Full text of Commercial and Financial Chronicle : May 23, 1963, Vol. 197, No. 6266

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Reg. U. S.Pat. Off.

THE

INFORMATIVE

EDITORIAL

PUBLICATION

New York

Number 6266

197

Volume

MOST

AND

LEADING

a
tangled web we weave when first we practice
deceive," exclaimed an early nineteenth century poet.

Were he alive

keen observer of the current

a

weave

when first

would not have been

that

energy

we

practice to relieve." And he

Well known

referring only to the funds and the

a

ples. He would have had also in mind our determination
by

to work very

their

hard

find the houses

which often does not thrive

would like to
The press

the diet that is
a

us

problems
realize

are

fully that they

are

press,

asserting that

our

income

they

have. The result, for

may

one

Public

—

time to

not

is

once

again in

in

business

prompted

to

the

movement

demands that

ing system.

an

can

The

activity

Federal

sen¬

will

easy

of

by

in

firming

a

credit

ness

and

Municipal

in turn,

will

policy, that is,

upward

three

interest rates

opinion

two

some

was

of

when

ago

years

u

of less

for

to

Despite the rise in business activity that

sag.

has taken

liberal

at

an

aggressively
is

cost

and

terms

credit pol¬
up,

when

position of the United States

ease

is, therefore,

even

a

inappropriate and

policy in the direction

reasonable

expectation

though the business expansion fails

boom

proportions.

Conditions presently

(Continued

on page

22)

REGISTRATION—Underwriters, dealers and investors in corporate
a

complete picture of

issues

now

State,

registered with the SEC and poten¬

tial undertakings in our "Securities in Registration"

Section, starting

28.

page

on

Municipal
and Public

MULLANEY, WELLS & COMPANY

Securities
(AdC'

Underwriters
Distributors •

.

Dealers

Housing

STATE

AND

MUNICIPAL Lester, Ryons
623

So. Hope

Co.

&

Street, Los Angeles

Agency

17,

Bonds and

California

IBM

Members New York Stock Exchange

Associate Member American Stock
Members Pacific Coast

Corporate & Municipal

NewYork

Securities

C

,

BOND DEPARTMENT
P. O. Box 710, New
phones:

770-2541

York 8, N. Y.

dale, Hollywood, Long Beach, Oceanside,
Pasadena, Pomona, Redlands, Riverside,
San Diego, Santa Ana, Santa Monica,

•

MEMBERS

:

MIDWEST STOCK

EXCHANGE

JSzL1

Whittier

FIRST NATIONAL CITY BANK

Inquiries Invited

770-2661

135 So. LaSalle Street

TWX: 212-571-1414

w

WW

Exchange
Exchange

Offices in Corona del Mar, Encino, Glen-

CHEMICAL BANK NEW YORK TRUST COMPANY

Bond

on

New York

Correspondent

Notes
Municipal Bond Division

THE
CHASE

Southern

California Securities

Dept. Teletype: 571-0830

—

MANHATTAN

Pershing & Co.

Chicago 3, III. FRanklin 2-1166

BANK
Net Active Markets Maintained

To

UNDERWRITER,
DISTRIBUTOR

T.L. Watson &Co.
ESTABLISHED

We wish

Dealers, Banks and Brokers

Canadian Securities

1832

DEADER

Block Inquiries Invited

New York Stock Exchange

FIRST

gouthwcAt
COMPANY
$

-

American

Stock

Exchange

DIVERSIFIED

BROAD

STREET

NEW YORK 4,

N. Y.




BRIDGEPORT

PERTH

AMBOY

Executed

On

All

Canadian Exchanges
CANADIAN

212-571-1213

Goodbody
NEW

2 BROADWAY
NEW YORK

YORK

\
'

Tourism-

(Expire June 7, 1963)

Disneyland

DEPARTMENT
\

DIRECT WIRES TO MONTREAL AND TORONTO

MEMBERS

CALIFORNIA

RIGHTS
Orders

Teletype
25

DALLAS

m «

h

buy

THE BANK of NOVA SCOTIA

Members
Commission

to

&

STOCK

Dominion Securities
©rporatiott

Co.

EXCHANGE

1 NORTH LA SALLE ST.
CHICAGO
•.
'

40

MUNICIPAL BOND DEPARTMENT

Exchange Place, New York 5, N. Y.

Teletype 571-0880
Area Code 212

.

bank of america

WHitehall 4-8161
•

%

a

of inflation is in the air, and when the

Some shift in credit

assume

easy

moving

improving, when talk of

do not suggest the need

place in the interim, however, interest

con-

.•„

confidence

1963,

reasonable

lending

time when business is

a

busi¬

of expansion, with

available

relatively

under

unwise.
was recov¬

the side of

including two

to fostering

can

years

readily

balance of payments

activity

commercial

on

years,

continues adverse would appear

Roy L. Reierson

ering from the mild and short-lived 1960-61 busi¬
ness

be

resurgence

it

became apparent that economic

to

business

a

widespread

the

upon

the volume of

economic series at record heights, credit

Continuation of

is not unlike the

that

expansion; after two

icy at
movement

depend

upon

policy has been

for the past

conditions.

yields

expectation of

1963,

of expanding business in 1961 and 1962. Credit

tinyeS

already been reflected

The current
further

in

be met by the commercial bank¬

Reserve

ease

many

be

credit

interest

modest rise in bond

a

larger

banks by the Federal Reserve.

The

anticipation that ris¬

business

rates

likely to be provided to the

reserves

Housing,

State and

interest

of

a

The likely

to lie in the volume of credit

seem

This,

of credit

course

reap¬

a

likely to be offset by

seems

therefore, would

rising trend throughout the

on a

1962, and

key

any

in recent months.

26)

afforded

to

flow of funds to the savings institutions.

policy has contributed all it

rates has

course,
page

Dr.

tightening—in response to improved conditions.

and

NOW IN

Government,

firming of interest rates

accompanied by less

own

SECURITIES

U. S.

some

rise above the record levels of last yeaf.

some

years

ing

few

securities

are

credit

matching increased

need for

we

■

The increase in credit demands this year,
however,
is not expected to match the sharp rise from 1961

credit markets and for interest
rates.

Copy

Easy Credit

praisal of the prospects for the

thing, is in¬

adequate housing and various other hardships. Of
the remedy or remedies are found
(Continued on

has

timent

what unearned

on

modest

some

improvement

■

is much concerned with the aging—

not able to live

our

balance of this year and possibly well beyond.

rapidly creating a large number of
"second class citizens," meaning apparently that these
aging individuals often find it impossible to obtain em¬
are

endanger

likely to continue

we are

ployment, and

can

expand¬
ing phase and prevailing opinion is that output is

making. One of those sundry advisory bodies set up by
the President has just brought forth a report which, ac¬
cording to the

growth but

econ¬

very

often of

so

is

a

have

show

of aggressively easy credit

year

The American economy

said to be facing

real enough but apparently

economic

ease

some

as

being fed it.

are

successive

demands, and believes all

come

good while past filled

"problems" which

aid

not

Cents

50

Demands for credit in 1963, in response to the
anticipated rising levels of business activity, could

He warns

fourth

a

drastic credit

people and their government. Many, if not all, of

these
of

on

is and has been for

with accounts of

the

it

see

strong case for return to flexible credit policy.

credit

sell; all those who

can

they live in unsatisfactory; and the

in general

omy

than he

more

1839

remained remarkably stable and some
important long-term rates are, in fact, lower today
than they were at the recession trough in 1961,

prods the Federal Reserve to

Reierson foresees increased flow of funds

stay on his farm at almost any cost and to produce for
the market much

banker-economist

markets, economy's liquidity and balance of payments.

or very

living; the farmer who wishes to continue to

own

ESTABLISHED

.

rates

presenting

will

long; the aging
who in some degree by government suggestion have been
deprived in large part of any and all opportunity to earn
care

.

Price

in

that

of governmental action to relieve those who

means

do not

.

Desirability of Leaning Less

lean less in the direction of undue credit

have expended in relief of foreign peo¬

we

FIELD

By Dr. Roy L. Reierson,* Senior Vice-President and Chief
Economist, Bankers Trust Company, New York City, ■

he might well have cried: "what a tangled web

scene,
we

today, and

FINANCIAL

In the Direction of

''What
to

THE

7, N. Y., Thursday, May 23, 1963

The

As We See It

IN

N.T.&S.A.

,

SAN

FRANCISCO

•

LOS ANGELES

2

(2106)

The Commercial and Financial Chronicle

The

"Coverage"
(one of
fact,

have

for

banks,

helping
dealers

and

markets

-

find

the

Resident

everywhere.
to

proud

are

other international

Radio

The

of

scope

.

Corporation

security
is

moment

Allied

ration

common

Over-the-Counter

tered

in

tronic

HANSEATIC

is

There

with
Stock

—

World

ested

Los Angeles

•

Wire

second

the

in

and future

Radio

Service

increase

age

each

;

Virginia Securities

Furniture

Industries

:*

LYNCHBURG,

facturers

Victor 6-1333

703 846-0920

Private wire to Shields A

Co.,

tens

of

who

from

any

given

Therefore,

for

user's
The

fills

the

it

all

to

his

with

at

is

distributor's

Refined

—

Liquid

—

quantities.
tributors
total

industry,

of

manufacturing.

profits

We offer

f New SeriesJ

in

but

worked

out

with

a

INCOME

more

Allied

distribution.
mail-order

Street1

STATE

OF

SEND

CALIFORNIA

INCOME

TAX

FOR

1

«

HOGE

SEATTLE

C

O

A

3IgggtftJ
»

O

BLDG., 2nd
4,

*

'*

r

and

WASH., MAin




%■

o

CHERRY

currently
plus
of

at

3%

from

highly

With

the

$1.40

a

in

first

annual

stock,

highly

outlook

position

and

in

favorable

and

strong

near-term

the

/

and

profit

and

progress

longer-term should also

quite

favorable..

Revenues

expanded

uninterruptedly
increasing more than
fold

trended upward
rate

and

at

penalized

completely

by

an

even

for

except

1961, when results

electronics

the

over

Share earnings

verely

1960

were

losses

se¬

from

discontinued

manufacturing,

in

the

industry,

further.

even

should

also

be

by

~

have

10

times

this

over

same

1960, but now

appear

headed upward again.
but

margins

have

heavy costs

coping with

in

space,

a

vor

and

and

exhibited

maintenance

profit per¬

in

of

steady growth.

rising

to be

to

the

ment,

effective

share

strated

stable,

gains.

incurred in

ber

severe

shortage of

able,

past

as

a

no

of

total

generally
With only

a

steadily

advertising
also

demon¬

strong annual

solicitation of

an

offer

to

to

1,

1963,

to

network

in

Management

has

in¬

dicated that had this
arrangement

savings

about

of

$0.20

per

share

With

resulted.

activities

tele¬

accounting

for

probably better than 75% of total

earnings, the impact of

company

these

factors

share

on

the

counting

and

per

corporate

for

share

early

provement

been

and

this

be

im¬

sustained

year.

pansion

moves

in this

well for

longer-term gains

new

ing

ac¬

good

throughout the

A

con¬

$0.50
Results in

expects

to

Current
area

ex¬

augur

as

well.

manufacturing plant is be¬

built

the

on

record-keeping

West

Coast,

activities

of

the

limited

buy,

any

erations,

are
being
foreign volume

and

of

advertisers

should

as

an

offer

security referred

to

to

sell,

or

herein.)

A

subscription to the WALL STREET

TRANSCRIPT puts the FULL, ORIG¬
INAL
your

TEXT

of

fingertips.

brokers'

reports

Complete—cross

at

in¬

dexed, cumulatively—reports reprinted
in

full.

Sample

copy

sent

free

on

request.

company's

most

minor

are

Transcript
54 Wall Street

New York 5. N.

Y.

op¬

important

Radio,

Wall Street

HA 2-4510

of

believed

factors

within

and

earning

picture.
Listed

on

the

New

York

S'tock

Exchange, CBS shares have

been

outstanding market performers in

their

current

modest

price/earn¬

ings ratio of less than 15

on

our

N.

Q.

OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX

estimate for

1963, compared with
the multiples of around 19 now

being accorded the average, and
dustrial

by

the

the

the over-all revenue

in most

he construed

INSTANT REPORTS-

Columbia Record Club
consolidated

num-

a

Year—1963

Epic

profits,

year.

have

management

74th

1889—Our

estimated

an

last

1963

St., New York 6, N.Y.

Telephone: WOrth 4-3033

Columbia

to

PRINTING CO., INC.
130 Cedar

Phonograph record output, sold
under

APPEAL

results

should be noteworthy.

broadcasting hours avail¬
the anticipated increase in

of

demand

manage¬

circumstances

Jan.
CBS

from

fa¬

Television is

2-6330

(This is under

influ¬

readjust¬

recent
months,, rising 'by better
strong -than 50% since October, 1962.
At

still

obtain

outlays, which have

Since 1960,

been

the

able, during the next
duplicate the out¬

revenue

continuing

were

enlargng

to

years,

formance

in the fiscal "years 1961* and 1962
declined from the peak reached in
fiscal

its most expansionary phase
it is unlikely that the com¬

standing

-

3-3622-3

widen

remainder

seven

decade, prospects nonetheless
Earnings

BEekman

profits

favorably

downward

a

payments

should

Network

being enlarged through entrance
into new European markets. The

pany will be

strong growth has not

Telephone:

bringing

raised

sales¬

OFFICE

believed to be the best

shown unbroken
year-to-year ad¬
vances.
Annual
dividends were

(2)

YORK

margins,

are

labels, is the second largest

faster

industry

NEW

149 Broadway, New York 6, N. Y.

sold.

tributor

have

re¬

Co.* Lift.

relatively

shows and profit

new

which

fi¬
lib¬

/-r/

■

past decade alone.

sales

through

been

make

ing.

for 14 years,
two and one-half

sales through Al-

been without problems.

gross

i Ti/I7

(3)

prime

duction costs involved in

enced

1962's $3.24. Dividends

over

have

parts stores, 22%.

Allied's

INFORMATION, without
obligation, on TAX EXEMPT, High
Yield
Municipal Bonds.

0

sales

33%,

10

For

out

vision

over

a

DAI IF A
Securities

in its evening line¬
it will avoid the heavy pro¬

relatively

to

top

network's

will

and

sales

the

top 20.

already

CBS

would have

be;

lied's retail stores and to replace¬

FEDERAL &

have

Since

per¬

Results should

now

public, 45% of sales,

indsutrial

San Francisco Bay Area
FROM

the

of

the

ment

EXEMPT

all

mail-order

The

of

of the

near-

Recent

upcoming Fall season, virtu¬

which is CBS

men,

Land Reclamation

INTEREST

16

and

(1)

Sewer

-

seven

shows

past

recently.

to

com¬

the

over

broadcasts

and

MUNICIPAL BONDS

**

least

its

and intermediate-term.

breakdown at present is
roughly:

more

efforts

company

outperform

10-year period. Though television
broadcasting is apparently now

sales

GENERAL OBLIGATION

,

1963.

Revenue

tail stores in the early 1950's and
has been emphasizing industrial

5.40*

the

eralization would not be
surpris'

of

with

an¬

earnings

earnings could rise to at
$3.75 per share, a 15% in¬

nancial

Texas

channels

broadcast¬

schedules.

earnings

areas

business, it added

SECURITIES

been in effect last
year, after-tax

view

than

these manufac¬

Starting

radio

outstanding

rate,

distributors

all

of

affiliates.

are

broadly based.

utilizes

likely to turn in

seems

crease

turers and because their business
is much

JAPANESE

industry,

position:

:

programming

least

he

have not been seriously hurt due
to
price
protection
agreements

TAX-FREE

CBS'

enable

full year

instance,

like

the

impor¬

an

phonograph record

and

the

companies

leading

quarter profits up more than 25%,

continuing fall in
prices has eroded the

Instruments,

favorable

payment

the recent and

transistor

to

revenue

successful television
programming
and a recent revision in affiliate

the

For

should

up,

System,

nation's

benefit, principally

a

without

but

in

formance in

to

with

risks inherent in individual

DIgby 4-2727

a

the dis¬

user,

grown

factor

other

Because of their value
have

the

ing,

delivery
less

Broadcasting
of

branch offices

few changes

production

price for small

to both maker and

Export*—Imports—Futures

tant

warehouse,

or

this

successful

hours

City

television network and

too

because

price equal to

a

Columbia

business

fast

expected

future

leadership stemming from highly

ally

Broadcasting System, Inc.

operator

parts

requirements with

order,

the manufacturer's
Raw

do

Within

environment,

the

Columbia

supplying all of the
can afford the sale.

distributor

from the
at

moder¬

Over-the-Counter

New York

of

manufacturers

prefers

the

single

SUGAR

the

trades

ALAN ROSENFELD

needs

user

with

NEW YORK 5, N. Y.

stock

Market.

manu¬

manufacturer

one

distributor

STREET

in

ately

at

{: sell these small customers. But,

WALL

The

.

our

•

ratings show that CBS Television

2.1%.

parts

very many

also

at

thousands

different parts

time.

costly

99

of
this

in

to

and profit performance.

For

position

maintained

Birmingham, Ala.

Mobile, Ala.
Direct wires

significantly higher

petitors,

dis¬

require

facturers, but not

LAMBORN & CO., Inc.

Allied's

is

lector, St., New York 6, N. Y.
H/wovef 2-0/00 .'4
212 571-1425

The development of color

earnings for fiscal 1963 and yields

manu¬

and

from many

New York City

to

time

in

thousands

are

purchasers

of

TWX

compares

both sales and

years,

as

suc¬

parts

large and small equipment

VIRGINIA

LD 39

long

in this pe¬

electronic

There

ward.

STRADER and COMPANY, Inc.

fiscal

small

underlying the

the

profits.

increased

to

tribution industry is straight for¬

All Issues

R. F. & P.

logic

of

cess

Craddock-Terry Shoe

This

Senior Analyst, A. M. Kidder &
Co.,

The

in

and

continue

estimated

made

was

share.

per

growing field.

riod.

Furniture

1963,

result

I1UUOL (X UV.

New Orleans, La. -

of

has

1957

one

but

charges

ROUSE & CO

Members New York Stock
Exchange
Members American Stock
Exchange

eventu¬

At the present price of about 15,
the stock is
13
times expected

sales

Only

ally

number

and

programs

is

leadership

above 20% for the fiscal year end¬

acquisition

Bassett

is

and

ing Aug. 31, 1963.

First

us

Allied

six

the

31,

agreater

sponsored

aid

as

growth,

16%, 15%, 10%, 17%, 16%

28%,

and

in

in

earnings increases should continue

The percent¬

beginning in

year

been:

Continuous Markets

whole.

as a

earnings

to around $1.10-

year

STEINER

Co.,

}'

generate

Jan.

&

(Page 2)
,

broadcasting

later

industry
remarkable growth

Kidder

New York City.

future

$1.08 in the 1962 fiscal year.

electronics

that

M.

significantly

$1.15

place company.

matched

Rosenfeld, Senior

A.

ings for the

size

growth potential. Allied

has

industry

American

the

Alan

—

Analyst.

System,

having

year,

moderately
ended

B.

Bought—Sold—Quoted
Broadcasting

ter. half of the year to raise earn¬

industry,

twice

as

for

basis

expect improvement in the lat¬

we

publicly-

has the electronics distribution

as

Call

Radio

because of its

"• / San Francisco

Wide

30

over

the

current

declined

Investors have long been inter¬

1231, 32, 33, 34

Chicago

•

Allied

the

of

Exchange

Telephone: 363-2000

Philadelphia

are

the

months

busi¬

Member

60 Broad St., New York 4

Boston

J: In

Inc.

ex¬

growth in profits.

man¬

year

num¬

these

regard

Irving

—

(Page 2)
Columbia

essentially, nonrecurring

established

of

distribution industry

parts

We

.

and

offices and

and, for the most part,

is/the

It also

owned companies in the

Established 1920

Teletype: 212-571

penses as

distributor

the

a

pro¬

kits,

expanding

salesmen.

billion-dollar per

a

ness.

CORPORATION

American

Corpo¬

Allied

products.

greatly

problem

Corp.

Harris, Resident Partner, Rob¬
ert J. Levy & Co., Chicago, 111.

rapidly

a

sales

credit

ber of industrial sales

the

at

ufactures electronic kits. The elec¬

NEW YORK

Associate

several

Headquar¬

stock.

largest

electronic

best

Radio

Chicago,

nation's

HANSEATIC"

"Call

in

like

I

Remember, when if's
.

.successful

gram,
Allied

service.

OTC

Co., Chicago, III.

contacts, we

broadest

the

cover

say

in training

group,

now

Louisiana Securities

particular security.

a

growing work force, in starting

Partner, Robert J. Levy

&

that
through our coast-to-coast wire
system, European teletypes and

We

ment

Alabama &

Participants and

Allied. Radio
IRVING B. HARRIS

Thursday, May 23, 1963

.

Their Selections

advisory field from all sections of the country

participate and give their reasons for favoring

.

This Week's
Forum

different group of experts

a

over-the-

the

field,

brokers

best

(1

in the investment and

week,

forty years we

over

covered

counter

our

points)

strongest
In

Security I Like Best...

A continuous forum in which, each

.

slower growing, in¬
issue, further market ap¬

23-Year

Performance

of

35 Industrial Stocks

cases

preciation

over

both

the

near-

and longer-term appears justified.

Capitalization is simple with $53,427,200 in long-term debt preced¬

ing the 9,178,013

common

shares-

FOLDER ON REQUEST

National Quotation Bureau
Incorporated

46 Front

Street, New York 4, N. Y.

CHICAGO

SAN FRANCISCO

Volume

197

r f "** W1

1,1

t*.

Number 6266

.

The Commercial and Financial Chronicle

.

.

1 ^

(2107)

CONTENTS

Rising Blue Chips Require

Thursday, May 23, 1963

Common Sense Approach

B.S.
*

By Philip J. FitzGerald,* Limited Partner, Dean Witter & Co.,
San Francisco,
As the
at

DJiA

panied
1981

is

by

dividend

yields

lies

of

course?
ahead

previous

less inherent equity value

means

selectivity.

1829, the year-ago

prelude to

Well-rounded

market break

Hoy L. Reierson

December,

Approach

equities

and

S20

said

to

daily

be

shortage of

unceasing

are

million

into

of

after-tax

earnings.

Investors

advised

are

to

competitively competent management, and recommended

tions

include

oils, papers

and

non-ferrous

FitzGerald

metals,

and

the

great

1962."

In

technical

the

anniversary
"corrective break

buy

7

99

WALL

view

of

the

of

UNITED NUCLEAR

HOLIDAY INNS

Study Capital

HYDROCARBON
38

CHEMICAL

stocks

—

its

by

the

impact

been

as

represented

an

Dow-

J ones

record

—stand

very

ness

chance

also

of

not

only

regaining
little

that

r

high
The

by

as

industry

confidence

leadership,

restor¬

was

in

busi¬

investors

were

coming to realize that

(1) the
future

but

(2)

ing

best

protection

a

of

power

technical

;

re¬

1

has

been

that

by far
tinuously expanding demand for
the greatest share of investment
high grade .equities which have
been

bought

.

basis

This

range

rate

of

a

saving rate
tion

to

that

it

our

as

1950's,

SEC

a

it

savers
are

should

not

gross

noted

to

the

people.

rate

of

This

savings,

grade equities in each of the post¬
market

war

declines,

including

the May crash, but has also

(2)

been

the

mainstay

of

the

that this rate

investors
of

been

and

compa¬

personal

portfolios in equities. This
the

Dealer-Broker

11

Investment

Recommendations....

8

J.F.Reilly&Co.,Inc.
NEW YORK

•

CHICAGO

Paper Money Plan".,.......

15

From Washington Ahead of the
News

5;

Indications of Current Business
Activity—.
Market.
Mutual

.

and You

.

37

(The)

share

selection

postwar

SavAStop

18

Funds

NSTA

.__A

Swank, Inc.

20

Notes

27

News About Banks and Bankers..

Observations

.'

26

Public

Governments

on

Utility

Jersey Natural Gas

No. American

21

Securities.™

19

Securities Now in Registration

28

Singer, Bean

sMackie, Inc.
HA 2-9000

Prospective

Security

Life & Cas.

4

,___^

Our Reporter

New

Offerings..:

40

Exchange Place, N. Y.

34

.

Security I Like Best (The)

2

...

Direct Wires

Security

Salesman's

Corner

20

State of Trade and
Industry

Tax-Exempt

Bond

(The)

9

Chicago

Cleveland

Philadelphia
St. Louis

Market.

6

Washington and You

to

Los Angeles

San Francisco

Washington

40

high grade equities in the

hands
who

21

:

have

year

of their

of the

40

Commentary

Teletype 212 571-0610

insurance

of

professional
far

are

better

investors

informed

economics,

industrial trends,

the

affairs

of

nies

than

individual

period.

greater

qualifications

In

at real

are

intelligently

lion

of

new

spite

The

COMMERCIAL and

in

the

of

their

these

Reg.

WILLIAM B. DANA COMPANY,
85

Park

CLAUDE

D.

CHRONICLE
S.

Patent

Office

REctor

2-9570

to

9576

Yardney

SEIBERT, President
WILLIAM DANA SEIBERT,

Treasurer

GEORGE

J.

MORRISSEY, Editor

Electric

Thursday, May 23, 1963

to $20 mil¬
into

U.

PUBLISHER

Place, New York 7, N. Y.

pro¬

coming

FINANCIAL

Weekly

compa¬

pains to in¬

up

funds

on

and

Published Twice

investors

were

vest

recognize

postwar

ever-increasing

placed

Coming Events in the Investment Field

pension

(both

each

devel¬

an

has

POWER CO.
18

to

placed

fessionals

Investing in Equities
While most

has

which

turn

far greater vol¬

prewar

subsequent orderly recoveries.

to

over

corporate

continuing, not only—

(1) cushioned the drop of high

tended

endowments,

trusts

going into debt

same

extraordinary

that

through

nies,

and

soared

savings

1

has

concerned.

savings
A

phenomena),

tripled

by $22.2 billion—

be

those

the

which is

have

was

savings plans

late

1962, personal in¬

rose

and

the

reported
to

savings

In

debtedness

of

oped

believe

and

By

have

personal

mutual funds.

experience
not

$30 billion rate,

these

$42 billion.
but

would

savings

around

their

high in rela¬

prewar

continue.

the

1962,

so

Individuals

national

our

the stock market

ume

our

financial

in

was

investors

could

to

level,

year

equities

factors in the prewar period as far

saving.. In the early postwar pe¬
riod, vvhen it ran around the $10
billion

into

been channeled through- institu¬
tions, which had been very minor

in¬

buying stems from

unprecedented

going

money

long

a

by very well informed

vestors.

the

on

••

—.(Editorial)

values

Another interesting postwar de¬

velopment

KANSAI ELECTRIC

it

Bank and Insurance Stocks

participat¬

being created by

search.

strength of the bull market which
began in 1949 rests upon the con¬

See

the

savings

economic

new

were

We

Einzig: "British Socialist Leader's I. M. F.

of

sure means

the

which

Philip J. FitzGerald

of

inflation; and

in

As

Current News in the Field

new

ground.

Regular Features

care¬

■

,

buying

against

unning

well into

investor

provided—

lost

remains

has

Just

fully selected high grade equities

the

ground

of

made

during World War II
ing

MARADEL

PRODUCTS

understanding of the remark¬

trial Averages
a

market

impressive.

as

39

associations,

the

upon

just

able

Indus¬

good

Mortgage Sales
Exceeded Purchases by
$273 Million in First
Quarter

the

companies

strength, the "blue chip"

YORK

4-6551

12

Kress

_

and savings and loan

NEW

27

W.

Grover W. Ensley Cites Record
Gains by Mutual
Savings Banks

machinery

a

market's

STREET,

Telephone: WHitehall

Spokesmen Urge Congress to Save SBIC
Program 36

situa¬

most remarkable effect
upon
affairs
of
insurance

of

Succeed

Trying

J. S. Baughman Reports FN'MA

marks

ANY

5

S. M. Rubel & Associates to
Demands of SBICs

and machine tool stocks.

May

CO

Ey Desperately

3

John

by combination of better business,
improved cash flow, and prospective corporate tax cut increasing
share

J.

_Jra U. Cobleigh

institutional

funds' investment demand abetted

stocks'

Philip

American Motors Corp

Gauging Mutual Banks' Demand for Mortgages
August M. Strung 10
Prospects for a Unified National Thrift
Industry

correction

a

1

Federal Chartering of Mutual Banks
Inevitable!
Hon. Abraham J. Multer

that,

notes

merely

D

In Obsoletes

Rising Blue Chips Require Common Sense

necessitating,

analysis

was

cumin

How to

; The Desirability of Leaning Less in the
Direction of Easy Credit

Mr.

accom¬

changed market and economic direction.

a

Pushing blue chips to higher contours
high-grade

upward

peaks. The Wall Street partner is equally convinced

extreme

rather than a

its

;

higher prices

unlike

continue

higher price level

N

PAGE

gain in the offing equivalent to that recorded be¬

—or a

therefore,

.

that

ratios and

tween 1957-1961

that

will it

or

convinced

P/E

peak

Articles and News

Calif.

approaches its previous highs, is the market posture

dangerous level

a

FitzGerald

3

Every Thursday (general news and advertising issue) and
every
Monday
(complete
statistical
Issue
market
quotation
records,
corporation news, bank clearings, state and
city news, etc.). Other
—

savings has

had

Continued

on

page

24

Office:

135 South La Salle

St., Chicago 3, 111. (Phone STate 2-0613).

Copyright 1963 by William B. Dana Company

For many years we

have

specialized in

All rights reserved. Reproduction in
whole
without written permission is

strictly

Second

PREFERRED STOCKS

or in part
prohibited.

class postage paid at New
York, N. Y.

SUBSCRIPTION

RATES

MONDAY AND THURSDAY EDITIONS
(104 issues
In

United

Union
other

Spencer Trask & Co.
Founded

1868

,

In

Members

New

York

Stock

$80.00

Exchange

U.

per

countries

S.

Possessions

in

year;

$87.00

per

Dominion

25

BROAD

ST., NEW YORK 4, N. Y.
2-4300

TELETYPE 212-571-0785

Bank

States,

U. S. Possessions

Albany
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and

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in Dominion
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members

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PUBLICATIONS

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per

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year)

per

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members

of

year.

OTHER

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4

(210S)

%

v

'■>

.

*.V

The Commercial and Financial Chronicle

.

*.

'

.

.

,

tion

OBSERVATIONS...

\

•

requiring disclosure wher¬
the

ever

securities

company's

be traded; or (2) by action

may

do not go

WILFRED

scattered

about
stake

cannot

privileges.
THE
THIS IS

AND

UN-LISTED

THE

SEVENTH PART OF A SERIES

THE

SEC's SECURITY MARKETS'

THE

ON

LISTED

absence

That being

in corporate
take

it

-

management

we

• market

for

granted

get

can

QUOTE OF THE WEEK

that

-

A

from

away

responsibility

for

to

persuade

vantaging the

do

not

through noncompliance with pre¬

disclose, but

now

admitted to un¬

are

scribed

vitally

disad¬

munity)

the American and

on

junior stock exchanges of a special
unlisted

this

f

in

to

below

reproduced

President

AMEX

ad¬

communication

a

column

r o m

to

privileges,"

trading

to

verted

"admitted

issues

of

category

of

Etherington

American Stock

(i.e., the

Exchange), has unusually impor¬

AMEX's current total
sues

1936, and 476 in 1945.

exodus from

since

tus

fully listed
change;
mergers

"for

the

Under

AMEX,

183 issues

merical

total

larger

of

enjoying

are

(out of

although

nu¬

a

their

resideiice

managements

their

(and

a

value

market

Exchange

from

excused

on

1,019, but with

aggregate

are

exist¬

ing and prospective shareholders
deprived
cial

of)

acquisitions;

in

request

of

son

rities

exchange

under

the

'

of

the

two

v

statute—those

In

AMEX

change
listed

all

and

on

This

Ex¬

issues

1,565

anomolous

long

so

Curb's

situation

before

establishment

to

reg¬

same

with

the

the

was

SEC's

old

admittance

of

New

issues

of

member

a

in

lieu

of

company's management.

Exchange

ington refers,the

Cleveland

within

Club

as

Congressional

con¬

compared. with the vast number

of

else"

"or

thereof

consideration

of

the

in January, 1983.

com-.;

"I have

i

Wheeler

which' created

my

read

on

and

practical

view

of

regulation,

they

found

handling—with

mind¬

de-listing to the sharehold¬

finitive action

SEC,

the

mandate

back

its

"The
have

to

by January,

SEC

an

the

Commission

did

with

1936;

4023)

market

providing

among

other

things, for the continuation of
listed trading

securities

to last

privileges to which

had

been

admitted

such

exchanges

1934.

It

"Among other things" it in¬

cluded
suers

an

to

undertaking by

under

the

periodically the
and

prior

reports

1933
same

as

are

Act

March,

new

to

file

(1)

I

of three

ard

the

Special

recommenda¬

a

would

exchanges, that comply with both
trading privi¬

Double

specifically

to

the

listed

mild

indication

your

double stand¬

by

companies

with

insofar

no

similar
com¬

it related

as

the over-the-counter
■

ex¬

that

to

companies,

but'defended' this double

stand¬

insofar

as

it relates to

com¬

panies admitted to unlisted trad¬

who

}fr

the "information"

filled

I think it is clear

o m my speech that I con¬
demned the double standard
without

exception.

by the fujly registered is¬
(3) securities, in by far

pointed

out

the greatest amount, traded over-

the-counter which escape most of
the

ing privileges.

obligations ful¬

sues; and

regulatory

provisions

statute.




of

the

could

not

that

force

I

an

simply
Exchange

disclosure

compelling a«company
its marketplace.
"Disclosure,
one

accomplishing

has

been

director

"teeth.".

tual

other issue had

(No

un¬

Boston

a

cf

such

dertaken

action

full-listing

four

wi
1

since 195.9.)

While
to

it

difficult

is

the

assess

full

thus

v

f

mu¬

u n

d

s

than

based in Eliza-*

Exchange subject to .ariti-trust "ac¬

r'b.et.h,
Z

portend the eventual

mental
•

the

of

Dealers

vulnerable to

fin

:.f ied

uniform

all-over

Growth

-Fund

Mr.'Wade is

-

;

,

director: of Clev.eIron
Company: and

Cliffs

National

a

-

Eemiconductoft Cprp, and

trus.ee of

.a

Stock

and Westminster Fund.

listing, lan d

the erstwhile

Fund,"

DiVerS; if ied

be

AMEX could with the cooperation
of the press reinstate

In vest-

Jeptha H. Wade

action.

event, during the interim

any

t i 1

u n

also

may

anti-trust

Inves-

Diversi-

Z.ment

weelds-isp^e^Jthe :self-,*•

regulatory National Association of
Securities

J.,;

tors,*

over-

tKe-cbuhtermmket r As wepointed.
tilt in last;

N;

"Funda-"

aTe

need for increased and direct gov¬

regulation

bil¬

The funds,

■

may

more,

one

lion dollars.

implications of

holding the New York Stock*

it

assets

ose

t otal

early

Monday's decision by the Supreme
Court

policy

of identifying via asteris>

ble

the

daily tables and elsewhere

number of charita¬

a

Cleveland;

in

the

corporations, ' including /the

unlisted-trading-privilege
the

benefit

is¬ •History and the
existing of Fine Arts.

of

Bostonr Museum

,

transac¬

Harris, Upham Co.

A SOPHISTICATED
MARKET
The

To Admit Partner

"qualitative" characterization

the

of

stock

market's

rise .since last

stitutional

the

markets

organized

think

I

to

large

year's Break

and

otherwise

Bull
in¬

as

profes¬

would

we

to

in

these

advantages

deprive

in¬

companies

of

of

auction

an

market."

This
fund

of two

can

ways:

to

by

leave

in only
(1) By legisla¬
occur

year's

Albert L. Key, member of the
New
York Stock
Exchange on June 1
will be admitted to

partnership in

sales and

redemptions
reduction

months,

A.

disclosure

pany's

requirements

requiring
of

over

-

are

the

-

the

TABLE

But

constitutional reasons), this re¬

medial

measure

Mutual

It

continues

tion,
Mr.

to

typically

as

Exchange

-

Sales

Month

is' that

deliver

the

19(53

1968

485.3
133.5

373.7

of

U.

Savings

S.

Bond,

has

exhibited substantially rising pop¬

ularity during the current period
—as

shown in

Table II.

TABLE

Sales

a

ba¬

exchange

in

Sutro & Co. Adds
Six to Staff
SAN
&

FRANCISCO,

Co., members

and

Pacific

;

1

Calif.—Sutro

of the New York

Coast

Stock

the association of six

new

men

Representatives:

Logan

W.

Moore
S.

(in millions of dollars)
Sales

1963
Jon. thru Atir.

Month

April.

1963,

1963

1,608

390.3

1962

the

in

in

40l

comparative

the month of April,
slight

increase

in

de-listing

would

redemptions in that month, mani¬

"unfortunate"

share¬

fests

currentand

coming?)

in-.

as

Wal¬

and

Frederick

San

Francisco

the

460
M.

Montgomery Street;
Thompson and Howard

Toboco in the Los Angeles

1,663' 210

409

414

slow-down

and

John

Redemption
1963

1,769.3 1,561.4

sales gains in

Mok

Bonds

office,
->

Ex¬

changes, have recently announced
Registered

II

Redemptions of

"E"

The
as

and

an

spe¬

Elias

91.8

savings of the small inves¬

the

tor,

in

cies in disclosure.

trading

and

partnership

the firm.

Reciprocally, that major haven
for the

to the

as

investor

unlisted

Masback

limited

Raphael

partnership,

ton

"residence", and,

defense- of

L.

to

admit

general

Redemption

1968

804.2 1,182.3
203.5
260.3

ApriL

ques¬

mentioned

.Also typically asserted

will

to

Mina

Lasry

Shares

Fund

1963
Jan. thru Apr.

cifically, whether the Exchange
trading privilege offsets deficien¬

sic

Redemptions of

on.

raise, the

Etherington's letter,

importance to the

Exchange,

(In millions of dollars)

should be further

weighed and acted

City,

and

Sa'es and

The

trading" situation thor¬

oughly accentuates this need.

Effective June 1, H. Hentz &
Co.,
Wall Street, New York

Meisels

I

traded—in¬

since the 29-year delay in legisla¬
tion may continue (for political
or

by the Investment

be

com¬

counter.

To Admit

members of the New York Stock

covered

other

would

H. Hentz Co.

fellow's

little

January th rough

conformity

where

securities

"unlisted

in

Companies Institute'.

and

City.

funds

S. E.

ington that the ideal remedy for
ending the nonuniform compli¬
with

of

72

We agree with President Ether¬

cluding

the

firm

share sales and redemptions of all

D. ETIIERINGTON

President,

corporate

rise

reflects

market interest. Table I shows the
four

member

mutual

concurrent

importantly

of

Exchange,

way, New York

of

record

April, and the single April month's

EDWIN

ance

doings of

the small investor.

omd

>

ard

leges of the statute; (2) the abovedescribed unlisted-trading group

enjoy exchange prestige and
privileges without submission to-

and

ivere

irrespective

Standard

(disclosure

panies)

on

all

disservice to the pub-

a

we

column

^requirement for unlisted

categories of issues:

the information and

that

seem

condemned

that are

event, there has resulted

the issues fully registered

the

legisla¬

your

"I would also take

ception

since the simultaneous exist¬

ence

if

vestors

be completely accurate.

which

The

exchange section.

ever

lie

privileges

this

doing

legislation

ties—this somewhat offsetting the
information void in the un-listed

a

unlisted

to

exposed

are

view;

supervised.
be

admitted

ment.

of

for

need

persuasion with the help of active

one

not

or

requirements,

centralized,

are

may

information

required

elected

the

the

and prospective shareholders.

admitted

securities

public

of

involve the unlisted trading seg¬

fully registered and listed securi¬

In any

trading
under

paragraph in

would

tion

art,

show

N.Y.S.E..

the

in

Harris, Upham & Co., 120 Broad¬

for

mandatory dis¬

Study has rnade

is¬

Jeptha H.

—

oate, Hall & Stew¬

off

partner

a

titative" evidence of the

of

call

they

companies

come

may not

on

ELIZABETH, N. J.

Genera1

the

That being true, the next

tion.

un¬

Thus

unlisted

to

—

sional, is substantiated by "quan¬

we

drafts
—

which

on

by

woidd

issue

Wade Elected Director

past

law firm of C

full-listing

sues—for

privileges meets

other

requirements related

closure

approved May 27,

during

one

mar-

unable to mention

company

-

amendment (No. 621, 74th Con¬

gress—s.

learned,

as

companies, regardless

be traded.

This

news

its

study—and.,

legislation

the

double

what

matter

fact that whether

trading

sufficiently

disclosure

1936.

a

tions, quotations and volume in

since

all

legislaV"^

the

is affected.

the

at

proposed
to

at

City, May 18.

to

lieve affects the public interest:

re¬

I do feel,
or

Bank,

Wade,

key point in my talk that I be¬

sur¬

had

National

conference in N. Y.

"I regretted, incidentally, that

intended emphasis, may
been

sound

not

point,

my

prudent ipay:
vigorously a:

a

cure

no

c:

you were

you

comment.

that

in

in-

'unlisted

pointed.

conclusions

and recommendations

a

have

not

,

itself, the Congress

with

report

was

however,

study the problem for 18 months
and

the

ket

<

hi

dis

meeting

not

any

to

standard,

clearly

and

in

least my

threw the problem into the lap of
the

long

your

prised to find that

Hence, instead of taking de¬

ers.

Cleveland,

interest

acted with

fulness of potential inconvenience
from

in

trading' matter, I

this hybrid situation "too hot" for
immediate

of

stated

fac¬

tors, made the Exchanges the focal

point

Club

can,

proposal

aspect

one

biit

problem

we

column of

your

remarks before the Treas¬

urer's

the

Exchange Act that, for

Constitutional

over-the-

requirements.: Our

and to support,- cis

*

Bill

traded

companies

tent'on is to continue to work

of

Securities

small

■'

closure

deliberating
Rayburn

agre e

of .companies)

counter,

April 25 touching

the

would

you

since the self-policing Levy Ccm-

mittees in the spring of 1934 were
over

sure

the 'number

admitted to unlisted tra d ing

'

the

Auction Market

an

privileges-U-relatively

ineffectiveness of the

recommendation

officials

only

year,

tion,

persuasion toward full compliance

(with

When

of

am

zthgt

regulation

his. Exchange, and

doning the

"I

of

"allegedly defending

as

tria

negative results of the list¬

ernment

cited his address

double-standardj rof

a

ive

speech.

my

Ad van age

President Ether¬

we

iully listed.'

procedure

using and which I described

are

in

enumer¬

American

m

TreasurersV

de-listing)

Too Ilot-To-IIandle

>

satisfy the

mittee's

its trading facilities on the ao-

plication
the

Stock

the N. Y. Stock Exchange.- before

initiated

York

the.

on

which

This is exactly the

(April 25) to which the following
fro

\,

Fireproofing —having succumbed

tempt to persuade those compa-

space

communication

war

urged, in the meanwhile, to 'at¬

PRESIDENT

in this

article

our

of

s suanc c

Exchange

The

year's.

~~n:es

remaining 836 fully listed and
issues

i

the

European economic

'

(.

THE

and has vol

one year

ated tests to beccme
FROM

met

has not

for continued list¬

quarterly financial reports and
begun soliciting proxies within

Thus, admit¬

obligations being observed by the
istered

which

standards

commenced

consideration for undertaking full

listing.

Exchange.

the

company

monu¬

intransi-

—Rti ahold Kami iz, PresidentAus?-

made b"

ing within

by far the most effective

as

The

Exchange

a

whose

integration possible"—;'r

Teeth Needed

said

Committee

(European

should erect

Stalin,

made

geance

the

on

AMEX

our

tance to the N. Y. Stock Exchange
served

New York Stock

status

to

EFT A

Association, "the Out¬

Seven")

ment

fully-listed

to

ing persuasion attempts

a

secu¬

to fully listed on

Exchange.

same

other

companies

information-giving

of unlisted, trading privileges' of

re¬

reorganization plans;

14 changed

and

for

AMEX

the

on

this

with

American

de-listing

should ■consider the withdrawal

of

SEC, etc.; 3 departed by

And

might be beneficial in stimulating
eligible

the Levy Com¬
quoted in your

The

the

that

meet

fully,

consistent

is

approach.

left

70

to

Report

column

fulfilling the finan¬

reporting and other corporate

provisions

involved

standards,

<

mittee

the N. Y. Stock Ex¬

became

or

"The part of

quest of the company; 32 by rea¬

existing situation

requirements and

to list their, securities

sta¬

64 issues became

cause," i.e., failure

implications at this time .of Exchange
the

on

53

Congressional-SEC

security markets.,

privileges, to meet

the disclosure

In the

unlisted trading

1.945,

the

at the

listed trading

is¬
*

of

tant

look-see

of 183

with 533 at the end

compares

MONUMENT

and

Free Trade

obligations.

er

The location

STALIN

"The organizers of the Common
Market (European Economic Com¬

shareholders'

ap¬

our

participation.

shareholders'

democracy, we

try

to

Thursday, May 23, 1963

.

be

may

which

is

companies

INVESTIGATION

in the

so,

legislation,

of

proach

BEARING

trading

unlisted

to

the

.

We

along with this premise.

skeptical

by the company whether

taken

MAY

.

•

However

admitted

A.

'

holders to the counter market.

it is traded over-the-counted or

BY

'

■

,

West

Stuart

E.

Seventh

Sieroty

office,
Street;
and

and

James

F.

Hargear in the Beverly Hills of¬
fice, 9804 Wilshire Boulevard.
The firm

enlarged

will

occupy mew

buildings

construction

both^ in

now

San

Calif., and Fresno, Calif.

and

under

Jose,

0

Volume

Number

197

6266

.

The Commercial and Financial Chronicle

,

.

(2109)

5

'

4

•'

■

'

'

'

•

"J,

•

,

ance;

American Motors Corp.

.

'

•

r

confidence

on

ment under the

in

manage¬

FROM WASHINGTON

leadership of Mr.

Roy Abernathy, President; on en¬
gineering excellence and percep¬

By Dr. Ira U. Cobleigh. Economist

tive corporate sensitivity to shift¬
A short summary

rectly foresaw the trend to compact

-

.

of the survival and

of company that

success

and has

cars

ing

cor-

its corporate

seen

efficient

on

and

Fifty

could

vestors
motor

had

surely

shares

car

the

brokers

ago

years

in¬

and

have

called

"growth stocks,"

expression been

at the time. But

duction

vigor handsomely rewarded.

current

imagine the- time

3,100 and these
ter

capitalized,- and
service

superior

than six years

now

are

-

and

In

this

happy

Enthusiasts

of

motor¬

may

well be

year

800

shindig

makes

have

than

more

of .carsr yet

j

turers.

The

separate

Metz,

7%

Moon,

of

Outside

Apperson, the Everett, the Dorris,

market. It

Because

of

the

historic

high

industry, it is indeed remarkable,
vast tribute

a

excellence

and

Corporation

American
has

and

not

of

Motors

only

corporate

American

Motors

put

Australia,

the

ready

one

In

Uru¬

Philippines,

Canada

to

though the

ton,

in

go

January,
moved

2

over

only opened in

was

1961,

from

Al¬

plant in Bramp¬

new

Ontario,

Rambler

in

13th,

that

has

Canadian

marked

Williams

Jr.,

economist

for

ment

has

been

Investors

Company,

J.

named

at

n a

in

and

its

of

1963,

cars

its

road,

will

sales

reach

Arizona

timing.

to

for

a

the

Senator

Arizonian, who

state with

from

comes

small electoral vote,

a

the

bearer, the accomplished fact will

Investors,

Di¬

come

versified

In-

put can be doubled when

all-time high.

an

Compact Pioneer
Real

business

velocity

Motors

\yhen the Rambler
ingly

projected

of

foreign

were

a

blow

be

Motors

the

cars.

with

the

fad

a

that

1964

Fall,

be

outstanding:

Labor

meager re¬

performance,

1

cylinder

engine

has

ardized" ~ construction

their

de¬

been

tinuously refined and

its
and

31

problems....
the

A

has

have

often

trade

motor

(there

and- Americam Motors* has
It has

recurrence.

a-

Stock

Fund

employees

stockholders

investors,

in

some

and

line

thus,

the

assortment

dealers

Rambler

The

carry*

engine is today

In

manufacture,

not

only

body

dip"

painting);

minum,
fiber

of

coil

has

While

and
the

sound

for

pacts,

larger

vehicles.

sought
(and

to

and

For

more

example,

Rambler American, the low¬
priced American built car, is

not

selling this

the

Rambler

luxe

year

well

as

Classic;

the

or

Ambassador which offers

cylinder engine.

All

numbered
total

Williams

Mr.

company's
is

ing

will

head

the

department

economic

responsible for furnish¬

data

economic

on

develop¬

investment advisory

ments to the

organization's officials and to the
of

boards

directors

the

of

four

the

business

division

of

along

3-for-l

the

and

economics
York

New

Area

Chapter of the American Statisti¬

'.

", •;

.

is

the

the

owner

With

from

rose

fiscal 1962
•

on
-

have

12%

of

For

Rambler,

about

,

relationship,
between

running

already

cars

20%,

the

on

the road.

percentage

indicating

loyalty of Rambler
in

1957,

now




is

unusual
owners.

Rambler, which had only
dealers

about

has

1,900
about

was

he

and

1957

(ad-i

expect

first

the

riod,

six

$1.85. We

improvement

months.

this

In

($609.8

previous

earnings

against

cents

for

unit

sales

car

fiscal

1963,

against 211,070
indicated

$1

in

a

dividend based

a

pro¬

shares

no

senior

secu¬

ahead.

Enthusiasm

lion

18%

common

outstanding with

on

on

yield of above 5%. There

18,780,000

rities

first

the

the

cars

normal

strength
for the

AMO

a

is

and

thinking that 7
year

not

has
a

now

those

Presidency itself.

in the

of

in

New

Vice-Presi¬

has

become

to

Florida,

and to California.

The

to Texas,

"

Goldwater

a

enthusiasm

has

East

the

for

states, has continued to spread.

Horace

Henderson, the Republican

Chairman

sists

that

the

would

if

of

Virginia,

Senator

in¬

Goldwater

Republican nominee he

carry

of

not

are

thing

To be Y.-P. of

Ariz.—The

Lewis

Offerman

all the states of the

E.

North

BEVERLY

tive

May

will

become

Robert

29,

pects

B.

Zusman

Vice-President

a

of

Pacific

the

of

members

Coast

Stock

is

Zusman

the

New

and

Exchanges.

resident

Beverly Hills

Wilshire

York

when

the

Convention

Central

Carlyle

L.

of the firm.
Executvie

Detjen

C.

1807

been

is President
£. Cramer is

1959

in

Detjen moved to Phoenix in
securities
1926

to

years

For

New York.

from

the

back

he

Detjen
in

10

dates
these

Wall Street.

on

prior

his

to

own

Company,

&

wholesaling

career

of

most

years

headed

His

business

and

spent

were

about

war

Sec¬

1

retary and Treasurer.
Mr.

and

is

Beasley

the

firm,

specializing
the

throughout

mid-west.

from

these

the

Virginia

Donald

Potter,

L.

states

Southern

Republican
while

the
will

He

ex¬

Cramer,

Division

a

graduate

National

declaring

the

Committee,

the

University,

1959

after

training

York

Stock Exchange

ASHEVILLE,

Mrs.

with

nected

formerly

the

trading

Republican

candidate in 1964 will win, who¬

Gersten

of

&

announces

Frenkel

continue

to

tier

The
and

firm

a

active retail

Inc.,

change,

New

in

the

35

Page Avenue,

York

Stock

Trading

Corporation of

the New York Stock Exchange

York, has joined-McCarley &

Ex¬

Depart¬

May 17, 1963.

career

but

also

department.

that it has become

Member

in

in

the

specializes in Trading

Wholesale

and

Paine, Webber, Jackson & (^urtis,

firm in Los

business.

con¬

depart¬

in

New

1958, and went to Phoenix in 1961

G. A. Saxton & Co., Inc.
D.

a

Beasley entered the secu¬

manager

C.—William

N.

Jr.,

with'

Angeles.

Boulevard.

McKeever,

en¬

business

securities

rities business at Denver, Colo.,

director
of

State

the

to

Republican

State Chairman, and now
the

Arizona

meets,

delegation

former

of

tered

firmly behind Goldwater.

Lee

of

con¬

office, 9025

McCarley & Co.

ment.

o£

name

Co.,

.Vice-President,

McKoovor Joins

mil¬

peak perform¬

the

have

Avenue, has

Donald

Lillian

Republican

voting for Goldwater.

stand

Calif.—Effec¬

HILLS,

Furthermore, he is

that

delegates

Hill Richards

New

if

changed to Cramer, Detjen & Co.

South—the old South and the bor¬

be

ments

enthusiasm.

certain:

seems

the

beyond

Goldwater

PHOENIX,

passing

of the Western and South¬

some

der states.

based

become

Republicans

big states, population wise,

the

Mrs.

sentiment

long since ceased to be

phase. ; The

for

but

Cramer Detjen & Co.

a

for conservatives from

York

National

of

than

,

fident

Mr.

Democrats

former

cry

not

areas,

nomination

Goldwater

Republican besides

e r.

to

Ac¬

_

Company,
for

economic analyst for

an

Carbide Company for four

members
new

states.

Coast, Goldwater will have

real

widely known to

Eisenhower,

rallying

were

and

Ac¬

219,850
earlier. An

current market price of

are

West

were

year

a

a

the

senti¬

confined

border

and

records

$1.19

were

98

pe¬

President

means

mil¬

similar period in fiscal 1962
of

for

operations for

on

of the business research

Hill Richards & Co. Incorporated,

was

some

all

broke
net

per

worth

(year ends Sept.

dollar volume

and

$13.91

net

for

no

Goldwater's

Nixon and, of course, Gen¬

eral

was

a

15.2%.

was

this year based

Chevrolet, annual' vides

been

economic

that

to

now

equity
to

on

share net

per

half

bu.sinessN,

$6.47

For fiscal 1962

would

the

Between

Return

share.

de

count and annual sales.

Ford and

sales

high

close

a

motor

01 h

any

in

who

1957,

price and there

split.

tual

There

Prior

years.

in

more

Rockefeller,

ern

years

Senator

Republicans and

Mr. Williams

independent

an

Union

justed for stock splits and extras)

30)

Repeat Business

in

For the past year,
was

far

the

pace

supporters.
name,

if then.

Senator which had its start in 1960

ference.

proven

stockholders'

1963

share

insistent

short wheelbases.

moderate

a

dent

Mr. Williams has been chairman

of-

rewarding to

and

by

One

division of Luria Brothers for two

168,000 and during this

market

as

an

have

have

to

Nevertheless, it is going to be Senator is nominated he will
mighty difficult to slow down to plenty of financial support.

manager

period, the stock has risen 1,000%
in

and

less

a

profitability

Stockholders,

48,000

over

lion)

are

be

to

Viewpoint

Motors

shareholders.

line, buyers are buying a lot more
of
the
"trimmings," automatic
transmissions, bucket seats, etc.;
they

it

and

progress

attractive

both

and

repellent.
was

economy

toward

adorned

the Investor

American

at

alu¬

springs;

compact

primarily

est

The

(before
of

use

be fashionable) a few years back,
there is now a solid trend in com¬

the

From

glass roof linings, clean, at¬

tractive

believe

expected

of next year,

Motors'

compact

bodies

front

American

•

is

Westminster

State

rustproofing,

extensive

but

management

design, but in unitized

construction;

"deep

in

totally acclaimed in

a

in all

just

expected

Fund.

major step toward labor stability., consultant.

Rambler

pioneered

functional

8

Detroit,

one

plants in the world.

power

less than

was

the most proven and respected

of

•

"6"

*

nor

be

the

sphere

Roger J. Williams Jr.

has minimized ;from corporate profitability. This served as cha irma n of the organ¬
of" -replacement ..new approach, to * labor relations ization's * annual forecasting con¬

need

will become

would

of

likelihood will he before the first

&

benefit cal- .Association sincd ,1959 -and .has

to

or

candidate for President

all—

West, the Mountain States and the

mitted that he is

Diver¬
Growth

in

cording to reports from the Middle

Fund,
sified

progress

which

is

Southern

the

ad¬

never

total

short

Goldwater

has

himself,

Oklahoma

This

ment

Senator,

tinued production

parts

great swell

a

Kentucky,

1,308 delegates.

only

unusual .step to prevent mutual funds.

an

now

as

the result of

as

standard

of

majority convention vote. The

right time. The

which

>764: (out of 33,000)

are

con¬

-

capacity

units.

program

sharing program by

; con¬

stand¬

700,000

this

crippling strikes in 1959 and

were

This 6

economy.

production

about

troubled

time,? American

pendability and

roll

to

just been announced.

6 cylinder-motor of "taken

a

start

modernization

and

party

279

of

Virginia—104

votes

of sentiment at the

$42 million automotive expansion

boldly moved forward. It' 1961).

developed

steadily increased
capacity and when

models

annual

will

import

Although only

over.

at

American

economy

to

small company,

sources

dar¬

has

its production

Detroit, "compacts"

thought

would

the

in
1957

was

upsurging

small

Elsewhere in

car

as

the

to

answer

in

began

become

Senator, he
bloc

would have 383 delegate

you

vestment

Rambler

'

American

new

a

to

that

tidy

states

convention

front

a

nomination;

the

from

Missouri,

West

655

feel

premature ef¬

no

the

make

They

"and

Add to these votes those of

votes,

on

word of advice

a

of

Fundamental

day. This out¬

delegates

a

border

272

is

a

the

have

votes.

the

are

Senator

is

cars

for the

says,

states of the old South vote for

and

tive services to

144

Should
11

States

sales, to 5th; and production there
now

Senator

has many friends."

and

matter

if the

advisory

administra¬

&

"The

service

party in the South," he

Maryland,

summer.

the

on

been.

yeoman

Southern

other

the

runner

invest¬

could

plant expansion* is completed this

million

done

States

politically astute support¬

of

fort

Company fur¬
ment

has

has

South

in.

Some
ers

the

from

Goldwater

Solid

there should be

ge m en t

nishes

the

thrown

the

Investors
Ma

11

throwing in

Parker.

variety.

returning

that

say

the

carry

Manage¬

Westminster

always

the nomination of the

with

Roger

popular in the South and

would

ELIZABETH,

—

First

said the Senator

is very

President

inauguration.

spectacular

South

J.

this

in the works

he may be,

ever

the

By Inv. Mgmt. Co.
N.

Washington
are

the order of the big

on

Observers

results

the

particularly impressive.

are

sur¬

existence,

has

new

Canada,

Gold-

national

a

class entertainment is promised of

Williams Named

com¬

vived, but prospered. In its nine
years

a

Venezuela.

in

Argentina,

Belgium

its

Barry

big Fourth of July rally here,

a

something

States,

nine Rambler

Mexico,

Zealand,

guay,

•

,

expanding

has

operations:

Africa,

New

engineering

managerial

that

petence,

to

South

United

also

now

assembly

mortality rate in this competitive
and

is

.

in

plans

Kennedy's

Facilities

the

the

the wayside.

market
!

'

Rambler

fallen by

domestic

Production

the

Pope-Hartford, etc., have all

the

currently.

manufac¬

car

the

and

there

today

only 5 surviving

are

manufac¬

2,000

Sen.

establish

headquarters
week and
for

corporations

of

will

they would haver had "picikihg the ;at! a rate 2% times higher thamin; a rewarding experience on the
right ones!" In this century^ over 1958. Rambler- holds, between 6% throughways and in the market.
tured

BARGERON

custom¬

water

.

CARLISLE

the

on

broadened

selling ing, Rambling along

-

BY

Kelvinator

on

Rambler Line.

the

Sales of parts

ago.

and

pro¬

loyalty to, and endorsement of,

er

far

accommodations

accfcssoriesp

and.

offer

appliances;

sustained

stronger, bet¬

are

facilities;

Ahead of the News

...

tastes;

expanding

quality

vision and

and

needs

customer

has

an

6

(2110)

The Commercial and Financial Chronicle

created,

Tax-Exempt Bond Market
DONALD

BY

Chicago

but

market

and

has

municipal

been

bidding to

bond

during the

easy

degree generally

a

anticipated. These

will

be

through

un¬

they

Yield Index

the

for

reason

inventory

situation.

State

municipal

inventory

offered

the

Blue

List

somewhat
for

several

With

about

little

average

the

lack

the

had

2.963%

ex¬

The

half

a

However,
work

than

more

out

congenially

as

in

as

Inventory

with

up

bonds.

Although

highly

The,

scheduled

investment
did

not

the

in

parable

a

in

the

slow

reception

come

ousness

we

Monday,

exempt

tually

dollar

faded

cent

market

but

issue

new

of

and

the

if

secondary

The

manner

broader dis¬

normally

quiet

prices tra¬
calendar

our

to

are

escape

a

readjusting at

support

of

the

Treasury bond market has worked
■Market Gets Lift From Hanford wonders but an overloaded state
Bond

The

price

Placement

meetings

for

day's substantial total of
reflected

sues

situation.
from

the

10

Bids
15

to

basis

tive

back.

and

Talk

touched off

a

a

it

ac¬

substantial sell¬

some

to

This total has
recent

issues

listing

usually

carried

along

in

by the stock houses dur¬

of

reached

ing periods of relative inactivity

a

000,000
the

stocks.

However,

by

it

brcadtape

Tuesday

and

otherwise

this

by

that

with

of

been sold at

some

derstood

and

later it

was

the

term

been

serial

of.

314s

had

Around

bonds

now

total

varied

of

that

of

state

offerings.

violently in

the

advertising

issue.

than

more

of

With

the

half

to the

It should

this

of

is

but

dealer

be

un¬

token

a

state

Decision

interesting
26.

Buildings

Bate

State

The

issue

Chicago

Commission,

Maturity

,

seems

recently

Bid

there

yield

New

Jersey Hwy. Auth., Gtd

3%

1981-1982

New

York, State

3Y4%

Also

eiphia

•Chicago,

the

Industrial

awarded

Friedrichs

by

Hendrix
cost.

of

members

&

to

&

Securities

Labouisse,

Co., W. L. Lyons &

yield

4.00%, this issue

Anchorage, Alaska

3,630,000

1963-1983

11:00

a.m.

—1,170,000

1964-1989

11:00

a.m.

Cherry Hill Sch. Dist., Mich

1,600,000

1964-1992

Columbus County, N, C

1,000,000

1964-1989

11:00

5,000,000

1964-1992

Noon

Brunswick

DeKalb

County, N. C

Co.

Denham

W

&

S

Springs,

Revenue,

Ga.

La

from
was

2.50%

one

of

to

the

1964-1983

1,532,000

1964-1988

9:00

a.m.

Gregory-Portland Ind. S. D., Tex.

2,050,000

1964-1986

7:30

p.m.

Lakeland Sch.

1,850,000

1966-1994

3:00

p.m.

S.

Bldg. Corp., Inc

California

Santa

Ana

1,500,000

Unif. S. D.,

Southern

Illinois

University

Monday of this week only

general market issue

sale. The Illinois

Residence

Hall

bonds

to

at

Weld

&

cost

of

interest

cost,

was

Smithers &

Co.

syndi¬

John Nu-

White,

3.6829%. The second bid,
S.

a

3.695%

made by the

Co.,

Goodbody

group.

Other members

of

the

winning

syndicate include Goldman, Sachs
Co.,
Merrill
Lynch,
Pierce,

3.05%

2.90%

2.85%

a.m.

11:00

am.

1964-1993

7:30 p.m.

10,500,000

1966-2003

10:00

a.m.

3,500,000

Springfield Pub. Bldg"., Comm., 111.

1964-1982

11:00

am.

May 29 (Wednesday)
Bellevue

School District, Neb

Chicago

Bridge,

Texas

Dakota

(State

1964-1983

10:00

a.m.

1964-1982

11:00a.m.

6.000,000

Texas-

North

a.m.

1975-1996

10:00

a.m.

25,000,000

Indep. Sch. Dist., Texas

Houston,

a.m.

11:00

10,000,000

111

Houma, La
Houston,

10:30

1964-1992

1964-1983

10:00

a.m.

11:00

a.m.

8:00 p.m.

Mu¬

Columbia, S. C
Dallas

1968-1978

5,815,000

&

1964-1993

3,252,000

nicipal Building,

1,400,000

5,000,000

Viaduct

of

Board

—/ 2,145,000

May 31 (Friday)

Univ. of Ala. Board of Trustees-,.

4,805,000

1965-2003

Noon

June 3 (Monday)
Dist., N. M.___

Univ.

State

&

&

A.

•,

M

College

'

County

Temple

June 4
State

*

.

:

10:00

•

a.m.

,

10:00 a.m.

1,925,000

11:00

Union

High Sch. Dist. No. 213, Ariz.—

Alaska

1964-1973
;

■

2,990,000 ; 1965-2002

,

Maricopa

1,250,000

Development

1964-1977

a.m.

(Tuesday).

Corp.

-■

9,000,000

;

1966-1983

2:00 pm.

Albuquerque School District, N. M.

5,000,000

1964-1968

10:00

a.m.

Allegheny County Sani. Auth., Pa.

94,200,000

1964-1988

11:00

a.m.

3,280,000

1964-1983

11:00

a.m.

1,300,000

1964-1933

Dist., Mich.—

1,225,000

1965-1979

Sch.

1,550,000

1965-1977

10:30

2,550,000

1965-1990

Noon

2,500,000

1965-1934

Noon

Anaheim

Union

H.

S.

Dist., Calif.

Appleton, Wis.^
Clevis

Sch.

Unified

Dist.,

DeKalb County Sch.

Calif—

Dist., Ga
——

County,

Honolulu,
Indiana

)

Md

Hawaii

Louisiana

&

State

Underground

Commission
St.

1964-2001

11:00 a.m.

1,200,000

1964-1979

1:30 p.m.

15,000,000

Bond

1964-1935

6,825,000

1964-1983

11:00

a.m.

6,600,000

1963-2003

11:00

a.m.

10:00

a.m.

9:00

a.m.

Building

Commission

Ohio

a.m.

16,000,000

High Sch. Dist., Calif.

State

8:00 p.m.

6,000,000

University

Lodi Union

2:00 p.m.

Parking

—

Tammany Parish Parish-Wide

School

District, La

1,950.000

1966-1993

Clay Cent. SD #1, N. Y.

1,500,000

1963-1987/

Springfield, Mass

2,300.000

1964-1993

10:30

a.m.

University of Delaware

2,480,000

1965-2002

11:00

a.m.

University of Kentucky—-.

net

a

revenue

the

headed jointly by

Co.

of¬

was

University sold $6,-

and

9:00

1964-1988

2,160,000

Sanitary Sewer, N. J.

1966-1988

4,000,000

Calif

Secaucus

Harford

Co.

7:00 p.m.

Palos Verdes Peninsula Unif. S. D.,

Dover, Del.

$137,000 of the bonds sold.

&

a.m.

1,639,000

bright spots of the week with all

(1966-2003)

7:30 p.m.

Dist., Calif.

Excelsior Union H.

but

On

1965-1988

May 28 (Tuesday)

this

Agee

Sterne,

7,500,000 *1965-1988

11:00

a.m.

Westmoreland County, Pa..

2.875,000

1964-1991

2,500,000

1965-1982

Salina &

Will Co Public Bldg. Comm., Ill—

2:00 p.m.

1:00 p.m.

11:00

a.m.

10:00

a.m.

&

3.20%

3.10%

blower &

-4/3.10%

2.95%

&

1981-1982

/ 3Y4 %

1981

3J/2%

1981

3V2%

!981

&

J.

Co.,

2.90%

Shearson,

3.10%

Blair

1981

3.20%

3.05%

Co.,

1980

3.07%

3.02%

Collins

May 22, 1963 Index=2 .963%

and

&

C.

Allyn

Ingen

&

&

Co.,

&

Co.,

Horn-

Weeks, R. W. Pressprich

J.

3.05%

A.

Witter

Dean

Van

3.20%

'

Smith,

Inc.,

C.

Bradford

Hammill

Co.,

Reynolds
&

&

Bacon,

Co.,

&

&

Co.,

Wm.

Whipple
Co.,

The

&

Julien

Illinois

bonds

were

reoffered

Continued

on

Hudson

page

38

:: 2,150.000

City Sch. Dist., N. Y

r

Robbinsdale Ind. SD #281, Minn— ;

1,345,000

.1,400,000

1964-1993
-

*

1963-1982

1964-1991.,

Noon >

4:00 p.m.

June 6 (Thursday)
East Hartford, Conn

1

3,800.000

1964-1983

Noon

Sacramento Mun. Util.« Dist., Calif.

10,000,000

1966-1983

11:00

June 10
Fort

to

.

(Wednesday)

Pa

Co.

Ball, Burge & Kraus.

The

June 5
Erie,

Co.,

r




2:00 p.m.

Okla

County,

Charlotte

Scaled

B.

availability.

5,865,000

*

&

Co.

&

1981-1982 ; 3.00%

'

•No apparent

Tulsa

Counties

to

Co., Cody & Co. and Westheimer

3.00%

/>

7:30 p.m.

7:00 pm.

Page

Pierce, Carrison & Wulbern, An-

3.15%

3%

1964-1973

1,250,0001964-1934

Du

De¬

Industrial

Leach, Francis I. duPont & Co.,
Robinson-Humphrey & Company,

1981-1982

New York, New York

totaling

interest

major

(N. Y., N. Y.)/3%%

3y4%

2,400,000

Cook &

$5,200,000 De¬

were

include

p.m.

Community Sch. Dist. #U46, 111.
Roseville, Minn-

Kane,

Carlsbad Mun. Sch.

Other

7:30

8:00 p.m.

Louisiana

group

3:00 p.m.

1964-1992

2:00 p.m.

:<

net

1964-2002

1,250,000

1964-1978

Commission

Higher Education)

headed

3.90%

a

4,905,000
-

1966-1991

at

Co.,

.

and

present

syndicate

(1965-1983)

group

Fenner

Illinois

to

has been

the

Coll

Co Comm. HSD #108, 111.
Development

,

3.00%

-

is¬

3.10%

with

bonds

revenue

2.65%

(U.T.)_.__
Pennsylvania

this

reoffered

to

Alabama

velopment

3.10%

Cincinnati, Ohio
Phila

and

groups

for

demand

week ago,

a

catur,

1974-1975* 2.80%

3%%

the

account

about $8,430,000.

11981-1982

,

from

came

2.00%

in

2.90%

Maryland

York,

net interest

were

investor

disappointing,

2.90%

Baltimore,

from

initial

&

3.10%

3.05%

Los Angeles, California

New

additional

bonds

Noon

-

2,700,000

oj

The First Bos¬

cost,
six

net interest

3.20%

Housing Auth.

Bank

submitted' bids

The

sue.

F.

1981-1982

3%%

of

Brothers

were

which

'Askel

1982

New

interest

net

Lehman

veen

3%%

Pennsylvania, "State

(1966-

A., First Na¬

2.931%

a

State

cost. The runner-up bid, a 2.953%

cate

3%%

•Delaware, State

S.

of

syndicate

by

Bank

Corp. at

on

Public

Connecticut, State

<

State

the

N. T. &

City

750,000

Saxon

new

MARKET ON REPRESENTATIVE SERIAL ISSUES

California,

to

jointly

State Normal

by

tentatively scheduled for sale

An

issue

competitive

ton

one

June

attracted

bonds

of.
the

was

obligation

fered for public

"Milestone"

Comptroller

new

1983)

there

$10,000,000

headed

and

inventory.

substantial

offerings

of

May 22 total

With this considerable pressure
off the market, the day's rather

of\

general

•

$40,-

remain

have

dresen & Co., Cumberland Securi¬

municipal bond

in account.

roster

Hawaii

and

by relating

up

bond

$639,139,000.

expression

reported that all

($62,410,000)

disposed

000,000

price concession

of

$122,000,000 financing, it .has-

large block cf Hanford bonds had

still

depending on the
ties
Corp., Cherokee
king size issues. It
record high of $727,- Corp., Howard, Weil,

been-reduced

a

the

List

Hanford

placement

mid-

announced

was

pinpoint

memory

in

morning

Blue

most syndi¬

writing

award

Missouri

Mayes & Co. through negotiation

inventories

municipal

ing in the long-term dollar quoted
volume

to

dealer

the

dealer

as

concerned.

inevitably end

and

market

of

far

so

are

difficult

situation

being in focus

escape

sheets

is

extent
we

week

more

stock

It

,

points from

of

favorable

off

bond

the mirrors

balance

market

figured

were

with

is¬

new

municipal

might just

Tues¬

easy

higher level of only
two

or

this

and

the

demand

Retail

Thursday

balance

Federal's

been

and Trust Co. and

the wrong time.

market items.

keen

very

have

and

1964-1982

10,121,000

ago,

but

reofferings. As

rather drastic price

re¬

Last

tional

bidding yiews

off,

we

days

substantial balances to dispose

America

issues must be better dis¬

new

tributed

business

in

drift

spotty

Noon

.1,600,000

basis

be¬

some)

the

ten

to

months when

ditionally

quotations

estopped

into

go

summer

while yield

been

day.

this

at

heavy

likely

no

these

of

been

$500,-

a

the

com¬

heavier

is

in

com¬

has

covers

of

Continental Illinois National Bank

ac¬

was

dramatically 'and

all

was

the tax-

20,

market

beset by dealer concern

s~>

that

May

bond

now

about

encourage a

tribution

dealers.
On

to

as

so

and

it

all

of

cates

year.

tentatively

not

their

adjust

nerv¬

broker's

among *

and

must

a
soon

and

is

close

11:30 a.m.

1963-2002

May 24 (Friday)

Valley Center Mun, Water D. Cal.

Du Page

/
tax-ex¬

about

points higher than ten

order

approximately

was

relatively

dealers

created

apprehension

figure

schedule

issue

immediately develop and

further

by

of

and

been

1964-1992

May 27 (Monday)

total

a

various

bidding

have

1.273,000

Yonkers, N. Y
V

8:00 p.m.

.

23,260.000

Bldg. Authority

/■

)

overcom¬

reporting,
of

1865-1975

t

■'/*'.

1, N. Y—
S.

State P.

Florida

last

petitive
levels

Sch. Dist. No

Penn.

1,295,000
Central

Etc.

bonds.

revenue

$130,000,000

has

between

total

1

000,000. .This

atmosphere,

interest

and

issues

July

Be

$575,000,000. A week ago the

revenue

purchased

time

this

scheduled

and

Must

should

it

as

at

in

interpretation

Recent. Awards,
Since

competition

Realistically

some

traditions

for,

$122,000,000

competitive

20-

issue calendar has ex¬

new

panded

might

Washington Public Power Supply
System, Hanford Project,

a

increase

grade

Problem

Faced

The

not

case

the so-called

and

the meantime, the market was

loaded

high

in

milestone

by

Perinton,

ruling

the

market drop of about

a

This

basis" empt bonds has been sold at

2.925%

a

underwritten

banks.

traditional

The

tax-ex¬

did

have been otherwise the

in

revenue

between general obligation and

as

Financial Chron¬

This 0.038%

point

compensatory.

timing

the

general

general obligation bonds.

year

in

Penfield,

Northwest

ing the

price

offerings.

from

ago.

represents

that

another

Center

be

may

commercial

recently

Index increased to

basis

week

a

empt return from inventory items
seemed

been

has

fi¬ icle's yield

interest

market

followed

moving
Commercial and

apprehension

offerings.

have

slower

of inventory despite

of

secondary

has

cutting

going along with this gen¬

eral

it

been

in

to

on

apparently

as

they

as

Project

dealers

but

and

totaling

prior

Pressure

is

inventories

swollen

$500,000,000

Hanford

and

pressed

been

than

weeks

$122,000,000

nancing

had

more

Reflects
Prices

slowdown derives from the heavy

May 23 (Thursday)
Brooklyn Park, Minn

Civic

Thursday, May 23, 1963

the following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.

deriving

usage.

these

bonds

willing to

were

immediate

The

that

.

Larger Issues Scheduled For Sale

through

supported

revenues

.

In

troller of the Currency, has ruled

new

tail.

unless

directly payable

subsequently discussed in de¬

be

prices by 5 to 15 basis points.

These

However, James Saxon, Comp¬

past week and most of the bond
ness

Center.

issues will

dealers have done but little busi¬

cut

for

levy of ad valorem taxes

pertinent
state

funds

buildings in the

Civic

•.

from the

The

borrqw

new

bonds will not be

MACKEY

D.

will

constructing

.

a.m.

(Monday)

Bend

Indep. Sch. Dist., Tex.
Montgomery Co. S. Bldg. Rev., Ky.

2,750.000

1964-1985

1,200,000

1964-1983

1:00 p.m.

Sparks,

2,000,000

1965-1991'

7:30 p.m.

Nev——

/

7:30 p.m.

Volume

197

Number

6266

.

The Commercial and Financial Chronicle

.

.

(2111)

banks, summarized

well the basic

advantages

Federal Chartering of

dual

of

Mutual Banks Inevitable!

shift from
has

House

Bank

Committee

Supervisor and

on

Banking and Currency,

two of his bills to establish

on

insurance

Subcommittee

of

F. D. I. C. and F. S. & L. I. C., predicts Congress would be
receptive to Federal chartering of mutual savings banks — providing
the thrift institutions "work
together vigorously in seeking this

legislation."

support for such

Representative

Multer

refers to

for

that

the

thrift

institutions'

will

case

stand

outlook

Legislation
banks

Federal

for

is

would

for

mutual

excellent.

eral

savings

I
is

inevitable beit

cause

sound,
ward

is

for¬

be

particularly

an

ment

savings banks.
the

it will
the

cause

two

industries

most

mutual

—

sav¬

ings banks and saving and loans—
in

to

work

together

vigorously

seeking this beneficial legisla¬

tion. What is needed—and needed

now—is the kind of united, effec¬
tive thrift industry action
that
was

brought to bear in the

recent

tax controversy. This first united
action was, in a manner of
speak¬

ing, in
vent

negative cause—to pre¬

a

enactment

of

prospect
The

minimize

or

harmful

opportunity
achieve

now

come

positive

a

the

legislation.

has

for joint action in
—to

enactment

cause

of

pro¬

gressive legislation that will weld

savings; and
banks

of

such

expansion

loans

together

and

savings

for

Broad

in

dual

Benefits

derive

savings

increased

from

bank

flow

;

to

na¬

more

The

evenly

and mortgage

funds, the reduced costs
mortgage

re¬

nationwide

system.

of

distributed savings
to

of

of credit

borrowers,

investment

have

—

been

Lacking
dence,

only

that

solidly

economic

is

the

powers

these

thrift

of

advantages

indicated

on

several

the

such

that

there
the
or

is

support,

the

well

as

by

underline

public

the

bodies.

They

endorsement

given

one

can

Congress

will

of

either

the

Federal

all

at

Committee

savings banks

charter

to

embrace

idea.

I

am

For

savings

chartering

is

of

banking,
the

only

well

publicized.

One

en¬

added

ever, by

key to further
under

eral

housing

escaped
recent

official

attention.
speech

I

how¬

have

the

of

J.

Baughman, President

Stanley
of the Fed¬




of

^
this

I

establish

accomplish

broadened invest¬
objectives is through merg¬
ing the savings and loan and savr
ment

ad¬

opposed
Federal
charters for mutual
savings banks

ings bank industries. This would
represent the modern magna carta

the

advantages
for

thrift

demand

credit

savings

has

for

home

mortgage
relative to

declined

system.

And several astute
loan men have

of

Home

the

Congress.

blunt
are

the

association's

about

more

To

it,

be

causes

in

billion

states
are

36

Senators

in

now

from

the

Bank

leaders

business

bankers

Congress

with 100 Senators
worrying about
savings banks in 50 states than
with

Loan

dustry

perfectly

savings

effective

in

Board

that

assets

requires

18

dynamic economy. This idea
well expressed in the
recently

was

issued

report

of

May 13th speech of the Associa¬

Committee

tion's

the

President's

tions, Jas follows:

John

.Kress, to
indicating the in¬

doubt
more

in

the

about

the

sification
tries

impor¬

of

loans

and sectors

specialization

effective represen¬
Nation's

Institu¬

"By inhibiting adequate diver¬

creasing influence of Washington
in savings bank
affairs, one should
no

Financial

on

cial
to

capital.

among

could

institutions

insolvency

indus¬

of the

economy,
make finan¬

more

from

of

A.

The

an.

This

announcement

is neither

an

offer

to sell

nor a

Savings and Loan Association of
"So, it
have

...

seems

a

great

to

that...

me

opportunity,

one

savings

qnder
loan

The
;

.

business

federal

law 31
..

loan

and

the

years

ago.-

strength
•

savings
of

Continued

Prospectus,

$50,000,000

Company

4%% Debentures due May 1,1984

Price 99%
plus accrued interest

op¬

ditional

existed,

bank

need

in

for

ad¬

savings facilities

clearly
witness the phenome¬

as

Copies of the Prospectus mcty be obtained in
several

lawfully offer the

Mutual
a

any

State only from such of the

Underuriters, including the undersigned,

as may

securities in such State.

'

year.

The
advantages
of
the
dual
banking system, long available to

commercial banks and savings and

will

become

banks

chartering.

available

through

This

does

to

Federal

not

rush to obtain

ters. It does
banks

will

mean

benefit

Lehman Brothers

mean

Blyth & Co., Inc.

Merrill

savings
of

from

the

sys¬

banks operate

Bear, Stearns & Co.

Drexel & Co.

outmoded

state

laws

A.

B.

A. Inconsistent

enough,

the

Bankers

poses

& Smith

Eastman

Dillon, Union Securities

t<

\

Lazard Freres & Co.

Carl M. Loeb, Rhoades & Co.

Paine, Webber, Jackson & Curtis
Wertheim & Co.

F. S.

Moseley & Co.

Stone & Webster Securities
Corporation

White, Weld

& Co.

Dean Witter & Co.

Execu¬

Association, who

op¬

federal charters for savings

& Co.

HarrimanRipley&Co. Kidder,Peabody&Co. Ladenburg,Thalmann&Co.
Incorporated
Incorporated

be¬

would be erased.

Strangely

Lynch, Pierce, Fenner
Incorporated

of checks and balances

many

can

Salomon Brothers & Hutzler

that all savings

May 22, 1963.

i

.

..

Paribas
Vv

Corporation
V :;

*

;

had
and

(^2^;

my

on

nationwide

savings
the

we

for

panded service under the federal
savings bank law as we in the.

ad¬

Associates Investment

-

modernization, for renewed de-»
velopment, for redirection nu ex-,

solicitation of an offer to buy these

securities. The offer is made
only by the

Theobald,
Federal

First

Peoria, Illinois:

vulnerable

arising

Mr

\ e.

President

invest¬

flexibility and diversifica¬
tion if it is to operate
soundly in

our

savings banks
operating. And after the

the Association

fv

rapidly approaching $100

in

ment

which

President

of that prominent sav¬
ings and loan leader and student

financial

a

step.

a

statement

in¬

and

sayings and

recognized it as
Witness the recent

Federal

frustrated by the

where

and

agree,

position
of
locally
entrenched
competitors/It took two years to
Alaska

area

the main ground that the con¬
version of
savings and loans with

tive Vice-President of the Ameri¬

by

all

to

credit

specialized

■

hgve
to

the

when

submit that the most
logical route
to

Bank

previous

in

effort

an

implementing the long
objective

been

Finds
may

refer

the

Loan

ministration

widely respected Fed¬

a

recently,

Home

reach

declining."

With

the

.was

sound growth. And

Federal

Efforts to achieve this objective,
through the state legislative route

cause

dorsement

mortgage finance

in

fully

practical

visory authorities. The Competi¬
tive
disadvantages under which

been

home

to

other

charters

proposal.

All of these endorsements have

;

demands
are

in

on

ad¬

dual

the

on

institutions is tied directly to this

Finan¬

cial Institutions.

type

investfunds

that

specialization

institutions

re¬

a

power

unduly risky loans of the

permitted

ran

convinced that the future of both

between Federal and state
super¬

on

for

strong in savings and loan circles
continued

that

on

tem

President's

out

only recently,

conviction

is

be

the

homebuilders, by the

to

act

Federal char¬

nation's

however, that the

danger

induce

may

their

concentrated.

industry

will

charters

on

hand,

the necessity—of
loan and invest¬

ment powers. It was

related

.

indus¬

which

stricted, choice of ..lending

advan¬

saving flows. It is broadly recog-nized both by the current
Federal such

tation

by the Com¬
Money and Credit, by
the Federal housing
agencies, by

federal

incon¬

so

one

the

banking, is that it would make
possible much broader representa¬

tance of

savings banks

to

the

and,

Federal

have

that state chartered

mission

be

can

the

A

its leaders have

realize

tages—yes, even
broadening their

Board

parenthetically,

to

come

in

lending is perforce

loan

and

particular

legislation.

hesitation

any

part

savings

as

business, most of
now

the

benefits.

thrift

this

savings and loans

loans,

groups

cannot

promptly. My only wonder is why

search

academic

oppressive

savings

the

sectors

convincing evi¬

supports

Given
sure

occasions by private industry, re¬
and

com¬

recog¬

nized national

strengthening of the dual banking nal growth of the Alaska
system, the broadened flexibility Savings Bank in little over
institutions

in¬

an

jective support for Federal charter
legislation because of its

standing

iterate the broad benefits the
tion will

mutual

Ananimity

strong, uni¬

a

need for me

no

the

would

housing, and the

extension.

There is

action

of

of

a

banking

the

in

or

Thus, there is widespread, ob¬

means

fied, thrift industry.

•

as¬

in the allocation of invest¬

funds

Abraham J. Multer

directly concerned
fail

loan

be estab¬

Awaits Thrift Institutions

ly\ be be¬

o n

and

creation of more
dynamic
petitive conditions."

judg¬

outlook proves
wrong,

savings

effect

crease

without

on

and

savings banking industry,

communities

ment

fi¬

savings banks.

The

the nation and

If my

home

nancing picture would be greatly
improved if a dual chartering
bank

benefit

now

Associa¬

opinion, the

my

sociation setup, were to
lished for mutual

legislationthat
will

"In

Mortgage

system, similar to the commercial

iooking

-

National

tries

tion

tion, in which he said:

■

Indeed,

eventual enactment

say

of

Charter

such

Not the least of the

withering oppositionary crossfire.
The

versity

that, savings and loans have been
banking
broadened powers would result in
reques tin g./ Such a
hand,
(merger,
a reduced flow of
to advocate
home
just as strongly the
mortgage through the Federal charter bill,
funds.
denial of this system to
is the next logical
savings
step in. the
banks.
All of this is now
changed since evolutionary development of the
system

against

up

dual

strongly the basic

vantages

recognizing and pressing

Savings Bank. System. Representative Multer antici¬
pates hearings will be held during the current 88th Congress and is

convinced

oh

as,

advocate

Federal

a

that

wonders,

sistent

par¬

—

not

maintaining

systems,

how Dr. Walker

Association for their inconsistent stand, denies this would
create
third banking system, and chides the thrift institutions

a

By

needs of their

.

ers

ticularly the S & L Associations —for

of

One

Bank-

can

harmful

supervisory procedures
long continue."

step, discusses broad advantages which would

a

and

point where banks cannot

assures

...

widespread

to the nation from such
action, criticizes the American

accrue

the

choice

merge the

beneficial

definite advant¬

oppressive

for

to

system to the other

very

communities,

holding hearings

now

one

adequately meet the

the

Federal banking commission and to

a

"Board's

Views
As

of ,banks

Supervisory procedures

become
to

ability

certain

ages.

By Hon. Abraham J. Multer.*
Representative, U. S. Congress (D.—IV. TJ
of

Shift in Home Loan Bank

banking

system:
"...The

Chairman

the

7

V

con-,

page

14,

8

(2112)

The Commercial and Financial Chronicle

Stocks for Income—List of

DEALER-BROKER

which

ling, Lerchen & Co., Ford Build¬

INVESTMENT LITERATURE

ing, Detroit 26,
Tax

AND RECOMMENDATIONS,
IT

IS

UNDERSTOOD

TO

SEND

THAT

THE

INTERESTED

MENTIONED

FIRMS

PARTIES

THE

WILL

FOLLOWING

BE

issues

interesting—Wat-

appear

and land reclama¬

sewer

tion general obligation bonds from
the

PLEASED

LITERATURE:

San Francisco

Co.,

Incor¬

Music

Sparks

Study—Suplee,

&

Report—Hill,

50

active

mining, petroleum and

Thompson

Toronto, Ont., Canada.

Company
Inc., -/ 89
S'treet, Boston 10, Mass.

for first quarter—New York

ures

New York

Hanseatic

Corporation, 60 Broad
Street, New York 4, N. Y.
Bond
look

Market—Discussion
for

second

Salomon

half

Brothers

of

&

out¬

of

1963—

Hutzler,

60

Wall Street, New York 5, N. Y.
Canada—S t

u

d

Com¬

and

Comparative fig¬

—

Manufacturing

panies—Report—David L. Babson

Banks and Trust Companies of the

y—Calvin Bullock

Ltd., 1 Wall Street, New York 5,

Broad

City Banks—Compara¬

Stocks

—

Laird,

City

Bissell

&

Supplement to

1962

up

to

Jan.

31,

Funded Debt

new

issues dated

1963—Investment

Canada.

&

Redpath,

New York 4,

is

2

Broadway,

N. Y. Also available

chart analysis of Spiegel Inc.

a

showing

between

son

stocks

used

Averages

Loan

Investment &

vs.

Companies—Discussion—

Draper

Dobie

and

Company,

25

Adelaide

Street, West, Toronto 1,
Ont., Canada.
Railroad

Mergers—Re¬

port—H.

Hentz & Co., 72
Street, New York 5, N. Y.

available

is

analysis

an

Wall
Also

of

Edo

Corp.

year

Exchange

Folder

listing

change

Quotations—

181

rates

foreign

ex¬

Manufacturers

—

Hanover Trust Company, Interna¬

Division,

44

Wall

New York 15, N. Y.

Street,

'

1

the

over

stocks

Jones

the-

-

used

in

Bureau

yield

to

as

and

Wall Street Transcript
full

texts

of

indexed

cross

Issued

—

on

copy

request

on

Reprints

—

brokers'

available

reports,

weekly

—

subscription—Sample

search

Wall

—

Street

Inc.,

46

Front

Buyer's

Street,

Review—A

of

survey

re¬

industries

25

each—

in

Paine, Webber, Jackson & Curtis,
Broad

Street,

Also

randum

on

Selected

New

available

Syntex.

Canadian

Sons,

—

James

Inc.,

14

is

York
a

4,

memo¬

—Wm.

&

Securities, for
or

for both—

Richardson

South La

Co., 36 Wall Street, New

comments

tries,

&

Wall

Street,

New

\

Salle

Street, Chicago 3,

Algoma Steel Corp., Ltd.—Analy¬
sis—Davidson
&
Company, 25
Adelaide Street,

West, Toronto 1,

Ont., Canada.
Allied

Corporation

Deetjen

Co., 120 Broadway, New York 5,

Doherty

Roadhouse & McCuaig
Bros., 335 Bay Street, Toronto 1,
Ont., Canada.

Aluminium

Ltd.—A

1 y s

n a

i

s—

Industries, Inc.—Analysis

Y.

on

the Japanese Stock Market for

Also

available

is

booklet

a

1963.
Japanese

Market

Review

—

—

mings

&

Co.,

Ford

Motor

Carl

Oil

view—Orvis
Broad

of

Corporation.

Co

.of

&

Co., 30

S'treet, New York 4, N. Y.

Also available

are

reviews of Corn

Company,

Company

Ford

Harris

and

Motor

f *\

.

P

number of "Pocket Guide"—Har¬

Memorandum—Golkin, Divine

ris, Upham & Co., 120 Broadway,

Fishman,

available

New York 5, N.

are

Brewery,

Co.,

Ltd.,

studies

of

Kanegafuchi

Kirin

Spinning,

Takeda,

Chemical, Asahi
Glass,
Yawata Iron & Steel, Ebara Man¬
ufacturing, Isuzu Motors, Minolta

Camera,

Nippon

Kogaku,

Mitsu¬

bishi Estate.

Japanese

African

Gold

curities—Report

Mining

with

Se¬

and

Synthetic

Industry—Analysis
reference

to

with

Bridge-

particular

American
ance

dum—R.

Also
on

available

Warner &

Geophysics

ing

Co.—New

York

Hanseatic

Corporation, 60 Broad Street, New
York 4, N.Y.

Brokers and Financial Institutions

Stocks Currently Active

Trading Room:

Metal Climax—Analy¬
sis—Colby and Company, Inc., 85

Boston 9, Mass.

Western

—Analysis—A.
South

3,

C.

La

111.

Gas

Salle

Also

&

Street,

Marathon

Oil

Stieglitz, 52 Wall Street,

Pershing

Co.—Memorandum—

&

Co.,

Bristol

Broadway,

HAnover 2-2400




Teletype 212 571-1780; 1781; 1782

Corp.—Memoran¬

&

Gannon

Myers

sis—Walston &

National

are

and

a

Ball

&

Community

Bank

of

Rutherford!—Memorandum—Dean
Witter & Co., 14 Wall Street, New
York

5, N. Y.

-

Power

Bulletin

—

—

&

Co., 120 South La
Salle Street; Chicago 3, 111.
Ohio Edison Co.—Annual report—

Ohio Edison Co.,

M. W. Themes,
Secretary, 47 North Main Street,
Akron 8,

Ohio.

..

Olin Mathieson Chemical

Analysis

Schrijver

—

Street,

New

Corp.—4

&

Co.,

York

5,

37

Y.

N.

Co., 25 Broad Street, New York 4,
N.Y.
Parker

Hannifin

Corp.—Memo¬

randum—Merrill,
Union Commerce

land

Turben

&

Co.,

Building, Cleve¬

14, Ohio.

Gulton

is

Port of New

y—Analysis—

New York 5, N. Y.

Also available

is

Union

analysis

an

of

Oil

of

California.

Also

Y.

5, N.

memorandum

a

Industries.

on

•

York

Authority Air

Terminal Revenue Bonds—Bulle¬

Ryan,

Inc.,

70

Pine

Street, New York 5, N. Y.
Reading

Bates

&

New York

Bulletin—

—

Georgeson & Co.,

52 Wall Street,

5, N. Y.

.

Gulf, Mobile & Ohio Railroad Co.

Sears,

—Report—Thomson & McKinnon,

—Laird,

Broadway, New York 5, N. Y.

Broadway, New York 4, N. ,Y.
available
Oil

comments

are

Products

and

on

Ber-

Leasing Co.

man

Gulf

Schley,

120

5, N.Y.

Gulf

States

Broadway,

New

Swingline

Weeks,

Plaza,

Chase

1

New

York

5,

available is

report

a

Textron

Noyes

Industries—Comments
issue

current

of

&. Smith

in

Lynch,

Pierce,

Incorporated, 70

Also

available

ACF

Industries,

comments

are

5, N. Y.

&

—

Analysis

—

Company, 115 Broad¬

is

National

Resources

Trucks,

Analysis

—

&

Co.,

8

Hemphill,

—

Hanover

Street,

4, N. Y. Also available

analysis of Grolier Inc. and

an

list of stocks

selling well below

their recent highs.

Airlines—Memorandum—

Sincere

and

La

Salle

Company, 208 South

Street,

Also available

Chicago

are

111.

4,

memoranda

on

on

Clean¬

ing Contractors, Inc., Puerto Rico
Mack

M:

Broadway,

"Investor's

S'treet, New York 5, N. Y.

Water

120

United

Reader"—Merrill
Fenner

Co.,

Industries

New York

a

Gulton

120

New York 6, N. Y.

way,

&

Also

&

Carreau

Meeds,

Inc.—Analysis—H.

Frumkes

Texas

Co.—Analysis

&

•

Utilities—R epor t—

Hornblower

&

Bissell

New York

Oil—Memorandum—Moore

York

Roebuck

Authority,

Pennsylvania-New

Pennsalt Chemicals, Pyle National

Standard

and

United

Packaging.

States Rubber Company-

York

Central

Merger, Texas

Analysis—Blair

& .Co.

Incorpo->

System,

rated, 20 Broad Street, New York

Interstate

Corp.,

Freight

Gas

*

5, N. Y.

and

United

Min¬

States

Incorpo¬
Boston

Memorandum—J.

Co.,

Corporation—Report—A. M.

120

Home & Pitfield Foods Limited—

&

7

East,

King

Street,
Ont., Canada.

Watt

Limited,

Toronto

1,

Wall

Street, New York 5, N. Y.

Wait Disney Productions—Review
—L.

F.

Rothschild

cals

Corp.—Analysis—Dreyfus

&

Wards Co.

Co.,

2

4,

—Stein

Company —Analysis
&

South Spring

ysis—C.
821

—

Templeton,
•

M.

West

Mitchum

Inc.,

650

Street, Los Angeles
.

Rio

Oils

Oliver

Hastings

Ltd.—Anal¬
&

Company,

Street,

Van¬

1, B. C., Canada.

Commonwealth

Minerals

Broadway,

of

Puerto

Lease

Plan

New

International—Bulle¬

&

Smyth,, 26

Co.,

120

Bros.

&

Boyce,

Weyerhaeuser

Co.

Dean-

&

Witter

Loyal

,

/

Incorporated—Analysis

Center, Baltimore

gomery

1 Charles

1, Md.
—

Co.,

Analysis—,
45

Mont¬

Calif.

Protective

Company—A
Boston

&

n a

Co.,

1

Life

Insurance

y s

i s—Paul

31

Milk

Montana

San

Pine

dum—R.

Power

W.

Street,

San Francisco

D.. Woodward Stores

Street,

9, Mass.

Special Report—Government De¬
velopment Bank for Puerto Rico,

Juan, Puerto Rico.

York

&

Broadway, New York 5, N. Y.

Broadway, New York 4, N. Y.

Sheeline
Rico—

Chemi¬

&

New York.

tin—Filor, Bullard

.

&

Analysis—W. E. Hutton & Co., 14

California

Telephone

Sparks

•'
Kidder & Co., Inc., 1 Wall Street/
New York 5, N. Y.
United States Steel Corporation—

International

&

W.

Broadway, New York 5/

New York.

Analysis—Watt

Company—Analy¬
Co., Inc., 74 Wall

Water

Rubber Company—

neapolis, Honeywell Regulator.

S'treet, New York 5, N. Y.

couver

Trinity Place, New York 6, N. Y.

Hoover

Ilertz

120

N. Y.

Capital

Central Del

Security Dealers Association

o m pan

Motor

&

14, Calif..

74

on

tin—Park,
C

Halle &

Transmission

Jones

Members New York

Unterberg,

6, N. Y.

Armour

rated, 140 Federal Street,
10, Mass.

Troster, Singer & Co.

E.

Co., 61 Broadway, New

and F. W. Woolworth Co.

G. D. SEARLE

inquiries invited

are

Company,

dum—May

Block

Chi¬

analyses of Manhattan Shirt Com¬

Boston

KEWANEE OIL A and B

memorandum

Steel

.

MOSLER SAFE

WESTERN LIGHT & TELEPHONE

Co.,

available

ETHYL CORPORATION

INTERSTATE MOTOR FREIGHT

America—

Pine

Company

Allyn

S.

Street, New York

Pacific Lighting.

Arkansas

U.

available

of

on

New York 5,

SOUTHERN UNION GAS

Corp.

Y.

State. Street,

on

memorandum

a

N.

American

Mining

is

Swasey Co.

Insur¬

Hartebeestfontein

Gold

4, N. Y. Also available

comments

Pressprich & Co., 80.
J. C. Penney Company—Analysis
Street, New York 5, N. Y.
—Gude, Winmill & Co., 1 Wall

Pine

Manhattan

Life

York

W.

Co.—Memoran¬

Memorandum -—Atkinson

•—

pany,

our

&

Street,

Y.

Guaranty

An-

on

and

122

in

Broad

President Brand Gold Mining Co.,

peep Levels,

cago

For Banks,

67

Company, U. S. National
Bank Building, Portland 4, Oreg.

reference to Western

Co., and Blyvooruitzicht Gold Min¬

Natural

particular

South

Inc.,

New York 4, N.

Y.

reports

are

Denver

6

o we r—

149

Securities

changed to

Company—Report- Parke, Davis—Analysis—Hardy &

Metromedia, and General Electric.

American

Foreign

(to be

sis-—Winslow, Cohu. & Stetson,
Incorporated, 26 Broadway, New

Wall

heuser Buscli Inc., Northrop
Corp.,

various

&

Company.

2

Intertype

Corn Products.

on

Street,

Glidden

America—Re¬

Brothers

um-

Loeb, Rhoades & Co., 42
Wall Street, New York
5, N. Y.

randum

current

Albany

York

Sinclair

Amer¬

C

M.

New York 5, N. Y.

in

4

available

analysis

of

New York 6, N. Y.

Universal

categories

Broad¬

t—Bregman,

Towbin &

Broadway, New York 6, N. Y. Also

Daiwa

Corporation

epor

Also

Results—Bulletin—Laird,
Meeds, 120 Broadway,

&

29

New York 6, N. Y.

randum—Iselin, Legge, S'tonehill
& Co., 51 Broad
Street, New York
4, N. Y. Also available is a memo¬

1962

Co.,

Memorandum—C.

;

ers

&

&
Co.
Incorporated, 300
Avenue, New York 22, N. Y.
an

Insurance

Hughes & Hatcher, Inc.)—Analy¬

Brake,

Rail Stocks.

Park

is

Also

Pa.

analysis of Phila¬

an

Life

Freehling

Evans

Also

delphia

Equipment, Ex-Cell-O and

Clark

Gardner

Ltd.—Memorandum—

Philadelphia 2,

available is

Nevada

American Electric Power—Memo¬

Bissell

Air

—

&

Street,

Transportation,

Also available

Chemical

Analysis—Emanuel,

Corp.

Property-Casualty Insur¬

are

General Steel Indus¬

on

General American

Selected Stocks—List of issues in

N.

Also available

Westinghouse

way,

Illinois.

Products

5, N. Y.

Selected

*

Inc.—

Mosley

Yeatman,

Bearing.

Company—Comments—

Bache &

Company—Report
Dynamics
Tegtmeyer & Co., 105
ica—R

H.

Aluminum

'

.

income, for growth,
Review

jV:

sfc

Di Gior¬

on

Alberto Culver

Aluminium

with recommendations

25

:Js

National Quotation

a

New York 4, N. Y.

York

Ltd., 61 Broadway, New York 6,

Rubber

Deere

York 5, N. Y.

New York.

over

Japanese

Economy
for
1963 —
Booklet—Nomura Securities Co.,

Gardner-Denver.

23-

performance

Bureau,

-

Quotation

both

—

industrial

Dow

35

Folder

compari¬

listed
the

industrial

period

N. Y.

Foreign

tional

and

Security

Eastern

the
in

National

market

—

up-to-date

an

Averages,

Canadian Banks

Armstrong Cork Co. and

on

Stocks—Review—Auchincloss,

Parker

counter

Ont.,

memo¬

Staats

gio Fruit and Abbey Rents.

—Schweickart

the

1,

York

are

memoranda

are

5, New York.

Yonge

Toronto

randa

New

available

able

5, New York.

Dealers Association of Canada, 55

Street,

Broadway,
Also

R.

Co., 640 South Spring Street,
Los Angeles 14, Calif. Also avail¬

Dresser

Oil

Co.

Curtis Mathes Manufacturing—

Transcript, 54 Wall St., New York

Over-the-Counter Index

Book, containing

4,

2

Y.

Enterprises,

Namm-Loser's

Meeds, 120 Broadway, New York

New York.
Canada and Canadian Provinces—

Po¬

&

of

tive figures on ten New York
Bank

S. International Monetary

sition—Discussion—Goodbody
N.

Materials

&

&

U.

Fair

Co., Incorporated, 1500 Walnut

New York.

Memorandum—William

Co.,

New York 6, N. Y.

way,

caster, 238 Adelaide Street, West,

States

Securities

Co. of New York, Inc., Ill Broad¬

industrial issues—Canadian Fore¬

United

Tire—Yamaichi

stone

120

Inc., 70 Wall Street, New York 5,

Washington.
on

Co.,

Broadway, New York 5, N. Y.

porated,Hoge Building, Seattle 4,
Active Canadian Traders—Data

Thursday, May 23, 1963

Food s—Memoran¬

W.

Bay Area—In¬

formation—Grande &

.

dum—J.

Mich.

Bonds—Yielding 5.40%

.

Consolidated

Cove Vitamin & Pharmaceutical—

Free

—Street,

.

—

Report

—

6,.

(1947) Limited

Equitable

Brokers

Limited, 60 Yonge Street, Toronto
Co.—Memoran¬

Pressprich & Co., 80

Street, New York 5, N. V.

1, Ont., Canada. Also available is.
a

report

Corp.

on

Quebec Natural

Gas

,

Volume

Number 6266

197

.

The Commercial and Financial Chronicle

.

.

Steel

Production

Electric

The State of

Our

comparative

some

Output

Carloadings
Retail

(2113)

of the principal money cen¬

ters

for

summary

follows: 0

cured

■

New

last

(000s omitted)

May 18—

TRADE and INDUSTRY

$19,112,706 $18,001,108

6.2

+

According
monthly

Board

of

compiled

by

of

Reserve

Commodity Price Index

,

May

-

Summary

Conditions

Federal

mid

the

to

-/

i''

"

.

National

Business
the

:

System's

record

seasonally

the

of

inventories of
stable

and

sales

unchanged and retail
Commercial

declined.

credit

declined

expansipn

bankv

earlier this year. The

"Prices

a

of

steel

Prices
steel products

some

price

the

mill

in

3*/fe%

index

products also

Prices

for

1%.

products

aluminum

April,
Some
in¬

were

most

of

all

sensitive

savings deposits at commer¬
industrial materials changed little
banks
rose,
although less
in April and early May, however,
rapidly
than
earlier.
Between
yields

bond

mid-May

and

Common

little.

changed

stock prices advanced

further.

and

Industrial

122% of the

was

nearly
March

level.

terials

rose

in

April

the

rate

ma¬

further

final

of

output

slightly.

and

other

some

increased, and
and

main¬

was

of

commercial

increased

somewhat

Production

machinery
while

goods

of apparel

staples

consumer

tained.

home

output

of

output

other

of

types

business equipment changed little.
"Iron

steel

and

sharply

production

further

and

one-fourth

than

reflecting

level,

inventories

of

against

possible

a

stoppage.

Output

materials

and

ment

con¬

equip¬

increase.

to

materials,

nondurable

Among

work

for

parts

continued

also

to

construction

of

of

goods and business

sumer

No¬

shift from liquidation to

accumulation

hedge

more

the

above

vember-January
in part a

was

rose

5%

substantially

than in the

two

major

coal,

crude

in
of

oil, and chemicals also advanced.

this

justed

commercial

ment

securities

"Seasonally

adjusted new

put
in

changed

place

in

April.

increased,

4%

in

Public

upward

showed

March,
in

residential

April.

was

31/2%

loans,

,

to

rise

in

lion

and

cial

gain

in

all

of

in

The

has

as

5.7%

employ¬
occurred
of

well

as

5.6%

April

The

rate

was

with

compared

were

The
to

March

two

banks

sales,

average

April

after

months, while time
less

rose

rapidly than

amount.

after

increased

banks

in

April.

Excess

Steel

In¬

tons

ing

against

2,548,000

(*136.8%) in the week end¬
May

output

11.

level

The

week

2.2%

rose

successive

the

2,605,000 tons

was

as

week

following three

weeks

output

to

relatively

of

which

accompanied

optimism voiced by Mr. Mc¬

Donald

and

steel

the

current

The

week's

since

labor

about

than
March

and

weekly

is

of

the

20

So

two

Three

months

last

Jan,

production

44,451,000

of

1 -May

19,
net

4,949,000

1962
tons

(*120.6%).

Week Ending-

of

those

May 11

130

129

143

144

Pittsburgh

131

128

137

134

Cleveland

164

East

Coast

Buffalo

this

__

13

out

in five,

consecutive

week

and

•;

174

154

Chicago

142

from

weeks

141

Louis

132

of

experienced such
rises.

the

In

of

autumn

be¬

;

141

<

weekly

Steel Usage

Set in

Last

Steel

current

well

to

in

consumed

against

a

Should

the

steel

output

normal

mand

end

position

amicably,

return

will

buying

to

threat,

build
and

derived

of

may

mil¬

of

course,

,

Truck

It's

output

running

also

close

is

booming.
the

to

changed little while member bank

top

of providing

steel

declined

slightly.

is

filling

strike

Brighter

of

de¬

ingots
84

steel.
were

steel

steel

of

holdings

System

to

users

push

developments

users

not

need

U.

"Yields

on

will
a

month.

There won't

June

at the

earliest, and

notice of

mid-April
yields

issues,

Treasury
rate

The

mid-May

and

corporate

on

.on

bonds

changed

"Common

stock

a

ing.

In

ber

mid-May

than

have

7.25 million

cars

its

continues

The

machinery,

farm

con¬

im¬

they ,did in 1955,

record

117

produced
million

million

in

1955

tons

tons

The

August

bookings
and

tent. and

for

July

thus reduce

cost of

5%% Sinking Fund External Loan

of

July-August Orders Leveling Off
Below

Peak

tons

Although steel demand remains
strong, it

remainder

seems

to have passed its

Contonued

on

i

Bonds due May 15, 1978

rising

1%

peak."

Clearings

1962
Bank

Week's

clearings

statement
ago.

1.8%

Above

Volume

in

the

of

retail

earlier- and

equal




,

to:, the

an offer to sell nor a solicitation of an offer to buy these
offering is made only by the Prospectus, copies of which may be obtained in any
from such of the undersigned as may lawfully offer these securities in such State.

for

ings

securities. The
State

latest

forged ahead of a year

Preliminary figures compiled

advices

from

the

chief

the

week

ended

Saturday,

possible to

stores

department
groups

98.23%

(plus accrued interest)

This announcement constitutes neither
Bank

were

obtain

1.8%

weekly

above

clear¬

Smith, Barney & Co.

Kuhn,Loeb&Co.

Incorporated

Incorporated

The First Boston Corporation

Harriman Ripley & Co. LazardFreres&Co.
Incorporated

Blyth&Co.,Inc. The Dominion Securities Corporation

EastmanDillon,UnionSecurities&Co. Goldman,Sachs8CCo. Kidder,PeabodyftCo.
•.

.

*

Incorporated

those

015,297 for the same week in 1962.

White, Weld & Co.

ex¬

backs.

about 3% below the Decem¬

1961

and

operational cut¬

(Dated May 15, 1963—Interest payable November 15 and May 15)

Price

the

resulted

Seventy-seven million
consumed.

their

r.

finished

of

schedule.

behind

fallen

(2) They'll be able to strengthen

City of Copenhagen

prices

some

They will be able to pull up

three-month'

average

strike

reopening is given.

moderately further in active trad¬

were

a

Steelmakers will welcome

gov¬

ernment bonds rose somewhat be¬

dis¬

continue

probably

(KINGDOM OF DENMARK)

and local

state

strike

formal reopening until mid-

a

(1)

$15,000,000

Markets

Security

a

Labor-management

in

Gov¬

S.

their

indicate

fear

May 22, 1963

securities.

ernment

for

back.

for at least

NEW ISSUE

Reserves

million

$285

hedge

prospects

other orders that might otherwise

•

improvement.

1963 than

absorbed principally through

increase

for

consumption, the steel in¬

borrowings from the Federal Re¬
serve

1951

happen if automakers

economy

struction,

The

will

car

order deferments for two reasons:

magazine
-

more

steady

in

1955

passenger

pre¬

Steel

can

the

its

reflecting changes in mar¬

strike

1963

of 77

strike. plement, and appliance industries
labor con¬ are expected to use more steel in

current

discussions

as

were

since

can't be called until 90 days after

steel

possible

tract

steel

hedge

nervous

as

advancing
for

tons,

That

advance

marked
reflect

demand

use

(1,502,-

net tons).

week's

continues

1955

equal the 1955 record
dicted.

30.4%

rose

for

year

Reason:

average

in 1963 May Equal

Record

steel

1,958,000

level

output).

be

lion

output

year

before September at the earliest.

136.8

industry—139.8

of

production based on
production for 1957-1959.

ginning with Sept. 5 until Dec. 6,
to

the. lowest

cussions

weekly
1954

a

(in days'

supply) at the end of April

orders

long sustained

a

than

more

million

2.6

vs.

Latest

133

140

,

Total
"'Index

industry

consecutive

of

sequence

the

has

1954

year,

automobiles have been

Dealer inventories

ago.

some

>

132

140

:

Western

ending February 2 through

fall

more

labor peace, however, may cause

140

Cincinnati ■>

Southern

the

more

the

141

.St.

for

this

produced

orders.

157

Detroit

weeks,
rose

far

dustry

"

leveled

So

2.9 million

current

May 18

North

the

make,

they fall behind.

On

Production for

District—

was

of

consumers

record.
•"Index of Ingot

output

weeks

of

through

—

(*119.3%) which is 1.1%

the

may

period.

But

they

(record

below

top

demand.

vehicles

castings
net tons

the

for

meet

pattern

totaled

half, 1962, and

Automakers,

at

has

exceed

will

steel

1956.

strike,

July

year

first

record

May 18—the output of ingots, and

>•

in

this

far

of
a

First

years.

5,

should provide ample opportunity
for major hedge buying.

year's steel output production de¬
clined

the

of

usage

highest

the

at

steel, keep upping their output to

to

were

foregone.

now

v

Out

of

ex¬

days

90 days notice. Thus,

repetition

was

36

1-Aug.

union

it must give

1960.

19,

July

steel

of

Youngstown

56.7%

any

place

the

set

candidate Nixon.

strike

negotiations.

output exceeded

output by

larger

leaders

previous

took

a

that

is

three

about

some¬

»

year

May 18

and Presidential

in

half

under

settled

was

Consumption
level

Nov.

aegis of, then, Vice-President

or

reserves

down

at

and

until

inventories

into

"Required and total reserves of

cities of the country, indicate that

quarter of this

first

other

July. The

July 15, 1959

weeks

went

ported.

.

declined 1% in April. Sales
most

Iron

A

by more than the usual

of
outlets.. Dealer deliveries of new the corresponding week last year.
cars :
increased,
however,
and Our preliminary totals stand at
were
against $33,439,nearly one-tenth above a $34,034,109,394
and

American

the

If

declined

May 18, clearings for all cities of
the United States for which it is

the

and

High

ket consumption of steel products.

graphic

year,

non¬

by the Chronicle, based upon tele¬

Distribution

through

of

oc-

1962.

in March.

"Retail

Three-Year

earlier. U. S. Government deposits

employment

unemployment
in

113

1959 which

5,

rose

increased, and the seasonally ad¬
justed

of

continued

prices

seasonally.

about

securities

workweek

factory

average

labor force

that
half

latter

changed

month

steel.

nar¬

recovered

now

decline

the

the

increased

bills
fluctuated
employ-, Treasury
rowly around 2.90%.

manufacturing

the

for

strikes

establishments

substantially further in,

which

lasted

The

According to data compiled by

se¬

savings deposits at commer¬

little.

adjusted

Hits

3.6

56.7% Over Year-Ago Week

Other

showing little net change over the
previous

tween

April, reflecting mainly a sizable
ment,

to

declined.

rapidly.

from

and

nonfarm

increased

loans

as

supply increased $500 mil¬

money

while

-

"Seasonally

Govern¬

balance,

on

government

6%

Employment

ment

April

S.

moderately and holdings

for

of

decline

a

Steel

000

a

activity.

which

by

in

U.

and

dealers

curity

the

commenced

1.9

con¬

reflecting

construction,

revised

un¬

Private

struction
rise

con¬

was

of

ad¬

credit

bank

billion

$2.4

holdings

expansion

seasonally

year,

bank

an

struction

higher

rapid

earlier

were

Construction Activity

—

the

declined

demand

spring of last year.

"Following

what

strikes

594,841

City

—

April 27. During those 13 weeks
Credit, Money Supply, and output advanced 36.8% (1.863,000
to 2,548,000 net tons). Not since
Reserves

siderably following termination of
Production

earlier.

of both beef and pork

Production
remained

level

a

year

a

meat

and

at

little

below

member

newspaper

wholesale

Livestock

changed

about

newsprint consumption rose con¬

cities.

583,682

about 50% higher than

was

prices

since

prevailing

2.0

year's
sharply

rose

domestic

the

autumn.

at

mid-1962. Production of television
sets

last

Bank

remained

assemblies

high

of

substantially

increased

"Auto

the

above

Production

and

products

price

1957-59 average,

points

two

prices

"Sugar

April

industrial

of

products remained stable.

,

Production

production in

prices

average

further;

^"Industrial

6.2

—

(*139.8%)

cial

mid- April

—

942,544

1,582,612

stitute, production for the week

increased

were

creased.

and

1,640,963
1,365,000

923,692

ended

rapid1 raising

following

supply increased,- and time

money

remained

cars

slightly below

were

Commodity

pand in April while construction
was

new

rates

1,280,000

Dealers'

1955.

"Production year earlier.

Governors,

and employment continued to ex¬

activity

adjusted

of

summer

Chicago____
Philadelphia
Kansas

•',.

r

in

one

and

%

1962

1963

York__

Eoston—___

■

...

the

last two previous

Trade

Week End.

.

increase
The

9

Dean Witter & Co.

page

16

The Commercial and Financial Chronicle

(2114)

10

mortgage holdings

Gauging Mutual Banks'

savings
in

Demand for Mortgages

that

The Bowery

reached

be narrowing and

may*

\

in the not-to-distant future, limit

mortgages, nevertheless, mortgage bankers are

^

,

this

of

mutual

the

represent

is

paper
.

to

assets),

From this

time periods

war

savings, and immediately thereafter, mortgage loans constituted the largest

possible demand for mort- single category of assets held by
mutual
f£ageS in the
' Jmutual savings banks. Our activi¬
cavin
hnnlrs Our nrtivi-

their

near

most

future

market. S

be

>

to

try

project

ages are
to

at

a

early

beyond

or

August M. Strung

way

Needless

flattered

by

sincerely
been able

statement.

to statistics

this

trust

I

am

assignment

and

to

say

that

in

the

will

I

remarks

Money

savings banks

held

for

and
some

back in the year 1900. This

percentage increased to 55.4%

in

1930 but diminished to 40.6% in

few ,1940. This decline was a result of
have

properly to analyze and

project the part which this rather

the depression, which

so

many

of

us remember, along with its accompanying foreclosures. As a

result of World War II and its
industry can be expected to play aftermath, this percentage shrank
in
the
nationwide mortgage rather appreciably to only 24.8%.
important portion

of the lending

market.

This

-

Savings Banks have throughout
most of their

the

primary
able

history looked

mortgage

market

investment
will

records

upon

their

as

Avail-

area.

clearly

show

low

point

occurred

during

unprecedented rise. In 1950 there

an

increase to 35.8%; in

an

increase to 55.1%

they certainly will continue to be
particularly

so,

term

sideration and I
like to

forecast

address

what

long-

pull, however, is

doing

topic for con¬

would, therefore,

myself directly to

institutions

these
over

Savings

may

be

the next 12 months.

Puts Mortgage

In order to

figures
the

use

and

the most

these

recent

were

Kidder Pea-

Capital Assets of the New York

City and Westchester County Sav¬
Banks

While

I

does not
and

as

of

realize
cover

covers

only

Jan.

that

1,

1963."

this

report

all savings banks

relatively small
geoghaphical area, it does, how¬
ever,

a

because of the total

assets

held by these

ly

more

all

If

areas.

look

we

mort¬

yields slightly above the

see

4%

figure.

Let

however, for

us,

discussion purposes, use a flat 4%

figure. Mortgages, and I am re-!
ferring to those which most mort-,

not-too-

gage bankers are

ation

meeting

of

investment

vehicle

At

that

held

income.

time

about

most

60

70%,; of

yields

low

as

Using these figures

r

spreads
:

of only

points.

savings banks

to

instances

some

5%.

What1 better

there than mortgages?

was

primarily inter¬

in, namely, 203s and VAs, are;
offering only a 5.06 yield and in,

com¬

a

through the increase of

was

*

This

as»

find,

we

100 to 106 basis
;

.

spread, in

is-\

opinion,

my

their; extremely thin and would indicate
that this is not the time to be buy-

expedient of increasing mortgages

ing insured

the "expense

at

liquidation,

banks, cover slight¬
than 50% of the assets of

assets.

banks

According

City

to

this

savings

cies.

This

is

banks

judgment

is

New

banks

held

that

these

we

are

cannot

important)

further in

of

go

the direction

of

It

liquidity is always with
be

must

savings

that

remembered

banks

have

depositor

a

relationship with their customers

series

own

is

liquidity problem, it
maxi¬

a

mortgage limitation must be

imposed.

proximity to this
therefore, appears to

Our

limitation,
be the

of any

crux

halt in mortgage

a

months ago.
I

am

it

As

pur¬

clearly

shows

when

1960

far

aged

some

matter of fact,

a

should have been far
back in

a

I reviewed this series

sorry

since

and

that

we

active

more

spreads aver¬

above

100

a

point

spread.

obvious

that

narrowing of spreads is

is,

a re¬

sult of

of

course,

large amounts of funds (in¬

creased

deposits plus bond liqui¬

dations) seeking

limited number

a

of mortgages. In other words, we
have

has

forecast.

unattractive.

could operate in

one

chases would have occurred

It

mum

becoming

vacuum,

this

of this

bank, keep our^

our

of

the point where this type of mort¬
gage

to meet any and all demands. Be¬
is almost axiomatic that

had

imbalance and what

an

been

happening

has

been

a

natural phenomenon.

My

is

guess

savings

that

of

the

will

bank

80%

average

have

the neigh¬

in

of

self-

a

mortgages

to

total assets. If this is so, then the
heretofore

mentioned

figure

of

75% in mortgages looms most im¬

Practically
estate

the

and

(As

beginning

1

problems

in¬

of

matter of fact I'm

a

feel

to

re a

emblazons

mortgages

tremendous

vestors.

magazine and

every

item devoted to

newspaper

for

sorry

my¬

self.)

portant, since it drastically limits
consideration

It

crease.

of

portfolio

a

also

that the 75%

bered

THE PUBLIC UTILITY ISSUE OF

of

must

Jan.

1963

1,

be

and

consideration

no

$ince delivered

represented

outstanding. If I
what
the

Will Be Published June 13,1963

has

been

going

Analysis, however, does not in¬

lieve that they have,

activities

recent

through their

during

position

where

greater

sent the official

and

our

ANNUAL PUBLIC UTILITY ISSUE will
pre¬

opinions and forecasts of the nation's public utility leaders

on

this

of

ination

may

I

am

not

that

gest

foolhardy

so

non-industry authorities

nation's

on

the outlook for this vital segment of the

economy.

figures

York

closed

billion

1

indicate

State

savings

that

banks

million

100

mortgage loans .during

the

of

I

I

raise the question as to

gree and

Get your

activity.
I

first

believe

these banks

that

the

quarter of 1963, which is almost

perspective

on

this year's prospects and the future trends of

now

in

use

greater

York

placing of their funds

Do

Bank

before

not

in

miss

this

the

savings

publication went

public utility industry.

330

opportunity to advertise

important issue.

Please

your

reserve

closing date of June 11th.

Firm, Corporation

your

space

or

requirements

March.

month,

It

figures

for space in this

important issue.

same

by

222

obvious

from

further

approaches

these

being made toward that

pos¬

probable mortgage limita¬

or

tion.
gap

is

dur¬

this

increased

that

sible

Regular advertising rates will prevail

to state that

on

During

assets

million.

are

'

The

banks.

million of this occurred

ing

*

State

In

short, I believe that the

is narrowing and that in the

not-too-distant

played

by

future

savings

the

part

in

banks

the

rive
of

discernment

mortgage.




25 PARK PLACE, NEW YORK

consuming than is the purchase of
blocks

to delay

consideration.
road appears

will

But

RECTOR 2-9570

Jt

that

now

lies

Herein

to any

tip

a

contractor

or

who

has

earnings,
and

the

retention

a,lso

that

note

dviidends

of

capricious

ever

In

are

portfolios,

passing,

deposit

we

portfolio

might

run-offs

decreasing percentage-wise

as

or

not

To

of

terested

portfolios.

New

am sure

York

that you

reception accorded

those

that

to

I

interested

in

the

you.

conven¬

tional financing, I might mention

207s,, 213s and 220s

added

approached

will be pleasantly surprised at

long-term, slowly amortizing 203s,
are

orig¬

in New

contiguous states and who

savings banks.
kind

the

fairly clear, this area

York

existing

was

curtail their

or

duobt receive greater at¬

no

tention.
broker

loans

insured

of

necessary

inates conventional loans

then

their
time-

more

mortgage field will be limited to

behavior.

7, N. Y.

conven¬

Because

analysis and making is

the

to de¬

choice,

lies with the

their

THE COMMERCIAL & FINANCIAL CHRONICLE

in

so as

This

greater yields.

course,

tional

are

position where they can

a

the reinvestment of the run-off of

,

the de¬

to the areas of their

as

4% of the aggregate assets of New

*

lending, be¬

they will be, but

sure

am

to sug¬

as

banks will not

savings

cause

New

a

discrim¬

be exercised in

now

be active in mortgage

striking distance of their
mortgage
goals.
Recently

in

mortgage lending.

new

published

de¬

themselves

within

* The 1963 edition of

heavy

and

placed

to bring them

as

problem may be

liveries,

months

so

this

great for savings banks. I be¬

securing other deliveries and/or

commitments

that

dicate
so

judge of

banks have been most active

year,

in

mortgages

am any

three

first

to

to commitments

or

Discrimination

as

was

only then-held mortgages, giving

THE CHRONICLE

Exercising Greater

in¬

remem¬

figure

;

mort-;

spreads, and this
certainly indicates a narrowing to

and must at all times be prepared

cause

We, in

gages.

guaranteed

or

Actually, if

liquidation since the ques¬

tion
us.

far.

so

my

poli¬

however,

(and the fact that

much

bond

expedient,

only

go

borhood

report,

were

still retain sound investment

imposed limitation

,

banks

able to meet this competition and

billion of the

savings

of bond portfolio

savings

savings banks. In short, these

York

af¬

ested

problem

It

body Report, "An Analysis of the

ings

the

account

income

through the several avail¬

the

banks

pinpoint this think¬

ing, I have tried to
in

in

in

distant past were confronted with

Ceiling at

to Total Assets

80%

current

banks

differential

will

gage demand.

can

found

imminent

of

Investors

at today's Government
market, we

major, factor in

a

pur¬

assets in mortgages. By the simple

immediate

the

not

the

over

pull.

The long-term

1955

and by 1960

important

very

the year 1945. From that point,
figures deal with 21
mortgage percentages began an 41 billion of total
was

savings

mortgage market and that

the

contained in

on

mutual

been

be

be

petitive dividend situation. The
must* obvious method to meet this situ¬

in

Ac¬

36.9% of their assets in mortgages

so

rapidly.

following

important with reference

Commission

Credit,

control
vision

occur

it would ap¬

we

have

study by the National Associa¬

the

changes be¬

yond

to bore any¬

tion of Mutual Savings Banks

1964 inasmuch
as

statistics,

previous

my

cording

present

diminished.

not

that the following percent¬

pear

our

thinking

with

one

foolhardy

to

has

do not like

While I

that

by

banks

certainly indicated that this

predilection

X

think it would

figure, I think

conclude

ties have during the last decade

and

is

will

mortgage

limitations.

able investment

significant and in all proba¬

to

appears

Spread

certainly take into

forded

opinion,

my

million.:

odd

600

In

percentage

(that

dollars,

in

-

the

their

of

this

importantly

more

billion

20

some

banks and to attempt to evaluate

current

or

expressed

assets.

75%

will

we

100%

by

than

affecting

percentage

con¬

which

portfolios

Yield

add another consid¬

me

chases which is wholly aside from
must

most

any

holdings

when

buildings backed

that except for

think

I

eration

hold

banks

just

for

figures

Narrowing
Now let

that banks

means

savings

better

bilities

all

extent

The

mutual

mortgage

when expressed in percentages to

by good leases, and residential loans.

up

moment,

gage

assured that demand

commercial properties, and office

—business and

these

on

1962. If we

banks

holding 50% of the total assets of
all

Thursday, May 23, 1963

.

74.9% of their assets in

some

ings banks increased their mort¬

conventional mortgages in all types of loans

will continue strong for

.

and

67.5%

.

mort¬

assets

mortgages. This

realize that in 12 short years, sav¬

holdings, earnings, etc.
Moreover, Mr. Strung notes that the narrowing yield spread between
endorsed mortgages and governments may curtail desire for FHA-YA

.

the
had

1961,

held

in

Westchester

while

aggregate

one

mortgage acquisitions to run-off of existing
.

there

stop

in

of

gages,

stitute

reflect
found to

not

that

revealed

their

75.4%

at the end of the year

between mortgages and total assets of savings banks is

gap

find

we

,

reached its all time high of 69.5%

Savings Bank, New York City
The

did

rise

the

since

•

study ended

This

banks.

1960. Further inquiry

figure

By August M. Strung,* Senior Vice-President,

increased

had

65.8% of the total assets of all

to

.

our

Business

industry is generally in¬
in

all

types

properties,

of

loans.

commercial

-

Volume

197

Number

6266

The Commercial

and

Financial

Chronicle

(2115)
properties,

office

residential
come,

loans

leases.

Of

go

To

non¬

the

as

who

might

These items

are

NEW

timid

FIRMS

NEW

approaching savings banks BATON ROUGE, La.—Cutner &
large loans, let me assure Associates Investment
Company,
that they, too, will be consid¬ 1718 Wooddale
Boulevard.
James
Recent

permission

to

D.

&

par¬

funds

had this
at

area

the

heretofore

A.

unto themselves. We

Bowery

headed
and

who

have

Edick

recently

J

think that I

into

have about

subject
detail

great

cluding, I would

without
but

before

like to

cov¬

ment

their

more

mortgages just
to

from

that

outstanding
curtail

wide

to

deliveries

commitments

a

in

FHA

and

nation¬
and

and

VA

Robert

dent

122

Katz,

Herbert

are

Company,

Co., Inc. and Richard

A.

Walton

address

Eastern

and

by Mr. Strung before the

Mortgage

Conference, Mortgage
Association
of
America, New
York City, May
7, 1963.
Bankers

Ferguson,
Treasurer; and N.

son,

FITQHBURG,

Municipal

Aubuchon
Street.

Sales at Peak
WASHINGTON,

at

were

mu¬

peak

a

level of $2,716 million for the
first

quarter of 1963, according to a
quarterly review of the municipal

Bulletin, May,

1963,

published

by

the

Research

Department, Investment

Bankers

Association of America.

The pre¬

vious

the

high

quarter

set

was

of

1962

in

when

bond sales showed

a

municipal

revised total

of $2,698 million.
Sales of general

obligation

mu¬

nicipal bonds totaled $1,622 mil¬
lion, or 60% of first quarter, sales,
while $956 million
sues

of

the

total.

issues.

tinue

to

portion

revenue

is¬

The

remaining 5%
Housing Author¬

consisted of New

ity

in

sold, representing 35%

were

Revenue

represent
of

total

a

bonds

larger

municipal

con¬

pro¬

bond

sales, at the expense of general
obligation bond issues.
New York was far in the lead
with total state and local munici¬

pal bond sales of $456 million dur¬
ing the first quarter. Illinois was
second with sales of $242

Tennessee
million

third

was

and

million,

with

California

$222

ranked

fourth with sales of $157 million.

Pennsylvania, New Jersey, Texas
and Louisiana each

nicipal

bond

$100 million.

sales
.

had total

in

mu¬

excess, of

91

Fairmount

Aubuchon,

was

formerly

the
with

& Co.

Partners

FORKS,

N.

Dak.—Mid-

Securities

Corpora¬

tion, 27 y2 South Third Street.
ficers

dent;

are

Of¬

Wesley L. Sando, Presi¬

Frank

I.

Schmidt,

Vice-

President; Donald M. Mercy, Sec¬
retary and Treasurer; and Doug¬
L.

with

its

York

head

Mr. Beren

ciated
which

for

was

with

II.

120

South

>•

OMAHA,

c

Ru

Thull.

Thi

Donald B. Clark is Man¬

Neb.

has

Smith, Polian

JUNCTION,

James
and

M.

Nicely,

Treasurer

Vice-President
of

the

Ford

Foundation,

has beep elected a
director of The United1 States and

Foreign Securities Corporation,
closed-end

investment

a

company.

of the

curities

Inc.,

Building.

Hilldale

Howard

No. 1,

Trumpbour

merly with Morgan

P. O.

was

Davis

&

for¬

Co.

Wood, Walker & Co.

WANTAGH,
Planning

N.

CO.,

Y.

Joseph Comforto is

Rose

2400

Lane.

sole proprietor.

WILMINGTON, Del.
vestors,

Comfort

—

1240

—

West

United In¬

Eric

Maplecrest. Partners

are

Drive,
Richard

R.

Leon, Jr., general partner, and
James F. Collins, limited
partner.
Mr.

Leon

was

formerly

with

Waddell & Reed, Inc.

State

Broad

is

York

Beckman

—

&

Spence

was

Mass —William

NEW BRANCHES

Cohu

&

formerly with

Stetson,

Mercantile
East

Trust

Baltimore

Incorporated,
Building,

R.

Street.

Ira

Hornblower

curities
1

—

&

Weeks,

Ohio

—

Helen

Miller has become
affiliated with
Ilartzmark & Co., Inc., East Ohio

members

of

the

New

Corporation

of

He

Walston

&

thereto

America,

All

Not

a

corporated, 721 Bishop Street.
ficers are John A.
dent and John B.

President.

Mr.

was

was

Co.,

has

with

Stuart,

1431

Main

with J.

become

Hughes &

St.

He

mark

Mr.

Securities Co. of
Hiob

was

for

Columbus,
formerly Toledo

Gallagher-Roach

R. Dale

Mr.

Pritchard

Dillon,
and

with

was

Union

Walston & Co.,

MELBOURNE,
Associates,
Andrew
etor.

He

was

e

Prince
is

sole

TOLEDO, Ohio—Bertha
son

is

now

affiliated

24th

Madison manager for
&

Co.

Collin, Norton

1 d

21021

Jacob

was

and prior thereto

heimer and

NEW

YORK

Wall

as a matter

of record.

250,000 Shares

Aluminum Company of America
Common Stock

Invest¬

Northeast
pro¬

Price $62.25

B.

per

share

at
T

CITY—Trew &

Street.

Co.,

Partners

are

YORK, N Y.—Pension Secu¬
rities Fund, Inc., 20 Broad Street.

NEW YORK

CITY—Hecht, Wein-

garten

&

Lane.

Officers

Co.,

Inc.,

tional

City Bank.




125

are

•

Maiden

Martin

S.

Hecht,

President, and Robert I.
Weingarten, Secretary and Treas¬
urer.

Both

were

formerly

Mr.

Na¬

with West-

Company.

New Issue

Coburn & Associates.

Weingarten

Prior

was

menhaft, Seidler & Co.

with

thereto

with

Flo-

The First Boston
Corporation
\

Investment
Securities

fe

and

Columbus Corp.
was

propri¬

Blen, sole

Dil¬

Bernard and Company, of
Colum¬
bus, Ohio. He was formerly local

r u m

formerly with J.

N.

& Co.

manager for First

of these shares having been sold, this advertisement
appears only

Avenue.

J.

formerly with Eastman
lon, Union Securities & Co.

formerly with First

Service,
Court.

prietor,

Co.,

D. John¬

with

Russell & Co., Inc. Miss Johnson

Corp.

MIAMI, Fla.—Hamilton
ment

&

Inc.

Fla.—M

1187

Meldrum

Investors

Eastman

Securities

&

Co., Inc.

MILWAUKEE, Wis.—Valentine E,

for¬

Inc.,

formerly

TOLEDO, Ohio—Lester C. Hiob
has become associated with
Hall¬

Presi¬

was

Co.,

& Co.

merly with W. R. Bleecher & Co.

Leib, Skloot & Co.

First

was

Clayton Flax

E.

connected

formerly with WILMINGTON, Ohio —Frank J.
Casey has become associated with
Inc., and prior

Cruttenden, Podesta

Pritchard, ViceEagle

Mr. Nicely was formerly a Senior
the

representa¬

Of¬

Eagle,

now

Philadelphia

SPRINGFIELD, Mass—Robert
Gaboury

Persik has become associated with

State Street

E. Rank
are

Co., Incorporated, 119 Monona

Pere-

Se¬

L. Roderick

was

has become connected with Loewi
Avenue.

Fleetwood

Harris, Wilbur

associated with their
office
as
registered

manager

CLEVELAND,

100

goff is resident manager.

BOSTON, Mass.

New

Stock

and Edward

W.

Johnston Building.

&

South

the

•'

MADISON, Wis.—Charles
Winslow,

123

of

F.

CHARLOTTE, N. C.—Duane L.
McBride has become added to the
of

Co.,

tives.

Pressprich & Co.

staff

&

St., members

Russell A.

Mooney Ave.,

Spence Jr. has become associated
with Townsend,
Dabney & Tyson,
30 State
St., members of the New
York and Boston
Exchanges. Mr.

Building,

—

Durham.

Pa. —Mont¬

Exchange and other
leading exchanges, announce that

Burt N. Kirk is
resident manager.

BOSTON,

Scott

gomery,

Bank

York Stock
Exchange.

Md.

of

PHILADELPHIA,

& Fred¬

Hershleder

VISALIA, Calif.
Co., Inc., 1830 South

H.

Mr.

Corporation

In¬

Vice-President

of

of

staff

ComOmaha
Building, members

May 22, 1963

HONOLULU, Hawaii—Funds,

of

;K

r

T.

Colo—Wil-

Harry N. Royster.

Co.,

part

the

tary and Assistant Treasurer.
GRAND

asso¬

&

&

National Bank

erick,

J.

&

Dunahay, Assistant Secre¬

lard Pease &
Company, 2457 Dur¬
ham Street. Partners are
Willard
H. Pease and

Ex¬

One

Theodore

—•

joined

Bartus Trew and C. W. Trew.

.

Riecke

became

NEW

Elected Director

office,

previously

A.

recently

mem¬

Stock

Francis I. du Pont & Co.

MADISON, Wis.—Splaine

Trust

John

are

Albert

BALTIMORE,

GRAND

52

■

G.

G.

Harding Tulloch & Co., Townsend,
Dabney & Tyson, and Hanrahan

las

first

Co.,

Louis

Continental

bond market in the latest
issue of
the IBA Statistical

Mass.—Louis

&

proprietor,

D. C.—New

nicipal bond sales

Girard

Trumpbour, Jr., Route

Officers

& Sons and Harris &
Partners Inc.

New

Ventures,

Box 299.

President

formerly with Cyrus J. Lawrence

at

New

Manager.

&

P. Fergu¬
Mr. Ferguson was

Secretary.

Co.,

the

Wall Street.

PERSONNEL

Harrison,

Co., Inc., 400 Post Road.

was'

Quaker

—

Teller

and

are

*An

bers of

LOS

are

SAUGERTIES, N. Y.—William

Way.

Conn.—Ferguson

He

Milwaukee

Co.,

is

Co., Inc.

a

FAIRFIELD,

Carter

Resident Manager.

Inc.

greater part in portfolio plan¬
ning and thus reduce funds flow¬
ing to FHAs and Vas.

R.

change,

&

The

YORK CITY —Samuel
Beren has become
associated with
Francis I. du Pont &

ager.

M.

Lester

Mione

9

Philip

VEGAS, Nev.—Costello,

Street.

with

NEW

formerly Local Manager

sotto

formerly
Company.

Inc.,, 800

Street.

: '■ ',V;' "

Walston & Co., Inc.
LAS

Speese and Frank M. Tait.

Warren, the proprietor,
formerly with Beckman &

was

(3) that conventional mortgages
because of higher yields will
play

M,.'' J;

■

or

Frederick

and

formerly
Calif.—Warren,

was

of¬

partners.

are

Building.

Associ¬

Charles L.

mortgages.

operation

&

Marshall

Midwest Stock
ANGELES, Calif.—Gar" it!;
Sherry Bergier, Presi¬
Exchange..
Treasurer, and Isidore Bantel & Co., 550 South Flower RALEIGH, N. C.—Robert F. Long
has joined the
Street.
staff of Firit Se¬
James
Cohen, Secretary.
V.
LaRocca
i
ficers

Invest¬

Boston,

Street.

CHICO,

the

Splaine
North

McKin-

GARY, Ind.—Straus, Blosser
&
McDowell, 570 Brodaway. Howard
S. Gross is
Manager. Mr. Gross

&

PHILADELPHIA, Pa.—Stotter &
Franklyn, President;
David
S.
Co., 1400 Chestnut Street. Arthur
Silver, Vice-President; and J. L.
Stotter is sole proprietor. He was
Sheff, Secretary and Treasurer.

will

degree their

interest

of

Officers

nue.

Yost

CITY, Mo.—The Drey¬
Corporation, Board of Traue

Building.

NEW YORK CITY—Oil
Securities
Corp., 40 Exchange place.
Of¬

ates, Inc., 414 East Tremont Ave¬

as

recent

Planners

BRONX, N. Y.—Norbert

rectly after World War II.
(2)

Miller,

ration,

Drilling

bonds into

direct

EI-

National

manager.

Corpo¬

gen¬

they did (except
lesser percentage
degree) di¬

a

W.

Bi^ehof,.
L.

CITY—Contes

formerly with Security Planners
PHILADELPHIA, Pa.
Associates, is proprietor.

less completed

or

conversion

J.

YORK

Michael Contes,
formerly
ficers of Contes Securities

Zuger, Vice-

Herman

Fifth

and

•

Bowdoin

con¬

summar¬

by saying that I believe:
(1) that savings banks in

A.

Robert

BOSTON, Mass.—Pioneer

gonig

ize

eral have

John

Secretary.

*

my

and

551

Company, 82 Beaver Street, a
partnership.
Constantine Contest

Henry

are

Treasurer; and Robert

found partners without great

ered

Officers

President;

"several participations Presidents;

up

difficulty.

Building.

Jones,

R.

branch. •. ;•

new

G.

First

Building.

will

fus

Charles Sheils, Vice-President.

Life

others

Incorporated,*

NEW

BISMARCK, N. Dak.—Provident
Management Company, Provident

and

Co.

CITY—Axler-Sheils

Officers are Joseph Axler, President and Treasurer, and

Cutner is proprietor.

position competitive with
insurance companies, pension
a

YORK

Avenue.

ticipate in loans has given savings
banks

Ark.—A.

Sons,

KANSAS

about

ered.

the

supplemental to similar notices appearing elsewhere in
this issue.

with
you

&

Bank
ney

interest

be

DORADO,

vvards

wel¬

up.

those

EL

Current News in the Field

wel¬

the

course

11

and

backed up by

are

increases

come

rates

most

are

particularly when the

residential loans
good

buildings

NEW YORK

PHILADELPHIA

BOSTON

PITTSBURGH

SAN FRANCISCO

CHICAGO

CLEVELAND

;

12

(2116)

The Commercial and Financial Chronicle

sustained

Prospects for

Unified

a

of

decline in

a

Another

National Thrift Industry

of

been

as

the

low

was

.*

The
ress

'and
com¬

this
to

and

'

to

unending

an

all

during

I have gone from

year,

state

urging attention to what
the

call

"four

erating units. It is true that the

realize that this tireless campaign

Federal tax provisions for thrift institutions that, if they

total

may

obtaining what they euphemistically call "tax-equality,"

has

year's

new

succeed

in

commercial banks

pressing for taxes going beyond last

savings banks will be forced to operate in
mercial banks.

Mr. Kress

every way

do

as

explains

why

predictors

faster rate of savings growth

Like

it

not, this is the age

or

"Big

Government."

make

casual

phrases

which

few

a

of

Today

had

meaning

example,

off

the

Q,

possible

if

banks

began
to

to

,

...

given

commercial

that

our

be shortlived

time

a

recovery

Banks

Increased

public

interest.

This is the way in which we help

the principle of

dividual

enterprise,

economic

choice,

know

it

We need to

in

of

this

I

us

then

position

of

competitive
Our
sive

recent
one.

measure

and freedom
the

world

by

of
as

today.

take

stock

industry

our

of

economy

record
We

when

is

will
our

our




the

in

the

today.
impres¬

an

full;'

its

get
latest

able

of

Annual

is where

caught

were

the

for

with

in

a

experts

their

families

predic¬

savings bank deposits set

new

tered

unprecedented total in¬

an

58%

of

billion.

$3.1

than

greater

1961. By

regis¬

we

This

was

gain

our

in

hold $8.5 bil'r

in

non-savings
.*

/

all,

our

industry

I foresee another record in¬
in

sayings banks deposits
approach

whether

but

significantly better
The final

affected

be

With

by

to the

so

us,

and

end

Thanksgiving.

But

dare

ment

in

along

summar¬

rise

Executive

and

commer¬

improve¬

savings deposit increases,

with

in

the

other

the

a

.

more

time

credit

substantial

deposit gains;

unions

actually

not

saddle
and

as

abandon
us

join

top deeply
success,

more

the
their

We

than

relaxation—until

time, perhaps,
banks

for

pause

of

moment

drink

to

know

we

in

5%

be

ask

for

define,

briefly and for the last time, the
horizons for

new

industry:

our

efforts to increase branch

Accelerated

(2)

.

executive

banking
of

programs

selection,

training

and

development

for

(4)

mutual

of

goal

horizon—r-Federal

far

the

on

chartering

three

first

It

is

lie

these

of

up

■■

termination

in

-

to\exert

ex¬

the

With

of- services.

are

our

own

nancial

pick

of

chartering,

forces at work

which

control

vitally affect the outcome.

hard

blow¬

national fi¬
today: It is hard to

over

scene

up

the

newspaper

a

that

regulatory

a

gov¬

powers

commercial
effort

to

in support of legisla¬

over

taxes

and

tax

policy, the sale of securities, arid
the

relative

ous

governmental fiscal ^agencies.

such-

with excessive taxation
us

controversy

There is

take

powers

no

cards in

these

to notice the

One

reason

of the

real need for

struggles. It is only
us

those^

„

"

-

r

in

the

'■

at the

of
a

this

fact

hard

new,

"

150-year-old .industry

a

public service. Let

us

principles, for

examine

us

;

future of the mutual

1
,

proud record of successful

a

first

:

banking-

savings banks;
Ours is

.

.

light

need to take

we

look

determine

our

back to

go

origins and

own

wherein

v

Let:

a moment.

banking systems.

v

resemble

we

It

is

vari¬
us

to

jurisdictional
necessary

reasons

that

Consider,

'

thrift '?

are

first,

the :

meaning of the word "thrift."

derives

has

1 .V-'■>'

•

savings banks

institutions.

from

connoted

"thrive,"

which:

growth, health, and

self-betterment

in

the

ofv

minds

millions of people for generations. '
The

primary definition'of "thrift"

in most dictionaries will resemble :

This

(taken

one

Neiij

from

Webster's
m

International):

"A

condition;

prosperity,

tune."*' Or

take

thriving
for--:

good

(from

the

same

source) this definition of "thrifty"
which
and

is:

"Thriving

frugality; '

;:

wealth.",

industry

by

increasing

\

*

in

•

the

for

for them.

national

,

.

The mutual

without

about the struggle over
duality of banking systems—and
the

en¬

.

reading
over

,

resist,

particularly

re¬

and

The winds of change are

ing

de¬

and
in

there'

beyond
may

us-

in¬

branching, in

Federal

to

course,

•

development,

extension

spect

to

ingenuity,

imagination,
ecutive

of

to

whole" national

is

It

very

savings banks.

within the range of our own
itiative.

the

Mutual*

greatest

The

tendency

institutions

structure.

and

services,

of

and wherein we differ from other

Extension of savings bank

(3)

not*

dynamic economy it is inevitable.
There aye years of decision ahead

with

(1) Intensified and unrelenting

may

needs

—

the

sharpen competi¬
tion. Yet change will come. In a

savings banks

were

founded by people who sought, in
a

spirit of confidence and

ation,

better

to

holiday for celebration; and erning thynn; And this is only part small
self-congratulation—or
at
least of a deep-seated, long-standing hope
than

a

almost

I

I

natural

wide

heady wine of

only

saving

sort of industry¬

a

of the

growth;

public's

of the year.

might

we

better

banks

than

while

new

a

future. There is also the per¬

cha ng e,

quite

never

all

to

change? / which

fopr guideposts, along the way to

or

favorable factors

many

tempted to call

year

the

spending

of

now

does

results, of course,

cdrititlst, the savings and

savings

it

$4

clear that 1963 will

seems

pattern
from

could

It

loan associations posted a 9% rise
cial

has

good account of itself in

a

monthly highs for the balance of before
the year. For all of 1962

the

in

who

again

The

in

1963.

will

the

factor

picture today: On
basis of our gains so far this

1962.

tions down. From May, 1962, gains

crease

obligation.

Report is analyzed and
ized

in¬

keep reminding our¬

selves
Let

freedom

here

But

have be¬

we

the competitive

be

Competitiveness

deterred

not

some¬

perpetually galloping

a

Revere

But

mortgage loans involving

billion,

indeed.

now

states.

Reserve

deposits. For
"

Savings

„

John W. Kress

the

to strengthen

bank
All

industry strong, dynamic, and
in

in

750,000

not, it

make

effective

savings banks

up

our

has

significant

a

1961.

in

Federal

the

come

crease

seemed

would

,

:

seem

me

patience
.

our

banking. I

reins in his horse.

national mortgage market. In fact,

lion

catas¬

make

recovery

the

came

that

however,

growth. Instead

our

year,

1

we

vitality

ex¬

,

to

—

our

from

permitting

it

587 today,

guideposts * to

savings

have made

Paul

512.

too, that

noteworthy,

for

thing like

recent
at

vestment in local mortgage areas.

and savings

to

pand that sector

is

banks to pay higher rates on time

pre¬

and

serve,

the

savings

since the year of the

we

back

Then

It is

protect,

to

high¬

Board's amendment to Regulation

of that

duty

our

o ve r

few

are a

mutual

floor

trophe,

"private

economy.

the

way

part of

sector"

Gr

"Magic Fives," in 1959. Getting

economy." We
occupy

the

have shown

"mixed

a

Dr.

attesting

which

ours

is

It

This,

lights

we

that

say

in

stands

ability to attract deposits has ex¬
ceeded our opportunities for in¬

Meanwhile here

For

years ago.

much

Ensley.

short

banks

bank branches has increased from

banks.

and

no

banks'

Vice-President,

we

words

of

use

savings

slightly

now

383 five years ago to

than that of S & L Associations and

commercial

"

;

miscalculated

and

savings

However, the number of savings

predicts savings hanks' deposits will ap¬

proach $4 billion this year—exceeding I962's peak of $3.1 billion,
and

declined

years

com¬

of

number

growth"

op¬

the

equal

fectly

why,

Also,

another

in total

prove

trenched

is

on

growth. and that*

great

private banking facilities—as

improve, to innovate, to

indication

Still

of

That

state

I

competitive prog¬

commercial

growth

is embarking

economy

>.

combining the best aspacts of savings banks and S & L Associations.

is

Thursday, May 23, 1963

period

Valedictory address foresees possible unified national thrift industry
warns

banks.

for

2.10%

price of

expand.

pared with 1.20% for savings and
associations

of

;

Four Goals

•:

must forever be

drive

loan

Institution, Newark, N. J.

chartering

,

presently constituted

mutual

0.67%

relatively

Federal

•savings banks.",

.

our

1",

ratio of assets

a

stable. In 1961 it

Mutual Savings Banks and President, The Howard Savings

competitive

operating expense of
savings banks

for

mutual

.

vigor is operating efficiency. The

has

By John W. Kress,* Retiring President, National Association of

index

tion

the volume

inflow."*

savings

.

the

in

the

gain

of

commercial

banks

have

mutual

always

mission

to

the

and

self-

individual.

the

has

gress,

encourag¬

independence

reliance, of

quasi-

special

a

perform by

-

savings

been

public institutions with

*

for

wage-earners—not

themselves. !The

ing.

cooper¬

condition* of

Con¬

twice

recognized

the

quasi-public character of the

sav- *

ings banks in its approach to tax
legislation, most recently in 1962.
The

also

concept

sions

of

the

Court,

preme

rests

United

deci¬

on

States

which

have

Su¬

stood

for decades. And the law rests

historical
We

on

fact.

have

faithfully

safe

kept

the savings of the people, in good
times
and
bad,
and
we
have

helped them to
maintained
flow

of

meet

the

We

nation's
the

the

all,

the

asset

and

public

which characterize

effective,

and

an

threshold

tional

THE SEAMEN'S BANK

established,

of

we

valid

stand

period of

a

exceed

at

na¬

economic growth when
for

need

confidence

thoroughly

banking system. And
the

to

housing needs.

experience,

the

above

the

needed

reserves,

structure,

Resources Now Exceed

increased

private funds

have

We have

prosper.

and

the

type of service will

our

anything that has hereto¬

fore been visualized.

SAYINGS
for
Chartered 1829

Yet we are hemmed in by the
banking laws of 18 states, fettered
by antiquated restrictions within

•

Fifth Avenue at 45th Street, New York 36, N. Y.

states,

move

30 Wall Street, New York 5, N. Y.

those

beyond

their borders. How,

then,

do

grow?

move

Beaver Street

at

New Street, New York 4, N.Yi

our

we

toward

larger

forbidden

and

the

How

to

do

we

fulfillment

destiny?

This

is

of
our

dilemma.

Reproves

Commercial

Banks!

"

Member Federal Deposit Insurance Corporation

Solution
Now the solution offered
by the
commercial
offered by
or

banks

is

akin

to

that

the spider to the fly—

by the wolf to Little Red Rid¬

ing Hood. Commercial
pose

banks

op¬

Federal chartering of mutual

;

institutions

thrift

other

relentlessly toward this
goal until it is achieved. With the
adoption of new Ffederal tax pro¬
visions for thrift institutions only

At

the

One

needs of the

:

decision

of

years

ahead.

/./:,;..v

v

become

tions

the nation's bank¬

the center

toward

trend

wKai.

our'

rities

City,

tax-burden.

a

'

We must, be absolutely realistic
in. our appraisal of ./this. pos§ibiL
ity. Speaking realisticallv, I feel
bouhd^t^ say that if thrift institu-•
forced to pay Increas¬

are

p.ifder| fhe

ingly oppressive; taxes:

guise "of "taxi equality" with, com¬
mercial banks, then
they, will
have to

operate

commercial

as

same

the

oh the

same* basis

banks,

with

-

the.

the same privileges,
restrictions and .the same

powers,

same

functions.

To

put it

as

starkly as

institutions will
simply become commercial banks.
thrift

possible,
I

have

my

been

savings banker all

a

and

lowing

a

I

always been proud. But,

see no

alternative but to assume

the full array

of commercial bank

This eventuality,

however, is far

from inevitable. To me, in
even

future

fact, it

likely. As we consider

'

the

it.

And

of

our

industry,

we

the job is one

commercial

of the economy,

cannot be expected
As

the

which the

toward the short-

term credit needs

to do well.

the inherent differences
the commercial .banks

thrift

more

and

become

the

inherent

of

so

the

and the savings

thrift

a

counterpart

to

For

all

these

thrift

com-. New

country. It will be

and / inevitable

logical

as

fusion

of

rivers

two

the

toward

else

I

B.

Savings

States

.

-

n

1 k

and

savings banks

and loan associa-

J_ 0 D6 vJlllCGrS

Of TjPP HlP'O'lTIROH
•,

Haefeli, The Prudential On May 29, Harold. C.
.

„

.

„

Savings

Membership

.

dred

of

Butler,

.

Recording

_ _.

1

TTT

III will become a

Banks

Higginson Corporation, 20
Street,

Trust Broad

New

-

On the same date,

Secretary—Edna

M.

bond

tional

thrift

of

unified

a

will

industry
of

work

the

be

not

Bank, Chicago office, 231 South La

day. The process will

a

partly evolutionary and it may

be

We must not relax

slowly.

move

in

moment

one

efforts to

our

We must

at hand.

means

chartering of mutual

Federal

of

But I

sorts.

many

wise

a

was

it

when

the

and

In

in

swans

the geese

flock

one

union, the best ele¬
of both will be combined.

presidency, I

conclude my

I

As

thank the entire Associa¬

wish

to

tion

for

officers

fellow

which

honor

an

of the state

leaders

to

helping

for

fine

the

as

make this

not¬

a

I commend to you my

year.

very

able successor, confident

he will share the

meant

much to

so

With

equal

trust,

as

me.

follow

I view

will

of

a

the

Essex Street

111 Second Avenue at

1th Street

67 Avenue Cat 5thStreet
518 Seventh Avenue at

38th Street

465 Grand Street at Pitt Street

thrive.

In

and

these

mm<a

will

right light toward the

so

address

down

as

Assets exceed

$720,000,000

great.
by

Mr.

President

Kress

on

step¬

of the National

Mutual
Savings
Banks
the* Association's
43rd Annual Con¬

Association
at

136 Delancey Street at

precious

of decision I know we

was, never

*An

/

American enterprise,

exponents

right goal. My faith in our future

ping

Offices:

guardians of an import¬

nation

years

.Other Convenient

of our work to¬

principle by which both we
the

22, N. Y,

custodians of a public

as
as

ant sector of
and

which has

confidence

the coming years

gether

Netv York

Avenue

that

spirit of cooper¬

confidence

and

742 Lexington

organizations,

able

ation

Office:

National As¬

well

as

shall

Main

and

the able staff of the

sociation.

I

days. I thank my
directors' and

all my

treasure




•

in the other.

proper

a

ments

Deposit Insurance Corporation

ESTABLISHED 1848

such questions

of

number

.

on

solved

been

small." There should

was

be no sticking over
as

problem

have

could

earth

who said

man

.biggest

"The

that

work by good
on both

to

determination

and

sides. It

I

good idea can al¬

made

be

ways

».talking '

am

not procedure.

today,

suggest that a
will

there

difficulties

problems and

principle

unified

a

proceeds,

.industry

be

will

of

evolution

the

As

Member Federal,

Salle

Brooklyn;
.Street, will become Vice-PresiTreasurer-Mrs. Alyce D. Gib- dent and Assistant Secretary, f

formation

The

thrift

INSTITUTION

institu-

department of the

savings banks in all 50 states.

MUTUAL

Donald C.

McCotter, manager of the

Plains;

May31963nV^^e' ^°1*C*a' eaily *n

for

A

City,
Stock

Mil- Exchange.

Home Savings

continue to press, and press hard,

CITY

York

Murray, Hamburg Savings

every

YORK

.

_

Vice-President

expand our present operations by

NEW

Whitman,

members of the New York

Secretary

The

Bank of White

and

Loan League, announced his own

for

Savings Bank

Wpstrhester

£°1 k a"d Westchester

1

rr*

Mrs

President

Company, New York;

that

President

Yeilding,

1f

n

and

Manhattan,

in

Queens,

Second Vice-President — Lilly of Lee

or pre-

see

Vice

Giaquinto,

not

or anyone

glad to

was

United

the

I

you or

savings banks of
in
real estate and mortgage in-

SavinSs Bank> Brooklyn;

in

is

It

consciously create

can

vent—and

Frank

delta.

same

0

moving

and

headwaters

similar

rising

and employees

affiliated
Kings,
Bronx, Richmond, Nasbanks

savings

agencies
«

ew

over

cooperative agency

a

York State, serving them

Marian G.

the-

as

of

Securities

of-Institutional

First

development

a

Mrs.

_

^
omen of
membership 0

a

550 women officers

the Pres-

-Other new officers include:

this /

in

vnrt^hn?

of The Lincoln

.

,

„

vestment field,

I foresee

industry

as

-

.

the/ mutual

of

possibility of the formation of

unified

a

Westchester.

Lu-

succeeds Miss

Meredes

Corporation,

a

the

reasons,

served

who

Dustman is Secretary to

mercial banking system.

the

E.

system-Went

the

Dustman,

Savihgs Bank,. Brooklyn.

energizes and sta-

once

Hotel

in the

recognition of this trend in a talk

be¬

institutions

apparent,

similarities

natural

cille

na-

bilizes the economy and acts as

to meet something that

banks, by their very

nature oriented

tween

functions.

is not

institutions best qualified

at

for

need

which

Unified Thrift System

general^ commercial banks;
serve
the needs of corporations
and organizations while thrift in¬
stitutions serve the needs of in-/
dividuals and families. That is a
sweeping oversimplification, I admit. But if* as I believe, there will
be a
continuing upsurge in the
demand for thrift services in' this
country, that demand will be de¬
livered at the
doorsteps of: The

taxation,

I

vision of the future

same

New

„

1962-1963,

in

Kings Highway Savings

Kieffer,

York Bank, representing Brooklyn; Ann
1963- M.
Daly,
The
Bronx
Savings
at the Annual Meet- Bank, representing Bronx
and

held recently

Mrs.

Christine

Mrs.

Manhattan;

ing

Vice-President of the organization

that both; share

believe

I
the

j

Margaret McBride, Emigrant In¬
Bank, represent¬

dustrial Savings

Roosevelt.
?.

Executive Com¬

two-year term were:

a

for the

President

1964 season

a

Secu-

Institutional

of

Corporation,
as

and/ ing

fight against excessive tax-

savings and

associations.

V In

given the

oppressive

their

tional

deeply hap.pv in fol¬

of

have

broader

both

and

of. thrift, institutions.

include, ,.of5 course,;

loan

calling of which I have

condition

in

flexible, investment, powers

more

difference

the category

life, deeply steeped in its tra¬

ditions

interest

savings banks and savbetween the /com-:
ings and loan /associations have
crushirig^'new mercial banks,: as • such, - and • the
stood
shoulder
to
shoulder
in
thrift institutions, as such. And in
i
cal

;

tions'

/

institutions

thrift

The

New

York have elected Mrs. Nancy K.

passing the savings and loan asso-

common

of

Women

Bank

Savings

ciations in this respect.

systems,

mittee for

\

War II,

Dustman

it I find an¬

V

the

to

Elected

FjlGOt

W 0H16T1

Savings Bank,

The Brooklyn

Brooklyn.

tti

i-t-t

the

of

lar into mortgage loans, even sur-

other very fundamental. question..
have to con- Basically,there is a profound
course of action functional, historical, and practi¬

saddled" by;

compositions

patterns

nature. Since World

same

concerning

"duality" of banking

but, looking behind

woiild. be'if we were to find: our¬
selves

asset

son,

N. Y. Savs. Bank

growing

the

...V savings banks have channeled 95
cents out of every investible dol-

being. However, we
sider^

is

investment

and

pronounced.

more

similarity

-

of the stage just

the contention

is

now

would

issue

lie

which

of the other

resolved for the time

be

to

tax

the

year,

seem

some

13

(2117)

Financial Chronicle

will be working to

invthe

future

will press

last

which

ing structure to the

that they

They have said

examine

alter and adapt

equality"—as they

"tax

of

call it.

The Commercial and

.

.

forces

a

on

.

must

favor gov¬
and

action to place us

ernmental

basis

They

banks.

sayings

6268

Number

197

Volume

of

ference, Washington,

D. C., May 13, 1963.

Member Federal Deposit Insurance

Corporation

14

(2118)

The

agreeing

Federal Chartering of

to

orientation

fundamental

a

in

who do not yet seem to grasp

Continued from page 7

importance

federal

in approxi-

that

when the facts

Federal

and

ably

federal

charter

mutual

convert to

to /; the

whole central Illinois area, to
members
memoers

leaders

have

distinguished

gently

member

lowing
when

their

needs.

deceased, made the fol¬

observation
he

not long

President

was

Federal

to shape the current bill.to

meet
now

Home

Loan

the

is

of

Bank

me

the

therefore, that it

urge,

savings

of

duty

everywhere

managers

loan

and

to/study

/•'

the Federal charter bill carefully,

and

Ask questions about it/Make sug-

Indianapolis:
think

the

savings

loan associations might have more
to

gain

than

the

mutual

gestions for its

savings

on

savings -banks terminology.' With

ings and loan

bank

and

deposit

structure,

-to

this

do

1965

nancing/job

to

fi-

derelict

will

be

to their

they

under the present structure."

Of

>

their

Support

.has,

been

as

loan

unfortunately,

support

I

think

not

these

should

views
At

be.

charters
been

for

sayings banks

expressed in terms of

seems

a

shortsighted

to reflect

knowledge

easy

has

ing,

contents

bill

management.

1

can

fact

associations; that
in

gage

and

investing,

supervision

desired

under

and

T

will

So

you

mittee

can

is

$40

hillion

of

fhp

dp

ihf3

Insurance,

a

to

^

Denies

lending

Third

the

to

my bills,

be

set

as

major broadening

if

savings

of

seeking

their

however,
charters

well

This

savings

on

banks,

contend

savings

of

with

legislative

enactment of

as

goals,

formidable

to

the

special savings and

that: the

and

Congress

ouicklv

to

the

savings

of

the

The

^he rather
the

insisted
and

narrow

,

associations

..

tax

•

definition

to

loans and savings banks

,

..

thev
tney

enact-

It

closer

years

which

working

culminated

in

cent rax fight
cenx tax ngnt.

.

re-

each

is
a

1

*

.®,s

-

?..

.....

etther
thorp

+i1pn

made

havp

bill

in

«

of

to

the

to

1

.

both

or

will

changes

charter

*,

con-

system

will

he

Fed-

meet

the

f

pmirqp

M

F

~tatntpo

in

the

Jalousies

not

then

forward

mnVp

hearim**-on

*

charter bill

the

'

'

l'

any event, I want to a£>sure

he

u

^

\

j

■

wni

-fh

A

^

h

wp

be

important

that the various

executive agen—,

txiia cmvprnrr'ent.s

in

as

,uaibcth

institutions.

tries

can

point with such justifi-

able

In discussing the Federal charter bill, one essential point needs
that

Fupm

qome'

two

financial

immediate clarification. And

c.

.

^ ^tu°npn+if

the association that there will be
financial
<?v~te-n*
on,, e Federal
'"ft":l®bill during the current session of
withTn the thrift
Congress. I anticipate
wili

as

Q "

„

e.

J!?en ^L1
eWtmin?

..

,

dGS °f b°th the F^deral and state
will
submit
lm/™tt'''ar/°Uthe"'na7innat "trade
ents will
ass0cjatj0ris
well
individual portant j'^stnnonv
that w'l'go

pride

staffs
staffs

I
moreoyef. that the relates to the allegation of some '
ln
opponents that we seek
to^create
.

of

product

^nannW
vionai interest,

the

united front presented in the

Fe,ore

the years. By taking

resulting

nd
•

the

over

unite

gradually

aspects

h

:

1

.

in

legislation

of

been

over

best

tained

gradual

loan

savings

in

the

bill

create

will

we

Th

relationshins between savinss and

reflected

applying

on

loan

was

nullify

achievement

and thinking

mood

Congress

will

the

will

and
<t

system

Moreover,

npw

errant

.

business.

highly

legislation.

than

those two bills
.

stronger than the separate parts.

disunity created within the thrift

in-

and

charter

rather

have

verging
the

barriers

Federal

objective

in

f

a

cease.

uitimate

prin¬

ciples involved
,

fh

terns

will

loan

loan

creating

Possible, the toinking to the Conof toe
gress with reference

separate systems — savings and
changes
in
the
basic
existing
loan and savings banking — into
statutes
If it develops that there
one strong national thrift indus.g not j^eiy to be any immediate
try. The paths of these two sys- h
,

the

opposition,

doubts,

agency

the

third system,

top of basic Congressional and

executive

about

nonsense

achieved,

they

banking

diverse

of

all

"Indeed, if the

Federal

oppose

their

kind

the

of

on

of commercial banking in

as

achieving

into

family

this

savings

insist

'

sav-

dual chartered institutions. Let

legislation,

own

to

have

may

loans

and
for

banking

third financial system

and

go

.

i

ings

vehicle

a

straight,

position

no

say. It is essential.
that wa determine/ if

however,

Result

record

in

am

this time to

System-

then. We seek only to admit

Com-

Federal.:

a

those two bills I

Financial

Will
Let the

and loan powers.

for savings and loans to
flexible

W1 lc

m„

Cha~°"

en-

appropriate

that

see

sayings bank system
for

provide

more

of

privilege to be

rhn;rmnn

posil ofirricans

safeguards."

looking

be

ing last year's

...

the

hold

to

™

diversified

more

not

« weu known,

...

.

in

statutes/As

it

matter,

fbout

.

Currency

on

^

opposition of

powers

changes

loan

recently have the
savings and loan trade associations
.

their

to

savings and loan

direct

powers

only

....

and

investment

and

pa^ilv

only attribute this to the

that

and

unlikely

and

-"

-

responsibilities

and borrowers, .--.to

vestment powers. For it is

and

and

the part of the rank

on

and

is

step

a system of
fit Gf the country as well as fo- PraihpnncH inQnranno
Federailv chartered mutual
+
i
°I ?
Deposit Insurance Corp. and
i? eaeraiiyr cnariereci muiuai sav-* mutual savmgs banks/and their
sav ;,
the Federal Savings and Loan Inings banks- The existence of such
dlepositors, that our long exile surance Corp.
a
gystem woul(J provide an al_
from dual banking be ended
and
what the Congress may do with
ternative
for
savings V and loan
that it be ended

and

'

file

Banking

next

Committee

.

.

than

morG

regulations of

it alone in trying to win broader

This

one

intimately,

-

practical

rhippti\7f»o nf
thn
objectives of the "Ppripmi nhartpr
Federal charter
<

their

communities

savings

general lack of

a

the

of

in

through

as

the

fears

increased., competition.

position is

the

oppose

being

savers

joan

er

savings and

time, opposition to Federal

same

rof

for

there

sav-

leadership is now seeking broad-

,

much general

to

men

The organized

v

J

There

for

But

industry.

Ciiiicizes S. & L. Assn's Lack

•

of his day in court

issue.

without

I

familiar with its contents is to be

home

1970

than

this vital

bill

they would... be in better shape

.

improvement.

assure everyone

banks jf they could get the mutual
the

The

House

mutual savings bank- Supervision
and'
alone, ; though it represents which I have the
,

'

...I

the

are

now."*

Let

ago

of

Washington.

for

does not en- one to establish a Federal bankand loan ass0ciations, the joy membership in the dual banking commission and the ..other to
committee has
been
influenced
ing system. We ask, for the benemerge into one agency the Fed-

.

years

nity,

present

savings

dili-

worked

KonUvo

Another

recommending only a relatively m0dest deviation from the

when

case

-..legislation will dwindle. And part
of these facts is that say gs a d by ltg endorsement of
loan

"

obvious
ouviuus

are

...

our

presented,

Bow- of

the

££ S bStfonBank

unions

.<In

^™fo;sntdud1;anop^®no tM:
ume ior stuay, opposition to tnis

bank

savings

benefits

the

...

Loan Asso-

will

of Peoria

ciation
a

and

Savings

put

national and state hearings and focus the public
commercial banks, there are Fed- spotlight on the main issues^

"There

nandal Institutions.

fairly

are
and

Bank

succinctly when he said:

1S co.nn<~c 10n' Perml

,

Thursday, May 23, 1963

.

studied
and
reviewed
by
"Rusty" knowledgeable groups in and out

charters.

&>£*££ SLOS Fi-

federal _charters
theif industry. I am convinced
_

charter law is adopted

n

,

Savings

ery

.

eP°r

^

of

mately its present form the First

.,

°mml

the

dual

Crawford, President of the
„

Quotes From Presidents

Mutual Banks Inevitable!

to

access

_

.

.

.

bank industry the only one denied been

re-

and func-

purpose

tion.
_

viction goes to this: It the

Commercial and Financial Chronicle

as

to

national

their

the

can

savings and

indus-

Few

professional
professional

the

the question of whether

to

bill

.

should

enacted

be

then~ais0"desDite"
2"".
frr
'

and

opposition

any

^

^ent oT the YbinS<I would' hope
Sat thL wduld submU sugges-

saving banks and ^

loan

industries. The

Association

of

Mutual

t?ons

the

Ebout

contents

of

the

assumption that a bill
enacted.

/ings banking,

idustry,

much smaller in-

a

there

are

many

officers

insist

fairly basic

on

structure and

changes in

organization before

ent

imbalance

system

which

in

finds

the

financial

the

savings

•

-

•

*—

iiTthe

Associations have,

* trust that the various segment of industry'leadership oro-ments
of the banking industry
grams, gained the respect and ad-wil1 follow
^the sa+m®.i^°"|jse f
miration
of
public and- private Presenting
their Uiniony for
groups alike.
These associationsand.
agal
/
f
develop-

.

•

should
in

work

now

molding

the

bill

to

best

the funds in your care

closely together

interests

Federal

perfection,
of

the

banks and

ciations will be served.

not
at

responsibility

your

executive,
of the
at

a

club

or

you meet

your

Each of the

funds

many

are on

smack

how

This

is

why I

Joint

that

Federal

opposition I have heard
come

increased

Guardian

sonal position will be

Estate and other

This

Fiduciary Accounts

One of Americas Oldest, and Largest
Savings Banks.

eventually

Religious & Charitable
Organization

services plus many time-honored East River "extras."

for

impress the Congress.

mutual

Services
Direct Dividend

26 Cortlandt Street
41

so

of

who

K|NI«\

per¬

•

interest is the

is

hardly

public

have

and

viewed

only issue, in other

words, Federal

U.S.

test

Savings Bonds

charters

TRUSTEES

*

James E. Orr

Martin A. vom.Lehn

•

This kind of support does impress
the Congress. When the national

Foreign Remittances

■■■**■■

BROOKLYN, N. Y.

does not

Federal charter ideambjectively have strongly; endorsed it.

Bill-Me-Monthly Plan
Travelers Checks

tllf*!! Ml A V

SAVINGS BANK

from

Depositthe

Mortgage Loans

IU

fear

or

it

all

who

irikiAA

jeopardized.

time,

that

will

own

their

opposition

same

'

only

far has

pass

J. Arthur Seidman ; Alex. RLStafford
'Daniel T. Rowe
Harold W. eery
Wesley A. Roche .George A. Arkwnght
^ihLm A. Lane
Alfred G. Ruehle
J."Warren Slattery Howard R. Wright
^

"

OFFICERS

Howard R

j

110 William Street

60

Spring Street

743 Amsterdam Avenue

The
I

Member Federal

has
^

Deposit Insurance
Corporation

am
now
^

Federal
years

Is

convinced
for

charter

..

Vice President

in

the

that

the

action

was

on

time
the

the three

first in-

Congress,

Secretary

George R. Bennett.."... Vice President

New

bill. In

since the bill

Produced

President

Arthur Seidman.....Vice-President

the Edmund G. Flowers..

&

Time

come

'

Wright.,:..-

handsomely.

Deposit Boxes
and many others

a

——

.

Safe

Rockefeller Plaza




fear

private groups

Collections

Thrift Offices in New York

The

competition,

kind

the

banks

enacted.

industries

who

coincidental

Save-by-mail
:

from

groups

At

savings
be

be presented

must

reasoned, f u J1 y
merited
menied brief subs.antia in»
subs.antiating
national economic and o
other
Public benefits expacted to flow
closely

legislation

Pension Funds

enjoys the maximum combina¬
savings bank service: safety, income,
liquidity. Choice of 27 types of accounts, 15

5

charter

Lease Security

tion of modern

no

camouflaged.
believe so firmly

Payroll Savings

special accounts

SAVINGS BANK

self-interest,

well

Club Accounts

deposit

EAST iRiy ER

of

matter

Voluntary Trust

'available to you here
and

be

that

there

that

;

the Congress will
impressed bv arguments
by

Individual

as a fiduciary officer, a financial
organization treasurer, or as keeper

family budget—when

East. River.

Accounts

leadership

P^ct the savings bank

savings to establish the need/for a Federal
savings and loan asso- Savings Bank System. This means
mutual

In any event,

You will find it
gratifying to discover how well

Among these groups, I will ex-

charter

tha,t

so

thereo£'.

vanous provlslons

it has

&

Mortgage Officer

E. Holmes Marsteller

Comptroller

COUNSEL
Marshall and Marshall

Volume

197

Number

6266

.

The Commercial and Financial Chronicle

.

.

(2119)
from

enactment

charter

of

bill.~ The

have to stand

the

Federal

arguments

up under

ing

British Socialist Leader's

will

wither¬

a

be able

to

this

meet

Paper Money Plan

from

savings

ness—not

also

only

from

want

and

bill,

they

will

have

recognize

There is

prices
have

the

magna

comments

have

I

that

and

National

has

clared

itself

be

heard.

will

While

the

the

mainly

is

of

to

American

is

opposing
of

the

competition—although this

not

their

stated

reason,

of

as usual many individual
commercial bankers do not
agree
with the position of the Associa¬

the

tion. Those who
recognize the in¬

virtues

of

acclaiming

this

American
stand.

Bankers

They

Associa¬

will -be

more

than welcome to go on the record.

Individuals

and

becoming

Minister

recent

States,

visit

Mr.

the

Wilson

talked

when

he

declared

that

it

He

certainly

tion

by

for

achieved

financial

coming down

statesmanship
emphatically

so

against the wildcat schemes which
of

some

his

supporters had been

advocating with much
was

vigour.

sterling

subsided last month.

scare

out

it

Mr.

now

with

scheme

a

would

Wilson

be

has

possible

international

to

inflation

which
pursue

with

punity, and under which
the

the

veteran and other segments of the

currency

public

the

the

fact is that many

interest

bill.

in

the

They

tunity to
Much

all

I

appear

groups have

Federal

have

who

the enactment

given

the

present

to

same

will

as

to
be

given to the supporters of the bill.
In

the

tional
Let

reiterate

an

the

conviction

my

open-minded,

-studious

evaluation of the Federal savings

bank

idea

will

convert

indifferent iand

vigorous
rent

both

:

the

opposed
the

enacted

legislation

during

a

only

can

national

gency. This observation

gold.

be

emer¬

will

in

is

banking

legislation. And it will be enacted.
*An
43rd

address

Annual

Association

of

Washington,

by

Rep.

Conference
Mutual

D.

C.,

Multer
of

the

at

14,

the

National

Savinsrs

May

Banks,

tain

this

light

to

of

ance

export
M.

F.

Manager

of

their

San

with

Resident
Francisco

office, 315 Montgomery Street.




green

If

as a

in

in

is

ex¬

forget
bal¬

unable

produce
be

of

gold

cies.

hard

or

Gold

it.

If

prices

of

the
li¬

trying

It

does

not

exporting

the

of

curren¬

to

reasonable

sooner

or

later

Britain

in

goods.

today

or

seems

to be

that

the United
be

of

able

their

States
to

ex¬

imports

by supply¬

Meanwhile

the

two

be

sonable

ample to
in

and

is

the

prices

because

that

times

the

are

their

in

sterling.

be the

particular

Government

them

But

liability of

I. M. F. itself could not

redeem

in

certificates

would not

and

any

the

export to

eventually.

company's

after May

1,
1971, they will be optionally re¬
deemable at prices ranging from
101.75% to 100%, plus accrued in¬

terest.

-

income
in

of

Associates In¬

1962

on

consoli¬

a

dated basis amounted to

$159,595,-

000 and net income to

$16,511,000.
Application will be made to list

,

the debentures

on

the New York

$50,000,000 As¬
Co.

(South

By Chase Inter.

managed

group

and

Hutzler,

The debentures

accrued

are

New

York.

priced at 99%

interest,
'

,

by

Salomon

to

yield

Walter

de

The

Chase

Associates is the fourth largest
United

finance
States.

company
It

is

in

the

in

Invest¬

industrial

products,
wholesale financing, in making

Corporation, a wholly
subsidiary of the Chase

owned

Manhattan

Bank.

Mr. Palmer

engaged pri¬

marily in time; sales financing of
and

International

-

>

ment

sales

Kay Palmer has been

promoted to investment officer of

tion

in

been
can

1962.

joined the
Since

associated
Overseas

corpora¬

1955

with

he

the

Finance

had

Ameri¬

1953

to

1955, he

Company.
with

was

creasing

on

level

enough

gold.

is

to

not

of

the

check

ac¬

price

it

before

scheme of in¬

any

liquid

our

It

We

resources.

When

in

18th

John

Law

Century France

currency

and

to

his

failure

with

scheme

consistently

by

the

who

misused

the

strive to

was

Most

supply the

greed

extravagance of the. despotic

Regent
for

experimented

scheme

investment

financing inflationary Govern¬

community]

ment expenditure. If Mr. Wilson's

scheme

were

adopted in existing

circumstances
peat itself,
the

history

would

re¬

with the best bids

only the despotism of

Royal Court has been replaced

by

the

unions
gance

despotism

the

trade

'

and extrava¬

and offers in

would doom the I.M.F. paper

money

Law's
some

of

whose greed

effectively

as
paper

money

John

as

doomed

was

240 years ago.

U. S.

Government,

Challenges Wilson's I. M. F.
Paper-Plan
Now
his

if

Mr.

scheme

of the

with

tices

and

of

a

of

preferred stocks and

]

acceptance

wage

policy,

restrictive

unofficial

restoration

connected

the

principle of

termination

V

Wilson

prac¬

strikes,

industrial

and

other types

of

disci¬

pline, it might solve the problem
of

expansion

we

what

he

have to

without

inflation.

wants—at

assume

rate

any

it that he does

in the absence of
any evidence to
the

contrary — is that leap-frog¬
ging wage demands should con¬

tinue,
value

that
of

the

increase

labor

stepped-up
exploited

resulting

inflation

by

labor

from

should
to

securities

scarcity

the

be
full

utilisation

credit

On and

except
relating

than

more

should be done to

and

the

of

trade.

pre-war

not

remedy

embarking

volume

foreign

have

we

And

rea¬

best

F.'s

receivables.

of

requirements, in spite of

expansion

three

all

cover

ever

M.

conditions

volume

£

the Chase Manhattan Bank.

cies

confidence

certain

the

1971

underwriting

SALOMON

extent, and that nothing whatso¬

inspire

to

1,

industrial and commercial financ-

Governments have to pursue
poli¬
which

under

1

not redeem¬

are

May

would

But

dollars

*

before

From

are

assumption

will

excess

why

'

accept

sterling is because it
a

to

reason

countries

prepared

occur

able

personal installment loans and in

to

accepted

to

seem

that

1939

year.

level the existing supplies of
gold

'•

Wilson

their

at

were

remedy

one
'

4

The debentures

S'tock Exchange.

Investment

consumer

to

* '

mi

Palmer Promoted

inflation

cause

due within

Bend, Ind.) 4%% debentures due
May 1, 1984, is being made by an

4.45%.

international

of

quidity before

a

Mr.

sociates

plus

Supply

credit

the

of

inadequacy

the

bits

reserve

import

greatly mitigated through

realisation

a

domestic

imports

would

Public offering of

conse¬

by the exporting countries instead

dollar

as

an

Cur¬

their

thing

its

would

the

and

result

cover

which

paper

a

country

a

to

I.

associated

on

Iron

with

payments.

of the

quence

the

projects

th?.t there is such

the

Co.,

to

given

proceed

D. Ladas, formerly Vice-President
of Mitchum, Jones &
Templeton,
&

of

be

pansionary

the

become

side

to

are

FRANCISCO, Calif.—George

has

be

possible attack

and redeem the claims

Haupt & Co.

Haupt

must

volume

sufficient

any

ments

ing

Inc.

being equivalent to

1963.

Ladas Joins

Ira

common

certificates

in

"stifle

port

SAN

as

by

important currency." All Govern¬

and

Ira

which

soon

sight, The Fed¬

eral charter bill is major

authorize

certificates

Debentures Sold

disadvantages of

international

an

could be

con¬

mat¬

Monetary Fund

accepted,

Such

issued

have to be modified. No
banking
emergency

be

agreement,

I.

'

the

paper

to

desire.

funds of

to

J

wants

credit

to

cur¬

It has been observed that
major

banking

issue

inflation

the

proponents for

bill.

Wilson

educa¬

shouldcontinue.

process

me

that'

meantime,

unsound.

assure

opportunity

views

Not

inr
run¬

the
such

Blames Liquidation Price Level

all these

increase

insur¬

.

&

to

no

to

Brothers

but

that its

safe

Brothers

Now

that

liquidity without

Lehman

And

holding
only

solved it might be

more, and export prices would be

increase

of in¬

If

as

and

Assoc. Investment

able to

to

practices

output.

raised by competitive demand.

pace

supported

policies,

be

the

against the

of its

International

would

to

would

margins

inflation

wage

will be added to
general

vestment

inducement

no

celerate

see

opposed

are

thing

doomed

to

of the bill will be

their

how

ter

Mr.

interested, that

those

be

utmost limit

oppor¬

like

be

faster

path

assured

.

this bill enacted, I want to
all those who are
even

would

sequences

the

\

would

an

be

im¬

charter

the

be heard.
as

to

hearings. The

on

would

to be

profit

the

the

the company and
initially applied
to reduction of short-term notes

unem¬

for

not

in. providing

incident to such financing.
Net proceeds from the offering

Total

of

hearts

Gov¬

any

organizations, and from consumer,

-

come

under

proceeds

welcome

would

production
But

rest

at

the

the

than

all

It

partly thanks to his rejection

of these schemes that the

order

their

much

Mr. Wilson's

it

ing and
ance

more

trouble. There

ning undue risk.

pursuing policies aiming at an
export surplus. On the contrary,

would

reputa¬

a

flation

are

reasonably

sense

be "idiotic" to devalue
sterling or
to adopt a floating exchange rate.

the academic world, from research

from

groups,

There

international monetary matters

on

which

testify

of

United

to

of

of

ternational

claim

amount

much

abnormal

were

were

for

the

occasion

to

a

the

after

ernment

and

would

be

the

no

the

problem

inflating the

possible

inflate

Mr.

the

banking,; except
for savings
banks, must disavow
tion

of

of

stand

may

election. On the

his

dual

of

Leader

new

who

Prime

course,

consistency

cease

Governments

now

Opposition,

chance

next

of

Federal

because

by

Wilson

British

de¬

likely wish

Association

fear of

We have

—

liquidity. It has been put

Socialist

good

know

already

Bankers

bill,

is to

paper

simple

very

incidentally,

various

down

do not

we<

be

result

the

Mr. Wilson's latest contribution

certificates in

Harold

oppor¬

We

favor

in

and, two, the remedy

which

—

largest

forward

lending

an

Association

Builders

and

enough gold

I

overwhelming

Home

charters

than three times their pre-war level that

more

a

price level

issue

a

among

of

causes

narrowing

it is because

one,

yet another plan to increase inter¬

and

received

forth.

come

the

are

LONDON, Eng.

the
an

building

to

between

monetary supply of gold in pointing out:

'

Party. The

directors

associations

will be given

groups

confusion

strikes, and accept principle of wage policy and industrial
discipline.

Other representatives from real

tunity

current

would not help
bring about. The writer challenges Mr. Wilson to couple to his
plan
a pledge to eliminate restrictive trade
union practices and unofficial

majority of them favor this bill.

estate,

the

on

and

ployment

proposal to increase international liquidity

national

from

that

comments

price level

men

opposed to this hill.

which

believe

and

loan

and

be

Judging
letters

and the

industry.

officers

savings

but

hope that

the

as

censures latest

economist

doubt but that there

no

some

that may

I

Einzig

advanced by Harold Wilson who heads the
British Labor

organized

re-studied

it

carta for their

are

busi¬

savings and loan

many

Dr.

to

would

popular

would

hear

savings and

representatives.

after

to

leadership

individual

By Paul Einzig

bank

loan

from

association

loan

of

savings

will

we

the

trade

to

F.

political supporters to tackle the
real

addition

witnesses,

less

M.

It

difficult

I. M. F.

test because

I believe the facts
support them.
In

I.

it would be

matter.

of
questioning. I am
savings institutions will

the

the

money

ing crossfire
sure

15

of

ensure

manpower

the

H

by

BROTHERS

doing away with feather-bedding
and other wasteful
practices.

7

BOSTON
SAN

If

only it

mankind

with

a

were

happy

possible to make
and

prosperous

stroke of the pen authoriz¬

FRANCISCO

HUTZLER
PHILADELPHIA

SIXTY WALL STREET

]

NEW YORK 5 N. Y.

j

'

■

HAnover 2-8700

Memhers°New York Stock

CLEVELAND
DALLAS

•

'

Exchange

CHICAGO
PALM

BEACH

t

m

16

The Commercial and Financial Chronicle

(2120)

There

INDUSTRY

The State of TRADE and
Continued from

peak. Some mills say their orders
have leveled

off while

others

Mills

are

not

and

pattern,

orders mainly

Customers

August.

buying heavily for those

months because their consumption
will

off

be

seasonally. ; Auto¬

will

makers

for

down

be

Look
week

the

for

to

production this

ingot

be

slightly higher than

2,570,000

net

Steel

that

tons

estimates the industry poured last
week.

Only minor changes are

weekly

in

pected

have

ex¬

buying through

some cases,

been

these

told

will

orders

if there is

settle¬

a

But

though

even

been

July,

easing

some

noted,

the

outlook

until

or

settle¬

a

ment, remains good. The economy
is

moving strongly and

tion has

low

This

expectations.

hopes

consump¬

kept the buildup far be¬

that

leads

followed

by

complete col-,

a

lapse of the market.
Car

7.2% Over

Output Rises

Roaring toward

Steel's price composite on the key

record model

a

year, and toward peak output in
grade,
No.
1
heavy : melting,
May, the auto industry hit an un¬
slipped 33 cents "a gross ton last

expected

Steel

.

,

,

tail

The end of June should

the

see

end of the steel inventory buildup,
Iron

there

cel

formal

of

notice

reopening of the steel labor con¬
tract, most
to ride

the

at

level of their

the

on

stocks

will be content

users

steel

of next month.

end

j>* Steel stocks by that time will
be only about 1.4 million tons be¬
low

the

1962

is that

users

a

reopening notice, with its 90-day
before

cushion

strike would be

a

called, woud provide ample time
to build

This

feeling

is

in

reflected

orders for July delivery now com¬

ing

steel

into

sales

a

The

offices.

pattern is irregular.

of

June,

unless

I.
there

is

a

break in the labor situation, steel

there

Will
the

is

is

follow

labor

the

dictated

path

situation

90-day

a

break, the market

a

there

tion
It

that

is

will

If

then.

notice,

the

will be renewed with
If

a

set

by

maker's
As

vengeance.

liquida¬

last

established, just

what

es¬

statistical

appropriately

dropped

164,188 units, or about 4%
the

year's

high

of

to

below

170,439

cars

responding week last year, 153,110
cars

of

assembled,

were

or

gain

a

7.2% for this year's week.
Ward's

that

said

strike,

geared

prior

the

the

to

had

industry

toovertake the all-time

up

li/Iay

high of 724,892 cars made in
of record year 1955.

Last

eral

Saturday,

only

Motors, made

auto

one

tonnage

less

is

optimists

believe

in over¬

cars

Chrysler
Motors

concluded

with

American

Corp.,

.

Studebaker

and

operations

assembly

Friday's

Corp.

16

in

a

last

days,

June

7

worked

month.

off

in

little

However,

continued high
and

further

than

a

assumes

a

more

this

rate of steel use,

that

the

leveling

resulted

in

million

in

hourly

losses and brought

for

layoffs

ran up

about

about

payroll
a

70,000-

last week, Gen¬

production

eral

Motors

55.0%;

accounted

Ford

Motor

about

for

Co.,

Chrysler Corp.,

13.3%;

Motors,

and

last

24.4%;

Corp., 1.0%.

rock-bottom

level

of

6.3%,

American

Studebaker

these

But

has

been

buildup

burned

steel

low, and

of

have

been

liquidation has

ex¬

ing

off process is already
although

who do not

In

there

see

Detroit,

orders

any

are

change

where

going

dissenters
as

yet.

automotive

dominate, the tapering off

is most noticeable.

One

major

the

its

same

June

automaker

order

time,

automakers

it

have

week

598,670

rate.

is
not

has

for July

But, at

known
been

that
able

Loadings 2.5% Above

of

was

in

totaled

11

Association

Railroads
an

freight

announced.

above

the

preceding

week.

above

the

33,208

cars, or

period

38.3%

of 1962, and 73,468 cars or

period in

above the corresponding
1961. There

61 class I U. S.

were

systems originating this

railroad

type traffic in this year's week
compared with 59 one year ago
and 58 in the corresponding week

:

■''■■■.■

'}.

196L

ended
the

11

May

volume

1.9%

was

the

in

corres¬

Associations

an¬

nounced. Truck tonnage was

2.7%

the

pre¬

Trucking
the

behind

volume

for

vious week of this year.

the

weekly survey of 34 metropolitan
conducted by the

Economics.

flects

report

The

handled

tonnage

at

re¬

more

1;han 400 truck terminals of com¬
carriers

mon

of

general

freight

throughout the country.
The

terminal

week
from

a

from

at

last

for

survey

ago

year

with 22

tonnage
localities,

12

points reflecting decreases
1962

the

Truck

level.

minals at three centers,

ter¬

Jackson¬

ville, Dallas-Ft. Worth, and Okla¬
homa

tonnage

registered

City,

more

than

8%,

centers

at

Kansas

of

gains

trucking

City

15.1 and 13.9%, respectively.

nine

registered

25

showed

areas

decreases. The week-to-week de¬
cline

is

in

closely

line

with

the

found

pattern

at

this

in previous years.

Production

Lumber

Compared

Gains

1962

to

4.3%

Week

production

United States

in the

in

the

week ended

May 11 totaled 259,997,000 board
feet
the

compared
year-ago

to

248,781,000

in

according

to

week

Compared with 1962 levels, out¬

put Increased 14.3%; new orders

dropped 12.3% and shipments fell

'

by 20.3%,

loadings

increase
above

1962,

of

represented

14,723

cars

and
or

increase

an

8.6%

above

2.5%

or

the corresponding

an

of

the

47,265
corres¬

1963,

generated

are

proximately

by

car-

estimated

12.7

billion,

at
an

ap¬

'

schedule in

over

1961.

7.5%

over

board

feet

for

in
the

°
M'ay 4

May 12

1963

1962

Shipments

218,312

274,093

Production

259,997

219,178
236,844

New

232,009

221,743

week

a

Output

Over

The

Last

amount

and

service busi¬
from 31, and among

to 19

Year's

by

to

the

show

to

trend of food

the

prices at the whole¬

sale level.

/..

Purchases

for

Mother's

cording

good but not sparkling pace

characterized
the

week

15,

Mother's

as

wound

its

exceeded

toll

trade

other

all

at

up

hold

to

good level.

a

Atlantic States, down to 22

South

56, in the Pacific States, off

from

from

48

to

the

in

considerably

declined

tolls

in the West

and

65,

States. In five

Central

North

sensions,

:

by

gyrations,

or

strikes.

-

wide

the

kwh.

the

only

reported in the East North Cen¬
tral States, up to 60 from 53. Re¬

1962 were
four downs,

from

trends

gional

mixed-r-*ive ups and

last

the sharpest drops from

with

Pacific States.

South Atlantic and

moved up to

Canadian failures

preceding week

51 from 40 in the
and 42

Atlantic,

Middle

the

in

year

Apparel

o*b b 1

Favorable
impetus to

of

Mother's

tail

of sugar, tin,

increases in the cost

moved

price
this

commodity

up "

274.40

to

Monday, May 20, the highest peak
since
the
274.58
registered
on
Jan.

reported Dun &
Inc. For the second

1962,

29,

a year

Mountain —1

0

East North
Central

4-3;

North

Middle Atlantic and Pa¬

4-5;

cific

4-7.

Above Last

5%

Rate

5%

rose

last

cline

May
3%

of

which

were

and

Edison

comparable

than
of

258,000,000

the

previous

16,529,000

779,000,000

kwh.

kwh.,

above

the

the

compared

4 ending week's de¬
there had

been

suc¬

gains

(adjusted)

markedly

above last

year's comparable performance.
level—
In the four-week period ended

year-ago

year-to-year downtrend May 11, 1963, sales declined 2%
effect1 since last December adjusted below the corresponding

in

appears

be broken.

to

Price

Commodity

Wholesale

at its 15-month record

of

advancing

274.40,

appreciably

preceding week

the

similar day of

in

269.50

and

leading department store centers,
to

According

In¬

dex stood

country's

1962 for the

in

period

Monday, May 20, the Daily

On

sales

York

ended

City for
11

adjusted

11%

Re¬

store

May

New

in

week

Federal

the

department

System,

serve

the

advanced

the

over

com¬

As well, it parable year-ago week:
So
far this year
(Jan. 1 to
pushed considerably ahead of the
271.14 chalked up on the corre¬ May 11) the 12 department store
the

month.

previous

sponding Monday of last year.

districts' retail dollar

Index

Price

Food

Pushes Above Last Week
And

Electric

in¬

for

period in 1962. Un¬

weekly

cessive

a

Board's

11,

May

with the like

on

taken from

as

(adjusted)

ended

week

sales

store

Reserve

Federal

dex

Store

Department

Rise

Year's

the

England

4-6; .New

to

4-2

4-3 to

til

and

4-4; West South Central 4-1

to

to

to

West

and

to

—2

Central

South

East

Central

comparable

Atlantic

South

centages:

esti¬

by the following per¬

1962 levels

-f-2;

from

varied

&

Dun

by

Regional

Inc.

the long

Year

the

Wholesale

compiled

a

Price

&

Index,

Bradstreet,

year

the

reaching $5.83,

0.5%,

highest level since February.

For

the

first

time

this

year,

index pushed above its 1962
with

a

$5.78

rise

of

0.9%

registered

on

level

above

'the

the

the

corre¬

volume in¬

(adjusted)

over

that

for corresponding period

rung up

Ago

Food

Dun

by

3%

creased

For the second consecutive week,

energy

light

1 to 5% higher

collected

estimates

re¬

according to spot

ago,

Bradstreet,

of

statement

the index exceeded

time this year,
its

volume

latest

the

Department

silver, steers and wheat, the gen¬
wholesale

in

week ranged from

mates

business.

and auto accessories.

dollar

total

trade

than

in

basked

Day

interest still flourished

cars

new

The

garden

Restaurants

supplies.

for

sports

and

outdoor

sizable country-wide basis

Continuing to climb with

level

menswear,

equipment,

Record

Pushes to 15-Month

eral

d

e

Price Index

Wholesale Commodity

upward by

total

trades

houseware

and

unevenly.

w

Nationwide

year ago.

a

Inc., continued on May 21 to edge

more

week's

over

temperature

building

by

re¬

change occurred and
contrasting climb was

es¬

was

Gen¬

moderate margin

a

Of course,

«

business

Geographically,

ac¬

Output

May

shopping

Day

erally warm and fair weather
also helped total retail business

failing thriving

than last year.

concerns

and

industry

fewer

had

groups

level

year-ago

was

the

buying in

consumer

ended Wednesday,

wholesalers to 37 from
23. Furthermore, the wholesaling buying

16,787,000,000 kwh.,

to

End

Day

Strongly

/

weather gave a strong

week, but an increase lifted the
toll ampng

4.9%

electric

Saturday, May 18,

timated at

chief

general

to
48
from
55.. gift accessories, toiletries; confecr
change appeared in con¬ tionery, and flowers were top
struction casualties which stood at sellers, while furniture continue^
to move steadily and appliances
45 as against 48 in the preceding

Level

electric

of

is

Little

248,781

industry for the week

power

ended

Rises

function

is not

Its

ago,

retailers sank to

The toll among

Wholesale
Electric

foodstuffs

raw

last' year's
comparable volume,
they
remained above the 42 of this although some areas were plagued
size in the similar week of 1962. by persistent rains, by • racial dis¬
51

from

264,842

orders

31

ago.

Another broader set of data in¬
dicates

that

sales in the May 11-

ending week were not up to that
in

turned
stores.

department

'the

by

of

the

were

According
Census,

up

the

to

by 3.0%

Bureau

retail

total

sales

from the com¬

parable week last year. The yearto-year
most

comparison

for

weeks

recent

the

four

combined,

in¬

ponding week of 1962 and 18.4%

of

figures

the

are

of

indicated;

Institute.

loadings in the week ended May
11,

$100,000 dipped

of

week in

ponding week in 1961.
Ton-miles

casualties

while

over

from 272.50 in the

Following
weeks

earlier. On

year

hand,

Bradstreet,
Lumber

in the prior

271

a

Inc.

,

total of the price

sum

cost-of-living. index.

a

of

which

$100,000

from
287

losses

46

to

increased

while

222
and

other

the

metropoli¬

week,

areas

fell to

under

the

Sales

Compared with the immediately

preceding

liabilities

with

level

involving

failures

Bradstreet,

and meat in general use. It

A

in

centered

&

pound

per

off

were

downswing

week's

the

of

Most

week

and

pre-war

Dun

resents

1939.

289 in

while

and Omaha reflected decreases of

tonnage,

week

their

from

the

in

occurred

329

gions, little

increased

showed

7%

ATA De¬

partment of Research and Trans¬
port

when

ago

whereas

These findings are based on

areas

The

manufacturers

ponding week of 1962, the Ameri¬
can

Bradstreet, Inc. Casualties

dropped appreciably below a year

nesses

truck tonnage in the

week

16, reported

119 from 165, among,

Below Year-Ago

below

week,

strong downturn to 268 in

a

Dun &

'

Highway Truck Freight 1.9%

Intercity

preceding

the week ended May

an

corresponding

distributed

The

dicted rate, and are weeks behind




of

in¬
14.3%

for

cars

1963

of

weeks

18

265,109

crease

the

comparable

piggyback loadings

first

the

increase of 7,689 cars

crease

plants.

week.

took

of

to build up steel stocks at the pre¬

some

the

1963

May

the

cars,

1.3%

or

and

above

38.2%

or

May 11

revenue

ended

American

cars

knocked from 20 to 25%
from

Loading
the

1962

of

week

Year-Ago

This

predictions.

But in the meantime, the level¬

on,

Rail Freight

post-

on

Generally,

tonnage

the

are

industry

before

liquidations.

estimates

ceeded

assumptions

The

of

increase

an

17.8% above the cor¬

cars or

thousands

steel stocks.

questionable.

was

in

322

reports from regional associations.

Of

point would be much higher than
year's

that

cars

over-all

week's

in

totaled

for

put.

be

commercial and industrial failures

strike,

(Cleve¬

extended

77,000 workers,

some

Ford

stamping plant

a

unit holdup in passenger car out¬

could

for

five-week peak

a

(which were

responding
1961

hitting

1963

4,

This

total).

4,488

After
of

May

Thursday, May 23, 1963

.

Wholesale Food Price Index rep¬

High

in the week

included

time

tion,

inventory

ended

2,460

Five-Week

(piggyback)

seasonal

shifts.

that at current rates of consump¬
excess

highway con¬

tan

time.

$10

example,

an

week.

the

Ward's noted that

well

op¬

said, industry output last

week

in.

certain.
For

took

week,

result,

a

land^

is

Ford

most

program

agency

is loaded. While the tonnage

and

this

and- which

plant,

halt

to

timated 4,500 cars out of that auto

also

estimate

strike at Ford's Chi¬

a

erations

is the question of liquidation

where

assembly

shortage outgrow¬

stamping

threatens

there

buildup

settlement,

a

can¬

maker, Chevrolet division of Gen¬

Of rate of chew-up.
If

ing from
cago

will be ordering on the basis

users

its

scheduled last Saturday.

the parts

Ford

The conclusion is that after the
end

that

But there is

definite tapering off.

time

same

11-plant

an

of

several

made two week's ago. In the cor¬

to desired levels.

up

at

cur¬

Ward's Automotive Reports said

feeling

The

peak.

most steel

among

out

program

Age magazine reported. Un¬

less

a

operations

when

week

forced to

was

plants and at the

Tapering Off in June

is

last

snag

Ford Motor Co.

Buying Buildup Seen

or

tainers

in

Year-Ago

passed and labor peace is in sight.

$29.17.

highway trailers

.

Decline in Business Failures From

revenue

to

settlement will not

a

that the peak in steel demand has

to

more

16,243

Cumulative

has

Scrap prices are softening, now

week

reported

or

ment.

over

"

the next few weeks.:

con¬

some

auto steel buy¬

on

stand up, even

be

tonnages

irregu¬

July is at current rates and mills

through

vacations..

for

ing. In

model

changeovers. Other plants will be
closed

leads to

and

flicting reports

taking

are

July

for

larity in the automotive ordering

see

signs of a decline.
for

account

will

This

9

page

cars

one

were

loaded with

.

corres¬

total

output

of

the

comparable

1962 week, or an increase over the
year

ago

week

or

4.9%..

sponding day last

year.

it

of

still

fell

short

for the similar

date.

However,

1961's

$5.86

ending

May

11,

the department

gain.

did

better

than

stores with a 1%

Volume 197

Number 6266

.

.

.

The Commercial and Financial Chronicle

(2121)

mm

mmmm

wmm

m

:^l

i'A dramatic advance

permits

any

by an ITT System company

nation in the world to share in the

myriad advantages of communication by satellite. / For ITT has conceived and developed an entirely new kind
of satellite communications terminal.
hours. Its cost: modest. Now

able between remote and distant
kind —is

a

Easily transportable, it can be shipped anywhere. It can be erected in 24

telephone, telegraph and data channels routed through space, can be made avail¬
points all

over

the globe. / This new universal ground station—the first of its

complete, self-contained terminal for transmissions to and from satellites. First used in interconti¬

nental voice transmission with NASA's

Project Relay, minor adaptions will permit the equipment to work with

other communications satellites yet to come.

(Installed in Brazil, it has already been responsible for establish¬

ing the first link through space between the two Americas!) / ITT is active in virtually every area of the U. S.
space

effort—from ground control to the production of complete satellites...from the development of tiny com¬

ponents to the management of missile ranges thousands of miles long. It's a natural role for the world's largest
international supplier

of electronics and telecommunications. / International Telephone and Telegraph Corpora¬

tion. World Headquarters:




320 Park Avenue, New York 22, New York.

111II11
worldwide electronics and telecommunications

17

18

(2122)

The Commercial and Financial Chronicle

Texas.

BANK AND INSURANCE

Eventually,
from

sures

tioned

all

the

men¬

as

realized,

are

This Week

This

growth

Batik Stocks

—

of

and

in

with

holder

field

the
this

of

growth

bank

means

the

shares

BY

equity

gains.
Stocks

Since

the

Report of the Commis¬

Money and Credit in 1960

on

considerable

there

has

tation

for changes

been

industry.

There

agi¬

in the banking

tory bodies which have some jur¬
isdiction

banking.

over

clude: The

These in¬

Federal Reserve Board,

the

Comptroller of the Currency,
the State Banking Commissioners,
and the U. S, Justice Department.
The

latter

department

recently entered the

has

scene

in the

of bank mergers.

area

only

;

The report on Money and Credit

has advocated trade
the

and

of the Cur¬

es¬

25-mile

a

the

Comptroller

has

to

ac¬

tion.

For example, the State Su¬
perintendent of Banking in New

has introduced,

Legislature

branching.
der

banks
with

permit
to

in

banking

in

competition

the

to

banks.

into

addition,

number

in

three.

permit New York

"home

chartered

chartered

districts

nine

extend

of
or¬

specifically recommends

reduction

from

on

answer

State

operate

bill

the

would

the Comptroller in

nationally

The

which

This is the

to

to

bill in the

a

'restric tions

ease

State

New
This

County.

provides

office"

York
would

City banks to

Suffolk

it

of

In

that

the

be located

may

in

a

community of 15,000 rather than
1,000,000.

shelved

this

bill

another

has

has
been

been

and

tion of

branching laws is expected

eventually

ameliora¬

in New York.
date

Omnibus

than

been

the

restrict¬

more

originally

Federal

Banking

anticipated.

Reserve

vetoing

Board

party

in

has

this

of

authority in the trust

the

Federal

Comptroller.

banks'

trust

under

be

Board

the

supervision

Comptroller.

This

trend

the

Federal

to concentrate

be

tice

the

which

tablish

has

the

trust laws to

Department
the

attempted

applicability
bank

This

ing tried

is

the proposed merger

adelphia

National

es¬

a

district

to

be

court

decided

Court.

As

the

and

Casualty Insurers

will

ers

on

This

whole

national
more

Bell

Teletype 212

571-1170

Specialists in Bank Stocks

and

selves.

suggests much

Many

states

have either limited
at

none

the

on

have

now

all.

more

branching

Of those

states

or

with

banking, most of the im¬

made

includes

New

York,

Massa¬

to

KENYA

states

with
The

true

for

those

operations under
states which
recent

•

UGANDA

•

PAKISTAN
•

-

Illinois,

•

AND THE RHODESIAS




ered

in

half

a

C.

do

and

Nevada

Arizona

N. Carolina

R.

Then

Oregon
Rhode Island
S. Carolina

Distributors

Maryland

Washington

appointment

Coryell,

by

range

less

down

week's

a

time.

equally

was

of

Franklin

M.

of

out with

sorts

to

spirited

Olivetti,

,

profit-taking

as

Italian

acquire

had

combine,

the

836,677

The company

acquired

67y2.%

shares.

tender

offer,

reaction

the

fate

made

to

was

ear¬

of

The

was

of

moot

The

erratic

Pont where
able

Chi¬

and
Franklin M.

Coryell

pany's Resi¬

Vice-President, North Cen¬

blue

dividend

under

a

.

bit

favor¬

high

were

The

du

was

some

action

unwarranted.

stock

was

of pressure when the

regular payment

then snapped back.

six

„

associated

with

the

With

Eastman

Dil¬

market

lon, Union Securities & Co,,

and

was

office

of

Resident Manager for the last

For five

was

William

institutional

J.

prior

Registered Rep¬

a

in

years

Mericka

&

sales

Co.,

several key

bumping

ceiling for
was

switching

that

have

of

areas

something

into

been

SEATTLE, Wash.

New

N. Dakota

Illinois'

p.

Oklahoma

Iowa

Hampshire

S. Dakota

Kansas

Texas

Minnesota

W.

Virginia

■

'

become

some

the
of

a

areas

neglected

to

up

—

to

repurchase
of

the

-

its

better

own

over

couple of

than

shares

years

a

that

period

a

back by

That is about

of Union Oil's capitalization.

Phillips
bind

Harper

&

Son

&

Wm.

Company,

1504 Third Avenue, as Assistant
Manager of the trading dept.'
For

the

past

three

Missouri

Wisconsin

Waller

Montana

Wyoming

Jones Granat Inc.

had

been

years

with

Mr.

Hinton

to

of

this

the

pattern

37%

while crude production

intact—net

only 8%

up

income

and natural gas

up
was

out¬

put 13%.
The

indicated
small

yield

about

average

dividends

stock

but

have

ites

increased

In

a

market

of the

some

trading favor¬
admittedly high-priced.

are

Union

is

1960, the figure is

test of the future.

no

3.2%,

since the cash

been

four times since

where

of

payments

Oil's shares

considered

are

reasonably priced.

Steel

Steel

issues

Outlook

are

question

a

mark, particularly since the prof¬
its of the industry last year as
this

as

some

year's

first

quarter

modern-day lows.

hedge buying to

With

unknown de¬

an

gree
underway in
the
second
quarter, results will look better

but how valid

the results will be

unknown.

And

the

won't be apparent until

answer

the mid¬

tussle with the steelworkers

year

union oyer wages is resolved.

Students

of

the

maintain that

demand

rather

is

than

there

case

steel

industry

good share of the

a

is

for
for

consump¬

stockpiling

labor

a

dispute.

ing and otherwise effecting im¬
portant economies, there could be
a

turn in the fortunes of the steel

industry in the cards. But it is by
no

clear at the moment.

means

High-Yield Item

high-yield item that
stirring lately

dustries,

supplier

industries.

gas

been

seems

is Dresser
the

to

oil

The company

operating under

a

to

In¬
and

has

new man¬

agement for

about a year which,
other things, has resulted

among

in aggressive expansion of its
par¬

15%

John Waller

attention

ticipation in. foreign oil business,

Union Oil was something of
puzzle since its avowed aim is

Phillips Petroleum.

associated with

the

revenues,

a

is

with

action

has

in

intensive

here.

9,000,000

Harper

1958 to last

was

year

be

bit, trading interest

a

r

.

A Puzzler

•

Mr.

years,

•

still

A

last

time

some

-

quarter

-

the

that good re¬
for

was

declared, but

was

good
years,

And with the companies automat¬

chip

hopes of

is

And for the first

tion

Erratic Blue Chip

E.

Wm. P.

Nebraska

of

recent

as¬

with

flat

cost reductions.

in

Waller Joins

Throughout the State

/

show

recent

are

increase

result

Its in¬

slightly

run

to

the company

15%

a

is

public.

the

company

the period from

well

as

on

that

the

prevents

stock,

something

shares

resulted

panding its
the

in

in

or

impossible

the oil and

Back in
ful

Oil shares

What

solely

luck

of

of the

Dresser

ago,

than

more

level.

cent

lush days a hand¬

The

shares

twice the

re¬

stock, in fact, is

year,

more

than four months in about

from

ex¬

voting

or

issuing

That makes it

up

as an

years

sold for

industries.

gas

more

this

Phillips

Union

into

one

otherwise

and ties

out

court

Phillips

for

any merger,

a

broaden

injunction

since

an

ownership,

proxies to vote it.

of

to

as

lines to lessen its dependance

new

Pennsylvania

Virginia

to come.

In

the

backed

companies, Union

able

indications

of

of time

Unit Banking Prevalent

been

sults will continue

set
newcomer

a

had been acquired

Tennessee

and

off

by

the

operating results in

well

bit.

a

was

However,

and

sale. /

has

offering for the shares.

Wheeling,

that, he

that

Like most oil
Oil

above the $14.50 which Olivetti is

cago, the com¬

to

for

the
to

the

itial

•Pennsylvania

For

in

deben¬

paid

independence

statement /

upsurge

by the action of the stock.

Ohio

dent

spirited

shares of Underwood in the hands

the

Mississippi

Ohio

and

activity limelight

Underwood

Western

•

the

the

sought

lier

Cleveland.

New York

Holly

handsome profit

a

brought

as

sociated

1961

Uncertain

usual,

Underwood

of

Michigan

Louisiana

1963

that gave it a hard time and killed

wholesale

for

Kentucky

Ameri¬

two dozen points in

some

than

As

Willoughby,

and

in

plus

report in the midst of the flareup
to add that much more fuel to the

funds, has announced the

three years.

New Jersey
New Mexico

its

up

more

year.

Crystal had extended its

can

came

*■"

'

'

resentative

Columbia
Georgia

for

the

of

before it simmered

John¬

Group, Incorporated,
the Group Securities

of

sponsor

mutual

was

Utah

Vermont

points

the commotion and

came

off the game

Cleveland

Connecticut

range of around

months

Securities Inc.

Coryell

Alaska

of

score

four

and

McNamara,

Walter

than

finally

Prevalent

California

narrow

a

Oil

$120,000,000 involved

excitement.

Banking

Florida

BURMA
EAST AFRICA

of

manager

Coryell to

Smith,

Minnesota,

Branch

Colorado
•

'

'•

"

tral States.

Statewide

ZANZIBAR

CEYLON

SOMALIA

Executive

ex¬

to

Massachusetts

Branches in
'

ADEN

excessive, including Ameri¬
Crystal Sugar which had hov¬

-

Robert

with branch restriction in¬

clude

Arkansas

INDIA

one

have

efforts

Maine

the Government in

'

•

inevitably to

Some of the performances

West Virginia.

Indiana

•

sugar.'

Sugar
>••'*

in

were

Frank W. Warner, and Harry

son;

R. Gumm.

He will be

holds

same

District of

Bankers

Gerald

The

Alabama

ADEN

and

Vice-President;

chusetts, Louisiana, and Michigan.

Banking Prevalent

Telex Nos. 22348-9

N-*

representative

have

resources

Limited Area Branch

MINERVA LONDON

•

are:

Vice-President

for

and

Bank Limited

Telegraphic Address

Secretary;

equity.

Union

4

tion

Idaho

Head Office

-

as

can

portant states in terms of popula¬

Hawaii

If BISHOPSGATE, LONDON, E.G1

firm

Bertsch,

Miller,

Ohio,

limited

Delaware

National and Grindlays

Stolle

the

of

led

current

prices

rising prices for domestic refined
•

-

Mr.

suggests

regulation

level

BROADWAY, NEW YORK 5, N. Y.
Telephone: BArclay 7-3500

members

'

markets

convertible

able to
boost net income by 84% on
only

the

were

of

tures that could have been
turned
into
a
25%

capital

Sugars

soaring

as

Represent Group

leniency by the states them¬

away

Laird, Bissell & Meeds

'*

.•A-;-'."'

department; Herbert
Swinarton, Treasurer; Victor

M.

'•

question

uniform

Request

Members New York Stock Exchange
Members American. Stock
Exchange

*

with

is

be decided.

soon

perienced
Bulletin

world

and

trading

long-term

Sugar shares
Stolle

Justice Department in bank merg¬

roof/

1962 Results

the

buyers

six-month

merits, Union Oil is

attested not only by
Phillips' pur¬
chase but also by Gulf Oil's 1956

be established.

can

sensations

Carl

C.

L.

early
the

Sensational

utility,

W.

the

own

thriving oil explorer, which is

not for

■

Supreme

result the role of the

a

,

Vice-President

the

latter

the

by

gains

On its
a

the

passed

when

to
reacquire
the
shares is in the lap of the future.

year,

business,

Arthur

that

year.

in

of

many

have

period

invest- "

allied

drive

recovery

buying

gen¬

a

Associated

is being tried in

case

And

in

•

Girard Trust Corn Exchange Bank.
The former

high,

chip section, with the consequent
help to theindustrial average.

natural gas and oil securities.

of the Phil¬
and

story

stalemate around

a

sterling

as

The

involving

Bank

of

negotiations

purchase

the

10 points under the all-time

now

industrial

challenges

case

to

highs.

industrials,

something

con¬

dealers

currently be¬

is the

as

to

rally was
largely concentrated in the blue!

founded

1934,

public

and the Hanover

case

bid

the past two weeks has been

over

The

Sax¬

mainly

of the Manufacturers

merger

This

120

in

anti¬

mergers.

currently

Trust Company
Bank.

to

their

got underway last

mem¬

A.

ton,

the

Jus¬

of

Stock

■

G.

desire

of

York

resistance

in

new

the

indus¬

the

now

authority.. The only

Department

New

a

overhead

with

to

while

action that is understandable after

ber.

body to resent this concentration
may

an¬

Stolle,

change

towards

Reserve's

the

has

become

the firm's Ex¬

to

of

of

City,
has

President, is

State chartered

operations will

York

longer

Exchange.

from

area

Reserve

.

endeavors to broaden these limits.

Selected Property-

labored

Carl

has

through the transfer

some success

had

For

Co., Inc., 52 Wall

-that / it

member

body.

one

state-wide banking whereas

the

Act has been much

The

to

Comptroller

present

intro¬

duced

ed

level

Street, New
nounced

on

pushed for this and has registered

more

Although

To

transfer of much of

national

The

G. A. Saxton &

to

to

their

high ground for

new

or

contend
mount

responsibility for banking

the

year

trials

Authorities in Washington seem
the

probing

the

Now NYSE Mem.

bank

ment

able

prompted state legislature

a

state-wide

eral

by

State

G. A. Saxton Co.

pro¬

holding companies.

to prefer the

ities

against

regulation has much impetus due

be

radius of their home offices. This

further

of

also

ducts

tablish branches within

York

formation

many

and

centralization of commercial bank

jurisdiction

institutions

move

the

against

mergers

banks, has advocated that

national

these

posed

over

who has

rency,

banking

area

Comptroller

ruling

case,

the

.

continued

advance this week, rails and util¬

four regula¬

are

WALLACE STREETE

banking

DEVELOPMENTS IN BANKING

sion

Thursday, May 23, 1963

.

The Market... And You

affirmative

action should follow.

STOCKS

.

pres¬

sources

the

.

to

force

the Union

investment.

will

have

in

more

neglected

having

ones

hovered

of

for
a

four-point range.
Dresser's
have
into

been
the

nesses

setting
vacuum

diversification
aimed

valve

and

through
up

a

efforts

at

expanding
fittings busi¬

an

facility

acquisition,
to

equipment for

produce

industrial

WtWiWrWWtW WfWWWW «

Volume

Number 6266

197

.

f4W*

r*f

The Commercial and Financial Chronicle

.

.

1 wnji

(2123)

and

military applications, and de¬

velopment
for
still

detection

of

nuclear

explosions.

There

concrete evidence

no

that

is

company's

alysts

earnings,

but

predicting that

are

an¬

expected

upturn.

the shares have

yield

a

been available

liberal for

seems

a

OWEN

5%,

at

which
with

company

Panhandle

Eastern

calendar 1963 may,
est credit.

Pipe Line Company

Panhandle Eastern Pipe
Line, with annual

revenues of $210 mil¬
of the most important of the natural gas
pipeline sys¬
Incorporated in 1929, Panhandle has been under the leader¬

lion, is
tems.

one

po¬

of

reserve

sition.

[The views expressed in this article
do

not

necessarily

at

cide with

those

They

presented

are

author

time coin¬

any

"Chronicle."

of the

those

as

of the

adverse decisions

settlement

gas

of about

reserves

14

trillion

cf

12 billion barrels.

oil production it has

oil

an

refinery,

Panhandle

1,500,000

12%

latter

interest,

shares of National Distillers

common

Jointly with National Distillers, it

National Helium Corp. which will

$29

new

owns

a

million

extraction

account for 93%

of

plant

in

essing and miscellaneous contribute 7%.

Bonds Offered

tomers, and 3% miscellaneous.

are

The

external

bonds

due

writing

May 15,
under¬

an

by Smith,

group managed

western

isiana

states

and

moving

in Illinois.

Michigan;

and

offshore

northwesterly

The company has

to

Fields north

the

join

Trunkline

pioneered in the

Lazard

at

The

98.23%

to

Freres

bonds

plus

accrued

yield 5.55%. :-.v

'

Co.,

&

priced

are

interest,
' 0;

-

Net proceeds will be converted
into

Danish

kroner

and

applied,

with other funds, to the financing
of additions and

the

City's

improvements to

facilities,

including

The

>

bonds

prior

to

through
fund

15,

May

196.9.

commences

will

with

be

the

except

of the

Annual

payments

gether

15,.:, 1973

operation

which

redeemable

not

are

sinking

sinking

fund

sufficient,

equal installment

of

to¬

of

payment

an

maturity, to

retire the entire issue.

The

issue

will

the

sink¬

be

redeemable for

large

off-pehk

supplies natural

some

Its

5 .million

wholesale

American
Gas.

a

price, the stock

earnings ratio based

after

May

15,

1973

at

prices

It

customers

customers

Natural

also

deliveries

in

population

a

include

three

of

to the mid-

and

Lou¬

system

to

Consumers

gas fields.

20

other

million

big

gas

people.

systems,

Gas, Consolidated Natural Gas and Columbia

Consumers Power, one of the two largest
Michigan electric-gas utilities; in Indiana, Northern Indiana Pub¬
lic Service; Central Indiana Gas and Indiana Gas &
Water, as
serves

the

city of Indianapolis; in Illinois, Illinois Power, Central
Service, and Central Illinois Light; and in Missouri,
Mississippi River Fuel, Missouri Power & Light and Gas Service
as

Illinois Public

Company.

:

7;'.A.1-,.'

.

A/-''-

Major industries in the company's
and steel

plants in Michigan, Ohio and Indiana; and the glass and

firebrick industries in
are

••.a

v-

include the automoitve

area

large

users

number

Indiana, Illinois and Missouri, all of which

of gas in their processing.

The

also includes

area

of

diversified manufacturing centers such as
Peoria,
Springfield, St. Louis, Ft. Wayne and Indianapolis.
About 65%
of the gas sold by Panhandle is sold to residential customers and
a

An accelerated rate of business growth

Lorain, and

to

industrial

and

commercial.

the

At

end

is about 65%, but in some cities it is lower.

Principal of and interest
bonds

payable

are

City in U. S.

in

on

New

the

on

The

the New York Stock

Exchange.

room

the

near

For example, in In¬

-

<•

.

*

111.—Patrick E.

Hag-

their

lines which do

since it has 145,000 residential but
.well

as

not

use

as

thousands of homes

many

natural

gas

at all.

In

recent talk before the New York

a

"l^e

Society of Security Ana¬
are

the lowest cost Sup¬

plier in all of the

ments, Incorporated, will be guest

even more

speaker at the luncheon meeting

business,
with the

use

areas we serve; this makes the rate of our dis¬
than competitive with other fuels; secondly, and

we

the Investment

Analysts

of Chicago to

May 23,

in

the

be

held

Illinois

Soci¬

today,

Room

the La Salle Hotel.

of

the result of

more

important is the fact that despite the addition of heating
expect to continue to operate at a high load factor
of underground

storage and industrial sales."

Esti¬

mates also indicate that the population of the states served by the

especially Michigan and Ohio, should enjoy

company,

"

.

an

■

"

'

'

" "

'•

Continues to Grow
The
of

a

Lorain

harbor

number of

progress

improvement project is

one

developments during 1962 that indicate the

of The Center of Industrial America, the

area

by the Ohio Edison System (Ohio Edison Company

and its

subsidiary, Pennsylvania Power Company).

Ohio

Edison

holders

emphasizes this continued economic development

which

includes

Company's annual
not

to

stock¬

only public improvements such

those in the Lorain harbor but also the
of

report

existing industrial plants and establishment of

plants in the

During 1962 eighteen major

new

industrial plants and

penditures of $1,000,000

funds during 1952-8.

-

.

Vice-President Keefe

»

-

reserves

established for

expects that 1963 will register another

Year

(Mill.)

1961

_—

in the
UTAH

-

in

area we serve

IDAHO

-

WYO.

-

COLO.

—

Share

Increase

$3.72
3.00

—

Paid

1.85

30

Range

70-45
59-39

—

1958—
—

1956

—

—

Box

899, Dept.K

—

Salt Lake City 10, Utah

Growing Company in




a

Growing West

capital expenditures of $87,790,000 involved,
trend which, since

1954, includes

a

total of 126

billion dollars.

Future electric power supply was further assured
by the completion of the W. H. Sammis Plant project.
Begun in 1956, this is the largest power project in the

Companies' history, and with its four generating units,
the plant now has a total capacity of 706,000 kilowatts,

2.31

Dll

1.80

50-40

2.59

31

1.80

59-43

116

1.98

D5

1.80

62-37

112

2.09

D3

1.80

57-36

For

1.50

53-37

M.

105

2.15

9

1955__^__

92

1.97

31

1.44

77

1.50

3

1.25

1.46

NC

1.25

a
copy of Ohio Edison Company's annual report write
W.Thernes, Secretary, 47 N. Main St., Akron 8, Ohio.

42-34

76

'

44-35

1954

bringing the total capacity of the Ohio Edison System to
2,509,834 kilowatts.

44-34

•

.

Ohio Edison Co.

UTAH POWER & LIGHT CO.
A

ex¬

each—were announced.

projects involving estimated capital expenditures of

over a

131

1953

Write for free NEW BROCHURE

a

or more

were

Approximate

$2.00

24%

$210

Record

total

continue

151

1959

1957_

per

Stock

Dividends

%

178

—

1960

opportunity

Earned

The

such

—Common
Revenues

re¬

'

good gain for Panhandle, since earnings for the first quarter

1962

re¬

of refunds arising out of the settlement of the
1958-62 and the

new

area.

above-"

below. Figures in the table have been restated to

flect the payment

as

steady expansion

expansions of existing plants—those involving capital

company's rates for

'

-t

in the table

Tells about industrial

are

Industrial America
i

growth during the next decade. Thus, it appears likely
that the company can continue
its excellent growth record shown

average

NEW FACT BOOK

a

The Center of

served

lysts, Vice-President Keefe stated:
tributors

of

is expected for

as

possible by the St. Lawrence Seaway.

Consumers

substantial industrial business.

gerty, President of Texas Instru¬

ety

in northern Ohio,

ing and deepening the channel and other improvements

•

has added 140,000 heating customers in the last three years as well

Chi. Analysts to Hear

area

expected to increase the port's share of world trade made

com¬

60% of total sales, saturation

some

for growth

non-heating gas customers,

as

CHICAGO,

1962

broad

$22 million harbor expansion project begun in 1962. Broaden¬

company's largest customer, Consumers Power, still has

considerable

Application will be made to list
the bonds

for gas, which amount to

dianapolis the saturation is about 35%.

York

currency.

of

a

pany

pany

•

last year's earnings is 21.

to 12 states along its pipe¬

gas

accrued

.

(riow paying $2.20) yields 2.8%. The price

on

areas

ranging from 101% to 100%, plus
interest.

high ground,

May 16). At the

Average—
NC—Not calculated.

11%
D—Decrease.

•

t

<5.

had-an estimated 3,750,000 homes using gas heat, or a satu¬
ration of about 75%.
In areas completely dependent on the com¬

and

on

new

on

Transmission

35%

optionally

into

(it closed at 78J/4

cus¬

terest,

.

has advanced

range of about 81-68

a

ing fund at 100% plus accrued in¬

and

adverse

any

being in Missouri, Illinois,
Through retailing utilities it serves

Indiana, Ohio and Michigan.

May

on

with

system, its principal market

well

public utilities.

facilities

The company

line

have

of underground

use

Power during the summer for
storage in depleted

and

not

••

pipeline

Co.

Inc.,

will

cases

earnings.

gas proc¬

of Texas

areas

the other

storage

New York.

remaining

or

Of the gas revenues 9%

Barney & Co. Inc.; Kuhn, Loeb &
Inc.; Harriman Ripley & Co.,

revenues

for any future

interest

covering any
period 1952-58, so that the

for the

pipeline system includes two major lines—the Panhandle

Lines from the Gulf Coast and

loan

these

cases

earned surplus)

applicable

'

Lines from the Texas and Midcontinent

being made by

of

rate

on

and

sales

gas

products,

industries, 88% from wholesale utility

Public
offering
of
$15,000,000
City of Copenhagen (Kingdom of
Denmark) 5%% sinking fund
is

Natural

while oil refined

revenues

from direct sales to

put into operation

soon

Kansas.

Copenhagen

on

settlements

During 1963 the stock
with

Chemical,

owns

effect

satisfactory settlement with the F^C
years 1958-62, and has provided a

In addition to gas and

liquid products extraction

a

plant, etc.
&

1978

proven natural

(one-quarter wholly-owned)

and oil reserves of some

only.]

City of

Valley to Michigan, it has

inter¬

'a'"'

$20,702,000 (taken from

rate

decline in the

a

covering the

ship of President W. G. McGuire since 1943.
In addition to its
10,200 mile pipeline network extending from the Texas Panhandle

refunds,

supplies.) Results for

gas

however, be affected by

The company has made a
of rate increases

field and the Rio Grande

thoroughly sound financial

a

vs.

company's history, but it occurred while new facilities were
being installed which, if they had been completed, would have
permitted the sales of even larger amounts of
gas, utilizing' a

ELY

larger part of the company's lower cost

Meanwhile

approaching

BY

the

profit of Dresser will finally show
the

cents, and for the 12 months ended March, $3.88

the

SECURITIES

by the

end of the current fiscal year

98

vs.

$3.23^ While the fjrst quarter represented an increase, of
18%, it
was
somewhat disappointing. (The weather was the
coldest in

an

important turn has been made in
the

$1.15

PUBLIC UTILITY

systems

19

An

investor-owned, tax-paying electric company

it

The Commercial and Financial Chronicle

(2124)

20

lington Industries, Purolator and-

MUTUAL FUNDS

Southern Railway.

Fund

Insurance & Bank Stock

JOSEPH C. POTTER'

BY

#

*

«fc

that

nounces

March

at

share

per

Working

on

the Railroads

Thursday, May 23, 1963

BY JOHN DUTTON

$6.80, compared
months earlier.

was

three

$6.51

.

SECURITY SALESMAN'S
CORNER

net

.

Value

assets totaled $2,788,791.
with

an¬

31

.

Make Those Routine Calls

They Can

—

Be Productive
Hoop- that the rails, despite their many- investors Mutual, Inc. reports that
er, an authentic Wall Street sage, sided problems, were deflated to at March 31, marking first half of
was saying "not one investor
in a point where they were on the ^be fiscal year, total net assets Experienced security salesmen sales psychology is all in your
welcome the opportunity to con- favor
when you
ask
a
simple
100 will touch a rail stock with bargain counter. They also recog- Were $1,993,895,063, or $11.07 per
tact customers and prospects on question such as,
"Did you rea
10-foot pole."
Not that Mr. nized that the combination of ac- share< 0n Sept. 30, 1962, assets
the most ordinary matters. You ceive
your
stock?" Immediately
Hooper was hostile to the carriers celerated depreciation and a tax- totaled
$1,719,389,253, equal
to
Early this month Lucien O.

While

it.

from

—far

can

none

investment credit would aid many

companies turning to
rating, few will quarrel with his new equipment would give them
contention that the rails have few competitive muscle and eventualthis Hooper

the accuracy of

assess

in

friends

investment

the

munity.

com-

Indeed, this department itself,
in the interest of accuracy, might
had few

better state that the rails

tual

of late, the mu-

portfolio

other

funds,

sometimes

first look

a

—at the group.

wincing

been

have

the list of 1963 highs

as

has been dotted with such names
as

Louisville

York

Nashville,

&

New
Chesapeake
&

Central,

Pacific,
Great
Railway and Gulf, Mo-

Southern

Ohio,

Northern

»^ to. curtai11

equippers

railway

such longtime
as

Pullman, General
Transportation
and

American
ACF

Industries,
carriers

the

that

indicates

which

merely

not

are

speculative whirl but
rising on great expectations,
As for the early-lookers, who
did more than just look, there is.

getting

a

are

considerable

sometimes
tempered by the realization that
their purchases were on the modest side. Of course, many a fundwith

man,

glee,

J 1!

u

cant be

Moreover

jjke

^

noj. wboiIy

Breed

After

disappointed
all

off

At

until

least

not

the

difficult

this

to

going

about

roads

were

altercation

get

Sometime

dead. In

not
a

one

the

summer

all

•

during

thesecond

JV

,

ig63

rails'were

in favor

^

quarter of

se„ers
since

„teeorv

thev

the

hardl^

never

be
this

in

stocks

of

th

t

After all

could

£

th

s

were

Vctorsin Tnvestment

to

"The

say:

only

sbare)

tact

$5.78

of 1962.

the end

with

$5.60

and

On

assets

share

a

reason

March

was

it that the early

shoppers—generally,
students

in

carriers

the

the

that

made

rn"L

risk important investment money?
For

one

T?n-nrlc<
Jl LirlU.b

JL lit/

*

Colonial Growth & Energy Shares

that

reports

at

of

the4 end

the

fiscal year on March 31 net assets
totaled
share

/A-

The

*

William

One

Fund

assets

lion,

amounted

mil-

as

$247.4

mil-

lion at the end of 1962 and $298.2

March 31, 1962. Value

on

per share at the end of the latest
perjod was $12.55, against $12.12
at year's end and $14.22

3^

March

on

fund

latest

western
sbares

Bancorporation,

0f

international

Machines

inciuded

the

the

same

Business

35 990

Johns

Kaiser

Aluminum

& Co.,
sales

span

Allied

35,999

Chemical,

Manville,

-

of

2,500

and 3,399 Merck

Over

Inc

quarter

100,000 shares

&

15,000

consecutive
quarterly dividend

TH

from

net

in

this

of

owners

dividend

record

31/1963:




pertaining

stocks.

*

*

placed

People

of

Wellington Equity Fund

announces

in its semi-annual report that at
April 30 value per share was

business

his

builds

is

and

above

the

good-will

order

ooen

curitv at

Bulow Exec. V.-P.
•

fTpofQrfv
g,

.

.

j

Vice-President

and

vestor

counsel.

At

the

time

same

Jay

Carton,

hood

to

his

experience

there

in

that

it

will

leave

to

I

I

remember

telephoned

the

opening

ities,

Middle

Perkin-Elmer
and

in

■

May
r .-

South

Oil

Util-

tablishing

their

advisor

Company in
Municipal

to
es-

had

just

had

able

to

-p.

i

discussed

which

or

He

the order and

the

Research

This

is

an

appealed
several

issue

the

the

tax

of

issue

an

and

ad

to

ques-

luckily

and

was

I

bonds.

several

was

questions,

the various features

appealed

T

.

0111S

Corp.

wholesale

just been

representative

by The Parker Corporation, 200
Berkeley street> Boston, it was
announced by

Mr.

J.

Denny

May,

Execu-

tive

Vice-

President in

charge

of

sales.

The

Parker

Cor-

is.

when

reading

me

answer

i

•

orOClriCK J

Boston

°is

in-

him,

to

and

and

rrana^er

distributor

of

incorporated
income

Fund
Richard M. Brodrick

incorpo-

Investors,

mutual

fund

Brodrick

New

York

Island,
61

will

in

the

cover

City,

from

the

his

third

oldest

nation.

Mr.

metropolitan

including

Long

headquarters

at

Broadway.
prior

to

coming to The Parker

Q0rporation, Mr. Brodrick

was as-

sociated for four years with

Paine,

Webber> jackSon & Curtis,

he

order for the bonds.

Mr- Brodrick served with the

coincidental

Associate at several member firms

business that

also fall in your

U- S. Navy from 1944 to 1946.
After his graduation in 1948 from

0f the New York

lap... .just by exposing yourself to

Columbia College, he worked for

&

Refin-

of

Arizo-

*

the

at

was

a

Stock

Exchange

Institute

of

sively

on

a

has

written

number

which

of

have

ing the quarter ended March 31 it

Jished

made

business publications. 1

Bur-

the

of

sort
can

Erwin Wasey Advertising before

customers.
,

"

"

s

•

Conversation Is

Bulow

Fund .of America reports that dur-.
subjects

commitments in

Internal

versity.
Mr.

new

success.

Department, and

*

*

with

me

and

.

asked

familiar

tional Financial at New York Uni-

I

price,

market.

that

bonds

exempt

we

business with you.

c?n

Western

Oil, Midwest Oil Corp. and
Bank

0

rated

advertising

gave

wood

National

.

morning paper and another firm

Bond

ing, Beckman Instruments, KingValley

a

commit-

and

reduced

Ashland

it

When

There is no surer road to

and

c. J. Devine and

time

satisfaction.

a

e3yose yourself to more people

cancel it. However, he

trie

same

of

more

finished

to

me

served

an

as

occasion

had forgotten about

told

also

as

tenden-

overcome

vestment

the

of

He

Commerce "

limit

customer right at

Polaroid and South Carolina Elec-

of

not he

or

order

the

an

a

"Journal

asso-

editor

cus¬

a

possibly cancel it.

the

former

likeli¬

experienced

desires

it at another

an

executed.

be
an

ask whether

enter

se-

a

little

tomer and

for

a

financial

we

cies toward procrastination and
laziness, the stronger we become,
After a while, discouragement and
obstacles diminish. Work becomes

an

such

telephone

read

and

habits. As

Richard M. Brodrick has

market.

to

will

happens

also

He is

editor

the

is

When this

Senior

Vice-President,, was elected a Direct°rMr. Bulow was formerly VicePresident - of Public Relations for
™he Nouse of Seagram, Inc. In

There is another plus which
works in favor of the salesman
who develops conscientious work

Parker

have
sell

or

changed

that

a

City, financial and in¬

relations

friends seek-

That

'"Good Till Can-

salesman

Harry N. Bulow has been elected

they wish to in-

have

more

a

may

buv

to

limit

a

have

extent

you

^
Meanwhile

celled".
may

Q+ Tj JyT

.g

they

investment connection,

an

named

Sometimes

owned."

I

At the

and

of

cost

jng

when

wbo

or

he

man

sistently, you will be certain to

him... that

of

on Oct. 31,
friendly relationship.
1962. It also stated that resources
totaled $76.6 million, including Would You Like to Change
"an unrealized profit of $7.5 milOpen Order?
over

opportunity

knQW

order

appreciated. This

ciate

Gas.

result

a

appreciate con-

thinking

are

you

$13-58, up from $11.41

securities

people

client's account tells him that

a

gnt position.

&

regarding

As

another

always

turing, Northern Indiana Public
Service, Petrolane Gas Service,

holdings
Refining,

ae-

missed this additional business.

Chemical,

*

day in

a

salesman is busy he is not thinkwith him. If he had simply mailed jhg of avoiding work—he enjoys
the form with a written explana- it. By making personal calls, teletion, h e would very likely have phone calls, regularly and conclient

the

the

to

Oil

joint

them s9me

gave

information

their

before

the de-

up

the

to

he

about

payable June 29, 1963
stock

clearing

tions

na<

to

needed. Meanwhile, he had

He

me-nts

Wellington Fund will

share

was

him.

added

Life

remember

tele-

he

list of their investments

of

clientele is

a

other

vesb

explained why

a

favorable

a

further

the matter.

it,

it

form,

creates

for

speak with

lations, Mr. Bulow brings a broad
background in finance to his pres-

and

Commonwealth

Nuclear,

investment income

of

com-

Industrial

purchased

Sliminated

More than 347,000

the

to

phoned them and

count

This

climate

thinking of them is the

this

about

mailed

he

In-

used

let

tQ

that

form

salesman

clients

Before

important.

every

a

52>020 National Gypsum and 35,- sideration from a salesman. A
9®^ Revere Copper & Brass.
telephone call regarding any phase

*

by

and daf out Process- The fa,ef"
man
who uses

establish proper

to

the

new

one

you are

compliment

a

a

matter that

discussion.

.

opened

the

opportunity

an

tails

the

purcbased

him

Agreement

telephone.

by

mailing

him and after

1962.

During

addition

-

quaiter

yourself to

couple

required

his

with

compared

of

legality,

$251.4

to

him

Building

account

was

asking

are

a

is important to him. Also,

paying

another favorable

as

expose

married

stead

Street

You

question regarding

business.

Frito-Lay, Green Shoe Manufac-

Founded in 1928

share

'

etc.,

charge of all phases of Seagram's
corporate and financial public re-

of

a

'
'

final

Insurance

Lll

a

open-orders,

claims,

was

pany

134

per

-

.'

7

the

In

Value

$11.90, against $13.56

earlier.

year
.

$49,270,444.

was

deliveries,

joint
*

speaking.

are

every

opportunity to

'

thing, they recognized

a

A

reports that at March 31 total net

New York

Xvt/|JUl L

re-

"chore",

a

penetrate into the preoccupied

mind of the person to whom you

pretext to con- showing consideration and interest
client concerning payments in his account. You are. making

upon

dividend

$1,063,837, equal

were

share.

a

of D. M. S.
Hegarty &
Associates, Inc., 19 Rector Street,

them

of

The Joint Account

Director

veteran

of the marketplace—saw

am

you

certain

Instead

I

day,

_

1962, assets
to $8.50

Executive

Anybody for textiles?

,

Well, what

it."

due,

31,

to

an(? g<?

other

you

at

while the industry of this

country is quite capable of writ-

was

*

compared

of $724,971

ceived

mailed

"We

ask,

the

calling to. make
look

or

the

So,

such

*

.

stock

your

and

telephone. a

you

and

customer

22.9% from

up

when

an-

posted

Over - the - Counter Securities
Fund reports that at March 31

lion

8

rail-

ing off the older generation, Wall
buy a rail is asset value.
And Street is demonstrating anew that
that's not a valid one either, be- advancing years are not necescause the
government just won't sarily a handicap and may even
allow them to roll up the tracks be an advantage.
heard

»

wbat tbey were buying and sell-

was

analyst

young

this

wdj be teinng 0ne and

£undg

coun-

the

whether

.

+u

it

ding month.

million

hangers.

argument

an

indus-

The

Even with the new aggressive
management, on such roads as
Southern Railway and Chicago &
North Western, the rails have a
good
deal
of uphill trackage
ahead. But the point is, that whatever the future may hold, a lot
of Wall Streeters have learned, tQ
chagrin, that they are not
dead. At least, they ve been showing a good deal more life than, the
glamour stocks of yesteryear.

buff.

it

investment

among

sellors

spring,

situa-

a

April

galeg of $8 459 000

many

carriers must

the

blame.

little

no

crepe

to fright-

as

hardiest

after

try abounded with cry babies and

the portfolio,

often

so

New

the

disfavor,

tion for which

all, the rails have

but

of

along

came

universal

bear

unintended. It is

many

in which the rails had fallen

years,

into

good

a

praise for the oldsters,

that

facf

SOUnds

in

that

the

attention

%

Organization

Morton

c

per

the foregoing

deaj

only a small-size com-

ing made

mergers

many

.

If

wholly blamed for hav-

mitment.

en

u

and

barges. Moreover many mergers

fast-moving rail or

a

^truckf

,

bile & Ohio. Also setting new tops
have been

R

nounces

store from government permis-

a

late-lookers

The

account.

income

peo-

pie and just plain individual investors have been taking a new
look—and

the

bolster

ly

.i,

recognition

immediate

gain

$9 95 per sbare>

these

More competitive muse e was in

•

friends. Because,

of

in

been

pub-

various, financial
v

and
•

Two Way

In

items

addition,
that

will

Mr.

continue
be-of

to

Brodrick

served

as

a

special-

ist in the investor relations deto partment, public relations division

send

interest

clients by mail. However,
takes

joining General Electric Company.
During his nine years with G.E.,

Street

exten-

financial

a

1

-

nothing and advertising & sales promotion
division.

the olace of discussion. The

Volume 197

Number 6266

.

.The Commercial and Financial

.

Chronicle

(2125)

U.

S.

Wouldn't

COMMENTARY...
After

BY

M.

R.

LEFKOE

-

listing

his
trend

toward

in

the

United

obvious to

As

too

in

this

ago,

long

the

major government adminis¬

trative
such

agencies

sweeping

"have

obtained

to

power

to which private

use

control

property

is put,

that, for all practical

poses,

private property exists

longer." Moreover, examples have
been

given

Court

various

of

Supreme

decisions which ruled that

the "courts do not substitute their
social

the

and

economic

beliefs

for

judgment of legislative bodies,

who

elected

are

if

even

such

In

other

President

to

laws"—

pass

laws

based

are

collectivist principles.

on

words,
is

steel."

the

far

as

the

needs
to

reason

steel"

would

criteria

India

destroy any semblance of
in that

economy

President

views

on

to

satisfactorily

since

that

he

"the

means

by

is

not

practical

one

Kennedy

made

explicit last

he answered

his

to

his

systems

question asked by

a

ing the White House.

visit¬

was

The

of
of

means

country

your

providing

decision,

and

to

as

the

progress

if

by

Finally, the ization

is

social¬

soulmates

into

ernment

debt

control

is

omy

really

that

best

they

succeed,

America

but where

cises

the

effective

control

exer¬

such

over

needs

choice.

zil

detailed discussion here:

the, President's
of steel

the

labor

it

"take

settlement

dispute,

leave

or

offered

companies

of

by

it"

the

almost

shipping

instance

every

intervention—

whether it be legal or extra-legal;
whether it

branch,

be from

the

the

being taken
life.

in

is

to

free," democratic

No

been

fascistic,

American
their

to

way

to

anything,

officials

to

doing

are

equal moral sanction
The

rights

Eugene
Can

presumably

irrelevant,
practical

ited,

with

our

abridged
considered

the fact that, in

as was

terms,

collectivist

no

system

successful

as

constitutional,

as

can

lim¬

a

R.

Van

of

of

has

laissez-faire

been

engaging

in

actions, to evasion and equivoca¬

officials

government

Mr.

Bowles

concur

makes

it

clear that his, standards for

ing foreign aid

*

who

very

grant¬

almost diamet¬

are

The

long-term
is

large

amount

of

lamps,

ties.

an¬

their

and

possible,

political

systems.

therefore,

government

to

officials view

how
free,

a

constitutional, republican form of
government
statements

by

examining

their

This

Some

of

the

before

a

foreign

he

country

aid
of

Take, for example, the issue of
foreign

should

or

and
not

give

which

plan

the

it

use

of

States

countries

to

money

to

question

the United

establish

to

United
over

States

steel

he

buyers

of

Van

Meter,

whether
tax

who

spent eight¬
een

also

these

be
,

of

reduced

to

were

Renwell

this is

a

thought the

should

give

All the evidence
joins

do

it.

U.

wide

about

S.

dis¬

and

by

a

is "courageous

the

Indus-

4V8s

ductions

Medellin,'
of

Colombia,

United

highway

state-

in,

we

Now

go

have [sic]

unless the United
so

I

the

have other views,

think
we

Congress

we

ought
may

Inc.,

Trinity

Place,

have
of

Thomas

President

of

of

land

ownership";

development
organizations

has

of

integrated

involving

education,

gov¬

a

"provided for

road

rural

agricul¬

building,

Inc.,

from

this

Williams
Director.

as

is

brokerage

clients, with major
investment

on

in

public

em¬

utility

se¬

is

"effective

expenditure
for

of

luxury

control

the

imports.

ex¬
.

.

."

long-term

early
to

appears

to

market

crowded

with

being

was

offerings

of

these

securities, whereas the corporates
or
tax-exempt bonds were only
coming into the market in
small amounts and at

intervals.
tions
it

These

which

is

ridiculous

the

are

the

proves

to

rather

long spaced
excep¬

rule

have

the

yet
best

selling

at

higher

a

yield

market.

Treasury Differential Absurd
In

the

capital

differential

market

between

Government offering and

new

A rated

matter

corporate bond
of

which
the

present

yield

about

in

itself

absurd.

when

30

is

points

bordering

This is

perience
alyst
the

a

as

had

11

public

years

utility

at Kidder, Peabody

last two years

as

&

ex¬

more

the

on

case

takes into consideration

one

that the yield differential between

an

AAA rated corporate bond and
AA rated bond is

point

and
as

an

A

small

only 1 basis

rated

as

corporate

4 basis points.

Neuberger,
Berman to Admit

Harry Kahn
Neuberger & Berman, 120 Broad¬
New York City, members oi

signs

Exchange,

of

spring
be

partnership.

re¬

Specialists in

decline,
in

due

realization

some

that

U. S. GOVERNMENT

of

this

no

question but what

and

which

Williams is
York
and

a

was

an¬

the

is

these

bonds

of New York.

the

Association

desirable

most
as

as

any

;

SECURITIES

if

for

as

Deposit

the

new

well

Certificates of

in¬

And

far

non-federal

as

many

money
on

long

the yield

bonds, should

in

these

a

very

large amount

available for investment

Aubrey G. Lanston

bonds.

8c Co.

What's Happened to Yield-

connected with

Investment

priced to be

concerned.

since there is

head of the

Society of Security Analysts
The

is

of money

Co.,

member of the New

is

FEDERAL AGENCY

Govern¬

a

INCORPORATED

Spreads?
The

,

yield

various
so

it

spread

rated

bonds

between
has

the

become

small that it appears as though
is

going out of style under the

prevailing systems of bond offer¬

ings.

It

is

evident

that

the

top

20

BROAD STREET
NEW YORK
☆

CHICAGO

☆

or

Harry Kahn tc

some measure

1989/1994 because

belated

1 will admit

decrease with the passing of time,

public utility research department.
previously

a

an

is only a

basis

bond

enlarging. interest

an

the 4s of

Absorbed

raising purposes, the yield
of

Mr. Williams

over

foreign

the

original offer¬

showing

Governments,

Union Securities Corporation. Mr.

the

of

curities.

arrange¬

maintains

the

On

Treasury does not issue too

research

available
which

was

of

case

Being

the

ligations

services for insti¬

marketing

government

than
which

competitive with non-Federal ob¬

firm

readily
a

bonds,

of the price re¬

the

4s

ment bond

Vice-

The

ments

t"; i

that

investors.

of

fixed income bearing field. There

City,

York

cooperative
d i

ernment

issue is

levels

to

covering, at least in

74

He

c r e

bonds

yields

to the fact that the Gov¬

the New York Stock

the

health services, extension services,

and

lower

the

syndicate,

1989/1994.

from

Because

.

ernment which

Government
due

in

non-Federal

at

way,

Geneva,

Co.,

&

New

R.

and

particularly

tion

have

June

announced the appointment

phasis

insure wider distribu¬

when
sold

times

is the best available credit in the

Hewitt

tutional

.

of

the

some

Treasury

Reaves, Hewitt

people in proportion to their abil¬

long-range economic-development
plan
[which includes] realistic

past

stantial.

safety

Management

Europe

Reaves,

ity to pay" (a fundamental Marx¬

but I think it change




of

hand,

vestor

"well-conceived and

-

been

move

equipment at West Orange, N. J.;
and

have

ing levels have been rather sub¬

Selecto-Flash,

America;

Consultants,

and

ones,

long Governments,

and

a

out

in

as

enough to tax [its] own well-to-do

tenet);

bonds

instances, the decline

type of security

"Now, I think that ture,

ought to do it-—I think
to

a

India

steel mill which will

it will not go up

States

see

of

them since most

likings

recent issue of

turers

makers

of

part

Governments,

down

the

small

very

other

South

de¬

emissions have been

securities

trias Estra S. A., plastic manufac¬
at

rated

have

corporate offerings

or

new

In some

of 1941-44.

years

director

at South Hadley, Mass.;

ers

A

the original offering price had to

Board, in Washington, D. C.,
is

be

Eugene R. Van Meter

Chief,

Containers Division, War Produc¬

tion

the

overpriced and, in order to

Bu¬

was

reau

the

down the list.

There

an

exempts,

of these

Contin ental

Can,

then

on

the

caution

what

see

issues

new

has paid off for

with

years

the

as

tax-ex¬

and

empt bonds, followed by the AA

a

though

some

on

they

specializes in investment advisory

schemes to

mill, President Ken¬

nedy replied:

up.

if

asked

$500,000,000 to build

owned

to

savings

brought

government which

.

socialistic enterprises.
When

capital

a

seeking

even

and

May 15.

ian

aid,

whether

like

receives

include:

investment,
Foreign Aid to Promote Socialism?

political-economic
would

wait

attitude

in

conditions

market,

funds

tone

velops

collec¬

A-v

tribution

this issue.

on

it commits itself to

It is

see

,

extent

of

nounced

Mr.

such

quality even though the supply
is very large in the Government

among the buyers of these securi¬

Williams Joins

tivism. /

of

supply

bond

there is evidence of

mercury

degree

government

income

being ruled by the

and

to be forgotten when

foreign countries

still

constructive

market

discuss

The

incandescent

was

issues,

credit

rically opposed to those offered Switzerland," and Madrid, Spain.
Strangely enough, however, this by the now-famous
Clay report—
attempt to hide the real nature for
Bowles, a country is worthy
of their domestic policies seems
of
American foreign aid
to the
officials

making

ing issues, continues to display

Saturday Evening Inc.,

written for the

Post,

long list of

recent article

a

in

fixed

issues.

which

Industries, electronic manufactur¬

with this view. "In

interested

are

investors

Price Cuts Stimulate Sales

Cor-

America's newly appointed am¬
bassador to India, Chester Bowles,

from

satisfactory

makers

it

maturity date.

the higher rated

are

than other obligations
inferior; in

elected

Lamp

war

the

be

those

formerly

a

everything from concealing their
tion. to outright lying.

who,

to

by

commitments? in

ration,

vapor

payment at

ample.

during the

to

considered

Continental

Radiant

though

as

a

is

funds for such purchases is very

He

must be added

appears

purchases

bearing

Meter,

Company,

it

are

the people.

an

the dollar will

of its equilibrium

some

is

there

our

long-term bond market is

for

the

in

that

sio

employment in fixed income bear¬

individual

variant of collectiv¬

every

was

that

necessarily

are

under
ism

fact

balance of

yields have reached levels which

has

public

—

it

freely chosen by

people, he is willing to grant

own.

being

important forces in the

very

The

A'

ask

knowing the implications of what
they

its

non-Federal

given further protection. These

because

system in meeting the "needs" of

government

keep the

of government is

—

country's form

a

possibly be

is, in

effort

no

as

openly

ahead.

go

long

the

are

our

problem

now

still

he

most

spare

attempt

if

matter of preference

a

as

Next in line

Newark, N. J.,

Thus, according to Mr. Kennedy,
country's political system is

merely

the

and

aid to

some

recovering

Lamp

Vice-President

po

a

since

of

picture
since

question about its credit

any

its

the

bond

or

near-term market.

Van Meter Heads

President

political-economic

state

then

and

peonle

approval

If

decision."

official

government

willing

is

preserve

that the policy he espouses

fact,

al¬

action

This

order

the

or

justification

same:

America's

the executive

legislative,

judicial—the

has

makes, free choice, of course,

"A Matter of Preference"

labor

Presidential

a

government

of

own

never

so

be

a good
example for
the recipients of its foreign aid —
it will have fully embraced the

best.

But whatever choice Bra¬

their

and,
in

ways

is

and

Board.
But

people

prices, his intervention in

aerospace

the

arbitrary decision

our

Every country must make its

property—are too well known to

require

a

of

in

the

policy

gold holding and

to

will

collectivist doctrines which it

bond

Government

by

be able to set

Radiant

the

rated

was

of

government

out

authorities

management

to

appear

mapped

payments

action

...

which

re¬

giving

are

If

money

the

used with the purpose in mind of

econ¬

way

the

within

of the Federal Reserve

be

gov¬

the

over

the

will

in

still

Treasury and the credit policies triple A corporates

American

believing

been

monetary

strengthen free enterprise.

Presi¬

dent stated: "I think that the de¬
cision

public

when

year

Brazilian student who

political

areas

have

large

a

you
mean
ownership of advocates for them.
executive the means of
.production or of the
which have pushed Amer¬
basic industries, that is a
judg¬
ica down the road to fascism—a
ment which you must make.
political-economic system where We
prefer the competitive market
legal title to the means of pro¬
economy
here.
We believe that
duction
rests
in
private hands,
by free competition we can satisfy

examples

numerous

stricted

be

are

but

one

requiring

movements

markets

eco¬

best

can

The

assert

which

able to double talk the

CHIPPENDALE, JR.

answer

moral

a

JOHN T.

our

Neverthe¬

on

development

achieved
a

goes

BY

hypo¬

degree of pragmatism," perhaps
free Mr. Bowles believes that he and

a

country.

various political

even more

your

somewhat

are

could

give her half nomic

enable

Mr.

apologetically admits that

socialist policies and help

pursue

a

is

on

only

critical: "No nation, not even

fact less,

billion dollars—even if the steel

project

found

country,

the all of these questions."

as

the

concerned,

"India

sufficient
a

pur¬
no

mistake not to

great

a

own,

that

demonstrated

not

be

build it. India needs

is

today

who is willing

facts.

was

seven

the

would

variant—

States

anyone

to face the

column

collectivism-

fascist

the

be

can

collectivist

a

Bowles
The

Our Reporter

government

many

policies which
in

particular,ly

Qualify for

U. S. Aid

21

☆

BOSTON

nmwillttriiT-

22

(2126)

The Commercial and

to the commercial

Desirability of Leaning Less

in

Continued from page
for

but

tivitv

1

drastic tightening

a

of credit,

they clearly indicate the de¬

sirability

of

leaning

in

less

direction of easy credit.

adoption of such

the

While the

posture in credit

a

policy would be expected to
tribute to

the upward

rates,

be expected to be

least for

pressures

may

fairly modest, at

time to

some

con¬

firming of interest

some

Easy Credit

when

has
•"

*

Current Business Prospects

early

1961.

business
tant

During

count

rates

must

be

undertaken

"background

of

against

rate,

^

the

^

^

expan¬

1961-62

impor¬

(e.g.,

the

dis¬

prime

average rate

flat,

while

mortgage

bond

and
...

drift.

market

Only

rates

yields)

.

down-

a

among

money

years

during the past two

and this

rise

chiefly

was

a

time deposits

on

as a result of the
Regulation Q, almost

of

90%—was in the time deposit cat-

The necessity to

egory.

the

cover

higher interest payments

time

on

deposits led to record commercial
bank ac<4uisitions of real estate
mortgages and of tax-exempt securities which, in turn, contribu*ed
*be downward pressures
viplrlc in t.hp mnrtf*aP'p and
on ?ields in.th.e mortgaSe and nm"
mil-

mcipal markets.
The
the

credit

Federal

.;

policy

followed
in

Reserve

1962 business

the

by

improvement.
rise

in

noticeable

Judging

dollar

from

tion, the recent pickup in
facturers'
havior

manu¬

orders and

new

of

the

output and produc¬

various

other

the be¬

to have, entered

pears

expansionary phase
ing opinion
and

men

out

renewed

a

and

among both

prevail-

exception, is that the current

uptrend. will continue at

may

•.

At

the

1964

;

^

.

:ob-

some

through

carry

beyond.

even

fact,,

least

foresee the possibility that

servers

it

in

moment,

had

market

to

reasonably

and

;.

-

'„*•

line

with

provided

mercial

economic

This unusual behavior of inter¬
est

rates

during

period

a

plained

the

on

basis

net

of

ex¬

sluggish

Measured

increase in

bank

in

ensuing
sion.

instruments (securities, mortgages
short-term credit), total de-

com¬

deposits in years of

slack, such

1954

as

years

and

cial

in the

reserves

of business

expan¬

Consequently, until recently,

higgest increases in

by the

outstanding credit

sufficient

reserves

providing

ex¬

panding business is not to be

cycles,

1958, but had been much less gen¬
erous

of

business

permit large increases in

ters abroad.

bank

assets

deposits

occurred

during

earning

recession

periods, and the expansion of bank

mands

credit

in

for funds

1961

and

25%

again in 1962.
the total

consequence,

As

a

expansion

established

year

all-time high,

new

about

rose

was

sharply curtailed in the

subsequent period of business ad¬
vance.

~

./

-

'

.

The continuation

a

than 5%

more

of easy credit

policy in the recent period of busi...

5'forecasts,
based

nearly all of which
the

on

expectation

are

that

no

above

the previous

record

effect be¬

tight and interest rates

fore

1964,

ing.

for

the
a

1963

beginning
national

gross
as

whole

a

of

in

hood of $580-585

call

In the long-term credit

for

kets,

the

neighbor¬

1962

was

product

the

billion, with the

annual rate in the final

quarter of

"the year in the $590 billion range,

were

outstanding

largely by-conditions in the

ris¬

mar¬

feature

of

increase

in

in 1961 and. 1962.

omy

of

tax-exempt securi-

expected

increase

this

to

plant capacity and other

econ-

During the

show

holds that

as

school

long

of

there is

as

re¬

thought
any

another

gressively

Some

easy.

of this view go

far

so

adherents
to main-

as

tain that, despite the record

peace-

time increases in commercial bank

deposits

and

earning

dur-

assets

*n§ *961 and 1962, credit policy to
date has been unduly restrictive,
One argument

advanced

in

sup-

j.

;

1

redemptions

year,

<•

,

xi

»_•.«_

net borrower from the public than
in 1962> perhaps by as much

was

$2-$3 billion.

as

Although there is
indicate

that

evidence

some

number

a

of

smaiier and medium size business
f jrms

n-P

nnm-oo

+v-,^

i

course of the current business

ure

experiencing

are

a

ex-

pansion and especially during 1962.
The underlying reason for the
failure of ,demand deposits to rise
significantly during the past year

and

is that depositors

niore

ferred to keep the bulk
on
their
liquidity, demands for increased bank deposits
short-term credit may not meas- time rather than in the

of

squeeze

pre-

their

in

the

demand

to the record demands of

category. The higher rates paid
whole, the on time deposits commencing in
accumulation of business inven- the early part of last year
protories will probably be of no more vided a strong incentive to build
up

1962.

For the year as a

than moderate proportions,
say of
the order of $2-$3 billion, or about

posits.

in

negotiable time certificates of de¬

line

with

the

rise

last

year.

to

business may be only of about the

magnitude

same

in

as

1962;

addition, because of rising
ments,-

outstanding

In

repay-

consumer

credit

is not likely to continue
increasing at the rate of the past

assuming that automo-

year, even

bile sales

hold close to their

cur-

time

up

rather than
The

posit by
also

active

demand

large commercial

served

to

de¬

promotion

induce

treasurers and other

of

banks

corporate

managers

of

business and investment funds

to

lodge their funds with the banks,
instead; of holding them in the

form of other short-term investments,
Thus,

such
the

Treasury

as

volume

of

bills.

negotiable

.

rent

record

7i/2 million units annually, includ-

time certificates., of", deposit outstanding increased from about $1

ing imports.

billion at the end of

near

At the

been

continuing unutilized
plant capacity and the unemploy-

One

sources.

port of this point of view is the
will likewise continue rising, so failure of the nation's money
supthat the increase in outstanding Ply (narrowly defined as currency
indebtedness may be no greater outside the banks and demand dethan last year.
The Treasury is posits) to keep pace with the
expected to be a somewhat larger growth of the economy during the

business, expansion, there

current
has

^jes

of

volume

gross

able

.

expansion is to be explained

ness

were

the

jssues

new

mar-

.

year,

1959, when credit conditions

tax reduction will take

noticeably

commer- Thus, the increase in bank loans

and

and

of credit last

business

most

in

postwar

those prevailing in financial cen¬

business-, credit demands.

economists, almost with-

through. 1963;

term rates in, the American money

sensitive

economic series, the economy ap¬

resulting need to keep short-

and

rising

Thursday, May 23, 1963

.

evidence of slack in the
economy,
retained, credit policy should remain
ag-

immediate prospect,

an

Although

expansion is in sharp

contrast with that followed in the

earlier

shown

ket is not

1961-

Prior to 1961, the Federal Reserve

have

is

.

(de-

sources

borrowing in the long-term

it

,

the

timent

crated from internal

all of the increase in 1962—about

nomic statistics and business

sen¬

but the volume of funds gen-

year,

also

in time depos-

was

ad-

interrupted last

profits)

deposits

the

.

its' but under the stimulus oi: the with the resul*that a significantly
hi§her rates permitted to be paid larger volume; of net corporate

cit in the balance of payments and

continuing defi¬

resumed

was

bank

reflection

the

have

charges

the turn of the year, both the eco¬

of

to

appear

vahce which

preciation

has there been any

noticeable rise

In .1961, about

year.

on

.

have generally displayed
^
^
ward

es-

others

some

in-

60% of the increase in commercial

revision

bank loans) have remained

Since

conditions and trends.

ness

the

how-

so-called

^

busi¬

prospective

'

'

the

lending rate, and the

..

credit conditions and interest rates

This

some

expansion,

interest

(e.g.,
for

nrevailed
p

during the business

ever,

sentially
An aPPraisai of the outlook
appraisal OI uie

sagging

was

not

declined

and

sion that has been under way since

on

come.

activity

nattern

y

rising

was

permitted

of about $16 billion in de-

creases

posits in each

In Direction of

banking system

that

amounts

Financial Chronicle

rate

of

around

:
time

same

the prospects

1960

to

over

$6 billion at the end of 1962 and

the total is reported to be substantially higher today. Finally,
to expancj. in the case of the con- over the
years, the commercial
crease in long-term indebtedness dex of wholesale commodity prices
tractual-type savings institutions, banks have been actively educatof business coiporations and of has eased slightly instead of firmthe inflow of funds is in a stead- tng theii
business customers on
state and local governments was ing and there have been few obvirisin0, trend and the increase bQW
make more efficient use
ohmit
cicfno nf cnopnlo+iun
about tlio same i
the
in
the

real estate

record

mortgage debt.

The in-

ment rate has

stayed high: the

that

are

the fIow

Q| fun(js

to tjie

savjngs institutions will continue

.

in-

(

Such

estimates, if achieved, would
a

4

„

represent

approximately
basis
and

5%,

of

the

fourth

For industrial

ticipated
4%

for the

"

1

V

impetus

months

provided
and

for
is

this

expected

the

to

be

rising
for

goods

services, by steadily increased

spending

by

by

at

government

all

rising trend of out-

a

lays by business

on new plant and
equipment, coupled with moderate

additions
and

to

business

inventories

and
a
continued
high level
anH
building and "ftnctprintinn
construction.
a

Some

easing

later

in

the

of

/

The

o

year

production, and
possibly both in home building ac¬
tivity and in the market, for new
is generally antici¬

pated, but these declines

not

are

and

ness

mands

i

+1-,,-.

v-.

in

as

the

of

interest

rates

to

substantially higher dein

i

is

years

creased

be

past two

flow

(1)

by

two

of funds

to

in

credit

1961

and

of

practically

the

all

past two

classes

of

years,

savings

institutions experienced successive
increases in their flow of

savings,

stitutions
and

^

^

+—

deposit-type savings in(mutual savings banks

ance of Payments situation during

The

especially

inflow

of

XT A H rmrrw

f Vi

D

n

to

market rates in line with

money
rates in
in
to

foreign financial markets

order

to

reduce

developments

interest

rates

creased,

but

at

Moreover, it is widely anticipated that, despite the prospect

ings institutions

a

also

more

in¬

modest

some

continuing
1.1

economy,

prices
ward

_i

the

trend

be

may

slack
o

_

_

i

the
J

it

industrial

slightly

again, following

years of unusual

•

of

tilted

in

up¬

several

stability.

Interest Rates in the 1961-62
Business Expansion
A

cyclical

upturn

in

about

than

(llO

$2
in

billion
1961.

a

group

were
_

larger
The

last

'

year

commercial

in

the

current

business

aged for 1963 would normally be
expected to be accompanied by a

out-

Demands

Savings
Demands

show

for

ahead

be

the

commercial

banks to rpake large
additions to

°

CJe-1
Iemf
T?

flif int^ro
_

.

in

the

perhaps

*'

y

usen




•

w

en

usmess

ac-

Pallcy of

easy

credit followed

by

the Federal Reserve. In 1961 and
962, reserves were made
available

credit

in

mArf

rforfo

lVirloKfori-

outstanding mortgage indebtedbe expected to be

may

in

mortgage
as

debt

it did

some-

1962. The rise

is

in

unlikely

1961

and

expected to show

an

to

1962,

however, since housing starts
over

are

advance

last year and commercial and

other types of nonresidential

con-

truction will probably not show
much of a rise over present levels.

debt has shown
trend

for

outlays

on

no

some

plant

savings

demands

mercial

of

i
balances.

cash

business

in

prospect.

The
com-

will

continue

sums

large

as

to the credit

to

in the past two years.

as

consistent, up-

years.

and

Business

equipment

_1

*l_

^

~

.

being trans¬

hinges

course,

credit

on

'

turnover

of

Prior

for

to

two

the

experience

years,

credit

•

•

rise

.

m

I

•_

of

an

the

expansion

activity would
'

_■

business

have

I'

_•!

I

a

I

t

activity could be

expected to be reflected in
to

a

shift

less easy credit policy and to

the provision of a smaller volume
of

reserves

banks.

In

to

the

commercial

light of recent events,

however, the prospective
credit

policy

course

during 'the

of

coming

months is less susceptible to ready

determination.

:There

are

ferences

of

tle

or

can

do lit¬

tribution of commercial bank deP°sits as between demand and
time deP°sits- These decisions are
made
the depositors based on
an analys*s °f their prospective
cash requirements and their desire
*° earn arl interest return. Furlbermore> *n appraising the effeceness
credR policy, the important point is not whether bank

*n

choose

Treasury bills,

to

hold

their

or

for that mat-

deposits, but whether spending
and investing decisions are af

fected by the particular form ii
fnnrin
which the funds are held. Here
V*

r«

the

answer

clearly

seems

in

the

negative.

Certainly, the decisions of busi¬
ness

managements

spending
are

on

to

as

to add to inventories

or

whether

to increase

plant and equipment

not influenced

company funds

by the fact that'

are

being held in

negotiable time certificates of de-

some

imp0rtant dif-

opinion

posit rather than in demand deor

any

icy

suggest

economy

persistent

in

nothing to influence the dis¬

posits

by

in the

deposits

Measure Credit Policy

their

an

steady'rise

existing

The Federal Reserve

constitutes appropriate credit pol-

in

i

has' been

funds in time deposits rather than

been fairly readily predictable; a
_

i

implications *er in time rather than in demand

the

policy of

economic

«

This

*be Postwar period,

customers
Prospects for Credit Policy

past

rni_

deposits.

reflected in the-

institutions

whether the

s

banks

of

banks.

increase,. in

jngnntolorlrlinrf
at high levels and the increase
ID

the

big unknown i

to

an up- their earning assets in 1962 (asThe
year-to-year increase
in
^ectr^"fl we." as in 1961) was due to the. outstanding long-term corporate

s-. vurmg the postm eres
rates have

working

demand

therefore, it would

mine the growth in deposits and
earning assets of the commercial

line with the high and rising level

ness

year

expected to

or

further

some

mu¬

the

policy since the latter'will deter-

the

credit

can

strong,

.

and

Flow

surge

of

to

This,

Credit

for

about match the increase in

policy in the period ahead?

exempt securities in 1962 by some
$4 billion more than in 1961.

ability

volume

that the increased flow of

provide

what larger than in

The

+r, i v,
their

As a consequence, even though the

Demand Deposits Do Not

On balance,

markets

banks, however, increased their
holdings of mortgages and tax-

Fed Supports Commercial Banks'
Deposit-Rise

q£

year ago.

may

cy-

banks

running well ahead of

are

the flow of savings and for credit

not

activity of the proportions envis-

a

funds

The net additions to long- of general business activity. Buildterm investment holdings of savand construction are continuas

to date

part of 1962,

gains in deposits of

savings

sa¬

Pace.

of

funds)

the

tual

look for the demand for funds, for

continue

nitude to halt the

and

the

affecting

clical expansion, what is the

surance

retirement

i i g h 11 y

J

incentive

the

Against this background of
lient

months

pension

s

So far this

reached in the latter

appear

contrac¬

and

be

greater than in 1962.

short-term funds abroad.

move

tual-type savings institutions (in¬
companies

to

nnr»T<trn

However, the Federal Reserve

large .gains.

funds

promises

holdings this

this Period has not prevented the year, the growth in savings and acted has been rising, there has
Federal Reserve from following, a joan' association shares has been been no commensurate increase in
strongly expansionary credit pol- maintained at the accelerated pace ..working balances in the form of
icy.

savings and loan associations)

showing

...

their investment

year

credit markets and the behavior of
each

-

in

bal-

erating in actions designed to keep

1962.
In

excesses,

savings

an easy

banks

nvno ccoc

adverse

and the Treasury rave been coop¬

Reserve, which permitted a record
expansion, for peacetime, in the
deposits and earning assets of the
commercial

persistently

a

in-

sharply

a

the part of the Federal

on

signs of speculative

mxr

explained

institutions; and (2)
policy

the

-

to

nuc

ous

Even

for credit
•

and

output.

1962

year.

failure

expected to be of sufficient mag¬

rising trend of

1 flCO

v>

rise in the face of
expanding busi-

with the

in the rate of steel

passenger cars,

preceding

r

further

during

expenditures

levels and

o o

developments:

by moderately

consumer

^

of

.

expansion

ahead

.1

neighborhood
„

The

an-

slightly

are

.

the

or so.

economic

year

rate.

production, the

lb

rf
the

on

quarter

increases
'2—

11

-

smaller—in

gain

both

the average

of

„.i!

...

year-to-yea*'

a

as

to

what

characterized

unemployment

and

less than full utilization of avail-

in Treasury bills.

available

that

the

Nor is

evidence

decisions

of

to
in-

vestment
managers
are
importantly influenced by the form in

Volume

197

Number

6266

.

The Commercial and Financial Chronicle

.

.

(2127)
which their short-term

funds

currently

Moreover,

invested.

there is abundant evidence

are

in¬

to

dicate that many individuals bor¬

funds for various purposes at

row

the

time that they hold sav¬

same

ings

demand deposits, suggest¬

or

ing that

spending is not

consumer

tions

is

bonds

ury

ventional
loans

the

bank
of

deposits.

demand

line

In sum, the failure

deposits to expand in

with

bank

its

the

increase

deposits,

in

total

in line with the

or

rise in the total dollar volume of
economic

activity, is

no

measure

both

of

A

far

that

the

record

mands are at

measuring the economic

that

as

contend

credit

that

interest

not

are

high only

appear

when measured

de¬

prevailing

rates

the

tive

out

and

into

of

against the levels

of

short-

the

more

United

remunera¬

employment abroad is to be

removed
in

movement

funds

States

the

as

an

aggravating factor

American

balance

of

pay¬

ments, which has been responding
all too slowly to the actions and
remedies thus far
ten

volume

of

business

The relevant, liquid

In

activity.

assets should

conclusion,
for

reasons

failure

of

wrestling

In implement¬

ing its continuing policy of credit
ease, the Federal Reserve has re¬
duced

requirements

reserve

ernment

obligations

have

market

rates

economy during the current busi¬

posits

ness

stable

or

greater
be

rates

Not

signs

will

in

Federal

or

the

en¬

of

longer

depressed

money

directly.

more

a

future

Reserve policy

functions

the

realistic

more

and

Joe K. Matheson

some

healthy development for the

a

Lloyd Canady With

remain

only would

flexibility
of

the

decline in this

even

vironment.

course

to

approach

responsibil¬

ities of the monetary authorities

RALEIGH,

address

by

Dr.

Convention

Bankers

May 21,

Reierson

of

the

at

the

California

The

C.

Lloyd E.

—

N. C. Mr.

Canady who has been in
investment business for many

the

years was

J.

Lee

past
*An

Annual

N.

Canady
has
become
associated
with Joe K. Matheson of
Hickory,

formerly

Peeler

he

&

officer of

an

Co., Inc. In the

conducted

vestment

business

his
in

in¬

own

Raleigh.

Association, San Francisco. Cal..
1963.

and

purchased large amounts of Gov¬

would

include, in addition to demand de¬

interest

,

to

Capital-Outflow

with this problem.

the

of

that

react

business expansion

resent

For almost three
years, the Fed¬
eral Reserve has been

the

whatever

the

of renewed

adopted to has¬ economy under present
conditions,
but it would probably also
rep¬

impact of credit policy is the rela¬ prevailing in periods of business term maturities, rather than pro¬
tionship between the supply of recession or depression and - in viding reserves • exclusively by
liquid assets in the economy and the era of pegged interest rates. purchases of Treasury bills which
the

policy will not

its improvement.

Problems

six

peaks, it is dif¬

new

if

sary

term

lower

are

is operating at

economy

of

5.44%,

recently

levels and

to

esti¬

an

of

yields

yard¬ reasonable; they

meaningful

more

for

FHA-

selling in

Considering the fact

ago.

levels

stick

while
are

than they were as

ex¬

at yields

yield

which

months

icy.

,

being

buyers

average

ficult

^;,V

currently

5.85%,

Con¬

mortgage

secondary market at

of the effectiveness of credit pol¬
.

estate

mortgages

mated

maintains

the

and

4.00%.

about

home

averaging

dampened because of the form in

public

is

to

insured

3.10%;

long-term Treas¬

on

real

<

are

tended

which

the

about

yield

average

23

T. Roulston Forms

Charles A. Pope
Charles

A.

Pope,

retired

partner

Own Inv. Co.

in

CLEVELAND,

passed away May 18 at the age of

Roulston has

the

New

York

City municipal

bond firm of Barr Brothers &
Co.,

Ohio—Thomas

H.

formed Roulston &

major

Treasury

bills available to the market. Ob¬

Gunn, Carey & Roulston, Inc. in
charge of underwriting and syn¬

viously, the achievement of equi¬

dicate departments.

70,

Company, with offices at 1010
Euclid Avenue, to engage in the

Treasury has also played

a

of assets which are ready substi¬
tutes for money, such as time and

Mr/ Pope had been in the secu¬
continuing effort to
rities business for most of his life.
kind of performance many had keep
American money market securities business. Mr. Roulston
began with
Hornblower
&
been expecting, they are not to rates at competitive levels by in¬ was formerly Vice-President of He

savings

be

and

other

currency,

deposits,

types

Treasury

bills

expansion

achieve

to

the

in

system,

ings

market

open

bonds

Here

the

and

paper,

postal

record

the credit

creasing

area.

shows

sav¬

In

that

the

it

is

a

fourth

the gross national product. In fact,

to

business

ex¬

pansion, contrary to past experi¬
the ratio of total liquid

ence,

sets

to

rather
the

liquid

result

more

which

assume

One

it

unwise

be

unduly

credit

in

easy

the

industry,
drain

of

to

reduce

economic

•'

-

is

continued

has

policy

to

at

reasonable

cur¬

cost

monetary authorities have

and

to
of

the

the

past

two

'

^

on

a

is

pressures

of

inflationary

again

in

air.

the

While it is true that the keenness
of

direct

the

would

restrain

may

spread

significant

and

wide¬

a

and

-

be

the

Finally,
United

other

this

does

rule

not

the

real

speculative

ex¬

out

States

the

who

another

or

ity, the

excess

over

in

real

estate.

have

the moment, the general pub¬

reportedly is not in the stock
in

market

should

substantial, way,

a

speculative

again

take

the past two years is that lenders

have

hold,

unrealistic

but

psychology

the

substantial

levels.

been

actively seeking

bor¬

rather than the other way
This is borne out by the

most

interest

time

when

have

been

rates

rising supply of funds in the

tate

the

of

bidding

additional

have

pressures

To

of

lending
be

sound

appraisals

liberal,

have

been

turities

are

reduced

have

of

become

perspective,

rently
in

are

some

interest

evi¬

the low end

past

the

corporate

rates

four

are

cur¬

generally

of the

offering yield

around

historical

not at high levels and,

the

on

in

fact, bond yields

near

years.

bonds

4.35%; the

on

is

relaxation

and

the

standards.

maintenance

of

Nevertheless, the
authorities

of

amounts

not

are

At

range

of

present,

could

than

to

is

many

assist

Keeping
would

also

money




underlines

that

will

the

American

add

environment.

The

have

its

the

Hff'

slight

liquidity of
in

appears

recognition,

some

toward

move

this

V;

■

Reserve

given

im-

policies

economy

Federal

to

easy

to

pay¬

the

following

of

less

a

credit policy around the turn

tial
a

environment

credit

and

pros¬

with little evidence of

ease,

to

return

a

concept of flexible

policy.

Expects More Flexible Fed Policy

a

in

com¬

other

seeking

credit

policy

accentuate, rather
in

arresting, what

worrisome develop¬

those

The American economy,
record,
to

has

always

cyclical

fluctuations

imum

contribution

to

nomic

expansion

and

tion,

it

must

of

credit

.

unduly

complicate

maintaining

the

easy

prob¬

American

market rates in line with

prevailing

financial

markets.

in

other

This

is

world
neces¬

the

on

been

subject
and,

credit policy is to make its

if

max¬

both

eco¬

stabiliza¬

remain

responsive

to

changing economic conditions.
Delay in returning to a flexible
credit

policy, which is

sponsive

to

conditions

changes
and

very

well

rent

adverse

serve

markets,

in

and

more

in

could

to aggravate

the

in

re¬

business

prospects,

trends

economy

high-grade

long-term tax-exempt obliga¬

to

to

ment.

somewhere

yield

funds,

en¬

deposits

with

institutions

serve

lem

average

in

actively

for

com¬

thereby

banks

encourages
more

investing

to

and

expansion

an

which

pete

to; the

reserves

banks

outlets

viewed

terms

monetary

abling

ma¬

consumer

ities.

Finally,

deficit

proprietry

managements of financial in¬

mercial

lengthening of matur¬

a

the

loan

In

lending, also, there is
dence

further

con¬

may be measured or defined,
primarily the responsibility of

payments

and

extended.

possible

market, for 'completely free of responsibility.
reports that By continuing to provide large

down;

outflow

an

they

stitutions.

im¬
mar¬

its

lending practices, however

conditions

of

a

sure,

is

credit

is

to

for lendable funds is the
apparent
liberalization of lending terms and

there

of

foreign markets. The

tribution

a

expect

kets. In the mortgage

more

will tend to spill

form

continuing large balance of
ments

to

activ¬

at

of

the

even

to

business

pects, On balance, however, cred¬
it policy is still one of substan¬

would

number

the

required

are

environment

it

a

in

econ¬

greater

6f the year, to the change in the

to

of

and

than

of funds

to

unsustainable

the

business

normally

in

prices

stock

up

and

amounts

in

An

reasonable

areas

public would facili¬

the

credit unduly easy in the current

firming. Further evidence

property

Mu¬

a

disturbing outgrowth of keeping

long-

the strong pressures to find outlets

more

The

on

been

important

downward

example,

and

of "New York.

ex¬

of

substantially
domestic

hands

portant

York

that of

as

provided to

are

'in

omy

support

which they felt .they were en¬
titled. However, the evidence of

some

New

ait

Bond

countries, is that If liquid

develop elsewhere in
or

foreign

well

as

that

market

drain

experience

States,

possibility

to

under

of

the

v

cesses

may

poses

—

continuing

United

assets

and

term

Club

nicipal Bond Club

of

re¬

was

investment

funds

change position.

marking

lic

borrowers'

reason

that

Jea-

member

Pope

Barr

he

European-based

portfolio

short-term

of industrial wholesale prices,

up

not been able to obtain the credit

fact

Vice-

S.

original

Mr.

1957.

until

military establishment.

substantial

competition, both domestic and

foreign,

At

Without doubt there have been

around.

Wipper,

Norman

in

secu¬

Complete Eazor Offering

European countries to the cost of

maintaining

the economy, for instance, in the

expansion of busi¬
over

Interest Rates

rowers

is' President,

tired

1925

own

with

in¬

contribution

programs

the

stock

the

,

one

to

from

his
was

dollar

resurgence

credit

Downward Pressure

for

the

of

of

years.

some

addition

had
and

foreign military and

our

and

activity

ness

and

Brothers

improve the i/Ons, Secretary-Treasurer.

to

is'improving and when talk

<

important test of

credit

restrained

President,

who
A.

then

firm

competitive position of American

crease

of allowing

danger

remain

to

might

this juncture.

at

,

to

dence

'

•

satisfactory lending terms.

the

risks

some

required

in

Weeks,
rities

However, the outflow of capital-

at

was

By this criterion, too, it cannot be
effectively argued that the actions
of

hand, it would involve

to

the

on

Michael

More

American

demands
on

contribution

expansion;

Roulston,

are

are

exports,

officers,

alone.

period ahead would be to further

it

readily available to meet

rent

expand

Other

Mr.

policy

efforts

ac¬

accomplished

increase liquidity in the economy,
at a time when business confi¬

effects

and

vigorous

other

that

somewhat

ag¬
en¬

be

the

another

whether
be

but

credit

of

year

significant

any

by

international

our

cannot

credit would

easy

economic

in

counts

of

of the 1960-61 business

"'<

Still

as¬

decline

the

is

today than

sag.

the

not

with

rose,

economy

low point

.

did

GNP

successive

the,supply

librium

experience,

extremely doubtful whether

tail

during

current

Shift in

a

the light of this

with the rise in gressively

pace

the

Case for

Credit Policy

savings.

increase in total liquid assets has

fully -kept

The

banking

held outside the

the

.

found

and other short-term Government
securities

in

role

the

cur¬

credit

liquidity of

in

the

balance

the
of

payments. This could set the stage
for trouble

making

in the future without

any worthwhile

contribu¬

tion to economic growth.

Thus,

it

for granted

should

not

be

Check for
man

firm.

$1,312,500 is accepted by Thomas A. Eazor, Board Chair¬

of Eazor

Express, Inc., Pittsburgh-based interstate trucking

The money

represents proceeds from the firs.t public offer¬

ing of the company's stock.
oversubcribed.

The offering

of 125,000

shares

Presenting the check is Earl K. Bassett,

partner of W, E. Hutton & Co., managing underwriters.
the transaction is
rate

Services

was

senior

Watching

Stanley G. Schade, Vice-President of the Corpo¬

Department,

agent for the offering.
now

a

Pittsburgh

National

Bank,

Mr. Eazor, who founded the;

transfer

firm which

employs 690 people, remains the principal stockholder,

Eazor

Express
taken

that Federal Reserve

serves more

miles of

authorized routes in 11 states with connections to 34 other

states and Canada.

than 2,000 cities and towns and operates 3,983

i

24

The Commercial and Financial Chronicle

(2128)

glamor stocks began to decline in

Rising Blue Chips Require

plants during the second

1961 based upon

of

actual earnings

the fact that their

proved disappoint-

ing ,in\ relation, to

Common
Continued

>

Supply

Limited
In

the

r!nt!ir

.;;

mL/lnmn-iniM ^ mr?' ^-ere

1

-

rising and •-ticularly. growth companies;
v.--*;
'

of ;this

face

continuous demand for high

grade':; (3) the capital goods

>■ments

...

•

n.»

a"d,
has-.had

ties

r, '..-it

the

trend

pressive

by

demand

1962-63

sales

boom

in

their

to

'

boom

has

an. even

been

im-

more

'

savings-

;

;

(4) the critical unemployment
totals to decline; and -

V

American

to

"Exchange -members,
L' I A"

'

*!.; >. .1 1_

-

^

1 ■'»■

'•—

_*I '

■

'oJ

1 i

'1

capital .'goods.*,

industriarh-^®?^-;4:.

ltes>

i'

whil•e/;;•:COll-\^/''^ell®^l^:MQt9ts•;>has.'' endorsed;-;?'
this ^sanguine-thinking,

who" sunier lies actually soared in com-

-

1

jv"

.

past.|ive ^ars..:-i

no appreciable,'iv1-6
letdown occurred in the

manipula?'

.,''1 *|

_

'J.

"1

*•',:* '

1

'*•

•

•.

u'J" '•*» .VJ._

*i

v"

•

1 '

.

•

T1

■

T~v* f

■OTrOlV'C*

rv

11

£

/s<

re

-domes-

'•

,

■

—y, ~

irom

^ the mid-1

■

theoosTwar
Postwar

.v(Vo.,vi0.a4c<:woa-;iwxuxwicu;cmt* aess-.*

-soned issues in which the specu- that by 1963 their pressure of idle chronic , rather ' than ' pressing. latioii had- deyeloped, and in view ; capacity has lessened to. more - Th.erefbfe: the •' market •tends'tP'.i
"as^of 'the extent of the 1962 break," normal competitive proportions., accept—1 "
• •
-•
•
;

imagination

the blue ehiP equities gave a rela- and the efficiencies, inaugurated

defense has

trade

_

missiles

«vely good accinmt of themselves under conditions of severest comme^ seen by .the fact that petitionare beginning to pay off.

elec-..as .can

military

and

rSfculatU spree^

a
in the perpetual growth:..". (.1). by'around 26fc in. flic
oi companies engaged in far-out correction's compared^ ...

based

upon

..ages fell-.until early April

market. Therefore, the buying
wh.cli has brought about.price.of;
such a
general recovery .in- the

•

,

.

Aside from the blue.chips, the

• •

v:

pstgte develoumeht

^

929.

contini]in„

th

in

n.lr

- .

dollar payment gap. Some" inves-

:

tors-expect it

will

be alleviated -:

1963,^the'specu- and" J"

iiiealTat.ive public had >eOh^

technol°gles' leisure, , and urban-; ,(2); the,50%. break in

m

fac, u ,t the cent,al.l.anks appear
wUlip
t6 cb5p&,te and "assist
rather thim penalize eithei'BrilisK
or

American

7

governments for de-

1962 break was nearly as severe blue-chip equities ' has not yet iiberately .running,internal.defi--j
was • in.. 1929
and just'.as carried ..into, .the, less - seasoned;
i severe in the case of the unsea-"" areas oi; tfie hi^rkef twfupln/had
^
considers
compares so-ef, g]amor issues.
:
:
*; .beciVso popuiaf.before ilie brbak. Br-rtams cxel6?ion from the--'
which the
the Dow;
* >, .' ; It is interesting to note how the Common Market.as; temporary;
;:;
divides itself, which are—
v
Jones Industrial Averages in each
inevitable 1962-63 Recovery
quality of the investment buying
(3) the economic set'bac k in :
(1)
the period of investment of these four per 10 s W1
^ir
Because: of the. volume of sales during the. recovery has: ;been 'South America as a prelude to a A
doubt from 1946-49, during which earnings and divi en
paymen ,
violence of the fluctua- tested by major outside develop? m°re
stable economic climate, ,
the prosperity was disregarded be- and characterizes the stock prices tiong there wag real G0ncern that ments including—
since the Japanese are willing-to ;;
cause of the prevalent belief there
based upor'
.re a
the 1929
tlleir investments in that "
wnniri
hp
between stock prices ancl;the effects of the 1962. break, like i (i)' the Cuban crisis in..October;
would be a nostwar recession of ship
postwar recession
break, would spread into and
•; •• •••. area;
,,

of

whpther

markpt

at

taken

'

,_the market,, whether taken at

■"..."

-

'-

•

.»

Oompairj5on 0f the Highs and Lows as- it

lows. The table
the four periods into ^The followng table
postwar market readily the highs and lows of

th;e. highs of. at the

•

V

950's, the Euro-

low'stock 4ViccfhaVrgrincd mr'
^JocthLPri^ermeir Earning
l^ ^mvH™dn^mrTto
or dividend payments.. M»s

■■

^

..

shifted abruptly from the airplane.
to

~

eral market to rehct. The scope mid-1950's.. Papers, oils, chemi- concerned with implications -of
and volume of the ensuing reac- cajs, and metals have seen.such, world problems.;.There;is.tf.tdnd:-_ tion centered upon the unsea- satisfactory gains in consumption ency to dismiss these'problems as..i

Common Market has stimu-

Pean

.

the

upon

squeeze

proiits

following table of the Dow-Jones

7

-

traced

were

stock
i

'

which business
has been digesting the overcapacity built up in the expansion

power

■V.

tion

:■

v-»

during

investment

.ous

V:/?h..Vv,.

ana

1958-62..

which this continu-

The impact
■

Periods
renous

Postwar
postwar

-

-

letdown,

a

consumers'

paralleled

was

the

'!

®"?,x thi
ranita, gains tax
hal Lrved to fr^rmost invest,fvc .into equities hniight prior to
iftr^nHicV bought nrior
tois

I

for

offered..;' Some production orders,

originally

of; blatant: stock

cases

boom from
£

.

in

not

in

since

open

/

"■

fore-

consumers'

broaden,

booming auto and appliance sales

glowing made it clear that business

been

(3)

the

caf,at ";c ;time the issues went was reversed by the fourth quar1950- ;fu^
fflf! .*er7 Since it tak^-more than six

(2) the Korean War from

from page 3

had

quarter

when

However,

Thursday, May 23, 1963

.

treasuries

their

market is

V

which

prospects

the

1962.

.

.

.

.

.

.

t^eg^n®

a

their

variety;

1920-21

the

earnings

ivi

an

en

s.

the; entire

P/E
tire

At

Ratio

Dividend

8.5

$12.79

6.4%

-16.11

5.5

Earnings

$200.52

1949

$23.45

293.79
520.77
734.91

Bcbrgain Prices

1953

27.23

'• 10.9'

36.08

14.5

31.91

Regarding Prices..

1957

Adequate Prices...

1961

High Prices

1

" In

short.:

markets.'.

:

v

•

22.61

3.1

:

$12.79

7.9%

9.4

16.11

kadHrttte^eff^t uppn thejb^nking
structure, although it did appar-

1957

Basement $161.60' ■$23.54
27.23
Bargain Prices
' 255.49
36.08
Rewarding Prices..
419.79

■6.9

11.6

21.61

5.1

1962

Adequate Prices—

*36.44

14.7

23.30

4.3

1949
1953

*

.

••

535.76

6.3

of
v

•

1962 low

1958-61

The

Advance

The 1958-61 advance is

the D. J. I. was

particu-

grade

stocks

move

1949 and higher in the face of faltering
1962 rose by only 55%
and the earnings. While the Dow-Jones
dividends paid by 82%, the pres- industrial Averages were scoring
sure
of funds seeking to invest their 200-point advance from the
between

earnings

is

themselves

in

flected

clearly re- 1957 lows, the oils, metals, papers,
times and aircraft stocks in the index

very

the rising prices

relationships

earnings

the made

and

falling dividend yields.

distorted

quality

the

because

they

as

It

little headway.

was

with

outstanding

re-

During

re-

of "blue chip" first time, so the greatest market
equities in the 1960's is far higher gains between 1959-61 were made
than ever before since—
by companies far less seasoned
Ql
nn
inventory markthan the leaders represented in
earnings

ported

/i\

line

renorts'

the

in

ineluded

were

earning

1962

and

'.
the earnings tnemseiv s
,

,,

(2)
came

alter tar larger expenaitu

es

•^or

(a)

product

and

which

investments

in

ucts* and

'

„

'

.

,,

devel-

essentially

future

prod-

•

'

charges

.

•<

.

against
facilities, which not only"

(c) depreciation
the

are

ant6 proviae df°nTearlier r^6
i^nvidp ior earner re-

the

to

exploit

growing

market

The

research

stocks

associations

By the time the June 30 mutual
and

insurance

statements

were

company

available, it

was

off

selling

However,

waves."

danger, of hostilities in^ntF0^!3^6'

of^';i'-

hands

in

investment selling develop
-

and—

^

di„imtion' f the(u1} aftei the dlsslpation of the
i

-

the

crisis

hi«hpr-

market

moved

/W-est,.,jf. Chinar is-sue-The stock
•

.

market

£alj

had-

a;-

ad-^

^corci in iorecasung aa

foreign

eluding

has

in forecasting

q

e y puui

verse

nnH

IUS' d
(2) despite the fundamental set-

or

developments,

Munich

World

pran'ce>

Q£

m-

War

pear}

II

Harbor^

backs given by de Gaulle to both and Korea> because American inthe economic and political pros- vestors have never been sufPe°ts of the NATO Alliance, the ficjentiy-aware 0f developing form,a
t was able to . resume its ejgn pro|-qems £0 anticipate them
advance.
prior to their development into
^

When the Administration ac- actualities.
shifting
between
holdings
had cepted selected price increases for
Th
.
,
^
taken place, the institutions had steel in April 1963, the public be- _11ie^e
reasan^lJ> e^~
been buyers rather than sellers gan to return to the market from
c ™ JmarKet t° oe
during the crash. It was further which they had retreated after
f
s " 1 e 0 ^ve Pin?
clear that the break had neither their disillusionment in May 1962.
tne^stocK
curtailed savings nor lessened the
R,,diiP« Fai»tnr8
S
'
•
interest of individuals or instituan increasing flow of new
tional investors in making long
1963 finds the stock mar- money seeking investment will be
range commitments in the highest ket, as measured by the Dow- coinciding with better domestic

equally

clear

that

while

some

.

/n

-

.

.

While the break Jones Industrial Averages, on the
did cause some slowdown in the verge of testing their 1961 highs,
activities of the mutual funds, no ^ they move into new high
letdown was experienced by the grouna it will be a more balanced
other institutional investors. It is advance, since in 1963 the pros-

$15 million
once

earnings prospects; and
(2) the long range character of
the buying can be expected to

At the year end, there was such II and Korea,
real concern that business would
in- face a correction in 1963 that the
•
Today's Market

day level. Therefore,

a

the panic selling subsided,

a

recovery

in stock prices

that

evitable.

more

recovery

It was logical for the Administration introduced a tax
to start with the shares cut
program
embellished with

electric

utilities

was

and

brand-

reached by tbe ill-fated utility name companies serving consumholdinS companies, the radios, ers, since investors had come to
and other mystery stocks at the! recognize that those lines had
height of the 1929 boom. '
scored splendid gains during the
postwar period and were esseny
19b4 Bieak
tially immune to the cyclical flueloo

Qnce

stock

prices

pass

out

of

reasonK it is only a

dux

question of time until reality will
reassert

itself.

The

unseasoned

*

ls

cessfl4 ln sponsoring aggressions,

,

Cuban

.

that the ^oviets ^
would, lose about .as much ..in this_,
c®

nep;}ier instance did' any material'

these

in

levels
as

or

leisure

for

placement.




loan

into

and

acsnriatinnc

from every corner of the nation.

extravagant than the levels of

opment

,

organized
products.

research

and

stocks
loan

to 4.8% and were attracting funds

fund

in weak

rested

' (4) the Problems of Africa'as

essentiaHy belonging ,to. Europe;;
and

take a long range view of foreign
problems, which shows that in¬
the Dow-Jones Averages.
The estimated that at no time did the Pects of the oils and metals — vestment values have in due
most sensational gains were made flow of these funds designated for which lagged from 1958-62 seem course prevailed over such shockby wholly unseasoned companies stock purchases drop below the much improved.
ing interludes as World War I and

advertising, which is essen- categories soared to
tially an investment in future were as extravagent
sales;

(b)

savings

had

this period, speculation returned
to the postwar market for the grade equities.

seem,

the

of

those

search which soared and carried

actu- the Averages with them.

prices and earnings are not
as

and

equity

relationships between

ally

very

the brand-name consumer stocks

recognize that

should

Investors
the

of

anri

vigorous flow

where the interest rates had risen

iarly interesting, since it saw in-

Since vestment

3.3 times the 1949 low.

some

the

very

out

«3avinfr«

■

both developments would have set

—particularly those in California

3.6 times the 1949 high.

some

the

funds

thp
tne

..

highs the D. J. I.

1961

the

.

mvqlved ;that the. break

ently start:,a

Estimated.

At

At

.

Bargain

v

was

»..

.

v

.

money,
;

.

Common Mar-

appreciable vvolume

an

stock

23.0

.

„

.

If

.7

;i ''

•

4.1

At the Lows

exclusion of Britain

1962

21.61

,

(2J.fhe

?±\-4tNbePaie,' Clear ,thl*Vth!:^from the European
break
ha^ boon a localized ket;in ,Talnlat.y.
correction within the investment

Yield

I'ricc

Highs

economy.

tuations of general business.

severe

of reform.

overtones

did

appropriations

on

their

made"

for

new

Dow-Jones

Industrials

As public is apt to view this level

as

front have disappeared and many
foresighted investors now expect—

CUrrent earnings and dividend
prospects give the peak level of
(l) the Gross National Product $734.91 far better support in 1963
to top $585 billion as compared to than they did in 1961. In 1963 the
estimates placed below $580 bil-

back

cut

tbe

we enter the summer, the eco- a dangerous one, while the pronomic qualms on the domestic fessional investors feel that the

In the realm of economics, busi? lion at the 1962 year end;
nessmen

as

approach their previous highs, the

(2) i
score

a

n

d

u s

t

record

r

i

a

1 production to

high in 1963;

professionals expect¬

(1) the Dow-Jones Industrials
earnings to
year

1963,

run

and

above $38 for the

by

the

fourth

V-

Volume

197.

Number 6266

.

The Commercial and Financial Chronicle

.

.

(2129)

25

t

quarter

these

earnings

$10 and be running at
(2)

their

above

dividends

$25

above

and

to

for

$40 rate;

to

end;

margins will be

competition;

(3)

the shortage of high grade
equities to become more pressing

(5)

If

these

would

realized,

are

peak

of

represent

current

a

did

in

late

the

The pros¬

1961.

pective dividend payments
supply

(1)

'The

possibly 47
>

dead

struggle

the

and

most

likely
the

personal income tax relief should
divided

between

as

those

in

high. and those in the lower

income tax

porate

brackets.

income, taxes

only

4

48%

level,

this
boost

by

ages

to

the

$4.

of

earnings

of

Therefore,

better

Aver¬

a com¬

business

and

tax relief might boost the earning

of

power

by

1962

the

much

as

blue

chip

20%

as

equities

above their

levels.

Since

depreciation

guide¬

lines and the capital credits estab¬
lished

in

their

1962

cash

have

increased

flows, most

blue

spending
local

and

bear

chip

now

tion

boost

Industrial

Average

little

to

be

ture.

How High Is Up?

noted—

(1)

prospects

(2)

earning
are

the

felt

over

following

those

do

of

less

promising

becoming
destined

than

in

the

winter

of

1961;

to

expand

Continent

of

Europe,

(3) the ridiculous prices of the
rected

stocks
and

have

the

cor¬

prices of the

issues

seasoned

been

presently

un¬

reflect

domination

position in

our

the export

market; and
(2)
which

will

leave

cost

of

"force de

own

with

us

the

be

both

ground,

budget

on a

entirely

inade¬

divergent trends should'

into

to

up

last

of finance,

shortly have to face

realities.

unpleasant

some

Since

realm

the

may very

fall

central

the

banks

have cooperated to offset the con¬

the

pound,

bound

rnost

mestic

'

Therefore, the domestic factors
point to
and

a

higher level

probable

a

the
1961.

ket

If this

may

to

the

and

yields

previous

return

relationships

price/earnings
dividend

of prices

which

peak

in

existed

transpires, the

very

at

December

well gain

as

mar¬

many

create

to

inadequacy

the maldistri¬

the

of

gold

continued

our

ments deficit,

peak in 1957 and 1961.

If this cooperation

ship of Per Jacobsson,
be

faced with

to

check

it

drastically
to

aid

effect

ary

our

in

moving

that

in the

rewarding,

to price

appears

to

past have proved

thougtful

un¬

should,

the less the inherent value

(1)

a

carihot

(2)

cut
be

of

because—

in

consumer

exports

or

Any of these al¬
world

course

a

deflation¬

that

trade

taxes

indefinitely;

booms do not last

forever;




If
us

a

into

on

both

have

an

American

in¬

domestic

gold
such

it would not

crisis

busi-

trade,

probably

cooperation

;

Political

.

Problems

American emotions

While
ter

-

Cuba,

on

there

exists

cen-

real

a

danger that other Latin American

were

to

deflationary

only curtail

force

moves,

our par¬

severely embarrass both the ECM

a

considerable

degree

the

prosperity of the ECM has rested
qpcn
to

their sale of equipment, etc.,

the

the

and

chronic

mediate

and

politicial prob-

unless

effective in alleviating their

the

OAS

far

proves

than it has to date,

The situation in the Congo con-

since

confused,

will

apparently

and

will

the U.

N.

pressing

market

ignore

to

on

im-

be

until

they

reach

the

the

of

try.

have

major

underdeveloped

countries

mate-

coun-

(3)

over

is

the

of rising costs;

pressure

the

(4)

eco-

danger

locations
business.

crisis

Annual

tor would be wise to follow

world

of

it

as

did

in

the

premature

Congo

economic results about

factory.

the

unsatis-

as

.

is

«

•

by Mr. FitzGerald at
of the Financial

Convention

these

and the oil

governments of Saudi Arabia

and

Kuwait
oil

where

developments, since stocks bought
their all-time highs are

or near

opments

be vulnerable to

devel-

unfavorable that they

so

dictate

may

economy as

the direction

of our

they did in the

mone-

tary crisis of 1931

Dir. of Lehman
Charles

B.

'

(1) the

have

such

enter the

of the Board and Chief Executive

Officer

of Litton

has been elected

Industries,

and the mili-

Lehman

Corporation,

.

has

it

However,

as

be

most

the

area' of. all.

The

backed

Vietnam

we

in

ap-

dangerous

governments
Laos

we

South

and

unable to get their

seem

troops to fight the guerrillas sup-

plied

Chinese.

the

by

We

are,

greater

assuming

therefore,

and

greater military liabilities to keep
them

from

China

collapse.

con-

tinues to apply direct pressure on

S.

S.

with

Pakistan

mains

7

me™; anct

whether
which

the

stand

cannot

without

our

realistically

Pakistan

with

on

Kashmir, British-American diplois

facing

dangerous dl
■

,

To

make

complicated

matters
in

this

even

Russian

cally

tarily

military equipment

headed

Malaya,

for

entirely

showdown

a

which

is

competent

very

economibut

unprepared.

This

■

„

.

,

■

.

Southeast Asia will
able

to

the Iron

the
or

West

whether
of

wealth
.

remain

or

in

fall

.

.,

availbehind

Bamboo Curtains.

these

the investor would be extremely wise to be sure that the
managements of the companies

chosen^ are "competitively
Patent,' since(1)

business

com-

a

1 i f

o r n

Bank;

i

a

Los

Angeles
Mirror

Times

Company;

Charles B. Thornton

Union

of

O i 1

:

the

last

the

Harvey
of

ber

the

of

of

College

Mudd„

cil

California

the

and

Associates

Institute

member

a

the

of

Industry Advisory Coun¬

of the Department

of Defense.

During World War II, he served
Colonel in the United States

ice

pressures

on

in

point

some

with

Motor

the international outlook is

he

Company

Vice-President

best

single

pro-

in Janu¬
the

Ford

director

as

of

Assistant

and

Manager of Hughes Air¬

craft Company.
late

the

Board

Inc.,

in

and

Officer

that

of

with

has

of

Industries,

of

Chairman

Chief

Executive

Litton,

company.

than 43,000 employees,

more

tories

1961,

and

be¬

Chairman

and

Litton

of

Board

Thornton

Mr.

1953

President

came

now

investor's

joined

Planning, and in 1948 he became

the

SUehVL~ouMed'one[

Air Force,

the

1946,

ary

In

cycle will in-

the business

the future; and

An

Trustees

of

Science and Engineering; a mem¬

,

evitably intensify
profit margins' at
(3)

Board

University of Southern California;

General

don't

booms

82

and

labora¬

engineering

manufacturing

plants

teetion is the certainty that the

with

company he buys into has a com-

service branches located through¬

petitively competent management.

out

Competition cannot be overemPhasized as an investment factor.
Competition in the 1960s has ex-

more

than

United

the

and

States

in the

countries

sales

2,000

Free

Pressed ltself over a wlder front
than ever before. No longer is
competition contained within any

and

in

94

World.

Secondary
For Alcoa

particular industry, but makes itgelf

by

,;

The

.

...

,

.

.

,

,

.

,

<« Products crossing industrial

llaes> as both alu™num and prestressed concrete have moved into
the ™a!'kets Previously controlled

mili-

economic

vast

eco-

supplied

showdown may determine
the

C

Army Air Force. Following serv¬

•

making-selections

govern-

of Indonesia-well

with

more

the

area,

incompetent

nomically

-seems

di-

dangerous

a

®

lemma
_

a

of

United

the

Defense

.

,

areas,

India

them instead

China

to

up

to

help and since she refuses to deal

macv

is

n

o

Director

as. a

c0^sum
In

strength

India

Since

China.

re-

as

giving

is

will be used against
of

t

.

Thorn-

Mr.

rr

SEATO allies,

military

help

our

dispute

Pakistani,

the

our

,

(3) he
AT L
lmes already benef.tmg American
f">™
record demand of the

(2)

concerned

deeply

are

,

the

Kashmir

over

who have been

funds for cost cutting equip&
M
*

forever;

their

unresolved,

should be further benefited

with

Since

provisions

depreciation

*

by any cut in corporate taxes that
will provide corporations with

but

friendly

R.

in

year

attitude

in

neutral

essentially
U.

non-

by

Lehman,

President.

as

fiting from the changes made last

India, who takes our aid but still
remains

chemicals, and

papers,

more

Asia

Southeast

1963,

to

Robt.

material industries,

during the middle 1950s—such

been

announced

just beginning to catch

are

Inc.,

director of The

a

with the capacities put in place

sum-

i

TT

pears

which
up

raw

Corp.;
Chairman

Thornton,

tary crises of 1939-41 and of 1950.

.interna—anc*

our

companies

major stakes.

of

15,

whether

say

rich

mer

May

111.,

Chicago,

Federation,

ferrous metals;
Company; Western Bancorporaunion of Egypt, Syria,
(2) the machinery and machine tion; and Cyprus Mines Corpora¬
will actually threaten J00* industries, which are bene- tion. In addition he is a member
early to

Iraq

tional

the

Ana¬

1963.

oils,

.

too

the brittle
and

and

dis¬

harming. American

address

*An

lysts

danger that the transfer of political power may prove as

a

be¬

and

scheduled to get their

there

will

technologically obsolete;

come

British

of

of

some

lines

continuing boom in consumers'
buying and the prospect of a tax
the next 20 cuh
the best areas of values
a
continuing would seem to be found among

number

a

are

months,

reduce

of order in that

Since

colonies

to

paid,

institutional

danger that

company's

ex-

the

both

be

companies

and will continue to be

favorites

(2)

concern,

can

must
the

are

investors;

most

of

are

—

price-times-earn¬

which

these

proportions, the individual inves-

out of funds

run

than

ratios

the

nomic and political worldiprob-

at

tinues

rather

competitively

hedge against

high

which

to profes-

seem

the

ings

sjonal investors to be both remote

bound to

and

In

scene.

the dangers

cases,

ble

economic

political dangers

of
are

ip providing himself with

since

not apt to pay

are

international

countries may be in for compara-

with

profits.

ticipation in world trade but also

To

economic and

pected

Abroad

of

suit-

too much advance attention to the

between the central i„while^ the

ment

and the underdeveloped countries.

corporate

repeated

nessand

relationships

realize that the higher the prices
the equity,

to

Sense

market

the

due

have

international

capital

on

drain, and

might

we

cut

might

we

dollar

a

curb

fluence
the

pay¬

to falter without the leader¬

were

would
Common

Because

of

of

and

reserves,

balance

America travel.

the

do¬

While

reserves,

ternatives would have

it did between

sizable

essential

points between the peak in 1961
as

al-

are

deficits.

and the next

top

are

cooperation continues, it off¬

bution

•

which

budgetary

gold

market lia¬

a

policies

following

the

longer

though the

even

governments of both countries

the

no

have seen

have

If these

sets

.

world

unusual

banks.

develop its

military estab¬

our

to

force

protecting

frappe"

to

seems

this

are

show-

would

strain
the

a

the existence of Israel

divergent military

a

that ill-informed speculative posi¬

bility.

the

It

trade block that will chal¬

a

their lack of investment status, so

tions

showdown

a

curtail

would

shatter

to be developing into—

(1)

and

go

ECM

the

Gaulle's

de

the

on

tinuing drains against the dollar

glamor

down

independence

bridge

a

expanded

has

trade

way

we

and

be

them¬

concern

the

very

the trade of the Free World in the

between

high grade equities is stronger to¬

that

seem

find

so

case

deposits

business, which is based upon the

seemed

that

carry

much improved;

relationship

the supply of and the demand for

day

so

prospects that are developing.

dividend

and

would

dire proverty

quate.

the

it

would be inevitable. Such

problem
to

(1)

semblance

lishment

have

we

countries do not take up the slack,

Since

investments for their incom-

ing funds> they

into

the best possible

problems

tions forces which have kept some

with

that

levels,

on

ECM

is

in the

high grade quality.

buying

unfamiliarity

pressing

coun¬

are

competent managements, the 1963

rially the size of the United Na-

affairs

selves

their

peak

the

and

to

deteriorating world pic¬

a

prices of highest grade equities to
1961

back

cut

we

By

costs

where the

the

of

institutions

and,

of such

what

is

while France seeks to

market recovery carries

the

If

generosity

our

the

of

investors,

However,

world

major

lower,

investor

to these crises.

up

labor

Selections
order to participate in the
current improvement in domestic

and

major

level.

showdown.

a

lems

support.

can

Berlin and Europe on the

As

limits

success

concern

may

Dow-Jones

dividends

well above the $28

can

imagination of American

businessmen

Therefore, lenge

under considera¬

the

aproach-

now

European Common Market has
fired the

the

lems

borrowing

the

Because

leading

able

' '

Economic Problems Abroad

ant increased earnings in the form

dividends.

pro-

more

under

could

the

which their credit

seems

higher

by .mili¬

the part of state and

on

governments,.

companies should be able to pass

the tax cut

V

'

f

has

aid

nature

where

minerals,

an-

due

was

investors'

the

most

we

ing the limit which taxpayers

along around two-thirds of result¬
of

peacetime

expenditures

Instead

the

the

over

(3) the unprecedented spiral in

-

dete-

generosity

This

imports from foreign

much

World War II,
France, Pearl Harbor,

Korea.

vided them with the funds needed

and

tremendous

World; and
•

a

would auto¬

Industrial

decade

by

should carry the gain

well above

bination

cut

$3, and the stimulus

over

to business

cor¬

points

cut

Dow-Jones

the

are

percentages

matically
the

If

be

to

next

spending;

(2) -our

the

international

our

tary and economic aidto the Free

reforms

be " over; how

will

the

rapidly in

expect
the

over

persistently

date

fall

to service their debts and prevent

expand

cannot

our

defense

tax

income

rate will be. cut from 52% to 48%

the

with

past decade by—

If Congress does cut taxes, it is

expected the corporate

be

American

over

it has been stimulated

as

of December 1961.

as

seem

positions of these underdeveloped

1960's, the American

stimulated

the 3.1%

vs.

late

will

S.

economy

prom¬

dividend yield of

a

approximately 3.5%

and

and

While family formations within
U.

(3)

tries,

very

Munich,

of

1964

a

development, since it failed to
of

20% gain in their

by

has

record in forecasting foreign

p00r

Dow-

the

the Market

market

the

have

the

stock

ticipate

To

power

The

prices of the goods they buy have

$35.78 earned in 1955.

and 19 times rather than 23 times

yield

since 1953 and the

riorated.

a

fallen

have

countries

by about 10%

countries

earning

$734.91

price/earnings ratio of between 18

ise to

developed

World Problems and

of

pros¬

glowing

materialize,

do

been

prices

materials sold by the under-

raw

lucky to show

forecast

previous

it

the

if

Since

risen by a like amount, the credit

sensitive to

more

and

even

pects

market.

the

they

have

that

terms

generous.

Jones Industrial Averages will be

the public returns to the stock

as

the upside as

on

credit

on

very

between 1954-1957, so profit

were

and

as

flexible

as

running
year

higher and higher wages;

(4) wholesale prices will not be

total

be

$26 rate by the

a

,(3) labor will continue to push

top

may

a

'

^

upon

or

new

are

the

houseware

markets; and

formulas,
effects
and textile

nylon

havlng

such

of

Boston

of

250,000

Aluminum

Corp.,

New*

common

of

Co.

shares

America

at

share made oh the New

$62.25

per

York

Stock

was
.

battery
which

fering

-

a,f. ^ e a* a n,c e 0
Products which obsolete existing
'• e" the nickel-cadmium

First

•

York, reports that a secondary of¬

Exchange,

May

21,

to

the

all sold.

Proceeds

will

accrue

selling stockholder.

Headquartered
in
Pittsburgh,
and its subsidiaries consti¬

Alcoa
tute

an

integrated

producer

fabricator of Aluminum.

and

26

.(2130)

The Commercial and Financial Chronicle

elected

NEWS ABOUT

■

*

BANKS AND BANKERS
Branches

New

•

•

New

Officers, etc.

Wilson

*

As We See It

:!••

J.

Saxon

May

on

nounced

that

liminary

approvalv to

he

has

National Bank in

13

in

of

the

"City Bank, New York,
three

'promoted
the

to

They

rank

National

First

pre-'

organize

of

May 21

on

its

of

employees

Vice-President.

*

in

sji

National

"York,

Bank,

New

Broadway.

107th

branch

area

and

This

sixth

New

branch

a

York,

at

92

metropolitan
Westchester

in

Pa.

Butler

June

on

Sheridan.

He

assisted

is

Avenue,

Howard
J.

the

Jr.,

and

King have joined West¬

Pittsburgh, Pa.
trollers.

National

Con¬

*A:

Trust

the

under

-

and

Company,

Pennsylvania,

May 6

merged

charter

of

by Warren V. Madden, Assistant Titusville Trust Company and title

"Manager.

.

*

Si:

;

of

.

sis

Trust

Charles F. Scheibe, assistant con¬
troller

of

the

First

National

City

iBank, New York, died May 18 at
the age
r

Mr.

The

53.

Pennsylvania

Company.

va A

Llewellyn
sign

assistant

was

con¬

National

of

the

become

Chairman
Officer of

the

City 37

First

National

tional

years.
si:

Bank

Bank

New

York

Trust

'Company, New York, has elected
Dr.

Courtney

C.

Brown

to

its

West Side Advisory Board, it was
announced

May

22

by Harold H.

Helm, Chairman.*

as

John

B.

Marine

Midland

of New York

20. Mr.

Trust

The

Company

announced

was

May

Harrison will be assigned

the International Banking De¬

to

ecutive

Officer

Bank,

partment.
*1*

V

of

Julius

For, the

W.

Stern

Chairman

past

Robert

of

three

■'

•

,

Assistant

new

at

Head¬

The

Comptroller

James

J.

nounced

Saxon

May

on

a native of Lexington,
Kentucky, has been head of the

liminary approval

to

Business

National

16

West

Corpora¬

tion,

Louisville, Ky., owned by
banks, 21 insurance companies

and 42 other

Mr.

'.v

Kentucky businesses.

Landrum started his bank¬

ing

York,

that

he

Bank

A'AA

AA

of the Currency
has

in

organize

a

Covina,

will

amount

a
A;..

Director.
V
'AVAv': •;

It

James

E. Dingman

Company

'.
*

*

.'A * '

announced

was

Clinton

L.

''A'A

'

■

May

Miller,

■/

by

20

President

that

George

Edwin

M.

Assistant

P.

Culver

and

named

were

while

promoted

was

John

to

*

Franklin

Dong

As¬

ijt

111.

Bank

of

Welles

He

was

in

1,930,

Assistant

t

Manager

Vice

-

.

Milford

President

the

of

branch.

D.

to

and

Farmingdale

Senior

*

Safanie, Director

years

with

D./

Partner

Co.,

of

New

elected

Safanie,

York

to

the

City,

board
of

the

Assistant

Vice-President

in

Cashier

in

The

White
35th

County
Plains,

Trust

N.

anniversary

last week.
Mrs.

Y.

Company,

marked

with

the

her

AA

bank

Moran entered

banking in
1928 with the Trust
Company of
Northern Westchester, Mount
Kisco,

later

the

he

Bank

Oklahoma.

'

/.

that

Insurance

Loan

has

liminary approval
National

in

to

given

now

its Di¬

Part-

new

the

title "American National
Bank of

in

1940,

part of The
A

'

%

The Putman Trust Co.

Greenwich,

Conn,

J.

elected

Frank

Coyle

a

Director.
*

The

Central

pany,

*

Home

Elizabeth,

N.

Ingersoll, and
Diener, Directors.
Provident

J.

Saxon
that

on

he

J.

Com¬
elected

liminary

approval

National

Bank

in

to

15

given

Leonard

an¬

pre¬

organize

Lufkin, Texas.
new

$320,000 and

National Bank

of

Luf¬

kin."

Treasury

The Arizona Bank,
Phoenix, Ariz.

director

a

Felmont

charge

a

proportions,

may

have got its

first

solid

foothold there.

Steel
tax

now

the

and

worse

fact

that

by public

in the railroad in¬

eye

so

file

to

have

been

expensive merely
not

thoughtful

particularly

of the subsidies

incredibly
the basis

on

we

have been

of

such matters, paying the farmers and
ap¬
by promises of parently expect to continue to
security" and the like pay, but likewise in other di?

feel much

make

the

less

inclined

sacrifices

to

through¬

rections.

Many producers"

which

might well be supply¬
out their lives
necessary to in¬ ing various types of needed
dependent competence during goods in other lines have been
the later years. The ease with
held on our farms to
bring us
most

borrow

money—for which the Then, of

Federal
take

of

them

Government
least

at

could

must

part of the

re¬

nothing
the
pay

of

•

real

any

value.

the price that

course,

consumer
is required to
for farm products and the

sponsibility—and the evident things made from them is the
desire

of

the

economic

man¬

higher by

of the "sup¬

reason

expendi¬

operations of the gov¬
These

ernment.

and

certain

by whatever means are technological developments
at hand, have done
nothing to are more and more converting
promote prudent management what President Hoover once
of

one's

can

private

affairs.

Nor called

government escape all of

of

"a

form of

of life"

way

to

Devoe

&

War

I.

He

is

a

in

deter¬

Corporation's
to

the

of the
a

special assistant to the Secre¬

tary
was

of
*

the

later

Navy.

Mr,

decorated

Safanie

with

the

Navy's two highest civilian service

Medal

Navy

Medal.

and

the

Public

a

trace in

sibility for which,
often

asserted,

wholly

by

all

us

be

govern¬

growth.
other

"Downtrodden"

years

to

"downtrodden"
are

also

over

a

good

These

new-fangled
effects

Just

labor

is

now

monopolistic

which

one

could

called

any

reasonably

They

range

gamut from fiscal

tinkering

to

with the financial mechanism.
A

Distin¬

demanding

action from the Federal Gov¬

about

ernment which

but

obviously

recog¬

few if

good.

the whole

doubtless

now

very

Service

are

lines of

have

programs

and

not

bearing conspicuous irresponsibility

fruit.

the

economic

efforts

but

the be

earner

called

of

nized,

relieve
wage

is

rate

activities,

have

Wage Earners
Our efforts

what

become interwoven with

and

Those

of

have "sluggish"

not

can

escaped

respon¬

as we

ment itself.

many

detail, have been the

part of the general un¬ programs designed to relieve

medals, the Distinguished Civilian
Service

.some meas¬

employment situation,

of the New York Stock
Exchange.

as

aging is in

Governor

During World War II, he served

a

Probably the most expem
Then,
of
this undesired status sive of all, though difficult to

course,

during World

former

a

big business. Relief to

productiveness.

Pe¬

Pittsburgh

liability

Federal Government

In

have been led

ure

Department

profit

not

adult

to

although it

Board

special auditor for the U. S.

guished
Bank

is

"featherbedding" has

is

Early in his career, Mr. Safanie
was a

a

it will be operated
under the title

"Citizens

also

the

Corporation,
Company, and

excess

Currency

May

has

bank will amount to

Trust

Tradesmens




*

Initial capitalization of
the

$

Ralph

The

James

nounced

:|t

*

The Comptroller of the

County Trust Co.
*

,

*

changing

its name to The Bank of West¬
chester. Inl947, this bank became

is

mining U. S.

'

Larchmont

and

Raynolds Co., Inc.

$510,000 and
under

He

Corporation,

Steel

operated

'

City, troleum

Midwest City."

of

Murray D. Safanie

and
em¬

the
responsibility for the the farmer has been and is
practice of "retiring" men and very expensive business.
women
long before they have
°f
Interstate
Most Expensive of All
Department really reached the age of nonof

Stores.

Trust Company. This
organization

the Trust Company

Hammill

is

a

merged

with

or

consumption

Co. in 1926,

pre¬

•

be

It

progress.

also Chairman

organize

Midwest

regularly

tures

t

recting

Reece

bank will amount to

will

way

mote

m e n

&

'

Initial capitalization of the

it

one

at Washington to pro¬ port"

ner

•'!:

that

agers

son,

1939,

1956, Di¬

Comptroller of the Currency
James J. Saxon on
May 15 an¬
nounced

Elec¬

firm of Shear-

1960.
*

real

invest

Vice-President

Vice-President

and

Mr. Safanie,
who joined the

The

of

Park

it.

Corp.

:!:

Mrs. Margaret K. Moran, senior
teller in the Mount Kisco office

been

directors

tro chemical

associated with

was

Assistant

A

has

of

tight monopolies in

been able to exact
wages
other concessions
from

which

Directing

Shearson, Hammill &

rector in 1958 and
Executive Vice-

}a.,,-..a

.

#

In

Trust

President in

Bank."

•

elected

1925,

in

J.

National

Company be¬
joining Harris Bank in 1923.

fore

Correspondents Banking

"Citrus

Vice-President

a

40

May 14.

Chicago

Y.

N.

title

of

only not encouraged

Many,

$1,000,000,

*

completed

bank

National

and

Lexington,. Ky.

became

Trust and Savings
Bank, Chicago,

promoted James S. Boshart to the
Division

the

Donald P. Welles, Executive VicePresident and Director of
Harris

the

Mineola,

of

joining

Murray

Mr.

National

Island,

he

and Director.

Mortgage officer.
:I:

The

Stanton

Secretaries

Tuohy

sistant

M.

1956

1949,

of

The Dime Savings Bank of Brook¬

lyn

in

career

see

so.

new

and it will be operated under the

ment

the field which have

actually ej*<5ouraged them not They
to do

to

to

trust department of
Security Trust

elected

of

rank

"social

Initial capitalization of the

have permitted,

we

encouraged, the develop¬

One of the most expensive
provide - relief operations is, of course,
for their owrnold
age but have to be found
in agriculture.

pre¬

California.

bank

cer¬

an¬

given

that, but
nay

of those who any event, the whole matter
active and productive. But is now
conspicuously in the

the

James R. Kelley.

was

A'A A:'Ar..

poor

•

output

have not

Auditor

California

at

dustry where other types of
many of the policies and pro¬ government
regulation have
grams of government, partic¬
placed an additional burden
ularly at the national level, upon the companies;
*

a

Assistant

quarters

.

The Empire Trust Company, New

■

a;

to

Southern ;

at

He

Landrum,

167

are

Office,

Headquarters,

Advanced

—

of these grown

care

always been

the

on

Cashiers

Auburn

measure

should like to

we

reason

Yates

and probably few of
larger local governments

the

always been only in the railroad industry

appointed. Gilbert B. Small, the situation is
at Head Office, Robert Ed-i

California

was

Mr.

not

a

another

Lloyd L. Aubert, Jr., at Southern

..

Board.

has

degree the
people have in

'

* *

some

The lot of both

us.

what
In

Headquarters, Los

*

is

national govern¬

no

always ployers that could hardly be
aging and the aged conducive to economic health

the

with

Channell

L.

public

organizations

deny them
popula¬ what they demand. Not only

always had the

tainly

.

Bruno P. Pardini at Berkeley, and

County

years,

Development

.the

Head

California

ward

Va.

had

L. Donald Damato at South¬

Ex¬

who

the

to

at

danger,

with us, and we have

G. Funston at Head

Thomas

and

Four

been

Chief

have

Of¬

/

that and the —find it
easy to

charity is no real
solution. Now, of course, we

Three Trust Officers appointed

were

Jr.,

.

Wood

Parkersburg,

succeeds

A-

attached

such that

or

efforts

own

in the

were

to

C.

has

and

official

Trust

and

in

are

A

serious

toward these

no rec¬

least responsible for this state
of affairs—and
certainly none
that mere

advanced

was

Department
'
• "'

Office.

Na¬

Riggs

*

President

Harrison
of

Hs

Cashier's

Ex¬

Chief

Landrum

elected

*

Assistant Treasurer

an

K.

elected

*

The election of

Robert

Vice-President

Republic

Washington, D.
*

Chemical

following

Vice-President

relieve this,

tion

of

Cali¬

of

ficer at Tacoma office,and Henry
M. Kime was appointed Assistant

Angeles.

sji

si:

Bank

ern

re¬

Texas,

and

ecutive

with

will

Dallas

Bank, Dallas,

troller at the bank for nine years.
been

Chairman

The

and

Executive Vice-

He

had

and

'■'•"'AA,

*

as

of

announced .the

Office,

Jennings

June 7

on

President

Scheibe

*

A.

Bank

:'Ja¬

*

McAllister,

Board

appointments and changes.

to

*

Warren, Pennsylvania,

Titusville

on

to

our

other element

*

Harvey H. Pasic

The Warren Bank and Trust Com¬

Titusville,

the fact that

Bank."

*

apparently

elsewhere for that matter of: ment

$505,000, and

fornia, N. A., San Francisco, Calif,

'

a

„

Bank,

Assistant

as

*

pany,

*

Elliott

*

Arensberg,

Pennsylvania

ern

"Aurora National

fraught with

1

page

and the attitude of the

ognition in this document

it will be operated under the title

Ambler,

governmental*
,

There is

1.
*

G.

the

"a.

Heading the branch is Mr. Wil¬
M.

132

is the bank's

in the

County.
liam

at

David

.

City

Tsrrytown,

'N.

:js

May 15 opened

on

Pa. will open a new Branch Bank

Leo E. Denlea, James

were

G. Gaffney and Robert W. Feagles.

First

Company, Philadelphia,

more

charity.

a

Aurora, Colo.

bank will amount to
and Trust

Thursday, May 23, 1963

Continued from

an¬

given

Initial capitalization of the new
Directors

.

Vice-

a

Comptroller of the Currency

James

Revised Capitalizations

•

E.

President.

The

CoJisclidations

Robert

.

.

great

deal

relief

little

is

being

from

that

said

taxation,

makes

very

Ui»WKd«WSlW«ittMWSI

Volume

197

Number

6266

.

The Commercial and Financial Chronicle

.

.

(2131)
much

economic

showing

taxes

down without ref¬

come

to

erence

Reynolds & Co., Francis I. duPont & Co.

seem"

desire to have

a

the

NSTA

serious

very

NOTES

somewhere,

the

government

tinue unabated and funds

■;
-

being spent at
rapid

~

New York Stock

from

OF

DENVER

Under

;

The Bond Club of Denver will hold its

are

at the

an

protestations

CLUB

Rolling Hills Country Club

be made with

Wash¬

BOND

ington.

Annual Summer Carnival

June 28-29. Reservations may

on

Burney Cowsert, Boettcher and Company.

CLUB

OF

this

and

much

which could be

following

officers

new

for 1963-64.:

more

May

cited present

21

policies.

task,

and

execute

This
it

now

under

historically do not
-ordinarily confront central

Carl T. Swanson

James F. McGinnis

Peter J.

James F. McGinnis, Shearson, Hammill & Co.
Vice-President: John F. Rabe, E. F. Hutton &
Company,

banks.

Secretary: Carl Swanson, First National Bank of Arizona.
Treasurer: Peter

Twin City Bond ;

KANSAS

ST.

-

PAUL,

the

at

White

White

Bear

Bear

party

June

Hotel

will

^Tariff

12th

for

..

$8

the

guests

for

A

STANY

Nicollet.

$30;

Membersof

:

committee

Johnson,
St.

Robert L.

Chairman:

Caldwell

*.

a

Harry

Brace

Jaffray

Friday evening, May 24.

on

Singers will present "High-lights of the Song World," a
arranged and conducted by Saivatore Rappa,

Mergott, Rappa & Co., Inc., Director of the musical group.
Winslow, Cohu & Stetson is in charge of

the arrangements for the 300 guests

and their wives.

SECURITY TRADERS ASSOCIATION OF NEW

B.

Inc.,

The Annual

Dinner of the

June

Kidder &

STANY

Bratter

R.

&

Ferguson,

&

&

Company,

Co.,

White's

Restaurant,

Inc.,

Re¬

344

West

Co., Inc.,

or

made with Roswell

Street,

J.

Yunker,

M.

A.

Sylvester Bies, Edward S. Ladin Co.

Jaffray

■

Prizes:

Robert

G.

William

E.

Ritt,

Fenner

-

Merrill
<

Lynch,

Smith

Inc.,

Minneapolis, and Fred E. Wobig,
Merrill

Lynch, Pierce, Fenner &

Smith Inc., St. Paul...

Prize

Solicitations:

Schaps

Inc.,

J.

M.

Dain

d.G

&

Caldwell

V.

Company,

Minneapolis; and Walter

Hansen,

L. E.

Phillips

R.

Inc.,

basic

a

to

announce

been

chosen

to

study of supply

demand for

Company, Inc., St. Paul,

is President of the Club.




Associates

&

-

Burnham and Company, 60 Broad!

St.,

New York City,

the

New

have

York

of

Exchange,
that, effective

announced

June

the

will

in

3,

existing

a

insur¬

and high

ance

Co.

they

operate

bank,

each in Newark
8c

members

Stock

indus¬
stock

including

Richard

those

in

New

Tennessee,

Connecticut,
'

Both

duPont

York,

New, Hamp¬

Vermont,

offer
in

stocks and

Francis

complete

listed

A.

investor

and

commodities,

unlisted
se¬

mutual

Richard

The
I.

firms maintain exten¬

M.

Barnes

and

W.

Burnham

Co^

JnQ^

made

was

of

Kidder

M.

&

announcement

Mr.

and secondary is¬

new

for¬

Director

I.

of

M,

Vice-

a

President

and

bonds, tax-exempt

Both

the

Barnes,
merly

and

•

Reynolds

the

for

broadly
the

have

important ramifications

SBICs, competing

sources

ture

the

capital,

Small

Busi¬

trate

its

based

will

study

amount

of

York

venture

S. M.

mag¬

covering

all

capital

never

sources

including

by

II, senior partner.

Barnes for many

has

years

been Vice-President and Manager

before

expected that

garding the

been

made

and

significant

very

of

character

venture

small

and

capital

quan¬

available

business.

venture

quired

SBIC

only

SBICs

Evaluation

continuous

and their

Service,

analysis

of

for

capital
the

Lucas Branch Mgr.

COLUMBIA,
Lucas

felt

small

to

be

re¬

businesses

is

the

Read

now

C.—D.

I.

Resident

&

Simons,

was

Mr.
an

Inc.,

Barringer

Lucas

for

officer

of

Crawford & Co., Inc.

Frost,

many cases

result

of

It is

H.

stock

trading

All the personnel

de¬

in that de¬

partment will join Burnhani& Co,

and

Reynolds
&

and

but

Co.,

will be extended

the

a

&

What

is

Co.," Inc. will

the

in

topic of

the

annual

Francis I. duPont organizations.

City Council

result of the

arrangement.

120

at

Broadway,

proximately

650

will

have

account

offices will

strength

geographical
said,

in

represents

key

the

of

areas

business,

he

most

for the in¬

Detroit

and

a

city.

J

A.

.

'
M.

acquired

...

Kidder

by

.

..

/;

branches

Reynolds

located in Boca Raton,

&

to

Co.

key

be
are

Bradentoh,

Beach,

Jacksonville,

the

York

New

p.m.

of

Carnegie

International

Endowment

Peace, 345 East

Street.

Superintendent of Schools Calfvin E. Gross will preside. Particif

will include Morris

pants

Iushe-

witz, Secretary of the New York

City .Labor
and

a

AFL-CIO,

Council,

member

of

the

Board

or.

Education; Dr. E. Sherman Adams,

Coral

Gables, De Land, Ft. Lauderdale,
Hollywood,

lounge
for

out that

Florida,

be

Economic Educa¬

execu¬

several

one

of
on

tion, Monday, May 27, at 2:30

give Reynolds

areas.

will

schools

panel discussion at

The meeting will take place in the

46th

Mr. Baker pointed

new

ap¬

economic

meeting of the Board

Directors

of

a

the
a

be absorbed into the Reynolds and

Reynolds & Co. with headquarters

of

expected

education

transfer.

Kidder

/

in

as

anticipated that employees
M.

A.

by

on

Clearwater,' Cocoa
many

G.

unlisted

offered to its

has long been looked on as

Manager
of

brokerage

duPont

vestment

Jennings

Columbia office

Building.
years

S.

by

wide

the

Panel to Be Held

carried

dynamic growth

For Frost, Read

The

of

be

Francis

tives.

investments..

cities

key

modern

are

Economic Education

greater

for

the first time, the specific amount
of

the

pub¬

and

customers by A. M. Kidder & Co.,
Inc. over the years will not only

As

also

in

system.

investment services

of

firm,

facilities

wire

of

range

this

of

SBICs

information will be developed "re¬

tity

busi¬

needing

Rubel & Associates, Chi¬

consulting

lishes
New

on

direct

the

nitude

to

small

ven¬

cago based financial and manage¬

ment

concen¬

the

A study of this

area.

venture

has

The firm will
attention

area

of

for

type of financing.

businesses and their need for such

financing.

and

the

in

nesses

research

will

of Armour Research Founda¬

long term equity

The study will also measure for

Shaughnessy, Jr., Shaugh-

&

has

capital

St. Paul.

nessy

pleased

firm

Administration.

it is

Nicholas

Rubel

perform the Study with the assist¬
ance

capital available to finance small
v

Davis, Piper,

&

is

evard,
that the

ness

'

*

M.

CHICAGO, 111 —S. M. Rubel »& tion and Dr. S. J. Flink of RutgerS
Associates, 53 West Jackson Boul¬ University. The study could well

measure

Jaffray & Hopwood, Minneapolis,
Pierce,

Burnham & Go.

direction

a

Capital Demand

&

Boating: J. Dan McCarty.
-

:

-

department

curities,

by the New York financial

area.

S.

type

Hopwood, Minneapolis. V

served

To Study Equity

This

Piper,

Barnes to Join

under

Canada.

57th

re¬

transaction.

Reynolds office in Newark. Thir¬

sues.

and

Bank, St. Paul.

Griffiths,

60

offices

into, the

Co,

&

as a

teen Kidder offices will be trans¬

funds, and

perform

°

.

Price, American

Bridge and Gin Rummy: Donald
1

the

for

Reynolds

office

services

be

may

G.

&

search Corp., Minneapolis.

M.

of the

duPont

of 1,000

Inc.

Borin, National Securities

National

I.

excess

correspondents

D.

Horseshoes: Leighton

Golf: William T.

registered representa¬

partment of A. M. Kidder & Co.,

Minneapolis.
Tennis

to

Detroit,

Francis

of

with

Company,

Kidder

of

tives

sive

Hubert

Blyth

24

the U. S. and abroad.- The

across

number

connected with their branches and

Inc., Minneapolis.
Entertainment: r

of

It will

branches

en¬

join

calls

90

over

Co.,

Vice-

will

operate

K. Fisk.

Co., Inc., St. Paul.
Transportation: Richard
Kalman

Canada for the first time.

Manske,

&

Sandahl,

and

one

Bowling League will be held

Robt. A. Krysa,
Paine, Webber, Jackson & Curtis,

Stanley

offices, Francis I. duPont will

sult

Exchange firm

agreement

shire,

Cocktail Party:

Publicity:

With

extend its foreign operations info

3.

Street, New York City.

Georgia,

*

YORK

-

Reservations

Minneapolis.

at

6

New York City.

Hopwood,

Minneapolis, and Wallace

Germany.

ferred to Francis I. duPont &
Co.,

program

Mr. William Sabah of

of¬

Switzerland,

trial

The

Bennitt,

&

including

Newark

special

picnic

Phillips,

&

a

staff

Stock

and

•

der

will be in

Kidder 8c Co.,

his

of

Florida, plus

/.

"Frankfort,

op¬

United

grade

Thursday,

Registration:

Barnes,

Burnham

The

and

abroad,

Lausanne,

I.

June

Kidder

department,

transfer

CLUB„

Francis

effective

M.

York

Broad

Goss, Barret, Fitch,

and

in the

at the Plaza Hotel

Paul.

Piper,

with

of

Vt.;

Chattanooga,
Neck and Roslyn,

Reynolds will consolidate Kidder's

for

mem-

1963

made

are:

General

1

the

A Calcutta Golf Tour¬

trading

Johnsbury,

H.;

The STANY Glee Club will hold its 9th Annual Dinner and Dance

$3 for the cocktail

non-golfing

GLEE

to

and manager of the unlisted stock

a

be

synon¬

almost
a
century
twenty-six of its of¬

on

bers, and $12 for golfing members.;

1

ASSOCIATION

North & Co.,-Inc.

outing.

is

should

1865,

longer be actively

Richard

New

reservations

cocktail

the

at

no

members

by

in

gaged in the securities business.

dinner will be held Friday, June 14 at the
Meadowbrook Country Club. Tariff for the entire party is $30 and

Club,

Minn,

13th.

precede

Club members,

party;

Yacht

Lake,

Thursday, June

TRADERS

St.

N.

branches

in

outstanding service to then

President of A. M.

SECURITY

nament followed

Minn.—The Twin City Bond Club
will hold its 42nd annual
outing

States

has been

Co.,

Thursday night, June 13 at the Hilton Inn.

Outing

MINNEAPOLIS

CITY

Atlanta, ,Ga.;
Con n.; Burlington,

Francis I. duPont currently

fices

for

&

The Kansas City Security Traders Association will hold its Annual
Summer Party June 13 and 14. Cocktails and Calcutta will be held

will

Street;

and

erates 81

and

thirteen

Ratigan, A. G. Edwards & Sons.

Rutland

and

Reynolds 8c Co., and the

Inc. will

Wall

Bridgeport,

Co.,

established

name

Thereafter, A. M.
Inc.

8c

Co., Inc., whose

duPont

President:

One

President

remaining

Ratigan

Co.

&

the acquisition of the A. M. Kid¬

was

fices to

duPont

acquire A. M. Kidder branches ira

Co.,

partner of

senor

Chairman of A. 1VI. Kidder

will transfer

'which

Club

A.M.

I.

and

Tenn.; Great
jointly L. I.; Montreal and Toronto, pan¬
Baker, Jr., ada and Plattsburgh, N. Y.

D.

Paul,

ymous with

conditions

to

Co.. Inc.

business

be

must

Co.,

Mich.;'

made

duPont

and whose

al-

was

John

I.

investors

but

j undertaken

:

by

Petersburg,

!

announcement

was

A. M. Kidder &

difficult and intricate

ways a

;
•

make

must

8c

St.

Beach,

Park, Fla; Detroit,

Francis

agree¬

offices"^ of

The

Michael

Board

prises. The web is particularly
tangled which confronts those
who

the

have agreed

Edinond duPont,
C.

credit

of

senior partner of
Reynolds &

enter-

ter

Co., Inc., also of One Claremont,

changes

bility

managing

39

Street.

the

of

Francis

of

terms

Street,

8c

those who have the responsi¬

■

the

Wall

Kidder

horribly "tangled web" to

a

mem¬

way, and Francis I. duPont &

Wall

Beach,

Petersburg

Newark, N. J.

acquire.; all

PIIOENIX

The Bond Club of Phoenix has elected the

All

Exchange

ment, Reynolds 8c Co., 120 Broad¬
One

St.

Sarasota,
Miami, Stuart, Tallahassee,
largest Tampa, Tarpon Springs, and Win¬

by partners

ber firms.
BOND

inexcusably
despite repeated

rate

South

announced

was

and officers of three of the

replace tax collections,
expenditures are to con-

if

Pompano

many

has to
.

Acquire Offices of A. M. Kidder & Co.
One of the most unusual
acquisi¬
tions
on
Wall
Street
in
years

defects of the present
system
or to
the fact that
somehow,
-

27

Mean¬

sense.

while, the rank and file
to be

'

WlllWWUlWWtO'W****^*!

Lake¬

land, Miami, Miami Beach, Ocala,

Vice-President,

First

City

Dr.

Bank,

Sametz,
in

the

and

Professor
New

of

York

National

Arnold

W»

Economics
University

Graduate School of Business Ad-'
ministration.

28

(2132)

^

Securities

Now

The Commercial and Financial Chronicle

the

Registration statements filed with

—

SEC since the last issue

icle"

are

carried

now

of this section

of the

separately at the end

"Securities Now in Registra¬

tion." Dates shown in parenthesis

the

"Chron¬

Registration *

company's

name,

alongside

and in the index,

re¬

tirhi offering dates.'

pot, in general,

Also

shown

Registrations"
effective

under the
are

those issues which became

this week 'and

offered

were

pub¬

Office — 901 Fuhrmann Blvd.,
Buffalo, N. Y.
Underwriter—None.
purposes.

.....

Alaska

Power &

Telephone Co.
April 1, 1963 filed $600,000 of 6% subordinated deben¬
tures due 1978, 240,000
common, and 10-year warrants
to purchase an additional
180,000 common. The securi¬
ties will be offered in 600 units each
consisting of one

$1,000 debenture, 400 common, and 300 warrants.
Regis¬
tration
also
covers
an
additional
92,500 outstanding
common. Price
By amendment. Business
Companyfurnishes electricity and
telephone service to Alaskan
communities of Craig,
Skagway, and Tok, and supplies
electricity to Seldovia. Proceeds—For debt
repayment,
construction and
working capital. Address—Fifth Ave.,
Skagway, Alaska. Underwriter—Jay W. Kaufman &
Co.,
New York. Offering—Indefinite.
—

—

Allied

Mortgage & Development Co., Inc.

28, 1963, filed $2,000,000 of 6%

subordinated sink¬

ing fund debentures due 1973 (with
warrants) and lOd,000 common, to be offered in
units of one $20 debenture
(with a warrant to purchase two

shares) and one com¬
Price—By amendment. Business—Mortgage
banking, real estate development, and sale of insurance.

mon

share.

Proceeds

•

For

debt
repayment, land development, and
working capital. Office
3756 Lamar
Ave., Memphis,
Tenn. Underwriter—To be
named.
—

—

All-State

Properties, Inc.
filed $5,000,000 of

1962

Corp.

estate

Chemair

,

tures due 1977.

Price—At

par.

subord.

sale

Proceeds—For

investment, and advances to sub¬
sidiaries. Office—112 California
Ave., Reno, Nev. Under¬
writer—None.

;:'

equipment, sales promotion and working capital. Office
N. La Salle St., Chicago. Underwriter—Price In¬
vesting Co., New York. Note—This company formerly

Automatique, Inc.

(6/3-7)
1963 filed 254,975 common, of which 185,000
are to be sold by
company and 69,975 by certain stock¬
holders. Price—By amendment (max. $8.25). Business—
Company, through subsidiaries and joint ventures, is
engaged in the general vending and food service busi¬
Proceeds

Chesapeake Fund, Inc.
March 5, 1963 filed 100,000
value.

•

"Adanim"

Business—Company

and

subsidiaries conduct a general real
estate business with
emphasis on land development and
home construction
•

r

.of

debt.

anc* ^y.

Proceeds—For repayment
Office—230 Park
Ave., N. Y., Underwriters—

.To be named.

,

Amerel Mining Co. Ltd.
filed 400,000 common

Business

grant

shares. Price—500.
is engaged in
exploration, de¬
velopment and mining. Proceeds—For
diamond drilling,
construction, exploration and general
corporate
ex¬
penses.
Office—80 Richmond
St., W., Toronto.
Under¬
writer—E. A. Manning,
Ltd., Toronto.
company

American Annuity Life Insurance
Co.
March 29, 1963 filed
154,000 common, of which
125,000
.are-to be offered by company and
29,000 by certain
.stockholders. Price—By amendment
(max. $7). Business
—Writing' of ordinary life insurance.
Proceeds^-For in¬
vestment. Address—807
American Bank & Trust
Bldg.,
Lansing, Mich. Underwriter—First of
Michigan Corp.,
Detroit.
;
-

84,303 of 8%

cumulative preference
—

$3.33

per

share.

—

housing in Israel. Office—108 Achad Haam St., Tel
Ayiv, Israel. Underwriter—Sakier & Co., Inc., New York.
•
Big G Corp. (6/3-10)
April 17, 1963 ("Reg. A") $100,000 of 7% convertible
debentures due 1968, and 25,000 common shares to be
in

units

of

one
$100 debenture and 25 shares.
unit. Business—Operation of licensed
departments in department stores, selling
clothing, rec¬
ords, pocketbooks, sporting goods, greeting
cards, etc.
Proceeds—For inventory, expansion and debt
repayment.
Office
550 5th. Ave., New York. Underwriter — A. J.

Price—$287.50

per

—

Davis Co.,

Pittsburgh.

»

•

4,

Gold, Inc.
1963 ("Reg. A")

750,000

common.

Price—20

cents.

Business—Exploration and development of gold
placer claims in Alaska. Proceeds—For
general corporate
Office—E. 15 Walton Ave., Spokane. Under¬
writer—Duval Securities, Spokane. Offering—Imminent.
purposes.

Brown

Engineerng Co., Inc.

(5/27-31)

May

2, 1963 filed 110,000 common, of which 50,000 will
be offered by
company and 60,000 by stockholders. Price
—By amendment (max. $28).
Business—Company is en¬
gaged in engineering and
manufacturing activities in
support of the research and development phases of

for

Proceeds—For working capital.
Sparkman. Dr., N. W., Huntsville,' Ala. Un¬
derwriter—
Goodbody & Co., New York.

in

Canaveral Hills

over-the-counter securities
....

club and

golf course, swimming pool and cabana club,
near
Cape Canaveral, Fla., and develop real
estate,
erect homes, apartment
houses, motels, etc. Proceeds—
For debt repayment and
expansion. Office—309 Ainsley
Bldg., Miami, Fla. Underwriter—Willis E. Burnside &
Co., Inc., New York.

specializing in

all

NEW

ISSUES
BOUGHT
for

-

SOLD

-

Enterprises, Inc. (6/3-7)
May 10, 1962 filed 100,000 common.
Price—$5. Business
—Company was formed to own and operate a country

Capital Cities Broadcasting Corp. (6/12)
May 9, 1963 filed 250,000 common. Price—By amend¬
$23.37). Business—Company owns and oper¬

QUOTED

Banks, Brokers, Institutions

ment (max.

ates four TV stations and six radio

SIEQE Ijp&j,
ria
ESTABLISHED 1942

Members of New York
Security Dealers Association
39

*

\

"

■

TWXs 212-571-0320

••

■

Direct Wires
R. J. HENDERSON &
CO.,

WOODCOCK, MOYER, FRICKE




&

to

■

'

V

INC., Los Angeles
FRENCH, INC., Philadelphia

for each

three held. Price—^By amendment
Business—Writing of life, accident, health
disability insurance, and annuities. Proceeds—For

$26).

expansion. Office—444 Madison Ave., N, Y. Underwriter
Brown & Sons, Baltimore. Offering—Indefinite.

—Alex.
•

Clark Cable Crop. (6/24-28)
April 25, 1963 filed 121,915 common. Price—By amend¬
ment (max. $6). Business — Manufacture and
develop¬
ment of. electronic, electrical, and mechanical
systems
and components; also wholesale distribution of electri¬

components.

—
For selling stockholders.
St., Cleveland. Underwriter—Ful¬
ton, Reid & Co., Inc., Cleveland.

Office—3184

Coastal States Gas Producink Co.

Career-Ways Systems, Inc.
1963

\

("Reg. A") 100,000 capital shares. Price
—$3.
Business—Co. plans to keep an electronic
filing
system of skills for employment of members. Proceeds—
For
equipment, inventory, research and working capi¬
tal: Address—Route 206
Center, Princeton, N. J. Under¬
writer—Chase Securities Corp., N. Y.

.

(6/17-21)

May 15, 1963 filed $50,000,000 first mortgage bonds series
A

due 1983. Business — Acquisition, development and
operation of gas gathering systems, and the production
and sale of natural
gas, crude oil and condensate. Pro¬
ceeds—For

loan

repayment, and working capital. Ad¬
Tower, Corpus Christi, Tex. Under¬
Kuhn, Loeb & Co., First Boston Corp., and
Paine, Webber, Jackson & Curtis, New York.
dress—Petroleum

writers

—

Colorado Imperial

Sept. 20,

1962

ness—General

filed

.—None.

'

Mining Co.

200,000

mining.

operating expenses.

Life

Price—$1.

common.

Proceeds—For

Insurance

S;/'v
Co.

Busi¬

exploration

Office—Creede, Colo.
.■/ '•

Commercial

and
Underwriter

^

of Missouri

Nov.

26, 1962 ("Reg. A") 46,000 common to be offered
subscription by stockholders on the basis of one share
common shares held. Price—At-the-market.
Business—Sale of health, accident, life and hospital in¬
surance.
Proceeds—For working capital.
Office—3570
Lindell Blvd., St. Louis. Underwriter—Edward D. Jones
& Co., St. Louis. Offering—Indefinite.
for

for each 3.36

Common

Market Fund, Inc.
1963 filed 2,000,000 capital shares. Price—Net
asset value plus 8.5%. Business—A new mutual fund
specializing in securities of foreign and American com¬
panies operating in the European Common Market.
March

7,

Beverly

April 18,

.

...

•

Proceeds—For

■

Proceeds

W. 32nd

St./New York. Underwriter—White, Weld & Co., New

sells

Broadway, New York 6, N. Y.

Dlgby 4-2370

shares

(max.
and

stations; it also owns
40% interest in Subways
Advertising Co., Inc., which
advertising space in the New York City subways.
Proceeds—For selling stockholders. Office—24 East 51st
a

York.

'

26, 1963 filed 40,000 capital shares to be offered
stockholders on the basis of two

subscription by

new

■

space vehicle programs.

Office—300

St., An¬

Citadel Life Insurance Co. of New York

March

cal

Bonanza
March

156 South

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. Offering—Indefinite.

of

-

•

filed

—

Industries, Inc.
29, 1961 filed 300,000 class A common, of which
225,000 are to be offered by the company and 75,000 by
stockholders.
Price—$5. Business—Design and manu¬

•"•/

participating shares. Price

Price — Net asset
investment company.

common.

closed-end

Chestnut Hill

A mortgage loan
company. Proceeds — To
loans to immigrants and other persons in need

offered

July 31, 1961

Business—The

1963

A

Nov.

Mortgages & Loans, Ltd.

(5/27-31)

—

napolis, Md. Underwriter—None.

City.

Bank

Business

Corp.

Proceeds—For investment. Office

acquisitions, debt repayment, and
other corporate purposes. Office — 2540 West
Pennway,
Kansas City, Mo.
Underwriters—Kidder, Peabody & Co.,
Inc., New York, and Barret, Fitch, North & Co., Inc.,
Kansas

named Chemair Electronics

was

For

—

Price—$12 per unit. Business—Production and
designed to control odors, bacterial

chemicals

—221

/

April 26,

ness.

of

growth and air pollutants; and development, produc¬
tion and sale.of an electronic.'vaporizing- unit for dis¬
pensing such chemicals. Proceeds—For debt repayment,

holding

insurance subsidiaries.

...

,

debentures due 1973 and 30,000 common shares to be
offered in units consisting of one $10 debenture and two
common.

dividend

deben¬

Corp. (6/10-14)
28, 1962 filed $150,000 of 6% subordinated income

Dec.

Management Co.

company for two
loan
repayment,

^

March 29, 1963 filed 500,000 class A common. Price—$2.
Business—A legal reserve insurance
company. Proceeds
—For investment, and expansion. Office — 411 North
Central Ave., Phoenix. Underwriter—None.

March 28, 1963 filed $1,500,000 of 6% conv. subord. de¬
bentures due 1978. Price—At
par. Business—A

April 9,
conv.

Co., Portland. Offering—Imminent.

Charter Oak Life Insurance Co.

.

April 24,

6,

S. Jones

Expected in July.
Atlas

Underwriter—None.

Public

1963 filed 260,000 capital shares.
Price—By
(max. $3). Business—Company is engaged
in writing, life insurance, in Orego.n; and
Washington.
Proceeds—For additional capital and. surplus.
Office-^
811 S. W. Sixth, Portland, Oregon.
Underwriter—June

April 30, 1963 filed 100,000

common. Price—$4. Business
development company. Proceeds—For
debt repayment, property
improvement, and working
capital. Office—700 Park Ave., Plainfield, N. J. Under¬
writer—S. Schramm & Co.,
Inc., New York. Offering—

general
Blvd., Pom-

Ocean

amendment

one

real

S.

Centennial Life Insurance Co.

March

—For inventory,
equipment, debt repayment and new
products. Office-—1570 W. Blancke, Linden, N. J. Un¬
derwriter—John R. Boland & Co., Inc., New York. Of¬
fering—Indefinite.

—A

Fla.

Lake

Office—1068

Lake, Inc. Proceeds—To construct a sew¬
disposal system. Address—R.R. N. 3, Box 28, Cedar
Lake, Ind. Underwriter—None.

and

International

to

around Cedar

Ampeg Co., Inc.
•;/•/.-A■'?*■■■
s.-:y
29, 1962 ("Reg. A") $294,000 7% conv. subord. de¬

Atlantis

1969.

plans

age

Oct.

:

debentures due

Business—Company

Service Corp.
March 20*1962 filed 9,964 common. Price—$100. Business
—Company plans to qualify, as a public utility and
furnish
water and
sewage
disposal services in and

.

29,400 common to be offered in
$1,000 debenture and 100 shares.
Price—
$1,020 per unit. Business—Manufacture of amplifiers and
accessory equipment for musical instruments.
Proceeds

Airway Hotels, Inc.
April 1, 1963 filed 200,000 common. Price—$5. Business
—Company owns and operates a chain of motor hotels,
apartment buildings and a shopping center. Proceeds—
For
loan repayment,
expansion and other corporate

($1,000).

par

Cedar

~

units of

ISSUE

REVISED

Hospitality Services, Inc.

Beach,

pano

insurance company. Proceeds — For investments.
Office—-300 St. Salisbury St., Raleigh, N. C. Underwriter

1972

ADDITIONS

PREVIOUS

ITEMS

corporate purposes.

American

bentures due

licly.

Jan.

Willow St., Chelsea, Mass. Underwriter—Gold¬
Sachs & Co., New York.
:

—None.

SINCE

offer management and consultant services to motels and
them with equipment.
Proceeds—For

fice—22

'>

Thursday, May 23, 1963

furnish

gage

caption "Effective

/

14, 1962 filed $500,000 of 8%

Price—At

—

Mortgage Insurance Co.
ff
10, 1963 filed 31,070 common to be offered for
subscription by stockholders on the basis of one share
fpr each five shares held. Price—$i 8. Business—-A mort¬

Castle

-

Dec.

Jan.

flect the expectations of the underwriter but
are

American Biltrite Rubber Co., Inc. (5/28)
May 1, 1963 filed $5,000,000 of convertible subordinated
debentures due May 1, 1983.
Price — By amendment.
Business
Company produces a variety of rubber and
vinyl products. Proceeds—For prepayment of loans. Of¬
man,

.

* INDICATES

in

•

NOTE

.

investment.

Office—9465 ^Yilshire Blvd.,
Calif. Underwriter—Kennedy, Cabot &
Co. (same address). Offering—Expected in June.
'

Hills,

Commonwealth Telephone Co. (6/3)
May 8, 1963 filed 71,460 common to be offered for sub¬
scription by common stockholders on the basis of one
new

share for each 10 held of record June 3, 1963. Rights

will expire June

18, 1963. Price—By amendment (max.
$29). Business — An independent telephone company
serving portions of eastern Pennsylvania/Proceeds—For

Volume

Number 6266

197

.

The Commercial and Financial Chronicle

.

.

repayment..Office—100 Lake St., Dallas, Pa. Un¬
Eastman Dillon, Union Securities. & Co.,
Philadelphia and New York. <
3
' " ; v 4
'

loan

derwriter

—

,

Inc.
April 12, 1963 filed 150,000 common, of which 100,000
are to
be offered by company and 50,000 by Harry E.
Wilson, President. Price—$15. Business—Sale of hospital
and surgical insurance contracts. Proceeds—For invest¬
ment, sales promotion, and other corporate purposes.
Office—4000 Aurora Ave., Seattle, Wash. Underwriter—
None.
...V' v-.,V,r
.../
v.-. • '•
Community Health Associations,

-

•

.

Consolidated Leasing Corp.

of America
April 11, 1963 refiled $2,500,000 of 6x/2>% debentures due
1978 (with warrants); also 75,000 units, each consisting
of two shares of 7% convertible preferred and one share
.

amendment. Business—Leasing of
trucks and equipment. Proceeds—For debt repay¬
ment, and other corporate purposes. Office—1012 Balti¬
more Ave., Kansas City, Mo. Underwriters—A. C. Allyn
of common. Price—-By
cars,

&

Co., Chicago and Walston & Co., New York. Offering

'—Imminent/

'i7
Oil & Gas,

Consolidated

7

Inc.

Feb.

28, 1963 filed $2,432,500 of 6% sinking fund deben¬
tures due 1975 (with warrants) to be offered for sub¬
scription by common stockholders on the basis of $500
of

for

debentures

each

held

shares

500

of

May

record

8.

Rights will expire about June 8. Price—At par. Busi¬
ness—Company is engaged in the acquisition of oil and
gas leaseholds. Proceeds—For note repayment and work¬
ing- capital. Address — 4150 East Mexico Ave., Denver.
Underwriter—None.
Consolidated Resources Corp.

March 29, 1963

filed 79,700

Price—$6. Business

common,

—An insurance holding company. Proceeds—For
ment. Office—420 Madison

—None.

<

invest¬

Ave., New York'. Underwriter

Consolidated

Vending Corp.

Second Ave.,

—Operation of vending machines. Proceeds—For debt
repayment, working capital and other corporate purposes.

Jam

Office—129 S. State St., Dover,
named. Note—This registration

Del. Underwriter—To be^
was withdrawn.

.Continental Reserve Corp.
May 13, 1963 filed 45,000 class B common. Price — $40.
Business
Company plans to acquire, organize, and
manage life, accident
and health insurance concerns.
—

Proceeds

For investment in

—

East 40th

St., New York. Underwriter—None.

Defenders

Insurance Co.

Jan.

30, 1963 filed 100,000 common. Price—$12.50. Busi¬
Company plans to write automobile insurance
Proceeds—For general corporate purposes. Office—146
Old Country Rd., Mineola, N. Y. Underwriter—None. tX\
ness

—

7 Deuterium Corp.
Sept. 28, 1962 filed 120,000 common with attached
rants to purchase an
ered for

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¬
same time, the
will offer the securities to the public. Price—

ing subordinated debentures held. At the
To

subscribers, $20; to public, $22.25. Business—Com¬
plans to erect a small size production and experi¬
mental plant for the limited manufacture of deuterium
and deuterium oxide, and to establish and equip a gen¬
eral research laboratory. Proceeds—For working capital,
construction, equipment and other corporate purposes
Office—360 Lexington Ave., N. Y. Underwriter—None

New York Central
:

,

(Bids

'

Collateral

June

13,

(max. $11.75).

&

Engineering Co.j
(Goodbody

Gem

Inc.)

Co.,

&

Pacific

Common
shares

110,000

(Thomas)

Parkview

Drugs,

(Stein

&

Boyce)

'

(G.

;

5

--Common
Shields

K.

Recreation Industries, Inc

..Common

(Costello, Russotto & Co.) $150,000

(Tuesday)

May 28
American

Biltrite

r

Rubber

(Goldman,

Sachs

Co.,

.Debens.

Inc..
$5,000,000

Co.)

&

EDST)

Weld

(White,

-

Stone

Securities

Plastics,
(J.

J.

Inc

(Fleetwood

Securities

J.

Brown

(Hemphill,

&

Co., Inc.)

Greenwich
(Offering

Gas

be

offered

holders.

Design

by

and

York.

Offering—Indefinitely postponed.
Continued

June 24

(Kidder,

Peabody

Leeds

Shoes,

V

&

Co.,

Inc.)

Corp

Cable

Securities

&

June 25

St. Louis

Big

G Corp.—

Securities,

(Bids

&

Co.)

Davis

J.

(Willis

Enterprises,
Burnside

E.

Commonwealth

"1,000 units

Co.)

&

—Common

Inc..
Inc.)

Co.,

$500,000

Telephone Co

$308,750

Peabody

&

Inc.)

Co.,

235,000

shares

Holiday Mobile Home Resorts, Inc

Inc.)

Medic

Corp.-

(Boettcher

Co.

&

and

J.

Williston & Beane)

R.

$1,700,000

Life Assurance Co. of Pennsylvania.-Capital Stock
(Auchincloss,

Parker
&

Maust

Coke

Coal &

Dillon,

(Eastman

Redpath

&
Co.)

Securities

Mil

National

.Debentures
&

Co.)

$5,000,000

—Common
Co., Inc.)

$376,000

(A.

C.

Allyn

&

Co.)

300,000

Optech, Inc.

(Bids

(Bids

Co.,

Inc.,

and

—Common

Heritage

Equity

Corp.)

•

$420,000

Rona

Lee

■

Rona
.

Lee
\

Rose

&

Co.,

Corp

Inc.)

Union
(A.

Gas
C.

4

C.

!

&

(Tuesday)

(Charles

Pargas, Inc.

(Aljpster G;

June

; ■

Securities

(Offering

to
&

.....Common

Co

Co.,




Inc.)

173.433

shares

by

A.

G.

Becker

Texas

&

19

Power

Pacific

Power

lEids

Corp.;

Curtis)

received)

be

172,340 shares

-

.Debentures

$8,000,000

Service

Co....

&

&

Paine,

—Bonds

Furman

&

&

Barney

&

October

Common

,

Inc.)

225.000

Co.,

Inc.)

Co.) '267,740

11

a.m.

be

EDST)

a.m.

Bonds
$30,000,000

(Tuesday)

EDST)

October 3

Debentures

be received)

Bond*

$45,000,000

(Tuesday)
12

noon

CDST)

$5,000,000

(Thursday)

Debenture*

Columbia Gas System, Inc.-

...Common

be .received)

(Bids to

$25,000,000

shares

150,000

8

(Tuesday)

(Bids

to

be

received)

Bonds

$15,000,000

Bonds
November

$40,000,000

7

Trust

Clfs.

(Thursday)

——Bonds

Georgia Power Co
(Bids

$3,000,000

Service Corp

Wisconsin Public

.Common

shares

.—Equip.
received)

1

(Bids

.Common

$1,000,000

—

Inc.)

Ry
t-o

11

100,000 shares

Co

shares

(Wednesday)

Pacific

EDST)

Light

Chicago Burlington & Quincy RR...Equip. Tr. Ctfs.

October

Co.,

noon

(Bids to

$1,000,000

Co., Inc.———.

Witter

Preferred

Light Co

Webber,

$50,000,000

Co.)

Co.,

12

&

Michigan Eiectric Co

.Bonds
and

Corp

Plolin

&

(Bids

Indiana &

Records, Inc.—

(Bids

Common

Co.——

(Tuesday)

July 30

■

stockholders—underwritten

Bonds

—

$20,000,000

$9,000,000

t

June
Interstate

EDST)

Public Service Electric & Gas Co.——

shares

to

Public

Pacific

(Tuesday)

(Smith,

..Preferred

Co.)50,000

18

Co.—
received)

(Bids 11 a.m. EDST) $13,000,000

,

*

Express

Visible

be

(fuesday)

July 23

Bonds

Boston

&

Peabody

(Dean

.

V»2

$50,000,000

stockholders—no underwriting)

Community

$,100,000

Stephenson Finance Co., Inc.-——.
Travelers

•

.

—Common

—

(Kidder,

Acme

—

.

shares

Inc

Producing Co

First

Financial

Debentures

Allyn & Co.) $5,000,000

Allyn

Common

Co

a.m.

Gas

Co.;

(Bids

June

11

Jackson

.Debentures
$250,000

Co....

Southern Union Gas Co.
(A.

shares

50,000

—...

(Reuben Rose & Co., Inc.)

Southern

...Common

Corp.——————

(Reuben

•

to

August 6

8c

to

Pacific Power

(Offering

Smith,

Power

States

•

Bonds

received)

Sierra Pacific Power Co.-—

June 17" (Monday)

Loeb

:b.

(Wednesday)

July 17
Sierra

(Offering to stockholders of Pacific Telephone 8c Telegraph
Co.—No underwriting) 13,013,969 shares

(Kuhn,

be

to

Northern Illinois Gas

Pacific Northwest Bell Telephone Co..—Common

Coastal

$1,250,000

——.Bonds

and

Pennsylvania

Common
Corp.)

(Wednesday)

July 10

225,720 shares

Harriman Ripley 8c, Co., Inc.; Lazard
Barney & Co. Inc.)
$10,000,000

Co., Inc.;

Co.;

Livestock

shares

.—2

&

&

Common

$900,000

Co.)

240,000 shares.

150,000 shares

of).

Loeb &

Common

Fidelity Life Insurance Co

(Stone, Ackerman

shares

200,000

__

Securities

Young &

(City

(Bids

& Co.)

Corp

(Herbert

Missouri

Union

(Kuhn,

$5,250,000

Illinois Bell Telephone Co.—

Common

Corp.—

Union

Dillon,

Lestrange

100,000 shares

Maust Coal & Coke Corp
(Eastman

Arthurs,

and

Oslo

CDST)

noon

July 9 (Tuesday)

Common
shares

250,000

Co.)'

&

12

Securities

(Bids

Co.)

•

$20,000,000

EDST)

&

...Bonds
" ■"

$6,500,000

.a..

(Lincoln

Common
$1,050,000

100.000

Systems,

(Keon

Freres

Debentures

Weld

EDST)

a.m.

(Monday)

July 1

Common

Common

Service

11

(Peter Morgan &

(Wednesday)

Jim's

$40,000,000

(Wednesday)

.

$315,000

Capital Cities Broadcasting Corp
Lord

Bonds:'"

received)

Natural Gas & Oil Producing Co...

Shipbuilding-Federal Barge, Inc.—.Com.

-

Common

Edgerton, Germeshausen & Grier, Inc
(Kidder,

.

; -V

'

Telephone Co., Inc.———Debentures

(White,

..Common

_.

(Offering to stockholders—underwritten by
Eastman Dillon, Union Securities & Co.) 71,460 shares

j

(Thursday)

(Tuesday)

June 12

Redpath)
..2. v....;

Co

Gas

be

Light, Heat & Power Co

.2—Common

a.m.

&

Common

of America

Co.

to

(Bids

Securities Co.)
Inc.)

Parker

shares

Chicago Burlington & Quincy RR.._Equip. Tr. Ctfs.

v'-'

,

Shelton

and

Putnam

200,000 shares

■(Reinholdt & Gardner))

Units

1

—.

(A.

Hills

Canaveral

Common

——-

Auchincloss,

Inc.,

California

June 27

Capital Stock

—

Co,)

L.

F.

Pierce, .Fennef & Smith Inc.)

11.

Corp..

(Bids

—Common

Allyn

(Bids

*

$4,300,000

"V\ J

Printing Co

Bell

..Common
shares

(Tuesday)

June 26
Union

(White, Weld & Co. and Watling, Lerchen & Co.)

Indiana

Simmons),

..Equip. Trust Clfs.

1
EDSTi

noon

&

—

121,915

Inc;).

Co.,

Ry

12

Co.,

—Units

$240,000

Inc..

(Merrill Lynch,

&

Ellis

"

Common

Inc.)

Alabama Securities,

C.

i'-_

Reid

Foods

Blunt

end

shares

100,000

,

(J. Herbert) Enterprises, Inc

(A.

Inc.

Corp

(Bids

100,000 shares

Co..

Insurance

30

page

Capital

———

Co.,

Western

&

1

———

$180,000

Inc.;

(First

&

204,095

Norfolk

on

(Monday)

(C. R.), Inc..

Southern

Key Training Service, Inc.—:

Safran

(Kidder, Peabody & Co., Inc. and Barret, Fitch, North
& Co., Inc.) 254,975 shares
'

stock¬

by

Business-

manufacture

——.—Common

Corp.

(Nemrava &

.—Common

_

100.000

pajamas.

shares

(Monday)

and

company

of boys knit shirts, sweaters,
Proceeds—For working capital. Office—
Broadway, N. Y. Underwriter—Goodbody & Co.,

and

.

June 3

the

Price—By amendment (max. $12).

(Reynolds

Investors Trading Co...

June 11

Automatique, Inc.__

;

Donmoor-lsaacson, Inc.
to

Bonds

$3,540,000

stockholders^-underwritten by
& Co., Inc.) $499,988.75

to

Red Kap,

$375,000

215,000

for]
new!

two

Feb. 26, 1962 filed 150,000 common, of which 50,000 are

Equip. Trust Ctfs.

,

Investing Co.)

(Bristol

Poulsen

Common

Co.)

&

of

certification of models, train service personnel, repay"
debt, etc. Address—Municipal Airport, Danbury, Conn.*
Underwriter—None. Note—-The SEC has issued a stop
order suspending this registration statement.
7:!-vV^'

Bard

Enzyme Corp. of America..

_Ben. Int.

Corp

Noyes

(Price

Orr

$10,000,000

the basis

on

•

(Strathmore

Co.___Common

Assurance

■

Price—By amendment (max.*
$1.25). Business—Research, development and construc¬
tion of experimental helicopters. Proceeds —To obtain

$8,100,000

CDST)

noon

Stone

(Hayden,

and

$299,981

America)

of

12

Chemair Electronics

Common

.

Corp.

Servomation

Co.;

shares

Investors Tr

National

(K.

United

&

110,000

Corp.)

Krieger & Co., Inc.)

Southeastern Mortgage

Underwriters

Goldman, Sachs

Inc.;

Co.,

Webster

&

Equality

&

-Common

"

'

19,_ 1962 filed 418.680 common to be oifered

(Fulton,

RR—

(Seymour Blauner Co.

Dow Jones & Co., Inc.—

J

shares for each three held.

(Monday)

Co.* $300,000

&

'

common.

noon

Financial

Brentwood

shares

14,080

Co.)

J

■

I

subscription by stockholders

Mountain States Telephone & Telegraph Co..-Cap.
(Offering to stockholders—no underwriting)
4,037,432 shares

'

—.—Common

Inc___

>■1.

Helicopters, Inc.

•

shares

6.840

Inc.
Richter

April

(Friday)

June 10

Insurance Co.———Common

Bros.

(Scherck,

Pictronics,

Co.;

&

:

withdrawn.

—Debentures

Sullivan & Co., Inc.; Scherck, Richter
Dempsey-Tegeler & Co., Inc.) $3,750,000.

Lime & Stone Co.

Zausner

June 7

Inc

Co.)

International, Inc.———

Jefferson

Dixie

Sept. 27, 1962 filed 100,000 common. Price—By amend-i
ment
(max. $6.75).
Business—Mining and processing
of crushed granite, lime rock, and agricultural limestone.!
Proceeds—For loan repayment,
and working capital. \
Office—11 N. Main St., Ocala, Fla.
Underwriter—Courts;
& Co., Atlanta, Ga. Note — This registration will be!

Pref.

$280,729

(Bosworth,
.■

Imminent.

Equip. Trust Ctfs.

12

(Bids

Mortgages & Loans, Ltd

(Sakier

.

leasing

of working space, advertising,
Office—42 Broadway, N. Y. Un¬
derwriter—A. J. Gabriel Co., Inc., New York. Offering-

(Wednesday)

(Monday)

"Adanim"

Bank

Brown

equipment,

working capital.

Clark

5

Missouri

May 27

For

Price—By amend¬
Business—A real estate investment

1962 filed 77,050

June

$4,275,00J

a lightweight structural board
material (wallboard). Proceeds—-

insulating

and

Equip. Trust Ctfs.

.,

EDST)

noon

sheet

Mew

Corp.

Railway Co.—
./.
7(Bids 12 noon EDST) $50,000,000

RR

12

v

Price—$3.

common.

1115

Diversified

(Bids

(Thursday)

Office—8397 N. E.

Business—Manufacture of
and

pany

Southern

May 23

war¬

additional 120,000 scares to be of-

Resources, Inc. "
("Reg. A") 67,000

1963

Doman

subscription by holders of its stock and deben¬

company

16,

29

Miami, Fla. Underwriter—None.

Diversified

Office—114

subsidiaries.

Southern Pacific Co

NEW ISSUE CALENDAR

Proceeds—For investment.

company.

April 2, 1962 filed 70,000 common. Price—$5.75. Business

ment

.

.

•

(2133)

to

be

received)

$30,000,000

Preferred

Georgia Power Co
(Bids

to

be

received)

$7,000,000

j

30

The

(2134)

Continued

•

from page 29

Florida Jai Alai,

June

'

& Co.,

Dow Jones

(5/28)

Inc.

ment

Dow

Service." Proceeds

Jones News

For

—

selling stockholders. Office—44 Broad St., New-York.
Underwriters—White, Weld & Co., Inc.; Goldman, Sachs
& Co., and Stone & Webster Securities Corp., New York.
•

Duro-Test Corp.

Dec o,

.au. ui'eu wo,u0u common. Price—By amendment
(max. $9). Business — Manufacture of various types of

•

—Route

electronic

750,000 common. Price—$1 Busi¬
of electro-mechanical vehicles and

for

medical

Proceeds—For working capital,

<•

marine

and

purposes.

equipment and debt

Edgerton, Germeshausen & Greer, Inc.

(6/3-7)

curities
tion

Business
machine,
and processing of tray-forming and chip-covering mate¬
rials. Proceeds—For operating expenses, equipment, in¬
ventory and advertising. Office-—118 E. 28th St., New
York. Underwriter
L. D. Brown & Co., New York. Of¬

•

fering—Indefinite.

1963, filed 120,000 common. Price—$2. Business
—Company plans to market a new drug known as
"Clinizyne" to be used for treatment of a variety of

Design Corp.
1962 ("Reg. A") 65,000 common. Price—$3
Business—Design and development of new products foi

oeams

ment,
Cedar

.

Cohu

ment.
—To
as

.

Educational & Co-operative Union of

bers.

devoted
its

to

mem¬

Proceeds
For debt
repayment, working capital
and advances to subsidiaries.
Office—1575-Sherman
—

St.,

Denver. Underwriter—None.

yZ

Fedco Corp.

Oct. 29, 1962 filed 20.000
common, of which 17,500
be offered by
company and

to

2,500 by a shareholder. Price
(max. $15).
Business—Design and
manufacture of tools,
dies, molds, beryllium castings and
the distribution of
plastic, metal and glass products for
—By

amendment

home
ers

use.

and

Pratt Ave., Chicago.

Nov. 30,

&

1961 filed 800,000

common.

Business—Exploration

Price—By amend¬
mining prop¬

and testing of

Associates, Ltd., Toronto.

First American Israel Mutual
Fund
Aug. 15, 1962 filed 2,750,000 shares of
beneficial in¬
terest. Price—$10. Business—A
mutual fund which
plans

primarily ip

equity type securities of Israeli
companies. Proceeds—For investment.
Office—141 Milk
St., Boston. Underwriter—Paine,
Webber, Jackson &
Curtis, Boston. Offering—Expected in late June.
•

•

•

;

Flori Investment Co.
March 27, 1963 filed
400,000 capital shares.
Price—$1.50,
Business—A real estate
development company. Proceeds
—For debt
repayment, construction, purchase of
prop¬
erty, and other corporate purposes. Office
700 West
—

Campbell Ave., Phoenix. Underwriter—None




"

nia

on

to

be

the basis

offered

of

one

for

share

shares held. Price—$5.50. Business—Acqui¬

Corp.
1963, filed 3,000,000 common. Price—$2. Busi¬
ness—Company plans to operate subsidiaries in the fields
of banking, insurance,
finance, etc. Proceeds—For gen¬
eral corporate purposes. Office—1107 Federal Securities

Building, Lincoln, Neb. Underwriter—None.
Greenman Bros., Inc.
April 25, 1962 filed 150,000 common, of which 50,000 are
to be offered by
company and 100,000 by stockholders.
Price—By amendment (max. $7). Business—Wholesale

toys, hobby lines and sporting

Proceeds—For

working

capital.

to

common

of

be

offered

Union Bank

of

for

Califor¬

basis.

Price—$3. Business—A.
investment company.
Proceeds—For in¬
Office—760 S. Hill
St., Los Angeles. Underwrter—None.
management

Holiday Mobile Home Resorts, Inc. (6/3-7)
March 27, 1963 filed
$1,250,0U0 of 6A/2% conv. subord. de¬
bentures due 1978, and
75,000 common to be offered in*
units consisting of $50 of debentures
and 3 shares. Price'
—$68 per unit.
mobile

debt

Office—35

repayment, inventory
Engel St., Hicksville.

N. Y. Underwriter—J. R. Williston &

home

Business—Development

and operation

of.

resorts

throughout U. S. Proceeds—For/
debt repayment,
construction, and other corporate pur-v
poses. Office — 4344 East Indian School
Rd., Phoenix.,
Underwriters—Boettcher & Co.,
Denver, and J. R. Wil- ,
liston & Beane, New York.
iio.sitigsworth Solderiess
Feb. 27, 1962 ("Reg.

Terminal

75,000

Co.

y

Price

common.

—

$4.Z

sale and development of solder--

less terminals and other wire
ceeds—For debt repayment,

terminating products. Pro¬
equipment, advertising and ;
working capital. Address—P. O. Box 43U, Phoemxvilley
Pa. Underwriter—Harrison &
Co., Philadelphia. Offer ¬
ing—Temporarily postponed. •
1
.

Homestead Packers,

Inc.

March 13, 1963 filed 5,000 shares of 6%

non-cumulative

preferred stock, and 5,000 common, to be offered for sale
in

units

of

one

and

common

one preferred share. Price
unit. Business—Company plans to construct
a beef and pork packing
plant. Proceeds—
For construction,
equipment, and working capital. Ad¬
dress—Beatrice, Nebr. Underwriter—None.

—$150
and

per

operate

Horace Mann Life Insurance Co.
Feb.
to

be

Price

1, 1963 filed 200,000 common, of which 80,000 are
offered by company and
120,000 by stockholders.
$12.50. Business—Writing of life, accident and
—

health insurance. Proceeds—For

general corporate pur¬
Office—216 E. Monroe St.,
Springfield, 111. Under¬
writer—Horace Mann Investors
Inc., (same address).
poses.

• Hunsaker
(S. V.) & Sons
April 19, 1963 refiled $1,500,000 of 61/2% convertible sub¬
ordinated debentures due May
1, 1978, and 150,000 com¬
mon shares to be offered in
units of one $50 debenture

and five shares.

tion

of

homes

Price—$50
and

per

apartment

unit. Business—Construc¬

buildings

land

on

which

the company has acquired in Southern
California. Pro¬
ceeds -— For debt repayment and
other corporate pur¬
poses. Office—15855 Edna Pl.$

writer—Bateman, Eichler

Irwindale, Calif. Under¬
Co., Los Angeles. Offering

&

—Imminent.

Independent Shoe Discounters
Association, Inc.
common. Price—$1. Business
—Company plans to distribute shoes and related items

May 8, 1963 filed 325,000

to franchised

discount shoe stores. Proceeds—For work¬

ing capital. Office—519 West California
Ave., Oklahoma
City. Underwriter—Parker, Bishop &
Hart, Inc., Okla¬

homa

City.

•

,

*

Interstate Equity
0;:.; /
March 30, 1962 filed
1,605,100 shares of beneficial interest
Price—(max. $10). Business—A real estate investment
company. Proceeds—For investment. Office—450 Seventh

•

Interstate Power Co.

March

21, 1963 filed 132,294
subscription by stockholders
share for
will

each

26

expire June

buque, Iowa.

20,

equipment.

share-for-share

a

common
on

held of record
7.

the

being offered for
basis

of

one

new

May 22,

Price—$24.75.

1963.
Rights
Proceeds—For loan

repayment and construction. Office—1000 Main
St., Du¬

Greater Nebraska

and

on

Ave.. N. Y. Underwriter—Van
Alstyne, Noel & Co., N. Y.
Offering—Indefinite.

/Center, Miami, Fla. Underwriter—None.

Underwriter—White, Weld

Interstate Securities Co.

&

Co.,

N. Y.

(6/4)

May

13, 1963 filed 173,433 common to be offered for
subscription by common stockholders on the basis of
one

new

share for each four held of
record about June

4, with rights to expire June 26.
Price—By amendment.
Business—Company is engaged in consumer and com¬
mercial

dent
ance.

financing; writing credit life, health and acci¬
insurance, and automobile physical damage insur¬
Proceeds—For loan
repayment,

advances to

sidiaries, and working capital. Office—3430
Kansas City, Mo.
Underwriter—A. G. Becker
Chicago.
y
Investors

sub¬

Broadway
& Co

Inc

*'

'

„

Beane, New York.

Offering—Indefinite.

Realty Trust

May 31, 1962 filed 200,000 shares. Price
$10. Business
—A real estate
investment trust. Proceeds
For con¬
struction and investment. Office
3315 Connecticut
Ave., N. W., Washington. D. C
—

•

share

Proceeds—For general corporate
purposes. Office
Richmond St., Toronto.
Underwriter—G. V. Kirby

invest

common

subscription

•

to

-

Park, Inc.

Underwriter—None.

erties.
—62

Industrial

Greenwich Gas Co. (6/10-14)
March 29, 1963 filed 37,735

a

Fidelity Mining Investments Ltd.
ment.

S't. Paul PL, Baltimore. Underwriter
firm formerly was known

recession offer to stockhold¬
accounts payable. Office—3600 W.

Proceeds—For

reduction of

Investment Trust

Note—This

and retail distribution of
are

Estate

Continental Real Estate Investment Trust.

Feb.

April 1, 1963 filed $5,500,000 of 5'%-6% serial deben¬
tures, series E and F, due 1974-83. Price—At par. Busi¬
of

Real

*

sition and development of real estate. Proceeds — For
general corporate purposes. Office—811 duPont Plaza

America

farmers

named.

for each 4V2

—

of

Bissell & Meeds, N. Y.

Feb. 25, 1963, filed 136,094
subscription by stockholders

—

betterment

Office—530
be

Greater Miami

—

organization

Stetson and Laird,

Great Continental

Offering—Indefinite.

educational

expansion, research, and inventory. Office—545
Lane, Teaneck, N. J.
Underwriters—Winslow,
&

Aug. 3, 1961 filed 300,000 shares bf beneficial interest.
Price-r-$10. Business—Real estate. Proceeds—For invest¬

•

and

repayment

used in construction.. Proceeds—For debt
repay¬

Price—By amend¬

working capital. Office—5150 Wilshire Blvd., Los; An¬
geles.
Underwriter-—Wisconsin-Continental, Inc., Mil¬

non-profit

debt

Devices, Inc.
June 29, 1962 filed 100,000 common.
Price—$10. Busi¬
ness—Manufacture, sale and lease of steel supports ano

ment

economic

Proceeds—For

Global Construction

(max. $6.50). Business—A holding company for
firms selling life insurance and mutual funds.
Proceeds
—For new sales
offices, advances to subsidiaries and

the

industries.

equipment and working capital. Office—1252 W. Peachtree St., N. W., Atlanta, Ga. Underwriter — Robert M
Harris & Co., Inc., Philadelphia. Note—The SEC has is¬
sued an order temporarily suspending this issue.

—

ness—A

25,

various

<•
Equality Plastics, Inc. (5/28)
April 4, 1963 ("Reg. A") 79,995 common. Price—$3.75.
Business
Importing, manufacturing and distributing
general merchandise "notions." Proceeds—For debt re¬
payment, inventory and working capital. Office—286
Fifth Ave., New York. Underwriter—J. J.
Krieger & Co.,
Inc., New York. <

Family Life Insurance Co.
May 8, 1963 ("Reg. A") 810 $8 dividend preferred and
486 class A common. Price
For preferred, $130; for
common, $400. Business—Sale of credit,
life, accident
and sickness insurance. Proceeds
For paid-in capital
stock account, and
working capital. Address—Republic
Bldg., Seattle. Underwriter
Pacific Northwest Co.,
Seattle. Offering—Expected in mid-June.

withdrawn.

General

equipment, sales
promotion, research and development, and working cap¬
Office—727 Land Title Bldg., Philadelphia. Under¬
writer—Bristol Securities Inc., New York.

Street Co.

16,

1961 filed 2,265,138
subscription by stockholders

Gem

April

diseases. Proceeds—For

ital.

Farmers'

Hill
Oct.

Business—Manufacture,

Co., Inc., Kansas City, Mo. Note—This registra¬

was

This registration will be with¬

—

A")

& Co., Inc., Denver; Scherck, Richter
Co., and DempseyTegeler & Co., Inc., St. Louis.

(6/10-14)

Feb. 21,

March 29, 1962 filed 240,000 common.

'

.

debentures due May 1, 1979. Price—At par. Business—
Company operates a chain of 32 closed-door member¬
ship department stores. Proceeds—For loan repayment,
expansion and working capital. Office — 10824 Page
Blvd., St. Louis, Mo. Underwriters—Bosworth, Sullivan

.

Equity Funding Corp. of America

'

International, Inc. (5/27-31)
May 1, 1963 filed $3,750,000 of subordinated convertible

—

waukee.

18, Tices Lane, East Brunswick, N. J. Under¬
& Co., Inc., New York. Offering-

Geigher Pipe Supply Inc.
Sept. za, 1962 filed 60,000 class A common, of which 50,000 are to be offered by company and 10,000 by stock¬
holders.
Price—$9.50.
Business—Sale of steel pipes,
valves and fittings.
Proceeds—For inventory. Office—
4124 N. Broadway, St. Louis. Underwriter—Midland Se¬

Dispenser Corp.

Thursday, May 23, 1963

.

drawn.

•

29, 1963, filea o0,00u common. Price—$2.
—Manufacture of the SAFER Butter Chipping

related

Pro¬

supermarkets.

working capital. Address

Office—1180 Raymond Blvd., Newark, N. J.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Offering—Temporarily postponed.

Jan.

tumor

meat

par.

investment.

1963 filed 235,000 common. Price—By amend¬
ment (max. $18). Business — Company specializes in
measuring, controlling and utilizing high speed elec¬
tronic and nuclear phenomena. Proceeds — For selling
stockholders. Office—160 Brookline Ave., Boston. Un¬
derwriter—Kidder, Peabody & Co., Inc., New York.

Enzyme Corp. of America

Price—At

1975.

1961 filed 330,000 common. Price—$3.yBusiness
smail business, investment company. Proceeds—For

—A

re¬

2,

Electronic

of retail

1,

Oct. 27,

Underwriter—None.

May

--V/v^'-V'-

Garden State Small Business Investment Co.

Office—2222 S. Centinela Ave., Los Angeles.

payment.

Business—Operation

March

due

ceeds—For debt repayment and

Imminent,

filed

devices

// y:y/;

-

("Reg. A") $200,000 of 7% convertible sub¬

2, 1963

ordinated debentures

.

vestment.

writer—Alessandrini

Dynapower Systems Corp.
ness—Manufacture

Inc.

$15).

Freoplex, Inc.

withdrawn.

1962

& Sons,

125,000 common. Price—By amend¬
Business—Wholesale distribution oi
toys and games. Proceeds—For selling stockholders. Of¬
fice—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬
Donnell & Co., New York. Offering—Indefinite.
(max.

.

Inc., New York. Note

March 23, 1962 filed

ment

Jan.

2b,

(Alex)

Forst

lights tor industrial and commercial use. Proceeds—For
the selling stockholder. Office — 2321 Hudson Blvd.,
North Bergen, N. J. Underwriter—Auchincloss, Parker
& Pedoath, New York. Note—This registration will be

Sept.

Inc.

1962 filed 300,000 common. Price—$5. Busi¬
ness
Operation of Jai Alai games and pan-muiuei
oetung. Proceeds—For rent, purchase of leased quarters,
ouilding improvements, working capital.
Office—Fern
Park, Fla. Underwriter—Consolidated Securities Corp.,
Pompano Beach, Fla. Offering—Indefinite.
28,

—

1, 1963 filed 110,000 common. Price—By amend¬
(max. $120). Business—Publishers of "The Wall
Street journal," "Barron's" and "The National Observer."
Co. also operates the "Dow Jones News Service," and the

May

"'Canadian

Commercial and Financial Chronicle

by

stockholders

—

common, to be offered for
on
the basis of one new

for

each 5.6 shares held.
Price—$13.25. Business
—Distribution of gas, and gas appliances in Greenwich.
Proceeds—For loan repayment. Office—33 Greenwich

Ave., Greenwich, Conn. Underwriter—F. L. Putnam &
Co., Inc., Boston.
>
•

Hartford

Gas

Co.

April 5, 1963 filed 80,000 common being offered for sub¬
scription by stockholders on the basis of one new share
for each six

—

Underwriter—None.

•

Investors

Jan.

Trading Co.

(6/10-14)

17, 1963 filed

200,000 capital shares. Price
Net
(max. $5), plus 8% sales charge. Business—
Proceeds—For investment. Office—460
Denver Club
Building, Denver. Distributor—Nemrava &
Co. (same address).
—

asset value
A

mutual

Israel

April

22,

fund.

American

1963

filed

Diversified Fund, Inc.
550,000 common. Price—Net

preferred shares held of record
May 15. Rights will expire June 17. Price—$30. Business
—Company supplies natural and manufactured gas in

value plus 8V2%. Business—A

Hartford

Israel Fund

common

or

County, Conn. Proceeds—For loan repayment,
St:, Hartford; Under¬

and construction. Office—233 Pearl

writer—None.

.

•.

•-

:

■

Heck's discount
Centers, Inc.
June, 7, 1962 filed 125,000 common.

Price—By

amend¬

ment (max. $5).
Business—Operation of discount stores
Proceeds—For inventory, expansion, debt
repayment and
working capital. Office—6400 MacCorkle Ave., S. W.,

St.

Albans,

W.

Va.

Underwriter—Willard

Securities,

asset

new mutual fund
special¬
American securities. Proceeds
For
investment. Office—54 Wall
St., New York. Distributor-

izing in Israeli

and

Distributors, Inc. (same address).

Jaap Penraat

Associates, Inc.
Jan. 30. 1962 filed,
100,000 common. Price—$3 Bushiest
—Industrial designing, the
design of teaching machine*
and the production
of teaching programs.
Proceed*—
For expansion, new facilities
and working capital Office
—315 Central "Park W
W v
TTnflprw^.ifp^_1? v pnwj
&

Co.,

poned.

Inc., New York. Offering
.

—

Indefinitely

post¬

Volume

197

Number

6266

.

.

The

.

Commercial and Financial Chronicle

(2135)
Janus Fund,

April

Inc.

Marshall

10,

1963 filed 500,000 capital shares. Price—Net
asset value plus 8V2%. Business—A new mutual fund
seeking capital appreciation. Proceeds—For investment.

May

•

Jefferson

March

Ave., Palo Alto,,Calif. Underwriter
Distributors, Inc. (same address).

Fund

29,

(Thomas)

1963

A")

40,000

Offering—Indefinitely

by

•

Medic Corp. (7/1-5)
Feb/ 28, 1963, filed 1,000,000

ance

Office

2301

—

N.

accounts

Paris, Texas.
Co., Chicago.

—John A. Dawson &

receiv¬

open

National

Bldg.,' Oklahoma City. Under(same address).

end.

-

Proceeds

For

—

;

plans

to

v

the

—

Inc.

Medical

Video Corp.

March 29, 1962 ("Reg. A") 100,000 common of whicl
65,000 will be sold for company and 35,000 for stock¬
holders.

certaii

Proceeds

cooling packages. Proceeds—For debt repay¬
ment and working capital. Office—Jennings
Bldg., P. O
Box 638, Moberly, Mo. Underwriter—John
W. Flynn
& Co., Santa Barbara, Calif. Note—This letter will be
withdrawn. :///••>•;
Z'

—Studio

Price

$3.

—

Business

Manufacture

—

of

ness

patented

Leeds

Shoes, Inc.

common.

$1. Busi¬
equipment
purposes.
Office
—

electronic

corporate

Underwriter
- " " 1

Financial

—

Equity

poses.

writer—National

4,

Proceeds—For
Denver.
search

investment.

Office

714

—

Underwriter—Centennial

Boston

Management

Bldg.,
& Re¬

Corp., (same address).

■

Midwest Technical Development Corp.
Feb. 26, 1962 filed 561,500 common to be offered

subscription by

(6/3-7)

stockholders

the

on

basis

of

one

Kansas.

for

Underwriters—Auchincloss, Parker & Redpath. Phila¬
delphia, and Arthurs, Lestrange & Co., Pittsburgh.

Pud erwr iter—N one

•

Jan. 28, 1963 refiled 100,000 common. Price—$4. Business
—Distribution of commercial dry cleaning and laundry

28,

1963

Livestock

May

14,

Financial Corp.

1963 refiled

ness—An insurance

200,000

Price—$5.

subsidiaries.

new

Busi¬

Underwriter—Charles

Office—26
Plohn

&

New

A

held.

New York.
York.

•

Price—By amendment

closed-end

National

Corp.

management

(max

investmeni

East

general

corporate

Tremont

Ave., Bronx,
Young & Co., Inc.,

purposes

New
New

York
York

Missouri

Fidelity Life Insurance Co. (6/3-7)
27, 1963 filed 300,000 common. Price—By amend¬
(max. $8.50). Business—A legal reserve life insur--

/

;

^

lease

coin

operated

vending

machines.

registration will be withdrawn.

—For

drilling expenses, working capital and other

porate

Office—Tekoil

purposes.

Underwriter—Peter Morgan & Co., N.

to

Campbell

Island

Mines

13, 1961 filed 475,000 common, of which 400,000 are
offered by the company and 75,000 by a stock¬

be

holder. Price—50 cents.

Business—Exploration, develop¬

ment and

mining. Proceeds—General corporate purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—
A. C. McPherson &
Co., Toronto.
*
v
"
New

Industry Capital Corp.
25, 1963, filed 30,500 common. Price^$10. Business

—A

small

business

investment

company.

end investment company. Proceeds—For investment. Of¬
fice—26 Broadway,,N. Y. Underwriter—Filor, Bullard &

Smyth, N. Y. Note—This company formerly
Logos Financial, Ltd. Offering—Indefinite.

Allyn & Co., Chicago.
Mobile Home Parks Development Corp.
Jan. 28, 1963 filed 1,250,000 common. Price—$2.50. Busi¬

named

was

ness—Company plans to develop mobile home parks and

•

Lord Jim's Service Systems, Inc. (6/12)
Jan. 14, 1963 ("Reg. A") 100,000 common. Price

Business—Operation of drive-in
For

residential

$1.

—

general

restaurants. Proceeds—

Lunar

543

Madison Ave., New York. Underwriter
Lambert & Stephen, Inc., 50 Broad

St.,

Offering—Indefinite.

Ingram,

—

New

York.

finance future credit sales of homes. Office—315 E. Lan¬

Ave.,

Wayne,

Pa.

Underwriter—Drexel

Philadelphia. Offering—Postponed.

&

Co.,
'

-

"

Management Investment Corp.
Aug. 29, 1962 filed 2,000 common (with attached war¬
rants). 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

None.

Federal

Bldg.,

Atlanta.
V

■

.

'

.(•

••

.•

*

■''

■

•
.

■ ■

r-7":

.

Underwriter—
z; v-,Z
:■

■

•

•

'

■

7

Manhattan Drug Co., Inc.
March 29, 1962 filed 72,000
common, of which 58,000 are
to be offered by company and
14,000 by stockholders

Price—$3.50.

Business—Manufacture,

packaging
and
drug products.
Proceeds—
products, debt repayment and work¬
ing capital.
Office—156 Tillary St.. Brooklyn. N. V
Underwriter—To be named. Note—This registration will

eaie

of

various

proprietary

For equipment,

.

•

new

be withdrawn.

The

another firm.

.

company's assets have been sold to
.

• Maradel
Products, Inc.
April 1, 1963 filed 150,000 common.. Price—By amend¬
ment
(max. $26).' Business—Manufacture and sale of
cosmetics, - pharmaceuticals and related products. Pro¬
ceeds—For an acquisition and
working capital. Office—

Ave. of the Americas. N. Y. Underwriter^—Hornblower & Weeks, New York. Offering—Imminent.

516




Mountain

States

estate., Proceeds—For

Office—82

Baker

Investment

St.,

At¬

Service,

Se¬

Telephone & Telegraph Co.

(6/7)

New

World Fund, Inc.
21, 1963, filed 250,000 common. Price—Net asset
value plus 8Vfe%. Business—A new mutual fund. Pro¬
Feb.

May 3,
7

1963 filed 4,037,431 common to be offered for
subscription by stockholders of record on June 3, 1963
the basis of

one share for each 10 shares held.
Rights
expire June 28. Price—By amendment. Proceeds—To
advances from A. T. & T., parent, and for other
corporate purposes. Office—931 Fourteenth St., Denver.
on

will

repay

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—Foi
Investment. Sponsor—Ira Haupt 8c

Co., Ill Broadway

New York. Offering—Indefinite.
Music Royalty Corp.
July 27, 1962 filed 150,000 common. Price—$1. Businest
—Company acts as representative of artists, musicians
etc. and plans to engage in the music
publishing busi¬
ness.

Proceeds—For

debt

repayment,

public relations
•cquisition of musical properties, and working capital
Office—545 Fifth Ave., N. Y. Underwriter—Associated
Securities Co., 545 Fifth Ave.. N. Y.
National

Central

Life

Insurance

Co.

Dec.

7 filed 125,000 common. Price —
By amendment
(max. $15). Business—Writing of health and accident in¬
surance. Proceeds—For general
corporate purposes. Ad¬

dress—2632 McGee St., Kansas
To be named
Z /;/•":

City, Mo. Underwriter—
;•V.

National

Equipment & Plastics Corp.
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
ated stores.
Proceeds—For debt repayment, store ex¬
pansion and working capital; Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N, Y. Note—
This

registration will be

National
Nov. 29,
ness

Manufacture
concrete

products.

29,

of

Inc.

Price—$8.75. Busi¬
galvanized chain link fence
common.

reinforcing fabric,

1963

New

:Z"

North Central

March

—

Wilshire Blvd.. Los

World
•

-

Distributing Co,
Z

'

'

;• ;

■

gates

Proceeds—For construction of

a

and related
plant in Ire¬

(

Airlines, Inc.

filed

$1,500,000 of 5y>% subordinated
1978, to be offered to com¬
stockholders of record April 15, 1963, without allo¬

convertible debentures due
mon

cation or limitation. Unsubscribed debentures will be
offered for public sale. Price—At par.
Business—Opera¬
tion of an airline in ten mid-western states and
Ontario,
Canada. Proceeds—For aircraft
modification, and work¬

ing capital. Office—6201 Thirty-fourth Ave., South. Min¬
neapolis.. Underwriter—None.
Northern

States

Life Insurance Corp.

1963 filed 280,000 common to be offered for
subscription by stockholders on the basis of one new
share for each IV2 held.
Price—By amendment (max.
26,

$2.50).

Business—Writing of general life insurance.
Proceeds—For expansion.
Office—1840 North Farwell
Ave., Milwaukee. Underwriter—None.
Nuclear

Science

&

Engineering Corp.
Price—By amend¬
(max. $15). Business—Research and development
on
contracts using radioactive tracers; precision radio-,
activity measurement; production of radioactive isotopes
March 29, 1962 filed 100,000 common.
ment

and the furnishing of

consulting and radiation

measure¬

services.

ment

Proceeds—For equipment, debt repay-,
expansion and working capital. Address—P. O.
Box 10901, Pittsburgh. Underwriter—Johnston
Lemon &
Co., Washington, D. C. Note—This registration will be

ment,

withdrawn.

Optech, Inc. (6/3-7)
28, 1963 filed 140,000

March

ness—Research
the

"Laser"

tronics.

and

Price—$3. Busi¬
materials used in

common.

development

field, and in related
general

Proceeds—For

of

areas

of optical elec¬

corporate

purposes.

Office—102 Grand St.,

Westbury, New York. Underwrit¬
ers—Stone, Ackerman & Co., Inc., and Heritage Equity
Corp., New York.
Orr

(J. Herbert)

Enterprises, Inc.

(6/10-14)

200,000 common. Price—$5.25. Busi¬
ness—The company and its subsidiaries manufacture and,
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
trousers. Proceeds
For additional inventory, equip¬
ment, research, and working capital. Address—P. O,
Box 27, Opelika, Ala. Underwriter—First Alabama Se¬
May

1,

1962

filed

—

curities, Inc., Montgomery.
Outlet

Manufacturing Co.,

1962 filed 100,000

—

welded

Fence

withdrawn;

Underwriter

(same address).

March

Underwriter—None.

'•

Madway Main Line Homes Inc.
Feb. 19, 1963 filed 100,000 common.
Price—By amend¬
ment (maximum $14).
Business—Production, sale, erec¬
tion and financing of manufactured homes. Proceeds—To
caster

corporate purposes.

real

Underwriter—Overseas
ville, Spain.

Films,

Inc.
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For
filming and production and working capital. Office—

commercial

lanta.

leases,

equipment and working capital. Office—
1601 Mandeville Canyon Rd., Los
Angeles. Underwriter
—Keon & Co., Los Angeles.
'
•

and

Proceeds—For

investment, and working capital. Office—1228 Wantagh
Ave., Wantagh, New York. Underwriter—None.

Angeles.

Proceeds—For expansion. Office—2401
South Brentwood Blvd., St. Louis. Underwriter—A. C.

Y.

Ltd.

ceeds—For investment. Office—4680

company.

cor¬

Bldg., Oklahoma City.

ment
ance

Office

Note—V.

Natural Gas & Oil Producing Co. (6/27)
Sept. 7, 1962 filed 180,000 class A common.
Price—$5.
Business—Production of natural gas and oil.
Proceed®

March

Logos Options, Ltd.
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max. $10). Business—A diversified closed-

Proceeds—For

debt repayment, equipment and
working cepital.
—15 Peachtree St., Atlanta. Underwriter—None.

Feb.

(6/3-7)

Proceeds—For

Underwriter—Herbert

Piatt St.,

Co.,

Mil

—

Proceeds — For general corporate purposes
2615 First National Bank' Bldg., Minneapolis

Office—1101

To

—

—

equipment.

holding company whose subsidiaries

insure the lives of all types of animals. Proceeds
form

Office
•

shares

two

Businesat

company.

(6/17-21)

common.

each

$7).

..

Uni-Pac, Inc.

31, 1962 filed 85,000 common. Price—By amend¬
(max. $4). Business—Company plans to sell or

ment

Oct.
foi

filed 100,000 capital shares. Price—By
(max. $33). Business—Writing of life, accidentj and health insurance. Proceeds—For investment,
and expansion. Office—2204 Walnut
St., Philadelphia;

March

amendment

.

National

New

shart

Mortgage Agency, Inc., (same address).,
offering will be made only in the State of,

Note—This

This

Inc.
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.

Price—$3.50. Busi¬

Pennsylvania

general

Price

common.

medical

Meridian Fund,

March

ness—Company operates 25 retail shoe stores in Florida.
Proceeds—For debt
repayment, working capital, and
expansion. Office—1310 North 22nd St., Tampa, Florida.
Underwriter—Strathmore Securities, Inc., Pittsburgh.
Life Assurance Co. of

For

—

of

City, Calif.
Corp., Los Angeles.

(6/10-14)

March 29, 1963 filed 90,000

Manufacture

—

for

company.

July

Nov. 13, 1961 filed 250,000

$762;

stock, $1.15.
Business—A mortgage
Proceeds—For general corporate purOffice—113 S. Hydraulic, Wichita, Kan. Under¬

Loan

industry and capital growth situations. Office
—677 Lafayette St., Denver. Underwriter
Medical As¬
sociates, Inc., Denver. *

Underwriter

Mortgage Corp., Inc.
28, 1962 refiled $8,006,000 face amount certificates,
(series 20) and 300,000 common shares. Price—For cer-:

Dec.

tificates,
Business

investment in

operate a life and disability Proceeds—For general corporate
pur¬
S. Broadway, Red Lodge, Mont.
Un-^

Office—13

poses.

'

establish and

to

concern.

derwriter—Security Brokerage Co., Billings, Mont.

"

Kwik-Kold,

Z.v,-

11, 1962 filed'4,75U,UU0 common. Price—$1. Busi¬
ness—Company plans to engage m cemetery develop-

insurance

medical

working capital

Main St.,

Co., Inc., New York. Offer¬

Estates

Oct.

/;

Securities Corp.

become

Proceeds—For

E. F. Hutton &

—

National Memorial

Ad¬

concerns.

Dulion

plant expansion and

derwriter

ing—Imminent.-

firms. Proceeds—For loan
repayment, operating ex¬

writer—Lincoln

deben

—

seeu.

accident, and health insur¬
Proceeds—For debt repayment, and other corooOfice—1002 Walnut St., Kansas Citv. Un¬

purposes.

ment and

Medical Industries
Fund, Inc.
Oct. 23, 1961 filed 25,000 common.
Price—^$10.
—A
closed-end investment company which

sesame

rate

common.

tures, due 1972, and 150,000 common to be offered ii/
/ consisting
of a $300 debenture and 200 shares
Price
$800 per unit. Business — Processing and distrioi

which 38,227 '
by company and 36,228 shares r
Price—By amendment (max. $35).'

be offered

Business—Writing of life,

^^^v-:'
class B

penses, and investment in other insurance
dress—714 Medical Arts

units

inventories,

to

are

stockholder.

a

ance.

Price—
$1.25. Business—A holding company for three life insur¬

:

able,

National Fidelity Life Insurance Co.
28, 1963 filed 72,455 common, of

shares

derwriter—Eastman Dillon, Union Securities &
Co., N. Y.

derwriters— Seymour Blauner Co., and Shelton Secu¬
rities Co., 663 Fifth Ave., New York.

subord.

•

March

—

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 work¬
ing capital. Office—407 Lincoln Rd., Miami Beach. Un¬

conv.

Inc., New York. Offering— Indefinite.

•

are

Kraft (John) Sesame Corp.
May 24, 1962 filed $225,000 oi 6%

ensburg,

Maust Coal & Coke Corp.
(6/3-7)
May 14, 1963 filed $5,000,000 of convertible subordinated
debentures due 1983; also 200,000 common to be sold
by J. R. Maust, Chairman. Price—By amendment (max.
for stock $17).
Business—Mining, processing and mar¬
keting of bituminous coal. Proceeds
For new plants
and equipment. Office—530 Fifth
Ave., New York. Un¬

Writing of marine, automobile
and fire insurance. Proceeds—For
selling stockholders.
Office—457 Starks Bldg., Louisville. Underwriter—Stein
Bros. & Boyce, Louisville.
—

Key Training Service, Inc. (6/10-14)
March 26, 1963 filed 47,500 common, of which

land, and working capital. Office—4301 46th
St., BladMd.
Underwriter—Netherlands Securities Co.

Busi¬

postponed.

(5/27)
common.
Price—By

6,840

Price—$3.75.

common.

N. Y. Underwriter—To be named.

Insurance Co.

("Reg.

amendment; Business

Press, Inc.

1962 filed 60,000

ness—Graphic design and printing. Proceeds—For pub¬
lishing a sales catalogue, developing a national sale*
staff and working capital.
Office—812 Greenwich St.,

Office—467 Hamilton
—Mutual

29,

31

Mining Co., Inc.
/
28, 1962 filed 900,000 common. Price—$1. Buslnes®
—Mining. Proceeds—For equipment and working capi¬
Feb.

tal.

Address—Creede. Colo.
.

■

Underwriter—None.
0

Continued

on

page

32

32

The Commercial and Financial Chronicle

(2136)

Continued

jrom

31

page

•

•

Poulsen Insurance Co.

of America

The

(6/10-14)

.

March 29,
Ozark

Lines, Inc..
May 3, 1963 filed $3,000,000 of conv. subord. debentures
due 1978.
Price— By amendment.
Business—Operation
of local
air transportation between
54 mid-western
cities. Proceeds—For debt repayment, equipment, prop¬
Air

working capital.
Address—
Lambert-S't. Louis Municipal Airport, St. Louis.
Un¬
derwriters—Auchincloss, Parker & Redpath, N. Y., and
Yates, Heitner & Woods, St. Louis.
-

Insurance Fund

PMA

—

Pacific Northwest Bell Telephone Co. T6/12)
May 8, 1963 filed 13,013,969 common to be offered for
subscription by preferred and common stockholders of
Pacific Telephone & Telegraph Co., former parent, on
the basis of 7 Northwest common for each 8 P. T. & T.
or one Northwest common for each 8 P. T. & T.
held of record June 4, 1963. Rights will expire

preferred

July 3, 1963. Price—By amendment. Proceeds—For sell¬

ing stockholders, P. T. & T. Office—1200
Seattle, Wash. Underwriter—None.

Third Ave.,

• Pall Corp.
April 4, 1963 filed 61,627 class A shares being offered
for subscription by stockholders on the basis of one new

for

each

nine

class

A

and

class B

held of

shares

record

May 17. Rights will expire June 3, 1963. Price
$30.50. Business—Company produces equipment for the
dehumidification of compressed gases, control of flow
and temperature, detection of gases, and the treatment
and pumping of water. Proceeds—For loan repayment,
equipment, advances to subsidiaries, and working cap¬
ital. Office—30 Sea Cliff Ave., Glen Cove, L. I., New
York. Underwriter—L. F. Rothschild & Co., New York.
'

Pan American

Beryllium Corp.

Feb. 28, 1962 filed 100,000 common.

—Company
Proceeds

—

corporate

plans to
For

Price—$5. Business
mine for beryl ore in Argentina.

repayment, equipment, and other
Office—39 Broadway, N. Y. Under¬

writer—To be named.
Parkview Drugs, Inc. (5/27-31)
April 29, 1963 filed 14,080 common. Price—By amend¬
ment (max. $20). Business—Company is engaged in the
retail drug business. Proceeds—For selling stockholder.
Address—6000

Manchester Trafficway Terrace, Kansas
City. Underwriter—rScherck, Richter Co., St. Louis.

Parkway Laboratories, Inc.
Dec. 6, 1961 filed 160,000 common. Price—$5. Business
—Manufacture of drugs and pharmaceuticals. Proceed!
—For an acquisition, research and other corporate pur¬
poses.
Office — 2301 Pennsylvania Ave., Philadelphia
Underwriter—Arnold Malkan & Co., Inc., N. Y. Note—
registration will be withdrawn.

This

•
Pennsylvania Power Co. (6/12)
May 13, 1963 filed $9,000,000 of first mortgage bonds due

1993.

Proceeds—For

construction.

Office—19

E.

Wash¬

ington St., New Castle, Pa. Underwriters—(Competitive).
Probable bidders:

Kidder, Peabody & Co.-White,Weld &
Equitable Securities Corp.-Shields & Co. (jointly);

Co.-

Harriman

Ripley & Co.; Lehman Brothers - Eastman
Dillon, Union Securities & Co.-Ladenburg, Thalmann &
Co.-Salomon

Brothers

&

Hutzler

(jointly);
Halsey,
Stuart & Co.; Merrill Lynch, Pierce, Fenner & Smith
Inc.-Dean Witter & Co. (jointly); First Boston Corp.Blyth & Co. (jointly). Bids—June 12 (11 a.m. EDST) at
55 Wall St., (6th floor), New York. Information Meeting
—June 10 (3:45 p.m. EDST) at 15 William
St., New York.
Pension

Securities

Fund, Inc.
April 24, 1963 filed 500,000 common. Price—$100 ini¬
tially; thereafter, at net asset value. Business—A new
mutual fund designed to provide an investment
program
for

pension trusts.

Proceeds—For

investment.

Address

■—20 Broad

St., New York. Underwriter—None. Adviser
—Smith, Barney & Co., New York.
•

class A

common.

Price—By

fleet

management service to firms in the U. S.
and Canada. Proceeds—For selling stockholders. Office
—2521 N. Charles St., Baltimore. Underwriter — Alex.
Brown & Sons, Baltimore. Offering—Indefinite.
•

Pictronics,

Feb.

equipment, and working capital. Office — 56 Bennett
Bldg., Wilkes-Barre, Pa. Underwriter—G. K. Shields &
Co., New York.
•

Polaris

Corp.

April 1, 1963 filed 90,122 common to be offered for sub¬
scription by common stockholders on the basis of one
new

share for each

seven

(max. $17). Business

—

held. Price

By amendment
Company, and subsidiaries are
—

engaged
in
diverse
activities
including
advertising,
building construction, TV and radio, data processing,
warehousing, equipment leasing, and river terminal

operations.

Proceeds—For working capital. Office—111
East Wisconsin
Ave., Milwaukee. Underwriter
The
Marshall Co. (same address).
Offering—Indefinite.
—

Potomac Real Estate Investment Trust
July 6, 1962 filed 1,000,000 shares of beneficial interest
Price—By amendment (max. $5). Business—A real estatf
investment trust. Proceeds—For investment.
Office—880
Bonifant St., Silver Spring, Md. Underwriter—None.




Underwriter—None.

accuracy

and

adequacy
>

Rona Lee

Corp. (6/3-7)
Sept. 26, 1962 filed $250,000 of 6%% debentures and
50,000 common. Price—For debentures, by amendment;
for stock, $4. Business—Design,
manufacture, and dis¬
tribution of girls' blouses, sportswear, and coordinates.
repayment. Office—112 W. 34th St.,

Jan.

28, 1963, filed 200,000 capital shares. Price—$4.75.
a new type ol
brake unit for heavy duty automotive vehicles. Proceeds
—For equipment, and working capital. Office — 2604
Leith St., Flint, Mich. Underwriter—Farrell Securities
Co., New York.

Underwriter—To be named.

Research

Lands,

28, 1963 filed 40,000 common. Price—$2.5. Busi¬
ness—Purchase and sale of real property, chiefly- un¬
improved land. Proceeds—For debt repayment, and ac¬
quisition of additional properties. Office—195 Nassau
St., Princeton, N. J. Underwriter—None.
Men's Association,

Inc.

Jan.

8, 1963 filed" 40,000 common. Price—$5. Business
—Company specializes in financial consulting, and serv¬
icing patients' accounts of member hospitals, physicians
and dentists. Proceeds—For debt repayment and work¬
ing capital. Address—100 W. Tenth St., Wilmington, Del.
Underwriter—None.

Provident Stock Fund, Inc.
April 11, 1963 filed 1,000,000 common. Price—Net asset
value plus 8J/2%. Business—A new mutual fund. Pro¬
ceeds—For investment. Office—316 North Fifth St., Bis¬
marck, N. D. Underwriter — Provident Management Co.
(same address).

•
Realty Equities Corp. of New York
April 3, 1963 filed 117,853 common being offered for
subscription by common stockholders on the basis of

share

for

each

three

of

held

record

May 16.
Rights will expire June 3. Price—$6.25. Business—Com¬
pany and subsidiaries are engaged in the purchase and

sale,

development,

management,

and

holding

of real
properties. Proceeds—For purchase of additional
properties and working capital. Address—Time & Life
Bldg., New York. Underwriter—None.
estate

Recreation
Nov.

23,

Industries, Inc.

1962

("Reg. A")

Business—Sale
For

capital

411

W.

•

Red

ers.

75,000

(5/27-31)
common. Price

entertainment.

and

—

$2

Proceeds—

&

Kap, Inc.

(6/10-14)
1963 filed. 240,000 common, of which 100,000
to be offered by company and
140,000 by stockhold¬
Price—By amendment (max. $20). Business—Manu¬

April
are

travel

23,

facture and distribution of industrial uniforms to indus¬
trial rental laundries. Proceeds—For debt
repayment and
working capital. Address — Sudekum Bldg., Nashville,

Tenn.

Underwriter

Smith

Inc., New York.

—

Merrill

Lynch, Pierce, Fenner &

Business—Writing of life insurance.
promotion, and investment. Office
Northwest Highway, Park
Ridge, III. Un¬

Proceeds—For sales
South

derwriter—None.

year

warrants

rant.
erect

and

to

operate

80

acres

a

luxury hotel and resort facilities,

of land

for home sites.

Office—3615

L.

Warren

Co.,

Proceeds—For

Olive

St.

St., St. Louis. Under¬
Louis. Offering—Indefi¬

nite.

Proceeds—For bond retirement and plant,
Address—Alexander City, Ala. Underwriter
—Hornblower & Weeks, N. Y.
Note
This company
formerly was called Russell Manufacturing Co. Offering:
—Indefinite.
•

St.

retirement. Proceeds—For working
capital, construction
and other corporate purposes. Office—235 Lockerman

St., Dover, Del. Underwriter—John D. Ferguson, Dover,
Del.

Richard Gray &

21,

Business

Co., Inc.

1962

("Reg.

A

securities

—

A")

60,000

common.

broker-dealer.

working capital and other corporate
237

W.

51st

St..

N.

Y.

Price—$5

Proceeds

purposes.

Underwriter—Richard

—

For

Office—

Gray Co.,

New York. Offering—Indefinite.

Richmond Corp.
Dec. 21, 1961 filed 142,858 common.
Price—$7. Business
—A real estate investment
company. Proceeds—For debt
repayment and general corporate purposes. Office—220
K
&

„

Louis

Shipbuilding-Federal Barge, Inc.

(6/11)
March

"

1963 filed 150,000

28,

common, of
to be offered by company and 100,000

which 50,000'
by H. T. Pott,
Price—By amendment (max. $10). Business.
—Operation of a shipyard in St. Louis. Subsidiaries op¬
are

Chairman.

systems, a railroad, a vessel repair
barge construction yard, also dry docks and other*

and

related activities.

Proceeds—For general corporate purOffice—611 East Marceau Street, St. Louis. Un¬

poses.

derwriter—Reinholdt &

Gardner, St. Louis.

Sapawe Gold Mines Ltd.
April 16, 1963 filed 1,000,000 common. Price—By amend¬
ment (max. 30c). Business — Company is engaged in.

exploratory

mining for

gold.

Proceeds

—

For

mill,,

a

equipment, loan repayment, and other corporate
Address—Phoenix Bldg., Toronto, Ontario.

poses.

derwriter—None.

Scully

*

pur¬

Un¬

Vv

Recording Instruments Corp.

Apr. 23, 1963 ("Reg. A") $240,000 of 8% subord.
debentures

due

1973.

Price—At

terest. Business—Manufacture

par

of

a

conv,.

plus accrued in¬

master

disc

record¬

ing machine.

Proceeds—For debt repayment, sales pro¬
working capital and other corporate purposesOffice—62 Walter St.,
Bridgeport, Conn. Underwriter—
Moran & Co., Newark, N. J.
.

Selective

Financial

Corp.
Feb. 28, 1962 filed 500,000 common, of which
405,000'
are
to be offered for subscription by holders of the
A,.
B and C stock of Selective Life Insurance
Co., an affili-.
ate,
B

on

the basis of 4 company shares for each class A

share and two-thirds

Selective

Life

share for

each

or

class C share of

held.

Remaining 94,822 and any unsub¬
scribed shares will be offered publicly. Price—To
public,.
$6; to stockholders, $5. Business—Company plans to en¬
gage in
the consumer finance, mortgage, general fi¬
nance and related
businesses. Proceeds
For general!
corporate purposes. Office—830 N. Central Ave., Phoe¬
—

Underwriter—None.

Shaker Properties
Oct.

19, 1962 filed 215,000 shares of beneficial interestPrice—$15. Business —- A real estate investment trust..
Proceeds—For

investment

—1956 Union Commerce

&

and

working capital.. Office;

Bldg., Cleveland, Ohio. Under¬
Co.,

Cleveland.

Offering

—

In¬

St., N. W.t Washington, D. C. Underwriter—Hirschel
Co., Silver Spring, Md. Offering—Indefinite. Note—

' V;o//

Signalite Inc.
Jan.

1962 filed 126,000 common. Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps;

for

29,

indicators and circuit components. Proceeds-—
repayment, equipment and working capitalOffice—rl933 Heck Ave., Neptune, N. J. UnderwriterMilton D. Blauner & Co., New York. Note—This
regis¬
use

For

as

debt

tration will be withdrawn.

Foundation, Inc.

April 8, 1963 filed 100,000 memberships in the Founda¬
tion. Price—$10 per membership. Business —
Company
will operate retirement centers for the use of rent-free
private homes and apartments by members upon their

June

.

Safran

Printing Co. (6/10-14)
April 29, 1963 filed 225,720 common. Price—By amend¬
ment (max. $18). Business — Company specializes in
multi-color printing for publishers and commercial
clients, and produces business forms for conventional
use.
Proceeds—For
selling stockholders. Office—3939
Bellevue St., Detroit. Underwriters—White, Weld &
Co.*
Inc., New York, and Watling, Lerchen & Co., Detroit.

•

Retirement

cloth.

expansion.

three-

purchase 1,250 class A shares to be
consisting of four shares and one war¬
Price —$32 per unit.
Business — Company will

and

common. Price—By amend¬
(max. $12).
Business—Manufacture of athletic
clothing, knitted underwear, children's sleep wear and;

definite.
common

in units

and sell

,

ment

writer— McDonald

of Missouri
27, 1962 filed 125,000 class A

offered

,

/L Russell Mills, Inc.
Sept. 28, 1962 filed 312,500

nix.

Reliance Life Insurance Co. of Illinois.
March 29, 1963 filed 150,000 common.
Price—By amend¬
ment
(max. $4).
—15

For equipment and working capital.
Ave., N. Y. Underwriter — Federman,
Stonehill & Co., N. Y.
Note—This registration will be—

7th

motion,

investment, and working capital. Office—
St., Los Angeles. Underwriter — Costello,
Co., Beverly Hills, Calif.

7th

Russotto

of

Proceeds

film.

Office—245

erate water carrier

Putnam Income Fund

April 3, 1963 filed 2,000,000 shares of beneficial interest;
Price—Net asset value plus 8V2%. Business—A new mur
tual fund seeking maximum
income, and long term
growth of principal. Proceeds—For investment. Office—
60 Congress St., Boston. Underwriter — Putnam Fund
Distributors, Inc. (same address).

new

—

cotton

Inc.

March

one

are

,

30, 1962 filed 150,000 common. Price—$5. Bushiest
—Real estate. Proceeds—For purchase of mortgages, ami
working capital. Office—18 Lancaster Rd., Union, NV J

Professional

Inc., New

withdrawn.

Prescott-Lancaster Corp.
March

Princeton

& Co.,

York.

Nov.

Corp.

Business—Company plans to manufacture

writer—R.

27, 1963
common. Price — $4.
Business—Production of TV documentary films, and the
processing of colored kodachrome film. Proceeds—For

the

statement.

Royaltone Photo Corp.
29, 1961 filed 300,uOO common, of which 100,000
to be offered by the company and 200,000 by stock¬
holders.
Price
By amendment.
Business — Develop®
and
prints color, and black and white photographic

St., Shreveport, La.

construction.

Inc. (5/27-31)
("Reg. A") 75,000

challenged

ket

Nov.

Business—Furnishing of Auto¬

mobile

has

Proceeds—For debt

Inc.

Resort Corp.

Peterson, Howell & Heather, Inc.

March 26, 1963 filed 33,383
amendment (max. $35).

SEC

this registration

New York. Underwriter—Reuben Rose

debt

purposes.

Petroleum,

Power Cam

April 8, 1963 filed 200,000 common. Price — Net asset
plus 4%. Business—A new mutual fund specializ¬
ing in insurance stocks. Proceeds—For investment. Ad¬
dress
Plankington Bldg., Milwaukee. UnderwriterFund Management Inc. (same address).

share

Powell

of

Thursday, May 23, 1963

Sept. 28, 1962 filed 100,000 common. Price—$5. Proceed!
—To drill for and operate oil wells.
Office—418 Mar¬

Inc.

value

common

Chicago.

and

improvements

erty

1963 filed 100,000 common. Price—By amend¬
ment "(max. $10).
Business—Writing of life, accident,
and health insurance.
Proceeds—For debt repayment,
and
other
corporate
purposes.
Address—Executive
Plaza, Park Ridge, 111. Underwriter—A. C. Allyn & Co.,

...

Southeastern

Mortgage Investors Trust

(5/28)
Feb. 15,

1963 filed 1,000,000 shares of beneficial interestPrice—$10. Business—A real estate investment trust.
Proceeds—For

investment. Office—500 E. Morehead
St.,.
Charlotte, N. C. Underwriter—Fleetwood Securities Corp_
of
•

America, N. Y.
Southern Union Gas Co.

(6/3-7)
April 22, 1963 filed $5,000,000 of sinking fund debentures
due 1983, also 50,000 cumulative
preferred shares (par
$100). Price—By amendment. Business—A public utility
rendering natural gas service in Texas, New Mexico,
Arizona

and

Colorado.

Proceeds—For

debt

repayment.

Address—Fidelity Union Tower, Dallas. Underwriter—
A. C. Allyn & Co., Chicago.
•
Stephenson Finance Co., Inc. (6/17-21)
April 12, 1963 filed $1,000,000 of 6% sinking fund subord.

debentures due Nov. 1, 1978. Price—At
par and accrued
Business—A consumer finance
company which
is also engaged in the sale of automobile and life in¬
surance.
Proceeds—For debt repayment and other cor¬
interest.

porate purposes. Office—518 S. Irby St., Florence, S. C.

.

Volume

197

Number

Underwriter—Alester

G.

6266

Furman

.

The Commercial and Financial Chronicle

.

Co.,

rate purposes. Address—Fourth & Main Sts., Cincinnati.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Blyth & Co. Inc.-First Boston Corp.
(jointly); Merrill Lynch, Pierce, Fenner & Smith Inc.Kidder, Peabody & Co. (jointly); Equitable Securities
Corp.; White, Weld & Co. Bids—June 26 (11 a.m. EDST)
at One Wall Street (47th floor), New York. Information

Greenville,

Inc.,

South Carolina.

Sterling Copper Corp.
Aug. 2, 1962 filed 850,000 common. Price—$1. Business
—Company plans to operate a non-ferrous rod and tube
,

mill.

Proceeds—For plant and

equipment, working capi¬
Office—300 Horn Rd.,

tal and other corporate purposes.

Pinconning, Mich.
•

Stone

Meeting—June 19

Underwriter—None.

Mountain

Scenic

United

scription by stockholders

basis of

each

three

shares

held

the

on

of

Feb.

record

one

1.

share for

Rights

Price—$5.50. Business—Operation

will
of a

Neb.
.

Sutro Mortgage Investment Trust

Feb.

1, 1963 filed 30,000 shares of beneficial interest.
Price—$100. Business — A real estate investment trust.
Wilshire

in

and

subsidiary.

March

Of¬

Price—By amend¬
carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬
ital;
Office—71 Saint Joseph St., Mobile, Ala. Under¬
writer—Shields & Co., Inc., N. Y. Note—This registra¬
tion will be withdrawn.

17, 1963 ("Reg. A") 245,000 common.
Price — $1.
Business—Company plans to erect a mill to produce cer¬
tain types of iron by the new "Taylor Process." Proceeds
—For plant construction and general corporate pur¬
poses. Address—Suite 412-413 Hynds Bldg., Cheyenne,
Wyo. Underwriter—C. B. Hoke Agency, Cheyenne, Wyo.
Note—The SEC has issued an order temporarily sus¬
pending this issue.
"
'

(6/17-21)

Western Union International, Inc.
March

nation

- wide
basis through retail
debt, repayment, and work¬
ing capital.. Address—Northwestern Bank Bldg.; Min¬
neapolis. Underwriter—Dean Witter & Co., Chicago.

Tri-Nite Mining Co.
April "26, 1963 filed 800,000 common. Price—40c. Business
—Company plans to engage in exploratory mining for
advance royalties, payment of
mill, and construction. Address—405
Fidelity Bldg., Spokane, Wash. Underwriter — Mutual

Widman
to

Laboratories, Inc.
Price—$3.50.

21,

1963,

are

to

be

by

the

company

of which 102,000 are
and 60,000 by stock¬

Wiener Shoes

corporate

Proceeds—For

itores.

purposes.

debt

repayment,

—

By amend¬

chain of shoe
expansion and

a

Assurance

Co.

50,000

due

1993.

$6,500,000

Proceeds—For




of

first

mortgage

Price—$7.50.
writes life insurance for women.
Proceeds—For investment, and
expansion. Office—7940
Wisconsin
Ave., Bethesda, Maryland.
Underwriter—
None.

Issues Filed With SEC
This Week
* Acme Visible Records, Inc. (6/18)
May 22, 1963 filed 150,000 common, of
will

and

other

Association

March 8, 1963 filed $1,000,000 of 6Vz%
bentures due 1978 and 100,000 class A
mon
.

construction and

other

corpo¬

which

be

57,445

sold for company and
32,445 for certain stock¬
holders. Price—By amendment.
Business—Manufacure of
office filing
equipment, and business forms. Proceeds—
To repurchase
outstanding

warrants,

corporate

Underwriter—Smith, Barney

for

Address

purposes.

construction

—

Crozet, Va.

& Co., Inc., New York.

* Bard (C. R.), Inc. (6/24-28)
May 21, 1963 filed 204,095 capital shares.
Price
By
amendment (max. $17).
Business—Design, packaging and
sale of hospital and
surgical supplies. Proceeds
For
selling stockholders. Office—731 Central
Ave., Murray
oHUi, N. J. Underwriters—Kidder, Peabody &
Co., Inc.,
New York and Blunt Ellis &
Simmons, Chicago.
—

—

Jr Brentwood Financial Corp. (6/16-14)
May 17, 1963 filed 100,000 common. Price—By amend¬
ment (max. $15).
Business—Company owns all of the
outstanding stock of Brentwood Savings & Loan Asso¬
ciation.
ance

It

also

agency,

conducts

and

acts

an

as

escrow

business;

an

trustee under trust

insur¬

deed

se¬

curing loans made by the association. Proceeds
For
selling stockholders. Office—12001 San Vincente Blvd.,
Los Angeles.
Underwriter—Hayden, Stone & Co., Inc.:
—

•

* Coburn Credit Co., Inc.
May 20, 1963 filed $4,000,000 of convertible subordinated
debentures

due

1978

to

be

offered

for

subscription by

stockholders. Price—At par. Business—A
finance company. Proceeds—For debt

common
sumer

con¬

repayment,
working capital, acquisition of instalment contracts, and
other corporate purposes. Office—53 N. Park
Ave., Rockville Centre, N. Y. Underwriter—New York Hanseatic
Corp., New York. Offering—Expected in mid-June.
Evans, Inc.
May 20, 1963 filed 200,000

common, of which 20,000 are
180,000 by certain stock¬
Price—By amendment (max. $13). BusinessRetail sale of fur apparel, cloth coats, suits, dresses and
related items. Proceeds—For expansion and remodeling
of Chicago store. Office—36 South State St., Chicago,

to be offered by company and

holders.

Co., Inc., Chicago.

^ Homestead Gold Exploration Corp.
May 10, 1963 ("Reg. A") 300,000. common. Price — $1.
Business—Exploration and development of gold mining
properties near Quincy, Calif. Proceeds — For mining
operations. Address—c/o Zeman & Fischer, 3460 Wilshire
Blvd., Los Angeles. Underwriter—None.
* Indiana Bell Telephone Co., Inc. (6/11)
May 17, 1963 filed $20,000,000 o.f debentures due June 1,
2003.
Proceeds —■. To
repay
advances from parent,'
A. T. & T. Office—240 No. Meridian St., Indianapolis.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Morgan Stanley & Co.; First Boston
Corp.; White, Weld & Co.; Eastman Dillon. Union Secu¬
rities

&

Co.-Kidder, Peabody & Co. (jointly); Blyth &
Brothers-Merrill Lynch, Pierce, Fenner &
Brothers & Hutzler (jointly). Bids
—June 11 (11 a.m. EDST) in Room 2315, 195 Broadway,
Co.-Lehman
Smith

New

Inc.-Salomon

York.

Information

Meeting

—

June

6

(2:30

p.m.

EDST) in Room 1900, 195 Broadway, New York.

incandescent

shares to be offered in units of

and 10 shares. Price—$220 per

has been licensed

to

sinking fund de¬
non-voting com¬

one

$100 debenture

unit. Business—Company

conduct harness racing with pari-

betting. Proceeds — For debt repayment and
working capital. Office—3 Penn Center Plaza, Philadel¬
bonds

America, Inc.

common.

ment

William Penn Racing

offered

filed

Co. of

150,000

Business—Company

drawn.

(5/28)

Light, Heat & Power Co. (6/26)

10,- 1963

filed

* Lightcraft-General

—

mutual

Union

1963

working capital. Office — 808 Dakin St.. New Orlearw
Howard, Weil, Labouisse, Friedrichs &

Underwriter

.

.

May

28,

Co., New Orleans. Note—This registration will be with¬

'

National

Inc.

April 2, 1962 filed 80,000 common. Price
ment (max. $11). Business—Operation of

Ave., Rahway, N. J. Underwriter

1

filed

other

and

common, of which
31,176
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.,
Indianapolis. Underwriter — K. J. Brown & Co., Inc.,
Muncie, Ind.-

shares

Inc.

Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y

utors of allied equipment in the fields of contamination
control and ultrasonics. Proceeds—For debt
repayment,

Feb.

F.),

drug stores. Proceeds—Expansion, equipment and work¬
ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa

Busi¬

engineering and manufacture of special¬
ized products primarily in the field of contamination
control.
Company also acts as sales agents and distrib¬

Underwriters

(L.

offered

be

holders. Price—$3. Business—Operates a chain of retail

ness—Design,

•

Securities

Oct. 27, 1961 filed 162,000 common,

Funds Co., Inc., Spokane.

;

1963

St., New York. Underwrttersr-Ameri¬
Corp., and Glore, Forgan & Co., New
York. Offering—Expected in late July.

a

Office—1695 Elizabeth

29,

Office—60 Hudson
can

Proceeds—For

common.

Woman's Life Insurance

Underwriter—Walston &

filed $4,000,000 of 6Vi% subordinated
debentures due 1983, and 400,000 common. Price—For
debentures, at par; for stock $3.50. Business—Company
will take over and operate Western Union Telegraph's
international telegraph operations. Proceeds—For sell¬
ing stockholder, Western Union Telegraph Co., parent.

Proceeds-^-For

—None.

.

Jan.

Price—By amendment (max. $15.50). Business—Sale of

advertising

.

Western Steel, Inc.

common, of which 70,000 are
to be offered by company and 197,740
by stockholders.

equipment,

Business—The

ment.

.

1962 filed 67,200

_

New York.

Aug. 29, 1961 filed 1,743,000 common.

Ltd.

May 3, 1963 filed 267,740

Ultrasonic

N

Waterman Steamship Corp.

^

Nov. 29,

Inc.

ing—Expected in mid-June.

Proceeds—For equipment, exploration and working cap¬
ital. Office—201 E. 4th St., Casa Grande, Ariz. Under-

on

_

March

—

Business—Exploration, development and production of
the Lake Shore copper deposit near Casa Grande, Ariz

due

repay¬

700

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, equipment, expansion
and working capital. Office—565 Fifth Ave., New York.
Underwriter—M. G. Davis & Co., Inc., New York. Offer¬

Transarizona Resources, Inc.
May 28, 1962 filed 500,000 capital shares. Price—$1.50.

ore.

—

Vend-Mart Inc.

enterprises in Israel. Proceeds — For general corporate
purposes. Address — Jerusalem, Israel. Undrewriter—
American-Israel Basic Economy Corp., New York. Of¬
fering—Expected in late June.

balance

Proceeds—For debt

Address

dress—Sidney, Montana. Underwriter—To be named.

March 29, 1963 filed $5,000,000 of 7% senior debentures
due 1983. Price—At par. Business—Financing of tourist

zinc

business.

Valley Investors, Inc.

.

on, a

finance

Jan. 23, 1963, filed 328,858 common. Price—$1. Business
—A new mutual fund. Proceeds—For investment. Ad¬

•
Top Dollar Stores, Inc.
May l, 1962 xiled 20U,uuo common, of which 100,000 are
to be offered by company and 100,000 by stockholders
Price—$(?. 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.
UnderwriterVan Alstyne, Noel & Co., New York.
*

orders

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.
Note—This registration will be
withdrawn.

filed

—

inventory, debt "repayment and expansion.
Office—819 Broadway, Kansas City, Mo. Underwriter—

merchants.

1963

urethane
capital,
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank Bldg., Dallas.
Under¬
writer
First Nebraska Securities Corp., Lincoln, Neb.
Offering—Temporarily postponed.
*

Midland Securities Co., Inc., Kansas City, Mo.

money

shares

Corp.

per
unit.
Business—Manufacture of
foams.
Proceeds—For
equipment,
working

ceeds—For

Inc.

*

Fund,

$5.05

„

Travelers Express Co.,

Finance

Urethane of Texas,

Textile Distributors, Inc.
March 22, 1963 ("Reg. A") 60,000 class A common. Price
—$5. Business-—Operation of department stores. Pro¬

writer—None.

a0

A

/'

Annuities

Feb. 14, 1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each class.
Price—

fering-—Indefinite.

Development Corp.,

of

Gibraltar Bldg.,
Dallas. Underwriters—Midland Securities Co., Inc., Kan¬
sas City, and Texas National Corp., San Antonio.

Inc.
July 27, 1962 filed 313,108 common. Price—$3.50. Busi¬
ness—Operation of a plant producing plastic film and
packaging products.
Proceeds—For working capital.

Industry

unit.

Offering—Indefinite.

ment, and expansion.

Texas Plastics,

Tourist

per

Servomation Corp.

29,

consumer

Office—801

named.

$305

—

sub¬

warrants)
^ferec* f°r subscription by stockholders of class
stock on the basis of
$500 debentures for each 100

$1,026,000 of 7% junior subordi¬
capital notes (series A) due 1978; also
12,329 common to be sold for stockholders. Price—For
debentures, at par; for stock, by amendment. Business—
Company and 30 active subsidiaries are engaged in the

Inc., (same address).

Address—Elsa, Texas. Underwriter—To be

Corp.

nated convertible

Lafayette Life Bldg., Lafayette, Ind. Underwriter—Amosand

United

Universal

Inc.

new

Wolf

Jan.

investment. Office—20 W. 9th Street, Kansas City, Mo.
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.

which plans to organize a life in¬
Proceeds—For investment in U. S.

company.
Government Bonds

debt repayment and other
corporate
pur¬
Office—1005 First Ave., Asbury
Park, N. J. Under¬
writer—To be named.

poses.

Inc.
11, 1961 filed 2,500,000 shares of stock. Price—I10
per share. Business—A new mutual fund. Proceeds—For

company

surance

and

Pro¬

Aoril

Underwriter—To be named.

holding

Price

,

Jan. 21, 1963 filed 48,500 common., Price—$100. Business
—A

electrical

equipment.

A

Manufacture

—

United Variable

Blvd.,

i
Teaching Machines, Inc.
April 1, 1963 filed 165,000 common, of which 120,000
are to be offered by company, and
45,000 by stockhold¬
ers. Price—By
amendment (max. $9). Business—Com¬
pany develops and sells teaching machines exclusively
for Grolier Inc. Proceeds—For debt repayment and other
corporate purposes. Office—221 San Pedro, N. E., Albu¬
Tecumseh Investment Co.,

test

estate.

10 shares.

New York.

Los Angeles. Underwriter—None,

querque.

Price—$4. Bushiest

pension

and

ceeds—For

address.

(5/28)
April 19, 1963 filed 215,000 common. Price—By amend¬
ment (max. $22). Business—Sale of various food and to¬
bacco products through automatic vending machines.
Proceeds—Foro selling stockholders.
Office—410 Park
Ave,, New York, Underwriter—Hemphill, Noyes & Co.,

Anderson

Office—4900

of

measuring devices

Real

•

Bldg., Lincoln,
Underwriter—Capital Investment Co., Lincoln, Neb.

Proceeds—For investment.

at same

Corp.

common.

manufacture

class

New York.

Superior Benefit Life Insurance Co.
March 27, 1963 filed 600,000 common. Price—$2.50. Busi¬
ness—Sale of life insurance. Proceeds—For general cor¬
Office—211

EDST)

light household and office
furniture. Proceeds— For general corporate purposes.
Address—Rehovoth, Israel. Underwriter—Brager & Co.,

Mountain, Ga. Underwriter—None.

purposes.

a.m.

Plastic

and

26, 1962 filed $4,500,000 of 6.5% convertible
ordinated debentures due 1977
(with attached

Business

scenic railroad. Proceeds—For construction, debt repay¬
ment and other corporate purposes. Address — Stone

porate

(11
&

—Design
electronic

Inc.

125,000

$100 debentures and

Inc.
being offered for sub¬

expire June 25.

Saran

Winslow Electronics,
Dec. 28, 1961 filed

33

Ltd.
Feb. 25, 1963, filed $330,000 of 7% convertible deben¬
tures due 1975 and 16,500 shares of 8% preferred ordi¬
nary "B" shares to be offered in units consisting of two

Railroad,

Jan. 22, 1963 filed 84,091 common

(2137)

phia.

Underwriter—Stroud

Offering—Indefinite.

&

Co.,

Inc.,

Philadelphia.

May 20, 1963 filed 125,000 common. Price—By amend¬
(max. $12). Business—Design and manufacture of
lighting fixtures and lamps. Proceeds—For

selling stockholders. Office — 1600 West Slauson Ave.,
Los Angeles. Underwriter—William R. Staats & Co., Los
Angeles.
'
'
"
.

* Mayfair Markets

May 10, 1963 ("Reg. A") 6,000 preferred. Price — $50.
Business—Operation of a chain of supermarkets. Pro¬
repayment. Office—4383 Bandini Blvd.,

ceeds—For debt

Vernon, Calif. Underwriter—None.
'V

...

.

Continued

'•

•

on

page

34:
■

34

(2138)

Continued from

The Commercial and Financial Chronicle

Interstate Power Co.

it OGsq (City of) (6/12)
•May 2:2, 1963 filed $10,000,000 of sinking fund external
"loan bonds

'Share

due June

New

—

Loeb

&

Md.

Underwriter—Kidder,

of

Peabody

May 22.

Co., New York,

A

being

common

or

on

the basis

class B

of

shares

one

held of

underwriting is involved.

$60,000,000 of 4%% first and refunding mortgage bonds,
series Q, due May 15, 1988 offered at 100.683% and ac¬
crued interest, to yield 4.33%
by First Boston Corp.,
New York, and Dean Witter &
Co., San Francisco.
'Steraco Industries, Inc.
.
•

ir Tfreta Delta Chi Realty Co. of Ames,-Iowa *
May .6, 1963 ("Reg. A") $120,000 of 4%%-5% first mort¬
gage serial bonds due March 15, 1968-86. Price—At par

.

Do you have

and

sale

common.

of

Price—$2.50.

petroleum

Would

products.

write

telephone

at 25

at

us

REctor

•

or

Park Place, New York 7, N. Y.

The last public bond

—Rental of truck trailers to railroads

or

others in

May 6, 1963 it

.

&

Co.,

Hartford.
'

,

—None.

"

,

Bethlehem

ic Zausner Foods Corp. (6/24-28)
May 21, 1963 filed 100,000 class A common, of which
40,000 are to be offerfed by the
company and 60,000 by
stockholders. Price—By
amendment-(max. $10). Business
—Processing, distributing' and selling milk products/
Proceeds—For. general corporate
purposes.
Address—
New Holland, Pa.
Underwriters—Reynolds & Co., Inc.,
N. Y., and
Auchincloss, Parker & Redpath, Washington,
D. C.
-V--n:
v.:

Feb.

the

were

would

not

externally.

be

de¬

Smith, Barney & Co., New

"

•

(Competitive);

Probable

bidders:

Salomon

Brothers

&

Hutzler; Halsey, Stuart & Co. Inc. Bids—Expected June
27 (12 noon
CDST) at above address.r

carried in the

Monday issue of the "Chronicle

—

"

it Chicago Burlington & Quincy RR. (10/1)
May 20/ 1963 the company announced tentative

'

plans to
$5,000,000 of equipment trust certificates in October/
Office—547 W. Jackson
Blvd., Chicago. Underwriters—

sell

Associates Investment Co.
350,000,000 of 4%% debentures due May 1, 1984 offered
at 99% and accrued
interest, to yield 4.45% by Lehman
Brothers and Salomon Brothers &
Hutzler, New York.
Central Illinois Public Service
Co.
-

310,000,000 of 4%% first mortgage bonds due
May 1, 1993
offered at 102%% and accrued
interest, to yield 4.35%,
by Salomon Brothers &
Hutzler, New York.
/.
Copenhagen (City
of)v./
315,000,000 of 5%% sinking fund external loan .bonds
due May 15, 1978 offered
at 98.23% and accrued inter-'

est, to yield 5.55%, by
Smith, Barney & Co., Inc.; Kuhn,
Loeb & Co., Inc.; Harriman
Ripley & Co., Inc.; Lazard
Freres & Co., New York.
common

Lynch, Pierce, Fenner

at

&

$17

share

per

by

Smith Inc., New York.

150,000
Co., Washington, D. C.

per

share by Ferris

&

at

$13.75

at $30

for each

per

/

•

•

!

offered for subscription by stock¬

share

on

the basis of

six

.

at 99.75%

one

new

share

and

accrued

I'

interest, to yield 4.39% by Salo¬

Hutzler, New York.




of

common

shares.

Business—

and subsidiaries distribute natural
gas
and
petroleum in and around Miami. Office—955

East 25th

St., Hialeah, Fla. Underwriter—Kidder, Peabody & Co., New York. //T:

construction.

&

Office

Underwriters

Co.-Lehman

—

—

120

East

41st

(Competitive).

Brothers-Salomon

Communications
•

20, 1963 it

was

have

filed

D.

C.

value,
issued
tion

been

to

sell

money

Street,

Probable

Brothers

cerns.

Corp.

reported that

New
bid¬

&

Hutzler.

V

papers

of incorpora¬

for

produce space explora¬

Series

munications

II

will

other
be

non-communications

issued

to

FCC-approved

con¬

com¬

common

carriers, with'the provision that
more
than half the company's total shares
can
be
held by these
carriers, and no individual or group may
no

hold
of

over

$100

10%

per

of the

share.

(jointly).

it was. reported that the
company has ten¬
tative plans to issue
$50,000,000 of first mortgage bonds
in the first quarter of 1964.
Office—30 Rockefeller Plaza,.
New York.
Underwriters—(Competitive). Probable bid-;
ders: Halsey,
Stuart & Co. Inc.; First Boston

Corp,;
Morgan Stanley & Co.; Stone & Webster Securities
Corp.
Eastern Freight Ways, Inc.
Oct.

9,

1962

100,000

remaining 50%. Price—Maximum

Business—Congress

has

authorized

the

ICC

authorized

the

company, to

issue-

common.

ness—A

Price—By amendment (min. $5), Busi->
motor vehicle common carrier
operating in nine

eastern states

from Vermont to
Virginia. Proceeds—For.
working capital, debt repayment and advances to
sub-,

sidiaries.

Office

Florida
March

Power

12, .1963

Moonachie

—

Underwriter—Allen

Ave.,

& Co.. New York.

Carlstadt,

N.

J.

Corp.

the

company announced plans to offer
sometime in 1963, the right to subscribe
for about 457,265 additional
common shares on a l-for-20
basis. Proceeds—For loan
repayment. Office—101 Fifth

stockholders,

St.,

South, ;St.

Petersburg,

Fla. Underwriters—To /be
rights offering in May 1959 was under-'
Peabody & Co., and Merrill Lynch,
Pierce, Fenner & Smith, Inc., New York
named. The last

written by Kidder*

-May

11,

Properties, Inc.

1962

stockholders

issue 756.000 shares of

which will be

a

authorized

new

the company to
convertible Dreferred stock

offered to stockholders
through subscript
a
l-for-10 basis.
Price—By amendment.
Business—Development and operation of shopping cen¬
ters. Proceeds—To retire
outstanding 6% preferred stock'
and purchase up to
$6,000,000 convertible debentures
of;
tion

rights

on

Major Realty Corp., an affiliate. Office—223 East
Alleg-.
hany Ave., Philadelphia. Underwriter—To be
named;!
The last rights
offering in December 1957 was under-1
written
by Eastman Dillon. Union Securities & Co.,
New York.

Offering—Indefinitely

postponed.

General Aniline & Film
Corp.

April 3, 1963 Attorney General Robert F.
Kennedy
nounced that the. Justice
Department had reached
out-of-court agreement with
Interhandel,
ing company, designed to settle the

an¬
an

Swiss hold¬
20-year old dispute

ment

this company, in
Washington,
Company's common' voting shares, without par
will be divided into two series. Series I will be
to the public, firms that

equipment / and

&

Lynch*

April 22, 1963

over

Satellite

Feb.

•

?

of 4%% first
mortgage bonds due 1993 offered

Brothers &

number

tion

Interstate Power Co.

mon

Company
liquefied

share by Drexel &

per

common or
preferred shares held- of record
May jl5. Rights will expire June 17.
No underwriting is
involved.
'■'•*'.■■
-,
'

$6,000,000

undisclosed

W.

Pierce, Fenner & Smith Inc.

Food Fair

*

City Gas Co. of Florida
May 20, 1963 it was reported that this
company plans
to file a registration statement
in early June covering

an

Office—212

a

control of the 540,894 class A and

shares of

Hartford Gas Co.

§0,000 common being
holders

&

Expected

Bids—Expected Oct. 3.

Security Systems, Inc.

200,000 common offered
Co., Philadelphia.

Brothers
—

ders: Morgan
Stanley & Co.-First Boston Corp. (joint¬
ly); Merrill Lynch, Pierce, Fenner & Smith
Inc.-White,
Weld & Co.
(jointly); Halsey, Stuart & Co. Inc.; Blyth

Ipanac Real

Globe

,

York.

Merrill

Estate Investment
Corp.
pommon offered at
$10

Salomon

Halsey, Stuart & Co. Inc. Bids'
October 1 (12 noon
CDST) at above address.

for

offered

bidders:

Hutzler;

Columbia Gas System, Inc.
(10/3)
May 6, 1963 the company stated that it plans
$25,000,000 of debentures in October to raise

Cosrrtodyne Corp.
150,000

(Competitive). Probable

was reported that the
company plans to
$20,000,000 of straight debentures in the 3rd
quarter

1963.

Duke Power Co.

it Chicago Burlington & Quincy RR
(6/27)
May 20, 1963 the company announced tentative
plans to
sell $5,250,000 of
equipment trust* certificates in June.
Office—547 W. Jackson Blvd.,
Chicago. Underwriters—

clared effective this week
by the SEC. Offering

detailsf where available, will be

Co.

generated internally and the bal¬
Mr. Homer added that this
required until at least 1964. Office
25
Broadway, New York. Underwriters—To be named. The
last public sale of securities in
May, 1955, was handled
by Kuhn, Loeb & Co., and
secured

;

Co.

(jointly); Morgan Stanley & Co., Salomon Brothers
Hutzler-Blyth & Co.-Lehman Brothers-Merrill
*

will be

program

ance

Effective Registrations
statements

'

26,

York.'

following registration

'

1963, Arthur B. Homer, Chairman, announced
that the company will embark on a
$750,000,000 capital
improvements program to be completed by 1965. *. He
said that
approximately tworthirds of the financing for

,

The

Steel

:

,

Power

Michigan Ave., Jackson, Mich.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.;
White, Weld & Co.-Shields & Co,
(jointly); Harriman Ripley & Co. Inc.-First Boston Corp.

of record
May 8. Rights will expire May
Price—$32. Proceeds—To increase capital and sur¬
plus; Office—64 Sutter St., San Francisco. Underwriter

•

.

sell

of

was

31.

Offering—Ex¬

v"

,

April 24, 1963 it

(San Francisco)

each two held

ment, and equipment. Office—150
Causeway St., Boston.

were

Consumers

.

reported that the bank is offering
stockholders The right to subscribe for an additional
82,500 capital shares on the basis of one new share for

con¬

nection, with "piggyback" operations, and the leasing of
transportable, reusable containers to railroads, steam¬
ship companies and others. Proceeds—For debt repay¬
Underwriter—Putnam
pected in late June.

issue, in December, 1962, was won
bidding by Halsey,. Stuart & Co. Inc.
Morgan Stanley & Co., and First

competitive
bidders

Boston Corp.

Prospective Offerings
Tokyo of California

was

In
addition, it will have to refinance
$52,000,000 of
maturing bonds in the period ending 1967. Office—4
Irving Place, New York. Underwriters—To be named-.

-

Bank of

major under¬
at competitive
formed in December,
500,000 kw. atomic power
a

Consolidated

Other

•

,

Edison Co. of New
York, Inc.
May 22, 1963 the company stated that it will have to
raise approximately
$800,000,000 through the sale of
securities, to finance its five-year construction
program.

at

it XTRA, Inc.
>v
f.:- ;
May 16, 1963 filed 80,000 shares of convertible preferred
<par $25), Price—By amendment (max. $27.50). Business

(jointly).

1962, to own and operate a
plant at Haddam Neck, Conn. Proceeds—For
construction
of the $70-$80,000,000
plant. Office—441 Stuart St., Bos^
ton. Underwriters—To be
named.
V.•;

ing. capital. Address—P. O. Box 670, Thermopolis, Wyo..
Underwriter—Northwest Investors Service, Inc. Billings,
Montana.-. •
v.' v;
/',«
.

Scranton & Co.-Estabrook & Co.

bidding. Business—Company

-

2-9570

Address—Selr

$55,000,000 of the firm's

an

you

us

repayment, construction and work¬

•

bonds. The request has been
opposed by
wants the bonds to be sold

issue you're planning to register?
Our Corporation News Department
would like
to know about it soi that we can
prepare an item
similar to those you'll find hereunder.

research, and working capital. Office—4343 Twain Ave.,
San Diego. Underwriter—None.

(7/23)

July 23 (11 a.m. EDST) at 90
St.r New York. Information Meeting —
July 18
(11 a.m.) at same address.
/ '
Y.:
'
Connecticut Light & Power Co.
Dec. 10, 1962 it was
reported that the company is con¬
sidering the issuance of about $22,500,000 of bonds in
1963 or 1964. Proceeds—For
construction.

writer who

ATTENTION UNDERWRITERS!

equipment, advertising,

ic Wyomont Petroleum Co.
May 10, 1963 ("Reg. A") 120,000

.

Co.

Connecticut Yankee Atomic Power Co.
April 23, 1963 it was reported that the 12 utilities
which
jointly own this new firm, have petitioned the SEC for
exemption from the Public Utility Holding
Company Act
to permit the negotiated sale of

Railroad, Inc.
being offered for subscription by

.

ir Wavelabs, Inc.
May 15, 1963 ("Reg. A") 87,500 capital shares. Price—
$2. Business—Manufacture and sale of airborne and
shipboard vibration monitoring devices and equipment.

-

Community Public Service

W.

stockholders at $6.50 per share on the basis of one share
for each three held of record Feb. 1.
Rights will expire
June 25. No
underwriting is involved." "

and equipment. Office-—217 Ash
Ave., Ames, Iowa. Un¬
derwriter—None.

Proceeds—For debt repayment,

shares

common

tele¬

Office—

St., Berlin, Conn. Underwriters—To be named. The
public offering of bonds on Jan.
20, 1960 was
handled by Morgan
Stanley & Co.-Putnam & Co.-Chas.

Stone Mountain Scenic

84,091

communications.

Klingle Rd., N. W., Washington, D. C. Underwriters

last

$400,000 of 6% convertible subordinated debentures due
1977, and 25,000 class A shares offered at par and $10
respectively, by Oppenheimer & Co., New York.

plus accrued interest. Business—Operation of a frater¬
nity house. Proceeds—For new construction, renovation,

telephone,

den

%

,

other

facilities

ground

of

-

-

Southern California Edison Co.

•May 13,. 1963; ("Reg.; A") 223,850 common.. Price—$1.
•Business—Manufacture of plastic items, such as toys,
'novelties, household products, etc. Proceeds—For equip¬
ment arid other corporate purposes. Office—21200 N.
Black Canyon Highway, Phoenix. Underwriter—None.

satellites and

Broad

expire

June 3. No

and

May 16, 1963 it was reported that this
company plans
to sell $13,000,000
of first mortgage bonds due 1993.
Office—408 W. 7th
Street, Fort Worth, Tex.Underwritefs
.—(Competitive), Probable bidders: Halsey, Stuart &
Co. Inc.; Salomon Brothers &
Hutzler; Stone & Webster
Securities Corp.
Bids —

Realty Equities Corp. of New York *
117,853 common being offered for subscription by stock¬
holders at $6.25 per share on the basis of one new share
for each three held of record
May 16. Rights will

television

—To be named.

is the

offered for subscription

Thursday, May 23, 1963

.

transmission

3029

•

share

per

.

company to provide
the
international

graph,

Rights will

May 17. Rights will expire June 3. L. F. Roths¬
child & Co., New York, is the principal underwriter. -

67, WalCo., Inc.,

&

record

share for each 9 class A

new

Cnarc Plactirc '' Inr

Business—Production

held

•record

New York. ;

Proceeds—For debt

26

by stockholders at $30.50

•

gas. Proceeds—For debt repayment, working capital and
other corporate purposes. Address—P* O. Box

a.

each

Corp.
61,627 class

'it Pargas, Inc. (6/17-21)
May 17, 1963 filed 225,000 common, of which 125,000 are
to be offered by company and 100,000 by certain stock¬
holders. Price—By amendment (max. $20). Business—
"Retail and wholesale distribution of liquefied
petroleum

*dorf,

for

-Pall

York.
<

at

expire June 7. White, Weld &
.principal underwriter.

For

,

for

being offered for subscription by stock¬
$24.75 per share on the basis of one new

common

holders

15, 1978. Price — By amendment.
capital expenditures.
Underwriters—
Co:, Inc.; Harriman Ripley & Co., Inc.;
Lazard Freres & Co.; and Smith, Barney & Co., Inc.,
Proceeds

Kuhn,

the

132,294

33

page

.

in

General Aniline seized
1942

2,050,000 class B
by the U. S. Govern¬

German asset. The stock
represents
98% of the voting control of the
company. Mr. Kennedy
said that if General Aniline should
be sold for $200 mil¬
lion, the Government would receive about $140 million
and Interhandel about
$60 million. The settlement

recently

as

a

approved

must be approved

terms,
by Interhandel stockholders, also
by the U. S. District Court at Wash¬

ington, D. C. Business—Company is

a

leading domestic

producer of dyestuffs, chemicals and
photographic ma¬
terials. Office—111 W. 50th
St., New York. Underwriters

——(Competitive). Probable bidders: Blyth & Co.-First
Boston Corp. (jointly); Lehman
Brothers-Kuhn, Loeb &
Co.-Glore, Forgan & Co. (jointly); Bache & Co.

'

;

Volume

197

Number 6266

The Commercial and Financial Chronicle

Georgia Power Co. (11/7)
Jan. 22, 1963 it was
reported that this subsidiary of The
Southern Co., plans to sell
$30,000,000 of first mortgage
bonds and $7,000,000 of preferred stock in
November.
Proceeds—For construction. Office—270 Peacxitree

the

Underwriters

—

ders:

(Competitive). Probable

&

Beaumont, Tex.

Probable

bidders:

Stone

Co.-Salomon

;

Corp.; Lehman Brothers-Equitable
Corp. (jointly); Glore, Forgan & Co.-W. C.
Langley & Co. (jointly); Lee Higginson Corp.

Middle
of

plans

16, 1963 it was reported that this company plans tc
$10,000,000. of bonds in the fourth quarter. Office—
St., Boston. Underwriters
(Competitive)

been

decided

upon.

to

as

terms, timing, etc., have

Proceeds—For

the issuance of about

& Co., New York.

Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; First Boston
Corp.; Blyth & Co.
Missouri Pacific. RR. (6/5)
May 6,
sale of

electrical

1963 it

was

reported

that

this

second installment of
issue. Address—Missouri Pacific
Bldg.,

radios.

Underwriters—(Competitive).

expansion.
Address
Tokyo,
Japan. Underwriter—Dillon, Read & Co., Inc., New York.
—

mon

Telephone Co.
(7/9)
April 30, 1963 it was reported that the company plans
to offer $50,000,000 of first
mortgage bonds due 2003.

National

—

Expected

9

at

be

&

Aug.

Smith

Inc.-Blyth

Brothers

6 at

& Hutzler

American

&

Co.-Lehman

New York.

Co., 2

Brothers-

Fund had authorized the officers to
a

rights offering of

investigate the

common

closed-end

stock

diversified

to

pos¬

stock¬

investment

company, seeking capital appreciation
ments primarily in common'stocks
of

Office—25
,

Broad

St., New, York.

through invest¬
Japanese firms.
Underwriters—Bache

& Co.;

Paine, Webber. Jackson & Curtis, and The Nikko
Securities Co., Ltd., New York.
Jersey Central Power & Light Co.
March

12,

1963

it was reported that this
subsidiary of
Utilities Corp., plans to sell
$10,000,000
of 30-year bonds and
$9,000,000 of 25-year debentures in
General Public




\

Address
Fourth arid Stewart Ave., Las
Vegas. Underwriter—White, Weld & Co., New York,

Roanoke,

Va.
"*4»>

First

Office—615

Eastern

Ave.,

Bellwood,

Probable

bidders:

Boston

Corp.; Halsey, Stuart & Co. Inc.; Blyth &
Co., Inc.-Equitable Securities Corp.; Glore, Forgan &
Co. Bids—Expected July 10.,
•

\

Northern Natural Gas Co.

May 16, 1963 it
sell $30,000,000

reported that this company plans to
in the third quarter of

was

of

debentures

1963. Office—2223 Dodge St.,
To be named. The last sale
1960

handled

was

on

Omaha, Neb. Underwriter-^-

of debentures on Nov.
16,
negotiated basis by Blyth & Co.,

a

Underwriters

(Competitive). Probable bidders
(Bonds) Halsey, Stuart & Co. Inc.; Lehman BrothersEquitable Securities Corp. (jointly); Kuhn, Loeb & Co.:
Meirill Lynch, Pierce, Fenner & Smith Inc.-Kidder.
Peaoody & Co.-White, Weld & Co. (jointly); First Bos¬
ton Corp. (Preferred) First Boston
Corp.; Dean Wittei
& C j,-Smith, Barney & Co.-Wertheim & Co.
(jointly).
Equ cable Securities Corp.-Kidder, Peabody & Co.-Lee
Higginson Corp.-White, Weld & Co. (jointly); Lehman
—

Brothers; Merrill Lynch, Pierce, Fenner & Smith, Inc.
•

New York Central RR

(5/23)

May 20, 1963 the

company announced plans to sell $4,275,000 of equipment trust certificates in May. Office—
466 Lexington Ave., N. Y.
IJnderviTiters-r—(Compet¬
itive). Probable bidders: Salomon Brothers &

Halsey, Stuart & Co. Inc. Bids—May 23 (12
at above address.
!

Hutzler,

noon

EDST)

Corp.

April 3, 1963 it was reported that the
company plans to
:,i sell $20,000,000 of debt securities to finance its construc¬
program

for

1964 and

1965, Office—108 East Green

St., Ithaca, New York.'1 Underwriters

(Competitive).
Kidder, Peabody & Co.
Salomon
^ Brothers & Hutzler (jointly); First Boston Corp.-Glore,
; Forgan & Co. (jointly); Halsey,.Stuart &
Co.; Harriman
Ripley & Co.; Blyth & Co.
—

•

Probable

bidders:

.

.

Nippon Telegraph & Telephone Public Corp.
April 16, 1963 it was reported that the company plans to
$20,000,000 of bonds in the United States in the

sell

third

Northern States Power Co. (Minn.)
May 14, 1963, it was reported that this company plans
to sell $15,000,000 of first mortgage bonds due 1993 in
the last half of the year. Proceeds — For construction.
.

<

Office—15 South

Fifth St., Minneapolis. Underwriters-—
(Competitive). Probable bidders: Halsey, Stuart & Co;
Inc.; First Boston Corp.-Blyth & Co. (jointly); Merrill
Lynch, Pierce, Fenner & Smith Inc.-Kidder, Peabody &

Co.-White, Weld & Co. (jointly); Equitable Securities
Corp.-Eastman Dillon, Union Securities & Co. (jointly)i
Lehman

Brothers-Riter

Otter Tail

Co.

&

(jointly).

Power Co.

Jan.

16, 1963 it was reported that this company plans
$10,000,000 of bonds in the fourth quarter. Office
—215 South Cascade St., Fergus
Falls, Minn. Under-*
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; Blyth & Co. Inc.; Glore,
Forgan & Co.-Kalman & Co. (jointly);
White, Weld & Co.
\
• Pacific Power i
Light Co. (7/30)
to sell

20,

1963 it was reported that the company plans
$30,000,000 of first mortgage bonds due 1993.

issue

•

Proceeds—To repay outstanding loans. Office—920 S. W.
Sixth Ave.,,Portland, Ore!

Underwriters—(Competitive).,H

Probable

bidders:

Lehman

Brothers-Bear, Stearns &
(jointly);
Halsey,
Co.-White, Weld & Co. (joint—;
ly); Eastman Dillon, Union Securities & Co.-Kidder,;
Peabody & Co. (jointly). Bids—July 30 (11 a.m. EDST)
at Ebasco Services, Inc., 2 Rector
St., New York.
Co.-Salomon

Brothers

.Hutzler

&

Stuart & Co. Inc.; Blyth &

^ Pacific Power & Light Co. (7/30)
May 20, 1963 it was reported that this company plans to
100,000 shares of preferred (par $100). Proceeds—•
To redeem outstanding 6.16%
preferred, repay bank;
sell

loans
W.

and

construct

additional

facilities.

Office—920

S.

Sixth

Ave., Portland, Ore. Underwriters—(Competi-.
tive). Probable bidders: Blyth & Co., Inc.-Smith, Barney
& Co.-White, Weld & Co. (jointly); Kidder,
Peabody &
Co.-Eastman: Dillon, Union- Securities & Co.
(jointly):
Bids—July 30 (12 noon EDST) at Ebasco Services, Inc., •
2 Rector St., New York.
•
^ 7
Pennsylvania Power & Light Co.
March 18, 1963 the company stated that it expects to sell

Proceeds

quarter of 1963.
Business
Nippon Telegraph,
wholly-owned by the Japanese Government, furnishes
domestic telephone and telegraph
services, without com¬
petition, in Japan. Proceeds—For expansion. Office—

—

bonds

in

the

For construction

period

1963

through

1967.

and the retirement of S8,-

000,000

of maturing bonds.
Office—9th and Hamilton
SU, Allentown, Pa. Underwriters—To be named. The
lasc sale of bondb on Nov. 29, 1961 was won at .com-*
prutive

bidding
Peabody & Co.

by

White,

Weld

Other bidders

&

Philadelphia

Electric

Co.; and Kidder,
Halsey, Stuart &
& Co. (jointly).

were

Cc. Inc.; First Boston Corp.-Drexel

Co.

March 5, 1963 the company reported that it plans to
spend $478,000,000 for construction during the five-year
period 1963-67. It added that about half the money re¬
quired will be generated internally, and the balance
obtained by bank loans to be converted into permanent

financing, from time to time, through the saie of bonds
common stock. Office—1000 Chestnut
S*., Philadel-1
phia. Underwriters—To be named. The last sale of bonds

anu

Oct.

on

Co,

and

Stuart

&

15,

1959

was

Drexel
Co.

&

handled by

Co.

Other

Morgar

bidders

Stanley

were:

&

Halsey,

First Boston Corp.; White. Weld &
common was
a rights offering oil
2, 1959, underwritten by Drexel & Co., and Morgan
Stanley & Co.
Co.

New York State Electric & Gas

tor

offer about

$75,000,000 of

16, 1963 it was reported that this utility plans tc
$10,000,000 of bonds and $10,000,000 of preferred
stock in the fourth quarter. Office—441 Stuart
St., Bos¬
sell

ton.

Northern States Power Co.

May 14, 1963 it

—

Jan.

reported that the company plans to

Business—A

|

New England Power Co.

Japan (Government of)
May 1, 1963 it was reported that the Government
plans
to sell an additional
$35,000,000 of external loan bonds
In the U. S. during the fiscal
year ending March 31, 1964.
It is expected that the
majority would be sold by Dec.
31, 1963. Underwriter—First Boston Corp., New York.
Japan Fund, Inc.
April 18, 1963 it was reported that directors of the
sibility of

& Smith Inc.

authorities.

Broadway.

$12,000,000 of first mortgage bonds in September.
Address—Orpheum-Electric Bldg., Sioux City, Iowa. Un¬
derwriters—(Competitive). Probable bidders: Kidder,
Peabody & Co.-Blyth & Co. Inc. (jointly); Eastman Dil¬
lon, Union Securities & Co.; Equitable Securities Corp.:
White, Weld & Co.; First Boston Corp.; Merrill
Lynch,
Pierce, Fenner & Smith Inc.

holders.

"

Nevada Power Co.

Service Co.

offer

To

April 16, 1963 the company announced plans to sell about
$4,000,000 of common stock in September. Transaction
is subject to.approval
by State and Federal regulatory

that the company plans
$10,000,000 of bonds in late 1963 or early 1964. Of¬
fice—-823 Walnut St., Des Moines.
Underwriters—(Com¬
petitive). Probable bidders: First Boston Corp.;
White,
Weld & Co.; Halsey, Stuart & Co.
Inc.; Equitable Securi¬
ties Corp.; Kidder,
Peabody & Co.; Eastman Dillon,
Union Securities &
Co.; Lehman Brothers; Blyth & Co.
Was

named.

ner

to sell

Iowa Public

common.

lease of coin operated
redeem
outstanding

or

Avenue, Las Vegas. Underwriters—
(Competitive): White, Weld & Co.; Eastman Dillon,
Union Securities &
Co.-Kidder, Peabody & Co. (jointly);
Halsey, Stuart & Co. Inc.; Merrill Lynch, Pierce, Fen¬

Iowa Power & Light Co.
Jan. 16, 1963 it was reported

May 6, 1963 it

plans

Fourth and Stewart

(jointly). Bids—Expected

Electric Power

construction.

Underwriters—(Competitive).

to

company

April 16, 1963 the company announced plans to sell about
$10,000,000 of first mortgage bonds in Sept. Address—

Dillon, Union Securities & Co.; Harriman Ripley
Inc.; First Boston Corp.; Merrill Lynch, Pierce,

Salomon

For

May

Inc.

Nevada Power Co.

195

Co.

Fenner

Uni-Pac,

debentures, and for other corporate purposes. Office—
15 Peachtree St., N. W.
Atlanta, Ga. Underwriter—To

*;'• Indiana & Michigan Electric Co. (.8/6)
March 12, 1963 it was reported that this
subsidiary of
American Electric Power Co.,
Inc., plans to sell $45,000,000 of first mortage bonds due 1993.
Office—2101 Spy
Run Ave., Fort
Wayne, Ind. Underwriters—(Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.?: East&

total $9,000,000

St. Louis 3, Mo.
bidders: Salo¬

covering 150,000

Broadway, New York.

man

iri June.

Hutzler; Halsey, Stuart & Co. Inc. Bids
CDST) at above address.

—

Inc.-Salomon

July

plans the

noon

Price—$4. Business—The sale
vending machines. Proceeds

Glore, Forgan & Co.-Eastman Dillon, Union Securities &
Co.; Morgan Stanley & Co.; Blyth & Co.-Lehman Broth¬
Bids

(12

a

Probable

March 27, 1963 it was reported that the
to file a registration statement

Proceeds—To repay advances from A. T. &
T., parent.
Office—212 W. Washington
St., Chicago. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.;

Hutzler.

Brothers &

—June 5

Bell

road

$3,540,000 of equipment trust certificates

This will be the

equipment and appliances turning out over 10,000 dif¬
products ranging from locomotives to transistor

Lyhch/ Pierce, Fenneb & Smith

de¬

$25,000,000 of bonds in the third

ferent

&

economic

quarter, to refund a like amount of outstanding 6^4%
first pipe line bonds due June
15, 1977. Action is con¬
tingent upon successful completion of its rate case nov
pending with the FPC. Office—500 Griswola St., Detroit

of A. D. R's in the third
quarter of 1963. Business-

ers-Merrill

St.,

Salomon Brothers & Hutzler. Bids—•„

(Minn.)
was reported that the company plans to
771,110 additional shares to stockholders on
a l-for-20 basis in
1964, to raise an estimated $25,000,000:
Office—15 South Fifth St., Minneapolis. Underwriter—
To be named. The last rights offering in July 1959 was
underwritten by Merrill Lynch, Pierce, Fenner & Smith
Inc., New York.
•
'i

velopment. Underwriter—Kuhn, Loeb & Co., New York
Michigan Wisconsin Pipe Line Co.
March 12, 1963 the company stated that it is
considering

Hitachi, Ltd.
April 10, 1963 it was reported that this Japanese firm
plans to raise between $10-$20,000,000 in the (J. S. by the

Brothers

Co. Inc.;

—

be sold in the U. S. Details

St., Honolulu.

Illinois

<

&

Inc., N. Y.

not

1963, the company announced pians to sell
about $9,000,000 of common stock late in the third
quar¬
ter. Details have not been decided
upon. However, it is
expected that the common will be offered on a
rights
basis to stockholders. Office—1130 Alakea

For

'■

Mexico (Government of)
April 5, 1963 it was reported that the Mexican Congress
had authorized the sale of
$100,000,000 of boiids in other
countries. It is expected that the
majority of them would

Hawaiian Telephone Co.

—

;

Jefferson

111.

Kidder, Peabody & Co.-Harriman

'

North

Northern Illinois Gas Co. (7/10)
April 9, 1963 the company reported that it plans to sell
$20,000,000 of first mortgage bonds due 1988. Proceeds—

Of¬

Ripley & Co., Inc. (jointly); White, Weld & Co.-Blyth
& Co., Inc.- Shields & Co.
(jointly); Halsey, Stuart &
Co.
Inc.;
First
Boston
Corp.-Glore, Forgan & Co
(jointly); Salomon Brothers & Hutzler-Eastman Dillon.
Union
Securities
&
Co.-Equitable ■ Securities
Corp
-

Office—8

June 24 (12 noon EDST).

St., New Orleans. Underwriters—
(Competitive.) Probable bidders: Merrill Lynch, Pierce,

•

June.

Underwriters—(Competitive). Probable bidders: Halsey,

subsidiary of
$25-$30,000,000

Halsey, Stuart & Co. Inc.; First Bos¬
Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.,
Eastman Dillon, Union Securities &
Co.; Kidder, Pea¬
body & Co.; Blyth & Co.-White, Weld & Co. (jointly)

March 25,

Proceeds

in

(6/24)

reported that this road plans to sell
year equipment trust certificates

was

$4,300,000 of 1-15

ton

about $14,000,000 of first
mortgage uonds in the
quarter. Office—900 Richards St., Honolulu.
Un¬
derwriters — Dillon, Read & Co,
Inc., New York and
Dean Witter & Co., San Francisco.

of

about

Probable bidders:

third

Company is Japan's largest manufacturer

Norfolk & Western Ry.

April 8, 1963 it

Delaronde

Fenner & Smith Inc.-

Jan.

Scranton & Co., New Haven.

saie

this

35

Tokyo, Japan. Underwriters—Dillon, Read & Co.; First
Boston Corp., and Smith, Barney & Co., New York.

Stuart

Utilities, Inc., may issue
early in 1964. Proceeds—For construction.

bonds

441 Stuart

—

Underwriter—Kidder, Peabody

Rd.,

Hutzler-Merrill

South

fice—142

sell

Ave., Wethersfield, Conn. Underwriters
First Boston
Corp., New York; Putnam & Co., Hartford; Chas. W.

company

Bowl

Massachusetts Electric Co.

Hartford Electric tight Co.
April 30, 1963 the company announced plans to sell
$15,$20,000,000 of securities in 1964 to help finance its $26,000,000 construction program. Office—176 Cumberland

sell

&

Louisiana Power & Light Co.
Feb. 20,
1963 it was reported that

Securities

to

Brothers

(jointly).

& Webster Securities

Hawaiian Electric Co., Ltd.
March 5, 1963 it was reported that this

Punch

Lynch,
Pierce, Fenner & Smith Inc. (jointly); Kidder Peabody
& Co.; Harriman Ripley & Co.

bid¬

Jan." 29, 1963 the company announced
plans to sell 100,300 shares of preferred stock
(par $100) in the second
of 1963. Office—285
Liberty Ave.,

Underwriters—(Competitive).

at

Underwriters—(Competitive). Prob¬
Halsey, Stuart & Co. Inc.; White, Weld &
Co.; First Boston Corp.; Eastman Dillon, Union Securities

Gulf States Utilities Co.

half

Ave.,

J.

able bidders:

(Bonds): Equitable Securities Corp.-Eastman Dil¬
lon, Union Securities & Co. (jointly); Blyth & Co.-Kidder, Peabody & Co.-Shields & Co. (jointly);
Halsey,
Stuart & Co. Inc.; First Boston
Corp.; Harriman Ripley;
& Co.; Morgan
Stanley & Co.; Lehman Brothers. (Pre¬
ferred): First Boston Corp.; Lehman
Brothers; Blyth &
Co.; Eastman Dillon, Union Securities &
Co.-Equitable
Securities Corp.
(jointly); Morgan Stanley & Co. Bids
—Expected Nov. 7, 1963.
;

Address—Madison

Morristown, N.

Bldg.,

Atlanta.

fall.

(2139)

The

Inc.;

last sale

of

June

Potomac Edison Co.

May 14, 1963 it was reported that this subsidiary of
Allegheny Power System, Inc., plans to raise $12,000,000
in 1964, but has not determined the type of security to
be sold. Office—200 East Patrick
St., Frederick. Md.
Underwriter—To

be

named.

The

last

sale

of

bonds

on

May 8, 1957 was to a group headed by W. C. Langley &
Co., and First Boston Corp. Other bidders were: Halsey,
Stuart & Co. Inc.; Equitable Securities Corp.; White,
Weld & Co.-Shields & Co. (jointly); Lehman BrothersEastman Dillon, Union Securities & Co.-Harriman Rip¬
ley & Co.-Merrill Lynch, Pierce, Fenner & Smith, Inc.
(jointly).
,

.

;

V.

Continued

on page

36'

'

The Commercial and Financial Chronicle

(2140)

36

.

bonds due

Electric & Gas Co. (6/18)
1963 it was reported that this company plans

4

$40,000,000 of first mortgage bonds due 1993.
—
For construction.
Office — 80 Park Place,
Newark N. J. Underwriters — (Competitive). Probable

to

sell

Proceeds

bidders:'Halsey,

& Co. Inc.; First Boston Corp.;

Stuart

Merrill

Pierce, Fenner &
(jointly). Bids

Lynch,

& Hutzler

Brothers

Inc.-Salomon

Smith
—

Expected June 18

<11 am EDST) at above address. Information Meeting
—June 13 (2 p.m. EDST) at One Chase Manhattan Plaza,
New York.

Flower

sale of

a

June

May 7, 1963 the company announced plans to sell $16,000,000 of debentures in the first quarter of 1964, but
may do so earlier if market conditions are favorable.
Proceeds
For construction. Office — 10 Franklin St.,

minimum of $50,000,000 of debt securities in the
West Fifth St., Los Angeles. Under¬

writer—To be named. The last issue of

Tokyo bonds in
March, 1927, was handled by Kuhn, Loeb & Co. Offer¬

ing—Indefinite.
Transcontinental Gas Pipe Line Co.
May 6, 1963 it was reported that the company plans to
issue $30,000,000 of debt securities in September. Pro¬

Jan. 2, 1963 it was reported that this subsidiary of Paci¬
fic Lighting Corp., plans to sell $27,000,000 of first mort¬

Underwriters—White, Weld & Co., and Stone & Webster
Securities Corp., New York.

Fenner

Hutzler

Smith

(jointly).

&

Inc.-Salomon

Brothers

—

quarter. Address—P. O. Box
Terminal Annex, Los Angeles 54, Calif. Under¬
writers—(Competitive) Probable bidders: White, Weld
& Co.; Blyth. & Co. Inc.; Merrill Lynch, Pierce, Fenner

19, 1963, Allstate Enterprises, Inc., subsidiary, an¬
that it had delayed its plans to form a new
mutual fund until it received clarification of an SEC

&

it, if Sears' itself owned
that

the

a

be

in

operation late in

"very small scale," and would be started on
a state-by-state basis as approval was granted. Office—
925 So. Homan Ave., Chicago. Distributor—Allstate En¬
a

Chicago.

terprises, Inc.,
April

Sierra

May

Pacific

.

Co.

Power

Charlotte

(7/17)

.

V

,

Sierra Pacific Power Co.

May 6, 1963 it

stockholders

77,500

f

two held of

offer stockholders the right to subscribe for about
172,340 additional common shares on the basis of one new
share for each 10 held. .Office-—220 South Virginia

—None.
•

St.,

the

basis

of

one

7y*;- vV:/'-7*

:•• •;V.

77.

was

stated that the company

sion

by sale of debentures

Tennessee

To Save SBIC Program

Bldg., Houston,

of

Patman

<H. R.-799)

dollars

Business
there

Investment

will

officers

of

be

no

the

investor

the

Small

hearing.

Company,

industry,"

National

four

Associa¬

ment company

from $400,000 to $1

million

matching

on

Federal
crease
an

a

1962

to

basis

of

of

has

reduced

the

dollars to approximately 5 to 1.

islation, they told the Committee,

SBIC from 50%

funds;

of capital and

in

will

the

two

years

following

surplus to 100%; and increase the

attract

Companies

amount

vate funds and will encourage

urged

speedy passage of House Bill 799
that

so

would

American
have

funds.

a,

small

source

recently

before
on

the

Banking

Currency, the spokesmen for
small

business

investment

companies

enthusiastically

dorsed

bill

the;

introduced

en¬

by

Representative Wright Patman
(D.,
Texas),
Chairman
of
the

Committee, and its similar Senate
Bill 298 introduced by 16 senators

headed
man

by

and

from

the

an

both

Small

Senator

John

Spark-

(D., Ala.).

The

SBIC

may

private banks

Business Adminis¬

tration from $4

million to $8 mil¬

lion.

full House Committee

the

capital

/.

Appearing
and

business

of

borrow

funds

of

The witnesses in support of the

SBIC's
from

a

legislation

of

various

represented

sizes

ranging

minimum capitalization of

$300,000 to

a

with assets of

publicly held SBIC
more

states

more

SBIC's

At present

without

there

small

companies

geographical

Witnesses
enactment
lation

is

pointed

of

out

for

the

such
the

where
are

that

the

the

proposed legis¬
"imperative." They re¬

that

of

licensed

the

by

nearly
the

York

of Fort

Worth/ Texas.

New York;
Fox

successful

business

,

700

Small

E.

of

many

other

of

were:

Art

Wall

Spring.

prize

in

the

professional

Adele Greeff of

Granbery, Marache & Co.

Arthur

and

George

The awards include

$50 first

a

prize by Shearson Hammill & Co.,.
artist's

an

bacher,

First

Cianforne,

A.

Company,

Comptis.

in the

the

of

Association's

division went to

Winsor

easel

Inc.;
&

Art

from

oil

M.

paint

Newton,

certificates

of Growth

Bloomfield Hills, Mich.;

Capital,
William

of

Irving H.

Vice-President
President

prize

the

in

amateur

from

Inc.,

the

Grum-

from

set

gift

and

Street

Wall

Association.

In addition
be

stein,

a

for

ican

Banking

of

of
the

clerk with Belgian-Amer¬

Corp,

and

third

awarded
the

a

gift certificate will

by the Cloder

painting

show" by the

voted

Corp.

"best

in

public.

prize to Harold E. Holly, director
of

management training for New

York

A.

James

gional Investment Corporation

and

first prize

Exhibit.

Life Insurance

community.

NASBIC and President of the Re¬

NASBIC

Street

won

division

competition went to Dorain Wett-

and

Cleveland, Ohio;

Second

Emily

Andersen

Irving Weinstein, Matthew Loonan

Mention

professional competition went

to

Second

Francis, First Vice-President of

Dale,

Telephone Company.

Awards for Honorable

in

amateur

Grace McAlpin, E. D.

Co., and John J. McGeeny,.

New York

Winners in

in¬

operation

The four witnesses

&

six

business

within

areas

the

companies for the benefit of

small

Inc.

Business Administration since the

SBIC's

Capital Corporation of Mention in the amateur competi-City; and Stewart W. tion went to Raul A.
Garcia,.
DeVore, immediate Past President Chartered Bank; Donald J. Gormof NASBIC and President of the
ley, Executive Secretary of the
Fort
Worth Capital
Corporation Art Commission of the City of

New

pri¬

states with excellent opportunities

and President

Imperative Need Stressed

ported




needed.

of

additional

W. Howard, President of NASBIC

cf

single small business invest¬

formation

than $22 mil¬

lion:

proposed legislation would
increase maximum capitalization
a

substantial

vestment

v

proposed

Federated

Company,

top borrowing ratio of

the

Underwriter—To be named.

ratio

private dollars to Government

Enactment of the proposed leg¬

private

holding company for subsidiaries engaged in motor ve¬
hicle freight transportation, nationwide freight forward¬
ing, truck leasing, etc. Office—460 12th Ave., New York..

Address—

this

outnumbered

tion of Small Business Investment

(NASBIC)

Yale Express System, Inc.
May 14, 1963, Gerald W. Eskow, President, told the an¬
nual meeting of stockholders
that, "preliminary discus¬
sions have been held with investment bankers" in re¬
gard to arranging for long-term financing. Business—A

While pri¬

in¬

and

•

availability of

committed

in

companies

to

the

large

a

& Hutzler (jointly); First Boston
Corp.; White. Weld &:
Co.; Kidder, Peabody & Co. Bids—Expected Oct. 8." /,

Government dollars by a ratio of
7 to
1, the departure of these

Sparkman (S-298) at full House Banking and Currency

"unless

with

ones

long term capital.

program

Representative

30

some

These in¬

funds to small businesses in need

support of bills

that

"

Underwriters—Stone

has been

net decrease in the

vate

restored

each

-

mid-summer.

Texas.

sizable

some

Imperative need to increase SBIC's maximum capitalization, borrow¬
ing ratio, and borrowing amount is voiced by four SBIC heads in

is

North Marshall St., Milwaukee. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.; East¬
man
Dillon, Union Securities & Co.-Salomon Brothers:

$56,000,000 expansion of its
gas pipeline. Earlier, it
plans to finance the expan¬

by

result that there

appeal

—1U29

Texas-to-New England natural

clude

Declaring

for

Wisconsin Public Service Corp. (10/8)
19, 1963 it was reported that this companyplans to sell $15,000,000 of bonds later this year. OfficeMarch

reported that the FPC had approved

was

inception of the program,

Committee

/

7/77

7

have ceased operations.

and Senator

share

new

St., New York. Underwriters—Kuhn, Loeb'
Co., Inc., and Lehman Brothers, New York.

&

(San Francisco)

Tennessee Gas Transmission Co.

the company's program for a

subsidiary of
Pacific Lighting Corp./plans to sell $40,000,000 of first
mortgage bonds;, Proceeds—To refund outstanding 5xk%

by

—60 Hudson

record

May 20, 1963 it

77":

Southern California Gas Co. (6/25)
April 22, 1963 .it was reported that this

introduced

notes

May 10. Rights will expire June 21.
Price—$32. Proceeds—To increase capital and surplus.
Office—365 California St., San Francisco. Underwriter

(7/17)

Reno, Nev. Underwriter—None,

serially/one-third at the end of each of the1964, 1965 and 1966. It plans to refinance the serial
by issuance of long-term debt securities, but has:
not determined the terms or, timing of the action. Office
maturing

years

reported that the bank is offering
right to subscribe for an additional

on

Gas

Union Telegraph Co.
6, 1963 the company announced that it had ar¬
ranged to borrow a total of $100,000,000 by sale of notes-

was

the

shares

shares to be offered

Natural

Western

.

,

Sumitomo Bank of California

May 15, 1963 it

reported that the company plans to

was

.

.

S.

March

Line RR.;

& Co.-Salomon Brothers & Hutzler
(jointly);
Halsey, Stuart & Co. Inc.; Kidder, Peabody & Co.White, Weld & Co. (jointly). Bids — June 4 (12 noon
EDST) at 70 Pine St., New York. Information MeetingMay 27 (2:30 p.m. EDST) at One Chase Manhattan Plaza
(30th floor), New York.
'
7

$3,340,000 of outstanding 5%% debentures due July 1,
1985, and for construction. Office—220 South Virginia
St., Reno, Nev. Underwriters—(Competitive). Probable
bidders: Kidder, Peabody & Co.-White, Weld & Co.
(jointly); Stone & Webster Securities Corp.-Dean Wit¬
ter & Co. (jointly); Halsey, Stuart & Co.
Inc.; Salomon
Brothers & Hutzler. Bids—Expected July 17, 1963. In¬
formation Meeting—July 12 at 90 Broad St., (19th floor),

.

initially to stockholders of
Corp. Address—9601 Wilshire Blvd.,
Beverly Hills, Calif. Underwriter—None.
7

curities

1963 it was reported that this company plans
to sell $8,000,000 of debentures. Proceeds — To refund

•

Air

.

17,

common

U.

reimburse treasury for capital
expenditures and provide for capital improvements. Of¬
fices—14th and Canal St., Richmond,
Va.? and 70 Pine
St., New York. Underwriters — (Competitive). Probable
bidders: First Boston Corp.; Eastman
Dillon, Union Se¬

6,

New York.

Corp.
■.
1963 it was reported that this newly-formedL
natural gas pipeline company plans to file a
registra¬
tion statement covering an undetermined number of

000,000 of first and general mortgage bonds due June 1,
1988. Proceeds—To acquire stock of Central of Georgia
Ry.; retire first mortgage 3%% bonds of Atlanta- &

was

Co.

Western Transmission

April

• Southern
Railway Co; (6/4)
May 21, 1963 the company announced plans to sell $50,-

-

reported/that the bank plans to
offer stockholders the right to! subscribe for an addi¬
tional 141,519 common shares on a l-for-9 basis.
The
proposal will be voted on by stockholders in mid-June
and the date of the meeting would also be the record
date for the rights offering. Address—Huntington, N. Y.
Underwriter—M. A. Schapiro & Co., New York.

it

1963

16,

Halsey, Stuart & Co. Inc.; First Boston

at above address.

Security National Bank of Long Island

Electric

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, 12th Blvd., St. Louis;
Underwriters— (Competitive). Probable bidders:
(Pre¬
ferred): First Boston Corp.; Dillon, Read & Co., Inc.;
Lehman Brothers; White, Weld &
Co.; Blyth & Co.,
Inc. (Bonds): Halsey, Stuart & Co.
Inc.; Lehman Brothers-Blyth & Co., Inc. (jointly); White, Weld & Co.Shields & Co. (jointly); First Boston Corp.

Southern Pacific Co. (6/4)
April 24, 1963 it was reported that this company plans
to sell $8,100,000 of equipment trust certificates. Office
—165 Broadway, New York. Underwriters—(Competi¬
tive). Probable bidders: Solomon Brothers & Hutzler;
Halsey, Stuart & Co. Inc. Bids—June 4 (12 noon EDST)

mutual fund." Earlier, All¬

would

fund

Smith Inc.;

expansion. Office—3100 Travis St., Houston.

March

Corp.

ruling which "has been construed by some to mean that
registered investment companies could not purchase
Sears' stock or would be required to divest themselves
said

Union

2736,

nounced

on

ceeds—For

of Calif.

Co.

bonds in the fourth

gage

Feb.

1963

Counties Gas

Southern

Sears, Roebuck & Co.

state

19 at above address.

&

Pierce,

Rochester, N. Y. Underwriters—(Competitive). Probable
bidders: First Boston Cdrp.; Eastman Dillon, Union Se¬
curities & Co.-Kidder, Peabody & Co. (jointly); Kuhn,
Loeb & Co.; Halsey, Stuart & Co. Inc.

of

—

Tokyo (City of)
May 1, 1963 it was reported that the Diet had authorized
the sale of $20,000,000 City of Tokyo bonds in the U. S.
during the fiscal year ending March 31, 1964.
Under¬

writers—(Competitive). Probable bidders: Halsey, Stuart
&
Co.
Inc.; First Boston Corp.-Dean Witter & Co.
(jointly); Blyth & Co.-Lehman Brothers-Merrill Lynch,

Co.

/

writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; Salomon Brothers & Hutzler. Bids—Expected

-

Rochester Telephone

Corp.; White, Weld & Co.; Halsey,

this road plans to
$3,000,000 of 1-15 year equipment trust certificates.
916
Fidelity Union Tower, Dallas. Under¬

sell

Address

Office—601

fall.

Thursday, May 23, 1963

it Texas & Pacific Ry. (6/19)
May 20, 1963 it was reported that

it Southern California Edison Co.
May 22, 1963, following the sale of $60,000,000 of first
and refunding mortgage bonds due May 15, 1988, the
company stated that it will need about $66,000,000 of
new money to finance its 1963-64 construction program.
A spokesman said that the company is considering the

White, Weld & Co.-Blyth & Co.-Goldman, Sachs & Co.Hairiman Ripley & Co.
(jointly); Lehman Brothers-

.

Stuart & Co. Inc.

July 1, 1983, and for construction. Office—810
St., Los Angeles. Underwriters—(Compe¬
titive). Probable bidders: Halsey, Stuart & Co. Inc.;
White, Weld & Co.-Eastman Dillon, Union Securities &
Co.; Blyth & Co.-Merrill Lynch, Pierce, Fenner & Smith
Inc. (jointly). Bids—Expected June 25.

Public Service
March

& Webster Securities

South

from page 35

Continued

.

ate
of

past president for four
the

the

With F. P. Ristine & Co.

Company.

Henry Hordhausen, immedi¬
Salmagundi

world's

second

oldest

prize

in

Club,
art

the

years

one

clubs,

of

won

professional

category.
The

DOYLESTOWN, Pa.—F. P. Ristine
Co., members of the New York

&

Stock Exchange and other

exchanges,

went

Street

J. Custode Giantuzzi, Latin Watch

tative.

Case

associated

Company.

Other

awards

for

Honorable

office

their

to

award

as

that

associated

now
at

40

E.

Court

Registered Represen-t

a

Mr.

corporated.

leading

announced

Harry F. Poole is
with

sculpture

have

Poole

with

was

Blair

&

formerly

Co.,

In¬

Volume

Commercial and Financial Chronicle

The

6266

Number

197

The

Indications of Current

week

Steel

ingots

Index

of

castings (net tons)
based on average

and

1957-1959.

for

Crude

oil

*ay 10
-ay 10

(bbls.)_

average

Gasoline

output (bbls.)
Kerosene
output (bbls.)—
Distillate fuel oil output
(bbls.)
Residual fuel oil. output (bbls.)_—

lay 10
1&y 10
^ay 10)
-ay 10

—-

.

—
.

—.——

:

bulk terminals, in transit, in pipe lines
Finished gasoline
(bbls.) at——
—-—
lay 10
Kerosene (btyls.) at
lay 10
Distillate fuel >oil
(bbls.) at
>—
tay

Stocks at refineries,
■

-

Residual

fuel oil

Unfinished

(bbls.) at

(bbls.)

oils

lay 1°
iay .10

———————-—

at

____—;

—

Revenue

COAL OUTPUT
Bituminous

(U.

coal

Pennsylvania

(tons)-

lignite

and

anthracite

CONSTRUCTION

7,460,910

8,438,000
28,655,000

*28,555.000

29,006,000

3,169,000

3,040,000

12,888.000

2,965,000
12,656,000

13,957,000

2,336,000
12,762,000

5,148,000

4,741,000

5,915,000

5,151,000

*

PLANNING

—

201,263,000

202,684,000

208,404,000

26,542,000

24,789,000

89,812,000

*88,099,000

84,323,000

44,218,000

87,226,000

43,778,000
*84,706,000

84,062,000

598,670

590,981

528,938

532,415

„

91,621,000

on

11
11

lay 11
-lay 11

—.

9,215,000

357,000

583,947

556,081

•

519,075

advance

9,000,000
354,000

*8,985,000
365,000

FAILURES—DUN

INC.—Month
Wholesale

263.000

Retail

and

State

Municipal

*ay 16

DEPARTMENT

$347,900
249,600

240,800

126,900

98,300

124,400

Manufacturing

96,700

117,500

93,900

104,100

Wholesale

9,400

4,400

20,300

AVERAGE=100_—_;————Jay 11

number

200

129

595

212

.

221

145

767'

'

.

273

116

126

119

1,287
$32,286,000

1,296

1.504

$34,907,000

$49,677,000

$365,200

302,000

225*

189
150
620

;

service

$428,900

213,200

Total

Retail

number

20,228,000

liabilities-'..—.

Commercial

121

121

*113

127

liabilities

liabilities'

service

liabilities

26,148,000

31,691.000

14,434,000

—_-

13.473.0C0

28,847,000

liabilities-———————.

Construction

RESERVE

SALES INDEX—FEDERAL

STORE

SYSTEM—1957-59

855,370.000

BRADSTREET

&

number

$321,700

.11,300
"

,w-0

4

April:

number

number

Commercial

—

of

number

Construction

-May 16

—

1,041,482,000

7a,Ob

between

countries

Manufacturing

8,142,000

ENGINEERING

ownership

planning by

shipped

)

«

142,583,000

: 52,658,09 6,000$2.589,257,00C$2,392,029,000

BUSINESS

515,591

.

142,lo3,000

1,129,985,000

and

113,300,000

146,495,000

stored

goods

foreign

825,953,000

8.4j.o.ood

95,893,000

credits

exchange 2i

Based

40,822,000
84,792,000

44,034,000

$478,502,000

729,694,000

12,327,000

warehouse

Dollar

$554,213,000

750,492,000

BANK

30:

shipments

Domestic

14,244

OUT¬

RESERVE

April

Imports
Exports

24,484,000

4,077

21,307

2,145

undelivered

ACCEPTANCES
of

4,026

-.

and

FEDERAL

—

YORK—As

NEW

5,808

3,755

19,872

order

DOLLAR

STANDING

196,204,000

27,328,000

Ago

$522,904,000

BANKERS'

OF

Year

Month

2,573

!

cars

108,500

Total

freight cars
delivered

new

freight

Domestic

(OOO's omitted):

SERIES

NEWS-RECORD—NEW

,•__—

(tons)———-d.

ADVANCE

7,999,000
28,419,000

:

8,553,000

Previous

INSTITUTE—

April:

of cars on
(end of month)

7,322,110

7,460,360
*8,147,000

7,484.610

BUREAU OF MINES):

S.

CAR

Total

freight loaded (number of cars)—..
„—_—
lay
freight received from connections (no. of cars)— my

Revenue

of

of

Orders
New

AMERICAN RAILROADS:

ASSOCIATION OF

RAILWAY

Backlog

_

of that date:

Month

89.2

135.3

136.8

either for the

are

are as

Latest
AMERICAN
Month

of

(bbls.

output—daily average

condensate

and

gallons each)
•
Crude runs to stills—daily
42

of quotations,

cases

Year

Ago
i,—,000

in first column

own

in

or,

37

production and other figures for the

co\er

Dates si

that date,

on

Ago
2,.—.l.OOO

2,c<i.o,000

139.8

•

month ended

INSTITUTE:

PETROLEUM

AMERICAN

May 18
production
lay 18

_.

weekly

production

2,oobi,000

month available.

or

Month

Week

Week

INSTITUTE:

STEEL

AND

or

Previous

Latest
IRON

following statistical tabulations

latest week

Business Activity
AMERICAN

(2141)

19,017,000

24,586.000

10.437,000

4,960,000

6,957,000

5,440,000

$100,755,000

$100,502,000

$121,831,000

'

liabilities

Total
EDISON

.

INSTITUTE:

ELECTRIC

Electric

(in

output

kwh.)

000

.——May 18

_____

—._

16,787,000

16,529,000

16,191,000

16,008,000

268

322

255

329

COAL

IRON

,

Scrap

steel

(per

&

May 16

lay 13

2.
—____:

ton)

gross

U.

6.196C

6.279c

6.279c

6.196c

lay 13
________

_.

$63.33

$63.33

$63.33

$28.83

$29.17

$28.17

(net- tons)
North and

•)

South

To

•

Europe

To

$26.17

Electrolyiic

(E.

&

QUOTATIONS):

M. J.

copper—<•

lay 17

•-

.

Lead

York) •.at_:__'_J._____—i,

(New

Lead

•

(delivered

Aluminum
Straits
MOODY'S

BOND

10.500c

10.500c

10.500c

9.500c

10.300c

10.300c

10.300c

Asia

12.000c

12.000c

12.000c

12.000c

11.500c

11.500c

22.500c

22.500c

22.500c

116.375c

113.750c

'corporate—

Average

89.80
89.23

89.71

89.23

-

MOODY'S
U.

L

Group—.

BOND

92.93

92.93

90.77

90.77

Month

All

89.37
84.17

84.04

83.79

82.52

87.05

87.05

86.91

90.34

90.34

90.34

Group

1

Utilities

Public

Industrials
MOODY'S

90.20

90.06

90.06

3.79

3.81

•

3.82

3.80

4.47

4.22

4.21

4.21

Group—

4.36

4.41

4.46

4.46
4.88

Percentage

,

.

.

and

Gas

and

and

4.63

4.63

4:64

4.81

4.39

4.39

4.39

4.48

4.40

4.41

383.9

372.6

Footwear

Other

367.8

—

.___.

11
11
11
11

May 17
ACCOUNT

351,076

396,753

339,686

.

Total

A

-Apr. 26

sales—

358,223

355,237

353,013

93

96

94

94,

509,565

sales—

sales—

111.98

sales..

Other

Total

:

;

Total round-lot transactions for
Total

Other

—^

sales-!

DEALERS

Odd-lot

sales

Number
Dollar

Odd-lot

other

value

118,122

*121,716

125 4^2

pounds)

142,046

147,953

137,070

132,759

*141,316

130.476

95,822

*106,125

65,277

122

*121

U.

SYSTEM

3,393,080

2,399,300

2,631,620

750,460

516,190

258,910

3,252,150.
725,050

35,910
502,960

289,150

538.870

Short

1,245,586

1,326,672

996,551

203,300

168,820

114,870

1,274,345
1,477,645

1,187,220

1,005.715

NEW

896,997

.

NEW

'

'

YORK

As

776,299

5,178.076
1,013,960

of

4,353.350

5,45?,445

5,508,140

4,058,755

of customers

round-lot

OF

MEMBERS

sales—

'

'V.

>

.

sales

,

—

—

U.

$86,070,022

2,107,953

2,268,811

1,679,464

1,699.125

15,036

12,903

12,400

23,531

2,092,917

2,255,908

1,667,064

1,675,594

$104,853,701

$76,915,272

$94,719,031

$100,383,432

..

Meats

All

commodities othej

*Revised

sold

on

———

figure.

delivered




511,000

14,750,000

20.454,000

14,631,000

21,077,000

*42,293,000

39,811,000

54

42

54

ASSOCIATION,

(Number of)

—

1,384,250

881,910

■

Passenger, Motorcycle,

17,385,890

26,521,690

26,859,950

19,949,550

18,035:720

S. DEPT. OF

Tubes

(Number

99.9

94.7

*94.7

95.4

May 14

IOC.7

*99.7

99.5

99.7

_May 14

89.4

*87.8

87.6

93.9

_May 14

100.4

*100.5

100.5

371,703

1.050,862

3.572,285

3,475.361

3.582.008

3,656,895

3,594,972

4,009.395

8,974,217

8,713,564

(pounds)

37,075.000

33,065,000

36,920.000

(pounds)

36,539,000

33,108,000
17,554,000

36.424,000

-

(Camelback)

—

17,130,000

(pounds)

Inventory

Bus

Shipments

Tires

(Number

of)

17,187,000

—

1,121,971

1,268,179

(pounds)
-—_

1,352.868

1,382,380

1.325.422

4,168,086

3,831.219

86%

1,471,281
4,373,266

Inventory

100.3

*99.8

408.676

354,833

1,146,145

of)—

—

Rubber

Production

and

366,020

414,477

Truck and Bus

Production
100.0

9,562 451

9,296,786

Shipments

«•

9,952,445
24,692,077

1,159,826

-

Inventory

849,830

19,067.640

10,326,488

27,524,839

411,711

Shipments

Tread

.

8,113,478

9,868,233
11,069,301

28,819,412

;

Implement Tires (Number of)—

Inner

88%-

100.9

May 14

tNumber of orders not reported since introduction of Monthly Investment Plan,
at centerg where freight from East St. Louis exceeds one-half cent a pound.

basis

°3,171.000

42,328,000

Shipments

25.475,700

than farm and foods.

357,770,892

3,323,000

21,296,000

cent)

(per

Production

1,209,510

—

;

21,525,000
(barrels)

Production

25,311.980

—

419,000

365,933.744
796,000

859,000
3,362,000

(barrels)

month

INC.—Month of, March:
Passenger & Motorcycle Tires
Shipments
i

Tractor

May 14
:—

1,110.000

(BUREAU OF MINES)—

MANUFACTURING

RUBBER

STOCK

—_______—

foods-

383,589,658

collateral

Inventory

;4u—Apr. 26
1
—.—_•—, Apr. 26

products-—

1,201,000

Producton

Group—

commodities-

Farm

Processed

36. COO

399,000
1,175,000

'

1,786,190

$101,311,313

LABOR—(1957-59=100):
All

balances.

shares

other

on

mills

of

used

1,256,625

Truck

WHOLESALE PRICES. NEW SERIES

Commodity

from
end

$59,969,352

———_——Apr. 26

—

at

credit

Inventory
.

$4,115,000

28.000

415,000

(barrels)

1,840,540
$89,641,931

1,724,007

(SHARES):

sales__———_____j.—_—'

8

March:

of

Shipments
Stocks

free

listed

PORTLAND CEMENT

TRANSACTIONS

Short salesOther

of

value

Production

586,070

ACCOUNT

U.

3,942,127

4,443,485

266,200

Y.

$4,358,000

$4,553,000
27,000

in

3,286.297

3,404,205

445,430

N.

banks

in

borrowings

402,970

THE

balances

customers

to

and

hand

borrowings of U. S. Govt, issues-.

Apr. 26

ON

debit

net

extended

Member

."_

STOCK

£9.516,000

carrying margin accounts—

customers

on

Total

506~490

SALES

£49,084.000

'

Cash

506,490

ROUND-LOT

.887,000

April

Member

708" 100

STOCK

118

EXCHANGE—

655,830

708,100

AND

'•

(OOO's omitted):

3,664,679

868,100

ROUND-LOT

of

118
■.

BRITAIN

3,952,751
654,550

1,754.790

868,100

EXCHANGE

GREAT

5,419,272

807,720

sales

IN

BANK—Month

STOCK

firms

Total

122

123

ISSUES

April 30

.Credit

982,657

807,726

Other

Round-lot

Month

1,120,585

Apr. 26
Apr. 26

■.

—

:

1,356,040

Apr. 26

sales

RESERVE

FEDERAL

Average^ 100

1957-59

CAPITAL

MIDLAND

85,660

89,300

dealers—

by

shares—Total

of

pounds)

2,000

adjusted
Unadjusted _J

Apr. 26
Apr. 26
Apr. 26

sales

of

THE

OF
—

Apr. 26

sales

-April:

April:

Capacity

sales

of

S.

Seasnally

327,850

Apr. 26

of

38,700

669,720
759,020

54.900

purchases)—t

total

month

U.

stocks at end of period (tons
pounds)
__—

ERNORS

531,470

COMMISSION

sales

<

copper

2,000

2,100,150

STOCK

Y.

in

(tons

A.

S.

2,629,470

purchases by dealers—Number of shares

Number

Total

N.

.

fabricators—

to

Market

i

sales

Round-lot

Total

short

113.6

A.—
pounds)

INSTITUTE—For

503,770

2,440,010

672,750,

Apr. 26
Apr. 26

orders—customers'

114.9

115.6

107.3

production

1,895,530

purchases by dealers (customers' sales)—
of

105.9
104.6

'116.3

.

115.8

.___

100.3
;

105.9

896,670

3,342,140

727,650

—

value

Customers'

FOR

ON

EXCHANGE

(customers'

105.3

105.1

2,496,410

fpr. 26
Ipr. 26

—Apr. 26'

shares

Customers'

TOTAL

dealers

by

of

Number

Dollar

SPECIALISTS

AND

SECURITIES

—

106.8

105.7

Month

EXCHANGE

:

100.9

105.7

In

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT

109.1

109.9

116.4

;

care

(tons of 2,000
Refined (tons of 2,000

account of members—
_——

sales

Total

Apr. 26

—Apr. 26
2——____————_—Apr. 26
Apr. 26
i
'____
Apr. 26

purchases———

Short! sales—"—-—

100.4

109.2

Member

1_

—

—

102.7
102.8

100.7

107.3

755,760

3,207,440

Ipr. 26

x

_.

————

sales.:

care

2,496,390

the floor—

—

sales

103.3
103.7

■105.6

:

Crude

111;98

111.88

111.96

\pr. 26

—

on

purchases—

Short

-

—

.—.

Total

I
ll_—

___

.

Total
sales——__—v
Other transactions initiated

107.1

110.0

Copper
'.

Apr. 26

._2__

:

"109.3

107.0

and recreation
goods and services

COPPER

491,703

487,384

528,098

floor—

purchases——

Short
Other

99.5

109.7

110.1

of

—_—

the

103,6

98.3

110.0

:

96.3

CONDITION—CROP

RYE

BOARD

As

of

WINTER

tPrime Western Zinc

U.

May

S,

.

REPORTING
OF AGRICULTURE—

83%

WHEAT

PORTING

DEPT.

1
PRODUCTION—CROP

BOARD

U.

CULTURE—As of May

S.

1

DEPT.

OF

(bushels)—

'

107.9

104.8

INDUSTRIAL PRODUCTION—BOARD OF GOV¬

.

off

108.0

104.8

101.1

_i

"

1953

341,919

368.782

of

initiated

!

;

194.6

Reading

MEM¬

OF

specialists in stocks in which registered—
Total purchases
\pr. 26
Short saleis_^__—
\pr. 26
Other, .sales——'.
—ipr. .26
...

193.7

105.4
106.4

;

101.1

,

Personal

Refined

transactions

112.5

.

'*.

103.9

girls'

.,

M'edical

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS

Total

'

108.0

apparel

Delivered

1919 AVERAGE=100

Other

96.1

105.7

'

Public

4.40

134.4

97.1

112.6
•

—

Transportation

4.41

389.8

109.4

96.7

___.

boys'

and

Private

OIL, PAINT AND DRUG REPORTER PRICE INDEX—

.

:__

oil_

opej:atJon

Women's

lay 21

_May
lay
lay
day

_—

—:

activity-—.
Unfilled orders (tons) at end of period-.

Transactions

1958=^100)
____.:
:

195.6

Other

.____.

FOR

:

«: 103.6

103.6

Men's

Y

ASSOCIATION:

TRANSACTIONS

(Jan.,

1 ;0.6

109.6

•__

;

fuel

:

107.3

102.1

98.6

and

Household

■

9

109.2

103.5

home———______

at

electricity—

fuels

Solid

4.85

lay 21

193.2
1 *1

106.4

4.46
-

105.0

105.0

109.1

vegetables

;

4 36

.

1.06.1

103.5

'.100.7

4.57

4.48

4.47

_/<Iay 21

j

of

ROUND-LOT

106.2

103.0

:

__^___

Housing

4.98

—

—

1,254,000

•

fish

Food away from home

.

:

4.60

4.86

.__

—

(tons)-—'

received

Production" (tons)—
.

:

and

products
food

lay 21

INDEX-

PAPERBOARD

34,313 000

1,595,000

bakery products

poultry

Other

4.27

4.36

—

COMMODITY

NATIONAL

-Orders

Group-

33,320.000

,474,000

1957-59—100-

—

"

——————

and

Fruits

lay 21

___.

;•'

'

home

Dairy

89.09

90.20

lay 21

.—;

'

,035,000
—

—_;-

lay 21

Railroad

INDEX

March:

Meats,

_

———.—J

lignite (net tons)..
anthracite (net tons)—

at

lay 21
Baa

and

84.68

lay 21

-__

535

•

MINES)—Month

(BUREAU OF

PRICE
of

Food"

"

._*iMay 21
/lay 21

—.

1
;

792

Houscfurnishings

___!

r\"

61.-99

41

104.6

87.45

89.37

89.37

•

corporate-—

———.

:.

YY846

items

90.06

iay 21

___

Y. 158

tons)

coal

CONSUMER

92.06

90.77

AVERAGES:

DAILY

YIELD

92.79

fay 21

___

—

;a—.—

Government Bonds—

S.

Average
Aaa

i__

Group__
.__■
.—i——
Utilities Group—.—

Industrials

7

45,109

129,888

'

87.86

lay 21

i__

tons)—

108 "U3

,

53,565

«

203,369

,t

Pennsylvania

v

'

fay 21
Public

April:

88.83

89.09

89.89

ray 21
lay 21

.

Railroad

of

•«

fay 21

___

•

(net

Cereal

f__—______—_____—

(net

184 286

J-61,474

tons)

116.750c

lay 21
___

(net

tons)

(net

Bituminous

24.000c

117.000c

'

t

11.500c

11.500c

lay 17
my 17

.___——I—

Government Bonds

U. S.

anthracite

America

9.300c

AVERAGES:

DAILY

PRICES

28.525c

fay 17

(primary pig, 99.5%) at—
(New York) at———

tin

30.600c

28.425c

fay 17

Louis) at_—
!—
at)
—1___—
Zinc '(East Stl-Louis). at_____i—___i_.

tZinc

30.600c

28.475c

Hay 17

(St.

—____—

30.600c

28.425c

lay 17

•

30.600c

*y 17

refinery ;at_^.__'__—d~_—
Export refinery at_

MINES)—

tons)_i——__•

America

COAL OUTPUT

;■"•

•

Domestic

OF

265,847
Central

(net

To- Africa
METAL PRICES

(BUREAU

February:
of Pennsylvania

To

$66.44

fay 13

—

of

S.. exports

To

PRICES:

COMPOSITE

Finished steel (per lb.)_
Pig iron (per gross ton

-V"
..

AGE

EXPORTS

Month

•

DUN

(COMMERCIAL AND INDUSTRIAL)
BRADSTREET, INC. ———
—

FAILURES

;

RE¬

AGRI-

/:

884,519,000

...

926,944,000

816,379,0oqi

;

_

38

The Commercial and Financial Chronicle

(2142)

&

TAX-EXEMPT BOND MARKET
and

2001

amounted

to

carried

turities

a

Securities

Co.,

of

members

include

group

and 2003 ma¬
3% coupon and

The 2002

$160,000.

managed

Co.

&

Alex.

&

Brown

&

Stearns

at

Wm.

Sons,

Blair &

4.00% yield.

a

Infrequent State Borrowings

Two

Featured Tuesday's Business

Tuesday

was

busy

a

Sautter,

shall,
and
^

two

of

which

States

our

are

of

State

Bank of

2.881%.

for

bonds

the

netinterest

Second

offering

cost

led

from

National

Bank

New

there

and

cost from

this

popular

Other

winning
&

&

of

members

include

account

Salomon

Co.,

made

issue.

major

the

Drexel

Brothers

&

Hutzler, Ladenburg, Thalmann &
Co.,. Seattle First
United California

tional

Bank

of

National

Bank,

Bank, First Na¬

Boston, Goodbody

Valley

Co.,

National

Bank

National

Bank

of

the

issue,

offering

Reoffered
to

Trust

and

Savings

Phelps, Fenn &

Curtis, A. C. Allyn & Co., Inc.,

&

Co.,

Bacon,

Stevenson

Lemon

&

son-Humphrey

&

&

Co.,

Robin¬

Co.,

Co.,

White, Ronson
&

Northrop

Co.,

&

McDougal

Condon, Inc., Steiner, Rouse &

Co.

and

J.

Reoffered

in

1966

Dain &

M.

to

to

from

yield

in

3.60%

2.00%

1992,

the

1993

New

Jersey,

York

Stroud

Hanseatic

&

Corp.

Newark,
Co.,

and

New

Fifth-

pon

to

to

yield from

1.60%

3.00%, initial retail demand has

been

thus

far

disappointing, the

and

a

reoffered at

was

.

■

1%
a

cou¬

4.10%

volved

$3,765,000

various
bonds

Toledo,

Ohio

(1965-1989)

purpose

which

the

about $14,000,000.

Manhattan

cal

Bank

The

mitted

lic

awarded

were

headed by

group

The

group

Boston

Co.

Bank

The

net

interest cost.

Corp. and Drexel &

for

this

led

submitted

jointly

the

by

best

bid,

a

terest

issue,

cost,

to

at

the
a

Second

best

bid

3.02%

net

in¬

a

from

came

the

540,000

and

Fund

way

Colorado

revenue

refunding

(1963-1975) bonds. The
bid,

2.6793%

a

net

High¬

runner-up

interest

cost,

there

were

14

made for this loan.
-.

jointly

Other

members

syndicate

of these

held

issues

that

market

easy

are

now

market

any

so

set¬

touches

category

of

continue
to

off

interest.

be

the

vestor whenever

Even

pears.

companies

issues

enough

of

some

dip

ap¬

trust

the

purchasing

now

toll

seasoned

more

for

in¬

small

market

a

are

the

of

some

road

yields

generous

so-called

this

In

investment,

to

attract

flurry of in¬

a

buying

trust

accounts.

the

by

York

New

First

bid,

Co.

Trust

Boston

Corp. sub¬

3.278% net

a

of

Puerto

Record Gains Achieved

Rico, pub¬

(1964

improvement

Wednesday.

on

the

bid,

runner-up

win¬

the

which

cost,

account

Manhattan

3.28%

a

Haupt &

major

successful

Popular,
Devine

members

group

^anco

are

C. J.

Harriman Ripley

Co.,

Smith,

Co.,

Mellon

the

of

Lehman Brothers,
&

Bank

Co.,

&

Barney

National

Trust

and

Co., Kuhn, Loeb & Co., Philadel¬
phia

National

Trust

Co.,

Co.
&

Louis,

National

and

Mercantile

Bank,

St.

Carl

Continental

Bank

M.

and

Loeb,

Trust

Rhoades

securities

offered

are

at

prices to yield from 1.70% in 1964
to 3.40%

it

in 1987 and

as

go

that

estimated

is

we

1988 maturity
of

1%

carried

coupon

a

to

50%

of the bonds remain in group.

4.50%

meet

strength

of

the

utilize to the maximum their flex¬

industry

as

it

The

one-tenth

and was sold at a

yield.

include

-

of

Dollar Bonds Find Support

long-term

bridge,, public
and

-

other

toll

utility,

revenue

fared better

in

the

road,

toll

authority

issues

type
course

of

the

banking

bids

\
the winning

its

sion

geographic exten¬

through

ters

high¬

was

Bros.

and Financial Chronicle's 23

long-

of

needs

their

dustry's

for

case

"breaking

Dr. Ensley referred
to

Association of

Bank

Mutual

which

Sav¬

the

Federal

bill

before

now

would

his annual

rest of the country

port

to

re-

the

tion

for

Bank Board.
Dr. Grover W.

Ensley

gathered

here

their

savings

43rd

Con-

Annual

Federal

and

Ensley pointed to

gains achieved by the
512

mutual

savings

na¬

the

economic

climate, on the

one

and

financial

hand, was" es¬

pecially favorable for all deposit-

was

intensely

Financial

in

its

competitive

savings banks. In this climate,

they demonstrated their ability to

was

the

represented

11
on

Committee

Institutions

which,

recently-released

report,

supports Federal charters for

sav¬

ings banks.

banks

during the past 12-month period,

includes

Kennedy's

on

Summarizing the printed report,

record

the

through char¬

Support for the leg¬

agencies

President

W.

ex¬

to

islation, Dr. Ensley reported,
broad-based

ference.

Grover

banks

tering by the Federal Home Loan

of

Associa¬

Savings

Congress,

provide for the

tension

of

specifically

Mutual

ings Banks in

for

the

now con¬

fine it to one-third of the nation."

President of

when

communities,

Ensley asserted. This inherent

the National

Dr.

to

Vice-

ve

the

and

powers,

to

the thrift and home financ¬

geographic barriers that

by the Execu-

hand,

time. The Commercial

effectively,

strength, he said, advances the in¬

lighted May 15
t i

ing
Dr.

char¬

type institutions but^ on the other

press

investment

re¬

last week than might be expected,

near

competition

ible

marshalls

to attain

due to improved quotations as we

other

Salomon

The

savings

serve
sources

members

Co.

The

WASHINGTON, ..D.• C.—The

Federal

:

Other

&;

Chase

by

Morgan Guar¬

Bank,

Co.

net
from

came

managed

By Mutual Savings Banks

1988)

-

This

ning bid compared favorably with

Chase

Northern Trust Co. and associates

of

criterion.-

Most

2.9977%

2.6667% net interest cost for $21,-

State

Monday's

the

been

back

dividual

City Bank, Chemi¬

the best

bonds

.

First

had

tion's

present balance in account being

although

off considerably more than

was

this

^

;

led

group

and

press

'

Tuesday's final sale of note in¬

Third Union Trust Co., Cincinnati.
Reoffered

maturity carried

yield.

is

it

the

down only

point,

a

back.

that

indicate

of

Index
May 22

week

a

week's net change was

one-eighth

on

Week's Major Award
The

Illinois

Co.

tional

of

the

group

anty Trust Co. and Ira

Paine, Webber, Jackson

are

in

;

,

1.85%

coupon,

3.415%

would

well

major underwriters in this

as

from

3%

$848,000.

Gardner.

&

yield
a

balance

interest

Miami, Dick & Merle-Smith, Na¬
Bank

to

for

present

present balance is $4,590,000. The

State

3.20%

a

associates.

Johnston,

of

First

Fenn & Co. at a

Hattier & Sanford, Barrow, Leary

•

&

Arizona,

Improvement

bonds to the account

for

and

issue

for

in

bal¬

present

c "

Associated with

four

Co.

to 2.96%

Reinholdt

and

against

yield

3.423%

Thursday, May 23, 1963

.

interest cost, for $30,000,000 Com¬

b 1 i

u

Harris

Bank

additional bids ranging in interest

2.9077%

P

bid

the

City,

were

to

group

by Phelps,

best

-

Co.1 account

the

with

was

3.49% net interest cost, came from

the

Trust

York

Co.

First National

1.50%

&

bond

revenue

averages out at

.

L.

net interest cost of 3.469%. Second

bid

2.9073%

a

came

First

merged
Chemical

best

yield from

(1966-1993)

& Co. on a net interest cost

bid 'of

in

000,000

Memphis and Glore, For-

gan

R.

&

Adams

Waeckerle,

totaling $7,195,000.
monwealth
Monroe, Louisiana awarded $6,-

National

the >' First

to

evidence,

1983) bonds to the account headed

by

Anthony

term

ker, Eisen,

Purcell, Inc., Barret, Fitch, North

&, Mar¬

Green, Ellis & Anderson.

ance

$25,000,000 various purpose (1964-

jointly

Foster

2.75%, good bank buying

awarded

Tennessee

Tucker,

Scaled

in¬

frequent borrowers seeking funds.
The

&

Kansas

This

Day Co., William R. Staats & Co.

>■■■

with

cay

Co., Boland, Saffin, Gor¬

don

sold

were

Georgia,

as

the winning

Bear,

of

Co.,

Trust

City, Newhard, Cook & Co., Par¬

&

Kidder, Peabody & Co.

Other

is

syndicate

in

balance

present

and

The

$4,500,000.

account

Union

Dillon,

has

demand

initial

the

by Smith, Barney & Co., Eastman

yield from 2.25% in 1966 to 3.70%
in

from

came

Continued from page 6

Hutzler, Trust Co.

Commerce

.

The industry gains presented in
the report include the record $3.1
billion deposit increase registered
by savings banks in 1962 and the
record

$3.2 billion in net mortgage

acquisitions

they

for

the

gains in dollar amounts

large

so

posit-type institutions that
tionwide.

not

were

those of competing de¬

as

Dr.

however,
showed

Since

year.

limited to 18 states, their

are

the

are na¬

Ensley pointed out,
that

savings

banks

greatest relative

im¬

provement—58%—in total savings
gains in 1962 over 1961.
Dr.

Connect Your Points

Ensley

of the

billion

at

invested

Of

the

in

while
local

end

of

that

70%-

1962—was

mortgage

emphasized

Knowledge of the

reported

industry's total assets—$46

that

loans.

He

savings
oriented

primarily

banks,
toward

mortgage

lending,

have

steadily increased their lending in
states

Municipal Bond Field

that

banks.

do

not

Savings

residential

'

'

•'

•

.
_

A'.-.';

•

' '

$2.2

in all

of

the

32

billion

in

California

and

$1

referred

to

billion in Texas.
NAMSB

Municipal Conference




hold

nonsavings bank states, including

Come to the 2nd
IBA

savings

now

mortgage loans, total¬

ing $8.5 million,
r.

have

banks

by

Dr.

programs

Ensley

include

legal

and

economic research to assist savings

banks increase their operating ef¬

ficiency and to expand their
of

thrift

that the

The editorial

proceedings of the Municipal Conference of the I. B. A. to

be

held at the Pick-Congress Hotel in
Chicago from June 19-21, plus
on-the-spot photographs, will again be featured in a special supplement
of The Chronicle.

range

reported

Association's modest

advertising

been successful in

na¬

had

program

interesting local

groups in the possibility of estab¬

lishing

special section will identify your firm with
important municipal field and the active Chicago markets. - >

For further information contact

He

new

savings

banks.

The

education programs which the As¬

Your advertisement in this
the

tional

services.

sociation has established

sity

Advertising Department, Commercial and

Financial Chronicle, 25 Park
Place, New York 7, N. Y. (REctor 2-9570—
(Area Code 212)

at Dart¬

mouth College and Brown Univer¬
were

Ensley.

dustry

also

now

developing
essential
ness."

discussed

by

Dr.

He reported that the in¬

to

has

a

the
any

"sound basis for

human

resources

successful

busi¬

Volume

197

Number 6266

.

The Commercial and Financial Chronicle

.

.

$273 Million Over Purchases
the

were

FNMA's portfolio

mortgages from

highest since 1958's second quarter, and purchases

lowest since 1958's third quarter*

Gardiner

The abundance of residential mort¬

change

Mortgage sales of the Federal Na¬
tional

Mortgage

Association

ceeded purchases

by

than

more

three

the

of

Board

Toronto

its

DIVIDEND

Ex¬

HARVESTER

meeting

This

year.

was

vealed

the quarter;-

re¬

in.'

and

:

a

956

t

of

by

ary

declared

each

quarter.

showed

sales

The
under

for the period

topped

J. S.

Over

its

March

704,884,

establishment of

last

from

$26,952,000

quarter

of

1962

in

to

the

$319,-

383,000 in the first quarter,

pur¬

chases

38%

cut

were

from

$73,176,000

during the
inflow

of

$46,326,000
net

a

to

FNMA

President

the

first

quarter

highest since the second

mortgages

purchases

were

quarter

third

$21,365,000

sold,

were

the

the

in

while

lowest

of

since

1958

mortgages

bought.

when
were

True

Secondary

-Commenting
tern of FNMA

Operations

in

the

on

seesaw

the

first

quarter,

"These fluc¬

normal

are

pat¬

and

merely

reflect the current abundant sup¬

earnings

and

after

for losses

equivalent

taxes.

quarter

these

$966,629

of

Treasury

each share of

stock.

earnings,

provision

the

Secretary of

the

as

payment

full

and

of

$808,845
the

on

maintains

in addition to

office and fiscal

workings of

a

When

for

sales

was

of

the

of

meeting

tions.

200,000

Ludlum

Allegheny

held

today,

VA

The

May

Canada's

purchases
gages

of

were

Board

close

of

dividend
share

the

of

of

Governors

the

1963

Marshal

are:

of

business

29,

de¬

of

1963,

close

H. Deacon

F.

tary;
Ames
H.

&

Robert
&

Co.,

Bond,

Co.,

Steiner,

ac¬

gages purchased during the period
covered

properties

located

in

47

states plus the District of Colum¬

that

sold

during

the

of

346

mortgages

to

quarter

mortgage companies

sellers

FNMA

shows

were

active with 263 sellers

the most

(76%), fol¬

lowed by 67 banks and trust

panies

(19.4%),

loan associations
surance

14

savings

(4%)

companies

that

Houston

Co.;

&

Midland

Co.;

Co.

C.

J.

Bros.

&

holders of record
of business

Hevenor,

E.

Houston,

C. W. McBride,

Ltd.;

S.

E.

Denton

FEDERAL

and„.2 in¬

(0.6%).




and

the close

at

June 3,1963.

John G. Greenburgh,
Broadway
T reasurer

61

New York 6, N.Y.

RESOURCES

Miles,

CORPORATION

Ltd.; and

1370

DIVIDEND

quarterly dividend of
thirtyfive (35c) cents per
share was declared payable
June 21, 1963, to stock-,

Secretary

NOTICES

South

Salt Lake

3rd

West

UTILITIES

City, Utah

COMPANY

BRICGS & STRATTON

CORPORATION

DIVIDEND

CASH DIVIDEND

XBriggs&Stratton];

Semi-annual
5

cents

a

declared

Payable May

directors

today

dividend of 30 cents

a

24,

share

per

share

of

.

of

board

The

NOTICE

dividend,

Board

($3

Directors

quarterly

(35c)

15,

31,

of

the

on

declared

the

on

the

common

Company,

stock

payable

July 1, 1963 to shareholders of

1963

capital

stockholders

to

a

thirty-five

the Corporation,

of

1963,

has

dividend

share

per

value)

par

June

of

Record date, May 7,

3, 1963.
B. B. SANDERS

stock

Vice President and Treasurer

payable

of

record

17, 1963

y^May

'

1963.

June

1963

L. G. Regner
Vice

J

>

President & Secretary

Milwaukee, Wis.

FLORIDA...

May 21, 1963

PERFECT FOR

Public Service Electric

VACATION

to

PLAY, or
;
LIFETIME STAY

and Gas

•

JR.

Company

NEWARK. N. J.

.Secretary

CONSOLIDATION

,
.

;;

•,

if ui/4

COMPANY
at

dfi

meeting held today, declared a quar¬

a

FLORIDA POWER

terly dividend of 40 cents per share on
the Common Stock of the Company, pay¬

AMERICAN

able

14,

1963, to shareholders

the

close

June

on

,

record

at

of

business

on

& LIGHT COMPANY

1963. Checks will be mailed.

May 31,

P.O. Box 3100

'

John Corcoran,

COMPANY

'

MIAMI 1, FLORIDA

DIVIDEND NOTICE
A

PREFERRED

Cyanamid

declared

a

DIVIDEND

Company today
dividend of

and one-half cents
share on the out¬
standing shares of the Company's

(87j/2?0

per

E. I.DU PONT DE NEMOURS &C0MPANY

Series

to

D,

the

record

June

payable

holders
at

3,

ican

of

the

July

stock

such

close

of

a

The

DIVIDEND

Amer¬

Company

today

quarterly dividend of
cents (45<tf per share

the outstanding shares of the
Stock of the Company,

Common

for the quarter ending Jun.®

payable June

18,

Dividend

Stock

Per shar»

Cumulative Preferred
4.08%

Series

....

4.18%

Series

....

1.045

4.30%

Series

....

1.075

5.05%

Series

....

of

5.28%

Series

.

$1.02

the

close

business

on

*

.

1.2625
1.32

.

$1.40 Dividend
Preference

Common

.35

ROBERT H. FITE

Del.,

Board

of

$1.12V2

quarterly

share

o

1963

has declared

Directors

regular

day

May 20,

25,

July

record

the

at

1963,

dividends

business

of

are

before June 29,

FLORIDA'S

July

on

.60

.

All dividends

of

stockholders

to
of

close

Common

this

—$4.50 Series and 87V21 0 share on the
Preferred Stock—$3.50 Series, both pay¬
able

President

the Preferred Stock

on

INDUSTRY

the

payable

holders
the

June
of

28,

such

close

of

1963,

stock

to

the

of' record

business

June

3,

1963.

10,

interim

S.

KYLE,

Secretary

1963.

the

also

Stock

Common

14,
R.

Wayne, N. J., May 21,

1963;

as

dividend

1963,
close

to
of

$1.50
the

a

share

second

on

holders of record May 31, 1983.
Malcolm Carrington, jr.

...ZOOMING

quarterly

for

1963, payable June
stockholders of record at

business

P. S. du

on

May 27,

1963.

pont, Secretary

on op

1963 to stock¬

■

payable

¬

following dividends

1963 to stockholders of record

May 24, 1963.

business

of

Wilmington,

Cyanamid

forty-five
on

4SQ®>

1963,

1,

1963.

declared

share has been declared

the Common Stock of the

Company,
at

3V2% Cumulative Preferred Stock

clared the

Class of

quarterly dividend of 32c

quarterly

eighty-seven

DIVIDENDS

30, 1963:

A * '

May 20,1963.

QUARTERLY

The Board of Directors has de

Vice-President & Secretary

at

com¬

May 21, 1963
A

CFA1VAMI

COMMON

the

5,

&

1963.

7,

McCASKEY,

The Board of Directors of

analysis

June

on

COAL

bia and Puerto Rico.
An

CORPORATION

Pierre

per

Mort¬

business

of

CORPORATION

TENNESSEE

1963,

'.ADavid J. Conroy

on

$8,700,000

27,

June

E.

McFadyen

George
&

A.

Treasurer;

Jackson,

Ltd.,

Burns

Co., Ltd., Secre¬

N.

ican

totaling

payable

Company will not be closed.

The Board of Directors of Amer¬

liens

IINNtSSIt

stockholders of record at the

to

teed

GI

on

Com¬

the

record,, at

v":;

times

quired during the quarter.

DOLLAR

declared

Vice-Chairman; John S. Deacon,

The Board of Directors of

mort¬

$37,600,000 and 665

ONE

been

capital stock of this

greater than those of VA-guaranformer worth

of busi¬

the close

at

May 28, 1963.

1963. The stock transfer books of

Common

June

on

cents

was

CYANAMID

mortgages, with 3,271 of the

of

has

•.

Corporation,

,the
June

S. A.

that

five

A

Stearns, T. A. Richardson & Co.,

of

FHA-insured

corpora¬

pany,

attractive,

almost

on

DIVIDEND NO. 196

in¬

leading

members

Market

showed

on

company

and

people,

.

1963,

17,

fifty

the

shareowners

the

Bought

also

se¬

buy

of

■

regular

Than

Mortgages

report

payable,

161 East 42nd Street, New York,N.Y.

International Salt

a

Corporation

of

on

payable

seasoned,
Governmentbacked, residential mortgages for
sale," he explained.
FHA

share

Directors

share

per

Stock

of

Steel

dividend

clared

-

More

organized

daily

Operations portfolio consisting of

approximately

Exchange is

mining and oil

Other,

Penna.

the Board

well

well

cashi

a

per

21, 1963, to stockholders

of record
ness

thousands

in

dustrial

May
a

of long-term

Secondary

Copper

policy-making and

DIVIDEND

Pittsburgh,
At

investors seeking outlets for their

$2,500,000,000

for

sales

a

Allegheny Ludlum Steel Corporation

a

funds plus the fact that it is pretty
known that FNMA has a

June

ex¬

$1.00

declared,

was

J. EGER, Secretary

powers.

nation's largest

cents

first quarter spurt in

the result

GERARD

Kennecott

distribution of

office in

agency

(50c)

our

May 3, 1963.

is

Board

of

Corporation held today,

record at the close of business

drop commensurately.
"Thus,

the

re¬

DIVIDEND NOTICES

as

sellers seek liquidity and our sales

on

The

meeting of the Board of

Directors

MALCOLM R. WILKEY, Secretary

The

is tight, the action

money

is reversed—our purchases rise

and

At the

of record at the close of business

The Toronto Stock

for

true and effective

secondary market for mortgages.

ers

broad

disciplinary

New York City.

evidence of the natural

are

and

oL

ply of residential mortgage funds.

They

May 17, 1963

Company have declared
quarterly dividend No. 179 of one
dollar and seventy-five cents ($1.75)
per share on the preferred stock,
payable June 1, 1963 to stockhold¬

members

ercises

phia, Atlanta, Chicago, Dallas and
Los Angeles

International

Harvester

securities

its

offices in Philadel¬

agency

<K)

surplus.

general

Association

of

com¬

stock, leaving $5,929,410
to

Directors

the pre¬

on

payment of dividends

of
the

amount

dividends

stock

gional

governing

by the members and

Hevenor

the

cumulative
ferred

the

sets

elected

to

common

for

to

of

Earnings

amounted

share

preferred

made

The

Secondary Market

Mr. Baughman said:

the

each

on

From

of

members.

sell,

net

reserves

income

transfer

Market

Quarter

expenses

as

the

utilized

mon

....

Fluctuations Normal in

tuations

Federal

was

listed

member-brokers

payment to the U. S. Treasury of

$8,346,958

$3.74

of

heads

The

curities market,' where nearly 100

$491,282, and provision for the

during

which

regulations

conduct

shares

stock and to $4.02 on

quarter of 1958 when $355,459,000

-

after

Baughman, the volume

during

the

to

period for

same

According
sales

about

$273,057,000

J. Stanley

was

back

of

Gardiner,

Toronto,

board

and

allied

of

during the quarter ended

sales

sharply

the

31, 1963, amounted to $7,-

The report
rose

the

*

for

Limited,

trading

were

Secondary Market Op¬

discloses

while

record.

Million

S7

chases by $273,057,000.
that

of

during

-

Association's

erations

Baughman

pur¬

held

share

a

\

Earnings

A:

mortgages

out¬

were

31

month

^

Net

ations released

recently which

stock

common

March

The. 899,-.

stockholders

Market Oper¬

osf

of

at

8.922

during

bringing the cumula¬

Dividends of 30 cents

its

S.econ.d!

shares

standing

Fi¬

nancial Statem e n

subscribed

tive total to $90,200,000.

Quarterly Re-*
port

$400,000

rules

Gardiner,

Mr.

President

common

stock passed the $90,000,000 mark
with

is

11-man

an

Subscriptions to FNMA

CORPORATION

INTERNATIONAL

COMPANY

Watson

Million

JKennecott

NOTICES

Gov¬

Stock

annual

Chairman,

who

Subscriptions

$90

Pass

a

months

this

of

Stock

Common

ex¬

quarter-billion dollars in the first

in

member of the Board.

May 9.
As

of

TSE, Howard D. Graham, is also
a

and among sellers mortgage companies were found to be most active.

/

mVIDEND NOTICES

COPPER

at

39

re-elected

was

the

of

of

ernors

funds, in seeking mortgages, prefer FHA to YA endorsed loans,

gage

P. Walwyrv Walwyn, Stodgell
Co., Ltd. The President of the

TORONTO, Canada—George RyChairman

the

were

&

Re-elects Gardiner
erson

quarter secondary sales of

J.

Toronto Stock Ex.

FNMA Sale of Mortgages

First

(2143)

Secretary

WITH THE

SPACE AGE

PVBLIC SERVICE
CROSSROADS

OF

THE

EAST

The Commercial and Financial
40

Chronicle

\

.

.

Thursday, May 23, 1963

(2144)
June

(N. Y. City)

6, 1963

ST ANY

Dinner

WASHINGTON AND YOU

Bowling
at

Annual

League

Restaurant

Whyte's

(344 West 57th Street).

behind-the-scenes interpreta tions

June

CAPITAL

FROM THE NATION'S

7,

(New York City.)

1963

Bond Club

of New York 29th An¬

Field

Day at Sleepy Hollow

nual

Country Club, Scarborough, N. Y.

more

four

than

ably

D.

the

esteemed

augurate

of

our

Flood

Harry

Senator

sent him

the

nual

what

about

to

amounted

ate

change his mind because

St. Paul,
Twin

at

Club,

Country

Minn.)

the

Kennedy

Administration is seek¬

Yacht

ing from

Congress in fiscal

1964

Club

City* Bond

Outing'"/at

Congress 6f the United States. He

An-»

42nd

White

the

Bear

Minn.

he

mind

his

changed

in

needed

urgently

was

elected.

and

foreign assistance.

Byrd

result, many

have

said

been

able

As

to

Street

Wall

from

Americans

a

M1./"-

again.

of

Many

them

who

people

the

were

several

fiscal

;

them

apparently

their appeals for
Weeks

friends

Byrd's

at

gathered

The

a

of

as governor

his

including

service,

public

tenure

Senate longer than any

in history.

"Law Day" lecture at

sity

Virginian

because

majority

and

ple—Democrats

alike—regard him

the

as

State

of

and

years,

the

of

a

applied

multi

has

after

in

refused

many
so

the

to

out

go

program

[finest

system

history

built.

was

spent

out

since

II, the United States

than ,$100 billion

more

foreign aid,

and

the

value

of

down, he told

the, law

"We

paternal¬

Federal

by

ism, forced into, centralization by
Federal usurpation of power, and

Nevertheless, Virginia's division
of highways

is keeping

with

pace

other states in building the inter¬
state

and

expressways,

without

additional

it

doing

debt

the

on

Senator

Byrd

that

ironical

came

Capitol

to

Hill, along with the late President
Franklin D. Roosevelt, as a

Dealer."
"That
has

"New

'-v.
is

public debt.

could say this trend

is

not.

is

It

I wish I

is abating.

continuing with

It

he

Byrd

Senator
to

came

the

Senate

American

people

it

would end waste and unnecessary

But
those

long after it
Senator
doned

the

was

Byrd

the

New

Deal

principles

not

elected."

old

One

adviser

COMING

Administration
got

never

ing

EVENTS

of

all

on a

at¬

much

President

Kennedy

past

the

Congress

Under

the

could

dent

quickly

aban¬

New Deal, or the

New

Administration refused




mit

1963

many

the

May 23, 1963

Re¬

attended

Association

as

kers

speakers

Presidents

be¬

Annual

"America's Greatest Public

the

Biltmore.

Hotel.

annual

Omaha

Attention

(Omaha, Neb.)
Bankers

Investment

Association

Annual

Santa Barbara

Meeting and Dinner

May 23, 1963
Nebraska

at the

Investment

12th

Bro¬

Customers

Americana

the

at

(New York City)
of

the

Club, White-

(Santa Barbara,

Association

Conference

At the testi¬
as

out¬

at

marsh, Pa.

Bankers

Senate

field

Country

day

Club

Brokers and Dealers

TRADING

MARKETS

Botany Industries

at

Indian

(pre¬

Head

Mills

.

attractive

carried

personal

program

greetings
President

from

messages

dinner

a

and
Ken¬

nedy, and former Presidents Her¬
Harry

Hoover,

S.

Truman

Dwight D. Eisenhower.

dinner.)

.

New York

Security

Glee

Dinner

nual

Association

Traders

Club

and

Waste

at

King

of

Ninth An¬

Dance

Electronics

Official Films

v

City (May 24, 1963)

York

New

Maxson

22nd by cocktails and

Our New

the

York

telephone number is

CAnal 6-4592

v

Plaza Hotel.

From his home in the Waldorf-

former

Towers

statement

where

in

New

York,

President Hoover made
that

will

Americans

concur

in

a

(Boston, Mass.)

every¬

when

he

June 6,

1963

Securities

Traders

Asso¬

LERNER & CO., Inc.
Investment Securities

ciation 44th Annual Summer Out¬

ing

at

the

Woodland

Country

10 Post Office

Square, Boston 9, Mass.

Telephone

Club.

year

sent

two

Teletype

2-1990

617 451-3438

to

far-

Cove Vitamin &

proposal the Presi¬

one

summer

He pointed out

perhaps deserved.
that

New

Sleepy

Calif.)

INVESTMENT FIELD

IN

Baruch, the 93-yearof

of

at

golf tournament

and

June 22-25,

Boston

sharp swing at

a

Outing

Philadelphia annual

in¬

ginning with Woodrow Wilson.

The

Annual

Investment Traders Association of

of

colleagues

Bernard

York

(New York City)

Association

not

personal

Committee.

Democrats.
was

21, 1963

Investment

California Group

Chairman

Finance

June

has

dent Johnson.

is

at

Jasper Park Lodge.

has

he

greatest source

his

is

Meeting

Neither

according to Vice-Presi¬

Astoria

spend

public

appropriation

Pharmaceutical

funds

by

Common

Con¬

and

Warrants

while the other would per¬

cutting of taxes by executive

order.

No

history

other

ever

sweeping

.

President

asked
by

powers

in

such

for

Carl Marks & CD. Inc.
FOREIGN

the Execu¬

tive Department.

Deal quit Senator Byrd, after the

Roosevelt

Byrd's

Association

Annual

Whitemarsh Country

influence

He

Canada

of

Hollow Country Club.

Government.

tegrity,

(Canada)

June 21, 1963 (Philadelphia, Pa.)

but

anything.

Senator

1963

the

he sold any apples to the Federal

of

20-23,

Dealers

tention around the country like it

gress,

abandoned

started,

June

HUbbard

the New Deal Administration: had

spending.

took

that

without

the

views.]

the

from
since

in¬

creasing boldness."

supporting the New Deal because
pledged

own

reaching proposals.

right,"
"I

said.

practices

Government

collected

and

subject
bit

conservation

bert

of

the Kennedy

Former "New Dealer"
a

$168,000 for soil

of

total

a

Federal

burden

Then

seems

lected

coincide with the "Chronicle's"

may not

Furthermore, he could have col¬

driven to centralization under the

state.

It

front the nation's Capital and may or

-'A':"-

ously opposed it.

Servant

being enticed into cen¬

are

the

at

CHRONICLE'S Special Pictorial

Investment

the "behind the scene" interpretation

The Senator has vigor¬

industry.

monial dinner about

that

Association

Supplement July 11, 1963.

of Amer¬

[This column is intended to reflect

great agricultural

our

one

of

them."

in

pointing

War

tralization

might be

accelerated.

other

some

been

greatest public servants."

ica's

provided

or

like

ceded May

millions of dollars in bonds
highway

segments of

one

as

me

school audience:

issue

and

subsidized

supports

have

"You

to get the apple growing

publican

ily going

Highway System, the Old Domin¬
ion

be¬

fundamentals

the

the

pride

(Chicago, III.)

19-21, 1963

Conference

Ridge Mountain country:

kinds of efforts made in Congress

lecture. "I

the dollar at home has been stead¬

Interstate

Laned

-

it marks

believe

I

World

Congress approved the 41,000-mile
divided,

I think

fights for

After

Virginia

on

Day
with

label

that

cause

Despite the great pressure that
was

is

I fight for these fundamentals be¬

basis.

pay-as-you-go

"I

government in

former

and

Democrat

a

the Law

at

which

on

years

has operated its affairs

governor,
on

senator

of

Newtown

Bankers

from the Blue

told the gentleman

There have been all

in the world.

practice
kind

the audi¬

cause

because of the influ¬

ence

of

Democrat," he told

who

Federal Government.

The

Universtiy

a

Jefferson-

ence

for

the

and

am a

wear

is the symbol of

Virginia

attorney,

Senator Byrd?

prudence in fiscal af¬

of the

fairs

June

-

What

ian

and

Charlottes¬

ferson.

Republicans
one of the

Thrift and Prudence

thrift

a

the Univer¬

at

Club,

Pick-Congress Hotel.

lawyer, but his

a

an

of

gave

Golf

Square, Pa.

deposit my wife makes a withdrawal!"

industry

Virginia, founded by Thomas Jef¬

peo¬

great public figures of all times.

Senator Byrd

was

graduate

over¬

the

of

is not

He

father

again, he would be a certainty to
re-elected

Virginia

of

ville.

Should he offer to run

whelming

debt

Associa¬

Outing at the Arono-

Municipal

price

in the

Senator Byrd has served

a

for years

Recently Senator Byrd

(Philadelphia, Pa.)

Securities

Investment

"Jeffersonian Democrat".

of the Old Do¬

minion.

be

national

the

raise

to

Club.

mink

that will do ME—one minute

the

in

be

limit.

Senate, and 50 years

in the

years

have

30

of

completion

the

was

will

Virginian

spotlight soon on the Senate side
of the Capitol as Congress will

The occa¬

Capital to honor him.

after I make

deposit

bank

signals to the American people.

Senator

of

"black tie" dinner in the Nation's

sion

insurance—a lot of good

increase

to

Pittsburgh Annual

14, 1963

tion Annual

want

Congressmen

Treasury, and repeatedly send up

the first time.

some

ago

of

Philadelphia
"Some

County Club.

Outing at the Pittsburgh

June

Federal

all

and

Party

Inn; June 14

(Pittsburgh, Pa.)

Field

keep an eye on the United States

making

are

some

contend

Club

Spring

Senator Byrd been around to

not

urged him to reconsider, but many
of

hand,
debt

Bond

On
longtime
that the

spending.

City,Mo.)

Summer

at Hilton

June 14, 1963

ever-in¬

the

Annual

13

at Meadowbrook

not

has

spending would be far greater had

ago

years

Virginia

Byrd

stop

experts

National

same

to

other

the

appealing to him to run once

and

Senator

Federal

creasing

Wahoo, Neb., are making inquiries

in

organization

ginian will announce for re-elec¬

—June

socalled

Lake,

Bear

City Security Traders As¬

sociation

the

of

critics

Some

distinguished Vir¬

White

June 13-14,1963 (Kansas

Critics

Has His

Today there is some doubt that

tion next year.

Club,

Kansas

■'/;

'

.

for

re¬

was

.>•''

,

the 76-year-old

.

New

Day

13, 1963 (Minneapolis-

June

-

telegrams and called him urging

Field

Annual

Rye, N. Y.

|in the dike of
spending.
The total Federal
budget when he came to the Sen¬
finger

his

ing

of

Club

Westchester

the

Senator

philosophy,

York City.)

(New

Bond

30th

York

New

the

with

breaking

Byrd has figuratively been hold¬

icans wrote him letters,

7, 1963

Municipal

fiscal

Deal

retire.

he

an era

Since

Whereupon, thousands of Amer¬

that

June

of frugality in the

government.

figure

Byrd, announced that he planned
to

Section June 13.

in¬

and

jobs,

political

and

public

country,

needless

aristocratic

most

CHRONICLE'S Special Pictorial

payroll of

Federal

the

reduce

to

C.—L i 111 e
years ago prob¬

WASHINGTON,

SECURITIES

20 BROAD STREET

biggest

Byrd

probably

individual

apple

is

the

grower

SPECIALISTS

•7

Annual

Report available
on

NEW YORK 5, N. Y.,

request.

TELETYPE 212-571-1685

TEL: HANOVER 2-0050

MILL, THOMPSON & CO.,

Turned Down Federal Subsidies
Senator

•

Bough t—S old—Q uoted

\

\

10 Wall

INC.'

Street, New York 5, N. Y.

Tel. WH 4-4540

Tele. 212 571-1708