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ESTABLISHED IN 2 SECTIONS IS39 SECTION 2 — Commercial Reg. U. S. Pat. Officp Volume 189 Number 5846 New York 7, N. Price Y., Thursday, May 14, 1959 50 Cents THE SECURITY TRADERS ASSOCIATION OF NEW YORK, 23r<l ANNUAL INC. V J AT WALDORF-ASTORIA ■'1 i.' • dl f. • DINNER '• . ... ' •; " •• ■ MAY 1. 1959 President First Second V ice-President Vice-President Secretary Treasurer Bernard J. Conlon P. F. Fox & Barney Nieman Carl Marks & Co. Wilbur Krisam John S. Barker Lee Higginson John "Y Corporation Inc. Co., Inc. C. Legg Company Salvatore J. Rappa & Mergott, Rappa & Co., Inc. DIRECTORS Joseph H. Billings Co wen & Co. Walter L. Fiikins Troster, Singer & Nathan A. Krumholz Siegel & Co. W. J. McGovern Blyth & Co., Inc. John F. McLaughlin McLaughlin, Kauf¬ man Co. Co. John D. Ohlandt, Jr. New York Hanseatic Corporation Frank J. Orlando Coodbody & Co. Elbridge H. Smith Stryker & Brown Arnold J. Wechsler Ogden, & Wechsler Co. Bernard Weissman Gold, Weissman Co. a Copy The Commercial and Financial Chronicle McFarland, Stroud & Company, Incorporated (Philadelphia); Joseph Smith, Newburger (Philadelphia); Edward Gray, Executive Vice-President, New York Stock Exchange; Jack Lee Higginson Corporation Jim . . Thursday, May 14, 1959 Joseph J. Hays, Eastman Dillon, Union Securities & Co.; James A. Traviss, S. J. (Toronto); Robert Sandbach, Asiel & Co.; Desmond McCarthy, Eastman Dillon, Co.; Len Butt, Mead, Miller & Co. (Baltimore, Md.) Brooks & Company Union Securities & $:hw if©' / ^ ' . Herbert Blyth & Co. Barker, . Singer, i Vif ■ Singer, ,'V' " * Bean & ||'J^ -i -A mimZk Machie, > Inc.; Paul Lane, Kidder, Peabody & Co.; John Maher, McCabe, Singer, Bean & Machie, & Co., Inc.; Jules Bean, Singer, Bean & Machie, Inc.; Matt Inc.; Frank Thomas, White, Weld & 'Charled Kiernan & A. Bezer, Sutro Bros. Co.; Harold Friedman, Sutro Bros. & Co.; Neal Mallin, Frank Don Schuhmann, New York Stock Exchange; Phil Farrell, New York Stock Exchange Co.; Co. Blyth & Co., Inc. Primary Markets Distribution Bonds Coast to coast retail distributing facilities • Stocks Public Utilities through 24 offices Industrials located in Municipals principal financial and business Banks and Insurance centers. Complete Trading Facilities New York Boston Detroit Pasadena San Francisco Philadelphia Minneapolis San Diego Chicago Pittsburgh Spokane San Jose Los Angeles • Seattle Cleveland.! Louisville Oakland Eureka Fresno Palo Alto Portland Indianapolis Sacramento OxNARD Volume 189 Number 5846 . . . The Commercial and Financial Chronicle Lester Thorsen, Glore, Forgan & Co., (Chicago); George Rieber, National Association Dealers; Barney Conlon, P. F. Fox & Co., Inc.; Tom Meeker, Securities & Exchange Philip A. Loomis, Securities & Exchange Commission of Securities John Stock Commission; Nieman, Carl Marks & Co., Inc.; Harry L. Zeeman, Carl Marks & Co., Inc.; Vincent Mellin, Eastman Dillon, Union Securities & Co.; John J. Meyers, Jr., Gordon Graves & Co. Barney J. ■'ffy-fy-;- Hudson, Thayer, Baker & Co. (Philadelphia); Edward T. McCormick, President of the American Exchange; Maurits Johnson, G. H. Walker & Co. (Bridgeport, Conn.); William A. Johnson, Sutro & Co. (Los Angeles); Col. Oliver J. Troster, Truster, Singer & Co. Kurt H. Grunebaum, New York Hanseatic Corporation; Frank Ronan, New York Hanseatic Corporation; Thistleton, Newburger, Loeb & Co.; Clarence Osterman, C. F. Childs and Company Jack --V-, yy 1■■ ay,yysyy -yy v; Speed ;:i — -V:;-v'yny.-::"- ^• , ' r . ■: < ■ i-. V ;yy /.■:.> y-y-.y ,■ ::'y^:"v':vw:■:'y^v/'-y;:yi^y,''-i->■■■ /^Vvyy,: Dependability — Nationwide Coverage :';.y * ' i':v Private Wires to: We Make Markets Charlottesville v Wyllie and Thornhill —Wm. H. Tegtmeyer & Co, Chicago J. N. Russell & Co., Inc. Cleveland in Dallas Union Securities Company Dallas Detroit Over the Counter Grand Baker, Simonds & Co. Coburn & Middlebrook, Inc. Hartford Houston Securities King and Company Rapids Underwood, Neuhaus & Co., Inc. Los Angeles Woolrych, Currier & Carlsen Louisville to Mason & Lee, Inc. _ Martinsville Banks, Brokers & Dealers Berwyn T. Moore & Co., Inc. Lynchburg John W. Yeaman Philadelphia H. A. Riecke & Co., Inc. Pittsburgh Arthurs, Lestrange & Co. Portland (Ore.) St. Zilka, Smither & Co., Inc. Fusz-Schmelzle & Louis San Francisco Inquirieslnvited A. M. Law & Company, Inc. Spartanburg Troster, Singer & Co. *Members: New York Security Dealers Association 74 Trinity Place New York 6, N. ; Telephone HAnover 2-2400 Co., Inc. Walter C. Gorey Co. Y. \ Teletype NY 1-376; 377; 378 \yyyyyy:y The Commercial and Financial Chronicle . . . Thursday, May 14, 1959 4 ■C'.' ■*.; ' ■v1'' - & Co. Wertheim Wilbur Krisam, Members tNjajo & York Stock &tchange Meeds, Guy R. Hogarth, Laird, Bissell Midgley, New York Life Insurance S..Smithers & Co.:';\',-. John C. Legg & Company; New Haven, Conn.; William Co.; Ken Stanford, P. NEW YORK 5 "V ! , i. V Frank & Goodbody & Co.; Arnold J. Wechsler, Ogden, Charles Bodie, Jr., Stein Bros. & Boyce (Baltimore); Fredericks, Jr., Warren W. York & Co., Inc. Orlando, Co.; Wechsler Paul C. ■ ; ■- THE MARKET PLACE FOR Lascelles, Dominion (Toronto); Ed J. Kelly, McLaughlin, Wood, Gundy & Co., Inc.; Forgan & Co. (Chicago) Securities Corpn. Ltd. Carl M. Loeb, Rhoades & Co.; J, F. Lester Thorsen, Glore, STOCKS "LIFE" BLOCK Jack INQUIRIES INVITED. Bank & Insurance Stocks DIRECT PRIVATE WIRES TO MONTREAL AND Over-The-Counter Securities TORONTO Specialists in DIRECT PRIVATE WIRES TO CORRESPONDENTS IN FOLLOWING CITIES Los Angeles Boston Worcester Hartford Philadelphia Providence Chicago New Haven Meriden San Francisco Christiana Securities Co. Preferred Common New Britain Inquiries invited in all Unlisted Issues Trading Department, L. A. Gibbs, Manager 1 Stic. ———— BUSINESS ESTABLISHED 18SS Member New York Stock Exchange and other leading Domestic and Canadian Exchanges 1 Wall Street New York 5 DIgby 4-2525 Laird, Bissell & Meeds Members New York and American Stock Exchanges 120 BROADWAY, NEW YORK 5, N. Y. Telephone BArclay 7-3500 WILMINGTON, DEL. ZURICH, SWITZERLAND Bell Teletype NY 1-124849 PHILADELPHIA, PA. SALEM, N. J. NEW HAVEN, CONN. DOVER, DEL. Volume 189 Ralph Number 584b Albanese, & Bankers Hutzler; . . 5 The Commercial and Financial Chronicle Trust Company; Joseph Angelo Martinelli, Josephthal Smyth, & Salomon Bros. Co. Hal Murphy, Commercial Nesbitt, Thomson and Bob & Financial Chronicle and Standard & Poor's Corporation; Gerard Barry, Company, Inc.; Rex Stevenson, Nesbitt, Thomson and Company, Inc.; Keith M. Bentiey, Dawson, Hannadord Inc. f ^ v:' 'v-:;- Kullman, John J. O'Kane, Jr. & Co.; John E. De Maye, Sutro Bros. & Co.; Joe Cosentino, Wm V. Frankel & Co. Incorporated iiSi WM and Hank Serlen, William C. Josephthal Roberts, Jr., & Co.; Edwin T. Williams C. Markham, J. Wertheim Company, & Inc. & BROKERS Co.; (Baltimore) Underwriters and Distributors Corporate and Municipal Securities Specialists in Rights and "When Issued" Securities , • Institutional Research for Banks and Institutional Investors . $ INCORPORATED Established 1905 iiiii Members New York Stock 120 Exchange—American Stock Exchange Broadway, New York 5, N. Y. Telephone: REctor 2-7800 New Teletype: NY 1-3489 York—Detroit—Chicago—San Francisco 1 I The Commercial and 6 PRIVATE Financial Chronicle .. . Thursday, May 14, 1959 WIRES TO Glore, Forgan & Co. Chicago Schneider, G.A.Saxton& Co., Inc. Bernet Inc. & Hickman, Dallas ^ Hendricks & Teletype NY I -1605-1606-1607 Eastwood, Inc. Philadelphia 52 Wall St., New York 5, N. Y. Reinholdt & Gardner St. Louis - Wee don & Los Angeles Crowell, WHitehall 4-4970 Co. Trading Markets in Public Utility, Natural Gas and Industrial Securities Ed Jacobs, Alkow & Co., Inc.; Jerry pany, (Denver, Colo.) Rickey Greenberg, Russell Investment Com¬ Goodman, Shields & Company For financial institutions FOREIGN Sam Ross, & Birnbaum Co.; Bill Candee, Candee & Co. » SECURITIES PRIMARY TRADING MARKETS • V- . , • • 'J' •• ' • ; v.-. z •, • , . :■ . ' j.. - '. • Carl Marks & Co. Inc. FOREIGN SECURITIES SPECIALISTS 20 BROAD STREET • NEW YORK 5, N. Y. TELEPHONE HANOVER 2-0050 TELETYPE NY 1-971 B. Swan, Chas. W. Scranton & Co. (New Haven, Conn.); Robert Chittick, De Haven & Townsend, Crouter & Bodine, (New York); Carter, De Haven & Townsend, Crouter & Bodine, (Philadelphia) Leslie J. Fred Frank Harrington, H. D. Knox & Co. (Boston); John Fitzgerald, W. C. & Co., Inc.; David Torrey, W. C. Pitfield & Co., Inc.; William Dwyer, W C. Pitfield & Co., Ltd. (Montreal) Pitfield ■ prompt and efficient service SUTRO BROS. & CO. Members New York Stock Exchange and other Principal Exchanges Maurice Hart, New York Hanseatic Corporation; William Reynolds & Co.; Don Read, Hares, Ltd. McKeever, Volume 189 Elmer Myers, Number 5846 . . The Commercial and Financial . ChrOnicte John R. Boland & Co., Inc.; Sam Magid, Hill, Thompson & Co., Inc.; Leo L. J. Goldwater & Co.; John R. Boland, John R. Boland & Co., Inc. Jack Crowley, Reed, Lear & Co.; Arthur Burian, Daniel F. Rice & Company; Julius Golden, Greene and Company; William Friedman, Newborg & Co. Goldwater, * ' t Carl M. Loeb, Rhoades & Co. Brokers in Stocks Members New York Bonds and and Stock Exchange, American Stock Exchange principal Commodity Exchanges 42 WALL STREET d |§f Underwriters NEW YORK 5, N. Y. Distributors and PRIVATE Jg WIRE SYSTEM of fit: Providing immediate Corporate and Municipal access to Primary Markets through Branch Offices, Correspondents and their connections in I % over 100 Cities throughout the United States and Canada ii Securities pp ggf m n LONDON, ENGLAND ii IS St. Regit) Hotel, New York City II New I Ithaca York State: Auburn Middletown • m Elmira • Syracuse • Stroudsburg, 111 Richard Members New York Stock Exchange Co.; sjV. 3/. aJMnm 7S F. Shearson, Hammill & F. Tisch, Fitzgerald & Company Hornell • • Watertown Pa. Anderson & Strudwick Richmond, Charlottesville, Va. Betts, Borland & Co. Boettcher & Chicago, III. Company J. C. Bradford Telephone WHitehall 3-7600 Geneva Utica CORRESPONDENTS Abbe, Alfred • • Denver, Colorado Springs, Grand Junction, Pueblo, Col., Chicago, III. & Co. Nashville, Knoxville, Jackson/Memphis, Clarksville, Tenn., Atlanta, Ga., Jackson, Miss. ^ Corporate Chaplin Teletype: NY 1-865 • Municipal Teletype: NY 1-1691 E. W. Pittsburgh, Pa. Company & Clark & Co._. Philadelphia, Lancaster, Germantown, York, Pa. Cooley & Company II We have direct wires the to follomng cities: Dittmar & Company, Inc. Albany Albuquerque Asheville Baltimore Beloit Beverly Hills Boston Cincinnati Detroit Chicago Burlington Cleveland Des Moines Denver Dallas Durham Elder & Co Far well, Chapman & Co— Hill & P Tex. Chattanooga, Tenn. Cincinnati, Ohio Johnston, Lemon & Co Farmington, N. M. Grand Rapids Greenwood Indianapolis Kansas City Laurel Minneapolis Mobile Houston HarrisburC Huntington W. L. Lyons Prescott & Portland, Ore. St. Louis Potsdam St. Paul Pittsburgh Phoenix Rock Island Salt Lake City Co. & Company Rome, N. Y. FOREIGN San Antonio Greenshields & Spartanburg Santa Ana Syracuse Victoria, Tex. Santa Fe Toronto Washington Tulsa Whittier Seattle Paulo & Montreal, Canada Co Toronto, Canada A. Bromberg Sao Paulo, Brazil Julio C. & Diego Roldos Utica Wichita Edgar Christian, Suplee, Yeatman, Mot¬ ley Co., Inc., Philadelphia; Stanley Waldron, Merrill Lynch, Pierce, Fenner & & Smith, Inc. Mercantil De Yamaichi Securities Ian Potter & Inversiones, Co. Tex. Hills, San Jose, Calif. CORRESPONDENTS Co. Limited T. A. Richardson San Francisco Dallas, : San Francisco, Los Angeles, Beverly Sutro & Co Great Falls, Mont. Cleveland, Shaker Square, Canton, Columbus, Toledo, Ohio Nashville Montgomery Philadelphia Baltimore, Md. Minneapolis, St. Paul, Rochester, Minn., Billings, Malone Los Angeles Louisville, Danville, Lexington, Bowling Green, Ky. & Co. Piper, Jaffray & Hopwood Sanders New Orleans Milwaukee, Appleton, Beaver Dam, Chippewa Falls, Bay, Janesville, Madison, Racine, Waukesha, Wausau, Wauwatosa, Wisconsin Rapids, Wise. Mead, Miller & Co Joplin Jackson Washington, D. C., Alexandria, Va. Green Fullerton Fayetteville, N. C. Chicago, III. Co. Loewi & Co., Inc. Fayetteville, Ark. 1 San Antonio, Dallas, St. Louis, Clayton, Mo., Springfield, Belleville, Jacksonville, III., Houston, Tex., Little Rock, Ark., Keokuk, Iowa, Shreveport, Lake Charles, La. A. G. Edwards & Sons s M Hartford, Conn. — Co., S. A Ltd. Montevideo, Uruguay Caracas, Venezuela Tokyo, Japan Melbourne, Australia ^////M/////////X/////X////////XXX/X//////X////////X/////////X///////X/XX///////////////XXX/////////X//XX/X//////J>, The Commercial and 8 Leo. Dubey, Cooley & Company (Hartford, Conn.); William N. McClintic, Jr., Incorporated (Lynchburg, Va.); Harry Gumm, G. A. Saxton & Co., Inc.; G. A. Saxton & Co., Inc. Strader and Company, Michael Valentino, Joe Conlon, Canadian Securities, Grace Gahan, E. F. s 1 Brokers MANY UNLISTED MARKETS FROM A SINGLE SOURCE Whether you are looking for one market or many, a single phone will immediately put you in touch with primary markets from Dan Quinn, Schirmer, Harold Noke, . . . Thursday, May 14, 1959 Atherton Francis du I. & Co. Pont (Boston); & Co. Jim , ervice Basic for Banks9 Dealers, and Institutions Inc.; Company; & Hut ton Financial Chronicle analysis AAarket facilities call to coastsupply firm quotes and prompt executions in the follow¬ ing over-the-counter issues (which is only a partial list): us to-coast. We can East Tenn. Nat. Gas American International Bowling Electronic Research Assn. Performer Boat Estey Organ Permachem Corp. Petrosur Oil 5's/68 Arcturus Electronics Federated Mortgage Fortune Pete. Automation Instrument General Devices Bank of Miami Beach General Precision Belmont Iron Works Richardson Co. Bowling Corp. of Amer. Common Burton Manufacturing Gyrodine Corp. Hilton Credit Corp. Hycon Manufacturing Imperial Packing Corp. Cameo Inc. Applied Science Birdsboro Steel Foundry Singer, Bean Pacific Uranium Acoustica Associates American States Oil Pioneer Life and Precise Casualty Pfd, Development Corp. Rokeach & Sons $3 warrants Russell Mfg. Co. Industro Transistor Seneca Oil Inland Resources Sessions Clock Interworld T.V. Films International Skil Corp. Southland Racing Century Mining Jerrold Electronics Chase Bag Lewisohn Copper Stancan Uranium Chase Bag Pfd. Standard Chesapeake Industries Magnolia Park Marine Drilling Colonial Aircraft McLean Industries Pfd. Stanrock Uranium Mechmetal-Tronics Sterling Oil of Oklahoma Missouri Research Lab. Texas Corp. Metals Monogram Precision National Press Building 5's/79 National Sports Attractions Dallas Oil of Texas Dalton Finance HAnover 2-9000 Toy Tionesta Pipelines Town Enterprises Tradewinds Exploration North American Refractories Directomat Pacific Coast 2nd Pfd. FIRM TRADING MARKETS IN OVER 450 STOCKS Turbo Dynamics Corp. Universal Minerals North American Contracting North American Merchandise Dayton Aviation Dictaphone Corp. Pfd. Veeder-Root Wilcox-Gay ^ Burton Underwriters and Distributors WHITEHALL Co. Son, Inc. Dallas Telephone WHitehall 4-7650 NY 1-4581-2 Vincent & Dallas Rupe & Street, New York 4, N. Y. TRADING DEPARTMENT TELEPHONE: J. Direct Wires to Chicago ' 1 Bell Teletypes: NY 1-1825 & 1-4844 Trlco Products New Cornelia Ext. Copper North American Cigarettes 56 Beaver • Sulphur Standard Uranium Corpus Christ! Cummings Engine NEW YORK 5, N. Y. Sports Arena Cornell Dubilier Pfd. Cuban Columbian Pete. • Inc. Seatrain Lines Camdale Corp. Commercial International PLACE Mackie, Pyramid Electric 41/4% Pfd. Carolina Casualty Cataract Mining Columbus Electronics 40 EXCHANGE & Reynolds & Co. 4-6627 Philadelphia ^ Saunders, Stiver & Co.^ Cleveland Evans MacCormack Los Stone & & Co. Angelss Youngberg San Francisco Voiume 189 Number 5846 ... 9 The Commercial and Financial Chronicle \ Dealers and Brokers in Railroad, Public Utility & Industrial Bonds & Stocks Over-the-Counter Trading Dept. D. Howard Brown Frank MacKain In galls & Snyder Members New York Members American Doherty, Fahnestock & Co.; Dick Barnes, A. M. Kidder & Co., inc.; b. Coit Wimamson, Schmidt, Roberts & Parke (Philadelphia); Jack Wieler, Gregory & Sons; Leo F. Newman, American Securities Corporation (Boston) COrtlandt 7-6800 Exchange NEW YORK 5, N. Y. 100 BROADWAY William Stock Stock Exchange — Bell System Teletype NY 1-1459 What is Your Trading Problem ? Our large andexperiencedTrading Departments may ful • to you. be help¬ Why not let us know your trading requirements ? We make primary markets in an extended list of all types securities. Through a nation-wide wire system, we provide broad insti¬ tutional and dealer coverage—and cost you less. We provide facilities for skillful handling of large blocks with¬ out disturbing existing street markets. of corporate • • Charles Clausen, Hoit, Rose & Company; C. McCarthy, Salomon Bros. & G. Ralph Dimpel, Eastman Dillon, JJnion Securities & Hutzler; Peter R. Noon, Hoit, Rose & Co.; Company Address: Mr. David D. Lynch, Manager, Dealer Relations Department. Kidder, Peabody & Go. founded 1865 JMembers "tiew York and c.American Stock 17 Wall boston philadelphia Underwriter Bob Lebo, Frank C. Sterling, Masterson Grace & & Co.; Exchanges Street, New York 5, N. Y. Co.; Frank C. Masterson, Frank C. M aster son & Co.; Joe Eagan, Charles Stonebridge, Merrill Lynch, Pierce, Fenner & Smith, Inc.; Pyne, Kendall & Hollister • chicago angeles los Distributor Dealer • Securities of the United States Bob Mathews, Government and its Agencies State, Municipal, Revenue and Housing Securities Bonds, Preferred and Common Stocks of Industrial, Public Utility and Railroad Corporations Bank Stocks Casualty, Fire and Life Insurance Company Stocks Bankers' Acceptances 'i Securities of the International Bank for Reconstruction and Peter Knothe, Halle & Stieglitz; Chuck Miller, Mullaney, Wells & Company (Chicago); Detjen, Oppenheimer & Co.; Herbert Nickel, Grace National Bank Carlyle L. Development Canadian Securities V"; v-: External Dollar Securities ' " ■}' ■:*. -.5" , ■. ". . ' r •- ,,"v The V ' ; i-'V ; FIRST BOSTON corporation New York ) Inc. Pittsburgh Chicago • Philadelphia & Co, Inc.; Richard Chamberlin, Nesbitt, Thomson and Company, (Boston); John G. Shanahan, Dawson, Hannaford, Inc.; Mickey McBride, Midland Securities Corpn. Limited (Toronto) Ewart Wickens, Mills, Spence Boston San Francisco Cleveland The Commercial and Financial Chronicle 10 . . . Thursday, May 14, 1959 Specialists in Canadian Securities as Principal for Brokers,, T)ealers and Financial Institutions Grace Canadian Securities, Member a: 25 New York Security Inc. Dealers Association Broadway, New York 4, N. Y. NY 1-4722 HAnover 2-0433 Orders Execuled at regular commission rates through and confirmed by Members: The 25 Andrew Coll, John J. (TKane, Jr. & Co.; Bill McGivney, Hirsch & Co.; Jack Sammon, John J. O'Karte Jr. & Co. James Lang, J. B. Lang & Co.; Principal Stock Exchanges of Canada National Association of Dealers Security Broadway, New York 4, N. Y. CANADIAN STOCKS NEW YORK WALKER 5-1941-2 1. Wilmer Butler, Baker, Frederick poration; Watts & Co. (Baltimore); Austin H. Patterson, The B. Roughan, American Securities Corporation; George American Boston, Buffalo, Chicago, Cincinnati, Securities First Boston L. Collins, Cor- Corporation Cleveland, Detroit Milwaukee, Philadelphia and St. Louis ENTERPRISE 6772 PITTSBURGH ZENITH 0210 JAMES A. TRAVISS - MGR. U. S. DEPT. S. J. Brooks & Company Members The Toronto Stock Exchange 185 BAY STREET TORONTO 1 James A. Roth, Kaufmann, Alsberg & Company; Frank Hall, Sutro Bros. & Co.; Charles Ogden, Wechsler & Co.; Walter Nester, Af. A. Schapiro & Co. Inc.; P. L. Caldana, A. M. Kidder & Co., Inc. Ogden, CREATIVE RESEARCH Branches in Goodbody & Co. ESTABLISHED CANADIAN W3=§> to sound investing STOCKS-BONDS Orders executed on all New Chicago Board of Trade • • American Stock Exchange and other principal Stock and Commodity Exchanges STOCK, BOND and COMMODITY BROKERS Canadian Exchanges at regular commission rates in 1891 MEMBERS: New York Stock Exchange • New York Cotton Exchange York or Direct Private Wires to traded Dallas, Texas Industrial, Railroad, Public Utility Securities, Bank and Insurance Stocks We invite your CHARLES KING & CO. Montreal Stock American Stock Exchange Exchange Broadway York 6, N. Y. Telephone: Teletype NY 1-142 Direct Wire to Montreal and Toronto Royal Bank Bldg., Toronto, Ont., Canada WITH WIRES TORONTO CONNECT AND NEW MONTREAL YORK Municipal Bonds CANADIAN SECURITIES DEPARTMENT 115 PRIVATE large blocks of stock. Canadian Stock Exchange New • WHitehall 4-8980 DIRECT on MUNICIPAL BOND DEPARTMENT State and 61 inquiries CORPORATE BOND DEPARTMENT Members: Exchange Chicago, III. Clearwater, Fla. Cleveland, Ohio Cocoa, Fla. UNLISTED TRADING DEPARTMENT States funds. Toronto Stock Bradford, Pa. Buffalo, N. Y. Charlotte, N. C. Coral Gables, Fla. United in Principal Cities Anderson, S. C. Athens, Ga. Atlanta, Ga. Boston, Mass. Bradenton, Fla. Broadway, New York 6 BArclay 7-0100 Bell Tele.: NY 1-671-672 60 East 42nd Street, New York 17 Murray Hill 2-6350 A1 Grey, Cyrus J. Lawrence & Sons • Cable Address: Accurate Detroit, Mich. Flint, Mich. Fort Lauderdale, Fla. Fort Worth, Texas Houston, Texas Jamestown, N.Y. Jersey City, N.J.* Louisville, Ky. Memphis, Tenn. Miami, Fla. New London, Conn. Niagara Falls, N.Y. Orlando, Fla. Passaic, N.J. Paterson, N.J. Pittsfield, Mass. Rochester, N.Y. Royal Oak, Mich. St Petersburg, Fla. Sarasota, Fla. Tampa, Fla. Wilkes-Barre, Pa. Winter Park, Fla. Volume 189 Number 5846 . . The Commercial and Financial Chtonicle . 11 Established in 1905, our investment services fields are in all available to institutions and dealers at our New York and Chicago offices which have direct private wire connections to offices in fourteen principal Canadian cities and London, England. These facilities enable Stock on all net prices in to execute orders us Exchanges in Canada at or United States funds if desired. Wood, Gundy & Co., Inc. New York Chicago affiliated with Wood, Gundy & Company .'i..;:'' The Moe Members Toronto Stock Exchange of Montreal Stock Exchange Canadian Stock Exchange Altman, H. Hentz & Co.; George Reiber, National Association of Securities Dealers; A. C. Pur- kiss, Walston & Co., Inc.; Bernie Weissman, Gold, Weissman & Co.; Frank J. Orlando, Goodbody & Co. and 7v:V7. Wood, Gundy & Company Limited Toronto Montreal Quebec London, Ont. Vancouver Winnipeg Ottawa Hamilton Edmonton Regina London, Eng. * Halifax Kitchener Calgary Victoria Canadian Investment Securities A. E. Ames & Co. Limited UNDERWRITERS AND DISTRIBUTORS A. E.Ames & Co. Jack Bleckley, K ng Ghegan, Edwin Harris, Upham L. Tatro & Co.; E. Company; S. Hydinger, Donald Carlson MacLeod, Co. & George O'Connor, Shelby Cullom Davis <6 Inc.; O'Neil & (Birmingham, Co., Inc.; Members Toronto and Montreal Stock Exchanges Ala.); William D. OFFICES IN 14 CITIES IN CANADA AND ENGLAND Co. A. E. Ames & Co. Incorporated New York Boston BUSINESS ESTABLISHED 1889 BONDS STOCKS Midland Securities Corpn. E5J limited Member: The Investment Dealers' Association of Canada IVIaRKETS maintained in all classes of Canadian external Canadian Government, and internal bond issues. and Stock orders executed Exchanges, or on The Midland BELL SYSTEM TELETYPE LIMITED Member: The Toronto Stock Exchange ' Dominion Securities Corporation Associate Member American Stock Exchange Boston London, Eng. Ottawa Calgary EXCHANGE PLACE, NEW YORK 5 Telephone WHitehall 4-8161 Canadian Affiliate — H • NY 1-702-3 ' 40 Company TO TORONTO, MONTREAL, OTTAWA, WINNIPEG, CALGARY, VANCOUVER, VICTORIA AND HALIFAX Philadelphia t the Montreal and Toronto Stock net New York markets quoted on request. DIRECT PRIVATE WIRES Municipal Corporation Securities Member Toronto, Montreal and Canadian Stock Exchanges Montreal Stock Exchange • Stock Orders Executed Canadian Stock Exchange on all Exchanges Toronto Montreal Winnipeg Vancouver Torontoi 50 King Street West Montreal: 215 St. James Street London: Huron & Erie St. Thomas: 354 Talbot Street Building Sault Ste. Marie: Midland Halifax Building West Kitchener: 2 Queen Street North The Commercial and Financial Chronicle PRIMARY Thursday, May 14, 1959 MARKETS UTILITY and INDUSTRIAL NEW ENGLAND BOSTON ... STOCKS SECURITIES CORRESPONDENT A. M. KIDDER & CO., INC., NEW YORK for BANK and INSURANCE STOCKS J. B. MAGUIRE & COINC. Milk Street, Boston 9, 31 Massachusetts Lowell Open-end Telephone Wire to New York New York—CArml 6-1613 Bell System Boston—HUhhard 2-5500 Warren, Dominion Securities Corporation (Boston); Ivor Murray, Company, Inc.; James ConcaghNesbitt, Thomson and Company, Inc.; Dominion Securities Corporation (New York) Nesbitt, Thomson and John M. Macdonald, Teletype—BS-142, BS-145 Providence, R. I.—Enterprise 2904 Portland, Maine—Enterprise 2904 Hartford, Conn.—Enterprise 6800 Since 1929 ■i Primary Markets in New England Securities i General Market Stocks and Bonds George Mulligan, Nesbitt, Thomson and Company, Limited (Montreal); Ace Hudkins, Bank of Montreal (New York); Ty. Grimes, Bank of Mills, Spence MAY & GANNON 140 FEDERAL NEW 2-8360 CA HARTFORD Enterprise PORTLAND 9830 William McKenzie, ■>. Enterprise Bell System YORK 6-2610 Enterprise 9830 PHILADELPHIA Enterprise 6643 York); (New York) PROVIDENCE Enterprise 9830 NEW HAVEN (New STREET, BOSTON 10, MASS. BOSTON HU Montreal & Co. Inc. BALTIMORE 6643 Enterprise Teletype BS 6643 1-9 Irving A. Greene, Greene Nathan A. and Company; Charles D. Runyan, Commercial Bank of North Co.; John S. French, A. C. Allyn & Co. America; Krumholz, Siegel & CANADIAN SECURITIES Underwriters and Dealers in Canadian Government and Corporate Issues Inquiries welcomed from institutional investors and dealers Greenshields & Co 64 Wall Telephone: WHitehall Canadian Affiliate: (N.Y.) Street, New York 3-9525 GREENSHIELDS Teletype: NY 1-3708 & CO Business established 1910 Inc 5 INC King Ghegan, Edwin L. Tatro Company; Edwin L. Tatro, Edwin L. Tatro Company; John Marco, Edwin L. Tatro Company; William N. McClintic, Jr., Strader and Company, Incorporated (Lynchburg, Va.) R. De Volume Dick Wernecke, Edwin Paul Number 5846 189 L. Burton J. Tatro Company; Hanrahan, rington, H. D. . . . The Commercial and Financial 13 Chronicle Vincent <£ Co. (Chicago); John R. DeMarco, Milt Capper, Capper & Co. (Jersey City, N. J.) Hanrahan & Co., Inc. (Worcester, Mass.); Frank Har¬ Knox & Co. (Boston); Anton Spacek, H. D. Knox & Co. (New York) oils — miningStephen F. Floersheimer, <fi Co.; Sutro Bros. Marvin Frankel, & Co.; Sutro Martin King, Bros. & Sutro Bros. Co. industrials - natural gas , v J. F. Reilly & Co., Inc. JERSEY CITY, N. J. NEW YORK CITY Direct Denver Murray Forman, <£ Gairdner & Company, Inc.; Howard Burguiere, Company, Inc.; Arthur Patterson, Gairdner Laurence M. Marks & Co. • Jersey City • Wires to Salt Lake City • Washington, D. C. - The Commercial and Financial Chronicle 14 Established 1928 . . . Thursday, May 14, 1959 0 We Offer COMPREHENSIVE a INVESTMENT AND DEALER SERVICE in ALL CLASSES OF BONDS AND STOCKS including PUBLIC UTILITY—RAILROAD—INDUSTRIAL FOREIGN ISSUES We Particularly Adapted are to Service Firms With Retail Distribution Your Inquiries Solicited William P. F. 120 FOX & T. CO., INC. A. Johnson, Sutro & Co. Quinn, President Senior (Los Angeles); Leslie Barbier, G. A. Saxton Audit A1 Clerks Association Division, Tisch, Fitzgerald & of Stock & Co., Inc.; William Exchange Firms; Company BROADWAY, NEW YORK 5, N. Y. Telephone Teletypes REctor 2-7760 NY 1-944 & NY 1-945 Specialists in John Stein, Wm V. Frankel & Co. Incorporated; George Kane, Reich & Company; Jay Reich, Reich & Company; Louis Reich, Reich & Company; Irving Wasserman, Reich & Company; Joseph Markman, Newburger & Co. (Philadelphia) irffrnAoldcinc/fjP. Jfnc. INVESTMENT Associate Members 30 Broad SECURITIES American Stock Exchange Street, New York 4, N. Y. Telephone Teletype WHitehall 3-9200 NY 1-515 Jim McFarland, Stroud & Company, Incorporated, (Philadelphia); Morton Weiss, Singer, Bean & Inc.; Joseph Smith, Newburger & Co., (Philadelphia); Stanley Jeffries, Newburger & Co. (Philadelphia); Bill McCullen, Hendricks & Eastwood, Inc. (Philadelphia); Larry J. Colfer, Rufus Waples & Co., (Philadelphia) Machie, 1924 - Our 35th Anniversary - 1959 Founded 1851 f Adams & Peck Members T^ew Tor\ Stock and American UNDERWRITERS - DISTRIBUTORS DEALERS ' Exchange Stock. Exchange Industrial, Public Utility and Railroad Securities » Brokers and Dealers in State and Municipal Bonds INDUSTRIAL & RAILROAD SECURITIES UNLISTED INVESTMENT STOCKS ESTABROOK & CO. MEMBERS 120 BROADWAY • NEW YORK 5, N. Y. NEW YORK Associate Telephone REctor 2-4949 wire to Philadelphia BOSTON STOCK American Stock EXCHANGES Exchange i 40 Wall Teletype NY 1-724 Private AND Member Lacy Kux, Co.; Alfred Stephen Sutro L. H. Bros. Vanden Broeck Floersheimer, & Co. & St., NEW YORK 5 HARTFORD • - POUGHKEEPSIE IS State St., BOSTON 9, MASS. • PROVIDENCE • SPRINGFIELD Volume 189 Number 5846 . The Commercial and Financial Chronicle . v'< '' '"V- .vi¬ * lli / |||> || • %. :%/y- :*V:' 15 ' , ;V>! V V ' Underwriters, Distributors and Dealers ■ \ ■... in Corporate and Municipal Securities HIRSCH Members New York Stock CO. & Exchange and Other Exchanges 25 BROAD' STREET, NEW YORK 4, N. Y. Telephone: HAnover 2-0600 WASHINGTON George Searight, Searight, A halt & O'Connor, Inc.; Samuel F. Col well, W. E. Hutton & Co.; Charles O'Brien Murphy, III, Pearson, Murphy & Co., Inc.; Robert M. Topol, Greene and Company FORT PIERCE Teletype: N.Y. 1-210 DALTIMQRE LAKE WORTH MIAMI BEACH LONDON PALM GENEVA BEACH AMSTERDAM Correspondents: HAVANA, CUBA Direct Wire Service: New York Washington Baltimore Miami Beach Port Pierce SPECIALIZING IN Palm Beach Lake Worth — RIGHTS-WHEN ISSUED AND Barney Conlon, P. F. Fox & Co., Inc.; Ed Zinna, Smith, Barney & Co.; Jack Pierce, Fenner & Smith, Incorporated; John Gahan, Schoellkopf, Hutton Hoy Meyer, Schweickart & Conlon, Merrill Lynch, & Pomeroy, Inc.; REORGANIZATION SECURITIES Co. JosepMtal&Co. FOUNDED members and new york other !9tO exchanges leading 120 BROADWAY, NEW YORK 5, N. Y. Bell System Teletype WOrth 4-5000 direct telephone to 19 exchange stock NY 1-319 boston CONGRESS ST., BOSTON 9, MASS. LAFAYETTE 3-4620 PRIVATE WIRE brooklyn, Duke Nichol n. SYSTEM y. TO CORRESPONDENTS lock haven, n. IN PRINCIPAL CITIES HANOVER, y. pa. Hunter, Wellington Hunter Asesociates (Jersey City, N. J.); Charles R. O'Donnell, Nolting, & O'Donnell, Inc. (Pensacola, Fla.); Soren D. Nielsen, Beil & Hough, Inc. (St. Petersburg, Fla.); Harold J. Burke, Auchincloss, Parker & Redpath UNDERWRITERS, BROKERS and DEALERS Specialists in distributing BANK and INSURANCE CORPORATE and MUNICIPAL SECURITIES STOCKS 1886 since W. E. HUTTON & CO. Edwin L. Taf ro 50 Members New York Stock Company BROADWAY, NEW YORK 4, N. Y. Boston Dayton, 0. Direct Telephone BALTIMORE — BOSTON — HARTFORD: Enterprise • CINCINNATI • Philadelphia Columbus, O. Hartford, Conn. • 7846 Wm V. Frankel, Wm V. Frankel & Co. Incorporated; Bob Strauss, Daniel F. Rice & Company, (Chicago) Exchange leading exchanges NEW YORK Teletype: NY 1-3430 Telephone: DIgby 4-2420 and other > • Baltimore Lexington, Ky. • Easton,Pa. • Portland, Me. ' Lewiston, Me. Biddeford, Me. * Burlington, Vt. The Commercial and Financial Chronicle 16 V'Y. U'3/, """ ■ . . . Thursday, May 14, 1959 '-l'-: Shelby Cullom Davis & Co. Members New York Stock Exchange and Underwriters Dealers in INSURANCE STOCKS CORPORATE AND Oldest Stocks. 116 MUNICIPAL Serving Dealers JOHN and Institutions STREET, NEW Telephone BEekman 3-0626 "IN BONDS Specialists (with Predecessor Firm) in Insurance THE HEART OF • YORK since 1(>27. N. Y. 38, Teletype NY 1-384 THE INSURANCE DISTRICT" Patrick J. Cummings, Bear, Stearns & Co. (Chicago); Edgar A. Harding, Pennsylvania Railroad; Welch, Sincere and Company (Chicago); William J. Burke, Jr., May & Gannon, Inc. (Boston); Putnam, W. E. Hutton & Co. (Boston); Charles A. Bodie, Stein Bros. & Boyce (Baltimore) Edward John ' ' ' <, <- ' ' s \ i ■ • ' . ..... :: i i Willard F. Rice, Eastman Dillon, Union Securities Biddle & Co. (Philadelphia); Edward T. W. & Co. (Philadelphia); Samuel M. Kennedy, Yarnall, McCormick, President of American Stock Exchange; Ralph Millington, Carl Marks & Co. Inc. ALL MARKETS ON ONE CALL Complete Brokerage Service for Dealers, Brokers and Dealer Banks * 4 * Railroad, Public Utility, Industrial, * Convertible and Foreign Bonds * ★ 'A ★ 4 4 4 ★ * Municipal, State and Revenue Bonds * 4 Frank 4 ★ ★ ★ * Ginberg, Strauss, Ginberg & Co. Inc.; David Strauss, guest; Gerald Markowitz, guest; Ginberg, guest; Abraham Strauss, Strauss, Ginberg & Co., Inc. 4 Listed and Unlisted * Preferred and Common Stocks 4 PRIMARY MARKETS * ★ ★ 4 ★ Complete Trading Facilities and Experience For MABON & CO. Established 1892 UNLISTED RED YORK AMERICAN 115 Broadway, New York 6 Bell STOCK STOCK • EXCHANGE EXCHANGE Telephone REctor 2-2820 System Teletype NY 1-2152 SECURITIES for BANKS —BROKERS and DEALERS MEMBERS NEW Brokerage Service in all Your CROSS mutt carry onl SIEGEL & CO. 39 BROADWAY NEW YORK 6, N. Y. DIgby 4-2370 Teletype N.Y. 1-1942 David / Volume 189 Number 5846 . . . The Commercial and Financial 17 Chronicle "" ** 1 Kugel, Stone & Co. Sam Masiello, James Anthony Securities Corp.,\ Joseph Carucci, J. K. Rice, Hudepohl, Westheimer and Company (Cincinnati); Joseph Mathes, Ira Joe Gassoun, John E. Samuel & Co. Incorporated Jr. <& Co.; Harry J. Haupt & Co.; New York 4, N. Y. 30 Broad Street Teletype: N.Y. 1-1822 Telephone: WHitehall 3-2050 First of Michigan- Corporation General Investing Corp.; Mel Cantor, Cortlandt Investing Corporation; H. Blair & Co.; Jerome Rosenberg, Cortlandt Investing Corporation; Bernie Warren Shore, D. Simmons & Mitchell Bayer, Schwidock, . j 1 ' - . ' ... .. V- .54 ' Underwriters and Distributors Co. STATE, MUNICIPAL and SECURITIES CORPORATE Members NEW Lansing M. S. Wien & Company, (Jersey City, N. J.); Irving Herzenberg, — — Grand Rapids Saginaw — — Battle Creek Bay City — — Flint Port Huron Schrijver & Co.; Percy \vien, Carl Marks & Co., /nc.; Ted Young, New York Hanseatic Corporation Under wri ters and Over a Half Century of Efficient and Economical Service Distributors CHICAGO DETROIT YORK Columbus Stephen Wien, M. S. Wien & Company, (Jersey City, N. J.); Eddie Ruskin, Singer, Bean & Machie, Inc.; Ralph Millington, Detroit and Midwest Stock Exchanges AS TRANSFER AGENT in New York, N. Y. We economies afford underwriters, and Write and for State and Jersey City, N. J. our and other advantages to distributors, their corporations stockholders. free booklet setting forth the Current Stock Federal Original Issue and Transfer Tax Rates. Registrar and Transfer Company 15 EXCHANGE PLACE 50 CHURCH STREET Established Edwin J. Gambol Markham, J. Dunn, Wertheim Dunn & & Co.; New York 7, N. Y. Rollins BEekman 3-2170 1899 Jersey City 2, N. J. HEnderson 4-8525 The Commercial and Financial 18 ORIGINATORS • Chronicle . . . Thursday, May 14, 1959 UNDERWRITERS fj| 'i DISTRIBUTORS NEW JERSEY MUNICIPAL AUTHORITY REVENUE OBLIGATIONS jtjf Boland, Saffin & Co. Dickson & Co., Inc.; Joe Scheidecker, Coffin & Burr, Mike Cito, R. S. American Established 1920 Securities Corporation; Roy American Securities Incorporated; Ralph Bornstein, Co.; & Frederick B. Roughan, Corporation TELEPHONE 35 WALL STREET NEW YORK 5/ N. Goodbody Feltman, WHITEHALL 3-3414 Y. Bell System Listed Teletype—NY 1-535 & Unlisted Jack Securities D'Arcy, F. L. Putnam Paul Jacoby, & Company, Inc.; Asiel & Co.; (Boston); Bill Burke, May J. B. Maguire, J. B. Maguire Shields & & Co. & Gannon, Inc. (Boston); (Boston); Rickey Goodman, Company —•— Michael J. Heaney & Co. Members American Stock Exchange 120 BROADWAY • NEW YORK 5, N. Y. Telephone WOrth 4-4176 Jerry Olwell, F. Eberstadt & McGovern, Bill 1891 Our Sixty-Eighth Year UNDERWRITERS • DEALERS * Smith, Co.; Jack Conlon, Merrill Lynch, Pierce, Fenner & Blyth & Co., Inc.; Ed Larkin, White, Weld & Co. 1959 Dealers In DISTRIBUTORS Unlisted PRIMARY MARKETS Securities IN CONNECTICUT SECURITIES Public Utilities—Industrials ★ ★ ★ ★ " > • ... Chas. W. Scranton & Go. WM V. FRANKEL & Members New York Stock Exchange NEW New York REctor 2-9377 HAVEN • Bell Teletype NH 39 BROADWAY Bridgeport New London NEW YORK 6 194 WHitehall 3-3960 Danbury CO. INCORPORATED Waterbury John D. Ohlandt, Corporation; A. New C. York Hanseatic Bickelhaup, Jr., Hemphill, Noyes & Co. (Syracuse, N. Y.) Teletype NY 1-4040-4041 Inc.;, \ 9 Volume 189 Number 5846 . . . The Commercial and Financial Chronicle 19 SPECIAL SITUATIONS CANDEE & Members National Association 44 Jack WALL CO. of Security Dealers, Inc. STREET NEW YORK 5, N. BOwling Green 9-0040 Tele: NY 1-1862 Y. Daly, Wood, Gundy & Co., Inc.; Bill White, Chase Manhattan Bank; Bill Egan, International Utilities; Ray Wildey, Baker, Weeks & Co.; Robert W. Brearly, Wood, Gundy & Co., Inc. 1 Underwriters Wholesalers Dealers of CORPORATE SECURITIES JOHN R. BOLAND & CO. INCORPORATED 30 BROAD STREET NEW BOwling Green 9-0292 Robert Mathews, Pyne, Kendall & Hollister; Milton Isaacs, Straus, Blosser & McDowell Irving Stein, Capper & Co. (Jersey City, N. J.); Bob Strauss, Daniel F. Rice & Company, YORK 4, N. Y. Teletype N. Y. 1-4487 • (Chicago); (Chicago); General Investing Corp. Underwriters and Distributors • We Can Broaden Markets of Securities of Merit Our proven are at your ability, seasoned experience and national contacts service. Our specialty is the development of dealer suffering from thin markets and investor interest in sound stocks and lack of sponsorship. Your inquiry is invited. Our TRADING DEPT. Deals Actively in a large list of Over-The-Counter Securities 55 BROADWAY, NEW YORK 6, N. Y. Telephone: BOwling Green 9-1600 Branch Office: Ainsley Charles Charles King & Co.; David Wittman, Bros.; Pat Russo, Simmons & Co.; King, Lehman ■ i A Schrijver & Co.; Vincent P. Harry Simmons, Simmons & Coakley, Co. Jr., Teletype: NY 1-3390 Bldg., 14 Northeast First Ave. Miami 32, Florida Telephone: FRanklin 7-3547 ■ Complete Money Service for banks, brokers and dealers Gearhart & Otis, Inc. COLLATERAL LOANS, INSURANCE LOANS FEDERAL FUNDS 74 Trinity Place, New York 6, N. Y. WHitehall 3-2900 GB Garvin, Bantel & Co. Members New York and American Slock Exchanges 120 BROADWAY, NEW YORK 5 Phone REctor 2-6900 , Teletype NY 1-17 F-F NY 1-18 Herb Fitzpatrick, Alonzo H. Lee, Dick Stern, & Merle-Smith; Agee (Birmingham, Ala.); & Leach t Teletype: NY 1-576 The Commercial and Financial 20 y*S'/s/&ys/ Chronicle /fy/',/ ''Y//y/ty '/ . . Thursday, May 14, 1959 . • ^ : ^ • , , - < ' , // ' f/ ; f' , >■;;:&^ w,. ^ •- Over A Quarter Century 1930 1959 - Specialists in UNLISTED SECURITIES SreetteaniCompanv} ESTABLISHED 37 Wall 1930 St., New York 5 Ogden, Reynolds & Co.; Fred J. Rabe, Donnelly, Reynolds & Co.; Stan Dawson-Smith, Robert Wires DENVER and LOS ANGELES to Lester Frenkel, Gersten & Frankel F. J. Rabe & Co.; James Cruttenden, Podesta & Co. 1959 1922 UNLISTED SECURITIES SPECIALISTS SINCE INQUIRIES 1922 INVITED JOHN J. O'KANE, JR. & CO. ROBERT N. Members 42 KULLMAN — MANAGING New York Security Dealers PARTNER Association Broadway, New York 4, N. Y. Teletype—NY 1-1525 Phone—DIgby 4-6320, SECURITIES UNLISTED for BANKS — BROKERS Financial Plenty, Royal Lane, Kidder, Peabody & Co.; John Maher, Blyth & Co., Inc.; Gerard Burchard, Charles King & Co.; Mark Crowley, H. M. Payson & Co. (Portland, Maine) Paul delphia Inquirer Editor, (Philadelphia); Phila¬ Stan Dawson-Smith, Cruttenden, Podesta & Co. DEALERS — SPECIALISTS IN RIGHTS GERSTEN 6- FRENKEL Members N. Y. Security George W. Cunningham & Co. Dealers Association 150 BROADWAY Telephone: DIgby 9-1550 NEW YORK 38, N. Y. 225 EAST BROAD STREET Teletype: ny 1-1932 WESTFIELD, NEW JERSEY Brokers & Dealers in Public Utility, Industrial, Bank, UNDERWRITERS And Insurance Securities DISTRIBUTORS Telephone Adams Specializing in DEALERS Salt Lake City, Denver, Albuquerque and thru to Angeles and San ■ ■ ■ Orders Executed Salt Lake Stock 2-6322 126 y OILS Over Francisco ■ NJ MININGS Direct wires to: Los TWX WSFD ■ A Quarter-of-a-Century Experience INDUSTRIALS on Exchange in Over-the-Counter Primary Markets Markets Maintained CAPPER & CO. Members Salt Lake Stock 1 Exchange Exchange Place, Jersey City 2, N. J. Laird, Bissell Henry B. Meeds (Philadelphia); Herbert R. Gesell, Warner, Harriman Jr., Ripley & Co. Incorporated <£ Mitchell & Company Members Telephone: HEnderson 2-8570 Teletype: JCY 119 Open-end phone to New York City, DIgby 9-3424 FAST AND ACCURATE SERVICE Philadelphia-Baltimore Stock 120 BROADWAY Tel. WOrth 4-3113 • • Exchange NEW YORK CITY Bell Teletype NY 1-1227
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