bomber, and its .(Navy Version.'of. the Electra)f :or foV excursions around or pos¬
tanker program still in production and a huge NATO production sible landing on one of the solar
(first the pioneering KC-97 and program covering the F-104. system planets, an even- larger
now the jet KC-135). .General: Grumman, is also .ve)^. important booster.will; be. required. Present,
Dynamics through Convair has in manned aircraft^ with several thinking Involves the Nova (no
also had three—the B-58 bomber* Navy programs (including Hawk- .contractor chosen as yet). The
the combined F-102 and F-106 eye, .Intruder and Tracker) and Nova would consist of a cluster
contest for an advanced bi-service
tlays were here again. " The next fighter plane dubbed the TFX
several years saw long and profit- (tactioal. fighter
experimental),
able production runs," with earn- bidders included ^very : aircraft dustry, has had three such
the Korean -War and happy
came
,
torn II, Soriginally developed for the (C-5) will consist of a cluster
-
_
Pr*se winner of NASA's huge billion dollar total several
^ ^ng s^e^edvby NASA^|or
the
1
^present timeis IVIcDonnell'sPhan=. Thus, NASA's -advanced. Saturn.
end of this decade.
recent cancellation of the Skybolt still in production. One of the ubiquitous as the jeep. In helimissile Three "moments of truth" first programs reaching the bil-. copterfc^dncludingnthose for /the
but
for
l
its Mohawk for the Army. The 0f eight or more of the F-i enTFX could be the largest of all.
gines
while
the
second -stage
had billion dollar program to Martin.
would be a huge hydrogen engine
The North American F-l00 SuperParadoxical, Development .
-being developed by Aerojet as the -
share of Air Force hardware dolwent
.
tion, of the iU^ S.-Governmenivto complex and more expensive. The dyne's F-l* with this single engine
which
levels
> i
profit fighters, and the Atlas ICBM. The
quarter and maintained its
livRisp^portionate
subsistence
-
\
Dow-Jones
the
__
minimal
*
.
step, the U. S. is working on the
craft
Military aircraft budgets
<
Aviation have become.major in- integrator. North American Avia- early Saturn (Chrysler) as a
dustrial enterprises while United tion, through its electronics sub- cluster of .eight NAA engines
space
planes.
w
Industrial the Minuteman.
-around 1.5 million pounds. The
agency-was expanded into NASA Average. The final news story • In jnanned ■ aircraft, ^programs first real breakthrough, however.
to direct our country's part in the would undoubtedly be the inten- are; becoming fewer but more will come" with NAA's Rocket-
eash dividend which once
seemed ultraconservative.
Since
Record
Boeing
as
government
civilian
small
every
World War H
«
4-/~4
B-r52 program
Review Presidential
\t
f
n
and X^fOST^GCvS
^
tion
!
iM&k
"!
'
■ v::1
?$$i' fv /"'.•■/'v'- .y-' :'-r
on^ military
contractor. ;Such basic Air Force design and Boe- seem to require a booster of :over
other major aerospace companies ing was selected to bd the prin- 800,000 pounds. As a preliminaryr
r
oTaero--work ^ space; ^
thp
tt
q
Earnings of the
close
,
'
\
•i hintnn HntlarTwoilh
tsfnV
Jith
rovernn^nt l- Boeing Senerai
UvnamicT P Aner^ Flectric Tockheed
and NorSt American Avia-
u
'
sharter runs of more
calculations
mv
,
M
1
SDac* race
ih^ S^T?^ ^r(2
)
"
;Vk
'
■
but
Continued from vacie 3
plane
v
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'''
1'
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'
A PyOmDJlOP '«X110USXlV
1 XV^-L
"TV/ '
"i "I
I | QpyOnlPTYlS
;
3
•
*
>The Commercial and Financial Chronicle .Thursday* March 28, 1963
.
,
'j
»
a
:
.
hp
A1V^
J
'
'
,
$ 1'$ °Y/ »f$
•
.
TO
;
(1294)
*■'
1
the Boeing
Pratt & Whitney (United Air- Bomarc. Douglas, after having its
carft) engine. The Air Force ver- C-132 and C-133 logistic trans- while
a
lesser but perhaps grow-
military
reconnaissance uses
as
sion is designated F-l 11A and the ports buried, has recently seen its ing role is being played by United well as the Discoverer series for
®57^Administration II placedbn Navy ^carrier^inodelthbF-lllB. Skybolt laid to rest. The Navy^s Aircraft, .Bell and Lockheed.
NASA. RCA .and GE. ha ve
inflexible -ceiling bn military exTo summarize* if one were to cancellation of Martin's'SeaMaSter \ In .present arid .tried launch^ pioneered weather satellites and
penditures, with' the. result that write ibe top aerospace, news removed a venerable narne from vehicles, built around rocket en-• the Bell Eystem communication
practically every company had a stories of the past 15 years, the the roster of aircraft producers. gines, the! leaders v are General satellites.
The ■; military's ^first
major cancellation cr a, aevere most
dramatic*; would be
the Names in the obituary column the Dynamics with its Atlas, Douglas ^9^®
own into ^par^e " is
stretchout. Tq add
insultrto injury, growth in aerospace budgets alone past year or two include Missileer, ^ with its Thor; arid Martin with its? through the Dyna-Soar, with BoeTheii
came
the incredible year
;
the proportion of funds advanced
to several times the total prewar
Eagle,
during
budget, j,A
with promise for both the
inS the prime contractor. An
eventualdecisionis expected
putting a real financial burden on detail the mergers
pany and the investor may end up showlthat it Was the Army's un^ whether. this" X-20. program will
the industry.,
Sales; and -earnings tions that changed or removed on "boot hill". This is one of the sophisticated but efficient Jupiter be terminated completely, or carwere
peaking out for the U. S. many familiar names. One of the unique hazards for the aerospace (Chrysler) ;that put* in orbit the ried forward to a major producproduction
aircraft
industry
reduced,
was
the
at
moment
aircraft
colorful
industry's
story would
and acquisi-
pioneers
and
Advent.
investor.: -'•<
-
Other
'
projects
Titan 2
(and
/
a
Titan 3 under de-
History vwill
velopment).
com-
always
first u. s. satellite. As the second
the "beep" of the Russian Sputnik
the largest
announced
ing World War II, Curtiss-Wright,' the two largest present programs
now has only a modest position in
cover the second generation, solid
outstanding
'
shown
the
the aerospace field. In
and by the Douglas Delta.
age..
the
age
the dawn of the space
It is interesting to note that
Dow-Jones
Industrial
Aver-
reached its low for the period
company
company
in sales dur-
contrast,
a
just organized at the end
1956 to date in that same October
of
of 1957.
pioneer in advanced aircraft and
Tiinin
*
J
1
^
"
u
Vq
oS " J?
P
—11
P^n
bs
*ir
*
inff
lk
,
«
IS
®
.
The
tion
ba
final
II
years
were
ance
of Administra-
constructive
for the aerospace
ones
on
industry,
World
War
II
has
been
^a
Returning to the brighter
propellant ballistic missiles
Air
Force
the
Minuteman
Navy
missile.-
—
ICBM
Polaris -fleet'
side, stage for composite vehicles*
the
Appropriations '" for
' *
and
ballistic
the
'
r
*
v
by
'
,
an
record ' has ;«b e e n
Lockheed
Agena
<
.
into
missiles.
A
venerable
research ,phase.
^»
.
.
.
The "man-on-the-moon" Apollo
program
may
involve a
Lag
-
total of
$20 billion before the end of the
of NAA has
decade. One division
-
®(°cket Boosters'
a*. contract
' The fact remains, however, thatr* itself.
For
for-
the
moonC ship
advanced Saturn
the
-
space, McDonnell. The fortunes Minuteman are now exceeding one of the legacies of Administra- booster, another NAA division is
°I two California-based companies those for the Polaris—with each tions I and II is the painful lag-developing the basic engine for
have varied. Douglas, once- the program in the billion dollar class in our ability to match the power the first stage (F-l) and a liquid
number
one
company
frame
industry,
among
the
is
giants
in
in the airno
longer
total -sales,
and
expected to continue in
duction
for
years.
Lockheed
pro-
de-
signed and developed the Polaris
of
'Russian
round
type
rocket
numbers,
booster
*
boosters.
has
a
In
II
sales,
is
the
present
number
tractor.
The
Minuteman
was
a
onstrated space work
hydrogen
enginev(J-2)
for
the
stages. N A A is also responmaximum-sible for the second stage., Douglas
U.: S.
the
Atlas
..^ver€ steachly increased, Lockheed, probably ranking no (the "half-brother" of the Thor thrust of under 400,000 pounds,
wi h
billions^for the first time higher than sixth in World War and Jupiter) and is its prime con- This contrasts with Russia's demgoing
tion program, or cut back to the
which would
upper
Boeing will
the first
stage and assist NASA in launchhas the third stage.
develop
and
produce
Volume
197
Number
6250
.
.
The Commercial and Financial Chronicle
.
(1295)
ings. Under the present plans of sub-sonic aircraft. In missiles, a priations and the typical contract
a "bug" leave the mother major
program
could
be
the has inherently low margins.
ship in the vicinity of the moon MMRBM (mobile mid-range balIn appraising individual comfor the actual descent, Grumman listic missile)—with several phase panies, the first criterion for
any
Dealer-Broker Recommendations
having
the
won
contest
for
this
LEM
contracts
one
(lunar excursion module).
missile
missile
Milestones in
The
milestones
history.
The
(from
the
least)
will
most
state
be
NAA.
the
in
include
missiles
the
the
flight
test
would
programs
seem
Inc.,
La
available
is
/space
randum
Consolidated
and thus recent levels
age
320
of capital expenditures should'be
as-
7911
Jolla,
Calif.
analysis
an
of
St.,
Canada.
house
parative data
—
&
In
commer¬
brief
a
ia
.
particular
the
of
rundown
fi-\ mental
:
.
should be certified for airline
Lockheed
new
large
C-141
military
have
use.
including ment
debt
long-term
Memo¬
available
are
com¬
decades
and
of
develop-
A
typical company periodically
position with NASA
factor has
dum—Golkin,- Divine & Fishman,
Inc., 134 South La Salle St., Chi¬
programs,
been
added—
3, 111.
cago
this
and
—
The year
1963
unusually
important
engines
are
withj further
will
be
than 15% as
Insurance
—
Memo¬
far
as
ciation
as
tial
concerned,
development of the
provision
for
most
giving
is
The
consequen-
companies,
reasonably
large
cash
earnings.
ditionally high, is down from the
engines,
advanced
fabrication
of
Saturn, and devel¬
opment of the
engines
of
F-l,
J-2,
and
Profit
of decision for several pro¬
One
grams.
is
these
of
Centaur become
will
1958,
on
level
the
closer
rocket
indicated,
is
as
between
Atlas and the Saturn. In
cision
(including
would
in
de¬
Further
major
no
development
"home." in
and
two-thirds,
pellahts-~more of interest
the
one
and
Air Force than to NASA.
the
the
Supersonic Transport
The
year
more' talk
will
,
than
on
go
of
see
Inc.,
engineering
1950's is
made
a
aircraft
the
&
relations
the
of
increase
a
essence,
Thinking
centers
around
in
a
the
more
-
decision
coun¬
U.
should
assets
S;
fleet
versatile
had
in
one
Erie
ap-
uni-
incentive
real
basis
with
thus
indicated
the
nancial; impact
to
(for
num
the
Mach
proposed
Concorde). As the cost of
would be in the
seem
quite
.
fi-
(no funds;
that
for
in the
fiscal
U. S, rbudget). During the
years
and
earnings in
flying at
far
well
may
2,000 miles
over
as
U.
S.
an
hour.
companies
Boeing
concerned,
American
have. planes
and
Aviation
,
the
15%.
plus
Based
upon
military
and
space
for
develop¬
other
any
partner¬
ship to match these two in
com¬
bined "military and commercial jet
experience.
Although
being
may
cant.
one
but
the
Growth
and
a
new
see
no
counterpart
large strategic
bomber
low altitude
of ^ the
cargo
jet;
concepts such
plane,
a
as
name.
V:
jp
where
Dividend
a
being cut back
With
fihm
the
a
package
all; of
ups
East
14,
available
one
tinue
be
must
prepared
chilly
of
"Based
our
will
country
require
large
con-
military
on a
cancelled.
sales to
revenues
the
are
vir-
-
>.
115
has
and down? in appro-
TV
.
Co.,
'/
;
Memorandum—Ritt-
Wall
36
Y.
N.
Co.,
&
ments
St.,
40
Ex¬
are
U.
Corp.*
com¬
S.
St., Richmond 19,
Llndberg Steel Treating Company
Inc.
Analysis — Walston & Co.,
Inc., Ill West Jackson Boulevard,
Chicago 4, 111.
Major Pool Equipment Corp.—Re¬
70 Wall
Street, New York 5, N. Y.
Mattel Inc.
—
Analysis
Jackson
&
Street, Los
Rutner,
—
Inc., 811
Gray,
West
Angeles
17,
National General
Memorandum
Nordeman
&
Co.,
115
Scotia
Nova
Light
Memorandum—C.
J.
Powers-
&
i
Hodgsoh»&
Co., Royal Bank Building,* Mont¬
1, Que., Canada.
Memorandum
Pel Milk Co.
—
Kerr
135 South La Salle
&
Co.,
—
Street, Chicago 3, 111.
Pioneer Home Owners Life Insur¬
ance
—
Memorandum
Sheridan,
Penn
&
Bogan
Center
Plaza,
—
Brooke,
Co., Inc., 2
Philadelphia
...
;
Pershing
Co.,
&
120
,
?
V
01
New " York
Thomas L. Boys
a
Diego, Gas
—Annual
Gas
&
Equipment
Weis
and
New
Ave.,
Park
Tire
General
Bulletin
—
&
Electric Company; Secre¬
tary's Office, P. O. Box 1831, Sah
Diego 12, Calif.
Standard Products—Memorandum
&
—Prescott
B
a n
k
Co.,
Building^
National City
Cleveland
14,
Ohio.
United
Dayton
Minneapolis 2, Minn.
Inc.—Analyst—
Research
Haighey
& Co*,
Inc.* 75
Industries,
Wesco
Mass.
B.
S
Inc.—Report—
Lichtenstein and Company,
99 Wall St., New
York 5, N. Y.
Rubber
Shearson,
Co.
—
Hammill
&
United
Pacific
N.
Report
—
Company,
Northwest
—Pacific
Seattle
Building,
York 5, 24. Wash.
Y. Also available is a report
Vanadium: Alloys Steel Co.
Co.,
14
Wall
St.,
New
.
Company
shire Blvd.,
Globe
;of
Loewi
—
Inc.,
Analysis
Co.,
East Mason
June 20-23
—
9465 Wil-
Beverly Hills, Calif,
Union—t Memorandum
&
TT)A 0 TVIfiGtlllff
Broadway, New York 6,
Gregory-Massari,
Vice-President.
& Eiectrio Comt\
repb^t-rfSan Diego
Weyerhaeuser Company
City,;
announced* the' appoint
San
pan.v
22, N. Y.
Gillette
•
...
Broadway,
Ohio.
Federal Street, Boston 10,
New York.
,
Union Com¬
Cleveland
14,
& Co., Inc.;
Building,
merce
Sixth Street,
,v
Broadway,
Corp.—Report—Irving
505
Bussell
Super Valu - Stores—Memorandum
and —^T. M. Dain & Co., 110 South
N. Y.
Precision
Company,
Toot—Memorahdiini—J. N.
Thermos,
Plywood
Motors—Memorandum—
General
York
5,
Consolidated Laundries,
on
Dover Corp., King Seeley
Avco
&
York
New
available
Also
& Co., 39
i?
."L.
T 7*
Mercer Management Corporation,
S.
on
Getty Group—Analysis—Sartorius
J\lGrC6r JVlfflllGllt
sub-
U.
1001 East Main
Virginia.
on
talk by, Mr. Butie* before
"
program
to
—
New York 4,
of
to
comments
Motor—Bulletin—Bache
Ford
aerospace
group
leave
or even
Lawyers Title Insurance Corp.—
Ridge
Ltines^-Com-\
''."
Miles Laboratories.
the
dozen
major
Ebin,
Robertson &
Co.,
Rand
Tower, Minneapolis 2* Minn.
2, Pa.
York; 4, ,N.: Y.
are
Voisin
peace to blow. He
should remain confident that the General
records
Co., 209 South
Chicago 4, 111.
change Place, New York 5, N. Y.
con-
only
on
to time for the
time
breezes
half
three-fourths
Government,
B-70, and a long endurance ject to
of
—
in
seems
much to be desired. (Douglas' and
possibility
Inc.,
Cleveland
New
Broadway,
Also
Flintkote
and
appropriations. In addition, other
recognized negatives for the, bi]lions of dollars seem destined
investor.
Most
companies have to
g0 into space for prestige as
shown
little
or
no
growth in weu as scientific reasons,
past
Co.,
Analysis
mnster,
f-v*
••
stockholder
Problem
companies,
the
&
Salle St.,
has
earnings
Reid
—
be
return
average
aerospace
conclusion,
Despite what I'consider to be needs
high-al¬ tually
titude-bomber about half the size
the
dividend
is above
concentrating
well defined positives for selected
aerospace
Corp.
^iulMathiesop,.,,'
are
can
new
Army
TFX;
risks
times
of capital gain signifi-
group
DOD contracts, addi¬ General Dynamics' earned sur¬
tional major programs
are
ex¬ plus are currently Insufficient to
-q
pected to develop. In the aircraft pay cash dividends.) As.indicated, JtiOVS
field,' projects include the VAX, a unique problem is that of the
major,
entitling
The
at
However,
from
Earnings
4,
ments—Filor, Bullard & Smyth, 26
the
as
cepj. of investment is preferable
been
through
received
or
stature
a
and
cases
prospects
1^9.
years.
1963
has
i
i,
Mont¬
Francisco
Fifth Avenue. Coach
called "aerospace",r
portfolios.
sizable
gome
problem in
a
now
specialized
with clearances al-
years,
ready
San
100
ducing and South Penn Oil.
equities'to be included in
broad
v
an¬
ment .contracts and it would seem
difficult
recent
has
is
reached
haVe
thes$
chal-
years
manufacturers,
gr0up
*
conserva-
Renegotiation
considerably less of
North
have
SST
more
1516 Locust St., Philadelphia 2* Pa.
Maur Inc. — Memorandum —
pro-
"in' my view, the' old line' qir-
craft
ques-
treatment
—
Inc.,
Ferro
to
are
nounced plans to team up on fu¬
government
in
years
the
Analysis—
—
Co.,
dum—McKeown &
present level within a few years,
tive method being to restate sales
1964.' lenged.
decade
1970's, however, the world
airlines
ture
Accounting
'
•
of the
As
'
nothing
develop
are
SST tion.
an
Co.,
•
top excess profit tax brackets
during most of the
billions, it would varied, with the
likely
will
tangible
the
2
Paul
St.
Eversweet Foods, Inc.—Memoran¬
earnings could well be above the
re-
The
Bulletin
&
Corp. —Report — Colby &
Redwing Carrfers, Inc.^-Analysis
Co., Inc., 85 State St., Boston 9,
—W. E. Hutton & Co., 14 Wall
grams and developments within
Mass. Also, available are com¬
the
aerospace
industry, typical ments on Coastal States Gas Pro¬ Street, New York 5, N. Yn
complex engineering problems in-, assessments is softened by the
eluding a skin of titanium or typical company having been in
stainless steel rather than alumi¬
Co.,
St., New York
Building,
La
present
renegotiation
of
&
St.,
Fulton,
5%
cutting in
ROI.
—
Taggart
La
real
final margin ranging from minus
tangible!-
doubled
be
A.
—Bruns,
Resistor
well
—
Charles
on
.
Inc.— Calif.
Cummings
Bregman,
—
Electronics
Ohio
major programs may be put on a
approved
the
that
know-how,
half
Mach.3 transport, with attendant
stated
&
have
Ohio. Also available is an analy¬
begin to sis of Franklin Electric Co.
inch upward. In fact, some future
what
away
could
margins
memorandum
a
Associates,
4 Albany
gomery
expenditures,
profit
Kalman
—
Calif.
levels—reflect-
and
is
Dresser Industries.
Broadway, New York 6, N. Y.
$5 bil-
some
Inc.
6, New York.
business
aerospace
propriatiOns
pos-r years before. The board took par(SST); ticular exception to the very high
two
Co.,
Schwabacher
well
1,
reached their botton and
government
branch
part
ing in part the lag between
years
presently
In
Analysis
past,
available
Seventh
Elmar
assessments
are
courts.
in
these
of
more
reflecting
lion from present
nagging
leading
the
&
Louis
Building,
Electronic
-
tries) ^
Bird
on
port—Hill, Thompson & Co., Inc.,
—
Endicott
sizable build-up in net worth the
around {^Annual
,
of
St.
1, Minn.
by few other
thing
a
St.,
Laboratory
past decade-,
earnings
profits
received
of
are
problem,
a
Brijtish-F^ench consortium may. return on capital of the typical
ahead with the development aircraft, company in the early
their ' Concorde'
(somewhat 1950's; the tax court in a recent
ent
as
matched
are
could
cases
tax
another
euphemistic In View of the pres¬
a,
and
Renegotiation is definitely less of
a
sible supersonic,transport
A
scientific
losses
dividend
a
laterally wants to take
probably
action
was
the
of
Most
or
branch
,
staffs
25%
averaging.
early
companies
for
pro-
to
the
problem.
con-
expected for large solid
are
With
Renegotiation
initial modest amount
an
Their
the
last
but
10%.
to
nbdut
X-20, the Martin Titan .3
tracts of
in
year
at
was
1955
likely
have
old
are
hands at efficient manufacturing,
military : payout ranging/ffrom anothing to
basic
a
investment
regarding the plowback3 is
Boeing Dyna-Soar (X-20). With¬ 5%.
out the
Memorandum
Management
Fusz-Schmelzle
—
Economics
around
and
1960,
Report
ernment.
7.5%
4.5%
sive
exten-
are
perience in dealing withthe Gov-
profitable
business),
in
—r
ten
capabilities
operational, with 3.8% pretax in 1962. The return companies. Large commercial jet
the
as
'low
figure ' for
companies being
4.0%
Aircraft booster conceived
transition
capital,
very
are
median
commercial
the
invested
margins
the
the General Dynamics and United
space,
memoranda
are
& Son and Perini,
—
Inc.—Comprehen¬
electronic
times
5
tangible aerospace
1955
could be the in
developments, this
successfully completed their tran- 4, Calif.
sition to the space age. In-house Dunham-Bush
tra-
sive. The typical aircraft company Co., 522 Olive
has a; generation or more of ex-v Missouri.
to
these
to
turnover,
Engine—Memorandum
1953-1957 figure but sales are still
with
addition
Capital
Cummins
group has some
aerospace
4
generation of
new
M-l.
year
available
Analysis—J. C. Wheat & Campany,
very definite positive factors for —Lawson, Levy, Williams & Stern,
1 Montgomery St., San Francisco
the future. Most companies have
thus
clustered
Broadway, New York 5, N. Y.
Positive Future Hopes
maximum'. Depre-
a
early Saturn with its principle of
In
Indian Head Mills—Memorandum
Koehring Company
Continental
y&eht%xtreme'fc&se(ta:Tittle-^
rocket
& Co., Union Com¬
Building,
Cleveland
14,
.
production
convertibles in several cases, The
new
Canadian Stocks,
on
—
the
den, Miller
merce
A funda-. and a memorandum; on Consoli¬ Indiana General—Memorandunv-is; reputation dated Mining & Smelting.
Sincere and Company; 208 .South
military, .reflecting in Consolidated Cigar — Memoran¬ La Salle, Bh,; Chicago ■ 4; 111. >Alsp
Star-
uses
of
plane-is scheduled for roll-out by sizable short-term, bank
loans, seems of increasing importance.
randum—Iselin, Legge, Stonehill
summer and to fly this year. In The
aerospace industry .has per- Finally, the company's qrderbook &
Co., 51 Broad St., New York 4,
space, the last of the pioneering haps the smallest ratio of work- should be broad to hold within
New York.
Mercury flights will be made and ing capital to sales of any in- bounds the continuous possibility
Corn Products
Co.
Analysis —
preparations are under way for dustry—from as low as 5% in a of a contract cancellation.
Emanuel,
Deetjen
&
the
Gemini
Co.,
120
(with
its
Titan
2
rocket
Higbee Co^-Memorandum—Hay-
*
cargo
jet
is
importance.
intangible
j
the 727, has just had its nancial .aspects of the aerospace with the
flight and later this year. .industry, most
companies now most cases
booster).
memorandum
a
Thermogas.
Co., Ltd., —May & Gannon, Inc., 140 Fed¬
1, Ont., eral St., Boston 10, Mass. Also
Toronto
Also
on
Ohio.
Building
Gairdner
—
Bay
Maintaining
consideration.
orderly financial
an
.
Financ ng Me
cial jet,
Lifter
Also
Carlsen
Ave.,
—
Interstate Hosts.
given
first plane"
the
small-rto-medium-sized
The
&
Herschel
Also available is
Study
—
'
B-70,
designed far Mach 3. The Boeing
initial
Currier
revolves
facilities are becoming of
increasing importance in the
within
sured.
of
opinion,
my
around scientific and engineering
capabilities. Specialized develop-
several years. A number of large
at NASA
arts,
Depositary Receipts
Helicopter ment
sizable
be
in
develop- factor,
likely.
could
Continued from page &
group is management. The second
the Nike (Bell
on
seem
orders
aerospace
fundamental
of
anti-
System and Douglas). New field
will
1963
year
several
1963
the
field,
ment continues
*
In
let,
27
Incorporated,
v
—
225
St., Milwaukee 2, Wis.
TORONTO,
Canada
Dealers
Association
The 1963
Investment
—
Annual Meeting of the
of
will be held at Jasper Park
Canada
Lodge,
28
The Commercial and Financial Chronicle
(12G6)
Now§iit§ RegistrationpssfEWKiss.
Securities;
•
ITEMS REVISED
—
Registration statements filed with
are
carried
now
separately "at the end
of this section "Securities Now in Registra¬
tion." Dates shown in parenthesis
the company's name,
alongside
re¬
shown under the
Also
are
caption "Effective
offered
were
-
^
pub¬
marketing
loans
and
servicing
first
of
28, 1963, filed $2,000,000 of 6% subordinated sink¬
ing fund debentures due 1973 (with warrants) and 100,000 common, to be offered in units of one $20 debenture
New York.
(with
offered by company and 100,000 by stockholders.
Price—By anieridment (max. $6). Business—^-Company
operates, owns, services and leases coih^operated auto¬
matic vending machines.
Proceeds—For debt repay¬
ment, inventories, equipment and working capital. Office—217 N. Willow Ave.. Tampa.
Underwriter—A. C,
Automatic
Tenn. Underwriter—'To be named.
April 24,
tures
Allyn & Co., Chicago.
Properties, Inc.
1962 filed $5,000,000 of
1977.
due
Price—At par.
subsidiaries conduct
emphasis
conv.
subord.
deben¬
March
cents.
land
development and home construction
in Fla., Md., N. Y., and Ky. Proceeds—For repayment
of debt Office—230. Park Ave., N. y. Underwriters--*
Tp be: named.,,;;
;4',, > , \„ ./"< > -*
> ; ;non
Bonanza
Business—Company and
general real estate business with
a
,
writ«r-*-Diivifl
writer--^
'■
•
4.
f,
i
'
;
j
.
r*
1
*
f'M"
.
*
u
^ y% -
common.
Business—-An
open-end
health, casualty and
life,
management
Proceeds—For investment.
Honolulu.
company
accident
Spokane;^ 47 4. 4-4.
/
V
444
>
..4.4-
Office—1523
Underwriter—American
Management
^UV:,.
Corp4-jt4/i5'Wl'.s;;.
(4/22-26)
^
—Manufacture: of farm machirtery.
Cabot
1
r*,
4-
T/'"
-MM
A.
1
J
L)
/"V
/\ O
4-U,
X€7U*i
V v'Jlc8
• :
■4rx
WW > V.viwawyiA
/
v**
wv ,
.
"TPL" " "f*A vi (9
.
7,4963-vfned;2,00^0064dapi'^^K6^e$/;'ffrlcp^Net
:^alhe, pbis5^^^!^
Marclj
•4
-unit. Business
> Offic?:T~3579
asset
cbm^
specializing \ini
-
panies4^bpei^hg/;in;
'
^
•
Proceedi^Forinvestmeht;/
-Beveriyf Hills;4Calif ,4U^
rM
Proceeds^-For debt
4^,4:^ohshJidateil.Edls6h:;Cbv,«f^r "4 -4:.j
Feb. 26,: 1963, filed 1,343417 "cbmmbh^beii^ offered for
;• subscription by stockhpiders - on .the.* basis of > one new
;
Corp.
.
iuO,000
common... Price-Ht>0;
.
Business
Inc., New York. Of¬
Jan.
•
Bldg..
Anadite, Inc. *
28, 1963, filed $800,000 convertible subordinated
due 1978, and 15,000 capital shares. Price—
For debentures, at par; for
stock, by amendment (max.
$20). Business—Furnishing of specialized chemical metal
Consolidated Oil
homes, apartment houses, motels, etc. Proceeds—
Office—309 Ainsley
Miami,. Fla; Underwriter—Willis E.- B.urnside &
4
Co., Inc., New- York.
Cash-O-Matic Coupon Corp.
Feb.
("Reg, A")
15, 1963
800 units, each consisting of
stock purchase warrants.
Price—$250 per unit. Business—Merchandising of cou¬
pons by vending machines in supermarkets.
Proceeds—
For equipment, debt repayment and other corporate pur¬
poses. Office—682 Main St., Stamford, Conn. Underwriter
100
common
shares
and
10
Castle
Dec.
Hospitality Services, Inc.
14, 1962 filed $500,000 of 8%
Price—At
allNW
pano
BOUGHT
SOLD
:
furnish
ESTABLISHED
and
—A
new
mutual fund. Proceeds—For investment.
Office
St., Philadelphia. Underwriter—Gerstley, Sunstein & Co., Philadelphia.
S.
—211
sewage
Broad
Contact
Lens
Gliild, Inc.
-
-
-
'
4
March
'
TWX: 212-571-0320
.
■
-
WOODCOCK, MOYER, FRICKE & FRENCH, INC.,
Office—360 Main St. E., Rochester, N. Y
Centennial Life Insurance Co.
;
/
6, 1963 filed 260,000 capital shares. Price — By
(max. '$3) Business—Company is engaged
writing life insurance in Oregon and Washington.
Proceeds—For
-■■
811
S.: W.
/ Indefinite.
•
■■:
Chemair
-
Philadelphia
-
Dec.
Electronics
Corp.
? * 4 '
rv 44
28, 1962 filed $150,000 of 6% subordinated income
due 1973 and 30,000 common shares to be
offered in units
consisting of
one
$10 debenture and two
Continental
Dec.
-
debentures
inventory,
"advertising
John J/4DeGolger Co., Inc.,
additional capital and surplus. Office—
Sixth, Portland, Oregon. Underwriter—June
S. Jones Co., Portland.
;
,
'■
Si
R. J. HENDERSON & CO., INC., Los Angeles
search,
in
'.
Sept. 19, 1962 ("Reg. A") 75.000 class "A" common.
Price—$4. Business—Manufacture and sale of a patented
contact
lens.
Proceeds—For
moving
expenses,
re¬
amendment
Jn
nc.
1942
Broadway, New York 6, N. Y.
Direct JFires
filed 500,000 common. Price—$10. (For an
the fund will also offer its shares in ex¬
change for acceptable securities oh the basis of one
share for each $10 market value of securities). Business
Dec. 21, 1962
initial period
v
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—None.
Security Dealers Association
Dlgby 4-2370
water
Inc.
(4/1-5)
—
-
%lney d SIEGEIj V
Members of New Yvrk
.
'
Co., Inc., N. Y. Note—This registration will
Consultant's Mutual Investments,
Cedar Lake Public Service Corp.
March 20, 1962 filed 9,964 common. Price—$100. Business
Company plans to qualify as a public utility and
QUOTED
Banks, Brokers, Institutions
-
Underwriter—None.
'
b* withdrawn.
par
Beach, Fla.
4
Inc.,,■
Feb. 28,1963, filed $2,482,500;pf: 6% sinking fund dbbentitres/due^^1975 Xwith/Wafr^^
Bcription. hy common stockholders v.qw IJhe basis of $500. '
of debentures for each 50^' sharb^held, of record: March
31. Price—At par. Business-^-Company is engaged in the
acquisition of oil and gas leaseholds. Proceeds—For note
repayment and working capital. Address f- 4150 East
Mexico Ave., Denver. Underwriter^-None.
Securities
debentures due 1969.
($1,000). Business—Company plans to
offer management and consultant services to motels and
furnish them with equipment.
Proceeds—For general
corporate purposes. Office—1068 S. Ocean Blvd., Pom-
specializing in
^
& Gas,
Consolidated Vending Corp.
April 2, 1962 filed 70,000 common. Price—$5.75. Business
—Operation of vending machines. Proceeds—For debt
repayment, working capital and other corporate purposes.
Office—129 S. State St., Dover, Del. Underwriter—Dana
—Reese, Scheftel & Co., Inc., New York.
over-the-counter securities
purp6ses;*;Office>r-; 1012 Baltimore
UndeiWriter^Blair & Co.r: N, Y.
Ave.,- Kansas City, Mo/
Offering—Indefinite.
For debt repayment and expansion.
debentures
ISSUES
and other corporate:
:
—Company was formed to own and operate; a country
golf course, swimming pool and cabana club,
near
Cape Canaveral, Fla., and develop real estate,
club and
erect
I
:;t6r-subScTiptiqri^by stoekhqjjjejfts*npne^shaire
?: f h:'
"
6^%' cdriyefftbid ^Ub- ' ;
-
•
t
'
fbr -e^bv3^36;cpmmpn
ivlay io, 1962' filed
fering—Indefinite.
f UU
2
■
.
derwriter—John R. Boland & Co.,
39
.i
_,
$1,000 debenture and 100 shares.
Price—
$1,020 per unit. Business—Manufacture of amplifiers and
accessory equipment for musical instruments.
Proceeds
.—For inventory, equipment, debt repayment and new
products. Office—1570 W, Blancke, Linden, N; J. Un¬
for
I
share for each 12 common held of record March 15, with
(4/22-26)
^
^
1963 filed 295,140 common. Price—By amend¬ -.rights to"expire April. 5. Price^$80. Proceeds-rTo-re¬
ment (max. $42). Business—Production of carbon black,
pay bank loans, and for construction; -Office — 4 Irving
natural gas, condensate, crude oil and oil field pumpPlace, New: York. Underwriters—Morgan. Stanley & Co.,
and First Boston Corp.,*NeW YorkJ:' v
'• * ;
"
equipment. Company also operates a natural 'gas utility
in West Virginia, and manufactures various materials
ConsolidatedLeasingCorp/'ofAmerica
for use in; the tubber, paint; ceramic; and: plastic inT- 1
4April42T4;1962(filed $lJ)OOJ)0b:/pf4subord.-debefi-;
dustries.
Proceeds—For
selling stockholders. Office—
tures -due; 1977 (with warrahts) 44and; 99^000 comm
125 High St., Boston. Underwriters — Carl M.; Loeb,
Price—For debentures, at par; for stock, by amendment
Rhoades & Co;, and White, Weld & Co., Inc., New York.
(max. $9). Business—Renting (treats/ iTpcks and equip¬
4 Canaveral Hills^
ment. Proceeds—For debtrepaymeiit, ::ah
acquisitionEnterprises, Inc. (4/15).
one
....
A.
_
March 11,
Kalakaua Ave.,
Pacific
Jl
<•«'
pany; * and 200,006Vcomniori to' be sold: by ^stockholders.
The offenng. will be; made in umts of ohe .$10 deberiture
•
special¬
insurance.
Am peg Co., Inc.
Oct. 29, 1962 ("Reg. A") $294,000 7% conv. subord. de¬
bentures due 1972 and 29,400 common to be offered in
of
^peiiritiesl Shokano'
.Brewmaster- California
■
Corp.. (same address).
units
•
repayment, inventory, and working capital. Address—
Selma, Ala. Underwriters-Courts & Co.,
Atlanta, Ga.
■'"4.^
>v.
4':-
Price—Net asset value.
izing
in
working? capital. Office—-300;; Sf.: \Pauh Placed -Baltimore. •
j
V\
Jlf
~W T
P. O. Box 1039
Fund, Inc.
July 9, 1962 filed 94,500
amendment. Business 7^ Engaged ; iri specialized
of financing and insurance; company also has
several manufacturing subsidiaries;. Proceeds
For
forms
/
and two cdmmoh 'shares. Price—$2.8 per
:
444 4i444/4 4-4
American Pacific
$50,000,000. of notes due 1981, Price
March 13, 1963 filed
—By
March 19,1963 filed $l,000,000 of
ordinated debentures due 1973, to be sold/by the: com:
for each five shares held; Price—$18. Business^A mort¬
—^None.
•(4/2)v-'v''*.-v;.r.\.
r
Jan.
gage insurance company; Proceeds 4-7 For investments.
Office—300 S. Salisbury: St.^ Raleigh, N. C. Underwriter:
V»1'
Commercial Credit Co.
Alaska. Proceeds-^FoV gepeyal coVporate
> Bush Hog, Inc.
'*>
Mortgage Insurance Co;
10,- 196(3 filed 31,070 common to be- offered for;
subscription by stockholders on the basis of one share
•
,0Reg7;A'•) 30,600 cprnmoni-Uricc^lO./
Business-^-Wholesaiing of draft beer fbr home use in a
dispenben eaHed7 the 4^ortatairieT-,"Prpcejedi4;For debt 7 sutanceu^P rpceeds—Fdfi^jvpi^xpg^p
1*
Q
*|"*^^ ^ Jl
tTi A?' T
m 5AT-Jl
'V
repayment/ equipment, expansion and working capital.
Office-^-134 Industrial Way, Costa Mesa; Calif. Under-^ & Co., St.
writer—Miller, Fox & Co., Anaheim, Calif; 4;
:
Common
•
t
»
Office-^Creede, - Cold;; Underwriter
—None.
Feb/ 1141963;
construction,: exploration and general corporate ex-^
penses^ Office
80 Richmond St., W., Toronto. Under¬
writer—E.'A. Manning, Ltd., Toronto.
"•
444; :4>
\
*"
American
<
^
purposes:;JOffice^E/|J5: TWalton^ Spokai^^nder-
Mining Co. Ltd.
;> — .i.
July '31, .1961 filed 400,000 common shares. Price—50£;
Business—The company is engaged in exploration,. de¬
velopment and mining* Proceeds—For diamond drilling,
v.
/
>
'
/ v
Imperial Mining Co. a ' •;
operating expenses.
4, 1963 ("Reg. A") 750,000 common. Price—20
Business—Exploration arid .development of gold
placer claims in
Amerel
.
a Colorado
Offering—Indefinite.
Gold, Inc.
i
:
Sept. 20, 1962 filed 200,000 common; Price—$1. Busi¬
ness—General mining. Proceeds-T-Fpr ' exploration and
be
to
—
All-State
Merchandising, Inc.
May 24, 1962 filed 225,000 common, of which 125,000 are
warrant to purchase two shares), and one com¬
mon share. Price—By amendment. Business—Mortgage]
banking, real estate development, and sale of insurance.
Proceeds
For debt repayment, land development, and
working capital. Office — 3756 Lamar Ave., Memphis,
a
V
300,000' class A corpmon, Of which
225,000 are to be offered by the company and 75,000 by
stockholders. Price—$5.
Business—Design and manu¬
facture of women's, misses' and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla. Underwriter
Clayton Securities
Corp., Boston, Mass. Offerlng--rIndefinite.
working capital. Office—1120 Connecticut Ave., N. W.,
Washington, D. C. Underwriter—Shields & Co., Inc.,
Inc.
Jan.
--
/.
Nov. 29; 1961 filed
and
mortgages
,
investment company.
156 South St.; An¬
Chestnut Hill Industries, Inc.
real estate. Proceeds—For loan repayment, and
on
closed-end
A
—
napolis, Md.: Under writer—None.- v
Associated;Mortgage Co., Inc.
ing,
Business
value.
Proceeds^—For investment. Office
(4/22*26)
Dec. 21, 1962 filed-135,205 common, of which 100,000
are to be offered by company and 35,205 by stockholders.Price—By amendment (max. $10). Business—Originate
licly.
Allied Mortgage & Development Co.,
bank; loans- and > working
.
those issues which became
effective this week and
.
reduction1 of
capital.
Office—349 - Lincoln St4 Hingham, Mass; Underwriter—
Emanuel, Deetjen & Co., New York.
7—For
not, in general, firm offering dates;
Registrations"
per.
designed
chemicals
of
sale
—
and in the index,
flect the expectations of the underwriter;hut
are
Price—$12
common.
.
the stock sale will go to certain stockholders.
ceeds from
the SEC since the last issue of the "Chronicle,,
.....
unit.. Busipess—Production and
to control odors, bacterial
growth and air pollutants; and development; produc¬
Address—40647 Garfield Ave,, South Gate* Calif.; Under- • tion and sale of an electronic vaporizing unit for dis¬
writer—Dean Witter & Co., San Francisco, Offering-*- 4 pensing such chemicals. Proceeds^—For debt repayment,
Imminent.
'
"
equipment, sales promotioh aftd working capital. Office
Vv'4 V "•
'
—221 N. La Salle St;, Chicago.: Underwriter—Price In¬
• Antenna Systems, Inc.
(4/3) 7.44
7
•; •"
vesting. Co.,; New York;j: • ;•:v--'-■
•
Seipt. 28; 1962j filed 100,000 Common. Price—$5.50. Busi¬
ness
Design, manufacture and installation of large
Chesapeake Fund, Inc.
;
: / \
>
microwave antennas ahd antenna components. Proceeds
March :5;; 1963 filed 100,000t:cbmmoh> JPricfe:
Net asset
processing ahd;finishihg services.. Proceeds^—For debt re-.
payment, new plants and other corporate purposes. Pro¬
NQTE
Thursday, March 28, 1963
...
-
26,
»
Device
.
and
working
capital.
Underwriter—
Rochester, N4 Y, Offering—
.4
' 4"
* /
Corp.' (4/1*5)
1962 filed 275,000 common. Price—By
amend¬
ment (max, $6). Business—Company is engaged in re¬
search, development and manufacture of certain types
of semiconductor products, and specialized test equip-
Volume
Number 6250
197
.
.
equipment, • apdo
Hient.^ Proceedsr-For • loan repayment,
other
corporate
The Commercial and Financial Chronicle
.
Office—12515 Chadron Ave.,
purposes.
Hawtorne^ Calif;; Underwyiter-f-Carl^^-ljOeb^^Rhoadea^
& Co./ Inc. New/York.:^
Copenhagen Telephone Co., Inc. (4/9)
March 20, 1963 filed, $15,000,000 sinking fund dollar
debentures due 1978. Price~-By amendment, .Proceeds-^
por construction. - Address^Copenbagen, Denmark. Uri*/
derwriters-~SmithV Barney
Co.,Inc.; ;KUhh, -Loeb &v
Co;;' Inc.; Harriiriari Ridley & Co., Inc.; Lazard Freres &
Co., New York.
'
:
•
Cosnat Corp.
Proceeds
distribution
and
manufacture
records.
the
For
—
(4/15)
Cotton States Life Insurance Co.
11, 1963 ("Reg. A") 30,000 capital shares. Price—By
amendment. Business—Writing of life, health and ac¬
ri
May.28,-1962 filed 150,000 eommon and warrants to pur¬
chase 30,000 additional shares, to be offered in units of
share and
one
ness—A
one
warrant. Price—$2.25 per unit. Busi-
corporate guidance and interim financing con¬
cern. Company may also act as a broker-dealer and un¬
derwriter. Proceeds—For investments Office—733 Third
-
Ave.* N. Y. Underwriter—Hampstead Investing Corp.,
New York; Note^-This
registration
withdrawn.
was
Crowell-Collier Publishing Co.
•
(4/15)
March ll, 1963 filed $5^500,000 convertible subordinated
debentures due: 1983, to: be offered for subscription by
common stockholders on the basis of $100 of debentures
shares held
for each 60
of record
April 15, with rights
to
expire April 30. Price — At par. Business — Publi¬
cation of various types of educational texts and related
hiaterials, and the operation of a home study school and
radio broadcasting facilities. Proceeds — For working
capital and loan repayment/ Office—640 Fifth Ave.,
N. Y. Underwriter—Carl M. Loeb, Rhoades & Co., N. Y.
:
r:
,v
r-v.,
»
■
T
"*y.-: f.bi
i'V#;.},
&
r
(First
Securities
(Consolidated
Corp.)
(Alessandrini & Co.,
Manchester
Insurance
Investment
Common
■
•
V
.
Co.,
Inc.
and
&
and
Weeks
shares
Design and manufacture of boys knit shirts, sweaters,
pajamas. Proceeds—For working capital. Office—
1115 Broadway, N. Y.
Underwriter—Goodbody & Co.,
New York,
April 25
•
'
v
Credit
Securities
(Glore,
i
&
Forgan
•
,
Securities
Utah Power
Notes
W.
•
■
Railroad
Holly
April 3 (Wednesday)
Inc.—
Systems,
:
(Emanuel, Deetjen & Co.)
General
Real
Estate
Hartford
Electric
Light
Co._-._-_
May 9
Alabama
W. Scranton
& Co.)
$15,000,000
Scripps-Howard Broadcasting Co.
Bush
Common
(First Boston Corp.) 375,000 shares
Southwestern Electric Power Co.___
,
„
$15,000,000
May 13
Orr
Co
(Bids 10:30
CST)
a.m.
$50,000,000
;
r,..:
Investors
Co., Inc
Inter-Mountain Telephone
(Offering
Common
stockholders—underwrtten
to
May
i;1,,
■
by
Courts
&
Co.)
t
Mil
"
National
________Capital Stock
Mitsui
Western Light & Telephone Co., Inc.^
Common
(Offering to stockholders underwritten by Dean ?
(Smith,
Witter
v.
&
&
115,339
Co.)
(Tuesday)
shares
f-
Mitsui
'
Harriman; Ripley
&
&
(Bids 12
Wisconsin
;
.
,
$4,500,000
CST)
a.m.
United
,
.
April 11
(Bids
11
a.m,
EST)
"
United
^<•,
Securities
___//____^__Bonds
Co.)
i
•
s
-
$300,000
a.m.
■
;
'
April; 24
Jim's
Common
,
•!
•
(Keon
&
Co.)
Debentures
$35,000,000 7
-
,
(Bids to be received)
,
^
f
(Bids
-
Debentures
-
$25,000,000
(Tuesday)L
t
,
v
Indiana &
•*:/.//'
<**■ ■"
•
a.m.
EDST)
.iBonds
$40,000,000
•; 'v..v.
Bonds
Michigan Electric Co
'
••
:p:
November
7
v V'.v.;,
(Thursday) '
Bonds
/Georgia Power Co
/
•
.
v-,-./'
—.Bonds
EST) $48,000,000
11
(Bids to be received) $45,000,000
(s*
Inc.—Common
$100,000
(Bids
August 6 (Tuesday)
•
::
,
(Tuesday)
V ;
Debentures
Tampa Electric
Entei^rises, '*Inc.___u__-Common %/
EDST) .154,914 shares
Public' Service Electric & Gas Co—
Common
Systems,
a,m,
^
Common
——
$240,000
(Glore, Forgan & Co.) $15,000,000
Service
Co.__;
(Thursday)
'
June 11
250,000 shares \
(Wednesday)
$6,000,000
Indiana Bell Telephone Co., Inc.——Debentures
(Bids 11 a.m. EDST) $20,000,000
:
..
.
EST)
:
EDST)
a.m.
Columbia Gas System, Inc.
—Units
Comptonieter Corp
'
-Lord
Brewmaster California Corp.___u___^____Commonp;
Canaveral 'Hills
June 6
.
*
...
$45,000,000
Power
.——.Bonds
Co.__
11:30
to stockholders—bids 11
(Offering
f
(Glore, Forgan & Co.)
7
&
11:30
'
Ltd.)
'
"'V:*• (Miller, Fox ■& Co.) '.$300,000
:-
Interstate
1
Victor Comptometer Corp
^....Bonds
^ C
^
^
•
.-Arkansas Louisiana Gas Co;
Union
(Bids
,
Bonds
f
^-Common
Inc.)
.
Co
Service
receivedy$lO,OOO,O0Q
(Wednesday)
Power
June 18
April 23 (Tuesday)
;
Victor
Dillon,
Co.,
Public
(Bids 12 noon EPST) $6,600,000
(Bids
Ltd.)
—Equip. Trust Ctfa.
Consolidated Natural Gas Co
(Commonwealth of)--!—
(Eastman
&
L
(Tuesday)
<Bids to be
May 22
EST) $4,500,000
__.
Davis
G.
i
Illinois
.
^—Debentures
Inc
(M.
7
shares
(Ingram, Lambert5 &< Stephen, Inc.)
Saran & Plastic Corp. Ltd
Vend-Mart
Bonds
(Bids to be received) $49,000,000
,
Interstate
Inc. and Nomura Securities Co.
$10,000,000
noon
^
'7-i^
Securities Co.,
Nomura
Camera Exchange, Inc
*
(Thursday)
(Monday)
<
v_Bonds
Great Northern Ry.-/-wi^—«^.uEquip; Trust (Dtfs.
,V
—Common
(Brager & Co.) $5()3,250
J
' v ^ (Morgan Stanley & CC^) $30,000,000 /
April 15
Co.,
Common
$1,050,000
(Wednesday)
.
$225,000
Co.)
'
;
______Bonds M
$6,000,000
r
v
:
$30,000,000 '
Michigan Power Co
-
Australia
11
&
(Bids 12
•
Equip. Trust Ctfs.
•
CST)
noon
and
Norfolk & WestemRy.—
v
Northern Indiana Public Service Co..../M._Bonds
(Bids
&
15
_ADS
Inc.
'
„
.
(Tuesday)
May 21
$376,000
Co., Ltd
Barney
Inc.;
Missouri Pacific RR.
v
Co.,
$5,000,000
(Bids 11 a.m. EDST) $30,000,000
Central
Common
:
\
/
Kuhn, Loeb & Co., Inc.;
Co.; Inc.; Lazard Freres &; Co,)
$15,000,000
,
1
1
Barney & Co.,
W^ Plzzini
B.
125,000
Copenhagen Telephone Co., Inc.-;--^:..-Debentures
.
&
received)
(First Alabama Securities, Inc.)
^
Co., Ltd.—
Barney
.(Smith,
(Smith,
and
/
—
Corp
,
April 9
200,000 shares
(Herbert Young & Co., Inc.)
(Kidder, Peabody & Co. and McDonnell & Co., Inc.) 800,000 shs.
*
Co.)
LunarFilmsr'Inc;ti-----^-i---;i-^~-i.Coiiimoii>4
(Monday)
April 8
Co.
Preferred
be
(Monday)
14
May
/:
■,
Capital Stock
Trading Co
&
to
* ,?
(-Ingrafai, Lambert & Stephen, Inc.) $718,750
Financial Federation, Inc.
.
Common
Plohn
(Charles
Bonds
.
Chicago Union Station Co
$2,800,000
Laboratory Procedures Inc
146,228 shares
,{
.
f
Co.__
Co
__Conimon
135,205 shares
Co.)
&
(Nemrava &
V
'
(Carl M. Loeb, Rhoades & Co., and White,
Weld & Co., Inc.) 295,140 shares
(Friday)
April 5
■
$4,500,000
Virginia Electric & Power Co...
Corp
$30,000,000
CDST)
noon
Debens.
•
Cabot
$10,000,000
(J. Herbert) Enterprises, Inc
•
v
Bonds
Co.)
(Bids to t>e received) $16,000,000
;
,,
(Bids
Debentures
(Courts
&
Alabama Power Co
$11,000,000
Hog, Inc
-
Securities
(Thursday)
Bonds
(Shields & Co., Inc.)
■
Debentures
Union
Power
.
Associated Mortgage
•
■'''/
(
$2,625,000 '
Equip. Trust Ctfs.
(Monday)
April 22
Bonds
CST)
(Wednesday)
Shares
(First Boston Corp., Putnam & Co., and Charles
noon
Corp
Dillon,
(Bids 12
Co.)
&
Co
(Bids 11 a.m. EST)
rvfel;:;.-;
100,000 shares
Fund
(Baker, Simonds & Co., Inc. and Alex. Brown & Sons) $1,320,000
12
c
;
Northwest Bell Telephone
Pacific
Common
^
■
Chicago Burlington & Quincy RR.
Inc.)
Co.,
(Tuesday)
April 16
'
1
(Monday)
Sugar
(Eastman
.Common
America)
of
'
>
Equip. Trust Ctfs.
(Bids
April 29
-May 8
&
Grant-Brownell
Corp.
& Light
5
5
—
'
—Common
Baird
120,000 shares
■
(Thursday)
$900,000
Co.)
(Bids 11:30 a.m. EST)
/' •
(First Boston Corp. and Kidder, Peabody & Co.) $50,000,000
Antenna
30
Corp.)
shares
and
Co.
Securities
(Fleetwood
Co
onhpage
Chicago, Rock Island & Pacific
Reynolds & Reynolds Co.^/^-i_u--Class A Common
(Tuesday)
April 2
Offering—Indefinitely postponed.
Continued
Southeastern Mortgage Investors Tr,_^--^Ben,. Int.
Commercial
adequacy of this statement.
Common
_:
Robert
(Peter Morgan &
Nomura
obtain
and
Debentures
Co. and Equitable
500,000 shares
200,000
Co., Ltd.) 300,000 ADS
,
30,000
Natural Gas & Oil Producing Co
Common
The
Proceeds—To
Feb. 26, 1962 filed 150,000 common, of which
50,006 arc
to, be. offered by the company and 100,000
by stock¬
holders. Price—By amendment (max. $12). Business-
,
&
&
Shares
&
Inc.)
Mortgage Guaranty Insurance Co
(Troster, Singer & Co.) $955,293
Barney
Securities,
,
Sachs
(Hornblower
:—
helicopters.
Donmoor-lsaacson, Inc.
Deetjen & Ctf. and Zuckerman, Smith & Co.)
.v.j J: 71
; $1,908,000
.'.V
'
(Goldman,
$200,000
Sony Corp.
(Smith,
accuracy and
Life & Casualty Insurance Co. of Tennessess—Com.
Common
-—Debentures
Inc.)
Management
Corp.
Alabama
$1,500,000
Inc.-——-.———
-
experimental
of models, train service
personnel, repay
debt, etc.^ Address—Municipal Airport, Danbury, Conn.
Underwriter—None. Note—The SEC has questioned the
(Emanuel,
275,000 shares
—
Price—By amendment (max.
Business—Research, development and construc¬
of
certification
Capital Stock
Cotton States Life Insurance Co
.
Great Eastern Insurance Co
_
(Carl M. Loeb, Rhoades & Co., Inc.)
,
tion
'
$5,000,000
Florida Jai Alai, Inc.——
.
$1.25).
(Offering to stockholders—underwritten by Carl
...M. Loeb, Rhoades & Co.) $5,500,000
Co.)
Helicopters, Inc.
shares for each three held.
Corp.
filed 200,000 common, of which 120,000 are
to be offered ;by the company and 80,000 by stockhold¬
Crowell-Collier Publishing Co._
Continental Device Corp
Freoplex,
Doman
,
April 19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
Diamond Mills
**
/li^uaKlnvestm^
Sunstein
„
Jan. 23, 1962
'
(Gerstley,
:
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 fotfr tlielimited .manufacture of/deuteriuiri
and deuterium oxide, and to establish and equip, a gen¬
eral research laboratory. Proceeds—For working capital,
construction, equipment and other corporate purposes.
Office—-36Q Lexington Avo., N. Y. Underwriter—None.
1-(Monday)
'
Co., Inc., New York.
Dixie Lime & Stone Co.
;
Sept. 27, 1962 filed 100,000 common. Price—By amendment (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.
-
*
NEW ISSUE CALENDAR
April
-
writer—A. J. Gabriel
—
Ala.
Corp.
Insurance Co.
.
J
Ferris & Co.,
—
1963 filed 100,000 common. Price—$12.50. Busi¬
ness
Company plans to write automobile insurance.
Proceeds—For general corporate purposes. Office—146
Old Country Rd., Mineola, N. Y. Underwriter—None.
Underwriter—First Alabama Securities, Inc., Montgom¬
Creative Ventures
1, 1963 filed 300,000 common. Price-r-r-$10. Business
Defenders
Proceeds—For
working capital. Office—901-22 Ave., Tuscaloosa, Ala.
•
Resources, Inc. \
16,1963 ('Tteg, A") 67,000 common/ Price i— $3.
Business—Manufacture of a 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¬
Jan.
Jan. 30,
cident insurance in Alabama and Georgia.
Ave., Miami, Fla. Underwriter-Karen Securities
Corp., N. Y.
Diversified
Ave., Rockville, Md. Underwriter
Washington, D. C.
t
13, 1962 filed 77,050
Second
Corp.
man
,
common. Price—By amend¬
(max. $11.75). Business—A real estate investment
company. Proceeds—For investment. Office—8397 N. E.
and apartment properties. Proceeds—For debt repay¬
ment, and other corporate purposes. Office—1710 Chap¬
Feb.
ery,
June
-r^fteal estate development and. ownership^ Company
plans to deal primarily in commercial, light industrial
working capital. Office—315 W. 47th St., N. Y. Under¬
Alstyne, Noel & Co., N. Y. Note — This
registration was ,withdrawn.
,•
ment
Office—3600 M St., N. W., Washington, D, Ca:
Underwriter—None. Note4^This registration was witbr/
Feb.
of
writer— Van
•
,
Diversified Collateral Corp.
purposes.
Danac Real Estate Investment
phonograph
debt, and
of
repayment
Price—By amendment. Business—Manufacture of
hosiery. Proceeds—-For debt repayment
working capital. Office—417 Fifth Ave., N. Y.
Un¬
derwriter—Drexel & Co., Philadelphia.
Offering—In¬
definitely postponed, ,
•
Women's nylon
and
Proceeds—For construction and general corporate
D. C.
29
ers.v
'drawn;?,jv:.
^
of 6% convertible sub¬
ordinated debentures tdueil977;^rice-r^t par/
—The
Systems, Inc.
April 30,'1962 filed Jpd/JSOiUOO, of 6% % conv^. suboid. de^
bentures due 1977 'arid five-year warrants to purchase
an aggregate of 187,500 class A shares, to be offered for
subscription by holders of class A and class B stock in
units consisting of $100 of debentures and three war¬
rants.
Price—$100 per unit. Business—Operation of a
public transit system in Washington, Di C.; a new sub¬
sidiary to construct housing projects in Washington,
1962 filed $1,250,000
May 26,
C. Transit
•• D.
(1297)
i
.
-
j
(Bids to be received)
Georgia Power Co.—
(Bids
to
bo
—
received)
$30,000,000
,—..Preferred ^
$7,000,000
--
30
The Commercial and Financial Chronicle
(1298)
Continued from page
»Duro-Test Corp.
,
lights for industrial and commercial use. Proceeds—For
selling stockholder. Office — 2321 Hudson Blvd.,
North Bergen, N. J. Underwriter—Auchincloss. Parker
-r-
Temporarily post-
•
Corp.
March 20, 1962 filed $500,000 of 6% con v. aubord. 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 ih units of one
$100 debenture and 10 shares. Prices—By amendments
Business—Operation of retail camera stores and departstore concessions.
ment
black
equipment.
Proceeds—For debt repayment and working capital. Of¬
fice—68 W. Columbia St., Hempstead, N. Y. Underwrit¬
ers—Edwards & Hanly, Hempstead, L. I., and Street &
Co., Inc., New York. Note—This registration was with¬
and
white
film
and
Company
repairs
also
processes
photographic
drawn.
General
holders
Q
basis of
on
held.
mon
Scranton
&
one
preferred share for each 10
com¬
Price-1—$12.
Heck's Discount
June 7, 1962 filed
common-
working capital.
Office—6400 MacCorkle Ave., S. W.,
Albans, -' W. Va.
Underwriter—Willard ' Securities,"
St.
*
Underwriter—Midland Se¬
St. Louis.
tH
Centers, Inc.
125,000
Price—By amend¬
ment (max. $5).
Business—Operatiqn of discount fctores.
Proceeds—For inventory,
expansion^ debt repayment and
Inc., New York. Note —" This registration will be * with¬
drawn.
'
'
'
•
'
'
a
'•' Hek
Corp.
April 25, 1962 ("Reg. A") 65,000 common. Price—$3
Business—Design and development of new products for
r
W.
of *>% convertible
preference stock to be offered for subscription by stock¬
curities Co., Inc., Kansas City, Mo. Offering—Indefinite.
Eastern Camera & Photo
Hartford, and Charles
Business—Real' estate, Proceeds
investment. Office—1180 Raymond Blvd., Newark, N. J.y —For general corporate purposes and debt
repayment.
Office—40 Beaver St.,
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Albany, N. Y. Underwriter—-/None.
4124 N. Broadway,
Underwriter—None.
Thursday, March 28, 1963
March-28, 1962 filed 23,300 shares
Offering—Temporarily postponed.
Office—2222 S. Centiriela Ave., Los Angeles.
.
Heartland Development Corp.
-
Co.##,
Dynapower Systems Corp.
Geigher Pipe Supply Inc.
Sept. 38, 1962>filed 750,000. common. Price—$1. Busi¬
Sept. 28, 1962 filed 60,000 class A common, of which 50,ness—Manufacture : of electro-mechanical vehicles and : 000 are to be offered
by company and 10,000 by stock¬
electronic devices for
medical and marine purposes.
holders. ' Price—$9.50.
Business—Sale of steel pipes,
Proceeds—For working capital, equipment and debt re¬
valves and fittings: Prdceeds-^For inventory;' .Office#*
; •
i
Oct. 27, 1961 filed 330,000 common. Price—$3. Business
—A small business investment company. Proceeds—For
the
& Redpath, New, York.-Offering
poned.
Garden State Small Business Investment
;
.
Co., New Haven, Conn.
—Route
Dec 6, 1962 filed 150,000 common, Price—By amendment
(max. $9). Business — Manufacture of various types of
payment.
Putnam & Co.,
Business—Operation of retail meat supermarkets. Pro¬
ceeds—For debt repayment and working capital. Address
18, Tices Lane, East Brunswick, N. J. Underwriter—Alessandrini & Co., Inc., N. Y.
:
*
29
.
Design
Ma nutactur ing
C©.r Inc#
Aug. 7, 1962 ("Reg. A") 75,000 common, of jvhich 69,000
shares/are to be offered for the account of the', com¬
various
industries.
Proceeds—For
debt
repayment,
pany and 6,000 shares for the underwriter.
Price—$2.
Business—Manufacture of dental equipment. Proceeds—
equipment and working capital. Office—1252 W. PeachFor debt repayment,
tree St., N. W., Atlanta, Ga. Underwriter — Robert M.
advetrising, research and develop¬
Harris & Co./ Inc., Philadelphia; Note—The SEC has is—< ment and- working capital.
Office^2176 Paloui San
Francisco.
sued an order temporarily suspending this issue. ;
Underwriter—Queensway Securities /Corp.,
New York. Offering—Imminent.
"
General Life Insurance Corp. of Wisconsin
•
March 6, 1963 filed 311,625 common to be offered for
Highland Development Corp.
Feb. 23,1963 ("Reg. A") 60,000 common. Price—$5 Busi¬
subscription by stockholders on the basis of, one new
share for each four held. Price—By amendment. Busi¬
ness—Real estate investment in
Albuquerque area; Pro¬
ceeds—For general corporate purposes. Office—607
ness-—Writing of life and endowment policies. Proceeds
San
For general corporate purposes. Address-^8500 W.
Mateo Blvd., N. E., Albuquerque.
Underwriter—Hyder &
Capital Dr., Milwaukee/ Underwriter
Piper, Jaffray
Co., Albuquerque. Offering—Imminent.
& Hopwood, Minneapolis.
Hill Street Co.
—
Electronic
Dispenser Corp.
Jan. 29, 1963, filed o0,00u common. Price—$2. Business
—Manufacture of the SAFER Butter Chipping machine,
and processing of tray-forming and chip-covering mate¬
rials. Proceeds—For operating expenses, equipment, in¬
ventory and advertising. Office—118 E. 28th St., New
York. Underwriter—L. D. Brown Co., New York.
•
•
Detroit;
Feb. 21, 1963, filed 120,000 common. Price—$2. Business
to market a new drug known as
used for treatment of a variety of
tumor related diseases. Proceeds—For. equipment, sales
oeams
used in construction.
Gold Leaf Pharmacal
|
sales
offices, advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬
geles.
Underwriter—Wisconsin-Continental, Inc., Milwaukee.
Fedco Corp.
Oct. 29, 1962 filed 20,000 common, of which 17,500 are to
be offered by company and 2,500 by a shareholder. Price
working capital. Address—P. O. Box 430, Phoenixville,
Pa, Underwriter—Harrison & Co., Philadelphia. Offer¬
ing—Temporarily postponed.
Co.,. Inc*
.. •
a .i-.-oftrr*!.
13, 1962 filed 80,000 common. Price-^-$4.tBust-j
• Holly/ Sugar Corp# (4/29)
,
ness—Manufacture, development and sale of pharmaceu¬
tical and veterinarian products. Proceeds—For advertis¬
tion
ing,
research,
debt
Office—36 Lawton
—-Droulia
&
repayment
*
working
and
capital.
St., New Rochelle, N, Y. Underwriter
r
"
*
j -
erties. Proceeds—For general corporate purposes. Office;
—62 Richmond St., Toronto. Underwriter—G. V.
Kirby
& Associates, Ltd.,. Toronto.
—
By
amendment
for
11
(max. $60). Business—A holding company
California savings and loan associations and an
insurance agency. Company also assists in the
purchase
and sales of real estate loans and serves as a
trustee
under the deeds of trust. Proceeds—For
selling stock¬
holders.
Office—615
South
Flower
St.,
Underwriters—Kidder, Peabody & Co.
Los
and
Angeles.
McDonnell
& Co., Inc., New York.
First American
Israel Mutual Fund
Aug.
15, 1962 filed 2,750,000 shares at 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¬
Real
Estate
ment. Office—530 St. Paul
•
-
Park, Fla; Underwriter^H^sdhdated Securities
CorpV
Pompano Beach, Fla.
Floseal Corp.
May 10," 1962 filed. 169,420 common to be offered for
subscription by stockholders.
Price—By amendment
(max. $2). Business—Company owns and licenses carton
pouring spout patents and die patents. Proceeds—For
debt repayment and other corporate
purposes.
Office—
100 W. 10th St., Wilmington, Del.
Underwriter—None. V
Price
1963, filed 136,094 common to be offered for
subscription by stockholders on' the basis of one share
for each 4^ shares held. Price—$5.50. Business—Acqui¬
sition and development of real estate. Proceeds — For
general corporate purposes. Office—811 duPont Plaza
Forst
(Alex)
& Sons, Inc.
March 23, 1962 filed 125,000 common.
Price—By amend¬
(max. $15). Business—Wholesale distribution oftoys and games. Proceeds—For selling stockholders. Of¬
fice—2885 Jerome Ave., Bronx. N. Y.
ment
Underwriter—Mc¬
Donnell &
•
Co., New York. Offering—Indefinite.
Freoplex, Inc.
(4/1-5)
1, 1975. Price—At
par.
To be named.
Offering—-Indefinite.
Infotronics Corp.
Oct. .23* 1962 filed 100,000
common. Price—$5. Business
—Research, engineering, manufacturing and marketing
in the field of electronic information
handling and auto¬
mation systems.
Proceeds—For new products, inven¬
tory, new plant and working ca^jtal. Office—1401 S. Post
are
and retail distribution of toys, hobby lines and sporting
Oak
equipment. Proceeds—For debt repayment, inventory
and working capital. Office—35 Engel St., Hicksville,
Rd., Houston. Underwriter—None.
Intelectron Corp.
Dec. 10, 1962 filed 100,000 common.
N. Y. Underwriter—J. R. Williston & Beane, New York.
~
—
Price—$3. Business
—Company plans to
...
engage in the research and
ment of devices for the hard of
hearing and
develop¬
equipment
applicable to certain specialized and affiliated areas of
,
March 30, 1962 filed $250,000 of 8% subordinated deben¬
tures due 1977, 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
one warrant. Price—$18 per unit. Business—Extraction,
processing and sale of rock and sand. Proceeds—For a
communication.
poses.
Proceeds—For general corporate pur¬
Office—171 E. 77th St., New York. Underwriter—
None.
-
•
International Systems Research
Corp.
March 30,1962 filed 110,000 class A common and 9-month
warrants to purchase 110,000 class A shares at
plant and other corporate purposes. Address—Hal-#
$4 per
landale, Fla. Underwriter—To be named.
]
share, to be, offered in units, each consisting of one share
and one warrant. Price—$4 per unit.
Hartford Electric Light Co. (4/3) ^
Business—Design,
development and manufacture of mechanical, electro¬
March 13, 1963 filed $15,000,000 of first mortgage bonds
new
.
due
Jan. 2, 1963 ("Reg. A") $200,000 of
7% convertible sub¬
ordinated debentures due March
share).
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 offered by company and 100,000 by stockholders.
Price—By amendment (max. $7). Business—Wholesale
Sand Co.
writer—Horace Mann Investors
Inc., (same address);
Hunsaker (S. V.) & Sons
March 30, 1962 filed
$1,300,000 of convertible subordi¬
nated debentures due 1977 and
200,000 common shares.
Price — By amendment (max.
$6 per common
Business—Construction of homes and apartments
.
.
-
by stockholders.
$12.50. Business—Writing of life, accident and
Springfield, 111; Under-
;
Greater Nebraska Corp.
Feb. 20,-1963, filed 3,000,000 pommon.
Hallandale Rock &
—
health insurance. Proceeds—For general
corporate pur¬
poses. Office—216 E. Monroe St.,
Feb. 25,
Offering—Indefinite.
one
per
.
Park, Inc.
Greenman Bros., Inc.
April 25,1962 filed 150,000 common, of which 50,000
,
Horace Mann Life Insurance Co.
Feb. 1, 1963 filed 200,000
common, of which 80,000 are
to be offered by
company and 120,000
Building, Lincoln, Neb. Underwriter—None.
—
^
common and one
preferred, share. Price
unit. Business—Company plans to construct
and operate a beef and pork
packing plant. Proceeds—
For. construction, equipment, and working capital. Ad¬
dress—Beatrice, Nebr. Underwriter—None.
—$150
Co., New York.
•
Florida Jai Alai, Inc. (4/1-5)
June 28, 1962 filed 300,000 common.
Price—$5. Busi¬
ness
Operation of Jai Alai games and pari-mutuel
betting. Proceeds—For rent, purchase of leased quarters,
building improvements, working capital. Office—Fero
Offering—Expected in. mid-April.
in-units of
Office—116 John St., New York. Underwriters
—Emanuel, Deetjen & Co., and Zuckerman, Smith &
Office—141 Milk St., Boston. Underwriter—
Paine, Webber, Jackson & Curtis, Boston. Offering—Ex¬
pected in May.
Price—$10. Business
Inc.
March 13, 1963 filed 5,900 shares of 6% non-cumulative
preferred stock, and 5,000 (common;.to be. offered for sale
purposes.
.
Entertainment Co. of America
-Homestead Packers,
Price—$2. Busi¬
ness—Company plans to operate subsidiaries in the fields
of banking, insurance, finance, etc. Proceeds—For general corporate purposes. Office—1107 Federal Securities
vestment.
Home
installation of a pay television system.
—19th and
Broadway, Santa Monica, Calif.
Underwriter—Bernard M. Kahn & Co., Inc., New York.
(4/15-19)
.
of
Proceeds—For
Investment Trust-
Fla. Underwriter—None.,
sale
Address
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
Center, Miami,
products/ and
—Company is engaged in the. development and promo¬
a pay television system- in Santa
Monica, Calif.
Place, Baltimore. Underwrite!
Greater Miami Industrial
related
tion of
—To be named. Note—This firm formerly was known as
Continental Real Estate Investment Trust.
Great Eastern Insurance Co.
sugar: and
Jan. 16, 1963 filed 300,090 common.
Aug. 3,. 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
•
Financial Federation, Inc. (4/8-12)
March 11, 1963 filed 80,000 capital shares. Price
Great Continental
beet
v
Co., N. Y.
Gotham Educational Equipment Co. Inc.
Dec. 4, 1962 filed 75,000 common. Price—By amendment
r'
Underwriter^-None.
of
livestock, beet seed, and fertilizer. Proceeds—For a new
plant, Address—Holly Sugar Bldg.,/.Colorado. Springs,
Colo; Underwriter-#Eastman Dillon, Union
Securities <&
Co., New York.
.
Fidelity Mining Investments Ltd.
Nov; 80, 1961 tiled 800,000 common. Price—By amend- *
ment. Business—Exploration and testing of mining prop- *
#
-
Mhrch 7, 1963 filed' $10,000,000 convertible subordinated
debentures JdUe "1983^ Price-^-At par. Business—Produc¬
(max. $6). Business—Design, manufacture, and market-;
—By amendment (max. $15).. Business—Resign andv Jng of items usedin ieducatidnal institutions such as
manufacture of tools, dies, molds, beryllium castings and' : chalk? boards, exhibit cases, etc. Proceeds-r-Foj: general'
the distribution of plastic, metal and glass products for ^ corporate purposes. Office — 91 Weyman Ave., New
Rochelle, N. Y. Underwriter—Federman, Stonehill & Co.,
home use. Froceedsr-For a recession offer to stockhold¬
New York. Offering—Indefinite.
ers and reduction of accounts
payable. Office—3600 W.
.Pratt Ave;, Chicago.
Business—A
Price—$3.
less terminals and other, wire
terminating products; Pro¬
ceeds—For debt repayment,
equipment, advertising and
Proceeds—For debt repay¬
expansion, research, and inventory. Office—545
Cedar Lane, Teaneck, N. J.
Underwriters—Winslow,
Cohu & Stetson and Laird, Bissell & Meeds, N. Y.
March
share-tfor-share basis.
Feb. 27,
ment,
Equity Funding Corp. of America
a
on
Hollingsworth Solder less Terminal Co.
1962 ("Reg. A") 75,000 common. Price t- $4.
Business—Manufacture, sale and development of solder-
Devices, Inc/
June 29, 1962 filed 100,000 common. Price—$10. Busi¬
ness—Manufacture; sale and lease of steel supports and
Indefinite.
new
nia
management investment company.
Proceeds—For in¬
vestment. Office--760S. Hill St., Los Angeles, Under¬
writer—None# •* " •
'
'
\
|#|f
Sons, Baltimore.
Global Construction
promotion^ research and development, and working cap¬
ital. Office—727 Land Title Bldg., Philadelphia. Under¬
writer—Bristol Securities Inc., New York. Offering-
—For
Oct. 16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of TJnion Bank of Califor¬
Underwriters—Baker, Simonds & Co., Inc., De¬
troit and Alex. Brown &
—Company plans
"Clinizyne" to be
March 29, 1962 filed 240,000 common. Price—By amend¬
ment (max. $6.50). Business-^ holding company; for
firms selling life insurance and mutual funds. Proceeds
(4/3)
18,1963 filed 132,000 shares of beneficial interest,
price—$10. Business-^ A real estate investment trust.
Proceeds—For acquisition of property, debt repayment
and working capital. Address—2034 First National Bldg.,
Enzyme Corp. of America
-
General Real Estate Fund
Feb.
1993.
struction.
Conn.
Price—By
-
Office—176
amendment.
Cumberland
Underwriters—First
Boston
Proceeds—For
.
con¬
Ave./ Wethersfield,Corp., New York,
mechanical
and
electronic
equipment for government
military. Proceeds—For equipment,
debt repayment and working capital.
Office—Engineer's
agencies
and
the
Volume 197
Number 6250„ /. The Commercial and Financial Chronicle
(1299)
• Lord Jim's Service Systems, Inc.;](4/24) /44.4
'}1 Jan. 14, 1963 ("Reg.- A?) 100,000 common.; Price —*■ $1.
Business—Operation of drive-in restaurants. Proceeds—
Interstate Equity
For-leases, equipment and working capital. Office—
Maiu^u,
xnea 1,605,100 shares of beneficial interest
1601 Mandeville Canyon Rd., Los Angeles. Underwriter
Price—(max. $10). Business—A real estate investment
j? —Keon & Co., Los Angeles.
;
company. Proceeds—For investment. Office—450 Seventh
Loyalty Financing Corp.
■
;:
i
Ave.-, N. Y. Underwriter—Van Alstyne, Noel & Co.rN. Y.
Dec. 19, 1962 ("Reg. A") 24,000 shares of 6Vz% cumuI Offering—Indefinite:
~
4 lative convertible preferred and 60,000 common to be
Investors Realty Trust
*
*
*
offered in units; consisting of 20 preferred and 50 com-5
May 31, 1962 filed 200,000 shares. Price — $10. BusineM
mon shares. Price—$250 per unit. Business—A business
—A real estate investment trust. Proceeds — For con¬
finance company. Proceeds—For working capital. Office
Hill, Plainview, L. L, N. Y. Underwriter—Leib,
Co., Inc., Clifton, N. J. Offering—Indefinite.
$7). Business
Skloot &
and
Office
investment.
—
3315
Connecticut
J7, 1963 filed 200,000 capital" shares. Price —/Net
(max. $5), plus 8% sales charge. Business—
Jan.
Lunar
Films,. Inc.'
Offering—Indefinite,
..<„•
each
three held of record Dec. 31, 1962, with rights to
expire April 15. Price—$19.50. Business—A multiple line
Proceeds—For additional capital and
surplus. Office—6901 Wooster Pike, Cincinnati. Under¬
writers—W. D. Gradison & Co., Cincinnati, and Greene &
insurance carrier.
Jamoco Air
4
Conditioning Corp.
reov 2p,ci9o2
('/Keg.A > :4u,uuu-:common^ Prfcov
Business—Design, installation and maintenance of
:
$3
heat¬
plumbing and air conditioning systems. Proceeds—
ing,
For inventory,
Office
*
954
—
equipment and other corporate purposes
Ave.? Bto^klvn
Jamaica
Co.yLtd;,NewYork. Note—This
; f1; -4
". /
*
writer—Martin-Warren
ietter
was
withdrawn:
Manchester
Insurance
Management &
Mardhv29, 1962 filed 50,000 shares 6%. Cum; preferred
Investment Corp. (4/1-5)
■ , \
and four-year common stock purchase warrants to be 4;'—:
Nov. 28r 1962 filed 272,941 common. Price—$3.50, Busi¬
offered in units consisting of one preferred and one
ness—Writing
of
casualty
insurance,
adjustment
of
warfant.
Price—By amendment (max. $101 per unit).
Business—Real estate investment. ' Proceeds—For debt •/claims, financing of insurance premiums, and the mak¬
ing of investments. Proceeds—For expansion, loan re¬
repayment and working capital. Office—30 E. 42nd St.,
payment and other corporate purposes.
Office—9929
N. Y. Underwriter—Hayden, Stone & Co., N. Y. Note—
Manchester Rd., St. Louis. Underwriter—Troster, Singer
This registration-will be withdrawn.
& Co, N. Y.
Kraft -.(JohnJ 'Sesame] Corp.;; •' *-•«.4
41 *4'
Manhattan DrugCo., Inc.
^ •
tMay 2441962 filed $225,000 of, 6 % conv. subord. deben¬
March 29, 1962 filed 72,000 common, of which 58,000 are
tures, due 1972, and 150,000 common to be offered Id
to be offered by company and 14,000 by stockholders.
units consisting of a" $300 debenture and 200 sharesPrice—$3.50.
Business—Manufacture,
packaging
and
Price—$900 per unit. Business—Processing .and.distri¬
saie of various proprietary
drug products. Proceeds—
bution of sesame seed.
Proceeds—For accounts receiv¬
For, equipment, new products, debt repayment and work¬
able^ inventories, plant expansion and working capital.
ing capital. /Office—156 Tillary St., Brooklyn, N
Y.
Office—2301 N. Main St., Paris, Texas. Underwriters—
Tohn A. Dawson Xr Co», and Leason-. & Co., Inc., Chicago
4 Underwriter]—Dana Securities Co.* Inc., N. Y. Note—This]
"registration will be withdrawn,
• Kreedman Realty & Construction Corp.
•
Marshall Press, Inc.
April 19, >1962 fried $5,000,000 ot conv. subord; deben¬
tures due 1982 and 200,000 common shares to be offered
/ May 29, 1962 filed 60,000 common*. - Price--$3.75,; Busi¬
ness—Graphic design and printing. Proceeds—For pub¬
In units consisting of $25 of debentures and one common
share.
lishing a sales catalogue, developing a national sales
Price—By amendment (max. $27).
Business—
staff and working capital.
Office—812 Greenwich St.,
Construction and operation of office buildings. Proceeds
N. Y. Underwriter—To be named. Offering—Indefinitely
—For -debt repayment; -Office—>9350' Wilshire Blvd.,Beverly] Hills -Calif Underwrlter^-Lee Higgioson Corp.,
• Medic Corp. ]
New York; Nolo-~This registratim was - withdrawn.
,
.
'
Kwik-Kold,
"
Feb.
Inc.
29, 1962 ("Re^A")'100,000 common bf^^vhiic^
es,000 will be sold for company and 35,000 for stockholders
Price — $3. Business — Manufacture of certain
March
28,
1963, filed 1,000,000 class B common. Price-
$1.25^ Biisiiiess-t-A holding companyfOf/three life insur¬
4 ance firms. Proceeds—For loan repayment, operating ex• penses, and investment in other insurance concerns. Ad*
cooling packages. Proceeds—For debt repaydress—714 Medical Arts Bldg., Oklahoma City. Underworking capital. Office—Jennings Bldg , P. O , /writer—Lincoln Securities Corp. (same -address), Offer*
638. ^Moberl^, Mo; Underwriter^John ,W. Plynn, ing—Expected in May, , .
, //
;m
& Co., Santa Barbara, Calif. Note--This /letter will b«
/. 'Medical.lridustrt!M«:-Furid,j4lTOt
T..'t,
1
Oct. 2341961 filed 25,000 'common. Price—$10. Business
withdrawn.
—A^ closed
end investment company which plans to
• Laboratory Procedures Inc
(4/22-26)
mm
become open - end.
Proceeds —-/For investment in the
Feb, 26, 1963, filed 225,000 common. Price—$1. Business
medical industry and capital growth situations. Office
—Operation of six medical testing laboratories. Proceeds
—677 Lafayette St., Denver. Underwriter — Medical As¬
—For general corporate purposes. Office—3701 Stocker
sociates,Inc., Denver.
St., r Los Angeles, Underwriters —^ Charles ,Plohn & Co.,
/
Medical Video Corp.
and- B. W; Pizzini & Co^/New /York.-] ^::::].//v]"
Nov, 13, 1961 filed 250,000 common*, Price — $1. Busi¬
Las Vegas Properties Trust
ness
Manufacture of medical electronic equipment.
Feb. 7, 1963 filed 500,000 shares of beneficial interest.
Proceeds .— For general corporate purposes.
Office
Price—$10. Business—A real estate investment trust.
—Studio City, Calif. Underwriter — Financial' Equity
Proceeds—For ^investment. Office-44933 Paradise] Rd.,
Corp., Los Angeles.
patented
ment and
Box
-
'
-
v
.
•
—Distribution of commercial dry cleaning and laundry
equipment.
.
Proceeds—For general
purposes.;]
corporate
Office—1101 East Tremontf Ave., Bronx, :iNew York.
Underwriter—Herbert Young & Co., Inc., New York.
i
-
.
•
• Mitsui &
Co., Lt«L (4/22-26)
^
Fet*.; $20$1963n filed j.$10,000,000 'of' convertible - sinking]
fund- debentures] due: 1978,> and. 125,000 Americair De¬
positary Shares. Price—By amendment (max. for shares
$20). Business—A general trading company dealing in a
variety of industrial, agricultural and consumer goods i
and commodities. Proceeds—For general corporate purAddress—Tokyo, Japan. Underwriters — Smith,
Barney & Co., Inc., and Nomura Securities Co., Ltd..
poses.
New York.
Mobile Home Parks Development Corp.
?
]|
Jan. 28, 1963 filed 1,250,000 common.
Price—$2.50. Busi¬
ness—Company plans to develop mobile home parks and
residential
and
commercial
general corporate
real
Underwriter—Overseas
lanta.
Proceeds—For
estate.
Office—82
purposes.
St., At¬
Service,'Se¬
Baker
Investment
ville, Spain.
None.
Corp;
Kavanau
(4/22-26)
Jan. 28, 1963 refiled 94,000 common. Price—$4. Business
Managamant Investment Corp.
Aug*. 2941962 filed- 2,000 common (with attached wargrants)
Price—$500, Business—Company plans, to fur-.
nish equity capital to firms in the atomic, space and
missile fields, and provide advisory and management
^ counseling services on a fee basis.
Proceeds—For re¬
payment of loans, and general corporate purposes. Office
—130 Fulton Federal Bldg., Atlanta.
Underwriter—
•
Mil National Corp.
(4/22-26)';;:!r.K^]/
Philadelphia. Offering—Indefinite.
poned.
•
Ladd, Dayton,
4
investment.'Office—460
Denver Club Building Denver. Distributor—Nemrava & 4 filmlng and production and working capital.
Office—
Co. •<same address).
V543 Madison^Ave., New York.^Undei^iter —^Ingram,
Lambert & Stephen, Inc., 50 Broad St.,, New York.
jaap Penraat Associates, Inc. : 4.
01 Madway Main Lino] Homes,
Jan. 30, 1962 filed 100,000 common. Price—$3. Business
;Feb.' 19^^1963. filed100,000 common*. Price—By amend-?;
—Industrial designing, the design of teaching machines
-ment (maximum $14), Business—Production, sale, erec¬
and the production of teaching programs. Proceeds—
tion and financing of manufactured homes. Proceeds—To
For expansion, new facilities and working capital. Office
finance future credit sales of homes. Office—315 E. Lan—315 Centra] Park W< N v fTfiderwrit*»r—.R F DowH
Indefinitelypost*A* caster Ave., ] Wayne, Pa; Underwriter—Drexel & Co.,
& Co.; Inc., New York;' Offering
fund. Proceeds—For
mutual
purposes.
Bldg., Minneapolis.
26, 1962 filed 25,495 common being offered for sub¬
scription by stockholders on the basis of one share for
:Aug,. 31v( 1961 ?;filed 125,000 common; Price-^$5.75. Busi¬
ness—The production of television films. Proceeds—For
,
asset value
A
corporate
Bank
Midwestern Indemnity Co.
'
& Co., Inc., New York.
For general
—
Dec.
\%5 W. Main St,* Freehold, N„ J. Underwriter—Friedman
4 *
2615 First National
—
Underwriter—None.
•
Ave.; N. W., Washington, D, C. Underwriter—None.
• Investors Trading Co.
(4/22-26)
. - t*
Proceeds
Office
.
struction
A closed-end management investment
—
company.
,
31
<
•
(4/15-19)
Price—By amendment
(max. $27). Business—Company is engaged in the in¬
Mortgage Guaranty Insurance Corp.
,
March 11, 1963, 200,000 common.
suring of lenders from loss on residential
ceeds—For investment; Office—600 Marine
loans.' ProPlaza, Mil¬
waukee. Underwriters—Hornblower & Weeks, Chicago,
and Robert W. Baird 8c Co., Inc., Milwaukee.
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
New York.
Seonsor—Ira, Haupt
&
Co., Ill Broadway,
Offering—indefinite* 4
,
Music Royalty Corp.
July 27, 1962 filed 150,000 common. Price—$1. Biisinesi
—Company acts as representative of artists, musicians,
etc, and plans to engage in the music publishing busi¬
ness.
Proceeds—For debt repayment, public relations,
acquisition of musical properties, and working capital.
Office—545 Fifth Ave., N. Y. Underwriter—Associated
Securities Co*, 545t"r
'
/
Fifth Ave., N. Y.
'*<•'.
■
>r'1
'
V.'h"
National Aviation Corp*
^ 1
^
,
<\
,•>
*!
1
1
,
V
f;
March 14, 1963 filed 253,478 capital
for subscription by stockholders on
shares to be offered
the basis of one new
share for each five held of record April 11, 1963. Price—
By amendment. Business—A closed-end investment com¬
specializing in aviation and-aerospace stocks. Pro¬
pany
ceeds
—
For investment,/
Office
—
■York..Underwriter—None.-
111 Broadway,* New;
r::']• 4-WS
*
National
Dec.
7
Life Insurance
Central
filed
125,000
common.
Price
Co.
—
By amendment
(max. $15). Business—Writing of health and accident inProceeds—For general corporate purposes. Ad¬
dress—2632 McGee St., Kansas City,: Mo. Underwriter—
]]
surance.
-
'
—
Las^ Vegas, Nev.
Underwriter—Securities Co, of Nevada,
LasJVegas.
Merco
Liberty. Real Estate Trust
: Feb. 25, 1963 filed 500,000 shares of beneficial interest.
Price—By amendment (max. $10). Business—A real estate investment trust. Proceeds—For investment. Office
Price—By amendment
&
Life
.
Casualty
Bldg.*, P.klahoma1<City4/Un4V
Insurance
of
Co.
Tennessee
Meridian
(4/15-19) */■''-t
1963 filed 500,000 common. Price—By amend¬
ment (max. $36). Business—Writing of life, accident and
health insurance. Proceeds — For selling stockholders.
Office—Life and Casualty Tower, Nashville, Tenn., Underwriters
Goldman, Sachs & Co., New York and
Livestock Financial Corp.
..
Underwriter—Centennial Management
/]. / f\ search Corp., (same address).
• c
^ >
,
•
1
the lives of all types of
,
?
_
nii:—
no
Ci
Denver.
*r
1962 filed 130,000 common. Price—$10.. Business ■
insurance holding company whose subsidiaries in*,
animals. Proceeds—To form
XT' V
>:x
new subsidiaries. Office—26 Piatt St., N. Y. Underwriter
—Shearson, Hammill & Co., N. Y. Offering—Indefinite.
sure
Fund, Inc.
4; 1963 filed 500,000 capital shares. Price—Net
asset value plus 5%. Business—A new mutual fund to be
offered initially to members of the medical profession.
Proceeds—For investment. Office — 714 Boston Bldg.,
Feb. 23,
—An
Business—Sale of
March
March 15,
Equitable Securities Corp., Nashville.
(max. $5.50).
phonograph records to, and the providing of merchandising services to retail record department. Proceeds—
For general corporate/ purposes.
Office—750 Stewart
Ave., Garden City, L. I., N. Y. Underwriter—J. R. Williston & Beane, N. Y. Offering—Indefinite.
r-432 Commerce Exchange
-derwriter—None.
Enterprises, Inc.
5, 1962 filed 104,000 common, of which 33,000 are
to be offered by company and 71.000 by stockholders.
.
& Re-
Met Food Corp.
March 30, 1962 filed $1,000,000 of convertible subordinated debentures due Nov. 1, 1977. Price — By amendment. Business—Distribution of food and related prodr._
j
_xi
_x
J_
ucts
to
supermarkets
and
other
retail stores
in
.
•
the New York
Metropolitan area. Proceeds—For general
corporate purposes. Office—345 Underhill Blvd., Syosset,
Options, Ltd. -•' /]^/N Y. Underwriter—Brand, Grumet & Siegel, Inc., N. Y.
April 11, 1962 filed 250,000 capital shares. Price — By
Offering—Indefinite.
amendment (max. $10), Business—A diversified closedMidwest Technical Development Corp.4?
end investment company. Proceeds—For investment. Of¬
Feb. 26; 1962 filed 561.500 common to be offered for
fice—26 Broadway, N Y., Underwriter—Filor* Bullard &
Smyth, N. Y. Note—This company formerly was named,, subscription by stockholders on: the basis of one share
44 Logos
>
Logos Financial,
Ltd. Offering—In late April, a
4*^5.: for each two shares held. Price—By amendment (max.
Equipment & Plastics Corp.
cleaning and pressing plant and affili¬
debt repayment, store ex¬
pansion and working capital. Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y. Note—
This registration will be withdrawn.
—Operation of
ated
National
Fence
Nov. .29, 1962
—
welded
a
Proceeds—For
stores.
ness
Nov.
^
National
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
Manufacturing Co.,
Inc.
filed 100,000 common. Price—$8.75. Busi¬
Manufacture
of
galvanized chain link fence
concrete reinforcing, fabric, gates; and related
products. Proceeds—For construction of a plant in Ire¬
land, and working eapital. Office—4301 46th St., Bladensburg, Md. Underwriter—Netherlands Securities Co.
Inc., New York. Offering— Indefinite.
National Momorlal Estates
.
11, 1962 filed 4,750,000 common. Price—$1. Busi¬
ness—Company plans to engage in cemetery develop- ]
ment and to establish and operate a life and disability
insurance concern. Proceeds—For general corporate pur- 5
Oct.
Office—13 S. Broadway, Red Lodge, Mont.- Un¬
derwriter—Security Brokerage Co., Billings, Mont.
poses.
National
Mortgago Corp., Inc.
28, 1962 refiled $8,000,000 face amount certificates
(series 20) and 300,000 common shares.. Price—For certificates, $762; for stock, $1.15. Business^—A mortgage
loan company.
Proceeds—For general corporate pur¬
Dec.
poses.
Office—113 S. Hydraulic, Wichita, Kan. Under-
writer—National iMortgage Agency, Inc., -• xi.. address)
(same ox_x^
a
m...
m .
i„
Note—This
_
offering will be made only in the State of
4
Kansas.
Insurance Co., Inc.
Nov. 28, 1962 filed 590,075 common to be offered for
subscription by common stockholders of record Oct. 15,
on a share-for-share basis. Price—By amendment (max.
National Sacurity Ufa
$2). Business—Writing of participating and
Continued
non-particion
page
32
.
32
The Commercial and Financial Chronicle
(1300)
Continued from page
31
Dec.
pating ordinary life insurance. Proceeds —To expand;
operations. Office—6225 University Ave., Madison, Wis.
Underwriter—None.
v -1;;/?;■./.■ *;.
National Telepix, Inc.
,
This
July 30, 1962 filed $150,000 of 6%% conv. subord. deben¬
tures due 1972. Price—At par. Business—Production of
motion
of
Ave.
Feb.
-
.
1
y
75,000 common. Price — $4.
Business—Production of TV documentary films, and the
27, 1963
("Reg. A")
Price—By amend¬
(max. $4). Business—Company plans to sell or
lease coin operated vending machines.
Proceeds—For
color,
.
.
Thursday, March 28, 1963
black
and
white
and
photographic
For equipment -and1 working capital.
Office—245 7th Ave., N. Y. Underwriter — Federman,
Stonehill & Co., N. Y. Note—This registration will be
withdrawn.
\
,
—
expansion.
Proceeds—For bond retirement and plant
Address—Alexander City, Ala.
formerly
was
Underwriter
Weeks, N. Y.
Note — This company
called Russell Manufacturing Co. Offering
&
—Indefinite.
*
.
:
-
-
.
Potomac Real Estate Investment Trust
■
Russell Mills, Inc.
■
*
Sept, 28, 1962 filed 312,500 common. Price—By amend¬
ment (max. $12).
Business—Manufacture of athletic/
clothing, knitted underwear, children's sleepwear and
—Hornblower
,
ment
prints
film, Proceeds
cotton cloth.
■'r;
processing of colored kodachrome film. Proceeds—For
equipment, and working capital. Office — 56 Bennett
Bldg., Wilkes-Barre, Pa. Underwriter—G. K. Shields &
Co., New York.
■
•
National Uni-Pac,
Inc.
July 31, 1962 filed 85,000 common.
and
y
registration will be withdrawn.'
Pictronics, Inc.
;
Proceeds—For production and distri¬
expenses
and working capital.
Office—r270
the Americas, N. Y. Underwriter—None.
pictures.
bution
:
Parkway Laboratories* Inc. *
/
6, 1961 filed 160,000 common. Price—$5. Business
—Manufacture of drugs and pharmaceuticals. Proceeds
—For ah acquisition* research and other corporate, pur¬
poses.
Office — 2301 Pennsylvania Ave., Philadelphia.
Underwriter—Arnold Malkaii & Co., Inc., N. Y. Note—
'
.
Scripps-Howard Broadcasting Co. (4/3)
March 12, 1963 filed 375,000 common. Price—By amend¬
ment (max. $20). Business—Company owns and operates
four TV stations, three AM radio stations and two FM
equipment and working capital. Office - July 6, 1962 filed 1,000,000 shares of beneficial interest
Price—By amendment (max. $5). Business—A real estate
St., Atlanta. Underwriter—None. Note—
This registration will be withdrawn.^
11
!
i investment trust. Proceeds—For investment. Office—880
Bonifant St., Silver Spring, Md. Underwriter—None.
^
Natural Gas & Oil Producing Co. (4/15)
Powell Petroleum* Inc.
Sept. 7, 1962 filed 180,000 class A common.
Price—$5.
debt repayment,
—15 Peachtree
stations;
1121
Proceeds—For
Union
First
Boston
selling stockholders. Office—
Bldg., Cincinnati. Underwriter —
Corp.,. New-York. 1
^
; J
Central
Proceeds;* Sept. 28,1962 filed 100,000 common. Price—$5; Proceeds
Seaboard Land Co.
'
—To drill for and operate oil welld.- Office-r-418 Mar¬
ket St., Shreveport,: La. " Underwriter—None.
V-* v > .1/ July 25, 1962 filed 200,000 class A common. Price—By
porate purposes. Office—Tekoil Bldg., Oklahoma City.;
amendment (max. $2.50). Business—Ownership and deUnderwriter—Peter Morgan' & Co., N, Y..v ;
Power Cam Corp.
^VV :
v
Jan. 28, 1963, filed 200,000 capital shares. Price—$4.75. /
Now Campbell island Minos Ltd.
estate. P^f^eds-^For^working capital.
\
Office—912 Thayer/Ave., Silver Spring, Md.
UnderOct. 13, 1961 filed 475,000 common, of which 400,000 are Business—Company plans to manufacture a new type of!-"**
ft1° ml
A
writer—* North
American Seaboard Securities Corp.,
brake unit for heavy duty automotive vehicles. Proceeds
to be offered by the company and 75,000 by a stock(same address)v'.
> - -> >■ —
.
holder.
Price—50c.
Business-^-Exploration,
develop- J —For equipment, and working capital. Office — 2604
Securities 'Selective Financial/Corp* ^ ;1
ment and mining. Proceeds—General corporate purposes.l| Leith St., Flint, Mich. Underwriter—Farrell
,1
Co.* New York. >
v
Office— 90 Industry St., Toronto, Canada. Underwriter— v
^Feb;t28/;1962 /filed 500^00i;commorq|-ofl^^1^^405^000
Business—Production
—"For
of natural gas
and oil.
drilling expenses, working capital and other cpr-
,
r
MacPherson & Co., Toronto.
A. C.
New Industry Capital Corp.
/
1'1 Prescott-Lancaster Corp. '
-
.
Feb. 25, 1963, filed 30,500 common. Price—$10. Business I;
—A small business investment company. Proceeds—For •>
investment, and working capital. Office—1228 Wantagh
Ave., Wantagh, New York. Underwriter—None.
New World
Fund,
Inc.
asset
;
Pro¬
Blvd., Los
New World Distributing Co.
ceeds—For investment. Office—4680 Wilshire
Underwriter
(same address).
Angeles.
—
•
.
Nordon Corp., Ltd.
March 29, 1963, filed 255,000
,*1
for
subscription by stockholders on the basis of one new
share for each five held of record March 8, with rights
to expire March 31. Price—-$2.25. Business—Acquisition
and development of oil and natural gas properties. Pro¬
ceeds—For drilling expenses, and working capital. Office;
—5455 Wilshire Boulevard, Los Angeles.
Underwriter—
Gregory-Massari, Inc., Beverly Hills, Calif.
(4/9)
March 5,
1963 filed $30,000,000 of first mortgage bonds
due 1993. Proceeds—For working capital. Office—5265
Hohman Ave.,- Hammond, Ind. Underwriter—(Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.; White,
Weld
&
Co.; Eastman Dillon, Union Securities & Co.-
Lehman Brothers-Bear, Stearns & Co. (jointly); Equi¬
table Securities Corp.; Dean Witter & Co.-Blyth & Co.Merrill Lynch, Pierce, Fenner & Smith Inc.; (jointly);
First Boston Corp.;
(11
Kuhn, Loeb & Co. Bids
April 9
CST) at 111 West Monroe St. (8th floor), Chi¬
a.m.
cago..
„
Nuclear
•
«•.
-
Science
&
debt repayment and work¬
ing capital. Address—100 W. Tenth St., Wilmington, Del.
Underwriter—None.
.
Management Co.,
Aug. 22, 1962 filed 150,000
\
Inc.
common
(non-voting). Price;
—By amendment (max. $14). Business—An investment
j
Engineering Corp.
March 29, 1962 filed 100,000 common. Price—By amend¬
ment (max. $15). Business—Research and development
on contracts using radioactive
tracers; precision radio*
Selective Life- held. Remaining: 94,822:. and
nix; ./
ment
services.
Proceeds—For
equipment, debt repay¬
working capital. Address—P. O.
Box 10901. Pittsburgh Underwriter—Johnston. Lemon &
Co., Washington, D. C. Note—This registration will be
ment,
expansion and
withdrawn.
h
'
Underwriter—None.
fractional interests in the Fund.
Price—By amendment.
interest-bearing obli¬
Business—The Fund will invest in
gations of states, counties, and municipalities of the U. S.,
and political subdivisions thereof which are believed
to be exempted from Federal Income taxes. Proceeds—
For
investment.
Office—Chicago, 111.
Sponsor—John
Nuveen & Co., 135 So. La Salle
•
Orr
(J. Herbert)
St., Chicago.
(5/13-17) "
1
Price—$5.25. Busi¬
ness—The company and its subsidiaries manufacture arid
distribute cartridge type tape player recorders and
pro¬
grams therefor; sell at retail nationally known audio
visual equipment; and manufacture men's and
boy's dress
Enterprises, Inc.
May 1, 1962 filed 200,000
trousers.
Proceeds
—
common.
For additional
inventory, equip¬
ment, research, and working capital. Address—P. O.
Box 27, Opelika, Ala. Underwriter—First
Alabama Se¬
curities, Inc., Montgomery.
Outlet
Mining Co., Inc.
Feb. 28, 1962 filed 900,000 common.
Price—$1. Business
Proceeds—For equipment and working capi¬
Address—Creede, Colo. Underwriter—None.
—Mining.
tal.
Pan American Beryllium
Corp.
Feb. 28, 1962 filed 100,000 common.
Price—$5. Business
—Company plans to mine for beryl ore in Argentina.
Proceeds — For debt
repayment,
equipment, and other
corporate purposes. Office—39 Broadway, N. Y. Under¬
writer—To be named.
PanAm Realty & Development
Corp.
March 12, 1962 filed 400,000 class A
stock.
Business—A real estate
Price—$10
holding and development com-
—70 N. Main
To
—*1°r general corporate
purposes.
St., FreeporV L. I., N. Y.
be named.
Office
Underwriter—
.
,
"
•
;'
-
Properties
Oct. 19, 1962 filed 215,000 shares of beneficial interest.
Price—$15. Business
"A real estate investment trust.
Proceeds—For investment and working/.capital. Office
selling
stockholders.
Office—60
Congress
Boston.
St.,
Underwriter—To be named.
.>
Quick-N-Clean Corp. of Minnesota, Inc.
Oct. 1, 1962 ("Reg. A") 205,000 common. Price—$1:15
Business—Company plans to open a chain of coin oper¬
ated dry cleaning stores. Proceeds—Advertising, expan¬
sion and working capital. Office—712 Fir St., Brainerd,
Minn. Underwriter—Northwest Securities, Inc., Detroit
-
Lakes/ Minn. Offering—Expected in late April.
5|o^ualite^ Inc/ '
Jan; 29, 1962 filed 1^,000vcommon., Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps
for use as indicators apd circuit components. Proceeds—
For debt repayment, equipment and working capital.
Office—1933 Heck Ave., Neptune, N. J. UnderwriterMilton D. Blauner; .& Co;, N. ?Y«. .Offering—Postponed.
Sony Corp,
:
•
Recreation
Nov. 23,
1962
Industries, Inc.
("Reg. A") 75,000 common. Price
March 13, 1963
—
Business—Sale of travel and entertainment. Proceeds—
For
capital investment, and working capital. Office—
7th St., Los Angeles. Underwriter— Costello,
Russotto & Co., Beverly Hills, Calif. Offering — 1m-;;
411
W.
(4/1-5) ■
•
■
'
*
filed 300,000 American Depositary Shares.
.
$2.1 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. *
- =
_
Remitco, Inc.
.• Southeastern Mortgage- Investors Trust
Nov.19,1962 filed 952,000 common. Prices—$10, Business
:S!/1;(4/15-19)^
—Company is engaged in selling t "puts" and "calls."
Feb/ 15, 1963 filed 1,100,000 shares of beneficial interest.:
Proceeds—For working capital. Office—130 N. Virginia;/;
Price—$10. Business—A real estate- investment / trust./
St., Reno, Nev. Underwriter—None.,
1
~
! Proceeds—For investment. Office—500 E. Morehead
St.,
Resort Corp. of~Missouri^
" V
Charlotte, N. C. Underwriter—Fleetwood Securities Corp.
Nov. 27, 1962 filed 125,000 class A common and threeof America, N. ■'Y.
year warrants to purchase 1,250 class A shares to be^
Southwestern Electric Power Co.
(4/3)
^
offered in units consisting of four shares and one war¬
March 11, 1963 filed $30,000,000 of first mortgage bonds
rant.
Price—$32 per unit. Business — Company will
due 1993. Proceeds—For construction, and debt repay¬
erect and operate a luxury hotel and resort facilities,
ment. Office—428 Travis St., Shreveport, La. Under¬
and sell 80 acres of land for home sites. Proceeds—For
writers
(Competitive.) Probable bidders: Merrill
construction. Office—3615 Olive St., St. Louis. Under-1
Lynch, Pierce, Fenner & Smith r Inc.-Eastman Dillon,
writer—R. L. Warren Co., St. Louis. Offering—Expected
Union Securities & Co. (jointly); Kuhn, Loeb & Co.:iri: ;May';1;
111;'/ fllll V?; /'I-:■ 1 ^
^
?/'-1il
Blyth & Co., Inc.-Salomon Brothers & Hutzler (jointly);
Reynolds & Reynolds Co. (4/15-19)
Halsey, Stuart & Co. Inc. Bids — Expected April 3
March 18, 1963 filed 120,000 class A common. Price—By
(10:30 a.m. CST) at 20 N. Wacker Drive, Chicago;
amendment (max. $28). Business—Manufacture of busi¬
Sterling Copper Corp.
ness and accounting forms and systems, and allied prod¬
Aug. 2, 1962 filed 850,000 common. Price—$1. Business
ucts. Proceeds—For selling stockholders/ Office — 800
—Company plans to operate a non-ferrous rod and tube
Germantown St., Dayton, Ohio. Underwriters — Glore,
mill. Proceeds—For plant and equipment, working capi¬
Forgan & Co., New York, and Grant-Brownell & Co.,
tal and other corporate purposes. Office—300 Horn Rd.*
Dayton. •
'
Pinconning, Mich.*;^Underwriter—None.
;
■
Richard Gray & Co., Inc.
Stone Mountain Scenic Railroad, Inc.
June 21, 1962 ("Reg. A") 60,000 common.
Price—$5.
Jan. 22, 1963 filed 105,000 common to be offered for sub¬
Business
A securities broker-dealer.
Proceeds
For
scription by stockholders on the basis of one share for
working capital and other corporate purposes. Office—
each three shares held. Unsubscribed shares will be sold
237 W. 51st St., N. Y. Underwriter—Richard Gray Co.,
to the public. Price—To stockholders, $5.50; to public,;
New York. Offering—Indefinite.
$6.50. Business—Operation of a scenic railroad. Proceeds
Richmond Corp.
—For construction, debt repayment and other corporate
Dec. 21, 1961 filed 142,858 common. Price—$7. Business
-purposes. Address—Stone Mountain, Ga. Underwriter—
—A real estate-investment company. Proceeds—For debt
None..v./.'.Q;•.'I' 1:';1
repayment and general corporate purposes. Office—220
Sutro Mortgage Investment Trust
K St., N. W., Washington, D. C. Underwriter—Hirschel
Feb. 1, 1963 filed 30,000 shares of beneficial interest.
& Co., Silver Spring, Md. Offering—Indefinite. Note—
Price—$100. Business — A real estate investment trust.
The SEC has challenged the accuracy and adequacy
Proceeds—For investment. Office—4900 Wilshire
Blvd.,
of this registration statement.
Los Angeles. Underwriter—None.,
1
Rona Lee Corp.
■
Tampa Electric Co. (4/24)
J
Sept^ 26, 1962 filed 100,000 common. Price—$5. Busi¬
March 15, 1963 filed $48,000,000 first mortgage bonds due
ness—Design, manufacture, and distribution of girls' [
May 1, 1993. Proceeds—For refunding of outstanding 5%
blouses, sportswear, and coordinates.
Proceeds—For
bonds due 1990, loan repayment, and construction. Of¬
debt repayment. Office—112 W. 34th St., N. Y, Under¬
fice—111 No, Dale Maby Hwy., Tampa, Fla. Underwriters
writer—Winslow, Cohu & Stetson Inc., N. Y. Offering—
—(Competitive) Probable bidders: Halsey, Stuart & Co.
Indefinite.
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.; Stone
& Webster Securities Corp.; Goldman, Sachs & Co. Bids
Royaltone Photo Corp.
Nov. 29, 1961 filed 300,000 common, of which 100,000
—-April 24 (11 a.m. EST) at 90 Broad St., New York.
are to be offered by the company and 200,000 by stock¬
Information Meeting — April 19 (11 a.m.
EST) same
address.
..:■
holders*
Price — By amendment
Business — Develops
,
,
,
•
—
Nuveen Tax-Exempt Bond Fund, Series 4
Oct.
17, 1961 filed $15,000,000 of units representing
unsub-r;
Shaker
,
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬
any;
;«
—1956 Union Commerce Bldg., Cleveland. Ohio. Under-;
adviser and distributor of mutual funds. Proceeds—For /
writer—-McDonald & Co., Cleveland. Offering—Indef••
—
-
B share and two-thirds share for each class € share of |
,
and dentists. Proceeds—For
Putnam
.
•
Association, Inc..
' •
'
Jan. 8, 1963 filed 40,000 common. Price—$5. Business
stockholders, $5. Business—Company plans to en,$
gage in the consumer finance, mortgage, general fi¬
—Company specializes in financial consulting, and serv¬
nance and related businesses/ Proceeds
For general;
icing patients' accounts of member hospitals, physicians $
corporate purposes/-Off ice—830. N, Central Ave., Phoe-;
■
capital shares being offered
Northern Indiana Public Service Co.
working capital. Office—18 Lancaster Rd., Union, N. J
;'A
^
;
t
Underwriter—To be named/
Professional Men's
.
Feb- 21, 1963, filed 250,000 common. Price—Net
value plus 8 V2%. Business—A new mutual fund.
/ are to be offered for subscription by holders of the A,
B and C stock of Selective Life Insurance; Co., an affiliMarch 30,1962 filed 150,000 common. Price—$5. Bustaew
—Real estate. Proceeds^-For purchase of mortgages, and?v ate, on the basis of 4 company shares for each class A or>
.
,
—
—
,
.
Volume 197
Number 6250
.
.
.
The Commercial and Financial Chronicle
Teaching Systems, Inc.
$5.05 per unit.
Business—Manufacture of urethane
Cpams.
Proceeds—For
equipment, working^- capital,
June 1, 1962 ("Reg/A")
50,000 common. Price—$2. Busi¬
ness—Production and sale of educational audio-visual
Underwriter—Creative Ventures Corp., 733
Third Ave., N. Y.
Utah Power & Light Co.
March
Dec. 31, 1962 ("Reg. A") 3,000 units each consisting of
one 6Vz% 10-year
debenture, 25 common shares and pur¬
chase warrants for 100 cbmmon shares to
offered ior
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.,
'
dress—Sidney, Montana. Underwriter—To
common. Price—$3.50.
Busi¬
plant producing plastic film and
Proceeds—For working capital.
packaging products.
Address—Elsa, Texas. Underwriter—To be named. Of¬
due
1973.
Price—95%
debt repayment and other corporate purposes.
2117 N. Wayne, Chicago. Underwriter—None.
•
Waterman Steamship Corp.
AH $2 preferred shares not exchanged by
Western Empire Real Estate Investments
Sept. 26, 1962 filed 600,000 shares of beneficial interest
Price—$4. Business—Company plans to quality
•
Western Light & Telephone Co., Inc. (4/8)
March 12, 1963 filed 115,339 common to be offered for
subscription by stockholders on the basis of one new
Tyson's Foods, Inc.
1962 filed 100,000 common. Price—By amend¬
ment (max. $12).
Business—-Company operates an inte¬
grated poultry business. Proceeds
For construction,
equipment and working capital. Office—317 East Emma
share
for
each
10 shares
—
Great Bend,
Chicago.
Un¬
■
-
tures due 1975 and 16,500 shares of 8 %
preferred ordi¬
nary "B" shares to be offered in units consisting of two
—
10
shares. Price — $305 per unit.
Manufacture of light household and office
furniture. Proceeds
—
For
general
corporate
purposes.
Address—Rehovoth, Israel. Underwriter—Brager & Co.,
5, with
Kan.
Underwriter—Dean
Witter
&
Co.,
17,7^^
.common.; *Price
Business—Company, plans, to erect a .pjill. tp product -cer-t "
tain types of iron by the new "Taylor Process." Proceeds*
—For
plant
poses.
Address^Suite^ 412-413 iHynds; Bldg,, Cheyenne,
construction
and
general
corporate
*
pur¬
Wyo. Underwriter—C. B. Hoke Agency, Cheyenne, Wyo.
Note—The
SEC
has
pending this issue.
issued
an
order
* •--/
temporarily
sus-
^
Western Travel,
Inc.
29, 1962 ("Reg. A") 187,000 common. Price — $1.
Business—Operation of motels, hotels, restaurants and
related businesses. Proceeds—For completion of a motel
and working capital.
Office—290 N. University Ave.,
Provo, * UtOh." Underwriter—Western Securities, Inc.,
JProvo, Utah.
Oct.
Widman
Oct.
(L.
F.)> Inc.
27, 1961 filed 162,000
of which 102,000 are
to be offered by the company and
60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
drug stores. Proceeds—Expansion, equipment and work?
Ing capital. Office—738 Beliefonte Ave., Lock Haven," Pa
common,
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y
Wiener Shoes Inc.
April 2, 1962 filed 80,000 common. Price
ment (max. $11). Business—Operation of
a
stores.
expansion
Proceeds—For
debt
repayment,
—
By amend¬
chain of shoe
and
working capital. Office — 808 Dakin St., New Orleans
Underwriter
Howard, Weil, Labouisse. Friedrichs &
Co.; New Orleans. Note—This registration will be with¬
—
drawn.
•
United Variable Annuities
Fund, Inc.
April 11, 1961 filed 2,500,000 shares of stock.
March 8, 1963 filed $1,000,000 of 6Y2% sinking fund de¬
bentures due 1978 and 100,000 class A non-voting com¬
Price—$*0
share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th
Street, Kansas City, Mo
Underwriter—Waddell & Reed, Inc., Kansas City, Mo
Urethane of Texas, Inc.
Feb. 14,1962 filed 250,000 class A and
250,000 common to
be offered in units of one share of each class.' Price—
William Penn Racing Association
mon
Rights will expire April 26, 1963. Price—$25. Business—
A
finance
consumer
company.
Proceeds—For debt re¬
and other corporate purposes. Office^—519
N. Magnolia Ave., Orlando, Fla. Underwriter—None.
payment,
* Addison-Wesley Publishing Co.,
Inc.
March 14, 1963
("Reg. A") 2,000 class B common. Price;
—$24. Business — Publishing of scientific textbooks.
Proceeds—For^working capital. Office—South St., Read¬
ing, Mass. Underwriter—None.
Arkansas Louisiana Gas Co. (4/15-19)
t
first mortgage bonds
Proceeds—For con¬
struction, loan repayment and investment in subsidi¬
aries. Office—Slattery Bldg., Shreveport, La; Under¬
writer—Eastman Dillon, Union Securities & Co., N, Y.
March 25, 1963 filed $45,000,000 of
due 1983. Price—By amendment.
^Australia (Commonwealth of)
(4/11)
March 22, 1963 filed $30,000,000 of s. f. bonds due 1983.
—By amendment. Proceeds — To finance various
public works projects in Australia. Underwriter—Mor¬
gan Stanley & Co., New York.
Price
* Citadel Life Insurance Co. of New York
March 26, 1963 filed 40,000 capital shares to be offered
for subscription by stockholders on the basis of two,
new
shares
for
each
three
held.
Price—By
amendment
Business—Writing of life, accident, health
and--disability insurance; and annuities. Proceeds—To
increase capital and surplus. Office—444 Madison Ave.,
shares to be offered in units of one
and 10 shares.
Baltimore.
^Consolidated Natural Gas Co.
(4/23)
March 26, 1963 filed $35,000,000 of debentures due April
1, 1988. Business—A. holding company; for six subsidi¬
aries engaged in all phases of the natural gas. business.
Proceeds—For loan repayment, and construction. Of¬
fice—30 Rockefeller Plaza, New York. Underwriters—*
(Competitive.) Probable bidders: White, Weld & Co.Paine, Webber, Jackson & Curtis (jointly}; Morgan
Stanley & Co.; Halsey, Stuart & Co, Inc.; First Boston
Corp. Bids—April 23 (11:30 a.m. EST) at above address.
Information Meeting—April 18 (10;30 a.m. EST) at the
Bankers Club, 120 Broadway, New York.
^DundeeLaboratories, Inc.
March 14, 1963 ("Reg. A") 10,000 common to be offered
for subscription by stockholders on a pro rata basis.
Price—$10. Business—Company has developed and plans
to use a TUBE TEST for measuring antibiotic sensitivi¬
ties. Proceeds—For equipment, working capital and debt
repayment. Address—P. O. Box 1512 Burlington Station,
Omaha. Underwriter—None.
Economou
March
New York.
per
10,137 common to be offered
subscription by stockholders of record April 1, 1963
new share for each two shares held.
the basis of one
(max. $26).
Jan.
•
United Saran & Plastic Corp. Ltd.
(4/22-26)
Feb. 25, 1963, filed $330,000 of 7% convertible deben¬
of record April
Western Steel, Inc.
-
■
Ultrasonic Laboratories, Inc.
'
Nov, 29, 1962; filed 67,200 common. Price—$3.50. Busi¬
ness—Design, engineering and manufacture of special¬
ized products
primarily in the field of contamination
1
control. Company also acts as sales
agents and distrib¬
Office—25 W. 43rd St., N. Y.
held
rights to expire April 24. Price—By amendment (max.
$35). Business — Operation of electric, gas, water and
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.
Business
reai
Proceeds—For investment. Of¬
fice—1755 Gilpin St., Denver, Colo. Underwriter—None
Dec. 26,
$100 debentures and
as a
estate investment trust.
New York.
St., New York.
on
.
Proceeds—For jgeneral corporate purposes. Office—2727
N. Central Ave., Phoenix. Underwriter — William W.
Bones Securities Co., Phoenix.
April 22, will be offered publicly. Pfice—By amend-'
Pro¬
redemption of unexchanged
$2.70 preferred shares. Office—65 Broadway, New York.
Underwriter—Eastman Dillon, Union Securities & Co.,
concessions.
for
Under¬
Note—This registra¬
Futures, Inc.
Feb. 11, 1963 ("Reg. A") 120,000 capital shares. Price—
$2.50. Business —? Acquisition and development of land.
ment. Business—A closed-end investment
company.
ceeds — To help finance' the
derwriter—Ingram, Lambert & Stephen, Inc., 50 Broad
^ Acceptance Corp. of Florida
March 15, 1963 ("Reg. A")
Mobile, Ala.
writer—Shields & Co., Inc., N. Y.
tion will be withdrawn.
(par
Exchange, Inc. (4/22-26)
29, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of retail stores selling and trading
cameras, films and other photographic equipment. Com¬
pany also sells radios, tape recorders, dictating and
photocopying machines, and provides a film developing
and printing service.
Proceeds—For new stores and
""^Sthis WeekEST
Off ice—
Aug. 29, 1*961 filed 1,743,000 common. Price-rBy amend¬
ment.
Business—The carrying of liner-type cargoes.
7 Proceeds—-For the purchase of
vessels, and "working cap¬
ital.
Office—71 Saint Joseph St.,
$50) to he offered in exchange for la like number of out¬
standing $2.70 preferred shares (par $50) on a share-for-
United Camera
withdrawn.
Issues Filed With SEC
principal amount.
cleaning of
carpets, furniture, floors, etc., and the manufacture and
sale of cleaning equipment and materials. Proceeds—For
Tri-Continental Corp.
Nov.
shares
Note—This registration will be
of
Western
—None.
A
Real estate.
Business—Sale of franchises for on-location
writer—None.
advertising and other corporate purposes.
Office—1695 Elizabeth Ave., Rahway, N. J. Underwriter
g
held. Price—$500 per unit. Business—
Proceeds—For debt repayment and realty
acquisitions. Office—10 East 40th St., N. Y. Underwriter
—S. E. Securities, Inc., 10 East 40th Street, New York.
class
Wade, Wenger ServiceMaster Co.
23, 1962 filed $250,000 of 7% conv. subord. de¬
bentures
Resources, Inc.
May 28, 1962 filed 500,000 capital shares. Price—$1.50.:
Business—Exploration, development and production of
the Lake Shore copper deposit near Casa
Grande, Ariz.
Proceeds—For equipment, exploration and working cap¬
ital. Office—201 E. 4th St., Casa Grande, Ariz. Under¬
camera
be named.
Nov.
Transarizona
equipment,
„
19bz filed $4,500,000 of 6.5% convertible sub¬
ordinated debentures due 1977 (with attached Warrants)
td be offered for subscription by stockholders of class
A stock on the basis of $500 debentures for each 100
26,
working capital. Office—565 Fifth Ave., New York.
Underwriter—M. G. Davis & Co., Inc., New York.
Toil Dollar Stores, Inc.
May 1, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and
100,000 by stockholders.
Price—$5. Business—Operation of a chain of self-serv¬
ice retail stores selling
clothing, housewares, etc. Pro¬
ceeds—For expansion, equipment and
working capital.
Office—2220 Florida Ave., Jasper, Ala.
UnderwriterPhilips, Appel & Walden, 115 Broadway, N. Y. Offering,
—Temporarily postponed.
utors of allied equipment in the fields of Contamination
control and ultrasonics. Proceeds—For debt
repayment,
(4/9)
13,
Wolf Corp.
Jan.
equipment, expansion
and
fering—Indefinite.
Indianapolis. Underwriter^— K. • J. Brown & Co., Inc.,
Muncie, Ind.
Power Co.
1963 filed $6,000,000 9f first mortgage bonds
due 1993. Proceeds—For refunding of 5%% bonds due
Vend-Mart Inc. (4/22-26)
Jan. 22, 1963 filed 60,000 common.
Price-~$4; Business
—Operation of coin-operated automatic ice cube vending
machines and clothes washing and
drying machines.
Proceeds — For debt repayment,
Plastics, Inc.
July 27, 1962 filed 313,108
Underwriters National Assurance Co.
Feb. 21, 1963, filed 50,000
common, 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. Proceeds—To increase
capital and sur¬
plus and for expansion. Office —1939 N. Meridian St.,
Wisconsin Michigan
March
•
• Texas
•
writer—To be named.
11,
1993.
VaSley Investors, Inc.
Jan. 23, 1963, filed 328,858 common.
Price—$1, Business
—A new mutual fuhd\" Proceeds—For investment. Ad¬
^
share basis.
and
repayment
1989, loan repayment and construction. Office—231 West
bidders: Eastman Dillon, Union Securities &
Michigan St., Milwaukee; Underwriters — (Competitive)
Co.-Smith, Barney & Co.-Salomon Brothers & Hutzler
Probable bidders: Halsey, Stuart & Co. Inc.; Merrill
(jointly); Kidder, Peabody & Co.; Lehman BrothersLynch, Pierce, Fenner & Smith Inc.-Salomon Brothers
Bear, Stearns & Co. (jointly); White, Weld & Co.-Stone
& Hutzler (jointly); Kidder, Peabody & Co.-White, Weld
& Webster Securities Corp.
(jointly); First Boston Corp.& Co. (jointly). Bids—Expected April 9 (11 a.m. EST)
Blyth & Co. (jointly); Halsey, Stuart & Co. Inc. Bids —
in Room 1306, 48 Wall St., New York. Information Meet¬
April 15 (11:30 a.m. EST) at Ebasco Services, Inc., 2 4
ings-April 8 (11a.m. EST) at Bankers Trust Co., 16 Wall
Rector St., New York. Information
Meeting—April 11
St., New York.
(2:30 p,m. EST) at same address.
Inc., (same address).
of $2 preferred
Pro¬
other corpora ie pur¬
Office—1005 First Ave., Asbury Park, N. J. Under¬
poses.
(4/15)
debt
Probable
Ten«Tex, Inc.
March 1, 1963 filed 810,740 shares
measuring devices and test equipment.
ceeds—For
1963 filed $15,000,000 first mortgage bonds
Proceeds—To refund a like amount of 5%%
bonds due Oct. 1, 1987. Office—1407 West North
Temple
St., Salt Lake City. Underwriters — •: (Competitive.)
due
suranee
company. Proceeds—-For investment in U.
Government Bonds and in new subsidiary. Office—801
Lafayette Life Bldg., Lafayette, Ind. Underwriter—Amo-/
a
electronic
Offering—Temporarily postponed.
Tecumseh Investment Co., Inc.
Jan. 21, 1963 filed 48,500 common. Price—$100. Business
—A holding company which
plans to organize a life in*
Inc.
125,000 common. Price—$4. Business
—Design and manufacture of pi elision electrical and
Corp., Lincoln, Neb.
way, N. Y.
ness—Operation of
Winslow Electronics,
33
Dec. 28, 1961 filed
leasehold expenses and other corporate
purposes. Office
—2300 Republic NationalI Bank Bldg., Dallas.
Under¬
writer — First Nebraska Securities
teaching aids. ' Proceeds-^For equipment, promotion and
advertising and working capital. Office—1650 Broad¬
sand
(1301)
Price—$22Q
per
$100 debenture
unit. Business—Company
has been licensed to conduct harness racing with parimutual betting. Proceeds — For debt
repayment and
working capital. Office—3 Penn Center Plaza, Philadel¬
phia. Underwriter—Stroud
Co., Inc., Philadelphia.
Offering—Indefinite.
(Arthur N.) & Co., Inc*
("Reg. A") 60,000 common. Price—$5.
Business—Commodity price analysis, commodity trad¬
ing
account
management,
and
commodity
futures
brokerage. Proceeds—For expansion. Office—-902 Wells
Bldg., Milwaukee. Underwriter—None.
18,
1963
■^•810 South Spring Building Co.
Feb. 27, 1963 ("Reg. A") 10,000 capital shares to be of¬
fered for subscription by stockholders on a pro rata
basis. Price—$10. Business—Management of a 12-story
office building. Proceeds — For debt repayment and
working capital. Office—810 S. Spring St., Los Angeles.
Underwriter—N one.
4 Globe Industries, Inc.
March 20,
1963 filed 127,500 common, of which 50,000
for the company, and 77,500 for stock¬
holders. Price—By amendment (max. $11). Business—
will
be
sold
Continued
/
on
page
34
34
The Commercial and Financial Chronicle
(1302)
Continued
from page 33
t
equipment, inventory, advertising and working capital.
Office—4505 N. 16 St., Phoenix. Underwriter—None.
.
and related
items. Proceeds—For a new plant, equipment, and in¬
ventories. Office—1784 Stanley Ave., Dayton.
Under¬
write r—McDonald & Co., Cleveland.»v
of
Manufacture
miniature electric
motors,
Manufacture
offered for
subscription by stockholders on the basis of one new
share for each seven held of record April 5, 1963. Rights
will expire May 1. Price—By amendment (max. $20),
Proceeds—For
Courts &
Crumley Sts.,
Co., Atlanta. /
+ Interstate Power Co.
Bristol, Tenn. Underwriter—
adding
also business forms and
.
it Key Training; Service, Inc. %
March 26, -1963 filed 47,500 common, of which 40,000
are to be offered by company and ^7,500 by a stockholder.
Price—$6.50. Business — Publishing/of home study
courses through franchised dealers. Proceeds—For
gen¬
eral corp. Office—407 Lincoln Rd., Miami Beach. Under¬
writers—Seymour Blauner Co. and Sheldon Securities
Corp., ,N. Y.
stockholders.
-
172,500 common, of which 25,700
offered by company and 146,800 .by
Price—By amendment (max. $18). Busi¬
be
and
marketing of plastic and china
Proceeds—For
ware,
general
cor¬
porate purposes. Address—Prince & Mead
N.
Sts.* Trenton,
Underwriter—Hemphill, Noyes & Co., N. Y.
it Mack Shirt Corp. /
•
Margh,! 20, J963 filed 102,060 class A common. PriceBy .amendment (max. $20). Business—Design, manu¬
facture, sale and distribution of shirts for men and
women; also women's slacks.and shorts. Proceeds—For/
selling stockholders. Office—412 E. Sixth St., Cincinnati.
,
a
warrant to
General
purchase
Underwriter—Associated
North America, Inc.
,
General
„
^ Pacific Mines, Inc.
1
March 14, 1963 ("Reg. A") 200,000
Puerto Rican Cement
,
;
'
.
*
■
Proceeds—For
debt
and
of
the latter's properties in Wash¬
Idaho.
Office—1200 Third
★ Peterson, Howell & Heather, Inc.
March 26, 1963 filed 33,383 class A
common.
Price—By'
amendment (max. $35).
Business—Furnishing of Auto¬
mobile service in the U. S. and Canada.
Proceeds—For
general cornorate purposes. Office—2521 N.
Charles St.,
Baltimore. Underwriter—Alex. Brown &
Sobs. Baltimore.
ic Roberts Co.
21,
repayment and working capital.
Baldwin Park Blvd.,
Office—600 North
City of Industry, Calif. Under¬
writers—Reynolds & Co., Inc., New York, and
Lester,
Ryons & Co., Los Angeles.
★ Rpbotomics Enterprises, Inc.
March 8. 1963
("Reg. A") 8,000 capital shares. Price—
$12.50. Business—Manufacture and sale of
compact tran¬
decade counters and
systems. Proceeds—For
sistorized
Smith Inc.
Brothers
E.
Adams
Eastman
Dillon, Union Securities & Co.-
(jointly); Halsey, Stuart & Co. Jnc.; Salomon
&
Hutzler; First Boston Corp.; Lehman Broth¬
ers-Bear/ Stearns & Co. (jointly). Bids—Expected May
21 at 20 No. Wacker Dr., Chicago.
Chicago^ Burlington & Quincy RR (5/8)
March 18, 1963 the company announced plans to sell $4,-
500,000 of equipment trust certificates in May. Two ad¬
ditional issues, totaling about $10,200,000, are tentatively
scheduFed for Aug. 1, and Oct. 1. Office—547 W. Jackson
J
March 27, 1963 the company announced plans to sell
$2,625,000 of equipment trust 'certificates. Office—139
W. Van Buren St., Chicago. Underwriters—(Competi¬
tive.) Probable bidders: Salomon Brothers & Hutzler;
/Balsey, Stuart & Co. Inc. Bids—April 25 (12 nodn CST)
at above address.
•
'
r
-
'
Chicago Union Station Co.
(5/15)
March 19, 1963 it was reported that this company, owned
by four major railroads, plans to sell $20,000,000 of 1-10
year serial bonds and $29,000,000 of sinking fund bonds
due 1988. Proceeds
To repay bank loans, and refund
outstanding first 3%% and first 27/s% bonds maturing
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. Bidsp—Expected May 15.
.
..
.
&
$22,000,000 of 4% % first mortgage bonds due April 1,
1993,. offered $t 101.760% and acprued interest, to yield
3.27%. by Kidder, Peabody dc Go,* and Merrill /Lynch,.
Pierpe, Fenner & Smith Inc., Npw York. J v
ATTENTION
Do you have
f:
Our
>
to
Corporation
know about it
News
so
we
can
Communications Satellite Corp..
Feb. 20, 1963 it was reported that papers of
incorpora¬
tion have been filed for this
company, in Washington,
D. C. Company's common voting shares, without par
value, will be divided into two series. Series I will be
issued to the public, firms that produce space explora-
tion
i
prepare an item
hereun«|ejr.:?'
Would
at
write
y
you
us
telephone
us
EEctor
2?9570
Brother-Salomon Brothers & Hutzler.
equipment ana other non-communications ConII will be issued to FCC-approved com¬
common
carriers, with the provision that
■; cerns. Series
munications
would / like
Department
that
Co.-Lehman
Bids—Expected June 6.
UNDERWRITERS!
issue you're planning tp register?
an
similar to those you'll find
or
more
than half the company's total shares can be¬
held by these carriers, and no individual or
group may
hold over _10% of the remaining 50%. Price—Maximum
no
of
at 25 Park Place, New York 7, N. Y. y
$100
per
the
company
for
the
share. Business—Congress has authorized
to provide satellites and ground facilities
international
transmission
of
telephone,, tele-/
£ graph, television and-other ^communications. 'Under¬
writers—To be named, •
\
.
Prospective (Offerings
Community Public Service Co.
Jan.
y Alabama Power Co. (5/9)
,4
March 8, 1963 it was reported that this
subsidiary of The
Southern Co., plans to sell
$16,000,000 of
30-year first
mortgage bonds and $5,000,000 of preferred stock in
May. Proceeds—For construction. Office—600 North 18th
Birmingham, Ala. Underwriters—(Competitive).
Probable bidders:
(Bonds): Blyth & Co., Inc.-Kidder,
Peabody & Co. (jointly); Lehman Bros; Eastman Dillon,
Union Securities & Co.-Equitable Securities
Corp.-Drexel
& Co. (jointly); Halsey, S'tuart & Co.
Inc; First Boston
Corp.; Morgan Stanley & Co. (Preferred): First Boston
Corp.; Eastman Dillon, Union Securities & Co.-Equitable
Securities Co. (jointly); Blyth &
CdT~Morgan Stanley
&
Co.; Stone & Webster Securities Corp.
May 9, 1963.
.1 ,,
'
<
'
Arizona
March
Bank
12, 1963 it
ing its
ditional
reported
right to subscribe for an
shares on the basis of one
51,834
$5
par
share for each
14
held
to
expire March 29.
increase
of record
Price
capital funds.
—
Office
Phoenix;
Underwriter—William
Angeles.
.'• ••' ';
Bethlehem
Feb.
,/
Steel
that the batik is offer¬
■;
-f
March
$29.50.
—
44
R.
ad¬
Proceeds
Staats
—
MonrOe
&
Co.,
this
company
plans
Connecticut Light & Power Co.
10, 1962 it was reported that the company is con¬
sidering the issuance of about $22,500,000 of bonds in
1963
1964.
or
Proceeds^-For construction. Address—Sel-
den
St., Berlin, Conn. Underwriters—To be named. The
last public offering of Bonds on Jan. 20,
1960 was
handled by Morgan Stanley & Co.-Putnam & Co.-Chas.
W. Scranton & Co.-Estabrook & Co. (jointly).
;
Consolidated
its
1963
Edison
Co.
of
New
the company stated that
York,
rights offering, it will
approximately $690,000,000 through the sale
rities, to finance its five year construction
In
addition
it
will
be
Inc.
completion
have to raise
upon
current
of
secu¬
program.
required
maturing
To
St.,
Los
York. Underwriters—To be named. The last bond issue,
in December, 1962, was won at competitive bidding by
'■'-vy-,:;'y//'/
Co.
26,
1963, Arthur B. Homer, Chairman, announced
will embark on a $750,000,000 capital
improvements program to be completed by 1965.
He
that the company
said that
that
to
refinance
$27,July 1, 1963/ and
$24,331,000 due July 1, 1967. Office—4 Irving Place, New
new
15, with rights
West
reported
Dec.
of
the
was
—(Competitive). Probable bidders: Halsey, Stuart &
Co. Inc.; Salomon Brothers & Hutzler; Stone & Webster
Securities Corp.
/ „ . ,' % .
Feb- 26,
(Phoenix)
was
stockholders
it
sell $8,000,000 of first mortgage bonds in June 1963.
Office—408 W. 7th Street, Fort Worth, Tex.Underwriters
Bids^-Expe/ked
j
16, 1963
to
St.,
1963
filed 130,000 common, of which
70,000
by company, and 60,000 by stockholders.
Price—By amendment (max, $11) Business—Manufac¬
ture of products used in the
installation of wall-to-wall
carpeting, specialized industrial adhesives, metal
folding
...doors, and weatherproofing products. Proceeds —For
Office—607
—
Co., lnc.
,
will* be offered
loan
share by
re¬
Ave.,
Seattle, Wash. Underwriters—(Competitive.) Probable
bidders: Morgan
Stanley & Co.; Halsey, Stuart & Co.
Inc. Bids—April 16
(11 a.m. EST) in Room 2315, 195
Broadway, New York.
March
per
Cen¬
1, 2003. Proceeds—To reduce outstanding
debt, due Pa¬
Telephone & Telegraph Co., in connection with
Proceeds—For construction.
bidders:
-
g j
Price—$1.50J
was
Columbia Gas System, Inc. (6/6)
lohnsbury Trucking Co., Inc.
March 18, 1963 the company stated that it has made.
209,440 common offered at $16 per share by Hornblower / tentative plans to sell $25,000,000 of 25-year debentures;
& Weeks, New York (Issue was
in June, for possible refunding operations. It has definite
exempted from SEC
registration).
plans to sell $25,000,000 of debentures in October to
raise money for construction. Office—120 E. 41st
•Socbny Mobil Oil Co., Inc.
St.,
New York. Underwriters—(Competitive). Probable bid¬
$200,000,000. pi '4 V4 % debentures due April 1; T993 offered,
at .1001/2% and accrued
ders: Morgan Stanley & Co.-First Boston Corp. (joint¬
interest, to yield 4.22% by Mor¬
ly); Merrill Lynch, Pierce, Fenner & Smith Inc.-White,
gan Stanley & Co., New York;
// Weld & Co. (jointly); Halsey/ Stuart & Co. Inc.; Blyth
Texas Electric Service Co.
«
.
common.
1963 it
Equitable Securities Corp. (jointly); Blyth & Co.-Kidier, 4: Peabody & Co.-Merrill Lynch, Pierce, Fenner .&
share.
St.
<
cific
1961
common
Robins (A. ft.) Co., Inp.
•
350,6,00 cominon offered at $29 per shqr.e by Goldman,
Sachs &\Cp., and Smith/Barney & Co.,
Inc., New York.
^Pacific Northwest Bell Telephone Co. (4/16)/
March 22, 1963 filed
$50,000,000 of debentures due April
in
additional
600,000 common offered at $19.50 per share; by Morrill
Lynch, Pierce, Fenner & Smith Ipc^ New York.'
Agents / of
payment, and operating expenses. Office—1218 N.
tral ^ve., Phoenix.
Underwriter—None.
Oregon
one
$50,000,000 of 4^% sinking fund debentures due March
1,; 1988 offered at 101 % , to yield 4.43 %, by Paine,. Web¬
ber, Jackson & Curtis and Stone & Webster Securities
Corp., New York, and Mitchum, Jones & Templfiton, Inc.,
Los Angeles. ..-•
//////v/■
—
Phoenix.
ore.
1993.
able
Telephone & Electronics Corp.
„
ington,
Merrill
—
St., Springfield, 111. Underwriters—(Competitive). Prob¬
•
ic Modern Pioneers7 Life Insurance Co.
Marph 7, 1963 ("Reg. A") 31,661 common to be offered
for ^subscription to stockholders
on
a
pro-rata basis.
Pric#—$2. Business—Life insurance. Proceeds—To in¬
crease
capital and surplus. Office
811 N. 3rd St.,
the transfer
Blvd., San Bernardino. Underwriter
(5/21)
reported that this company .'plans
issue $10,000,000 of first mortgage bonds due
May 1,
to
,
Underwriter—W. E. Hutton & Co., N. Y._,
Business—Mining of iron
money
Co.
:iBlvd.* Chicago. Underwriters^—(Competitive), Probable
bidders: Salomon Brothers & Hutzler; Halsey, Stuart <&
37,500 units offered at $49 per unit by Putnam & Co.,
Co. Inc. Bids—May 8(12 noon CDST) at above address.
Hartford, and associates. Each unit consisted of one share
of $1.50 cumulative preferred stock, two
^Chicago, Rock Island & Pacific RR. (4/25)
^pmmon/and
Paper Industries, Inc. f
153,620 Class A common offered at $11.50
Francis I.' duPont & £o., Ne\y York.
1963 filed
dinnerware and gift
Power
"!', J//;, '** L y
reported that this company plans
in the third or fourth quarter of
was
Colonial Board Co.
Pak-Well
Inc.
ness—Manufacture
new
Feb. 25,
Central Mutual Fund, Inc.
100,000 capital shares offered at net asset value (initially
$10.75) plus a"2% sales cammission by C. N. Agency,
Inc., Jacksonville, 111.
ic Kentucky Central Life Insurance Co.
March 21, 1963 filed 500,000 class A common.
Price—By
amendment (max. $25). Business—Writing of
life, ac¬
cident, and health insurance. Proceeds—For investment.
Address—Anchorage, Ky. Underwriter—Stifel, Nicolaus
& Co., Inc., St. Louis.
to
it
Central Illinois Public' Service Co.
wrifers — (Competitive.) Probable bidders: Merrill
Lynch, Pierce, Fenner & Smith Inc.-Kidder, Peabody/
& Co.
(jointly); Halsey, Stuart & Co. Inc.; Salomon
Brothers & Hutzler; White, Welc^ & Co. Bids—May 22
(11:30 a.m. EDST)
at One Chase Manhattan Plaza
(23rd Floor), New York. Information Meeting—May 13
(3 p.m. EDST) at Qrie Chase * Manhaftarl Plaza (28th
Floor), New York, ♦
1
4 .»
are
1962
Foothill
(5/22)
Proceeds—For loan repayment and construc¬
Main St., Dubuque, Iowa.
Under-
25,
Electric
29,
handled
& Co., New
was
J,,,
.
Lynch, Pierce, Fenner & Smith Inc., New York.
Office—1000
shares
:y-y\y;
ity is thinking of selling 380,000 common shares, al-7
chough a final decision has not been made. Office—2885
|
-ytrInterstate Power Co. (5/22)
March 21, 1963 filed $6,000,000 of first mortgage bonds
March
25
1963; A spokesman for the company stated that the util¬
Effective Registrations
^Lenox,
this
—
raise
to
1963 filed 154,194 common, to be offered for:
subscription by stockholders on the basis of one new
share for each 26 held of record May 22, 1963. Price—
By amendment (max. $24). Proceeds—For loan repay¬
The following registration statement# were de»
ment and construction. Office-^IOOO Main jSt., Dul3Uque,
clared effective this week by the SEC, Offering
Iowa. Underwriters—(Competitive.) Probable bidders:
Kidder, Peabody & Co.; Merrill Lynch, Pierce, Fenner/
details, where available, will be carried in the
& Smith Inc.; Ladenburg, Thalmann & Co.; White, Weld
Monday issue of the ''ChronicleJ'
& Co. Bids—May 22 (11 a.m. EDST) at One Chase Man¬
hattan Plaza 23rd Floor), New York. Information Meet¬
ing—May 13 (3 p.m. EDST) at One Chase Manhattan
pjlaza (28th Floor), New York.
due '1993.
Mr. Homer added that
required until at least 1964. Office
California
Oct.
golf;
March 21,
tion.
externally.
be
York.
printing/calculators
machines,
Thursday, March 28, 1963
.
last public sale of securities in May,
1955,
/ by Kuhn, Loeb & Co., and Smith, Barney
products. Proceeds—For debt repayment; working Capi-.
tal and other corporate purposes. Office—3900 N. Rock¬
well St, Chicago. Underwriter—Glore, Fprgan: & Co.,
Chicago.'
*
* 1
repayment and expansion. Address
loan
&
of
and other office machines;
not
.
Broadway, New York. Underwriters—To be named. The
(4 23)
March 25, 1963 filed $15,000,000 of s. f. debentures due
1988; also 250,000 common to be offered by stockholders.
Price—By amendment (max. $12'for stock), Business—
•jr Inter-IViountain Telephone Co. (4/5)
1963 filed 146,228 common to be
—Sixth
would
^ Victor Comptometer Corp.
March 21,
secured
ance
.
approximately two-thirds of-the financing for
the program will be
generated internally and the bal¬
561,000
of
3V2%
bonds
Halsey, Stuart & Co. Inc.
Other bidders
Stanley & Co., and First Boston Corp.
Consumers
Jan.
were
Morgan
Power Co.
was reported that the company plans to
$40,000,000 of bonds in the second half of 1963, or
Michigan Ave., Jackson, Mich.
Underwriters—(Competitive). Probable bidders: Halsey,
16, 1963 it
sell
in 1964. Office—212 West
Volume 197
I' » H 'It. ■
Number 6250
..
.
'The Commercial and Financial Chvontelei
(1303)
35
L»
basis to stockholders. Office—1130 Alakea St., Honolulu.
Underwriter—Kidder, Peabody & Co., New York. 1 - :
&' Co. Inc.; White, Weld & Co.-Shields & Co.
(jointly); Harriman Ripley & Co. Inc.-First Boston Corp.
(jointly); Morgan Stanley & Co.
,-v / 7/-7X7'7/
Stuart
vending machines. Proceeds —To redeem outstanding
debentures, and for other corporate purposes. Office—
15 Peachtree St., N. W. Atlanta, Ga. Underwriter-^-To
Indiana Bali Telephone Co., Inc. (6/11)
be named.'
1 i7 EasternFreight Ways, Inc.
//x/x March 4, 1963 it was reported that this A. T. & T. sub¬
New England Power Co.
sidiary plans to sell $20,000,000 of debentures in June, ■
Oct. 9, 1962 the ICC authorized the company to issue
^
190,600 common; Price—By amendment (min. $5). Busi-; "ftjarking its first sale of debt securities. Office—240 No. ; Jan. 16, 1963 it was reported that this utility plans to
ness—A motor vehicle common carrier operating in nine/;: Meridian St., Indianapolis. Underwriters—(Competitive), g sell $10,000,000 of bonds and $10,000,000 of preferred
stock in the fourth quarter. Office—441 Stuart St., Boseastern states from Vermont to Virginia. Proceeds—For 7 Probable bidders: Halsey, S|tuart & Co. Inc.; Morgan
ton. Underwriters
Working capital, debt repayment and advances to sub- 7 Stanley & Co.; First Boston Corp.;, White, Weld St Co.;
(Competitive)* Probable bidders:
;
—
«
sidiaries/
Office" ^; Moonachie * A ve.j Carlstadt,
Underwriter—Allen & Co*. :New York,- 1 -
Eastman
Dillon, Union1 Securities & Co.-Kidder, Pea¬
body & Co.'(jointly); Blyth & Co.-Lehman BrothersMerrill Lynch, Pierce, Fenner & ; Smith Inc.-Salomon
Brothers & Hutzler; (jointly). Bids—Expected June 11
(11 a.m. EDST) at 195 Broadway, New York. Information Meeting-~June 6 (2:30 p.m. EDST) at;same address.
N/ /J.,/
*
First National Bank of
March
stock
Memphis
-
/
v
;
4, 1963 stockholders voted to increase authorized
provide for the offering of 100,000 additional
-
to
shares to stockholders on the basis of
/each nine held of
one
new
share for J
recbrd March *4v^ith nghts^to^xpire |
April 2. Price—$40. Proceeds—To increase capital funds.
*Office^l 277Madison* Aye.;^Memphis :1,Tenn*/Under*
)■ writ
'
v
of first
mortage bonds
due 1993.
Office—2101
Spy
Nippon Telegraph & Telephone Public Corp.
Ave., Fort- Wayne, Ind. Underwriters^ Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.; .East¬
man
Dillon, Union Securities & Co.; Harriman Ripley
& Cq. Inc.; First Boston Corp. Bids—Expected Aug. 6 at
named. The last
right; offering in May 1959 was under¬
Peabody St Ufe and Merrill Lynch,
Pierce, Fenner df ^mith; Jnc., New York
h'\ 7
written by Kidder;-
.
Food Fair'PropertieSrinc* 7\,
'May; 11; .1962 stockholders authorized, the
new
-*
; company,
Dec.
19, 1962, it was reported that, the company plans to
$20,000,000 of bonds in the United StatcV in, the ^is- *
April l, )963 to Marbh 31; 1964/ The financing
program is subject to approval by the Japanese Diet.
American Electric Power
Business: —« Nippon Telegraph, wholly-pw ued by 4he
Co.? 2 Broadway, New York,
Iowa Power & Light Co.
Japanese Government, furnishes domestic telephone and
Jan. 16, 1963 it; was reported that the company plans $ telegraph i services, without competition, in Japan. Pro-*
ceeds—For expansion. Office—Tokyo, Japan. Under*
to sell $10,000,000 of bonds in late 1963 or early 1964. Of^ writers—Dilloh,
Read & Co.; First Boston, Corp.,
fice-^-823 Walnut St., Des Moines. Underwriters^-(Com-»
Smith, Barney & Co., New York.
petitive). • Probable bidders: First Boston C6rp.; White,
Weld & Co.; Halsey, Stuart & Co. Inc.; Equitable Securi¬
Norfolk & Western Ry. (4/22)
1
ties Corp.Kidder, Peabody < & Co.^ Eastman Dillon,
Feb. 13, 1963 it was reported that this road plans to sell
; Union. Securities & Co.;
about $4,500,000 of 1-15 year equipment trust certificates
Lehman; Brothers J Blyth St Co,
in April.
Jowjr Public Service Co. ""
Office—8 North Jefferson St., Roanoke, Va.
,
Mafch7l2,:1963' the company announced! plans; to/offer
^stocklioiders^ometime in 1963, the,right 16' subscribe, :
"for about 457,265 additional common shares 6nal-for-20//
basis; Proceeds—For, loan repayment.' Office-7401 Fifth
St.; South,/ St, Petersburg, Fla. Underwriters-XTo be
a
Equitable Securities Corp. (jointly); Kuhn, Loeb & Co.;
Merrill Lynch, Pierce, Fenner
& Smith Inc.-Kidder,
Peabody & Co.-White, Weld & Co. (jointly); First Bos¬
ton Corp. (Preferred) First Boston Corp.; Dean Witter
& Co.-Smith, Barney & Co.-Wertheim & Co. (jointly);
Equitable Securities Coirp^Kidder, Peabodv & Co.-Lee
Higginson Corp.-White, Weld & Co. (jointly); Lehman
Brothers; Merrill Lynch; Rierce, Fenner &: Smith, Inc*
Run
Florida Power Corp.
issue 756.000 shares of
(Bo^ids) Halsey,; Stuart St Go." Inc.;/Lehrhan Brothers-
Indiana & Michigan Elec^riclCo. T8/6) i
«;*March 12/1963 • it ?was reported that "this subsidiary of"
American Electric Power Co., Inc., plans to sell $45,000,rooo
ei%-Nprie x/X 7/7
/
'
to.
sen
eai year:
3
convertible preferred stock
which will be offered to stockholders through subscrip¬
tion rights on a l^for-10 basis;; Price-^-By amendment
-Business—Development and'operation 'of shopping cenr
te'rs, Proceeds—To retire outstanding 6 % preferred/stock
Underwriters1—(Competitive). prpbable biddeVs: Halsey,!
March irl2,;-1963 :Mthe
company
announced plans
to.
sell^l4,000,000 r)f' first mortgage bonds in September,*
-KAddress-^Orpheunt-Electric Bidg.^ Sioux City, low£ Un*'
and purchase up to $6,000,000 convertible debentures oi
derwriters—(Competitive). ^ Probable bidders: Kidder.
Major Realty Corp., an affiliate. Office—223 East Alleg¬
Peabody & Co.-Blyth & Co. Inc. (jointly); Eastman Dilhany Ave., Philadelphia. Underwriter—To be named
The last Tights offeringin December;1957 was JunderX/ ;i;ldnv' Union/Securities &;Co;^Equitable;Securities Corp.;'
written
by
Eastman
Dillon,.;Union- Securities
NeW;York; >Off ering^I^definitely
General Aniline & Film
Corp.
,
St "Co.,
-
and
Stuart/& Co.,
the fiscal
Glore,- Forgan & Co.
$2Q;;000,000 City of Tokyo bonds in the U. S. during
"year April 1, 1963 to, March; 31,: 1964, If ap¬
proved, it is expected that $30,000,000 of the external
loan, bonds would be* offered in May. Underwriters—^To
.
General Aniline seized by the
U. S. Govern¬
German assets The ; stock represents
§
Gas Co.
/
ruary
1959, was underwritten by First Boston Corp. The
Tokyo bonds in March 1927, was handled
1964. Office—2223 Dodge St., Omaha, Neb. Underwriter—
last issue of
•
/Jersey "Central Power
March
1960
Light Co.
U/
District Court at Washington,; D7rC*i- Business— :
Company is a leading - domestic producer/ ef dy estuf f s,:
it
was
000,000 of, first mortgage bonds in June.
Office
2020
—
Pierce;: Fenner;;<^. SihittiTrie;; (jointly) j fKidder Peabpdy /
&.Co.; Harriman Ripley St Co.
\
Louisiana
-
,
( Minn.)
^
-
;
r
/ " \,t
„
,t
Weld & Co. (jointly)//Equitable Securities
Corp.-Eastman Dillon, Union Securities & Co. (jointly);
Brothers-Riter & Co. (jointly).
Co.-White,
Power & Light Co.
20, 1963 it was reported that this * subsidiary of
Sojuth XJtilities;^Ine4,;niay> issue $25-$30,000,000
of bonds early in 1964, Proceeds—^For construction. Of¬
fice—142. Delaronde :St.» New Orleans. Underwriters—
Otter Tail Power Co./
Middle
Jan. 16, 1963 It was reportedthat This company
to sell $10,000,000 of bonds in the fourth "quarter*
.
:¥lana
Office
—215
South Cascade St., Fergus Falls, Minn. Under¬
writers—(Competitive). Probable bidders: Halsey, Stukrt
St.Co. Inc.;-Blyth & Co.'Inc.; Glore, Forgan & Co.-Kal-;
man & Co.
(jointly); White, Weld & Co.
; r.
(Competitive.) Probable bidders: Merrill Lynch, Pierce,
Kidder, Peabody & Co,-Harriman
v. Ripley & Co., ■ Inc.
(jointly); White, Weld & Co.-Blyth
:f St, Co;,iInc.Shields &- Cow* <jdintly); Halseyi Stuart
Georgia Power Co. (11/7)
Jan. 22,; 1963 it was reported that this subsidiary of The - Co. f Inc.;1 First Boston Corp.-Glorej Forgan - St Co.
Southern Co., plans to sell $30,000,000 of first mortgage
(jointly); Salomon Brothers & Hutzler-Eastman Dillon,
Union ; Securities/l&r; Co.-Equitable ; Securities
bonds and $7,000,000 of preferred stock in November.
Corp./
,
a
Lehman
Feb<
/Santa Monica Blvd., Santa Monica,* Calif. Underwriters
.—(Competitive). Probable bidders: First Boston Corp.- •
Equitable Securities Corp. (jointly); Halsey, Stuart &
Co. Inc.; Paine, Webber/Jackson
Curtis-Stone & Web-1
ster Securities Corp. (jointly); White, Weld & Co.-Kidder, Peabody •&,Co. (jointly)*
•.
:
of debentures on Nov. 16,
negotiated basis by Blyth & Co.,
last sale
on
Northern States Power Co.
»
f
handled
;Jan/il/T963,' it was/reported; that this company .plana
to sell $25,000,000 of first mortgage bonds due 1993'in
the last half of the year. Proceeds — For construction.
Office-^l5'South Fifth' St., Minneapolis. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.-Blyth & Co. (jointly); Merrill
Lynch, Pierce, Fenner St Smith Inc.-Kidder, Peabody St
of 30-year, bonds
and $9,000,000 of 25-year debentures in
chemicals and photographic materials. Office—111 W.
the fall, ,*Address-T-Madison..4Ave.i at Punch Bowl Rd.,
50th St., New York. Underwriters—(Competitive); Prob¬
Morristown, N. J. Underwriters—(Competitive). Prob¬
able bidders: Blyth & Co.-First Boston Corp.: (joihtly);
able bidders: Halsey; * Stuart/& Co, Inq/; White, Weld &
; Lehmau Brothers-Kuhn, Loeb St Co.-Glore, Forgan & Co.- /Co.; First Boston/ Corp;; Eastman Dilloh; Union Seeurities
xt & s Co>Salomon
Brothers f & HutzlerrMerrill
Lynch,
(joiptly).
.
^
.
>
t\ » ■
/
,
>
General Telephone Co. of Califoriiia/7 ? ; r
Feb. 5, 1963 it was reported that this subsidiary of Gen¬
eral Telephone & Electronics Corp., plans to sell $25,-
named. The
was
Inc., N. Y.
reported that this subsidiary of
'General PubHc Utilities- Corp;,(plahs to sell $10,00*0,000
1983
12,
be
To
K^uhn, Loeb & Co.L and associates.
by
:
-
Jan." 16,1963 it was reported that this company plans/ to
sell $30,000,000 of debt securities sometime in 1963. or
.
.
Inc.-Equitable Securities Corp/ (jointly);
Northern Natural Gas Co.
be named. The last sale Of external loan bonds in'Feb¬
98% of the voting control of the compahy.' Mr.; Kenhedy
said that if General Aniline should be sold for $200 mil¬
lion/the Government wbuld. receive about $140 million
and Interhandel about"$60 million.;Tlj(ev settlement terms,;
mnsttbe*hpproved by/InterhandeF stockholders and the
;■
illinois
March .8, 1963 the company reported that
raise $90,000,000 from outside *sources to
.
„■
ing/company, designed to settle, the 20-year old dispute
over control of tha 540,894 class A and 2,050,000 class B,
shares of
Northern
Bids-
;
it plans; to
finance/its
White,Weldr;&1CQ.ViFirst::'Boston;poi,p^44,:^;.,;;;/;"'^1''/;;* •
$200,000,000 five-year construction program. Of this
amount, $20 - $25,000,000 will probably be bbtaiAed
^ japan 4( Government;of) -v<r.n- "/sx
I ^
March ^0^-1963 it was/reported that tthe Diet is bonslder^
through the saleoh bonds lat^r >this year;1 Office-^-Cl 5
^ ing the ^Government's ^budget fo^ fiscal: 1964; Which in-*; / Eastern Ave., Bellwood, 111. Underwriters—(Comp^ti*
eludes plans, to sell $60,000,000 lof; external loan bonds •- -Underwriters—(Competitive). Probable bidders: Halsey,
postponed^;
March 3,vl963 Attorney: General Robert ,F. Kennedy announced that 'the Justice Department had reached an
out-of-court agreement with Interhandel, a Swiss hold¬
ment in 19424 as a
Stuart & Co. Inc.;-Salomon Brothers & Hutzler.
April 22 (12 noon EST).
Fenner & Smith Inc.-
,
Pacific Power & Light Co.-
"
i
,
Nov. 28, 1962 it was- reported that the company ;;pl&na/
to issue $30,000,000 of first mortgage bonds in June 1963.
,
Proceeds—For construction. Office—270 Peachtree
Atlanta. Underwriters
(jointly),
if!;
» / .
Massachusetts Electric Co.
Bldg.,
(Competitive). Probable bid¬
ders: (Bonds): Equitable Securities Corp.-Eastman Dil¬
lon, Union Securities & Co. (jointly); Blyth & CoZ-Kidder, Peabody & Co.-Shields' & Co. (jointly); Halsey,
Stuart & Co. Inc.; First Boston Corp.; Harriman Ripley
& Co.; Morgan Stanley & Co.; Lehman Brothers.
(Pre¬
ferred): First Boston Corp.; Lehman Brothers; Blyth &
Co.; Eastman Dillon, Union Securities & Co.-Equitable
Securities Corp. (jointly); Morgan
Stanley & Co. Bids
—Expected Nov. 7, 1963.
—
to
noon
Eastman
at above
1
address.
z
pians to
Underwriters—(Competitive). Probable bidders: Stone
& Websteri Securities Corp.; Lehman
Brothers-Equitable
Securities Corp. (jointly); Glore, ;Forgan &/Co.-W* C.
Langley & Co. (jointly); Lee Higginson Corp.
^
:
-
Bids—April. 9 (12
noqn
CST) in St. Louis.
'
Missouri Pacific RR
^
-
sale of
,
,
about $9,000,000 of common stock late in the third
March
quar¬
ter. Details have not been decided upon.
I* to file
-
Brothers-Bear, Stearhs;r &
(jointly);
Halsey,
Weld & Co. (joint¬
Hutzler
.
Securities St Co.-Kidder,
'
7
-
Pennsylvania Power & Light Co.
18, 1963 the company stated that it expects to sell
$75,000,000 of bonds in the period 1963 through 1967.
Proceeds — For construction and the retirement of S8,00C;000 of vmaturing bonds. / Office—9th and Hamilton
Sts., Allentown, Pa. Underwriters—To be named. The
last sale of bonds on Nov. 29/ 1961 was won at com¬
petitive bidding/ by7W^
and Kidder,
:
March
'
/
—
Hfowever, it is
will
&
; Michigan Wisconsin Pipe Line Co.
;March;i2, 1963 the compa:ny 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 contingent upon successful completion of its rate case now
Peabody & Co.
Other bidders were Halseyj1 Stuart &
pending with the FPC. Office—500 Griswold St., Detroit.
/ Co/IncvS: First Boston Corp.-Drcxel & Co, (jointly)*//.;
Underwriters—(Competitive). Probable bidders: Halsey,
Philadelphia Electric4 Co,
•
' X*
/
Stuarti &Uo. /Inc;j.-'--J)irsf Bpston. Corp.; Blyth & Co.
March 5, 1963 the company reported that it plans1 to
Missouri Pacific RR (4/9)
spend $478,000,000 for construction during the five-year
Feb. 13, 1963 it was reported that this road plans the
period 1963-67. It added that about half the money re¬
i sale of about $4,500,000 of equipment trust certificates in
quired will be generated internally, and the balance
April. > Address—Missouri Pacific Bldg., St. Louis 3,
obtained by bank loans to be converted into permanent
Mo. : Underwriters—(Competitive).
Probable bidders: /
financing, from time to time, through the sale of bonds
Salomon Brothers & Hutzler; Halsey, Stuart & Co. Inc.
and common stock. Office—1000 Chestnut S*., Philadel¬
1963 it was reported that this road plans the
$4,500,000 of equipment trust certificates in late
//May or e^rly June. This will be the second installment
third quarter. Office—900 Richards St., Honolulu.
of a total $9,000,000
issue. Address—Missouri Pacific
Un¬
derwriters
Dillon, Read & Co. Inc., New York and
Bldg., St. Louis 3,/MO. Underwriters—(Competitive).
Dean Witter & Co., San Francisco.
./Probable bidders: Salmon Brothers & Hutzler; Halsey,
/ /, Stuart & Co. Inc.
•• Hawaiian
Telephone jCo.
v
March 25, 1963, the company announced plans to sell
it National Uni-Pac, Inc. ? r
common
Lehman
Brothers
ly); Eastman Dillon, Union
Peabody & CQ.;Xj9intty)»
Securities & Co.; Kidder, Pea-
March 13,
Co., Ltd.
March 5, 1963 it was reported that this
company plans
to sell about $14,000,000 of first
mortgage bonds in the
expected that the
bidders:
Co.-Salomon
Stuart & Co.; Inc.; Blyth & Co.-White,
■
Dillon, Union
Probable
.
Jan. 29, 1963 the company announced plans to sell 100,-
; 000 shares of preferred stock (par $100) in the second
half of 1963. Office—285 Liberty Ave., Beaumont, Tex.
Hawaiian Electric
|
.
Gulf States Utilities Co.
j
.
bOdy;/^,'Co*^BlyihV&;Co^Whi^Weid> St Co. (jointly)*"
* (5/21)
1963 it was reported that the company plans
$6,600,000 of equipment trust certificates. Office
Broadway, New York. Underwriters—(Competi¬
EDST)
Proceeds—To repay outstanding 1'oans. Office—920 S. W.
Sixth Ave., Portland, Ore. Underwriters—(Competitive),
jt
,
2,
tive.) Probable bidders: Salomon Brothers & Hutzler;
/Halsey, Stuart "&/Co/ Inc. Bids—Expected May - 21 (12
.
Office—,
^441 Stuart vSt^ Boiston. Underwriters
: (Competitive); •
Probable bidders: Halsey, Stuart & Co. Inc.; First Bos¬
ton Corp.; Merrill Lynch, Pierce, fenner & Smith Inc.;
sell
—39
•
Jan. 16,1963 it was reported that this company
sell $10,000,000 of-bonds in the fourth; quarter.
-jj^Great Northern Ry.
March
.,
be
offered
on
a
rights
27, 1963 .it was reported that the company plans
a registration statement covering 150,000 comnion.
Price—$4. Business—The sale or lease of coin operated
phia. Underwriters—To be named. The last sale of bonds
on
Oct. 15, 1959 was handled /by Morgan/. Stanley. &
Co., and Drexel & Co.
Other bidders were: HalSey,
Stuart & Co. Inc.; First Boston Corp.; Whne, Weld &
Co.
The last sale of common was a rights offering; on
2, 1959, underwritten by Drexel & Co., and Morgan
Stanley & Co.
June
r
,
Public Service Electric & Gas Co.
March
to
4,
1963 it
was
?\
reported that this company plans
sell' $40,000,000 of first mortgage
—
For construction.
Office
Proceeds
(6/18)
bonds
—
due
1§93.
80 Park Place,
Continued
on
page
3$
36
(1304)
Continued from page
35
■;
^
/ v
Southern Counties Gas Co. of Calif.
ferred): First Boston Corp!; DiHon,. Read '& Co., Inc.;
IT
"\Jan. 2, 1963 it was reported that
thjs subsidiary of Paci-- "^Lehman; Brothers; White, Weld & Co.;
Blyth & Co.,
(Competitive). Probable r!fic
Lighting Corp., plans to sell $27,000,000 of first mort-/ Inc.
bidders: Halsey, Stuart & Co.* Inc.; First Boston
(Bonds): Halsey, Stuart & Co. Inc.; Lehman BrothCorp.;
gage bonds in the fourth quarter. Address—P. O. Box
ers-Blyth & Co., Inc. (jointly); White, Weld &VCo.White, Weld & Co.-Blyth & Co.-Goldman, Sachs & Co.2736, Terminal Annex, Los Angeles 54, Calif. Under¬
Shields & Co. (jointly); First Bostoh Corp.
Harriman Ripley & Co.
(jointly); Lehman ..Brotherswriters—(Competitive) Probable bidders: White, Weld
Merrill Lynch, Pierce, -Fenner & Smith Inc.-Salomon
Union Light, Heat & Power Co,
- 7
& Co.; Blyth & Co.
Inc.; Merrill Lynch, Pierce, Fenner
Brothers & Hutzler (jointly). Bids — Expected June 18
Feb, 18, 1963 it was reported that this subsidiary of
& Smith Inc.;
Halsey, Stuart & Co. Inc.; First Boston
(11 a.m. EDST) at above address. Information Meeting
Cincinnati Gas & Electric Co., plans to §ell $6,000,000 of
/Corp.
—June 13 (2 p.m. EDST) at One Chase Manhattan
first mortgage bonds in 1963. Office,—139 East Fourth
Plaza,
Southern Railway Co.
New York.
s.
St., Cincinnati. Underwriters—(Competitive), Probable
Jan. 15, 1963 stockholders authorized
the company to
bidders: Halsey, Stuart & Co. Inc.; Blyth & Co. Inc,Sears, Roebuck & Co.
issue $50,000,000 of general
mortgage bonds/Proceeds—
First Boston Corp. (jointly); Merrill Lynch,
Feb. 19, 1963, Allstate Enterprises, Inc./;
Pierce, Fen¬
subsidiary, an¬
To acquire stock of Central of
ner
Georgia Ry.; retire first
& Smith InoKidder, Peabody & Co.
nounced that it had delayed its plans to form a new
(jointly);
mortgage 3 % % bonds of Atlanta & Charlotte Air Line
mutual fund until it received clarification of an SEC
Equitable Securities Corp.; White, Weld & Co.; Kidder,
RR.; reimburse the treasury for capital expenditures and
Peabody & Co.
ruling which "has been construed by some to mean: that
.
-a:%7
Newark, N. J. Underwriters
—
•
.
.
,
registered
Sears'
of
investment
stock
be
it, if Sears' itself owned
state
said
that
the
provide for additional capital expenditures. Offices—14th
and Canal St.,
Richmond, Va., and 70 Pine St./ New
York. Underwriters
(Competitive). Probable bidders:
First Boston Corp.; Eastman
Dillon, Union Securities
& Co.-Salomon Brothers &
companies could not purchase
required to divest themselves
would
or
fund
be
in
operation
late
in
on a "very small
scale/' and would be started on
state-by-state basis as approval was granted. Office—
925 So. Homan Ave., Chicago.
Distributor-—Allstate En¬
& Co.
•
terprises, Inc., Chicago,
Co.
25, 1963 the company announced plans to sell
$60,000,000 of first and refunding mortgage bonds, series
Q, due May 15, 1988. Proceeds
To
—
refund
outstanding bonds, and for construction.
West Fifth St., Los Angeles.- Underwriters
tive.) Probable bidders: Halsey, Stuart
^
(Competi*
& Co. Inc.;
Co.
(jointly);
Lynch, Pierce,
First
Boston
Corp.Dean
Witter
&
Blyth & Co.-Lehman Brothers-Merrill
Fenner & Smith; Inc.-Salomon. -Brothers
•
■'
&
'
/1, 1987/ The issue
Co.
(jointly), Blyth & Co.-Lehman Brothers^-MerPierce, Fenner & Smith Inc.-Salomon!Bros.
S-L
w
(jointly).
^
,
1
Home
Loan
Bank
Board
credit, contends
rise
in
ratio of surplus
(
12th:Blvd.,
i
Underwriters—(Competitive)/
and
reserves
counts
,
mortgage
to
must
foreclosures
The need for increased attention
nomic
reflected in letters that we receive
in
the
Board's
offices.
Whether or not you
as
prefer
phisticated
eral
stressed by Fed-
was
this would be
Home
Loan
Board
the
Bank
Chair¬
man
things that
\ private,: if
lives.
Joseph P.
5* ■s
*■
speaking
or
be¬
30th
which
have
of
,
so
on
March 26. Growth
rapid in the past that
attention
gains in
McMurray
not
to
paid
the
recent
suffi-
soundness
years,
Mr.
cautioned.
a
matter of
amnncj
among
yet
been
we
very
and
ail
all
widespread
kinds
concern
i
of
•
lenders, ineluding those specializing in mortgages, the Board Chairman
"Experience
shows
that
added,
the
his-
tory of long upswings of business
activity has been characterized
by
be
•
tion
of
the
VA
fact
have
risky.
If
this
going to
serious con-
tT
riskv
become
uals
cf
or
as
a
we
as
individ-
group allow ourselves
:>up
?
timeYnjfth310^8 by the ^es
tides
a&6
®
s
0
vQur eco
formula
not
the
j
case,
oadenpd
hroadened lendmg
P"V1'eges >iU
eQ,,;n„c
wnicn, i assume, savings and loan
associations have experienced
we
too.
actually need
higher ratio of reserves and surplus to share accounts than we did
a
10 or 15
years ago.
>
financial
field
for
-
There have been
many-
a
velop
a
ancj
is
Brothers
low
very
inevitable
in
a
that
cumspection
com-
had,
loan
which enforces probity
upon those
who would not behave with cir-
The
at
ratios,
all
of
too,
in
their
that
probity,
our
this
were
me
say,
kind
of
of the aims to which
many
will
be
outside
your
reach. It has taken great endeavor
cash
by
the economy
the
Board
and
convince
other
ernment
and
staff
our
agencies
to
of gov-
interdepartmental
committees that the Board is
associations
pro-
ceeding along
average ratio of cash
governments for
they
Let
so.
without
aspire
you
increase in their loan ratios
as
unless
compelled to do
financial institutions should have
an
Co.-Salomon
will
a
that
course
induce the type of behavior that
satisfactory t tiave been talking about. With-
currently about 11 to
12%, it
js somewhat less than
in a good manyindividual
it
barely" escapes
cases.out such:a
touching
logol niinimum for a great many
institutions. This is not a very
program for
action,
we
would never have had the expansion of lending on multi—family
the
•
^^in^^d.^we
would never
satisfactory situation, particularly rece*ve some endorsements
in a period when the risk of mort- we are about to gain."
that
gage lending has increased substantially."
AiriPripari (t£K
Mr. McMurray said that the "
Board had responded to the criti- AcqopiatI'nri
PlflTlcr
cism that the savings and loan in- p-SSOCiatlOIl r lailS
justrv
not
was
supervised
sufficing firUeLby
with1
taking
a
m
a
•
-i
To MOVG April 1
of «*»• f° tighte" The/ American Gas Association
^ is D0* independent of the cost regulation
Pi?*°n"
^
1 UA Uie
J"
™s °
of the *
w uwyc
imnortant will be the first tenant to move
o£ mon(ey anc/he rate of retu™ thfngs we'have done is to limit
"A0 605 .ThMd,
mortgages."
N,6W Y,°ik
.
,
•
one
on
The
the
Chairman also referred
matter
of
expenses,
management
the
faces
out
oui
average
Nation is
that
mat
there
tnere
City,
real
a
noted
ratio
expense
1.4%, but pointed
are
a
number
o
of
some with
rates> which have
of
1.1%
for
all
fair
growth
ratios
average
or
a
substantia*
group of associations
^ ^
end
years.
of
the
iha
i;
"eed not mention now. We have
Pr°Poset' .0J' are proposing legisfation which will further improve
iU
^
war,
associations
governments
counts—about 40%
to
,g
.
.
supervisory
-n thig
standing
are
.
environment.
connection
assistance
your
^
had
share
ac-
of your share
_
and
that
your
j
T4
It
think
under-
essential and impor-
sure
and
You
its
headquarters for 35
The
national
of the gas
enyre
_
buying.
ounaing.
me
your
as
an
can
say
that in large
stature
as-
mea-
individuals
industry rests with
you.
best give this expression
association
_
floor
The
ine
.
is
years.
trade
industry will
fourth
the
44-story
^^t-storj'
-
,
occupy
„
of
,
,
the
new
structure
,
the latest completed addition to
the
fast-changing
skyline,
skyline.
§ A. G.
"Let
an unhelievably high ratio of cash
and
an$
fect.iv4e to(day;„We ,h*ve ta>^n a
Va"ety (°f 0t,her steps Z
* 1
tant.
^
the Graybar Building, 420
" Lexington Ave., where it has had
the
Cfo,
bt^te^
April 1; A. G. A. will be
on
one borrower. That regu- leaving
to
stating
challenge in this respect. He
Tnrnin(,
variety of atfield to desophisticated formula for
teiyPts
temPts in the banking
time,
was
challenge-/ ctollen^e numbef
5™ face a
,
Today> therefore,
j
^
Sltw
and investing
v
in rate of foreclosures which all
for.the
lenders. have
experienced
and
a«„mp
aver—
+
.
that
T
by
ag? association-should increase its
ra"°
J?
,wor':" to share ac?ou'
increased risk is all
^ evident, and if some action is
ta^?n by Jhe associations along
that
could not account, for the
rise
which
position,
"While the
further
choose then, the
we
more
qu^^t^'o^credi^'^he^qu'estlon quZyVo^etot L^guedthe
here then is, shall
.
While
FHA mortgages,
that portfolios
were
buttressed
.
remains
obviously
so-
having
l
is
are
attention.
and
This
to
tion
tion, than th6 average institution
the average institution
because they have a high
propor-
we
Stating that the quality of credit
is
and
give
that^hev' have'a'le^s
kpuu
Hotel
Jtioiei
industry has
its
not
at
at Cincinnati
cient
you
to
sideration
Sheraton-
the
The fact that you
or
alt of you
else
mortgages is no reason to
complacent. This is an area
Loan Bank of
has been
to be able to learn
on
"Federal Home
Gibson
uiDSon
.
singed by the reduction in terms
.Stock¬
Cincinnati
many
i -■•■■■'' i
\
'
holders of the
the
■<
'■
have
a
were
parable
formula, had
ceptibly every year for some
professional,, years. I^o matter what kind of
our
past.
naive
a
^he fact that the ratio pf loans to
of purchase price has increased per-
espouse in our
*
someone
collectively
Anniversary
Meeting
of
the
not
v
"We ought
from the
the
we
*
McMurray,
fore
denial of
a
or
securities.
banks, relatively,
It
&
-
government
that
St., Milwaukee. Underwriters—
(jointly);-First Boston, Corp.; White," Weld &
Co.; Kidder, Peabody v&; Co.
i
(Pre-
and
commit
by the savings and loan industry the same errors that have been
to the principles of sound business
committed in the past?
I think
management
Marshall
& Hutzler
thing is clear—the ratio of and a reduction
surplus and reserves to share ac- and
governments
counts has been
declining for some expanded.
ac-
and
North
Dillon, Union Securities
man
one
;
development
which,
apparently, have been learned by
various savings and loan
managers
indicates
savings associations' share
be strengthened.
.
Louis.
Probable' "bidders:
contain instructive lessons
Chairman/ discussing quality of
of
rate
—1029
7V(Competitive). Probable bidders: Halsey, Stuart/ & Co.
Inc./Merrill" Ljrnch/ Pierce, Fenner
Smith Inc.; East¬
measuring capital adequacy. Some accounts being in the form of cash
Mortgage Portfolios
| More Risky: McMurray
Federal
r'
%
-
,
timing of.the action. Office
Match 19, 1963 it was reported that this
/ company
plans to sell $15,000,000 of bonds later this year; Office
fice-r-3100 Travis St., Houston.
Underwriters—^yhite,
Weld & Co., and Stone & Webster
Securities Corp., N. Y.
Union Electric Co/>
\
'
March 19,1963, the company stated that it
plans to issue
$20,000,000 of preferred stock and $40,000,000 of bonds
by the end of 1964., Office—-315 N.
or
New,York. Underwriters—^Kuhnj Loeb
& Co., Inc./and Lehman Brothers, New
Yorl$.
7 Wisconsin Public Service Corp/
-
ties -irl the third quarter; Proceeds—For expansion. Of-
Los Angeles; Under¬
writers — (Competitive.)
Probable -bidders:
Halsey,
Stuart & Co. Inc„ First Boston
Corp., and Dean Witter
rill Lynch,
& Hutzler
not determined the terms
1963 it was reported that, the!
qompany is considering the issuance of $30-$40,000.000 of debt securi¬
.
Telegraph Co.
—6u Hudson St.,
Feb. 20,
v
1965.; Office—601 West Fifth -St.,
&
:
Chicago
25, 1963 the company stated that it will require
$60,000,000 of new money in 1964 and again in
about
jointly managed
group
Transcontinental Gas Pipe Line Co.
Southern California: Ellison Co.
March
a
by Chase Manhattan Bank; Morgan
Guaranty Trust Co
York; Chemical Bank New York Trust Co.; C
J. Devine & Co.; and the First
National Bank of
-Hutzler
,
by
was won
Western Union
March 6, 1963. the company announced that it had ar¬
ranged to borrow a total of $100,000,000 by sale of notes
maiunng- serially, one-third at the end of each of the
years 1964,1965 and 1966. It plans to refinance the serial
notes by issuance of long-term debt
securities, but has
of New
PDST) at above ad¬
a.m.;
'/■ // -
sey/ Stuart & Co. Inc.
To be named:
601
—
>77,
Aua- I, 1962 it was reported that this company plans to
sel $12,000,000 of 25-year
bonds, in the second quarter
of 1963.
Office—1100 H. St., N. W.,
Washington, D. C.
Underwriters—(Competitive): Probable bidders: East¬
man Dillon, Union Securities &
Co.; Equitable Securities
Coijt ; Kidder, Peabody & Co.; First Boston Corp.; Hal¬
Office—Knoxville, Tenn. Underwriters—
On Jan. 24, 1962 the
Authority sold at
competitive bidding $45,000,000 of 4%% bonds due Feb;
$32,400,000
Office
/
Washington Gas Light Co.
construction.
(5/22)
of
adu^ess.
Tennessee Valley Authority
> ;
3, 1962, A. J. Wagner, Chairman, stated that the
Authority plans to issue $50,000,000 of short- or long¬
-term i securities in the spring of 1963. Proceeds—For
/
Edison
March
.
.
sell
Oct.
writer—To be named.
dress.
Cc
Salomon Brothers & Hutzler.
Bids—May 14 (11 a.m.
ELrST) at One Chase Manhattan Plaza, New York. In¬
formation Meeting—May 10 (II a.m.
EDST) at same
27, 1963 it was reported that this utility plans
$5,000,000 of preferred stock and $5,000,000 of
debentures in the first half of 1963 to
help finance its
$11,750,000 construction program; Office—-1507 Pacific
Aye., Dallas. Underwriters—Snow, Sweeny &
Co., Inc.,
New York, and A. C.
Allyn & Co., Chicago.
pansion. Office—1530 Chestnut St., Philadelphia, Under¬
(jointly). Bids—May 22 (8:30
Southern Union Gas Co.
to
Nov. 20, 1962 it was announced that the
company plans
its first public offering of stock.
Business—Operation o 1
a
nationwide network of franchised
personnel consult¬
ants with offices in 35 major cities.
Proceeds—For ex¬
California
Halsey,
Stuart & Co. Inc.; Stone & Webster Securities
Corp.;
Wnite, Weld & Co.; Eastman Dillon, Union Securities &
(jointly).
March
Snelling & Sneiling, Inc.
16, 1963 the company
(5/14)
announced plans to sell $30,-
000,000 of first mortgage bonds due 1993. Proceeds—For
construction. Address—7th and Franklin
Sts., Richmond.
Underwriters—- (Competitive). Probable /bidders:
Hutzler (jointly); Halsey,
Stuart & Co. Inc.;
Kidder, Peabody & Co.-White, Weld
1963
a
it Southern
Jan.
—
mutual fund." Earlier, All¬
a
would
Virginia Electric & Power Co.
-t
'
,V
A., which
Third
.«
Avenue
-
was
formed
in
1918, has had its headquarters in
the
Graybar
Building since 1927.
The association also operates test-
ing
and
research
laboratories
in
by endorsing the endeavors of the
Cleveland and Los Anf"1
J
Angeles and
—
an
Board
office in
to
create
an
environment
Washington.
Volume 197
The Commercial and Financial Chronicle
Number 6250
^
\ •,-?».v\{
•»
AMERICAN
Steel
* l'
1
IRON
'
i
lt
1 '
s»
0
''
v *
/
S
'
INSTITUTE:
STEEL
AND
and castings (net, tons)—
production based on average
'
'
Index
of
for
1957-1959
oil
output—dally
gallons each)
Crude runs to stills—daily
42
(bbls.
average
oil
Year
"Ago
■""
AMERICAN
(bbls.).:
average
—
(bbls.)___—_
(bbls.)—
;
output
Residual fuel oil output
of
125.1
119.4
112.0
128.5
7,437,060
8,673,000
29,819,000
3,433,000
15,857,000
""
6,280,000
7,459,810
7,440,510
8,884,000
7,363,310
8,271,000
30,812,000
29,187,000
;
—
8,813,000
-
29,447,000
6,470,000
Benzol
Refined
14,351,000
16,120,000
6,469,000v.
gasoline
(bbls.)
Kerosene
(bbls.)*at
Distillate
fuel
—
—
211,865,000
Mar. 15
Mar. 15
.—Mar. 15
at
20,973,000
,
freight loaded (number of -cars)
Mar. 16
freight received from connections <no. of cars)»J.Mar. 16
ASSOCIATION
-Mar. 15
at.
RAILROADS:
AMERICAN
OF
output (barrels!
output, (barrels)—
255,109,000
228,824,000
x
223,220,000
259,009,000
226,635,000
31,876,000
(barrels)
i;
(barrels)__—
imports (barrels)—
"32,361,000
13,000
33,266,000
29,221,000
31,578,000
30,980,000
320,813,000
342.554.OCO
imports
product
consumption
domestic
31,349,000
37,236,COO
and
99,826,000
Orders
89,989,000
38,064,000
81,256,000
RAILWAY CAR
*:Month
80,544,000
of
of
February: *
freight
INSTITUTE—
'"
'
new
13,000
export
36,000
AMERICAN
23,985,000
24,243,000
45,770,000
81.660,000
517,213
506,074
(bbls.)
oils
'262,084,000'
,*33,249,COO
•>
11,000
oil
"
r
,
cars——
New freight
Backlog of
%
cars
bn
4,098
3,074
2,445
17,565
17,736
*4 304
3 773
*3,131
2,679
*1,734
1472
delivered
cars
5,976
19,952
——Mar. 15
at___
(bbls.) at
Unfinished
Ago
6,123,000
83,402,000
43,522,000
81,526.000
43,245,000
81,132,000
(bbls.)
oil
Residual fuel oil
crude
output
Indicated
207,952,000
204,942,000
211,754,000
22,242,000
Year
Month
'
:
.
gasoline
Crude> oil
3,065,000
3,890,000
3,061,000
15,852,000
Natural
Stocky at refineries, bulk terminals, in transit, in pipe lines
Finished
December:
Domestic
15
15
15
15
Previous
Month
'
INSTITUTE—Month
Total domestic productiori (barrels
pf 42 gal«
ions ; each)__^_w_i——'
<
Mar.
-Mar.
—...Mar.
— Mar.
:A::::,-v 9
PETROLEUM
of that elate:
are as
Latest
,v"
Ago
2,394,000
2,086,000
of
.
output (bbls.)
Kerosene output' (bbls.)
fuel
Month
of quotations^
cases
'
Mar. 15
—;a—Mar. 15
—
Gasoline
Distillate
Vi-;
'
—Mar. 23
—
Week
2,225,000
cp
productionandother figures for the
Dates shown m first column ^
for the
month available.
INSTITUTES.
condensate
and
^
or
month ended oii that date,; or$ in
or
Previous
2,330,000
production "mV"
:
_
AMERICAN PETROLEUM
Crude
week
Week
Mar. 23
weekly
latest "week
LOftCSfc
'
V.
ingots
37
^^followiiiig^ statistical ^tabtil&tidns
IndiCationsfof Curifentt;
Business Activity
!■.
(1305)
order
ahd
undelivered
i
1,466
2,690
-
v
•
'
Revenue
Revenue
"c 545,434
517,757
512,084
520,207
501,062
-.521,228
8,215,000
8,328,000
333,000
•360,000
;
BUILDING
'
;
.
Total
COAL
OUTPUT
(U.
BUREAU OF MINES):
S.
Bitumjnous coal arid'lignite (tons)^—~
Pennsylvania
anthracite
(tons)_
CONSTRUCTION
V
PLANNING
ADVANCE
—
advance
Mar. 21
$522,500
$463,700
$527,300
312,800
209,700
258,700
332,000
186,700
and
Municipal
205,000
203,500
172,300
Mar. 21
6,200
32,700
—.
Federal
:
■
195,300
94,400
24,100
11,700
v
RESERVE
INDEX—FEDERAL
SALES
STORE
SYSTEM—1951-59 AVERAGE=100__—___
X
i
.
ELECTRIC
-
92
103
':
89
Other
99
Electric
output
(in
kwh.)
000
16,845,000
.
17,489,000
348
16,860,000
-Mar. 23
.
"
310
15,879,000
(COMMERCIAL
BRADSTREET, INC.
IRON
AGE
INDUSTRIAL)
AND
DUN
—
&
Mar. 21
-
COMPOSITE
295
Mar. 18
6.196c
6.196c
6.196c
6.196c
$63.33
$63.33
$63.33
$66.44
Mar. 18
$27.50
$27.50
$27.83
PRICES
(E.
M.
&
J.
$31.83
75
Lead
York)
(New
Lead
(St.
tZinc
at
Louis)
(delivered
.-.
Zincs (East St. Louis)
at—
.—
—
_Mar. 22
—
(primary pig,
Straits, tin
(New
MOODY'S BOND
York)
99.5%)
;
DAILY AVERAGES:
tJ. S. Government Bonds—"
~
=
89.23
93.23
90.91
,90.77
89.51
89.51
;
83.79
Groups—————————-__Mar. 26
Group—
.1—.a—-.Ju.
*—x—Mar. 26
-Industrials Group—
—Mar. 26
86.91
-86.65: ;
90.63
90.63
5
k
•
.Y--.-———
3.72
3.77
1—
r
—LZjMar. 26..
YY——1
Mar, 26
-x—■-
Railroad;
-
.
•
4-
Group
.'.
Mar. 26
26
1
Industrials-GrouR——.^
V4.35
4.45
;
■
•
4.66 ~
4.64
>
'
4.37
-•
Total
■
5.01
•'
fRetall
.
.
:
;;
4\37;;k:";k"
*4.37
4.59
COMMODITY.'.
NATIONAL
Orders
INDEX'_--_'-I--.-l-^—^--—-------Mar.
(tons )-
.(tops)
Percentage
of
v.-
Mar. 16
f_Mar, 16;
359,677
:
1
,_Mar. 16
97
period—-—Mar. 16
483,509
——
at end of
(tons)
383,719
348,758
^
;
369.7
,
367.7
4
327,632
-" "
353,698
-
95
496,459.
"
"
'•'""h
AVERAGE—100_
Total
of
FOR
ACCOUNT
stbeks
specialists in
OF
purchases—
Short
,
467,678
*112.89
112.77
110.51
Crude
1
1,983,420
1,563,260
2,164,110
1,655,180
1
2,422,900
2,023,030
2,815,730
2,106,470
Mar.
Mar.
Mar.
1
purchases
Short sales.—
Other
;
!
-
sales-
sales—.
_Mar.
!__
...
1
Mar.
1
;
403,300
520,450
,,
>
,
:
•
880,333
-
;
1,154,027
800,885
91,270
121,104
Y
629,485
56,370
v
122,770
1
742,095
"736,340
k 993,409
833,365
857,444
1,116,179
1
3,661,053
3,429,585
4,557,317
2,895,175
522,560
Othersales.^.—_i—...
—Mar.!! 1;
Mar.
—.Mar.
Total
'
I^
Mar.' 1
'?
ON
Odd-lot
sales
by dealers
shares
Numberlof
■
Dollar value—
EXCHANGE
(customers'
562,050
617,074
814,590
3,096,755
2,666,700
3,637,769
3,283,774
4,452,359
3,252,705
•———ijr—'^
1,207,296
1,596,474
1,542,938
.—'——Mar.,
i
$69,167,715
$57,923,333
$77,624,577
$80,715,763
—
!.
1,553,125
1,838,835
12,444
of
*134,995
125,377
115,890
114,112
77,962
(tons
1,486,248
1,826,391
————Mar.; 1
$84,599,491
$71,908,195
$87,613,091
709,960
597,010
672,370
iKt'i672^370
14,859,925
14,324,508
OF
DEPT.
$97.20
;
t
105.82
Yk $97.44
.*
!' ?,
40.0
Y
39.1
■.
.4
!
k
•
•/.
Y
-
84.23
'
40.1
40.7
—
goods
103.53
v
*86.46
*■£
goods———
$ 95.20
*106.08
86.02
_——
40.0
».*40.3
M-i k. 40.6
*39.3
39.2
•
manufacturing
.
goods
;'
$2.43
2.60
———
,———x
———
$2.43
2.60
2.20
2.20
•
'
Y;
$2.43
;; 2 61
2.16
of
Employment
Railway
v
LIFE
of
middle
at
(1957-59 =' 100)—
PURCHASES
—
INSURANCE—Month
'
•
—
INSTITUTE
of
February
;
.
,
•
Ordinary
k
-—***—■
Industrial
:
——
Group
:
490,530
597^010
.——
S.
—-4—
$78,075,868
shares—;Totgl; sales—^u—!—-Mar. ' l
COMMERCE):
OF
February:
(000's omitted);
•
10,008
1,718,890
—
——
by
,
1,543,117
«:
Total.
NEW
/
.
CAPITAL
ISSUES
IN
BRITAIN
GREAT
MIDLAND BANK—Month
of February—*
i-;
STOCK
AND
ACCOUNT
17,910
dealers^-
ROUND-LOT
SALES
ROUND-I.OT
OF
ON
THE N.
STOCK
MEMBERS
Y.
275,250
•
417,010
-
J
NEW iYORK
' 49CL530
-480,960
•
"•
STOCK, EXCHANGE—
*k,.As of February 28 (000's omitted):
Member
firms carrying
Total
(SHARES):
Cash
extended
on
hand
margin accounts
net-debit
customers
Credit
to
and
in
banks
in
U. S—
"
-»Mat.1
872,850
863,500
1,026,370
'1
18,772,420
16,514,930
20,989,530
—
1
19,645,270
17,378,430
22,015,900
15,447,650
"
~
U. 8/ DEPT.. OF
e credit
customers free credit balances
Market
4
t
NEW- SERIES
f Total of
14,815,130
——Mar.
—
>
'632,520
—_Mar.
:
sales______——
"WHOLESALE-PRICES:
:
STOCK
.
Other -sales—
709~960
.'"312,810
TRANSACTIONS
Total Tound-lot sales—
Short aales^,—J—
Total
'
25,372
1
——
—Mar..1'
v
Other' sales-————Mar. ' 1sRound-lot purchases, by. dealers—Number'of shares____Mar.
1
..
V
f ,v.
1
sales
; Short sales—
,vi
1,504.158
1,744,262
;
Mar.
Dollar value-
;
;.V
Mar,
Round-lot sales
EXCHANGE
123,176
—
INSURANCE
OF
1,392,110
other
FOR
146.709
INTERSTATE COMMERCE COMMISSION—
LIFE
I
short-saless.-i-^--—i;-_:—-i:--ii.-^
TOTAL
—
—
goods
V
February
—v—„_Mar.
Customers'
.
2,000
Nondurable goods—
,
purchases)—t
Customers'
of
112,253
130,883
manufacturing—
Index
•
Number
*115,149
.."A.
goods
Durable
2,730,145
3,658,805
COMMISSION
Odd-lot purchases by dealers (customers-isales)-^ ;
.
.
.
Number of orders-Hcustomers! .total salesi-—ii-^--_:..4.-:Mar.;.«D
r
107,931
pounds)
(DEPT.
Hourly earnings— ;
*t r:All
Y.' STOCK
N.
'
■
1,611,000
pounds).
ESTIMATE —U.
Nondurable
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODD-
EXCHANGE—SECURITIES
1,376,000
February:
pounds)
GINNING
Durable
915,875
;
—
SPECIALISTS
36,160,000,
141,243
of
month
2,000
of
(tons of
Nondurable
All
_
859,505
1
purchases—
Short sales^——-u——-i-w—
AND
2,000
.-Hours—",
round-lot transactions for account of members—
DEALERS
U.S.A.
Durable
230,360
Mar.
—Z*
:
Total
LOT
•'
Weekly earnings—
V All manufacturing
14,900
—Mar.
:■
—
5:134,000
$90,499,000
lignite (net tons)-*-—33,065.000,
2,000
of
(tons
LABOR—Month
215,460
'
the floor— !
on
>
Total
'480,250
31,300
v
-
initiated
Total
Total
556,310
40,200
371,240
1
sales—
and
to fabricators—
AVERAGE
245,650
36,200
445,500
350,790
1
sales—
367,100
402,540
1
—Mar.
Other
transactions
.7,738,000
FACTORY EARNINGS AND HOURS—WEEKLY
floor—
purchases..
sales
Total
9,236,000
24,611,000
26,495,000
$160,963,000
;
—$9'4;715,000
-
March, 16 running bales--
451,290
651,620
459,770
439,480
1
Mar.
Short
Other
(tons
In
COTTON
2,020,040
2,846,980
2,183,200
2,429,930
Mar.
;
the
service, liabilltiesx>-f> 7,ift8,«0Q0!
of
1
Mar.
:
:
off
29,552,000
31,113,000
_1__". 22,530,000"
pounds)
Refined copper stocks at end of period
Mar.
—
initiated
26,0984000.>
1,353
$25,023,000
36,506,000
Peb»uary(ff:i:;v;k"v'if^"f^fki'i^
Delivered
MEM¬
sales
transactions
Total
11,918,000*
**'
sales——
Other
$56,054,000
k; '
which registered—
in
sales
Other
Total
1,258
»,
liabilities—_—x
Refined
_Mar. 22
^
TRANSACTIONS
113
1,304
^ -
Copper production in U. S. A.—
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions
582
.183,
$26,971,000
.
———
,
136;
228
112
Pennsylvjania anthracite (net tons )„—_!*
•
ROUND-LOT
r
COPPER INSTITUTE—For
97
113.86
U'i.
95
445,771
;
v:
.320,552
357,627
350,760
>
OIL, PAINT AND DRUG REPORTER PRICE INDEX—
1949
,.',y : 27
<)UTPUT "('BUREAU OF MINES )r—Month
of
•
\
.
—
-
244
629!
i.—;•,*.■
liabilities
Bituminous coal
-
a
.
__r
activity—.
Unfilled orders
I
ASSOCIATION:
PAPERBOARD
received
Production
89
28
'
*366.8 k
369.8
26
27
; *102>^
136
—
liabilities.
•
Total
4.49
COAL
MOODY'S
.27
„
199
r—
^————.
number
CommerQiai
4.86
4.37
•
-
;'«*68
*79
24 !
BRADSTREET;
—
number
..
Construction
,r.;
"
4!38
&
Manufacturing liabilities—
' Wholesale.^liabilities
»
4.69
4.88
42
70
241
*131
k vY-
26
Commercial service numljer——1^————
„
4.37
4.52
k ;;4.68
;
,
f
"
; 4.46
r
4;88
'.
v-
,
V
.
"
.48 "m" a' ,:V 52
(na)
——————
number
Construction
4.65
i
,4.36,
«
development—__
.
"
public
Retjail "number Lil.i
."3.84
».
; '• 4.19
■
-
-
4.45
•
'
4.88
"
Public Utilities
r ,;
4.19
4.32
.
T
4.47
apd
■::;k
Manufacturing number
88.95
3.74
: •
"4.4T-S
4.47
4.19
——Mar. 26"
-..Mar. 26
;
,
r,,;,,'!
A-;.-——
Baa
.
,
enterprises
■'.
k;
*333
73
FAILURES—DUN
Wholesale
"
.Mar. 26.
(na)
i'k
-
45 ?
45
(na)
-4I?1
x._—
27
*46
•
.
31
208
-
87.59
90.63
■
„
systems—.
•
INC.—Month of February:
82.15
t"90.63
•
water
Y'Y:
46
>
83
353
Y
233;
-: *30
28
(na)
'
17
1,004
>
*384
42
Y
—
Conservation
BUSINESS
.
":Ayeraige-''corpordte^^ci—26
———Y—■■—
•
All other
84.04
"
;J
90.63
90.48
■
Aa
«
86.24
83.79
86.38
.j:
'
.
88.54
•f>.
Aaa
service
-
Water
86.78
■
and
Sewer
,
Public service
,
.___
—
Sewer
;
,
v
-
Utilities
MOODY'S .BOND. YIELD DAILY AVERAGES:
U. S. Government Bonds-:—.
and
66
289
:'V;
V- *30 '•
208
Y
—
90.63
89.37
1>v
83.79
Mar, 26
Public
--
"
93.23
91.34
—Mar. 26
-
—
.
88.50
89.23
R.
89.23
93.23
-2-—Mar. 23
A
90.09
Railroad
.Baa
123.750c
90.23
89.94
——Mar. 26
-
———1
Aa
109.125c"
0
t
.
Average -corporate——-—.9—Mar. ,26
Aaa.
-a—-—^.Mar, 26 "
.
4 108.125c
,
yf.
'
;
!—i-x;—:
"
,
;V.
12.000c
24.000c
22.500c
109.250c
Mar. 22
—
.
11.500c
22.500c
11.500C
22.500c"
-Mar. 22
at——-.—-
at—
PRICES
;
——
.
11.500C
—Mar. 22
—
—
*69
355
Other nonresidential buildings
Military- facilities
„
Highways.
fL—i-_____—
'
*1,173
(na)
institutional
Administrative
9.300c
12.500c
23
..
value
of
listed
shares
423,569
Member
borrowings of
Member
borrowings on other collateral
U.
S.
Govt,
issues.-—
.
"
.LABOR—X 1957-59=1001:.
.Commodity
All
Group—
■
.
•
•
v
"«
,
•
,
-
NONFARM
v
.
' '
-
———;
"
J^Mar. 19
:
'99.9
100.0
100.2
100.6
"J. 95.6
*95.4
97.0
products
Processed
">
.
fooas_i
Meats
All
_i_u
Mar. 19
99.1
*99.1
100.2
101.3
—
commodities
other
Mar. 19
:
than -farm
and
foods
•
FEDERAL
ESTATE
SAVINGS
88.6
ti-llslMar. 19
100.6
f:
88.8
92.1
>95.8
100.7
100.6
100.7
ANCE
sold
on
+Number of orders not reported since introduction of Monthly Investment Plan. tPrime Western Zinc^l
delivered basis at- centers where freight from East St. Louis exceeds one-half cent a pound, (na) Not available.
•
"
figure.
LOAN
CORPORATION—Month
PORTLAND
CEMENT
of
INSUR¬
Dec.—
(BUREAlj.OF MINES)—
!:/- •Month of January:
Production
,000
(barrels)
Shipments from mills
♦Revised
FORECLOSURES—
AND
98.7
■
Farm
REAL
.
-
L^Mai"; 19
commodities—'—'
^
90
355
*73
68
20
Y
310
1,055
—
•
.Aluminum
10.300c
79
buildings
and
*383
20
;
—
52
.
18
*92
306
•
:
'"Lx——
Hospital
12.000c
51
94
Educational
12.000c
-
69
18
buildings-,
Industrial
9.500c
.
.
10.300c
10.300c
12.000c
30.600C
76
48
77
385
construction
30.600c
,10.500C
■
•
48
_!
and
telegraph
public futilities
private
28.525c
28.425c
10.500c
_Mar. 22
:.
—
—
30.600c
28.425c
10.500c
—Mar. 22
-
at—.
at)
30.600c
28.450c
—Mar. 22
Mar. 22
h
80
50
77
recreational
Nonresidential
•
—s
265
48
other
Public
..v
.
276
.
All
5
183
163
Y: 266
;_
155
utilities
Other
>
QUOTATIONS):
Electrolytic copper—
\j.
Domestic refinery at_
Export refinery at
346
227
"
;
and
Residential
METAL
382
96
"
,
151
construction
v
Public
—Mar. 18
—
:
224
217
Telephone
steel
(per lb.)
Pig iron (per gross ton)
-.
Scrap steel (per gross ton)!
835
241
institutional
Miscellaneous
Farm
351
PRICES:
Finished
899
368
-
and
298
102
235
;
nonresidential- buildings.—
Social
'
.
FAILURES
*326
869
;
Hospital
1,078
"
98
Religious
INSTITUTE:
"*1,306
294
Office buildings and warehouses
restaurants and garages
-
.
1,140
Stores,
••••—'
Mar. 16
:
<_
_:
Educational
EDISON
1,532
Commercial
$
DEPARTMENT
2,900
alterations
and
^Industrial
■«
106,100
171,200
housing unlts_——!
___,
'
_^____
(nonfarm)
'•> Nonhousekeeping
Nonresidential buildings
$292,800
__Mar. 21
!_
3,955
•___
buildings
Additions
,j
-Mar. 21
State
..
-
;
I
s New
-
OF
DEPT.
(in bullions):
construction
Residential
V
Public
*
*7,385,000
363,000
Mar. 21
planning by ownership
Private
•
ENGINEERING
NEWS-RECORD—NEW SERIES (000's omitted):
Total
7;100,000
380,000
•
S.
of February
construction
new
'■—-Private
""
__Mar. 16
—_———Mar. 16
__.
CONSTRUCTION—U.
LABOR—Month
Stocks
at
Capacity
end
used
of
(barrels)
month
(per
cent)
(barrels
>
t,
3S
'i
■<••••'
(1306)
,V,',
> •;/.
'-'t!
'
^
*•
^
..
^
^
^'- V:*,
•/•
I-1
:* ;•
TVlO ^?fQfo nf HPT? A TTF QTlf] TXTFTmTTFV
±IlO OIdLU U1; X
than a
IW-II7U ailU X1N
Continued
Dast
page" 16
Patterns
from
tainers
strike-hedae
graceSeAy
■mandaior^ advance nbtice' Sade
the
davs^
90
Their
•u
-
■
The
ins
inventorv
ton
on
buildun
of
an
is
corresponding week of
4,648
com-
a on ar e n
maior-
markets
^
well
and
coming in for
construction
delayed
farni markets
picking
With
and
But momentum
in these
UP
weather
Bad
the country
of
areas
buildup
forms
two
The
in
is
well-
notice
a
size
to
Despite
cold
rains
reopen
the contract is given. Virtually all
steel
users
are
now
forced: to
^ loff ""der *10W .wh'fU the
and-heavy
R|a.
r
States dipped to 71 from 84, in the; Y^ar,
.
South Atlantic to 41 from 51, in
the East North Central to 76 Jrom
.
82, and in the Pacific to 58 from
Over
2,4% from
rose
The; only
general
U.
from
S.
March
93
prior'
duced in the
i40;423"
cars
were
the
entire'
jrear is
..
..
in
history.
inits
are
the
year
first-quarter total will
rising 9.1 % from
Of
ago'
last
*
week's
while
nassenger
car
mKSGeS^r,uX
one
reflected
week
whoiesale
the
ag0_
Price? index,
of;
decrease ot
*
Food
a|S.
the
index has
i|f|f
Year-Ag« Week
Loading
of
revenue
•
•
^
varied
not
in
ieilkiiSlwi
517,213
cars,
American
This
was
the
Association
Railroads
Saturday, March 23,
accOTdins
kwh*
j
•
bellies, lard, cottonseed oil,
^
^
whnlcsalp
&
Pripp
Inc.
TnHp*
rt.n
per
was
to
15.000,000
than
more
the
previous
nuh£?t
n®
^^tn^^htv^omParabld
J®62 week' or
seriously affected coal loading in the.? Pocahontas
th
«
or
and
Southern
w
a cost"°I"UvInS 'udex/
function
is
to
show
a"
iPv^ix
.
>"
over
.
.
•
.
1
general^^
wh":.'
1
.
'
»
>
-d
a
+
«
*
we;
■
t
ot
ua.
•
.
^
loco
lower
above the
an
in-
2.1%
corresponding week in
1961.
There
were
loaded with
15,617
one
or
cars
reported
more
revenue
highway trailers or Mghway
.y; yyy nw,w#y
con!
1926, is
founded
was
in
non-profit organization
a
devoted to advancing the knowl-
edge and use of voluntary arbi-
tration.
Its tribunals annually
service over 7,000 labor-manage-
^
AAA maintains
Na-
a
^expertefnaU Rades^nd
Saints^
lJbor-n^ia^nSd
in
^tions
Association
activities
haVe been endorsed.by the courts,
5 °^
i. clvlc ®n. i?r°
I
sional organizations and labor and
.
management groups as a means of
tho
m
v
mg sinxes.
,
-
v0Jes-
than
occurred
werp
o=q
or
a
v^ar
o«j^
„,u
?L? ZZn
aV^ii
bri
the last, three weeks
^
^
.
:
'
iif
Newspapers isexpectedOf
commence today with the
Publication last Feb.
theF. WDodge Corporation,
economvlcs
staff,
Wallace
F,
specialists, announced.
28.
?':'l?".than the
Feb. 28
resumption of publication,
New York City
was
newspaper
Without
since
only speculate
can
Dec
as to
g
what
^ew York
yelhiK^5a?'tsbem^p"whi^to^ oP ap
Ms been
y+1^
+
any
department store sales might^^have^^
b^n the absenee of thd stnke
P
.
.
^
Mr
^ vLSdeSS f
il?!?
,
„
„
Company
Christfe
«
P"
"
has been
member
a
o£
occurred in Cleveland
L* SL
b
:M*«were z/o..pelow that for the
^
same
as<
efri,ptjon
indn<?trv
Mr
PhrictiP
ia
st™.ctl°u ;ndiMtry, Mr. Christie is
e d'to r o L.Btuiding Business a
ago week" New York Citv's dp- JP°uthly
bulletin published by
partnTent store safeTtere Vn 4^" D°d?!", He also writes two articles
and 8% respectivelyf0!'-.; ARCHITEOXURAL
For fh#*
ii +;
^EQORD called "Constructipn
For the j ear to the latest stateyear-ago period but were up 3%
last week compared to the
vear-
v^ar
tn
tv»
i
+
m
Trends,"
The Daily Wholesale Commod- 1963), the
TIvPrice Index
ex-
cepti°ri of the Net^r York J^ost ^aendly, president of the conwhich had separately resumed struct^ news and marketing
•-./V: ment week (Jan. 1 to
edged to 267"48"
the- comnarahip^"^1°f vLq50 111 (1930-32 = 100) on Monday, March
Failures
,
25' fr0m 267 36 last week' but
*100 000 or mori^ S!Lh
1* f
contlnued below its comparable
M
week but
J
month-a8° levei ^ 268.32 and
51 last week but remained higher year-ago level of 272.76.
short of
tion of ali
One
n
sponding week in 1962, but
crease
of
10,630 cars or
sociation, which
POntrapt hv i fi9i
llsbeis contract by 1,621 to 1,557 GBOTfifB Christie Is
VJcUigtJ v^llllotlc lb
major
/
"
T
"
•
17
March^l7 the N _Y. printers
.which, also,
^
.
toe
chief
Wholesale Commodity Price Index
Ilichfe Up From :Two-Year Low!
"TeXEariier'peak
.
the^^
^To? food prtTat
sajp
'lts
After surging to a nine-month & Bradstreet, .Inc.
Slight in,p,
.
The loadi gs represented a de- high of 348 in the preceding week, creases from a week earlier in
business failures
dropped to 295 the wholesale cost of lard, sugar "
crease of 28,221 cars or 5.2% beln the week ended MPaPrch
and lambs lifted the index frac-'
tke corre®ponding Yee 111 ported Dun & Bradstreet, Inc. tionally above the two-year low
62, but an increase of 10,630
Casualties
slipped
appreciably about which it has been hovering
cars
or
2.1%
above, the corredistricts
MamK
nn
.
in
cocoa,
Bradstreet
Fond
'
of
cars
Bank of Hawaii, Honolulu.
The American Arbitration As-
a's^LSS iSE^SK^^
and steers, hogs and lambs. Pricef de-
'8^F^0'rt0Fi'5T^'
^e.^Edison Electric
to
?
announced.
decrease of 544
a
,
£o„ New York, and James H.
Shoemaker, vice president of the
-foA.wfa in busted
^Vof "
Over Last. Year's Level
was
freight
data encouragingly augur well lor
the trend to continue this month,
Last Sunday, March 24, 1963, Spriinr Ffnrinmittt fnr
OcIlHJI XLiLUIlUiIlibl lUi
yearly" lumber; production,. ship- clines were registered in only the "Big Six" reversed its previ^
™
V
r\
meirit and new order, dataware five items-~corn, rye, oats, barley pus week's vote, As of this writ- T • W. l/0Clg6
L»Orp.
"unavailable this week.;
and hams-^-but they came close to mg, all other unions have' also
'
balancing the more numerous in- accepted new contracts with the ^eorSe
Christie has been apElec^ Output Rises to 6.2% creases. " ;
newspaper publishers and publica P°inted senior economist and head
ended
Freight Drops 5.2% Below
corresponding year-
The New York Citv newsnaner
flarcn» xne inaex nas not variea
ine JNew York city newspaper
by more than, one or. two cents strike by the printers'-Big Six
:
Rail
store
ended March 16 advanced
^^^{lighVr^^ts^e^im S^of^^pricb
09%
department
sales in New York City for the
sugar prices. Also .quoted
higher^
at wholesale markets were floui^
The amount of electric energy
^otorC^ 24.0%; Chrysler Corp.,
th®
13.1%; American Motors,; 6,8% and power ^industry; for. the week:
sludebaker
System,
serve
compiled by Dun &
reportedThe steepest climb becurred
areas
_
ed for apbroximatelv552%' Fbrd
and
January and February,and March
purpose,
Inc" m°ved up 0 3%
St. March
area,
decrease
a
Dumber Data Unavailable
Editor's Note: Weekly
640,000
reach »1 928 000
a
a
1962.
^.Cof
*"
expected for the month
About
.
11?ent, commercial and interna-^
^pbal trade deputes and automo?
accident- claims^ For this
.gnippilsleM
fractionally a
According to the Federal Re-
localities,
}y preceding fegistferecj metropoli,
week, 15
tan arfeag
increase^
the
of
best
and
to
tonnage, while 19
decreases.
" ~
for
be'third-
certain to
now
11
ga^S
22.8%,
-
first' auarter
showed
gam of 7%: Retail sales
inched, to new^;records in both
Cdfcpawd witti tf»
a year ago,
similarly,
.March., 16th
similar
March 16, 1963, sales gained +3%
over .the corresponding period in
Food, Price Index
f Inches
Up This Week
tonnage
^ rSered
tonnai
week. In the
made.
and
at
ago
12 6%
Ward's also said that output for
entirp March,
year«-ago percent change for the
current
the
were
Wholesale
last
for
increased
,
poi^ref^ing decreases.
the 1962
Louis
1Q68
hrvf'
corresponding week of
year
,
week with 23
The statistical agency said 154,346 cqrs were scheduled for final ;
through
showed
a
WardsAutomot.ne Reports-from
ago
reported
total retail sales, unadjusted-for
exceptions
trend
'
freight
,
.
week
a
March 16, the
Department
according; to apot estimate^
Nat^dRj^^™f^'°,C
throughout the country»
The terminal survey
Year Ago Quarter
last vveek
Commerce
+
.
collected by Dun & Bradstreet, The American Arbitration AssoInc. Regional estimates varied ciation has announced the apfrom comparable 1962 levels by pointment of four executives to
..
general
the
yy
to the FRB depart-
to'-this the following percentages: Pacific its National Panel of Arbitrators,
West and Mountain —1 to
+3; East They
are:
Ezra
J.
Denerstein,
South Central States, steady at 15, South Central 0 to +4; New Eng- senior vice president of Standard
and the Mountain States, up to 11 land +1 to +3; East and West Financial Corp., New York; James
from
7.
Regional
trends from North Central +2 to +6; South L. Murphy, general partner in
66,
occurrence
First Quarter Auto Output Seen
in
and
was!
seasonal variations, for the. same
Spring interest bloomed strongest four week period rose 7% cornfrom 33. On the other for childrens wear, millinery, pared to last year's level, The
£orted
production
V'r.-'S.
serv-
„
Auto
/\..v;:
lour weeks ending
run
.
Gain
'•'
.•
week ended this Wednesday, ment stores' 3% sales gain in the
Over-all volume continued to
of snow, floods and Atlantic Region. .In four areas,
tornadoes, at different points over casualties ran above year-ago
i?
4% Above
Products most
likely to
get the country, in the reported week." level?: the East (North Central,
st
ar s vv ek
tight are wide sheets/galvanized,
These findings are based on the South Atlantic, West South CenDepartment store sales on a
and wide plates. Some sheet mills, weekly survey, of 34 metropolitan tral and Mountain States.
country-wide basis as taken from
particularly in the Midwest, are areas conducted by. the ATA. :. Canadian failuies held at 51> the Federal Reserve Board's index
running at close to capacity now. Department of Research and abou{ the.same as last week's
50, ';ePorted an overall gain of 4%
Buyets in the Midwest are now Transport,Economics, The report but exceeded
strdnelv' the 31 reweek ended March 16, complacing orders for sheet with out- reflects tonnage lirfdlcd at .more
in the shnilar week of P^ed with the like period in 1962.
of-area mills.
than. 400.truck -terminals^ of. com- 1962 L
In the four-week period ended.
mon
carriers of
9.1%
'••
fell-; behind 1%New York City's rise in sales
ahead of last year's pace, although
Manufacturing failures plunged upexplainable lagging -was reto: 44
68 a week earlier, re- ported
in - West
Coast
Slates,
order further ahead.
Reaching
I"!'
Cleveland
Bounced". Truck tonnage was °.9%
behind the volume for the pre- comparable 1962 levels, however, Atlantic +3' to +7; West South Reynolds & Co., San Francisco;
vious week of this year. Both the were' mixed. Tolls dropped from Central +5 to +9; Middle Atlan- Elias A. Sadallah, vice-president
year-to-year, and., week;to-week~ last year.4n five areas, with the tic +6 to +10.
of Manufacturers Hanover Trust
decreases can be attributed to the steepest decline in the Middle
con-
counting heavily on
ordering for protection
ani When
if
Smaller
are
advance
this
tailing. to: 143 from 167, and
-
automotive tonnage, for example,
is being shipped directly to waresumers
in
dropped to 250 from 297 in the
Previous week and 314 last year,
the
Weather Blamed for 1 ruck
Tonnage Decline
intercity truck tonnage in the
week ended March 16 was 1.3%
below the volume in the fbrrespending week of , 1962, the American Trucking Associations an-
financed) users are ordering now
for their
own
stockpiles. Some
houses for storage.
Thursday, March 28, 1963
..*
••;..'?:J :;''v"
,
w
taking
(and
big
•
,
1
hedging
•/■>
^
are
rlikel^ move up subsLtially
Inventory
!\
•'{i •/•
,•„«.
rate for March since 1956.
type "traffic, in .this *year'sh In seven of the nine major
The total .dollar volunie; of re- A
TYn/ymrp/] m
,
v.
week compared with 58 one year geographic1 regions, business tolls tail $rade in the, week ended
Jr, :AV V u
ago and 58 in the corresponding declined in the week Just ended. Wednesday,
March 20, ^ ranged A
T»ofir^n
week in 1961.
Failures, in the Middle Atlantic from 4 to 8%. higher than last ill JJltl dllUIl Pon til
i~clllv31
1.962
steel operating rates
April4
"
'
year earlier when 37 con-vSome Headway in Spring" Buying
this
Orders coming in at a
new
•
UPS. railroad systems originating year,
the
as
similar to that of the
pace
is
V
warms.:
' ••" •"'''"' '.'',A
,
are
attention
more
much
up
factors
'
.
and
above
42.4%
or
cars
-
:
Cumulative piggyback loadings *ce to 2i
for the first 10 weeks of 1963 hand; the toll among construction decorative home furnishings, and
totaled 138,724 cars; for an in- contractors changed little, inching piece goods.. Garden and lawn
crease of 15,901 cars or 12.9% to 51 s from 53» ar?d the toll among equipment sales perked up appreabove the corresponding period of wholesalers took a contrasting >in- ciably -i inwarmer areas, along
1!)62, and 37,567 cars or 37.1% crease to 36 from-27. No industry .with,"housewares,- h ard.wa rey
above the corresponding period or tajde.group except wholesaling building . materials.
Consumers
in 1961. There were 61 Class I had as many casualties as last, were buying autos at the fastest
The
o n
holding
are
seasonal
weather in
has
mot i
con sii
were
1962
*
group. The week's downturn was wind..".storms. ; retail purchases but 2%:;"
concentiated r among casualties scored moderately good gains in * In contrast
week
1961 week,
t
strengthening of demand for ste^l
for direct
in the
*
•
succumbed
included'in that week's over-all
total)." This was) an increase ot
1,814 cars or 13.1% above the
of
it nossible for users to delav
(piggyback)
ended March 9, 1963 (which
But
-
The Commercial and Financial Chronicle
1
^
Vy"''
\
March 16, and
two cities fell behind
the
one
one
for the United States
for the 11
states
west
of
Rocky Mountains,
the overa11 average for the country as a whole in their sales' per-
Christie
formance
for Lehn & Fink Products Corpo-
over
the
comparable
Before
period last year. The U. S. total ration,
year-to-year gain was 4% in the of the
two and one-half months whereas
-
joining
was
Dodge,Mr.'
financial
and before that
economist
a
member
Prudential Insurance Com-
pany's economics staff.
"
"
"
The Corpmercial. and Financial Chronicle,
Volume 197. Number .6250
v*
'
'vv-
;v* U
^federationBank'unS TrUst^tSom^:
pany. Reoffered
to yield from
TAX-EXEMPT BOND MARKKT
Company,
Continued from page 6
major
winning
members
include
group
pany [and t
the
of
Noyes
&
with
portance
another
was
three
issues
calendar.
the
on
im¬
Company,
These Hems
supplemental to similar notices appearing elsewhere in this issue.
are
The
NEW FIRMS
NEW BRANCHES
Company, ALBUQUERQUE; N. Mex. —The
&'
Blyth
BORGER, Texas—Uhlmann & "Co.,
and 3% cbUTGlore, Forgan & Company and firm name of Hyder, Rosenthal &
initial investor demand, has
Merrill Lynch, Pierce, Fenner & Company,,
112
Second
Street,
;
beenlight, with the present bal¬
uV^ertheim ? &.
Co.,
Ladenburg,
Smith submitted the best bid, * a Southwest, has been r changed to
ance in syndicate $15,005,000./
Thalmann & Co., JV C. Bradford
3.3959%net interest• cost
for Hyder and Company.
& Co., Weeden & Co., Inc., Dom¬ f; J The Chase Manhattan Bank and
A. C.
&
to 3.25 % for 2.80%
Allyn & Co., Inc.',, Goodbody
Hornblower
Co.,
&
Inc.,
pons,
Weeks,
Alleman and Pierce,
&
block
of
carried
bonds
interest
net
a
3.65% coupon and were offered at
3.1479%
a
dollar
interest
net
cost, was
R
(1965-1999)
Resources
bid
e v e nu e
■from The First
cost,
came
Boston; Corpora-*
f
cial Planning,
Fast Broad
Comlpaify, 64
made
jointly by First of Michigan Cor¬
sold
the
bonds
period
closed.
It
that
one
had
is
seen
during the order
the
and
the
of
fit
to
on
designate
note
low
a
this issue.
would
be
completely acceptable. The
sult
was
immediate
an
re¬
Union
sold,
(1963-1986) bonds to the
count
&
headed by Chas.
Co.
at
Walston
of
Halsey,
Inc.,
pany,
Company,
Stuart
Thomas
&
ried
Company,
B. J. Van Ingen &
Company,
Inc.,
Stroud
&
&
ten
Lynch,
Company,
A.
E.
and
Grant
&
3.50%,
sold
to
all
and
yield from 1.65%
of the bonds
the
aecount
the
marked
Major
was an
lie? bidding.
this
week,
the
additional
this
The'" largest
$41,600,000
for pub--
lban
an
awarded
(1964-
bid,
jointly
National
at
Company the high bidder
interest
net
a
cost of
2.846%.
The other bid, a 2.852% net inter¬
est
cost,
from
came
the
National City Bank, First
Bank
of
First
National
Chicago, Bankers Trust
Company and First Boston Corpo¬
ration and associates.
pther
major
with
Trust
Associated
,
Stuart
&
and
the
1.60%
and
by
1964
in
to
3.25%
to
initial
were
Blyth
est
Partners
figured
1989 to
successful
syndicate
.
of
the
Brothers &
Hutzler, Blyth & Company, GoldSalomon
Sachs
National
second
Wachovia
the
was
inter¬
which
V.
Street.
The
the
from
of
2.15%
to
has sold the balance
Cayuga
Corporation,
Northern
maturities
coupon
in
1968 to
3.05%
in
carried
1/10
a
1990
of 1%
Prices
Profit-Taking
quoted
long
term
York,
called
Union
with
the
given
account
age,
revenue
a
bond
have
issues
little ground, on the aver¬
Avenue. Paul Hebert is
a
principal
during the last week. Those
&
3.10%
First
count headed? jointly
Bankof .Boston,
coupon
came
from the
by Frahklim
'Company,; St.
Louis/-Seattle-First iff oil o nTa 1 ^National %mkjof ^j^anefghdThalmann* &
Eastman Dillon, Union
Carl M. Loeb, Rhoadee &
Company*
Shields
Hornblower -&
&
Weeks,
30tf
TEANECK, N. J.—The firm
3.l0s; Texas Turnpike 2 7/as; Vir-?
Company,
0.
H.
Walker
Trust
Bank,
are
„
First, National
Morgan
off
fromv ^
to; 1
Merrill
and
Financial
& Pierce, Fenner & Smith and the
nue
BondIndex
Company,
point- in
this?
Guaranty week's dealings. The Commercial
Lynch,
Ingen & Company, Inc., Wertheim
&
account
City
Chronicle's
moved
Reve¬
from
rep¬
*
-
-■
:
quarterlyfdividenJ oL
share
per
the
on
Common
haa been declared
Stock
name
April 15, 1963,
record
payable
stockholder; of
to
April 8, 1963.
\
changed to T. F. Wanderer
M. E. GRIFFIN,
Company, Inc.
March
week
27.
The
ago
to 3.389%
increased
on
COMPANY
yield
revenue
gains
Preferred Dividend
A
past \Vinter, one of
•" share
payable
May
these
projects.; Net'
against previohs-years
gains
-<•
Preferred
Stock,
.Preferred Dividend
A
j
i
dividend of $1.20
quarterly
share .has
per
a$
:
on
4.25% Series.
been
declared?
payable -on; the -first^ day of
1963
May
record
we
.
of
stockholders
April 10,1963 of the Company's
^Cumulative
larly racked Up. In4 tho months
CLASSIFIED
day, qf
first
the
to
,
were regu¬
expect that most of
these closed end toil road issues
been * declared
hds
on
1963
record a* the close of business
severest,
our
quarterly dividend of $1.06
per
seem
likely to be recorded by most of
ihe" toll roads and bridges: The
ahead
:
Secretary-Treasurer
BOSTON EDISON
a
^ 33&s;, "Kansas
Tui^piice[^k^^ iterseyjTurn^;
:Other members of the success¬ ginia Toll 3^ and olher issues fell
Company,
ful
Equitable
Securities Corporation; B. -J". Van
s
Road 3%s; In-
Securities pike 3%s; Pennsylvania Turnpike
"Company, Bear, Stearrfs & Com¬ /& Company." •■■??'%
pany,
37/ss; Illinois Toll
ac¬
Trust
Bank? Ladenburg;
The regular
of the firm.
of
is
:'/*
Woodall Industries Inc.
TACOMA, Wash. — Forrester Invesiihent Brokers, Inc., 913 Pacific
Tuesday in¬ toll highway, toll' bridge, public did not break the recdrd of
iin'aip-?
Huntington artd utility, authority and other so- cial progress? bemgihrnade by most
New
bonds
to
dollar
The
Free School District No. 10 (1964-
1992)
Due
Bond
Dumberston
McBean
DIVIDEND NOTICES
.
on
volved $3,281,000
Smithtown,
,y
;V-, -'
As the weather shows improve¬
Trust
National
'■
first day
Slight Decline in Dollar
2,
S.
Streets. Richard Gaffrtey
ment, further
and were sold pre-sale.
Company, Blair & Company, Inc.,
Mercantile
■aSh-,
&
5th
No.
David
resentative in charge'.
Fidelity
—
R.F.D.
Center.
F. S. Moselev &
—
principal of the firm.
a
&
Fbur; Lane
[
Co.,
is
McNeel and
—
South
manager.
CITY—Vogel-Lorber,
LAKE, Iowa
Joseph
Building.
MacCurrach, Jr. is resident
ROCHESTER, N. Y.—Key Equity
4.00% yield.
down
1988 to
The
$3,900,000*
and
1985
423
PUTNEY, Vt.
STORM
of
Co.? Monongahela
&
Peter
WANTAGH, N. Y.—New Industry
Corporation, Seattle-First Capital; Corji; 1228 Wantagh Ave.
Boston
office
MORGANTOWN, W. Va.—Bache
^
orders have represents an average market set¬
amounted to about $3,160,000. The back, of about % of a point. Some',
Bank of Memphis.
1986 maturity carried a 1/10. of little further correction may occut J
Scaled to yield from 1.55% in
1% coupon and was offered at a before a turnabout is effected.
1964 to 3.05% in 1987, initial de¬
mand
local
is resident manager,
&
Company, - The headed by Bankers trust Com¬ issues which have met with unCompany, East¬
pany
submitting the best bid, usual investor interest recently will reflect a better market per¬
man - Dillon,
Union Securities &
than
the
100.139 for a 3.10% coupon. The have met with some profit taking. formance
general
Company, The Philadelphia Na¬
market.
^ °
tional Bank, R. W. Pressprich & runner-up bid, 100.06 also for a Grant County, Washington PUD
mam
He formerly was manager
,
the
Inc., 176 Broadway.
been
of
Meadow-
R.Frie^aii
Highway. Lowery T. Haioodh Jr.
<
Trust Stat^y Notional Bank Building;-has;;
Northern
Lubetjkin,
85
Company;
2.8999% net interest cost of Espy:& Wanderer; Inc.; Garden
by
—
MARIETTA, Ga.
Edulian
NEW YORK CITY—Miaxwell Ohlman
Conn.
Kennedy,
&
winning account include The First
as
Bank
50th
Blvd.
Walker & Co.
just
which
bid
Company and associates.
Other major members
and First National
Rhode Island
include
Chemical Bank New York Trust
Company,
;
East
Arthur
and Martin Fabrikant.
Securities
net
a
2.8991%
the
a
made
Company
at
ager.
CITY—Edulian and
125
are
Grove
Robert F. Gerrie is resident man¬
$13,000,000. Planning, Inc. 3321 St. Paul Blvd.
pre-sale.
bidder
of
cost
covered
bid for
Se¬
in
have
sales
about
sold
&
successful
of
Company
Fabrikant,
Elk
is representative in charge.
of
NEW YORK
reoffered to yield
are
1985) bonds. The account headed
a
[major "underwriter^; arej Mellon
The final sale
members
-
HACKENSACK, N. j. — Mont¬
gomery, Scott & Co., 214 Main St.
Company, 120 Broadway.
Company, Partners are Maxwell Ohlman and
This week's final notable offer¬
by
Bank
which
groups
Bank, Halsey, Stuart & Company, Industrial
Fenn &
- ^
,
(crest Drive. Marshall
28 Piatt Street.
NEW YORK
8996
Ihc.,
Regan
CITY—Dalman, Inc.,
wealth
of
Nationals-Bank;^
Ripley"
Massachusetts
(1964- [ National Bank ;andv Trust i
&'Company, Inc. arid R. W. Press-"
2002> bondl,'attracted two Ridding pariy,
Dominick
&
Dominick,
prich & Company.
groups with the syndicate headed First National Bank in St; Louis,
The bonds were offered to yield 3.369%
jointly by the Chase Manhattan Republic National Bank, Dallas, •
Inc., Lehman Brothers and Phelps,
Co.,
FAIRFIELD,
Miriam F. Ohlman.
1998
popular issue.
of Bank'
Common¬
cost,
syndicate headed
The bonds maturing from
Chicago and there were also ten
Transaction
up
headed
First
active day with
four-important issues
Halsey,
interest
net
the
from
Morgan-Guaranty Trust Company;
;.A-i-Z'L^
Week's
from
1988
runner-up
account
and
Tuesday
;
GROVE, Calif.—Beckmau &
Bryan Miles is manager.
principal of
a
CITY —Arnold
pany.
2.93% net interest cost, came from
were
closed.
'&m
The
2.9168%,
Reoffered
bonds.
1990) bonds to the Wachovia Bank
ing was $4,355,000 City of Salem,
and Trust Company and associates
Oregon, general obligation (1968on
a
net
interest
cost
bid
of
Remington.
to
(1964-1998)
2.958%
a
amounted
Carolina,
YORK
Inc., and Smith, Barney & Com¬
are
Bids
of
$8,000,000 various purpose
Bache
tax
The bonds
borrower,
infrequent
Cunningham,
Hess*
yield and
North
Charlotte,
Company, Schaffer, Necker &
Company
4.15%
a
Volume
Mas-
Schmertz & Company, Inc.,
&
by
High Popularity Reflected in
Singer, Deane & Scribner, Moore,
Leonard
at
Company,
&
ing,
came
Vs of 1% coupon and were
a
Columbus,
$18,178,000
The second best bid for the offer¬
with
uncover,
for
submitted the
net interest
2.952%
a
unlimited
presently available.
Ira
Haupt & Company, Blair & Com¬
pany,
cost,
again investor de¬
hard to
was
offered
Company, Inc.,
&
once
bid,
Ohio, various purpose limited and
The 1992 and 1993 maturities car¬
&
John
Cooke is
Company,
Chicago
of
best
only $2,400,000 of the bonds sold.
Com¬
Sachs
Bruce
Bankers curities Corp., 170 Broadway.
Company and First National NEW YORK
Bank
in
3.40%
to
1964
Trust
Trust
offered to yield
were
in
account
&
Goldman,
Nuveen
and
mand
this
of
and
of Memphis,
Company, Mercantile
1.60%
1991
Other members
&
The bonds
from
3.38%.
include
R.
■■
NEW
Newark;
Company,
Bank, Dallas, and Na¬
tional Bank of Commerce, Seattle.
ac¬
cost
the new office.
the firm.
National
G. Peelor
interest
net
a
Trust
National Bank
First
through negotiation, an issue of
$3,847,000•; Refunding School Rev¬
enue
h
Lee Boulevard.
ELK
_
sellout
Pennsylvania
:
the First Western Bank Columbus Issue Off to Good Start
MIAMI, Fla.—The firrn name of
and Trust Company, Paribas Cor¬
A large syndicate headed joint¬ Givens, Marx &
Co., Inc., Ainsley
poration, Gregory & Sons, Dick &
ly by Harris Trust and Savings Building, has been changed to
Merle-Smith, Federation Bank
R. B. Marx & Co., Inc.
Bank,
Chase
Manhattan
Bank,
and
Trust
Company,
Fidelity Continental Illinois National Bank
Upper St. Clair Township School
Authority,
John A. Bernard is proprietor.
Oregon,
reoffering.
upon
■'
Company, First National Bank of
many
buyers had found the security to
,
2490
DANVILLE, Calif. —Beckma® &
The, securities are offered at
iCo;j In6i, 220 Linda: Mesa Avehiiefi
COLUMBUS, Ohio—Hallmark Se¬
Robert G; Parker is in charge bf
prices Ao yield from l!80%r 4o
ooo.
How¬
that
seem
HEIGHTS. Ohio—
Securities
Company,
„
leading services
to
it
ever,
marked
interesting
rating
credit
account
associates.
resident manager.
Hallmafk
curities Company, 1395 Grandview
poration, Blyth & Company and
3.45% for various4 couponk Initial
Avenue. Karl J. Oppenheim is a
Braun, Bosworth & Company.'
bank and insurance
company de¬ principal.
I Other members of the winning mand has been
fair, with the
group ^ include
the ; Continental
present balance totaling \$9,250,& IAEGER, W. Va.—Bailey & Cooke,
Illinois National Bank and Trust
account | headed?
the
by
and
903
Slaughter,
Street.
immediate with all of
was
tion
'
& Co.
CLEVELAND
COLUMBUS, Ohio—Bernard and
mand
?;•
Jr. is
157 Warren Street.
price of 101% to yield
approximately 3.55%. Investor de¬
a
Biltv R.
Park Street. Walker M.
Authority. BROOKLYN, N. Y.—Trio Finah-
fpr the bonds, a
interest
Deahl.
registered representa¬
tive in charge.
BROOKLYN, N. Y.—Sol E. Perry,
bonds of the Puerto 845 tlafbush A.venue>
Rico Water
for
cost
Electric
$10,260,000 .Macomb -1 County?
Second best
Michigan Drainage District <19643,404% 'net
1993)! bonds. The runner-up bid,
Wulbern, Inc.
This
3.0778%
a
Garrison,
-
$15,000,000
North
is
BRISTOL, Va.—Bache
.
associates submitted the best bid,
531
Balance
.
inick & Dominick, Leedy, Wheeler
■
big
of
formed by White, Weld &
group
Current News in the Meld
330%, the present bal¬
$2,025,000.
Wednesday
day,
First of Michigan Qor-
poration.
f Reoffered ^td yield, from; 1.50
Merrill
Lynch, Pierce, - Fenner & Smith,
to
ance,1 is
Company, Weeden & Company,
Connecticut Bank and Trust Com¬
Stuart & Co., Inc. and associates.
Other
1.70%
Hemphill,
to
at the
of
stockholders
close of business otj
April 10,1963 of the Company's
.
Cumulative
Stock",-
Preferred
4.78% Series,
i
J
'
Common Dividend No. 296 *
A
:
dividend
quarterly
pet share pn
of
the
clared
of
33c
the' Common Stock
Company has been de»
payable
on
the first
day(-fl
of May 1963 to. stockholders of
WRITERS
N. Y. publithtr wants basks on all
snSiscts.
No fss far prsfttslonal
opinion. FREE: Brochnros tliot sMow HOW your
Book con bo published, publicised, soli; tips
and article reprints on writing, publishing
contracts. Write Bopt 229-c
? *-•
fletisn, nsnflctlM.
fXPOIiriON 388 Park Aye, So., N.Y. IB
record
on
at
the close -of business
April 10,1963.
Checks
Old
will
Colony
be
mailed
Trust
from
Company,
.■Boston.>
;
r
? ALBERT C. McMENIMEN
Treasurer
Boston, March 19, 1963
:
:
-
The Commercial and Financial Chronicle
Thursday, March 28, 1963
Aprtl
J#63 "(New
26,
York
City)
ljrfrrp
Security
New
FROM THE NATION'S CAPITAL
Section May 9.
i-.
in
in
newspapers
have
They
Between
are
watched
the
long
and Cleveland with
ri
Association
Firms
in
operate
sensitive
of
area
Their
May
The
newsprint
industry
in
Canada and the U. S. sharply
dislike the comment that ,Chair-
a
our
Newspaper
with
of
Governors
8-11,
he
as
,
talked
Association
*;
the Greenbrier/
May 12-15,1962 (Chicago, IH.)
Financial Analysts Federation an¬
nual- ;corivention at the Palmer
-
House.
\
/ cartel ;
y.
'
f
V'v.
'
v»»
wbich«^ holds^ the;
National
Savings
publishing field.
The
existing. New
news-
York
could survive
papers
of the
as
a
ported
and
contract terms which
new
brought an end to the long strike,
At
the
the
of
some
links
More
and
newspaper
groups.
"I
newsprint.
inss
l
gs
is
if?iderwav
™
way
before
beto re
Squired
h
the House. Judiciary- Committee,
concerning newspaper and news
media
like
ownership.
The
out that not all of the
paper business in
business in
all black
daily
Publishers
that
the
is
is
actually
recently
business
is
growing and enterpris—
a
ing medium of
and
news
adver-
tising. The ANPA spokesman said
records show thereare 1,760
daily
in
newspapers
States and
high
the
United
they have an all-time
59,848,688
of
t
daily
"e
.
inauirv
into
Mr.
of
some
Emanuel
his
committee
Celler
colleagues
J_,
*,
.
indicated he
in
and
the
of
what
he
,
thinks
newspaper publishers
are
described
he
and
a
as
labor
statement
union
oractices
"I do not
Federal
that
know," said Chairman
a
a
'
Con-
union practices, tnat yon
leglslatlve
i-i
aIley,
.t-
T•
llke'y
I
will
anything
.,
be
We su^est>
..
done
AATDA
fortunate events of the past
tends
that;. lack
of
is
newspapers
competing
as
has newsprint
20 years,"
con--
Chairman
Celler
insists
that
"disturbing the hearings
which
will
last
Interest, several additional days In Wash-
.u
trend." Mr. Mlnow's first
of
is for radio
course,
and
tele-
vision.
Newsprint Prices
o".
.
•„
Chairman
convinced
'
.
Celler
that
v
is
the
"
apparently
newsprint
prices
in
part
-
more
General
the
and
Manager
witness
the
area
Smith
that
was
a
on
great deal
of newsprint
However,
out
news-
stand, the New York
Congressman probed
in
more
mergers.When A ANPA
the
Mr.
Smith
price
of
prices,
has not gone up since 1957. J. W.
Markham,
Professor of
University's
ment, said
a
Princeton
Economics
study shows that the
tion is labor costs*
"
-
in
the
number
(Cincinnati^ O.)
several large
newspapers
Subcommittee has
a
Annual
Field
\
,determination
to
Day-
1
;
-H y ■; V;vf
/aj
•,
>^'£1
"'."r
Vj,
May 16-17, 1963 (Nashville, Tenn.)
Nashville Association of Securities
Dealers annual spring party at the
Hill wood Country Club and
Club,
.Belle
respectively
reflect
May 17, 1963 (Baltimore, Md.)
Baltimore
Security Traders Asso¬
ciation 28th annual spring outing
at the Country Club of Maryland.
a
as
May 23, 1963 (Omaha, Neb.)
Nebraska
:
-
''
^
Annual Dinner at the
no way ln Thich
can investigate
quir, ,nto thig {je]d. jt
•
been
and
(Atlanta, Ga.)
Georgia Security Dealers Associa¬
tion
Spring
Party
and
Party.
A
Cocktail
will
Dinner
be
held
May 30, with Outing on May 31.
.•
,
:
Attention Brokers and Dealers
TRADING MARKETS
be
"ctu; "
April 3-4-5, 1963 (Dallas, Tex.)
determined that the labor unions' Tpvno rrnim Tm,„ctment
described
have
at
(pre--
dinner.)
CHRONICLE s Special Pictorial
Section April 4.
in-
may
day
Club
Waldorf-Astoria Hotel,
newsan
Country
Omaha
-
Bankers
field
ceded May 22nd by cocktails
"•-A.'.- May 30-31, 1963
•■
.
publishing without
the
IN INVESTMENT FIELD
duty to reach
to whether
increasing costs of labor in
Investment
annual
a
that the
these labor union exemptions
'
from the antitrust laws are com- March 29, 1963 (New York City)
patible with the current national Ne^
york Security Dealers Assopubllc lnterest'
ciation 37th
paper
v
Meade Country
j
.
EVENTS
Botany Industries
,
Indian Head
Texas.Group Investment Bankers
Associatiori
reasonable
Convention
and that their approach to collec-
Statler Hilton Hotel.
at
the
Maxson
'-'--iW,
,
Mills
Electronics
Official Films
CHRONICLE'S Special Pictorial
Waste King
Section April 25.
Our New
then decide what kind of legisla- April 5,1963 (Toronto, Canada)
tion it would recommend to Toronto Bond Traders Associa-
abuses disclosed*
tion 31st Annual Dinner at the
"^n investigation of competi- King Edward Sheraton Hotel,
tioP dlponS daily newspapers and
,
M
York
telephone number is
CAnal 6-4S92
correct
Bar
Association
.4
Investment Securities
*
i
10 Post
Re-
plete without a thorough inquiry gional Meeting.
of
ILERNER & CO., Inc.
toyracuse, nu
in
cause of
r
■*
Office Square, Boston 9, Mass,
Telephone
HUbbard
.
2-1990
L
-
•-
'
Teletype
^
617
451-3438
*
1
newspapers
'
'
,
,
The President; of the Times
Mirror Company of Los Angeles,
Norman Chandler, told the ConffressionaL, Committee
that- his
decided to stop publication of the afternoon "Mirror"
company
simply because the
Major Pool
|
|
(J L
-
•
:•.
•
^
„
a
^
^ 'oimding in 1948 to Jan. 5, |
Equipment
v
;
newspaper had
company $25/7,v8,285 smee
several
Corporation
^
^
T
.(T'ARL |S/|ARKS & AO. INC.
-L
A1
20 BROAD STREET
profitable
-
Mr.
|
morning A"Los
t
Angeles Times", has. carried
.more-
total advertising lineage than any
-newspaper in America.
-
•
SPECIALISTS
NEW YORK 5, N. Y.
v
f/'j,:.
;
;v;
f
f
!
—AAV"'.* A'TELETYPE
TEL: HANOVER 2-0050
-
\<\
i.
-rs.-
v
V
" **
Annual Report available
*
,
Chand-
years,
Bought—Sold—Quoted
J.
FOREIGN SECURITIES
'.V;*
For
/Depart-"" ler's
rising cost of newspaper publica-
are
-
Association
with other media of mass com- Apr"
designed mnnications could not be com- American
scheduled
determine'the
decline
brought
newsprint
later
scattered cities
solely to
Stable
in the past have had a substantial
paper
ington,;;and
some
•
national antitrust
views.l
months involving strikes against
ments in price
Communications Commission
i
unfew
can
clining number of cities without
our
COMING
said the ANPA
Celler, "and I do not think
say
encompassing
[This column t$ intended
own
,
Newton N. Minow of the Federal
Washington
concerned with, the de-
Park
session,
„
.
rtr,
it
•„
about it at this
<<w
but
competing newspapers. Chairman
are
rTf*
.
you .tiv®; bargaining- has, in no1 way
point out' any, kind of a violated antitrust principles., Were
Pr°duct that has had such ad- a conclusion to the
contrary
vancements and such enhance- reached, the Subcommittee could
Government: in
they.
areas
fress repeatedly shiea away from. the obdiMiho^^tiUerpreta^
JJ 18 a subject right down the from the
Capital and may or
?•, eJ A"ktrust Committee s maynot coincide with the-Chromde's"
demands
the
on
prepared
these
labor union power and practices
with
wlin
up
UP
came
"Wc know of
Celler
con¬
Sheraton
.
relevant to
1
concerning policy,
came
the Subcommittee
some
1,461.
'
Chairman
1He
into
Industry Spokesman
ANPA
«ron«nira/.v»»
part
of
The
Publishers Linked to
^
the.
Cincinnati
mittee, "that in light of the
bi ought out in the testimony that the cost of ngwspriht
ton was $51 a ton aFthe beginning of the w^r . year of 1943,
an<* by the end of that year the
-Pr*ce bad climbed to $59. How®ver> the prices continued to rise,
and by 1957 the cost was $135 a
ton-
Mutual
Reception and Dinner May 16 at
the
Queen
City Club;
Outing
May 17 at the Losantiville Coun¬
try Club.
Group of the
Dallas—-but do you mind a little
to the House Judiciary Subcom.
of
going to the Texas
Practices of Labor Unions Raised
news-
was
high
a
the
!
_
cireula-
to
said
print prices.
cities served by local daily news-
has (increased
com.
ma*ntained that the pub-
tion. Furthermore, the number of
papers
made
been
k.s
No
lishers association should conduct
man-
trade
a
testified
newspaper
.
sweeping;
Association,
organization,
,ces of newsprjnt
p
u
in
V
the
whereuDon Chairman
of the American Newspaper
ager
nnmnla int in
a.
P'a "L haf beenmade, sairtlhe
k
n
all white.
or
Stanword Smith, general
the
,
made
news-
this countrv
tms country,
naner
Pver
the
hearings,
hearines. have broueht
hearings, have brought
most
a
to whether the ANPA
as
at
•i'7
7
By
infoniiatio11 relative to newsprint,
tlie
the
are
;
.
Celler Antitrust Subcommittee of
you
suggestion ?"
Chairman Celler, in pressing for
Washington, long hear-
are
ar
KNOW
I. B. A. Convention
1,760 Dailies
Here
/'
Municipal Bond Dealers Group of
hardwood
more
■
43rd annual
May 16-17, 1963
more
is being used to make paper. A
number of large paper mills in
the Far South are manufacturing
which
newspapers
national
in
but
is being made in this
more
time.
the
for
Canada,
from
5 ■*-"
*
MR.CACKLES
country because the source of
pulpwood is increasing all the
time, he was constockholders in
same
cerned
are
Hotel.
denies that a "newsprint
cartel""exists. 'Most of. the newsprint used in this country is im-
result
Association
Banks
ference
industry vigor-
expressed serious doubt in ously
private conversation that all
the
newsprint
'v's v>' •.vx *•,
*
May 13-15,1963 (Washington, D.C.)
a vlse*
He
Sulphur
Meeting; at
newsprint business in a sort of
1
(White
Bankers
official has devoted his life to the
his
the John
at
Board hf r Governors
•
group;
newspaper
1963
Investment
of friends * inx the
Nation's Capital. The publishing
a
i
;
Publishers^ Assopia?n. ^ J^ne
A?*'«
w^aj
Ft!,
a
little, depressed
a
••
income
highly placed newsexecutive in New York was
paper
.
.111).%
Springs, W; Va.)
"Newsprint Cartel'
usually man Celler made at one of the
rises and falls with the up and bearings:
Representative Ciller
down economy of the Community, wanted to know if the; American
Recently
:":f
;
apprehen¬
an
strength and character and pub-
economy.
- •
"r;y v.'.'-ll'
tfSy#
Stock
Exchange
Meeting of the
of
Spring
Board
Congressman Celler Blames
performance,
of
the
in
Marshall Hotel,
Newspapers, regardless of their
highly
news-
1
creased by 45%, Professor Mark-
eye.\/Sv®'-~
lie
1961
and
s
$ »:$h
ham declared,
strikes by printers in New York
sive
1947
Dinner
May 6-7, 1963 (Richmond, Va.)
stockholders print consumption rose 54%, and
this country, the number of employees in-
of
/.'{■>. \
■
fl
thousands
Annual
CHRONICLE'S Special Pictorial
;
WASHINGTON, D. C.—There
York
Grand Ballroom, Waldorf-Astoria
Hotel.
BEHIND-THE-SCENES INTERPRETATIONS
many
Association
Traders
.
.
on
A.
request
y
f
212-571-1685
HILL, THOMPSON & CO., INC.
70 Wall Street, New York
5, N. Y.
mm
Tel. WH 4-4540
/ -Tele.
212 571-1708
I
I
@FedFRASER