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ESTABLISHED 1S39
In 2 Sections—Section
The Commercial
an
2
d
r^jj
Chronicle
inancial
Reg. U. S. Pat. Office
|me
187
Number 5740
New York 7, N. Y.,
Thursday, May 8, 1958
Price
50
Cents
THE SECURITY TRADERS ASSOCIATION
OF NEW
YORK, INC.
22n.l ANNUAL
V
AT WALDORF
DINNER
APRIL
ASTORIA
-
25, 1958
President
First
Treasurer
Seeend
V ice-President
Secretary
Vice-President
John F. McLaughlin
McLaughlin, Kauf¬
man
Co.
&
•army ttteman
Bernard J. Conlon
P. F. Fox & Co., In*.
Cert
Marks
A
Wilbur Krisam
Co.
lite.
A
"\
John C. Legg
&
Company
Saivatore J. Rappa
F.
S.
Moseley <6 Co.
DIRECTORS
John S. Barker
S. E. Dawson-Smith
Lee
Higginoon
Corporation
Edward
Carl
J.Kelly
M.
Loeb,
Rhoades A Co.
Cruttenden,
&
ttatfcaa A. Krumholz
Simgel
A
Co.
Podesta
Co.
John D. Ohlandt, Jr.
Neii)
York
Walter L. Filkins
Troster, Singer A Co.
Elbridge H. Smith
Hanseatic
Stryker
Corporation
&
Brown
Sidney Jacobs
Sidney Jacobs
Co.
Arnold J. Wechsler
Ogden,
Wechsler
Co.
&
a
Copy
The Commercial and Financial Chronicle
2
Lyonel Zunz,
Y.; John
N.
.
.
.
Thursday, May 8, 1958
#
& Singer; Hon. Louis J. Lefkowitz New York State Attorney General, Albany,
McLaughlin, McLaughlin, Kaufman A Co.; Bernard Tompkins, Counsel to STANY;
E. Sigety, Assistant Attorney General, State of New York, Albany
Moser
Charles
Sid Siegel, Siegel A Co.; John W. Bunn, Stifel, Nicolaus A Co.
Newburger
A
Co.,
Philadelphia;
Charles
Bodie,
Stein
Incorporated, St. Louis; Joseph Smith,
A Boyce, Baltimore, Md.
Charles
Diehl,
Bodie, Stein Bros. A Boyce, Baltimore; Nathan Krumholz, Siegel A Co., New York; Robert
Webber, Jackson A Curtis, Los Angeles; Soren D. Nielsen, Beil A Hough, Inc.,
St. Petersburg, Fla.; Thomas L. Curry, Stone A Webster Securities Corporation
Paine,
Col. Oliver J.
Bros.
Troster, Troster, Singer A Co.; Walter Haubert, Jesup A Lamont; Daniel Daly,
Jesup A Lamont; Vincent Shea, Glore, Forgan A Co.
Blyth & Co., Inc.
Primary Markets
Distribution
Bonds
Coast to coast retail
distributing facilities
Stocks
Public Utilities
through 24 offices
located in
•
Industrials
principal
Municipals
financial and business
Banks and Insurance
centers.
Complete Trading Facilities
New York
s
v>..+
Boston
Detroit
Pasadena
*
San Francisco
Philadelphia
Minneapolis
San Diego
Chicago
Los Angeles
Pittsburgh
Cleveland
Spokane
Oakland
San
Jose
Fresno
Portland
Seattle
Indianapolis
Louisville
Eureka
Palo Alto
p
Sacramento
OxNARD
Volume 187
Number 5740
...
The Commercial and Financial Chronicle
Howard
Gerry
King, Hornblower A Weeks; Robert Unsworth, Brown, Lisle A Marshall, Providence, R. I.;
McCue, G. H. Walker A Co., Providence, R. I.; Wilfred G. Conary, G. H. Walker A Co.,
Providence, R. I.; A. M. Johnson, G. H. Walker A Co., Bridgeport, Ccnn.
Herbert
Harry
Mickey McBride, Midland Securities Corpn. Ltd., Toronto; A. R. Sm/ith, Bank of Montreal, Toronto;
Rolf MacKeen, Greenshields A Co. (N.
Y.), Inc.; Lou Walker, National Quotation Bureau
Speed
—
James
Guy
Dependability
—
Singer, Singer, Bean A Mackie, Inc.; Robert Cass, Evans MacCormick A Co., Los Angeles;
Fahrig, Reynolds A Co., Philadelnhia; P. Fred Fcx, P. F. Fox A Co., Inc.; Ed Christian,
Suplee, Yeatman, Mosley Co., Incorporated, Philadelphia
B.
Maguire,
R. Hogarth,
E.
J. B. Maguire A Co., Inc., Boston; Richard Barnes, A. M. Kidder A Co.. I"".;
M. Bradley A Co., Inc., New Haven, Conn.; Nippy Strothmann, A. M. Kidder
A Co., Inc.; Don Jacobs, Conning
A Co., Hartford
Nationwide Coverage
Private Wires to:
Chicago__
Glore, Forgan & Co.
Cleveland
We make Markets
J. N. Russell & Co. Inc.
Dallas LJnion Securities Company
Dallas
Detroit
Grand
Baker, Simonds & Co.
King and Company
Rapids
Hartford
Houston
Over the Counter
Los
Coburn & Middlebrook, Inc.
Underwood, Neuhaus & Co., Inc.
Angeles
Philadelphia
Securities
Pittsburgh
St. Louis
San Francisco--
Spartanburg
Troster, Singer & Co.
Members: New York
74
Trinity Place
Telephone HAnover 2-2400
1
Security Dealers Association
New York 6, N. Y.
Teletype NY 1-376; 377; 378
Harbison & Henderson
H. A. Riecke & Co., Inc.
Arthurs, Lestrange & Co.
FusZ'Schmelzle & Co., Inc.
Walter C.
Gorey Co.
A. M. Law & Company, Inc.
The Commercial and Financial Chronicle
4
.
.
.
Thursday, May 8, 1958
THE
MARKET PLACE
FOR
"LIFE" STOCKS
BLOCK
INQUIRIES INVITED.
DIRECT PRIVATE WIRES TO
MONTREAL AND TORONTO
Ed
Kraebel,
Mabon &
Co.;
Gene Statter,
Mabon
&
Mabon
& Co.;
Lou
Zwahl,
Co.
DIRECT PRIVATE WIRES TO
CORRESPONDENTS
Los
Angeles
Hartford
Boston
Worcester
IN FOLLOWING
Philadelphia
Providence
—
New Haven
cfiu.
CITIES
San Francisco
Chicago
Meriden
New Britain
————
BUSINESS ESTABLISHED 1S6S
Member New York Stock
Exchange and other
leading Domestic and Canadian Exchanges
1 Wall Street
New
York 5
DIgby 4-2525
Arthur
C.
Raymond
Murphy,
A.
C.
Allyn
and
Maher,
A.
C.
Allyn
and
Wakeley,
A.
C.
Allyn
and
A.
Thompson
Incorporated,
Company,
Company,
Incorporated,
Company,
Incorporated,
Boston;
Chicago;
Chicago
_
Pete
Broderson, A. M. Kidder & Co., Inc.; Jack Christian, Janney, Dulles,
Battles
&
Co., Inc.; Philadelphia;
&
Wertheim
&
,7ifembers <A[eur York Stock
NEW
YORK
Co.,
Inc.,
Patrick Caldana, A. M. Kidder
Bridgeport,
Conn.
Co.
Exchange
5
Tony
Mele,
pany;
Burnham
William
and
Company;
V. Frankel,
Wm.
Ted
Schneider, Burnham
V. Frankel &
and
Com¬
Co., Incorporated
Volume 187
Wilbur
Number 5740
...
Krisam, John C. Legg
J. Wechsler, Ogden
The Commercial and Financial Chronicle
A Company; John Hudson,
Wechsler A Co., New York;
Arnold
John
J.
Flanagan, Josephthal
5
Leo V. Smith, Leo V. Smith A Co., Syracuse, N. Y.; Bob Hawkey, E. F. Hutton A Company, New
York; A. Mercovich, Laidlaw A Co.; John Latshaw, E. F. Hutton A Company, Kansas City, Mo.
Thayer, Baker & Co., Philadelphia;
Hank Serlen, Josephthal A Co.;
A Co.
LEE HIGGINSON
CORPORATION
Members:
American
New York,
Stock
investment
Midwest and
BROAD
■
banking service since 1848
BOSTON
NEW YORK 5
20
Boston Stock Exchanges
Exchange (associate)
STREET
50
FEDERAL
CHICAGO 4
7
231
STREET
S. LA SALLE STREET
HAnover 2-2700
Jack
Barker, Lee Higginson Corporation; Bob Piehl, Paine,
Curtis, Los Angeles
Webber, Jackson
Liberty 2-5000
FRanklin 2-4500
Teletype NY 1-917
Teletype BS 452
Teletype CG 175
A
Allison Steel Manufacturing Ce.
Avon Products, Inc.
Brown & Sharpe Manufacturing
we
Founded 1851
invite
inquiries
the following
on
Company
Bryant Chucking Qrinder Co.
Cameo Incorporated
Cary Chemicals, Inc.
Consolidated Rendering Company
The Duriron Company, Inc.
Electronics Associates, Inc.
UNDERWRITERS
-
DISTRIBUTORS
-
DEALERS
The First National Bank of Jersey City
The Fort Neck National Bank of Seaford
Hudson Pulp A Paper Corp.
Jones & Lamson Machine Company
Industrial, Public Utility and Railroad Securities
State and Municipal Bonds
i
Kay Jewelry Stores, Inc.
The Kerite Company
Machlett Laboratories, Inc.
The Meadow Brook National Bank
Mornihgstar, Nicol, Inc.
National Aluminate
ESTABROOK
&
CO.
YORK
Associate
40 Wall
AND
BOSTON STOCK
EXCHANGES
Member American Stock Exchange
St., NEW YORK 5
-
Rock of
Ages Corporation
Corporation
Shea Chemical
MEMBERS
NEW
IS State St., BOSTON 9, MASS.
Shulton, Inc.
St. Croix Paper Company
Speer Carbon Company
Triangle Conduit A Cable Co., Inc.
Williams and
HARTFORD
•
POUGHKEEPSIE
•
Corporation
National Blankbook Company
River Brand Rice Mills, Inc.
PROVIDENCE
•
SPRINGFIELD
Company, Inc.
The Commercial and Financial Chronicle
6
.
.
.
Thursday, May 8, 1958
'
oils
:
'.
■
....
1
—
mining-
c
industrials
■cf
-
natural gas
.
AS
Jim
TRADERS WE MAINTAIN MARKETS
son,
IN
OVER
SUCH
250
Concagh, Nesbitt, Thomson and Company, Inc.; John Shanahan, Daw¬
Hannaford Inc.;
Ivor Murray,
Nesbitt,
Thomson and
Company, Inc.
ISSUES
J. F. Reilly & Co., Inc.
Members
SALT
LAKE
STOCK
EXCHANGE
JERSEY
DENVER
CITY
Direct
Albuquerque
•
Denver
•
SPOKANE
EXCHANGE
SALT LAKE
Wires
Jersey City
STOCK
•
CITY
to
Salt Lake City
•
San Francisco
Mickey Pauley, Troster, Singer & Co.; George Yook, Lazard Freres & Co.;
Jay Sullivan, Hardy & Co.
For financial institutions
FOREIGN
SECURITIES
PRIMARY TRADING MARKETS
Carl Marks
&
Co. Inc.
FOREIGN SECURITIES SPECIALISTS
20 BROAD
■
STREET
TELEPHONE HANOVER 2-0050
•
NEW YORK 5,
N. Y.
Irving Greene, Greene and Company; Charles D. Runyan, Bank of
TELETYPE NY 1-971
North
John
America
Butler, First Boston Corporation; Bud Hardy, First Boston Corpora
tion,
Philadelphia;
Arthur
Vare,
Kalb,
Voorhis
A
Co.
Volume 187
Number 5740
...
The Commercial and Financial
Chronicle
Greetings and Best Wishes from Philadelphia
TRADING DEPARTMENT PERSONNEL
Frank J. Laird
Allen
James
Equipment Trust Certificates
}
B. Foard, Jr.
B.
Railroad
and
Bonds, Guaranteed
Leased Lines Stocks
Public Utility
McFarland
•Industrial
Raymond A.
Morris. Jr.
Bonds 8c Stocks
Bank Stocks
Robert N. Greene
Sales Order Department
Russell M. Ergood, Jr.
vice
Clifton
B.
Smith,
Francis I.
John
R.
du
Boland
Pont
&
president
Michael J. Rudolph
&
Co.;
Elmer
Myers,
Co., Inc.
Municipal Department
Alexander B. Brock
J. Richard Hoffman
''
'
'
■
•
L. Wister Randolph
Robert J. Campbell
}
Franklin M. Seeley
Institutional Department
Edward F. Hirsch
vice
president
Statistical Department
;
Felix E. Maguire
Field
Representative
STROUD & COMPANY
INCORPORATED
PHILADELPHIA 9
new york
Benjamin
pittsburgh
allentown
lancaster
Jacobson, Benjamin Jacobson & Sons; Fred Hilfiker, Benjamin
<& Sons; James J. Corrigan, Jr., F. J. Connelly & Co.
Jacobson
s
Firmin
Coburn
D.
&
Coburn
Fusz, Fusz-Schmelzle & Co., Inc., St. Louis; Edward Matthews,
Middlebrook, Incorporated, Hartford, Conn.; Norman Maigret,
Middlebrook, Incorporated, Hartford; George Zimmermann,
&
Cowen
&
Co.
B asic analysis
ervice
arket facilities
Singer, Bean & Mackie, inc.
40 EXCHANGE PLACE
HAnover 2-9000
NEW YORK 5, N. Y.
•
•
NY 1-1825 & 1-4844
FIRM TRADING MARKETS
IN OVER 400 STOCKS
*
Evans MacCormack
Los
Direct
& Co.
Angeles
Wires
to
*
Burton J. Vincent & Co.
Chicago
Reynolds & Co.
L.
F.
Burns
Wade, Dominion Securities Corporation, New York; A. B. Bogardus,
Bros. & Denton, Inc.; William Boothe, Burns Bros. & Denton, Inc.
Dallas Rupe & Son, Inc.
Philadelphia
Dallas
The Commercial and Financial
Ed
Zinna,
Chronicle
.
.
.
Thursday, May 8, 1958
Barney & Co.; James G. Mundy, Suplee, Yeatman, Mosley
Philadelphia; Milton Soukup, Smith, Barney & Co.
Smith,
Co., Incorporated,
Joseph
Cabbie, Burns Bros. & Denton, Inc.; Frank
Ronan,
Eberwein, Alex. Brown & Sons, Baltimore;
New
York Hanseatic Corporation; Bernie
Tom Brown, Simmons & Co.
or Michigan {Corporation
{Irst
Underwriters and Distributors
MUNICIPAL
STATE,
and
CORPORATE
Detroit
Members
SECURITIES &
Stock
Midwest
and
Exchange*
CHICAGO
DETROIT
NEW YORK
Columbus—Grand
Rapids—Battle Creek—Flint
Lansing—Saginaw—Bay City
Ross
Yunker,
Gold,
A. M.
Weissman
Kidder &
Co.;
Co., Inc.;
Milton
Capper,
John
Angelo Martinelli,
Capper
J.
&
Co.,
Josephthal
Jersey
City,
&
N.
Co.;
J.;
Bernard
Joseph
Weissman,
Flanagan,
O'Kane, Jr. & Co.
Carl M. Loeb, Rhoades & Co.
Members New York Stock Exchange
WALL
42
and other leading Exchanges
YORK
NEW
STREET
PRIVATE
Providing immediate
access
5,
N. Y.
SYSTEM
WIRE
Primary Markets through Branch
to
Offices, Correspondents and their connections in 100 Cities
throughout the United States and Canada
LONDON,
St.
York
New
Ithaca
State:
Auburn
Middletown
•
ENGLAND
Regis Hotel, New York City
•
•
Elmira
Syracuse
•
•
Hornell
•
Geneva
U.ica
Watertown
•
Stroudsburg, Pa.
CORRESPONDENTS
Anderson
Betts,
Borland
Boettcher
Richmond, Charlottesville
Strudwick
8C
Chicago
Co.
BC
Denver, Colorado Springs,
Co
BC
Pueblo,
Grand Junction,
Davenport, Chicago
Nashville, Knoxville, Jackson, Memphis,
J. C. Bradford 8C Co.
Nat
Birnbaum, Birnbaum &
Don
Clarksville, Atlanta
W. Clark
Co.
8i
Lake Charles, Shreveport,
Co
Farwell, Chapman
Waller C.
&
Co.,
Wellington Hunter Associates, Jersey
Chicago;
Sabah,
Bill
Winslow,
Cohu
&
City,
N. J.;
Stetson
Philadelphia, Lancaster, York, Germantown
A. G. Edwards BC Sons
8C
"Duke" Hunter,
Hartford, Waterbury, Willimantic, Norwich
....St. Louis, Clayton, Belleville, Jacksonville,
Cooley BC Co
Elder
Co.;
Reynolds
.Pittsburgh
Chaplin BC Co
E.
Sherwood,
Springfield, Houston, Little Rock, Keokuk
Chattanooga, Dalton, Ga.
Chicago
& Co
Hardy 8C Co
Charleston, Parkersburg
Johnston, Lemon SC. Co.
Washington, D. C., Alexandria, Va.
Milwaukee, Appleton, Beaver Dam, Chippewa Falls,
Loewi 8C
Co., Inc.
Green Bay. Janesville, La
Racine,
W.
Crosse, Madison, New London,
Waukesha, Wausau, West Bend, Wisconsin Rapids
L. Lyons 8C Co
Louisville, Danville, Lexington
.Baltimore
Mead, Miller 8C Co
Piper, Jaffray 6C Hopwood
.
Minneapolis, St. Paul,
Great Falls,
Prescott 8C Co.
Russ 8C
Billings, Rochester
Cleveland, Shaker Square, Columbus, Toledo, Canton
.San Antonio, Ft. Worth
Company, Inc
Sanders 8C Company
Sutro BC
Dallas
Co.
San Francisco, Los
CORRESPONDENTS
FOREIGN
Greenshields
8C
T. A. Richardson
Paulo A.
Co
Montreal, Canada
8C Co.
Toronto, Canada
.
Bromberg
Sao Paulo, Brazil
Julio C. BC Diego Roldos
Mercantil
De
Inversiones
Yamaichi Securities
Ian
Potter
&
Angeles, San Jose, Beverly Hills
S.
Co., Ltd
Co.
A
Montevideo, Uruguay
..Caracas, Venezuela
Tokyo, Japan
Melbourne, Sydney, Canberra City, Australia
A^von
Netburn,
A1
Kaidy,
New
York
Winslow,
Hanseatic
Cohu
<ft
Corporcrtion;
Stetson;
David
Jack
R.
Honig,
New
Mitchell,
Hill,
York
Hanseatic
Thompson
&
Corporation;
Co.,
Inc.
Volume 187
Number 5740
...
The Commercial and Financial Chronicle
9
Dealers and Brokers in
Railroad, Public Utility & Industrial
Bonds & Stocks
Over-tha-Countar Trading Dept.
D. Howard Brown
Frank
MacKain
Ingalls & Snyder
Members
New
Members
York
American
Stock
Stock
100 BROADWAY
&
'
:
.
NEW YORK 5, N. Y.
COrtlandt 7-6800
Martin
Exchange
Exchange
Bell System
—
King, Sutro Bros. & Co.; Frank Hall, Sutro Bros. & Co.; Pete Brittain,
Shearson, Hammill
Co.; Paul Jacoby, Asiel & Co.; John F. Reilly, J. F. Reilly & Co., Inc.,
Jersey City, N. J.;
William V. Frankel, Wm V. Frankel & Co.
Incorporated ■>■
Teletype NY 1-1459
KIDDER, PEABODY & CO....
•
What is your
•
Through
helpful
let
us
may
costs
Why
to you.
of corporate
a
nation-wide
system provides
broad institutional and
dealer
not
mar¬
extended list
wire
large and experienced
Trading Departments
be
primary
an
of all types
securities.
trading problem?
Our
Makes
kets in
•
Provides facilities for
skillful
know your
coverage—and
less.
you
handling of large
blocks without
trading requirements ?
disturb¬
ing existing street
mar¬
kets.
Address
Mr. David D. Lynch
Kidder, Peabody & Co.
Dealer Relations
founded
Department
1865
Members New York and American Stock Exchanges
17 Wall
Boston
Leo
Newman, American Securities Corporation, Boston; Paul Hennessey, Eaton & Howard, Incorpo¬
rated, Boston; Clive Fazioli, White, Weld & Co., Boston; Peter Noon, Hoit, Rose & Company;
Charles Clausen, Hoit, Rose & Company
Underwriter
•
Street, New York 5, N. Y.
Philadelphia
Chicago
Distributor
•
Los Angeles
Dealer
Securities of the United States
Government and its Instrumentalities
State, Municipal, Revenue and Housing
Securities
Bonds, Preferred and Common Stocks
of
Industrial, Public Utility and
Railroad Corporations
Bank Stocks
Casualty, Fire and Life Insurance
Corb
Jim
Company Stocks
Liston, Prescott & Co., Cleveland, Ohio; Robert Strauss, Daniel F. Rice and Company, Chicago;
McFarland, Stroud & Company Incorporated, Philadelphia; Eddie Abele, Securities Trading
Corporation, Jersey City, N. J.; Ray Morris, Stroud & Company, Incorporated, Philadelphia
Bankers'
Acceptances
Securities of the International Bank for
Reconstruction and Development
Canadian Bonds
Foreign Dollar Bonds
The
FIRST BOSTON
CORPORATION
New York
Philadelphia
Martin Gilbert, Van Alstyne, Noel & Co.; Morrison Gilbert, J. A. Winston & Co.,
Inc.;
Securities Trading Corporation, Jersey City, N.
J.; Albert
Jack
Howard, Langley-Howard, Inc., Pittsburgh;
Edward Abele,
Bernstein, J. A. Winston & Co., Inc.;
Irving Bernstein, J. A. Winston & Co., Inc.
Boston
Pittsburgh
Cleveland
Chicago
San Francisco
The Commercial and Financial Chronicle
lb
Jack
Titolo,
Harris,
Members New York Stock
and American Stock
DEALERS
V
IN
'
V:
.
Preferred
Bonds
Leased Line
VA
l>
Exchange
Exchange
RAILROAD SECURITIES
;
Guaranteed
,t
Thursday, May 8, 1858
.
George Riss, Waldorf-Astoria; George Searight, Searight, A halt A O'Connor, Inc.; Edward J. Enright,
New York Security Dealers Association; John P. O'Reilly, Waldorf-Astoria; Robert N. Kullman,
John J. O'Kane, Jr. A Co.
Adams & Peck
.
.
Schaefer, H. D. Knox & Co., Inc.;
Jerry Aal, Bache & Co.
Jr. & Co.; Ed
Upham & Co.;
Sammcn, John J. O'Kane,
Joe
.
Common
and
■
J
.Unlisted Investment Stocks
120
New York
Broadway."
5, N. Y.
Telephone REctor 2-4949
~
Teletype NY 1-724
Private wire to
;*
Philadelphia
*
*
*
*
★;
Samuel
E.
H.
Magid,
D.
Knox
Thompson A Co., Inc.; A. J. Sano, Sano A Co.; Frank T. Harrington,
Co., Inc., Boston; David H. Magid, Hill, Thompson A Co., Inc.
Hill,
&
ALL MARKETS ON ONE CALL
■'
■
"1 '
v
■:.
Complete Brokerage Service
for
Dealers, Brokers and Dealer Banks
*
*
Public
*
Utility, Railroad, Industrial,
Convertible and Foreign Bonds
*
*
★
*
★
*
*
*
*
*'
★
Municipal, State and Revenue Bonds
i.
*
Bob
Wien, M. S. Wien A Co., Jersey City, N. J.; Lester Gannon, Sherry, Moloney A Company, Inc.;
Norris Rosenbaum, Englander A Co., Inc.; Bob
Franklin, M. S. Wien A Co.
*
*
*
!
r
*
*
Listed and Unlisted
*
Goodbody St Co.
ESTABLISHED 1891
**•1'j!
■
Preferred and Common Stocks
*
New York Cotton Exch.
American Stock Exch.
MEMBERS: New York Stock Exch.
•
Chicago Board of Trade
and other principal Stock and Commodity Exchanges
•
•
BRANCHES IN PRINCIPAL CITIES
*
★
★
*
★
UNLISTED TRADING DEPARTMENT
Industrial, Railroad, Public Utility Securities,
STOCK, BOND
MABON
& CO.
Established
-
and COMMODITY
YORK
AMERICAN
115
STOCK
STOCK
Broadway, New York 6
Bell
Municipal Bonds
CANADIAN SECURITIES DEPARTMENT
Direct Wire to Montreal and Toronto
EXCHANGE
Telephone REctor 2-2820
•
115
Broadway, New York 6
One No. La Salle St.,
★
★
ir
BArclay 7-0100
Chicago 2
Cable Address: Accurate
★
State and
EXCHANGE
System Teletype NY 1-2152
★
CORPORATE BOND DEPARTMENT
MUNICIPAL BOND DEPARTMENT
BROKERS
1892
MEMBERS
NEW
Bank and Insurance Stocks
Bell Tele.: NY 1-671-672
CEntral 6-8900 Bell Teletype: CG-321
Direct Private Wires to
Principal Cities
Volume 187
Number $740
The Commercial and Financial Chronicle
...
ti
UNDERWRITERS, BROKERS and DEALERS
distributing
CORPORATE and MUNICIPAL SECURITIES
since
1886
W. E. HUTTON & CO.
Michael
Members New York Stock Exchange
Schneider, Burnham and Company; Larry Schneider, Burnham and Company; Albert Cohen,
Gruss & Co.; William
Tooker, Salomon Bros. dt Hutzler
and other
~
leading exchanges
NEW YORK
CINCINNATI
Philadelphia
Baltimore
Columbus, O.
Burlington, Vt.
Hartford, Conn.
Lewiston, Me.
William
Easton,Pa.
Lexington, Ky.
Biddeford, Me.
Milt Van
Boston
Dayton, O.
Portland, Me.
Riper, Cruttenden, Podesta & Co.; Calvin Clayton, Clayton Securities Corporation, Boston;
D.
O'Connor,
Shelby
Cullom
Davis
&
Co.;
Walter
C.
Nester,
M.
A.
Schapiro
&
Co., Inc.
ft##*:#
lill
111
W£M.
Brokers
M
Itlll
in
Stocks and Bonds
f/t
mm
Underwriters and Distributors
of
Corporate and Municipal
Securities
Walter Huke, H. Hentz & Co.; Warren
Jchn
R.
Reardon, H. Hentz & Co.; Frank McCormack, H. Hentz & Co.;
Boland,
John
R.
Boland
&
AW.Y.f
Co., Inc.
K1
w.
H
m
THE T0T1L
■
Members New York Stock
V?
CORPORATE IMPACT
Establishment of
become
of business
a
favorable "corporate image" has
vital today than
more
—
ever
in the history
and the competition is
as
keen
as
in
struggle for product sales.!
How
are
some
meeting this competition effectively is outlined in
timely
a
If
booklet, "The Total Corporate Impact."
new
you'd like to have
for the
Just
a copy,
it's
yours
asking, and without obligation.
phone
or
write Mr. R. A. Cullinan.
NEW YORK
ALBERT FRANK-GUENTHER LAW, INC.
Advertising
131 Cedar
*
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Street, New York 6, N. Y,
•
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>
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t
The Commercial and Financial Chronicle
12
.
.
.
Thursday, May 8, 1958
Underwriters and Distributors
Corporate and Municipal Securities
Specialists in
Rights and "When Issued" Securities
♦
Jx{c])onnell& Qo.
Established 1905
Membera
>
John
New York Stock Exchange
—
American Stock Exchange
120 Broadway, New
New York
J.
Edward
D'Arcy,
J.
L. Putnam
F.
Meehan,
L.
York 5, N. Y.
Chase
Stein,
& Company, Inc.;
Manhattan
&
Asiel
Tom
Bank;
Co.;
James
Meaney,
J. Kelly,
York;
Edward
Charles E. Skelton, Bank of New
Boston;
Wellington Fund,
Philadelphia;
Chase Manhattan Bank
Detroit —Chicago
—
Underwriters and
Distributors
.
Corporate Securities
V//
'
Robert
Unsworth,
Brown,
Lisle
&
Marshall,
Providence,
R.
I.;
Gerry
McCue,
G.
H.
Walker &
Providence, R. I.; William C. Roberts, Jr., C. T. Williams & Company, Inc., Baltimore;
J.
B.
Co.,
Jim Maguire,
& Co., Inc., Boston
Maguire
SPECIAL SITUATIONS
CANDEE
Members National Association
&
CO,
of Security Dealers, Inc.
Joe
44
NEW YORK 5, N.
WALL STREET
Y.
Smith,
Newburger
Sidney Jacobs
Co.;
&
Co.,
Philadelphia;
John
Sid Holtzman, Singer, Bean
Butler,
First
& Mackie, Inc.;
Boston
Corporation;
Sid
Bill Kumm, Hill, Darlington
Jacobs,
<£ Co.
Tele: NY 1-1862
BOwling Green 9-0040
PRIMARY MARKETS
Complete
Trading
For
Facilities and Experience
Brokerage Service in all
UNLISTED
SECURITIES
for BANKS —BROKERS and DEALERS
SIEGEL
&
CO.
39 BROADWAY
NEW YORK 6, N. Y.
DIgby 4-2370
Teletype N.Y. 1-1942
Milton
Soukup, Smith, Barney & Co.; Harry Simmons, Simmons & Co.; Burt Rubin, Simmons & Co.;
Tom
C. Brown,
Simmons & Co.; Bernie Shwidock, Simmons &
Co.
Volume 187
Number 5740
...
The Commercial and financial Chronicle
Bank
&
Insurance Stocks
Over-The-Counter Securities
Specialists in
Christiana Securities Co.
Common
Preferred
Inquiries invited in all Unlisted Issues
Trading Department, L. A. Gibbs, Manager
Laird, Bissell & Meeds
Harold Brown, Winslow, Cohu & Stetson;
George Martens,
Winslow,
Cohu &
Winslow, Cohu & Stetson; Irving Maxfield,
Stetson; George Dedrick, Gregory <£ Sons; Everett W. Snyder,
£. W. Snyder and Co., Syracuse, N. Y.
MEMBERS NEW YORK AND AMERICAN STOCK EXCHANGES
120
BROADWAY, NEW YORK 5, N. Y.
Telephone BArclay 7-3500
WILMINGTON, DEL.
ZURICH, SWITZERLAND
J.
C.
Blockley, Harris, Upham & Co.; Tom Greenberg, C. E. Unterberg, Towbin Co.; Herk
Harris, Upham & Co.; Tom Unterberg, C. E. Unterberg, Towbin
Co.
Bell Teletype NY 1-1248-49
PHILADELPHIA, PA.
SALEM, N. J.
NEW HAVEN, CONN.
DOVER, DEL.
Mottino,
Kugel, Stone & Co.
Incorporated
30 Broad Street
Telephone: WHitehall 3-2050
Hal
Murphy, Commercial & Financial Chronicle; Latham
Pollard, Burns Bros. & Denton, Inc.; Rex Stevenson,
Burns, Burns Bros. & Denton, Inc.; Ted
Nesbitt, Thomson and Company, Inc.
Specialists in
BANK and INSURANCE
STOCKS
Your
RED
CROSS
Edwin L. Tatro
50
Company
BROADWAY, NEW YORK 4, N. Y.
Telephone: DIgby 4-2420
Direct
Teletype: NY 1-3430
Telephone
BALTIMORE —BOSTON —HARTFORD:
Enterprise 7846
must carry on I
New York 4, N.
Y.
Teletype: N.Y. 1-1822
The Commercial and Financial Chronicle
14
.
..
Thursday, May 8, 1958
Specialists in
F
oreign/Securities
Foreign Investments
t/wiAold cind [P. d) leic/i i oedet
Sue.
SECURITIES
INVESTMENT
Andy
Beyfuss,
Kean,
Taylor
30 Broad Street, New
Co.;
&
Weeks
Associate Members American Stock Exchange
&
Clarence
Co.;
Co.; Roily Gunther,
Baker,
Weeks
&
Wildey, Baker
Weeks
Baker,
& Co.
Nelson,
Ray
York 4, N. Y.
Telephone
Teletype
WHitehall 3-9200
NY 1-515
•lilitts
.
ORIGINATORS
UNDERWRITERS
—
—
DISTRIBUTORS
OF
NEW JERSEY MUNICIPAL
AND
AUTHORITY REVENUE 0RLIGATI0NS
Bob
Lienhard, Troster, Singer &
Beattie,
Roland, Saftin
Established
35
WALL
&
Co.; Lester J.
Co.,
Inc.,
Thorsen,
Philadelphia;
Offerman,
Chicago;
Co.,
Glore, Forgan &
Charles
Troster,
Singer
Herbert
&
E.
Co.
Co.
TELEPHONE
N. Y.
Bell
Riecke
1920
ST.
NEW YORK 5,
&
H. A.
WHITEHALL 3-3414
System
Teletype—NY 1-535
UNDERWRITERS
Specializing in
DISTRIBUTORS
MININGS
DEALERS
Block
offerings
OILS
wanted
■
■
■
Orders Executed
INDUSTRIALS
on
Bob
Salt Lake Stock Exchange
Batyr, Boettcher and Company, New York;
Boettcher
Primary Markets
and
Company; Ernie
Sam
De
Socio, L. H. Ingraham
Lienhard,
Troster,
Singer
&
&
Co.;
Pete Brown,
Co.
Maintained
CAPPER & CO.
Members
1
Salt
Lake
Stock
.
'fi.
Exchange
Established 1928
Exchange Place, Jersey City 2, N; J."
Telephone: HEnderson 2-8570
1
Teletype: JCY 119
We
Open-end phone to New York City, DIgby 9-3424
Offer
a
COMPREHENSIVE INVESTMENT
AND
lNDfy
DEALER
SERVICE
m
Sometimes
—
ALL
Actives
become
Inactives
But
inactive,
become
CLASSES OF BONDS AND
and
STOCKS
including
active,
PUBLIC UTILITY—RAILROAD—INDUSTRIAI
—
FOREIGN ISSUES
We
are
active
all
the
time.
We
are
Particularly Adapted
to Service Firms
With Retail Distribution
Your
Mitchell & Company
Members
P.
Philadelphia-Baltimore Stock Exchange
120
BROADWAY
Tel.
WOrth
4-3113
NEW
Bell
YORK
CITY
F.
120
Inquiries Solicited
FOX
&
CO., INC.
BROADWAY, NEW YORK 5, N. Y.
Telephone
Teletype NY 1-1227
REctor 2-7760
Teletypes
NY
1-944 & NY 1-945
Volume
jl87
Number 5740
...
The Commercial and Financial Chronicle
15
Over
Half Century of Efficient and
a
Economical Service
AS TRANSFER AGENT
in
New York, N. Y. and
We
afford
economies
underwriters,
and
Wrile
and
Lester
J.
John J.
Thorsen,
Glore, Forgan
Meyers, Gordon Graves
A
A
Co.,
Chicago;
Gene
Brady,
Gordon
Graves
A
Co.,
New
for
our
State
other
distributors,
their
advantages to
corporations
stockholders.
free booklet setting forth the Current Federal
Stock
Original Issue and Transfer
Registrar
York;
Jersey City, N. J.
and
Tax Rates.
Transfer Company
and
Co.; William H. Salisbury, Eastman Dillon, Union Securities A Co.
50 CHURCH STREET
15 EXCHANGE PLACE
Established
New York 7,
BEekman
N. Y.
Jersey City 2, N. J.
1899
3-2170
HEnderson 4-8525
SPECIALIZING IN
—
RIGHTS
WHEN
-
ISSUED
AND
Walter
Tisch,
Saunders,
Fitzgerald
Dominion
A
Securities
Company;
Gil
Corporation;
Busch,
Albert
Don
Sherwood,
Frank-Guenther
Reynolds
Law,
A
Inc.;
Co.,
Royal
Chicago;
H.
A1
REORGANIZATION
Plenty,
SECURITIES
Philadelphia Inquirer, Philadelphia
Josephthal&Co.
FOUNDED
members
and
new
other
york
19fO
exchange
stock
leading
exchanges
120 BROADWAY, NEW YORK 5, N. Y.
WORTH 4-500O
Bell System Teletype
direct telephone to
19
CONGRESS ST.,
NY
t-319
boston
BOSTON 9,
MASS.
lafayette 3-4620
PRIVATE
brooklyn,
Julius
WIRE
n.
SYSTEM
y.
TO
CORRESPONDENTS
lock
haven.
n.
IN
PRINCIPAL
CITIES
hanover,
y.
pa.
Golden, Greene and Company; Reg Knapp, G. C. Haas A Co.; Tom Curry, Stone A Webster
Securities Corporation; Dan Mullin,
Tucker, Anthony A R. L. Day; Joe Conlon,
Grace Canadian Securities, Inc.
CANADIAN
STOCKS
Underwriters, Distributors and Dealers
NEW YORK
in
WALKER 5-1941-2
Boston,
Buffalo,
Chicago,
Milwaukee,
Cincinnati,
Philadelphia
Cleveland,
and
St.
Detroit
Corporate and Municipal Securities
Louis
ENTERPRISE 6772
PITTSBURGH
ZENITH
HIRSCH
0210
Members
JAMES A. TRAVISS —MGR. U. S. DEPT.
New
York
Stock
Exchange
&
and
Teletype: N.Y. 1-210
Company
WASHINGTON
Members
The Toronto Stock
Exchanges
25 BROAD STREET, NET YORK 4, N. Y.
Telephone: HAnover 2-0600
S. J. Brooks &
CO.
Other
Exchange
BALTIMORE
LONDON
GENEVA
MIAMI
BEACH
PALM BEACH
AMSTERDAM
Correspondents: HAVANA, CUBA
Mort
Cayne,
Cleveland;
J.
Ed
N.
J.
Russell
Kelly,
Rhoades
A
A
Carl
Co.
Co., Inc.,
M. Loeb,
Direct Wire Service: New York, Washington, Baltimore, Miami Beach, Palm Beach
Chronicle
The Commercial and Financial
.
.
.
Thursday, May 8, 1958
16
1958
1922
UNLISTED SECURITIES
SINCE
SPECIALISTS
INQUIRIES
1922
INVITED
JOHN J. O'KANE, JR. & CO.
rilll,IP
C.
KULLMAN, JR.
ROBERT
Members
42
(1922-1951)
N. KULLMAN
New
York
—
JOHN J, O'KANE, JR. (1922-1956)
MANAGING PARTNER
Security Dealers Association
Broadway, New York 4, N. Y.
Phone—DIgby 4-6320
Teletype—NY 1-1525
Alonzo
Lee,
Edward
J.
Sterne,
Agee
Beakey,
A
Leach,
Albert
Philadelphia;
Bob
Kullman,
J.
John
F.
Mort
Hanley,
S.
Edwards
O'Kane,
Jr.
Moseley
A
Norris
A
Hanley,
Adams
Barney Nieman,
Birmingham, Ala.;
A Co., Hartford,
E. W. Eddy
A
Teller,
Albert
A Co., Philadelphia
Teller
Co.; Seymour Blauner,
Co.;
Harry
Hempstead,
Limited,
Zeeman,
N.
Toronto;
Carl Marks A Co., Inc.;
Conn.; Joseph Markman, Newburger & Co.,
Y.;
Bill
Sinclair Securities Corp.; Sal Rappa,
Carl Marks A Co. Inc.
Joe
Bond, Candee A Co.;
Candee A Co.
George Adams,
Candee,
Gearhart & Otis, Inc.
74
Trinity Place, New York 6, N. Y.
WHitehall 3-2900
Teletype: NY 1-576
Earl
Hagensieker, Reinholdt A Gardner, St. Louis, Mo.;
Corporation;
Walter Filklns,
Troster Singer
A
Ed Streat, National Securities & Research
Co.;
Elbridge Smith, Stryker A Brown
Volume 187
Number 5740
.
..
The Commercial and Financial Chronicle
17
PRIMARY
MARKETS
UTILITY and INDUSTRIAL STOCKS
NEW ENGLAND SECURITIES
BOSTON
CORRESPONDENT
A. M. KIDDER &
CO., INC., NEW YORK
for
BANK and INSURANCE STOCKS
J. B. MAGUIRE & CO., INC.
31
Robert
Keenan, Troster, Singer A Co.; John F. Gibson, Hopper,
Soliday A Co., Philadelphia;
W.
Bull,
Jr.,
Jacobs
&
Low;
Bert
Pike,
Troster,
Singer
&
Robert
Milk
Street, Boston 9, Massachusetts
Open-end Telephone Wire
Co.
New York—CAnal 6-1613
New [York
to
Boston—HUbbard 2-5500
Bell System
Teletype—BS-142
Providence, R. I.—Enterprise 2904
Portland, Maine—Enterprise 2904
Hartford, Conn.—Enterprise 6800
1891
Our
Sixty-Seventh Year
UNDERWRITERS
•
DEALERS
1958
DISTRIBUTORS
•
PRIMARY MARKETS
IN CONNECTICUT SECURITIES
Jack
Murphy, Hornblower & Weeks, Philadelphia; Vincent Naddeo, Thomson &
McKinnon; Frederick
Weil, Thomson & McKinnon; Jim McGivney, Hornblower <fi
Wezks, New Ycrk
Chas.W. Scranton
Members New York Stock
Co.
&
Exchange
NEW HAVEN
New Yohk REctor 2-9377' •
Danbury
Bridgeport
Beil Teletype NH 194
New London
Waterbury
Shelby Cullom Davis
Members New York Stock
Underwriters and
&
Co.
Exchange
Dealers in
INSURANCE STOCKS
Wesley Bishop, Smith, Bishop A Co., Syracuse, N. Y.; Don
Sloan, Donald C. Sloan A Co., Portland,
Oregon; Maurice Hart, New York Hanseatic Corporation; Charles H. Dudichum,
Delaware Fund, Inc., Philadelphia
CORPORATE
AND
MUNICIPAL
BONDS
Oldest Specialists (with Predecessor Firm) in Insurance
Stocks.
116
Serving Dealers and Institutions since
JOHN
STREET, NEW YORK 38, N. Y.
Telephone BEekman 3-0626
"//V
1927.
THE HEART OF
•
Teletype NY 1-384
THE INSURANCE DISTRICT"
Since 1929
Primary Markets in New England Securities
General Market Stocks and Bonds
George W. Cunningham & Co.
may & camon
225 EAST BROAD STREET
INC.
WESTFIELD, NEW JERSEY
140
FEDERAL
STREET, BOSTON
BOSTON
HU
NEW
2-8360
HARTFORD
Enterprise
10,
9830
Enterprise 9830
Bell System
YORK
6-2610
Brokers & Dealers in
PROVIDENCE
Public Utility, Industrial, Bank,
CA
PORTLAND
MASS.
Enterprise 9830
And Insurance Securities
Teletype BS 568-9
Telephone
Robert
Stan
M.
Topol,
Greene and
Company;
Dawson-Smith, Cruttenden, Podesta
A
Co.
Adams
TWX WSFD NJ
2-6322
126
The Commercial and Financial
Chronicle
.
.
.
Thursday, May 8, 1958
18
Over A
Quarter Century
1930
-
1958
Specialists in
OVER THE COUNTER
SECURITIES
Sreene«J
Charles
H. Jann,
Estabrooh &
Colgate Hoyt
&
Co.;
Carl K. Gish, Boettcher and Company; William J.
Co.;
Robert Wallace,
Troster, Singer &
Lutz,
Co.
1930
ESTABLISHED
37 Wall St., New York
5
appel petroleum
corp.
BOUGHT
QUOTED
SOLD
Sam
Special Report Available
Felstein, A. G. Edwards & Sons, St. Louis;
Frank
Request
on
Boyce, Carl M. Loeb, Rboades
Bob
Leonard Butt, Mead, Miller & Co., Baltimore, Md.;
& Co.; Louis
Stirling, Betts, Borland & Co., Chicago;
Barbanell, Carl M. Loeb, Rhoades & Co.; A1 Davis, Carl M. Loeb, Rhoades & Co.
englander & co., inc.
Members
New York Security
115
Dealers Association
Broadway, New York 6, N. Y.
Teletype: NY 1-157
Telephone: BArclay 7-5344
Specialists in
Blocks, Retail Situations, and Inactives
Ed
Whiting,
Arthur
McDonald, Holman
BROKERS
•
DEALERS
•
&
Carl M.
Loeb,
Pearce, Greenshields
Rhoades
&
&
Co., Inc.,
Co.;
Ron
McCuaig,
Montreal;
Giles
Greenshields & Co., Limited,
Co.inc.
UNDERWRITERS
CO
70
PINE
STREET
NEW YORK
5, N. Y.
WHitehall 3-0010
Successful underwritings for the well-managed
small
companies
Toronto;
& Co.
Montanye, Carl M. Loeb, Rhoades
HILL,THOMPSON & CO., Inc.
The
Commercial and
Financial Chronicle
. . .
Thursday, May 8,
>.)58
ts
Over A Quarter
Century
- 1930
1958
Specialists in
OVER THE
COUNTER SECURITIES
ft
Charles
&recae<m£ompat\\^
Wall
Colgate Hoyt
Co.; Carl K.
& Co.; Robert
Gish, Boettcher and Company; William J. Lutz,
Wallace, Troster, Singer & Co.
1!)30
ESTABLISHED
37
H. Jann, Estabrook &
St., New York
5
appel petroleum
corp.
BOUGHT
QUOTED
SOLD
Sam
Special Report Available
on
Felstein, A. G. Edwards & Sons, St. Louis;
Frank
Reipiest
Boyce, Carl M. Loeb, Rhoades & Co.;
Bob
Leonard Butt, Mead, Miller & Co., Baltimore, Md.
Louis Stirling, Betts, Borland & Co., Chicago;
Barbaneli, Carl M. Loeb, Rhoades & Co.; A1 Davis, Carl M. Loeb, Rhoades & Co.
englander & co., inc.
Members
Sew York Security Dealers Association
115 Broadway,
New York 6, N. Y.
Teletype: NY 1-157
Telephone: BArrlay 7-5344
Specialists in
It locks. Retail Situations, and Inactives
Ed
Whiting,
Arthur
McDonald, Holman
BROKERS
•
DEALERS
•
&
Carl M. Loeb,
Rhoades
Pearce, Greenshields &
&
Co., Inc.,
Co.;
Ron
McCuaig,
Montreal;
Giles
Greenshields
Montanye,
Carl
&
M.
Co.,
Limited,
Co.inc.
UNDERWRITERS
CO
70 PIXE STREET
NEW YORK
WHitehall
5, N. Y.
3-0010
Successful underwritings for the well-managed
small
mmm
companies
Toronto;
& Co.
Loeb, Rhoades
HILL,THOMPSON &, CO., Inc.
Volume 187
Number 5740
...
The
Commercial and Financial
Chronicle
19
I
ldland Securities
members:
1
The Investment Dealers' Association of Canada
Canadian
and
corpn. limited
Government, Municipal
Corporation Securities
/
r
The Midland
1
Irving
Stei^ Capper f Co , JerseyCity, N
Albert J. Caplan &
Co.,
J.; Gerard Huleebosch,
Philadelphia;
A.
A.
Harmet,
A.
r
H)
members-
I
'
Company
mm™
T*le Toronto Stock Exchange
Montreal Stock Exchange
Stock orders executed
all
on
Exchanges
Toronto, Ontario: 50 King Street West
London, Ontario: Huron & Erie Building
Codniek & Sen; Albert J.
Caplan,
Harmet & Co.,
Chicago
A.
Sault Ste. Marie, Ontario:
116 March Street
Montreal, Quebec: 215 St. James
St.
Thomas, Ontario:
Street West
345 Talbot Street
Private Wires to
Eastman Dillon, Union Securities &
Co., N. Y. C.
MacDougall & MacDougall, Montreal
Ed
Holmes, Joseph Faroll & Co.; Mike Voce
oil, Savard <ft Hart; John Stein, Wm
Incorporated; Ed Foran, Dominion Securities Corporation
V.
Franhel
&
Co.
CANADIAN SECURITIES
Underwriters and Dealers in Canadian
Government and Corporate Issues
Inquiries welcomed from institutional
investors and dealers
Greenshields & Co (N.y.) Inc
64 Wall
Street, New York 5
Telephone: WHitehall 3-9525
Teletype: NY 1-3708
Canadian Affiliate: GREENSHIELDS
&
CO
INC
Business established 1910
Fritz
"Red"
Jack
Johnson, John J. (yKane, Jr. & Co.; Frederick L. Bock, John J. O'Kane, Jr. &
Co.;
Schait, Alexander Reid & Co., Newark, N. J.; Henry Jeret, Hirsch & Co.; Henry
Fricke,
Anglo-American Securities,
Burns Bros.
37 Wall
&
Inc.
Denton, Inc.
Canadian
Street, New York 5, N. Y.
Bonds
Underwriters—Distributors —Dealers
Government, Municipal,
Orders executed
on
the most useful tools in
Canadian Securities
Utility, Corporate
Canadian Exchanges
or
Corporation
Provincial,
—
securing
at
So
External and Internal
on
one
-
it's
your
Canadian Exchanges
smart
to
advertisement ins
A. E. Ames & Co.
•
Members
TORONTO
MONTREAL
oronto,
THE
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j|
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OTTAWA
Incorporated
/
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I
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at net
Inquiries Invited
place
Affiliated with:
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Internal
new customers.
regular commission rates
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and
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is
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v
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25
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The
Commercial and
Financial Chronicle
Thursday, May 8, 1658
. . .
20
Percy J. Wien, AT. S.
Wien & Co., Jersey City,
Dealers; John F. Reilly, J.
M. S.
N. J.; Lee Monett, National
F. Reilly & Co., Inc., Jersey City,
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Cart
Loeb, Rhoades & Co.
M.
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in
offices
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enable
These facilities
on
net
us
to execute orders
in Canada or at
all Stock Exchanges
prices in United States funds
if desired.
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N e w ¥ or k
affiliated with
Wood, Gundy & Company
Members
The Toronto Stock
of
Montreal Stock Exchange
Exchange
Canadian Stock Exchange
and
•;.
Wood, Gundy & Company,
Limited
\
Pete
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Milloy,
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&
White,
Weld
White, Weld
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Co.;
Company; Frank
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& Co., Boston;
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& Co., New York;
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g
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& Co.
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Victoria
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M
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Our facilities
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in
the
can
industrial
investors
in
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Nesbitt, Thomson
25 Broad
maintained in all classes of Canadian external
Telephone HAnover 2-8875
'
\
T
140 Federal
and internal bond issues.
Stock orders executed
Exchanges,
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*0
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Canadian Affiliate
—
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and
-
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and Canadian Stock Exchanges
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Branches in the principal Cities of Canada
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_
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WINNIPEG.
Head Office:
Philadelphia
inc.
the Montreal and Toronto Stock
on
DIRECT PRIVATE WIRES
and Company,
Street, New York 4, N. Y.
_
Toronto
Montreal
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Direct
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York,
Kitchener,
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connections
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Volume 187
Number 5740
The
Commercial and Financial
Chronicle
(2085)
QuarteHy Statement ,6f Billings, Estimated Unbilled Balance
of
Major Contracts and Number of Employees
Three fiscal Months Ended
March 24,1938
-Billings during- the period:
Shipbuilding contracts
1
*
♦
>
•
.
Ship conversions arid repairs
Totals
.
.
•
#
.
.
,
close off the,
period
•
•
•
*
•
2,536632
;$ 33,611,058
•
«
•
•
•
♦
•
3 39,812,-224
At Mar. 24,1958
unbilled at the
•
J560;469
.
•
Estimated balance off mafor contracts
10,099697
-844,671
.
.
*
'$ 24,433,310
4684,979
.
Hydraulic turbines and accessories
Other work and operations
March 23, 193/
1$ 25,544,876
♦
At Mar. 25,1957
.$412,801,144
Equivalent numberof employees, on a 40-hour basis, working
during the last week off the period
The Company reports
♦*•••*»•»♦
12,422
13,527
income ffrom long-term shipbuilding contracts on the percentage-of-completion basis;
will therefore vary from the billings on the contracts. Contract btlHng*and estimated
subject to possible adjustments resulting ffrom statutory and contractual provisions.
such income for any period
unbilled balances
are
•
'April23,1958
ByOrder oftheBoard ofD factors
'<*-k FISCHER, nnMddlVIcePresifa/it
129
80
The Commercial and Financial Chronicle
(2086)
Continued
Termed Economic Prop
City Title Insurance head opines
"open-end mortgage" loans pro
Effects of the U. A. W.
various
available, will the
The
Plan first went into effect for that
stockholders at the beginning of year and had no immediate effect
,
"open-end
to°1fnagnce the purchasl"
^adUy mounting^number
1950
.
th
"ported by GM for that year.*
£e
-
promise
pay
four
off in
eacfof
for
1954-57;
years
Ihe The relevant figures
benefits
•
for the entire
in'
/economy
:
current
;the
*
economic
re-
,
vjcHm_jThe U
S
Treasury
.
%
as
of payrolls
1955
1956
1957
1747
2183
576
1866
1855
350
318
.
355
—
17.1
18.8
26.3
20.3
r,
■
j£tmay
reflecting
reoort "eive
that the
that • UAW dis- if we may assume jiwi '.w Plan
tvtntnr mnnii.
tributes its share to its members is to apply to other motor manuIf
we.
*££
mean
of
some
the
suppose
r.
sin trie
a
^^, f tltes
in
under the
have used
computing
Plan, for
any
as tax rate the
the
existing
percentage ratio
of
tax to the profit before tax, f«
tbat/ear"' The ratios
^
^
my
are:
Jgg-4^ 51.0
955.„.„.. 53.2
ia56
52'3
1957™;—1-48.8
Federal
Treasury's interest in the Plan are
Treasury's interest in the Plan are
somewhat in error, though I am
confident that any such
errors
cannot be large enough to damago
the main inferences from
my
results.
The GM, financial
statements published in its annual
,
1954
Payrolls, hourly-rate workers in
U. S. plants
U. A. W. share in profitsShare
cession, it was.
i
ii o t e d, - t h e
other day, by
»Saul Fromkes,
pjrsx
are (money figures
have items in million dollars):;
I
and
'
extra
the tax
m
*1'st V'cum
ne u. .
y
year_and call the remainder on the earnings and payroll
In discussing the tax angle of
ehta UAW (existing basis) figures as actually
"excess" earnings The
J^^ious^ssXTons^and
of
homes since
'to
mean
Code. 3
Revenue
assumed, for each year, that the
in these calculathe total equity of
assume
me
as
entirely
valid, .under the existing Internal
nite.
which I
tions to
modern
new
assumptions strike
be defi-
answer
Thursday, May 8,
1955
.
receipts from sales; and the bonus
provision for certain salaried
ficers, as part of the compensa*
tion of officers. All three of these
of action he
courses
.
the -rebate to. customers,
effective reduction in
gross
an
nual figures of the companies are
economy.
„
He
might
follow—only later, after the an-
.......
lenders, and the entire
.
motor manufacturer.
a
has to try to guess the magnitude
of the price cut resulting from
vide recession cushion for home¬
owners,
a car, or any
uct of
:;
labor;
other prod-
ping for
jrom page 3
.
-L
f
fo^
the
't
52^
S®
,
,the
fact -that, thepublished tax figure
Income includes ^ l^st. a sihall element *
uiwmc.
re¬
income
f
H
figure
fore£n
United States and foreign
united states and loreign
for
taxes> an(i we therefore do not
employed in U. S. plants of GM, i facturers, ; and calculated corre- lmQW' what portion is "foreign.
mcome
•president of
•we find that in any of the four:sponding
figures for them, we Almost certainly the overwhelmne.ed n°t
the City Title
] years
this - would mean a very should certainly find large varia- j
^uik ^
published figure ^ completely identical with the
insurance
I large percentage increase in tions among the percentages for — ^
tax. and j assume that
<, account
i?hoiyn ; in, the
wages — quite an extraordinary : the various companies-in any one ;for>
•Company, of
this'anaiysis, the entire figure
Saul Fromkes
New York.
increase, even in these day s of y^ar«
"
UAW employees ot can Pe treated as tax going to
:0'nf these ^assumptions^ the GM
Home buymilitant. collective
bargainings. Chrysler, for example, got a much the U. S. Treasury. In computing
ta^:Ii^p^;/tunder' ;theI Plan is
ers who had the fortune or
the One may be optimistic enough to smaller bonusr thro ugh pi o t ^jie income tax
which GM would sHownfin the second line of the
foresight
to
obtain
"open-end hope that such a hand-out, keyed sharing than those of GM, disco i- iiave to
pay under the Plan, I following table, which estimatesj
mortgages" now have the privi- to profits, would be a significant tent would certainly appear ai d jlave assumec| that the
following thdt; Treasury's loss in! corporate
lege to re-borrow whatever por- incentive for UAW employees of : produce
headaches
for
UAW jt&ns are deductible by GM for income tax as a result of
applying
tion of the principal they have GM, • as
a
group,
to strive for leaders. In fact, m the pr s
t tax purposes: The profit share of the Plan4o: GM.
(Money'items iiri
repaid- on their original loans larger profits for the company, preliminaries to the 19o8 contract
UAW> ag part Qf expense for million dollars)'
!
under inexpensive, simplrtied proBut perhaps the UAW high com- negotiations, these leaders have
cedures,, and in some instances mand has so long and thoroughly objected to certain "inequities,'
1955 :l t;,1956
1957
"■
\
.1954:
ij;
can
even
increase
an
existing drilled into its members a con-.in wage matters, among comIncome tax>- aa;publi^hedurr,-_—
805
1353® • >^894,
-:839
mortgage above- its original tempt for profits and those who panies. UAW members will surely,
Income tax, under Plan_-!
492 •.
515:
756®, -5675
amount, explained Mr."Fromkes, secure profits that the member- sense an inequity if employees of
Loss to Treasury
whose firm was the first in New ship as a group might forego any GM get, through profit sharing,
- - 347
597337/'v ^ 290
'York to write title insurance for effort to increase its profit share 6 to 8% (this differential is by
Loss as % of present tax®./4I.4® 44.1 ; r 37.7. ",X 36.0 ^
"open-end mortgage" re-advances,. lest it thereby increase also the no -means unlikely) more than
This table does
in 1952.
'
'
:
shares going to "greedy" man- those of Chrysler, for the same
not, ho^wever, come; afierdeduetions v and' exgive a fair picture of the effecteitiptions,. ,:to;;-;be",?i4axable;>;,vbut ?
With an "open-end mortgage," agers and stockholders. Moreover, work.
♦
of
the
Plan
on
the
a homeowner can borrow needed
much experience with incentive
Treasury; probably most of them; even.after'
H
because the table concerns only
funds on the security of his home compensation
receiving their ptofit share,'would
strongly indicates
the corporate income tax of GM. not have
without having to go through the that effectiveness of such incenSecond Beneficiaryeriough incbme vto be
The GM
The Treasury will gain through - taxable above (the- nunimum rate i
■cuntbersome, * costly *, process
of tives depends upon adjusting the
V
Customer % •
the individual income tax levied
taking, out an entirely new mort- compensation to the performance
The
Plan ' also
provides that
gage,
0i each
gagp, or resorting to much more of each. individual. Whether such 25%
suck
of" the - "excess" ' earnings
«
«
n ^
expensive
second - mortgage
.expensive
or a complicated scheme «£.distnbtt-idttii:bfe rebated to customers of
of distribu
hv nlw a
ehort-term consumer, credit bor- tion among UAW .employees of
the company.- We cannot be
•
.
.
'
...
•
*
-
1
.
.
,
-
-
.
.
.rowing.
"open-end GM would he administratively
ynder_ an
,,
.mortgage," Mr. Fromkes pointed
.out, the re-advance or additional
borrowing becomes, part of the
.original first -. mortgage obllgation. -It usually fis made at the
.came low,/first mortgage interest,
rate, and the repayihent is merged.
into the regular .monthly pay-ments over the remaining years
allow GM management a voice in
mator
determining worker performance
for this purpose, are questions I
t0
not attempt to answer.
can
.
de note also
niust
has
run.
Available
™A
FHA
*
•
on
Some FjlA Loans
to
year
but
year,
.with
effect
but :I!
rebate
is is*
and as
v
and
some administrative and account-
the
Plan;
the
and
arise.
may
relevaflt-'ffgures'H
''
"
«•
4
-
•
'
^
!Vrfif/?
Tax, at 20%
The
..
Treasury5 will
,
also
gain
-
shown' for >the ^various
customer rebate on SectionfH.
defense sales of GM
the
<.
^
,renate bemg at the percentages
I aS-
.
The,
Defense sales
in
years
releyant-ifigures
(in liiiillion .dbllars) i: are:
r; -a 954
be overcome, and that
can
< The
Profit share to
:
however, that these diffi-
sume,
culties
20%-
Piphably most ,.GM -houily-•;,
e employees ^xave enough m- 'miIUoni:4bUa|'s)t^rq^
4
a
of actual sales
In the case of motor cars
certain other products, the
fn°
S/
Sa^'PSrlTh™L"'.
for
might differ somewhat from those
table/under
\
percentage
-
-shown. Nevertheless, large varia- ing perplexities
open-
the
to all customers,
.
of
if the Plan great bulk of GM sales is to
the full dealers; .and, if the rebate is to
the latter percentages go to the final:retail purchaser,
in
*„uv, '- tion from year to year is inevi-
e
mortgages
that
assumed
g0
-flat
intended*
are
all
nurchasers
remember that,
been
^the original mortgage ^still.four,years,,
to
cars
|,ave
onlv
or
that the percent-. price.;
from
ages vai.y
-
reports/whether
.press
customers'
.
tfiat
sure,:?
from
feasible, and whether UAW would.
k£1955 ®%
1371 v " k
-
:
1956^® 195 7 \
r;552
r
;t?r56011
Rebate to Treasury-^_I_—: :41
^
The Government also
purchases: leetedbyv-the J Treasury ?fr6mJ reom GM various motor cars and
dpientsiof dividencls. -Sbme GM
possibly other products which are common stock is held by for-not
mortgage total, according to
City Title
President.
But
the
the
Veterans
Administration, which?
has
always approved open-end
re-borrowing on G.I. mortgages,
«s
much
more
liberal.
1954
Rebate to
Rebate
1956
1957
12443
10796
10990
355
576
350
318
customers
% of sales
as
3.6
4.6
3.2
included
GM.
of
the
-frekate amounts to
sub- Reuther
is
apparently
in
"defense
these
sales"
purchases
also
Treasury
at the
would get rebates
percentages. No figGovernment purchases
same
for
ures
2.9
On
of this
VA
On
1955
9824
Net sales
type from GM
appear
in
eigners
U.
S.
who
are
subject to
not
and some is held by
domestic
institutions,
tax,
tax-free
Some is held by taxable domestic
corporations (for example, E. I.
DuPont de Nemours and Com-
the GM reports, and I can there- pany: owns over 20% of GM
^°re not estimate this item of common); and GM dividends re12? r+nI2o
nvinfr!,vifQ!ao" though the percentages would run bargaining about the terms of the Treasury gain under the Plan; ceived by such corporations are
^^ctituies^ior major appliances, somewhat lower if total sales labor contract, and undertake but we may be sure it is a com- taxed "at an effective rate of
.A
Smrii Z? ® were expressed in retail prices some portion of the management paratively small item. I assume about 8%. The remainder is held
eiite.iations are mvoivea tne re- jnstead of at the wholesale
figure function of setting price.
that the Treasury could not, un- largely by taxable individual citi5£2i0+£i^^+21Jrealized
the company. One
The percentage rebate to cus- der existing law, collect income zens of the U. S.; and, although
1 ® orf'
susPect
Mr. Reuther tomers of GM is likely to vary tax on the rebate to private GM has many
small-income
rHA
VA v TUr"
included this feature in the Plan sharply from year to year; and customers of GM, and do not stockholders, the bulk of this
''in 'the
ttiat
would-win the percentage in any one
year is therefore count any gain to the stock is probably held by individffHnirmc
J tn LvI support for the Plan from the likely to vary sharply among the Treasury from this source.*
uals in tax brackets far above
^
mortgages re-DOilowing ror nome
stantial
delayed
price
a
cut,
al-
ready
to
extend his responsibilties beyond
v
.
mv
Sen-end ^rteace
Without
Se
use
?.ustomers- b.ut s,om® dTeePer mo" various motor manufacturers. A
tlV^ may ,|?e"inv?^ed- In any case prospective purchaser of a car
such lts price cut,untn the annual will, under the Plan, wish to cona Amount however uncertain
l-e-advaoces
am/restrictions
the
on
re-borrowed^ funds
ox xne
ofthe
re
oorrowea
xunas.
sider
figures
With June S. Jones
'■
(Special to The Financial Chronicle)
PORTLAND, Oreg.
Williams
Jones &
is
now
—
with
compiled, is consistent
suggestion last August
that prices of the 1958 car models
with
,be
are
his
cut
by
least
$100.
Peter D.
June
S.
Co., U. S. Bank Building,
Mr.
In
fact, as will be abundantly clear
from what follows, it the Plan had gone
*nto
®**eet
the
payroll
in
HiiAiil «l
ly54, tne earnings and even
for
1954 and
later
figures
Vx.
m
%
I*
n
w
Ji
_
^
J
aL
.
—
5
Hence, in studying the above table,
a at
also following tables which show figures
a ATrTr/^vTvTT/^v
t
un
T. Tilton
is
m
#-<
0
—„
thai!
.e
I
O
-f
—„
xxv.
buying
SOme
comment
,
—0
a GM car, rather
other make?
Later I
the
upon
implications
xp.
.
•
.
„
these Customer reactions in
1 AM
4a
AVtaI 4
An
I
«■ V
n
4-«
w
M
re-
^.1
-
A
and
^X' ^e?.r.ge for ax?uccefKio»n^f
engaging in securities
the
p!SrIfSSPedl°"
can
Treasury
will
of
will
have
Plan.
The
result
reduction
in
of
y
3 Conceivably the Congress might
?lertak.e» *hrougH amendment of the
-
,
,
the 20% minimum. In the absence
of specific infonnation on these
holdings, one can make only, a
dividends caused by the Plan r°ugh guess as to the average tax
reduce the income tax col- rate of taxable individual holders
the
GM
also
as a
.
.
un-
law,
-
11
GM
ground
that
Profits a,jf|
from
profits.
however,
L.
the
item
is
keyed
to
law,
——
tax
With
the
es
San
?,e,ars,/.the above.assta^ vpa!"ancTe»rd ,ntt
x
I
change operating results cf that
«bo"id be
borne
in mind.
year—
among
At this point, I merely
firms in the
in—
•
.
remai'k that the Plan introduces bates
a new uncertainty and perplexity
for
the
customer
who
is
shop-
of
taxable
Of
an
—„
-
,
compared
individual b
,.
,
x
^
#
m
a
*
4 rnnrcivahiv
amendment
must
in effect a distribution income. Having in mind all these
amendment
would.
the
venture
various
difficulties, Considerations,
I
Such
_
industry.
balance
dustry.
concession,
rest
encounter
.
one
that, under existing
dividend income enjoys a
sma11
the
And
common.
remember
a
■
-
-
_
_
—
_
-x.
Opens
(Special to The Financial Chronicle)
c?
get the maxipercentage rebate. Can he
probably-do this by postponing
purchase until next year, rather
than buying this year?
Can he
...
n
he
mum
do it by
2
irnnvii?
G. T. Tilton
at
how
The
some additional losses
as
"
xpi„
the
"
•
law,
make
t,x
income to the recipients,
amendme^wouid^e
i.1.
--
Aicaouijr
v.
total
"such' re^ ^ted
*
J
amuums tu
^rjtrthcommon dividends dist
by GM, and am fairly con-
fident that this percentage
is more
^stribu- likely to be too low than too high.
On this basis the Treasury s
1053
^
V
j
^j,
■
'
'
Number 5740
Volume 187
'
1
'
»
*-The ComniCTciul and Financial Chronicle
♦
.
(2087)
31
ustomers
?uin
the
er°ss
bonus
under the Plan from taxes on GM
•
dividends
laned of,
'ompensa,
e
of
is
as
-
| fallows
(figures in million
1954
these*■
Reduction in common .dividends
v|; (see Section IV)-™—..
1956
1954
Earnings available for common:
Actual, as published—
1957
207
249
244
49
62
75
73
for
Treasury,: will
The
any
rate the
also .lose for
tax because of the reduc-
income
this
analysis,
amount received
that
the
Actual,
total
tion, under the Plan, of the bonus
salaried
certain
to
employees.
•
ignore, in the following estimate,
the- fact that, the actual bonus
0
2
mMm
stock, may in any one year differ
somewhat from the "provision for
8
ly-'t'o the
I income
bonus" ,charged against income
of,that year. The reason is that,
except for the very small bonus
awards, the amount awarded to
an officer for, any' one
year is
distributed to him in five equal;
annual installments; and each .installment is presumably taxable
need
in the
fer some-
>vided>by
ode, "The
to -the
y
ax
figure
element*:
1
not
in
year,
tho
the GM
Plan is
1
seriously in
error.
Although
received.y But, An
year
a
aries
minimum
eligibility
$7,680),
was
of
awarded
the
total
probably
amount
to
goes
indi-
such
estimates fe
forrb^uS,' Of
Corporate
other
Information
sources.
is not available
from
which
we
could determine the average rate
of tax which the entire
rp
th^%£^;ir assdme^^^minion
of
group
«
„
»
„
1
dollars);
1955
1956
1957
31
30
44
41
16
15
22
20
:
'
The
515
set forth in Section IV,
as
Plan's
the
■effects
adverse
.
the earnings, dividends,
value? tier share of - GM
ex-
but
it from the following summary;
but I suggest it would at least
transactions in GM' stock; be-% offset the
cause,
upon
and book
common
Treasury gain — also
omitted,
because
it
cannot
be
estimated—from customer rebates
-non-defense
GM
products
bought by the Government,
on
rate
ayriairly
xable
1954
T
£
rt n
.loss
at
•»*%
corporate .income r iax
1955
1956
1957
on
347
597
337
71
115
sales
49
G. M. dividends-
49
on
U.A.W. members
Gain in rebates on defense
Loss in tax
on
Loss in tax
1957,
on
;Net loss to Treasury—
;
Same
^figures
^kV-.-J!:•*
:'v1
yj \ •;
y
r-'"."J
:19571>
*
^
5601
'
16
{
%
as
In 1955,
•
the best
year
had, the Plan would
Treasury
over
GM ever
would
the
cost
one-half billion dol¬
shown the Treasury
enue
ran
•
;
y 75
73
22
to
%
close to
In
each
303
Treasury, loss is almost
or
the
the
paid, I am obliged to make
some assumption as to the divi¬
dend policy directors of GM would
which strives to maintain
steady
a
dividend rate: the amount paid per
common share has changed seven
Treasury shown above at 34.8
the
Plan
applied to
were
GM., or only to automobile
facturers,
the UAW share in GM profits (and
all
must be
manu¬
to all industry, the
or
Treasury
likewise the share rebated to
cus¬
is
loss
serious;
made up
tomers) : the U. ,S. Treasury would creased taxes, if
and
it
by new or in¬
we
are
to avoid
finance practically all of the hand-
a
otit to UAW members
ther, in addition to seizing man¬
customers).
(or that to
budget deficit. Perhaps Mr. Reu-
functions
also
ther's description of the Plan, of
the Federal Budget. He could have
this drain on.the Federal Treas¬
much
ury; and I suspect that, though he
people's
more
in
the
motor
agement
industry,
not
probably
the
damage to Federal
would
be
much
must further
seek
to
revenues
greater.
expect
likely, in view
labor-union
as
of the drain, he
aware
—
as
If
aspires to manage
fun
playing with other
money on
the grand scale
ers
Federal Budget of over $70
and for the U. S. Treasury.
iv
seems
Second Victim—The Holder of
GM
■
win
be
a
we
as
probably
large concessions
the UAW—that the Plan would
soon
of
of the way other
bosses would
extended
at
least to
the
year
press
produce
a
under the Plan.
In two of the four
shown above, the earnings
years
under the Plan did not
dividends
the
cover
actually paid, and even
happy year. 1955,
in 1954 and the
Moreover, adequate earnings
not
was
a
year
of mild
>
Common
■
The number
common
was
Stock
1
,
taken
be
691,000,
and
of GM
end of 1957
this greatly
during the year. The effects of the
as
Plan,
adopted, he sells in
ment
of
his
salaried j
If
formula.
the
sole
The
sion,
exceptionally small reduc¬
large 1955
•
executives
under
I
am
suming, for the present analysis,
that they would pay out as divi¬
they have in fact paid out
the
during the 11
average
(money
are
1956
-
-
-
"86 'rf
42
.
30
-
—
' %
1957
'
;
"
'30 Vv
44
51.2
31.6
51.2
firms,
and
give
to
execu¬
incentive to work
an
ener¬
getically for the welfare of the
If
company.
the
has
the
GM
concluded
Committee
that
Continued
aggregate
on
page
Common
On Which
on
years
CONSECUTIVE CASH DIVIDENDS
1947-57.
The pay-out percentage
during that period from 46
(1948) to 71 (1951), and averaged
59 for the whole period.
I have,
therefore, estimated dividends as
the
of
available
Have Been Paid From
5.to 174 Years
earnings.
common
.'i-
And this implies that
the addition
to surplus is 41% of earnings.
What do
the
He
Plan
infer
we
treats
suffers
a
as
the
—
stockholder?
cut ranging
—
COST OF THESE BOOKLETS
from
1 to 199
(1957) to 44.6% (1955) in
earnings per share.5 He suffers a
in
BOOKLET
PAGE
to the way
\
_—20 cents each
200 up
36.6%
cut
60
1—15
cents each
printed
Of"
of
orders
or
more,
your
firm's
the front cover with the words
on
above
100
it without
name
v;,
will
be
"Compliments
further charge.
hanced and that his stock will ap¬
preciate in market value, is cut by
a
percentage ranging from 21.8
(1957) to 54.4 (1955). The inevi¬
table result of these three reduc¬
Commercial
&
Financial
Chronicle
Wm. B. Dana Co., Publishers
25 Park Place, New York 7, N.
Y.
the
Please enter our order for
booklets of "The Over-the-
—in the market
Counter
sharp drop—prob¬
ably not less than the smaller of
percentages mentioned above
price of his stock.
For him to hope that this drop
will not
occur
Market
—
Vast,
Vital,
and
Voluminous"
accompanying dividend tables.
1
until after the Plan
into effect would be unrealis¬
tic: the drop will occur
as
soon
convinced
as
with great
speculators
that
the
Plan
stockholders
Firm Name
Address
—
5 In any year
of GM may be
following figures (money items in
inferred from, the
may-take ^the percentage loss to million.dollars):
,<
dividends
On
the Plan's percentage re¬
duction in earnings per share would be
identical
with
the
percentage
shown
above for total earnings.
The same can
hex said of dividends per share and total
dividends.
By
;
2
;
k
..39
OVER-THE-COUNTER
varied
59%
65
ad-
as¬
dends in any year under the Plan,
the same percentage of earnings
as
Plan's
GM-net income.
on
1958 EDITION
-3 see no dependable basis
precise prediction as to the
a
other
tives
table
for
the
falls
provi¬
payments should be made to man¬
agement. ~ Many companies ' ap¬
parently regard such payments as
necessary to hold their executives
against
competing
offers
from
clearly indicates a
large cut in the bonus pro¬
vision
of
effect
actual
iteftiS in' ?ttfillion MbllaTs):
41.3
';
in
The relevant figures
the
committee
set
that
year's
provision far below the maximum
very
because
verse effect
31
,■'
Plan
sharply below the
—
vary
bonus
maximum
Reuther
tion of 1955 reflects the fact that
The
the
provision below
premitted by the
formula might seriously increase
the danger that GM would lose
essential
personnel.
Even
with
my use of the maximum figure,
the
bonus
provision
with
the
the
:
permissible by the
earnings. ..".':y
important
might other¬
accept attractive
other companies, set¬
44
-
assume
may
of the bonus is
to
I 1954 y-1955 ^
published J 75
95
Provision for bonus, as
% reduction
we
purpose
leave
ting
Provision under Plan
Reduction
one
hold in GM service
offers from
employees, i the
;v
taken
figure indicated by
wise
other
and
Reuther
nevertheless
salaried officers who
a
members
have
the
drastically
Either way he
depressed market.
under the
reserve
I
the maximum
substantial future
of
calculating the credit to the
erosion of
an
action of the directors.
become
plan on the
$17 billion for the Treasury. Jf
In
bonus
If he holds his
stock, he gets greatly reduced
dividends, and must give up any
be cut?
for
tions will be a
porate income tax provided nearly
we
permissible.
21.3
GM
expectation
Sal¬
recent years the actual amount
been
below
the
maximum
.
of holders
stock at the
reces¬
sion and impaired profits, the cor¬
has
60
24.9
the
much would the dividend
suddenness
which
ous
216
v
a
Would be
1954,
54.4
will go into effect.
very
of application, but would de-.
earnings in all later years
goes
Even in
70
in
Committee, be less than the
computed maximum; and in vari¬
276
sharp drop in earnings in the first
larger corporations in other indus¬ exceeds the average number of
tries, the drain on the Treasury hourly-rated employees—350,000—
enormous.
318
certain
only
ranging from
35.0% (1955) to 45.0% (1956). And
prefers not to advertise it to the billion than in wasting his talents
the
addition to earned surplus,
public. If we are to understand on the paltry operation of redis¬ which is
his major reliance that
that the Plan is to be extended to tributing the few hundred million the company's future earnings will
other automobile manufacturers, which GM earns for its stockhold¬ be maintained or perhaps en¬
is
,169
in
reserve
however,
*
tion; in press reports of Mr. Reu-
I have seen no men¬
211
bonus
may
ary
In the
the "extra" portion when earnings
How
Whether the Plan applies only to
as
281
267
the
to
year
discretion of the Bonus and
44.0
chooses, he is severely penalized
by the Plan. This will probably
period 1947-57, it ranged from 50 please Mr. Reuther, for the stock¬
cents (1947) to $2.17 (1955) per holders—
along with the execu¬
share of present par value. Many tives, who are discussed in Section
companies are reluctant to reduce V—appear to be the villains in the
the "regular" portion of the divi¬ dramatic
production which he re¬
dend, though they generally omit peatedly stages for the enlighten¬
times in the last ten years.
37.6
roughly indicative of the loss
as
if
38.7
above
large
as
585
187
47.5
divi¬
45.0
cut in dividends.
38.3
Treasury loss of nearly $6 billion.
the
244
35.0
the cash position of the company.
This is another reason impelling a
;
rev¬
year
any
of actual
estimate
effects of the Plan is
20
346
years, corporations, we come up with a
loss in
credited
311
249
company's capacity to pay Plan.
Opinions may differ as to
cash dividends; availability of ade¬
whether and
how large bonus
quate cash is also essential. As
shown in Section VI, one of the
16
15
34.8
—
lars; and in jeach of the other
$300^ million.
to
as
dends
test of
*
of G, M.. corporate
tax before Plan-.—1—
yehrs? in f
j
18
.
518
<
292
64
62
16
bonus——
70:
41
>
64
~
oral er
should
290
'
-
L*
Reduction
tive.
—™—
Gain from tax
555
304
207
356
...
dend after the Plan became effec¬
:
tOV
AAWA
rkl*nr/\
in
G. M.
,
Uresi(in
;318
(earnings-dividends)—
...
\ shwis f
pemhers,
553
385
164
will almost surely reduce,s >
;
such earnings covered dividends
perhaps prevent, the advance
Recasts Treasury s Loss
only by a slim margin. In these;
in market price of the stock and
~ We now can recast the appraisal
circumstances, GM directors would
thereby cut realized capital, gains, of Treasury loss under the Plan be
foolhardy if they maintained
I see no
dependable ■ basis for (money figures in million dollars): even the
previous "regular" divi¬
and.
re,would
le.vto be i)
592
273
Reduction
In
(with detailed computations
for the current year) in each an¬
nual report. The amount actually
437
Under Plan
stock
Venafter
auni
Treasury will, in the typi-":estimating this tax loss, and omit
on
-
;X:36.o;
ble;
Actual
would
•290
and
loss, af 50%---
cal year under the Plan, also lose
revenue from the capital gains tax
36.6
substantially.
And even citizens.>' ■' ■■'^ a /:r'-Vlv -:'v
the regular portion is cut if the
decline in earnings is very sharp,'
Third Victim—The GM Executive
or is expected to
persist.
•
Under the GM bonus plan for
Application of the Plan to GM
Tax
805
forth
*
37.5
is de¬
reserve
termined by a rigid formula, set
-
304
38.2
to the bonus
year
527
decline
1954
Reduction in bonus - (see Sect. V)
1957,
44.6
1
in
from
applying
items in i
319
that
probably
year,
515
525
to
paid to all offi-r,
one
any
652
:
maximum amount which may be
transferred from earnings in any
:
having high salaries and follow if the Plan were in effect. increase in market value. If he
various cases large income GM is not one of the companies sells his stock after the Plan is
ptions,
Treasury s loss is
is^lairiy:^estimated as follows ^figures iir
in
cers
r-'
831
viduals
as
the; installments
ie of the
published
as
Reduction as % of actual
Increase in earned surplus:
to
large
a
1'
834
.
42.0
..
some
go
very high salexample, in 1956 the
salary rate for bonus
(for
portion
awards
1957, he is probably bonus recipients would pay on
receiving -installmentson
his their bonus installments, but I
bonus awards of several -previous venture to set that rate at least
years; ahd the total amount of as high as 50%,
On these as-
with the
■
"provision for bonus" of that year
and am confident that this is not
payments to such .employees, of the GM bonus
partly, in cash and partly in GM officers not having
"
% of actual—
Under Plan
merits in any year is equal to the
I
1177
333
Reduction
.
existing
tax, for
"793
Dividends:
bonus install-
as
1957
.
•
460
as
1956
.
l—
—
Reduction
*
1955
\
-
Under Plan
Reduction
164
30%
-.Tax loss, at
1955
omputing
»
*
dol-
i. lars):
•; j
entirely
Internal
g
estimated
be
can
Date
-
and
32
02
The Commercial and Financial Chronicle
(2088)
.
.
Thursday, May 8,
1953
.
*
Continued
from
The
31
page
plain
Plan
conclusion
is
stockholder equity can
that the
will
to 10 on
prevent the securing
of: adequate: capitals, by GM; to
Hfects of the U.A.W.
meet
future
a,
-
demands
which
bonus awards ranging from 75 to
ecutives
could
95~ million dollars are needed: for
vorable
effect>
have
G.M.
would otherwise provide jobs and
ability? of high wages for^ UAW members.
these purposes, one may question UAW members, to hold jobs and
The. cutback in GM capital out¬
whether, the greatly reduced earn high wages.
lays
will: also? reduce employ¬
amounts under, the. Plan would
ment of construction workers, and
VI V adequately serve the purposes.
of
Fourth Victim—Financial
Soundness of GM
for
GM.
level of GM earn¬
Sixth Victim—Cyclical; Stability
often: hear
-
deciding
i' \vnu..-J-J
'
We
of
Prospective w*
cars
as
•
viding, machines and otherrequipment
;
company.
-will have
this
formation,, and many of them
will
take it into account
in
going to
are
we.
customers
each
chasers of
"excessive,"- we ■ should' what car to buy. Suppose
that for
in. mind a far higher level a given year, mid-year
estimates
than that suggested by the Platk of',the years
percentage rebate
ings'
workers Jn the industries pro¬
plied to all industries, and not
merely to motor manufacturers,
the* ability of outside' firms to
make highly attractive offers to
GM personnel would .be impaired;
but' the weakening of this com¬
petition for executive personnel
would
not ' mitigate- the * Plan's \
if
some
various
estimate
have
,
TO toe sure, if the Plan were, ap¬
and
Hence,
talk about
one
year,
strive to
only The earnings
of the several
companies, but alsn
the percentage rebate
which will
probably come to the
manufacturer such as
a
any
will
-and publish, mot
much
is
lowed for
unfa¬
some
than
of
course
agencies
lesk; affected hy
manufacturing;1 and
this means that a still higher rate
of return on equity should be al¬
risk
growth and improve¬
ment
in
plant
and. equipment.
Failure by GM to meet these de¬
mands will prevent installing new
and, improvedt facilities
which
the
on
electric utility is
an
sta ble
more
continued
Profit-Sharing Plan
of
ness
easily run
12%. Moreover, the busi¬
show 3.8 for GM and 1:8
for Ford
a GM car
during
the remainder of' the,
A;purchaser of
.
year, may
^
..y y Of GM Business..
JTyj expect a greater "price cut" in the
"Killing the goose which
form of a rebate than he
would
At best, the automobile'industry
lays
the golden eggs" without
realize by buying a Ford.
Not all
does not have high cyclical stabiKi
the method
of
execution- being
tant test is the cash position. We
customers, will be
controlled by
need not, for the present purpose, specified; Mr.1 Reuther has devised ity; year-to-year fluctuations are ; this";
consideration,' but many will*
examine all elements of cash flow a method for starving the bird to frequent • and. at- times, sharp. yButr Take itJnto
account; •; The
result
under the Plan, lack?, of stability
Jy
during the year, but only those death.
will bib shifting pf sales
Ford
would
be exaggerated. * Suppose?
uses,, of1 cash which are directly
to
GM, and probably, an even
•'/: vnj,:
redaction in the incentive for;'
that, in a year of reduced, sales of
affected by the Plan. 6 The perti¬
efficient^ executive performance.
Fifth Victim—Efficiency of the
automobiles,' and presumably reN*
Mr. Reuther might1 even4discover nent figures (in million dollars)
GM Business »JJ;/; duced earnings of :"the coihpani.es,"
year. AnH quite
that- impaired incentives of ex- are:
possibly/some ef¬
a
In. studying the financial con¬
dition of a company, one impor¬
about
,
,
r
Section V has
195 4
Actual,
1955
1956
-
published:
as
75
95
86
1353
894
805
914.
Income taxes
Sub-total
1448
980
592
553
555
1351
2040
1533
Total,.-...—
—
strive
885
437
1440
Common dividends
next
65
42
knows-his rebate
756
557
515
U* A. W. share—^
355
576
350
318
Customer, rebate
355
576
350
318
for
enlarged volumes
taxes
—
—
Sub-total
1246
Common dividends—
1973
1299
effect levies
273
385
304
an
tuations of the industry;* The-same
happens in reverse if we consider
the earnings
on
of the company; though this "tax"
is levied
mainly for the benefit of
the UAW and GM
1190
311
—.
Total
1519
2358
1603
rather than
1501'
Increases, under Plan: '
In sub-total
332
525r
In total
168
318
a
319
70'
61
above
a
stated
customers; and 52% of the
der is taken
.
the. Plan
would ; cause
the directors maintained the same
dividend as before; whereas the
increase in. the total,, shows the
extra drain of cash caused by the
dividends
cut,
are'
I
as
have estimated, to a level of 59%
ucts,
promote
technological ad¬
provide
the
elaborate
vances,
tools
with
which
its
employees
work, and even maintain its com¬
petitive position. The great bulk
of
<
such capital needs
of
GM has
payouti On the basis of the un¬ over many years been met by
changed dividend, the cash drain retention of earnings. The com¬
is enormous in each year, and pany did early in 1954 secure
$300
this is one reason why JX have million from long-term creditors;
insisted in Section IV that the and, despite the adverse effects
would
cut.
be
the
On
of
the Plan
its
on
financial
basis of dividends at 59% of avail¬
dition, might: be able to
able
more
earnings, the cash drain is
1955
and
seriously
endurable
on
con¬
borrow
terms.
But
no
it is only moderate; but; even for
manufacturing company, par¬
ticularly in such a fluctuating in¬
dustry; as automobiles, can dare
GM,
secure
large for 1954; For 195$ and 1957
the
million
provision
dollars
needed is
of
of
60
to
cash
70
when
its
substantial fraction of
capital by sale of bonds; and
the risks involved in debt financ¬
simple task. 7
no
any
by itself ing would be vastly increased by
the Plan.
a serious matter; but it also re¬
duces, until the drain is made upNew Stock Sale as Alternative
by the conversion of fixed assets
One
other
alternative
is
to: cash or other, current assets or
the
by securing financial v resources sale of new stock, and GM did
from
the
successfully issue new stock in
outside, net workingThe
drain
of
cash
is
of current
assets to current liabilities. These
reductions impair the credit
February,
standing of the company, and
number, of. outstanding shares by
5%.
And it from time to time
capital and the ratio
raise
.
difficulties. when. the
may
com¬
1955; and it thereby
raised about $325 million in an
operation
pany seeks short-term credit from
issues
banks
which
increased
its
to
other outsiders.
or
But another very damaging ef¬
fect of the. Plan
on
the
financial
condition of the company is evi¬
denced by the reduction in
ings retained for
use
in the busi¬
IV).
of
company
a
in a highly com¬
steadily developing
petitive and
industry like motor manufacturV SiThe plan will in fact affect indirectly
other uses of cash and variolas
sources. of
cash, for the mere existence
off the Plan will alter the operations of
th*t Company iifc.various ways. But these
secondary effects can not effectively be
estimated, whereas the direct effects are
cldnrly expressible in numbers.
TOne may contend that, as some (in
some years over 50%) of the bonus
pay¬
many
ments
rest
are
in
in cash,
bonus
errtr.
G.M.
my
provision
If* is no
stock
treatment
as
a
error:
cash
the
and
only the
of the entire
outlay
stock
is
in
portion
of*;;the bonus is provided by stock which
G4-M. acquires in the open market and
holds for- bonus purposes in- its treasury
for such
stock, G. M. must
the trustees under its SavingsStock Purchase Program for Sal¬
aried Employees; but these issues
provide only
of funds
earn¬
(figures appear in, Section
The long-term capital needs
ness
pay
cash.
stock in small amounts
new
source
under
a drop-in-the-bucket
needed, and this meager
would
the
tend
Plan.
to
The
dry
up
alternative
UAW
and
This leaves
cents
for
of
a
large
new
funds
by, sale
and would have
new
stock.
The
of
;
bonds,,,
difficulty selling
only
other
among
the
JHsT-
firmi: its > ecoiWaan^
We have observed above that the
IX
Se v en th
additional
'Plan
This
)■
from
the
V i c t i ill—Co ntpe I it i ye
will:
damage the incentives
of executives
*
to seek
larger sales
and
develop'^the1 business; greatly
•reduce the feasibility of raising
scheme is, of course, not
identical,
The-Plan will distort .the,bal¬
in manner of
long-term • capital • in the industry;
levy or in destination ance,
among ; the' shares of- the
by operating like an excess-prof¬
of the "tax" or in the various
fig¬ various,
earnings, for
the
company.
Balance
of the
Ihchistry ;
;
,
.
motor
for
ures
tax
and
earnings
the
rate
exempt
of
tax
applied
to excess earnings, with the ex¬
cess-profits tax levied by the Gov¬
ernment
in
economic
effects
dustry
war
time.
on
But
all
economic effects arise
largely
through the destruction by the tax
its^
-industry—
of. the
tax;
impair
executives..,
is applied' to
manufacturers. .In': the
Details
'
r
-.
improve
and;
•.
to
business;
expand
Analysis for 1956
of
incentives
and:?: stockholders
*;,-
-
.
Items marked * are copied
from.G: M. Annual:Report; " Other- items are
explained • ;
by formulas in the table-, or by numbered footnotes) ;
,
I.: Basic figures assumed to be
unchanged by plan: • -yJ
a.
Total stockholder
equity, beginning op year-—b. 5% of net
capital, as defined .for- bonus computation—
c.
Preferred
d.
additional
earn
the
(Money figures in million $;
abandonment of this tax soon after
the close of the war. These
adverse
to
of
its
are
incentives
sales
these
the taxed in¬
exactly, similar; and
those effects,
widely discussed and
generally understood,• were a ma¬
jor reason for the Government's
of
total
manufacturers,-;:in
assuming the Plan
Interest and amortization of discount
e.
profits above the stated minimum.
With only 24 cents of each
dollar
•
,
*4,255,
*227<
m
_i___
on
.HO
debentures—
*1,866;
sales
Defense
g.
of such
dividends-JJ—+
Payrolls, hourly-rate employees in U. S. plants^——
.
f. Net
=10.796
sales;
earnings remaining for the
the incentives to hold II. Separate figures, for accounts
costs down and seek
larger vol¬
,".i
V
company,
*552
as
actually published, and under Plan
■
umes
operations, and to
make those capital
outlays which
will expand business
are
verse
Earnings before tax and before bonus*———.
i. Earnings not
regarded "excess,". 10,% of
a
•-j. Earnings regarded "excess'V
by Plan, "h-i"_——
k. Share for
U.A.W., 25% of
cut costs,
or
seriously impaired.
h.
*
.
The
consequences in
ad*
holding
keeping
1.
employment .down and
costs and prices up are
readily ap¬
parent. And these will be the con¬
n.
.
o.
p.
d.
.
I make some
additional remarks,
concerning the leveb—10% of; net
capital—of i earnings before taxes
which; the
Plan
does
q.
r.
s.
.
formustomers, 25%.. of "j"_-__Remainder after sharing,.
"j-k-l"l^____L-_____l:
Available for bonus,
taxes,- and -equity^-—
U. S.
and;foreign income taxes
Earnings after tax, but before
w.
etc.___
Total net earnings for bonus
computation, "p-fd"
Excluded portion, same as
"b"___
Portion on which:bonus is
570
943
U.A.W.
--
1,085
*847'
528
515
-
earnings, "w-x"
share
sum
%
as
*553
of
thfr effective tax
rate'is
e._
_
e
ns
51i3%
;
same
ratio of
18.8
3.2
:
-
appear:
"profit sharing"/this line is
J
211-
payrolls,""k/e"rI—11113
t, and v, all of which
fr^n A, as
implied by Plan.
no
3045
281
—
of:o,
over
ra.in
in
as
item
Report.
h.
o
In
For B
B, is -i + n
JtO' item
u;
Thi
.
—
.
the bonus
5
42
S64
dividends
A, with
^
samp
353 >
716
"s"
as % of net
sales, "l/f":
defense rates,: "g times z2*H.
2 In
*227
*227;
equity, "v-c"—- 834
z2. Customer rebate
z3. Rebate on
1 For
At
figure taken
580'.
-
tax, "n-t"_— 1,741
Net'profit* for the year, "u-o"
Profit available for
common
Retained
*10
*10
_
'
5573
:
*894
Debenture,interest,
y.
r
701
1,127
1,82.7;
-
933
Common
zl.
350*
bonus, "n-o"—
x.
.
.
prov1Sion
»
00
at
,
a'sT^vTder^s
years. or
the
Jn B, I estimate that
my
an
indicated maximum.
59%'—the fractioni,actualty paidvout,as■ dividend
the'evaijable earnings
in
i
;
350,:;
"j"_:
t. Maximum bonus,
provision, 12%, of
u.
Earnings after bonus, but before
v.
tant states the
regulatory commis¬
sions new-permit electric utilities
to r set rates
for-customers which
sig¬ will; enable the
utility; companies
nificant source of long-term funds
to earn.at least 61/2% onjtheir
in¬
is retained earnings, and I have
vested capital,: after taxes;'
And,
shown above that the Plan
will; as the
investedicapitaliO&a utility
greatly reduce the funds thus re¬
tained. And this reduction is not*, generally includes a large amount
of debt capital on which the
inter¬
merely, for. the first .year, but goes;, est
rate is much below
on as
64?%'*,. this
long as the Plan is in effect.; means
that the
earnings ■ on the
426
1,401
computed, "q-f"
not
1,827=
1,827
'
Share
m.
sequences if the Plan is applied to
General Motors; >.
\
"
B. P'i"1
A. Actual
;
.
in current
.
secure
year
to-intensify booms -and* slumps.- flow
as
remain¬
regard
issue of 'stock, like "excess."The: Government
also
that of 1955, will not look
prom-, takes
about 52%. of this nonexcess
ising after the Plan is in. effect:
amount: of: prcrfits/ and hence the
with conditions described in Sec-Plan really means that
the com¬
tion
IV,, prospective
investors
pany may earn 4.8%., on its net
would have little enthusiasm for
capital—which: I assume to. mean
buying stock in the company.
the equity, of: stockholders—with¬
The cold fact is that, under the
out penalty... In numerous
impor¬
Plan, the company ought not to
of
: vary
markedly
to year Tor; employees»
of any one
company; and will vary
from
-when
only 24 cents; out of
dollar
will
But: the real penalties an auto,
tendency will be for many cus¬
tomers to time their purchases
so. worker, will suffer under the Plan,
GM
by the Government.
such
every
25
bonus
sales may be lower and his1 Over; a wide range
rebate smaller.
At all tithes ille companies. V- T;v'■ J'
level, 25 cents for
which
the
them because the
among
-
wage
auto
taxes)
ing are huge. Only by large capi¬
tal outlays can such a company
if develop steadily improving prod¬
arise
prospective customer inJa bOom
year-
ernment! For the Plan takes
away
from the company, for
every dol¬
lar of earnings (before
305
portant: benefits of this, sort in the
But dis conteht; will
beginning.
year: he will buy in that 'year in
order to get the big
rebate, instead
of waiting until* next
by and for the Gov¬
The increase in. the sub-total
indicates, the extra, drain of cash
for
difference in rebate
and
customers,
enormous
of company
out
of this
percentage would continue over a
period of years, with a cumulative
he
now,
.
excess-profits tax
dividend
buys
,
39
492
if
he
.
44'
Provision for bonus
Plan
If
year.
.
Under Plan:
Income
fects
whether; to buy now or wait until,
shifting pf business from one ear
earnings * wilT be low
if he maker to
another, fjj
expects the business to:pick up
reduced, costs of business. I now
next year, he can probably get a
consider the effect of the Plan on
bigger rebate by putting, off^Ms
incentives for efficient conduct of
Eighth Yiciim^-UAW Members...
purehasb Until then.
the business from a broader
angle. tomers. will
The Plan will initially look
act on this, basis, but
Mr. Reuther labels profits (before
very
a
subs tan tial number, probably attractive
to
the
auto
workers;
taxes) above 10%. of capital as
will. The effect is to redufce>Sales they will expect?- to « get a
"excess" .earnings, and the Plan
large
of automobiles in the" pOOi^ year> percentage added to their
current
calls for sharing this "excess" with
and put them off untiKthe. better wages as a
profit-sharing bonus,
the
UAW
and
customers.
This
year* therebydntensifyih^tl^yflti^ and they may. actually derive im¬
means the Plan in
80
839
Provision for bonus
prospective customer considers
already indicated
that the Plan, through forcing re¬
duction in bonus, impairs the in¬
centives of company executives to
1957
w
is paid or
18
■
'
■
.
.
Number 5740
.The Commercial and
Financial Chronicle
.
.
intensify cyclical fluctuations in
industry; and shift business
from one motor manufacturer to
another. All of these effects have
cyclical
variations
cause
and
thus v remove the
for frequent increases in
outlays,
excuse
Our
'in
.
Victim—The
''
"
General
7
Public
The. heavy reduction in Federal
which the Plan would
cause, is a burden on the general
public: this reduction must, un¬
revenues,
less
to finance
are
we
hand-out
by
UAW
the
Federal deficit,
be met by %ew or increased taxes
which
their
and
zens
a
come
can
only from citi¬
enterprises.
The
industry is also a burden on the
public, particularly as any changes
in the activity in motor manufac¬
turing spread their effects very
widely through the economy. The
tive
distortion
balance
is also
the
to
age
the
public,
that
distortion may go so far as to in¬
dangerously concentration
industry. The Plan's im¬
pairment of incentives for the
efficient
operation
and
expan¬
sion of business by the motor
companies penalizes the public
through the resultant reduction
in activity and employment and
crease
in
the
through
cut
the
costs
But
to
keep prices down.
greatest public ; burden
from the
striction
motor
failure
and
the
arises
attendant
Plan's
the
on
severe
growth
v
re¬
industry, because the Plan
cuts back the availability of long-
term
capital;
and this condition
also is exaggerated by the close
dependence of various parts of
the
economy upon the health of
the automobile industry. Various
contemptuous remarks have been
made
about
a
statement
-famous
of Mr. Charles E. Wilson, but we
can
make a somewhat different
statement
with
that
correct
it
is
high
in
context:
what's
for
the
automobile
bad
for the country.
bad
confidence.
present
of
an
of
for GM, or£
industry, is
: V «/ v :
?
Explains Techniques Used
Appended is
/
the
i
'
•
"unsound notions embodied in the International Monetary
}
Fund—at the expense and
1956,
to indicate the method of est!-,'
mating the /consequences of the
mYw ~-'v
•
-
1
;
'i
t.
of the
A.
Lomasney, ^President
investment firm of D. A.
u
Lomasney &" Co., has been elected
to
the
Board ; of Directors of
v
TVaid Corporation. Traid produces
airborne
photo instrumentation,
analyzed by Life' Insurance ;
Institute. Recommends better
pricing of homes to belp restore1; :"
high level of residential building and,
thus, renew economic |
'
selves—with such help, of course, as they -can
FREEPORT, N. Y.—Stewart J.
Lee
is
engaging in a securities
business from offices at 30 North
Long Beach Avenue under the
firm name of Stewart Securities
Co.
Mr. Lee
ner in
was
formerly
a
Stewart J. Lee & Co.
on a
sound basis.
-s
<7
T
new
n
a
uU-V?
w.
^
?
foi
one-family
non-farm
lurif10USin§^h+K tended homes that
nHrA*
to
high
F
r
level
of
were built in that year
i
n?ass
the upper new home selling
dependent price bracket then prevailing of
activity
is
$12,500
and
Using
over.
the
ac-
Denf "jl °f the cePted rule Of thumb that the pur'"TaiHnS
^k'v
chase price of a home should not
10J0 I
period between exceed an amoupt 2% times the
U
S
n
2?#u' a- comparing the
w/loo'°f/amilysingle levels and
income
of new
pi ices
family
homes
arm
between
those
non-
years,
Inl of*new°housesSseemedbettor
fitted
to
income
in
was
1956.
111
in
Data
relationship has changed
past
tio1^
oJL even more in the period,
higher-priced homes in-
with
a
'
Importance
..tt
Here
Problem
of
..
is
a
,,
..
bracket, a big upgrading, m the
intervening years; but the proporcreased
,
,
no overbuilding in the
higherpriced housing range in 1950.
ap-
if
n
yet
over
1
year
|
be
the
not
are
purchaser's annual income, the
study says that there appeared to
"By 1956' ^ever, this.relatipnship "uu tnaiigcu, The figu
had changed. Alic JLI^lireS
show that a total of 33% of, all
t were .^ben in
f
and oyerannual income
than
1950
available to indicate whether this
problem that has
total of
Patently received
44% of
only passing family nonfarpi
^ curr^t^recess101! that year priced
That is the
thinking.
new
single
homes built in
at $15,000 and
question of over.
Leaving out rising costs of
maladjustments home
maintenance, the uptrend in
have
developed between prices
property i taxes, etc., these, perand
average family
income,
m centage changes alone
suggest that
other_ key areas of the economy more homes are being built in
the
extent
that
,
X.
of the
•
af ^ b°US]mg» as the result the
inflationary trend
ye«J?ru-i
in
recent
%
x
While
concentration
the
on
SS!
present circumstances
persistently
up
and
record high levels
constructiv^
a
the
wiffp
nnd
the
have'
that living crats
fact
is
been going
are
at
now
This is hardlv
development
nniarv
Pirnor
for
or
fhr
other fixed incomes/
Today there
holding
job, representing 92 out
r of every 100 in the working population, and earning about $235
billion a year in wages and salalies, according to the latest figare
million
62
down
persons
a
uresJ
'
Factor
'
^
.
'
upper price range, than are
consistent with the proportion of
families with incomes to qualify
them as potential buyers.
"°f tourse' demand ior fusing
and the size
the market for new
homes reflect the interplay:: ot
many forces'soe'al as well as ec°nomie- Some, like the early ipost-
World War: II; housing shortage,
are more -transient in mature than
basic long-range,factors like,new
household formation.
-
,
^
household fornsatioii la
currently in a downtrend, tandt
according to; the U. S.rBuye&iUipf
Ibe Census is not;,expected, to
feach the highs of,- the1947^11
period until the middle-Sixties.
"New
Inflation
of
However,
ample .mortgage funds
T
,
-
and will
pay
items. ■ The'"
plant is in Encino,
(Special to The Financial Chronicle)
expansion
^
cameras and; accessory
Forms Stewart Sees.
and
is
are available for home owners
I
• z
from • Me insurance and , other
is
In a mass market economy such thrift institutions, and- the desiro
as ours, it is the wage and salary
for-improved housing is a basic
f
earners' spending and saving
They Must Expand Their Own
de-.part of the American, character.
"r
Icisions, and the purchasing power Better pricing of new homest^ in
He tells us that "people everywhere demand an exv. of
their dollars, that have such a relation .to family incopies, would
panding life," sind seems rather plainly to imply that what dominant influence on the course be a further contribution to main;mf business,, as has always^ been taming a hj[gh leve*
they demand they should be given, and that, if we do not
the'case.
Despite the continued building, and. thereby suppm'lipg
give itsto them the Kremlin will. We are not quite certain
inflationary symptoms in living renewed economic mxpahsion. on a
what ."an expanding life" is, but we are convinced that
costs and prices and the upward
sound basis."':i-.'V'^i
fnnnwinf,
table 'comnares
people who want it should be expected to get it for them¬ pressure on production costs, it IS - T,
including aircraft motion picture
corporation's
Calif.
Buying
-
jo-
Lomasney Director
David
,
keep it.
Mv,bli11Ktiniu"^01\e-y garter of all American families
^
Pu^llshed by tThe Insti- had income of $5,000 a year or
f itv
L^e+nnSiU1^Ce' NeT- Y°rk. of all
City notes that "the question of more- This matched the proportion
trol of
year
-
J
under the direction and con¬
government—then his reference to that institution
certainly most misleading.
illustrative set
computations, for the
Plan.
productive power here at home, then it is difficult to
place any meaningful interpretation upon his sentences.
If he is not urging a further development of the wholly
homes
new
,
■the purpose
of the laying of a basis for conclusions which
obviously do not follow. But if he is not advocating the
interjection of government into the economic affairs of
the nation for the purpose of inducing, not to, say forcing,
what he calls the export of capital, his words have no
meaning at all. If he does not contemplate steps by government to stimulate, if not to force further enlargement
asked any remunera¬
free enterprise
system and want to
our
^selling price of
.
One
v
or
may
If
Discouraging divergence between family income levels
would have difficulty in drawing any sort of
print from the vague remarks of the former Secre¬
tary. Much of his discussion seems to reveal naive notions
of economic systems and of what makes them tick. His
citation of certain broad statistical facts appears to be for
;
we
Cut Prices to Stimulate Home
blue
the
of
like
suggestions. Upon receipt of such explanations
might be possible to agree with him about a detail here
and there, but the major tenor of his thought is clear
enough. The Secretary of State for the Fair Deal believes
that the economic system of the free world is so infirm
that the free world can save itself only by converting its
free enterprise system into something else. His lack of
faith in the economic system by the means of which we
have come to be the envy of the world is absolute/ The
type of "vigorous and imaginative action" he demands
would obviously rob the system of its very essence. The
estimable gentleman may not be fully aware that he is
saying that unless we abandon our prized economic sys¬
tem, we are doomed to be overwhelmed by the communist
economic system, but there can be not the slightest doubt
that this is plainly implied in what he has to say.
■
industry
because
that
these
it
competi¬
the
warns us
Of all this
be justly proud.
But business is business.
foreign people want an
expanding economic life, we should be glad to help them
wherever and whenever it seems
possible to do so with
reasonable hope of a reasonable return.
For our part, we
tion of his
of possible dam¬
source
a
of
within
tion of any sort.
There are, of course, a number of points at which one
would like to ask Mr. Acheson for a more detailed explana¬
Plan's intensification of the cycli¬
cal fluctuations in the automobile
Plan's
most of this we have not received
dry and obscure economic facts could lie the
epitaph of the free world. Peoples evei^where demand
an
expanding life. Khrushchev promises the faithful and
the uncommitted that communist economics will
produce
this result. Only the blind man can doubt that it is turnling out an impressive performance." And, of course, like
Fair Dealers
generally, Mr. Acheson has a program to get
us out of this fix.
First, there must be "a substantial in¬
crease in the
export of capital, both governmental and
private, from North America and Western Europe." There
must also be "a substantial increase in imports into dollar
areas, chiefly the United States." Then there must be "an
overhauling of our international financial institutions,
principally the International MonetaryrFund, to make pos- !
sible the expansion of world exchange; reserves and the
provision of more credit where it can be most effective."
disappear
entirely.
Finally, the auto worker, like
other citizens, may have to bear
new
or
increased taxes to help
make up the deficit in Federal
revenues caused by the Plan.
>
undertakings
blessing and our support have done monumental
helping the needy and preventing suffering. We
have sent not
only consumption goods but vast quantities
of producers
goods to help people help themselves. For
Epitaph?
Continuing, this influential Fair Dealer
soon
Ninth
creditor
«
regular wages; and,/because of
the declining economic health of
the
industry, even the "excess
earnings" out of which the wage
bonus
is paid will decline and
may
a
Not only
been unprecedentedly generous in
this, but innumerable private
government
such ways as
with our
despite the fact that sterling finances 40% of world trade.
The need for
increasing the United Kingdom's reserves
runs
directly counter to the need for extending credit for
the export of capital, the essential means of industrializa¬
tion in
undeveloped countries."
another; the per
output will rise (if at
at a much slower rate, be¬
of the slowing up in capital
all)
work in
Germany is behaving like
one; company to
man-hour
has lour
nation. On the other hand, the United
Kingdom's reserves
are half those of
Germany and less than 4% of the total,
and
of shifts in business from
because
in almost untold amounts for similar
purposes.
nearly half the total exenange resources of the world are
held by the United States and
Germany. Neither the
United States nor
Expand as they otherwise would;such jobs as exist will be in¬
creasingly insecure,
because of
33
suffering of all sorts. In World Wars I and II we gave
enormously of our abundance to the needy; needy who
for the most
part were suffering through no fault of their
own. Since the end of World War II
we have
shipped goods
As We See It
adverse implications for the auto
worker, particularly in the longrun.
Jobs in the industry will not
greater
(2089)
Continued jrom
first page
the
C-
;
_
Volume 187
for. One would suppose from what Mr. Acheson has
to say that he thinks that we should take food, drink,
clothing and what else we are not sur^e, and lay them at
the feet of millions who will not take the trouble to pro¬
vide for themselves—and that this we must do in
order to
5-aSgSES
economic
the Kremlin
way as
part¬
in
§
^^"T^'and 'lyM-"""' h°'"fS
between 19o0 and 195b.
income
Groups
Department of Labor anal-
Under $3,500
&4ove?
$5'000&ove
54
23
no
country in the world, we feel quite safe
saying, which has given more to relieve distress and
under $4 500
46
!g'o9o~£5over
33
ing price of new homes since the
turn
of the present decade.
In
1950. the figures show, close to a
"c
Prices
Total
Under
o
f
40
$9,500
$9,500-$12,499
$12,500 & over
195G
developed between
seems
Home
of
1950
ysis of the housing market points
out that a noticeable discrepancy
to have
Co
Total
family income levels and the sell-
included—simply do not function in any such
that.
There is
more
purchasing power with little
thought as to the consequences 011
the buying power of the dollar.
"The
keep ourselves and our economic system out of the hands
of the Kremlin. Well, the economic systems of the world—
lumped 'create
■
.
37
23
—
Under $12,000
$12,000-$14,999
$15,000 & over
28
28
44
——,—
sources: u. s. Bureau
of the census;
u. s. Dept. of Labor.
84
The Commercial and
(2090)
Continued
from first
Financial Chronicle
.
.
.
Thursday, May 8, 1958
term bonds, thereby increasing
nine newly),Tour buying reserves. On March 31
compared with only 114,500 shares 1958 our cash and U. S. Governnearly 560,000 shares by 28 man-
page
v
agements (including
Funds
Incorporated
INVESTING!
|pr
Investors
FUTURE
INCOME?
of Standard Oil of New , Jersey..m.ent obligations,, and other
bonds ,1
acquired on the occasion of that arid preferred stocks represented
company's large rights offering 26.6.% of total portfolio value, the
1
during
the
previous
quarter.-highest since
the formation 0f
M. I. T.'s 138,800 shares and In- our'Fund, compared with 22.9%
at
'■
vestors Mutual's 46,550 constituted
year-end..,/," !
V
•
interesting new commitments in -. SiThilariyhDouglas T.
'
Defensive
eaM'nM 1925
.
Intensify Theii
mutual fund invest®®
in a list of securities
selected for possible
GROWTH of CAPITAL and
quarter
INCOME in the years
22.2%, contrasted with 68%
ing the preceding period.
A
mm.
.
stocks
ahead.
"1
W&ktiMiL
Mmrnwmi
w w
income?/ income Fund
fund whose
first
aivftr*
5k of Pftnciawl
36
with
up
bearishness
..
investment dealer»
The Parker Corporation:
a
the
minimum
a
United
Accumulative,
and
of
activity
investments"
indirectly
bv
]and.
the
.and
•
newly
prpvement in labor markets, there
would appear to be little possibility of any near, term reversal of
the present trend. Similarly, cor-
;
pros-r
Motori Ltd. of Eng-
Also
roaming /in
the: United
was
with
the
for-
Funds
purchase
a
porate inconhe reports for this period reflect the low level of in-
of
the
enterprising
>
Pennroad
point of stability.
...
Under these
.
visable to continue the
Pjds*. P16 recess^fJ period into
industries, as textiles and consunit^ finance, which are vulv?1C ^ ifJ
ficulties.
Perhaps
such
fund
Tri-
first adopted in the summer of
1956. Common stocks as of March
31 represented only 56% of the
Fund with the remaining 44% in
been contributing
market
mosj.
interesting inter-fund
was the acquisition of
Tri-Continental warrants by the
Dreyfus Fund in the amount of
16,700 units.
in
recent
strength
has been
these
areas, which
surprising to the public.
Substantial net sellers of equi¬
included
Axe-Houghton A,
^
it
tive investment
transaction
to
the
ties
circumstances
.
support has
Sellers
has
seemed
ad-
conserva-
policy which
was
cash, bonds and preferred stocks."
defensive in
?o
Caution Extolled
thought, pol__
y
icy, and action, continues the New
Exemplifying temporary,cau^
England Fund. ; After telling of
loHg-term confidence their
previous shift to compara
is the following statement
byTv-tively stable industries as public
Rowe
Price,
President:., of; the ; utiTitV ' dnw
food
nublishing
stock fund bearing his name:
-,'
so
^
.
Eaton & Howard Balanced
Tunci ^v0t inves
.Sl
Fund,
Putnam, Scudder Fund
(balanced),
Bullock,
Delaware,
Dividend
Shares,
State
Street,
United Continental, United Science,
General
Public
Service,
General American Investors, and
(as usual) U. S. & Foreign.
The
d
pre
Exemplifying such sound think-
George
se.
i <i
last
two
closed-ends
ing is a cartoon-chart circulated
by Vance Sanders & Co., who
distribute Massachusetts Investors
Fund
of
Boston
and
who remained
S.
&
F.
increasing
assets.
This
to
its cash
of net
19%
management has for
the
time stood out in cashing-in
the substantial appreciation on its
oil
Sct*«c Tmen'ts
stocks. mrn°o
,
4
EATON A
<
..
.
.
.
,
accumulation
to
line of
every
backlogs .and
^shrink
flation.
or^
new
of
Vand
trustees
from
.
last -;,year s
high.
:
peaj:.
much
•
further
way
will
may
the
well
be ahead
long term "
!
The
advantage of previous
has
come
del
poiiCy.. is
expounded by
Fund, which states
Putnam
thnt „:m,p lntp
]ac,f
,nnmpr
its in-
been
materially
through
switching
creased
bonds
de-
into
•
The proportion of net assets
the
Investment
Company
of telling how
business
*
A
^e
sales, ^especially in
durable goods, have also
slipped
during recent months.
\
no
This
over
fensive
Retail
"We have
and
situa-
Defensive Policies Pursued
high in March and consumer
debt is still close to its all-time
of
us
-
leading
Acqntinumg
to
—
are
war
Royal Dutch Petroleum on the
occasion of its large rights offering.
Such
purchases
totaled
HOWARD, Incorporated
the
Goodale
icit financing by the Treasury and
the'attendant risk of reviving in¬
capacity
Unemployment reached its post-
.
.
mass
Excess
expenditures" by
decline
By far the greatest buying of a
single issue in recent fund history
the
Kingman,
by goveminent action alone without def-
indicators
that the decline
practically
+;—
„
liquidation were Kaiser Aluminum,
Texas,
Tidewater, Getty,
and the big three motor issues.
course.
continue
capital
i
was
economic
corporations
Massive Accumulation
blue
Included in State Street's 4-to-l
Prospectuses available from
your Investment Dealer or
Iif
other
ders
boat."
chip holdings,
despite
the
capital
gains
tax
incurred thereby.
*ers'fied
■
and
its
business,
popular misgivings in
eternally "missed the
past,
run
exists in
response to
some
no assurance
has
the sidelines in
on
leading
give
Fund, * Ltd. .: This graph
tellingly shows how the investor
position from 14%
"t? f
and
General
U.
Mes'srs;;
present' ^recfe&sion • lis
greater than anything experienced
Armitage, conclude* "The
since the end of World War
II,'tion cannot be corrected
Canadian
completely from purchases, with
and'banks'
tobaccos
"The
Trust,
Massachusetts
Investors
Growth Stock Fund, Boston Fund,
and Century Trust Shares, Bond
abstained
of
of
cline, when it will hit bottom, or America represented fcy .net cash
before: assets; U. S. Government bills, and
starting to recover."
Mr.
Price rorpoi ate notes maturing in
continued, "We do know, however, San,„ "0e yeal was
24 Federal St., Boston, Mass.
how long it will stay there
Radian
h!
j
d
■
POSSIBLE CAPITAL GROWTH?
Massachusetts Investors
INVEST
Jonathan
B.
ho v e
from
new
subscriptions in short--
'VContinued
on
page
through
^Massachusetts investors Trust
ENERGY
.
FUND
INCORPORATED
[«j 1
Century Stlares [rust
.
A single fiommon etock certificate
ye«
e,
i>rofessionally
ment -program
in
managed
and
are sold
charge of
.
.
.
sales
no
Canada General Fund
industries.
Energy fund shares
value
The
invest¬
with diversified holdings
oompanies
energy
gives
at net asset
any
Cjeorge
giving full information,
of ^Bost n,
"A BALANCED EUND"-
Bond Fund
RALPH L SAMUEL & CO.
Broadway
•«
i
M
7
| Ralph E. Samuel & Co.
land
send
Energy Fund
Dept.
CI
Prospectus!
'
Literature
I
_|
1
I
jNAME—r
j ADDRESS
I
rrrv
.
;v% t
»»••
THE
Exchange
A prospectus
I Please
i'
OF BOSTON
New York 6, N. Y.
Members of N. Y. Stock
J
'
v
(Distributor)
/
-
FJTTe.
write to:
i 15
<
PUTNAM FUND
LIMITED
kind.
-
For a prospectus
STATE-
—
j
relating
investment funds may
to the shares of any of these separate
be obtained from authorized dealers or
VANCE, SANDERS
111
&
COMPANY
PUTNAM
-
GROWTH
FUND
Emphasizing possible long-term Capital Growth
DEVONSHIRE STREET
Prospectuses
on
Request
BOSTON
MEW
61
YORK
Broadway
CHICAGO
120
South LaSalle Street
LOI
tio
lac^
high costs of operation. We haye,.. ^1,.
are held m q ,
therefore, continued our cautious
investment policy during the first ?dvantage of buying opportumt
quarter by investing the proceeds in Stocks jvhich may develop dur-
4°™,il}e^a?pose
Growth Stock Fund
IN ENERGY
m »
^ST^Expla^s Presi"-
panies'°are"ife'tagSsqueezed Tl
result of lower sales and continued
INTERESTED IN
If
.'.
*
20>500 shares of Gannar Mines dustrial activity.
In .some inand 26>200 shares of Preston East stances there are indications that
Dome, two Canadian uranium sit- the downtrend is beginning to
uations- Likewise, the Value Line bottom out but these signs are
SrouP
added 193>500 shares of fragmentary and at best indicate
Stanrock Uranium Mines Ltd., that business is approaching a
chemical
.
in
Also marking a new departure managers took on 19,800 shares of
hi the Fund's investing attitudes Campbell Red Lake Mines, the
w?s
direction of their buying prospering affiliate of Dome.
!ll
Substantial
1, commitmentof ' 21,600
pering Ford
area —ex-
and
l
■
'
Group
in
'
ac--
'i
a
American- shares
was
.
proportion of its equity-type
holdings from 46.4% of net assets
to
73.8%;
and
Dreyfus,
from
74.8% to 93.8%.
!{!i:
'
area,
was
jnjti
via* activities
utility
.
The Value Line Fund increased
iif
tinued during the first quarter of
this year,, and to date there
are
to ; the : tune [of / 38,600. .few .signs of (*any change in this
by
Value
Line
Income' treM. " Unemployment h a s inConsolidated
Fund, whose "sister" Value Line; creased and,
although;, seasonal
Special Situations Fund made an factors ma^f result in small im-
companies
the
!!
there
quarter
cepting
Continental.
if-!"
shares
international
the
sturdy favorite in eign field
"atomic
included
in
Beers
quired
the rarefied market heights.;,:
During
'
Inc., say:. "The
;decline'in:''U,usiness 'activity'7'bon-'.
Also
de
by the funds. On the other hand,
America, both M. I. T. funds,
Scudder
Common
Stock
Fund,
Boston, Mass.
added
vestors
r
IBM remained
'
Incorporated r'fe- chairman, and
41,250 shares, cou- ^er Heyde, President of the
Johnpled with 3,750 taken up through ston Mutual Fund
of
"new look" at the previously
glamorized growth and blue chip rights.
of
200 Berkeley Street
Johnston
M. Jennings von
Dutch.
Royal
prevalent
the
continuation
was
the
Axe-Houghton Fund B, Boston
Fund, Investors Mutual', Massachusetts Life Fund, National Securities
Income
Series,
Value
Line Fund, Wellington, Dreyfus,
Fidelity, Group Securities, Incorporated Investors, Investment Co.
each
fund is available from
your
dur-
the more conspicuous
net buyers of common stocks were
,
on
Bound
Among
^
prospectus
only
March
.
A
The "New Look" at Growth
common
by
areas of the market. Such stocks
sold on balance during the quarter
December
quarter; while sellers included Corning 1 Glass, - Owensrose to 25 from 14 in the.respecCorning Fiberglas, Dow, du, Pont,
tive periods. Thus, retrenchment Minnesota Mining- National Lead,.'
was
intensified
(although,
of Cenei^al Electric and the alumcourse, by no means uniformly), inums.
Moreover,; some of ;the
public's popular new! nominees,"
Some Conspicuous Buyers
such
as
Polaroid, were shunned
M
A ejutoal
the
of
sales
quarter
only
open-end funds bought stocks
balance versus 43 during the
on
Incorporated
Wirgni
In
purchases
exceeded
ANGELES
Putnam Fund Distributors, Inc.
60
W«t Seventh Street
New York
CONGRESS STREET, BOSTON
Chicago
Los Angeles
Washington
Orlando
37
\
'
Volume 187
Number 5740
.
.
.
The Commercial
(2091)
and Financial Chronicle
35
Chicago Analysts to Hear
Changes in Common Stock Holdings of 57 Investment Management Groups
CHICAGO, 111.—John W. Mc-
v
';
.
v
(December, 1957—March, 1958)
■
Govern,
States
*n ^eh transactions by more than
one management group occurred. Issues which more managements sold than
bought aie in i alics, Numerals.in parentheses indicate numberoi
managements making entirely new purchases or completely
eliminating the stock iron v. their, portfolios. (Purchases shown exclude shares received through stock splits or stock dividends.
Changes through mergers also disregarded.)
President
Rubber
the United
of
Company,
will be
speaker at the luncheon meeting
of
the
Investment Analysts Soci¬
ety of Chicago to be held May 8
.}'•
—Bought—
No. of
Trusts
Shares
•
.
-Sold-
No. of
NO.of
Trusts
Trusts
Shares
2(1)
4,500
2(1)
2,500
7,000
Agricultural Equipment
>
Deere
International
None
5(3 XV
16.200
Bendix
2(2)
28,000.
Boeing Airplane
Harvester
.2
14,000
6,000
>
j,
2(1)
Aircraft and Aircraft Equipment
j
.£
14,600
_J
—
5^680
Douglas Aircraft
33,500
5(4)
Aviation___
r
14,500
General
11,000
1.
6
29,700
2(1)
3(1)
.2
'76O
500
1.
.
Bestwall
100
1
1
American Cement
10,200
1
'
Bell Aircraft
None
None
Martin
2(1)
30.800
North
__L
•
Gypsum—
Cement
43,680
81,200
______
_I
Aviation
24,500
3(1)
1
:
American
Delta
6,500
..
.♦
.
;
:
' ■ '
•
5
:
65,300
Eastern Air Lines
16,200
3.
12.811
Pan American World Airways—
United Air Lines
1
Marquette Cement
13,300
Minneapolis-Honeywell
3(2)
;}
12,000
National
5,000
2,700
4,200
34,800
6,000
10,700
Otis
1(1)
2
1,500
5,406
3(2).;
2(i j; •
9,800
4(1)
v
Airlines-16,000
Airlines",-
Ideal
2(1)
Airlines
J
2
i;
2(1)
KD
Ki)
1,100
7,784
'
1
3
KD
Automotive
7(4).} 130,100
30,000
2(1)
_I
General Motors
28,500
5
2(1).-
11.000
Mack Trucks,__2—
i
None
2(2)
22.100
Chrysler
;}
21,200
.
'•
••
*
■
J
1
•
'■■■•
■
*.
1
2,000
9,000
Eaton
2 '■
7,450
Stewart-Warner
-
;
—
3(2)-"
1(1)
1(1)
2
to
1(1)
2(1)
3(2)
3(1)
2(1)
64,972
17,200
Carl M.
!i
300
4
1(1)
-
1144V44 ;■
4(1)
None
2-_-
None
None
3(1)
4(2)
15,600
Thompson Products
6,800
.v-;/,.4v,} '
Memb«ri New TorJ( Stocf{
11,500
Timken Roller Bearing
4,700
1(1)
American
3,000
1,200
Eastman Kodak
None
Arma
Bosch
Electric Storage Battery
500
KD
3(2)
1
2
None
None
InternatT
Continued
Exchange
New York
2(2)
2(1)
2
None
>
Co.
N-ouo
1,000
Machinery & Chemical—
Minerals & Chemical
Food
42 Wall Street,
1
503
None
20,121
1,500
Dye)
(&
Agricultural Chemical
Diamond Alkali
7,090
15,100
1,300
16,000
1
4(3)
3(1)
Chemical
American
1,650
v
None
Manufacturing.—}
Allied
22,572
3
None
&
5(1)
,4-
None
Loeb,
Rhoades
5(2)
0(2)
Star Cement
Quarterly Report ;'.l
Stockholders available
None
U. S. Gypsum
7,000
Latest
-
1
National Lead
Lone
QYe/*
2
8,825
3,000
110,000
26,100
Portland Cement
^ftffji rrf/ff,
None
None
4,800
—
■
Chemicals & Fertilizer
Dana
2
r
1,500
14,500
Johns-Manville
•
1
Brlggs & Stratton
5,100
.
1(1)
KD-
;
Flintkote
l
'
Automotive Equipment
2
3(2)
Foundry
U. S. Plywood
Weyerhaeuser Timber
Carrier Corporation
25,600
5(1)
4(1)
—
.
General
V
4,300
12,500
2,200
U. S. Pipe &
None
None
None
Trane
1,300
2,000
Kl)
Gypsum
Elevator
Penn-Dixie Cement
618
I
,}■
Ford
46,000
r;:
None
8,900
7,808
—
$/nr/(
-
16,500
Lehigh Portland Cement
4,800
1(1)
2
2
3(1)
Mid¬
None
300
6,000
2(1)
2(2)
3(1)
3(1)
49,500
American
the
1(1)1
j "2,600
Celotex
6,100
7,000
2(1)
3
16,100
8,000
Curiiss-W-right
5,900
I/'y
of
None
None
—_r___
1
None
None
Room
1(1)
12,900
None
18,700
—
Construction and Equipment
Building,
4(1)
United Aircraft,
Dynamics,
Canada Dry
Coca-Cola
Pepsi-Cola
:T:
17,700
Lockheed Aircraft
3(2)
3(2)
107,900
2(1):
Adams
the
land Hotel.
Trusts
Beverages
_j_
_
None*
in
No. of
No. of
Shares
No. of
1
e
No. of
Shares
-
6,000
3
-Sold-
-Bbught-
No. of
.
on
page
.37
For
Income
Banks
3
21,000
Bankers
3(1)
18,500
Chase Manhattan
7(1)
30,500
Chemical Corn
7(1)
54.000
First Nat'l
-
3(2)
11,000
2(1)
1
(
-_
_
_
-ll—
'•'4,500
Hanover
Exchange'-—
Bank-
None
18,000
1(1)
7,500
2(1)
10,360
2(1)
None
-----
Better Opportunity
INVESTORS
None
Irving Trust—-Il2
16,64!
1
Mahufacturers
27,000
GENERAL
3(1)
20,000
CityvBank of N. Y.__
Guaranty Trust. (;N; Y.)__l——
■10,000
2(2)
None
Trust-.
32,966
1
2,600
1,100
1
Trust____
for Sales
TRUST
Managers
1
12,000
1
6,600
Mellon National Bank & Trust-,
2
9,640
National Bank of Detroit
None
None
New York Trust—
None
None
Northwest
None
None
qualified to hire, train and ad-
None
None
minister
2
Marine
8,300
2
1,500
2
24,500
Midland
Bancorporation
Security-First Nat'l Bk. of L, A.
1(1)
A few
still open for men
areas
sales
a
A chance of
organization.
lifetime to build
a
a
Prospectus and Literature
from
>
highly
INVESTORS PLANNING CORP.
profitable organization of your own. You
HOW TO GET INVESTMENT FACTS
can
work
MUTUAL FUNDS
ABOUT THESE
devote
as
we
all
your
time
to
of America
productive
60
handle all routine, non-pro¬
ductive paper
42nd
East
New York
Street
17, N. Y.
work.
NATIONAL DISTRIBUTOR
You will:
I
Fundamental Investors, Inc.
—
stocks selected for
possible growth of capital and income
Receive top
commissions.
Investing in common
□
over
—Participate in our profit-sharing plan.
*
the years.
—
Take
over
existing sales force in the area assigned
any
a
to you.
Diversified Investment Fund, Inc.
ferred stocks and common
Receive continuous
stocks.
—
.
Be
TELEVISION-
given direct home-office support in developing your
ELECTRONICS
;organization.
INC.
FUND,
□
Investing in bonds
•
:
.
•
i'
.
,
"
*
□
Investing
r
v
Fund, Inc.
is
opportunity worth investigating today!
an
KING MERRITT &
An
International
Specializing in
checkmark your
preference above and
PriridpaTCities
WHitehall
Address
or
write
from your
CO., INC.
Television Shores
Management Corp.
Mutual Funds
135 S. La Salie St., Chicago
j Montreal
/„ Canada
"
—
( Edmonton
115 Broadway,
Victor 9-7708
—
ALberta 4-7537
City and State
27
King Merritt & Co.
HUGH W. LONG AND CO., INC., Elizabeth 3, New Jersey
1
lltlHIMIttSMMSM
investnjpjjt dealer or
Organization
85 BROAD STREET, NEW YORK 4, N. Y.
4-2220
mail
this ad to:
Call
DECIDING
Headquarters:
—
Name
available from local investmenf firms—or
BEFORE
get the booklet-prospectus and
record of this Mutual Fund
for.
chemicals and atomic energy.
_i
pro-
King Merritt, President.
possible long-term capital growth —now
including (such industries as: electronics,
Prospectuses and other informotion on these mutual funds
a
organization now represented in 43 states, two territories and
foreign countries. Our Managers are among the top earners in
the business.; Many have built up high, steady, annual incomes.
•
in common stocks selected
built
four
This
Diversified Growth Stock
Mutual Funds under policies that have
111
gressive
selected for income.
.
(leal
We
Fund, Inc.
Manhattan Bond
suggestion
support with tested sales aides and
supplies needed to operate.
balanced list of bonds, pre¬
Investing in a
□
—
timely
investment
,
■*»#«•#«••••••••••••••-•••
King Merritt &
(Canada) Ltd., 201 Notre Dame St. W., Montreal 1, Quebec, Can.
Co. (Canada)
Ltd., 521 Tegler Bldg., Edmonton, Alberta, Can.
|
Gty-Stoto.
3,18.
Now York 6, N.Y.
36
The
(2092)
Commercial and Financial
'V'l
OLV
Balance Between
End of Quarterly Periods becember, 1957 and March,
Net Cash & Governmentst
?
!
•
-End of
Axe-Hough ton
*
Fund
H_I
HH
t
Investors Mutual
;
63.2
140
1,316
1,703
Fund
Mutual Investment Fund.
New England Fund
>
•
Whitehall
r
23.5
68.3
7-G ,
Eaton & Howard Stock
Energy Fund
—
T. Rowe Price Growth
33.6
32.0
:
57.4
60.4
3.0
15.8
33.0
32.7
8.4
7.2;
31.5
31.4
5.0;
•
>
23.2
28.4
.
.
;
5.4;
-
:
80.5
48.8
60.1
61.4
66.6
2.5
1,803
2,017
1,476
6,747
:
3.4
/>
12.6:
,8.6
7.8
88.9
37.4
34.3
55.1
;
31.8
30.9
55.6
24.9
27.6
68.1
67.7
2.5
AA
2.2
38.7
38.7
59.1:
58.8
.
•
;;
■
4.1
7.3
40.2
36.3
55.7
56.4
1,427
63.8
2,081
9,924
43,831
53.9
269
'
V
(
7.5
::
-
6.1
98.9
.28.7
27.6
63.8
)
47.7
44.4
50.6
"20
28.1
20.5
1.7),
8.6
;u:
1.7
W'i.yy 1.7.
12
1
15.0
0.5
11.2
0.6
6-8
•
>: r
:
1
Investing
64.2
:
2.3
None
None
84.5
83.3
1,133
..15,134
None
None
74.8
93.85
17.0
None
None
85.8
•83.0
None
-
'
-
15.3
I
.
5,751
6,594
0.6;
80.9
2.4
3.3
None
105
0.9
0.8
None
1,251
12,376
2,539
18,101
22,685
5,677
991
88.2
None
97.6
96.7
960;,
14,437 \
12,181
None
99.1
99.2
None
None
91.3
96.3
1.3
1.3
91.9
93.0
6.7
7-3
None
None
93.3
0.1
87.9
81.1
99.0
97.7
97.8
96.1
0.04
18.8,,
....
1.0
2.3
None
None
2.2
3.9
None
None
1.0
1.5
|
None
None
99.0
98.5 :
3.0
5.6
None
None
97.0
94.4
5.4
5.5
7.9
9.8
86.7
2,419
18.6
22.6
3.4
3.0
78.0
.
4.1
1.8
None
None
95.9
.98.2
3.4
0.2
0.2
97.5
96.4
12
1.6
0.6
3.7
3.9 :
94.7
95.5'
16,777
1,632
15,915
4,088
7,051
8,447
7.2
11.2
0.1
92.7
88.8
93.9
93.9
77.5
77.7
140
'
5.6
5.6
0.5
7.7
10.1
14.8
0.5
;
8.4
15.1
3.2
5.3:
88.4
4.6
1.9
2.8
94.6"
10.2
18.3
0.8
89 D
2.0
None
98.9
213,377
273,304
8.1
'
None
•
7.8
82.0
9.3
78.2
78.4
1.9
89.9
89.4
T4i
,14.3
76.4'
Closed-End Companies:
:
2,834
1,451
..—.;
..__!_!!!!
Dehman Corp.
National Shares
£
"
i
!_! "
UT§'/ & Foreign Securities..
-
"
V
....
so
:
31,
.
•'
•;
.
1.8-
0.2
0.2;
0.03
6.7
0.2
*
5.6
7.1
8.4
6.5
4.7
3.3
3.2
8.2
: •;:;"A
2.8
14.1
A11
$ A..
6.3
i
None
TTyost cf purchases.
89.5
96.2
.93.1
86.6
■: 86.0
:mx.
§86.0
87.1
r 79.4
80,9
None/
85.9
_80.6
6.2
88.1
87.0
79.4
79.5
HBonds and preferreds Irrespective of duality
only.
= Sin
percent of gross assets.
stocks
from
sales.
^Estimated.
•
hy
77
314
1,63
3,62
1,73
banks
■■
520
308
8,764
5,497
7,011
-7,740
026
•
30,6921
-
'
t
364
None
32,685 A"'A
381,982
■M
savings,
short-term
:!148
2,0,92
.None,
r
**Proceeds
43
None
1,630
7,748
10,58.3
-
•
-
'
'
*
•
'
' 4
ifllf.NJMV fVork" State.
.
22,793
289,991
293,037 ;
-
a
Exclusive
notes.
SSOwncd
-SUMMARY
of 76 Investment
Companies
vs.
December
31,
Average Allocation by 77 Companies of
Assets to Cash and
Equivalent, Defensive Securities, and Risk Securities
1957
Minus
Approx.
Total
Net
Unchanged
12
15
5
.!
5
.
30
..
■>
A
,
»-d.._
i.
.
-
/•*••.
■
'<
'.,
v' ' '
••
y
•; *.j>
lower grade bonds and
preferreds)
41V'A A" A";* AIA'AA:.
29
2
'
-
•;.**
.;it-:
Mer. 31. 1958
7.5%
7.7%
13.1
>
12
,/Ss'v
Dec. 31, 1957
cash, etc.,- and Governments f._
Defensive securities(investment
VVi;?'' aaaa^A! C34;>
.
37 A
*37 •*..•
3—s
.
;
r"".W
12.8
79.4
79.5
-'"-rr
.
>_>;»:•. 1004)%'
,
R
w
~3p-|
"37
429
3,624*$;;
308 /
IT
12.8
•-
338
"
729
584
3,917
2,224'-'
A
52(>
91.0
; 17.5.;
6.1t<
496-
'
371
'•
314
V 17.8
§83.5
567
Y
'
1,389
-
None
13.1
'
553/
429
19.4
7.7
267,198
567.;
:
91.9
90.2
f
'
162^
338
"1.6
"¥.7$
:
620
/
260,352 -V:
81.8
4.7
7.5
approximate equivalents).
classification.
^Common
I
•
'H' \]
734
96.9
•
'810.1-J
; 2.3 M
>7.0
■,)
:•
1.
95.0
;
•
-
144,325
3,744
92.9
6.3 '
4,977
20,087;.;
included bv renortin«
•v-'
I *•
1.8
io.3;
.
v
"7,889
1,358
?
'
:
;i65.6
81.1
3.7
'484,598
20
'"trr; >->Totalsj-;>>._$
7.7
6.3
•4.8
6,020
Companies
Closed-End Companies
9.9
§15.6
•401,130
1958
10.5
•'747
8,147
3,202
•
:
-241
3
663
G5.7
,
"
: 2,026
-.
K
97.0
;
2,542 :
-
:
1,843
> i<K
384
1
95.5
1.2
37
,
O
73.5
1.2
5.3
1,202
•
s
Balanced Funds
r-:
9.0
0.7,
1127.8
1.9
-
'
r
v
Plus
;
1,676
3,578
2,643
14,005
bonfe and pref rred slocks Moodv
AAr,hr»u?h BB for pw&r"d, <o?
March
1*
1.8
60,869
Changes In Cash Position
Open-End
16.6
51,675
tlnclnding rombrat? short-terfn noteM\vhere
>te« W
investment
tad,; JFItcl.',
•
8,432
14,643
v
Total Closed-End Jdompanies
^i _ ——I— —4. U-
0.7
6.6
7,090
.
>j_____!
3.6
9.9
626
2,968
1,163
7,189
1,309
.2,706
!!!
Securities
3.8
1,183
1,339
"
HI!
!!!!!!!!
L.HHI
Niagara Share...,
2,896
551
!
83.0
•
630
.
*
475
351,290
<
"7,208 Z
:
2.170
11,992
6,037
67'f
■
9,327-/'
:
178,400
78.0
"
•
241
0.3 ;
«•
;""-678"">
-
11,640
3,139
1,910
>
*
r?
H 6,733- ;
4,165 i '
"
1,358
*.
1.9
8.7-
:
9,214,
•
»
--'z
1 $
3,553
9.3
12.6
7.7
423,729
0.7
None
p
■
8,963
,
16.7:
311
/
ao,353
a
.
269
•
/;588
/
808
98.0
18.0
1,034
384
s-
2,542 .'
81.0
1.1
1,169
r
7,371
None
13,469
--
9
73
: 92.6
•
;
'
1,910
79.6
3.5
*
"
a6,137
.
:
b N.A.
.
25,598
8,067 ;
;• 2,047".
*
12.2
-
.
'
None
/ 1,653
•
•
3,276 '
-
all,640*, ' v
03,139;/ '*;
11
2,170/;1
'■•:v'll,992*/"-C
311
•
9,442 ^1
9,992
None
!
■V.?:v*-i795:?;
...
2.3
Sub-Total Open-End Stock Funds
cdmjWr
84.7
.74.4
300
12.5
investment
.
2,204
1,461
General American Investors
General Public Service
4,103
a25,598
a8,067
2,047
"13,469
758
5.956
N.A.:
v
,
'
732
6,551
V
5,985
10,374
•
1
;
152
1,653: v)
7,371$' ;
"
2,513
960;
"* '"l'
None''
N.A.
478
13,222
12,181 ;
'•
72
Securities!!!!!!"
•
•
2,197
5,598
6,350 ::
' 9,992 :
;
215
1,830
2.64!)
5,985
92.7
; 7
■
85,468
r -
3,013'
•; :- 7587 7
10,374
•
;
.
••
152
3.7
,
,
v; 2,137
'
7.053
269;
?
5,598
98.3
5.7
*,
,
2,542
.
3,144
6,584
98.9
8.7
Hill
1
2,666
86.2
7.7,
;
6.8
12.1
6,175
88.8
78.7
7.7
S
5,104
2,666'
3,144
2,302
92.8
None
33,470 iv*..
1,374
5.6
1.7
25
5,554
24,669
15,887
J .06 i
4.1
;
:
,
• •
1,239
1,061
80.2
1.1
l,723
5,270
065
'
15,423
84.7
6.1
.
/'
•:
.1:
None
66
•
:
11
909
.
15,887
2,674
\ 1,830
:
2,740
386
••
104,902
15,423
2,830
:
.14.2
6,071
1,996 ; •
:
^
88.9
10,049
1,554
10,707
2,039
4,844
4,138
Express
1,061
5,216 ;
*
86.0
10,254
11,933
349,455
.'5,1,146 r:
116,027
87.8
30
Total Open-End Funds.:
1,175
'260
:
85.8
'
6.15
:
r: 589
:
5.4
5.6
205
$f529
215
None
19.8-
-
419
1,434
7
0.5
-
12,148
6,143
; 1.0
0.5
;;
252
413
1
29,188 " '-'
-
1.0
13.5
10.1
A-
694
18,068
1,207 V
1,107
$$204
"
568
>
172,890"'
65.1
1,358
j
Wisconsin Fund
Pennfoad Corp,
Tri-Continental
m,
16.7
r
11.2
1,181
1,347
Overseas
"
18.5
13.7
'
United Science Fund
IIHI~
Value Line Special Situations!!!!!!!"
American European
92.2
,
15.5
1,756
7
774
1,167
56,098
3,235
;
1,321
73.8
-25.2
658
*
;
33.1
615
1..——
:
930
46.4
;
::
1,852;.:
6,071 r ;
4,687.:,;
,
62.5
634
Fundi II III III I
Continental Fund—
I
Income Fund
HH
:
59.9
2,375
14,318
2,016
10,698
9,917
2,874
.HI
:"
35.4
2,612
35,586
r
'
:
••
•
710:
,
..
1,199
r
*:
214
:
253
r
586
36.1
1.8
.1
1,305
348"
2.1
19.0
HH.
American International
Carriers & General.
:/
2.845
,
'v
.
4.0
114
United Accumulative
Adams
:
167
410
30,241
419;/
1,834
.
884
8,245
_
r
•
2,235
58.5
4.7V
10.6
7.0
413
*1,105.*
1,801
: 11,507
5,302
-
4,529
;
427'i
2,039
1,573
■58.4
:
?>
32,865 r;
2,202
88.8
7.3
.
v
7.5:
^
41
...II
Stock—Hill
...
V:
-
.
255
303
•
834 !;■:
; *
;
461
.82.8
49.6
71.4
14.2
18.5
a;
13,989
Fundi §
.State Street Investment—
Wall Street
...
*
357
_
Sovereign Investors
United
64.9
51,910
.2,554
6.654
Common Stock Fund..
Selected American Shares
United
63.9
1,731
11,501
Scudder, Stevens & Clark—
Texas Fund
v
3.7
866
A
2,500
31,006
3,841
Massachusetts Investors Trust
Massachusetts Investors Growth Stock
National Investors
National Securities—Stock IIIIIIIIII
Fund..*
;
401
;
Group Securities — Com. Stock Fund
Incorporated Investors..
Pino Street
N.A.
34.2
1,584
1,453
3,353
3,218
$$43
1,067
,
;v 214-
V
;,.
875
979
2,185
2,876
2,942 7:
"
169
y
.710
.J 1,426,
53,216
7
814
Hill
IIIIIH"!
~Si-
Institutional Investors Mutual
Investment Co. of America
67.1
:n.a.
35.2
N.A.
17.4
'"A
19.8
N.A.
0.9
9.0
»••
17.9
N.A.
570
4,389
$$90
6,296
A
%' 362
1,076
A
133
7,598
,
4,694
•
Fundamental Investors
General Capital Corp
-
"341
.
149
.
.71.4
3.8
2.3
0.9
■
"
..
47,553
2,664
I..IIII.
IIHIII
Fidelity Fund
•
7.6
15.0
1,666
45,607
.
H___HI~I
Fund.IIIIIH
Dreyfus Fund
17.0
8.2
:
Fund>r———H!_I!III! a!! > 140 ; j; a:: 147
lM!425
13078
de Vegh Mutual Fund.....
Dividend Shares
25.4
12.2
•
16'9
!!
30.4
7.1
11.1
377
2.532
;
Bullock Fund
'
25.6
62.2
7.4
10,985 ;
2,673 '
"
901
\
'■
OpeiirEnd Stock Funds: A Ay
I Affiliated Fund
;j
•
">
Blue Ridge Mutual Fund—HIIIIHI:
i
28.1
64.8
•
-
'
,
I._
L..I.
3,245
68.7
Sub-Total Open-End Bal. Funds.
Delaware Fund'.!.1.
3,663
67.7
448
r
•
j!
4,877
1,666
4,995
29.3
690
—
Fund
1,577
3,389
24.0
9,116
1,396
Value Line Fund
Value Line Income Fund
.77.8
30.5
•
9,310
Shareholders' Trust of Boston.III.il
Stein Roe. & Farnham Fund_>
'
Wellington
'
1,194
1,915
1,675
*
III;
_
¥57.5
20.5
"
..h._.IIIIIII
George Putnam Fund
Scudder, Stevens & Clark Fund
H39.3
21.1
24.2
N.A.
?
821
.II
.-1.1,1
National Securities—Income
tf38.6
8.3
•
;; Nation-rWide Securities _J
!
3.2
•
2.0
299
2,862
.
420
7.6
VA
426
—
60.2
2.3
250
9,723
24.0
1.4
20,807
514
.
28.9
26.8
1.7
4.9
.
377
8.531
LH.I
..
§26.9
1,212
;
;
15.8
3.7
9,787
549
:r
Fund—A—IIH
Lpomis-Sayles Mutual
v
7.9
••4,691
1,175
:
....
—_
[; Massachusetts Life
,
2.7
6,580
17,891
Knickerbocker Fund
I
420
1,521
69.3
•
Johnston Mutual Fund....
1,584
50.6
371
Group Securities—
;
Fully Administered Fund.^
Institutional Foundation Fund
140
38.7
28.0 '
1,323
8,473
1,323
General Investors Trusts
A
A 979
39.8
27.4
5.2
Sales'*
1,515
4,027
35.9
10.7
6.902
Eaton & Howard Balanced Fund
j;
4,624
1,141
13.5
;
Total
Purchasesft
None
3.8
36.6
Sales**
,
"
599
14.1
Dodge & Cox Fund—,..
■.
.
Total
None
4,511
2,145
306
Investing...
;
Purchasesft
Mar.
Mar.
PortfoliT
Common Stocks
Total
Total
3.653
520
Commonwealth Investment —IIIHII;
Diversified Investment Fund—Hill!
*•
,
Other than Governments
Assets
-End of—
'
Dec.
Mar.
Grade Bonds & Pf ds.
Per Cent of Net
50.6
3,686
Science & Electronics..Boston Fund
Broad Street
Dec.
"—tin ^Thousands of Dollars ^ •
Portfolio securities
>
Of this:
and Lower
1,553
__
Axe
-
Mar.
$ r1
3,682
--—HI-*
A
Axe-Houghton Fund B___
Axe-Houghton Stock Fund__
End of
: '
Dec.
American Business Shares—i
Ihr
-
.r
DuringJan.-Marchr1958
Cora. Stks.
Assets
Per Cent of Net
Per Cent of Net Assets
v
8, 1958
V*v
1958
Investment Bonds and
Preferred Stocks*
Net Cash & Governmentsf
Thousands of Dollars
Open-End Balanced Funds:
v vV
■I
■t.
Chronicler;.^Thursday, May
-•
100.0 %-.»;
•
86
m
-6,22
>4,43
•u.'":
| Volume
187
Number 374# 7 r TThe Commercial
Financial Chronicle
N\
Continued(from
35 ^
page
rrlvf
~Dr\ti
and
"V
v
v\-
*■
—Bought—
*■
^
-*•
'
(2093)
i'
■>
Continued from page 34
-Sold-
:
J
,
•
3(2)
'.250
4
None
American Cyanamid
American Potash & Chemical.
Dow Chemical-.—
16,600
,
U-
___
2,000
nU)
4(1);
1,500
.
,
1,400
-
Hercules Powder-
2,
12,500
Hooker
200'-'
None
-
7,285
7,100
3(2)
,2
U
5,000
-
k:2P'>
\
2(i):
5(3)
.
"5,400
23,600 i
f
;
'
4
.
1
;•
*
•
1
:
Sterling Drug
:
..
10,200
.
—
53,000
16,300
quarter
no
26,400
2(1)
.
PjizetdChas.)
a—
7(1)
2(1)
.....
'
:
r
2(1)
2
3,800
3,500
v.
•
Consolidated Electrodynamics
ACutler-Hammer
——
._
of
2(1)
HI)
ment
;
:r
2
"22,080
7,400
2,875
Philips' Lamp Works—
'
(50-guilder shs. or equivalent)
Radio Corporation
Raytheon Manufacturing
7,700
Sperry Rand_____.._.
■"
•S /
u
'
5 ;■<"
49,500
2 '
-
2(1)
r
•
2
1
■'
; 16,700
'
Universal Products
Beckman
800
None
'
—
Instruments
High Voltage Engineering
Westinghouse Electric
4,000 J
2(1) '
j
General .Electric-
None
.
Finance
.
available
4(2)
5(1)
3(2)
4(1)
3(1)
.
in
1
1(1)
high :grade
Its
-
None
2(1)
and
that with the
state
7(5)
25,100
1,766
41,900
7(1)
2(1)
5(4)
Chairman
Beneficial
Finance
1
1
Commercial Credit-
Household Finance
None
Pacific
None
7,900
1
37,600
Banking
Corn Products Refining
13,300
General Foods
2
1
4,500
Pillsbury
500
s
2(1)
8,500
14,600
6,900
Great Western Sugar
10,800
.
None
Mills..
4,800
4,000
Sunshine Biscuits....
12,200
United
Biscuit
None
...
Continued
on
v
•
each
Eastern
attracted
United
and
buying
by
managements.
The
purchase in the group
entirely
three
largest
was
an
acquisition by State
56,300 shares of Eastern
new
Street of
;
;
The Dreyfus Fund is
mutual fund
a
in which the management
hopes
to make your money
grow
fund
Fitzsimmons
' 1 '
and
takes what it considers sensible
risks in that direction.
Booklet (prospectus) free from
your dealer
or
DREYFUS
Corp.,50B'way.,New York*
.
General
Motors
stood
out
in
this group, with seven fund man¬
agements
acquiring 130,100 shares,"
63,000 by .Wellington,
acquisitions of 27,000
shares
by
Fidelity,, 10,000
by
Pennroad,- 20,000 by Affiliated
including
and
■
•' -v"
-
Long-Range
None
1
Francis
None
tells
the
2(1)
Street
F.
Randolph,
stockholders
in
investor
Securities Stock Series, as well as
by the Eaton & Howard
6,000
who
Group. Ford
1
economy,:
1(1)
which
will
by
even
not
severe
be
reces¬
-
tune
including
a
of
Ford
included
State
new
Street
1
None.
38
PHILADELPHIA
FUND
46,ac¬
INC.
A Mutual
sion and which warrants continued
Prospectus
can
outlook for
markets."
longer-range
business and security
Companies
group bought food
in
his
Tri
International,
which
elimi¬
nated their 10,000 share combined
holding.
Opinion
Continued
chains, natural
was
on
Request
sharply
(established ieei)
Members New
York Stock
Exchange
123 So. Broad
St., Phila. 9, Pa.
Klngsley 5-3311
38
page
cdc.
OISTKIBUTOK
.
the
on
'Wrr/mei/oc/t
20,000 shares, and Adams-Ameri¬
in
Investment Fund
with
confidence
1(1)
page
changed
shares,
bought by three
the
quisition of 20,000 shares by Af¬
filiated, and an addition of 24,000
by Investors Mutual. Sellers of
overlook, the basic strength of the
1(1)
to
000
not
None
was
managements
Broad
will
The live
included
10,000
shares
each by State Street and National
Investing Corporation that
prudent
5,000 by Delaware.
sellers"
ishness is the statement by Chair¬
man
None
new
and
Bullishness
Demonstrating long-range bull¬
"the
Continental
:
Zooming
American,
relatively at¬
yields still offered by
bonds and preferred
stocks, the
larger part of its investments
were placed in defensive
securities
of that type.
"
1
41,600
GROUPS FAVORED
Airlines
se¬
.
Investments—5,600
Finance
issues
pre-
tractive
Associates
Seaboard Finance—
and
Reporting for the giant Inves¬
Mutual, Inc., President Brad¬ Automotives in
Demand
ford
1
1,500
containers
tors
7,600
95,200
None
chemicals,
Airlines.
1
Food Products
3(1)
5(3)
4(1)
and
stock
Fruit.
3,600
8,300
28,700
None
bonds
common
3
25,500
5,400
None
invested
was
None
i
—
: j>
consider¬
which
Heavy, machinery
actively sold.
were
pres¬
Merck, Oweris-Illinois Glass, Socony, Texas Company, Union Pa¬
cific, United Aircraft, and United
None
20,000
10,800
' '
Industries, in
num,
lections included Allied
Chemical,
A. T. & T.,
Bendix, Cities Service,
Federated Department Store
s,
Companies
C.I.T. Financial
funds
at
None
;
automotive
The balance
None
88,700
..
return
ferreds."
^
2
and
None
«
t|.v
value
depressed levels.
of
I
None
some
issues.
then only in
carefully able
selling
accompanied
the
companies; whose earn-, buying, included
building, alumi¬
None
20,200
nickel, retail and
and
good
4,700
8,300
■
..4
Sunbeam
2,300 1
■
reached.
we
overall
ent
None
51
steel and tobacco. Also find¬
ing favor were the airlines, foods,
,
2
None
chiefly acquired: banks, fi¬
companies, gold> mining,
glass, drugs, electric and elec¬
business o u 11 o o 1C tronics, '
"hopper,
domestic
oils,
These included the
leading com¬ rails, textiles, tires and utilities
panies in the drug, glass container where increased
selling marked
~~and food fields, as well as cer¬ some
reversal from the previous
tain oils which appeared to offer
quarter.
4(1)
1,400
Philco
'
2(1)
been
the number
per,
far that
limited
our
purchases to 54%
money available for invest¬
our
the
2
900
i McGraw-Edison
.23,000
■'
so
on
insurance, natural gas, office
equipment, some foreign oils, pa¬
with
None
....
nance
ings
appeared
to
be
pointed
higher for the year, regardless of
"■
3
~
were
stock
selected
4
1,000
has
slide,
None
-
5,000 VDaystrom
International Tel. & Tel
33,100
Litton industries.
7,"500
;
3
bottom
Consequently,
common
1
Electrical Equipment & Electronics
l;'
to
concrete indication
the
>
continued
PHILADELPHIA 3, PA.
The following
industry groups
—largely of the "defensive" type—
Fund, thus: "Geribusiness.. during
the
first
eral
0(1) j
i'4
or
issues, is based on the
buying or
selling, rather than
of shares involved.
sachusetts Life
<
stock
dealer
number of managements
selectivity is enun¬
by 'Lawrence A. Sykes,
President of the trustees of Mas¬
r i
your investment
from our tabulation,, on
00-00, of transactions in nearly
400
which
CFC
,
Prospectus from
pp.
advantage of the excellent
opportunities
.
drawn
ciated
None
y
500.:
•
13,300
6,000
•57,700
19,700
8,200
31,300 V'^Sobering
15,800
Smith, Kline :& French
■
;
.
; 8.800
_ __
Wamer-Lambert
9,700 l />>.Bristol-Myers
22,200 UlMly \(Eli)z"B": 2,500 7'i- Mead Jdim son
Our analysis of portfolio
changes
substantial
a
power reserve is available
inevitably present themselves
during periods of economic
None
154,100
5,200
3,000
15,000
12,760
Parke, Davis
v
to take
;
■;j
.
2(2),:
HU
-
-
.
•;
-
-
^Norwich Rharmacal.--1 j.
■■
•
500
1
:
-
i_
1
important,
buying
Drug Products
^
153,200 .•?" Merck
U(3)
Can.
None
-
Glass
Ota
:
more
POLICY TOWARD
INDUSTRY GROUPS
Restrained
A 2
None
Corning Glass Worksens-Corning Fiber glas-
-
r
.
2(1)
17,500
-
Glass
Owens-Illinois Glass
■C 300
the
Boston
"Your portfolio is now well
protected "against the possibility
of a further business
decline, but
■.} stress."
Can___
Pittsburgh Plate
were
say:
Containers & Glass
'■$} American
1,300
-
-v
Libbey-Owens-Ford
100 i
•<-.
■■
„
Continental
11,700
48,300 V
5(4)
•
_;
of
"
investment
-----
,
Similarly the trustees
Shareholdei*s' Trust of
.
utilities, and drugs; while oils
decisively liquidated.
gas,
ness
Coal & Coke
1
Pittston
10,800
19,200
:'X 44,600
..
Union Carbide:
None
t
Electrochemical
.
16,816
8,100
-
60,500
ing the remaining period of busi¬
readjustment."
None
4(3)
6(1)
3(1)
3(1)
5(2)
5(2)
3(2)
8(3)
4,900
-
Du Pont---—
4.(1)
5:iSf.V-
None
14,500
28,300
-
1
Defensive Investing Trend
1
None
Vick Chemical
;v-
Their
None
200
Air Reduction
.
2
None.
Rohm & Haas.
Spencer Chemical
,
5,100 ;
3
4,462
-
13,500
•2(1)
~
Trusts
Monsanto Chemical
Pennsalt Chemicals
31,300
,
No. of
Shares
29,598
5,900
3
i
No. of
Shares
3
.
'
..
No. of \ No. of
Trusts.
•.
,
NAME
',
1
......
.'
ADDRESS.
CITY.
A total of 58 of the nation's
salesmen were
[SECURITIES OF
'
Prospectus
"
,
by the
Honorable James A.
,;tJ'
*
'
may
be attained from four
local investment dealer
of*"1"*''-'.;.
Farley
at
;
Mr, Glenn II. Pryce of
,
this
our
TEXAS FUND MANAGEMENT
COMPANY
a
salesman
his
confidence in
excellent
funds:
Principal Underwriter
to
ration
an
product, mutual investment
Pennsylvania Funds Corpo¬
personalized service to its clients;
to
s
•
•
•
•
Shares
may
be
SOVEREIGN
to
his
liking of people; to the holding of
face-to-face interviews; and to hard work.
We, friends and associates of Mr.
368
Pryce
registered representatives
who have found
opportunity and security
in the
selling of mutual investment funds,
congratulate him.
..
.
.
INVESTORS
Fret of Pennsylvania Personal
Property 'I'm*
..
A MUTUAL FUND investing in a diversified
eroup of securities selected
tor possible
long term
Houston, Texas
{:rowth of capital and
ncome.
Telephone: CApitol 7-0211
Bell Teletype: HO 566
3 Penn Center
968
t
| amouiita of $30
J - OT-more." C T
~
firm received
coveted
award for
outstanding
during a recent six-montn
period. Mr. Pryce attributes his success
as
•
(systematically
accumulated )n
the
achievement
423 Texas National Bank BIdg.,
|
••
Waldorf-Astoria Hotel.
"
*
1
...
the Sales Executives Club of New York.
The presentation was made
T
*••••*••••
outstanding
recently presented with
selling profession
the Distinguished Salesman's Award of
the National Sales Executives, Inc., and
the "Oscar" of the
MUTUAL FUND INVESTING IN
.STATE.
•
RECOGNITION
A
37
Plaza, Philadelphia 2, Pa,
Registered Representatives actively selling in 220 Communities
in eastern* seuthem and western
states.
Send for FREE Prospectus
from your Investment
1
Dealer
GEORGE A.
'i.
n d
,.
i i
or
BAILEY
r;...
f"
'
,,i
-•
CO
p
.•
»
38
Continued
With Slayton Co.
Mo.
ST. LOUIS,
—
Mrs. Martha
from
Continued from page
37
page
—Bought—
Sold-—•
*
Froeckmann
No. of
No. of
No. of
have been named registered rep¬
Trusts
Shares
Shares'
Pattengale and fArt
pany,
Slayton
of
resentatives
J
If'
Com¬
&
2
3,000
2(1)
Inc., 408 Qlive Street.
Slayton.
2(1)
>
715
1
1,000
5(1)
10,400
1,000
1
PIONEER
None
None
None
2,000
None
Travelers
U. S. Fidelity & Guaranty
—
2(1)
2(2)
FUND
900
25,190
INC.
13,200
8,500
3(1)
2
or
20,800
12,000
7,500
4(3)
upon request
2
investment dealer,
your
3,800
2
from
1
2,000
None
Babcock & Wilcox
None
Bucyrus-Erie
—
15,000
1
-
&
15,000
1
500
None
3(1)
18,600
3(1)
NEW YORK 5, N. Y.
10,100
Anaconda
2
5,500
1
.
900
1
t!
4,000
Metals
Why not Got tho
12,500
1(1)
None
'
I., a
'
ii'
inc.
mutual investment fund
None
None
/■'i
SHARES
None
3
i
%
2(1)
1
1,000
2(2)
2 (1) ;:
2(%)$*£
3(1)
2(1)
16,600
2
of prospectus and
other information—fill In
coupon
name
&
1
.
2(1)
4,000
3,000
6,000
2
2(1)
000
None \
;
None
.
500
1(1)
1(1)
None
None
v 4,500
-1(1)
None
None
St.
25,000
2,500
None
15,000
Joseph Lead
American Natural Gas.
12,500
31,900
Arkansas Louisiana Gas_—
El Paso Natural Gas__
MUTUAL
a
year.
FUND VISUAL
PRESENTATION
ings, telephone techniques, tax approaches,
hiring, training, prospecting and
more
in MSS
Modern Securities Services.
tomatic
.
,
.
A boon to all mutual fund
the MSS visual with an "au¬
guarantees
an
effective
.close"
presentation every time.
holds
prospects'
needs,
.
I
f
MUTUAL FUND SALES TRAINING
Overwhelmingly accepted and
fully recorded course on
.
HOW TO SELL MUTUAL FUND SHARES.
hgurs of powerful training
.
.
.
.
on RCA rec¬
SWe#*V6U,»%«luet»le -executive time
trains men as they should be trained.
a
hard
You asked for it
hitting, practical digest full
of
SELL for your salesmen.
Here is the
best of MSS, condensed and easy to read.
Fresh new approaches, techniques others
have used to sell, to
close and to find
to
overcome
objections,
prospects.
Monthly.
Compelling
attention,
Makes^ closing sales
drives
.
.
.
home
easy.
FINANCIAL PLANNING Devoted to
new con¬
cepts in the employment of money for
tax-savings, estate creation, income,--etcs
Reading it makes you an able Financial
Planner.
Advanced
thinking
and
ap¬
proaches for salesmen. Issued monthly.
v
,
MUTUAL FUND GENERAL
LITERATURE
tual fund
more
Designed to make your mu¬
selling program more effective,
Compelling adverselling
profitable.
about Mutual Funds is rare. But MSS does
it.
Here are well thought and
carefully
planned mutual fund folders that sell.
Ask for details and how
you can have these
proven
services
KALBy VOORHIS & CO.
with
no
out-of-pocket cost.
1037 woodward bldg.
Washington 5, d.c.
Members, Neto York Stock Exchange, American Stock Exchange (Assoc.Jr
'
State Street.
Group
(2,QpO)
with. ,6,000,
seller,neW}yi^ith
out its
closed
18,-
with
5,000,
other
National
2 50n
Group Securi5,200. Delaware
and
N
......
Commonwealth
£und
,
sold
....
_
CIT.
.
3(3)
.
^
2(1)
2(1)'
30,000
21,500
39,700
on
1(1)
2
2(1)
page
39
'
TS«?i
^1 5-.*
w®r?
C.I.T. and Commercial
purchases by sales of 6,000
^aS 0, Seaboard Finance and
Beneficial Fiprincipal seller again-being Put- nance, whq|e largest buyer was
nam, with a 7,000 share sell-out.-.-'-®^008-1^^!^
6,000 shares
54,000 shares, including 20,000. by >
Fidelity (new), 15,000 by United
Funds, 10,000 by Wellington; the
was
Bankers
i
Trust,aequifed).
which
Wellington bought -10^v; Household Finance attracted
shares, United Funds 7£O0,k°i^y -buyers,* namely M.I.T. (with
and
Group
Securities
Common 10450); de Vegh (9,600), Ameri3,500; with no sellers in" this is- ^an European (4,000 newly), and
sue.
Investors Mutual bought .8,of the National- Bahk
Wellington (1,750). v.-
shares
640
'/7 •"
Detroit, fl,050 shares of North- Foods Found Appetizing
west
Bancorporation, and 15,200
The ' "defensive"
food
shares
shares, of Security^First National sustained their
popularity, led by
Bank of Lbs Angeles.- This issue1
Corn Products whose five buyers
was
also bought by the Putnam
included Chemical Fund (21,000
Fund,; which
further
acquired shares),
Axe YB": (5,000), Na5,500 shares of New York Trust, .tional
Securities 1 Stock
(5,000
9,000 shares of the Hanover Bank new), Shareholders' Trust (5,000
of
of
New
York
purchased
20,000
salesmen
.
•
Chemical Corn by
The
First
Next favored
American Smelting & Refining--
Forceful ads, letters, complete sales meet*
.
1
000
Northspan Uranium warrants
To INCREASE Your Sales of MUTUAL FUNDS
times
shares
was
of
Continued
MUTUAL FUND SELLETTER
eight managements, the largpurchase being Fundamental's
big favore,»^ith
City Bankof New York, bought by-seveli'
managements
with a
eombinecl
its
1(1)
None
JSM#.
ords.
.
one
wh.ch
None
None
ADVERTISING, SALES TRAINING,
only
Putnam
1,500
2(1)
4(2)
.
-
Howard
&
1
4
500
5
Address.m
.
yav.iv-
.
with
Natural Gas
acclaimed
'
were
None
Algom Uranium
American Metal Climax
Vanadium
Nems-
RECORDS
.
Eaton
CF-2-6
.
r
v
12,000 shares, followed by a 6,200share initial acquisition by
Group
Rnn. • R! i 1.
„ Securities, and a 5,000-share new
rtaiiKs rua ror
commitment
by "New England:
In this well-bought group, the
The only seller of this issue was
3(1)
2
3(1)
5(2)
2(1)
None
SHARES.
.
•and Fundamental; while onfy Del/-aware eliminated its h'oldirigs, to-'est
1
5,900
3,500
2,750
50,700
None
on
;i1)
~
Dividend Stares (10,000) .Well..Rlmner.up was CJ.T. Financial,
mgton (10.000), United Fonds (5,whp?e five buyers included Fun«»). Yal"e
lane (2,000 .aewli idWftfetital
with
10.000
shares,
Metals & Mining—Other
5'lease send me free prospectus and other
nformation
SELECTED AMERICAN
48
1
optimistic
stand-outs
3
1
2,000
200
26,000
None
MANAGEMENT
nniLAiLu
reflecting
section.
7(2)
Mining—Gold
Falconbridge Nickel
International Nickel
32,100
below and malt to
133 S. LaSalle St., Chicago 3. IU.
SALES
ih
8,600
-
Kerr-Addison Gold Minees
3,300
5(2)
and
Selected Investments Co.
City—
idling
apparently
Warner,
;
,
1(1)
Metals & Mining—Nickel
—for FREE copy
v,
/The consumer.^ finance
Anna, the sellers incaiding the J-08 °f deferred income, aroused
Axe Group and de Vegh. Tiivvk.-n ^ increased commitments. Most popwas bought by National Securities..company
among the funds
Stock Series (new), Unit^d-'Fuhds?'-¥:)v^/;V^^mei,icla-l Credit, bought
9(5)
8,700 f'
6,000
Homestake Mining
INCOME.
on
.
Dome Mines—
29,200
~
-
de Pasco.
Metals
diversi¬
portfolio of American
securities, selected for the possibility of
long term GROWTH of capital—ao4
address
UU£I ill
Mining—Copper
Phelps Dodge
Revere Copper & Brass
200
'
which supervises a
current
with
stocks,
Dana, Eaton, and Stewart
'
,0'okiep Copper
14,400
1
fied
si
equipment
the tune of 4,700 shares.
-
None
None
SELECTED
i
Finance Companies Highly
favored
;
1
^
fair interest Jmauto-'
was
buyers each and no seller> i 1
two
2 : 2(1)
1(1)
4(2)
21,500
1-": 11,500
10,000
700
52,700
General Cable
Inspiration Consolidated Copper
Kennecott Copper
Magma Copper
Miami Copper
500
3,700
5
AMERICAN
Cerro
250
2
about
■>.!
There
motive
.
1
INVESTMENT FACTS
•:
&
».
0|
^
.
Aluminum Co. of America
Kaiser Aluminum
a
Reynolds Metals
U.S. Foil "B"
Aluminium Ltd
5,500
-
.
Favored
Metals & Mining—Aluminum
3
J
Chrysler
offering.
2
_ __—-
None
acquisitions-'
Automotive Equipment
14,900
[ 54,880
-
Chrysler, as evidenced
on
new
shares of
1(1)
1(1).
2 ,
Caterpillar Tractor
Chicago Pneumatic Tool--—--2^;18,000
Combustion Engineering
-1,500
Mesta Machine
\
8.900
67 WALL STREET
<■
•
17,900
—-
None
MANAGEMENT, INC.
!
:
2,000
10,000
14,500
300
None
from
RESEARCH
.
1,500
400'
None
Joy Manufacturing.
—
7,500
United Shoe Machinery
—L
33,100;
Worthington
—12,240
Allis-Chalmers
.15,700
1
FUND
—
.J
American Chain & Cable__
Dresser Industries
Ex-Cell-O
Ingersoll-Rand
3,600
3(1)
,
•
Machinery, Machine Tools & Industrial Equipment
1
Prospectus
Lincoln National Life
National Life & Accident
3,750
/.
1/4Y
1(1),v.
None
,
Connecticut General Life.—
;
8, 1953
.
2,500:1
Insurance—Life
,1(1)
Thursday, May
.
also
bought
12,000
shares
nf
of.. 20,100 Marine Midland, with Investor
shares
by Affiliated
and | 2,000 Mutual again the only seller The
shares
by
National
Securities latter fund was also the big seller
Stock Series. On the other hand, of Manufacturers Trust and GuarChrysler "went into reverse" via anty
Trust
in
line
with
its
elimination of 16,200
shares by tendency to switch from New
State Street and
4,000 by Blue ^ork City banks to other banks
Ridge. Immediately after the ehd Chase
was
bought by United
of the quarter, on April 2, M.,I.T. Funds (10,000), Group
Securities
sold its entire holdings of: 130,000
(6,50(1)^ and rvalue. Line (2C
None
None
None
1
None
,
.
Defensive Investing Tiend
by
American Insurance
Fireman's Fund
Government Employees Insur.—
Phoenix Insurance
9,000
4,900
2(1)
xf
.
30,000
Insurance—Fire & Casualty
3
*
.
2(2)
None
2(1)
divided
nounced here yesterday by Hilton
H.
—
37.
.
Funds
No. of
Trusts
8,000
None
—
Wilson
Swift
5,100
an¬
were,
United Fruit__
11,500
1
appointments
Their
and Financial Chronicle
The Commercial
(2094)
and
2,000
by
by
The United
City were newly
Group Securities,
Value Line Fund,
Funds
Group bought
Irving Trust, of
25,000
shares
which
Investors Mutual
641
shares.
of
sold
United Funds
16,Group
new),
(1,600
was
American
and
European
only dissenter
Affiliated with an 8,500-share
new).
The
reduction of its holdings.
General
best.
Foods
Putnam
purchase
of
was
making
7,800
1
liked next,
an
initial
and
shares,
Volume 187-
"B"
Axe
seller
The Commercial and Financial Chronicle
..
.
adding 3,000.The _only
Affiliated with a com-
'
:
Number 5740
conbridge, the second largest pro¬
ducer, was bought by United
Funds (3,000).
,
,
was
plete elimination of 14,600 shares.
f.Also well-liked was Continental
;
'•
acquired' 30,600
conversion?
of
(partly
Natural Gas
tional.: Securities
■
while
common
j
made
shares,
,
t 'J
of
bought
Group
Natural
9,000
United
ah
industries
pennroad
gold shares.
bought
28,200
newly
of
shares
the
were
long
dormant
to
Dome
with Knickerbocker joinin witn a 100-suare buy.
ing
commitment
Kerr-Addison
ada's
largest
accompanied
',t j
>
14.400
of
shares
Gold Mines, Can¬
producer; and was
therein by Ameri-
European.
Homestake,
Western Hemisphere's largest
'ducer,
bought
was
.
the
-the
split
faceted
''vs by
; '
-f
Travelers.«the
giant,
which
Pennroad
(5,000
\V e g
h
issue
liked
best
(1,9 0 b),
was
■o; Li-
multi-
bought
Stock
monwealth,
as
Life
initial purchases
390
and
shares, by
6,800
by
&
Investors
Investment
-
j>nji
-r-j
%
tomers
,
•
.
'.
(
,
office
(
equipment
„■
a
.
life
-
Lincoln
business,
was
.bought by. Investors Mutual and
National Shares; while de Vegh
this
time
appears
as
a
complete
The
,7
,
H
of the
Sought
In
V.
spite of the well publicized
over-production
of
the
white
metal,,
trend
the
longer-term
elicited
the
growth
confidence
of
five
buyers of International
Nickel, including M.I.T. (15,000),
y.^.and Fidelity (.11,000 newly). Fal-
559,662
4,500
3,932
2,500
62,200
Massachusetts Life,
Group Securities Common.
surgent Montgomery Ward
newly picked up by National
.
8,000
,
21,000
1
'
1
? 7,800
4,000
3
' ::'10J)00
l
2(1)
1,500
4,000
-18,400
3
6
None
5,500
81,500
18,000
Phillips Petroleum
None
57,900
Oil*
10,500
36,300
Shell
—
Sinclair Oil
Socony Mobil Oil
Standard Oil (N. J.)
Superior Oil (California)
.
Established 1894
ONE WALL STREET, NEW YORK K
«■
Addnw.
2
,2(2)
33,850
Massachusetts
-6(2)
36,900
Oil—
3(2)
7(3)
7(1)
3(1)
30,150
—
67,900
...
1,160
ife
A balanced mutual fund
2
22,900
Crown Zellerbach..
Fibreboard Paper Products
International Paper
Kimberly-Clark
3
20,200
28,607
27,400
1,700
45,400
St. Regis Paper
——
Warren (S. D.)
—
.
Great Northern Paper——
Union Bag-Camp Paper
West Virginia Pulp & Paper
i, 2(2)
i
.
6
k
5(1)
,
None
33,100
500
Champion Paper & Fibre
6,500
100,300
2(2)
28,900
2(1)
1(1)
12,500
1,500
2
13,200
None
None
Container Corp. of America
Oxford Paper—
Rayonier —
Se¬
10,000 shares. J. J. Newberry
was bought by National Securities
Income.
Winn Dixie Stores was
page
Public
4,000
18,800
2(1)
2(1)
4,400
2
1
3,050
21,000
2(1)
9,900
2
40
providing
for distribution of income and prist*
Paper and Paper Products
4
BULLOCK
CALVIN
4(4)
17,000
Richfield Oil
Seaboard Oil...
Pure
incorporated mutual fund pro¬
viding diversified, managed investment in
Canada. For free prospectus mail this ad U
3(1)
None
1(1)
2(1)
7(2)
2(1)
7(5)
3(1)
4
23,200
Oil
Ohio
^2,000
—A U. S.
1(1)
100
90,960
None
7,340
9,600
Company
None
None
1
1(1)
1
3(1)
2
1,000
43,000
Union Oil of California
Amerada Petroleum
Anderson-Prichard Oil
Continental Oil-
3
None
None
16,400
Texas Pacific Coal & Oil
Tidewater Oil
6,000
2,800
2,000
22,800
None
*
None
(Indiana)
(Kentucky).
15,400
5,000
Re¬
of
on
Standard Oil
Standard Oil
None
None
2
1
1(1)
48,000
12,639
None
None
18,000
20,000
None
,
4(1)
None
None
1
-
iMixOOacftuSe/A
1(1)
None
3(1)
3
8,600
—
cipal in accordance with an indtvii*
ual trust account for each investor*
7,000
13,500
fftittMance
Founded 1818
3(1)
or
MASSACHUSETTS LIFE
on
FUND
DISTRIBUTORS
None
None
None
None
4,000
3,450
None
None
Continued
your-
Investment Dealer
Utilities—Electric & Gas, Etc.
California Oregon Power
Carolina Power & Light
Central Illinois Public Service..
Central Louisiana Electric
Cincinnati Gas & Electric
Columbus & Southern Ohio Elec.
EfCodfiitatGBffls
^cmftany. Trustee
Prospectus from
and
was
Reily.
4
55,000
None
Royal Dutch Petroleum
Shell Transport & Trading
Signal Oil & Gas "A"—
Skelly Oil
Standard Oil of California
Texas
2
curities Stock Fund in the amount
Continued
Louisiana Land & Exploration..
Mission Corporation
500
4
after the end
of Philip K.
3(1)
1(1)
40,900
1
was
issues, stimulated by
dividend
its
direction
None
Oil
2
Acquired
lected,
Nickels
15,500
1,500
2
,.,.4
quarter, was bought by Se¬
the
3(2)
3
1(1)
Gulf Oil——
1
the continuing near-boom
raised
"
56,200
Kerr-McGee
8,500
—_
7
.
bought.
2740 Yacht Club Boulevard, under
2(1)
4(2)
23,048
7(1)
,
;
"
well
Ltd. has opened a branch office at
None
4(1)
4(3)
3
2(2)
None
Cities Service.
2
Virginia, in spite of its stretch
paper
project with Cluett Peabody, was sold by Lehman, Divi¬
dend Shares and de Vegh.
blue
2
3,000
22,350
Atlantic Refining
28(9)
and
activity
consumption, were
Federated, which
FT. LAUDERDALE, Fla.—Hare's
2(1)
22,000
Reflecting selectivity midst the
industry's mixed prospects, West
in this area of
Jr.
Hare's Ltd. Branch
1(1)
10,670
27,100
4(1)
,
America, bought by Wellington
(52,100), Investors Mutual (23,- r
200), United Funds (17,000); and
7
St.
Regis, bought by
Selected,
Putnam, and Dreyfus.
Issues
1(1)
1
53,100
8,600
....
5
....
The retail
agement of Burton C. Lillis,
Addressograph-Multigraph
1
seller of its 400-share holding.
chippy Connecticut General
was newly: acquired by Investors
Mutual, and sold by Fidelity.
3,000
5,000
Retail
1
1
National Cash Register
3
-
Investors
Mutual, Wellington, United and
others; with Selected American
acting as a substantial seller (10,300-share elimination).
Runnersup
were
Container
Corp.
of
- -
office at
10,500 ;
16,400
7,000
8,400
9,300
17,700
None
41,000
15,700
1,567
3,400
Pitney-Bowes
2,400
8,200
Paper
Francisco
820 Marin Street under the man¬
—
1,464
2(1)
International
San
branch
2
IBM
2
Bur¬
Wellington
—
Burroughs—
4
>
Federal and State pay¬
Among the companies wholly in
the
Consolidated Natural Gas
Oklahoma Natural Gas
4,000
3
group,
of
opened a
Oil
in the amount of 1,825 shares,
the Scudder group with 800
Here
is
-
——
1(1)
V
group
the stand-out, bought by
more
.
3,397
2(2)
Mutual
Co. of
by Affiliated.
Tennessee
3
Fidelity.
reputed to be paying off
with quite sensational expansion,
reflected. in an eight-fold price
'appreciation by the stock since
1952. During the past quarter it
was
bought by de Vegh (newly)
and
t
13,500
6
(5,000).
Bullock
was
on
None
have
Calif—Mitchell T.
Co.
Office Equipment
roughs, while bought and sold by
equal number of managements,
met
heavy
liquidation
by
the
Government Em¬
ployees Insurance, whose inter¬
esting business technique of sell¬
ing :; casualty
insurance to cus¬
rolls
16,000
;
2(1)
of 18,-
Continuing its entry into
portfolios
•
3(1)
Selected
an
America.-.
'l-Mr
United GasColorado Interstate Gas
2
Accident, which Papers Picked Up
attracted
35,900
3,400
the amount of 1,125 shares.
Fund, and Com¬
well as Eaton &
National
r.'-'l'i
Southern Natural Gas
4(1)
Howard. In good demand too, was
:i
Republic Natural Gas
Gas Transmission-—
Transcontinental Gas Pipe Line
company.) This blue chip was sold
by Investment Co. of America in
de
Commonwealth
and Scudder Stock Fund
Next most favored was
Fireman's tFund, also bought by
Scudder
Panhandle Eastern Pipe Line
12,800
None
(In the future it will be
interesting to note the impact
from the operations of the One
William
Street
Fund,
the
new
Lehman-sponsored
open-end
(1,000),
(1,000).
r*
and
Mississippi River Fuel
116,167
1
shares.
(1,500), Investment Co. of America
if;
(12,700)
Northern Natural Gas
3(2)
-V
Trusts
&
1,619
6(3)
.Gas
were increased
by six companies, including Leh¬
was
newly),
Tennessee
was
Curtis
Lone Star Gas
Holdings of IBM
pro-
issues
Here
by
The
and
Mf-1:-'
20,800
9,200
No. of
Shares
continued in moderate popularity.
the
Insurance
on
2
Fund
man
Policy Bullish
5
Shares; while sold
Affiliated. Next higaly
Sold
1(1)
bocker.
j.j.
by
Office Equipments
Knicker-
by
being bought
American
in
can
4,000
North¬
its
ard
initial
an
1
was
because
receipt of the 20% stock
dividend), by United Funds (40,000), and Fidelity ,.(20,000 new);
and sold only by Eaton & How¬
Mines,
Pennroad likewise made
29,975
its
Gas
Transmission, bought by Investors
Mutual (46,667 shares, in addition
defensive, recession -resistant"
000
1
7
of
favored
*
3
recent
Dividend
only
toward
still
were
most
so
State Street, Boston
q,
Mass,
1
1
None
None
40
paqe
W
■
.1;
|
Over the years, we
i
.
•
i
through the successful under¬
writing and sale of new issues of Mutual Fund shares.
•
•1
Our broad experience
in this field supplemented by
K
K.eystone
have aided a growing number of
investment companies
Custodian Funds
eystone
,
,a
continuing evaluation of the
markets and the facilities of our
of offices and
various securities
nation-wide network
correspondents may be of value to you
in this connection. Please feel free to
write
us on your
letterhead.
•-*.«.* -4-
«•
Covering all classes of
each Fund with
specific investment
A
a
purpose
For RESERVES, INCOME
or
Kidder, Peabody & Co.
Prospectus from
j
>4 i
fully managed
Company
?/
seeking long-term
CAPITAL GROWTH
in
the
&TH CONSECUTIVE
Electronics
Fund, Inc. hav^
'
declared
per
a
dividend of
local investment dealer
1958, to
or
s-41
8^
share from earned
income, payable May
your
:
DIVIDEND
The Directors of Televisiort-
Mutual Investment
expanding Canadian Economy
possible GROWTH
ELECTRONICS
FUND, INC.
-
^
securities,
TELEVISION*
Fund
of Canada,
•
<
record
3T,
shareholders of
May 1, 1958.
FOUNDED 1865
Members New
Boston
Philadelphia
Tlie
York and c.American Stock Exchanges
17 Wall Street,
New York. 5, N. Y.
Chicago
Los Anceles
39
Mitchell Curtis Branch
VALUE JO,
No. of
Shares
18,400
5,000
rights offering,
;
-Alsb sharing the trend
issues
the
Natural
ern
Gold Shares Shine
;
Gas
quarter. Leading issue
Securities
and
^.h
Trusts
during
;
38
page
: No. of
Funds, M. I. T., Fidelity,
liked
commitment
a new
2,000.
.
Na-
jrom
—Bought—
No. of
through
the -bonds).
Continued
.
Baking, of which the Tri group
r
(2095)
50
Keystone Company of Boston
Congress /Street
Boston 9, Mam.
Moy 1.1958
Chester D. Tripp
PresidaM
135 S. LoSalle St., Chicago
3,IR.
Commercial and
The
40
(J
Continued
Now Candee & Co.
City,
&
Funds Intensify Their
Defensive Investing
ner,
Candee, general part¬
William Barry Neville
P.
Svensson,
limited
and
and
the. firm are
in
Partners
Co.
William J.
F.
partners.
:
.
-
,
,
8, 1953
sellers.
Pacific
and
York
New
the
of
M. I. T.
Coast Stock Exchanges.
popular was Republic, whose five
buyers included National Secu¬
rities Stock (48,000) and Incorpo¬
rated
A, being bought only by the Value
duced
the
\\NVESTMENT T
Outstanding issue in this group
_
Corporation,
Mass.
Boston,
send
Please
prospectus
of
Trust
me
Federal Street
without
describing
obligation,
the
a
Investment
Boston.
C
On the
Institutional.
name
other hand,
profit-taking found its way into
by Affiliated, Dreyfus,
and United Funds. Philip Morris
address
Lorillard
Manville, of which M. I. T. sold
was
tion, while sold heavily by Value
Line Income and also by Penn-
A
of
number
above
the
in
cluded
issues,
by
(39,000),
balanced mutual fund for cur¬
and
possible long-
rent
income
term
growth of income and capi¬
tal.
on
newly bought by Tri
and Johnston,
Putnam
(19,700),
group
added
to
Selected
and
by
purchased by
Affiliated (14,200 newly) and two
request
chemical
4
2(1)
3
4
4
2
4(1)
4(2)
3(2)
2(1)
2
2(1)
2(1)
1
1(1)
2
4(2)
5
4
3
2
None
its
liked
largest
mental with
buyer
was
2
2(1)
3(2)
3
2(2)
23,300
10,000
7,500
2(1)
2(1)
2(1)
Virginia Electric & Power—-—
Washington Water Powejr/
7,000
8,000
2(1)
2(1)
Consumers Power
None
Non&
General Public Utilities
None
None
Interstate Power
1,000
None
None
None
1
1,000
1
400
None
None
-
Wisconsin Electric Power
among
None
*
•
•
•
American Broadcast.-Paramount
Columbia Broadcasting "A"__
Columbia Broadcasting "B"
Twentieth Century-Fox
34,100
18,620
2(1)
Motorola
2,000
11,000
2
4(1)
38,000
8,300
2,000
3,300
500
3(2)
2(1)
Radio, Television and Motion Pictures
4(1)
42,100
3
2
10,479
22,990
1
11,000
None
None
500
1
Zenith
Delaware;
Inter¬
Minerals
&
Chemical,
Radio
Railroads
4(1)
5
1(1)
1
1
2
4(2)
4(2)
None
1
.17,000
17,900
3,500
5,000
6,000
6,000
14,500
20,500
None
;
'
Atchison, Topeka & Santa Fe_—
Great Northern
iLouisville & Nashville
Norfolk & Western
Northern Pacific
27,900
Uni
36,000
6,300
with
a
&
135,300
Continued
1(1)
None
None
Illinois
1
2,900
2(1)
10,500
Y., Chicago & St. Louis
-
Louis-San Francisco
Southern
Railway
—
on
page
SERVICE INCLUDES:
41
INVESTMENT
'
•
1
on
■
"■
•
i '''!
Preferred Slock Series
•
#
-DAVID L. BABSON
MANAGEMENT
DATA
-
every
-
•
Dept. CFC-60
15 William Street. New York
Please send Aberdeen Fund Pz^ospectus.
tt
]
j
>t-
for
of
mi;
THE MODERN WAY TO
:
Dividend Series
build
investment
lets and direct mail
more
on
dio. Also colorful window &
Members of New York Stock
Exchange
and American Stock
Exchange
BROADWAY,
New
York
6,
N. Y.
sale
other boo
office
and r
display
INDIVIDUAL
SERVICE—tailored to your
sp
cific needs-for the asking.
WIESENBERGER
INVESTMENT
REPORT
(WIR)
outstanding market letter, with
quent supplementary studies-in-depth.
an
Write
ARTHUR WIESENBERGER & CO.
61
INVEST—the best
material.
4" aZ*
business-more profits!
Request
Broadway, New York 5, N. Y.
exciting visu
READY-TO-USE ADS—for newspapers
dealers
helps, planned and tested by top
specialists, can do as much for you.
Established 1930
120
j
Prospectus
FUNDS
IN MUTUAL
clincher in the business, plus
you!
throughout the country are using
the Wiesenberger Dealer Service to
Growth Slocks Series
Information Folder and
etc.
presentation, to dramatize your sales stor
yiP
I
Street.
State
Hundreds
Slock Series
NATIONAL SECURITIES & RESEARCH CORPORATION
status,
leading fund.
YOU I AND'YOUR DOLlARS-an
mutual fund sales
|
5
up-to-da
covering managemei
basici.prafctical sales promotion manua
complete with all materials, for easy us
This continuous program of sales
CORP.!
the 416-pa
a
Balanced Series
!
■
—
business, kept
'round.
results* dividend records, tax
Income Series
a!1
COMPANIES
of the
iBUlLpiiiO) BUSINESS
J
JCity......
8(1)
Kansas City Southern
Bond. Scries
•
Prospectus from your dealer
or mail coupon today to:
•
2(2)
72,700
Central
Mutual Investment Funds
Name.
2(1)
2(1)
25,600
Chesapeake & Ohio
Denver & Rio Grande
the year
•
i
3(3)
500
10,300
Ohio
1,500
1,500
purchase of 27,338 shares
Bendix
FUND
'
2(1)
2(1)
51,000
8,700
10,000
Southern Pacific
Union Pacific
acquired by New England
.t|.
I' V*
1
1(1)
1(1)
2 ,
1
1
3(1)
-
Seaboard Air Line
Baltimore
1(1)
.
-
.
2
1
7,500
500
and Selected American; Monsanto,
United,
m
*
»•
3
None
3(2)
St.
and
—
4,100
None
ABERDEEN
**•"
2
American Tel. & Tel. rights
None
STATISTICAL
•mrn mm
23,000
18,300
None
...
American Tel. & Tel
General Telephone
58,100
35,000
6(2)
3(1)
LONG-TERM GROWTH?
sstirtr::'
■
121,500
20,187
22,200
51,000
None
None
1
l(i)
1(1)
I
; 1
;tl(l)
1
None
None
1
None
1
None
2
1
2(1)
None
1
l(i)
2(2)'
New England Electric System
Pacific Power & Light
—
Southwestern Public Service
6,000
1
None
None
2(1)
1 . •
•
18,000
"bible"
...look into
None
15,000
None
Funda¬
being
22,000 shares.
2(1)
1
Central & South West
Columbia Gas System
N.
newly
aircraft
None
Baltimore Gas & Electric--..
None
1,500
1
None
national
2,000
.
None
Air crofts
Interested in possible
2
Eastman
Fidelity,
REACTION
Best
Investors
were
group
l
2
1
Houston Lighting & Power
None
4,000
Idaho Power
—
28,900
7,025
Iowa-Illinois Gas & Electric—
2,500
26,000
Kentucky Utilities
None
13,800
Long Island Lighting———.
None
6,900 T Louisville Gas & Electric——.
None
10,500
Middle South Utilities.10,000
4,300
Montana Power
6,000
20,600
New York State Elec. & Gas
7,000
50,900
Niagara Mohawk Power—
13,500
"26,900 •. Northern States Power
+__
5,000
11,200
Oklahoma Gas & Electric---—
5,000
3,100
Pacific Gas & Electric
50,000
19,400
Peoples Gas Light & Coke—
23,500
15,000
Public Service Elec. & Gas.—„
4,000
2,500
Public Service of Indiana—3,000
15,000
Public Service of N. H—
1,000
1,660 * Public Service of N. M.—i_——
None
19,400
Rochester Gas & Electric
—: None
32,414
South Carolina Electric & Gas__
19,429
18,100
' Southern California Edison—None
8,000
Southern Co.
U-- 2,000
4,000
Tampa Electric
—1_
None
76,000
Texas Utilities
10,000
2,200
West Penn Electric
——
1,000
Kodak, bought by Chemical Fund,
GROUPS MEETING MIXED
Mass.
by
Wellington,
and
Further in demand in the
others.
quired by Fidelity (14,500).
Corporation
bought
Chemical,
Mutual
Time Inc. was newly ac¬
others.
Chase Distributors
75 Federal Street, Boston 10,
was
agements, including Fundamental
(14,000)
and
Lehman
(10,000
newly); but was sold by Incorpo¬
rated Investors (29,700), the Tri
Hill Publishing was
Prospectus
& Foreign.
National
bought by five man¬
S.
Fundamental. American (5,000). U. S. Gypsum
The latter management also bought was bought by Scudder and Leh¬
17,000 shares of Gillette. Hertz, an man, but sold by Wellington and
expanding company in the service others.
field, was bought by United Funds
(6,100), Investment Co. of Amer¬ Chemicals and Fertilizers
ica (2,900), and National Shares
Divided
(1,650); with no sellers. McGrawifere the favorite was Allied
and
A
U.
Lead
categories, were favored by fund
buying. Outstanding, among these
was Avon
Products in the cos¬
metics field,
(10,000
each) and a 5,000-share reduction
not in¬
industry
200
4,000
——
Johns
eliminations by New Eng¬
plete
land and Dividend Shares
Individual Favorites
of Boston
was
i(j)
None
i(i)
Public Utilities—Telephone
100,000 shares from its 210,000share holding.
Lone Star Cement
found only sellers, including com¬
road.
Shareholders' Trust
disfavor
marked
In
14,000
None
3,800
40,944
4(1)
purchase of 26,800 shares.
bought by National Securities
Income and Institutional Founda¬
city-state
No. of
Trusts
Florida Power & Light
Gulf States Utilities—
1,000
1
5
Pipe & Foundry was favored by
Tri-Continental
with
an
initial
Detroit Edison.—
Florida Power
4,500
2
this
in
stock
out-performed 7,900 shares, Lehman 3,500, and
the
market during the
quarter Energy Fund 1,000 shares newly.
was Reynolds, with its five buy¬
On
the
other
hand,
Selected
ers
including
Dreyfus,
Institu¬ American disposed of 4,900 shares,
tional
Foundation, Johnston, while National Shares shed 4,000.
United
Funds,
and
Wisconsin. Weyerhaeuser Timber found only
Liggett & Myers was bought by buyers, including Investors Mu¬
National Securities, Dreyfus and tual to the tune of 9,100.
U. S.
1931
founded
Securities
Trust
National Underwriter, 80
3(1)
-SoU
..
Commonwealth Edison
_____
Consolidated Edison (N. Y.)_—
2,000
field
liked
which considerably
investment company
mutual
a
10,000
Minneapolis-Honeywell, pre¬
sumably because of its electronics
activities.
Fundamental bought
Best
was
Strongly Favored
Tobaccos
_Boston
_
North American Aviation
newly bought by the
was
monwealth and the Axe group.
°f
l
was
Scudder
Fund
(25,000) and added to by
corporated, Selected, and Drey¬ Atomic Development Mutual, but
fus.
sqld
heavily by United Funds
On the other side of the medal,
(57,000) and National Securities
Bethlehem was sold by the Tri Stock (20,000).
group, Fidelity, and Wellington.
Crucible was liquidated by Com¬ Building Mixed
about
facts
by
group.
Group
(66,000
shares),
Youngstown was bought by In¬
Martin
Fund.
by Pennroad, and re¬
Putnam and the Axe
liquidated
(26,000). On the other hand,
was sold by the Hugh
Long
Get
Income
Line
issue
this
United
Putnam,
Funds, and Axe. Curtiss-Wright,
met liquidation by Fidelity, Na¬
tional Securities Stock, and Axe
(15,000), Fidelity (29,000), and the
Tri
Group
(11,300). Next most
14,300
1
,
bhares
11,900
1(1)
Trend
-
Shares
3(2)
was
sold: by
while
(21,000),-
Incorporated
Street, members
■
3(2)
newly acquired by
Dean Witter Adds
Tri (25,000) and Selected Ameri¬
Steels in Heavy Demand
(Special to The Financial Chronicle) *
can
(3,000), while sold by Na¬
In the face of the steel indus¬
tional Aviation. General Dynamics
SAN FRANCISCO, Calif.—Jack
try's
curtailed production rate was a stand-off, bought newly by
P.- Lauderbaugh has been added and
profits, U. S. Steel managed Scudder Fund and. Energy Fund,
to the staff of Dean Witter & Co., to
attract
11
buyers, including
Montgomery
.
No. of
Trusts
bought newly by Selected
American, de Vegh, and Dreyfus,
but closed out by National Avia¬
tion and Axe A and Axe Science.
Boeing
45
39
*
No. of
was
purchased
by
Tri - Continental
(25,000 shares newly)
and by
Lehman
(2,400" additional), with
no
,
Thursday, May
. . .
—Bought—
New.York
has been changed to Candee
44 Wall Street,
& Co.,
Continued from page
jrom page 39
Candee, Moser
The firm name of
,
Financial Chronicle
(2096)
for full information
on
...
and turn them into
actio11
find P'
this
packed service which helps you
pects
u
customer*.
Volume 187
Number 5740
.
.
.
The Commercial and Financial
Chronicle
—Bought—
No. of
-Sold-
No. of
Trusts
Shares
No. of
Continued
4,400
2
Westinghouse
2,100
Trusts
None
Transportation-J
Intensify Theii
Defensive Investing Trend
3(1)
Retail Trade
2
500
'
•
4,600
2(2)
None
purchase by
5,000
1
5,000
1-i
600
•
1(1)
1(1)
9,000
Montgomery Ward
Nation alTea
2
-
2(1)
1(1)
:
400
Winn Dixie Stores
Grant (W. T.)_
27,400
2,000
Kl)
1(1)
2,000
None
None
2(2)
Firestone Tire & Rubber—_~
27,202
20,730
5
6,604
17,900
3(1)
2,200
2(2)
60J200
6(2)
30,830
5(2)
Goodyear Tire & Rubber
None
None
General Tire & Rubber—___
None
None
2
4,200
Goodrich (B. F.)
U. S. Rubber
3
-
Steel & Iron
3(3)
2(1)
2
■
"
t
<•
13,500
4,900
12,900
•
•■'•'.v"
3
Allegheny Ludlum Steel
4,000
None
Inland Steel
None
6,000
1,545
Carpenter Steel
1
11(2)
2,000
98,000
22,841
5(1)
3
I
Republic Steel
Signode Steel Strapping
67,100
3(1)
1
4(1)
None
,
None
;
None
U. S. Steel_
114,900
7,000
24,400
2,000;
12,200
1
Laughlin
Wheeling Steel
Youngstown Sheet & Tube
Common, and Wisconsin.
Cyanamid was bought
by Wellington and United Funds,
,but
sold
by Fidelity, Dividend
.Shares' Group Securities, and Delaware.
Dow was sold by United
»Funds, U. S. & Foreign, and closed
out by Axe A; while only Dreyfus made an initial purchase. Du
Pont was both bought and sold;
but
the sellers
outweighed the
buyers. Larger sellers were U. S.
&
Foreign and United Funds.
Stevens
42,000
5
13.484
2(1)
United Merchants & Mfrs
Another
18,742
2(1)
24,400
American Viscose
12,700
glass
12,800
ers
2(1)
4,000
25,500
3(2)
Tobacco
American
2(2)
9,000
Liggett & Myers
Philip Morris
Reynolds Tobacco UB"
6,000
2
Lorillard (P.)
4,500
5(3)
2(2)
3,000
3,400
26,900
.
1(1)
i
.
3(2)
1
3
2
49,500
10,000
4,800
3,000
8,610
700
-
';•
'
2
2(1)
3
1.
23,500
9,500
5,400
2,500
10,650
220
1
4,000
1
11,580
10,000
15,700
None
Eastern Industries
350
2,008
3(1)
1
500
31,200
1
4,600
1
13,000
14,600
2(1)
Id)
1
None
Harris-Intertype
None
-
^
None
Hussman Refrigerator-
McGraw-Hill Publishing
Minerals
&
10,000
10,000
.
______
Chemicals-.——_
Outboard Marine
—__
Simmons
—
Stone & Webster
None
Time, Inc.
Buckeye Pipe Line
None
None
Grace
2
6,000
None
3(1)
None
13,000
,
10,000
1,000
—
1,700
...
1
1
None
2
14,500
2(1)
15,000
9,800
4
Minnesota
10,200
17,500
14,100
4(1)
5(1)
2(1)
—
Mining & Mfg
Newmont Mining
Wrigley (Wm.), Jr
—L—
Invest in Atomic,
Electronic and other,
Scientific Developments
axe-templeton
growth fund
of
2
Be
_
_
,
.
,
«
.
of
sure
postcard
Capital
send letter
to
or
today for free
regarding the
your choice lo:
information
Fund
of
AXE SECURITIES CORP.
mi
Machinery and Machine Tools
TARRYTOWN, N. Y.
Divided
(AS-AT-C)
thoroughly mixed
Dresser
Industries,
was
a
group,
jn
united Funds bought 11,000 shares
Investing for
while Bullock closed out its 10,000
glares.
United Shoe Machinery on
INCOME and
t]ie
GROWTH?
First
get the
about
facts
KNICKERBOCKER
FUND
ments, including Investors Mutual
ith
A Mutual Fund offering a
42)000 share close-out.
v
diversi¬
fied, managed investment in stocks
selected for current income and
Metals Sold
Jong-term
growth potential.
,
time, namely Incor(26,900), Mas-
while Eatoll & Howard sold
7,000.
Aluminum, State Street
sachusetts Lite and Johnston, eliminated
10,000
shares, while
Other big buyers included M.I.T.
Ut s> & Foreign likewise reduced
(65,000),
Putnam,
and
Adams- Reynolds Metals and Aluminium
American International.
But diLtd. by 10,000 shares each.
In
vided opinion was evidenced by Aluminium
Ltd., Putnam elimiprofit-taking 011 the part of seven nated its 14,500 shares and Investmanagements, led by Affiliated
.
r
Am(Sriv«
it*
15 000
(105,700) and Wellington (32,500). ™ent Co. pf America its lo,000
Next favored was Parke, Davis, shares, while Loomis-Sayles newwith five buyers, including M.I.T. ly
acquired 10,000 shares, and
(10,000), and new commitments of Wellington bought 5,600.
3,400 shares each by Delaware and
j
th
.copperSi Magma was sold
Investors
Eaton & Howard Stock as well as
Qf Kaiser
,
,
liquidation developed in constituting
a
4,500-share
For
free
Prospectus,
SHARES, INC.
KNICKERBOCKER
20
booklet and
information
write your investment dealer or
Exchange Place, New York 5, N.
Y.
,
describes
INSTITUTIONAL
INSURANCE FUND
_r
three funds, the sale by deVegh
6,000 shares by Diversified. Considerable
long-term
Growth
was
the first
porated
canada, ltd.
For
In the metal group opinion was
by far the outstand- divided on the aluminums, where
mg issue m this group, being ac- the Scudder Fund closed out its >
quired by 11 managements, three 13 000-share
holding
of
Alcoa,
for
42,500
Halliburton Oil Well Cementing
Harbison-Walker Refractcmies
(W.
and
reduction
a
_
Merck
1(1)
6,600
1,000
1,400
5,000
None
shares,
Drug Products Divergent
6,500
Interprovincial Pipe Line
Maytag
1J,d00
°
i
Welling on with
10,900 shares.
None
None
200
International Shoe
None
Id)
2:^2.
5,500
Hertz
Wellington,
(4,000), Sellers far out-
„
4.
1-2
1
6,000
20,000
corporation
°* 0* America of 8,000.
?ir0Sii2U
None
42
on page
& electronics
almost
Kl)
None
Colgate-Palmolive
the
axe science
numbered
None
None
Continued
all its Westinghouse (16,000), the
S^'oup disposed of 7,400,
; 2
10,000, and Investment
seller.
a
Vegh buying
ant*
V
selling side was disposed of
buyers
of American ,
investors Mutual (25,000) and
Can, the former including M. I. T., M. L T
(8100 close_out)> Anis
Eaton &
Howard, Lehman, In- Chalmers was
actively sold, the
vestors Mutual, United Funds, and
largest seiler being New England
Commonwealth
Only buyer was with a 9>000-share close-out. BabPennroad, in the amount of 5,000 coc]i;;
Wilcox attracted only sellshares. Similarly in Corning Glass
ers
Lehman,
deVegh,
General
selling overbalanced buying, the American Investors, and Energy
larges
seller being ^Wellington Fund; Likewise, there was only
(8,800).
Owens-Corning
Fiberliquidation in Bucyrus-Erie and
glas was liquidated heavily by Mesta Machine. Caterpillar Tractor
Fundamental
with
a
complete was disp0sed of by nine manage-
1
3(1)
None
Gustin-Bacon Mfg.
nary
setts Life
Avon Products
Hammond Organ
and
Chemical (16>800) and Massachu-
Brunswick-Balke-Collender
•
T.
saw
None
500
Gillette
I.
1
28,400
Fansteel Metallurgical
General Time
industry,
was
2(1)
Miscellaneous
4(3)
3(1)
3(1)
M.
'
'
^ormer' aud Chemical Fund. In-
was Wellington vMth 16,500 shares
,1' Selected American sold
There was
likewise no liquidation of OwensIllinois
Glass, the
issue
being
bought n®wly by Tri
(25,000),
./i;%{;
Tobacco
group torn
bears was the
container
and
in
with
-
chip
like-
was
2,000.
Electric
which aims
at
closeA
long-term growth
The Institutional
Insurance
Fund aims to provide
•
STOCK FUND
•
INCOME
possible
long-term growth through a
diversified investment in the
insurance industry.
INVESTMENT COMPANY
•
For
A Common Stock Investment Fund
FUND
objectives of this Fund
possible long-term capital and
income
growth for its shareholders.
Investment
a
free copy
of this inform¬
ative booklet-prospectus,
the coupon
mail
below.
are
Prospectuses from investment dealers or
Prospectus
t
upon
request
HARE'S LTD.
85 Broad Sfv New
York 4, N. Y.
North American Securities Co.
615 Russ Building
'
San
Francisco 4■, Calif.
NAME.
Lord, Abbett & Co.
New York
—
Chicago
—
•
Atlanta
—
Los Angeles
■
••
-
Mixed
only sellers, the largest of which
bought newly by Fidelity and de Vegh, and
also by Commonwealth, but sold
by State
Street and Delaware.
Libbey-Owens-Ford found buy-
4(4)
;
blue
i.
'■
...
(20,000), and United Funds
(8,000), while on the other hand
National
Securities" sold
18,700
shares. IT.&T, now issuing rights
for convertible debentures, was
bought by Affiliated, National
Securities Stock, and Delaware—•
with no sellers.
M.I.T. bought
23,000 shares of McGraw-Edison,
and Glass Mixed
between bulls and
Kl)
Kl)
3,700
Cluett, Peabody
bought by
.
ton
Funds.
Continental Can
12,800
22,100
None
RCA, by Investors Mutual (20,500); Welling-
General
Container
5(2)
1
None
.
$"a*
well> bought was
1(1)
22,800
(J. P.)_______——_—
Electronics-Irregular
out its entire
was
Smelting
buy-
no
.
..
and United
Textile
2(1)
...
delity. Blue chip Union Carbide
met heavy liquidation, by Wellington, Selected American, M.I.T.,
Hercules Powder
1
5,500
Bethlehem Steel
Crucible Steel
ers.
and Affiliated bought 22,480 shares
of Philco.
Niagara Share and
Energy Fund were buyers - of
Philips' Lamp Works, again without sellers. Heavy liquidation hit
Beckman Instruments, of which
Wellington sold all its >42,000
shares, Lehman its entire 25,000
shares, National Investors all its
13,000, National shares all its 2,700
shares, and Energy.Fund closed
United Funds, , and newly by Fi-
3
11,200
Armco Steel
,
cities
None
6,000
'
The broad acquisition of Royal
filiated in the former and Leh--Dutch, cited in more detail above.
man's sale of 10,000 shares of the overshadowed the activity in this
latter.
.
group.
Next most favored wen®
•
Standard Oil of Indiana and Texa®
Electrical Equipment and
Co., with M. I. T., Investors Mu-
On the other side of this mixed
group, Air
Reduction was sold
out by Delaware,
Group Secu-
1(1)
Kl)
Kl)
2(1)
4,500
17,700
Jones &
National Steel
Wellington
a
American
^ Rubber and Tires
4(2)
which
buyer with 25,500
shares; and Vick, of which Chemicai Fund" bought 11,500 shares
•and Blue Ridge made a new acquisition of 2,000 shares.
V
None
23,400
_
Wellington; Spencer
of
also
was
1
None
—
1
2,700
Newberry (J. J.)_____
Penney (J. C.)___^
"
Kl)
2,200
Marshall Field
•
10,000
1,600
None
1,000
'7,500
Macy (R. H.)__
Chemical,
1(1)
None
_______
'■
■<
wise "sold
exclusively, by three?
funds, Group Securities, National
Shares, and Axe A, with no buy¬
by
Investors
Mutual;
Pennsalt Pfizer and Schering, including a
Chemicals,
with
a
5,000-share 51,000-share
reduction
by
Af-
None
__
5,300
1
2
23,800
Allied Stores
Federated Department StoresFirst National Stores
Jewel Tea
39,500
:
1
3
..
.
American
None
9,900
-
This issue attracted
out.
40
Funds
Air Brake
General Amer.
page
ers.
Railroad Equipment
.2
from
No. of
Shares
41
(2097)
.
ADDRESS........
CITY.
STATE.
J
*
{12
Commercial and
The
(2098)
Financial Chronicle
Thursday, May 8,
. ..
1958
'
•'
^
/
Continued from page
shares
41
in
J.
Stevens.
P.
ant
the
In
Funds
Investors
IntensUy Their
Defensive Investing Trend
vectors Mutual, and United Funds
the later* Of Texas, there was also
closed
out by
Investment
Co.
and
Textiles Non-Uniform
\
Among the issues predominantly
sold was the widely-held Amerada, the sellers including U. S. &
Foreign and the Scudder Fund,
Alga Continental Oil, which was
closed out by Wellington (50,000),
Pujtnam (20,000), and others, with
M.
I. T.
buying 20,000 shares.
Furthermore Phillips was sold by
the
Scudder
group,
Chemical
Fund, and Tri. Shell Oil was sold
by the Tri group among others.
Soeony was closed out by Invest¬
In this depressed area, where a
specialized closed - end fund,
Worth Fund, is about to operate,
the Value Line Income Fund made
.
a
on a
—-■
subsided
appetite
for
bought
Texas Utilities, by M. I. T.,
were
tors;
Middle
South,
by
the
79,661
Securities
output
and
fairly
well
bought
and
statistical
in
Southern
48%
increase veiled
at
service
week
the fact that 12
of
totaled
April
United
States
car
Passenger Cat Output Turned Sharply Higher Last
Week as Chevrolet Resumed Full Scale Operations
Passenger car production "fof' the week ended May 2, 1958,
according to "Ward% Autohtetive Reports," ' scored a^ 35.8% in¬
as
Chevrolet resuhred ^fuir seaie operations following a t
as¬
crease
four
were
Last week's car
states "Ward's."
:
vestors Mutual
Wellington, In¬
and Chemical, and
sellers in United Funds, Eaton &
Howard, and Investment Co. of
America.
Goodrich
met
heavy
liquidation, especially by Funda¬
mental, - Wellington,
and
State
Street, in the absence of any buy¬
ing interest.
U. S. Rubber was
and
was
1954
23,849 trucks
Canadian
an
2,025 trucks.
'
year,
£^
fourth
P
industry spokesmen take different views. One believes
operations will probably be a little lower than
first
three
inventory correction to
quarter.
For
months.
Another steelmaker looks for
have spent itself
by the end of the third
<
"
{V
,
'•
:
the"^comparable 1957".week, 10,038
^ \1
^ J^v"• :1V*'
:
.J i it
-
-
s.
»,■
-1
•
and
cars
*"
-•
4
,
Lumber
April
shipments Of-486 reporting mills in the week ended
1958, were - 7.7%; above production, according * to the;<
26,
National Lumber Trade Barometer.
of stocks.
period new orders
above production. Unfilled orders, amounted to
Production was 0.2%
below;
orders
new
In the same
28.0%
were
34%
shipments 2.5% above and
11.9% above the'previous week and 14.6% above,
in 1957. v;rn:\
V.l
were
.
the like week
.
Business Failures in Latest Week Point
Slightly Higher
failures'edged up slightly to 336
May 1, from 329 in the preceding week. Dun
& Bradstreet, Iric.iv reports? Casualties-were1
moderately/heavier
in the week ended'
:
than last year when 297 occurred and
in 1956. Continuing above the
"they also exceeded the 277,
level, failures were 20%f,
pre-war
higher than the 281 in the comparable week
Casualties involving liabilities of
$5,000
to 313 from 282 in the previous week
and 254
other hand, small failures under
week
1939.
or
a
more
V
:
increased
year ago-
On the
$5;000 fell to 23 from'.47 last
1957..' Forty "Cpricerns succumbed with liabilities
of $100,000 as against 30 in the
preceding week.
and 43
in excess
of
in
Most of the week-to-week rise centered in
construction,
51 from 43 and in
advanced to
wholesaling,
while
up
which
to 36 from
29,
manufacturing casualties edged to 64 from 63. In contrast,
retailers failed, M61 as
compared with 167 a week earlier
fewer service businesses, 24 as
against 27. Mortality exceeded
fewer
most
steelmakers, first quarter earnings reports were
anything but encouraging. Low volume production resulted
in
higher costs and drastically reduced profits. A "Steel"
study of
earnings showed four of 24 steelmakers lost
to cover their dividends.
money.
Others failed
When wage rates
go up on July 1, steelmakers will find it
hard to pass the added costs
along and harder still to absorb them.
If buyers think
prices are going up, they are doing
nothing
it, continues this trade weekly. Mills
report no hedge buy¬
ing, probably because inventories are
still too big to suit most
consumers.
Under, present conditions, the speculative
buyer is
about
'
,
"
quarter
the
..
Luiriber Shipments Increased 7.7% Above Output in
Week Ended April 26. 1958
:W
'
Avery
upturn can be expected until
complete their inventory adjustments. That should
happen "sometime in the second
quarter," then shipments will
match consumption.
of
.
output ;iast//We^.rp'l^ped;.,at"t.7,736 cars .and 1,313
previous week Dbminioif piant-s built 7,615 cars and ■
,
Estimates
consumers
those
assembled.
were
Commercial and industrial
87,000,000-ton
wm iump to g5% in the third
quarter and to ?5%
Mr. Adams' opinion is that no
Other
In the
trucks.
operated at
about 1,296,000
size.
''
Last week the
Detroit which worked at
down to
'
car
agejicy jhpojated/there were 18,007 trucks -made
in the United States^ $his.'.compared With 16,204 in the previous
week and 23,849 a
yfcariagoiwV-
were
was
C*
President of Jones & Laughlin Steel Corp., makes this
P.ri°Jectlon: Second quarter operations will average 55% of capaC1JX' 1 point better than they were in the first period. Output
second
in
The lowest
Speaking for those who expect
by Value Line Income, Delaware, *
buyers
furnaces
Production
,
output increased above that of the previous i
week by 20,997 while'truck" Output was advanced by .1,803 vehicles
during the week. In the corresponding week last year 119,999 cars 1
91,000,000 tons.
which since relieved itself of
part'
of its passenger
service, was sold
Goodyear
point.
\
Y'-'( ''W.-'V-'
;
Last week's
-1,340 trucks and for
of steel for
duction forecasts have been scaled
run from 87,000,000 to
by TnrrtrOnrafpr?
Incorporated, fh«
the
Bullock
group,
and Axe Stock
representing close-outs. B & O.,
Howard.
1
up
;
output totaled '79,661 units and compared with
58,664 (revised) in .the pyevioiis weekY^hepast week'i production total of cars and%rucks amounted to 97,668 units, or an in¬
crease of 22,800 units above that' of the previous week's output,
car
12%, down
points.
Conservatism is the dominant note in market
appraisals being
made by steel industry
spokesmen, the publication declared. Pro¬
shares
&
or
one-week shutdown. ■"
severe
1.5
™
Eaton
capacity,
ing week.
Rail¬
Firestone was bought by Inves¬
tors Mutual, Chemical, and Fun¬
damental, and sold by Wellington
i
n
ingots and castings.
Districtwise, St. Louis had the highest operating rate at
68.5% of capacity, or a gain of 12 points from that of the
preced¬
despite its favorable geo¬
graphical outlook, the sellers in¬
cluding Tri
and.
Fundamental.
Rubbers and Tires Irregular
v
Loadings for the Week ended April'26, 1958, totaled 533,724
decrease of 157,065; cars or 22.7%./below the corresponding
1957 week, and a decrease of. 246,253 cars, or 31.6% below the }
corresponding weekJii 19&6A:~c ' .'j ' V.*:*
'
"
or
metalworking weekly said
of
net tons
way,
and. Axe A.
J
.
Steelmaking operations showed a modest gain last week after
declining for five straight weeks, "Steel" magazine declared on
Monday of this week.
Pa¬
Illinois Central '
Loadings Cut 0.1% Last Week and 22.7%
Below Like 1957 Period
16,204,
This Week
were
Particularly heavy liquidation hit
Y7
May ,3, 1958, output increased by 45,-
Loadings of revenuefreight for tlid. week ended' April 26,
1958, were 751 cars or 0.1% under, the, preceding week.
•
cific, the former attracting M. I. T.,
and the latter Dreyfus and
Group
Securities Common.
Liquidation
heaviest
:
'.
week ended
the
Car
<
Operations Expected to Rise to 50.0% of Capacity
The
Southern
Saturday, May 3,1958,
.
cars, a
industry's 48 assembly plants,
Steel
-Great
found
week's
58,664
•!
electric
000,000 kwh. or 0.3% below.-that, of the comparable 1957
week, but increased 436,000,000 kwh. above that of the week
ended May 5, 1956.
-uM.y. .
Chrysler Corp. 16.4%, Ford Motor Co. 25.3%, American Motors
Corp. 4.5% and Studebaker-Packard Corp. 1.1% of April car
building, and the low price field models, in total, 67.7%.
Thoroughly Mixed
Union Pacific
and
said the robust
the past
compared with
the
000,000 kwh. above that of ./the previous week, but decreased by
a shutdown the week before
last, "Ward's" noted.
"Ward's" estimated that General Motors
Corp. bit off 52.7%,
frequently bought carrier
Northern, the largest
buyer being the Scudder group.
300
counted
by
35
sumed after
Most
was
For
assembly plants of Mercury,
one each of DeSoto and
Studebaker-Packard, three of Ford Divi¬
sion, plus three branch plants of Buick-Oldsmobile-Pontiac. In
addition, the latter three worked four factories three days and
Chevrolet one plant four days. Dodge car
output at Detroit re¬
favored, with Wellington the
largest buyer and Pennroad com¬
ing along with an initial commitinent, while National Securities
Stock was the principal seller.
General Telephone was bought by
Investors Mutual, Scudder Stock,
find Blue Ridge; with no sellers.
Also
service
and
Idled last
was
wag
statistical
distributed
11,251,000,000- kwh., according ;to the Edison
Output continued its upward trend of the previ-
at
week.
ous
credit
vs. 357,049 in March and 548,656 in April
last year.
It was the lowest volume since April, 1948. Despite
the cutback, April new car stocks were whittled
by only about 7%
and now border on 800,000 units.
In* the telephone sector, AT&T
Rails
estimated
Electric Institute.
sembly at 316,503 units,
Stock.
t
;
Made Further Gains the Past Week
electric -'energy
of
amount
United
cars
The
Common¬
National
and
pro¬
,
Columbia Gas, by Affiliated and
Fidelity; Consumers Power, by
Group Securities Common, Wel¬
lington and Commonwealth; GPU,
by Wellington and Pennroad; and
wealth
.j
was
nearly 25%, were closed a
week ago for reduction of the 800,000 new car
stockpile. '
It is entirely likely, "Ward's"
noted, that the industry's severe
manufacturing adjustment will persist throughout the summer
months, a prelude to some of the earliest shutdowns for model
changeover seen since the pre-1940 period.
Sold in the utilities group were
by
the
"Ward's"
the
Mohawk, by Wellington, New
England and Delaware; Rochester
Gar & Electric again chiefly by
Wellington; Southern California
Edison, also by Wellington and
the United Funds; and Houston
Lighting, by Fundamental, Tri
and Putnam, with 110 sellers.
ra
Power,
consumer
18,007 trucks
respectively, the week before.
lock group and Wellington; Niaga¬
Interstate
in
The
Tri
group among others; New York
State Gas & Electric, by the Bul¬
^
81.4% and
*Index of
resumed full
Fundamental and National Inves¬
«0i
light and power industry for the week ended
a
industry last week passenger car produc¬
States scored a 35.8% increase as Chevrolet
operations following a severe one-week shutdown,
"Ward's Automotive Reports" declared on
Friday last.
tion
.
month ago the rate was
a
1,308,000 tons.
The
In the automotive
utilities
Best
;
week
Electric Output
1957.
resistant
-
somewhat.
m
production is based on average weekly production V
for 1947-1949.
V
-V-:?::,: " ■ ■■
■'' : •
outstanding on a seasonal basis, dropped
$246,000,000 during March, the Board observed, to a total at the
end of the month of about $42,600,000,000.
For the year ended
March 31, this was up
by $1,800,000,000 compared with March 31,
Utilities Divergent
institutional
'
decline of $166,000,000 during February.
a
Total
Selected
•
A year ago, the actual weekly production
placed at 2,220,000 tons, or 138.2%. ••...•
'•
duction
The seasonally-adjusted figure on instalment credit
gain in January of $83,000,000 in credit outstanding
went from
sold
f
seasonally-adjusted basis, down slightly from the $3,401,000,-
February.
to
x
5,
utilization of the Jan.
For the like
Federal Reserve Board officials reported that the real turning
point in the consumer credit picture came between January and
vestment.
recession
May
beginning
1, 1958 annual capacity of J
140,742,570 net tons compared with actual production of 47.8% the ;/
the
of
50 0%
Axe.
000 in credit repayments in February.
Funds and U. S. & Foreign; while
The
companies will average *84.0% of steel
week
the
for
.
The Slate of Trade and Industry
being bought by Diversified In¬
.
U.'t
*
National
Shares, American European, and
12,100
,r:
1958,, equivalent to
1 350,000 tons of ingot and,steel castings (based on average weekly
production for 1947-1949) as compared with an actual rate of
80.2% of capacity, and 1,289,000 toms a week ago. _
\j
V
Output for the week beginning May 5, 1958 is equal to about
was
Jersey Standard was
liquidated by Investment Co. of
Anaerica,
Wellington,
United
-'
?.anacitv
stimulate
-*1
rate of steel
operating
lailed to
Steel Institute announced that the %
Iron and
American
week before.
Shares.
was
of
.
$31.83 a
journal.
Thr
operations
"Steel's" composite on the prime i;
gross ton,"otf another $1, concludes this/
of steelmaking scrap.
grade slipped to
trade
Continued from page 4
ment Co* of America and National
High-priced Superior
by U. S. & Foreign,
American, and Dreyfus.
commitment
new
Foreign, United Funds,
_,
steelmaking
in
uDturn
mill buying
'?
stamping shops, have gone
months.
the last six
The
manufacturing firms in the Detroit area,
out of business during
170 smaU
150 to
that
encountering selling in¬
cluded W. R. Grace, closed-out by
Chemical; Halliburton Oil Well,
by U. S. & Foreign, National In¬
vestors, and Texas Fund; Minne¬
sota Mining, by Chemical, Drey¬
fus,
Wellington, and T. Rowe
Price (partly offset by three pur¬
chases); and Newmont, by U. S. &
sold
by
Fundamental
National
Securities
Stock,
while bought by Delaware,
Wellington. Favored in this
group was Gulf, with Affiliated
the largest buyer.
bought by none.
Issues
America,
hope rumors of early 1959 model introducin dire need ol business. It is estimated 'C
Thev are
Individual Issues in Disfavor
of
•>?
could
well-timed purchase.
Detroit diemakers
Delaware,
and
storage than he
for borrowed money or
more
nav
mostly die and
large-scale selling, by State Street and
and
Mutual
to
eain ijy a
face of its diversification progress,
Cluett Peabody was closed out by
the
'
•
and
last week's level in
held
even
service.
Four
in
ipahufacturing,: retailing and construction, but
wholesaling- and- dipped slightly in commercial
/v.
*
geographic-regions accounted for all of the rise during
the week. The East North
Central total* increased to 66 from 50,
the Pacific to 71 from
61, the East South Central to 11 from 3 and
the West South Central to 20
from 18. Declines were reported in
the other five
regions,'ihcludmg the Middle Atlantic States, which
was off to 99 from
113, mid the South Atlantic, down one to 33.
More businesses failed'thaii a
year ago in six of the nine major
.-regions, with the most noticeable
upturn in the Middle Atlantic
Nuftiber 5740
Volume 187
.
.
The Commercial
.
and
Financial Chronicle
States. Meanwhile, dips from 1957 prevailed in the Pacific
;South Central States.
/
■
;
failures
Business
surged
of 1,495.
postwar high
up
21%
in
March
This toll which
was
to
Criittenden, Podesta
12%
Offer Adams
reach
T
above
March
Debentures and Stock
in January, 1939. However, the rising casualties primarily
reflect the growth in the total business population.
~;
was
:
Dollar
'number of
liabilities,
although
climbing as sharply as the
casualties, also reached a postwar peak. At $72 600 000
above February. Meaningful comparisons with
financial condition, the railroad Co.,. Chicago, 111., on May 7 pub¬
have de¬ was able to sell $12 million first licly offered the following securi¬
clined sharply from those of a lien and refunding m o r t g a g e ties of Adams Engineering: Co.,
bonds series F, 4% due May 1, Inc.: $2,000,000 of 6^% converti- %
year ago, it still is believed that
the 50-cent quarterly dividend will 1983. The bonds were offered to ble sinking fund debentures due
j,
be covered.
the public at 100 and accrued in¬ April 1, 1968 at 100% and accrued
interest, and 250,000 shares of %
In the first quarter the road's terest and reportedly were well
This was on a much class A common stock (par 10
traffic
volume
fell
about
25% received.
better basis for the company than cents) at $4 per share.
from a year ago.
This reflected
The* debentures are convertible
the sharp decline in the shipments other recent rail bond offerings.
of bituminous coal, both for do¬ The proceeds of this financing will prior to maturity, unless previous^ . •'
mestic purposes as well as foreign. be used to pay off a $4,500,000 ly redeemed,.: into- shares of class :
short-term bank loan due June 11 A common stock at the following
Shipments abroad had given the
and the balance will be applied; initiat conversion prices per share:;
carrier's revenues a substantial
boost in recent years. Steam coal to replenish working capital and; $4 to April lr 19601. $4.10 to April
continues to move in good volume for new property improvements.- K 19621 $4>20 to Aprils 1, 1964i
because of the demand from the The road's cash position had: been? $4.30 to April 1, 1966;: and^ $4.40* ;
reduced; by large expenditures for thereafter.
'V':v
utilities.
While Virginian Railway's rev¬
enues
.
"given year.
///%%%%•'';'
Month-to-Month increases prevailed in all functions with
'manufacturing and commercial service suffering the sharpest
"
>
Contrary to the general uptrend, three retail trades
apparel, drugs and automotive had fewer failures than in February
V
—
casualties
Construction
remained
below
the previous year's
level for the fourth consecutive month, but all other
groups had
heayier mortality than in March, 1957. The leather and heavy"
accounted
largely for the manufacturing rise, while
increase was strongest in the! building materials
"trade. On the other hand, retail failures edged up from last
year
in all lines, except food, drugs and building: materials.
Six Of the nine major geographic regions reported
rising
casualties between February and March.
.New postwar records
were established in the Middle Atlantic, South Atlantic, East North
Central and East South Central States. Large city failures climbed
industries
the wholesaling
,
f
1957 levels in
Wholesale Food Price Index Last Week Hbld Unchanged
/
\
From the Prior Week
^
V
!
s
The Dun & Bradstreet wholesale food price index
on
April 29
remained unchanged from the $6.58 posted, ori April 22.
in comparison to
the $6.12 of last
yqar,
However,
the .current index shows
gain:of' 7.5%.-.-I
Higher in price the past week were flour, wheat, corn, barley,
lard, teas cocoa: atid prunes. Lower in price were potatoes, steers;
hams,, lambs,, cottonseed oil, eggs, coffee and oats.
%%
;
The index represents the sum total of the price per pound
a
.
.
.
'
'
■
•
1
•
of
those
under
a
coupled with the funds received
the new financing should
greatly improve the working capi¬
from
than
more
ran
ago.
year
The V i
particularly
of
equip-
1 ment, and to rearrange its operat¬
schedules
ing
of
respect
export subsidy plan for corn failed to
The quarterly report showed a record
supply of corn and feed grains generally for this time of the year.
Prospects of bumper crops of winter wheat and soybeans along
with lagging demand depressed prices.of "these commodities.
line
in
volume
lower
>
the
with
business.
With
to the future of coal, it
recently by an official
Congress
stated
was
of the American Mining
for
that
"reliable forecasts
50%
hold prices at earlier levels.
increase in the consumption
of
coal
1975."
slightly, although. bakery flour demand re¬
sales of flour for export totalled 52,000,000 bushels in grain equivalent thus far this season as against
40,300,000 in the same period, last seasofi,
v'
%%:•:
rose
in
the
United
are
a
by
States
-
Indicating the relatively strong
v
Commercial
r
g
i
n
i
dresses
and
sportswear
continued to rise.
Retailers also re¬
noted in
store,
.
week
•
while
higher;
;
domestic
sqgajr
futures-
were
Cocoa prices- continued ; upward
although the rate
'
.were,
shown
I
hogs, lambs, and lard
during the past week while hellies held even.
Dressed, beef prices rose again after last week's drop.
Metalsi held, fiinu with the exception-of scrap steel which continued to decline for the seventh straight week. ;
; rCotton futures prices fluctuatOd'
ngrrowly pn the New York
-
.
,
:
week-to-week rise. Housewives
continued to increase purchases of canned goods and fresh produce
and an improvement was noted in meat volume. Grocers reported
little change in buying of poultry and dairy products.
s
-
j
for
last
■
session;. Exports from the iUiiited States increased to 142,000
.
on Tuesdaynf last week, a considerable
117,000 bales shipped the week before arid, the 94,000
shipped a year ago. C.otton exports for the season through April 22
were estimated, at
4,21.37,0.00 bales; as: compared to 5,767,000 for
the.same period?.last
year.^
Trade Volume Showed
;k ..bv.an
;
i
that
■
new*
Urieyen rTrend the Fast Week
Spot checks indicate
4
week ranged from &%..bdlow to 2% above the
Similar Calendar week a
year, ago., RegionaLestimates varied from
the comparable
r
r
r
r
1957s"levels, by the foUowmg percentages: Middle
Atlantic an&Pacific States* -f 4 to -f-8%; South Atlantic'-f 3 to +7;
East South. Central 0 to
—4; -New: England and Mountain —1 to
—5"; -WesCSoutb Central —3 to ^7; East -North Central; —5 to —9
and West,North Central States—6 to. -^-10%.
.
Interest in women's fashion accessories heightened and volume
eoiqmon5 stock, suchr %
to selling stock- ;.
'
■
'iv
Adams. Engineering* Co.; Inc..and
its
wholly-owned. subsidiaries; $>
manufacture ABC aluminum; ja* ; f
lousie windows and doors, awning
reported at wholesale furniture
dipped slightly during
Department store sales on a country-wide basis as taken from
index for the week ended April 26,
4% above the like period last year. In the pre¬
1958. increased
of 9% was reported,. For
26, 1958 a decrease of 3% was re¬
ceding week, April 19, 1958, a decrease
the four weeks ended April
ported.
For the period Jan. 1, 1958 to April 26, 1958 a-decrease
below that of 1957.
of 2 % was recorded
in New York City the past week
suffered from inclement weather which
as
much
servers
as
Building
Engineering'
,
Co., Inc., organized in 1953; ownef f
Hackensack, Nv J;, plant
site which it leases to the parent *
of South
r:
company.
■
.
ABC Exporters,. Inc.,, organizedin
1955, the distributor of com-f
products in foreign countries;
pany
.>
Armstrong Container Corp.>. or* Z
ganized: in 1955, the manufacture* :
of shipping cartons for the com* #
pany's products..
^
Armstrong Cushion Co,^ Ine;^
organized in 1957, the: manufac¬
turer
of cushions
for the
:
com¬
pany's aluminum furniture;
ABC
Foundiy Co., Inc. organ¬
ized in 1957, which.casts
billets for
use
in
aluminum
the company's;
products and; for sale* to others;
J 'f
ABC Laboratories,, Inc., orgam-,
ized in 1955,, research and testtog
laboratory for aluminum.pc0^kiato
.
Armstrong Press, Inc.* organised,
im T957v which prints the-; earn*
pany's sales, literature^, stationery
supplies, and forms.
i
ABC Aluminum- Products,, Inc.,
Retail trade sales, volume
:
on
/Wednesday of last
-
was
the Federal Reserve Board's
passenger car saleswere boosted; consider ably
The total; dollar volume of retail trade in the period ended
attendance
the week.
from the
previous, week by special sales pr.omotidns and ambticeable upturn
_ir
automotive lines.
Wholesale food volume held steady or
'V%.•;
pre v ailed in the used-carmarket,:,
;
weather
reported in Chicago.
Consumer buying-was: uneven, in. thecperiod ended on Wed- nesday of last week .but. equalled or edged Slightly above last
year.
Cold,, wet. weather hampered, sales in i some areas, while
special promotions bolstered activRy* in others.; Dresses arid sports-wear were1
selling .w.ell and-purciiases of linens, appliances and
; garden; equipment-increased appreciably.
a
shows, ordering was spotty. In Detroit,, floor coverings and drap¬
eries were selling briskly and heightened interest in mirrors was
;
-
Warmer
While large
ba?es hi the period ended
gain, over the
;
sales showed
sparked an upsurge in order for cotton
dresses and sportswear.
In the textile market, a pick-up was
noted in the buying of synthetic fibers, cotton gray goods and
rainwear fabrics.
Ordering accelerated in bedding and linens.
For dyers and finishers, activity lagged1 in apparel goods and
declines continued in the processing of carpet, upholstery and
.
Cotton Exchange
early -last; "week but closed ^April 25 with losses
of 5 to 38
points. Unfavorable we^thei; in parts of the cotton belt
kept prices up early in the vteek. Hbwever, a report that a subcommittee-7 of the House of Representative^ Agricultural Committee would: be
urged; to lecomhiehd.Tb^ef price' supports
1959 aiid. more liberal cotton
acreage, dropped prices in the
increasing.
Retail food
•
•
appliances, primarily air
hi-fi sets. Interest in furni¬
ture was sluggish except for a continued rise in summer items.
Housewares and draperies were selling moderately well, while
early White Sales pushed linen sales above the previous week.
Retailers in most areas reported that purchases of garden, equip¬
Consumers stepped up purchases of
ment were
ip. the prices of hams, steers,
goi ii g
holders.
boys' wear volume although it remained below last year.
conditioners, laundry equipment and
unchanged to slightly
for the second week
of increase slowed somewhat.
Moderate declines
•
.'
prices in the-.cash-.market;
'•
Spot prices on raw sugar continued, to rise moderately last
A
proceed s
Adams
in
had
been purchased at a lower price than those in
Coffee futures declined at asomewhat milder rate than the";
The company will receive* none
of the proceeds from the sale* of
the class
A..
ported-gains in children's wear. While buying of men's furnishings
remained sluggish, there was considerable activity in men's sumin gl' suits and wash-wear sport clothing.
Some improvement was
which
approximately $1,100,000? to "'
liquidate short-term borrowings ;
secured by assignment of accounts1
receivable;^ and1 the balance to •
pay
approximately $400,000 of 4
notes payable to trade* creditors; .rpany;.
,
the domestic "market kept prices ;
although most buyers Continue to Cover needs for limited
periods. The trucker's injunction freed supplies of coffee on the*
A good demand for rice in
v
-
a n
docks
r
i firm
fl). to retire approximately $420,of indebtedness of the com^
000
tal position.
expenses,
commodity price index
The net7 proceeds from* the* sale /
the' debentures will be used' n-
of
windows,;, sliding
glass
doers*? r
aluminum thresholds,, v a r i Otis,
recently an¬ kinds of aluminum outdoor, furnir. y
nounced it is considering the ad¬
ture,; and' aluminum billets,. extru¬
visability of making a bond ex¬ sions and tubing, and: distributer
change offer for the outstanding certain of the products.
J;v■ %
preferred stock.
This has been
The business of the company is ~
accomplished by other roads with
presently conducted through, the ;
substantial tax savings resulting.
In the case of this carrier,, it is company and the following 100<&. ;
owned? subsidiaries,
all- Florida •
pointed out that annual dividend
corporations:
J
requirements on
the preferred
Adams Engineering' Properties', ;
amounts to about $1,680,000 indi¬
cating a possible saving of some Inc.,, organized in 1953^, owneirof *
the Miami, Fla., plant site which
$900,000.
it leases to the parent company^
However, the road is believed to
<
prices
as com¬
be able to cut back on maintenance
April 28 from 279.92 registered'the previous week.
This figure- is considerably below, the 285.62 price level of one "
year ago, Grains and-most livestocks led the decline.
Corn prices dipped slightly for the: first Jime in four weeks
along with, all other grain and soybean, futures. A government
Flour
loadings
April,
on
mained slow.
share
a
aggregates
million which is
income
$1.32 a share reported
in the like period of 1957. During
announcement of the new
■
net
a
pared with
30%
The Dun & Bradstreet daily wholesale
more than $2
considerably be¬
low estimated 1958 depreciation
charges of $4,310,000. The Tatter
ments,
qtfartcr, Virginian
show
able to
equal to 75 cents
Wholesale Commodity Price Index. Registered Declines
>
For the Week and Like. Period a Year Ago
fell to 278.73
equipment, with about half
of the- amount being taken down
new
in
carloadings.
Despite
from cash resources.
higher output of coal abroad, over
the longer term these shipments
As of Feb. 28 c a s h i t ems
again are expected to show an amounted to $5,587,000, down from
upward trend. This is due to the $16,852,000 a year earlier: There
continued expansion of European was a working capital deficit of
stcelmaking capacity and growing $118,000 against a working capital1
energy consumption, with the for-- balance of $10,929,000 at the end
eign mines probably unable v to of the like 1957 period.
Total
meet the increasing: demands. :<
long-term debt maturing this year,
including sinking fund require¬
Despite the drop of 25% in traf¬
was
raw
; level.
additions and betterments and* for
A pickup in domestic business
activity would be immediately re¬
fic in the first
foodstuffs, and meats in general: use and its chief func¬
tion is to show the general trend of* food "prices'at the wholesale
«of 31
year
flected
sharply than the non-metropolitan; Tblls more than doubled
Chicago, Cleveland, St. Louis, Boston and Milwaukee/
more
this
far
so
>
require adjustment for the changing value of the
dollar and appraisal in terms of the total, business volume in a
earlier years
7upturns.
Underwriting
groups,
both
headed by Cruttenden, Podesta- &
Virginian Railway
not
they ranged 10%
.
■v >*
Eng. Co.
new
has been exceeded only once since 1933 and that
of last year,
43
and
March Failures Rise Sharply to New Postwar High
t
1
(2099*)
resulted in
a
decline of
5% under the level of the like 1957 week, trade
ob¬
estimated.
According to the Federal Reserve Board's index, department
weekly period ended April
26, 1958 rose 8% above that of the like period last year; In
the preceding week, April 19, 1958 a decrease of 8% was re¬
ported; For the four weeks ended April 26, 1958 a decline of 1%
was reported.
For the period Jan. 1, 1958 to April 26, 1958 an
increase of 1% was registered above that of the corresponding
period in 1957.
store sales in New York City for the
organized im 1955, ABC Windows
of
Ft;
Lauderdale^ Inc.r, ABC
Windows: of St. Petersburg;
ABC Windows of Oriandoj Ihtfi;
ABC
Windows
of West7 Pabfitt
•
Beach, Inc., all organized irr 1-956-,
ABC Windows of Tampa, Ine;,am4
ABC Windows of " Sarasota,., inc.,
organized in 1957.. These subsidy
ariest
are-
warehouse
all* Florida? sales
and
.
branches for jalbusfo
awning win¬
glass doors..
?
windows and1 doors,
dows and sliding
ABC Windows of Atlanta^, Inc.,
OMo;v IhcK,
1957, Georgia- and
and ABC Windows of
organized' in
Ohio sales and warehouse
for
branch®*
jalousie- windows and douCS,
awning windows and
doors.
sliding glass ;
44
The Commercial and
(2100)
Continued
the investor's profit.
jrom first page
•
There is no
vate
management kinds — producers', consumers'
problems are approached. Ordi¬ and public—finds its offsetting
narily a management problem is counterpart in their postwar high¬
But
analyzed within a framework of ly supra-normal production.
social and legal assumptions that the catching-up job cannot be
in which most
not to be questioned.
are
for
sume,
example,
We
done in a
day, a month or a year.
a long time, and the rec¬
history shows that it nor¬
mally takes 10 or a dozen! years
as¬
of
markets, a given monetary sys¬
tem,
the
sancity of
contracts,
for
the privacy of property, the
free-;
dom of individual choice, the sys¬
tem of taxation—whatever it is—
These
functions. The framework fac-'the
"rules of the game"
-arising out of the morals, customs
end attitudes of the people which
have
and
been
hardened
codified
into
into
law
usage
backed by
the great power of government.
I
-
mentioned
these
>
framework
factors because I am convinced
that we can never fully under¬
stand
present economic pre¬
except in terms of an
our
dicament
evolution in
of these frame¬
some
work
factors.
They have been
'changing slowly but cumulatively
over the decades—and the cumu¬
lative consequence is as dramatic
as it i§ little jecognjzed by most
l!
people.
closes
For example, history dis¬
instance
no
in
which'.a
I!*
nation, has
ii
persistently multiplies its money
eupply. We have re-enacted the
escaped inflation* df it
gruesome record!
supply
against
money
In 20 years our
has
been
quad¬
rupled
a
population in¬
crease of only one-third and the
buying power of the dollar has
been more than cut in half. As
another
framework
note
may
that
great
years
unions
and
taxation
has
it
risen
takes
is
a
convergence into a critical focus
of certain war
consequences and
certain
ominous
trends
in
the
is
to
the
explanation of this attitude that I
will devote the remainder of
these
remarks. •
...
The War Consequences
first
the
war
dM
to this
nn
dire economic drug.
that the
tended
But
periods of leisure are ex¬
be readily verified by
reference to the record.
All of the
years
ihn
jii
to
A
r
,
tn
immir
i
ii
with
what., amounts
to
pointing press money, the natural
effects of which are sought to be
repressed by' price controls and
evening.
When the
..
S vest
swine,
tho
bLfer
nroducHnn? and
entire
citizenry—has ever been
confronted., And this brings me to
the
changes
going
on
in
the
the
share Of what
comes
to
an
end
£-suppose
we would all agree that
j«rthe most natural
tiling in the
World for the nation to turn its
*
ilaifdfe to catching up on the
pro¬
duction of things
postponed while
the
war
was
on.
So
one
highly
abnormal situation replaces a
pre¬
ceding one.
The
war
period's
deeply subnormal production of
peacetime durable goods of all
InS
Riit
tre™
as
^normou? taxation
is the
fact that the taxation of income of
both individuals and cornorntions
now
come
to be heavily
con-
centrated upon the vital creation
of
savings
that
flow
into
iob-
creating investment
t
moment
As
uST-a
a-u'
4.
fefas
i•
4
a-
sive taxation
the taxation of
mwues
lose
ahfe
capital in the creation of
to
venture
—
I
„
are
But
first
I
think
be narrowed down
can
brought
into
still
that if
old
end
answer
idleness
makes
focus.
would agree
us
then there
that
bit and
a
jobs have to
and
avoided,
problem
sharper
Thus I think all of
an
the
come
is
is
to
only
any
to
be
one
sense
at
all, and that is to stimulate, or at
least
not
hamper by law,
the
self
new
normal
and
-
creation
sustaining
of
productive
tical
and
economic
framework
to the creation of
new
natura%
those
who
earn
larger incomes. In the absence ot
ment. But time is running out too
to be spent in dodging the
unpleasant realities. *
i
:
fast
.
So
let
focus,
on
get
still sharper
jobs come into
Fat*. too' few ' people
us
how
existence.
to purchase the- equipment
mental
on
matter and
to issue you a
that
so
I
funda¬
am
going
challenge: Think as
as you
will, but a
long and hard
situation have
number of dollars, originally expended. The difference^between
such depreciation and the larger
amount
job
comes
into
productive
existence
only
when someone somewhere
invests
savings in tools of production and
thereby, creates the environment
in which
men can
ducing the
cover
their
needed
to
recover
the
purchasing power expended—and
so *° keep the facilities intact^taxed. as such,
f or U. S. Steel,
about which I naturally know
more than about other companies,
such tax erosion of capital
p^ol thetr
as it
amounted to over $650 million m
tlie years 1940 to 19a« inclusive,
If under such taxation the tools
of production are not to dcteriorate, then part of income must
be reinvested merely to make
good the deficiency in depreciation
allowed. But to have one dollar
of income after taxation to make
>gqpeL..the, depreciation deficiency,
two dollars must be secured either
in higher prices charged customers
in cost reduction. Theunrealis-
or
tie tax treatment of depreciation
thus has one or more of three
consequences, all of which are
undesirable: .Either the existing
tools of production are not rePlaced as they wear out; or cor-porate income needed to finance
job-creating expansion is diverted
to meet the depreciation defl¬
ciency; or prices may have to be
raised on a two-for-one basis, to
the extent that competitive con-
}°.realize? as very few do, that in
could be amortized-for tax pur-
ditions permit,
There have been some tax expedients that have temporarily
mitigated the depreciation problcm. For example, under certiftcates of necessity portions of the
cost of new facilities
necessary
country three-quarters of the
poses
certified as
defense
to the national
within
the
first five years
p*'?dactive employment hangs on
tmJ part.,?f the national in-
of such facilities' estimated useful
lives. For many companies the
come-for without dividends or addition of amortization oil new
he ProsPect thereof there would facilities to so-called regular
^ Xr'aSHn^Sf
cime
in
' temporarily, a truei total ot de
preciation on all facilities nasea
°hev?na ????+_ _^.ram?
on current dollar values. The recthey a"nd CLU,y, Uimilauc
Preciation on all facilities
their property equivalentlv servo empl°yraent.
to on current dollar values. Tt
the community at its own
The tax 011 corporate incomo
ord is clear that this temP°rar.v
,com- presently constituted works nf,® aPP"»eh towards realistic treatfraud
or
income^
coercion
those
it^onlv
only
income receive it
of
larger
could
S
as
as
well
?
1
—
hate
av
llnexpect'"
consequences to
consequences to
com
chinist gives
tucui
as
more
and
gets
more
tut;
apprentice,
\
15?" «lfapp^ntice. {Sincp each
Since
pmi'itrSiVe!
the cornmunity the
if fill3
what he gets from
a
nenaltv
fnr
hoi.vrr
becaij^tho^n^^Hfi
1 ment of depreciation for tax purposes
had a most pronounced
A
HZ? effect in releasing the. flow, of
•
at,es more efficiently pays*a high" efCe.ct in
releasing the flow oi
invest-
per llnit °f
t! m
Taxe* ievied at high Production" ment. inta . job-creating
; capital
'
Operates in Reverse
Brfr Pr.oductive at higher
cannot help'but
But now—and at a most unfor¬
|t there
is no moral basis
for^
imMii'
cause''steeh^Dro? d'?astr°us be^llhce^E «<»««»"
"me
ei1mfS1Te taxatloa dissipation^yJlgniflcant is the tax ddures are already declining—the
so^ce
?
3 prin" vitalfv
/borate receipts effect of this tax expedient is
nroXrL eicapilal the busfnf^ 2r reinvestment in operating in reverse. The fivemnX-ifj depcnds- <<seed cor^' f
without this ^car accelerated amortization
1
?nd tbe can either mnVC°me no company amounts are running out and the
former .unrealistic, treatment of
thSflii
heir existing t2 ]
allowed on depreciation is reappearing and,
ea^u V
p
have ^onot °f Production or short of corrective legislation, is
r? which tional job-rrpnt?^ parchase 'addi-* due to be even more exaggerated.
^eriies it' readilv attf^fS H0!8, Nor caa ?or' once the depreciation on exrates
cmf/eq^rr^lr^n^
tunate
time
nrp
expendeclining—-tllC
when capital
nlr#»ndv
systematically
to tlfe-nation' the
i
r
t
teiprfse lead-
-
it is oloariv
go to work pro¬
marketable
continuing
values
wages
to'
and
at a time
Marx advocated thk
nS L^
de caPital. isting facilities
has been taken in
x
Hie fu^ure. " Allowable depreciaJtlon wdl tbus he even less than
the quite inadequate^ so-called
ofp^plefn^the very been jh the absence ofwoulderated
^cted, regular dcpreciatk-n employmentaccel have
„*»',jnstead,
amortization. The
takings,
c°re of
cne very amwuiaiwu, mt' eimwv,— shipping, stockpiling and^o Arnerica upon which ^rporate deterring consequences may, of
prospective jobs mncfmany course, be correspondingly mJ prov!des ^seeming depend.
J S must lnescapably creased. '
steen^n-r^Ii^lhtaimng' or
p
s i
-1 have' however, some hopes
!
taxes, thus
■ ~ •'^®rsisteiit Inflation
with respect to this matter. note
story of tax irnnaivmn + Sat ^ is receiving attentionI from
J>f employment does S fni'. ?he Ways and Means Committee
,' !here; A combination of persist J?1 ^frmf of testimony,.particularb'
pe.isist-: that of Reverend William T.
profoundlv°shm?~ much needed Thi«? ^eSe ^may be
sighted because
the
^ !° be distributed niia-1?* J?lolley
lobs
dried up governmL f
consumption tn ?■ dlsslPated
^scalled upon towmSuS
™
employed and aid many und^" others- « k instead Cmnvy of
a.hon! it is aiso
as
new
sourr-oe
are
"any
.
self-sustaining,
new,
many
ago.. But depreciation allowed, m computing taxable income is limited to the smaller
a
new
meditate
it
But the taxation and double
taxation of corporate income also
unhappily have come to.■ impair
Productive incentive and to dissipatethe sced c01n ot Progress.
tn
Look at the facts: In 1930 the tax
°" corporate profits was 12%. Today the tax is 52%—more than
four times as much. Moreover
when corporate income is paid
out in dividends it is again taxed
to the recipients at the steeply
Progressive individual income tax
rates' For aU corporations the
total diyidends—which are all that
stockholders ever get from their
corporations—before such second
taxation amount to only 3.5% of
national income.. It is important
the taxation ot this
Those imst
and^ften
—
■
<«
.
that is the storv of steeD
risk
The Creating of New Jobs
™
as
years
nr
in
n^ucinff itanrihnHv
s^ous
the ovm-'aU
has
ever
war
,
w
towards
conducive
Cfcocted
economic
cw^er^ively
taneously a period of great post¬ self-sustaining jobs, then we are
cipal
of ponement—postponement of pro¬ self-condemned to chronic unem¬ upon which
duction of
all those
peacetime ployment akin to that which pre¬ Taxing the
CLurable goods we can for the time vailed throughout the 1930's and
more productive at
being do without while we use from which we only finally es¬
ing
Up and patch up those we
already caped when we went to war—a incentive and
fKrve to make them last a little solution that,
nobody ever wants vide the venture
♦engcr. In the meantime the nar to repeat. This is a harsh state¬ new
jobs denend
Tt
tion—as assumed to be required
by* "the war exigencies—becomes
the
and
re-
wears out tnan it took originally
taken by taxation,
now
turns
it
dollars to replace equipment
in-
over
one
Ammirm mviii
-ft
length. The trouble with this long
leisure is that in our complicated
economy it takes the awful form
vive
But it is simul¬
an
by
every
LJPi, Jfnrw™!
oil?.! im
tax
can
jobs.
If we cannot find within
ourselves the wisdom and courage
to establish or
re-establish a poli¬
nation.
most
ifu
accepted in wartime and perpet¬
uated through public habituation
quences. War, as you
know, fearCully wrenches the economy. It is
a period of
great activity spurred
by a concentrated effort to sur¬
as a
of
income
through depreciation..
suits from the fact that it takes
many more of today s cheapened
,
natural
conse¬
more
over
,
terminology, I call
•
confronted
that
as
Inflation"
or
taxable
many
g er<oded away
by^taxation^as^ that capital
The individual income tax trends
.
It is my belief that the
big prob¬
lem we now face and
which, for
lack of better
It
we
immedi-
in
Federal
18 he-
im^
through an historically typical
decade-long reconstruction boom. framework factors.
Consider
ately
factor
am
to a little over 10 years in
to
factors.
taxation. I
as
pressions, ranging from about four
and
framework
framework
know
Half
im- $16,000 is
awfully
portant
1
la8ging
nd-timtm^n*
cause the real
compa es 1
—
over
With
bracket.
dividual's
but
1952
52??18. ^
income
look at the trends in that
obscure
a°
8
Federal income tax
top
rate
these matters in mind let
now
labor
Meanwhile the nation has been
through a great and terrible war
"Recession
-
Thursday, May
.
.tax~coaeaajustm^nt to it, means
S°h J
3Sl-re Jobs
In
realization drifted into an alarming juxtais against position: Never before has this
taxes on himself, but thinks it is taxation been so
great a barrier
riods
the great boom of the all
right for the other fellow to to the creation of new jobs; and
1920's following World War I and pay
them, especially if his income seldom before has the creation of
the great boom just behind us fol¬ is
bigger. After all, he still has new jobs been so imperative.
lowing World War II. If you delve enough to live on — 01* else the ;
rnnciHf>r np*t the broad trends
into the records of the past you "he" is one of those
big
will find analagous periods fol¬ sonal
corporations. It is hard to ,,nrnA
rornomtinnc are
not the
lowing the Civil War and the War great impartial consideration of
creatj0ns of government They are
of 1812.
matters so personal to so many,
th
re«0urceful invention of peoI suppose next that we would but I am nevertheless going to try
,
f
Gnable
iarge
numbers of
all agree that when the catching- tocloso.
.
;V:v,
them
to
up job is finally done, then the
First it would seem well to get
resources
and * their labor and so
need to be further busily engaged
firmly in mind a broad perspec- accomplish
mighty
production
in such catching-up has, by defi¬ tive on what has been
happening tasks beyond the power of any
nition, vanished. The nation has to taxes over the years. Most peo- one individual or small number of
then earned the right to leisure—
ple do not realize that in Ameri- them.
Corporations provide about
and since the catching-up job can ca there are over
100,000 taxing three-quarters of all non-governeasily be overdone, the period of authorities. Back in the 1920's the
ment employment.
If we want
leisure
can
be
correspondingly total taxes levied by them were
many people to be employed, then
extended., Why the postwar re¬ about $9 million. That was about
jt would seem to be only ordinary
construction booms are overdone 10% of the net
national product; common
sense
to see to it that
is not absolutely clear.
Partly it but by 1956 the taxes had intaxation
be designed
to permit
may • be due to the long-lasting creased to over $100
billion, or and encourage job-creation - by
power
of the backlog demand nearly 30% of the net national
corporations rathenrthan;* to ,disstimulus. Partly it is because they
procluct.
This is an
extraordicourage and hamper that process,
are fueled by soft money policies
involuntary unemployment of
the point
a pronounced and
prolonged sort.
90% of the
•To avoid such an outcome this
higher bracket income earned by
time is one of the most serious
our most productive
citizens. Such
economic
rates
have
problems with which
truly reached con¬
management — and, indeed, the
fiscatory levels.
where
With
often
of
And
•
Taxation
.
us
'
•
repre¬
economic
are
far-reaching.
.
•'
mwhS^Ltis taken l„i!
ation the lew^fraw ?SeW k
that is political
-origin but whose exercise has
that
:
omists call secondary postwar de¬
we
sent great power
consequences
•
.
*
was_25%, applied to taxable
over $100,000.
Today the
top bracket rate has been lifted to
91%, and the former top bracket
'
rate of 25% applies to an indivir( dual's taxable income in the $4,000
same
these
industry-wide
arisen. They
have
new
the
1930
great postwar booms of the past
have been followed by what econ¬
change
over
to
Must- all of you
can verify that out
of your
experience, since most of you
have lived through two such pe¬
may think of as the framework
factors
within
which
economic
are
booms
postwar
course.
own
we
tors
great
their
here
the kind of things
are
the
run
given body of Federal and state
4erm
jobs—or at the very
least recreate old jobs as though
they were new ones?
" •
It takes
competitive
ord
a
create
pri-, employment type of taxation."
in solvingtoday's
recession.
Will it
policy
problem
of
.
Anti-Employment Taxes
...
other way. And here is the cenBecause of preoccupation with
tral and basic truth through refer*, War and postwar boom, few peoeriee to which we may judge the;
piG realize the grpWth in this anti-
effectiveness of any public or
those
Financial Chronicle
such
under-
Pnr„
„P
as
nig,
°n.
This in turn
nrnvifi^
•
justification
further
enpritiv?
g
Ing
a
spiral into
of statism.
-
.
"-y
j
some
...
u:.---
.
.sort'
.
-
n-f
Number 5740
Volume 187
V.4.
r
.
.
The Commercial
.
and Financial Chronicle
(2101)
45
"
J. of Fordham Univer- so fully understand is that when
sity and of Maurice E. Peloubet, basic employment costs advance
a
distinguished certified public industry by industry, to a degree
accountant. They testified on Jan. greater than the rise in overall
15 with respect to a treatment of national productivity they cannot
Hogan, S.
I. T. & T. Debenture
.
depreciation
tax
purposes
"Reinvestment
called
tion."
for
Deprecia-
They would apply to longfacilities certain accounting
help but force
all
other costs
Public
Offer Underwritten
By OWEN ELY
with them. The direct employment
costs of any one business may
International
Telephone & Telegraph Co. is offering to its stock.
The Detroit Edison
.
from a small part to a
large part of its total costs, holders of record May 6, 1958 the
veloped many years ago tor short- But every business must purchase right to subscribe on or before
term inventories, known as LIFO. goods and services from others. May
21, 1958 for $28,692,000 of
Under the proposed plant the cost These purchases from others re- new 4%%
convertible
subordiof a new facility replacing an old fleet,, the
increased employment nated
debentures
due May
15,
one could be. chai ged
to current costs of the suppliers, whose, own 1983, on the basis of
$100 principal
costs to "the extent that it ex- purchases
reflect
the
increased amount of debentures for each 25
ceeded The original cost of the employment costs of their sup- shares of
capital stock held. The
facility being Tetired. This would pliers in turn, and so on and so subscription price is 100% (interrepresent a long step towards the on. When all industry is taken on est to accrue from May 21, 1958).
only realistic basis of depreciation, a consolidated basis, employment
Th(i nffprinfy ic nndprwritfpn hv
which is recovery of purchasing costs represent over three-quarters
term
procedures analogous to those de-
range
very
of
agroup
originally expended
power
of
;
the/taxation
discussing
In
of
both individual and corporate inI have tried
some
to draw your
attention to how this taxation has
evolved over the years while the
has been
nation
energized
by
and
war
without bringing about
costcovering^ price
increases;
and
there is your cost-push inflation,
as simple as that.
is
I
to
most
bear
that vital creation. of
upon
sav-
everytiody to
the incentive of
en-
gage in-superior effort. Now that
the boom is over -and' recession'4s
Co
.
,
of
43
with farm
billion less than in 1950.
kwh.,
;
-
.
individual's additional effort; and
new;
.
.
noting. Tt is that, being a
I equally doubt that innovation manifestation
of
power
rather
of new products and job-creating than a reflection, of economic cir-
-
International
will
nation
as
a
one
taxes
of
reduction
blind
overall
IntelSnt
to TOtee
retam
ta
savings
flow about 8% per annum compounded.
inWell, these matters are gradualhand and, ly coming to be better understood
vestment
the
the
on
one
and more people, so I
what amounts to printing press need not dwell on them. But I do
money which would only aggra- assure you that they are worthy
on
vate
other,
blind
a
inflation
an
to by
resort
has. al-
which
of
continuation
that
great
sion
that business should be
ed " with
ever
increasing
•
•
-•<>-<•
i
'
/
i
;
Inflation
)
*
'
<
costs
Wartime Inflation in America—
•
as
in other times
characteristic.
and
You
places—is
can
read
as
i
•
•
I
panacea
as
a
the conclusion
all of these remarks, and
about it in the textbooks. You can
of inflation.
to
come
now
demand-pull type
It results from gov-
confess
as
I do
so
specific
to offer. But I do have
that I
have
no
:
-
the
basis
a
plea
-
goods rto 'meet its
demands.
huge wartime
The resulting
is
accepted-or
of
inflation
endured as ..part
the process
•
rise
,
to
political and
tremendous
economic power of
labor unions.
Jkawarci
industry-wide
Edward
-
More and more people are com- (jen^.
ing to understand and accept this
.
__
of
T.
^
!•
Willis,
a.
Vnrlr
Vice-Presi-
Schapiro
Citv
nassed
&
Co.,
awav
critical.
But what people
do not
a
long illness.
stock at 30.77.
common
follows:
as
Millions
Trrcentase
$420
51%
60
Equity (12,437,000 shares)
.
:
340
•
$820
1
7
42
v
•
100%
,
\
1957 was one of the best in the company's 55-ycar
history, although it ended in.. a downtrend reflecting the low
volume of production in the automobile and related industries.
,
This bad
a retarding effect on peak load,
number of customers,
However, despite this factor, industrial output showed a gain
of 5% and total kwh. sales an increase of 6%, with revenues up
etc.
Will S. Halle & Co., The 1010
Euclid Building, members of the
the
-
t
,11..,.^,. pa„U-
:
TV™.**™««
/•
*
f
.
•
'
the $2 rate
;
-
■
paid during the
of $2.62 showed
previous
year,
good gain
were
?
15c higher than in 1956,
Federal4
This meant that under the different accounting used*
for income tax
purposes,
depreciation charges
were
considerably*
heavier, reflecting five-year amortization of certain plants
J
as
as
accelerated depreciation on new properties since Jan. 1,
in
fuel
at
a
location
to
Grand
County,
as
compared with
and
ton
a
gain of only 5.5%
in output.*
to; December 1958 mine prices of coal increased^
about-35c
a
generating
equipment made possible greater
freight
rates
gained
coal and larger output per pound of coal
17c.
use
However
of
new^
lower cost,
consumed, these factors-
helping to offset the higher price of fuel.
.
During 1957 the company increased the rate of interest
in
computing
the
approximated 31c
around
21c,
and
thereafter.
be
interest
a
to
share
approximate 20c
'
The
a
year
-
used|
credit^
year
to*
for several years'
•
of 1958 revenues were off about 1% and.
share earnings
The stock has been
more
credit.
earnings (74c vs. 81c) about 9%. However, for the 12 months
ended March 31,
t
construction
on
share, but is expected to drop this
In the first quarter
or
srfsjr*- *"*""
State or utan.
costs
From October 1956
selected by its engineers on some
part of its acreage held. in San
County
well-
1954^J
The company felt the effects of inflation in an increase of 10
Valley Oil
& Mining Stock at 10c.
gas
the*
:
-
•
year were
a
and
haying been established in the last quarter of 1956.'
income tax.
Pleasant
Juan
Dividends
the
in
An'estimated 41.75% of dividends paid in 1957 was free of
.
*
Share earnings
reported
$2.36
highest since 1928.
•
nufllCT r arKer, uinnawdy,
•
amount.
the
;
•
Mary S. SlemoilS Joins
.
same
over
,
_
.
4y8).
„
and/or
Willis
than
cost
approximately
Total
.
.
'
:
The year
deemed necessary
Stauffer rcilulcum Corp., wlVia.
owuucl
Petroleum
Oklawinning the war.
But con.
p.,
okla
is offering an
tinuous peacetime inflation is a
lggue of 2,000,000" shares of comnew thing in America.
You can- ever afterwards, let youi atti.*
•
not read about it in the textbooks, tudes,
your
actions
and your mon stock (par five cents) of
Vou can think of it as a cost-push words, public and private, be such Pleasant Valley Oil & Mining
inflation. Its fundamental root is as to guard rather than undermine Corp. at 10 cents per share.
the continuing elevation of em- that precious American heritage.
pieasant Valley Oil proposes to
ployment costs resulting from the
•
drill an exploratory well for oil
to
•
services that make for an ever
rising scale of living in our land,
Learn, too, the things that can
impair that process, as well as
the things that must be done to
guard and improve it. And then,
was
"
Common Stock
:
,
-
interest
Convertible Debentures
to
the
Capitalization at the end of 1957
:
—
expansion of process through which new pro---.
people use for ductive jobs pome into existence
money..: With this mew money the and
with them the more and
Government drains the markets of better and newer products and
Tor
lower
a
Mortgage Debt and Long-Term Notes
to
bank deposits that
at
'<■
make. It is that you < PORTLAND, Oreg. — Mary S.
printing press will each for yourselves seek—as Slemons has joined the staff of
lhoney .or its more modern equiva- I have here briefly sought with Hunter Parker, Con away &
lent of issuing debt that becomes you—to discover and define the
Holden, 430 Southwest Morrison
-efnment-resort
.
hand and funds available from operations; the method of
financing the remainder has not been indicated as yet. However,'
in the past one of the company's favorite methods of
financing
has been through issuance of convertible
debentures, and stock-.'
holders will probably be asked to authorize a new issue of this4
type, for future use when and if deemed advisable. At present the
company still has remaining three previous issues—about $470,000
3s of 1978, $1,420,000 3y4s of 1969, and $58,800,000 3%s of 1971.'
Joins W. S. Halle
Midwest Stock Exchange.
creasingly saturated markets?
think of it
<
basic
it tries' -to sell into in-
the4
of the year overall
The latter becomes convertible Oct. 1 into
CLEVELAND, Ohio
ueeveeawd, umo — Jack N.
Jack N.
confront- Holdstein has joined the staff of
fades than
postwar boom
despite significant business reces-
At
I on
to the
framework factor behind the vigorous
.
';
*
bonds retired outstanding bank loans and 8
provide for the construction program during 1957 and'
early 1958. The entire program for 1958 is estimated at $75 million.*
A substantial part of this amount will be taken care of
by cash
^eary.1S now afiiliated with L. B.
better guarantee could one have
unemployment
would
be
inflation hastened and prolonged as the
trouble and That brings me
with funds borrowed
CLEVELAND, Ohio—Thomas_J.
w«n Ball, Burge & Kraus.
•
The sale; of these
Schwinn & Co., Union Commerce
of your most thoughtful consider- Building, members of the Midwest
ation in studying the problem of Stock Exchange., He was formerly
ready become institutionalized too
much in America. That way lies recession with inflation, for what
•
-
,
.
helped
•
,
•
.
annual requirements for interest
long-term debt were about 3.4%.
.
on
With L. B. Schwinn Co
more
:
i
expenditures last year were $82 million of which1
expended for generating units at the River Rouge4
was
At the end
ried on in the United States and
hour has been the equivalent of 22 other countries.
■
;/
job-creating
into
in 196L>:
refunding 4% due 1987 (not refundable during the first ten.
years
incentives and to free up the
of
one
and
, .
power
36%
In July 1957, the company made an agreement with a
groupi
of institutional investors for the private sale of
$70 million general",
facilities and the ; operation of
research and development laboratories. .These activities are car-
basis of a phony hour inexorably march ever uptheory or to ward. In my own company for
create "huge Federal def icits. There over -20 years the average annual
iq ,a worJd of difference between increase in employment costs per
in general on the
purchasing
"
substantial construction program, capacity
$1 billion.
the employment costs per .ation of cable and radiotelegraph
years,
a
about
and St. Clare and the Enrico Fermi Atomic Power Plant.
end of 1957 gross plant investment exceeded
the operation- of telephone and
radiotelephone facilities, the oper-
the
With
a
about 40%
electrical equipment and supplies,
of
of 22%.
Construction
incorporated
in 1,920 under the laws of the State
of Maryland and has its executive
whole,
ords
..
by 1961. The company is now in¬
some very large units.
The second unit at River Rouge V
capacity of 260 kw. (the same as the one installed in
February 1956) went into service last November; A third ifnit is*
-scheduled for operation this year with a
capability of 322,000 kw.
; Also, preliminary construction has continued at St. Clare for'two4
tinlts of 320,000 kw. capacity each, one to be installed in i95&'
was
please understand me in Year after year, whether in war
respect. I do not urge any or in peace, in good years or bad
But
3,114
average.
of
be increased
with
in facilities can be cumstance, it is quite insensitive offices at 67 Broad St., N. Y. C.
helped by taxing away the cor- to economic forces as we know It is engaged, directly and through
porate funds for their financing, them. I find this reflected in the subsidiaries, in the manufacture,
Somehow-we must find some way records of my own company—as sale, installation and maintenance
to
remove
these
powerful tax indeed it is reflected in the rec- of communications, electronic and
deterrents.
Residential usage,
average.
stalling
investment
.
end
The
only
was
kw., indicating a
reserve
.
.........
worth
the
year
1957, Detroit Edison had six steam plants and 4
small hydro units with a total
capability of 3,101,000 kw.r
and power is also available from the Ontario Hydro-Electric Commission. Peak demand last year, was
2,546,000
and
-
parts
some
upward. It Is the essence of our and will be available for capital
institutionalized
cost-push expenditures, investments in subcitizens and corporations. I doubt inflation. :>
sidianes and such other purposes
that it cambe done by taxing away
There is a distinctive feature as. fhe International may deterup to 91 % of any fruits of the of
cost-push
inflation -that
is mine.
effort, the enterprise,The leaderottr most.able and efficient
ship
Iship of
and
homes.
new
kwh. last
per
probably slightly above the national
was
At
installed in
are
charge of 2.75c
moderately above the national
,
The net proceeds from the sale
In the
downtown
automobile
areas.
average residential
'
fund at 100 }o and accrued interest,
actually $2
were
of
also other diversified industries, together
are
circuit breakers rather than fuses
The facts
Profits in 1957
center
very liberal service policy, supplying customers with free light
bulbs and free repairs of many
appliances—so unusual it has been
described in articles in "Time" and "Readers'
Digest."
Also,
nev
expanding corporate
as: collected and. pub- with accrued interest in each case. •.
lished by the United States Gov- ;^.
a^so subject to redempernment show that total corporate ,w°n for the account of. the^sinking*..
the
some other utilities such as Cleveland
Electric, West Penn, >
Minnesota P. & L., etc.s The residential business
constituting 39% I
of total revenues is a
relatively high percentage for a company.
serving a metropolitan area. The company has always followed a ~
I)ew debentures may be
-d ^or redemption at prices
profits. rail£in£ ti'om J04.75 fa to 100%,
to
is
area
with
thcWtor
,
It also provides steam service in
the
While it is sometimes assumed that Detroit Edison
is an"industrial" utility, actually the proportion of industrial revenues (
(29% of total electric revenues) is quite moderate as
compared
through
'
,
a
3,855,000.
While
electricity in the highly industrialized'
segment of lower Michigan, with a population
manufacturing, there
^*
*42
about
Detroit.
Xare
per
1968
ner
heavily
ings that'flow-into ,jcb-crea ting
investment, It tends to undermine
City of Detroit and
May' 5,
1975 and $47
shnro
,675 an<r$47 jgrshare thereafter
has dispose of the propagandized notion that inflation has been due c-
that euch taxation
come
,
$37
is
thereafter
at this point I should
suppose
,
be
Mav
refits and Inflation
postwar
,
wiT
stock
-
v
The simple fact, as I have
noted,
.
Company
Detroit Edison supplies
fnvestmenT b^era
heaTdPby Kuhn.Loeb &
'.
costs cannot
prodigiously
and
preoccupied and
boom.
now
^
endlessly
llse
Utility Securities
up
tban
5%.
were
$2.55
vs.
$2.48.
selling recently around 39^, yielding slightly
46
(2102)
The Commercial and Financial Chronicle
Securities
;
Now
in
Manufacturing Xtorp.
10
(letter of notification) ,5,000 shares of common
stock (par $1). Price—$6 per share. Proceeds—To
go to
selling stockholder. Office—Germantown Road, Middle-
town, Ohio.
Underwriter—Greene & Ladd, Middletown,
Registration
Ohio.
-
■
American-Caribbean
Oil
Co.
(N. Y.)
supplied by .amendment.
(par 200).
Proceeds
—
discharge current liabilities and to drill ten wells.
derwriters—To be named by amendment.
To
Un¬
^ American Durox Corp., Englewood, Colo.
May 1 filed 2,500,000 shares of common stock (par $1).
Price—=$2 per share. Proceeds—For construction of new
plant and establishment of the business at Tampa, Fla.,
including payment of the balance due on a plant site.
Underwriter—I. A. I. Securities Corp., 3385
S. Bannock
Street, Englewood, Colo.
<4-American Investors Fund, 1nc„ Larchmont, N. Y.
-May 1 filed 2,000,000 shares of capital stock. Price—At
market.
Proceeds—For investment.
develop shopping centers and build or purchase office
"buildings. Office — 900 Woodward Bldg., Washington,
D. €.
Underwriter
None.
Sheldon Magazine, 1201
'Highland Drive;1 Silver Spring, Md., is President.
—
stock
common
(par 10 cents) to be offered in units of
$100.of debentures and 10 shares of stock. Price—$101 per
unit, plus accrued interest on the debentures.
To increase working
capital; relocation for a
Proceeds—
plant;
security deposits. Office—
Road, Morristowu, N. J. Business—Manufacture
of electronic electric equipment and
components. Under¬
writer—Cortlandt Investing Corp., New
York, N. Y.
Anderson Electric Corp.
(letter of notification)
common
go
14,700 shares of class B
(par $1). Price—$12 per share. Proceeds
selling stockholders. Office^—700 N. 44tb
(Street, Birmingham, Ala. Underwriters
Cruttenden,
Podesta & Co., Chicago, 111.; and
Odess, Martin & Herzberg, Inc., Birmingham, Ala.
—
•
Anita Cobre U. S. A.,
Inc., Phoenix, Ariz.
Sept. 30 filed 85*000 shares of common stock. Price—At
par ($3.75 per share): Proceeds—(For investment in
sub¬
sidiary and working capital. Underwriter—Selected Se¬
curities, Inc., Phoenix, Ariz.
Appalachian Power Co. (5/27)
April 23 filed $25,000,000 of first mortgage bonds due
1988.
Proceeds—To xejpay bank Joansand for construc¬
tion program. Underwriter—To be
determined by com¬
petitive bidding. Probable bidders:
Halsey, Stuart & Co.
Inc.; The First Boston Corp.; Kuhn, Loeb & Co. and
Eastman Dillon, Union Securities & Co.
(jointly); ;Harriman Ripley & Co. Inc. Bids—To be
received up to 11
a.m.\(EST)
N. Y.
May 27 at 30 Church St., New York 8,
on
•
&
Gould, Salem, Mass.
^
•
-
iff-:
>
;
Prooeeds—For
investment.
held.
Price—$15 .per share. Proceeds—
For property additions and
improvements. Underwriter
—(None.
•
^Arnold, Hoffman
Builders Loans
a.m.
(EDT)
on
& Co., inc.
,
Proceeds—To
New
on
May 22.
York
Life
April
Price—$12.50 per share.
Insurance
Co.
and
for
working capital. Office—55 Canal St.,
Providence, P. I.
Underwriter—None.
('Bankers Fidelity Life insurance Co.
Feb. 28 filed 258/740 shares of common
stock (par $1),
of which 125,000 shares are to
be offered puhlicly and
138,740 shares to employees pursuant to stock
purchase
options. Price—To public, $6 per share.
Proceeds—For
;
expansion and other corporate
-*
purposes.
Janta, Ga.
1
1
-
Office
—
At-
Underwriter—None.
-
•
Bankers
Feb.
~
Management Corp.
10 filed
400,000 shares of
stock
(par 25
Price—$1 per share.
Proceeds—To reduce out¬
standing indebtedness and for
working capital. Office—
■
—
McDonald, Holman
&
Bankers Southern, Inc.
(5/15-6/1)
April 14 filed 8,934 shares of common stock.
Price—At
par ($100 per share).
Proceeds—For general corporate
purposes.
Underwriter
Bankers Bond Co., Louis¬
—
ville, Ky.
ic Banner Mining Co.
April 30 (letter of notification) 40,000 shares
of common
(par $1). Price—$7.50 per share.
Proceeds—For
mining expenses. Office—132 South Main
St., Salt Lake
City, Utah. Underwriter—None.
stock
•
1
filed
$18,000,000
>
Dresser
500)
riock (par
common
©utstandirrg ccommon stock
Corp.
on
the basis of
share of Dresser
.one
gated
to consummate
any exchanges sunless "the
is accepted
by the holders .of at least .95% of the
offer
Ethodont
Laboratories, Berkeley, Calif.
;Feh. 20 filed 300,000 shares of common stock.
At par
expense
tion.
Ttice--'
($5 per share). Proceeds—To weaver operating
during the development period of (he corpora¬
Underwriter—None,
J
Nov. 25 filed
88,000
to be offered in
shares
of
'
;
Ex-Cell-0 Corp.,
Detroit, Mich.
:
:
'
common
stock
(par
exchange for common stock of Bryant
Chucking Grinder Co. of
Springfield, Va., at rate 01
four-tenths of an Ex-Cell-O
share for each full Bryant
share. Offer will
become effective upon acceptance hy
holders of not less than
209,000 shares (95%) -of all com¬
mon stock of
Bryant outstanding. Underwriter—None.
•
Expanded Shale
Products, Jnc.f Denver, Colo;.
Jan. 29 filed
60,000 shares of common stock (par $1) ana
$180*000 of 6% callable unsubordinated unsecured deben¬
ture notes due
1960-1964 to be offered in units of £6UU
of notes and 200 shares of
stock. Price—$1,800 per unit.
—
New
re¬
•.
v
out¬
standing Elgen common. The offer will expire on June
17, unless extended. Underwriter—None.
due
Morgan
'
common for 3.4 shares «of
Elgents common.
exchanges will be made unless the exchange offer
is accepted
by the holders of at least JB0% of the out¬
standing Elgen common, and Dresser will mot be obh-
June 3.
-
No
'
Inc.;
r'
-
Industries,
due
Oct. 1, 1968 and 3,000,000
shares of common stock to be
offered in units as follows:
$1,000 of bonds -and 48 shares
of stock and $100 of
debentures and nine Shares of
stock.
Price—To be supplied
by amendment. Proceeds
To
on
Industries, Inc;
of the Elgen
com¬
Bids—To be
.
.
Feb. ,28 Med 128,347 shares of
being offered in exchange for
filed
fEDT)
be arranged.
Co., AsheviTle, N. C.
-
Office—1182 Broad¬
York, N. Y. Underwriter—B. Fennekohl &
Co
Street, New York, N. Y.
(k Colorado Beryllium
Corp.
May 2 (letter of notification)
:399j000 shares of common
stock (par
10-cents.) Price—50 cents per share.
Proceeds
—For mining expenses.
Address—P. O. Box
394, Estes
Park, Colo. Underwriter—None.
Co.
-Offei'ing—Indefinitely postponed. Other fi¬
may
share). Proceeds—For general corporate purposes.
Office—112A North Green
St., P. Q. Box 3467., Greens¬
boro, N. C.Underwriters—United Securities Do., Greens¬
boro, N. C. and McCiarley &
way, New
Stanley & Co.; The First Boston
Corp.
ceived by
company up to 11 a.m.
^genej'al eoipoiutle .purposes.c Office —
illitderwriter-^P: W. Broolts '& Co., Inc.,
per
r
Consolidated Edison Co. of N.
Y., Inc. (6/3)
March 3 filed
$50,000,000 of first and
refunding mortgage
bonds, series O, due June
1, 1988. Proceeds—To retire
short-term bank loans and for
construction program.
Underwriter—To be determined
by competitive bidding.
Probable bidders:
Halsey, Stuart &
siipplied^by, amendmeitt: Proeeeds^-For
Domestic'Finance Group Inc. ;/
Api'il <3 (letter of motification) ;30,000 shares of 70-cent
cumulative preferred
stock, series A. Trice—At par ($10
common
Underwriter—Lehman Brothers.
and
^
Proceeds
Offering—Indefinite.
be
u
New Yorlc.
nancing
Under¬
$25,000,000 of first mortgage" bonds
Sept. 1, 1968, $20,000,00 of
subordinated debentures
■'
'•
(par $1) to
offered, for: subscription by corrrmon ;stockholders :at
rate of one new
share* for -each four shares held.
Clifton, N. J.
20.5 E. 85th
construct refinery.
York.
property,
Price—'To
Cobb
-
purposes. "Office—Al-
acquisition ot stock of.business.^entferprisesv UnderIrving Liehtman is President and Board
Chairman:'/
the
(par $1—Canadian). Price—50
.cents per share*
(II. S. funds). Proceeds—For
exploration costs, .etc. Of¬
fice—5616 Park Ave,,
Montreal, Canada. Underwriter
Jean ,R. Veditz Co..
Inc., 160 Broadway, New York.
16
corporate
writer—None.
be
Chess Uranium
Corp.
Dee.
general
P"v'
Offering-
—For general
corporate purposes.
;
Dixon .Chemical & Research, Inc.
Dec. 24 filed ,165,625 shares Of com mon
stock
Date indefinite. .Statement
effective March 12.
Chase Fund of Boston
(6/3)
•
Ave.,
■r\-
con¬
(John), Inc. (5/14)
April 24 (letter of notification)
150,000 shares ,of
mon stock
(par 25 cents). Price—$1 per share.
Underwriter—None.
and
.
offered in units of $100 of bonds and 10
shares of stock
.
expenditures, exploration
■
Oct. 10 fried 400JMK) shares of class A
common stock (par
$1). Price—$2T)0 per share. Proceeds—For liavestment.
Business—Purchase and development of real
Sept. 12 filed $5,000,000 of 20-year
mortgage bonds and
500,000 shares of common stock (par five
cents) to be
.
of'24
by amend¬
Avenue, Albertson, Long Island,'N. Y. 1'ndcfrwriter—None.
- *'
v-;-v ,;V
y'- '1"'
Disc, Inc., Washington, D. C.
J
1 ^
expansion
f
each
York, N. Y. Underwriter—None.
Proceeds—For
Mortgage & Investment Corp.
Co., New York,
in
supplied
bertson
Corp. (jointly); Kidder, Peabody &
Co.", Bids—Expected
to be received
during week of May 19.
writer— Shearson, Hammill &
capital
cent)
be
Digitronics Corp.
Feb. 12 (letter of
notification) 140,000 shares of class B
capital 'stock (par 10 con Is). Price -— $1.50 per share.
amendment. Proceeds—
April 24 filed .1,000,000 shares of
capital stock (par $1).
Price—$10 per share. Proceeds—For
investment. Under¬
Price —To
•
short-term notes mid for new construction
Underwriter—To be determined -by
competitive bidding.
Probable bidders: Halsey, Stuart & Co.
Inc.; The First
Boston Corp.; Eastman
Dillon, Union Securities & Co.:
White, Weld & Co. and Stone & Webster. Securities
business. Office—Miami
Beach, Fla.
writer—Aetna Securities
Corp., New York.-
one-half
(par
Proceeds--Foi-
Daybreak Uranium, Inc., Opportunity, Wash.
Jan. 29 filed 1,156,774 shares of common
stock (par 10
cents), of which 630,000 shares are to be offered for ac¬
count of compaliy and 526,774 shares for
selling stock¬
New
Ltd
Price—$100.50 per unit. Proceeds—For
purchase of first
mortgages or to make first mortgage Joans and
for
slock
companies.
Manufacturing Corp. of America
(letter of notification) 150,000 shares 'of common
stock (par 10 cents).
Price—$2 per share. Proceeds—
For general corporate purposes. Office—-276
Fifth
repay
Central
•:r
'-"v*
units of
Dianulse
bonds, due
b^
'
Jan. 29
Electric Corp. (5/19-23)
of first mortgage
Price—To be supplied
/f
market.
Proceeds—For exploration
drilling costs and other corporate purposes, Under¬
writer—Herrin Co., Seattle, Wash.
Central Hudson Gas &
1888.
Broai
and
Collings Henderson on the American and To¬
Stock Exchanges.
Price—At market. Proceeds—
selling stockholders.. Office—Toronto, Canada. Un¬
April
To
S
holders. Price—At
M.
Commerce Oil Refining
Corp.
(5/21)
common
cents.)
Houston, Texas. Underwriter
Co., Inc., New York.
>
derwriter—None.
•
share-U.
Voting Trusts.
costs and other corporate purposes.
ronto
stock
(letter of notification) 20,697 shares of comstock (par $10) being coffered to
stockholders at the
rate of one .new share for each share field
of record
29; rights to expire
ment.
(latter proposes to distribute said shares
ratably to its
of record Dec.
16, 1957). The remaining
100,000 shares are to be sold for the account of the Estate
To
common
Statement withdrawn.
filed 767,838
common
Cuban
Campbell Chibougamau Mines Ltd.
10 filed 606,667 shares of
capital stock (par $1)
506,667 were issued in connection with the ac¬
of A.
%
of
exploration ®nd
.Cuban-Venezuelan Oil
ol
May 21
Exploration
;
v
investment
Corp. §{
U f
voting 1 nisi
certificates,
each certificate representing the
ownership of one share
March
Yorcan
For
—
Havana, Cuba
of which
of
Proceeds
March 31
Inc.
assets
Sales
—
New York.
way.
Underwriter—Daniel D. Weston & Co.,
Inc., Bev¬
erly Hills, Calif.
the
Research
is President.
^drilling costs
Suite 607, 320 Bay St.,
Toronto, Ont., Canada
Underwriter—Stratford Securities
Co., Inc., 135
—
all
Robert II. Green
funds.
Calif.
of
Counselors
Cubacor
; ; Office
March 27 (letter of
notification) 40,000 shares of 17V2c
preferred stock (par $1). Price—$2.50
per share.
Pro- —
eeeds
To selling .stockholder. 'Office —
Los Angeles,
quisition
—
Explorers, Ltd. .*•.
Oct. 28 (letter of notification) 800,000 shares
stock (par $1 -Canadian) .n Price—50 cents
per
filed
May 14 (letter of notification) 600,000
shares,of
mon
1
•
V'-VY'j
pected to be received up to 11
,
March 28
.
Louis.
(5/21)
$22,000,000 first mortgage bonds due
1983. Proceeds—To
repay bank loans and for construc¬
tion program. Underwriter—To be
determined, by com¬
petitive bidding. Probable bidders:
Halsey,r Stuart cSi. Co
Inc.; Lehman Brothers; Blyth & Co., Inc., and Fj S
Moseley & Co. (jointly); Merrill Lynch,; Pierce, Fen net
& Smith;. Harriman
Ripley & Co/Tnc;Vand(The I'UrsC;
Boston Corp.
(jointly); White, Weld & Co. Bids—Ex- '
16
,
Underwriter
.1
'
Research Fund, Inc., St.
Louis, Mfl
100,000 .shares of capital -.stock,
(par 0£
Price—At market.
Proceeds—For-
filed
cent).:
^Boston Fund Inc., Boston, Mass.;
April 30 filed (by amendment) an additional 1,500,000
shares of. common stock (par
$1). Price
At market.
struction
ic Arkansas Western Gas Co.,
Fayetteville, Ark.
(5/28)
May 5 filed 55,774 shares of common stock
(par $5) to
be offered for
subscription by stockholders of record
May 28, 1958, at the-rate of one additional Share for each
TO shares then
Counselors
stockholders
stock
to
St., New York, N. Y.
Feb.: 5
Blacksmith Shop Pastries Inc.,
ftockport, Mass.
Sept. 17 (letter of notification) $100,000 of (P/2% debent¬
ures dated Sept. 16, 1957 and due Sept.
15, 1972 .and
40,000 shares of capital ;stock (par $1) to be offered
in units of one $50 ^debenture and 20 shares of
capital;
stock.
Price—$90 per unit. Proceeds—To retire mort-;
gage notes and for working capital. Underwriter—Mann
leasehold improvement and
—To
-'m
1!
Broad
new
9 River
(Dec. 23
share for each five shares held
Underwriter—I-Iooker & Fay, San Francisco,
Offering—Has been deferred.
■■■'•.«
Calif.
(5/12)
March 31 .(letter of notification) $275,000 of
10-year 7%
convertible .debentures due May 1, 1968 and
27,500 shares
of
new
•'
'
Inc., Long Island
City, N, V
April 16 filed 280,000 shares of Common stock
(par ll
cents). Price—$2.50 per share.
Proceeds—To-pay baftk
loans and for working capital and other
corporate pur
poses.
Underwriter—Netherlands Securities Co., w
Brooklyn Union Gas Co.
American Mutual Investment Co., Inc.
Ampco Mfg. Co.
one
REVISED
industries,
Cosmos
Price—To be supplied by amendment. Proceeds—For re¬
duction of bank loans, expansion and general corporate
April
'Dec. 17 filed 490,000 shares of capital stock. Price—$10.20
per share. Proceeds—For investment in first trust notes,
second trust notes and construction loans. Company may
•
the basis of
additions
PREVIOUS iSSUt
ITEMS
•
■
■
8, 1953
purposes.
Feb. .28 filed 500,000 shares of common stock
Price—To be
Bishop Oil Co., San Francisco, Calif.
Feb. 27 filed 112,565 shares of common stock (par $2) to
be offered for subscription
by common stockholders
on
Thursday, May
.
SINCE
.
Aeronca
.
★ indicates
•
■
Feb.
.
.
-
Proceeds—For construction of
plant, working
other corporate
purposes.
Co., Albuquerque, N. M.
★ Exploration Service
capital ana
Underwriter—Minor, Mee &
Co., Ltd., Far Hills, N. J.
April 30 filed, together with An-Son
Offshore Drub0»
New Orleans, La., 15
units, each representing <*
Co.,
Number 5740
Volume 187
The Commercial and Financial
...
tj(l/i30th of the working interest in the North Half Main
Pass Block 48 Prospect.
Price—$10,780 per unit. Pro¬
ceeds—For cost applicable to the interests offered of
drilling and testing a proposed well, and the estimated
cost of completing and equipping said well as a producer
of: oil and/or gas. Underwriter—Cador Inc., Far Hills,
3395
Bannock
S.
St., Englewood, Colo. Underwriter
Inc., Engiewood, Colo.
Fluorspar Corp. of America
Dec.
26
cents).
work
filed
470,000
Virginia
Foods
Corp.
of
shares
stock
common
(par 29
Price—$3 per share.' Proceeds—For exploration
working capital.
Office — Portland, Ore
and
Underwriter—To
Famous
—
American Underwriters,
NrJ.
.
(2103)
Chronicle
be
named
berg is President.
(letter of notification) 10,500 shares of common
• Four Corners Oil & Gas
Co., Denver, Colo.
stock (par $5) and 390 common stock purchase warrants
March 25 filed 400,000 shares of common stock (par $1).
**tqf: be offered in units of 50 shares of stock and one
Price—$3 per share. Proceeds—To pay off debts and for
Warrant. - Price—$500 per unit. Proceeds—For equip-v
drilling and exploration costs. Underwriters—None.
'inent and working capital.
Office—922 Jefferson St., '
General Aniline & Film Corp., New York
'I Lynchburg, Va. Underwriter — Whitney & Co., Inc.,
Jan. 14, 1957 filed 426,988 shares of common A stock (no
■'Washington, D. C.
:
k
par) and 1,537,500 shares of common B stock (par $1)
Y,,* Fidelity Bankers Life Insurance Corp.
Proceeds—To the Attorney General of the United States.
^March 7 filed 450,000 shares of common stock (par $1) v Underwriter—To be determined
by competitive bidding.
;to be offered for subscription by holders of outstanding
Probable bidders: Blyth & Co., Inc., and The First Bos¬
ijjtock on a pro rata basis; thereafter the balance remain¬
ton
Corp.
(jointly);
Kuhn,
Loeb
&
Co.; Lehman
ing, if any, will be offered to the public. Price—$5 per
Brothers, and Glore, Forgan & Co. (jointly). Bids—Had
share to stockholders; and to the public at a price to be
been scheduled to be received up to 3:45 p.m. (EDT) on
determined.,» Proceeds — For expansion and ^ther -nr.
May 13 at Room 654, 101 Indiana Ave., N. W., Washing¬
< porate
purposes. Office—Richmond, Va. Underwriter—
ton 25, D. C., but bidding has been postponed.
::None.
.
'
General Devices, Inc., Princeton, N. J.
First Backers Co., Inc., Clifton, N. J.
March 31 (letter of notification) 40,000 shares of com¬
iXpril 7. filed* $1,000,000 of 12% notes,; payable nine
mon
stock (par $1) to be offered for subscription by
months after date of issue in units of $100 or in mul¬
stockholders at the rate of approximately 18.5 shares
Jan. 30
.
tiples thereof. Price—100%; of principal amount. Pro¬
ceeds—To be used solely for purchase of notes and other
indebtedness issued in payment for improvements on
Bhomes and secured by mortgages or other liens upon the
Electronics
Distributors
April 11 filed 2,170,545 shares of common stock (par $4)
to be offered in exchange for capital stock (par $5) of
the Mission Development Co., on basis of one share of
Getty stock for each 1.2 shares of Development stock, or
shares of Development stock.
five shares of Getty for six
Glassheat Corp.
(5/12-16)
(letter of notification) 150,000 shares of class A
common stock (par 10 cents).
Price—$2 per share. Pro¬
ceeds—For general corporate purposes.
Office—1 E.
35th Street, New York 16, N. Y.
Underwriter—James
Anthony Securities Corp., 37 Wall St., New York 5, N. Y.
Feb. 12
Gly Inc.
4 (letter of notification) 300,000 shares of com¬
stock (par 30 cents). Price—$1 per share. Proceeds
—For
acquisition, development and operation of oil
and gas properties.
Office—Bacon Bldg., 5th & Pino
5ts., Abilene, Texas. Underwriter
Barth Thomas Ai
Co., Inc., New York.
March
mon
Divido Oil Corp.
Great
Oct. 11
(letter of notification) 300,000 shares of common
10 cents). Price—41 per share. Proceeds—
balance on oil and gas properties, and unsecured
for drilling and working capital. Office—207
Newhouse Bldg.
Salt Lake City, Utah. Underwriter—
Birkenmayer & Co., Denver, Colo.
itock
(par
To pay
lotes and
Inc.
Guardian Insurance Corp.,
10
(letter of notification) 2,090 shares of common
stock (par $25) to be offered to stockholders until May,
1958, then to the public. Price—$42 per share. Proceeds
—•For loans payable to bank, inventory and working
year's deficit. Office—
.
Getty Oil Co., Wilmington, Del.
100
General
Feb.
First International Fire Insurance Co.
I,Aug. 26 (letter of notification) 100,000 shares of common
stock (par $1)
Price — $3 per share. Proceeds — For
Underwriter—Buckley Enterprises, Inc.
purposes.
—None.
r,
capital and surplus and for first
each
Un- '
(
ir Georgia Casualty & Surety CoAtlanta, Ga.
May 6 filed 450,000 shares of common stock (par $1).
Price—$6 per share. Proceeds — For general corporate
shares to
Underwriter—None.
^improved properties.
Ser writer—None.
shares held about April 15; unsubscribed
public. Price—$3.50 per share. Proceeds—For
expansion, equipment and working capital. Underwriter
for
Office—735 Main Street, Wheeling, W. Va.
capital.
Sol Gold¬
amendment.
by
47
Baltimore, Md.
Aug. 16 filed 300,000 shares of common stock, of which
200,000 shares are to be publicly offered and the remain¬
ing 100,000 shares reserved for issuance upon exercise
of warrants which
are
to be sold at 25 cents per
warrant
to organizers, incorporators,
management, and/or direc¬
Price—$10 per share. Proceeds—For working cap¬
and
general corporate purposes.
Underwriter —
tors.
NEW ISSUE CALENDAR
*
V.
;
-
'
:
'
;
\
'
I
'; 4
•
Sit-. Public
$16,000,000
■
-
„
Common
11
..Bonds
EST)
am
&
$25,000,000
Bonds
H'rriman Ripley & Co. Inc., Lazard
and Smith, Barney & Co.) $11,000,000
Co.,
&
Co.,
Line Corp.—_._Bonds
$15,000,000
shares
Robert-W. Baird & Co.).241,211
(Wednesday)
May 28
•'
'Tuesday)
May 13
Co.——..-Common
Thompson (H. I.) Fiber Glass
^(" .: • (Shearson, Hammill & Co.) 125,000 shares
4V ; United Gas improvement Co
—
r.
(Bids 11 a,m. EDT)
H
underwritten)
not
(Offering
Bonds
(Offering
„
June 3
11
Brothers)
(Lehman
(W
7
'
,'
'Bids
ifAC:
$20,000,000
'
j\
'* •
:
.
May
New
Securities Corp.)
ulities Co—*—
a.m.SEDT)
11:15
(Bids
,;"'Gulf States
/-/
Y,
:
v
,
;
Bonds
'YY
.
'
$20,000,000
&
Fuller
D.
;
Co.)
$2,600,000
Dillon,
Power
vtav
mri.!
& Co., Inc.)
11
Co
a m
EDT)
First
Boston
Corp..
Smith Barney
$400,000
'Tuesday)
Debentures
$3,000,000
Bonds
Light Co
(par 23
Life Insurance Co.
offered to the public at $5 per share and
of class B
common
stock
to
be
stock to be
116,366 shftrea
offered to stockholders
it $6 per share at the rate of two new shares for each
five shares held. Proceeds—For working capital. Offiee
Fla.
Underwriter—None.
Mines, Ltd.
Nov. 20 (letter of notification) 300,000 shares of com¬
mon
stock.
Price—At par (31 per share).
Proceeds—
repay loan, to purchase equipment and machinery
for working capital. Offiee—1551-A Eglinton Ave.
West, Toronto 10, Ont., Canada. Underwriter—D'Amico
k Co., Inc., Buffalo. NY.
To
to
be
Bonds
—
invited)
$6,000,000
Bonds
July
(Wednesday)
2
a.m.
am
Julv 9
EDT)
New
Bonds
$30,000,000
to be invited)
Bonds
$60,000,000
(Tuesday)
England Telephone & Telegraph Co.—Debens.
(Bids to be
Invited) $40,000,000
of record
St., Boston, Mass.
Underwriter—None.
+ Household Gas Service, Inc.
May 1 (letter of notification) $60,000 6% convertible
debentures dated June 1, 1958 and due June 1, 1973.
Price—100% plus accrued interest (in denominations of
$1,000 and $500). Proceeds—For repayment of debt and
working capital. Office—Clinton, N. Y. Underwriter—
Mohawk Valley Investing Co., Inc., Utica, N. Y.
Husky Hi-Power, Inc.
April 14 (letter of notification) 15,000 shares of 6%%
convertible series A preferred stock. Price—At par ($20
per
share).
Proceeds—For working capital.
P.O. Box 380, Cody, Wyo. Underwriter—The
Co. of Lincoln, Lincoln, Neb.
(Wednesday)
Telephone Corp
(Bids
j
EDT) $25,000,000
July 8 (Tuesday)
Northern States Power Co. (Minn.)
New York
;l
Bonds
Jorp..
11
Debentures
$40,000,000
(par $100) to be offered to stockholders
March 12, 1958. Price—$115 per share. Proceeds—To be
added to the general funds of the company. Office — 2
Park
''
(Wednesday)
1
Houghton Mifflin Co.
April 1 (letter of notification) 434 shares of common
stock
.
August 26
—Preferred
$16,000,000
invited)
(Bids to be invited)
K"nd*
$22,000,000
Blyth & Co., Inc. and
& Co.)
be
June 25
(Bids
ZTZTncT^°mmon
Public Service of Colorado
(The
to
(Bids 11:30
$25,000,000
Corp
Holman
Gas
Brooklyn
,
(Bids
'Wednesday)
Management
(McDonald,
/
Pacific Power & Light Co.__
(Bids to be invited) $20,000,000
Florida Pow*m
Bonds
CDT)
a.m.
21
$15,000,000
Central Illinois Light Co
Co.) 40,000 shares
-
10
Com.
Bonds
United Gas Corp
(Tuesday)
~o.
(Bids
Bankers
stock
,
735,245 scares
June 24 ..(Tuesday)
..
Common
May 20
Illinois
Common
Securities & Co.) $900,000
Union Securities &
17
Delaware Power &
—debentures
Corp.
(Eastman Dillon, Union
(Eastman
•,
Common
Walker-Scott Corp
v\
227,500 shares of common
cents) to be offered in exchange for outstanding common
•hares of Van Dorn Iron Works Co Underwriter—None.
ind
Bonds
-•
Technology Instrument Co.(S.
,
(Bids 11:30 a.m. EDT) $25,000,000
240,000 shares
(Bids noon EDT)
be rnvited)
(Bids to
Bids
Utilities Co.—
Walker-Scott
Industries, Inc., Sinning Spring, Pa.
filed
—Fort Lauderdale,
(Monday)
Community Public Service Co
"
t;
Bonds
$50,000,000
England Telephone & Telegraph Co
.
■
$10,000,000
(Offering to stockholders—no underwriter)
June
'Monday)
19
Bonds
«nvltpd>
Oklahoma Gas & Electric Co.
•••'
~
20
Horlac
Preferred
Central Hudson Gas & Electric Corp
.:
(Bids to be invited) $18,000,000
Gulf States 1
Hofmann
Home Owners
Co
hp
June 16
$60.000 000
Common
and Clayton
200,000 shares
Co.
&
Plohn
t
Nov. 1 filed 50,000 shares of class A common
'Wednesday)
(Bids to be invited)
Debens.
Corp
Dominick & Dominick)
Tel-A-Sign Inc.
'!• At(Charles
'
•
(Offering not
'c,
Bonds or Debs.
t25.000.000
Niagara Mohawk Power Corp
Bonds
Equipment Co
underwritten) $300,000
X>-.Nuclear Materials &
Bids
Co.) $893,400
Chemical
&
and
Co.
&
11
New England Power
Common
11 a.m. EDT)
Distillers
Forpan
Tuesday)
to be invited)
June
Electric Co
(Bids
.*?• (Glore,
10
Virginia Electric & Power Co
(Thursday)
Bond
(Bankers
YYY National
Bonds
Inc
$50,000,000
,
Merrimack-Essex
#
EST)
a.m.
Dec.
$87,500,000
'
.c
11
June
7 Bankers Southern Inc
■s
(Bids
Common
•
May 15
Y
$20,000,000
Fund, Inc
One William Street,
v
EDT)
a.m
of N. Y
Consolidated Edison Co.
Bonds
Lighting Co
(Bids
Capital
(Shearson, Hammill & Co.) $10,000,000
Common
"Y(B. Fennekolil & Co.) $150,000
Long Island
April 29
(Tuesday)
Chase Fund of Boston
Cobb (John) Inc
;i
it Hera Exploration Co.
(letter of notification) 620,000 shares of com¬
mon stock
(par 10 cents).
Price —15 cents per share.
Proceeds —r- For
exploration, engineering, development
and
working capital.
Office—115 Seventh Avenue,
Rendton, Wash. Underwriter—None,
Common
underwriter) (87,079,200
$15,000,000
(Wednesday)
May 14
-
Co
stockholders—no
to
$836,610
(Thursday)
May 29
Illinois Bell Telephone
(5/19)
Lynch, Pierce, Fenner & Smith and Lehman Brothers
(jointly); Stone & Webster Securities Corp. Bids—To
be received up to noon (EDT) on May 19 at The Han¬
over Bank, 70 Broadway, New York 15, N. Y.
Common
Arkansas Western Gas Co
Utilities Co.
April 16 filed 240,000 shares of common stock (no par).
Proceeds—Together with other funds, to be used for
construction program. Underwriter—To be determined
by
competitive
bidding.
Probable bidders:
Merrill
$25,000,000
Transcontinental Gas Pipe Line Corp
Preferred
(White, Weld & Co., and Stone & Webster Securities Corp.)
.
>'* '■
Gulf States
(White, Weld & Co., and Stone & Webster Securities Corp.)
';vf.v::V.
(5/19)
Halsey, Stuart & Co. Inc.; Merrill Lynch Pierce, Fenner
& Smith and White, Weld & Co.
(jointly); Salomon
Bros. & Hutzler and Eastman Dillon, Union Securities
& Co. (jointly); Lehman Brothers; Stone & Webster Se¬
curities Corp.; Kuhn, Loeb & Co. Bids—To be received
up to 11:15 a.m. (EDT) on May 19 at The Hanover Baftk,
70 Broadway, New York 15, N. Y.
(Tuesday)
Transcontinental Gas Pipe
Wisconsin; Power & Light Co.———
Barney & Co., and
Loeb
Freres
Preferred
'
,s' (Offoring to preferred stockholders—^underwritten
by Smith,
; l? '
Barney &.Co., and Robert W. Baird & Co.) $3,000,000
:'
f'i Wisconsin Power & Light Co.-—.——1—Common
(Offering to common stockholders—underwritten by Smith,
'
Bonds
$70,000,000
EDT)
a.m.
(City of), Norway
(Kuhn,
.
(Sinclair Securities Corp.) $130,000
f
11:30
Bids
Oslo
Bonds
of Oklahoma—
Tele-Broadcasters, Inc.
'
shares
Appalachian Power Co
Common
'.(Bids 11 a.m. CDT)
:
150,000
Co.)
&
May 27
;/
—
Fuller
Securities Corp ) $300,000
Anthony
Service Co.
D.
Utilities Co.
Gulf States
April 16 filed $20,000,000 of first mortgage bonds due
1988.
Proceeds—Together with other funds, to be used
for construction program. Underwriting — To be deter¬
mined
by
competitive
bidding.
Probable
bidders:
Common
Corp
Telephone Co
& Com.
.
(James
New York
(Bids
Ampco Manufacturing Co
Debentures
:
■'}>(Cortlandt Investing Corp.) $277,500 „f
Glassheat Corp.
(S.
\
■■
Transistor
Industro
(Monday)
12
May
^
, v
None.
(Monday)
May 26
(Dunne fir Co.) $750,000
i■;
.'W*
ital
J''
'
Debens. & Common
Long Island Arena, Inc.—
:
■.-V'1".-.' '''
(Friday)
May 9
;
■.
Illinois
April 23
1988.
Power Co.
(5/20)
filed $25,000,000 of first
Proceeds
—
Address—
First Trust
mortgage bonds, due
bank loans and
To repay short-term
Continued
on
page
48
Financial Chronicle
The Commercial and
of
Continued from page 47
for
offered in units of one
share of common stock. Price
—$60 per unit. Proceeds—For working capital. Office—
4383 Bandini. Blvd., Los Angeles, Calif.
Underwriter—
Underwriter—To be determined
construction.
new
stock (par $1) to be
common
share of preferred
by competitive bidding. Probable bidders; Halsey,. Stuart
& Co. Inc.; Eastman Dillon, Union Securities & Co.;
None. '
and
'
-
one
"
,
White, Weld & Co. and Merrill Lynch, Pierce, Fenner
& Smith (jointly); The First Boston Corp.; Harriman
Ripley & Co. Inc. Bids—To be received by Company
Chicago, 111., up to 10 a.m. (CDT) on May 20.
JProceeds—For investment.
•
^ Mead Corp., Dayton, Ohio
I
May 1 filed 250,000 shares of common stock
be offered pursuant to the company's 1958
in
.
■
Merchants
Co., New York.
(N. Y.)
Feb.
1988.
C, due
.
Proceeds—For mining expenses. Office
King St., Wallace, Idaho. Underwriter—None.
Inc.,
Janaf,
stock.
(letter of notification) 200,000 shares of common
—
18
stock
Inc., Roanoke, Va.
Price—$5 per share.
Proceeds—
tion
May 5 filed 71,958 shares of common stock (par $1) to
offered in exchange for outstanding common shares
April 8 filed 696,260 shares of common stock (par $10)
feeing offered for subscription by common stockholders
at rate of one new share for each 10 shares held on April
ices; the remaining 664,818 shares are to be offered to
Price—To be supplied by amendment. Pro¬
ceeds—To selling stockholders.
Underwriter—Market
Securities, Inc., Salt Lake dity, Utah. : .
!
(5/15)
-the public.
1983.
repay
j'j Pecos Valley Land Co., Carlsbad, N. Mex.
March
13 filed 2,000,000 shares of common stock (par
cents), of which 300,000 shares are to be offered for
sale by the company and 1,700,000 shares by the present
holders thereof.
Price—$1 per share. Proceeds—From
sale of the 300,000 shares, to be used to pay 6% mortgage
notes and interest and to pay back tax claims, and inter¬
tO
stock
est due
Gas
Pipeline Co. of America
pipeline bonds
Price—To be supplied by amendment Pro¬
1977.
ceeds— To
&
reduce
Co.
Inc.
of New York.
bank
and
loans.
both
Offering—Now expected in June.
(5/26) > V
$70,000,000 of refunding mortgage bonds,
series K, due May 15, 1991. Proceeds—To refund a like
May
2
*
Lehman
filed
sold last year. Underwriter
by competitive bidding. Probable
bidders: Halsey, Stuart & Co. Inc.; Morgan Stanley &
Co. Bids—To be received up to 11:30 a.m. (EDT) on
May
—
be
26 at Room 1600, 140 West
Nichols,
insurance Co.
Price—4j>27
April 22 at the rate of one new share for each share held
(with an oversubscription privilege); rights to expire on
May 9. Price—$12 per share. Proceeds — For working
capital. Office — Portland, Me, Underwriter — P. W.
Brooks & Co., Inc., New York.
bank
it Maryland Recreation Enterprises, Inc.
April 28 (letter of notification) 1,000 shares of 6% cu¬
mulative preferred stock (par $100) and 20,000 shares
St., New York, N. Y.
stock
(no par)
short term
Business — Sell?
Underwriter—None
common
—
Underwriter—None.
,
,
i
.
capital and for
repay
states
R. B.
-
v,
Nuclear Materials
company
of
district
offices in
is currently licensed
the
to do
Office—Jackson, Tenn.
Underwriter—None.
Smith, Jr., is President and Board Chairman.
Policy Advancing Corp.
(letter of notification)
mon
stock
.'ommon
each
(par
of C0IP~
subscription b>
rate of one new share for
unsubscribed shares to be offered to
$5)
stockholders
share
debenture
held:
holders
to be
30,250 shares
offered
for
at the
and
to
others.
Proceeds—For
Potomac Plastic Co.
March 31
.
share.
Chenango
Price—$8 per
working capital.
Office—-27
St., Binghamton, N. Y. Underwriter—None.
&
Equipment Corp. (5/15)
April 18 (letter of notification) 30,000 shares of 6% noncumulative convertible preferred stock.
Price—At par
($10 per share). Proceeds — For working capital and
additional equipment. Office — Warren Ave. at North
Seventh St., Apollo, Pa. Underwriter—None.
development
the
March 25
D. C.
•
where
business.
Doctors Hospital Corp.
April 4 (letter of notification) 30,000 shares of common
(par one cent). Price—$10 per share. Proceeds—
For building fund.
Office — 522 Leesburg Pike, Falls
Church, Va. Underwriter—Whitnev & Co., Washington
capital and for the construction of
recreational center.
Office — Fisher Lane, Rockville,
Mayfair Markets
March 24 (letter of notification) 5,000 shares of 6%
-mutative preferred stock (par $50; and 5,000 shares
Proceeds—To
loans and for working capital.
Northern Virginia
Pro¬
White, Weld & Co. (jointly).
248,000 shares of class B-non-voting stock to be offered
units consisting of one class A and four class B
shares.
Price
$75 per unit.
Proceeds — For working
hatching eggs and day-old chicks.
George E. Coleman, Jr., is President.
ceeds—For working
Md.
share.
Lynch,
in
stock
per
Brothers; Smith, Barney & Co.; Merrill
Peoples Protective Life Insurance, Co.
March 27 filed 310,000 shares of common stock (par $l/»
consisting of 62,000 shares of class A-voting stock ana
Inc., Exeter, N. H.
Nov. 14 filed 25,000 shares of
(par $4)
and
determined
feeing offered for subscription by stockholders of record
ft
Underwriter—Wiles
r
Pierce, Fenner & Smith; Glore, Forgan & Co., and W. C.
Langley & Co. (jointly); Kidder Peabody & Co. Inc.,
amount of series J 4*2% bonds
—To
Dallas, Texas.
estimated to be received from operations, toward the
company's construction program; Underwriter — To be
determined by competitive bidding.
Probable bidders:
The First Boston Corp. and Blyth & Co. Inc. (jointly);
-Underwriters—Dillon.
Halsey, Stuart & Co. Inc.,
• New York Telephone Co.
{jointly;; W. C. Langley & Co.; Smith, Barney & Co.
Rids
Expected to be received at City Bank Farmers
Trust Co., 2 Wall St., New York, N. Y., up to 11 a.m.
(EDT) on May 14.
par.
the note to Mr. Harroun.
★ Pennsylvania Power Co.
May 7 filed 60,000 shares of cumulative preferred stock
(par $100). Proceeds—Together with cash on hand and
Natural
Read
Price—At
on
& Co.,
due
petitive bidding. Probable bidders; Halsey, Stuart &
Co. Inc.; The First Boston Corp. and Blyth & Co., Inc.
(par $10 ),
.
•
Long Island Lighting Co. (5 14)
April 8 filed $26,000,000 of first mortgage bonds, series
J, due 1988; Proceeds—To retire bank loans and for new
construction. Undenvriter—To be determined by com¬
stock
Corp., New York
Salt Lake City, Utah
April 18 filed 767,818 shares of common stock (par $1),
100,000 shares are to be offered by the company
in exchange for oil and gas properties and 3,000 for serv¬
Nov. 19 filed $40,000,000 of first mortgage
and W. C. Langley & Co.
common
Co.,
Pittsburgh, Pa.
29, 1958; rights to expire on May 15, 1958. Price—$22.25
per shard.
Proceeds—To repay bank loads and for new
construction. Underwriters—Blyth & Co., Inc.; The First
of class A
&
of which
Newcastle, Pa.
(letter of notification) 200,000 shares of com¬
(par $1). Price—$1.50 per share. Proceeds—
For mining expenses. Underwriter—Johnson & Johnson,
mon
Calvert
N.
Underwriter—Burnett
Paradox Production Corp.,
National Manganese Co.,
Long Island Lighting Co.
Md.
—None.
March 21
•
Office—2502
expenses.
18,
For making investments and loans in companies or en¬
terprises that the corporation is already financially in¬
terested in, or for other corporate purposes. Underwriter
Price—To be supplied by amend¬
$30,000,000 long-term bank
loans, to reduce short-term loans and for capital expen¬
ditures and working capital. Underwriters—Olore, Forgan & Co. and Dominick & Dominick, both of New York.
'
operating
payable at the rate of 5% and at an offer¬
ing price of 100% of principal amount; and (b) capitalappreciation notes, at a discount from maturity value so
as to yield 5%
compounded semi-annually. Proceeds—
April 25 filed $60,000,000 of 25-year sinking fund deben¬
Proceeds—To
com¬
with interest
Lake Superior
Refining Co. (both of Superior, Wis.), at the rate of six
shares of Murphy stock for each share of Superior Re¬
finery and Lake Superior stock.
The company also
offers its stock in exchange for outstanding negotiable
promissory notes and second mortgage notes of Superior
Refinery, and for outstanding negotiable promissory
notes of Lake Superior, at rate of four shares for each
$100 principal amount of such notes.
Offer is condi¬
tional upon its acceptances by holders of at least 95%
of the outstanding shares and notes of both companies.
Superior Refinery Owners, Inc., and
ment.
23,200 shares of
March 31 filed $2,000,000 of 5% notes, due Oct. 1, 1963
to be offered in two types:
(a) interest-bearing notes
be
tures due May 1,
and
Palestine Economic
'■
Distillers & Chemical Corp.
•%./%%:"%
(par $1). Price—$5 per share, Pro¬
completion of plant plans; land; construc¬
St., Baltimore
Sparks, Md.
• Murphy Corp., EI Dorado, Ark.
National
company
Underwriter—
"
(letter of notification)
ceeds—For
_
•
open-end
offering.
class B stock
mon
Municipal Investment Trust Fund, Inc. (N. Y.)
May 9 filed 5,000 units of undivided interests in Munic
ipal Investment Trust Fund, Series A. Price—At market
Proceeds—For investment.
Sponsor—Ira Haupt & Co.
of
become
To
of this
T. C. Enterprises Inc.
O.
March 6
purchase of land, construction and working capital.
Underwriter—Southeastern Securities Corp., New York
New York.
—
kilowatts of installed power at a total cost of ap¬
proximately 155,590,000 kroner. Underwriters — Kuhn,
Loeb & Co., Harriman Ripley & Co. Inc., Lazard Freres
& Co., and Smith, Barney & Co., all of New York.
(letter of notification) 60,000 shares of common
(par 40 cents).
Business
termination
Brothers, New York.
000
For
corporate purposes, including construction of the Arena.
Underwriter—Dunne & Co., New York on a best-efforts
t>asis.
•
-
stock
par
($1 par value). Proceeds — For
Office—1710 Hoge Bldg., Seattle 4,
At
expenses.
(par $1).
(City of), Norway (5/27)
May 6 filed $8,000,000 of sinking fund external loan
bonds, due June 1, 1973 and $3,000,000 of serial external
loan bonds, maturing June 1, 1960, 1961, and 1962. Price
—To be supplied by amendment.
Proceeds—For finan¬
cing in part the completion of the Hemsil Hydro-Electric
Power Development Project which is designed to pro¬
vide the City by the end of 1960 with an additional 152,-
York Stock Exchange price on the date
Office — 1700 Broadway, Denver 2, Colo.
Motel Co. of Roanoke,
Nov.
Long Island Arena, Inc., Commack, N. Y. (5/9)
April 7 filed $750,000 of 6% debentures due April 1,
1970, and 75,000 Shares of common stock (par 10c) to be
offered in units of $100 of debentures and 10 common
tshares.- Price — $100 per unit. Proceeds — For general
50,000 shares of capital
Inc. (5/14)
7,000,000 shares of capital
Price—$12.50 per share. Proceeds—For
• Oslo
Wash. Underwriter—None.
•
filed
to be offered to employees
company's Employees' Thrift Plan. Price—At
Price
mining
$500 of debentures and 250 shares of stock. Price—$750
per unit Proceeds—To finance increased inventories and
the cost of engineering new products, to acquire new
machinery and equipment, and for working capital.
^Underwriter—Dempsey-*Tegeler & Co., St. Louis, Mo,
26
Street Fund,
William
One
Lehman
Mineral Basin Mining Corp.
debentures, due April 1, 1973, and 100,000 shares of cap¬
ital stock (par $1) to be offered in units consisting of
March
•
following
Dec. 30
Engineering, Inc., Inglewood, Calif.
March 24 filed .$200,000 of 6% convertible subordinated
Fidelity Life
(jointly).
(EDT) on
Underwriter—N one.
Linair
Maine
mining claims and oil and gas
properties. Underwriter—Universal Securities Co., En¬
terprise Building, Tulsa, Okla.
the average New
Portland, Me.
March 28 filed 1,000,000 shares of capital stock (par $1).
Price—$5 per share. Proceeds—To acquire stock control
of "young, aggressive and expanding life and other in¬
surance companies and related companies and then to
.©perate such companies as subsidiaries." Underwriter—
First Maine Corp., Portland, Me.
1
Price—
—To acquire and operate
investment.
under the
Corp.,
,
$2.50 per share. Proceeds—For payment of loans, various
equipment, and a reserve for future operations. Business
aggregate value of $50,000,
Realty Corp., New York
Jan. 29 filed 250,000 shares of common slock (par 25
cents). Price—$2.50 per share. Proceeds—For develop¬
ment of property in Florida.
Underwriters—Aetna Se¬
curities Corp., New York, N. Y., and Roman & Johnson.
Fort Lauderdale, Fla. Statement effective April 23. Of¬
fering—Now being made.
Boston Corp.,
Securities & Co.
Union
,
Inc., Tulsa, Okla.
April 14 filed 200,000 shares of common stock.
stock
R Lefcourt
-
,
Mineral Operations,
Oil &
May 1 filed (by amendment)
of purchase.
Securities
(5/15)
Proceeds-!
mining, development and exploration costs, and for
working capital and other corporate purposes. Under,
writers—Harrison S. Brothers & Co., and Whitney & Co
both of Salt Lake City, Utah.
/
For
• Midwest Oil Corp.
York.
Insurance
Parker &
$1.75 per share; and to public, $2 per share.
May 2 (letter of notification) an undetermined number
of shares of common-stock (par 10), not to exceed an
Washington, D. C,
ago,
"
24, 1958 at the rate of 1*4 new shares
held. Employees may purchase 50.
000 shares of unsubscribed stock. Price—To stockholders,
May 15 at 441 Stuart St., Boston 16, Mass.
laly 30 filed $10,000,000 of 5*4-8% sinking fund deben¬
tures due Aug.
1, 1972 and 100,000 shares of common
/itoclc (par 20 cents) to be offered in units of a $1,000
-debenture and 10 shares of stock, or a $100 debenture
md one share of stock
Price—Par-for debenture, plus
per share for each 10 shares of stock.
Proceeds—For
construction of a shopping center and other capital im¬
provements: for retirement of present preferred shares,
isad for working capital, etc. Underwriter—None.'
Life
Dillon
Eastman
and
Regis,
so
for each share then
of first mortgage bonds,
Bids—Expected to be received up to 11 a.m.
Telegraph Corp.
April 17 filed $28,692,000 of 47'8% convertible subord¬
inated debentures due May 15, 1983 being offered for
subscription by stockholders of record May 6, 1958 at
rate of $100 of debentures for each 25 shares held; rights
to expire on May 21. Price—100% of principal amount.
Proceeds—For working capital, capital expenditures, in¬
vestments lit subsidiaries, etc.
Underwriter — Kuhn,
International Telephone &
;
April 4 filed 597,640 shares of common stock (par $n
to be offered for subscription by common stockholders
like amount of 5%% series B bonds due
a
Inc., Salt Lake City, Utah
Oil
1987.
Underwriter—To be determined by competitive bidding.
Probable bidders: Kidder, Peabody & Co. and White,"*
Weld & Co., (jointly); Halsey, Stuart & Co. Inc.; First
Boston Corp.; Merrill Lynch, Pierce, Fenner & Smith,
share.
JLoeb & Co., New
Underwriter—Hayden, Stone & Co., New York.
tration statement withdrawn about a month or
series
Proceeds—Together with other funds, to
filed $20,000,000
11
f
shares of common stock (par B
cents). Price—To be supplied by amendment. Proceed
—To prepay indebtedness to Norden-Ketay Corp. to
purchase additional equipment and for .working capital
of record March
Merrimack-Essex Electric Co.
•
^ Inspiration Lead Co., inc.
May.2 (letter of notification) 2,000,000 shares of common
class B non-assessable stock (par 10 cents).
Price—15 /
—106
Credit, Inc.
Washington, D. C. Underwriter—Auchincloss,
Redpath, Washington, D. C.
redeem
cents per
Employees'
$300,000 of 6% subordi¬
nated participating debentures, due Aug. 31,1958. Price—
At par. Proceeds — For working capital. Office — c/o
Harry-Malasky, President, 1425 Primrose Rd., N. W.,
•
,
1
April 21 (letter of notification)
Price —At market.
■ /
(5/26-29)
Feb. 28 filed 150,000 shares of common stock (par 10
cents). Price—To be related to the market price. Pro¬
ceeds—For working capital and to enlarge research and
development department. Underwriter — S. D, Fuller &
Industro Transistor Corp.
.
& Engineering Corp.
Nuclear Science
•
Thursday, May 8,1953
Sept. 20 filed 100,000
(par $o) to
Stock Plan.
Boston, Mass.
additional 1,000,000
^ Income Fund of Boston, Inc.,
Dday 2 filed (by amendment) an
chares of common stock (par $1).
.
...
(2104)
48
•
(letter of notification) $57*500 of 6%
subordia
01
nated convertible debentures and 57,500 shares of class
common stock
(par one' cent) to be offered in units
Number 5740
Volume 187
...
The Commercial and Financial Chronicle
of stock and $500 of debentures.
500 shares
Price—$1,000
unit. Proceeds — For equipment and working cap¬
ital- Office—1550 Rockville Pike, Rockville, Md. Under¬
writer—Whitney & Co., Inc., Washington, D. C.
- \ - -:
ard Oil stock for 10 shares
would
expire
per
A Prairie
Fibreboard Ltd.
210,000 shares of common stock (par $1.50)
offered for sale to residents of Canada in the Prov¬
inces of Manitoba, Saskatchewan and Alberta and to
residents of the United States "only in the State of North
Dakota." Price — $2.50 per share. Proceeds — For con¬
struction purpose. Office — Saskatoon, Saskatchewan,
and to employees of
under the deferred
payment basis. Proceeds—For working capital. Office—
195 Lake Street, New Britain, Conn.
Underwriter —
None.
'■
' " "
"
employees, other than directors,
company's designated subsidiaries
to
Underwriter—Allied Securities Ltd., Saskatoon,
/
r
To be used to organize, or re¬
companies in foreign nations,
principally, btit not exclusively, in the Far East, Near
East and Africa. Underwriter—None.
Proceeds
share.
—
organize and then operate
Public Service Co.
Strategic Minerals Corp.
Process
Corp.^Blyth & Co., Inc. and Smith,
Co., all of New-York.
construction program.
Underwriter—To be deter¬
bidding. Probable bidders: Hal-
Stuart & Co. Inc.; White, Weld & Co.; and Shields
& Co. (jointly); Blyth & Co., Inc.; Salomon Bros. &
Hutzler; Kuhn, Loeb & Co. and Eastman Dillon, Union
Securities & Co. (jointly); The First Boston Corp.; Glore,
Bey,
Forgan & Co.; Equitable Securities
ceived up to 11 a.m. (CDT) on May
Co. Bids—To be re¬
12 at 20 No. Wacker
Zelienople, Pa.
20,000 shares of com¬
pro-rata to stockhold¬
ers, then to the public. Price—$7.50 per share.
Proceeds
—To pay notes payable and bank loans and for working
March 4 (letter of notification)
mon stock (no par) to be offered
Underwriter—None.
capital.
Paint Co.
Rockcote
(letter of notification) 14,250 shares of 7%
cumulative preferred stock (par $10) and 10,000 shares
of common stock (par $1). Price—For preferred stock,
March
21
$10.25 per share; for common stock, $8 per share. Pro¬
ceeds—For working capital. Office—200 Sayre St., Rockford, 111.
Underwriter
—
kee, Wis.
The Milwaukee Co., Milwau¬
Coraopolis, Pa.
.v Rocky Mountain Quarter Racing
Oct. 31 (letter of notification) 300.000
stock. Price—At par ($1 per share).
Association
shares of common
Proceeds—To re¬
outsthding indebtedness. Office — Littleton, Colo.
Underwriter—R. B,' Ford Co., Windover Road, Memphis.
pay
Tenn.
Inc., Philadelphia, Pa.
Inc., Ardmore, Okla.
stock (par $10).
Price—$14.25 per share. Proceeds—For working capital,
acquisition, development, and exploration of oil and gas
March 24 filed 98>(313 shares of common
properties.
Underwriter—None.
Simplicity Pattern Co. Inc.
Oct. 10 filed 155,000 shares of common stock (par $1)
Price—To be supplied by amendment. Proceeds—To twr
selling stockholders. Underwriter—Merrill Lynch,
Fenner
&
Smith,
New
Offering
York.
—
Pierce
Indefinitely
postponed.
'
Southern
Electric Steel Co.
Dec. 23
(letter of notification) $300,000 of 6% seconc
mortgage serial bonds (with common stock purchase
warrants). Price—At par (in denominations of $1,00(
each).
demand notes pay
Proceeds—For payment of
capital. Office—2301 Huntsville
Birmingham, Ala. Underwriter—None.
able and working
Springfield Fire & Marine Insurance Co.
shares of common stock
being offered in exchange fop capital stock of
March 28 filed 1,000,000
Road
(par $2
Monarch
shares of Springfield
Life Insurance Co. at rate of
llA
for each Monarch share.
offer
The
expire at 3:30
will
May 29, unless extended. Dealer-Man¬
agers—The First Boston Corp. and Kidder, Peabody &
P.m.
(EDT)
on
bo., both of New York.
•
Dredging Corp.
April 9 (letter of notification) 33,000 shares of common
stock (par $1). Price—At market (estimated at about $9
o^r share). Proceeds—To selling stockholders.
St., New York 4, N. Y.
Blosser & McDowell, Chicago,
be offered
in exchange
Office—
Underwriter—Straus.
.
:
.
>
Stone
& Webster
Trask
Manufacturing Co.
(letter of notification) 15,000 shares of common
stock (par $5). Price—$4.50 per share. Proceeds — For
working capital and payment of current liabilities. Ad¬
dress—Wrightsboro section, 3 miles north of Wilmington,
Dec. 5
N. C.
Wilmington,
Underwriter—Selected Investments,
N. C.
United Artists
York
Associated Inc., New
$15,000,000 of 6% subordinated sinking
fund debentures, due 1963 to be offered in exchange foi
capital stock and warrants and debentures of Associated
March
31 filed
Corp.
Corp., and (2) an option to purchase an additional share
at prices commencing at $10 per share.
Underwriter—
Artists Productions
April 16 filed 2,000,000 shares of common stock (par
Price — $10 per share. Proceeds — For acquisition
share). Proceeds—To pay outstanding
Ogden Corp. Underwriter—None.
per
obligations to
share. Proceeds — For investment. UnderwriterEquitable Securities Corp., Nashville, Tenn. OfferingHeld up pending passing of necessary
legislation by
per
Congress.
Technology
•
filed
March
27
which
204,775
stock
(par $7)
Inter¬
for common shares of
(5/19-23)
(par $2.50) ol
for account of three selling
Instrument Corp.
260,000 common shares
shares are
stockholders and 55,225 shares are
for account of com¬
Price — $10 per share. Proceeds — For working
capital and general corporate purposes. Business — De¬
velops and manufactures precision potentiometers and
other precision electronic components and measuring in¬
struments.
Office—Acton, Mass. Underwriter — S. D
pany.
New York.
'
Chicago, III. (5/15-20)
April 24 filed 200,000 shares of common stock (par 20
cents). Price—To be supplied by amendment. Proceeds
—To retire $197,000 of notes and to reduce accounts pay¬
able by $150,000; the balance to be used for general
Tel-A-Sign
•
corporate
Inc.,
purposes,
including the increase of
working
York,
capital. Underwriters—Charles Plohn & Co., New
N. Y., and Clayton Securities Corp., Boston, Mass.
(5/12-16)
March 31 (letter of notification) 40,000 shares of com¬
mon
stock (par five cents).
Price — $3.25 per share.
Proceeds—To complete the construction of Station KALI.
Office—41 East 42nd St., New York, N. Y. Underwriter
—Sinclair Securities Corp., New York, N. Y.
•
United
Employees
Insurance
\
Co.M "
$5);
(Republic of Panama)
shares of common stock
by common stockholders
of Ogden Corp. on the basis of one new share for each
four shares held and to holders of options on the basis
of one share for each option to purchase four shares ol
Ogden common stock; unsubscribed shares to be offered
to certain employees and officers.
The record date for
the subscription offering will be April 24, 1958, and
rights will expire on May 16, 1958. Price—At par ($2
Syntex Corp.
July 24, 1957 filed 1,202,730
being offered for subscription
Tele-Broadcasters, Inc.
• Texas Calgary Co., Abilene, Texas
April 30 filed 2,000,000 shares of capital stock (par 25
cents). Price—To be supplied by amendment. Proceeds
—To selling stockholder.
Underwriter—Thomson Ker-
naghan & Co., Ltd.,
Canada only.
Toronto, Canada. To be
offered in
(H.I.) Fiber Glass Co. (5/13)
April 14 filed 125,000 shares of common stock (par $1).
Price
To be supplied by amendment. Proceeds — To
selling stockholders.
Underwriter—Shearson, Hammill
& Co., Los Angeles, Calif.
Thompson
—
Timeplan Finance Corp.
(letter of notification) 27,272 shares of 70-cent
cumulative preferred stock (par $5) and 27,272 shares
of common stock (par 10 cents) to be offered in units
of one share to each class of stock. Price—$11 per unit
March 25
Proceeds
—
For
working capital.
Morristown, Tenn.
Corp., Morristown,
Office
—
111 E. Main
Underwriter—Valley Securities
Tenn.
Tip Top Oil & Gas Co.,
Salt Lake City,
Utah
which
April 15 filed 220,000 shares of common stock, of
200,000 shares are to be publicly offered. Price—$5 per
share. Proceeds—To drill two new wells and for general
&
national Petroleum Co., Ltd., of Toronto, Canada, and
Gables, Fla., in the ratio of nine shares of Stand¬
^oral
Depew, N. Y.
Wayne Pump into (1) 2V4 shares of common stock of the
surviving corporation to be known as Symington Wayne
corporate
111.
★ Standard Oil Co. (New Jersey)
May 5 filed 2,246,091 shares of capital
o
1959. Underwriter—
Wayne Pump Co. under merger agreement which pro¬
vides for conversion of each share of capital stock ol
St.,
#
Standard
80 Broad
,
Underwriters—White, Weld & Co. and
Securities Corp., both of New York,
program.
Feb.,28 filed 593,939 shares of common stock and 263,973
warrants to be issued in exchange for the stock of the
Fuller & Co.,
V.;"
May 6 filed 100,000 outstanding shares of capital stock
(par $1), Price—To be supplied by amendment.
Pro¬
ceeds—To selling stockholders. Business—The company
makes and sells ethical pharmaceuticals. Underwriters
—Kidder, Peabody & Co., New York, N. Y., and Schmidt,
Poole, Roberts & Parke, Philadelphia, Pa.
Samedan Associates,
owned. Price
oil and gas.
Pa. Under¬
Transcontinental Gas Pipe Line Corp. (5/27-28)
Mav 5 filed $25,000,000 of first mortgage pipe line bonds
due 1978 and
150,000 shares of, cumulative preferred
stock (no par—stated value $100 per share). Price—To
be supplied by amendment* Proceeds—For construction,
Exempt Bond Fund, Inc., Washington, D. C.
June 20 filed 40,000 shares of common stock. Price—$2*
April 28 filed 285,600 shares of common stock (par $5)
to be offered in exchange for the capital stock of Aero
Design & Engineering Co. in the ratio of 1 5/7 shares of
Rockwell-Standard stock for each share of Aero stock.
Not less than 80%, or 133,280 Aero shares, may be ac¬
cepted. Offer will expire on May 31.
A Rorer (William H.)
(5/26-5/29)
Symington-Gould Corp.,
V ' \
writer—None.
None.
:
pro-rata to stockholders on
share for 10 shares
A
Philadelphia, Pa.
period July 1, 1953 to June 30,
notification) 7,500 shares of common
$1) to be offered
—$4 per share. Proceeds—For drilling for
Office—203 N. Main Street, Coudersport,
243,288 shares of outstanding common stock which may
be offered for possible sale by the holders thereof during
the
(letter of
27
stock (par
the basis of one new
Tax
i'
Rockwell-Standard Corp.,
•
Feb.
v
<
Inc.
None.
Drive, Chicago 6, 111.
Resolite Corp.,
Trans-Eastern Petroleum
sidiaries, together with 188,000 shares of common stock
(no par) which may be purchased by the trustees of the
plan during the period July 1, 1958, to June 30, 1959,
with respect to the 1958 plan. Registration also covers
Oklahoma (5/12)
April 14 filed $16,000,000 of first mortgage bonds, series
G, due May 1, 1988. Proceeds—To repay bank loans and
mined by competitive
Inc.,
Underwriter—None.
expenditures.
April 22 filed 15,000 memberships in the Stock Purchase
Plan for the employees of the .company and its sub¬
Public Service Co. of
for
including exploration
Shares, Inc., Austin, Texas.
Sun Oil
Cuba
Proceeds—For general corporate purposes^
and drilling expenses and capital,
share.
per
Underwriter-
beneficiate manganese ores.
to
Southwest
—The First Boston
,
Trans-Cuba Oil Co., Havana,
I
6,000,000 shares of common stock (par 10
cents) to be offered for subscription by holders of out->
standing shares of capital stock and holders of bearer
shares, in the ratio of one additional share for each share*
so
held or represented by bearer shares.
Price—50c,
of America, Dallas, Tex.
$2,000,000 of first lien mortgage 6% bondt
and 975,000 shares of common stock (par 10 cents). Price
—For bonds, 95% of principal amount; and for stock $3;
per share.
Proceeds—To erect and operate one or more
chemical processing plants using the Bruce - Williams
Underwriter—None. Al¬
President.
Waterloo, la., i3
Owens of
E.
March 28 filed
March 31 filed
April 29 filed 160,000 shares of cumulative preferred
stock (par $100). Price—To be supplied by amendment.
Proceeds—For 1958 construction program. Underwriters
Barney &
fred
■
•
(5/21)
of Colorado
July 1, 1958.
A- Stanley Works, New Britain, Conn.
(letter of notification) an undetermined num¬
ber of shares of common stock (par $25) to be offered
A* Private Enterprise, Inc., Wichita, Kansas
May 5 filed 125,000 shares of common stock. Price—$10
per
and other corporate purposes.
April 28
to be
Canada.
stock. Offer
7
peb. 28 filed
Canada.
on
of International
purposes.
Underwriter —
City, Utah.
Andersen-Randolph
Co., Inc., Salt Lake
Trans-America
Uranium
Mining Corp,
3,000,000 shares of common stock (par one
mill).
Price—25 cents per share. Proceeds—For land
acquisition, exploratory work, working capital, reserves,
Nov.
6 filed
of
and/or personal, including
office furniture, fixtures, equipment and office space, by
lease or purchase.
Office — Wilmington, Del. Under¬
writer—None.
Myrl L. McKee of Portland, Ore., is
operating
properties, real
President.
A- United Funds, Inc., Kansas City, Mo.
May 1 filed (by amendment) an additional
shares of United Accumulative Fund (par $1).
2,000,000
Price—
Proceeds—For investment.
At market.
United Gas
Improvement Co.
(5/13)
April 11 filed $15,000,000 of first mortgage bonds,
May 1, 1983. Proceeds—To repay bank loans and for
due
con¬
Underwriter—To be determined by
bidders: Halsey, Stuart
Co. and Drexel & Co.
(jointly); Blair & Co., Inc.;,The First Boston Corp.; Kid¬
der, Peabody & Co.; White, Weld & Co.; Merrill Lynch,
Pierce, Fenner & Smith and Eastman Dillon, Union Se¬
curities & Co. (jointly). Bids—Expected to be received
at 1401 Arch St., Philadelpehia 5, Pa., up to 11 a.m.
struction program.
competitive bidding. Probable
& Co. Inc.; Morgan Stanley &
(EDT) on May 13.
;'
,
Hardware Distributing Co., Minneapolis,
Minn.
-A.
' V •'•>';•
A < >,
-A / •
. • .
May 5 filed 1,475 shares of 5% , cumulative preferred
stock (par $100), and 11,750 shares of common stocl?
(par $10) to be offered to retail hardware dealers who
are
stockholders of the company to equalize holdings.
Price—For preferred stock, $100 per share; for common
A United
capital to
stock, $50 per share. Proceeds—For working
be used to increase inventory of hardware items.
Under¬
writer—None.
United States Sulphur
Oct. 8 filed
Corp.
1,500,000 shares of common
stock (par on#
cent). Price—$1 per share. Proceeds—For
etc.; to retire corporate notes; for core
plant rental,
drilling; for
develop¬
working capital; and for other exploration and
ment work.
Off ice — Houston, Texas. Underwriter—.
None.
Telemail Service, Inc.
United States
375,000 shares of common stock (par $1).
Price—$4 per share. Proceeds—To purchase equipment
and supplies and for working capital and other corporate
Feb. 17 filed
purposes. Office—Salt
Amos Treat & Co., Inc.,
Uranium Corp. of
Lake City, Utah.
of New York.
Underwriter-
America, Portland,
Ore.
(par 19
(expected
April 30 filed 1,250,000 shares of common stock
cents). Price—To be supplied by amendment
to be $1 per share). Proceeds—For exploration purposes.
Underwriter—To be named by amendment. Graham
bert Griswold of Portland, Ore., is President.
Al¬
Utah Minerals
April 11
mon
Co.
(letter of notification) 900,000 shares of com¬
Price—At par (10 cents per share). Proceed*
stock.
—For
Utah.
mining expenses.
Office—305 Main St., Park City,
Underwriter—Walter Sondrup &
Co., Salt Lake
City, Utah.
Electric & Power Co. (6/10)
$25,000,000 of first and refunding mortgage
bonds, series O, due June 1, 1988. Proceeds—For con¬
struction expenditures or to reimburse the treasury
thereof. Underwriter—To be determined by competitive
bidding.
Probable bidders: Halsey, Stuart & Co. Inc.;
Salomon Bros. & Hutzler; White, Weld & Co.; Eastman
Dillon. Union Securities & Co.; Stone & Webster Securi¬
ties Corp.; Kuhn, Loeb & Co. and American Securities
A Virginia
May 6 filed
Corp.
(jointly).
ceived on June
Bids
10.
—
Tentatively expected to be re¬
h
v*m i
The Commercial and Financial Chronicle
Continued jrorn page 49
Underwriters
•
Brothers, both of New York. Offering—Expected befor#
Walker-Scott Corp., San Diego, Calif.
(5/19-22)
April 28 filed $900,000 of 6% subordinated sinking fund
debentures due 1973, with warrants, and 40,000 shares of
common stock (par
$1), of which the company proposes
to offer $400,000 of the debentures
(with warrants) in
exchange for its presently outstanding 4,000 shares of
7% preferred stock at the rate of $100 of
debentures for
each share of preferred.
Price—At
par
for debentures;
and for stock to be supplied
by amendment. Proceeds—
Together with other funds, to repay an insurance
loan,
and for
working capital, etc. Underwriter — Eastman
Dillon, Union Securities & Co., New York, N. Y., and
San Diego, Calif.
'
West Coast
Feb.
12
Airlines, Inc., Seattle, Wash.
$600,000 of 6% subordinated debentures,
filed
due 1970, and 150,000 shares of
be offered for
subscription
common
by
stock (par $1) to
stockholders of
$100 principal amount
shares, at rate of one unit
common
record March 1, 1958, in units of
of debentures and 25 common
for
each
31
common
Price—$125
tion of six
order for
shares
held
on
the
record
date
new
delivery during 1958, and related costs. Under¬
writer—None.
J
Western Copperada Mining
Corp. (Canada)
Aug. 30 (letter of notification) 300,000 shares of common
stock.
Price—At par ($1 per share). Proceeds—For de-
velopment and exploratory work, drilling costs and
and
vey,
for working capital.
Office
—
1205
Square, Montreal, Canada. Underwriter—Jean
Co,, Inc., New York.
sur¬
Phillipi
R. Vediti
;; Western Electric Co., Inc.
April 17 (letter of notification) 2,853 shares of common
stock (no par) being offered to
minority stockholders at
rate of
one
new
share for each 10 shares held
as
of April
8, 1958; rights to expire on May 29. Price — $50
per
share. Proceeds—For plant
improvement, expansion and
general corporate purposes. Office—195
Broadway, New
York 7, N. Y. Underwriter—None.
Westland Oil Co., Minot, N. Dak.
April 17 filed 7,799 shares of capital stock to be offered
for subscription by stockholders of record
March 24 at
rate of
one
additional
excess
of
new
share
the
share for each four shares held and
for the balance of such
one
holdings
in
number of
shares divisible by four; also
outstanding 5% subordinated
debentures of record March 24 at rate of five
shares for
each $1,000 of debentures then held.
Price — $60 per
share.
Proceeds—For working capital. Underwriter—
to be offered
holders
of
None.
:
Wilier
Color Television
System, Inc.
April 2 (letter of notification) 72,035 shares
of
common
stock (par $1) of which
10,000 are to be offered to stock¬
holders at $2 per share and the
remaining 62,035 shares
are to be
publicly offered at $3 each. Proceeds
For
—
general corporate purposes. Office—151 Adell
Avenue,
Yonkers, N. Y. Underwriter
Edwin Jefferson, 39
—
Broadway, New
York 6, N. Y.
•
Wisconsin Power & Light Co.
(5/12-13)
April 23 filed 30,000 shares of cumulative preferred stock
(par $100) to be offered for subscription
by preferred
stockholders of record
May 5, 1958, and by company
employees; rights to expire on May 27. Warrants are
expected to be mailed on May 10. Price—To be
sup¬
plied by amendment. Proceeds—To repay bank loans
and
for
construction
program.
Underwriters
Barney & Co. New York; and Robert W.
—
Smith,
Baird &
Milwaukee, Wis.
Co.,
•
Wisconsin Power & Light Co.
(5/12-13)
April 23 filed 241,211 shares of common stock
(par
$10)
to be offered for
subscription by common stockholders
bf record May 5, 1958 at
rate of one new share for each
i2 shares held; rights to
expire on May 27. Warrants
are expected to be mailed
on May 10.
Price—To be
plied by amendment.
and for
sup¬
Proceeds—To
construction program.
repay bank loans
Underwriters *— Smith,
Barney & Co., New York; and Robert W. Baird
&
Milwaukee, Wis.
Co.,
Development ("World Bank").
The
total
credit
approximately $25,000,000, with half
ing plans for long-term
is
ex¬
com¬
that the company is consider¬
refinancing. Proceeds—For pay¬
ment of all notes
payable and provide the
company with
additional
working capital. Underwriter—Eastman Dil¬
lon, Union Securities & Co.
may handle
stock
financing.
Associates Investment
any
common
Co.
reported company plans to
issue and sell
additional debentures
(amount not yet
determined).
was
basis
Price
—
loans
of
To
and
new
share
named
later.
one
be
for
for each eight
Proceeds
construction
be
in
made
ul'iV
8, 1958
ton
Corp. and Blyth & Co. Inc. (jointly); Merrill
Lynch7
Pierce, Fenner & Smith and Kidder,
Peabody & wv
(jointly). Bids—Expected to be ^received tip to
iya£
a.m. (EDT)
ohJUne.17;;
/"-
^
shares held.
To
repay^ bank
Underwriter
Offering—Expected to
77
'/77.
J/'.X:
was
SX'7
$25,000,000).
bank
repay
loans
and
Proceeds
construction
program.
for
Underwriter—For bonds to be determined by company,
with prospective bidders
including Halsey, Stuart & Co.
Inc.; The First Boston Corp.; White, Weld & Co.; Leh¬
man Brothers and Harriman
Ripley & Co. Inc. (jointly).
For preferred
stock, The First Boston Corp., New York.
C.
G. S.
Laboratories, Inc.
March 20 it
was
reported that company plans to issue
and sell about
$500,000 of common stock. Proceeds—For
working capital and other corporate purposes. Business
—Electronics. Office—391 Ludlow
St., Stamford, Conn.
California Electric Power Co.
March 10 it was reported
7
company may issue and sell in
1958
about
450,000 additional shares of common stock.
Underwriter—To be determined by competitive
bidding.
Probable bidders: White Weld &
Co.; Kidder, Peabody
& Co.; Merrill
Lynch, Pierce, Fenner & Smith; Carl M.
Loeb, Rhoades & Co., and Bear Stearns & Co. (jointly).
Central
Illinois
April 21 it
Light Co.
(6/24)
Kidder, Peabody & Co.; Eastman
Dillon, Union Securi¬
ties & Co.; Merrill
Lynch, Pierce, Fenner & Smith and
Stone & Webster & Co.
(jointly). Bids—Expected to be
on
June 24.
Louisiana
March 28 it
was
Electric
Co.,
Inc.
announced that the
Columbus & Southern Ohio Electric Co.
was reported
company plans to issue and sell
about 250,000 additional shares of
common stock. Under¬
(jointly).
or
Dillon, Read & Co. Inc.
and
The
Ohio
Co.
Permanent financing not
expected until late
possibly early in 1959.
Community Public Service Co. (6/17)
March 10 it was reported
that this company plans to
issue and sell
$3,000,000 of sinking fund debentures due
1978. Underwriter — To
be determined by
competitive
bidding. Probable bidders: Halsey, Stuart &
Co. Inc.;
Kidder, Peabody & Co., Inc. and
White, Weld & Co.
(jointly). Bids—Tentatively expected to be
received
June 17.
Registration—Expected May
on
15.
•
Consolidated
Freightways, Inc.
May 6 the company offered its common
record
stockholders of
May 1, 1958 the right to subscribe on or
before
May 21 for 270,416 additional shares of
common stock
(par $2.50) at the rate of one new
share for
shares
held.
each
Price
five
$14.50 per share.
Proceeds
For
and general corporate
purposes. Under¬
—
—
working capital
25
it
ably preferred stock, to
of additional funds.
San
Francisco,
announced
Calif.;
and
company plans to
$45,000,000 of sinking fund debentures.
ers—To
be determined
by competitive
bidders: Halsey, Stuart &
issue and
Underwrit¬
bidding. Prob¬
Co.; White, Weld & Co.
and Paine,
Webber, Jackson & Curtis
(jointly); Morgan
Stanley & Co. and First Boston
Corp. (jointly). Offer¬
able
ing—Expected
in second quarter of 1958.
Consumers Power Co.
Feb. 21
Dan E. Kara,
President, announced that $100,600,000 has been budgeted for
expansion and improve¬
ment
of
service
facilities during 1958.
Indications are
$60,000,000 of senior securities may be
involved.
Underwriter—For any bonds, to be determined
that
petitive
Co.
bidding. Probable bidders: Halsey,
Inc.; Morgan Stanley & Co.; White, Weld
Shields
&
Co.
(jointly); The
Harriman Ripley &
$35,156,700 of 4%%
Co.
First
Boston
by com¬
Stuart &
& Co. and
Corp.
and
Inc.
(jointly). An offering of
debentures, offered to
underwritten in October,
1957, by Mor¬
Delaware Power &
Light
April 23 it was announced
Co.
(6/17)
company plans to issue and sell
$25,000,000 of first mortgage and collateral trust
due 1988.
Proceeds—To refund
$15,000,000 of 5%
1987
and
latS
securities, profc
approximately $5,000 OOO/
secure
Proceeds—Together with
$7,000,Oft)''
short-tei2i\
from
private sale of 41//2% bonds, to repay
bank loans and for construction program.
Underwriter^
—May be The First Boston Corp.; Kidder,
Peabody
Co.; Merrill Lynch,. Pierce, FennerSmith; and
White
Weld & Co., all of New York... 7 7
h V.;
7
■ v,
„
•
Florida
■.
•
7;
*
Power Corp. (7/2) 7.;777/.
Jan. 29 it was reported corporation
plans to issue and
sell $25,000,000 of first mortgage bonds
due 1988.
\./7777;X;
Undej-
writer-hTo be. determined by competitive
bidding. Pr0$«
able bidders: Halsey, Stuart & Co.
Inc.; Kidder, Peabody
& Co. and Merrill
Lynch, Pierce, Fenner & Smith (joint¬
ly); Lehman; Brothers and: Blyth & Co., Inc.
(jointly);
Eastman Dillon, Union Securities &
Co., and Harriman
Ripley & Co. Inc. (jointly); The First Boston Corp.
Bids
—Expected to be received
July 2.
XXXX
to
up.
11:30
."7.7V;-77,v
Gas
Service Co.
March 24 it
a.m.
77 ;
(EDT) oh
;~• hwunn.
-
.reported that company plans to issue
$11,000,005 of first mortgage bonds later this year. No de¬
pany
term
was
as yet has laeen made as to
the procedure the com-,
will follow;
Proceeds—For repayment of shortnotes
and /loans and for ...construction
program.
if determined .by competitive
bidding,
may be Halsey,.. Stuart & Co. Inc.;
Merrill Lynch,
/Biercb, Fenner 7& Smith, and White,
Weld & Co. (jointly); Blyth &
Co., Inc.; The First Boston
Corp.; Lehman Brothers. '•* --.77^
n 7i'
'
'7^77
Underwriter-
—
.
probable
bidders
bonds
bonds
to repay
bank loans and for construction
program.
Underwriter—To be determined by
competi¬
tive bidding.
Probable bidders:
Halsey, Stuart & Co.
Inc.; White, Weld & Co. and Shields &
Co.
(jpintly);
Eastman Dillon, Union
Securities & Co.; The First Bos¬
-Y:
r--
7'-
;77;
April 22 it wasReported that the- stockholders will vote
May 21 on dpprpVing the creation of 1,000,000 shares of
preferred stock (no par), of which
80,000 shares are tq
be 60-cent
&
series..^Underwriter—Paine, Webber,
Curtis.,;,7'7v/7'7'77777-•%^i7777>.7<><.77
Grace Line Inc.>77;-7
Jackson
7-7,//v.
1'*7X:7*X
March 20 it was announced
by Lewis A. Lapham, Presi¬
dent, that the company plans to issue approximately
$21,000,000 of government insured bonds secured by w
first preferred ship
niortgage on the new ''Santa Rosa"
and 7'Santa
Pauls." Underwriters
Merrill Lyqclty
Pierce,. Fennerarid Smith; Paine, Webber, Jackson &
Curtis; Smith,; Barney Co.; White, Weld & Co.; and F,
—
Eberstadt;&'7COr7^17of.^e^^ory '"r X 7/7/ V;'. .XX/
Great Atlantic & Pacific Tea Co.
Feb. 19 it
was
reported
a
secondary offering of common
voting stock is expected in. near .future. Underwriters-^
May include:,Blyth & Co., Inc.; Carl M. Hoeb, Rhpades
& Co.;
HemphlU; IsThyes & Co.; Smith, Barney & Co.;
and
Merrill'Lynch, Pierce, Fenner & Smith,
Hackerisack Water Co.
7,
: 7
President, said that com¬
$7,000,000 in new securities by
year/in the form of first mortgage bonds
and preferred stock.
Recent bond financing was made
privately. *In event of competitive bidding for bonds or;
debentures, biddersi may include:7 Halsey, Stuart & Co,
Inc.; The/First/Boston Corp. and White, Weld & Co.
(jointly); Stone &./Webster "Securities Corp.; Blyth
Co., Inc.; Drexel & Co, aiicl Dean Witter & Co. (jointly).
The First Boston
Corp. and White, Weld & Co. (jointly)
underwrote- last common stock
financing, "There is no
preferred stock presently
outstanding. Private sale of
30,000 shares. ($3,0.00,000) jof preferred is planned.
/• /:
March
12, GeOrg& H.
Buck.
pany plans'to sell some
the end of this
-
Hawaiian Telephone Co.
-;
Wnnrt
March i7 it was reported
company plans to offer 500,00ft,
additional shares of common stock to stockholders. *
rolu
ceeds
About $5,000,000, to be used, for additions
improvements to
ing;—Expected
a^
.property.? 'Underwriter—None. Offetft
in June.
V:
Illinois Bell Telephone Co. "
(5/29)
March 27
itTwasannotmced
company plans to offer to
May 29; 1958 the right to sub¬
additional shares, of capital stock at
the rate of one new share
for each six shares held;
rigb;t|
to expire om June
;.30.* Minority stockholders own
shares. Price—At
par ($100 per share). Proceeds—f or
additions; and improvements.
Underwriter^-None. Regis¬
tration—Expected on May 9,
•/•, •
its stockholders of record
scribe
for. 870,792
Indiana Gas & Water
Co., Inc.
March 25 it was announced
that the
.7
Plan7.
$3,000,000 of first mortgage bonds.
placed privately, Proceeds—To
repay bank loans ancj^.
issue
be
for
and
new
company
sell
construction.
/
convertible
stockholders, was
gan Stanley & Co.
due
J,fil
:
*
reported that the company expects
to issue and sell additional
in the year
—
was
7;';,; 7
R{k
:
was"
April 7 it
Dec. 9 it
in 1958
r
.
Citizens & Southern National Bank of
Savannah, Ga.
April 9 stockholders of record April
8, 1958 were given
the right to subscribe for
100,000 additional shares of
capital stock at the rate of one new share for each
10
shares held; rights to expire on
May 20. Price—$30 per
share. Proceeds—To
increase capital and surplus. Un¬
derwriter—None.
—
^
General'. Acceptance Corp.
company's financing
program for the year 1958
anticipates the sale of both
debt and equity securities
(probably preferred stock)
aggregating approximately $5,000,000. Both issues
may
be placed
privately.
writers
"Underwriter—Harriman
ley & Co. Inc., New York-
cision
reported that the company plans sale of
due 1988. Underwriter—
To be determined
by competitive bidding. Probable bidbers: Halsey, Stuart & Co.
Inc.; The First Boston Corp.;
Central
reported company plans to do
some
was
nancing, the. type of Securities to- be announced
later
Proceeds—For expansion.
was
$6,000,000 first mortgage bonds
received
March 10 it
Industries, Inc.
Equitable Gas Co.
reported company may issue and sell in
the Summer of this year some additional first
mortgage
bonds and preferred stock
(about
—To
Dixon Chemical
July.
Boston Edison Co.
Jan. 27 it
—
program.
Shields & Co., New York, N. Y.
Feb.
ing from the "World Bank" and the rest
from the public
offering. Proceeds—Largely for railroad
development.
Underwriter—Dillon, Read & Co. Inc., New York.
Alco Products Inc.
March 6 it was announced
some
the
sell
^ African Federation of Rhodesia and
Nyasaland
May 6 it was reported that a public
offering is expected
this year of an issue of
bonds, to be concurrent with a
loan from the
International Bank for Reconstruction and
Thursday, May
.
Consolidated Natural Gas Co.
Acme Steel Co.
March 21 it was announced that
the company plans addi¬
tional financing this
year, in the form of common
stock,
preferred stock, or a combination
of the two,
including
bank loans.
Proceeds—For expansion
program, work¬
ing capital and inventories.
Underwriters—Blyth & Co.,
Inc. and Merrill
Lynch, Pierce, Fenner & Smith.
Jan. 23 it
it Atlanta Gas Light Co.
The directors on May 5 authorized the offering of
121,317 shares of common stock
(par $10) to stockholders on
writer—Blyth & Co., Inc.,
New
York, N. Y.
Prospective Offerings
pected to be
July 1.
per unit.
Proceeds—To finance the acquisi¬
Fairchild F-27 "Friendship" aircraft on
Salomon Bros. & Hutzler and Lehman
—
...
.
,
'
'
Kansas Gas & Electric Co.
March 31, G. W.
Evans, Chairman, announced
pany plans to sell some bonds
mid-year,, but. which
late
1958
or
construction
by
■
*
sale
early 1959.
program:.
'
that com?
originally, scheduled to
may now be deferred umb
Proceeds—About $8,000,000 t
Underwriter—To
be
determine
.
competitive
Stuart &
Co.
bidding.
Probable
bidders:
Daisey*,
Inc.;'Kidder, Peabody & Co., and
Lynch, Pierce, Fenner &
Smith
(jointly).; Leh
Brothers^ Eastman Dillon, Union Securities &
c-0,r,alr
Stone & Webster
Securities Corp.!(jointly); Glore, f°
gan &
Co., and Goldman Sachs
&
Co.
(jointly).
v
olume
Number 5740
187
The Commercial and Financial Chronicle
...
& Light Co.
Kansas Power
New York State
14 it was announced company
plans to issue ami
ell ^10,000,000 of first mortgage bonds due 1988. ProeedS—For construction program. Underwriter—To be
ctermihed by competitive bidding. Probable bidders.
eb.
5Im
L.
.
Co. Inc.; The First Boston Corp.; Glore,
& Co.; Harriman Ripley & Co. Inc.; White, Weld
Go.; Blyth & Co., Inc.; Equitable Securities Corp.
March 7 it
Electric
and
Gas
Co.
that approximately $7,500,000
was announced
from additional financing will be required for construc¬
tion expenditures for the balance of this year. The man¬
agement intends to negotiate a new line of credit with a
alsey, Stuart &
group
organ
this
'Kentucky
The First Boston
Utilities Co.
21 it was reported company plans to issue and sell
an.
10,000,000 of first mortgage bonds. Proceeds—To
ank loans and for new construction.
d determined
repay
Underwriter—To
by competitive bidding. Probable bidders,
alsey, Stuart & Co. Inc.; Blyth & Co., Inc.; Lee Higgin/'"'/Uorp:; Equitable Securities Corp.; Eastman Dillon
bibn Securities & Co. and Merrill Lynch, Fierce, Fenner
tSinilh (jointly); Kidder, Peabody & Co. and White,
did & Co. (jointly); Kuhn, Loeb & Co. Offering—ExeStted in September or October.
Kentucky Utilities Co.
it
21
an.
was
oil.;
that
company
offer
may
v*:-*£;■;
/Master Fund, Inc., Fairfield, Calif.
"
27 it; was announced this newly organized invest¬
ed
company plans to offer to bona fide residents of
aiifornia 10,000 shares Of capital stock (par $1). Price
—$10
per
share, less
an
May 1 it
with
it
wasrannounced
March 12 it
of
•
plans to tesue and
mortgage'! .bonds in
Co.
Naxon
the liners S. S. Brazil
March 191t
was,
bonds due
1988.
determined by
be
& Electric Co.
(6/16)
>;
(jointly); Harriman Ripley & Co. Inc. and Eastman
Dillon, Union,Securities & Co. (jointly). Bids—Tenta¬
tively expected to be received on June 16.
was announced company plans to issue and
$50,000,000 of long-term debentures. Underwriters—
Sachs & Co., both of
New York. Registration—Expected in near future.
April 28 it
sell
Lazard Freres & Co. and Goldman,
.
Pacific Gas & Electric Co.
that it
announced it plans a common
stock offering about the middle of this year, first to
Parker*-
present stockholders and then to public.
Blyth & Co., Inc., New York.
^ Bedpatli," 'Washington, D.
\1
,
A-.V.
New England Power Co..l6/lL):*;^'-;;.
v. -•
March, 3 it! was announced; this company, a subsidiary
of "New
England Electric System, proposes to file
$10,000,00(1 principal amount of first mortgage bonds,
s&TiiOs
thie "1988; Wnderwr iter—To be determined 1 by
competitive biddirig-. Probable bidders; HalseY, Stuart
& Co.
Inc.; The 'First Boston "Corp.1;; Kldhri, Loeb & Co.,
Eastman Dillon, Union Securities & Co. • and,. Salomon
Bros; & Hutzler (jointly); Lehrnan BrothersMerrill
lynch, Pierce; Feniter.&; Smith; Kidder Peabbdy & Co.
White* Weld At 'Co. (jointly).; /Equitable Securities
March
Gorp.and:Blair:&:Go.v'lnc;(joiidly)^..
scheduled to be receiyed ph June ;H, at 441; £>titart St.,
Boston* ;16, ]V[nss. "Pegistration—Expected early in May.
New England Telephone & Telegraph Co.
of
was
announced
company plans to
(6/16)
offer to
20
new
owns
par*
heidi 1 American
xabout 7(1%. uf the out¬
($100
peK^haf^). Pro¬
ceeds—To repay advances from parent and, for corporate
•
Underwriter—Nbhe.
'
/New England Telephone & Telegraph Co. (8/26)
April 11 it
was
announced/
pjaps to
Proceeds^To
company
sell. $40,000,000 -of debenture's,
20
it
was
reported
company
plans sale of
an
the latter
part of this year or early 1959. Underwriter
—(1) For bonds to be determined by competitive bid¬
ding. Probable bidders—The First Boston Corp. and
Halsey,Stuart & Co. Inc. (jointly); Blyth & Co., Inc.; (2)
For preferred stock: Blyth & Co., Inc.
Pacific Power & Light Co.
to
(6/24)
reported that the company is planning
sell $20,000,000 of bonds due 1988. Proceeds—For new
April 14 it
was
construction.
Underwriter—To be determined by com¬
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; Lehman Brothers; Bear, Stearns & Co., and Salo¬
mon Brothers & Hutzler (jointly).
Bids—Expected to be
issue and
redeem a
;
on
June 24.
Pacific Telephone & Telegraph Co.
Jan. 8 it was
,/Stuart !& Uo/ Inp.; The First BostOn Cbrp.; Mor¬
Stanley & CO.;;!Bidk/— Expected to be received on
Aug. 26.; -•
{
.
gan
reported
company
pilans $300,600,000 capi¬
tal outlay, program. Proceeds—For construction program
in 1958 and 1959 ($137,000,000 in 1958). Underwriter—
To be determined by competitive bidding.
ders— Halsey, Stuart & Co. Inc.; Morgan
St.
.
Underwriter—
share for each five shares
Telephone & Telegraph Co.
standing" shares. Price—At
Purposes;
company
undetermined amount of bonds and preferred stock in
received
one
the
Pacific Gas A Electric Co.
March
and
April 11- it
Southern Colorado Power Co.
April 21 it
on
creating
reported stockholders will vote May 9
was
an additional
100,000 shaves of preferred
(par $50). Underwriters—Stone & Webster Secu¬
rities Corp. and Paine, Webber, Jackson & Curtis.
stock
Southern
Natural Gas
Co.
April 4 it was announced by the company that it con¬
templates interim financing by bank loans and perma¬
nent financing by the sale of first mortgage bonds and
debentures (probably between $20,000,000 to $25,000,000).
Proceeds—For new construction costing about $105*000,000. Underwriter
To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
The First Boston Corp.; Blyth & Co.,
Inc., and Kidder,
Peabody & Co. (jointly).
—-
Railway Co.
March 20 it was reported that the company plans to issue
about $20,000,000 of bonds. Underwriter—To be deter¬
mined by competitive bidding. Probable bidders: Halsey,
Stuart & Co. Inc.; Kidder Peabody & Co., Inc.; The First
Boston Corp. and White, Weld & Co. (jointly); Morgan
Stanley & Co.; Eastman Dillon, Union Securities & Co.,
and Salomon Bros. & Hutzler
Southern
April 28 it
(jointly).
Union Gas Co.
reported that the
>»
.
V».»
i "U
'
.
plans regis¬
tration late in May of 30,000 shares ($3,000,000) of pre¬
ferred stock. Underwriters—Snow, Sweeney J8c Co., Inc.,
New York, and A. C. Allyn & Co., Inc., Chicago, 111.
Offering—Expected in June.
was
company
long-term debentures. Proceeds—To refinance a bank
obligation of $50,000,000 due this year to provide addi¬
tional capital for the company's overall program. Under¬
writers—Blyth .& Co., Inc., and Dean Witter & Co.,-both
of San Francisco, Calif., and New York* N. Y. Offering
—Expected in June.
Tuttle
Engineering, Inc., Arcadia, Calif.
Feb. 10, Leo L. Strecker, President, announced corpora¬
tion plans issue and sale in near future of $1,000*000
convertible debentures
or
preferred stock, to be followed
later in 1958 by the sale of about $5,000,000 of common
Proceeds—For working capital and other corpo¬
stock.
March 28 it
was announced company plans to market
$30,000,000 of common stock in the latter part Of
this year or in the first quarter of 1959. Proceeds—For
about
construction program.
^ United Gas Corp. (6/25)
May 5 it was reported that this corporation plans the
$40,000,000 of sinking fund debentures due 1978.
Underwriter—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc:; The First
Boston Corp., Harriman Ripley & Col Inc., and Gold¬
man Sachs & Co. (jointly); White, Weld &
Co., Morgan
Stanley & Co. and Equitable Securities Corp. (jointly).
Bids—Expected to be received on June 25 at Room 2033,
Two Rector St., New York 6, N. Y.
sale of
Washington Gas Light Co.
March 24 it
plans, to issue and sell 120,000 shares, .common.
,stock (par
$1). Price — $5 per share.,: Underwriter—. Auchincloss,
*
during the latter part of.
Union Electric Co., St. Louis,, Mo.
Owens-Illinois Glass Co-
announced by this, corporation
announced by the company that it plans
additional bonds
May 6 it was announced by R. Gr Follis, Chairman .of
the board, that it is planned to issue $150,000,000 of
(7/8)
Co.
L
Corp., New York.
Telesign Corp.
(Minn.)
was reported company plans to issue and sell
$15,000,000 of bonds this year. Underwriter—To be deter¬
mined by competitive bidding. Probable bidders: (1) For
bonds—Halsey, Stuart & Cq. Inc.; Equitable Securities
Corp.; The First Boston Corp.; Kuhn, Loeb & Co., Merrill
Lynch, Pierce, Fenner & Smith and White, Weld &
plans to issue and
March' 27? it l\yas reported company expects to -offer a
debenture- issue- prior to July 1, 1958. FrooeedshJ-Among
other things, to Prepay $11)000,000 of bank loans. Under¬
writers—The First Boston
at
Feb. 3 it
and. S. & Argentina.
Supply
was
some
rate purposes.
sell$24,O0O,O0Oof government insured bonds secured by
Mountain Fuel
sell
★ Standard Oil Co. of California
Oklahoma Gas
Moore-MejCormack Lines, Inc.
Underwriters—Kuhn, Loeb. & Co.
Brothers, both of New York. Offering—^Ex¬
.'"1;
/,.■ "v ".
' v/r
nature of which will be
time financing is under¬
the
conditions
of 5% bonds and for construction program.
—To
latter part Of this year or in early 1959. Underwriter
—To be determined by competitive bidding.
Probable
bidders: Halsey, Stuart & Co. Inc.; Blyth & Co., Inc.;
Merrill Lynch, Pierce, Fexner & - Smith and Kidder,
Peabody & Co., Inc., (jointly); and Blair & Co., Inc.
and Lehman
securities,
on
Proceeds—To refund $18,000,000
Underwriter
competitive bidding. Probable
bidders: Halsey, Stuart & Co. Inc.; The First Boston
Corp. and Blyth & Co.* Inc. (jointly); Merrill Lynch,
Pierce, Fenner & Smith, Kidder, Peabody & Co. and
White, Weld & Co. (jointly); Lehman Brothers and
Riter & Co. (jointly); Equitable Securities Corp. and
Eastman Dillon, Union Securities & Co. (jointly). Bids
—Expected to be received up to 11 a.m. (EDT) on July 8.
gage
;
pected this Summer.
additional
April 28 it was reported that the company may be con¬
sidering the issue and sale of $30,000,000 of first mort¬
the
on
announced company plans to spend an
Northern States Power Co.
company
ship mortgage
or
taken.
"Fund, Inc.
v
was
determined
von Karman, Chairman of the advisory group
for aeronautical research and development of NATO.
first preferred
is planning
company
sell $20,000,000 to
summer
competi¬
/
estimated $76,500,000 for construction in the years 1958Of this about $55,000/000 will be raised from sale
Thepdore
a
bank
/1959.
7 this new fund registered under the Invest¬
Company Act of 1940. Plans to issue. $15,000,000
common stock, of which $7,500,000 will be underwritten
on a firm basis by Ira Haupt & Co. Price—$10. Proceeds
-For investment. Technological Advisors—Include Dr.
announced company
July 9.
reported that the
was
•
program.
the year. Proceeds — Together with hank loans, to be
used for $16,000,000 construction program. Bonds may
be placed privately through Kidder, Peabody & Co.
•
ment
was.
short-term
-Northern Indiana Public Service Co.
Oh Jan.
March 24 it
retire
$25,000,000 of mortgage
early Fall. Underwriter—To
be determined by competitive bidding.
Probable bid¬
ders: Halsey, Stuart & Co. Inc;; The First Boston Corp.;
Glore, Forgan & Co.; Blyth & Co., Inc.
this-
sell ah undetermined amount of first
plans to issue and sell
Illinois Gas Co.
bonds late this
;
Missiles-Rockets-Jets & Automation
M^bh'; 24 it was, reported the
about
or
issue and
to
Utilities Co.
on
April 14: it
subsidiary of
Tennessee Gas Transmission Co. has applied to the FederafPower Commission for permission to issue first
mortgage bonds, unsecured notes .and common stock.
Proceeds—To build pipe line system to cost about $111,000,,000.
Underwriters — Stone & Webster Securities
Corp. and White Weld & Co., both of New York.
Montana-Dakota
Proceeds —To
construction
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
Smith, Barney & Co., Glore, Forgan & Co. and Blair
& Co. Inc. (jointly); White, Weld & Co.; Equitable Secu¬
rities Corp. Last preferred financing was done privately.
Southern
.:
that
SEC.
Northern
-
24
the
for
tive
to
•
Niagara Mohawk Power Corp. (6/11)
May 6, Earle J. Machold, President, announced company
plans to issue and sell $50,000,000 of 30-year general
mortgage bonds. Proceeds — For current construction
program.
Underwriter—To be determined by competi¬
tive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; Morgan Stanley & Co.; The First Boston Corp. Bids
—Expected to be opened on June 11.
Marjch 28, company annqunced it plans to issue on or
before p.ec. 31* 1958 $3,200,000 of first preferred mort¬
gage bonds,:; May be placed privately. Proceeds — To
repay bank loans and for working capital.
Midwestern^Gas Transmission Co.
(7/9)
was announced company
and
v
South Carolina Electric & Gas Co.
borrowings. Underwriter—To be determined by com¬
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; Morgan Stanley & Co. Bids—Expected to be re¬
" v<;'
Midland Enterprises, Inc.
Telephone Co.
loans
Underwriter—For bonds to be determined by
Corp., New York.
$60,000,000 of refunding mortgage bonds, together with
1,200,000 shares of common stock, par $100 (the latter
to American Telephone & Telegraph Co.)
This is in
addition to the $70,000,000 bonds registered on May 2
underwriting discount of 8^2%.
Proceeds—For investment.
March
Flew York
bank
short-term
April 7 it
•
ceived
:
also reported
proximately 165,000 additional shares of its common
tofek. to its common stockholders on a l-for-15 basis.
liderwriters—^Blyth & Co., Inc. and J. J. B. Hilliard &
an.
of banks and expects to sell equity securities later
or in early 1959, depending upon prevailing
market conditions. Underwriter—For any common stock:
year
500,000, and an increase in preferred stock from 25,000
shares to 50,000 shares. Proceeds — For repayment of
Probable bid¬
Stanley & Co.
Joseph Light & Power Co.
April 15 it, was announced that the company plans to
market $6,500,000 in bonds or preferred stock "sometime
this summer." The stockholders on May 21 will vote on
authorizing an increase in bonded indebtedness of $6,-
was
announced company plans to issue and
sell about
$7,000,000 of new securities, which may in¬
clude some preferred stock. Proceeds—For construction
program. Underwriters—Johnston, Lemon & Co,, Alex.
Brown & Sons, Auchincloss, Parker & Redpath and Folger, Nolan Inc. Offering—May be early in Summer.
Wisconsin
Power A Light Co.
announced that company plans to issue
$10,000,000 of first mortgage bonds. ProceedsTor etire bank loans and for construction, program. (Un¬
derwriter — To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; Smith,
Barney & Co. and Robert W. Baird & Co., Inc. (jointly);
Equitable Securities Corp. and Eastman Dillon, Union
Securities & Co. (jointly); White, Weld & Co., Kidder,
Peabody & Co. and Salomon Bros. & Hutzler (jointly);
The First Boston Corp.
Offering—Not expected until
late in 1958 or early in 1959.
March 17 it
was
and sell
Wisconsin Public Service Corp.
March 4 it was
announced company plans to sell about
$12,500,000 of new securities in the last half of the cur¬
rent year.
The type of securities has1 mot yet been
decided on. Underwriter—To be determined by com¬
petitive -bidding. Probable bidders: (1) For any bonds—
Halsey, Stuart & Co. Inc.; White Weld & Co.; The First
Boston Corp.; Kidder, Peabody & Co.; Merrill Lynch,
Pierce, Fenner & Smith; Eastman Dilldn, Union Secu¬
rities & Co. and Salomon Bros. & Hutzler (jointly);
Loeb & Co., and American Securities Corp.
(jointly). (2) For any preferred stock—Merrill Igrnch,
Pierce, Fenner & Smith; Salomon Bros. & Hutzler and
Eastman Dillon, Union Securities & Co., (jointly); Leh¬
man Brothers; Kuhn, Loeb & Co. and A- C. Allyn&Co.
Inc. (jointly); The First Boston Corp.; White, Weld At
Co.; Kidder, Peabody & Co.
Kuhn,
.
52
The Commercial and Financial Chronicle :.
(2108)
1
Thursday, May 8, 1953
.
i
,
0
'J
*
The following
Indications of Current
latest week
Business Activity
week
Latest
AMERICAN
AND STEEL
IRON
Indicated
steel
operations
INSTITUTE:
—May 11
Equivalent to—
Steel Ingots and castings (net tons)
AMERICAN PETROLEUM
oil
Crude
42
—May 11
(bbls.
average
output
Stocks
6,288,385
6,250,535
6,264,135
April 25
116,984,000
7,051,000
7,038,000
7,536,665
7,634,000
April 25
—
24,440,000
24,531,000
25,427,000
26,211,000
2,090.000
1,918,000
2,226,000
1,648,000
10,943,000
10,901,000
11,363,000
12,352,000
6,355,000
6,495,000
6,984,000
8,339,000
207,147,000
211,030.000
17,537,000
216,647,000
200,222,000
output
(bbls.)
April 25
output
(bbls.)
April 25.
oil
ASSOCIATION OF AMERICAN RAILROADS:
Revenue freight loaded (number of cars)
25
25
18,287,000
S.
Private
74,743,000
73,060,000
75,125,000
construction
56,794,000
55,165,000
and
533,724
534,475
532,172
493,515
510,699
coal
and
$485,610,000
$325,733,000
$598,495,000
l
228,856,000
113,512,000
385,189,000
AMERICAN ZINC
212,221,000
213,306,000
302,487,000
1
182,339,000
136,221,000
1
74,415,000
165,987,000
46,234,000
158,328,000
May
54,978,000
166,266,000
*7,080,000
390,000
7,290,000
9,973,000
336,000
zinc
489,000
$476,032,000
SYSTEM—1947-49
ELECTRIC
Electric
output
FAILURES
AVERAGE
=
100
(COMMERCIAL
,800,000
355,000
—April 26
INDUSTRIAL)
DUN
—
&
*122
(E.
M.
&
L,251,000
11,206,000
11,326,000
336
329
352
tZinc
5,967c
5.967c
$66.49
$66.49
$66.49-
$31.83
$34.00
_
—April 30
23.975c
21.925c
5.670c
12.000c
11.800c
11.800c
10.500c
10.000c
24.500c
21.450c
12.000c
at
April 30
99%)
at
April 30
at—:
21.575c
May-
10.500c
10.000c
10.000c
Farm
14.000c
13.500c
24.000c
26.000c
93.250c
96.29
96.25
Public, construction
95.62
96.07
101.80
100.65
"100.00
99.52
98.88
96.54
89.09
=
91.77
91.77
91.19
94.56
97.94
98.09
97.47
96.54
Sewer ancl water
99.04
99.20
98.25
2.82
2.82
Other
3.33
3.99
4.03
3.55
3.64
3.75
3.78
3.82
4.01
3.99
4.02
3.97
4.66
4.68
4.48
4.29
4.29
4.33
4.10
3.97
To
North
To
OF
2
To
Asia
South
396.0
408.4
259,355
268,648
87
86
388,939
109.99
109.98
COPPER
86
351,889
in
**110.97
of
......
MERCE
886,960
1,316,020
1,310.860
Consumed
1,323,440
1,097,920
1,621,880
1,559,740
In consuming
COTTON
466,240
423,610
22,850
45,830
44,700
298,250
376,270
414,560
329,200
321,100
422,100
452,840
•
Stocks
Dollar
Odd-lot
...
348,350
75,890
501,260
56,600
-
128,200
..
•
'751,450
.
.
525,620
779,319
—
653,820
904,419
Without
2,155,830
1,599,550
2,579.460
2,768,250
402,640
1,724,890
2,127,530
290,410
479,890
1,510,465
2,217,910
2,697,800
Index
2,923,419
of
of
Other
Stocks
April 12
973,134
April 12-
shares—Total sales
—
1,055,385
1,207,693
$52,854,251
1,317,169
$63,741,054
811,646
1,053,547
1,161,536
17,893
793,753
20,284
11,944
Total
1,033,263
1,149,592
Total
$35,334,040
$45,271,622
$54,884,002
20,689
952,445
■
$41,200,471
April 12
234,750
April 12
Round-lot purchases by dealers—
Number of shares—
TOTAL
207,870
,.
234,750
April 12
;
,
501,380
ROUND-LOT STOCK SALES ON THE
N. Y. STOCK
EXCHANGE AND ROUND-LOT STOCK
TRANSACTIONS
FOR ACCOUNT OF
MEMBERS
round-lot
sales—
•<
month
S.
•
'
297,070
of
2,000
of
207,870
■
—
U.
8.
DEPT.
of
March:
Meats
—
297,070
300,220
447,470
424,410
,
477,290
OF
All
commodities
other
than
farm
and
March
March
794,480
574,240
of
1.654,848
11,546,750
13,093,554
90,698
117,976
954,015
931.432
—
17,682,000
17,945,000
987,874
18,457,000
88,716
29
variation
130
Includes
784.000
'invoS as against Jan. 1.
=
11,717,540
12,230.160
10,794,440
12,512,020
at
one-half cent apt
foreign
sold
66.9
77.2
18,488,000
17,827,000
15,106,000
32,382,000
of
„
from
14,144,000
mills
(barrels).
10,944,000
13,618,000
36,392,000
_
*33,306,000
50
59
66
$779,480,991
$815,996,715
1.
.
revenues
$692,782,401
—
expenses.:
599,436,253
after
charges
(estimated.)
$84,456,628
8,897,266
—
$73,420*179
31,736,334
*9,000,000
-
650,969,027'643,662,0^9
$60,447,833
:
:
.J—
.......
17,000,000
65,835,148
48,000,000
MANUFACTURERS ASSOCIATION
5,832,701
...
7,264.236
7,538,173
6,319,968
——
and
Bus
Tires
119.3
97.2
97.5
98.7
89.4
111.5
*111.4
110.5
104.3
110.8
110.7
108.4
87:1
125.7
125.7
125.9
119.4
29
119.6
Tubes
crude
runs.
tons,
§Based
tNumber
on
of
new
orders
annual
not
reported
on delivered basis at centers where freight from
since
introduction
Truck
and
Bus
of
t
785,287
292,135
787,334
Inner
6,866,339
6,699,558
3,291,101
3,361.557
5,959,580
30.135^000
*34,280,000
28,902,000
32,176,000
*34.173,000
26,670,000
*24,117.000
30.545.000
31.047.000
3,412,086
'
-
—c~
4,308,703
3,443,870
3,343,650
(Camelback)—
Shipments' (pounds)
East St. Louis exceeds
287.908
275,693
of)—
of)—
Inventory
Production
341.838
760,923
(Number
3,470,460
1,000,631
1,120,758
3,029,918
283,170
(Number
1,073,926
310,407
Production
125.4
1,007,180
993,784
3,572,372
i—
...
Shipments
capacity of 140,742,570 tons
8.048,662
17J378.551
(Number of)—
;
Passenger,'Motorcycle,
117.1
6,740,163
19,298,504
904,038
—
—
Shipments
1957 basis of 133,459.150
Plnm^ tPrnne Western Zinc
114
65.7
middle
100)
Inventory
Tractor-Implement Tires
12,804,400
April 29
of
137
95
(BUREAU OF MINES)—
(at end of month—barrels)
Tread Rubber
barrels
124
115
....
adjustment—...
February:
(barrels)
Production
'
Month:v
690,316
*
1,751,748
10,516,327
.
of
as
639,635
1,746,865
—
29.
Shipments
552,490
8,488,750
9,041,240
HII April
foods
140,191
632,022
of
as
INC.—Month of February:
Passenger Tires (Number of)—
Shipments
Truck
761,590
10,032,850
.
^
201,223
143,961
(tons
Inventory
t
113,571
COM¬
Production
.
93,784
19,819,951
April 29
April 29
.
106,718
78,462
.
....
April 29
—
93,352
128,299
98,492
income
OF
foods
"*
130,075
pounds)—
railway operating income before charges
All
Processed
5,110
18
820
A.—
Net
—
commodities
Farm
products
5,495
600
March
seasonal
February:
operating
operating
RUBBER
April 12
.April 12
PRICES, NEW SERIES
(1947-49=100):
Commodity Group—
LABOR
104,382
195,974
0,157
January:
Production
.
WHOLESALE
305,466
92,434
126,426
10
29
CEMENT
Taxes
300,220
April 12
sales
Total sales
225,193
EARNINGS CLASS I ROADS (AS¬
SOCIATION OF AMERICAN RRs.)—Month
'
.
9
RAILROAD
Short sales
Other
61
199,735
(SHARES):
Total
26
0
129,658
/ 63,310
tons)
(net
Capacity used (per cent)——
$45,075,900
>
April 12
....
sales
f
..
Net
Short sales
.
8
.
Railway Employment
Production
1,204,165
$51,875,453
Round-lot sales by dealers—
Number
23
58
——
tons)—
establishment
(1947-49
PORTLAND
Shipments
—April 12—April 12
Customers' other sales
value
46
37
'
RUNNING BALES:
for
March
1
—April 12
Dollar
59
54
.
J
r
INTERSTATE COMMERCE COMMISSION—
418;680
2,504,739
1,800,875
-
sales)—
of
orders—Customers' total sales
Customers' short sales
i'
105
30
238,641
of
seasonal
Month
..April 12
:
91
68
"
(customers'
230
—
pounds)——
2,000
month
of
Adjusted
381,855
April 12
value
84
240
STORE SALES—FEDERAL REsystem—1947-49 Average == J 00-
serve
Month
125,100
325,255
.April 12
purchases by dealers
Number
30
70
43
—
LINTERS—DEPT.
March
399,000
April 12
April 12
shares
:
28
_———
—
of
41
215
105
—
America
(net
Cotton spindles active
474,890
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT DEALERS AND
SPECIALISTS ON N. Y. STOCK
EXCHANGE
SECURITIES EXCHANGE COMMISSION:
Odd-lot sales by dealers (customers'
purchases)—t
Number
■:
DEPARTMENT
—
*
,32
459,260
members-
sales
27
•'
33
public storage as of March 29—.
Linters—Consumed month of March—
April 12
of
Total sales
»,
241,250
44,400
April 12
account
32
—*
of
AND
April 12
Short sales
Other
371,920
284,800
April 12
sales
for
"..•i/ 27
In
1
.
round-lot transactions
Total purchases
22
pounds)
248.880
April 12
Total sales
•
2,000
305,860
April 12
Short sales
Total
201
28
•,
A.
210,960
—,—
floor—
S.
1,593.190
April 12
sales
221
30
345
,
;
fabricators—
1,611,960
April 1°
Short sales
the
to
1,041,090
Anvil 19
.
Initiated off
America
1,009,950
282.350
AJrll 12
the floor—
on
Central
(tons
Deliveries
which registered—
J
——
28
buildings
(tons of 2,000 pounds).
Refined copper stocks at end of period
-—April 12
13
890
308
tons)——.
(net
(tons
In U.
1,331,070
854
29
service
INSTITUTE—For
Crude
MEM¬
-April ¥>
transactions initiated
purchases
and
Copper production in U.
SPECIALISTS:
stocks
;••
•,
—
Undesignated
235,168
248,935
336s,737
110.10
94 .'i
10
343
Europe (net tons).
263,614
35
280
58
—
.
3.93
•
1
409
V:
63
(BUREAU OF MINES)—
Month of February:
U. S.
exports of
Pennsylvania
anthracite
(net tons)
3.91
81
305
955
/
—
.—"III. 1111—-III—III.Ill——
3.86
326,592
71
,
J
(pounds—
Inventory
(pounds)
"Revised.
SDefieit.
*"
j.
•
...
'
112
,/■;
.>
28
11
systems—
3.80
230,130
404
-•
270
3.87
224,405
236,328
' 105
V:
.
343
.
389.3
•
14
70
3.81
393.4
V»'
■
•
COAL EXPORTS
Refined
May
In
and
nonresidential
:
23"'
'
'14
71
—
3.88
,
,r
«"
62
Total
-
36
25
,
29
.
enterprises
Conservation and development
All other public
3.71
3.76
April 26
10t>_
114
....
Public service
4.00
3.57
April 26 ;
April 26
sales
Other
40
'
443
97.16
2.85
April 26
Short sales
transactions
Total purchases
63 v
47
,
14
Military facilities
Highways
4
'ti
176
"
—
To
;
Transactions of specialists
Total purchases
-
131
40
26
—
—
Administrative
95.77
May
activity—.
(tons) at end .of period
Other
40
133
*
Hospital and institutional
86.38
MayMayMay
INDEX
TRANSACTIONS
FOR
ACCOUNT
BERS, EXCEPT ODD-LOT DEALERS AND
rf
64
264
:
'
4.62
BOUNll-LOT
Other
190
61
—
:
96.23
OIL, PAINT AND DRUG REPORTER PRICE INDEX—
Total sales
188
—
Educational
96.23
Water
~
(tons)
Total sales
99
269'::
-
—
Industrial
86.65
May ,6
NATIONAL PAPERBOARD ASSOCIATION:
Orders received (tons)
Other
155
102
—
Residential buildings.
Nonresidential buildings
AVERAGES:
-
Other
254
156
r
341
709
231
258
—
construction
90.06
103.30
99.84
—
Other public utilities
All other private.
98.750c
3.99
COMMODITY
AVERAGE
48
675
-47
Railroad' 'tti—uiLt—
-
May
May
j
Railroad Group
Public Utilities Group
Industrials Group
1949
'
218
,
—-
Telephone and telegraph
25.000c
93.000c
102.96
Ma^ 6
of
258
t
.
48:'
664
Public utilities.——1.:—L*
1
.
May-
corporate
orders
219
250
—
——
Miscellaneous
*
■
15.800c
10.500c
95.90
.
Unfilled
v
870
—-—-
87.18
MOODY'S BOND YIELD DAILY
U. S. Government Bonds
Percentage
^
1,162
790
—
-
95.92
Production
.2,405
1,057
870
—
Educational
16.000c
12.800c
96.23
Railroad Group
Public Utilities Group
MOODY'S
$3,295
2,251
1,168
Religious
29.475C
13.000c
-
93.750c
M^y
Average
$3,105
2,400
(nonfann)
—
31.450c
24.000c
.
Average corporate
Group
v:
$3,355
construction
buildings and warehouses——
Stores, restaurants, and garages
Other nonresidential buildings
,
24.275c
April 30
—
York)
:
94,607
89,357 1
OF
Office
...
MOODY'S BOND PRICES DAILY AVERAGES:
U. S. Government Bonds
Industrials
96,924
■
millions):
Industrial
$42.83
at
(New
"i /
'
(East St. Louis) at
Aluminum (primary pig.
tin
DEPT.
(In
Hospital and institutional...
Zinc
Straits
S.
March
of
Additions and alterations
$64.56
$31.50
: '
9,772 '-r
107,708 -•:'
.
'
at
(delivered)
\
68,354
Social and recreational.il—icL'l'lLU1.
Export refinery at(New York)
(St. Louis)
3,349
•
59,511189,189
203,641
Nonhousekeeping
buildings
QUOTATIONS):
Domestic refinery at-!
Lead
43,750
i
,,v
57,822
pounds)
(tons)
Commercial
5.967c
>fc
(tons of
of 2,000
buildings
New dwelling units
Electrolytic cofrper-
Lead
38,027
construction
new
297
April 29
J.
294
5,316
72,274
(tons
Residential
11,286,000
1
April 29
(per gross ton)
Scrap steel (per gross ton)
239
5,906
—
undelivered
all grades
CONSTRUCTION—U.
Private
*131
April 29
Pig iron
PRICES
*125
3
May
HON AGE COMPOSITE PRICES:
Finished steel (per lb.)
METAL
136
output
LABOR—Month
'
—
7,066,732
•
Nonresidential
May
AND
10,539,074
5,215,417
0:
BUILDING
INSTITUTE:
BRADSTREET, INC.
"5,782,323
INSTITUTE, INC.—Month of
smelter
Shipments
Total
April 26
April 26
(In 000 kwh.)
■*
.
Stocks at end of period
■EPARTMENT STORE SALES INDEX—FEDERAL RESERVE
KDISON
6,254,000
4,262,935
2,000 pounds)
173,545,000
256,754,000
(tons)
(tons)
—
•
1
lignite
fid:
March:
-May
anthracite
28,200
264,600
—
i
Orders for new freight cars—
New freight cars delivered
Backlog of cars on order and
(end of month)
(U. S. BUREAU OF MINES):
Pennsylvania
*
February—
Month of March:
593,427
1
-
Bituminous
290,200
INSTITUTE:
STEEL
AND
8.260.000
7,967,200
AMERICAN RAILWAY CAR INSTITUTE—
690,789
494,183
-May
May
municipal
OUTPUT
25,300
312,500
.
36,800,000
—May
construction
State
*
IRON
Month of
Slab
Federal
COAL
8,483,300
27,400
Shipments of steel products (noc tons)-—
74,898,000
57,600,000
April 26.
construction
Public
8,798,800
8.409,400
ingots and steel for castings produced
(net tons)—Month of March
NEWS-RECORD:
Total U.
8,749,300
Ago
Steel
20,163,000
25
freight received from connections (no. of cars)—April 26
ENGINEERING CONSTRUCTION — ENGINEERING
.CIVIL
17,222,000
25
Revenue
-
AMERICAN
at
refineries, bulk terminals, in transit, in pipe lines—
Finished and unfinished gasoline (bbls.) at
April
Kerosene (bbls. ) at
April
Distillate fuel oil (bbls.) at
.April
Residual fuel oil (bbls.) at
.April
t
—
—
sale3 (M therms)
(M therms)
gas sales (M therms)—
Mixed gas sales (M therms)
gas
Manufactured
(bbls.)
fuel oil
fuel
Total
2,220,000
1,308,000
April 25
Kerosene
Distillate
*1,289,000
of
April 25
to
stills—daily average (bbls.)
output (bbls.)
Residual
§1,350,000
Natural gas sales
output—dally
Gasoline
runs
Year
Month
February:
gallons each)
Crude
-
Previous
Month
INSTITUTE:
condensate
and
of* that datci
are as
AMERICAN GAS ASSOCIATION—For month of
86.7
48.5
>
the
either for the
are
Latest
Ago
Ago
**47.8
of quotations,
or, in cases
Yeai
Month
Week
§50.0
that date,
on
production and other figures for
cover
Dates shown in first column
month available.
month ended
or
Previous
Week
cent capacity)
(per
or
statistical tabulations
Number 5740
Volume 187
.
.
The Commercial and Financial Chronicle
.
(2109)
The
Continued from page 5
upon
decided
Halsey account had
a bid of 98.26 for
Continued from paqe 7
/
5*4%
a
when just before
coupon
our
ac-
m|
felt uneasy about the bid and sug-
executing
like wild fire.
accounts, particu¬
discussions
Price Meeting.
participate
place of
phone
;
Price Committee
•
I
*
(
bid
form
with
and
Department
sale to
receive
meeting and replied that we could
raise
the
bid
provided
every
see
■
bid
the
and
time
.
..
.
do
to
since
so
the
changes in the composition of
the
account
only
hour).
(at this point it
minute^ before
ten
quick
A
indicated that
out
if
This
show
raised the bid
we
done
was
and
bid
*
hands
of
12
3953
Noon
Kuhn
our
the
Managers
is
the
of
interest
of
of
rate
contract
is
temptingly before
Let
the
n,
.
•
,
only
if
divide the
we
bonds
observed
impossible
care
or
Final.
the
attend
to
account
inconvenient
it
member finds
dicate
Price Meeting such member may
Department
of group
sales
has
take
to
and Selected Dealer
so-called "pot."
This comprises that percentage
of
participations
underwriters'
the
Invitation for Bids in the event of
FinaUy>
tie*
a
acted to
This
the
of
out
given
was
in
that
meant
which
each
account
by
submit
inflatiofi.'
sloW
bid.
new
a
measures
to
the credit restric-
It" has
also taken
credit
increase
willing to bid for
higher
such member no longer has
bid
commitment
a
participate
to
in
the bid.
Prior
ing
the Final Price Meet¬
to
is a meeting of the
key personnel of the Man¬
At this meeting the reports
there
same
ager.
institutional
of
bonds
dividual
At
price
expressed.
views
conclusion
the
*
the
in
interest
again reviewed and in¬
are
this
of
meet¬
to what
Manager will recommend to
decision is made
ing
the
as
the Price Committee
as
bid and
a
offering price and what maximum
commitment or participation the
Manager is willing to take
\
'•
C.V
basis.
on
this
...
respective participations for their
own
retail
sales.
This ratio is
•
sometimes
interest in
gives its price
the
the
Committee is polled to determine
the extent to which the
tee members
the
bid
sentatives of the Manager, the Is¬
of
not
are
those
bid
who
also
will
of the
some
willing and
and perhaps certain
some
the Trustee.
and
After that,
redelivers the bonds
and
Underwriters
to
dealers
the
to
which
institutions
and
purchases from the account.
made
are
want
pens
recall
may
Tie
of
wonder
at
the
from
the
account
price level suggested).
While
the
initial
Manager
Committee,
the
makes
recommendation
Price
in
If
the
to
in¬
some
what hap¬
the
bid
a
the
by
Man¬
higher than
cides the proposed price at which
the bonds will be offered
initially,
the
discounts
to
be
allowed
to
dealers
each
and
the
percentage
of
Underwriter's participation
which he will retain for his
detail sales.
-
own
'
At the conclusion
of
the Final
Price Meeting the Manager must
quickly
complete' the* necessary
The extra
digits at the end of a
some
people*
Basically the way a bid is arrived
at is for the Group to decide on
perplex
may
proposed list price and deducting
therefrom
an
underwriting
a
this
such
are
usually
two
as
nines
more
or
result
the
to
beyond
digits
extra
Any
of
some
000,000 principal amount of Cali¬
Electric Power Company
fornia
bonds
this
bearing
case
a
3%
coupon.
the tie groups were
raised its bid to 103.7199 and won
the issue.
other
The
case
occurred
on
Sept.
bond
19,
market
had
been
railroad
in
bonds
popular
as
a
Electric and Gas Co. bonds
margin
of
class
mill
one
cuts
wnc
was
nn
$50
million
$50 million i«?cnp
issue.
n
on
a
Before I conclude,
that I think the Securities
to say
tunities
dustryare all aware that
are involved.
We
a
to
it.
from
Because we have
a
<<want„
need
graduated
economy
and
economy>
the tory, we are
of
Because
Depression Period of the 'Thirties,
into a
beCause,
to mass
in the character of the
taken to restore the patient
extended
an
period
when
Street attracted few recruits
The result is that
were
in
our
business
number
j
a
today we
of men who are
lost
a
over
the younger men
...
being
oeing
to full
C'the
American living standards.
Hav-
£en show
50
orv
,
to
.
„
a
for
must^lan1 and schedule6 our
^e
models into production, look-
n(jw
We've got to sell
?uf„^XetW
ture conviction
M
^®lngs ^
t,7
w{, are
We
can
are
doina
acting
j can ten you
now
approving or
are
we
and trucks that will
surpass even
ourselves and
Foresees
recent
10
Cars
Million
and Trucks
doing this in anticipa¬
are
of
continuing
a
healthy,
though strongly competitive automnu;ia
wtorirpf
pvtpnHinf*
nn
^0bfie
market
extending
on
through the mid-1960's. For those
that'll
,us£fr' lf£°u d
Jsed
inion
on
carefui forecasts,
that between
nQW and 19g5 there will be peak
year3
of aut0mobile production
to unwards
t^cks.
trasted
to
a
total
^ ^ qoo cars and
of 10-mil—
That is con-
production of
trucks in 1957,
d»aachieve that kind
only 4,793,000 in 1947 T
-re
to
Cth/md
tne unaer
toward a richer, better, brighter
of
years.
as to
something iying health of the economy and
relatively the factors irresistably takmgus
substantially
the unheard-of new-
investments
model
.
should be in a
,
inherit
developed
being
Louisville, and I'm sure that the
the 30 to
generation. This means that
position
SeTtd convlnVe
v.-
him that the present is a gooa
time t
buyand to improve his
bracket. In effect we have 0wn standard of living.
*
is
gram
tion
optimistic prospects for continued
have growth in the economy and in
disproportionate
and too few who are m
45 year
Wall
happy to learn that such a pro-
We
„r1
took place
confidence in business in general,
to the end that all other merchants are also benefiting. I' am
psychology.
Underwriting business there was
which
completed programs of their
One effect of these car-saleg
weeks has been to stimulate local
or
own.
peculiarly sensitive
Business Must Act
■
.
1.
.
While effective action is
wniie eitective action is
World War II and changes
some 150 or more cities throughout the country have embarked 011
-..{i-.vni
programs for 1959,
cntical related tooling model aut0mobile9
and 1961
psychol-
offers great oppor- therefore, most consumer actions
those who
are
now are optional rather than manda-
into
coming
February.
real payoff for this pro¬
remains to be counted, since
The
have approved product plans and
business today
bidding groups, one headed
worthwhile
within
by Kuhn, Loeb and Co. and the
other by Halsey, Stuart & Co. Inc. short period.
ing
.• i•
o
the
gram
a step:in that
will be required
^ich alL* °faS0lLd *
I should like ogy-
^
for
surpassed" those
^
factor in our economy is
luck.
Such things are sheer
March
alone could
Whatever steps the government
take to stimulate a reason-
$1,000 step
per
,
area
benefits will be substantial.
We at Ford Motor Company are
genuinely optimistic about the
do the specific job of turning the prospects for our company and for
economy around.
This, of course, the economy. We believe it is our
js strong medicine. This is a well responsibility and the
responsito which we dare not go casually,
bility of all businessmen, to act
if such measures are taken with- according to our honest convic0ut an effective effort to limit the tions, and to give proof in deeds
wage-cost-price inflation, the re- as well as words of our trust in
sult could be a strong new infla- the American future,
tionary spiral.
We cannot, of course, sit and
that tax
actions, or a
by the combination of the three, a second
bonds. In other words the margin
progres¬
favor.
In fact,
there had been no offerings
of
new
railroad mortgage bond is¬
sues
in a number of months.
It
was
small wonder that prospec¬
tive
underwriters
contemplated
this issue with considerable trep¬
idation. There were two compet¬
not
million Public Service
for
in
sales
^
believe
public works> fiscal
Co.
Manager recommended is sively declining and, in addition,
achieved.
After determining the
bid the Price Committee also de¬
Bid
a
issue of $50
Inc., respectively, each
103.65 for an issue of $16,-
&
This sale was at a time when the
initially
,
111
^
groups
expressed
thus
Digits
startling results. We once won an
in
1956, and involved an
issue of $35,000,000 First Mortgage
Bonds of Southern Pacific RR Co.
and
:
headed by Kidder,
Peabody & Co. and Halsey, Stu¬
occurred
One
stances, other members- of the
Price Committee-may hold gen¬
erally higher views than those
ager
'
bid
work.
In
given'
it is found not feasible to achieve a period of two hours in which
a
bid at the level first recom¬ to improve their bids if they so
It so happened that the
mended by the Manager, attempts elected.
Kidder
group
decided
not to
are made at different
prices until
agreement on a bid is obtained. change its bid whereas our group
will-withdraw
.
j
Extra
spread for which it is willing
Bids
in the event of tie bids. I
being involved in two such
when
absorb
to
as-
way
bid
(participations
they
an
and
TV
emphasiz¬
mentum carried over into March.
Cleveland
sured
one's whim but sometimes lead to
the
of those firms which indicate
almost
was
radio
editorials
and
tomers they hadn't sqen in years,
was left unturned in the
community effort to -encourage
people to buy new cars.
The resuit: In the fourth week of February
more
new
cars
were
sold
than in the preceding three weeks
combined.
Moreover, the rnoTotal
Congress and the Administration
to strengthen the economy,
1946
art
make
to
desire
slack
Event
Some
instances.
suggested.
Usually
some
Commit¬
willing to make
are
three
of the
to
Each
issue
the
strong dethis price
a
mentl
Price
member
recommendations
Committee.
that
such
was
the bonds at
for
This is attended by repre¬
made.
the Manager
Reaching Final Agreement
the issue and then
into
fall
"pot"
.
At the Final Price Meeting the
there
mand
sellout, whereas before the
Our Main Problem
The main problem before us
categories: (1) Sales to certain bidding there was considerable
skepticism as to how the issue now is to block the downward
large institutions at full list price
for
the
account
of
the
entire would sell and the prospective pressures resulting from past corunderwriters wanted a good spread rections in the economy and to
group;
(2)
Sales
to
Selected
Dealers at the Dealer Concession to compensate them for the risk stimulate a resurgence of confidthought they were taking* ence on the part of the consumer,
and (3) Takedowns by individual they
one most significant and
enUnderwriters in excess of the per¬ However, with a prompt sale in
prospect the members were will- couraging fact is that the governcentage they originally retained
ing to shorten the spread consider- 'ment
unauestionablv
has
the
for retail.
ably. Thus when the bids' were power to stop a decline in its
A
few
days after the Initial re-submitted at 2
p.m. the Halsey tracks.
The most obvious source
Public Offering there is the sobid Was 99.3811 and the Kuhn, Qf that nower lies in the governcalled
"closing" where payment Loeb bid 99.1111.
'
ability
cmdrol the iates
for and delivery of the bonds are
I*
and levels of tax
collection.
I
the
from
suer
Manager reviews
Withdrawals
varied.
that
car
No stone
for
Manager
bonds and that at any
the
used
and
new
ing the long-range sources
of
strength in our economy, and spe¬
cifically in the Cleveland area.Salesmen began calling on cus-
tions that it imposed last year to
period of two hours
a
to
one
newspaper,
stories
has
government
the
remove
news-
experiment. They
reason people
fewer automobiles
an
that
Therefore,
This must be
count member is
be
dealers of all makes united in a
week-long promotion,, supported
prerogative of filing which are not retained for retail Accordingly we reconvened the consumers and businessmen alike
a price limit.
sales. The practice currently most meeting of our Account and Kuhn, and to make more money availdone by a certain
prevalent is for the Manager to Loeb did likewise. In the interim able for .residential housing — a
designated hour in advance of the retain 20% of the issue in the the proposed offering price of par move that should be strongly enFinal Price Meeting and indicates
A couraging to the economy. Every
"pot" so that the individual Un¬ had already become known.
the maximum price which the ac¬
derwriters
have
80%
of
their recanvass of the market indicated day moves are being made by
the
with
can
omy.
the
exercise
example of
that
was'because of what they had!
been reading and hearing, they
had lost confidence in the ccon-
through his Syn¬
the
thing
buying
were
Again, we have already had a
very
susbtantial
reduction
in
business inventory.
In the first
quarter of 1958 alone there was
a $6 billion reduction in business
equally be¬
tried
papers
Sd^LWf
by
us.
you one
done.
placed, there should be- an
immediate stimulus to production
and employment.
the Price
attend the
the;, price decided upon
Price Committee.
If an
of
the contracts of Commerce and the local
a 1()0^ merease. As
are
,
on
to
give
me
kind
the
Com¬ we are the high bidder.
tween
the
two
groups.
We inFinal
Naturally, each and every mem¬ dicated a willingness to this pro
Price Meeting if they wish. Such ber
vided our account members and
of the winning group is im¬
members do not partake in the
mediately concerned with finding
"e ngrf,e' inventories. If proper and effectdiscussions but each of them pres¬ customers for his bonds.
"AS "e, action » token by industry
ent is given the opportunity to
Southern Pacific said it had been and government, we can expect to
declare whether or not he wishes
advised
Composition of the "Pot"
by its counsel that
it see a new rise in production and
to withdraw from the account if
The Manager, in addition to his should insist upon adherence to employment later on this year to
he does not wish to commit at
the
procedure provided in
the rebuild depleted inventories.
own retail sales
not
sometimes
the kind of future that dangles*
governcommit-
months of
double
at
scheduled
it
But we must do more than just
talk.
We must make sure that
each of us does all he can in hi»
own sphere to deserve and to earn
rate of the last six months of 1957.
,
story
monthly
defense
almost,
—
we^und thlt their " i§
^onVm°ut om'bi}^n
Recently in Cleveland / the
hid or
1th a KSS?1-10 tw° h-1!10?^ morlth
automobile dealers, the Chamber
Loeb
nrrnlmt haH ahfn
rri
same coupon.
general custom to permit account
with
Strength
,
Promptly at the bid hour the
Department exchanges
bids
The
ments for the first six
to 98.31.
at
is
nient
would drop
one
no
was
the
V
seems, in spite of ourselves,
competing groups, the identity of I Within a few minutes we had a
which we almost Invariably know phone call from one of the
Kuhn,
in advance.
From this point on Loeb partners who suggested that
also
*>'
m
§
future
short to make
then too
was
certain minimum
amount as pre-established by the
Manager. > It has become a fairly
mittee
■-
■
significant also that the
total output of goods and services
this year is likely to come close
to that of last year, which was
the biggest in history.
Syndicate
tions down to a
m
Bi
«
It
any
tele¬
final
the
willing
were
so-called Price Committee which
consists of firms having participa¬
a
members
-
M
levelling off in the rate of growth,
member remaining in the account
the
at
by
account.
final bid, etc., is -vested in
of the
connection
changes in the membership of the
the determination
In such cases,
the
Buying
our
Final
the
at
in
designated for the opening of the
bids.
We follow the practice of
having one or more members of
practicable to allow each
the
in
A
.
.
And the Souices of Our
that the bid is submitted in proper
form at the place and by the time
larly on an issue of large amount,
consist of many members it is not
and every member to
work
paper
Because some
always
m
Selling Corporate Bonds
price spreads around
your group's
ihe "Street"
f
1
'
•
.
The Role of American Business
in
And
VI
'
.
53
ohviouslv
,
Jes voiume,
we
Continued
are
on
going to
page
54
54
The Commercial and Financial Chronicle
(2110)
Continued
from
ones
53
page
lot
It's
more
And the Sources of Our Strength
making
are
we
reflect the depth of our
of
ture
conviction
future—the
America's
about
now
fu¬
two, three and four
hence—and even longer.'
years
one,
conviction
That
evaluation
rests
on
an
dee p,
of
built - in
strengths and resources that have
borne up our economy during the
past decade and will push it ahead
attan accelerating pace during the
next
one.
These
underlying
known to all of us.
deep
strengths are
think
I
But
and
need
we
to
keep
bringing them out into the light,
to examine and re-examine them,
and
What
in
them
keep
are
the
front
of
time.
the
all
customers
our
•;
.
of
sources
resilient
and
one,
however.
the
automobile
our
Sources of Strength
first
of
all
our
large
and
growing population—a people
enjoying the highest standards of
any people in history; a people
bent on improving their standards
and convinced that it can be done;
a people with the know-how and
the organizational ability to do
the job; a people sparked by the
creative drive of a free, competi¬
tive, profit-motivated economy; a
people determined that its chil¬
dren shall live better, freer, richer
tion
as a. source
of strength is our
form, of government.
We tend to
forget how fortunate
we
in
are
the form of government our fore¬
fathers were wise enough to pro¬
vide..
It
c o u.r,
offers
ages
freedom, enself- expression,
us
pro m o t e s
competitiveness—in
short, acts as a veritable dynamo
in
generating
progress
and
growth.
We busy ourselves with
criticisms, of particular govern¬
my
that it is truly
a
of
government
the people, by the people and for
the people.
<
Another very real source of our
strength is our abundance of nat¬
ural
resources.
As
remain
:resources
to
we
market
to
our
our
tain.
our
existence
enough
of the controlled economy, a
cen¬
tral problem of our economy has
been one of keeping booms and
declines within reasonable bounds'.
Economists
that
we
in
general
have
now
built-in
Those stabilizers
the
at
the
stabilizers to
believe
necessary
the
do
job.
being tested
are
time.
present
They include, of course, various
programs that underwrite the in¬
the
of
American
average
family—social security, public and
private unemployment compensa¬
tion, and the large retirement
funds of private industry.
They
include the strengthening of our
financial machinery through the
Federal
Reserve
System* Federal
insurance of bank deposits, pro¬
tection of investors through the
SEC, and so on. They include,
most importantly, the
ability of
government, through
its direct
indirect
and
controls
taxa¬
over
tion, debt management, and
of money
and
credit, to
of inflation
excesses
sup¬
re¬
de¬
or
flation.
These safeguards seem to
eliminate any likelihood of a re¬
of the
currence
kind of economic
collapse we had in the 1930's. j.
Nothing whatever has happened
■
the economic front
on
to
weaken
any of these
underlying sources of
strength that almost command an
optimistic view of the future.
We
have
now
ulus
of
with
the
forcing
the
You
of
Soviet
to
stim¬
doubt
among
that
us
all
seriously
can
industrial
our
ac¬
high
as
Continued
Years
our
of
awareness
the
intimate
the
evolution
We
expect to share fully
future
We
of
American
growth of
are
a
our
in
life.
in
the
wide
of sprawling suburbs, of
moving populations,, closely
Business
I
want
tive
material
re¬
of
some
am
our
resources
other
cer¬
vast
is cause
in
New: technologies constitute
major
source
of
strength.
New
technologies
\t.
of
the
anour
in
as atomic
energy, elec¬
tronics and plastics are
opening
new
vistas in
chemistry, metal-
such, fields
lur.gy» biology, medicine,
and are
pointing the way to countless new
consumer
products.
Possibilities
automobile
travel
their
and
truck.
substantial
jobs.
stores in.
People
distances
to
Retail and department
own city of Detroit
our
to
repeat that
still
effec¬
as
breathe
a
fast expressways that take
traffic
into the heart of the
city.
The pace of American
economic
progress is directly related to the
growing
pace and volume of road
traffic. Try to look 25 to 50
years
ahead. Does anyone doubt
that
thev
automobiles
of
those
years
will have
progressed as far ahead
of present
cars
as
the
present
way.
V
■
•
•:
'
.
came
the market
on
decline
plant
in
corporate spending* 011
and
equipment and
ventories
will
ing
to
would
most
businessmen
the
strained
wholesome
restrained
little
a
Things
good
or
are
of
I
-over-
the
down¬
seldom
as:
make
highly
a
infec¬
out
come
resurgence
loose-living; and in¬
/
think
either
we
We don't want to
of this recession into
economic
en¬
business
the
•
for restrained and reasonable
calls
con¬
fidence, backed up by more vig¬
orous selling and
advertising, and
by
strenuous attention to
forward planning.
Anything
a
our
very
Anything
as
false
are
There
higher;
or
banks if
some
Actions
are
have discussed.
in
general
can
con¬
Mortgage
1960's,
cheaper to do it
systematic and rational
OA a
basis than
on
the demand
ing the
lot
a
is
crash
once
basis when
again strain¬
short-term United States Govern¬
ment issues,
savings banks want
to secure the
in
highest yields avail¬
quality investments. Only
on
this
way can they pay attrac¬
tive rates of return that will stim¬
ulate
.savings.- ..Mortgages meet
requirements to a greater
these
extent
than
vestments
other
under
ditions.,
One
classes
new
Business
advantage
technologies.
can
increase
its
rate
of
prevailing
mortgages.;
volume,however, so
bonds will' pro¬
Government
vide yields close to
those 01V top-
grade corporates, Treasury issues
will tend to become the more at¬
that
of-
basic considera-*
tend
to
mortgages-
even-
at
in
the
limit
to-
the
overall
investor
is
to
•
the
earning
of
cost
some
yield'.
elementary precaution
prudent
of the
maintain
a
reasonable degree of diversificar
tion in his portfolio.- In the
inter¬
est of diversification most
mutual
of
likely to hold
are
a
maximum
78-75%
of earning assets and
Government bonds,, high-
corporate
bonds
and
top
quality equities in the investment
of new funds when the ratio
ap¬
proaches
this
and long-term
Government bond yields averaged
22
basis- points during 1955, ac¬
cording' to Moody's Investors
Service. This-differential, widened
corporate
.to 42 basis
points for 1957, and to
on April 10 of this
year.
For. the present/ therefore,
the market yield trend is in the
49 basis
points
direction
,
.
of.
spread pn
yield:
a
favor of high,
grade corporates.
Equity Investments
.
one
will
in¬
between.,tri-
differential
ple-A
con¬
•
reduction
resources of our economy.
Business can intensify its scien¬
tific research and produce devel¬
cor¬
provide the best alterna¬
The
mortgages within
a
Portfolios?
likely to find that,
are
substantial
that
.
Once suitable
liquidity has been
provided through reasonable hold¬
ings of cash, deposits in banks and
savings-banks
will be
banks
habits of the past.
tinue to make the expansion and
neces¬
bank loans 'of to
repay
their liquidity. So long
as
new corporate bond finartbing
continues
fairly heavy, savings
up
policies should be based upon the! tractive outlet for
savings bank
objectives of the investor and the funds because of their broader
quality and yields of available in- market and their non-risk asset
vestments, rather than tradition or status for bank investment.
assets
many
funds
new
v
Large
ratio
Business
Take
a
invested entirely in mortgage
Yet there is
things we can
do today to
improve business by
taking actions which rely upon
the sources of
strength which we
now
Such
before
We all recognize that investment
misleading.
Can
to
o w e v e r,
Whenever the Treasury
decides
to offer new long-term bonds in
able
time
present
arises
many
bonds
build
The
year.
offerings is' still
because
corporations are selling
new
tive to
we
And the attitude
businessmen' iff
tious.
question
exceeded
long by
It
and
011
bad
as
them out to be.
if
our
when
upswing*
it
swing.
fluctuations.
little
g
and
mo¬
this
in¬
very
How
thusiasm
as
One
the
loans.
be
on
bonds,
of portfolio
of
on
corporate
ratio
be
way
do it is to stop over-react¬
can
high-grade
a measure
reduce
financing
volume
The current
porates
will
optimism
actions.
opment to take fuller
development of highways and
a
75% level
will
we
economic
we
is
of sober
sense
business
of the
a
be
whether the ratio of mortgages to
total earning assets will rise to the
problem of consumer
psychology. It's going to be
largely up to us in business to
into
do
Therefore,
are
a
depend
of
confi¬
we
'.v
'
-
as well through the rein*'
vestment of amortization
receipts'.
moves
by the government,
face
area
on
customers within an
of 100 miles. The
recognition
this fact has made inevitable
6
page
bility
Decorum
counter-recession
taken
than
grade
commerce
from
V"..'
provide
test of
It
In
—
will
have the
ability to make it
% V
the
and
that
because
advantage we can of the discipline
imposed by today's market.
real
a
to favor
tion.
will
tomorrow
1 M
interrelated in large
means of automotive
by
transporta¬
any major city today,
depends heavily on the
day
actions, and
generate* the
need
Today's Economic Conditions
improvement of. its plant
measure
better
as
all
we
substantial,- h
Business
open
confidence
strength —/.,wili
future
Mortgages as a class offer sav¬
ings banks a higher rate of return
country.
nation of
in
thel
nn,
positive
our management
ability and sales¬
manship. We intend to take every
Outlines
participation of the automobile
the
in
bond
congenital
optimism of automobile people is
faith
lower cost.
situation is
present
Ahead
the
our.
its
which
rate
tion
for
is.
a
boot¬
are
and
25-50
of
that
of return again develop.
By
attempting to do these
contrast, callable bonds will be
very things at Ford and we are
before maturity
heartened by the results we are, redeemed
only
already getting. We feel that the when the issuer can refund at
We
ahead?
reason
This
reawakening.
sources
ago:
year
beginninii
,
I
am
certain ' that
American
business will take account
of the
with
about
are
more.
our A
is rising
sap
our
less will disturb
people.
more
will, strike them
Looks
a
flowers
once
dence
—
"winter of
Now, the
that this
say
it
our
complishments of the past will be
dwarfed in the years immediately
One
can
includes automobiles—is
and offer better service.
a
impractical, almost incredible.
Or, you
the
through
point
and
economy
year's total retail sales
organizations, im¬
products, intensify our
marketing efforts, eliminate ; ex¬
cess costs, raise our quality levels,
prove
flation.
is
speed and urgency that even a
short year ago would have seemed
Who
review
—
of
forward with
the
to
our
act'V
,
rivalry
Union
move
reaching
slipped $10
Or you
as high as in
year.
select certain segments
can
alarm.
as
is
bloom
time of
has
it is 98%
say
4V
The
to
window-shopping.
straps and pulling upward.
Why not take advantage of flVrS
time to make ourselves stronger
that
technological
a
us
added
for
This
!
last
out
been
and the
the record year of 1957."
sary to meet the coming growth
of consumer demand in the
for.
illusory stability
time
business
government.
below
spaces,
confidence
American future.
'
can
are
content."
that the Gross Na¬
say
beginning
Americans
has
that 98%
year ago still
say
a
;tik'
essence
orously to stop the recession
is
early spring, and
unem¬
are
a""
propitious—per}Gf
it will be
agairt S
foreseeable future.
eminent is
than
more
people
you can
Product
billion
fast
requirements, but I
the
tional
our
boundaries for
store of natural
the
as
can
our
sources, and I am fully aware of
the fact that we have to go- be¬
yond
You
as
I. won't take the time
enumerate
and
the part of
on
well
Or
employed
have their jobs.
position,;. I
this, in
time of positive
a
that
say
of those
present
our
opinion,., is
action
our
can
ployed.
•
-
the
say the 'tun
that it is ,7
public!.^
the
than
sustain
long
(economy — and we are far from
being a have-not. nation—we will
jbe strong.
tend to take for
granted,
combines agility with stability to
a
remarkable degree.
Since no¬
body has learned how to combine
perfectly the virtues of the free
mental actions and
political maneuverings without taking, stock of
the. remarkable—in fact, wonder¬
ful—reality of our government—
-
more
so
the
ot
is
now
five-million
efforts to
that
improve
timing
months.
or
7
reaching
timing is
You
would like to mention that
strain
This dynamic population is ex¬
panding at a rate that adds the
equivalent of a State the size of
your Kentucky every 12 months.
That means, as we all know, an
added demand for- food* clothing,
housing, schools, medical facil¬
ities,
services
and
consumer
goods — a demand we will be
hard-pressed to meet.
Complementary to our popula¬
get back to
<
highly responsive to the
purpose and goals of the Ameri¬
can people.
This economy of ours,
ply
lives.
But to
somewhat different view¬
In looking at the present situa¬
tion, for example, you can view
it in two different lights.
—
cals and electronics.
tool
—a
come
is
economy
•
strength?
There
American
.In
things
about
can
full.
recent
will be a gradual
All components of
change
are
the decisions
most
at
and
a
talking
looking
point than has been prevalent in
tires, steering
being opened up to American systems, safety features, electronic
push ourselves to the
limit.
We are going to have to industry far faster than it can guidance
systems and the rest—
come
up
with important, even absorb them. We are only begin¬ will develop year-by-year under
dramatic
improvements in
the ning to realize the potentialities the testing of the market place.
automobile—and each year that of these technologies. Science and In the process, the fiercely com¬
becomes a little harder to do. We technology are literally impelling petitive automobile industry will
are
going to have to do every¬ us forward into the space age. continue to make great capital in¬
am
confident
that
the vestments and to
thing possible to cut manufactur¬ And I
provide largeing costs to the bone,, so that we United States will not lag in the scale employment in its own in¬
can
give the customer an ever area of scientific development.
dustry and related industries such
as
greater value for his dollar.
Another source of our strength
steel, glass, aluminum, coal,
But the important fact is that might be said to be the versatile rubber, oil, machine tools, chemi¬
to
have
start
from
operation.
The
to
Thursday, May 8,
1953
.
short, you
partly empty,
is
time
.
III
and
expansion
things
and simplicity of
markable safety
to
road
growth.
traffic, moving at speeds
unimagined today, and with re¬
t The Role of American Business
the
on
Henry Ford's quadriObviously we will have a
surpass
cycle?
*
.
level.
Adequacy of surplus and
banks
Although mutual savings
limited percent¬
in equities,
preferred and common stocks haye
provided another means of failing
average yields on portfolios.
*•
invest
can
oniy
a,
age of their resources
quite
Common stock prices are
sensitive
corporate ' earnings
and dividend changes. The reces¬
sion
to
profits
industries .as
sales fall,
selling prices decline
and high wage
and other costs
inevitably produces a
squeeze
in ; many
make it difficult to
maintain prom
market
Hence, the stock
margins.
is
vulnerable
more
1
usual
than
while the business downturn con¬
tinues.
When
we
the
take
long-term
reserve
view, however, as saving's banks
always, an must, a recession' offers an
°PP°^"
overriding determining, factor
tunity to acquire common stocks
which mutual,
accounts
will
be,
as
savings banks wilt of
consider irt
choosing conventional
mortgagesand, corporate bonds
companies
industries
at>
in
more
cyclica
considerably
*0VJJe
at otne
improving its mar¬ and stocks in preference to Gov¬
times.
This is a
good time to
keting, manufacturing efficiency ernment securities and
Govern¬
and cost performance.
pursue a program of: dollar cos
ment underwritten
mortgage loans
averaging, spreading purchases,
Business, finally, can think, talk for investment of new funds.
and act Jn a spirit of sustained
■leading 'stocks with good earnim,
of progress in
•
hope
so
that all of the people will
be encouraged
These
-
actions, coupled with the
necessary
ment,
by its example.
can
actions by the govern¬
put
us
quickly
back
During ther tight money period
year, corporate. bond- yields
last
rose
yields
cause
much:
more~
sharply'
than
prices
than, will prevail,
prospects
years
over
the
next
sev^J
by*-investing, the same
amount feach month"or
doxia
quarter.-In
Government bonds be¬
this way,
purchases are not con¬
of the record volume of
new
centrated
at
on
corporate bond
offerings that
any
the market may be
one
time
relatively
when
high
Volume 187
Number 5740
The Commercial and Financial Chronicle
...
:u
•
and
larger number of shares will
a
acquired when prices
be
are
low
th^n whent. they
are higher. De¬
fensive issues like public utilities
and the bank stocks that' savings
banks in Connecticut and Massa¬
chusetts can- buy
tj?
yields
consistent with their high
quality standards in investing new
Good amortizing mortgages
slowly
than
bond
yields
duced
the
by
the
more
Fund,
the
recession.
Also,
the
of
increased
April
William
One
DIVIDEND
Street
At
operations
$115,000,000, substantially larger than
the initial assets of any other mu¬
with
start
will
Inc.
of
assets
28,
1958
163
NO.
meeting
a
and Trust
than
more
June 30,
1958.
gages provide a degree of mobility
in savings hank portfolios, to en¬
clared
ing assets will include approxi¬
mately $36,000,000 to be acquired
in
an
exchange of the fund's
shares, in addition to those sold
in the underwriting, for assets of
Aurora Corporation, a privately
held
investment
company,
for
President
and
Treasurer.
t&oThe
current
it is caused
recession,
because
able
primarily by too rapid
.expansion of
plant
capacity
higher
and
sion has
To
prolopged since 1937-38.
While it lasts, interest rates will
and
!
banks
savings
ment
will
outlets
find
both
less
•It The
plentiful
the
its
run
maintain
reces¬
and busi¬
course
desirable
a
meas¬
portfolios,
savings banks will
many
which Lehman Brothers
share designated as the second,
regular quarter-annual dividend for
ment
and
bonds
best
States
high-grade
in
and
Govern¬
corporate
equities,
even
at
sacrifice in current yield.
some
the city.
$35 Million Montreal
United
will
and
underwriting syndicate
jointly managed by Shields & Co.;
Halsey, Stuart & Co. Inc.; Sayard
& ; Hart
and Salomon Bros. &
offering
the
occupies
any
life
mated-
of
1957
City
Company,
1958
payable
business
of
As
record
at
14,
May
on
name
of
Guthrie,
GEORGE SELLERS,
Tex.—The firm
Byrd & Co.,
will
dividend
Byrd & Company
May 2, 1958
amount
approximately
to
$.41 per share, subject; however, to any
change which may occur in the rate of
exchange for South Africa funds prior to
Secretary
♦
June 3, 1958. Union of South Africa non¬
resident shareholders tax at the rate of
6.45% will be deducted.
Majestic Bldg., has been changed
to Byrd & Co.
Board of Directors,
By Order of the
F. A. SCHECK, Secretary,.
••••••••
New York,
DIVIDEND NOTICES
New York, May 7, 1958.
1
esti¬
'
PACIFIC
HOOD CHEMICAL CO., INC.
Dividend
on
share
on
29,
of
dividend
the
on
May
FINANCE CORPORATION
Common Stock
Tlie Board of Directors has
One William St. Fund
Increases
June 2,
on
of
stockholders
to
close
the
#
authorized the distribu¬
dividend on June 13, 1958
to the holders of record at the close of
business on June 6, 1958 of American
shares issued under the terms ot the De¬
posit Agreement dated J line 24, 1946. The
tion of the said
1958.
Now
semi-annual
5
declared
cents
Offering
1958, to stockholders
o
A
regular
of
'
60
dividend
•
share on the
•
STANDARD OIL COMPANY
*
*
(INCORPORATED IN NEW JERSEY)
quarterly
cents
per
stock ($10 par
common
payable June 2,
value),
to
1958,
stockholders of record May 15,
Neil A. MacDonald,;
The One William Street Fund,
ii/j The serial: debentures are priced
; to,yield from 2.85%
to 3.90%, ac¬ Inc. on May 1 announced that in
cording. to maturity, and the sink¬ response to strong public demand
ing fund debentures are offered at for its shares it has amended its
and accrued interest.
registration
statement with the
to
increase
its
sinking fund debentures SEC
proposed
initial
public offering from ' 3,0
ill be subject to redemption at
^optional redemption prices begin- 000,000 to 7,000,000 shares. Public
'Mnijig in 1968, ranging from 102% offering price of the shares will
4^ par, plus accrued interest. The be $12.50.
Lehman Brothers, managers of
sinkings fund debentures are also
entitled: to a sinking fund, com¬ the
underwriting
group,
an¬
mencing in 1959, calculated to nounced that approximately 700
retire approximately 93% of the investment bankers and securities
issue prior to maturity, and. will dealers
have
already«, indicated
be subject to redemption at 100%
they will join the underwriting
of the principal amount, plus ac¬
group.-It appears, therefore, that
crued interest.
•
•
stoek, payable
common
£sso
DIVIDEND NOTICE
a
per
record May 15, 1958.
To 7,000,000 Shares
due, Nov. 1, 1978.
the
adviser,
on
Directors
The
the Common Stock of
share
Assessment
1,380,000.
was
,
■
Canada.
the
by
01' the total amount being
offered,
i $10,500,000 are 2%%, 3^%, 314%,
,3%%; 3V2%,.3%% and 374% 1958
serial debentures for public works,
due May I, 1959 to 1965, inclusive.
and $24,500,000 are 4%% sinking
fupd debentures for public works,
investment
as
able
per
Shares of the Company pay¬
June 3, 1958.
the Ordinary
regular quarterly dividend of 60c
a
leading position in
a
Department of Montreal, popula¬
tion of the city as of April 30,
of $35,000,000 debentures.
dividend of
reasonable current income.
commercial, industrial and fi
nancial
on
serve
Directors today declared a
three shillings per share on
The Board of
143rd Common Dividend
The Board of Directors has declared
will seek growth of capital as well
SAN ANTONIO,
city in Canada
Limited
Dividend No. 46
commence
mutual
will
O'ofeiep Copper Company
DAYTON, OHIO
about May 29, The
Street
Fund, Inc.
or
William
payable in
dollars.
population of
Ail
May 2
States
are
Montreal, located in the Prov¬
ince of Quebec, has the largest
To U. S. Investors
public
THE DAYTON POWER
AND LIGHT COMPANY
Principal of and interest
the debentures
on
Debentures Offered
made
as
operations as a
fund, offering its shares
continuously to the public. The
fund, for which Lehman Brothers
placed in United
on
One
President
•
issasaassassaaMj
Upon completion of the under¬
as
Hutzler
serves
1958, payable May 23, 1958 to stock¬
on May 9,1958.
holders of record
WILLIAM H.DEATLY
investment adviser.
writing,
,
obtaining
become
luhds received will therefore be
invest¬
problem confronting
savings banks under today's ecoInomic
conditions
is
to
sustain
by.
will
of
not want their mortgage ratio to
rise too high.
A part of the new
chief
earnings
that
again when the
however,
offering lower yields.
and
advantage
of diversification in
ure
.be under downward pressure and
take
activity turns upward.
ness
and consumers, is the most severe
to
yields
available
by
excessive , accumulations
of
durable goods by both business
i
them
dividend of 31ft
a
cents per
'
.
j
and Trust Company have de¬
MICHEL.
W.
CLIFFORD
\
NOTICE
DIVIDEND
fund's open¬
new
|
Company
Trustees of Title Guarantee
tual fund.
The
GUARANTEE
TITLE
of the Board of Directors of
Dome Mines Limited, held this day, a quarterly
dividend
of
Seventeen
and
One-half
Cents
amortization receipts on mort¬
c£rp over the timing hazard.
>1I(:....
Conclusions
DIVIDEND NOTICES
DOME MINES LIMITED
shares, it is indicated
The
since
to
DIVIDEND NOTICES
issue of com¬
a new
basis
number of
that
lower level of interest rates pro¬
con-
53
stock.
On
suitable medium for
this
objective,
mortgage yields adjust
the same kind of * price risk,
apd. can be bought with-iess
the most
achieving
not subject
are
underwriting
mon
funds.
are
(2111)
-
0
May 2, 1958
1958, was declared by the
Board of Directors on April
#
0
Secretary-T reasurer
The Board of Directors
^
80, 1958.
0
0
has declared
a
0
Cash Dividend
the capital stock of
on
.
55 cents per share on
1958.
J
•
B. c. Reynolds, Secretary
0
-
*
May 1,
is
dividend
10,
June
pay¬
1958,
to
May 12,
close of business on
•'
\
This
on
stockholders of record at th«
0
1958.
30 Rockefeller Plaza, New
.
,
able
York 20, N.Y,
5ERBORRD
Common Dividend No.
THE FLINTK0TE COMPANY
154
COMPANY
FINANCE.
*
The
■
-
and
debentures
will
unconditional
be
direct
obligations
of
thef syndicate will be
est
ever
the larg¬
one
formed for the purpose of
A dividend of
the
common
share
•
i'i
•
QUARTERLY
Corporation
has been declared
sixty cents ($.60)
BROWN
CORPORATION
Innersoles
Onco
per
share
quarterly
dividend of 254. per share on
the; Common Stock, payable
July 1, 7 1958, to sharehold¬
a
A
J.
of record June 19, 1958.
May?, 1958
••••
WILLIAM
The directors also declared
regular quarterly dividends of
$1.18% on the $4.75 Sinking
FEICK, JR.
and
Fund
Treasurer
Preferred Stock, $1.25
*119th dividend
consecutive
on
dividend of
of record
at
EDWARD L. JOHNSON.
Secretary
173rd CONSECUTIVE
QUARTERLY
the
able July 10, 1958, to stock¬
holders of record June 19,1958.
April 24, 1958
per
the Common Stock of this
DIVIDEND
the close of business
May 9, 1958.
S. w. SKOWBO
Senior Vice President
Treasurer,
•
I5fj
$1.25
on
$5.00 Convertible Preferred
Stock, Series A and B, all pay¬
^
IBM
Shoes
Preferred Stock,
the $5.00 Sinking Fund
on
May 7, 1958.
Papers
for
.
PREFERRED STOCK DIVIDEND
June
1958 to stockholders of record
close of business May 22,
i
Company has been declared pay¬
able June lr 1958, to stockholders
ASMANN
PL
quarterly
share
ers of record June 13, 1958.
•
and
payable
the
Vice-President
Chemicals
The Board of Directors has
4 this day declared
.
Pulps
Engineered
are
share
a
payable
July 10, 1958 to stockholders
Veneer, Plywood, Lumber
NOTICE
t
($1)
Company,
regular quarterly
a
Common Stock,
on
M.
N.
Finance
dividend of 25 cents
share
1958.
DIVERSIFIED FOREST PRODUCTS
Nibroc Towels, Bermico Pipe
DIVIDEND
■
16,
at
Vice President and Secretary
dividends
May 1, 1958
BERLIN.
.«•
dollar
one
May 28,1958.
COMPANY
ME NT
...
declared
per
Quarterly Payment
The Board of Directors of
follows:
$4 Cumulative Preferred Stock
C. Allan Fee,
.
as
•
AMERICAN
:.Sl*
93rd Consecutive
DIVIDENDS
Common Stock*
payable
Both
vT«\
COMMON STOCK DIVIDEND
Seaboard
14, 1958, to stock¬
of business
N. Y.
have been declared
holders of record at close
*•••••«••••••••••••
,
on
stock of this
June
OIVIDEND NOTICES
New York 20,
62Vi§ per
and
Treasurer
•••••••••
The
Board of Directors
of
chines
Corporation has today
declared
a
share, pay¬
able June 10, 1958, to
on
DIVIDEND NOTICE
OF PITTSBURGH, PA.
May 12,1958.
Cities Service
Treasurer
•w,
The Board of Directors of this com¬
pany
today declared a cash divi¬
Fifty Cents (50*1) a share
dend of
590 Madison Avenue
on
New York 22, N.
citȣ*
Y.
to
has
declared
the
capital stock. This cash divi¬
paid June 2.5, 1958
stockholders of record at the
dend will be
April 29, 1958
The Board of Directors of Cities Service Company
A
quarterly dividend of 60c per
share
DIVIDEND DECLARATION
146,h
C. V. BOULTON,
Company
COMPANY
stock¬
holders of record at the close
of business
Improvement
FIRE INSURANCE
quarterly cash divi¬
dend of $.65 per
Dividend Notice
The United Gas
NATIONAL UNION
International Business Ma¬
the Common
on
value $13.50 per
Stock,
par
share, has been
payable June 27, 1968
stockholders of record May
declared
to
29,1958.
A
per
quarterly dividend of $1.0614
share on the 4J4 % Preferred
declared payable
Stock has been
July 1,
1958
to stockholders
1958.
of
per
share
on
a
quarterly dividend of sixty cents ($.60)
its Common stock,
payable June 9,1958, to stock¬
holders of record at the close of business May 16, 1958.
close of business June 4,
ERLE G.
CHRISTIAN,
Seoretary
BUSINESS
MACHINES
Treasurer
COBPOBATION
May 6. 1958
record May 29,
Johns Hopkins,
ft
INTEBNATIONAL
IBM
1958.
Philadelphia, May 6,
Treasurer
1958
f
The
56
Financial Chronicle
Commercial and
Thursday, May
. . .
(2112)
igjj
i
BUSINESS BUZZ
Business
on...
Man's
Behind-the.Scene Interpretations
from the Nation's
Capital
flew
contract
wage
be
good,
days
open
tremendous psy¬
a
economically
States, both
politically.
.
Washington 6, D. C.
to audit,
Alcoholic
ciary of some GM demands from '
the
UAW, and then making
them stick, would be thousands
and
thousands of little busi-i
iiesses
all
over
the
country.
w.cek,.
rough
trip along the way was the fact
that
it
was
peppered
with
amendment
after
amendment.
Actually, 110 one between Capi¬
What
,
Hill
tol
the
bill.
William
Senator
of them are having a
tough time primarily because of
high wages and high taxes. Thus,
it is little wonder, despite wail¬
Department
York
Knowland,
ing from Washington, that little
are having to merge
businesses
labor
every day rather
than go bank";
1
GM's Action
Applauded
Announcement
that
General
by
May 29,
received
in
favorably
was
in
quarters
some
In the past,- in¬
the unions have said
their men would not work be¬
Washington.
variably
House
if
"call the signals.
:
of
member of
committee in-
neither anti-labor nor
pro-labor. They expressed hope
that the
Corporation w o li 1 d
©how Renther and his lieuten¬
ants that GM stockholders and
consumers have a voice in the
automobile industry as well as
labor. The truth is most of the
Conservative Democrats realize
that their party nationally
is
controlled by labor unions, and
It politically pains them when
this government.
There
it
their
to
called
is
j
spade
ator
.
wanted
have
;
into
ad¬
members,
who
j
:
*
•
•
'
:
*
and
i
j
The
"check-off"
by
as
the
40%
of
the
international
to
urers,
funds
go
working
man
/
merce;
This
provi¬
the
not the
subject of bitter de¬
only
advocates
have
of Oppor
Unemployment
Inflation; Profits: Key to
Prosperity, etc.—Foundation for
tunity;
°
.
cies of the National Labor Rela¬
contracts.
issue in which
of states
rights
encountered
opposition
from labor officials."
tions
Board
(4) the
•
alright.
political break
we
50c.
of state legisla¬
interruptions of
public utility services by laws
providing for seizure or com¬
Highway Bridges of Steel —Two
color illustrated brochure de¬
signed
power
steel
tures to prevent
an
as
aid in
bridge design
Institute
—
American
New
request.
Costs in Local
Avenue,
Park
Inc.,
101
York
pulsory arbitration.
structural
Construction,
Steel
of
"
17, N. Y.—on
[Th.'s column is intended to re¬ Outlook for Labor
Governments—Michael T. Wer
flect the "behind the scene" inter¬
mel—Industrial Relations Sec
pretation from the nation's Capital
and may or may not coincide with
tion," "California
Institute-01
-
A New Book
**
;
The Washington, D. C. attor¬
ney,
made
the
observations
in
'
the "Chronicle's"
his paper printed in a 177-page
'•
*
1
book, "Labor Unions and PubPolicy." The book came off
the presses recently, and was
•
ington, D. C.
Dr.
Edward
Other authors
H.
are
Chamberlin,
j professor of political
a
economy
Harvard University; Dr.
Philip D. Bradley, a I visiting
professor at University of Virat
,
views. |
.
;
\
.
With Bache & Co.
lie
published by the American En¬
terprise Association of Wash¬
u
own
-
-
(Special to The Financial Chronicle)
BEVERLY
v.
Limited; Mr. Beamish was with
Paine, Webber, Jackson & Curtis.
;.,v
;
the.Railroads—Repor
of the Subcommittee on
-
Transportation of the
tee on Interstate and
-
with Bache &
Co., 445 North Roxbury Drive. Mr. Hanna was for¬
merly with
Cradock
Securities
Calif,
Pasadena,
paper—$1.
Problems of
HILLS, Calif.—Wil¬
liam M. M. Beamish and
Harvey
F. Hanna have become associated
Technology,
.
Commerce
—
U. S.
TRADING
Surface
Commit¬
Foreigi
Governmen
Washington
Printing
Office,
D. C.—paper.
MARKETS
American Cement
Botany Mills
Campbell Co. CornFashion Park
A. S.
the major union
leaders of this country have a
Mills
Envelope
Indian Head
United States
Cm± Marks&_0q_Inc.
FOREIGN SECURITIES
20 BROAD STREET
TEL: HANOVER 2-0050
•
Morgan
Flagg Utica '
SPECIALISTS
NEW YORK 5, N. Y.
TELETYPE NY 1-971
Engineering
National Co.
LERNER S CO.
-
Right-to-IVork Laws
Obviously
Inc., Irv-
small
is for
is now saddled
with the position — politically,
though we know it's not true—
that it agrees that what Beck
and Hoffa and the others have
doing is perfectly
Education,
ing-bn-Hudson, N. Y.—paper—
in
over
Freedom
Wages,
Economic
declining juris¬
enterprises
having a relatively slight impact"
upon interstate commerce; and
diction
of
Joy of
Sheer
and
com¬
(3) the propriety of the poli¬
any
Beings;
Learning;
whose
to the
power
containing
issue
The Human Side
not
have had in six years."
borders'
just itching to have my
call me anti-labor,"
Goldwater. "The
It is the best
couple of Wears into badly mis¬
their
practice
operations affect interstate
May
on
Human
establishments
affecting
CEvses
within
labor
Senator
Labor Legislation
Arkansas has conducted some
headline investigations the past
articles
unfair
Fran-
caise, Paris, France—paper. '
articles on The Human Side of
to belong to a
1-1
under; Senator John L. McLellan
a
and
Story of
Technical Prog¬
and
Documentation
ress—La
Freeman:
of
Democratic party
been
The select Senate Committee
make
Economic
state
jurisdiction
.
Forward:
Moves
entertain representa¬
opponents
said
to
and 60% of it is kept by
a
hate
just
the
union and
strike if he wants to strike.
"Im
treas¬
the local unions.
leaders
did
state
of
grant relief against
boycotts,
jurisdic-1
22nd
10, N. Y.-
York
■
,
France
strikes, and coercive
picketing; *
;
. !
boards to
tion
$15.
New
*
b
employ¬
union
sacred for
man
a
are
Some
union
to belong to a union as it
collecting more than
$650,000,000 a year in dues.
ers,
big
him for preaching that it is
The labor unions through socalled
on
property.
•
' ' f
people
who
work and destruction of
assaults
want to
still
1
who want to
attacked when
trying to enter plants. He has
told some of the union leaders
what he thinks about bombings,
this country. Their income scale
going upward and up-.
j
are
Association,
But compulsory unionism
the
j
? continues
*
monopolistic
non-union people
but
Congress
of
the
y
He is a1 bitter foe of
the unions that allow attacks on
work,
Bar
of
come
says
practices.
sympathy of many of
the»so-called "do-gooders," are
in the middle-income class in
•
;
chairman
section
bate.
and
Republican
their
Reilly,
law
said
sion, however, has recently be¬
is
to
secondary
union
Street,
the
This is the provision al¬
bership
any
re-election.
law,"
kind of compulsory union mem¬
result
summer
provision
one
lowing the states to forbid
the
with
trades
D.
labor
states.
Unions are the
greatest abusers of restraint' of
that
is
authority
the
(1)
courts
tional
among
Media— B.
College
of
Klein & Company, 23 East
are:
(2)
There
,-clear delegation of
effort to defeat him
Arizona
flatly
*
tiave the
Ward.
an
The
'
*
this
Arizona
is
Taft-Hartley
"where
a
have right-
now
unions
in
states
laws.
American
minced
As
the
the
thousands of dollars
in his bid for
vote.
Union
and
in
fall
to
them
hasn't
them.
sands
-
voted like the
not
have
He
.
Gerard
i the CIG-Political Action Com¬
mittee probably will pour thou-
getting ready to conduct a tough
campaign
against
incumbents
unions
in
spade with them is Sen¬
Goldwater of Ari¬
words
-
^Who
.
Barry
zona.
ministration, the labor. union
membership in this country has
grown from slightly less than
3,000,000 members to some 17,000,000 plus. Organized labor is
\a powerful force.
In the Con¬
gress of the United States, labor
controls, in whole or in part,
ecores
of members.
The CIOPolitical
Action Committee is
-
a
18
What
Is
Commonwealth
Ohio—paper.
Directory
points out that
which have
Reilly
aroused controversy
state statutes.
man
;
not
concessions.
Since the First New Deal
mined
.[■
.
Certainly the most courageous
in Congress to stand up to
the Union leaders and call a
I
Therefore, they are hoping that
make too many
opposition.
■
—
•
matters
other
It
school.
law
Mr.
execu¬
The AFL-CIO,
making a deter¬
effort
to
repeal these
to-work
Goldwater "Marked"
attention.
GM, Ford and Chrysler will
the nation that
vard
branches of
%
some
are
however,
labor
Federal
the
tive and legislative
Any legislation that the
may
send over to the
House is unlikely to get out of
the
House
Labor
Committee.
This is election year, and mem¬
bers of the House committtee
are
not anxious to stir up any
r They are
;
and
Senate
dozen
a
this
houses
pass.
|
Southern
members
of
the
Senate
and
House cheered the action by GM.
least
At
had their way, would
control the courthouses
country, but the state
they
not only
vestigating union racketeering,
'] believes there is an outside
chance that some moderate bill
to curb union activities might
ambitious Walter
Make
Engineering Co. of Ohio, 1771
Springfield.. Street, Dayton 3,
ginia, and Dean Roscoe Pound,
professor emeritus of the Har¬
great lust for power. The unions,
*
politically
Competition: i Business
You
'
feeuther, President of the UAW,
pay
they certainly want the world to
Irving Ives, Republi¬
the Senate Select
*
Noble, Inc., 105 Fifth
New York 3, N. Yj
paper;—$1.95.
a dividend
know it!"
Bubbledome
and
Broadbottom
"When
of New York, a
can
perhaps the whole
Conservative wing of Congress
^was pleased that GM took the
initiative
instead
of
letting
^comments,
&
Avenue,
'
Senator
.
Barnes
any
party.'
yond the expiration of the con¬
Judging by some of their
tract.
•
Congress
the White
pretty well control the Northern
wing of the Democratic
■
East 36th
16, N. Y,—
Essentials of Algebra, trig¬
onometry, Analytical Geometry
and Calculus—Kaj L. Nielsens-
:
legislation that would curb cor■mption and monopolies in union
organizations.
The Democrats
control Congress and the unions
UAW, ef¬
its contract with the
fective
York
in
little chance
will pass and
appears
to
send
,
that it was terminating,
Motors
New
paper.
.
.
There
Operation of State
College Mathematics: Basic Course
the stand he took.
all to gain in
and
Association,; 12
ers
Street,
Thus, he had nothing to lose and
¥upi
New-
—
Banking
his candidacy.
against
is
Banking
Booklet
Banks in 1957—American Bank¬
that
already
knows
State
Condition
leader, who is a
candidate for the governorship
of California this year. Senator
Knowland
—
Depart¬
ment, 270 Broadway, New York
7, N. Y.—paper—on request.
House
the Republican
,
Program
York State
of the New
offered; by
F.
Examiner Trainee
Bank
Most of the
were
-
West ,42nd Street
36, N. Y.—on request.
152
-
New York
•
a
White
the
amendments
Many
have
and
opposed
,
it
made
Beverage Industries
1957—Survey of Magazine Ad¬
vertising Investments —News-
of Labor.
'»
and
greatest benefi¬
the
Perhaps
Connecticut
nancial reports on pension and
^welfare funds to the Secretary
chological impact on the United
Transport
America, IOoq
Avenue,
N.
If
Association / of
The measure requires the unions to make fi¬
;
as
it will have
Air Transport Facts and Figures-,
19th Edition — Air
and
regulated
be
funds
trust
the
already indi- <
cated, GM takes a firm stand, j
If,
country.
rough
insure that union
to
ago
very
can
bad, for
or
a
legislative trip along the way,;.,
(the Senate passed a bill a few
gaining with the all-powerful
United Auto Workers toward a
well
After
used union funds.
-WASHINGTON, D. C—What
General Motors does in its bar¬
:
Investment
10 Past Office
xi
Securities
Square, Boston
u
Telephone
HUbbard 2-1990
9» Mas*
Teletyp'
g
"
^
@FedFRASER