Full text of Commercial and Financial Chronicle : May 9, 1963, Vol. 197, No. 6262

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

The COMMERCIAL and FINANCIAL
:2
.

s

•

•rt

j

1 '
Beg. U.S. Pat. Oft

i Volume

MOST INFORMATIVE

AND

LEADING

THE

New York 7, N. Y.,

Number 6262

197

by the Government at Washington,

National

Gross

that

of

mare

bullish.
on

stood

a

little

a

very

real.

'

about

these

current

the

reservation. It would be

very

elect understood

of whatever facts

causes

•

thing if

fraction of

or

reported,

are

more

very

to

come

1%, and when change of

a

no more

such

the

ment" have
ments.

He

figures

as

Government,

Public

attracted

to

medium:

stock

insurance,

office

Preferred industry
equipment,

Sold

and

IBM,

Oil

balance were

on

steel

Standard

issues.

Most

(N. J.),

oils

than

metals

(in¬

on

operations

investment

companies

began

than

with

camps

per-,

in

recent

that

the

business

history. However,

the

new year

doubt

in

uptrend

would
was

this

in

advisers.

the

Still

market

the

his chief

"cloud"

another
was

and

overhanging

photos taken

at the

of

27th

our

that

'

economic

impending release

was

lion

the

Municipal

in

WAS

623

of

So.

Hope Street,

&

Los Angeles

Co.

Pasadena, Pomona, Redlands, Riverside,
San Diego, Santa Ana, Santa Monica,

MEMBERS
IIDWEST

STOCK

EXCHANGE

Whittier

FIRST NATIONAL CITY BANK

Inquiries Invited

carried

the

below

the

3%

1961).

of

fund

managers

towards

quarter of 1963?

Based

they

were

This is evidenced in the fact
equities

of

$737

of

of

aggregate

fourth

million

$543 mil¬

quarter.

And,

al¬

first quarter at $557 million

the

$462

quarter,

liquidated in

million

(Continued

on page

25)

To

T.L. Watson&Co.

Correspondent

ESTABLISHED

1832

:

We wish

-

Block Inquiries Invited

DEALER

Members

STREET

NEW YORK 4, N.

Y.

Canadian

Teletype

BRIDGEPORT

PERTH

AMBOY,

Executed

On

THE

—

Pershing

MANHATTAN
& Co.

buy

DIVERSIFIED
THE BANK of NOVA SCOTIA

CALIFORNIA

All

Exchanges

(Expire June 7, 1963)

DEPARTMENT

Automobile

212-571-1213

BI1ECT WIRES TO MONTREAL AND TORONTO

Goodbody
MEMBERS

DALLAS

Orders

CANADIAN

Exchange
;

BROAD

Municipal Bond Division

RIGHTS

New York Stock Exchange

Stock

to

V
Commission

American

Notes

Active Markets Maintained

Dealers, Banks and Brokers

Canadian Securities

DISTRIBUTOR

25

York

Agency

BANK
Net




rise

only

CHASE

Chicago 3, III. FRanklin 2-1166

p;

COMPANY

1,

Southern

Dept. Teletype: 571-0830
New

w

on

California Securities

Bond

TWX: 212-571-1414

gouthwedt

con¬

and closed

Bonds and

Offices in Corona del Mar, Encino, Glendale, Hollywood, Long Beach, Oceanside,

135 So. LaSalle Street

I

average

17,

Associate Member American Stock Exchange
Members Pacific Coast Exchange
;

770-2661

FIRST

of

State,

California

Securities

P. O. Box 710, New York 8, N. Y.

:

the

higher than
December

Annual Dinner

Dealers

•

Corporate & Municipal

DEPARTMENT

UNDERWRITER

2,

quarter

5.5% above the Jan. 2

or

May

1962's

in

acquired

Lester, Ryons

CHEMICAL BANK NEW YORK TRUST COMPANY

*

on

In¬

Jan.

on

the

the

,

the

Housing

MULLANEY. WELLS & COMPANY

New York
•

31,

dwarfed the

Members New York Stock Exchange

770-2541

for

that

Jones

Municipal

Underwriters

phones:

out

Dow

646.79'

post-quarter

purchases

Security Traders Association of New York, appear in today's PICTORIAL SECTION.

Distributors

POM)

the

and Public

Securities

■

pointed

in the

high

a

attitude

Housing,

State and

by

automobile

extensive study, the answer is that

their

were

the

the

of 741.30 recorded in

the

though sales

the

of

was

stocks in the first

considerably

the negative atti¬

year,

highlighted

Thereafter,

substantially bullish.

particular

the probable course of the

new

President

PICTURES IN THIS ISSUE—Candid

Of

the

less

light of the foregoing, the central question is:

common
on

18.

sharp
721

to

to

March

on

(The

What

quarters

being reinforced by the adverse

area

of

forecasts

develop.

682.52

In

unfolded

many

for
was

prominent in

so

relatively "steady course"

all-time high

gains could be sustained rather than that

moment, of course,

stock

as

considerable

Feb..

rises in

stock price

which

rose

a

be

reflected

Average,

on

average

com-,

trend,

it should

on

level.

was

performance

as

688.96

at

climate

•

tinued

"bearish"

financial

sales

subsequently

which

period
and

and

spectacular

business trend in the
tude

a

"bullish"

the

the substantial improve¬

was

business

the

market,

dustrial

the December quarter had produced

most

was

further

a

20)

page

both

the

of

embraces

in

stock

predominant

nation's

31.]

quarter reasserted itself with vigor.

Accordingly,

1.54% in first quarter.

the

markedly

munities. True,
one

of

March 31, 1963

on

page

got underway

year

stimulating factor

industry.

foreign issues remains brisk. Ratio of share redemptions

the

as

the bullish trend which

remarkable

(copper), retail

widely liquidated issues were

was

by

portfolio

Commission.

circumstances,

the December

Pont, Florida Power & Light and CIT Financial. Interest

assets

see

Funds,

exhilarating. With the passage of time, how¬

ever,

Xerox

and

For

quarter.

Exchange

the

market

ment

portfolio

historically been subjects of sharp disagree¬
likewise, of course, well aware that the

STANY

U. S.

companies,

that the

The

also

were

A

there

(Continued

^• j.;;

the

on

security holdings,

vs.

and

Under

:
>
\
' •
The CHRONICLE'S analysis of the March quarter

substantial significance' is

from month

curities

-

(and such figures representing them) as
force," "employment" and "unemploy¬

appear

-sy:;4..'

.v,

findings of the securities markets study by the .Se¬

•

even

aware

^

•

the

included airlines, banks, beverages, drugs, electronics,

A to funds' net

is

they

in

increasingly

in

percentage point-

professional statistician is well

concepts

figure

du

"total labor

the

buyers

Dutch, with

trade

ordinarily attached to it.
Now

/•'•V:

and Dec. 31, 1%2.

.

monplace to read headlines about changes in the
a

comparable

high grade growth issues.

runners-up.

clearly the underlying
really disclosed. It is com¬

centage of unemployment which

the

March

in

position, cash

Royal

more

are

[and sub¬

ternational), utilities and railroads. Most popular issue was

unemployment

still better

a

w.rV

Buying

stocks. Total net purchases

common

double

issues,

and

finance

estimates, and accordingly accepted them with somewhat
more

Jw-.>. .v-V v.'

'

■

Although the greatest emphasis was again centered

groups

good thing, however, if the public under¬

more

•>.

•

.

quarter as fund managers became

quality

grade

apple-selling in the 'Thirties has not been for¬

It would be

•'

buoyant stock market discloses ac¬

buying of
than

more

December

gotten by the rank and file, and the distress caused by
'

•... •

•

Copy

I See page 26 for specific stocks purchased and sold

were

is, and apparently likely to continue to be

inability to find work is

•'

a

managements

celerated net

substantial amounts of unemployment. The night¬

very

V.X£:•,<>.

sequently intensified 1

figure draws

unreasonable about concern with the fact

or

there

h

Price 50 Cents

portfolio operations during the March quarter's

posed fact that there is a fairly definite and fixed inverse
relationship between it and the amount of unemploy¬
ment in the nation. There is, needless to say, nothing
surprising

ESTABLISHED'1839

...

CHRONICLE'S analysis of 100 leading investment companies'

meaning in Washington minds from the sup¬

of its

some

that magic

but

Product,

FIELD

Eve of Stock Market's Sharp Climb

compiled and pub¬

unemployment
data are easily the most vital to the politicians and, for
that matter, to a good many of the economists in and
around the capital. A great deal is heard, of course, about
lished

THE' FINANCIAL

Funds Intensified

As We See It

Of all the infinitude of statistics now

IN

Thursday, May 9, 1963

-'O-

f

EDITORIAL

PUBLICATION

NEW

2 BROADWAY -/

..NEW YORK

YORK

&

STOCK

1 NORTH LA SALLE ST.
•

(ORPORATIOTI

Co.

EXCHANGE

CHICAGO

Assembly

Dominion Securities
40

MUNICIPAL BOND

Exchange Place, New York 5, N. Y.

Teletype 571-0880
Area Code 212

-

*

bank of

DEPARTMENT

america

WHitehall 4-8161

N.T.&S.A.

■

SAN

FRANCISCO

•

.

!

LOS ANGELES

2

The Commercial and Financial Chronicle

(1894)

The Security I Like Best...

World Wide Markets

A continuous forum in

for your

orders

reasons

for favoring

particular security.

a

York Hanseatic for

executions

rate

the-Counter

of

facilities

wide

Frank Ginbcrg

their

$18,540

1963

& Co., Inc.,

York

New

Over-

Earnings

$684

1962

City

13,101

Playskooi Manufacturing Company
Our

to

coast

contacts

The
The

help

May, 1962 break in the stock

market ended the New Issue

locate

you

and

everywhere.

the best markets

being

CORPORATION

ing to

Member

212-571

Eoston
,

Chicago

•

Philadelphia^1;

Wide

World

"The

move.

will

lead

present

blue

that

or

the

The

chips,

in

is the

phase

how

the

at

day

-

all-time

purchasing

Personal

high
at

grow

income

is

and

Industries

VIRGINIA

the

on

The Toy

City

of

ence

Industry is

the

and

The

consumer.

LAMB0RN & CO., Inc.
STREET

WALL

99

ual

items.

Y.

a

cheaper
toy.

SUGAR

to

and

This

added

One

continued;

Raw

Refined

—

—

shift

impact

Liquid

ing

should

sales

a

past

trade

and its

name

25

Service Your Accounts

a

of

Quickly By Using Our

and plastic.

has had

an

reputation

quotation

.company
and

record

to

use

labeling the

-

'

c.

"

«

.

(Only $45

per

(Single Copy

nontoxic

i

-J

V

'

** *

made

various

year)

■—

zles

of

of

wood

and

give
on

well

hound

all
as

monthly

will

listed

prices

securities

"hard

those

as

find"

to

Playskooi

quotations.

or

25

B.

DANA

CO.

Park Place

sisted

of

on

current

commer¬

temperature
control

and

systems.

sell

not

jobbers

its

contracts for

installation
and

controls

dealers,, but

or

company

will

of

in

and

general

control
ters

a

share

The

selected

110

for

each

service

branch

is

offices

line

product

valves,

thermostats,

The

custom

control

cen¬

engineered

entry

into

will

by

acquisition

of

the

controls division of Fischbach and

blocks,

Moore,

Inc.

Johnson

trols

The

integration

Service

with

the

pneumatic

electronic

of

con¬

controls

manufactured

by this newly ac¬
quired division, will give Johnson

of

ture controls.

chase with

no

a

a

since the

little

now

lion

over

cash pur¬

stock involved. The

sales of this division in

common

1962

million

one

were

and-

are

being projected at two mil¬
for

1963

and

four

and

one-

half to five million in 1964.
A sales

in

their

1962

as

a

solicitation of

an

offer

to

to

D AIWA
SvouritieB

Co.9 Ltd•

the

should

European

earnings, $2.84

1961's

NEW

YORK

OFFICE

149 Broadway, New York 6, N. Y.

as

follows:

them

This

the

be construed

buy,

any

as

an

offer

security referred

to

to

schools

sell,

a

BEekman

3-3622-3

63A%

sales

from

after

earnings

proach the $3.10
increase

should

share

per

should

following

from

come

the

sources:

ap¬

level.
newly

acquired division, increase in do¬
mestic

sales,

increase

large

a

foreign sales, and only

one

1963's exchange loss in net

in

year,

assets

resulting from official devaluation
of

Canadian

the

written

Backlog
ahead

dollars,

Reliabilitu/ZWJ

will be

III

off, compared to 1961 and

write-off

1962

of

in

1962.

orders

of
last

is

slightly

45

million

at

year

APPEAL.

dollars, and profit margins could

PRINTING

improve

130 Cedar

Johnson

264%

this

some

earning

year.

Service

has

per-share'

shown

an

increase

of

CO., INC.

St., New York 8, N.Y.

Telephone: WOrth 4-3033
74th

J 889—Our

Year—-1963

the past decade and has

over

increased its dividend each of the
five

They have

years.

continuous

and

paid

since

1931

dividend

currently paying $1.45

are

share.

or

herein.)

per

Dividend pay-out has been

maintained at 50% of earnings for
the

past several years

has

agement

and

indicated

IBA MUNICIPAL

man¬

that

CONFERENCE

this

has become company policy.
Financial
pany

is

are

ities,

position of the

3.3

no

com¬

strong, current

very

22

JUNE 19-21

as¬

million, current liabil¬

million,

and

cash

equivalent, 14.6 million.

and

There is

The annual IBA

stock.

o/'/v'

Municipal Con¬

ference will be held June
the

debt of any kind, no preferred

stock and only 1,600,000 shares of

19-21

at

Pick-Congress Hotel in Chicago.

Representatives of the CHRONICLE will be covering the proceed¬

fixing suit against Johnson Serv¬

ings of this important meeting this
also and full coverage, plus
on-the-spot photographs, will again

ice

be featured in

The

Justice

should

few

Department
settled

be

in

price

the

next

months with minor fines.

few branch offices

A

guilty of

were

year

of

the

lished

a

Special Supplement

CHRONICLE

to

be

pub¬

July 11.

this offense, but this was stopped
in 1960 when it

was

the home office.

after

the

uncovered

by

The government

these

uncovered

offenses

had

company

long

corrected

these practices.
The company

legislation

N.

has indicated that

is

passed

requiring

tion the

same

way

as

listed

com¬

Q. B.

OVER-THE-COUNTER

them to report financial informa¬

INDUSTRIAL STOCK INDEX

panies, they would request listing
on

the New York Stock Exchange.

Rated

A+

selling at
year,

break-down of types of
is

Telephone:

per

$2.75 per share, these

showed

by
16

$3.10

Standard

times

per

&

the

few

is

one

quality issues that is
at the

offering

price "of 51 in the over-the-counter
market.

Performance

of

35 Industrial Stocks
FOLDER ON

estimated

earnings, Johnson Service
of

Poor,

23-Year

earnings this

share

still under valued

circumstances

in

j/

While

if

The acquisition was

customers

no

of

their

mark

which

increase

common

product line has just been

broadened

December, 1962.
(This is under

moving

manufacturing

market

ac¬

REctor 2-9570




facilities

sets

Service

centers.

are

The

puz¬

paid

Italy

cording to the requirements of the

long-term

was

eliminating

by

ar¬

individual building.

publicly held in
October, 1961. An initial dividend
cents

SECURITIES

two Milwaukee plants. The Milan,

a

with

dampers and complete monitoring

company became

10

JAPANESE

Ave.

semi-finished parts between their

sys¬

contractors.

maintenance

by

includes

earnings have

each year

Humboldt

This will cut costs of manufac¬

turing

last

its

of

directly

be

Johnson

The company's capi¬
Jan. 31, 1963, con¬

$425,858

branch offices

turing facilities in Milan, Italy.

competitors, Johnson

located in major cities throughout
the United States and Canada.

first

liabilities

our

planning

Plant in Milwaukee and manufac¬

world's

plete line of commercial tempera¬

and

$2.6 million.

of
New York 7, N. Y.

Johnson

the

million

improved
WILLIAM

gains,

As

Service for the first time, a com¬

stock. The sales and

call:

by 249%.

emerged

does

supplied

over-the-

debt and 810,250 shares of
Write

past dec¬

counter) has current assets of $6.6

talization
Over-the-Counter

(traded

the

over

installation. Installation of equip¬

games and hammers, an
•abacus, all sorts of pull toys, and

publication

the

you

indus¬

increase

these

of

working

ment

various educational games.

This

other

over

conditioning

ment

/peg

$4)

for

This insures that the proper equip¬

plastic,

types of building

total
when

increased

has

chitects

paints

toys includes

This

pneumatic

tems

bracket for

age

which the toys are designed.
current line

V

the

of

sales

impressive

17%

a

complete

expanding

being

in busi¬

year

1962.

and sales

through

notable firsts in its
as

Company

record

sales

to

Service

Playskooi in the past

such

77th

in

Unlike its

and

developing sim¬

on

some

industry

its

seem

result

air

research program, the company is

concentrating

Service

posting

not

cial

assorted line

an

their

at

earnings

largest manufacturer of

ple toys made primarily of wood

'

by

Service

toys for pre-school

Through

to

Share, showed only a 4% increase

Company

Johnson

ade have

children which range in price from

$2 to $5.

facilities

1963

1961

Halsam Products and Holgate Toys
of educational

In 1964 management is

sales.

trial concerns; however, 1962 sales

The company

an

wires

serv¬

to build additional manufacturing

taxes.

"represent

wholly-owned subsidiaries,

Inc., manufacture

Direct

ice, 9%.

margin

related

with parents for

years.

and

trols, 14%; military 10.% and

profit

instead, the
a

La.-Birmingham Ala.
Mobile, Ala.

industrial buildings
manufacture processing con¬

common

outstanding

$67,880,000

the

type

212 571-1425

New Orleans,

hospitals, churches and

;

concerns

may

how¬

have

the

on

Playskooi has built
the

DIgby 4-2727

the

celebrated

Company,,

and

bank &

of

try,

last

toward

basic

more

who is mainly

Exchange

hotels, 14%;

in the temperature control' indus¬

for individ¬

shift

invest¬

good

a

York Stock

Members American Stock Exchange

buildings and public build¬

ings, 19%

over

earnings of Playskooi Manufactur¬

Export*—Importe—Futuree

security is

Johnson Service

the consumer's tastes showed

tendency

of

Inc., Milwaukee, Wis.

1962, this trend of

increasing sales
ever,

NEW YORK 5, N.

In

more

Members New

"

few years have seen record results

toys and paying

both

Co!

Steiner, Rouse &
HAnover 2-0700

Vice-President, Seligmann & Company,

a

recorded by many toy companies.
The public was spending more on

Milwaukee,

Inc.,

(Page 2)

universities, 34 %; commercial

office

greatly

industry

one

of

GLENN C. PETERSEN

that should benefit from the afflu¬

Co.,

impact

term capital gains.

automobile

economy

pre-school

interested in speculating for long-

particular industry.

703 846-0920

full

an

have

can

TWX

Victor 6-1333

New York

This

ness

LD 39

Private wire to Shields A

annual

Co.,

Bought—Sold—Quoted

C.

19 Rector St., New York 6, N. Y.
and

on

Playskooi

of

ment for the person

example of the impact
that the consumer and his tastes

STRADER and COMPANY, Inc.
LYNCHBURG,

adjusted

The unexpected

and

these trends.

high of $452.7 billion

seasonally

a

boom is

All Issues

R. F. & P.

on

this

more

Since

producer

the

Feb¬

a new

rate.

Craddock-Terry Sho«

feel

1963, to March by $1.6 bil¬

lion to

Furniture

Furniture

During

pace.

from

rose

children.

our

leading

con¬

rapid

a

families.

Manufacturing Co. is the nation's

of the American public is

an

to

emphasis will be placed

economy.

potential

&

Wisconsin.

and, toys, its sales and earnings should

ruary,

American

begin

period, I believe

of

products.

.

as

encouraging the creative abilities

spends his money—has

tinuing to

Call us First

Babies

War

their

same

companies

consumer

modern

our

power

Virginia Securities

1940's

form

has been led by

consumer—and

he

Today,

Bassett

the

market

become the most important factor

Continuous Markets

during the next decade

crease

group

recovery

now

produce

where

Service

Wire

the

which, until

Los Angeles

•

San Francisco

*

feel

I

the

1231, 32, 33, 34

—

bull

next

after

Telephone: 363-2000

"

The population growtji rate, es¬
pecially the birth rate,: should in¬

find

would

1

1963:

;

Exchange

60 Broad St., New York 4
,

group

com¬

more

the
that

Teletype:

securities

of

groups

Established 1920

Stock

determine what

the

of

Co.—Glenn

Petersen, Vice-President, Selig¬

siderable improvement over fiscal

favor with the investor and power

v

'

Associate

investors.

with

favor

management

Co.,

continue this trend and show con¬

time

Since then analysts have been try¬

Hanseatic

American

lose

the

for

414

&

(Page 2)

feels that fiscal 1964 should

pany

craze

innovation

new

companies

growth
NEW YORK

the

saw

Service

Johnson

mann

system,

and Interna¬

teletypes

European
tional

wire

coast

Ginberg

Frank

Inc., New York City.

530

12,140

—

1961

transactions.

Louisiana Securities

Vice-President-Research

Dept.,

Sales

Year end. Jan. 31:

Vice-President, Research Department,

New

speedy, accu¬

of

-

—(000's Omitted)—

using

traders are

more

Selections

Playskooi Mfg. Co.—David G. Gin-

berg,
DAYID G. GINBERG

and

world

Alabama &

advisory field from all sections of the country

on

participate and give their

the

Thursday, May 9, 1963

.

Participants and

Their

OVER-THE-COUNTER
More

.

This Week's
Forum

which, each week, a different group of experts

in the investment and

.

REQUEST

National Quotation Bureau
»

Incorporated

,,

46 Front

Street, New York 4, N. Y.

CHICAGO

SAN FRANCISCO

Volume

197

Number 6262

.

.

The Commercial and

.

Financial Chronicle

(1895)

Taking

Sober Look at

a

3

CONTENTS

"

Thursday, May 9, 1963

Our Economic

Upswing

By Matt S. Szymczak*, Consultant, C. J. Devine

and

New York and Member
of the Faadty, Georgetown

m

Company,
University,

UNO

Washington, D. C.
Federal

Reserve

Governor

fears

our

that

economy and prospects for
weeks and months
may cause

its

aside

the

sustained

complacency

steps

necessary

present pace

sitory

assure

of economic

factors,

built-in

to

and

brake

holding

system

back

"less"

nancing

urgent.

"two

Mindful

nations"

in

is

growth.

today's happier economic rate
than

to

set

makes

of

tax

in

to

cut

Mr.

in

Taking

home.

io

my

home

certain,

but

the

promised

resolve

to

eral,

Matt S. Szymczak

whelm and destroy that for which

much—our

home

sooner

at

in

all

and

of

local

further

We

a

slow but

fall

last

.

Nothing

that

was

not

year

ago.

strengthen

keep it at
Last

economy

-

to

and

to

At

factors

that

that

tion

time

has

half

intended.

as

a

be¬

are

The

steady rise

spending is gradually

activity

stimulating expansion of facilities.

toward

more

maintenance

levels.

It

appeared

economic

change

As

current

in

for

I think the

equally
see

Sober

serious

no

horizon, and it

have

I

increasing,

the

on

improvement

But before
count

had in the late
the 1955-57

the

facts

the

'forties,

variety, let
little

a

Sobriety

on

strain

of

now

up

in

Residen¬

of

the

high

now

As We See It

(Editorial)

Bank and Insurance

BooksheIf___

Businessman's

33
47

Coming Events in the Investment Field

us

the

N

Field

all

not

beginning of
seem

rise

very

in

through

the

Indications of Current Business
Activity
.

Mutual
News

.

and You

.

About

(The)

18

—

Great America

Funds

Our

__

Public

and

Bankers

22
4

Governments

on

Utility

Securities

Security

a

boom?

likely.

the

effect, speed

No

the

to the

It does

doubt

outlays

so-called
up

up

i

25 BROAD

Continued

Founded

Security

Salesman's

Offerings——

42

Nashville

York

on

1868




Stock

Exchange

ST., NEW YORK

HAnover 2-4300

Newark

4, N. Y.

TELETYPE 212-571-0785
Chicago

.

sMackie, Inc.

Tax-Exempt

Bond

article

on

2-9000

40

Exchange Place. N. Y.

2

___..

Teletype 212 571-0610

Corner

State of Trade and
Industry

20

(The)

^

Market

Direct

16
6

Chicago

Wires

48

cover

to

Cleveland

Philadelphia

Los

Angeles

San Francisco

St Louis

Washington

analyzing Investment
sales, of common stocks

page

Companies' purchases and
during the March quarter.

The

COMMERCIAL and

Published

Twice

of

Reg.

WILLIAM B.
Park

DANA

D.

30

CHRONICLE
Si

Paterit

REctor

WILLIAM DANA

T

SEIBERT, Treasurer
GEORGE

J.

MORRISSEY, Editor

Thursday, May 9, 1963
Every Thursday (general news and
advertising issue) and every
Monday
(complete
statistical
issue —market
quotation
records,
corporation news, bank
clearings, state and city
Office:

135 South La Salle

news,

St., Chicago 3, 111.

other

B. Dana

Company

Reproduction in whole or in part
permission is strictly prohibited.
class postage paid at New
York, N. Y.

In

U.

Schenectady

Bank

Worcester

S.

Possessions

per year;
in
countries $87.00 per

RATES

and

Dominion

of

year.

members

Canada
x

of

per

Pan

$83.00

year)

American
per

year;

.

THURSDAY EDITION

United

other

States,

$80.00

;

States,

$20.00

and

ONLY <52 issues per year)
S.' Possessions and members of Pan

U.

per

countries

American

in

year;

$23.50

per

made in

Quotation

for

of

Canada

$21.50

per

r V. FRANKEl S CO.

year;

Record

PUBLICATIONS

INCORPORATED

—

Monthly,

$45.00

39
per

year

BROADWAY, NEW YORK 6

(Foreign

,

account

New

Dominion
year.

OTHER

Postage extra).
Note—On

Corp.

Other

reserved.

SUBSCRIPTION
United

etc.).

(Phone STate 2-0613).

written

Second

remittances

Glens Falls

Office

2-9570 to 9576

SEIBERT, President

the

page

U.

COMPANY, PUBLISHER

Place, New York 7. N. Y.

CLAUDE

will,
eco-

FINANCIAL

Weekly

.

Boston

Singer, Bean
ha

Union

Albany

22

i__

36

Security I Like Best (The)

riot

multiplier

rate

Spencer Trask & Co.
TELEPHONE

Reynolds &> Reynolds

IS

Securities Now in Registration

Prospective

Corp.

:

Banks

Reporter

PREFERRED STOCKS

New

Los Angeles

Franklin Life Ins.

Observations

Union

Members

—-

32

Market

All rights

•

Chicago

7

MONDAY AND THURSDAY
EDITIONS (104 issues

"•

—

15

In

*

CHICAGO

8

Deposit Rates"

without

specialized in

York

•

Connecting Wires:

*

From Washington Ahead of the
News

25

this add

investment

winter,

For many years we

ew

46

Einzig: "Bank of England Head Faults
Rigid

economic

an

abroad.

Dees

an

of

Direct

24
in

Reilly&Co.,lnc«

NEW YORK

of family
throughout the

barring

calamity

of

un¬

and

J. F.

48

.

Commentary

Copyright 1963 by William

have

1

Stoeks_

rate

and

expected,

closely.

and

as scheduled.

keep

a
satisfactory level, even a
slowly rising trend—as was to be

\

Throughout last fall

levels

tain

look at

-

all

on

we

or one
us

spare

'

built

re¬

kind

counterswing

pendulum later.

Brozen

'sixties. Exports continue to main¬

go

real

our

disappointment

necessary

excessive

we
a

more

may

be

in¬

tial construction remains
strong in

quite likely

in the economy.

boom

Yale

Regular Features

*See

overboard

sources—a

in

UNITED NUCLEAR

a

Study

expenditures

to

view

would

Challenged

CORP.

47

Fears

GREAT AMERICA

33

Automation's

optimism is

formation

boom" that

to

(A & B)

14

Washington and You

that the next several months will

and

ATLAS CREDIT CORP.

Failure

gradually rising sales—
another plus factor. Government

recession
seems

welcome

outlays.

line with

witness

a

investment

5%

a

relation to sales all last
year,

View

OIL

Howard

Why Compulsory Auto Insurance Is Deemed

continue

current

overdone.

promise

now

Inventories, exceptionally low in

or

many months.

evitably
Need

investment

consequence,

increase

not

upward

a

capacity and thus

excess

plans for 1963

that

me

would

drastically

downward, for

of

to

activity

less

or

COMMONWEALTH

11

moderniza¬

spending and therefore economic
,

N.

,_Leland

—___

happened

foreseeable

encourage

in consumer

influence

brief,

absorbing

pointed

Problem

pointed

Investment credits and

ginning to

pessimism seemed

overdone.

the

fall

revised depreciation rules

a high and stable level.

fall the

greatly
all

our

and

cer¬

In

Nothing basic has

changed.

improve

was

i

like to' be told that there is much
to

were

continuing improve¬

They still do.

dis¬

we

FRANCHARD CORP.

a

Gov¬

levels

cards.

to

done

and

prevent

expansion in

serious

a

ment.

be

later,

to

investments.

new

indications

shows

and

Lord

Current News

to

news

10

Dealer-Broker Investment Recommendations

rate

exports,

natural tendency for man

improvement.

.

Companies

William

last

drop, at best to stimulate

state

to relax in spring, when business

good

9

are

Grogan

YORK

4-6551

bound

were

or

worst

tainly not in the

some

Bankers

European boom might slow down

high standard of

our

f

t

the

and

living.

welcome

of

un¬

scheduled to increase
steadily. Ex¬
ports also were slowly rising, and
though the levelling off of the

over¬

a

bit

a

ernment expenditures on the Fed¬

propor¬

It is

felt

rise

a

sible, lest they

freedom and

be

serious

as soon as pos¬

so

Investment

Complementary

income

effects

to

gave

SBIC's and

summer's provision for investment
credit and revised rules for
de¬

and

we

of

NEW

WHitehall

5

Cobleigh

Period

a

STREET,

13

Consumer

face

will

U.

WALL

Telephone:

Facing Up to Realities About Cuba and Elsewhere
Roger W. Babson
Gold Mining
Subsidy Cannot Solve Our Gold

weak.

vestment outlays seemed

tion that they

3

Over

Murray L. Weinden.baum

steadily advancing, and with

lems

increase

Is

12

preciation allowances

such

-—Ira

Aerospace Industry Outlook in
Turbulence—

points

it, almost in exact proportion, con¬
sumer
spending. Prospects for in¬

it

prob¬

must

Szymczak

That Boom

Georgeson

lem, the prob¬
we

Now

Fritz Berg

counte¬

Obsoletes

1

Upswing

Private Placements and Insurance

was

our

today

Economic

99

Germany's Future

phychology—

message

will stress

Our

for

never

Therefore my mes¬

to :• me

seems

at

V|

Stock

the economy was
sluggish but—in
contrast to business

are

sage is on our economy—where it
it and where it is likely to
go.
But more im¬

portantly

Look

Ilaveg Industries, Inc.

growing size and changing composition of our labor force
necessitating expanding job opportunities as a sine qua non.

close

of

Matt S.
West

a

rather

Szymczak

Eve

that

argues

to the

Savings and Loan Associations

Sober

a

tran¬

harboring

about

'

The

t

the

on

Sharp Climb (CHRONICLE'S
analysis
of portfolio operations
by investment companies
during March quarter)

shunt

action "more''

warning

country,

and

Buying

Market's

coming

two-fold

for

Szymczak

Disraeli's

one

the

prosperity,

blamed

Mr.

in

real

activity is attributed
tax

our

improvement

continuance

Intensified

COMPAN

Hindquarters

PAGE

Funds

Former

jGHTtiisitin

B.S.

Articles and News

of

foreign

WHitehall

the

fluctuations in the rate of
exchange,
subscriptions and advertisements must be

York funds.

.

Teletype

3-6633

212-571-0500
212-571-0501

and Financial Chronicle

The Commercial
4

will

stipulation

part of it. (Earlier the

OBSERVATIONS..
of

D

CONFUSING ROUTINE

months.)

18

was

option

for

privilege

funds and
(This first section of our column securities; and Parts B and C of
continues our series on the SEC's
Chapter IV dealing with primary
current
Special
Study
of, the and secondary distributions to the
Security Markets.)
public, and unregistered distribu¬
tions.

"

•

"

•

of

has

ment

in

Dilemma,
Campus,

take

to

process

the

c

the

IMPACT

ECONOMIC

—ITS

of

SECTOR OUT

PRIVATE

THE

treatment

and

content

the

FRONT

relevant phase of the

a

population problem by means
artificial dissemination."

the

objects.

through
time of a

y

Confusion Compounded

e.,

Difficulties
Our article

which
tion

U. S. Steel Grants

$2,480,000 program of aid to ed¬

ucation, with grants to 766 liberal
arts

(of April 4, last), to

colleges, universities, and in¬
and

stitutes,

dedicated

Study

its

to

five

first

Group's

two-

for

living

mankind,

of

creates

and

has

America,
been

an¬

nounced

by

Roger

M.

Blough,
Chairman

of

of

Board

the

of

Trustees

States

United

intra-

difficult problems of adjustment
sale divergence applied to indi¬
winning stock¬ in
the
economically
advanced
vidual items within a single auc¬
approval at
its annual nations."
Typical of the misunderstand¬ holder
^
tion
has
been strikingly
mani¬
ing emanating from this kind of meeting (May 2) for the follow¬
"A high birth rate obstructs the
fested at recent New York and
publication was the report thereof ing changes; including the ban¬
economic development of low in¬
"Newport sales.
run
as
a
front page newspaper ning of the Reset (in Item Two

asking

by

chapters.

in

learning

respec¬

latter

The

estimates.

tive

the

vis-a-vis

downward,

Angels,

the

of

Side

the

to

over

of

levels

low

(Indiana) management also went thirds

reaction

and

teaching

the sale reali-

cited in detail

of

quality

addressed,

is

Revenue

to

the

raising

of

Commissioner

the

from

organizations

26

to

following communica¬

the

Internal

We

of

report to the Congress its

*

Washington, D. C., May 2, 1963

A

Appraising

The Government's

one-way

a

\

Internal Revenue Service,

revision of the
"Present and prospective world
zations-versus-the-advance
esti¬
Such confusion has
been fur¬ Option price, downward after the rates of
population growth cannot
mates.
showing substantial uni¬
ther extended, ,as a result of the stock's market decline), voluntar¬ be maintained indefinitely.
Such
form divergence from sale-to-sale;
House Interstate Commerce Com¬ ily cancelled the arrangement at
growth contributes and creates
as well as others showing crazy mittee's
instructions
to
SEC the subsequent annual meeting.
substantially to the perpetuation
quilt variations, both upward, and
Last
week
Standard
Oil
Co.
Chairman Cary on
April 19 to
i.

;v.'v

U. S. Treasury Dept; V

y

how

11)

April

(on

CAPLIN

COMMISSIONER
V

cited current auction sale results
Ginn riman, New York.
& Company after gaining stock¬
Indicated below (with emphasis as demonstrating the great diffi¬
holder approval, via proxy solici¬ added), are these items excerpted culty of realistically valuing Art
particularly for tax purposes.
tation
of
an
Option-Reset deal from the, Group's Final Report. *
related

questioning
hearings, close to the
proposal's advancement.
with

ground

,

...

MORTIMER

BOX

OUR MAIL

FROM

population

•

the

better'un¬

a

basic problem

a

To Education ;,

impact covered, or so deemed, by

explosion
and
Again in the Stock Option area, "inflated" birth rate were strongly
question in the part of the Report
we see the private sector beating
highlighted at the deliberations
still to come, has been leading
over the four-day weekend at the
even
knowledgeable observers to the regulatory authorities to the
Assembly.
This
au¬
Reform
punch — the Commission American
jump to false conclusions.
thoritative organization is semi¬
Furthermore, and in any event, having persistently abstained from
annually hosted at Co.l u m b i a
v
much has been lost by the sacri¬ the area,
This
spa c e
has
previously University's Arden House in Harfice of the opportunity to go over
accorded

undoubtedly

encountered in the valuation of

.art

.

solve

the Soviet plan to

as

laws.

proposal is

this

N.

U.

the

"At
known

DILEMMA

POPULATION

income tax

derstanding of

The wide scope of the economic

uncertainty

with

coupled

over,

final
omple ted

Study.

Availability with an issued sec¬
tion

of

submission

piece at

one

Report's

the

of

time

the

of confusion.

source

in

plete remission

major

the

contributed toward

.

,

as a

adminis¬

effective

article has

Your

-

The two-section roufine, we are

of

Service

the

assist

and

tration

should have submitted

seeing has functioned

for tax purposes

values

thereby

fair

I

December

and the population explosion. The
Surely the industry associations, itself.
At U.
S. Steel's
annual
Group
relation between these two sub¬
its Report the Liaison Committees, the in¬ meeting
this
week,
Chairman
jects is well known. I am sure
on the Securities
Markets to the terested public* and the Congres¬ Blough disclosed
that he and
many of you saw,, the article by
Congress in one piece in lieu of sional Committeemen themselves other top management executives
the
Soviet
scientist which said
two
major instalments eight would; all have been advantaged had taken pay cuts (Mr. Blough's
there was no population explosion
weeks
apart (the first one on by Congressman Harris' defer¬ amounting to 5%) because of the
because the surplus people could
ment
of his
request for the corporation's reduced earnings.
April 3 last, and the second and
.Commission's reaction, to its com¬
b(e exported td other planets.
final one due the end pf May).

Study

Special

the

and

in

myself at the U. N. dealing
outer space

found

art

of their re¬

aware

sponsibilities in determining fair

"Reset"
simultaneously with
against

the
effect

prob¬

of

donors

'

4

.

last

week

"One

the whole-hog in

gone

'

•

■

items

certain

these

of

make

more

market
<

Harriman,

N.Y., May 4:

will

objects

Columbia

University

Reverse

reversing

actually

feel

I

nature.

knowledge

lems

GARDNER,

From RICHARD N.

period.)" Population

limited

a

"Reset"

specific

value.of

this

that

QUOTE-OF-THE-WEEK

of

Moreover, at least one manage¬

y

'

be

may

termination

after

protection of customers'

becoming ever more evident

market

employment only by an annuitant Deputy
Assistant
Secretary
of
or by the estate of a deceased op¬
State,
addressing1 - the American
tionee.
(Earlier, others had this Assembly's
Conference
on
The

with

dealing

III,

Chapter

attention."

❖

,

matured

A

"4.

exercised

MAY

WILFRED

A

BY

that

Thursday, May 9, 1963.

.

-is

require special
#

It is

.

.

(1896)

Steel Founda¬

Roger M. Blough

tion, Inc.

and

Foundation's

"The

anni¬

tenth

.

item,
is

the

to

effect that the

the

beyond

100

committee."

its own Study

price

option

be

less

not

specified

the

(Earlier

datey granted.

plan

will

cent of market value on

per

of the

recommendations

The

"1.

powers" over dealers "going

new

additional

by

powers were

95

than

followed

report,
mission

Thus,

bv

(of Chapter

in

less

makes it necessary

adding

of

prices

option

of

Lowering

is

declines

ftiarket

prohibited
granted

Com¬

tions.

IV, Part E).

of

to

propose

worries to the

industry.

as

for future

op¬

Also, the company does not

a

the device of sub¬

use

options

stituting
such

already

options

for

well

as

purpose,

informed.

were

stockholders

as

(Noting that

al¬

Likewise does the "beating-the-

though the earlier plan permitted

gun" routine entail public confu¬

establishment of lower prices, the

via

sion

the

Commission's disap¬

.

posals.

of

Committee's

the

"3.

Included therein

are

Part

Optionees must be employed

months

24

pro¬

granted

after

in order

option

an

to exercise

is

It

generates

with

It

workers.

for

tures

representatives cash mutual fund

new

up

sales to $400,000 during

the first 12-months it becomes available.

reduces

natural

1

seek

money to

needed
ance

$75,000

of

seed

money.

Potential

growth

for seed

$375,000 within 6-months. Then $1.5 million will be

for

paid-in capital and surplus. About 7%

invested.

Potential

asset

million within 5-years. Risk is

growth

us?d, bal¬

for $1.5 million

to

$15

negligible.

requesting

fact?,

in

confidence,

any

use

business

letterhead.

economic

economic

775 Main St., Buffalo 3, N. Y.

difficulties

adapted

to

existing insurance organizations.




to

Chronicle

of
■

of growth

has

the

social

in

of

the

present

every

prospect

forty

000, is for major-purpose or capi¬

denotes

value

By the same

difficulties

Internal Reve¬

Service in determining fair

is

aid

for

to

$245,000,

organizations

and

projects for improvement of edu¬
cational

methods and administra¬

tion; and (4) the balance of about

is

for

graduate-

10%,

255,000,

study

fellowship, grants for

versity

-

chosen

doctoral

uni¬

candi¬

dates.

urban

progres¬

intensified

uted to

eiucat'on

Federal,' state
to

out

of

facilities.

It

and

provide

with

young

oor

has

govern¬

and

Furthermore,

the

now

challenge
ii

to

already

readjustment
automation.

to

our

These

Affiliate of

serv¬

wave

YAMAICHI SECURITIES CO., LTD.
TOKYO.

entering
a

JAPAN

seri¬

Economy

ronfronte1
the

Serving Institutional Investors and Brokers

ex¬

increased

consequent

the labor force constitutes

which

of New York, Inc.

recrea¬

required

lecal
new

workers

Securities Company

contrib¬

and

pollution cf air and water

crowding

tional

YAMASCHi

problems

conge:tion,

transportation,

Japanese Securities

constricted

of

opportunities and

already

ices

it

by tax¬

proper

work of art.

confronting the
nue

stitutes;

years

"Accelerated population growth

and

a

faced
a

pin¬

grants

short

the

crowding.

and

for

operating

universities and in¬
(2) about 48%,' $1,160,-

colleges,

growth.

that wculd double

population

of

effectively

article

(1)

fetal, $820,000, is

tal grants; (3) about 9%,

April 4.

fall

increasing dangers in

continuation

ous

*Not

which

unrestricted

for

grants

insuperable

are no

the

sive

growth

contributed to addi¬

run, we see.

im
sponsor,

per

V,-V.

,

about 33 % of the

Commercial

The

seeking

resources

population

increased

taxation.

Tyler Kay.

in

Financial

and

problems

It

yV/

Foundation's

effective demand and thus

ments

please

appeared

Un-Ap-

Market,"

Art

payers

panded public facil'ties and
.When

praisable

interest your

"The

entitled

article

token,

"Rapid

has

it

VI have read with

points

skills.

organ¬

four .major* categories:

into,

MAY:

MR.

DEAR

and teach¬

capita."

-

Underlying vehicle is Capital Insurance* for investments. For

projects."
The

The

occupational

rate

registered

to

serv¬

broad segment

a

izations, and special programs and

,

rais¬

improving health,

new

with
tool has the capacity to build

relation

ing educational levels,

the
sales

in

quality and

potential of

of educational institutions,

by restricting per capita expendi¬

to

no-cost

age

an

impairs efforts to im¬

Although there

This

:

the quality of a population

prove

tional

attention, Stock Exchange Firms with Penna. Facilities

24.

large numbers of

dependents

young

undoubtedly

Increase Volume New Way

its

It

population

regional

distribution.
structure

ing

did not do so.)

company

proval, expressed in its Letter, of
some

and

enhance the

ice

Wolf Collection sale of April

than

living.

of

contributes to imbalance in rural-

accomplish

to

level

higher

a

and

rather

population

larger

for

event

has, since our article's publicaiibn,
again been registered at Sotheby
to provide for & Co., the Lotidon auctioneer, in

economies

developed

tion," said Mr. Blough, "marks a
decade of effort by the Trustees
to

Such wide intra-sale divergence

and

resources •

hampers economic growth in the

urban

usurpation, are

power

needlessly

the

impressions

unfounded

extensive

"2.

called for

preliminary

by

action

conforming

cent.)

per

concurrent

Committee's

;the

the

diverts

It

ways.

a

that

it -appears

Actually,

of

number

a

below).

SEC

for "broad

purportedly asking

in

countries

come

of aid.to educa¬

program

versary

advent

bv
cf

challenges

111 BROADWAY,

NEW YORK 6

COrtlandt 7-5900

Volume

Number

197

6262

.

.

The Commercial and Financial Chronicle

.

American

West Germany' s Future

in

(1897)

since

investment

turn, are

we,

able to give aid

now

of

revaluation
made

developing, countries.

If

I say

that

uation has

By Fritz Berg,* President, Federation of German Industries, and
President

only

Berg Co., Cologne, Germany.

of Wilhelm

j-

.

.

economic future,
ECM, and participation in Fred

attitude toward U. K.'s admission to

.

| World's burdens. One, he

t

^

about future1

concern

some

growth. Nevertheless, two,

Mr.

not pessimistic

is

Berg

providing the impasse over U. K.'s entry into the ECM is resolved*
without

delay and

of 1962 to

we

partner, and is
barriers and

formula and that Germany does not intend to
about its
is

to

provide

dubious

about

Germany's import-pace and wage-inflation.

labor

in

of

will

ing

concentrate

briefly

the

three

factors

is

the

of

West

within

130%,

of

nal

The

has

rship

door

in

Common

Fritz Berg

and

Outside

World.

Free

just

misconceptions,
haps

my

opinions

clearer

a

subjects.

picture

We

long
mon

run

in

governed

in

are

the

by

velopment

of

Germany,

our

standard of

in

the

long

these

in

if

our

long

the

facing

problems

all
in

us

that make themselves felt

•

there

ocean as

on

too

the

and

For

figures

this

in

as

is

now

spite

in

have

we

the

of

drawn

some

700,000 foreign workers into our
a

labor

of

foreign producers to an ever-

increasing

that

ducers

is

ours

It has the disadvan¬

labor

is

in

stronger

a

only for higher wages but also for
shorter work week. As
40-hour

the

week

most

45'

hours

some

time

some

merely

equipment

that

productivity

to

raise

ing

to

all
of

intensify

point

where

the

wage

now
wave

faced

are

we

of

wth

demands

wage

have

our

growth.

we

economy,

deed

for

outright

worries

After

about

the

col¬

but

on an

States

ceed.

By the

bought

that

reason

Ger¬

industry has considered the

of

postponement

Community,
ket,

as

tive

Great

a

fur¬

Germany's competi¬

standing
thus

in

world

markets

limit

ultimately

Ger¬

many's capacity to import because
balance of payments position

already

unfavorable,

deficit of $500

with

a

Contributing

mil.

this condition

in

Britain

is impera¬

natural

indeed

should

that

Our

belong.

industry

States¬

and industrialists both know

the

of America's Na¬

success

tional Trade Expansion Act would
limited

be

Great

Why

reason

Britain

It is

excluded.

be

to

if

were

yet another

regret the mis¬

we

to

sidestep

am

not the type

issue, or to couch

an

words in diplomatic terms. I
want to say categoric¬

my

therefore

industry

recognize that our

eco¬

nomic growth is lagging, it is most
important
should

be

to

everything

that

us

to

done

the

promote

tion, The collapse of the negotia¬
in

tions

the

Rome

Brussels
as

was

for

Europe

the Free World

resolute

was

the

upward

sider the decision in Brussels
final.

Europe would make

cisive

mistake

the

a

a;

de¬

integration

of the six Common Market coun¬

tries

were

which

possibly

the

Continent

breakdown

political split

a
,

and

of the

its

provisions
in¬

support

to

Treaty

same

of

from

German

of

the

founded

the

Com¬

Together

with

industry it recognized that

French

German

-

understanding

the basis of European unity.

was

Recalls 1951
in

Back

to

came

Position

November
Detroit

when

1951,

with

Georges

Villiers, the President of the Na¬
the leading French

sociation,

we

portance

of

derstanding
all

as¬

pointed out the im¬
French-German

un¬

basis for solving

as a

European

dustrial

Industry;

industrial

problems

stressed the resolution

associations

and

we

of both in¬

to

work

co¬

operatively toward this goal.
Nor have

strong

we

ever

forgotten the

determination

of

the

United States to further European

,unity.

It

that
of

is

that

reason

the

particularly
we

this

for

much regret

very

French-German

Treaty

Friendship has evidently been

entirely
United

misunderstood

States,

but

in

is

it

the

just

as

unfortunate that France's veto
Great Britain's

acceptance

Common Market

time

when

treaty

French-German

being

the

Aid,

it

signed.

These

opinions of Chancel¬

after the

collapse of the negotia¬

tions

Brussels.

in

assured

me

tion that

even

surprised

by

even

to

he

De

Adenauer

Dr.

during

our

conversa¬

completely

was

Gaulle's

action.

Nevertheless French-German

derstanding is the base of
pean

integration. It is
Continued

un¬

Euro¬

viewed
on

page

on
a

Common Mar¬

ket.

In¬

American

would

possible for
way,

it

us

was

We

are

pleased to

announce that

hardly
to
a

We

suc¬

good

are

pleased to

is
now

announce

that

DANC.HAHN

Edward T. McCormick
is

now

associated witli De La Rue

associated with

our

firm

as

Manager of our

Corporate Trading Department
as

WE TAKE PLEASURE

JAMES

IS

IN ANNOUNCING

Executive Vice President

May 1,1963

THAT

F. KERESEY

NOW ASSOCIATED WITH

VICE PRESIDENT AND

US AS A

Tlxos. De La Rue, Inc.

DIRECTOR
Financial and Banknote Printers

20

Exchange

'

Place, New York 5, New York

440

bank

houston

DONALDSON, LUPKIN & JENRETTE, INC.
MEMBER

NEW

ONE WHITEHALL.




YORK STOCK EXCHANGE

STREET.

3

NEW YORK 4, N. Y.

May

7, 1963

HAnover

of

in the

just at the

came

the

was

also

to lead to an economic

and

this

been

sacrifice

a

producers.

French

To

had

lor Adenauer with whom I talked

industry has
been a consistent and
supporter of Great Brit¬

if

though

Market.

mon

seri¬

a

setback. German

always

credit.

many

acceptance

are

well

That

war.

tional Council of French

and

government

fought for this solution.
men

German

industry

dustry gave the

I

nations!

of

supporting the Shuman

even

German

Mar¬

Market. Therefore, we do not con¬

blow to

Plan

Britain's

Common

the

tragedy. It

a

and

Western

extreme¬

support; notably through its Mar¬
been

the
espe¬

again rise beyond increases

and

to

is

ain's membership in the Common

tive

is

It

If wages should

productivity it will be

our

this

in

markets

Within

trade

Community.

for

cially
man

French-

with the

managed to build

without generous

have

workers

the

capital foundation.

has bought more from the United

industrial

for

ther

pro¬

in particular to

and

the

Atlantic

the

widen

to

world

the

of
was,

aim

Adenauer's

com¬

have welcomed

industry

efforts

ous

in

to

am

development of European integra¬

German

once

I

point—we

second

my

German

all

German

demanded

as

the

turning
now

ally that, at this very time, when

in

of

the

are

integration;

achieved this goal is to Chan¬

end

both the German Government and

our

friendship

con¬

between

European

principal

active

of

instead

But

•

tectionism—and

by

normal

Germany

establishment

cellor
UK's Admission to EEC >

so

increases.

Right

for

the

been

that

relations

and

German

we

we

are

need

invest

with

up

good

France

time

sides

all

rising costs and taxes foreign policy after the

of this situation. I

average

we

will
the

to

catch

can

However,

has

highest

Where

the capital that

urgently

we

the

shortest

me.

and

understanding that has arisen out

Europe. This situa¬

worries

tion

to get

with

the

and

wages

if

as

maintain

we

by this

by

industrial support

our

pressure.

For

ago.

Germany

now,

work week in

to

compared

years

nation

the

been

prevails

now

industries

in

result

a

strongest, union.

the

put

will change all that.

one

are

To be sure,

over.

and

■

has

the The

competition for our domestic pro¬

position to raise its demand not that
a

intensified

also

have

ports

It

ceded

im¬ basis

these

but

extent

too, have

we

problem, but

shortage.

tage

markets

our

partners

seven
nations of the EFTA, the
European Free Trade Association.

liberalization

only opened

devel¬

a

Among the six Common

Market

entry into the European Economic
these

trade

turn

a

reason

no

this

few facts

has

.

belong to it and because it is the

government—that

Plan

America

to

opment.

the

beyond

a

industry would be, es¬

far the closest trade ties with the

prescribed by international

not

has

sets the pace because nearly half

there. The fact is—and

shall

than

that

on

than

experienced

increases

wage

fact

on

lapse of 1945 and the currency re¬

connection.

Federal

;

jump

a

in¬

German

and

takes

Republic

the

years

have

this

I hear,

level

wage

.

We

another

promoting

form of 1948

ly small
a

for

economic

well.

I would like to cite

tariffs

pessimism but, like the U. S., we

our

side of the

re¬

ask what good all

German boom is

be

those

20%

a

opinion is shared by industry
well

as

and downs of

particularly

economy,

Expansion Act.

external

European

business

my

the

look, therefore, at

us

short' run:—the ups
the

shall

we

run,

its

worse over

States. But, says Lord Keynes, "In
the

of

tentions

pattern established by the United

dead." So let

implement

Market, for its part,

But you may

the de¬

run

thus

Germany's Boom Is Over

living and everything

follows

forth¬

tariffs

in

German

pecially hard hit by such

have

we

imports coming into Germany

by the metal workers union which

com¬

technology,

of

tak¬

industrial products.

the

civilization

our

the

already announced

duction

expression, "What happens in

morrow." In other words,

Market

reduction

with

and

The Common

German econ¬

Europe

connection

its

of

Common

further

a

the National Trade

America today happens to us to¬

else

in

has

First, about the

the

in

concessions

problems.

omy:

agreement

coming GATT negotiations which

these

about

it

Will try to work out mutual tariff

Per¬

help to form

can

the

effect

en

prevalent

are

three

these

about

contrary

the

trade barriers. This step was

hot

if

misunderstandings,

some

On

few days ago that the

a

partners
to

of Ger¬

including the United States,

many

policy.

obtaining

meeting its obligations toward

the

of foreign
efforts be¬

any

German Government succeeded in

third, the Federal Republic's role
in

are

for

constantly

ing made now to reverse this open

EFTA

Market;

importance
have

We

products. Nor

was

the

two-fold

a

higher

a

labor force. You see,

Germany market therefore

liberalized the imports

the

countries

coun¬

also strong buyers

are

America.

of Great Brit¬

other

good

a

European

in the American market.

toward

and

the

At

Germany is also

tries which

that

assume

continue.

customer of those

economy;

ain

time

same

inter¬

embe

will

trend

of

have

only by one-half,

ours.

prophet I would

a

this

second, its at¬

m

increased

have

aver¬

During

your wages,

top

These

titude

doubled.

though this is also quite

first, Ger¬

are:

period,

an

they

interruptedly. Without wanting to

factors

many's

the United

of

than

same

that is,

States to Germany have risen un¬

Ger¬

three

exports

industrial wages

topic:

econ¬

omy?"

the

years

During the last five

of

Since my visit to

booming

my

future

many's

in Germany.

importance

be

framework

l'What

highlight¬

on

prod¬

cheaper

yours,

Nevertheless
our

expen¬

imported

agreements. Such
of

Ger¬

is

have risen

more

I

the

costs.

Germany

age

>

reduced

limits

it looks

capital

neither

in 1951,

Detroit

willingness to meet fully Free World's obligations. Mr. Berg

as

more

not comparable with

and

emphasize

our

any concern

German

the

productivity/ But I do want

man

burdened by customs

such

but

tal, just at a timd when we heed prices under

America's,

close to the 1% of GNP international

are

capital

a

taxes and labor costs make it

our

resources are

protectionism. His third answer points out that foreign

expenditures already

small

are

and, to make matters worse,

Naturally,

U. K, made a full trading

see

in

plants

our

too

on

industries

to

countries,

a'higher rate of investments.

just as anxious to see a true Common Atlantic

Market wherein the flow of goods is no longer

aid

base

help lay the foundation for expanded world trade. In fact

Germany is said to be anxious to

•

'

apply our National Trade Expansion Act:

can

orders

extremely difficult to form capi¬

;

economic

compared

working

avers that the bobm in his country is

and, like the U.S.A., has caused

over

incoming

our

profits have declined but also

other

Germany's

quhstitms most frequently raised about

economic sit¬

our

abroad

Germany.

changed, I do not mean

that

and

that,

Top West Germah industrialist unequivocally answers three critical
-

,

Wage Inflation

Now That Boom Is Over
,

sive
ucts

to the

which

DMark

the

products

our

5

5-3737

of

the

southwest

building

2,texas/ phone capitol4:922t

as

45

6

(1898)

The Commercial and Financial Chronicle

through

Tax-Exempt Bond Market
DONALD

BY

real

no

threat

Dealer's
As

effective

The

placement

of

nancial

the

to

Chronicle's

it

New

lifted

municipal

shows

a

lems

doldrums

week.

The

bond

market

from

initiated

and

that

has

market

is

sively
all

in

week.

it

that

higher

prices

in

to

not

is

the

be

The

collateral

are

general

problem

market

ary

to

the

As

the

•light
by

'

•

fast

ble

to

offerings

issue

lest

better than

tively

portrayed

figures.

possi-

a
or

even

for

half sold.

Inventory
not

are

in-

ventories

Still

have

been

reduced:

much

they

reduced

from

coincident

early

the

by

It

October

only

of

IV2

about

has been

state

and

ings

reached

of

recent

year.

range

a

inventories
or

most

of

includes

quite

specific

remain

investor

most

at

and

mid-June

more

It

while

being

as

absorbs

certain

eschewing

relatively

com-

priced

offer-

ings.

the

State

Stability More Significant
Than

Bare

Statistics

Despite the heavier

burden,

increase in
the

new

market's

high

in-

issue volume and

particularly

the

relatively

Commercial

for

new

Fi-

and

bonds

of

tentatively

New Jersey

important

14;

New

.

springtime
From

New

appear

made

more

are

no

in

type

market

pressures

of

no

Maturity

3V2%

The

System

1974-1975'

Housing Auth. (N.Y.,N.Y.>; 31/2%

2.70%

alone.

1981-1982

3.10%

3%%.

1981-1982

Baltimore, Maryland

3.15%

3V4%

1981

3.00%

31/2%

1981

3.05%

2.90%

3V2%

1981

31/4%

1981

3%

1980

_

New York, New York..

•No

apparent

1963

3 20%

305%

3.70%

..

3 05%

3 00%

and

the

Electric

net

a

3.2601%.

3.313%

a

S.

third

cost,

in¬

Barney

Boston

Corp.,
net

and

of

faaien Krocok, Licber & Co.
--

N'ew York Stock

HA

members

Exchange

MAIDEN

Private

_

American Stock
Exchange

LANE,

5-7300




Augusta,

Ga,

State

NEW

Teletype
IF ire

System

to

212

Canada

38

571-0525

Dupage Co. Tp. H. S. D., No. 87, 111.
Fargo School District, N. D

2,900,000

1964-1977

8:00

p.m.

2,150,000

1966-1983

11:00

a.m.

Gainesville W & E Revenue, Fla.__

7,000.000

1966-1998

11:00

a.m.

Hoboken, N. J

4,315,000

1985-2002

11:00

a.m.

1,370.000

1964-1993

1,333,000

1964-1988

11:00

48,755,000

1965-2013

Noon

Monmouth County, N. J._
New York State Housing

._

a.m.

May 16 (Thursday)
Hawaii

G.

O.

(Honolulu)

10,000.000

1966-1983

2:00 p.m.

Livingston Co. Tp. HSD #90, Ill.__

1,726,000

1964-1979

8:00 p.m.

Ogden City, Utah

2,000,000

1966-1990

6:00 p.m.

May 17(Friday)
Kansas

State

Board

of

Regents,

Kansas State University.

:l_

1,170,000

1965-2002

10:00

a.m.

May 20 (Monday)
Solon

Sch.

Local

Dist., Ohio___—

1,300,000

Springfield Pub. Bldg., Comm., 111.

3,500.000

1964-1933

1:00 p.m.

Cleveland, Ohio
Coral

13,150.000

Gables, Fla

Monroe,

Mental

1966-1993

10:00

a.m.

4,372,000

Colleges, Tex

1964-1979

6,000,000

La

State Teachers'

Toledo,

________

1,050,000

1965-1976

10:00

a.m.

(Highway, Education &

Health)

1964-1983

3,770,000

Wilmington, N.

C.——_-_-

.

.

25,000,000

Ohio

3:00 p.m.

11:00

a.mu

11:00

a.iru

____

1,595,000

1964-1989

May 22 (Wednesday)
Springfield S. D. No. R-12, Mo.__.

1,750,000

1965-1979

7:30 p.nu

May 23 (Thursday)
State P.
S.

S.

Bldg. Authority
N. J

D,

J___

23,260,000 -1963-2002
2,725,000

Noon

'

1965-1984

<

8:00 p.m.

May 24 (Friday)
Northwest Missouri State

Coll

4,905,000

Valley Center Mun. Water D. Cal.

1964^2002

3:00 p.m.

-1,250,000

1964-1992

7:30 p.m.

May 27 (Monday)Kane, Cook & Du Page

Counties

Community Sch. Dist. #U46, 111.

2,400,000

.

May 28 (Tuesday)
Cherry Hill Sch. Dist., Mich.
DeKalb

Co.

W

&

S

Revenue,

Excelsior Union H. S.

1,600,000
Ga.

1964-1992

5,000.000

7:30 p.m.

___.

Pales Verdes Peninsula Unif. S. D.,

California

a.m.

The

&

by

First

Co.

and

cost,

an

operating

of

agency
was

The

1966-1988

9:00

a.m.

1964-1988

11:00

a.m.

10,500,000

1966-2003

,10:00

a.m.

10,000,000

1964-1983

10:00

a.m.

5,815,000

1964-1982

11:00

a.m.

6,000,000

10:00

a.m.

Santa

Ana

Southern

the

It

works

Illinois

D., Calif

Uniyersity

May 29 (Wednesday)
Columbia

S.

C

3,253,000

Dallas Indep. Sch.

Dist., Texas___

June 3

generation

may

and

em¬

facili¬

and

for

pow¬

exercise
of

the

College

Energy

County Sch. Dist., Ga
State

Bond

&

State

15,000,000

Underground

District,

Continued

on

page

45

1965-2002
;

;

10:00

a.m.

;
«

1964-1933

11:00

a.m.

1Q:00

a.m.

10:00

a.m.

11:00

a.m.

Parking
6,000,000

Tammany Parish Parish-Wide

School

10:00 a.m.

2,550.000

Commission
St.

1964-1973

Building

La

;4-'

v4'; *

1,950.000

June 5

lands, "Nevada
Irrigation Dist., Calif

Corn-

(Tuesday)

Commission
Ohio

1,250,000
2,990,000

June 4

properties.

The project to be constructed to
Atomic

(Monday)

Carlsbad Mun. Sch. Dist., N. M.__.
Louisiana State Univ. & A. & M

sys¬

is

and

condemnation

the-

S.

of sixteen oper¬

carrying out its

rights-of-way

.—

Unif.

a

was

Washington,

1,500,009
4,000,000

Houston, Texas___

Co.,

interest

the system

utilize

—

2:00p.m.

made by the

Washington.

In

of

a.m.

8:00 p.m.

7:30 p.m.

transmission of electric power and

right

11:00

1965-1993

_

9:00

Blyth

operate plants,

ers,
YORK

a.m.

1964-1988

powered to acquire, construct and

energy.

10:00

1964-1983

Louisiana

for

1964-1.983

6,000,000

DeKalb

ties

a.m.

1964-1986

jointly

&

is composed

of

10:00

1,040,000

Bridgewater Township, N. J.

State

Quoted

a.m.

1965-1983

1,532,000

made by John Nuveen & Co. and

ration

Sold

11:00

May 15 (Wednesday)

ating public utility districts in the

Bought

1965-1988

2,050,000

White, Weld & Co. Another bid,

tem

a.m.

.,1,300,000

Dist., Calif.

organized in Jan. 1957.

Tel.

Kansas-

a.m.

11:00

4,780,000

—

11:00

1963-1994

4,155,000

Tacoma, Wash.

1964-1983

Houma, La._

Smith,

the

1,250.000

25,000,000

Authority

St. Bernard Sch. Dist. No. 1, La.__

Wichita,

a.m.

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

a

This system, a municipal corpo¬

125

p.m.

The

net

Vast Project

Foreign Securities

7:30

3.332%

bid,

was

headed

availability.

For Banks, Brokers and
Dealers

10:00

in¬

associates.

Index = 2.926%

a.m.

1965-1992

and

(as usual)

figured

bid,

syndicate

3.3445%

a.m.

10:30

1965

1965-1983

Penn.

Week's

(1967-1986)

of

the

v

;11:00

were

bonds to William

cost

net interest

3 05%

3.20%

Takes

bid

p.m.

1964-1983

6,600,000

general market

managed by Halsey, Stuart & Co.,
Inc.

•

:

of

terest cost, came from the account

2 90%

Cincinnati, Ohio (U.T.)

tax-exempt

Co., bidding

runner-up

2 95%

1

also

modest

a

$122,000,000

The

terest

2 90%

Los Angeles, California..

dealers

could

new

serial

&

1965-1931 C 7:30

3,900,000

Tennessee

of

(1996)

Morris

2 55%

3.00%

at least

Washington Public Supply
(Hanford Project)

Revenue

2 80%

1981-1982

2.90%

It

totaled

awarded

2.95%

2.95%

been

important transition

Bidder

a.m.

Lafayette, La._^_

years,

have

help

may

issues

10:00

~

V 1,170,000

12-

a

issue calendar for the

new

1965-1983

Noon

Oconomowoc, Etc., Jt. SD, #3, Wis.

Waldwick

2 90%

1981-1982

Denver, Colo

Major Issue

3 05%

3.05%

10

importance selling at competitive
bidding.

is-

3.05>%

bond

to

up

few.

a

6,000,000

/

May 21 (Tuesday)

business.

but two

glut

1981-1982

to

a.m.

1,350,000

;

—

year.

within

more

it

$176,565,000

is-

1981-1982

a

bonds and of this total there

by

Asked

3.15%

varied

seem

week

term

Bid

1982

3%%

...

__/__r

the

past

for

new

over

technique is

and

Lone

faces

(G. O.)

history..
new

The

financing and that therefore,

sue

31/4%

8,

risk

degree

some

through the

swings

break

sizable

being readied

even

through this

flotation,

through the

State

May

The

municipal

period

The

for

so

or

bold

that the state and munici-

bond

pal

....

Philadelphia, Pennsylvania
•Chicago, Illinois....

to

for

the

today's purview it would

Auth., Gtd.____ 3%

Pennsylvania, State
♦Delaware, State.

limited

usually

market

York

scheduled

negotiated

presently

33/4%

Hwy.

higher.

many.

1963-1978

1965-2002 i-10:30

Comm.,

Nov228, Ill._

Delaware

'

Massena, N. Y.________

to five mil¬

considerably dampened in recent

of

May

on

such

siz-

Port

the calendar is extremely

year

or

Connecticut, State
New York,

to

be

prevailed

month

sale in early June. For this time

Rate

State.—.

been

points

a

MARKET ON REPRESENTATIVE
SERIAL ISSUES

California,

to

p.m.

9,628,000

Tp.,

coffers.

three

go much

Whereas,

200,000 Nevada Irrigation District,
California Electric Plant revenue

inevitable

already

the

new

market

May

on

sues

dealer

the

level

issues,

as

offerings
total

Bremen

an

tendency may not be
speculative a procedure as it

have

following

of

the fact that there

ventory

a

tentatively

$25,000,000

light and it is

Yield

now

Risk Reduced

than $450,000,000. This

$48,755,000

this

is

are

million. On occasion^ par¬

This

investors.

now

New York Authority

that

interest

well

as

sporadic.

parable

quixotic

100

unexciting

issue

new

issues:

such

pressure

dealers

bolster

ticipations

15;'$25,000,000 State of
higher almost indefinitely. Tennessee on May 21; and $57,-

recent

issues

scheduled

able

may

since

only

The

scheduled

total

is

to

In

Calendar Remains Light

totaled

The

the

by the steadier bond markets that

little

demand

of

commen¬

a

lion bonds
in bidding competi¬
tively for issues totaling from $50

has

under

$594,652,500.

pattern

of

example, major participants

less profitable than is normal, too.

through

offerings

With

take from

now

registered

last

for

one

April 22. The May

on

hundreds

points. Obviously
a

offer-

bond

something

8

volume

List,

with

profits,

appears,

market.

Blue

municipal

$625,000,000

total

the

forthcoming in

was

profit.

for

The dealers have found the period

high level

quiet

a

to

re¬

Co.

H. S. D.

Port of N. Y.

For

merely

are

recently been

a.m.

2:00

May 14 (Tuesday)

large

bidding. Until

bid

one

effort ,to

market

our

has

points, this represents

difficult

recently

recent

a

with

According

about

High

public

the

king size competitive deals in

between 2.991% and 2.888% since

this

intimating that in-

issues have

at

surate

gen-

period for dealers and at least
We

of

10:00

1,000,000

University of North Carolina

Oxnard School District, Calif

listlessness effee-

a

Index

destined

be

may

result,

a

on

a

purchase

missed

be

one

that

one

as

reacted

presently

have

reaching

again

new

is

dealers

one,

Partly

has taken

calendar

Most

1964-1993

1963-1980

1.800,000

___■

dealers accepting smaller partici¬

issues,

new

1,550,000

2,650,000

.

May 13 (Monday)
Euclid, Ohio

pations and receiving

the

investor

bank

Niagara Falls (G. O.), N. Y

Cook

apt to be less frequent

are

taking much larger cuts in these

intense

terest in certain

County S. Bldg. Rev., Ky.

posi¬

on

inventories have been moderately
reduced.

of

comfortable

the. such situations

of

circum¬

new

with

seconds

Harrison

at¬

are

to their prob¬

eral. investor demand interspersed

end ' that

the

ap¬

Chicago Park Dist., Imp., Ill

cently

weekly

lack

Large,

revenue

market-

the

dealers
up

these

experiences.

of

and

symptomatic
of

under

sold

tiny

prevailing

a

week

Index

market
place:

the

May 9 (Thursday)

generally

spreads

in

average

an

less

the

de-

in

interest

in

that

to generate some

as

so

to

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

tions with firm bonds at attractive

week

a

did,

once

stances.

was

point,

a

or

more

8

decrease

over

issues

new

has broadened enough during the
past week

rise

specific

a

mand for certain

2.938%

translates

changes

There

they

20-year

May

on

.012%

one-eighth of

that

sense

Index

against

market

be

perva-

stronger.

are

continues

should

it

yield

the

high .grade

This

back.

yields

slight decrease again this

2.926%,

brighter

a

Although

higher,

generalized

of activity

spasm

resulted

this

market

a

its

the

averages

Larger Issues Scheduled For Sale
In

Technique

parent that negotiated type issues

tempting to face

and

market's

will not prevail to the extent that

general obligation bond offerings,

state

the
pose

from

Agency, California issue late last
Wednesday (May 1) climactically
the

may

Index,

yield

which

specific

least,

the

becomes

$115,000,000 Placer County Water

13

at

level.

MACKEY

D.

inference

high level of inventory

Thursday, May 9, 1963

.

June 6

1966-1993

(Wednesday)
57,200,000

(Thursday)

Albuquerque School District, N. M. / 5,000.000
Sacramento Mun. Util. Dist., Calif.
10,000,000

Volume

197

Number 6262

.

.

The Commercial and

.

Financial Chronicle

(1899)
Need

Bank of England Head

An

rates

Faults Rigid Deposit Rates

sterling

market

Einzig writes most approvingly of Lord Comer's strong criticism
"gentlemen's agreement" keeping interest rates

main

from

responding to changed market conditions. He blames this long
standing practice for helping to bring about Euro-sterling deposits
and for preventing time
deposits from expanding — a situation found
analogous to the deadening effect of our past Reg. Q rates insti¬

a

which

deposit

though not end —the problem...

ute

and

can

allowed

British

interest

rates

time deposits are pre¬

on

the

of

considerable

amount

of

that

available for speculators.

are

Euro-sterling

deposits

vented, from adapting themselves By borrowing Euro-dollars and
to fluctuating supply-demand re¬
selling spot sterling they can run

lationship.
United

But

imposed

are

whi 1 e
in
the up a short position in sterling in
rigid deposit rates anticipation of a devaluation. This

States

the banking com¬

on

munity.; by

the

is

what

in when,

authorities,

happened quite recently,
following on the break¬

Britain it is the banks themselves

down

who have

talks and

adopted and

main¬

are

taining fixed rates in face of

of¬

ficial criticism of their policy. On
a
recent occasion the Governor
of

the

Bank

Cromer,
the

came

of

der

' which

interest in

pay

agreement"

un¬

commercial

undertaken

to

not

of

excess

2%

be¬

ence

agita¬

devaluation,

an

It

took

largely the form of bor¬

the:

of

days

and

selling

the

sterling, renewing the loan
two days.

was

a

in, existr

imminent

was

cheap

very

the

renewed

every

On the assumption that

devaluation

a

spot

way

of

operation

it

of

to

again.,,,

■;

Actually

<

,

the

This

of

policies

Euro-dollar

Net

it

mar¬

cilities for British banks to obtain
not under the control of the Brit¬

in

official

no

circles,

At

the

have

to

because

neutralize
use

because

pal

portfolio

21%

growth

the

If

financed in

specu¬

to

the development of the
in

Paris

Euro-sterling

and

ters,

just

other

continental

Regulation

as

mar¬

deposits

was

has

cen¬

Q

a

the

of those

1962

operating
from

came

time

and

dollar
and

of

the

market

deposits

in

elsewhere.

positors

of

covered

higher

Abetted

with

London,

sterling

interest

if

bank

a

on

they

earn

their

dis¬
much

sterling

re-deposit

outside

de¬

the

them

United

Kingdom, and this is done

on

a

fairly large scale.
Other

Cromer's

in favor of

limit

to

Disadvantages

main

argument

removing the artificial

interest

on

deposits

that it prevents deposits from

is
ex¬

panding

adequately. He*,did not
the development of the
Euro-sterling market. Yet from

refer

to

the point of view of
sterling's de¬
fenses and
of the
efficient

J en¬

forcement

of

that

is of

resident
lend

course

of

case

income

cial

after

13,124

banks

in

taxes

insured

of

the

commer¬

1962, remained

Chairman

of

Federal

the

Erie Cocke,

of

with

$2,004

$2,003

Sr.,

Deposit Insurance

Corporation announced.
ure

million

million

in

The

fig¬

compared
1960

3.18%

and

6%

10%

operating
in

1962 to

million.
current

But

revenue

$12,219

operating

advance

expenses to

holders

their

market

monetary

policy,
together with

of

Net

current

of $3,630

for

foreign

entitled
time.

to

But

sell

it

their

very

from
1962

in

$8,-

589 million offset the greater rev¬

were unchanged
Larger charge-offs in)

1961.

contributed to lower

taxes which resulted in

net

accounts,
(on

income

of

8.8%
as

smaller
A

dends

capital

slight

to

a

capital from income.

can

and

any

currency are not

holdings, while at the
speculators

operate in

preciation.

same

prepared

are

to

anticipation of its de¬
In

such

situation

THE PORT OF NEW YORK AUTHORITY

the

fact that foreign-held
sterling de¬
posits become freely available in

Proposals for all

the

market for foreign
currency
deposits provides speculators with

additional

opportunities.

thing, the existence of

an

For

one

alterna¬

tive method of speculating
against

development,
development of the Euro-dol¬ sterling keeps the discount on
lar market, has some
very distinct forward
sterling relatively nar¬
disadvantages.
row, so that it indirectly encour¬
the

or none

of $25,000,000 of The Port of New York Au¬

thority, CONSOLIDATED BONDS, TWENTY THIRD SERIES,
DUE 1994, will be received by the Authority at 11:00 A.M., E.D.S.T.
on

May 14, 1963, in Room 1510, at 111 Eighth Avenue, New York 11,

New York.
Each offer

check in

the

V
must be
amount

accompanied by
of $500,000.

a

certified check

The Authority will

acceptance or rejection of bids at

or

or

cashier's

announce

before 6:00 P.M., E.D.S.T.

the
on

'

Any speculative attack

on

ster¬

ling would be greatly assisted by

ages also the conventional method
of

speculation.'

.

'

that day.

Hear 20

Experts

on

S. E. C. Problems

■

Copies of the prescribed bidding .form, of the Official Statement
of the

WHAT'S AHEAD FOR BROKER-DEALERS?

°

are

Authority and of the resolutions pursuant to which these bonds

to be

issued,

may

be obtained at the Office of the Treasurer of the

Authority, 111 Eighth Avenue, New York 11, N. Y.

and the Securities Markets Studv

Friday and Saturday, May 10 and 11
From the S. E. C.:

THE

PORT

OF

NEW

YORK

AUTHORITY

Milton H.

Cohen, Manuel F. Cohen,
Philip A. Loomis, Jr., Llewellyn P. Young

On

Disciplinary Proceedings: Frank. J. Coyle, NYSE;
Marc White,
NASD; and a panel, Saturday, 9:30 a.m.
Factors in
Incorporating, Saturday, 2:30 p.m.
At the Statler Hilton
Hotel

Fee $100 includes lunch
v

"

on

Friday-

Register at Hotel

PRACTISING LAW INSTITUTE
20

Vesey Street, New York 7, N. Y.




BArclay 7-9170

S. SLOAN COLT

Chairman
JAMES C. KELLOGG, III

May 7, 1963

Vice-Chairman
HOWARDS. CULLMAN

Honorary Chairman

a

.

capital\

accounts)

increase

smaller

sufficiently pessimistic to realize
time

total

stockholders

somewhat

happens

their

represented

on

compared with 9.4%

non¬

sterling

income^

relatively

unchanged net income after taxes.

in any case

often

4%;

operating earningss

Against

deposits,

are

most

million

sterling deposits in the

that these holders

million,
of t

1961,

employees.

rather

only

in

such,

be

sterling

deposits.

the advance resulting from a
increase in the number of

1961.

15%

a

than

more

return
Total current

such

on

employees totaled $3,073

Such

$1,996 million in 1961.

increased

paid

Salaries and wages of officers and:,

on

the plateau of the preceding two
years,

of

arguable that, in

Britain,

that holders of

Consequent

Lord

It

the

Such ;

totaled

$2,- '
million, 35% greater than in*
1961, and represented an averaged

Sterling

Paris

have

can

Speculation

in

on'i

paid

deposits.

interest

costly lesson to depositors.

Euro¬

Non-resident

that they

deposits

in

be

a

this:

expenses

interest

savings
of

was

largely responsible for the devel¬
opment,

to

in

from

Almost two-thirds of the rise in .t
current

abnormally high, the
proved

in¬
de¬

source.

by persistent speculators

in. exercise

deposit

the
was

reflected

was

in income

Actually,

had

of

1962

rived

payments

headache

official policy is expansionary.
business expansion is

facilities,

the

credits out of resources which are

causes

.

nation's

Euro-sterling market, because of
development of additional fa¬

this

in

from loans. The
growing
importance of the bank's munici¬

in the absence

go

Euro-dollar

Commercial Banks

the

moment

three-fifths
income

they

1962 Net Income of

~

than

more

it will

the

\

,

About
creased

845

ket tends to interfere with official
British

at

to

announced

■

occurs

expansion due to the

under pressure

come

is

facilities.

sterling

date

is

device

.

contrib¬

pressure.

the

once

matter how

no

that

When that

they will

the

extent

present

election

is bound

squeeze,

present.

immediate impor¬

at

are

sooner

become necessary for the authori¬
ties to go much further than

to have overcome the
pres¬

but

credit

But

bound to revert

are

net

operating earnings prac¬
tically unchanged from 1961.

and

ket

;

of

for

general

to

they

they

as

leaving the banks with

enue,

current

throughout the postwar } pe¬ quite a number of
times, and the
was
largely responsible rate for two
day's Euro-sterling

riod
for

has- been

favor

sure,

reduce

device would

not be

Market
of

attack developed against sterling.

since

fate

Common

the revival

lating against sterling.

low the bank rate of the day.
That

the
on

mitigate

seems

later

cause

re¬

Euro-sterling, and this

this

tance,

or

no

ster¬

the

of

higher British

would

Lord rowing Euro-sterling deposits for ish
monetary authorities.
two

England,

British

have

in

out strongly against

"gentlemen's

banks

tion

of

part

long

so

unfashionable

likely to have its

to speculative

may

existence

is

rates

volume of

deposit rates could reduce-

the

Having

worrying

Euro¬

into

in favor of expansion.

monetary mecha¬
though the volume of would have to

transactions

tion

LONDON. England—Both Ameri¬

any

Regula¬

end.

an

permanent

even

would

against sterling and how untied

end,

of

existence, markets in

ups and downs. But

gating Euro-dollar deposits and keeping time deposits down until a
higher fixed rate was decreed. The noted economist explains how
Euro-sterling as well as Euro-dollar deposits have abetted specula¬

borrowing

swapping

for

an

international

nism,

.

and

to

bring the Euro-dol¬

to

through

dollars

ling, the authorities have

foreign currency deposits will

of the British banks'

part

deposit

bring the Euro-

removal

tion Q would

Rates

British

not

a

into

Deposit

in

market

than

come

Dr.

Untie

would

more

lar

By Paul Einzi*

to

increase

7

ip

in

divi¬

resulted

additions

in'
to

8

The Commercial and Financial Chronicle

(1900)

155 Montgomery Street,

Co.,

DEALER-BROKER

Francisco 4,

rr

FIRMS

THE

THAT

UNDERSTOOD

IS

reference

Telephone

&

Rochester

Telephone

Graham

MENTIONED WILL BE PLEASED
FOLLOWING LITERATURE:

&

Co.,

THE

PARTIES

INTERESTED

SEND

4, N. Y.

Publishers—Analysis—

David

and

Babson

L.

and Union

Line

New York

Textbook

TO

Company,

nadian
Life

Banks and Trust Companies of the
"United

States

highlights on 52 stock life insur¬

Comparative fig¬

—

Hanseatic

listing of 50 largest life companies

Broad

60

Corporation,

Gas

Figures
laide

$2.00

issues—Draper

12

on

Dobie &

Warrants—

Oil

&

Street, West, Toronto, Ont.,
Also available are analy¬

of

60 Wall

Willroy Mines Limited.
,

Canadian Steel Industry—Analyt¬
ical

^borchure

Weir

&

McLeod,

—

50

King Street, West, Toronto, Ont.,
Canada.

annual

New

Stocks—14th

Bank

edition—reviewing

York

City Banks, 41

town banks, and six bank

nine

out of

holding

companies—First Boston Corpora¬

Exchange

tion,

20

York

&

Hutzler,

Street, New York 5, N. Y.

Machine T o o 1 Stocks—Review—

& McKinnon, 2 Broad¬

Thomson

New York 4, N. Y.

Moorgate and Wall Street—A re¬
view of the British and American
investment market s—Harriman

Ripley
Wall

New York

of March 31.

New York
is

Co.*,

Also available

and

Construction

the

of

—H. Hentz &

memorandum

Borg-Warner.

Drug
Co.

5, N. Y.

Stocks—Analysis—Evans &
New

available

York

Y.

N.

22,

comments

are

Also
Ray-

on

a

on

dum—Flood, Wittstock & Co., 60

Street,

Yonge

Toronto

Ont.,

1,

Canada.
New York

City Banks—Compara¬

ette.

tive figures on ten New York

Gold—Past and future—Brochure

Bank

Stocks

Laird,

—

City

Bissell

&

14

Wall

Meeds, 120 Broadway, New York

Street, New York 5, N. Y.

Also

5, New York.

—W.

Hutton

E.

available

is

an

&

Co.,

analysis of Puro-

Overseas Market

Bulletin

—

In¬

—

ternational

Japanese Department Stores—An¬

International Building, San Fran¬

alysis—Yamaichi Securities Co. of

cisco

New

Over-the-Counter Index

York,

Inc.,

Broadway,

Ill

6, N. Y.

Japanese

Economy

Booklet—Nomura

Ltd.,

61

Securities

Broadway, New

Also

available

—

Co.,

York

6,

booklet

N.

Y.

on

the Japanese Stock Market for

is

a

son

Daiwa

Market

—

Securities

Co.,

149

Broadway, New York 6, N. Y. Also
available

studies

are

Brewery,

of

Kanegafuchi

Kirin

Spinning,

Share,

Inc.,

in

and

National

the

the

the

compari¬

Dow

35

-

used

Quotation

both

in

Bureau

yield

to

as

Jones

over-the-

stocks

performance

Folder

—

industrial

listed

industrial

counter

—

Ltd.,

over

and
23-

a

period— National Quotation

year

Bureau,

46

Inc.,

Front

New York 4, N. Y.

Public

ment

Leason

&

Utility

Co.,

aavilable

issue

Appliance

Street,

:

Company,

Equipment.

66

and

Stocks-

M.

Inc.—Report—A.

Chemica 1—Analysis—-

Street,

Wall

52

Street,

Gold-v

of

terms.

three-year

for

been

have

Governors

Witter

&

E.

Howard

Co.;

and
& Craig Severance, New York Se¬

'Kidder

Street, Boston 9, Mass. Also avail¬

5, N. Y.

Also available is

able is

letin

Buhse, Hornblower & Weeks;

Co., Inc., 1 Wall Street, New York

Greyhound and Coastal

analysis of Harris Inter-

an

on

Letter"

Investment

"Monthly

&

Carreau

Co.,

York

New

in

Chemical—Discussion

Allied

6,

comments

are

—

Analysis

f;

way,

Edison

Tokyo Exchange

Company

of

One of

&

financiers, Gakuzo Yoshino, Presi¬

Japan's most distinguished

Hanle, 100 North Franklin Street,

Johns-

dent of the

Hempstead, N. Y.

Motors,

Ltd.,

Manville and Standard Oil of New

Report—Hill,

has

Cove Vitamin & Pharmaceutical—

120 Broadway,

Also

comments

are

Johnson

nessee

Memorandum

—

&

Co.,

W.

—

has

Edo

Gas Transmission Company

aging Director

2

American Enka Corporation—Re¬

Fairchild Camera & Instrument—

Hammill

14 Wall

&

Co.,

Broadway, New York 4, N. Y.

Memorandum—Amott,

Street, New York 5, N. Y.

Co.

York

orandum—J.

able

is

N.

Union

Russell

Commerce

memoranda

are

Co.,

on

has

Franco

Southwest

served

as

of

Nikko, one of

Oil—Memoran¬

Wyoming

dum—First

York.

President

Gakuzo Yoshino

W. T.

r

^

Nikko,
Mr. Yoshino

Japan's

avail¬

Atlantic

on

&

Also avail¬

memorandum

a

Grant Co.

Building,

Also

Ohio.

14,

&

38, N. Y.

of

New

Broadway,

150

Incorporated,

New

Baker

by

Man¬

Hasebe,

—Auchincloss, Parker & Redpath,

and Timken Roller Bearing Co.

port—Shearson,

an¬

Terumasa

analysis

Corporation—Chart

it

been

nounced

Avenue, New York 22, N. Y.

Company, Ten¬

Stock

Exchange,

T.

Park

375

Inc.,

the

of

Tokyo

Emmet

the

Board of Gov¬

Co.

&

of

man

ernors

Diebold

on

Ashland Oil & Refining Company,
Howard

1

.

Chair-

reelected

New York.

New York 5, N. Y.

available

Thompson

Securities Co.,

Nikko

been

Inc., 70 Wall Street, New York 5,

Chemical Corp.—Comment

Allied

—Oppenheimer, Newborg & Neu,

•

York—Report—Edwards

New

on

General

New York 4, N. Y.

Consolidated

Again Ch'man of

—

Filor, Bullard & S'myth, 26 Broad¬

Harvester,

Can,

International

.

Pictures

—

Broadway,-

Also in the

Y.

N.

issue

American

115

Columbia

curities Co.

bul¬

a

Gas.

States

type.

able

N. Y.

Secretary

They are: Harold D. Barnard, Jr.,

System

Colby & Company, Inc., 85 State

New York 5,

Inc.,

of

nominated

Dean

Columbia Broadcasting

-

Sachs & Co. for Treasurer.
Three
new
members
of
the

Wbis

Beaver

in-

DeNunzio of Kid- £

Weinberg

L.

'

man,

4, N. Y.

American Greetings Corp.—Mem¬

Common

John

and

Fed¬

Bearings

7.

also

slate

Club

der, Peabody & Co., for

Gardner

Chemical,

Noyes.

eludes Ralph D.

analyses of

are

Industry,

Stauffer

New York

Precision

General

and

Morgan

Vice-President

of

Mr.

Bond

The

Also

office

Board
&

.

of

was-nominated £

Co.

succeed

to

Wall

N. Y.

5,

Chrysler—Bulletin—Irving

&

reviews of Deere

are

Company

25

..

Wilson

W.

&

the

for

Masonite Corp.

Broad
Street, New York 4, N. Y.
Also

ufacturing, Isuzu Motors, Minolta

Co.

cur¬

eral-Mogul-Bower

Chemicals—Re¬

Cleveland

&

the

Blancke Noyes

to

Day

be held on June 7.

"Investornews"—

of

same

Denver,

&

Inc.,

Glass,

issue

the

in

Co., 39 South La Salle

ton

Asahi

Field

Stanley

Chemical Blank

Street, Chicago 3, 111.
&

annual

Club's

and

Francis I. du Pont & Co., 1

Products

Bond

.

rent

Norfolk, Va.

Cor p.—Memorandum—

Aerovox

Comparative figures—G. A. Sax-

Chemical,

Also

at

place

Walter
pany.

1

the 7

for

the

Conti¬

of

Company

Street, New York

Yawata Iron & Steel, Ebara Man¬

Takeda

take

Jersey.

the

used

stocks

Averages

market

Review

&

up-to-date

an

between

Averages,

1963.
Japanese

Bond

8, Calif.

showing
1963

for

Assurance

nental

Companies—Invest
Corporation
of
Virginai,

same

lator Prdoucts.

New York

analyses

are

who,

Co.,

past year. The
election
will

Company, Inc.—

S'treet, Chicago 3, 111.

available

Bank Holding

Allied

,

Securities—Memoran¬

Newsprint

Incorporated, 300 Park Ave¬

nue,

&

Northrup and Warner & Swasey.

Union

,

club ;

brochure—William
Company, 135 South La

&

Blair

Dil-

has headed the

...

Charles Bruning

Salle

view—Hirsch
—

Broadway,

2

4, N. Y.

review

a

Industry

Co., 72 Wall Street,

Leeds

Co.,

&

Pressprich

Analytical

W.

E.

Knox,

Cross

Bessemer,

Air

Street, New York 5, N. Y.

Drug Industry—Detailed appraisal
New York

63

Incorporated,

Co.

&

&

on

Blaw

&

Allis

o n

of

Jr.

—

Co., 80 Pine Street, New York

5, N. Y. '

Bliss, Cincinnati Milling, Cooper-

Selden Arcade,

Goodbody

as

Babcock

Trucks,

Mack

Chalmers,

reports

are

Rand,

Ingersoll

W i 1 co x,

&

,

Market — Report

comparative figures

on

available

Also

Y.

W.

Memorandum—R.

Broad

H.

Bogert,

Virginia Bank s—Comparison of United States Life'Insurance Com¬

Municipal

City Bank Stocks

report—Laidlaw & Co.,
Street, New York 5,

industry

of

Securities

America

of

for

Club

Bond

to

1

Corp.

Celanese

eight maj or Virginia Batiks and

Also available are

5, N. Y.

Goods—Detailed

York

Eastman

Que.,

Bond Market.

New

Place,

Bank

Also available is a review of the

way,

'

Commercial

..

Young,

Limited,

Company

..,

Brothers

—Salomon

and

Ltd.

Mines

Granduc

Boulevard,

Long Term Governments—Review

Canada.
ses

copy—Victor G. Para¬

per

Imperial

the

Lawrence

Inc., Ca¬
of Com¬

Building, Montreal 2,

merce

nominated

been

of

succeed

Memorandum

—

Canada.

N.

dise, ,9804, Wilshire
Beverly Hills, Calif.

Company, Ltd., 25 Ade¬

9,

Boston

7

Trend in Capital

in 'force—

insurance

S'treet,

Broad

89

Mass.

25

and

assets

Inc.,

size, and comparison of

ranked by

Street, New York 4, N. Y.
Canadian

includes

companies—A 1 s o

ance

for first quarter—New York

ures

Stocks—Financial

Insurance

President

Pipe

New

Company

&

has

Co.

&

Gas.

Pacific

Canadian

—Kippen

Noyes of Hemphill, Noyes

Blancke

Fraser

Interpiovincial

Companies,

Broadway,

50

are

Dominion

Stores,

Dominion

Glass,

Inc.—Purcell,

Utilities

United

By Bond Club

Que.,

1,

available
on

•

James

Montreal

Also

memoranda

and

Corp.

St.

129

West,

Street,
Canada.

Corp.,

Electronics

Ltd.,

Tier,

General

to

particular

AND RECOMMENDATIONS

Noyes Nominated

MacDougall, MacDougall & Mac-

Telephone Industry—Survey with

INVESTMENT LITERATURE

Power—Memorandum—

Calgary

San

Calif.

Thursday, May 9, 1963

...

.

Company,

"Big

security

Four"

houses,

since

elected

Chairman

1952.

He
of

was

first

Tokyo

the

Kogaku,

Mitsu¬

bishi Estate.

Savings & Loan Industry in Cali¬

Mercantile Bank

fornia—Analysis—J. S. Strauss &

Nippon

Refining and Cle-Ware Industries.
American Telephone & Telegraph

1, Texas.

Company

Camera,

General Cable Corporation—Re¬
The Tokyo Stock Exchange has
port—L. F. Rothschild & Co., 120 the
largest trading volume of any
Broadway, New York 5, N. Y.
stock exchange in the world, some;
General' Plywood—B u 11 e t i n—
33,134,000,000 shares in 1962 for

Analysis

—

Sunstein &

—

Gerstley,

Co., 211 S'outh Broad

Street, Pihladelphia 7, Pa.

For banks, brokers and financial institutions

.

.

.

Arlan's

Department

Stores—An¬

Building, Dallas

Stock
new

Exchange in

1960

term will expire

and his

April, 1964.

alysis—Blair & Co. Incorporated,
Firm

Winslow, Cohu & Stetson, Inc., 26

20

Trading Markets in:

Broadway, New York 4, N. Y.

most 110,000,000

Gillette—Review—Harris, Upham

tary

&

change ranks second only to the

Broad-

New

Liqueurs

•

'

•

.

'

•

...

'

V

V

•'

.

•

.

'

Producers/Pipelines

Independent Telephones

•

'

.

Illinois Central Railroad.

RIC

available is

29

inquiries invited

Security Dealers Association

Oil

&

Trinity Place, New York 6, N. Y.

HAnover 2-2400




Teletype 212 571-1780; 1781; 1782

Refining

Philadelphia

Street,

available

Atlas

is

&

New

1962
as

on

pags

46

a

Consolidated

Development

against

New York

mone¬

Stock Ex¬

Exchange;

Stock

York

Corp.—

Pa.

2,

comment

on

$47,000,000,000 for the
Stock Exchange.

FINANCIAL-SECURITY ANALYSIS
Economics

Mining

and

Organization, 120

37.

age

Strong financial

analysis of

financial
Also

2

financial

forecasts

years

and

and

foreign exchange

reports,, systems

account executive

and

Buechler

Chronicle, 25 Park Place, New York 7, N. Y.

Corp.—Memorandum—

Corporation,

Cir¬

Tower, Indianapolis 4, Ind.

.

-

procedures.

firm, financial planning, portfolio analysis, security
general

dealing

problems,

leading investment banking

and

City Securities

background

including 9 years Treasurer's staff major oil company
with

Cor p.—Bulletin—

graduate,

its

$16,600,000,000

figures were

Broadway, New York 5, N. Y,

cle

shares/In

the Tokyo

value

Co.,

Corp.

DeWitt Conklin

74

on

daily turnover of al-'

average

Refining Company

Analysis—Suplee, Yeatman; Mosley Co., Incorporated, 1500 Wal¬

Scott Paper

Members New York

and

an

Broadway, New York 6, N. Y.

Also

Troster, Singer & Co.

the

on

Trust

Continued

Ashland Oil &

nut

-

report

a

Mesabi

on

Group.

Ashland

Block

Also available are bul¬

letins

—Analysis—Schweickart

•

Co., 120 Broadway, New York

5, N. Y.

Also
..

Gas

Co., Pen¬

obscot Buliding, Detroit 26, Mich.

Utilities

•

5,

Corp.—Analysis

—Morrison & Morrison
•

York

York.

Arrow

Industrials

•

New

Street,

brokerage. Box E-52, Commercial &

analysis

Financial

Volume

197

Number

6262

.

.

The Commercial and Financial Chronicle

.

(1901)
stantial money-maker and

Haveg Industries, Inc.

more

the

each

so

quarter.

reported

company

$25,665,046,
the

By Dr. Ira U. Cobleigh, Economist
A short

description of

a

company

in

share

■Haveg Industries, Inc., is

nary

compression

bond

Fibre

Continental-Diamond

as

high

Formerly known

company.

the

Company,

Haveg Industries, Inc.,

gether,

into

being on July 1, 1955.

solved

came

Since

then,

gressive
and of

virtue

by

of

acquisition

of

program

sible.

product development,

new

from

creased

annual

an

million

July,

in

indicated

to¬

has

The

now

dramatic

most

is

use

are

For

more

due to their lighter weight. Haveg

nounced

bon

cloth,' for

produced

a car¬

Engineered Plastics

sales

insula¬

aerospace

and

to

up

is

not

6600 degrees Fahrenheit.

a

every

com¬

Diversified Sources

com¬

has

used

plastic material available

and, in its

plants, employs every

plastic

molding

method.

The end products are ad¬

vanced,

unique,

nose

processing

or

and

diverse;

of Teflon for

cone

foam

polystyrene

for

food

.

From the

foregoing

you can see

that Haveg is no "one product" or
"one customer" company.

include

tomers

the elite

and

space,

offers

Its

cross-section

a

food

products,

of

elec¬

communications,
etc.

to

cus¬

companies in packaging,

chemicals,

tronics,

consumer

containers,

beverage

a

missiles;

.

k

including

a g es

imprinted

bpxes,. bottles and containers, and
for

industrial

weight

packaging;

plastic

light¬

inserts

drum

for

the

Accordingly,

investors

products
off

of

sources

its

competition,

pression

earning

powrer,

to fend

as

strong

and

de¬

characteristics.

resistant

tanks

that

plastic lined,

are

rosion resistant and wound

outside, like

glass and

huge

a

the

on

with

spool,

resin filaments;

epoxy

computer wires and cables; elec¬
tronic

ceramics

turization;

for

microminia¬

aircraft

members and missile

resins and
All

these,

ultra

ucts,

but

don't

make

a

great

lot

of

money

technological

Haveg is

are
on

strong

•

The

1962
287

them

six

percentage

1963,

in¬

of

It

of

to

the

on

date,

same

Net

stood

-i

defined

a

prudent policy of cash dividends,
paying out less than 50% of net.
The current dividend of

45 cents

is 10 cents above the 1961 declara¬
35

cents,

and

dividends

at

mon

NYSE,

Haveg

is

sub¬

a

income,

year's

a

to

seems

following,

high

of

34

on

have attracted

and

of

to

interest

continue

growth,

a

those

and

current

they

may

well

at¬

be

tracted to it because of the strong

position

company

in

aerospace,

and

The

investment

the

funds

largest

Jefferson
sales

Appoints May
BOSTON, Mass.

-—

in

from
in

plastic

products,

turned

are

This announcement is neither

an

plants

in

United

the

'at

1928,

he

representative

Taunton,

specializes

Mass.,

and

Injection

Temp

Molding.

Division

office.

The Parker

In

The

and

firm,

J.

Denny

Delaware, produces materials and
fabrics

for

sulation.
also

high

in

Wilmington,

Chemical
the

•

Container

American

ment

of J.

tive

Denny May

as

Execu-

May decided to

Vice-

sor-wholesale

many

of

The

area,

ass u m e

for

through
coil n

Division,

Inc.,

Santa

at

the

and

ou

at that time

was

United

he

States.

became

Parker

The

next

associated

with

Corp.

Donaldson, Lufkin

t

entire

try

Robert R. Augsburger

and

J.

Donaldson,

Denny May

Lufkin

The

Parker
in

Inc.,

Corp.,

1925,

founded

Investors

and

at

Incorpo¬

sponsors

Incorporated

Mr.

1

York

City,

Whitehall

York Stock

member

of

Exchange,

Fe

members,

»wires

Mr. Augsburger was previously

time

Manager

he

was

tributing

in

charge

Incorporated

of

dis¬

Investors

Glidden

of
Co.

Pension
in

nor a solicitation of an offer to buy
offer is made only by the Prospectus.

any

of these Debentures.

payable May 1 aiul November 1 in New York City

Springs,

cables

fperature

Wires,

Vermont,

•

:

rocket

Price 100.816% and Accrued Interest

Burlington,
Hemisphere

at

Rio

Corp.,

produced

Super-Tem-

Inc.,

and

Products

-

are

American

at

and

Piedras,

Puerto Rico.

Haveg would be much easier to
write about
or

razor

if it made soft drinks

Copies of the Prospectus

ma}/ he obtained
any State from, only such of the undersigned as may
in
legally offer these Debentures in compliance with the securities laws of such, State.

blades, but because of the

number, diversity and special de¬

sign of Haveg's products, the fore.

going rather detailed, if rambling,

MORGAN STANLEY &

account of items and plants seems

•

appropriate
;
.

of

how

to

this

an

CO.

understanding

company

goes

and

BLYTH & CO., INC.

GLORE, FORGAN & CO.

GOLDMAN, SACHS & CO.

grows.

HORN ISLOWER &
Research
All
ware

of

and

this

ultra

program

development,
pany

in

modern

of

hard¬
a

of research "and

which

the

Illustrative

<

"

"

' '

"

Incorporated.

*

'

.

'

DREXEL &

CO.

HEMPHILL, NOYES & CO.

a

,..v

LEE HIGGINSON CORPORATION

W. II. MORTON & CO.

E.S.MOSELEY & CO.

R. W. PRESSPR1CH & CO.

F. S. SMITHERS & CO.

the molding of

It has been virtually




,

W. E. HUTTON & CO.

Incorporated

amazing flurocarbon, patented

by DuPont.

WHITE, WELD & CO.

o'f-Haveg's-

large-sized Teflon parts. Teflon is
,

SMITH, BARNEY & CO.

A. G. BECKER & CO.

DEAN WITTER & CO.
V

a

excellence in research is its major

.an

PAINE, WEBBER, JACKSON & CURTIS

com¬

relatively high percentage of its

break-through in

LAXAlt D ERERES & CO.

cohr

does not hesitate to spend

..revenues.

KIDDER, PEABODY & CO.

Development

is the end product

tinuous

WEEKS

May 8, 19113.

'

'

A

'

Funds

Cleveland.

components; specialty

and

both

radomes

New

Vice-

Director of financial relations and

California, makes aircraft structurand missile

a

Corp. in March of 1947 at which

The

•

al

as

New

President, it has been announced.

joined

Due J\lay 1, 1999

Interest

the

Parker

May

May 1, 1963.

Com-

Jenrette

Street,

Thirty-Six Year 4:Vs% Debentures
Dated

has joined

&

overseas.

Rheinhold

Plastics

and

the

spon¬

mutual

Augsburger Joins

sales

the

the

will

May

now

the

year,

East

Coast
Mr.

of

operation in the southwest section

years

the

It

into the

that he became familiar with this

For

Sales Manager

in

area

fund business.

of

in 1946, Mr.

war,
go

Telephone and Telegraph Company

Division,

Division.

Engineering
•

in¬

houses

Equipment

Aerospace

\pany,

temperature

own

May

Co., Wheeling, W. Va.

Following the

$250,000,000

The Haveg Corporation,

a

just announced the appoint*

in

Sil-

&

Hemphill,

1931, he formed his

investment

Wilmington,

at

his

became

at

States

Compression, Transfer, Automatic

After

Washington

and one in Puerto Rico. The plant

r

far played

it.

Noyes and Co., first in New York
City, then in the Pittsburgh, Pa.,

-

offer to sell

The

has
and

career

have by

role

graduation

Parker Corp.

business

been Mr. May's entire

of

dozens

Vice-

a

Since

eastern distribution of both of
the

mutual

unlikely to
for

elected

1953.

Incorporated funds.

who

space-age,

Income Fund.

common

in

presentan

to

minded.

rated

the last six years.
are

President

1954,
capacity to ideate, and when Incorporated Income Fund
profitably, ad¬ was founded as a pioneer mutual
new products.
Haveg com¬ fund, Mr. May has handled the

vanced

successively increased Boston

been

While investors

buy

the

responsibility

has

company

of

and

manufacture

charge

stock.,

common

$6.7 million.

tion

net,

President in

year-end) followed by 1,019,-

out by nine operating divisions in

„

for

Capitalization

shares

The

and

eastern half of the

was

corporate

simply

with all their
sophistication.

different.

20%

capital structure of Haveg

worth,
at

on

prod¬

new

sales

He

components,

sophisticated

molded

and

and

in

curve

throughout the
country.

plastic cements, etc.

of

other

structural

Many companies
research

President,

in earnings over 1962."

in each of

Profitability

cor¬

correspond¬

Industries, Inc., is quite simple,
$4,270,000 of long-term debt (at

have

handling problem chemicals; huge

of
up

Sales.

Haveg

diversity in

a

specialized

so

32

aero¬

'

p a c

of

of Earnings
:

that

pany

mercial

and,

year

than doubled the

of

higher

a

competence

months

H*

increase

crease

demonstrated

equity

impres¬

net

The

the

management, the well defined

Lux,. recently an¬
Corporation, 200 Berkeley Street,
"we
are
budgeting a has

product

Haveg
Here is

easy.

basis,

period.

.

line

stock,

three

15 cents earned in the

John

research has also

a

earlier.

more

first

was

cents

that

1962

the

1962,

$1.01

or

year

even

the

share

Dr.

for

for

common
a

per

a

ing

tions, that is heat resistant
the

on

with reentry heat and fric¬

cope

correspond¬

against $6.12 million last

pos¬

nose cones

income

of 1963, sales totaled $7.38 million,

units 5x5x10

ones

gains

sive.

tion, and lessen fuel requirements

first quarter of 1963.

Describing

the

the problem and can now
ovens,

of

For the first quarter of this year

million,

results

by

particles

the

on

a

to

1955,

current annual rate of $30
as

of

rate

•

to

however,

for Teflon missile

Haveg's sales has dramatically in¬

$1.2

Teflon

with larger

feet,

required

Haveg,

produce, in its

ag¬

an

Net

$1,032,708

against 86 cents

impossible to mold because of the

ordi¬

no

sales

against $868,360 in 1961

Engineered Plastics."

1962,

from $21.3 million

somewhat

a

ing increase,

reputation for being "First

a

before.

year

showed

with an unusual name, unusual

products, unusual earning power, and

up

getting

For

9

of

10

The Commercial and Financial Chronicle

(1902)

ward

Aerospace Industry Outlook
In

Period of Turbulence

a

By Murray L. Weidenbaum,* Senior Economist, Stanford
Research Institute, Menlo Park,

The

Calif.

past five years have marked a radical shift of the airline industry
missiles and space.

into

The aerospace industry now includes such

pressure

military
of

business;

profit

margin

elusiveness

industry's outlook, Mr. Weidenbaum sees the U.

aerospace

$18 billion

S.

into thirds for aircraft, missiles and space with space

becoming the

that

tary suppliers to diversify into commercial markets with emphasis
industrial markets instead of

on

though they have not,

consumer

and
a

Roll," should not be taken as

commentary on the performance

of the airline

rather
the

industry. My theme

that

is

called

entry

tion of

I

wish

crises

is

this

as the
as the

industry.

and,

hence

should

firms

expect

returns.

,

profits

the

to

of

the

which

of

Federal

is

course

billion annually

After

Berlin

market

ing

in

and

the

space
ex-

with

part

change

a

overall

in

aero¬

again is tend¬

once

ing to stabilize.

Weidenbaum

L.

ade-

government

of business, buch attention may
be long overdue. Nevertheless, in
snort
change in

1

run

the

,

see

no

current

„

Although there is

maJor

vehicles.

in

intermediate routes, that

mill-

on

vanced

e

It is in this latter

*n

industry is the

aerospace

result of

the

shift in the custom-

er's product demands. Missile and

work

space

requires

concentrations

of

and

engineers

increasing

scientists

and

declining portions

~

way
,,

~

little

„

versification efforts have yet in
the aggregate paid off too hand-

the.,

are

now

_-o

the

tures.

The

^aerospace market the the sales and
to incomposition of

resultant

dustry,

merely

or

its

to

annual

Pitch
down

is, essentially,

movement.

profit levels,

well

as

expectations,

an

The

come

the

most

fundamental

movement

shifts

in

the

type

here,

the

inputs

very

mentioned.

be

unkind
the

and,

of

basic
or

re-

employed by the industry

sources

may

represent

may

critic

under the

However,

might

remainder

of

an

summarize

remarks

my

heading, "Shake, Rattle,

and Roll."

panies

have

pitched

telephone,

and

been

the

of

suit

almost

the

airliners.

paradoxical

fabulous

Better

space

industry

wasn't

very

which

—

aero-

.really

long ago— the old-

timers usually talked in terms of
the

"Airframe

primes," the

com-

panies

varying from Boeing and
Douglas to Beech and Cessna, etc.,

who

could

design

and

assemble

.

.

ccmplete aircraft of
and

sizes.

engine

various

Upon reflection,

in

and

several

manufacturers
nrnhahiv

"accessories'

alluded to

were

nf h^in* nnrt

<=nrf

piooaoiy sori oi

few

r>r

oeing pari oi ine

industry,, too.
^

^

-foil

rSwictinollir

fall

The

drastically

difficulties

a.^,c

,

industry

has

.

,

shifted

m

oL Ihia
.

unction

for

of

prime

missile

major

and

.

emphasis

to missiles and now to
space.

the

So

the

are

A

clearly evident,
involved.

ionger:term trend

rerved

which

me nxea

also

is

factor may

by

the

dampening

situation.

It

re-

that, in most

{orms

forms of contracts for advanced
°f contracts for
systems, the definition of

weapon

a

key determinant of the

ffl

iF°r

there is no simple, clear cut defmition of that portion of a

which

the

is

company's

allowed

determination

to

enter

of

"cost

plus." In good measure, it is a
result of interpretation and
negotiation.

Obviously,

than the traditional airframe firms

able

elements

increasingly

come

More

major
v.te

contracts awarded

industry.

should

m

v

a

to

giants

&

o missi e

the

o

and

RCA

'

T
i

result

men

pri-

of

General'Electric

A T
a. i

As

The

nofed^6 alsf^^n^l'iiHp

be

Chrysler
and
ana

competing for the

of
e

^

this

.

The

of

the

unallow-

cost

and

long

the

intermediate range jet
the European companies

have obtained well

list of partially and totally
costs has been
rising

airframe primes

military

years> The most conspic-

Coupled

and
with

space

the

research,

renegotiation

S^scs^markets-^m^^p^ccjs^ ^^i^Tesul^




in the

group

im

a

^

in'any

economy

0f all the

The

V

term

outlook

mend primarily on
depeild primarily on

future

our
our

will

dustry

concentrates

proportion

of

its

.

Market

Co.: 4%%

transport.

On

as

membership

problem

engineers
0pment
As

"and

research

on

ernments

were

joint

a

combining efforts

supersonic

program."

transport

try has gained the dominant posi-tion

in

R&D

in industry.

The issue, due May 1, 1999, was

—

aircraft,

missiles,

This

NASA expenditures

—

f0ur

space

industry

locational
come

to

is

saip
.

movements.

It

has

the

is

actually
Quent

to

Coast.

I

do

the

not

wish

to

Chicago friends,

my

but

Sion

indicate

may

tional

or

as

best

as

I

say

can

this
tak-

now

deter-

mine it, is from all of
these
down to the
emerging space

areas
com-

plex along the Gulf Coast

J.

:

of

which

expended

in

1.1

-

i

Orlan-

will

about $6 billion a year. Also, military aircraft spending has held up
than

the

generally

major

cent years,

a

expected,

cutbacks

in

le

d

n

encouragement

to

the

encouragement to the
^ea that government. contracts
for defense

or

space work can be-

down^^gpm^ the.JWRA

of-thei 1960's.

nrinr

to

Mav

not
i

be

iqrr

iyqo.

'f"

AU
,b/0
succeeding • re¬
oempuon prices; scaling down to
amount on and a ter
•

May 1' iyyr
A.

T.

&

"

-

T.

intends

on

or

to

for

call

about June

10,

re-

at

amount of $250,000,000
of
their

106.461%

principal

"

amount.

The

will

aient

redemption

be

company's

made

general

plateau of $5-6 bil- funds.
for

' V

'

from

the

general

the

.corporate

-

,

Proceeds

pay-

from

sale

will

corporate

be

pur-

including advances to sub-

real terms expenditures for air- sidiary and associated companies;
craft and missile programs will be the purchase of stock offered for
declining in the next few years subscription by such companies,

8nd only the sPace portion of the and for extensions, additions and
aerospace market will show any improvements to the company's
over-all growth.
own telephone plant.
,

Undoubtedly, the efforts
part

of

major

the
A T. & T. has 21 principal telemilitary suppliers phone subsidiaries and a number
on

to diversify into commercial
kets

will

continue.

In

mar-

contrast

to

0f

other

subsidiaries

important

of

which

the

most

Western

are

the

scattering of effort
in
the Electric
Co
Inc
and Bell Tele"
" ' " 1
—
ine.CO., lnc" *na i3elA Aele
period
immediately following
phone Laboratories, Inc.
World War I, the more recent di¬
companies
on

an

activities

have

of

these

generally

relied

extension of

con-

and aluminum caskets the indusn

the

up
^

;

Wlbll

Ayvinvino-n

BOSTON,

Mass. — Joseph M.
Batchelder has become associated

with after World War with American
^

cepability

to

•

,

\SJ\Ch

xxUlGriCEH OGCUritlGS

markets.;

In contrast to the stainless steel

try came

;

their technol-

sumer

intention to

competi-

oe initially,

modest decline to.

a

the

my

by

>

■

issue

!» 1983> outstanding in the princi-

lays, actually

areas of the aerospace industry. In

event, it is not

also

the

1962

$300,000,000

a

is the leveling off in missile out-

eraA> are
any

Fehrnarv

1963, its 5% debentures due Nov.

noticeable

ogy to industrial rather than

growth

billion

a

competitive

development

less

as well as Canavrapid

by

debentures will

w

redemption

i

do' Huntsviile,
now

Since

vear

reaeemaDie prior to may i

su.bse-

total $5.7 billion.

.ii-

versification

°ast*

„

be

years,

1

A

discus-

informa-

an

analytical Ja<*. I

because the shift that is

ing place,

think

^

new

j

poses,

East

I

The

stant dollars, it is likely that in

provoke

that this growing public

most

largest

tjve 3ale

used

Coast and, especially, to the West

in

sold

debentures,

of

of defense work

Midwest

0f

years.

appropriations for

new

1964,

the

of

auarter

issues

anri

company

be-

nature

fashionable in recent months!

decry the shift

from

the

other

lion a year may be in the offing.
of course, if we project in con-

aero-

this

far

sn

debenture

and

which

Stanley

1958 American Telephone has sold

the civilian space program-for.
the fiscal year 1964 are officially

After

One final indication of the
tur-

offering marks

dertakpn

major growth area in recent years.
This trend is likely to continue
for at least the next several

Morgan

corporate flnancing operation un-

Expenditures for

space

the

the 4%% coupon.

exPected and some quite

thirds

to

group at a competitive sale May 7
on a bid of 100.171% which named

discernible here,

are

some

better"

bulence encountered by the

and accrued interest to

awarded

>

a few trends

devel5

at

ymld 4.33% to maturity.

jn

A

work—almost 3 out of

priced

100.816%

_

result, the aerospace indus-

a

debentures,

that the British and French Gov-

fiscal

and

VU.

Ao
the o public
of
$250,000,000
American Telephone & Telegraph

Requested

.

(lO

0ther hand, the press has reported
ieast prior to the Common

in-

scientists

.•

~

'

—a|.

the

highest

p

&

±61.

manager of the underwriting
group,,has announced an offering

in

the

rn^l

•

the

supersonic

a

the

engineers
Moreover

.

Morgan Stanley & Co., New York,

scientists

States.

..

the

on

any, of its participation
design and production of

the

.-V b

-

.

TV>horitllT»OG Qnlrl
i/t/UUllbUICo kJUlU.

governgovern-

decisions

■

I P|P(Xrarm

short-range jet sales to

longer

'

one-half

over

estimated at $4.2 billion, a 75%
increase over the 1963 fiscal year..

United

industry have been-

A

represents about one-eighth of the
total
industrial
employment
of
and

the

as

AHlGPlCciR

date.

100 000

largest concentration

industrial

Houston, New Orleans,

U°US exaiT}ple of sach Partially
' unrecoverable costs is the grow,mg volume of company-sponsored

sideways

fundamentally,

well

caso'

and

snace
space. r,xpenuuures xor space nropro
grams have been, of course, the

tific work force of about

incurred

disaiiowed

-°"Ver

the

in

case

the type
comprising this industry
has changed. The
industry's scien-

out of profits.

are

.

the

was

Geographic Movement

have been obscured

jetliner

than

company-

of people

be ob-

can

assets are now

like to leave you with
the caution that the historical rdc-

-An address by Mr.. Weidenbaum. be¬

s me^ie§ai Iorm, oy ine
surprising. The government mara .k6t iS n°W rough,y divided into

are

r£des 0f return on military
b^iness. This second, less drama-

into

sys-

How-

the

cost

space

a.

essentially one-shot affairs,

With

being assumed by
government, companies other

fore-

sales years be-

are

risks

of

with

the jet transport losses

ever,

contractor

terns commonly

the

fore the fact

cost ig

^

vePrrH^Drod^t1 lfneP
p

than I have

men

volves about the fact

as

jet

industry where unit costs

an

types
a

re-

of

sales

tried to analyze this phenomenon

casting costs and
the

companies

generally not publicly available). To a large extent, this has

ciinnocorllTr

entered

on

are

supposedly

first

com¬

downward

other

or

parlipr n^rinric

divisions of automotive,

aerospace

The Shift in Product Line
I

iprofits

in

profits of the aircraft

volume.
When

maintained

severely in recent years (data

i

of course,

The

Trend

World War II

a

waS°
way,

owned

The

its future

to mind.

Roll,

been

*rom that of

these

and

up

immediately

has

of

of

through commercial activities,
mainly in the airline market.

industry's

as

volume

production

companies

sales level.

absolute

v:;

-

would

Confel^ef uTverfny "0?sChl"gTcM-

area

•

ply to the changing structure of

I

as

°

organized data available,

ad-

represents

or

not my impression that these di-

welders and riveters, more
it
jn contrast to the commercial
motion in which the body moves is
probable that the old aircraft laboratories and office space and prospects, the U. S. Government
from side to side. Using my poetic
companies, taken as a whole, have fewer
manufacturing facilities, market for aerospace products
license,
this
characteristic
of received a declining share of the Tbe physical shape of an aero- and
services appears to be stabisideways movement may well ap- governmental aerospace expend!- space
company differs sharply lizingi at about $18 bmion a
year
s

technology

that the

in

'

items

sales to governmental or industrial markets. Nevertheless, it is

extent, if

What may be the most fundacental change for the companies

these

European producers-both French

ment's
innnk

of

attenti°n nJIlaUnS thr0Ugh t^ulence.

...

ow ®ve. 0 profit rates
tary business.

Each

either utilizes the industries'

nature of replacement demand
and the result of yearly growth ord on forecasts in the
aerospace
j11 air traffic. ; It is the smaller industry has been of such a nature
planes, those serving the short to as to indicate that the forecasters

relatively

.

the

on

few years of

a

associated

in

space

a

mainly

V

engines,

reactors, hydrofoil ships,

Future sales somely.

be

attention

some

researchers

of

.

years,

administration,

metaphor,
y a w>

into

aircraft, missiles and

pansion

to

the

belabor

firms

other

recent

systems.

Although
don't

of

the

and

—

design, development, and produc-

turbulence.

in

to

market,

probably hor-

as

diversification

about $18

of

is,

larger than

the dominant customer, has spent

a

period

firms

sense,

likely

assumed and the need to attract
capital and resources to this line

izontal

In

is

industry
facing,

720, 880, and 990.
are

risk

turbine

gas

wall panels, and heavy-duty land

out-

this development

Government,

facturing

nuclear

with

the

British-are making the best
showing. From about 10% of the

aerospace

manu-

to

suppliers, both in terms of risk

aero¬

space,

concept,
the

has been

and

ers

business area, we now have some-

it is now

or as

conclude
as

academic friends would diagnose

thin* frcmmntlv referred to
thing frequently referred to

aircraft,

to

■

„

electronics,

essen-

paid recently by both policymak-

participation in supersonic transport development.

of the words, "Yaw, Pitch,

like

observations

risk

average

quacy

use

would

that

generally,

There

long run outlook is seen revolving around extent, if any, of govern¬

My

i

some

the

aerospace

these

above

as

yet, "paid off too handsomely." Sales to airlines have slackened and
ment

by

industry

:

•

Outlook

sure

be

absolute

some

Note is taken of the continuing efforts by mili¬

major growth area.

of

cannot

borne

roughly divided

a year

terms

returns.

f

The

on

look for the aerospace industry,
Taking the commercial 'market
industry's profits, we do not know first> 1 observe at least a tempowhether, in earlier periods, they rarT decline in the volume of sales
were
"unduly" high in relation to the airlines. By and large, the
to risk and, hence, whether the major airlines of the world have
current decline merely adjusts for converted their longer routes from
an
abnormality.
Because of the pistons to jets
to the DCS, 707,
we

Government market stabilizing at

in

both
and

However, because of the

giants as Chrysler, G. E., R. C. A. and A. T. & T„ and is troubled
th2

profits

tially administered nature of the

about the

adequacy of profits in sales to the Government. In viewing

the

on

Thursday, May 9, 1963

.

■

UGtg

fabricate

metals), examples of
versification
iriclude

light

recent

di-

industrial

53 State St. He

Securities

was

Corp.

formerly with

Hemphill, Noyes & Co. and prior
thereto

conducted

his

own

vestment business in Boston.

in-

•

Volume 197

Number 6262

...

The

.

Commercial and Financial Chronicle

(1903)
ment

SBIC's and Investment

with

By Grogan Lord,* President, Texas Capital
Corp.,

desire

bridging the financing
good chance of

a

facing smaller, sound

gap

work

period of time. Mr. Lord outlines:

investment

criteria

looked

(3)

for;

low

which does not
stocks

to

moderate

risks

with

the

investment

are

in

the

they

business

be

are

of

furnishing

businesses
businesses.

to

capital

However,

able

to

able

with

each

be

serve

tions;

that

tions,

oe

I

and

time

one

func¬

at

approximately
very
significant

a

of money.

sum

points

a

carefully

analyzing

various

of

sources

which

work

can

prove

the

well

to

as

Since

I

to

a

remarks
recent

I

our

months,

would

first

preliminary

industry.

In

SBIC, publicity,

unlike the situation

faced dur¬

we

ing the early days of the indus¬

try's

history, has been

less

than

romantically encouraging. This I
feel, is only natural because any¬
thing new tends to stimulate more
optimistic feelings than
try whose methods of
have

become

spite
people

feelings

have

may

operation

familiar.

more

whatever

indus¬

an

about

many

SBIC's—

sincerely

that the prospects for
have never been

our

believe

industry

better, and our
ability to serve the financial and
business
community
has
never
been more impressive.
Scope
There

of

SBIC

are

^1 SBICs
area

,

,r,

with a total
available private investment
capltal of

approximately $50,000,000.

"

?.

Texas, there

are
SBICs with over
$100,000,000
private investment
capital.
In
.

59

in

the

entire

Sre

677

States

SBIC

in

the

000,000 in private investment
can

the. total

number

of

nation, Texas SBICs

for

approximately

available

funds

an

a

large

concentrated

and,T believe
is

20%

investment
is

we

in

account

in

total

capital,
amount
our

of

State,

all

agree, there
almost unlimited amount of

opportunity to utilize
in

State

only 8% of
licensees in

the

Thus, there

cap-

figures,

note that while the

of Texas accounts for

our

such

State.




that

with

the Southwest

attention
for

commitments

to
as¬

financing.
feeling that this type fi¬

our

a

capital.

Your

thought, and naturally the
thing for
this

you to think

client

one

of

that

be willing to underwrite a
lssue for?
Assuming that

a

way

as

with

purchase

product

additional

capital

of

least

Therefore, when
ing

SBICs

men^

as

the

over

our

degree of securitv which we
but I believe that vou as

How-

SBIC

tent

money

the

cestry,

proper

not

a

deal

be

not

of

What

would

public

We

SBIC's

interested

ne

that have growth

is

or

in

men

use

CJ>pital,

minimum

we

of

of

as ours to

.

,

j

do

We

consider

we

of

bank

funds

ourselves
loan

type
investments of

seek

proposals
When I say high rates of

return,
high interest rates.

with bank interest rates, and

unbelievable

indicate

profitability,

but

mean

Our- interest rates

I

an

any

of these Securities.

May 7, 1963

'

3,441,880 Shares

which offers financial
sources of this magnitude m an

araa whose economy is fully cape
utilizing such fundi is ss-

s"re? °.f 8 Permanent place

the

business

picture

of

our

in

area

Gulf Oil Corporation

and of the United
$tafes. The fact

that 50 of the larger SBICs in the

Capital Stock

nation

account for
80%
of the
total funds controlled
bv SBICs is

(Par Value $8,3346)

indicative of the fund concentra¬
tion in

our

simplifies

industry,

dealing

As for the

fact which

a

with

sources of

SBICs.

The Shares

are

to

he sold

to

serve

that

of

the

Federal

is

need

a

$500,000,000
loans

and

equity

small

business

for

per year

He

years.

are

that

are

undeniable
see

ture

for

our

type

a

of

Small

an

for

Prospectus

The First Boston

areas

Dillon, Read & Co. Inc.

to direct my
in which SBICs

Glore, Forgan & Co.

work

can

purpose

Goldman, Sachs & Co.

Ilarriman Ripley & Co.

gap

Kidder, Peabody & Co.
Incorporated

-

v/

Lazard Freres & Co.

/.

4.

Carl M. Loeb, Rhoades & Co.

Smith, Barney & Co.
Incorporated

Stone & Webster Securities

be-

White, Weld & Co.
Incorporated

issues

institutional investors.
Invest^

4

Merrill Lynch, Pierce, Fenner & Smith

Paine, Webber, Jackson & Curtis

is to

capital

public

Lehman Brothers

•'

Incorporated

tween capital
supplied by a business operator
himself and

by

Hornblower & Weeks

Incorporated

thinking to-

bridging of the

Blyth & Co., Inc.

Incorporated

Eastman Dillon, Union Securities & Co.

growing business

concern.
My primary
attempt to guide our

supplied

Corporation

Kuhn, Loeb & Co.
.

Every financial institution which we can
conceive of
should play some role
in furnisha

legi.ly be distributed.

-

both parties.

ing capital to

m ty

in

together in supplying investment
capital on a basis beneficial to

be

be obtained from ahy of the several
un lersfgitrd: only
in St ties in
q-nliff- l to act ' as d: tiers in

are

In-

industry

and Investment
Bankers

to

the

securities and in which the

Now, I would like

ward the

m ly

underwriters

I

Bridging the Financing Gap

and

such

bright fu-

Business

Company

which

almost

demand,

a

Copies of the Prospectus
underwriters, including

proven

nation.

remarks to

share

that

service

and

source

the

10

candidates

nothing but

vestment

stated

With

money

Price $44.75 per

for

next

manufacturing

30,000

SBIC financing.
Gf

the

also

150,000
and

$300- to

in long term

financing

in

has

concerns

can

-

Re-

System, has recently stated

there

there

underwriters, including the under¬
of the proceeds will be received by
Corporation.

no part

Gulf Oil

opportunities for these
funds, Mr.

Martin, head

the several

signed, by certain stockholders, and

investment

-

Corporation

Dean Witter & Co.

are

Continued

offer to sell nor a soli citation of offers to buy
The offering is made only by the
Prospectus.

industry

sup¬

capital.

I do not

This advertisement is neither

an

neither
as

mantic

to make

We

low to
moderate risk with
potential high
rates of return.

For

profit poten-

that

or

suppliers

capital,

an¬

.

„

consider.

do not consider
ourselves
of pure venture

$300^000,000

Texas alone. I believe that

iud<*-

security. I do not mean
glamour-type industries with ro-

invest-

of

financial

own

determining whether

talking about

we are

sources

consider¬

are

and

your

a

pany such

in¬

tial and

projections

v

specific proposal
has-enough
SOund business merit for
a
corn-

utility,
Look

can

in

ment

fad, that,

pride in

no

business

experts

hope for posterity, and.
pliers

no

whole lot

a

would

investing in

seek

comne-

some-

$100,000,000.

sources

or

by the business applicant is

investment

of

source

at

contract

manufactured

security. And of course, col¬
lateral and solvent personal
guar¬
are
security. It is difficult
to give an exact
"formula for the

not the proposal

or

like the mule, has

first

he

the

anties

preliminary judgment

no

terested in

not,

in such

Long, term
for

first, is,
I

such
corn-

panies seek.

has any sound business merit. For

client

a

have

work.

helpful if

very

to whether

as

that

capability is certainin

investments

sold

We

do .this

familiar

and form

area.

suppose

additional

it

it is

example,
us

to

business will look

contacts you
concerning his needs
for

staff

body

The Investment Banker's Role

Let

presented.

are

ever,

many
SBICs in

other

for

small business
investment

as

loan application with which

a

own

share

we

security

nancing should offer Texas SBICs
an

United

approximately $500,-

ital available. From
these
you

is

There

program

licenses

with

It

m the Dal- • suppiy

las-Fort Worth

of
we

speak-

do

concerns

Industry
.

simiiarities

generally

As

also

the

However,

ly

We don't expect
anyone to pre¬
pare a complete financial
analysis

a

investment
policies of Texas Capital
Corporation>

time.

banking circles. A profithistory and a proven

management

time

ing these applications.

probably
degree by my ex-

a

reasonable

able earnings

interest

some degree.
You
all know what I mean.
by. screen¬

thinking is

witln

a

mercial

would suggest that
you screen the

in¬

in order to obtain bank

De¬

and I feel that the
public may be,
to a degree,
laboring under mis-

conceptions^—I

as

entire

our

interest

basis of present

security, I am not referring to security as it is understood in corn-

application to

point,

speaking

of

within

in investment capital in the
State

Investment

few

a

about

own

representative cf

(Business

make

our

am

this

the

the

on

situations

equity

of the business has
a
g. d
chance of substantial
appreciation

interest of saving your
time and the SBIC's
time, we

own

sign these commitments to banks

grant

and

return/

Company industry,
to

in

clients

our

increase

am

the.. Small

area

together to im-

services

our

I be¬

banks

personal monetary

like

large

.investment

SBIC's

as

capital,
a

little

opportunities

Small Businesses who in turn

needs of businesses and comparing
these needs with the functions of

lieve that there is

to

been

the

but

'Xif.

at

In

mean

small

a

11

value

can

Small Business Invest-

a

and in tne

your next thought should
be,
"What is the best
way for me to
serve this client, and how can I

Grogan Lord

en¬

By

to

SBICs

of

business

has

given

the

history
tity.

There

and

in

my

perjence

"Is

different

time

state

Company

certainly do

which

purchased

Small

cf sa.ving y?ur client wasted

can

clients,

our
-

I

influenced to

lever¬

we are

$200,000,000,

we

will

average

looking at total
available funds from SBICs in the
State of Texas of

is,

but

a

doing
—

only

to

while

dustry,

higher than this. Never¬
using

factor,

age

serve

similar

much

industry

snould

time

one

P°sa^ to

business

ment Company?"

so

the

in

con-

your next question would
be' "Bow wul i presem uiis pro-

.-

—7_j

shnul^hs ing' 1 believe

smT

leverage

theless,

func¬

they

to

believe the

other.

various

,

not

compe¬

They

.

.

considerably by utilizing
borrowing when .the need arises.

all

tition

that,

funds

nnSrhfrnanLSl
poorly managed

bv

representative

leverage their private

necessarily all
in

would like

It is anticipated that SBICs will

industry

not

that

as

area>

pleasant and profitable deals
..with investment banking firms. I

potential high returns-—

..

banking

V

.

How

of

sources

are

most

my

both you and your client
very
valuable service in this

a

We, at Texas Capital, have had

high interest rates since options to purchase
often made part of the
financing arrangements..

All of the financial institutions in

other

you

am

and

me

render

SBIC

as

If

to this situa-

to

Business Investment

our

some

mean

are

by:

how

worthwhile

company?"
vinced as I

how

this problem

also ourselves.

-

to

my

show

devoting of time

my
tion

am

operators,
with investment bank-

-—in

benefit

flexibility of financing arrangements usually in the form of, but not
restricted 1o, equity options; and the financial
and non-financial
advantages to investment bankers. SBIC investments are said to be
continued

we

capital.

reasonable

a

and

ers

offer¬

concerns

to

1

is

re

Briefly outlining
industry operates.
(2) How

substantial appreciation within

solve

familiar

wnich

and

attempt

can

all

to

(1)

can

ing

problem

to

SBICs

Georgetown, Texas.

SBIC's prospects have never been better
according to Mr. Lord who
explains how "equity banks" can work with investment bankers
in

the

are

addressing myself,

Bankers Are Complementary
/

bakers

Wertheim & Co.
Paribas Corporation

comparable

on

our

page 35

':

Private Placements and

loans.

debt

Insurance Companies

companies

insurance

life

Assistant

The

reminded of the overriding importance of

bankers are:

Investment

'•

panies.

commercial

the

their

term

-

This
look

insurance

ies,

mp a n

ments

„

heard

"we're

lar .to

in

general¬

private placements.".It

investment

repeated

Let -me assure you

that it will con-

tinue to be heard

companies

insurance

happy to receive your of-.

group

ferings in this

all United States

If,

companies: During

long

in

term

completion of your ap¬

upon

you

ing

be placed, your next step

can

the offering to a life

is to present

This involves both the

company.

the
ear,
the same companies held
$42,016 billion in corporate debt
of which $31,744 billion or 75%

ing the deal and a determination

of

end

the

At

of

Without belaboring this

you

me - assure

,

be

presented.

private placement

a

little whether initial contact is by

point fur¬

ther,-.-.let

should

it

enled? It probably matters

be pre

placements.

private

where

How should

personal visit

that

may

by telephone.. L

or

not be necessary to disclose

he issuers' .name
initially, aloff, I would urge you to prepare, private: placements in adequate
volume are a prime goal of any
an effective rebuttal in the form •
thcugh I p ersonally con?: dsr this
of private, placement submissions. major > life
insurance
company des'rable. Wide- use of the so' no', "name"
Certainly the rapid industrial de¬ and that this appetite will con¬ called
canvass
does
velopment
of
Texas
and the tinue to increase as our industry little to spark a buyer's interest

should prove

Southwest

field

which

from

growing, flow

fertile

a

develop

to

a

My

principal purpose to¬

that

day

to pass on some thoughts

arcs

the.

concerning

suggestions

and

presentation of

offering to

an

a

turn

do-able

ments.

is

; >' and

Let's

,

place- :

private

of

grows.

of

successful

wide

moving on to our main

the

dislikes

define

order

to

ment

and

private

a

place¬

is

is

portance in the investment opera¬

that

one

tions of life insurance companies.

gest

A

private

familiar

of

an

the sale
of securities by direct

negotiation between the borrower
and one or a limited number of

the aid

lenders, with or without
of

an

In

investment banker

passing,

note that

should

we

-

50%

approximately

private

of

placements involve an investment
banker and that as the size of the

that

has

increases,

this percentage

"f-

tendency to decline,

a

SEC

The

clients

on

bonds offered

corporate

new

for cash

in 1962 amounted to $9,056 billion.

Of this total, $4.6

placed

"was

licity
the

attached

ratio of private

corporate
ranged
1958

In
has

to

been

in

of

in
the

placements to

new

offerings

low

of

has
34.4% in
in 1951.

the last four years,

of

volume

a

pub¬

1946,

high of 58.4%

a

three

Since

bond

from

50.8%

or

The

not nearly

was

ratio.

same

billion

privately.

excess

of

current

a

your

50%/'

it

The

private ^placement

fi¬

fluctuates,

more

widely

become

company

historical

an

basis.

life

In

short,

There

given

and

asset

the

be

mind

the

which

are

more

sensitive

changes in general economic
ditions. '




'

to
con¬
•

-

should

higher

fact

cuss

Two

minimum

a

keep

only

number

volume,

panies

with

is

less

and

to

made
than

3%

$2

list

a

of $10

company

terms

is

is

commitment

also

an

size

gest'ons

even

more

to

capital,

requirements of .should

less; than

$1 million,

f

of

.

.

:

-

;

Financing

.Sough t

Type of industry is
factor?

Although

whidice

against

Instruments

1' '

.

a

1:

:

significant

there

be

trying
that

-

is

little

any; form {' of

public utility, very c.efinite pref¬

to

they
and

'credits
is
fee

to

the

?/ -.-'

"should"

;

brochure.

history

should

be

the

of

state

Any

subsidiaries

the

de¬

detail.

in

discussed

works

6s

have

brochure.

of

tivities,
tion

improved.

geographical

hance the

ac¬

patents

Wifh

com¬

suggest
to

the.

statu sfV of

avoid

would also be

and

Management
control

\

ownership

vitally important fac¬

are

in

tors

i

helpful./ '.

evaluating

take

the

allocation.
Not

to

should

Directors

be

listed

principal corporate

age,

name,

affiliations,

stockholdings.

and?

Biographical sketches of manage*
as

well

as an

organizational

addition,

which

issue.

could

You

may

■''

of:

.•/;:;/%•/•';//. •/*:.•;/•'

only

may a

wholesale shop¬

you

perilously .close

it will also

offering,

public

a

discourage interest

potential lenders.
it

the

shop

bring

ping

much less coverage than they de¬

case,

any

severe problem

a
?

re¬

several insbtu-.
of

entire

with

be

candidates

don't

and

one "

any

up

Frequently, however, they receive

serve.

the

offering to

,

end

security..

any

should

loan

Perhaps,

tions,

life
may.,

possibilities

an ore

or

the

/

com-;

.•

of

deal indiscriminately. In

company's

kets

one

selective

be

producis in their respective mar¬

the

knowledge

not be obvious. In

may

concerning

Comments

service..

or

/

'%•'%?;/;/

likes and dislikes

whom

ferred;

principal

price,, product,

whether,

de¬

a

;

presentation

your

your

company

this

under

the

be

/■ '

•

:v/;. y Shopping

;

should

competitors and the type of com¬
petition,

required to obtain
//

.Warns Against Wholesale

ex-;

its industry is

in

Included

would

heading

cision.

"/. pleted,

pany's position

successful

a

im¬

any

coverage ;/ of; the

desirable.

time

of

trademarks

activities

chances of

placement and si.orten the length

descrip¬

a

or

penditures' and
Sj3me

prime' importance.

promotional

and

explored.';

a

-potential

a

and

should be described. Research

•

of

of

used

elaboration. If pertinent,

be

is

to

be

can

presentation

The

Certainly better presentations en¬

principal customers, need

portant

a

that,

hope

I

The

covered.

be

together with

of

outline

staff, the typical brochure

Product

distribution

advertising

to

subject to the limits of time and

lender

should

methods

but

' typical

/considered

be

of,

and

may.,

par,

the

attempted

would

private placement

customer,-

at

for

lines, sales by product line, type
markets

call

a

close. This

AT&T

thorough

The nature of the business should
be

receive

you

private placement.

■

.

.

(de¬

afternoon

you can

for

rarely

I

.

past

the aggressiveness of...

on

soon

work

what

scribed.

the

desk. The next day,

salesman),

how

a

of

be

"for

report

asking how much you'll take and

company

should

announces

Corp. would like to bor-.

perhaps? that

pending

incorporation.

of

and

office,

annual

including the

outlines,

salesman

breathless.

a

$10 million at 4%, arid drops

or

operations.

its

between

the

,-

give"

con¬

Unfor¬

is frequently* substantial. Too

year, on your

v.

descriptive/ analysis

,/.v

row

of equity

should

brochure

-

company;.and

The

•

understands

conditions

under

be done. Sug¬

can

interest

as

rate,

arid

to

call
re¬

working

additional. debt,
kept

principal func¬

terms, similar

sold

be

of

small

cannot : expect

delayed,

a

1%

issuers

prime

delivery

commitment
may

should be. included.

be

re¬

the

company's

principal

plants

and

physical

facilities.

the part of

on

In

cases,

many

the

be desirable to show

may

to

placement

only

carefully

one

institution

chosen

which

may

f

t i c n,

u n c

age,

Whether they are
are

ail

required,-with fees and

expenses

ticipants.

existing

or

owned
ex¬

Even

relations

including

the

should

be
of

degree

unionization, termination dates of
labor contracts,

benefits. The prin¬

and; employee

cipal

of raw materials and

sources

supplies

may

also be pertinent.

financial

the

In

history of strikes,

area,,

;"?,

on,

both

an

capitali¬

historical

oping

private

a

make

the

them

tive

'

balance

five

-

years

Historical
interest

after

-

issue.

great

a

ish

well-chosen

a

loan.
for

If

and
pres¬

grouo

be unable to
so,

determine

rejection and file

for

away-

As you

future

reference.

gain experience and .pol¬

your

procedures for develop¬

ing arid presenting offerings, yob
will

find

your

.improves.'

/ ;

.

v

batting

.

average

'■

;

'

and

Summary

.

In

basis

put

placement

you may

reasons

that

forma

to

the

place

should be in¬

pro

usually

new

excellent/thorough

an

lenders,

dicated. A tabulation of compara¬

a

you

holders of

are

deal of time and effort into devel¬

■

zation

are

they

though

of

Employee

there

offered first look at the

entation

covered

If

act

or

securing other par¬

debt,

plained.

summary;
a

-..it*

to;

seems

life insurance comuany. has

income the right to " expect. the? fpliowing
period:of at least mi^i^um standards pif. a .pndvate

sheets .and
a

should

coverage

bed set 'forth.
of

pro

charges, both before and
feasible,"cash

for

future

placement:

forma

income-" taxes, * 'should-

projections

be

leased

leader in

a

as

pansion plans should be fully ex¬

calculated.- If.

normally

location, /• and

important. Any major

quired. Independent legal counsel
will

either take the entire issue

Their

for, the

lender

describe

should

brochure

The

interest statements-- for

to

publicly. If

h>%.: to

-

-

responsibilities of; the

and

officer group,

etc.

within the realm

convince

tions

sure

practicality.-Far too much time

rates

of

terms,

.

difficult to place.

Types

to

In

$500,000.. is wasted by insurance companies
somewhat

are

as

;

strictive covenants

minimum

most-larger life companies. Issues
amounting

in¬

provisions, sinking fund,

important

to

due

fully

and

Which the loan

as¬

de¬

suggested

..up

the

million.-Size

The

should

issue

all, be realistic. Make

the

share

company.

covered,-the

are

of proposed terms.

com¬

to. companies, with

excess

in

the

million

in assets. The overwhelming

This

fur¬

relatively

a

the: company.

and

scription of
clude

The

let's dis¬

manufacturing

major topics

issue

in

small

a

presenting

above

in

the loan

be

of illustration,

11

s m a

form
v.;

thorough

by

the desirable scope of a bro¬

drawing

factor.

ac¬

references

should

company

na¬

of

firm

the

that ABC

borrower ;' may

some

use

chart showing the

chure

proba¬

be¬

this

and

to

the

and

the

the word

bursts into your

Tn order to

narro ws.

*

smaller

a

ment,

purposes

placement.

should

that

dollar

of

a

loan

con¬
as

•

than

sets in

of

the

be tailored to fit the offering. For

a

larger .the
the

specify

you

of loans gq

those

auditors

percentage of loans, probably less
10%

Preferably,

be

a

should also

years

recognized

the

for

reports

nished.

successfully

successful

size,

.

industrial and miscellaneous areas

for

self-

whether

to

as

can

of

financing.

countants. If not, bank

l^now

rather

few

a

are

placed. Obviously, the

bility

describing

annual

the

which

used

f t e n,

o

in¬

spread

rate

Brochure Content

presentation

The rescriptive brochure should

clues

deal

information.

the

and

submitted.-'

tionally

pre¬

brochure

a

or

as, audits

than public offerings. This is due

primarily to the concentration in

be

market.

evident

or

nancing

both

be'

company

Audits

possible with the likes

as

We ile I cannot

that

estimates

the

followed

be

this

in

placed and minimum of five

first

you

company,

lender

simply

thing

one

well-planned, thorough

a

Included

cannot. So I would sug¬

and dislikes of your

agent.

as

be

can

should

It

sentation of adequate

impossible to state categorically
this issue

issue

by

any

lenders,

It

enormous.

that

placement is

certain.

made,

is

the

how

matter

No

contact

of individual likes and- should

range

im¬

their

indicate

to

for

placement
of. potential

range

perhaps it would be in

purpose,

is

probability

for measuring the

divulged.

initial

given issue, but I cannot. With the

life insurance company.
Before

is

specific stand-

give

un¬

an

pleasant let-down when the name

a

private placement. I wish

could

I

Is

what

to

now

frequently re3uLs in

have

area

loan 'under- such a situa¬

kicker.

feel that the financ- -

praisal,

cor¬

rises, the

prime

date

well.

as

area

presentation of material concern¬

was

-presented

land, and rather than assuming it
to be another variety of brush-

suf¬

are

in the form of private

throughout the

>

earnings

Life

placements.

intervals.

frequent

at

corporate

'

mortgage

a

a:

have to

be if real, estate values

will be

billion

94%

or

from life insurance
departments and
is

emanates

ly

and

porate debt of which $3,734 billion

only interested

may

;/v;

statement

theory and actual practice in. this

place¬

ficient.

insurance

$3,957

W. N. Georgeson

do-able,

loan

1961, these 28 companies acquire.!

phrase simi¬

a

assets

life

private

a

of

this

1961,

the

tion,

One

.-:v'/v'

though

is not

ment

At

placements.

capa¬

accounted for 78% of
and 85% of corporate

of

oond holdings of

a

place.

of

purpose

tents/ of

and

level of

general

rates

tween

operations are very difficult

is V Even

companies

10 smaller

private

end

the

sure,

am

have

in

to

in¬

13 largest com-,

of the

.orr.panies

invest¬
bankers

ment
I

the

market.

bond

life

23

of

group

panies and
active

corporate
M o"s t

a

brief

a

companies. The. group

composed

the

are

at

surance

private place¬

answered ..by

be

can

I

have

the

As

terest

equity

depth.

in

management

companies

usually be-ween 6%

obtain,

ble

clear-cut

a

frequently in describing the

used

7%.

successful

a

the

fdrm of vague interest rate

rate; ceiling

man

be

also

may

-

You have probably, noticed that

Equity

pcomoaon:

insurance

bism sufficient to sypport the de¬

are.

in

share

some

de¬

debt

expects to. obtain from it,

as¬

the lender

cases,

full

outstanding

be included.

advantages

com¬

risks

of

Long-term

and

.during- high interest rate period. tunately,; the difference

We cer¬

and \ an

record

the

adequately

for

arrangements

tain

interest

w..ere

balance sheets,

the

Finally, the brochure must

/

promo¬

in

in

statements.

scriptions

stock.

ceihng,

reasonably

a

to

the

of

sired loan. It should have

they to life insurance companies?

life

ent.tled

participation-

company; should

the

earnings

placements

important

How,

financing.

placements.
f a c t,
to

c o

have

significance in debt

of major

are

In

many

Finally,

used

such

In

success

banks won't

mercial

'

:

Granted that private

private

of

importance

creased

Companies

bond

,

market.

loan

use

free

or

lender

the

sumed.

not-look--favorably, .orri Most

do

options,

situations

some

^

'

market in the
postwar period has been the in¬
corporate

tainly

muse

pensate

in

banks

lease

rate alone cannot

is

income

or

of

pjs^ibie

cue

frequently

tional

improvements

with

is

,

for
have
a
much
better market than ; shortterm
working capital loans. We
generally prefer not to compete

Life Insurance

Importance to

major changes in the

the

of

It

fluctuations

'

cost.

pomtj it might be well

warrants,

long-term' loans

as,

capital

■■

One

'

cial^ information, comment should
be
nmde, expxaining any uhusual

its

and

the

take

of the loan is per¬

purpose

tinent'

companies; urged to compete by
submitting placements; and drilled, moreover, on how antl what to
present to life insurance campanies, The latter includes timely.
V pointers on what to consider in terms of preferences and prejudices
of life insurance companies* and what is required for an affective,
salable presentation, Mr. Georgeson gives his reaction to various
types of financing ranging from industrial loans to issues with equity
kickers; suggests minimum coverage a brochure should contain; and
*>.
' ;
warns against wholesale shopping. ...;.W.
,
private placements to life insurance

-;;

■

issuer

The
this

of

participation,
Tnis may
form of convertibility,

equity

debt of finance com¬

is the

ment

issuer.

aware

mention

to

prises. The exception to this state¬

Georgeson*
Vice President, Continental Assurance Co., Chicago, III.
By William N.

this

At

non-manufacturing .-eiiter-

over

be

approximate

for

manufacturing companies

of

the

by

should

have

preference

definite

a

paid

purchases,

past

on

,

industrial

in

exist

may

Based

shown

'

Thursday, May 9, 1963

...

(1904)

erences

•*

Financial Chronicle

The Commercial and

12

years

be

flow
are

desirable. In preparing this finan¬

(1)
er-

:

"

'

That the investment: bank¬

has determined that the

ing

is

soundly

conceived

•

offer¬

and- is

economically and financially, feas-] ible. - Too; many' pfiyate? - placer
ments-are

private placements by

Volume

default

Number 6262

197

in:.that the financing has

been turned

down

in every

conceivable

form

and

ether

The Commercial and Financial Chronicle

.

.

May

on

22,,. when

Venezuela,

plaques

'

fully

are

be

wasted

tides appeared.,

,;

About Cuba sind Elsowhoro£act-th®

,

un-

had

-

;V V/AAv

'(3)-Thatra thorough and

sented, " together ' with

adequate

audits. While the brochure cdn

enterprise economy. x

be;

r.

difficult to

of

dollars

basis

the

on

Chairman,

and

two bf three paragraph surd-. Electronics

a

and-one audit.

mary

/'

•

,1.;

•

~

•••

of

Loral

Corporation; Dr. Jo-

seph H. Taggart, Executive Dean,

.

t& the imponderables making ii very

change the favorable USSR situation in Cuba

Brief review of the

:YOrk/UniversityISchpols of'
offer-White,, tree
New

discretion be efxefcised

in-

ihg/the; financing 'to

potential

'

v

-•

-

he

can

you

increased

of

value

sub-

to

./• v

' /..//'■'

miles

from

where

have

Cuba.

less

staying

being

than

Palm

of: the

some

been

is

the

address

Texas.

tion

by

Investment

Convention,

•

■

alld

*

William

TT

*•
.

.,

.

„

.

Awards

Advisory

f

Board

members, in addition to Dean
! Y:z
State of Connecticut; Hon-

ernor,

' V " / ' crary Chairman; Vernon R. Alden,
Onx May 16, Carl Stolle will ac/ President, Ohio University; Frank
quire a membership/in the New H. Bartholomew, Chairman of the
York': Stbck- Exchange/ and G. A.
'

/,/

-

Saxton &
52 Wall

N.e

Street/;

come

a

b.er

x

b

has

dug

Guantanamo,

Kennedy's

much

.

mem-

of

•

the

>

r- •

and

•

.

•

Latin

send

it

Corporation

Radio

of

When

these

Russians

Loeb,

Vice-

they / are
clothes.

is. Presi-

-

Financial

"

Writers'

New

York

Association,

'

Inc.

the

war.

of

nedy

knows

people

Cuba

Cuba

that

would

than

now

the

much

in

War

They

claim

to

"offensive

have

at present.

re-

,

nedy wants to go to the voters in

number

to

"d efe

as

would be able

in

Florida,

American
Our

which

Castro
n s

i

v

1964

are

These

e."

to "blow up" areas

but/ not

that if

large/for

any

cities/ elsewhere.

Intelligence

is

in

part

camera

a

higher

they. did! in
own

sell, at

1960.

prices

than

Although

we

no

enter

or

not

southeast

the

on

we

very

are

one

to

leave

pass

It

the

is

1964

election

are

is

that

the

settlement.!, The
has

in

he should have real

/

-'*•

/-Y

' T

but

':';-

A

Y. lllV. xYSS 11'

#

influence in

Central

and

South America?

The

placate/Russia

character

and

try

rumored-

that

also to entice the Communists of

to

both

and

Investment

New

/ Friends tell me that Castro will

York

outing
Hollow

on

will

June

Association
hold

21

its

utive

Broker-Dealer
Carl

Vice-

•

Stolle^
;

This is not

Problems Panel

,'/.//

;

•

President; Herbert L. Swinarton,
Treasurer; Victor M. Miller, Vice-

A

President

Not

a

an

offer oj these securities for sale. The offer is made only by the Prospectus.
■/. ;v,/ ..//'r, : x./:'/
v'/z-///:; :/:/b-//^
■'///z:;///.

New Issue

May 8, 1963

ering broker-dealer problems and

and

Secretary;

C. McNamara and

Gerald

Henry C. Trun-

die, Vice-Presidents.

special

+he

new

two-day program

S. E. Study,

cov-

,

discussed for

50,000 Shares

brokers and lawyers, will be held

May
5

Loeb Awards

11

(9:30

to

a.m.

p.m.) at the Statler Hilton Hotel,

by the Practising Law Institute.-

v /

;

and

10

The Manhattan Life Insurance Company

Speakers from the S. E. C. will
be

Winners for 1962

Milton

H.

Cohen,

Manuel

F.

Cohen, Philip A. Loomis, Jr. and
L.

Announced

P.

Guarantee Capital Shares

Other speakers in¬

Young.

clude Frank J. Coyle, Marc White,

Spencer

Pinkham,

and

f5 Par Value

Marvin

Winners of the sixth annual Uni-

•

-

Schwartz.

versity

!

•

Fee for the two sessions is $100,
an^ includes lunch on Friday at

Connecticut

of

Loeb

Awards for business and financial

1

by

nian

Acker-

which Milton Cohen will speak.
Practising Law Institute is Io¬

University's School of

journalism
of the

cated at 20 Vesey St., New York

announced

were

Dean

Laurence

J.

Business

Administration,

Chairman

of

t he

r

May

and

Those

awards*
visory

' who
as

V

will

receive

.the

determined by the Ad¬

Board

after

recommerida-:

tions by two panels of

judges,

Newspapers:. David

City.

R.-

are:

A

4

.

'

*•'

•••>'■'«,/

the

short, investment .course,

signed to
invest

show

more

investors

effectively

de-

how

is

"Newsweek"; and two

vard' "Business

; :

Winners

iri

/

'$1,000 :

" V-

catecorv

will

and

a "

bronze

plaque. A The i" runners-up /will
rfl

■

A

^

bjonze plaques,

-i

•

,

Achievement
,

..

.

.

■

-

The awards will be presented at




as

may

ginning May 13.

Kidder, Peabody & Co.
/ Z/

Z

'Z;,Z

Z

z

Incorporated

Eastman Dillon, Union Securities & Co-

-/•

.

:

•

Paine, Webber, Jackson & Curtis

Francis I. cluPont & Co.

Equitable Securities Corporation

Br.own,

•

receive

undersigned,

being

runners-up

Review "

each

be obtained in any State in which this
only such of the underwriters, including
lawfully offer these securities in such State.
may

is circulatedfrom

to

of the.course is to en^vestors to build, a second
Robert W. Murray, Jr;,-"House & income as a hedge against inflaHome," and Gilbert H. Clee, Har-vtl0n/ The economic outlook will be
.Sanford

announcement

"v-V-

z

..

Jones,

McEvers, Hartford "Times."
Magazines:

.

Copies of the Prospectus

Bache Investors Course
*

offered the general public by the
"Wall Street Journal"; and two New York Stock Exchange firm
runners-up,
Robert
E.
Nichols, °f Bache & Co. in three consteeuLos Angeles«"Times," and Hugh tivO Monday evening lectures beR.

Share

Awards

Loeb

Advisory Board.
-v

Price $ 110 per

reviewed

and

consideration

will

given t?- the place o£ mutual
?UndS for P°rtfoli«-,There,w.ll be
?h
time
questions.

The Uectures

will

be

given, in

ttlc ,firln-s ;770;Lexington Avenue
office (near 59th st, and advance

registration

is

necessary.

Bache & Co.

Hemphill, Noyes & Co.

McDonnell & Co.

z
...

G. H.Walker & Co.
.

.

Shields & Company

Incorporated

Incorporated

Model, Roland & Co.

*

,

.

Peters,Writer & Christensen, Inc.

Incorporated

Singer, Deane & Scribner

Kay, Richards & Co.

.

of

annual

the Sleepy

at

Country Club.

.m,_. are

W.

.

AlinU3l UUtillS
About

what

lines to
who

London. "

be very

"VT

Cuba.

of

or

/':!''!:'

probably

Russia;

in-

be

of the above means that it

friendly

a

Pope

influence

no

Cuban

90% Catholic and that

the Pope is working for

to

knows that neither Castro nor any
successor
of Castro s can be
depended upon. Hence, I believe
President Kennedy is now right
in
efPin?.
Cuba directly
or indirectly.

that

urges

country, but

own

temPera^ental standpoint Russia

"clean up Cuba," he will

remember

people

careful to al-

Guantanamo

high

a

reputation.

corner

kept

believe

Republican candidate

any

now

to
-

permanent rights in Guanta-

namo

has

certain

stocks

company

much

very

why

reason

"I

also

surely be defeated. Another thing

get the facts by photographs. This
is

slogan

war." I

of

the

we

trying/ to

the

under

out

you

is

their

.

III. Consequently, Russia seems
civilian /to be "sitting in the driver's seat''

.

invest

not

difficult ; to help
of the South or
9en^ra^ ^mer\can countries. Rus?i^. knows this. President Kena^so knows it; but does not
know the real answer, which is
°.ne °f the fundamental difficulties with the Cuban problem.
Geographically Cuba is a wonder^ base for Russia to have m the
Western Hemisphere; but from a

lose

World

start

do

fact

or any

American

rather

are

sad

u

x

wil*

world

a

and

high-grade stocks listed

.

.„

Furthermore, President Ken-

but they admit to selling a large

low

Papon,- President,

leave

event could well start

an

18,000.

that such

I further believe that Mr, Ken-

Cuba,

) K.:

of

knows

weapons;"

Chairman of the Board, E. F. Hut-

*"

low

a

high

dressed

all

moved

toh & Company Inc., and Charles

to

a

He

,

they

they

poor,

Switzerland

in New York

urging Mr. Ken-

they go in covered "wagons" and

/

Bertsch, Exec-

-

to

of

Gerald M.

from

range

2,000

vested in

as some

are

to

that

I

or very poor;

or

in their

money

■

as

class;" they are

temperamental./One

allow

.<•

rich

/that, the rich

nedy to do.

or

hand, I know

American. people,

"middle

no

whether

in

Republicans

many

over

the

have

//
,/

not

get

not

Russia

have indicated above. The trouble

under

..

will

.

Castro t0 destroy Cuba,

•«

in Cuba.

in Cuba. The

abou.t

,-:

Arthur

.

estimates

Khrushchev

with

war

zwith-these-nations- is

.

threatens,

.

■■

*;: / either very rich

tunnel

a

a

r

///:z

*

,

earthquake.

an

Cuba. .On the other

;

What Russia Wants

;

Cuba.

to

soldiers, technicians/

officers still remain

g e.

a n

dent'of
r

Directors,

Board

closer

really knows how

Russians

Business;

Committee,

'America;

istolle,! /

who

f i

J

of

Folsom, Chairman of the

Executive

•

the

addition

Mr.

Frank M.

University

Stanford

-School

much

T

one

officers

Other
in

Graduate

be¬

of

c

finance,

-

7

corpora-

tion

v

.

;

York

w

*

-

Board, United Press International;
Company, Incorporated,- Herbert; E: Dougall,, professor of

City, will

E

;

.'.

and

in

•*/!/repeat that we' will

...

Beach—case of war, to blow it up!

ri§AWnff.n«pnaG«.M jt
HhwMany Russians,Left

classed

To Be NYSE Firm'
-/'

publisher,

-

,,m

::z Ackerman, are: !r

.

!

D wight,
.

Loeb

G'z ri. :OdA LOIl VjU•
A Qov+dn Pa
t;-

.

Holyoke (Mass.) "Transcript."

.,

,

.

Fuller, Professor

Administration, Har-

before-v.yard Graduate School of Business,

Bankers AsSscia-

Dallas,' Texas.

winter—is

•

.

Mills,

Alfred ;S.

Stephen H.
Business

0f

-

ff

; Magazines:

your

Mr.-Georgeson

the

Central

-

;

//'""/■ Yv.1, •//■■•/

Castro

300

'

;

/

:

colurhn

Florida

.'1 into x

own

ooimtry.

/-

week's

in

2

help

tountry. As for. Cuba,
hopes that fhe Pope will be able to exert a real influence

Mr. Babson

written

and to

countries according to Mr. Babson. ; ;

South Americans do hot invest in their

;

No

prcsident. The Bank for Savings;

institutional accounts.
*An

twice

Winner *6f thP Loeb Awards!!

/By, following- these simpFe;

standards,

financial .writer and

mnce

J

;;/-

espe¬

and

Ba^°n institute once
Guatemala
I

destroyed by

;

'

•lenders.

of

branch

a;

l>

complex problems deplores the fact that the rich

in that

.Newspapers: Lfcbh Alpert, President

answers

fhe South-KSfefitral American

any of

•

This

of

thO real

one■ knows

;

JfedgfeS' for the 1962 coinphtition

:/

>*hbuld; not «be excepted to lend:,
millions

and

these

./owned a fine stone building which

:.'z/ :By Roger "W. Bab son V.A"/z, zAz/AzZ;,

was

are given annually to business and
financial writers! who .contribute:

com-

plete brochure outlining the oper-• toi a better understanding and apations of the borrower will be pre A preeiation of v the American free

fPiff

No

-

inc., They

Memorial Foundation,

through argument

unrealstic terms.

over

countries

All

lications in which the winning ar-

^

can

Brazil.

other

/ The LOeb Awards, administered
derstood by the borrower. While
by the University of Connecticut,
further.' negotiation of Yerms wiJL/wqre establishe<l in iDST uhder a
probably -be necessary, much time grant from /the Sidney S. Loeb,
realistic and

are

13

Colombia,

cially

will also be presented.to the pub-

(2) That the terms of the offering

(1905)

luncheon in the Waldoff-Astoria

Hotel

every

lender.

conceivable

a

other

by

.

Charles A.Taggart & Co., Inc.

14

The Commercial and Financial
Chronicle

(1906)

doubled

Gold Mining Subsidy Cannot

gold

our

production,

would take this increase well
hundred years

one

it

tion

to replace the

against

our

must not exist.

past five years.

try
role

Subsidy Is No Solution

By Leland

Howard,*

Director,

Office

of Domestic Gold and

A

Silver Operations, Treasury Department, Washington, D. C.

Treasury spokesman unequivocally tells miners that

_

not

solve

proolem be helped by:
official price;

(

freely fluctuating exchange rates;

new

monetary unit issued by a world central superbank.

are,

consideration to which

mount

gold

as

The facts

industry

>

;//; in the value of the by-products in the
V production in

-

ore

in

doubt

no

Howard's

Mr.

that

mind

the

the

the

*The

Treasury's policy

when

the

Congress
of

may

passed

th§

Gold

the

tech¬

carrying .put

the policy
Administratipns

different

under

since;. 19b4,

Although

Act.

Reserve

nique

basic

the

vary,

crats

and

policy

of.\

remains—

been—and

centralizing the
of the

serves

both Demo¬

Republicans. Our,.,basic

has

of

one

gold

re¬

country in the hands

/ Government,

the

has

policy

been the same under

There

gold has

on

same

under/, .the

well,

is

another

arises

that

nature

of

mining.

involve

more

And

decrease

the

tance

the

of

other.

than

No

doubt,

turn

from

gold

the

price

of

been

has

policy

our

Having worked in the gold and
silver field during my
ernment
well

problems.

producers

ing put
tain

the

for

the

mining is

that

-

a

they

ton

-

of

But

United

the

One

price obtained
is

problem

that

body

ore

even¬

has

the

history of

gold

the

United \ States

that

this

problem

duction,

mining

in

demonstrates

has

played

an

that

dustry

in Virginia, the

a

Georgia. And

any

if it

as

further

many

that

there will

increase

the

West. We have had mints for the

N.
a

C.,

in

gold

and

Charlotte,

Dahlonega, Ga. Also,

.mint for coining gold and silver
Carson City,

at

Nev.,

offices

Lake

at

Seattle,

and

assay

Helena,

City, Deadwood

Salt
Boise.

and

These went out of existence
years

because

ago
ore

and

of

the

drying

up

of

bodies, the cost of production
the price of gold. I do not

believe

anyone

contend

that

should

have

present

these

would

mining

been

it

for

is

Many

Nor

would

should be
to

reopen

can

do

I

contend
a

these fields.

to

and

changes

here and

these

when

now.




of

that

right when
events

far distant past. But

tive

there

All

therefore,

policy is clear
it

anyone

today

subsidy large enough

agree,

apply

believe
that

our

it

of

set

come.

In

a

an

us

our
we

the

tains

past

five

of

this

maintain

dollars at

and

much

tion

at

look

and

the
the

United

price

69%.

At

States

of

gold

time

a

supplies

what

see

stocks.
de¬

had

happened
1934,

labor

their

been

were

in

cheapest,

existence

reworked,

really

could

dredge

us,

is

doubled.

ing

on

clear.

might

one

other

of

the

Interior

indicated
would

a

and

sidized

in

pro¬

than

proposed sub¬

that

about

of

a

the

100%

double

to¬

day's gold production. Yet if such

subsidy

were

this

given

and

we

status

of

other

tion

units
other

and

the
a

other

of

the

and

cannot

be

the

do

balance of payments problem

military expenditures and in giv¬
ing aid, some dollars will continue
to

abroad

go

do

dollar,

not

products

are

as

as

have

a

The

therefore,

for

urging
tries

subsidies

in

this

plicable
States.

to

major, currency gener¬

per

or

give

atively

few

obtain

jobs,

matter

no

how

grave

monetary

risk

of

system

only their

own

livelihood

of all of

not

livelihood but the

depends.

us

price

must

for

not

gold
the

be

in

second

a

the

how

matter

no

alongside

official

United

indirect,

price.

Any

price other than the official price
could
tors

be

—

construed

tnose

in

some

by

way

is

too

low;
or

made

that

in

indirectly,

credi¬

that

mean

ment that the official

directly

our

countries

dollar balances—to

had

how

hold

that
a

we

judg¬

price of gold
some

way,

we were on

a new

repre¬

This would

reserves

taken

measures

to

with

the

domestic economy.

our

the

other

mind

hand,

of

.the

we

keep

balance-of-

our

*

•'

*

-

most

important
things to point out is the cooper¬
ation in the monetary

taking

place

field that is

between

the

U.. S.

and the other countries of the Free

World.
The cooperation
in this
field today, in which mutual prob¬
lems are being discussed con¬

All

of

these, then,

the

are

rea¬

for the Treasury's position on

sons

gold.

We

must,

I

as

have

ex¬

plained, think of gold

as

tary metal—not

commodity.

We

must think

only

as

a

of

the

involved in

as

but- also

economy,

currency held

a

mone¬

dollar

as

not

domestic

our

reserve

a

by others

a sup¬

as

reasons.

aspect

of maintaining

in

the

dollar

strong

and

super

the

world

of

payments" prob-s
lem would confront each
country
under

this

present

system

under

as

one.

-v.-

and

essential

one

confidence

maintaining

stable

at the

ready to buy and sell gold
fixed price of $35 an ounce

to/ avoid

and

would
a

actions

any

that

encourage'speculation

for

higher price of gold.

Not Oblivious to Mining

1Health
The

Treasury

the

the

is

deeply

health

of

industry, just

inter¬

the

gold-

we

as

are

interested in the wellbeing of our
other major industries.

However,

must

we

think

of

gold from the

standpoint of the national interest
as
a
whole, and not only in its
relation

to

one

As

economy.

I

segment

of

indicated

the

earlier,

cannot take side excursions in

we

v

in

Industry's

-;V/

gold that others will interpret

Another

.

one

the

suggested

-

of free

to

is

period

have

we

through the International

on

firmly

and

through

in¬

monetary cooperation

develop

based

solution

exchange rates. During

postwar

striven

a

payments

stable

linked

to

system

exchange
gold.

rates

Free

ex¬

sign

a

that

present

ing

the

States

economy and the economy
Free World. The

of the

which

has

adhere

$35

so

greatly since World War II under
a

system

of

basically fixed

ex¬

change rates among the major in¬
dustrial

countries.

firmly to

our policy of
continuing to buy and to sell gold
an

whether

ounce,

and

'oppose'

direct

or

firmly

we

all

between

grown

which

Treasury intends

to

intend" to

countries,

correct.

the risk of disrupt¬

United

ex¬

trade

run

as

the

system

certainties and disruptions in
to

think

monetary

at

conducive

not

so/vital to the

is

un¬

change transactions and wopld not

do

we

price for gold is

We cannot

change rates would introduce

be

a

international

monetary system is to continue to
stand

and

countries involved and the
balance

But

re¬

constituted,

standing of the

ternational

There

Onev

monetary unit of

new

Monetary Fund

Opposes Two-Price System

eco¬

from

balance-of-payments

payments problem.

mining

of the

de¬

which

on

su¬

bank would, in the final
analysis,
depend upon the credit structure

or

disrupting the

account

their present

matter

credit

sirable, would instead of helping
those in the gold industry, run
the

Our

observed

consistent

on

No

rel¬

a

keep

is

formulating overall policies

ested

same

to

and
our

be

account of the super central bank.

of economic

people

up

accept the

United

change. An effort to assist

of

a

quire all countries of the world to

depressed indus¬

pressures

unit

at the super bank.

try seeking relief from the normal

compelling

short-term

senting the deposit balances held

The

marginal

a

abroad,

hold

now

in

world central bank with

monetary

gold mining industry
cannot be viewed simply as a case
of

billion

Another plan is to create

for

or

health

ber of

authorities

$12

assets, private foreigners
$8 billion, and international
institutions more than $5 billion.

indus¬

the

as a

about

not ap¬

are

in

the

dollar

gold

other

country
gold

as a com¬

a

about

rea¬

urging

to

posi¬

changed, the world is left

other

usual

the

spent directly

be stantly, is a bright spot in today's
all problem-plagued world.

less pres¬

Once the value of

monetary

gold is treated in

or as

countries.

not

U. S. goods and services is be¬

on

com¬

of

though

even

amount that is

leaving the

relative

same

away

banker.

suppleemnt to
plement to the world's gold sup¬
gold. Yet providing such a supple¬
ply. The dollar has attained this
ment is vitally important, as you
position internationally for a num¬
can judge
by the fact that foreign

mone¬

monetary metal

a

treated

thus

in

without

gold. Gold in the

United States is

de¬

dollar is

fixed relationship between their
and

States

before but with

liquidity.

responsibility for maintaining

currencies

inter¬

undoubtedly

by; devaluation

in

as

in

panion to gold in furnishing world

sub¬

are

of the

countries

dollar

dollar would not be used

in

countries

the status

balance

tige.. Because of devaluation, the

as

agriculture

that

our

United

countries,

dollar

country.
is

answer

The first of these

the

ally acceptable

The

have

Devaluation would

would

followed

Gold,

subsidized

and

industries

other

States,

comment¬

sidy bills, the Department

subsidy

add, is

countries

world

difficult one, because in making

a

strongly in

problem

so

political, economic and mili¬

must,

Plans

payments

valuation

have

currency?

of

national trade.

one

problem,

bal-

this

of payments, but it would destroy

gold

how,

comprehensive

only fail to help

the

is

subsidy to

a

the

with

more

in

But
can

international

an

not

sys¬

World

between

Other

been put forth.

money

anything to do with the dollar

the West

worked—gold

Recently,

one

for

when

worked

slightly

of

Devaluation and

is devaluation.

fixed price. This

a

domestic

a

blossomed—many

be

were

duction

and

dumps and tailing piles

gold-bearing streams in
that

in

when

increased

was

when

at

were

ore

price—let's

in

receipts

might add, without going into

ance

main¬

subsidies in other countries

this

of

a

United

gold

higher

some,

pay¬

too much detail, that several easy
but deceptive solutions to the bal¬

interconvertibility

might still ask,

some

has amounted to
nearly $7
a
lot of gold. As
difficult to predict produc¬

is

Free

which

we

that

monetary

entire

hinged to

industries,

that

I

dollar

between

and the

the

pro¬

of

billion., That is
it

link

gold,

tem

Free

gold

years

total

eliminate

to

in

dollar because

currency

this

and

crease

the

us

only

modity,

few years to off¬
in

the

A

a

tary position in the world makes

In

course,

fixed price. The

a

the

1961

on

cause

decrease

our

perspec¬

affects

be

to

predicted

enough within

that

of

hold

sons,

open

role

to

years

4%%

would

dredge

gold.

have

areas

or a higher price
gold—that would have inter¬

monetary

World

predicted

States

only

a

States gold production to increase

for

the

Free

is

continue

many

United

subsidy

through subsidy
with

Prelimi¬

indicate

stands, based

now

years

fered

in

it

pro¬

World production.

when

kept

1962

and

gold

us

once

in

pro¬

hand, has

45%.

for

increase

production

yester¬

here

areas

of

one

were

day, the story' of the

mining

Carolinas

only

use

and, of

States

$738 million after

increased

figures

the

outflow.

Opposes

policy of buying and selling

our

tary

duction

relate,

ments

not have

figures,

once

other

that is, the

—

by U. S. residents to

and

V

buy gold here. Other govern¬

we

1961v,During the 10-year period

gold

know

was

the

Our

is

back

we

as

nomic

industrial,

artistic

and

United

1951-1961, Free World

flourishing in¬

We

professional

World War II to $1,220 billion in

industry;
mining

of

production

1940, when it

$170 million. In 1961,

on

We

purposes.

legitimate

the

waxing strong.

States,

increased from

As

coinage

on

been

its peak in

amounted to

important part in the gold mining

great

been

United

reached

duction

Perspective Changes With Time

could

the

while Free World gold pro¬

wane

nary

and

has

in

$55 million. Free World gold

to

of

course, does

production

States

In

tually -"peters out."

v

circum¬

extractive industry,

inexhaustible, and it

The

gold

for

gold at

problems

U. S. production amounted to

that

the metal content of the
is not

which

should

gold

insti¬

gold

change the larger picture, in

duction

mining the ton

know

an

metals.

not

<

it

ing constantly reduced.

foreign individuals. Also, we sell

character

the

international

to

re¬

external

by

mining itself. This, of

the

of

by

not

stances, but

the

inter¬

our

the

since

U. S. residents from foreigners—
which is the root cause of our

governments,

the

because

I

addition

caused,

ob¬

can

the basis

of

things enter into the picture

many

for

ground

on

cost

material.

in

know

I

in¬

metals therein, that will

or

offset

I

which

price,

a

that

mining

interested in bring¬

are

of

material

metal

believe

the

understand

dustry's

of

I

career,

entire Gov¬

foreigners

under certain

and,

of

two

are

ments made

of

not, I might note here, sell to

is

then,

foreign

banks

between

same

payments prob¬

our

role

growth of

gold.

These,

to

is
^

in

is true

our.

must

when another metal is at fault.

a

for

ounce

balance

over

|rom

been made.

maintaining
an

price
central

price

not

our

the

nor

something

corrected

Nor

developed and much progress has

should blame

we

$35

a

The

any¬

did

price for gold.

is

It

fixed

a

do

metal.

lightly

as

loss,

closely tied to

legitimate monetary

unprofitable situation

an

the

be

gold

our

an
any

speak,

an¬

gold for

Treasury and
fixed price of $35

that

proper

cannot

lem.

lead

we

that

viewed

be

correct

jurisdiction .of the
,

think

that

for

payments problem is

considered

period of time.
of

$35

of

would

balance

the

banker

course,

gold and to oppose

believe

to

ance-of-payments deficit has been

by-product

another

I do not believe

price

it

program

decrease in

a

to

of

is

ternational balances and for other

greater

in

be

to

tutions, for the settlement of in¬

some

mining result from

fixed

for

proposals. that

stability.

from

a

Our

not

metal.

impor¬

the

are

needs.
,

conditions

the

arguments today for

We

price of

the

revenue

the

one

fundamental

a

Treasury,

a

cases,

large part of the world's payments

mines

one

in

as

very

Many

increases

metal

one

the

the

national payments

But

reasons.

aspect

problem,

from

Y;

President, is to main¬

tain

coun¬

to

so

buying and selling gold at
remained

gold-

which. is,

ounce

The dollar has

kingpin,

position- of

ber of
,

ments.

might treat

as we

rely for
some

for all of their international pay¬

would

the

or

countries

other

large amount, and in

reason

we

industry.

This has been possible for a num¬

intends to

firmly to the fixed buying and selling price of $35 an ounce.

adhere

between

of international financial

he explains. There

Treasury

that
as

It is the currency on

which

monetary

therefore,

supplement to the

a

trade

become

the non-U. S. A. free world has been waxing strong.

What other countries do cannot be imitated by us,

is

as

tries of the world.

to the fact that gold

or

the

to

to the fact that it should not be blamed for the decline

nor

for

gold

and abroad.

coun¬

that of the

key currency

a

gold supply in furnishing liquidity

The Treasury, he states, is not oblivious to the health of the mining
;

as

world,, and since World
the world has/accepted

II,

the dollar

commodity is subservient.

the

commodity

other

some

the

Soundness

'■

the

of

War

and

mining industry

our

Starting after World War I, the

such must remain the para¬

a

real danger to

dollar evolved

Mr. Howard points out, that gold is a monetary metal whose

national and international importance as

■

another

problem. And it would

a very

gold

cannot treat

we

cannot

of

The

a

or

short,

dollar.

two-price system of mint and other than

a

devaluation;

the

present

gold problem.. Nor, for that matter, could our gold

our

in

subsidy,

solve

subsidy can¬

a

that maintains

Dollar's

The dollar is sound both at home

Doubt

currency.

We are

Thursday, May 9, 1963

.

the way to revising our official
price. This could lead to specula¬

over

decrease in the gold stocks in the

Solve Our Gold Problem

.

.

attempts,

indirect,

to

change the $35 price for gold. This
has

been

our

policy

since

It must continue to be
♦An

the

address

66th

by

Mr.

our

1934.

policy."

Howard
before
Mining Con¬

National 'Western

ference and Exhibition, Denver, Colorado.

Volume 197

Number

6262

The

...

Commercial and

Financial

Chronicle

(1907)

the

FROM WASHINGTON

BY

CARLISLE

pay

1958"

when the

comes

bill

before the

and Carl M.

Company in N.Y.C.

Secretary

D. C. Hahn Joins

BARGERON

President

as

nity

to

soon

done

to

five

set

retired

those

opportu¬

are

the

injustice

would

military
A

ago.

officers

dividing

before

June

1,

line

1958

retired later,

-

in such

wars

mains
In

to

of
be

1958

its

opportunity

which corrected

a

$600 million.
annual

this

right

it has

years,

In the light

,

for

costs

national

grades

of

injustice

an

The

situation where¬

its

who

men

who

decreed

had

1958

that

retired

would

all

dras¬

officers

prior to June

1,

receive

only a 6%
"cost of living increase" in their
retirement pay, but those who re¬
tired

after

receive

June

1, 1958 would
retirement pay computed

the increased pay scale for
tive
officer personnel.
The
on

ac¬

6%

retirement for the officers retired
earlier

computed

But

increases

scale

pay

for

small.

was

ran

the
the

on

from

lieutenant

$526

colonels

tired June

1.

to $4,600

year

a

1958

and

a

re¬

new

Services

the action

own

who

re¬

thereafter

for retired chiefs

$1,400,

a

brigadier

a

a

general's

by

major general's by $1,900,
general's by $2,400

May

general's by

are

pay.

still

alive

and

that
on

number

retirement

If Congress should

now

per¬

mit

the
recomputation of their
retirement pay, the cost for the

first

year,

act for

an

mitted himself to the

on

unani¬
recom¬

during his 1960 campaign and
Secretary of Defense McNamara
the

bill

now

re¬

ported .to the House to allow

computation
1958

the

on

basis

the

partment,

of

the

House

Representatives

and

Charles

E.

Bob

Gubser

of

Michigan,

Mr.

formerly with
Rotan,
Co.

Mr.

Daniel C. Hahn

Merrill

and

Fenner

active

Smith

&

in

ties' field

the

Lynch, Pierce,

Inc.,

has

investment

for the

been

sucuri-

past nine years.

To Admit Partner
May 16 will

on

membership

become

These

was

firm

committee

members

it has been

estimated,
would
run
approximately $30.5
million. Thereafter, as the ranks

to

that

state

does

it

that

better

than

counterpart.
not

is

the

a

and

his

This,

true, but

common

error

civil

of Wood,

Struthers

They pointed out that the military
has contributed to his retire¬

man

ment

through acceptance of sub¬

standard wages based

of

meeting

Gubser will

amendment

to

in¬

correct

under¬

Bond

Bos¬

1956 to

Club

1961

em¬

Leo

Floor

a

Co.;
Spellman, since 1950

F.

Broker

at

the

American

Stock Exchange.

G.

W.

research

a

and

DIVIDEND NOTICES

Franklin
Del

Rio,

analyst

DOME

MINES LIMITED

and

April
DIVIDEND

NO.

29,

1963

183.

a

meeting of the Board of Directors of
Dome Mines Limited, held this
day, a quarterly
dividend of Twenty Cents
(20c) per share in.

NOTICES"

Canadian

July
the

Funds

31,

was
declared
payable
to
shareholders
of
record
business on June 28, 1963.

1963,

close

of

of

Directors

of

The

Colorado

Fuel

Corporation on Tuesday,
May 7th,
declared
the
regular
quarterly
dividend
of
62 V2 cents per share on the series A
$50 par
value preferred stock and
68% cents per share
the

on

series

These

The

B

$50

dividends
of

value

par

are

record

preferred

payable
the

at

close

June

stock.

29th

on

7th.
Board

to

of

Directors

the

common

took
stock

action

no

for

PHELPS

DODGE

to

business

of

this

CORPORATION

with

quarter.

C. Kirk, Secretary
The Colorado Fuel and Iron

of

Corporation

The.

Bond

Hoard

declared
dend of

today.

has

divi¬

the capital stock of

on

this

LATROBE, PA.

President,

Directors

Seventy-five Cents (754)

share

per

of

second-quarter

a

KENNAMETAL 5W.

Bo-

10,

1963

May 23, 1963.

Corporation,

payable

stockholders

to

of

June
rec¬

DIVIDEND ANNOUNCEMENT
At

M. W.

regular meeting held April 19, 1963,

a

the

Board

Inc.

declared cash dividends

of

shares

mon

Directors

of

the

of

URQUHART,
Treasurer.

Kennametal
on

the

com¬

Company of thirty

May 1, 1963.

cents

Suburbaii
ne

EARNINGS UP IX

($.30) per share, representing the
quarterly dividend of twenty cents ($.20)
per share plus an extra dividend of ten
cents ($.10) per share, both
payable May
20, 1963, to shareholders of record at the
close of business

i

May 3, 1963.

on

G. J.

Heideman, Treasurer

TWELVE MONTHS
403 th nivMeml

UP 10%

NEW YORK OFFICE, 20 EXCHANGE PL.

DIVIDEND NOTICE
The

GENERAL OFFICE, WHIPPANY, N.J.

pany

in

ENDED
MARCH

Earnings Per Share

TWELVE

MONTHS

ENDED

ENDED

MARCH 31,1962

MARCH 31,1963

TWELVE
~

$ .68

$2.06

$55,163,399

$48,965,641

2,211,530

6,544,189

1,068,530

3,285,189

$3.96

quarterly dividend of thirty,

five

cents

(350

be

paid

on

to

$1.21

14,

1953,

stockholders of record

1963

per

at

of record

the

rate

May

of 65^

share of capital stock.

1,561,186

$1.32

IRVING OSBORNE. JR.

Prc.lidrnl

$1.24

1,577,292

1963

is the 81st consecutive

in which cash dividends

May 21. 1963.
w.

1,587,555

have been

paid.

1,543,675

Annual Dividend Rate

Divisions and Subsidiaries:
^

Pullman-Standard Division
The M. W.

$12,688,678

$11,971,740

•

Kellogg Company

Trailmobile Division
Trailmchile Finance

69th CONSECUTIVE QUARTERLY DIVIDEND DECLARED




shareholders

13,

share will

per

June

May 2,1963 and

year

$1.24

Average No. of Common Shares
Outstanding

Working Capital

by the Board of
on

payable June 10, 1963
to

A

2,939,620

$4.16

of

Quarterly Cash Dividends

5,763,420

1,141,705

Cash Flow Income Per Share

Per Common Share

Directors

$1.90

$13,441,351

2,333,305

V

dividend,

a

ENDED

97th Consecutive Year

715,000

earnings of the Com¬

by

declared

MARCH 31,1962

$ -71

Income Before F.i.T.

*

MONTHS

$15,861,474

Total Revenue

Net Income After Taxes

31,1963

THREE MONTHS

than

of Standard Oil Com¬

(New Jersey) will share

the

pany
THREE MONTHS

more

owners

Pullman

Company

Swindell-Dressier Corporation

Transport leasing Division
Unimation, Inc.

'

on

at

.

CLIFFORD W. MICHEL,
Chairman and, Treasurer.

luncheon

Lawrence

the

Trading Department of G. C. Hass

ord

Club, H.

announced

a

Car¬

of

and

President

-

Friday, May 17, in the

on

Jr.,

gert,

The

W.

manager

ployed by Smith, Barney &

Bank, will

of

New York at

Bankers

Representative
an

Club

members

on compara¬

bility tables.
troduce

address

President

Manhattan

York

Iron

respect

Rockefeller,

James

formerly

since

New

1956

to

the

Jr.,

Dividend Notice
Board

June

Hear Rockefeller
Chase

Exchange;

IRON CORPORATION

and

The

Franklin,

mar¬

analyses.

1956

COLORADOTUEL AMD^

The

is

of the fact.

a reverse

of

Maxwell,

DIVIDEND

THE

service

said,

from

1953

daily

economic

member of the

a

Stock

At

Winthrop, 30 Wall Street, New
York City.

David

they

1956

business specialist with Vilas

new

will

in¬

military retiree

in

in the New

Exchange

N. Y. Bond Club to

involved.

firm,

Vice
of

Daniel

was

partner in the Exchange

a

member

ac¬

Co., New

Corp.

formerly

Stock

Co.,

partner

From

member

Treasurer

question

morality

member

Elected

views in the committee report on
this subject, declaring a
of

was

through 1962.
a

and

associated

Franklin's

letter and

& Co., and from

was

economist

Exchange

Finance at Tucker,
Anthony & R.
L.
Day, New York Stock Ex¬

ton

Wood, Struthers

a

ket

Albert
&

writing department of First

Boyle

Stock

Maxwell,
John C. Maxwell

Maxwell

change

all

investment

formerly

penter,

he

John E.

Ritter,

charge of Research and Corporate

Mosle

the

Max¬

are

partner in Leavitt &

to

joining Maxwell, Franklin

Hahn,

of

Co.

member
firm. Mr. Ritter is
responsible for

,

&

Prior

&

submitted

y

Co.

1963.

of

California, and Charles E. Cham¬
berlain

e

of

with E. F. Hutton &
Co., and later
a

k

&

of

technician,

York

Frank lin

ef¬

May 1,

quire
members

committee,
Wilson

De¬

officers

new

Franklin

Robert

to

fro
c

Co.

Executive

include:

m

i

&

elected

banking firm. Other stockholders

&

H

of

Wallace

Granger

was

stockholders

Co.,

pora.te

Manager

Jacquelin.

and

York

Franklin

the

York

act.

Three

of

re¬

of

Toronto,

well,

Maxwell,

as man¬

com¬

recomputation of retired military

recommended

o or

changed

and

Hughes,

Orr, formerly Security,.
Analyst for A. E. Ames & Co. of

also

C.

W.

Research
&

The four

The

was

President

-

John

Vice-President.

an¬

pointment

Co.

&

McMartin

Ex¬

has

nounced.

Rio

Loeb, Rhoades & Co.

Vice

Carlisle

New

name

Daniel

&

City, members of the

been

principle of

pay

sisted

More
than
25,000
officers
of
these ranks had been retired
prior
to June 1, 1958.
It is estimated

approximately

1958, and

House

Stock

holders

$3,200.

\

that

1960, the

putation. President Kennedy

.

a

12,

in

made

mously passed

lieutenant

and

it had

take

York

firm

fective

of

&

changes

an¬

Trading

urged Congress to correct the mis¬

year

of ; the services.
A colonel's re¬
tirement pay jumped by
$1,000 a

year,

C

New

the

ager

Armed

reversed

has

to

to

Fosdick, Inc., Bank of

nounced

lieutenant

Congress suddenly and

tically

ing,
ap

The

—

Build¬

west

Hahn

country well.

House

Committee

&

Tex.

South¬

15

and above had been

the

Pollok

next

subcommittee proposing
colonel
recomputation of retired pay "for
underpaid for these officers. It ignored the fact
many years. But without warning that former
President Eisenhower

by

American

enough

little

seems

served their

bill

a

our

banking firm of Eddleman,

ment

of

""a.,

Congress enacted

period of 15

estimated, the cost will not

year,

re¬

seen.

a

New York and

billions of dollars in the

fiasco. Whether Congress will take

advantage

fi¬

was

invest¬

defense, running into hundreds of

the Korean

as

cost

Maxwell,

Maxwell,
Co., Inc., 45 Wall St.,

Franklin

the

of

served in World Wars I and II and
some

annual

exceed

in¬

done to thousands who

was

the

be reduced until it

Over

been

and

The

depleted,

nally wiped out.

between officers who

up

who

justice

the

correct

retired

years

was

have

C.

of

A, Mel

D.

was

formerly

The election of John
Jr.

HOUSTON,
will

Hickey,
Elected

Eddleman, Pollok
Congress

&

Maxwell, Franklin

House,

Ahead of the News

.

"injustice of

military

15

Standard

Oil-Company

{New Jersey)

16

The Commercial and Financial Chronicle

(1908)

Steel

♦Index of

Production

Electric

Week

Carloadings

The State of

Retail

District—

Production

——

statistics

economic

of

Federal

New

before the Economic

York,

more

130

127

134

weekly

1957-1959.

065,000 tons, while lead

all

starts,
in

while retail sales

March

tinued

Early

upward."

Bank

statement forged

con¬

returns

have

steelmakers

one

first

latest

the

ahead of a year

tons—5

million

did

the

than

more

quarter

just

favorable

these

May 4, clearings for all cities of

actual

on

captial outlays and

ings

have

awards

contract

shown the kind of

Our

business

not

earlier,

the

"again pointing

resources."

improvement in

stand

of the

at

$34,284,-

week in 1962.
for

summary

principal

money

cen¬

ters follows:
Week End.

a

——(000 omitted)

May 4—

up

1963

York

New

'

1962

$21,635,197

1,548,800

—

1,434,000

—

9.1

1,006,140

—

1.4

526,957

412,918

Kansas

some measure was

City

+27.6

Steel

Dips

First

Weeks and

Time

in

14

also

efforts to build up

reflected

steel

inventories

as

process that is

strike

a

hedge,

expected to be

went

in

to

on

indicate
in

success

the

that

the

a

stitute,

re¬

has

"while

undoubtedly

immediate

an

boost

to

on

Bank

noted

that

given

the

for

the

against

as

In¬

tons

2,548,000

weekly

rises

con¬

following

optimism voiced by Mr. McDonald
steel leaders about the cur¬

on

rent

labor

negotiations.

The

week's output exceeded last

output

year's

and except for last week

put since April 2, 1960.

of

the

of

gain

consumer

Purchases

of

durables

advanced

was

the

steel

buying

a

to

years.

also

contributed

it

ing

in

report entitled Fed¬

prepared

by

Manager

of

the

report

by

Federal

Market.. Committee,

the

Open

released

for

publication for the first time this
year,
eral

1963.

overall

is

reprinted

Reserve

from

Bulletin

'




the
for

Fed¬

April

a

of

costs

companies

those

steel

higher

wages

selec¬

on

Almost

up.

including

all

U.

S.

items

in

greatest-

this

year

—

through

has

net tons

below

•

totaled

39,298,000

(*117.2%) which is

the

Jan.

and

1-May

5,

5.4%

1962

production of 41,522,000 net

23

period

(*123.8%).-

-

Data for the latest week ended

May 4 show production

with

39.8%
but-

put of 1,820,000 net tons (*97.7%).

interest

union

job security,
not

hour,

per

However,

centered

has

Buildup

been

Users

quarter,

but

mosphere

not

im¬

ket.

are

The

run

is

going

5%

of

in

on

strong steel

a

very

can

Just

Starting

in

June

sold

cold

on

buildup
said.

rate

or¬

quarter

have been
—the

out

rolled

stocks.

user

by

are

higher
means

imports
apparent

the

most

of

stockpiling

the

first

occurred.

added

about

inventories.

April,

layed,

continue

adequately

.

until

or

for

a

market

an

would

unusually strong

be

quick

a

labor

settlement. Then,- users might can¬
cel

or

defer
that

won't

be

some

tonnage..

..happens,
too

?

steelmakers

■

the

industry pro¬
in
April,

cars

cars

made

week

in

the

April

last

gaining

industry

slightly

prior

pro¬

passenger

158,611

grammed

cars,

from

week

156,178

and

in

persisting

in

ahead

the

of

149,378 assemblies

session

corresponding

of

last year.
Ward's

recently reported 28 of

industry

of

second

three shifts. Six

on

have

inaugurated

since

shift

production began
in

are

double shifts—

on

one

these

plants

assembly

operating

now

and

a

model

1963

several

of

weeks.

recent

Despite this, some auto makers
still

are

time.

being pressed into

Ford

Motor

over¬

had

Co.

nine

lines in operation last Satur¬

car

day, planning highest output for

since

week

any

Motors

in

put

November.

last

of

division

Chevrolet

the

General

day

extra

at

four locations.
Two
last

plants

ferson

Corp.'s

Jef¬

facility,

Detroit

Ave.

dergoing

un¬

expansion and re¬

some

alignment

■

shutdown

in

were

week—Chrysler

since

last

operations

week,

Monday

this week. Ford's Wixom
Lincoln-Thunderbird
last

out

Friday

of

(Mich.)

plant

was

Saturday

and

in

production adjustment.
last

Of

week's, General Motors

expected

was

53.7%;

to

for

account

Motor

Ford

28.4%;

Co.,

Chrysler Corp.,

10.4%; American

Motors,
6.6%,
Corp., 0.9%.

and

Studebaker

Rail

Carloadings Dip Slightly
Last Year

Below

Loading of
the week

576,839

cars

cars,,; the

was

Association

Railroads

of

announced.

increase

an

2.7%

or

in

ended April 27 totalled

American
This

freight

revenue

of

15,389

above the preceding

week.
The

loadings represented

de¬

a

of 1,026 cars or two-tenths

crease

of
1%
below the corresponding
present week in 1962, but an increase of
unless 32,460
cars
or
6.0%
above the

less
a

high !.rate

In

is

buildup.
of
see

of

de¬

there

urgency

notice

is

More

>

some

.

even

steel

eas¬

taking

chew-up

fact, on the heels of-optimis¬
McDonald last week, a

to

the

on

level-*-

orders

into

the basis of

corre¬

favorable comparison

carloadings is due

vs.

capacity

was

greater

July,
new

ap¬

hopes

average

There

ported

were

of freight

peaceful contract settlement.

length
15,792.

,

loaded with

of
;

one

highway trailers

revenue

containers
week

(which

ended

were

*

a

in¬

the

continuing increase in the,

average

the

for

more

of ton-miles

way

parently

over

ap¬

an

1961.

The

has

deferred

6.0%

at

billion,

sponding week of 1962 and 17.0%
over

noted. Further, some June tonnage

been

12.4

cars,;

coupled with heavier loading and.

'

new

of

crease

estimated

are

proximately

reopening

tic comments by steel leaders and
Mr.

1963,

27,

contract

into consideration.'

(1) They prefer stability to feast-

(2)

means

inevitably

and-famine

inventory cycles.

616,949

«

hand, the longer

ing in the rate-of

unhappy. - Reasons:

the

end of June

ing in steel demand,
the

only, thing that could spoil

of

the
in

would

strike.

The

other

continued

a

delay

they're

protected J against,

said

an

reopening

hedging at that rate until there's
labor settlement

is

On the

million tons

1

They'll

the

tinue another month.

quarter's
In

as

<

This

in¬

model

early settlement, or corresponding week in 1961.
Ton-miles
generated by
carstrong indications of one, the steel
stock buildup is likely to con¬ loadings in the week ended April

then

was

This

reckoning approaches in

not be reached under

there

(6.7 million tons) clearly exceed¬

consumption, and it

much

a

predicted.

Earlier goals pf about 90 days

first month of

1955

April only to the
1955.month and 12.0% above

the

automotive,

of inventory by the

record

year.

Many steel
at

history,

in steel

market,

steel labor.

the year in which mill shipments

a

of

hour

can

was

77

that inventory buildup has

conditions.

March

By com¬

fallen far behind schedule

figure equivalent to estimated

that

than

rate

leads

year

in

second-best
same

cumulative ef¬

a

steel

particularly
using up steel

The

couldn't

which

the

on

users,

than 500,000 tons

more

margin

annual

an

totaled

magazine pointed out.

starting,

buildup

at

consumption

chew-up has had
fect

just

is

20

yearly figure, steel

a

This tremendous surge

consumption.

ed

approach

of 80 million tons.

parison,

because mill shipments in the pe¬
riod were only 18 million tons—
a

could

million tons in record-setting 1955.

Relatively little steel

has moved into

first

June

-

August

an

model

691,078

resumed

translated to

products than they

They're

the

duced

a

previously

more

his¬

time high rate of consumption. If

ucts, and long ternes.
Steel

well be the highest in

May

demand.

gettng

are

could

million tons. This could be an all-

scrambling for ton¬

some

(sec¬

year

en¬

which

run,

in

1963

the

term.

mar¬

Chew-up of steel during April-

increases, there

weren't

accept.

The

this

of

abouj the possibility of consumption is
going
are

Mills

at¬

an

tory.

over

concerned
strike

but

pay

magazine said that steel

quarter

1962 period.

letup

no

who

on

agreement will

any

emphasize take home

the

exceed

periods

cluding

a

roughly

mean

hour; 3%, 12c.

labor talk

slightly

Since the price

If
was

larger than last year's week

per

the

of

steelmakers

vs.

prospects for
tons

cents

Iron Age pointed out that steel

exceeded exports. That's

strike for and

May 4—the output of ingots

0

8c

of

terms

increase would

evolve around security measures.

results

for

Inventory

users

far

castings

Reserve Bank of New York. This
annual

•

,

concession

So

System Open Market Account and
Vice-President
of
the
Federal

2%

will

current

them

ond)

to

Mr.

Robert W. Stone, Manager of the

customary

industry, experienced such

demand.

Open Market Opera¬

1962,

1954

Steel, have generally raised prices

a

on

eral Reserve

tions

a

steel

a

steel

the fall of

tive steel price increases qualified
with an admonition
against forc¬

has throughout the current
expan¬

as

possible

a

Kennedy's "Go-Ahead"

sion.

The Review also contained

hedge-

increase

any

selective

from

second

of sales

an

are

some

earnings

demand for

have been enhanced by President

to

as

use

an

long sustained weekly sequence

of

spending

importantly

the rise in the first
quarter,

supplement

against

The chances of

94%, the highest level in
Government

36%

a

nervous

of rises.

consumption to disposable income
two

as

Not since

has the

result, the over-all ratio of

rose

Well

as

strike.

sharp first quarter pickup
in spending for nondurable
goods.
a

witnessed

same

ever, a

As

in

through

26

advancing current

in both periods. There
was, how¬

In

sheets, tin plate, galvanized prod¬

Jan.

steel

consumption in the present

nage.

gain in output attributable to.

only moderately from the high
level attained in the fourth quar¬
ter of 1962 and the rise in
expend¬
itures for services

time

since

reflected

the

minimum, and

strongly opposed to

rose

put pace in the past three months

expenditures.

absolute

also said

week

5,408,625

such

46

in

al¬

models.

agency

model

industry are determined to keep including

83 cents.

up

earnings
the

The
all

struggle at the bar¬

leaders

It

including

termination.

6.2%

Ad¬

the

guideline with¬

pressive. Average first quarter net

weekly out¬

any

The sustained upward steel out¬

forecasts/and that nearly

two-thirds

lower than

bitter

a

said.

5,201,000,

count

1961

the

under

Reports

another

pro¬

date, Ward's

same

economy

in

model

con¬

give steelmakers

may

quarter

ders for

1963 topped most government and

increased

in

year

a

Product

business

best

first

and

$8%

quarter

the

Steel-

employment cost increases at

price composite

revenue

price hikes

United

anything

Further,

compa¬

first

the

ton,

gross

that

500,000

range

1962

statistical

Last

gaining table.

un¬

No. 1 heavy melting grade was
a

keep the cost

hand, David Mc¬

the

and

to

out

rise.

prices

scrap

for

week

be

at all.

4%

was

the.first

uptrend of

an

other

ministration's 3%

Oper¬

consecutive

15th

in the corresponding

secutive

sent

2,590,000

length.

creased

week

2,544,000

was

billion increase in Gross National
in

last

would

figure

workers of America will not

week will

This

ing April 27. The week to week

wages, are

The

4

be

output dipped 0.2% after 13

prices generally, and
still uncertain."

on

"

Steel

and

than

more

Higher operating rates plus in¬

(*136.8%) in the week end¬

business

sentiment, the ultimate effects

demand,

May

(*136.6 %)

industry

Iron

production

ended

putting through selective price

increases

American

tons

steel

the

$29.50

According to data compiled by

versed later in the year. The Bank

the

capacity.

six weeks. Steel's

39.8% Over

Year-Ago Week

improvement

will

Steelmaking

on

weather conditions;

Donald

Not since the autumn of 1954 has

2.8

1,303,000
992,247

Boston__

in

ations will be close to 85% of

mark

The

productivity gains.

the

On

week ended March 26, 1960.

rable

Philadelphia

within

ingots, highest since the

official

1,640,000

Ward's
this

be granted and

can

Steel predicted out¬

week

of

re¬

2% is the absolute maximum that

expected to be

are

level

years.

this

tons

+11.4

Chcago

Moreover,

ending of such damp¬
ening factors as strikes and severe

recent

put

%

$19,424,044
1,593,142

due to the

The

three

there been

persistent underutilization of

economic

comparative

some

pickup that 4s

April remained higher than

same

Our

ing plans, and that unemployment
year

of'

those

preliminary totals
against

677,611 for the

indicated in the surveys of spend¬
in

weekly clear¬

above

$36,441,513,754

yet

as

6.3%

were

the corresponding week last year.

orders and

on

to obtain

possible

highest

magazine

ing. Many in the industry believe

Already, steel production is at

it is

the

preting recent developments. The
Bank
notes, in particular,
that
available data-

May shipments

Saturday,

ended

Age

reached only after hard bargain¬

8% higher than April's.

thex week

the United States for which

signs,

caution is necessary in inter¬

some

they

ended.

higher than those of March, and

the

Iron

employment

the

to

totals

tire

and

2%

Periods

will
of

Automotive

ready

fall

probably

between

increased

But

April shipments were 10% to 15%

from

cities of the country, indicate that

Fed" Suggests~Some Caution

costs,

They'll ship at least 23 million
in

of

area

in

week

ahead

duction

ported.

for

Despite

3%

this

reached

will

contract

the

seen

chief

advices

graphic

of consumer spending in April.

in

Steel

1960,

quarter,

labor

Such

from U. S. plants by the end

cars

of

model

The final settlement of the steel

the

quarter

by the Chronicle, "based upon tele¬

continued high level

a

in

Preliminary figures compiled

ago.

suggest further increases in producton and

clearings

best

since

this

1,080,700

vs.

2-3%

Booming demand for steel will
make

to 1,-

1962.

Second Quarter Best in 3 Years

probably

All

Output of 1963 model passenger

usage may

Steel Labor Cost Seen Rising

magazine said.

1962 Week's Volume

and
private housing
increased significantly

in

tons

con¬

>

Monthly

ployment

million

1.1

tons

Strong Steel Demand to Make

its

of both lead and zinc

use

Steel estimates zinc

1963.

sumption should climb 5%

134

136.8 y:

production based on average

production for

also

are.

spurring

139

of

sale's

in

hit
♦Index

auto

Current Auto Model Year Exceeds

units

,

,

136.6

industry

expanding

are

than seasonally.

Booming

137.
150

_j 133

Louis

Total

;

168

Club

Bank

Reserve

just published May of New York, New York City, on
Review. "Profits have April 22, 1963, which was pub¬
apparently
remained
near
the lished in the Chronicle last Thurs¬
record fourth quarter level, and day, May 1 (pp. 1, 22-23).
such measures of activity as in¬
Bank Clearings 6.3% Above
dustrial production, nonfarm em in

York

v

the

of
of

Federal

to spring, declared the
Reserve Bank
of New

way

gave

speech by Mr.

President

Hayes,

150
'

138

Western

addition, the Review included

Alfred

winter

as

other

151

—..

Southern

In

consumption, and requirements of
industries

Thursday, May 9, 1963

.

for

128
134

158

Cincinnati

the full text of the

heavily

144

154

Chicago

Improving business sentiment has
found confirmation in a variety

buying

are

128
132

_

Detroit

St.

makers

.

Auto¬

133

Cleveland

Index

Price

Apr. 27

underpinnings:

strong

142

Pittsburgh
Youngstown

Failures

Commodity

has

134

Coast

East

Buffalo

Index

Price

Auto

Business

They're confident that the market

Ending

May 4

North

Trade

Food

TRADE and INDUSTRY

Ingot

Production for

Output

.

-

.

.

haul.

,

re¬

cars
or

more

or

high-,

(piggyback)

in

(

April

20,

1963 [

included

in

that!

Continued

on page

34,

Volume

197

Number

6262

.

.

.

The Commercial and

Financial Chronicle

(1909)

STATUS SYMBOLS...IN NO UNCERTAIN TERMS
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riisnp

JIiHm ■■Bm ishHihi

18

The Commercial and Financial Chronicle

(1910)

The

tax

cut

business,

The Market... And You

cut.

turn

boost

earnings.

panic

dropped

Last
Dow

STREETE

WALLACE

8Y

tax

would in

May's

multiple to
that

move

lew

a

practically

is

caught

of mild indigestion after swallow-

too

But the

advances too fast?

many

becoming

Although most observers remain
their

in

confident
new

highs,

that

the

march

delayed

bit.

a

of

predictions

is

there

little

thereto

the

be

the

to

divergence

past few sessions.

1-11

•

mu

There

remains

.*

j

still undoubtedly a lot

is

Economic

mar-

bear

puts

it

Another, veteran Wall Streeter

The

profits

are

industries

making good showings.

Auto

sales continue to set records. Some

optimists
dictions

revising their

are

upward to

a

pre-

record

new

for Detroit rather than just

year

7-million-car

another

*

back

year

are

spending

continues

to

force.

signal the results for the full year,
Some industries,

remains

exert

Yet

high

strong

a

of

some

this

it

is noted

are

having big write-offs for the first
quarter. Other groups, like the oils
or utilities, had the advantage of
unusually severe winter weather

spending,

as

of

allocated

for

equipment
to

cut

obviously
and

dations is

cynical

that

international

are

jean

well

as

it

you

buy

The

domestic

as

point,

investors

as

discovering in this market of

stocks,

is that the

producers
formers.

General

through to
came

dividend.

of

extra

an

also

expanded

its penetration of the auto market
to

the

have
of

extent

that

less than

its "divisions

month's

a

lowest

cars,

conceded

common

in

now

seems

the

reasonably

priced, according to most analysts.
the

second

presents
Its sales

story.
3%

for

the

largest

are

first

up

meager

a

four

and

auto

<

different

far

a

against GM's 11%

ucts it is consuming.

months

necessarily

not

cide

with

as

decline
Some
a

in

a

analysts

many

share

had

only

$3.70

signs point to

of

as

Yet

some

Ford's income

$3.90

share

a

as

not

the

activity. in
has

cent days.
been

indicative
sponse

He

by

has

been

the market and the

chips

in

overwhelming,
the

in

growing

smaller

This

slow

deal,

offerings

under

com-

by the

un-

dertaking.
p

..

,,

_

is

going to follow its indicated Pro~
Jhere wl11 be n° prowdlong-term bond^market
government . issues, this
®bou 4 be Aakea \° maaP tba*
there will be a fairly substantial
-dusting period before the comPetitive capital market is again
ing

.

used to finance part of the deficit.
Shore_Term

continue

Issues

in

Heavy Demand

J he May 15th refunding issues,

due Feb. 15, 1966, fitted into the

the

due.

There

is

question

no

but

what the demand for short-term

petitive bidding for awhile.
-

government obligations is as large

Treasury Bonds Must Be
Competitive
There

With

have

Private

been

,

Issues

many

esti-

and there

ever

as

be

much

very

long

there

as

is not

of

the

are

likely to

decrease

a

usual

as
na-

,p*atcs as to. the amount of this tional and international problems
$300,000,000 4%% bond due 1989- to contend with.
"Chronicle1993 that was not sold at the
those of the*; offering price of 100%. However,
:aPPears as though the best MarihQftnri
LlTP

of

time coiw-

any

the
as

.

TPv

11

r»i

T

doubt, were taken

no

UIIC

J.HSUX3I1C6 vXX
_

STOPk

ittPUPri

1

v

writing syndicate at the 1003/4
4
Price anf ^ui for a time at least Kiddor_ Peabody & Co. Inc„ New

u

Keresey

r

that

down by the banks in the under-

•

.

F.

^VlcillilOlULOIII

opinion

the

of

these bonds,

Donaldson, Lufkm
James

the financial

in

sources

are

less than 50^° was sold* Some of

CSey 0 ,J1Ub.

joined > 9 part of the investment port-

has

re-

it

is
re-

investor.

most

cases,

New

York

Stock

change,
has

the.bldd;ng syndicate attracted
waiting

hose investors who
for

and

been

elected
Vice

-

dent

is

di¬

who

times earnings
it

also '

is

Co.,

bered

currently

wouldn't

level

of

James F.

and
Club

of

take

much

more

inves-

tor enthusiasm to push the multi-

pie
1961

to

20,

peak.

where

it

was

at'the

The Dow would then,

fol- elude the effect of

any

hover
not "in-'

significant

are

provided

surance

the investor's

that

„

this

the

be

offerings

of

dollar, which-means

issues

are

very

Life
as

under the laws

of

New

mutual

a

has

having

incorpo-

was

mutual life in-

a

company

State

company

York.

Al-

the

company,

unique feature

the

authorized

and

out-

standing shares of guarantee capital shares, which were authorized
b^ ^be statute under which the
company was incorporated.

for

tax-exempts

Treasury

besring market
wm

the

with the fixed income

0ut of line

vestors

country,

the

and

the

of
be remem-

government have to

with

corporates

,

The company writes most forms

0f ordinarv and
ance

business

is

and

life

sroun

das Lll af

insur-

annuity

some

licensed

to

do

whole, there, buiiness in all 50 States and
little, if any, in- District of Columbia,

the

as

interested

Another

Ass'll

SGCS

a

Federal

the

in

PHILADELPHIA,

Pa.

—

Pa.,

will

address

Competitive

Award Surely

long-term government bonds

Sol

a

N.

lunch¬

der

at

there
or

will be

one

all.

The

was

the

no

intervals

Association

on

Friday,

at

May 24.
The

luncheon

meeting will be

Hardy of The First Bos¬

Corporation,

arrangements.

is in

charge

of

one

that

set time

raising

government.

sociated

Co.,

Ohio

Jr.,

with

of

Donald

become

Tower

Building,

Midwest

the

Stock

Municipal Bond Department.

This

was

too

not

venture

of

though

under

Z.
as¬

Saunders, Stiver &

Terminal

members

—

has

operations

the

it

is

desirable to get government
investor

Hegamaster,

Mr.

as

of the ulti¬

conditions

of

manager

Hegamaster

the

formerly

was

of the reasons

issues into the hands
mate

CLEVELAND,

Exchange,

were

Even

Saunders, Stiver

long-term

enthusiastic about the second new

very
ton

which

carried out.

investors

money

Barclay Hotel.

be

or

raising

supposed to be

why

held at The

Rubin

to

says

schedule

money

Philadelphia

coming along if

Treasury

were

Securities

of

of

competitive bidding conditions

next

Hegamaster With

un¬

raises the question as to when the

new

meeting

Treasury

Not Imminent

The not too successful offering

Luncheon Meeting

Dow,
it

they

public

in

the

compete

of The Bond

19.7

that

whenever

the

that

bonds of

Keresey

One

the

Manhattan
rated in 1850

obligations.

eon

determined

^

though

buying

However, it should

of

current

govern-

a

.the price is right.

partner

Governor

income

^

oceed
company.

of

Baker,

burg,
the

fixed

the

in

to

Qf

nQne

accme

ment bond—should attract invest-

'offered

recently

Secretary
a

•

re¬

&

and

question, but what the best
risk

are
certain shareholder

sold

ment

Kere-

a

as

high enough

was

share. A11 of these shares
bei

requirements. There

bearing field—which is

Mr.

tired

no

"credit

-

were

development be-

a

the yield

to meet their

rector.

sey,

just such

-cause

a

Presi¬

and

Weeks

av-

'

Ex¬

year.

stuck
to says
our
chart-watcher,
merchandise, the around 780, and this1 does




long-term

high of $39 this year. This total Berman, President, and Stuart B.
would represent an advance of Webb, Executive Vice-President
6-7% fram the record of $36.55 of Berman Leasing Co., Penns-

generally

established
blue

lower-priced

apparent

a

ulti-

bad

lYp-ppcpv TniriQ
lYCi

all-impor¬

continues.

averages

Projecting

Although the shift has
of

be adversely affected

these

of

amount

investor.

district

in

chart-watcher estimates that
earnhigs of the 30 firms in the
Dow index will hit an all-time

Public Interest

not

•

conjecture

actually earned last

More

more

,.

only.]

on the future course

year.

share

a

a year ago.

to

this

get
the

evident after

was

such

whioh had to be disposed at lower present money market and were
prices, should satisfy the Treas- well taken by the owners of the
ury
and
dealers' appetites
for obligations which were ,coming

2**

tant

this

pick $4

fixed

pricfe

days that the price

sizable

a

manent

erage continues its recovery move, New York. He is also a member
Aa^es^ calculations put jit at 19.7 of {he NASD Executive Committimes the estimated per share tee (District No. 12) and served
Pr°fits. This is a shade above the as a member of the 1962-63 Nomimooth-ago. p/e average of 19.3, nating Committee of the New
but still below the year-ago level York Stock Exchange.

a

long ago.

stocks

lot of

a

for the Dow-Jones industrial

high

likely net compared with

seers

the

few

informed

.con-'

Pcice.Earningj Course

Meanwhile

earnings

sources

more

$4.36

more

those

at

presented

are

author

is

Chrysler's

Ford has retreated from its

51%

to

of

it is

in

that the capital market will

a way

bonds have been going into strong

persons,

because

not

or

order

hands

the

this

do

hands,namely those of the ulti- namely the 3%% certificate due
mate and quite likely the per- kJay 15, 1964 and the 3%i% note

the

public doesn't know whose prod¬

the stock is cheap in

say

cheap enough to satisfy
traders.
. •

astounding 42%.

of

S'teel

States

The overall price-earnings ratio

GM

maker,

his

the high 40's, it is apparently not

the

in

in

fo^the year.of 43%.

Although

supplyr'-.v^

inventory

Tow 70's, it still
Ford,

United

-to

tinue to

industry.
With

this # possibility

stockholders this week. His words
have not been lost on the investor,
as -Witness the further decline in
?.eL
harely a few points

high this week

heels

GM has

the uanticipated 4in¬

break-Va^0^® ^s

Motors'

new

a

the

on

efficient

more

often the best per-

are

and

first

that

sure

- a

company

reputation

in

of

of 100.* was too high to suit the
iaste of the investor. At the new
level around 100/s, it is indicated^

drug

a

with

into

to

[The views expressed in this article

wasr also.13% „■ loiyer j;hah the
^our^ Quarter of 1962.

talk

.

main

a

rais-

drug

letters^ t tomatter -whether
investors no.es
doasn

that

cash> creases

up

competition.

are

of

money

the

" *
one

the

removal

mate investor. It

.

Incidentally,

They

Some,,of

bond

exnan^inn

wide.

market,

new

have at present,

York
and associates are offering
in second ..quarter sales
unquestion-* and -resultant
profits
could pcnaldson, Lufkin & Jenrette, foho of these msUtutions. ^ publidy 50,000 shares of The
Incorporated
One Whitehall St.,
The new level at which the Manhattan
Life
Insurance
Co.
by low-cost • be
borrowed
from
the
secNew York City, members of the
4 Vss sold following the dissolution
guarantee ■ , lfal shares
t $n0
meet
stern °nd half of 1963.
Roger Blough

attracted

more

producers

arid

/

restrictions

currentYprnmmpn-

nf

ranr*e

made by the First National City

designed

speed

Investors i

ably

plant

new

is

costs

flow.

this $40 billion

thp

widening number of aeed

do

.

of

of

insurance

the

we

Therefore, if the Treasury

"

the

considered

also

hecansp

,

But the bulk

is

capital

after

on

as

desirable

not

w

ing 4%% due 1989-1993, is going

under-priced
of

'

digesting of the

waves

comment,

Growth

health

Thp

earnings.

astute

some

thin**

the pattern varies widely,
A survey of first quarter earnings

Bank of New York shows that
watchers have noted, can eventu- first quarter combined profits of
ally contribute to over-capacity in nearly 800
manufacturers 'rose
industries where this is already a °nly 4% from a year ago.
Furmajor problem.
.
'
*
:
thermore, the combined showing
capital

riding the

called

the

such

of the govern-

area

market

In

the prescription

of
are

market

good but they don't necessarily

i° bolster

back.

Capital
bullish

are

result.

that first quarter earnings

warns
fundamental

Other

Many

a

the

1964 and

15,

15> 1966^ into their

term

near

ment

thalidomide scandals.

makers
as

well-known

May

due Fefc)

vestigation and the bad publicity
of the

due

are

Drugs

favorable

more

■

improved this current three

steel

and

■

bound to be

excellent

an

month.

to

of

particular

enigma.

Steel demand is

and

production climb is flattening out,

are

in

this way in predicting an 800 marthe air gets thin -hat high,
taut
think that the market is
Soing. to make a fool of itself,

booming

much

735

of

3*4%

Chemicals in general and drugs

is
on

there

Warnings

One

second quarter seems assured.

but

an

-

'

;

remains gen-

news

erally favorable^
still

highs

market is putting the

refunding issues, namely the

new

the

question of how long they will last

'

underlying strength in this

ket.

The money

Spur Interest

freely predicted, but the big

more

Good Industrial News
•

old

CHIPPENDALE, JR.

-

a

rain

little

a

T.

places in the pattern of things in

strongly

opinion

in

be

Chemicals and

the future

on

market,

recom-

expects

few quiet voices sug¬
may

the

some

JOHN

_

clo^e to the peak, we whether the economy and earnDrugs are termed dynamic despite
seen
a; series of retreats jngs wm follow. New highs are the
inroads of the Kefauver in-

have also

of

the

0f

course

While this lofty po-

sition is still

in the

before

BY

to

seen

toppled.

'.L'%■

■

buujgh these days

closing

a

-'A'..

'

there

gest

on

a

caution.

is

Nobody

a

Reporter

ex¬

this

group

while most sentiment is

industrial^ averages pushed
high

turnover

heavy

week.

*

recovery

mark of 721.

storm, but

14^ and Brunswick at 15V4, all hit

Last week's assault on the Dow-

Jones

the

on

Fairbanks Whit-

cash

in

extent

mendations.

one

of

school

toward

are

selling at 5, Sperry Rand at

ney,

doubt

will

prominent

more

most active list.

small

a

lower-priced issues

shift

The

spring and early summer.

spring cold or is it just a- victim
ing

morning-after of last

lowing the

bad

a

growing

a

Thursday, May 9, 1963'

.

Still there

pects will be repeated.
Has the stock market

,

the

14.5,

oi

no

Our

.

municipal manager for Ball, Burge
&

Kraus.

with

Prior

Anderson

Richmond,
municipal
Weld

&

Va.,

thereto,
&

and

was

department

Co.

he

was

Strudwick

of

in

in

the

White,

Volume

197

Number

6262

.

.

The Commercial and Financial

.

Chronicle

(1911)

57th ANNUAL

REPORT-1962
EXCERPTS:

The continued increase) in

population and in¬

dustry in 'Northern and Central California
reflected in another year of progress for

was

the

Company in 1962.

HIGHLIGHTS

<

OF

OPERATIONS
1962

The
tion

year's results provide further confirma¬

of the

strong underlying growth trend

that has characterized the
tions

Operating Revenues and Other Income $ 731,672,000

throughout

the

Company's

postwar

Taxes and Franchise Payments

opera-,

period.

We

will

continue, and

we

formulating

are

$

161,469,000

$

159,253,00C

196,145,000

$

185,776,000

$

88,489,000

$

$

174,877,000

$ 1

$

110,692,000

$

102,241,000

$

228,086,

Other

our

earnings for the
to

$1.64

share

a

based

Sales of

year.

share

the

earnings of $1.49
number

same

of

a

shares

.

.

.

.

.

.

.

•

.

source

.

.

.

.

.

...

,

.

Sales of Gas to Customers

Total Customers

.

.

.

.

,

...

;

...

>

....

$1.64

$2,809,136,000
$ 209,725,000

(MCF)

.

.

.

.

.

.

.

415,590,000
3,920,868

.

out¬

year.

Employees

......

.

25,767,858,000
387,491

3,809,

19,039

.......

Number of Stockholders

Development of nuclear

.

Electricity to Customers (KWH) 26,331,210,000

Number of

standing at the end of the previous

nomic

.

Construction Expenditures

the

on

This compares with
on

.

.

stock

common

56,477,326 shares outstanding during the
based

.

Earned Per Common Share

Total Assets

Net

amounted

.

...

Expenses and Charges

Net Income

plans accordingly.

697,402,000

Natural Gas Purchased .......$

Operating Payroll

have every reason to believe that this trend

1961

$

246,720

.

231

energy as an eco¬

of power continues to
engage our

attention. Fuel

loading of uranium oxide is

proceeding for the 60,000 kilowatt nuclear
unit at

Humboldt Bay Power Plant

our

near

Eureka, and the reactor is expected to be
operating under test shortly. Authority to
proceed with the construction of a 330,000
kilowatt nuclear unit at Bodega
Bay Atomic
Park has been granted by the California Public

Utilities Commission, and start of construc¬
tion awaits the

receipt of

mit from the Atomic

An

important part of

ning the additions to

a

construction per¬

Energy Commission.
activity is plan-

our

our

.

system that will be

required in order to meet the future demands
of

our

customers.

Recently

announced, in addition to its
its

plans for

an

Company

electric construction

through 1980, which will
size of

the

current program,

more

program

than treble the

existing electric system.

our

While the program is naturally
flexible, it
includes nine thermal type
generating units
of at least 660,000 kilowatts
each, seven others
of at least

1,000,000 kilowatts each, and

than 1,200 miles of extra

more

high voltage (EHV)

transmission lines of at least 500,000 volts.

Construction of

a

part of the

mission system has

new

first 660,000 kilowatt

generating unit is sched¬

uled for operation in 1966. If

our

at

as

Bodega Bay

successful
of the

proves to

as we are

EHV trans¬

already commenced. The

be

nuclear unit

economically

confident it will be, many

large generating units in this

program

will be nuclear.

FOR

THE

BOARD

OF

DIRECTORS

Chairman of the Board

President

PACIFIC GAS and ELECTRIC COMPANY
245

MARKET

STREET, SAN

For additional information




on

the

FRANCISCO

6,

CALIFORNIA

Company write K. C. Christensen, Vice President-Finance, 245 Market St., San Francisco
6, Calif., for

-

H*

.tij

t )

c-lir.i./rw

a copy

of P.G. & E's 1962 Annual Report.

19

20

The Commercial and Financial Chronicle

(1912)

this connection, that we

As We See It

Continued

from

1

page

most about

after

which

month

to

the product

are

of

houses

ed

did

or

.

sampling techniques and
hence

sampling

as

knows,

and

wai e

the

that

too,

He
basic

errors.

In any event

trade.

often

make

rather
the

in

tinctions

their work.

by

compiled

dis¬

fine

of

process

Carefully trained

of sins. How

tude

is

all

around

such

these.

us

do not

to understand is that
while this sort of change is

other statis¬
of the Federal

The

and

vising this

tical processes

Government, and
which

errors

as

result

a

inevitable in

are

is

organized in aggressive and

procedures

probably

are

lower than at any time in the

past. Despite all this, though,
the

assign to these figures the

presumptive

same

that

is

in

physics

a

laboratory.
There
tain

special

these. unemploy¬
One

statistics.

definition

the

is

cer¬

for close

reasons

scrutiny of
ment

*t

'

of

of

them

"unem¬

rTff'

It

ft

'

impossible, tor
to

rv,^of

be

most

if

wages

hours

or

„

arc

ment

according to union rules
♦V.4„u
«.
the job then is "not avail¬

able"

far

so

}

f

t*on of

—but

and

the

influence

standard

other

often
of the

of

beyond
ueyuiu

such

will make

An

unem¬

is

one

who is

ployed

two

person

"looking for work." How
many

who

on

job

a

not currently

are

would

a

work"—

for

"looking

tell

that they

agent

government
were

not

values.

Certainly

that they

one

no

value,

1962

and

were

the

low

so

other

May
when

market

in

broker

thought-

familiar

with

ethical NEVER BOUGHT THEM IN THE

the

standards and regulations of the FIRST INSTANCE. This
NASD

(and

registered

if

much.

reorerepre-

Instead

is

unemployment

available

fact

insurance

under

nnfh

In

no-

®

AY

situation

circum-

tt

pre

t

b

the

the

onlv

not

various

other

Federal
nn

Government,
nf

wyv

no

Vnnw

not but

be

mi

of

too

was

realizing

that

..

beings.

as

fundamentals

know

craft... you still are required
pecple

they sat —this elderly
hIs

and

_

did

team that the lady

was

n(>t

friend

my

wife

num—

of

Here's

a

'-er

turned to him and said, "You
know 1

a™
Prcud of the way
she has helped me handle my affates.: Since
several

The Lady Wanted

rpstrie-

wife

moment

two'. The husband
in
a
After pleased
and approving manner

buyers

y°u

first

my

I

ago

years

wife

died

knew

never

what a relief it was to have anyone arcunl with her head for

Tc Be Recognized

m-iinn*

friends told

how

me

account

good

a

on

unfortunate lapse and said the
wrbng thing. Result
bruised

an

degree

and

rnononolv

laoor

times

some

the

differ—

ntanv

as

security

human

are

untU this

wa^es

7

what

lahnr

uro

of

manftand

business. Your office is near, our
heme—from now on we'll have
procedure be- the rebound just by waiting. One you handle our entire account."
day a competitive salesman bad i; And as they took the transfer of

mocjes

To

but we

quite likely

greater at

there

also

are

types

The {understand

current

structural

w=»

nnt

pan

monopoly, w^ can not

suspect the influ- say, but we can hardly doubt

is real, and

ence

hnl

net

Tr.ese are

your

two

^ee^n^s

have unemployment is a product of

we

ol. knowing,

way

can

There
ent

imposed Dy tne unions
Qne of my
attractive alterna- he obtained

more

^ve

month

to

bv

uv

mployment figures of the technological

nn

to

month

the

operation.

Lnn,Pf]

t-

i

of
.•

fficulty of dealing with come_
bl:ms of this sort actuallyJ

affects

a.

the better

-

]abor costs_and that is

«nph

pnrrppt
a

tuf

be,

obvi-

affected bv the

of

Governed

this. How much

as

!llring or Phases and sales, ami tionship.
eT°'!
t?
Sa there

considerations.
decisions

costs

7fta
methods
more

that

RP|nna

usually based basics-they come first.

is

Guslv will be
relative

limits
1
i

The

the

with

the d

or

the

toll

abcut investment values, markets, upset this rather involved rela-

eauipment

mfmv

(

plants

Now

extend

the
me

itself.

union

so-

rates

wage

practices

far
a

who is not to be included. An

clear.

profitable to

d

similar

on

a

point

of

its

took

she telephoned and suggested that

should be allowed the privilege of

need Of so many men Reloca- ground

he is concerned

as

rirv c

the

necessaiy

fh'

,

not

agent in deciding who is and
illustration

it than

to

more

a(termath

''break"

or.

"in his

difficulties

field

TTr;ii

will

before

a union mem-

accept work

stances where it should not

the

The

ge_

will find

you

Customers"

bire workers as sentatives) the New York Stock there was an emotional situation
invest very substan- Exchange procedures and require- involved here—the other broker
tial amounts of cash in modern ments. Also, the more you know made a statement that completely

v

ployment," and the inherent
facing

been

while

a

out that there is

cessity of deciding whether are

n

it

y

.

have

yQu

curities for

of

,

ber

called
moreover,

are,

n

Not

situation.

a

y

accuracy

normally expected of

observation

an

1
.

observer will line"

thoughful

not

such

Af;er

Kinds

by it. The practical business- handling the investment accounts lessly and rather abruptly told
man
is naturally under the of individual investors unless they her that SHE SHOULD HAVE

degree to which labor

ease

DUTTON

by

means

.

powerful unions does nothing
to

such

JOHN

scientific knowing the rules, procedures possibly it would be a good idea
is not by any and b9in| a S°cd Judge cf invest- to buy more of the same, now

possible

discovery, it
Y
always made

as

"

of

so many

appear

safely made

pitfalls

BY

All

What

enu-

an

merator to find his way

super¬

now

are

men

CORNER

scientific

i

and able

SECURITY SALESMAN'S

the term

"in their line" may

many

be

must

Thursday, May 9, 1963

afjvances

well, and
"field men" who must probably does, cover a multi-

data

technology

in

.

basically

iWe

made

them to return to their chosen

is

than extensive

more

improvements

subject to what is until opportunity opened for

are

known

nothing

,

.A

,

work,

all

other

some

.

available

hear

"automation"—

.

.

that it is quite substantial. In

account-

My friend, it seems, was receivln§

small

a

=>

.

wife

younser

realized

he

hi«

while,

a

only

was

of

part

meagre

a

business
nvH

man-

After

that

view of such facts, the rela- tain'ng

Cf

amount

he
ob-

their

account

forms

frjend

my

and

told

signed
he

me

them

realized

that he would have to listen to
tke. same story over and over
f?ain

wben tbey came to see

,

him—when they talked

the

over

telephone—when the wife called
tf ask about a credit balance in
*ne account^-or suggest that she

than at others and thus in- tionship between unemploy- to.'.al volpme of trading; However,
in¬ fluence the changes regularly ment and public policy asPortfolio7but"this is also an imf
volved?
Evidently the field published.-.
7 =
sumes a quite different ap- initiative. She began to telephone Pbjtant aspect of salesmanship.
agent must use very consid¬
pearance.
him and give him. orders to bum With it all she is intelligent, and
Far More Important
7
c?
sell certain, stocks.
She had ske bas • learned her lesson reerable
acumen
if
he
is
to

particularly if unemployment

insurance

payments

were

,

,

know

the

matters—and

be able

not

about

truth

then may

even

to

know that his

report is really in accord with
the fact.

u

ar

than
tors

of

any
are

or

which

no

easier

powers

n

aware

or

We, of

ical

"structural

and the like. Such

who

not

are

working and not looking for
work

but

would

for work if

He

simply

because

believe

work

include

to

those

unemployment"
unemploy¬

ment arises when advances in

say
—

be

wage
d

ieetly

they do not

often

that they do

creased

t h

e r e

founa

is any

in

their

community, certainly not "in
their line." Thus,
according to

affected

earner

responsible

mean

a

tvD°s of labor
*7

.

not

They

for
-

a

certain

^

by

York

correct

When there was a profit-

than

lYin-p

Clearing

House

pacnaiiv

than casually

mo 'e

—

—

nartirnlhrlv

Operator of the country's oldest

largest bank

the

association

clearing house,

now

occupies

a

count

handled

was

of

this

oe-

with

tve husband fcr years,' My

building

tinued to execute the orders that

Pearl

in lower

hattan''

'

and

Man-

of

Bank;

Committee

Chase

Manhattan

C.

he

But

con-

did the best

job possible to please both the

'

House

The

Albert

this.

came his way, and

LS an

George Champion, Chairman cf

^ear^n»

knew

Simmonds,

Jr.,

an

"e W1 e'

day

he

phone

call

from

was

very

the

agitated

tele-

a

wife.

and

by

mania—and

pleased

very

-Possibly
handled
wrmlrl

had

about

this

papa

the

also

evident

broker

knows

—

to

is

whole

broker
lost,

this.

that
he

help

it

i?

But

the

has

the

who

originally
it

he

is

second

two

prob¬

client

do

a

good job, and to keep the lady
his side

She

on

him

told

the

account

hpcvcv

understood

lems

received

One

.

akes tee

another idea.

by

salesman who had done business

friend

Bridge "Streets

sometimes

o?

taking

managed

port'on

major

recently completed two-story

between

agrees,"

skes tee decisions. And SI is
decisions. And sie
her job
very
ser
seriously
This joint account is row being

particularly n

ber to the office
The

and

ove?.'

usually

e
iransarxion
—
~
afc'e transaction wnicn she origi- CC!re3 hack with an idea of her
which sue origiratPd.
rat^d. she would emphasize this ownShe is
sbe ls now the one who
one^

7'7

.

se-

ac

home at 100 Broad St., New York

City.

speculative

tkir.k think it tke lad^^^replies,
lt?' and
"I'll
Then
she

the

unveiled°its.new when the m-band accompanied

has

highly

curities. When a suggestion is ofn0T'C)J;e says' "What do you

ccu"t.

AAUUiV;

New

and

may or may not be Oil-

7

NeW: HomP
The

Siding

was very proud
manner
she kept

marr'age and she
cf

^

^

J^v-/vv

her

before

bookkeeper

a

the .-records, wrote checks, and
fc:!ow?d every item in the ac-

DCT

•

III

decline

i

wnicn

set

is

greatly de-

demand

TJ-11go

dV Association

be

looking for work

believe—or
not

a n

.

not

are

hear

looking technology or other industrial
they Were not ill. changes occur tor which the

also

must

who

prefer

unemployment"

clude

people

else

course,

by the fact that he must in¬

ISjpTTr
-IM YV X UIK V^lual

appear

good deal about "technolog-

a

His task is made

all of these fac-

the

to ignore.

Problems

been

important

more

certain circumstances

not to be

Other

d,

.

such

right with

—

which will be all

everyone,

greater

demand; for Chairman of the Clearing House that both she and her husband
Building Committee and of The would like to come to see him.
this-theory "once a carpenter, may find it necessary to make
°^ New York and Paul R They came in as usual, and -before E. F. Hlltton Co.
fr-nfrranhipsl
chiftc
always a carpenter" to para¬ geographical shitts m fh«4r Fltchcn' Executive Vice-President he -could say a word, the lady
their cf the clearing
House, partici- Spoke up, "We've decided that jSTpmpS W
R PpfPT
phrase a common
other

types. Or employers

saying of operations, labor being far

older

an

tain
of

is

day concerning

types

or

cer¬

denominations

religion. Here, however, it
a

very

practical issue that is

at stake.

Any sort of flexibil¬

ity in the labor force is

se¬

less mobile and

unable to. find work "in their
line"

"in

their

community."

There are; of course,
other causes of this

be little doubt that

set.

tutes

us

the

remember in

'Thirties
when
profes¬
sional carpenters'often paint-




various

type of

unemployment, and there

verely discouraged at the out¬

Many of

tion
^

one

pated

in

the

short

ceremonies

you

should

consequently marking the unveiling of the new ness!"

it

can

consti-

structure.
The
eludes

hw
inore
was

that

association, which
11

now

York-Citv

New

basement

in

room

in

a

at

It

Wall. Street

1853.

the

controlled

had

happened

was

•
*
'
The appointment of

who

had

Peter,

all

other

broker

this

account

busi-'.

our

for

years

as

Werner

B.

Regional Manager of E.

F. Hutton & Company Inc.'s Mu-

banks" Possibly

handled7*ecks vakied
than
$18 tril7n since
founded

in-

handle

What

Current

took it for granted that tual Fund Department has been
he was their broker. He failed to announced by Sylvan C. Coleman,

give the "lady" the attention that
she desired^
.

.

/

m

irf

rpplinff- ''

7

"

Chairman of the Board.

•

.

Mr. Peter will be located at the

firm's main office at One-Chase

7'v
7>7V'. 7Manhattan Plaza,-New York, and
of iinprniilmrmDnt
+
the Clearing House totaled about
T^ev had bought some snecula- will help coordinate mutual fund
.
i_at7a$3.8 billion, or an annual volume five securities and the wife had,; activities for its nationwide.-net~
time
now-a-days. It-is in Cf Some $950 billion.*
made
the
originalsuggestions.1 work of 41 offices.
a

very

-7

significant

por-

da^y exchanges-on the floor of

Volume

197

Number 6262

.

.

The

.

Commercial

"

and Financial Chronicle

ADVERTISEMENT

(1913)

ADVERTISEMENT

''

'*

V

21

ADVERTISEMENT

»

(INCLUDING ITS LEASED LINES)

SIXTY-SIXTH

REPORT

OF

ON

TO

OUR

THE

THE

BOARD

YEAR'S

ANNUAL

REPORT

—

OF DIRECTORS

YEAR

:

As

scribed

the

STOCKHOLDERS:

positions of firemen-helpers on diesel locomotives in road-freight
yard services, appear to have a reasonably good chance of being

put into effect. As might perhaps have been anticipated, the labor
organizations - concerned resisted this development in the courts,
despite the Commission's recommendations that were designed to

York, N. Y., April 25, 1963.

explained in our brief annual report released in March, net
of $82.5 million, as
reported under accounting rules pre¬
by the Interstate Commerce Commission has been reduced

represents the amount of the reduction in current Federal

make the proposed
changes as painless to the affected employes as
reasonably practicable. However, the ruling by the United States
Supreme Court on March 4, 1963, has from a legal standpoint cleared
the way for affirmative action. If and when the new work rules are
finally put into effect, a large and economically unjustified burden

income

will have been lifted from the railroad

Interstate

<

Commerce

Commission

Another

encouraging aspect of the general picture is the increas¬
ing progress made by the railroads themselves in their bold origina¬
tion and implementation of new
ideas, such as the extension of piggy¬

regulations

represent depreciation charges to he made in the accounts over the
entire lives of the facilities involved. In
effect, current net income

back

services,

cars,

reported under I.C.C. regulations is thus being artificially inflated
of net income, stated en the same basis, at some future

at the expense

time.

industry.

resulting from advance allowances for depreciation and amorti¬

zation, which under

as

1962

by * the Presidential Railroad Commission in
report of February 28, 1962, on employe work rules, and espe¬
cially the recommendation with respect do gradual elimination of

in our income statement to $68.6
million, in conformity with generally accepted accounting principles. The adjustment of $13.9 million
taxes

31,

i "Recommendations

and

income

DECEMBER

its

BUSINESS

New

ENDED

introduction of

of multi-level

use

new

and

cars

other

specialized freight-

rate-making procedures, and

so

on.

In the

opinion of the management, which is supported by lead¬
ing accounting authorities, the adjustment made in our income state¬

Finally, authorization by the Interstate Commerce Commission
of certain railroad
mergers
such mergers are

ment is essential for the
purposes

of setting out the factual situation
preventing misleading assumptions by our Stockholders and the
public as to future income prospects of the Company.
•

has been

a healthy development.
When
conceived, their consummation should
economies,
improve
administration, and

soundly

and

effectuate

worthwhile

strengthen the whole railroad industry.

Net income for the
year as

adjusted represents an increase of
3.6 per cent, over similarly adjusted income for 1961.
This improvement resulted
chiefly from increases in transportation
earnings (exclusive of the temporary income tax reductions) and. in
interest income,
partially offset by decreases in income from oil and
gas operations and from miscellaneous sources.
$2.4 million,

or

INCOME
,

:

••

1

•'

Operating

Adjusted net income

*

*

<

Operating

share of common stock, after preferred
$2.88 compared with $2.78 per share in

over

tax

per

dividend requirements, was
1961. Dividends of $1.60
per share declared
amounted to 56
per cent of the net

stock in 1962

on common

earnings

per

share.

Railway
Equipment
Joint

Net

The organization of the Union

Pacific

into

Operating

income

♦Net

from

Divisions, inaugurated in 1961, has been working well. The
tabulation below shows

Dividends

income

net

breakdown by Divisions of 1962
Federal income taxes, compared with

before

the previous year:

Interest

Other

Rents
*

:

:

.•

1961

/'

■:;■•:•

,

-

Transportation Division
Natural
Land

1962

'

(Restated)

$91,017,526

23,767,774

26,741,837
774.160

1,807,633

983,866

$118,090,126

Division..

$119,517,389

Non-Divisional

+
—

__

$621,214

Profits

and

2,974,063

+

101,819

+

expenditures for investment in equipment and other
transportation property during the year amounted to $64.4 million,
or $14.5 million more than in
1961, Such huge outlays are a continu¬
ing necessity to accomplish operating economies and provide im¬
proved transportation services. Incidentally, most of such
expendi¬
allowed

to

of the kind for which

apply against

current

a

Federal

48 per cent
represents a permanent tax

1,702,354

$31,183,611

$26,030,815

395,977

410.702

4,374,624

4,418,546

5,071,887

3,968,854

+

1,103,033

675,077

548,777

+

126,300

122,579

122,579

146,686

—

+

$15,592,717

AND

operations
—

..

_

_

_

owned

notes

—

—

_

.

_

__

_

_

804,350

$2,141,833

—

14,725

—

43,922

—

,

806,669

2,863,146

3,448,918

_

income

i.

(property sales,

etc.).——

2,319
585,772

.—

1,067,766

2,442,946

$39,264,388

$42,198,306

$86,039,716

$73,381,417

$311,685

$534,888

84,167

448,776

$395,852

$983,664

$85,643,864

$73,397,753

$3,141,455

$2,996,256

12,283

15,372

$3,153,738

$3,011,628

+

$142,110

$82,490,126

______

_

_

_____

_

taxes,; of

tax

__

_

accruals

deductions' from
deductions

—

Income

available

FIXED

$69,386,1.25

+

$13,104,001

—

income

from

;

income

—

CHARGES

Interest

Other

funded

on

fixed

Total

for

fixed

charges

—

1,375,180
$2,934,418

—

+

$12,658,299

-—_

charges

;

_

_

-

:

—

-

-

$223,203

—.

364,609

—

$587,812

—

+ $13,246,111

*

„

debt

+

$145,199
3,089

—

which
Net

saving.

income

under

accounting

rules

prescribed

by

I.C.C.

The year 1962 was notable for a
general feeling of cautious
optimism with respect to the future of the railroad
industry, occa¬
sioned by a number of different
factors, some of which are out¬

accepted
NET
Net

accounting- for
income
taxes
to
generally
accounting principles—

13,860,492

3,117,024

+

10,743,463

$68,639,634

$66,369,101

+

$2,360,533

I.C.C.

$3.50

$2.92

+

$.58

generally accepted accounting principles

2.88

2.78

+

.10

$3,981,724

$3,981,724

_

INCOME

income

Under
Under

_

J.

share

per

preferred

lined below.

conform

to

necessary
current
Federal

of

common

stock

(after

dividends):

accounting

prescribed

rules

by

Kennedy's

transportation message to Congress on
April 5, 1962, mentioned in last year's annual report, was the'first
such official
recognition of certain urgent transportation problems
to

1,137,658

19.029,381

$23,888,982

Operations

leases

road

rents

Income

tReduction

President

+

20.167,039

$46,715,338

...

..

owned

_______

Total

7% investment credit is
income

$16,583,689

823,767

Gross

were

H

—$1,427,263

Other

1962

13.141,510

•—

$51,914,846

.

'

gas

gas

losses—net

Total

Miscellaneous

tures in

86,610.789

1,556,168

_

_

and

and

lease of

Miscellaneous

Total
________

$3,442,179

income

Miscellaneous

875,979

Resources

from

+

+ $12,800,467

or

Decrease (—)

$91,638,740

-

Division

Total

Increase( + )

9,358,288

$138,525,635

$68,498,535

.

|

and

bonds

on

interest

+

SOURCES

stocks

on

_

INVESTMENTS

oil

Royalties from oil

a

Income

.

OTHER

360,798,813

Decrease (—)
.

"

Transportation

INCOME. FROM

$499,324,448

73,469,279

_

.

(debit)

:

Increase ( -I- ) or

'■

$512,124,915

$141,967,814

_

(debit)

from

1961

(restated)

370,157,101

_1_

accruals

rents

•

1962

expenses—;

rents

income

7

_

Operating

facility

ACCOUNT

y

OPERATIONS

expenses

Revenues

*

7'y:

revenues

♦Railway

*

'

v :

.

TRANSPORTATION

which the railroads have been

Legislative enactment of

vainly calling attention for

years.

the President's
program may take con¬
siderable time, but
public presentation of the facts represents a
long

step forward, and offers hope that at least some of the
discriminatory
regulations affecting the railroads will be removed or
substantially
modified,-so that they may be able to
compete on a more equitable
basis with other forms of
transportation in the future.




DIVIDENDS

DECLARED

RAILROAD
On

preferred

On

common

Total

stock

dividends

from

UNION

PACIFIC

STOCK

stock

♦"Railvf&y
income

ON

CO.

(4% ).

oil

■(■Reduction

tax
and

35,886,776
declared

accruals"
gas

—._:

include

operations

consists of

(1)

the

—

Federal

were

tax

taxes

35,886,77.6

$39,368,500

839.868,500

on

approximately

effect

arising

income

from

$7,089,500

from

in

of

all
1962

sources.

and

Such

$7,8 1 8,900

taxes
in

on

1961.

depreciation and amortization
allowed for tax purposes over depreciation recorded in the accounts under
accounting rules prescribed
by the Interstate Commerce Commission, and (21 a portion (52%) of the 1% investment tax credit,
both of which it is anticipated will be offset by additional taxes in future years..
'
<■
excess

22

The

(1914)

of warrants
warrants

attached to the

1959 series of preferred stock.

OWEN

chase

ELY

nearly

shares

40,000

of

Despite

.*

Public Service of New

million,
to

large

a

electricity

serves

•

(which

contributes

96%

of

York.

equity

earnings

on

the

The

36; the dividend is 72 cents, to yield 2%. Based

revenues)

estimated

on

New

Mexico;

water

is served

Total population is about

Albuquerque.
the

of

does

bricks, cement,

It is the home of

devoted to nuclear
also

in

Santa

Fe

Las

and

work

flour,

Sandia

the

nuclear

field;

weapons

the age

NEWS ABOUT

also

are

resort center.

a

areas

well

stock

as

residential

raising.

and

rural, 32%

commercial, 22%

cities

having grown

industrial and

19%

Vegas

the

decade

C

c

as

have increased at

While

utilities,

the

more

increase

irregular, it has averaged 10%

third
was

58,000

kw.

generating: unit

kw.

completed

was

a

in
year

a

much

or

1967.

next unit

The company

some

than tripling

earnings

Last

d

per

compounded

The

.?•'

;;

-

August,

when

at Reeves Station,

/

later.

It

can

also

of gas curtailment.

the

bank's

become

may

fuel

use

oil under its

main

and

more

economical

than

gas

or

oil.

The

company's

subsidiary, Public Service Coal Co., formed in 1960, has acquired
estimated
be

of about

reserves

economically mined.

100 million tons of coal which could

ent

Electric, the pres¬
interconnection (owned by the U. S. Bureau of
Reclamation)

public power are
from the Colorado River
project should be made
available by the Bureau of Reclamation
to some of the

urging.that

Henry

customers, which
The

-basic

are

company

designated by law

apparently

flectric rates

now

has

in effect

no

are

by the New Mexico Public Service
rates

are

considerably lower than

in the state

and, with

one

regulatory
the

problems.

The

those apnroved

same "as

Commission in

all of the

exception,

preference customers.

as

1953.

:'Director

as

of

der
r:

of the Ford Motor Company.

municipal electric rates

the

W.

N.

is not building any generating plants at
pres¬
ent, construction requirements will
probably be only about $2.3
million this year and
any cash needs will be taken care of
by bank
Gross

i

(Millions)

1962_

i'fi

New

York,

the

announced

William

% increase

Lowe

Mr. Weil

Vice-Presi¬

as

bank's

will

be

branch

in

charge

34th

and

Seventh

at

Street

Lowe

has

branch

been

Range

at

processing

:!:

which

with

the

the

The

9

0.58

22

0.53

1957

13

0.76

6

1956

12

0.72

16

1955

ll

1954__

1953_

0.62

9

1952

0.61

"8

0.48

2

7

0.50

0.43
0.36

NC

0.36

ment

of

of

Average

10%

York

York.

calculated.




April

of

eight

Trust

Assistant

They

New

York

Certificate of Incorpora¬
an

increase in

bank's

7

par

by

value

of

ration

from

$10

to

The

Kennedy, Noble Welch

Trust

and

a

County

Company.

Woods,

all

of

Division;

Joseph
Rudloff

of

of

and

the

to

Intercounty

Edward P.

Gannon,

a

Vice-Presi¬

,

000,000

Law¬

'

#

James

Conn.,

died May 6 at the age of 55.

'

Mr. Cannon
,

was

7

6

The

6-

5

pany

of

a

New

has

Vice-President

York,

Trust
and

of

Com¬

will

assigned

be

to the bank's Metropoli¬

Division.

Mr.

Brownell

year

with

the

until

.-.r-';

April 30

on

to

ap¬

merge

American National Bank of Silver

Silver

Spring,
the

and

Spring,

Canton

Maryland,

National

Bank,

Baltimore, Maryland, effective

on

aifter May 7.

or

The

•/

Cleveland

land, Ohio

Trust

tion,

Co.,

Cleve¬

Allan K.

made

Vice-President,

Shaw,

administra¬

loan

member of the Bank

a

ecutive

Lester

Committee,

re¬

Armour

s

Ex¬

succeeding

Connecticut

Bank

Mr;

Bank

Trust

Officer at the time of the merger.

Mr.

coming

Gannon

was

for

to
an

Account Ad¬

in

years

with the

Manufacturers Trust Company,

ac¬

and

as

a

on

of

Savings

May 3.

He

member of the

as

of

and

1937

in

the

City

Trust

Co.,

became

a

National
where

he

elected Senior Vice-President

1946, serving until 1947.
From

Wallingford,

10

Trust

Armour

Director

was

and

from

Harris Board of Directors.

President,

Treasurer

retired

Vice-Chairman

as

will continue

and Trust Company. He was Vice-

ministrator
was,

ap¬

•

application

Bank, Chicago, 111.,

with the Wall-

7-

Midland

sic

of the Currency

Saxon

the

Harris

Hartford,

9

elected"

J.

proved

for 23 years before its merger last

Marine

resources

sis

The Comptroller

the

Company,

ingford Bank and Trust Company

been

would

merger

total

service

9

Jr.

and

Trust

the

*

Brownell,

proposed

tive

8
H.

of

were

$14,312,200.

dent of the Connecticut Bank and

9-

Frederick

Bank

George F. Pryor, who retired.

Check-

Clearance Department.'

deposits

18,

National

the

Hugh

Kremar

re¬

$16,000,000.

par

of the corpo¬

Sullivan

Company

W.

;1

,

has total

of

March

Second

$476,000,

each;

name

Trust

National

J.

each,

$10

Ernest Bruce Brandi,

Metropolitan Division;
rence

of

change in the

MacDonald, Thomas W. Sheri¬
and

con¬

consisting of 47,600 shares of the

New

May

'

...

the

of

the

.

value

Helm, Chairman.

are:

John

Company,

26

Trust

sisting of 32,000 shares of the

announced

was

Harold H.

tan
NC Not

on

County

Monticello,

providing for

Before
!\

Sullivan

the

approval to Certificate of Amend¬

1955

Bank

York

New

of

proximating $650,000,000.

9-

,

0.43

—4

in

of

Department

;

give the Maryland National Bank,
capital funds in excess of $49,-

of

10-

0.43
►

19-11

Bank

11-

0.49

-

27
.

23-18
•

in

National

New

election

York,

27-20

1.01

Company,

merged

of

The

Company,

tion

of

Banking

gave

Vice-Presidents at Chemical Bank

0.67

0.93

named

capital stock from $320,000,

8

20

was

Chase

City

1.09

17

■

The

at

State

Manhattan

1926

dan

15

i

May 4

of

of¬

$563,470,863 and Second National's

-

Danmeyer joined the Bank

the

39-26

1958

l

of

0.69

1959

1

Mr.

V.

»

1

died

York

As

consisting

excess

Maryland

charge of data

National

Hagerstowh

National,

in

sources

Westchester, White Plains, N. Y.

the age of 67.

34-23

)
i

New

become

advisory board will

Bank.-.

Second

were

was

the

an

directors

National

employed for

President of the Chase Manhattan

$0.7,2

I960:

at

for

j

Potterfield, President

established

*

in

six

-

National, will

of

present

Long Island

Howard J. Silverstein

Henry B. Danmeyer retired ViceBank,

be

City,

than 40 years.

Vice-President
Sis

Second

The

Lexington Avenue and
*

to

*

30,000

outstand¬

ratio of

a
,

fices, and

the

to

42nd Street.

—2

I

a

Company from Manufactur¬

Mr.

and

assigned

'

-

the

now

Vice-President of Maryland Na¬

Freeport Office.

was

issuance

tional Bank in charge of the op¬

Island

Long

Garden

comes

*

1.07

.

of

York, where he

of

'

Hanover Trust Company, New

more

$1.23

15%

a

He will have his headquar¬

Y,

ers

the

22

.

*

ters in the bank's

Trust

Blumers

Avenue

and

raid

of

Trustee. "

a

*

the

for

its stock

ing, providing

elected

-Company,

•

Mr.
of

W.

National
of

five.*

N.

ap¬

pointment of John J. Blumers and

Cur¬

1 \

■

contemplates

erations

Bank,

the

of

stockholders

36,000 shares of Maryland Na¬

Second

Savings

-

Y.

N.

Burke

Vice-President

City

with

.

Brooklyn

❖

9js

National

Comptroller
and. the

shares

New York,
' *

Brooklyn,
M.

of

merger

Bank

tional stock to the stockholders of

Schro¬

and

Trust

First

the

both banks,

Boards

Alfred R. Weil has been elected

,

The

$23

J 961

r

Dividend
Amount

the

of

*

Bank,

troit office.

William L.

-Common Stock Record-

Revenues

Year—

f

:.L;, :;■■

Robert

of directors

a

National

Second

banks

Corporation

in Detroit rising to Vice-

agency

banks,

Claude M.

Ayer

an¬

May 2 that by action of

two

rency

President and Manager of the De¬

New

As the
company

of

Maclntyre, has been

South

of

Bank
was

agreed to, subject to the approval

*

Trust Company,

The

From 1935-1953 Mr. Henry was

it

M.

Board

The agreement between the two
<:

member

a

Banking

Lincoln-Mercury Division

with

A.

National

Md.

Assis¬

named

were

the

of

Maryland National Bank has been

department.

of Directors of J. Henry Schroder

These

lower than those of all

are

R.E.A. cooperatives in the state.

office,

the

The

of

Kings Highway branch in

elected

power

company's

Meyer

Gardner, Manager of the

Malcolm

being inadequate.

The company's transmission
system will be part of the :'grid"
for transmission of
power from the big Colorado River
Storage
Project. An adverse factor is that advocates of

of

foreign

of
T.Jack

Advertising and Sales Promotion
for the

dents.

.

The company expects to benefit
by a new 230,000-volt trans¬
mission line (about
ready to go into service) which will inter¬
connect its system with that of
Arizona Public Service at the
latter s Four Corners
generating plant. Plans are also under way
for an interconnection with Western
Colorado Power, as well as
for a high voltage interconnection
with El Paso

Curt

s|:

office,

four

Chairman

Second

The

Balti¬

Bank,

Franklin

and

the respective boards

tant 'Secretaries.

years

future fuel, when it

Sec¬

McCann

boilers during periods
a

and

of

associated

as

Pa.,

National

Md.

Hagerstown,

Brooklyn, and Sol Sternick, of the

after

;

Clark,

Assistant

international

William

it

capacity

from

department

joining

extending through 1969

Coal is also available

Ex¬

Chairman of the Board of

Thomas,
of

Russell

G.

Victor Landau of the

were

Detroit

•

contract

a

Corn

Trust

joint statement by Hooper S.

a

more,

North

of

retary to Assistant Vice-President

"

or

ap¬

Of¬

Investment

Philadelphia,

Girard

Bank,

nounced

in¬

gas in its generating plants.
current cost of about 23 cents per mcf. from

Southern Union Gas Co. under

positions,

Advanced

Presi-

t

e n

Bank

Chairman, announced.

the

The company now burns natural
a

Senior

Maryland

ij:

Commercial

new

-

1961

-

the

1964-65; it will probably be a coal-burning
plant in the Four Corners area, adjacent to the large coal reserves
-

Little, Jr. has been
a

at

Miles,

America promoted four officers to

was

Manager

time in

Gas is purchased at

it:

from
-

In

cently, Vice-President of Empire

Henry

Vice

care of increasing loads until
will probably begin construction of the

controlled by the company.

Capitalizations

Trust Company, New York.

Vice-

v e

1957

estimated to be adequate to take

1966

Revised

•

First

President.

1950-62, generating capability

to 334,000

etc.

York

York,

t i

«■'.

During the 12-year period
from

n

he

area.

1962.

Officers,

New

Administra-

33,371

indicated in the table below.

creased

n

a

Mr.

revenues

G.

and will head the Investment Ad¬

joined

with

where

13,818

27,998

ended

share has been

has
Bank,

He formerly was asso¬

New

5,031

13,763

Fe

faster rate than for most other electric
in

City

ciated

6,764

4,495

result, the company's

a

Henry

vertising.

was

As

New

•

Vice-President in charge of ad¬

as

*262,199

.'5,672

•"Metropolitan

Branches

I960

145,673

Belen

Santa

Jack

National

M

Albuquerque

Las

New

•

Erickson, Inc.,

Deming

J. died April 29 at

N.

visory Division of the Trust De¬

T.

27%

revenues are

1950

the

of

Director

,

partment.

follows:

as

•'

change

work and

has shown rapid growth, population in the principal

area

•

Vice-

of 73.

pointed
ficer

wholesale and miscellaneous.
The

Allan

Deming has attracted

The company's electric

■

>

BANKS? AND BANKERS

a

light industry, including a large toy manufacturer. Farming
specialize in the growing of grains, cotton and vegetables,

some

as

the capital, is

and

Red Bank,

University of New Mexico is located in the city.
Santa Fe,

•■'

.#

Hendrickson,

Consolidations

there

number of industries devoted to scientific and
space-age

the

Harold

President

Vegas.

activities, and Kirtland Air Force Base, which

in

and

Chairman

-

Kraft, President.,,:
•#

installation

large

a

elected Oscar

Monmouth County National Bank,

products and

sawmill

Base,

Pas¬

of

Bank

J.,

Vice

Storch

John

half being in metropolitan

over

&

j

■

earn¬

ings for 1963, the price-earnings ratio is about 27.

This city, the largest in the state, is important for

manufacture

machinery.

405,000,

■

National

Erwin O.

Santa Fe, Belen and Las Vegas, and also to Deming in southwest¬
ern

County, N.

T.

The stock

of northern New Mexico, including Albuquerque,

area

First

saic

\

stock may increase

common

*

*

ratio

■"'*

has been quoted recently on the over-the-counter market around

of about $23

revenues

The

,V.

•

.

from the $1.23 earned last year to $1.30 to $1.35 in 1963.

Company of New Mexico

Mexico, with annual

•

.

department of

Chatham-Phoenix Bank, New

the

pur¬

decline in the interest credit this year, Standard &

a

Poor's estimates that

Public Service

stock.

common

in

been

also

had

He

York.

New

(almost the only example of utility warrants outstand¬

approximates 37%.

Thursday, May 9, 1963

.

the corporate trust

These

ing) will expire July 1 and will presumably be exercised to
BY

.

.

A small amount of cash may be received from the exercise

loans.

UTILITY

PUBLIC

Commercial and Financial Chronicle

1948 until

Chairman

1960 he served

of the

Board

of the

Chicago National Bank, becoming
ITina

^

Phoivmin

r\f

Tlorrio

Ronlr

he

commercial

am

inancial

(1915)
when

the

1960.

two

,

banks

"

.

Of

in

merged

the
at

are

25

directors

present

named,

members

Gibson

18

of

the

The

s|:

Northern

Chicago, 111.
the

si:

Crocker-Anglo

Trust

Company,

of

Pat

G.

Morris,

William

Senior Vice-President in the
Bond

Porter
and

sociation

The

with

Central

41

the

years',

as¬

Bank.

National

Chi-

Mr,

Bauder

was

formerly Vice-President

of

tinental

Bank

Illinois

Trust Co.,

V

National

❖

*

the

&

that

liminary

neth B.

of

the

.

National

The

.Jr.,

two

now

on

serve

the

he

has

given

to

Bank

Wm.

California

formally by the directors

serve

a

Bjurman;

S'outhfield,

banks

of

the

on

•

new

and

separate

George

Boyle;-

institu¬

recently approved
awaits

now

action

shareholders

meetings
Final

of both

be

to

approval

held

by

by

be

obtained

D.
merger

Davis

become

can

in

the

before

the

assets of

*

The

*

ap¬

Comptroller of the Currency
J.
Saxon
April
29
an¬
that

he

has

liminary approval
National

Bank

given

to

approximately $3,-

To Admit
Layne

in

pre¬

organize

Bijou,

a

May 16, will admit
Philip Layne
to
partnership in the firm.
* A

$1,000,000,

title

of the

New

new

Initial capitalization of the
bank will
amount
to
it will

Sutro Bros. &
Co., 80 Pine Street,
York City, members

New

Cal¬

ifornia.

and

York

^Exchange,

"Tahoe

National

G. T. Devine Boston

Bank."

'.

FRANCISCO, C

a

of C. J. Devine

BOSTON,

I i f.—Paul

Swensen

has been appointed
Manager of the San Fran¬

has

Manager
C.

J.

of

Mass. —Leslie

resigned
the

Devine

&

as

Boston

Co.,

cisco office of A. G. Becker & Co.

Street, and Gerald

Incorporated, Russ Building.

been named Resident

T.

75

will

title

be

operated

"National

under

Bank * of

James

J.

proved
The

the

the

of

Saxon

on

the

South- '

Currency

April

application

First /'National

Georgetown,
tucky,

and

Ban,k

of

ap¬

merge

Bank

Georgetown,

of

Ken¬

the
Farmers-Deposit
Sadieville, Sadieville,

'Kentucky,

effective

\May 7. ;-\'t
Paul E.

30

to

on

after

or

'*"vX':A'.

; v '.

Hoover, Chairman

of

the

Board of Crocker-Anglo National

Bank,

San Francisco, ■ Calif., and
Roy A. Brittr President of Citizens

National
.

?

Bank r of
Lcs ; Angeles,
Calif., May 6, announced the pro¬
posed plan of organization of the
future Crocker-Citizens National

rBank,; to be formed by
the two banks.
-

merger

\

,:

U.S.A.!

of
.•

r

Emmett G. Solomon, now Pres-.

ident

:

of
Crocker-Anglo National*:
Bank will be President and
Ghief

Executive; Officer

institution,
F i

now

capacity

zens,

will

with

they said,

Mr. .Hoover

v.;

Chairman

•

as

W.

continue

:

continue
B

o a r

National

of

owned

in

d

publicly

integrated

distributors of

a

as

of

electrical; energy

Bank,

continue

Honorary Chairman.

Board

...among

-

will

Crocker will

will become

e

Crocker-Citi¬

the

-

of

W.

merged

F.

r

Crocker-Citizens
and

the

Hogan,
Vice-President
of

t

r s

Crocker-Anglo,
that

of

and Joseph

.

Mr. Britt

Vice-Chairman of the

Crocker-Citizens,

suc¬

ceeding Paul B. Kelly, at present
Vice-Chairman of

Crocker-Anglo,

who will

shortly reach retirement

Mr,

age.

Britt

Chairman

of

will

also

serve

Power

Mr.

~x

-

.*

Kelly, will continue his

consider

Mr.

highly

it- most

Kelly,

who

Crocker-Anglo
banking

career

pleased

devoted

.

•'

.

*'■

The
Puerto Rico Power

685 million

A
'AA

1962

to

great

and

assistance," Hoover

benefit

following
for

the

of

his

sizes of the

Milo

Water

Resources

Authority is
largest municipally owned inte¬
terms

of net plant,

and customers served, the relative

"big three"

are...

City of Los Angeles

Puerto Rico

City of Seattle

Water Resources

Department of

and Power

of

bank:

(Dec. 31,1962)

are pro¬

Net Plant

Directors
Fred

.

Lighting
;

(June 30, 1962)

.

.

$742,848,002

$312,866,867

$215,445,777

.

.

Number of Customers

Stephen

Authority
(Dec. 31,1962)

.

....

Electric Revenues

W.

D.
Bechtel,
Bekins;
Othmar
Berry; Roy A. Britt; Wm. Herbert
Carr; Ralph J. Chandler; Dwight

Jr.;

by the

Department of Water

counsel

and Britt

members

the. Board

merged

Ackerman;

Rico

the second

gross revenues

2,570 million

said.

of

Puerto

1,342 million

'

ades, will afford Crocker-Citizens

posed

records. Paced

spanning four dec¬

the

The

new

'power in the United States. In

distinguished

a

set

grated system producing and distributing electric

343 million

1952

1957

now

Production in kwh

1946

and

fortunate* that
has

'v\'' *'

Fiscal Year

ors.
are

•'

as¬

sociation with
Crocker-Citizens as
a member of the
Board of Direct¬

."We

to

continuing industrial boom and the rapidly rising standard of living,
output
has multiplied over and over.

mittee and officer in
charge of the
southern division of the
merged

institution.

production in Puerto Rico continues

as

the Executive Com¬

.

136,153,557

55,988,810

40,415,434

972,000

473,482

214,437

.

W.

E.

Bonds of The Commonwealth of Puerto Rico and its
various agencies such as
Rico Water Resources
Authority are exempt from state income
taxes as well as United States federal income
taxes.

Hoover; Reed O. Hunt; Earle M.
Jorgensen; Paul B. Kelly; Carl O.
Lindeman; Joseph A. Moore, Jr.;

GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO

L.

Clarke; W. W. Crocker; Morti¬

mer

Fleishhacker, Jr.;

lis;

Walter

A.

R.

Haas;

The Puerto

G. FolPaul

David

,JF.;

Packard; George A. Pope,
William S.
Rosecrans; Wil¬

Fiscal

Agent for The Puerto Rico Wafer Resources Authority

liam M. Roth; Mrs.
Helen C. Rus¬

1311 Ponce de Leon Avenue

sell; Henry Salvatori; Emmett G..

San Juan, Puerto Rico

Solomon.

Ya xW:-na~:,
jt'i kf'i

*<■

r. it "Ii..




V'n
•'*

A
i

*

I

*)■ vTyl3f A'aa'T

A Atj

r.t,

.4

.ti.i'r-nij

V;C.
l'J

r

.

-*£ /

4.5 Wall Street

New York 5, N. Y.

-A

ii*-

.

1

:•

office

of

Federal

Devine has

field."

The Comptroller

A.

Resident

Manager.

$500,000, and

it

on

.

Tucker

Sales

Stock

be operated under the

Swensen Named By
A. G. Becker Co.
SAN

23

Sutro Bros. Co.

iis

James

L.

effective.

The merger bank will have in¬
itial

and capital funds
proaching $200,000,000.

at

Comptroller of the Currency must

Factor; Herbert D. Ivey; L.* O.
Ivey; G. Harold Janeway; Robert

Michigan.
Initial capitalization of the
bank will amount to

J.

was

respective

June.

Crocker-Citizens.

Andrews;
W.

of the

single branch system

enlarged

then

H.

banking

addition,

These members comprise:

pre¬

organize

in

of

prominent

merger

an

aid the operations of the southern

division

plan for the
a

200,000,000

nounced

servin^both northern and southern

advisory board to be formed to

an

Wiison.

In

will

Mc-

Jr.; W. A. Simpson;
Spear; Ron Stever; Ken¬

tions into

Crocker-Anglo

*

approval

National

Sullivan,

H.

Sesnon,

Emerson

Sevier,

remaining present directors

Citizens

The Comptroller of the
Currency
James J. Saxon on
April 29 an¬
nounced

Randolph

advisory committee.

Con¬

Chicago, Illinois.

r

;

F.

merged institution

'

Vice-President.

Sesnon;

J.

Board, will continue to

111. elected Frank E. Bauder

cago

T.

Pflueger; John J. Reilly;

members

Bank,

'

seven

Clyde H. Brand; A. H. Brawner;

Department,

after

and

of the Citizens Board.

May 1 announced

on

retirement

Board

Donald

Kee; William L. Pereira; John B.
Rauen; Samuel K. Rindge; Wm.

-

*

Johnson;

>*'-

24

The Commercial and Financial Chronicle

(1916)

Products

Fiberboard

COMMENTARY...
M.

BY

R.

NLRB

the

that

LEFKOE

would

the

decide

was

any

should

handled by inside

ployees
for

by

or
It

tractor.

would

agency,

Government

each

well

as

immediately of the ICC's

action and

told that serious con¬
was

ation,

elapsed before

restraint.

tative

natural for

laws

of

calculated

bility of
law
.

regulation

or

violating one
necessary

a

complying

of

consequence

as

risk

with

in

matter..

the

by the company that,

desperation attempt to com¬

a

ply with ICC regulations and head
criminal

off

capital

fort."

started

prosecution,

it

had

dismissing its drivers and
independent ICC

had begun to use

concerning

decisions, such

ef¬

managerial

and

by convicting a

which had relied on this

ruling in subcontracting a job be¬

with

bargaining

fore

Board

the

union,

the

employed

post

ex

an

facto decision as justification for
its

right to punish the company—

laws

by

are

Article

-

ity

define

to

term

a

intent

the

that

of

Section

1,

the

(See

a

literally

so

Congress is ef¬

House of

tional

Labor

which

a

Labor Act, in which he stated:

and

another

decision

which

"In

threatens

to put the dictionary out

of busi¬

the Board recently permitted

ness,

secondary boycott by holding, in

a

that

effect,

radio

a

station

pro¬

commer¬

Constitution.

ab¬

Lan¬
the

to

in which Constitutional

ioned—the

pointees

three

old

Kennedy

ap¬

Board

sitting

found

usually

fash¬

five-man

the

to

of

guarantees

considered

are

a

as

majority writing the decision.
The
the

practical

of

consequences

Kennedy Board decisions in¬

clude
NLRB's "Loophole"

the

of

Amendment

legislative

are

in

Act,

effectually

intent

the

and

rights

duces the automobiles that are ad¬

station's

Relations

decision

drum-Griffin

Act,

of the Na¬

interpretations

rogated

earlier

overturned

arbitrarily

co-author of the Landrum-Griffin

the Board

in which

ignored,

are

the
year

in

cases

which the guiding court decisions

the

Griffin,

Robert

the

of

most

In

years.

of

Representatives last

Congressman

by

Thursday, May 9, 1963

.

of

floor

the

on

.

NLRB

condemnation

made

NLRB

the

of

9

of

fectively destroyed.

vertised in the

that

fact

meaning

accepted

word, it is also famous for its abil¬

retroactive
specifically prohibited cials.")

the

despite

the

ing

intended

Congress

Moreover,

represen¬

company's

the

at

discuss

to
told

When

possi¬

the

to

weeks

|three

union

a

arrived

offices

had

whether and to what extent to

as

tearing

hole through the

a

Landrum-Griffin Act wide enough

Thus, it is worth examining the

for unions to engage

in secondary

jority of the Board couldn't ignore

open

oc¬

boycotts and blackmail picketing
almost at will;
coming danger¬

the blatant contradiction between

casion arises—the potential impli¬

ously close to completely destroy¬

(Since, perhaps, even the ma¬

„

be

manner

a

obviate

company

a

would

applied in

to

be

that the

assume

nation

our

and

drafted

to

one

would

it

given

being

almost

but

would act in accordance with that

Finally,

informed by the

was

subcontracting the delivery oper¬

Congress,

as

held
obligation to

bargaining

basic management

company

sideration

Constitution prohibits ex post facto

legislation,

system

information

criminal

filed

company

that, since the

assume

a

The union

con¬

natural

be

Country

&

delivery

charges.

em¬

outside

an

also

to

one

given

Town

third

violation of ICC regulations,

and

to

told

this

that

operation

right

whether
be

returned,

to

one

company's manage¬

a

has

ment

for

natural

be

that

the

that

compel

to

assume

statutory

(130

case

it

bargain is not "so broad and allinclusive as to warrant an infer¬
ence

It

where

1558),

.

previous decision on the fail¬

its

bargain issue and the new

to

ure

theory it expounded in the Town

loophole which the NLRB has left
for itself whenever the

"discussion."

of the word:

cations

of

Counsel

General

employer's right of free

the

ing

violation

in

an ex-

speech,

NLRB,

Constitution

Theophil C. Kammholz,

As

the

of both the

the NLRA;

and

ger¬

which inter¬ recently pointed out: "The fact rymandering employee groups in
haulers, the union repre¬
a
manner
calculated to make it
preted the Act to mean that an is that you [the businessman] will
sentative
complained about not
easier for unions to obtain bar¬
The Employer's Dilemma
employer is compelled to bargain be sitting down to this so-called
being consulted before any action
with
aunion which gaining rights for all of a firm's
with the union on any managerial 'discussion'
In fact, if one were considering had been
taken, and contacted the

another.

these

in

issues

nation

a

whose

referred

constantly

President

his dedication to the

if

Nevertheless,

assumptions.

in

States

rely

to

were

on

these

Relations

Labor
soon

that,

in

it

make

the

its

him

abuse

assumptions at
the

able to dis¬
three

all

of

time involved

one

of Town & Country Man¬

case

ufacturing
No.

was

Co.,

Ill),

a

NLRB-

(136

Inc.

which

company

was

engaged in the manufacture, sale,
and

distribution

trailers.

mobile

of

Initially,

home

the

company

delivered its trailers to

customers

by

independent contractor who

an

the

owned

drivers,

trucks,

supervised

and

operation.

livery

the

(2)

After

a

make

its

short

and

use

ICC

and

pressure,

but

basic

undertaken

avoiding

tion to
the

it

case,

any

was

a

management decision which
not

was

of

in

that,

obliga¬

statutory

its

negotiate and bargain with

union;

final

means

a

as

(3)

change

dures

delivery

in

the

made,

was

believed that it

time

the

at

the

proce¬

company

not obligated

was

bargain with the union about

to

decision

tion

operations

—

both

backed

an

own

assump¬

unani¬

the

by

view of every

mous

its

terminate

to

Court of Ap¬

peals which had ruled in the issue

ies, using company-owned trucks

and by

and its

had handed down on similar facts.

employees.

own

the last decision the NLRB

and

case

The

company

in¬

soon

was

volved,
that

ing operations

method

Commerce Com¬

its

specific

distribution

violated

that

and
of

ICC regulations.

Town & Coun¬

the termination of the

opposition to

vise

the

delivery
this

Under

trailers.

its

of

the

system,

new

the union 'and was

union's majority

it held that the

Moreover,

in violation of

was

obligation
decision

the

to

avoid

a

statu¬
about

subcontract,

action

violation

drivers and the supervisor owned

lations

the

of

was

ICC

even

taken
regu¬

considerations.

delivery vehicles;

endeavor

to

regulations,
was

but, in
with

comply

title

to

an

ICC

tractors

the

kept by the company.

When

As

because

or

the

remedying this

violation

of

Relations

Act, the Board ordered

National

Labor

Town &

also

trailer hauling department, to

tried

again:

trucks
them

illegal,

was

from

as

it

the

the

old

pany

the

purchased

drivers,

hired

and retained

employees,

their

company

dispatcher.

supervisor

as

the

com¬

the

this

point,

picture and,

recognition

dismissed
former

lent

a

after

election,

fore

union

any

had




with

had

The

practical

Board's

decision

Country

to

uncertain

terms

the

reached, the ICC

substantially

equiva¬

for

any

loss

of

earnings

it

action

nomic

will

foresee

difficult to

is

volition
terest

to

its

own

eco¬

of

vital in¬

unprofitable line,

an

the closing of an

fa¬

unnecessary

cility, or the abandonment of an
outmoded

which

procedure)

would not be the subject of man¬

bargaining."

datory

fact,

In

Mr,

Rogers concluded, "the subjecting
of

management decisions as

such

this

the

to

a

incurred

at

ment, simply
action

taken

In

(Italics added.)
attempt

an.

reach

this

their

Board

majority was required
completely evade the prece¬
it had

previously set

in the

discussion

under

will

at the

demand of

union, the union will be

in

no

from

restrains

way
.

.

investigation

.

.

[A]

.

with the duly

an

the

Kennedy

en¬

time.

I

would guess, it will extend to one
week

after

asperated
his

ates

the

employer

the

at

—ex¬

delay—effectu¬

management decision.

y

"Moreover, another well-estab¬
lished

requirement

of

[Na¬

the

tional Labor Relations] Act is that

parties must reach
fore

unilateral

taken.

action

At

...

impasse be¬

an

be

may

best, impasse is

a

nebulous state of affairs; difficult
to attain and easy

to lose.

.

.

In

.

sum,

if the employer finally de¬

cides

to

that

ahead without

go

he

approval,
he

is

rarely

can

union

be

sure

acting within the law

and, if he errs, the penalties
the most drastic

among

the

are.

ever

.ap¬

plied by the Board."

describe

To

the

employer

Town

"drastic"

economic

the

off

too

&

Country

to

is

let

the

easily —the

posed

is

case

im¬

Not

only

(which

facts

Dictionary

re-establishing
the

as

get

penalty

grotesque.

distribution

completely

a

system

indicated

was

uneconomic) and compensating all

"Out the Window"

former

drivers

earnings

Although this statement appears

saddle

that

for

since

the

their

company

loss

any

in

dismissal

management may make economic

itive monetary

demanded by the NLRB will most

the

"discussions"
be

interpreted

the

example,

although

the

Board

written

has

a

not

word.

The

and

try

of
to

company

of

to face

criminal

in

conse¬

of specific NLRB decisions.

•

to

to

power

jecting.

interpret the law

the

case

are

anyone

in the Town & Coun¬
not really surprising

who

IBA Calif.

is at

•

SAN

The

Calif.

FRANCISCO,

California

Group

America will

Conference

the

of

—

Invest¬

Association

Bankers

ment

of

hold its 12th Annual

at

the

Santa

Barbara

Biltmore

beginning Saturday,

June

through

Tuesday,

June

Among those who will be

pres¬

22,

25, 1963.
ent

.

are:

'

•

.Leonard
The

E.

President,

Read,

Foundation

for

Economic

Education, Inc.; Dr. Kenneth Mc-

Farland, General Motors Corpora¬

tion;

Dan

the

of

Kimball, Chairman

A.

Aerojet-General

Board,

Corporation; and Henry Sargent,

American

&

Foreign
'

Company.

addition

to

these' speakers,

of Kidder,

Amyas Ames, Partner

Peabody & Co., New York, Presi¬
dent

the

of

Association

Investment
of

Bankers

will

America,

briefly address the gathering.
The

Municipal

day, June 23.

will

Forum

held at 2:30

again be

p.m.,

Sun¬

Alan Post, Legisla¬

tive Analyst for

the State of Cali¬

fornia, will be the speaker at this

popular seminar.

Cavalier & Co. Opens
In San Francisco

all familiar

liam

S.

Cavalier, Jr.

Cavalier
301

securities

,

Board of

two

has formed

with

at

offices

to, engage

business.

formerly

was

past

&" Co.,

Pine .Street,

by

the

.

Calif.—Wil-

FRANCISCO,

with other decisions handed down

in

Group

12th Conference

throw the dictionary out the win¬

Board

enforcing arbitrary

men

dow whenever it feels like ignor¬

the

sub¬

labor-man¬

agement relations to the chaos of

SAN

Board's approach, decision,

remedy

of

area

in¬

vestigation by the ICC.

For

hesitated

reinstatement

a

in

majority

burden, the action

likely force the

are

union, the Board's

must

indirect

an

with prohib¬

decisions without NLRB interfer¬
as

themselves

find

only

pre¬

Board

dismantled

long

is

its members the almost unlimited

In

penalties

will

guarantee

businessmen

today

President,

scribed by the Board maj ority in

prior discussion

clear-cut

Congress

disastrous situation which

This

Power

Penalty Is "-Grotesque"

of

requires."

a

their

union.

In the

Board,

ing representative is all that the

be

subject

by

study this

reasonable

reasonable time?

a

of

eyes

A

Act

to

is

approval

this

of

entitled to take to

be

information?

designated bargain¬

Throwing the

ultimate

to

arbitrary
infor-. laws.
How long will the union

niatibn.

[to bargain]
an

effectuating

.

companies

own

time for study and per¬

to

haps

the Board stated in Town & Coun¬

try: "This obligation

.

their

ef¬

Considerations. Ac¬

titled

.

majority

the

colleague,

election;

discussed

cases

here, telling businessmen, in; ef¬
fect, that their right to manage

which will

bargain

two

It's Up to

well

employer's

to

the

in

and,

risk.

now

strength of the warning issued by

interpret

decision,

union

cordingly, and
the

the light of its ability to accurately

Changing the Rules

the

here

sort

its

undercut

to

is

the

that

turn upon cost

any

at

taken

be

considerable

own

illustrate:-1—it

only

up

representation

rigged

The
primary responsibility lies
fectively and with understanding. with Congress, which created the
Most management decisions of the administrative
agency
and gave

management

by

must

get

even

duty to bargain includes the duty

to. the

agreement,

will

you

established

require¬
that, short of

means

union

with

to

your

"To

bargaining

assurance

order

remarkably long time and

thereafter

Board's

particularly

mandatory
company

the

of

ambit

and

process,

will probably

remain in this sitting position for

own

(whether it be the discon¬

tinuance

dues-paying members.

The fact is that you

What is

its

of

take

in

and

any

management

which

free

be

held

dent

majority stands,

this ruling of the

employment had been termi¬

have

nated.

to

by NLRB mem¬

Rogers in his dissent to the
reconsidered Fiberboard case: "If

as

the

&

Town

management's

6n

case

ence

In

the

the

of

effect
in

ber

their

reinstatement

or

of

it

cause

employees by winning an NLRB-

quence

right to manage was stated in no

been

a

began, but be¬

agreement
been

who

loss

the

to furnish information

positions.)

Minority Decision

The

since

bargaining agent for the drivers.
After negotiations

drivers

change which might

enable

might

the

dia¬

two

down

opposed

their

winning

became

metrically

of

problem

the

handed

having

they

union entered

guilty

Fiberboard

with

dispensed

of¬

positions, and to compensate

them

Enter the Union
At

found

de¬

with all its might and guile

any

Country to reinstitute its

those

fer

original

likely will be determined to op¬

pose

violating the Act, and thereby

of

decision
of

means

a

economic

of

the ICC declared that this system
s

cision,

the

its

reversed

com¬

bargain

to

if the company's

to

status.

position,

new

NLRB

peril."

tory

to super¬

haul¬

motivated by

was

its

of

light

mine the

pany

it to sell its

trucks and engage a man

ining the facts of that case in the

hereafter

ICC

led

in¬

in

After exam¬

the Fiberboard case.

designed to disparage and under¬

try's first attempt to comply with

regulations

issues

Board majority decided

a

System fell within the jurisdiction

mission,

the

of

aware

formed, however, that its delivery
of the Interstate

of the

with the facts

Presented
The ICC's Position

some way

decision

precedent-setting

its

out¬

an

necessitated

was

partly by economic considerations,

hauling

deliver¬

own

drivers

primarily" by

its

time, however, Town & Country
decided to

its

de¬

the

told

had

company

contractor

the

employed

immediately

system

normally approved by the

one

side

businessmen

and,

criminal

of

pressure

miss

major¬

conceivably

in

—the Board decided to reconsider

the union that its decision to dis¬

struction.

ity of the NLRB

regulations

ICC

the

ICC;

carries with it the risk of his de¬

a

ex¬

(1) Town & Country had

delivery

to

reliance

The decision in which

and

charges, had been forced to change

labor-man¬

such

of

isolated

be

can

satisfy

under

would

to

clear

of

area

to

a

National

Board

very

relations,

agement

making

in

assumptions

business decision, the

in

issues

tried three times, without success,

of

any

case

amined:

United

the

employer

an

the

framework

a

three

the

of the rele¬

major

sets

facts

vant

which

political-eco¬

sitate making these

—

affect his employees

This brief summary

principles of

Country case

decision which might

NLRB.

to

free enterprise, logic would neces¬

nomic

&

licensed

Mr.

Chairman

in

a

Cavalier

of

Cavalier & Otto, Inc.

the

Ii,IT.

Volume

Number

197

6262

.

The Commercial and Financial Chronicle

.

.

(1917)

Lawrence

Funds Intensified Buying

A. Sykes,
Massachusetts Life

of

Boston:
the

Before Market Soared
1962 and

Continued from page 1
the

net

were

purchases

double

than

more

of $180

million

the

com¬

1961, of the status of the

mutual fund

total

to

industry with respect

net

assets, gross and net

parable figure of $80.6 million in

share sales, etc. In this regard, it

the

may

earlier

the

In

three-months

balanced

the

of

case

span.

open-end

funds, purchases in the

March quarter of $255 million far
exceeded

sales

of

$147

million.

be

ratio of
net

the

for

1.54%

the

the

redemptions to aggregate

assets

was

that while

observed

initial

against

as

December

quarter
in

1.42%

quarter,

net share

Net group purchases of $108 mil¬
lion were up 26%, due primarily

sales

to

respectively. Also, total net assets

Wellington's

This

huge

heavy

fund

buying,

bought

$107.5

million of equities, while dispos¬

ing of $30.7

million.

In

the De¬

$253
of

Other

the

latest

substantial

Dec.

quarter

included

for

As

f unds,

selling
the

the

open-end

stepped-up

first

buying

experienced

was

quarter.

and

during

However,

on the buy side
—purchases of $427 million against

$304

million

in

the

quarter—-reflected

December

quarter-to-

a

quarter increment of 40%. More¬
net

over,

$68.3

million
than

more

acquisitions

group

contrasted

with

million

$1.5

of

the

$224.3

were

million,

March 31, 1963

on

with

periods

billion

$21.2

on

Showing

Under

heavy

buying

by

Dreyfus,

Fidelity and United Accumulative.
The

closed-end

presented

funds

overall

mixed showing in the
quarter.
On a
net
basis,

past

a

however,,
million
when

group purchases

compared

million

with

the

selling balance

fourth quarter.

in

The better show¬

ing in the March quarter
result

of

Corporation.

in

factor
net

a

the

was

good buying by Lehman

Conversely,

selling by the fund
tant

$6.4
1962's

in

was an

funds

shape.
that
in

the

placing

group

liquidation position in the

December quarter.
As

a

proportion

Many

the

prophets

funds

There

had

would

fall

was

not

was

the

case.

great stampede by

no

fund shareholders to redeem their
shares. Nor did the managements

operating

the

funds

become

total

port¬

folio assets, net cash and govern¬
ments rose to 7.0% as of March 31

from 6.8%

on

Dec. 31;

defensive 'securities

and other

(bonds

Naturally,

when

the

market

sharply last spring, the share
,

to

flecting

9.3%

from

equities, the

total

value
In

their
rose

to

found

by

quarters

Re¬

stock

balance

83.7%

from

comparative

in

that

the

,

of

sec¬

sheet

82.5%.

statistics,

years

time,

net

expected.

asset

values

have made good recoveries in line
with

the

market's

uptrend in the

already

.

managements

indicated,
as

a

stocks

in

the

March

common

investment

of

In

expres¬

philosophy

Charles M. Werly, Chairman

"The

opinion
stocks

Trustees

invested
this

at

largely

common

This

decision

points:

these

on

the

should be

in

time.

of

the expectation of continued

improvement in general business

1983,

rate,
of

(2)

the

very

waiting

opportunity to
ket,
new

us

Fund

and

(3)

wave

of

large amounts

for

come

the

selling

dustry

strongly

favored

while

groups

with

compares

THE

12

with

managers

sales

by

Continued

sold

and

3

sold

in

by

4.

RELATIVE

MUTUAL

TO

FUND

Gross Sales

(Millions)
Qr.

1963

I

1962

$600.7

1961

*$922.1

$719.9
695.4

II

771.1

III

495.0

722.4

IV

510.9

813.1

$2,699.0

$2,950.9

'"Historic high.

(Millions)
1963

1962

$347.9

I

$282.4

1961

*$331.1

18

in¬

320.0

GROUP

OF

MUTUAL

234.7

248.0

IV

285.6

March

263.3

lowing groups

were

the

containers,

$1,122.7

cosmetics,

cals, finance companies, insurance,
industrial

equipment

metals

equipment,

(machin¬

for international

(Sales Less

Redemptions)

Free

(Millions)
Qr.

1963

I

I

for current income.'

INTERNATIONAL

!

AND GENERAL FUND

$252.8

investing.

'

.

prospectus

from your investment dealer or

1962

1961

*$639.7

$388.8

CO.'

NORTH AMERICAN SECURITIES

377.5

II

451.1

office

III

260.3

IV

224.3 1

615 Russ

Building

San Francisco 4

•

474.4

(international),

549.8

(aluminum),
oils

long-term growth possibilities.

COMMONWEALTH

Net Sales

drug

electri-

and

for

$1,160.4

fol¬

predominate¬

electronics

balanced fund established 1932.

a

COMMONWEALTH INCOME FUND

ly bought: airlines, banks, bever¬

products,

FUNDS

INVESTMENT CO*

COMMONWEALTH STOCK FUND

This

December

quarter,

COMMONWEALTH

317.9

III

'"Historic high.

the

2.

25

Redemptions

disfavoring

the

only
page

on

COMPARATIVE

industries fav¬

11

con-

INDUSTRY

quarter.

ery),

trasting

by

(N.

common

during the March quarter.

ages,

purchases

Oil

managements showed in¬

they

ored

J.),

Standard

—

dynamic

II

3

en-

terprises

Con¬

up.

creasing confidence in the future
as

the world's leading petroleum

purchased by

and

YEAR

-

STATISTICS

portfolio."

our

manage-

4

popular issue

was

been. adding

The

following

mildly
in

favored

this

$1,575.4

industries
by

products, natural

food

gas, rubber

mixed

aircraft

and

group

find

we

equipment,

aircraft
automo¬

construction

equipment, glass,

and

indi¬

favorable

a

paper

and

and

possibility
both

of

I

and

(copper),

steel

issues

II

meeting

groups

ing.

only

substantial

sell¬

..

•

rank

bought
quarter
Dutch

as

most

during

stock
was

the

IV

Ratio

of

20,002
21,008

21,271

____

Redemptions

22,789
to

Net

Assets'
1963

Qr.

1.54%

I

tI

1962

1961

widely

1.23%

1.81%

1.54

1.61

III

1.25

1.21

IV

1.42

1.20

Deiaware

first

the

achieved

Petroleum.

18,436

II

■

POPULAR ISSUES

Top

$19,439

19,088

——

trade

the

1961

$23,048

paper

retail

were

1962

$22,639

III

products, Radio T-V, and tobacco.
Metals

1963

by

Royal

After

relin¬

Note:

of

Ratio

net

average

redemptions

assets

in

1962

to

a

here

quishing this enviable position to

5.1%. This compared with 5.8% in
1961 and

cember

Motors

during

the

De¬

5.1% in 1960.

Third in popularity was one

quarter,. Royal Dutch re-

Fund

was

General

into the mar¬

inflation

(Millions)
Qr.

equipment,

building

tive,

Net Assets

and

tire, and textiles.
the

'"Historic high.

managements

chemicals,

survey:

$1,790.5

were

accelerating

institution's

both

viduals

an

presently in the hands

money

of

THREE

Qr.

of agricultural

of Bos¬

are

that the Fund

based

(1)

of

most

managements

POLICY TOWARD

In

be of interest:

the George Putnam Fund

is

lead

aggressively to the

were

quarter.

regard, the following

sions

ton:

13

INDUSTRY GROUPS

fund

group

distinctly bullish toward

may

second

lishing, and railroads.

As

this

of

change in do¬

have

and

renowned IBM. This

'growth issue"

early

absence

activity would be

portion

The
was

recent

credit markets,

fund

public utilities, printing and pub¬

past two quarters.

quite possibly at

the accompanying table will

be

Since

had

many

the

16

in the initial three months of 1963.

of 1963,

several

and

we

with

purchasing

decline in busi¬

some

to believe the next

activity and earnings during 1963,

buying

common

tor

of

than

de¬

10.7%.

increased

the

better

the

maladjustments in inven¬

tories and

In

and

high grade preferred stocks)
clined

serious

ments

more

the

quarter

However,

automobiles,

panicky.

fell

a

proved retail trade, especially for

said

apart

neither

developments including increased
private
capital
spending,
im¬

1962's

major stock market drop.

any

strongly
of

ness.

high

towards

during

first

anticipating

has

adopted

we

attitude

the

1962,

bounded

has been

historically
that

market

part of

July

of

down appreciably.

nor

cautious

Fund

economy

output
up

stock

since

an

result,

a

stock

weathered

This, however,

heavy

impor¬

moved
As

by

of

gyrating stock market, including
May's sharp break, in fairly good

of $3.5

extremely favorable

was

rate

more

of
most
funds
turned
preceding quarter.
Contributing values
In general,
importantly to the better showing sharply downward.
nr the
recent three month span however,
they held
up
much
was

featured

mestic

1962.

Pressure

no

in

31,

Most

the

greater emphasis

and

Impressive

In¬

stock

two

American

sequently,

buyers in

vestors Mutual and Putnam.

million

compared

$83.6 million and sold $30.5 mil¬
-

the

$22.6 billion

cember quarter the fund acquired
lion.

for

"Ever

President

25

Investing in diversified securities
selected for their INCOME and

of

APPRECIATION possibilities

and abroad in the months ahead."

PROSPECTUS ON REQUEST

m
3#

Deiaware
ARE YOU LOOKING FOR

INCOME NOW,

INCOME

FUND

INCOME LATER...OR BOTH?
The Parker
mutual

HOWARD
Iwr
lillllr

Corporation is distributor of

funds with

two

■

m

different goals:

~

Investing for
CURRENT INCOME

m

A mutual fund

investing in

a

list of securities selected for current income.

Incorporated Investors
A mytual fund investing in a list of securities selected for possible long-term

EST. 192S

growth of capital and income.

%fSiri fllMil

common

each fund is available from

your

stocks for possible growth of

principal and income. Founded 1931. Investigate Eaton & Howard's diversified
Stock Fund—write for a free prospectus, today!

Bill SMIgfrll
anar$.I

IrilNii
x

A professionally managed mutual fund in-

vesting in common and preferred stocks
and bonds. Objectives: current income and possible future growth. Established in
1932. Write for free prospectus today.
\




PARKER
200

CORPORATION

Berkeley Street, Boston, Mass.

□

Stock Fund Prospectus

□

;

.v!vX

Nationally distributed through
*

investment.dealers by
;

*

/.Vvv:rr

'

bzlaymre

24 Federal Street, Boston 10, Mass.

investment deSfer.

Gentlemen: please send me your free

THE

risk involved

both

EATON & HOWARD, INCORPORATED
A prospectus on

possible,

PROSPECTUS ON REQUEST

A professionally managed mutual fund investing

I 1111 i# primarily in

as

commensurate with
the

Incorporated Income Fund

high

as

\*

Balanced Fund Prospectus

Management

Co./vc;

NAME.

STREET.

CITY

3 Perm Center Plaza

Philadelphia 2, Pa.

x

■"■mi suayyiviam90d

Stearns Co. Continues
Stearns
New
New
not

&

Co.,

York

City,

York

previously

re¬

Continued, from page 25

Xerox,

copy

and

Do the

sellers,

Possibilities In

3

field with

The

Interest You?

four

WHY NOT

selling:

AMP

&

Paper;

Kanasai

Pacific

Gas

Lamp;

French; "and
Invest¬

primarily

for possi¬

ble long-term

growth of capi¬
tal and income in

companies actively
engaged in the Elec¬

&

Smith-

Westinghouse

quarter.

Fund

investment dealer

Elec¬

which

Cola;

RCA;

tronics

Socony-Mobil;

Oil Indiana.

Within

this

newly

however,

r

a

Broadway, New York 6, N.Y
?

*

'

'

chase

category

en¬

we

was

V

'

in

changes.

ment
CFO

are

in

making

such

investment

Associates

were:-

both

was

maintained
which

terest

Dreyfus

'

'

.

j;2(l)
2(1)

43,050

—__________

....

T

5(2)

13,900

—

' V*

'

V'

'•••'.

>

sections

latter

Oil •&

Gas

shown

during

duPont
and

the

of

1

2

73,800

National

None

000)

Corp.; Uris

Pan

35,600

American

47,800

newly.

our

Western

(E.

•.{■■■'

American Motors___I_ii__'—:__

past

2(1)

40,000.

Fruehauf Trailer.-'

30,900 i

-

2(1) :

Chrysler

2

the

In

•>"*'

i

Ford

I;)

with

None

.

'

■

.

Champion Spark Plug

None

Thompson Ramo
Banks

bought 'by, Massa¬
Growth-

3(2)

-

14,000

{

Bank

•

*'

•

7

'

-

'■ V

„•

••

■

of America.-

2(1)

50,000

acquisitions,

4(1)

48,517

Chase

2

10,325

County Trust Co. (White Plains) "

not reflected in

tabulations' of

V.• {

!

Manhattan

.1

-6,000

1

None

25,000

/ 8,960

3

19,937

Franklin National Bank (L. I.)__

3

8,584

Irving Trust (N. Y.)

2(1)

3,950

Morgan Guaranty Trust____-___.

2,500

4,500

National Bank of Cleveland--..

6,500:

managements.
the

was

major banks

the -best

bought

1

are

2

bank

8(1)

Security First National

with

2

(10,500) by Fidelity

newly. Investment Co. of America

1(1)
None

12,000

shares.

First

Na¬

1

3,000

National Bank of Detroit--—__

40,692

Security First Nat'l Bank," L. A.

1,000

Valley National Bank, Arizona..

100,000

14,000

Bankers

Trust

tions,

1

16,400

acquired

was

by

Funda¬

four

mental

or more
managements, found
buyers: Champlain Oil & Refin¬

Investors

(35,000)

Continued

on

Bk.

4

...

(1)

-1(1.)

2(2)
1

None

•

1(1)

3(2)

'

Tr.

&

'

*

'»-1

50,100
V

4(1)

16,300

*
'•

"

3(1)

20,000

First National Bank of Boston..

by

.

.

64,823

The

Nat'l

2(1)
•

155,000

Chemical Bank, N. Y. Trust..

Continental III.

:1

None

::

48,000

3,700

1(1)

4(2)

6,000

'

Western Bancorporation

None

;
-

4,140

'

'}

None

4

5,702

spe¬

3(2)

sold

'. None

.

5,000

City Bank (N. Y.>,
best
bought of the Manhattan institu¬

no

.

Bankers Trust

•

COMPLETELY FRIENDLESS

issues

2

None

Crocker Anglo National Bank..

concerned,

one

'' 2(2)

6,700.

(4,-

tional

following

!

108,500

(Miami) bought by

bought

and

6(4)

\

First National City Bank (N. Y.)

buyers; and CIT Finan¬
sellers

None

98,200

____________

16,000

{eight

buyer.

,'.

None

Automotive Equipment

7 2,000

1(1)

FirstNa¬

were

114,900

^

rapidly growing

These

as

■

29,400 ? f 3(1)

....

45,044

Insofar

.

lr'i

12,000"

1

quarter

•

1 {

;

"24,550

quarter inasmuch-as this analysis
is confined to transactions
by two

three'buyers; Florida

six

50,000

115,100 -* General Motors.

6(1)

(L. A.)

;.

1

2,000

or

the

'

None

500

„__

"

more

•

Automotive

8(1)

out¬

are

extensive

and three

DIVERSIFIED

2

None

:

United

30,800

•:

None

Northwest

'

302,600

(3,000) and First National

incidentally,

issue

having

—*—

par¬

chusetts .Investors

Clothier;

1

,

the

banks

country.;

Bank of Dallas

Power & Light with seven sellers

cial

500

Delta—9,000

8(5)

A greater in¬
for

more

tional Bank of

Among the issues markedly dis¬

favored

American

4

demand

City and, in

category

Putnam

DIS-FAVORED STOCKS

7

59,600

5(1) ' 164,683

also

in

•

3(1)

(25,000)

indicated

'V\

.

'

35,300

1

strong

quarter.

was

ticular, the

Corp.; North American

&

the;

side New York

Building Corp.; and-Union Bank
-(Li A.)%

sellers

2(1)

.

..

newly;
page

Beverages

28

2(1)

In bonds, preferred stocks and
common

McDonnell

Marietta..

-

3(1)

(18,800).

had' been

December

Invest¬

Casualty; Pacific South¬
Airlines; Robins (A. H.) Co.;

were:

A balanced investment

6 ;

1(1)

"

cific portfolio changes during the

INVESTMENT FUND,*

69,600
50,000

/

2

pur¬

-

;

None

-

Airlines

Generally speaking, bank issues

an

com¬

&

Tex~Star

-

the years.

1,000

; -

Bank; Hoer-

phone; .'Strawbridge

over

1

None

—

42,300

Martin

Buyers Dominate Banks

Onondaga Pottery; St. Louis Cap¬
ital; Southwestern States Tele¬

Investing in common stocks
selected for possibilities of
growth
in income and capital

6,500

Boeing

None

•'

2(2)

13,150
'____

United Aircraft_____

29,000
•

,

— —

North American Aviation

;

1,000

1

ex¬

Boxes; Ilikin Corp.; Kearney

west

>.c.

48,300
'

bought

Northwest;

of

National

and Madison

Co.; B. V. D. Corp.; Citizens

Life

INVESTORS,

Lockheed Aircraft-;

2(1)

,

Over-the-Counter

Issues

& Trecker

FUNDAMENTAL

43,700

Dominick

also

huge additional

issue.

bought by

generally

small regional

on

6 Southern National
ner.

fame

portfolios during the recent

quarter

Ctty-State_

the

or

appearance

pany

Address.

3(1)

None

Fi¬

of 90,800 shares by Dreyfus
the largest
commitment in

the

fund managers are -con¬

as

traded

Chicago 3, IK.

Grumman Aircraft_____

Bendix Corp.__

4(2)

20,000

___

Aircraft Equipment

and

44,000

1

1(1)

112,000

1(1)

2

Mgts.

20,900

Caterpillar Tractor...

7,200

6

No. of
'

2(1)

V,

No. of

—

.

'Madison

V

.

Equipment

International Harvester..

18,200

Aircraft

eight

(20,000);

and

(10,000).

prior investment

no

insofar

Market,

'

(10,300);

delity

and

Growth

'

Deere & Co

8,300

1

Number

expressed giving

are

(

(Purchases

Shares

17,300

2

(85,000); Madison (35,000);

Diversified

splits

•

stand¬

a

purchases or

new

portfolios.

"V -'.•y-W'-; 77'-'{V

re¬

heav-- runners-up. Pan-Am having

were

deavor to unveil issues with rela-.

Shares

4

in

was

sold prior to stock

or

Agricultural

problems

earnings

their

Shares

December

age

from

,

from

now

This

thing of the past

a

(15,000)

or

No.of

Mgts.

.'

Standard

120 S. LaSalle St.,

115

become

improved

No. of

not

cerned. These issues

Name

jet

view, Pan American

Industries; General Electric; Gulf
Oil; Northwest {Airlines; Pepsi-

Management Corp.,

/

Many

the

making entirely

more man¬

in parentheses

Numerals

Sold——

ex¬

unanimously pur¬ buyers and no sellers was a unan¬
chased,'included Aluminium Ltd,;; imous favorite. New commitments
American Tel. & Tel.; Burlington by five funds included: T-V Elec¬
but

tively
Television

in

Issues in which

italics.

in

—Bought— ~

out, with Northwest and National

Other issues

are

effect to the split?)

prospect. In the period under

&

"DEBUTANTES PARADE"
ord of this Mutual

of shares bought

are

tronics field,

your

true

and

Get the Booklet-Prospectus and'rec¬

t

sellers.

over

have

•

ily,

also

was

Gas;

Klein

bought

through stock splits, dividends, etc.

with all issues hav¬

of buyers

cess

Electric;
&

than

exclude shares received

ing portfolio activity showing

Power

Electric

Philips

are

Electric

Service

tric.

invested

Service;

Public

INC.

assets

Cities

management group participated.

the stock

repeat performance occurred

in this group,

Becton

ADRs;

ELECTRONICS

-Jjjj

A

1963)
those issues in which more

completely eliminating

Airlines Unanimously Bought

met

Inc.;

Co.;

THE

IN

FAVORED GROUPS

Container Corp.; Max Factor; Pan
American Airways; International

TELEVISION.

ment Fund whost

TRANSACTIONS

managements,

one

agements sold

%

indicate number of managements

fourth.

was

more

Dickinson

INVESTIGATE

A Mutual

buyers

March,

-

The following transactions include only
than

*

following issues, bought by

or

no

fi

10

(January

and

Producing;

Management Groups

•

Republic Steel.

the

in

Gulf

Texas

"UNANIMOUS FAVORITES"

ELECTRONICS

r

ing;

"glamor" -issue

a

photo

Investment

FUND,

75 Investment

Before Market Soared

did

ported.

;

Changes in Common Stock Holdings, of

of the

Exchange,

as

Funds Intensified Buying

Street,

members

Stock

dissolve

Pine

80

2

stocks.

4(1)

11,000

\

■

Anheuser-Busch

31,200

None

None

Coca-Cola

8,700

None

None

Pepsi-Cola

11,000

1(1)

Building, Construction and Equipment

Qeorge

■

PUTNAM FUND
DIVERSIFIED GROWTH
STOCK FUND, *

5,000

American Pipe & Construction..

8,900

Armstrong

1

The

1
1

y
r

6,000

General Portland Cement

5,000

Ideal Cement

33,000

1(1)

Lone Star Cements

40,000

1(1)

1

1(1)

50,000

Cork

1

Owens

5,000

3,000

Johns

None

Corning

1(1)

Fiberglas

1

28,700

Sherwin-Williams

None

"A BALANCED FUND"

Investing for long term growth
|possibilities in securities of companies|

2,500

2(1)
1

ofBosto

2(1)

4,500
14,200

1(1)

None

Manville

None

None

None

77,760.

3(2)

Mary Carter Paints

12,200

2

1

THE

development.

National

57,222

2(1)

5,COO

Otis Elevator

81,600

4(1)

2(1)

economic

1,000

1

in many fields of scientific and

3,400

U.

19,500

4(1)

37,000

2(2)

PUTNAM GROWTH
FUND

Prospectuses

on

Request

'vV

10

WHtwiniUr it Pirfcer

«

POST

New York

Incorporited

Los Angeles

Elizabeth, New Jintf

OFFICE

Cleveland

San Francisco

y

Washington

Allied

60,350

Air Products & Chemical

29,500

1

4(1)

17,200

American Potash & Chemicals

71,700

3(1)

58,112

Dow

4(1)

62,500

Eastman Kodak____-___

■'

4

»
..

it*:

a.
i»

a

.

»■
.

*

'*

.

■




»«.

n

H ■£

nV'rf

aJ

v,
>

t* V
'*>

-i*1' '

'

> u
1%.

jT

*•«,fe

Y
i

*■> :•

W
v-

-

1
«

s;

fx*it"**-*

4» <i

>

■<

7

a

v

''

St. Louis

Pompano Beach, Fla.

"•

Chemical

4(2)

60,562

85,380

Hooker

12,492

National Starch__,

2

104,400

:

Chemical—

Rayonier Inc..

:

3

41,400

2

71,400

+

■

# ^

1(1)

None

1

None

None

None

»

«•: >• y* tl'-i
■"! +* y*

None

;3

108,000

Hercules Power.,

4

None

18,700

Grace & Co._

41,000

3(1)

My

Chemcial__

4(1)

SQUARE, BOSTON

Chicago

36,800

6(1)
2

Putnam Fund Distributors, Inc.
Hugh W. Long and Company

Gypsum

Chemicals

4(1)

Emphasizing possible long-term Capital Growth

dk

S.

Gypsum

J*r

•

.

Volume

197

Number

6262

.

.

The Commercial and Financial Chronicle

.

—Bought—

-Sold-

No. of

No. of

Mgts.

Shares

3

Stein Hall & Co

3,100

3

None

18,800

4(1)

Shares

None

Union Carbide—.

■

.

1

•7 ,900

1'
1

___

50,500

6(2)./

21,800

2(1)1

Corp..

Harshaw Chemical

^

29,440

______

Stauffer

2(2)

28,200

Corp

4(1)

v,

8,150

2(1)

:

/

Continental

None

Can.

14,900

Chesebrough-Ponds
Factor

1

1

_

4,180

None

Shulton

71,300

Gillette

_

_

__

10,300

3

4,100

2

Abbott

American

Home

Products

None

10,000

Carter

48,400

Mead

6(1)

27,800

Merck

&

1,500

Pfizer

(Chas.)

8,300

Plough

9,524

Rexall

2
1

2
.

3(1)

5,500

D-;;:

18,600

Smith,

3-

10,600

Sterling

KD
1

<

1

_

_

French

_

None

__

2(1)

Beckman

26,500

Control

65,500

Emerson

7(2)

181,500

5,(4)

36,200

KD

5,000

2(1)

.35,500

20,000

Kaiser Aluminum & Chemical__

I_

1

None

None

1(1)

None
1

None

1(1)
None

,

4,000

Electric
_

1

Magnavox

2(1)

McGraw Edison

Motorola

None

None

Phillips Lamp Works

None

None

7(2)

93,600

R.

2(1)

5,200

3

30,788

Reliance Electric &

Engineering

Schlumberger Ltd.
Sunbeam

Texas

Corp.

;

Varian

5(2)

80,600

Westinghouse Electric

10(3)

-55,300

Fairchild

None

3(2)

Foxboro

41,600

Zenith

KD

None

None

15,200

3(1)

14.900

Camera

88,300

5(1)

Great

3(1)

85,000

100,000

24,000

Food

■X: X

1(1)

'25,000

American

Central

Soya

3

24,760

General

23,166

2(1)

6(2)

,

77,700

1

1(1)

4,328

__

1

3,000
1,000

Wilson

__

___

_

&

165,000

Campbell Soup

None

Carnation Co.

None

None

Corn

2(1)

Tennessee Gas Transmission____ 235,532

3(3)

9,000

29,278

I.B.M.

57,900

Minneapolis-Honeywell

3(1)

5,200

2(1)

18,000

: i:

1,300

Cash

Pitney Bowes
Moore

6,100

___—

National

—

or

MASSACHUSETTS LIFE FUND

None

50,000

your

Investment Dealer

3

V

None

—

Prospectus from

2(1)
r

8,500

Corp. Ltd

DISTRIBUTORS

2(2)

so

Stats Strbbt, Boston

o.

Mass.

Oil

V' 5(2)

32,600

Amerada Petroleum

31,100

Cities

•

47,300

3(1)

•

'

19,200

2

1,300
.

16(3)

>2(2)

> 15,000
449,800
61,000
200,400
65,875

Service

None

________

Continental Oil

None
2

68,700

—

C Delhi Taylor Oil

None

—______

Gulf Oil

.

None

20,318

Pure Oil

1

5,000

Louisiana Land & Exploration

1

1

3,000

Royal Dutch Petroleum

24,500

?

.

4(3)

Sinclair Oil

None

Socony-Mobil

8,525

2(1)

7,873

3

Standard

Oil—Calif.

-'*/•

41,000

__________

D

Continued

None

on

page

28

A Name to Remember
When

Investing

Mutual Investment Funds

WELLINGTON

2

FIND

• Stock Series

'

_

4(1)

>

4,000

Register—

2

_

CfCod/tifaf,

fXcjii/iant/, Trustee

Founded 1S18

13

3

1,630

Products

«sf/erMac/tuds>/fo
tfttdniattce

l'.-v:-

4,300

None X None

3

56,000
7,000

•1(1)

1

None

individ-

for each investor.

&

'

f

x

Fund
investment

for

its

of

L

a

•
9

seeking
possibilities
growth of capital




—

Chicago

—

Preferred Stock Series

"

>

Balanced Series

Bond Series

upon

request

Balanced

Fund

rent income, and
profit
possibilities.

Ask your
'

Information Folder and

Los Angeles

—

Prospectus

on

Request

NATIONAL SECURITIES & RESEARCH CORPORATION
Established 1930

120
Atlanta

a

investment dealer.

company

Lord, Abbett & Co.
—

—

seeking conservation of
capital, reasonable cur¬

for prospectus

or

write to

reasonable current income.

Prospectus

New York

Growth Stocks Series

• Income Series

shareholders

Iohg-term

and

•

• Dividend Series

A Common Stock Investment Fund
An

San Francisco

/

•X/

1

40,400

Co

Gas

2(1)

20,000

—

United Biscuit

1

_

Natural

KD

10,400

General Mills

__

an

■1(1)'

/ ual trust account

Gas

American

12(1)

8

4,500

Foods

3(1)

_

15,000

cipal in accordance with

6(3)

Arkansas Louisiana Gas________

237,470

5,100

5,700

40,900

Panhandle Eastern Pipe Line

1

Armour

13,000

None

International Nickel Ltd

64,500

10

1

A balanced mutual fund providing
for distribution of income and prin¬

2(1)

39,900

8(2)

Sugar Refining

1

None

ife Fund

1(1)

,

26,700

3(2)

44,400

Products

3

1(1)

35,000

; 5(i)

KD

38,900

& Brass.

1(1)

3,000

Mining

1

27,500

Joseph Lead

Natural

2(1)

_

12,500
_■

_

Falconbridge Nickel Mines

9,200

65,105

—

Newmont

None

•2(2)

'

Financial

Lead

Revere Copper

31,500

C I T Financial

Western

National

St.

i 1

Massachusetts

American Metal Climax

29,700

3

2(1)

Mining—Other

45,900

(None

2(2)

26,600

2

_

Talcott (James)

KD

•

and

2(1)

43,500

__

Phelps Dodge

1

7,900

-1

__

First Charter Financial

15,850

2

2(2)

9,000

21,100

2(1)

14,000

55,300

4(1)

25,000

__

3

2

Financial Federation

3(2)

2

5,400

Finance Companies

23,400

KD

68,500

__

Mining—Copper

Kennecott

9,500

3(1)

Corp.

Radio

.

43,000

4(1)

3(3)

20,000

Cerro Corp.

Metals

2(2)

17,000

_

Corp.

None

None

___

4

None

8,600

20,100

None

Ltd.'

Office Equipment

2(1)

None

'

Xerox

None

14,300

1

12,000

_

Instruments
Associates

4(3)

9,400

__

3(1)

CorP"2 Bway.NY-4- N-T-

XX.

2(2)

41,743

C. A.—

DREYFUS

1

86,700

____

58,000

1,600

None

2(1)

5,000

6

3

and

Anaconda

4,000

2(1)

10,100

_

1(1)

30,000

,

Mfg.__

Litton Industries

.

Metals

None

22,000

Electric

General

8,600

Id)

2(2)

None

Data

Prospectus free from your securities deaier
or write Department C

None

1,000

;

2(2)

2(1)

22,700

Reynolds Metals

3

25,200

9,500

23,500

2(1)
—-

risks in that direction.

1

Mining-—Aluminum

138,300 D Aluminium

X2

Instruments

takes what it .considers sensible

30,000

3

None

None

Corp.

2(1)

2(1)

and

make your money grow and

1(1)
None

1,000

United Shoe Machinery..
Warner Swasey

7,400

Kl)

6,000

„

to

1

;

None

Singer Mfg.

>

18,500

2(2)

4(1)

2

Co.

Corp.

1

15,600

Clevite

27,700

in which the management hopes

5,400

Aluminum Co. of America

33,600

Incorporated

The Dreyfus Fund is a mutual fund

.

8,350

:

35,500

1 "

:

1
2

Equipment

3

Davis

AMP

150

;1

_

6(2)

15,000

S. Vitamin & Pharmaceutical

Stauffer

62,300

Industrial

and

Halliburton
Leesona

"X/:/ Metals

Electronics and Electricals

v

4(1)

25,000

None

_

Machinery

6,000

None

__

_

5,300

2,200

__

None

36,000

&

Corp.

Travelers Insurance

6(2)

34,500

Parke

14,000

None

Kline

1

Transamerica

29,000

1

U.

1,700

1:

2

3(1)

Upjohn Co.

5,000

::Y>

1

None

Schering Corp.

5(2)

None

5,000

Emhart Mfg. Co

None

Merrell

None

None

2(1)

25,000

Drug & Chemical—

None

Maryland Casualty

\

2,700

3

None

_

Insurance

Marsh & McLennan

None

26,000
__

Insurance

Gardner-Denver

6,000

:

t

Home

-

5,000

None

Co

Richardson

12,166

3

Products

Johnson

1

20,800

1

11,000

3(1)

None

7,300

DffiYNS

None

None

Fireman's-Fund
'

None

1(1)

None

'

3>/x;:A

Casualty & Surety

KD

2

21,500

28,800

2(2)

Insurance—Life

3(2)

Laboratories

3

7,500

83,231

Casualty

None

Drug Products

2(1)

None

2(1)

Continental Casualty

y

>

&

5

177,300

_

Aetna

11,600

None

None
__

None

16,000

1

; 5,ooo

_____

(Max)

•

23,100

5,500

Works_____—___

Pittsburgh Plate Glass

™"

27,500

•

4(2)

''

3(2)"
3(1)

4(1)

30,680

.

70,000

None

'

18,400

■

_

4(2)

'A '

6,800

-1

Corp.

Mgts.

*.■

Libbey-Owens-Ford Glass
,

8,350
>

;

■

1

.•

Container

17,500

•

798

2(2)
D

'

Owens-Illinois Glass

•

Insurance—Fire

2

15,600

_

2(1)
2

,Corning Glass
;

8(1)

Cosmetics

-

5,500
26,500

2(1):

;

No. of

Shares

*

3(1)

12,500

____

United Carbon

'

No. of

Glass

2(2)

39,100

Containers

'

V

.

Tennessee

None

2f/X

1,000

.

V

2(2)'

Monsanto

11,000

69,900

3,100

—

1(1)
1

47,000

FMC

None

4(1)

3,461

American Agricultural Chemical

38^50

1(1)

Mgts.

duPont, E.

None

3(i):

None

Mgts.

-

53,000

None

No. of

u

___

Wallace & Tiernan

None
J

3

■

.

32,330

J

.

No. of

Rohm & Haas_'______

27

-Sold-

No. of

Shares

18,700

2

-Bought-

No. of

12,101

-

.

2(1)

(1919)

Broadway, New York 5, N. Y.

Wellington Company, Inc.
Philadelphia 3, Pa.

28

The Commercial and Financial Chronicle

(1920)

Continued from page 27

ENERGY

No. of

Mgts.

■FUNDI

'

7(1)

*

No. of

.

;

v,

/

v

12

commission

203,660

1

100

8(1)

-

43,300

Oil—New Jersey

Sold

7,748

None

None

None

Federated Dept. Stores.-y--~-L.- ;

2

1(1)

1

5(1)

2(1)

32,500

None

2(1)

11,000

asest value.

is

Atlantic

None

Champlain Oil & Refining

72,200

None,

Phillips Petroleum

55,600

3(1)

1

None

Shell

42,000

2(2)

1(1)

9,900

2(2)

1

88,800

None

Npj^

None

investing

possibilities in:

None

None

Energy, Data Processing,
Oil & Gas, Missiles &
Space, Utilities, and the

Texas

None

I

3,000

2(1)
.2

2(1)

33,200

None

2

None

None

None

1

RALPH E. SAMUEL & CO.
Members N.Y. Stock Exchange

None

Kimbefly Clark
Scott

Paper

to 8, Sats.

eves,

10-12"!

Public

*

16,300

2

None

Steel

City

1

Harbison

29,000

.

Jones

Walker.

2

46,800

Laughlin

&

14,800

None

Republic

2(1)

None

U.

5,000

S.

Steel.

±

59,500

——

'

2(1)

Textile and Rayon

None

78,000
77,200

2(1)

3

46,400

Celanese Corp.

3(1)

2(1)

22,000

Stevens

37,000

2(1)

_____

4(1)

1

7(4)

_.

2

\

93,100

-

None

Bobbie Brooks

177,900

None

Burlington

None

:

6,800

.

1

Industries—52,500

4(2)

18,300

(J. P.)

—

American Viscose

Utilities—-Telephone & Telegraph

' American Tel. & Tel.——

12,000

227,900

General Tel. & Electronics--—

7,100

101,700

International Tel. & Tel.—

None

2(1)

Western Union

24,200

2-

For

1

None

—

None

6,000

_

3

Tobacco

2(1)

■

3(1)

2(2)

4(1)

2

23,000

3

56,500

...

2

12,000

.

Consolidated Cigar

7,500
None

None

None

•_

None

None

1

2,500

2(1)

1

4,000

1(1)

2(1)

El Paso Electric Co.——————

None

None

2

13,200

Florida Power Corp.I

4(2)

118,400

2(1)

25,000

5(1)

286,425

—_

18,400

Gulf States Utilities

—

108,600

4(2)

Interstate Power

None

None

Kansai Electric Power Co. ADR

None

at

sales

3(1)

36,500

Kansas City Power & Light

17,200

Kansas Gas & Electric

None

Montana Dakota Utilities

None

25,500

New York State Electric & Gas

4,700

Oklahoma Gas & Electric

None

13,400
145,900

4

39,670

Public

16,300

San Diego Gas & Electric

Orange & Rockland Utilities

10,000

Pacific Gas & Electric..
Service

Elec.

&

1(1)

1(1)

None

None

None

None

Gas.

None

6,100

Texas Utilities

2

1,800

Tampa

2

7,500

Virginia Electric & Power

1

& Berman

76,400

2

Neuberger

20,200
100,200

8

Members New York

2,000

Arizona Public Service

40,000

53,400

5(1)

Southern

3(2) t 86,800

Stock Exchange

COrtlandt

New

York

-

Fidelity

13,000
54,000

5,700

(6,200); and Wellington (2,50Q).

Smith Klein

Beverages Favored

Price

50,500

7

also

3

In

the

3(2)

Cola

18,630

2(2)

Buyers

2(2)

4,900

1

Hill

Publishing

13,300

1

4(1)

American

Dr

Broadcasting

As

in

the

was

bought
no

75,500

6(2)

had

Metro-Goldwyn-Mayer

64,200

3(2)

vestors

15,700

Northern

Illinois

2,500

Railroad

Central

Louisville &

was

57,000
6,000
1,000

Nashville

2(2)

shares

in

Street

1
None

funds

Institutional

acquired

other

become

Accumulative

(14,300);

47,600

None

None

Penn. Railroad

None

None

issues found

5(3)

138,820

Seaboard Airline RR

2,000

1

first three months of 1963. A

1

Southern Railway

64,600

5(3)

and was a

3(1)

61,500

Union Pacific

30,300

2(1)

sue.

of prospectus, send this to

2(1)

better

ly

23,700

None

None

None

None

bought

buying in the
new¬

6,100

'

29,642

1
Address

2
City




5,000

3

4,500
„

24,750

were

The

Shares
Growth

80,000

3(3)

buyers included Fund of America

(65,000)

(5,180); and United Science (10,-

chases.

A. C. F. Industries!

.

1,000

1

Trade

Green

Shoe____

27,500
;

1(1)

6,800

1(1)

Montgomery Ward.

None

None

Stop & Shop

None

None

None

None

Marshall

1(1)

3,000

Sears

disfavor,

being

Howard

nam

Aldens Inc

Field

Roebuck-...

other

Gillette continued in marked

&

(36,900);

mulative

heavily

sold

(46,300);

and

United

by

Put¬
Accu¬

(22,000).

popularity

13,600

2(1)

which

26,000

3(2)

December

was.

of

evident

survey,

case

industry

issues,

during

continued

the
to

60%

of

the

unanimously
issues

in

the

AMP Inc.; Phillips

•

Electric

"color

GE,

were

to

blocks

and

first

was

by

Dreyfus

outstanding

significant

tributing

big

RCA

funds. In

pur¬

recently stated

television

most

and

seven

(81,000)

RCA

that

the

among

elements
quarter

con¬

record,

earnings." Buyers in this issue in*

(40,000)

drug

of

Wellington

eluded

Drugs in Big Demand
The

the

(2,400); and Di¬
(13,000);

three

General

versified

000)

spending

the

spur

acquired by

Dividend

Retail

1(1)

Both

by

3

Eaton
OF 5-63

purchased

3(1)

| SELECTED AMERICAN SHARES, Inc.

Name

newly

38,800

Northern Pacific

to

Lamp Works; and Westinghouse.

26.500

York, Chicago & St. Louis

Government

were:

New

Railroad Equipment

1,2

Factor, led the group
unanimously bought is¬

was

expected

an

of $15

electronics

quarter

Atlantic Coast Line RR

St., Chicago 3, 111.

me a free prospectus of

It

largest in the

with

account for about

market.

comer, Max

56,000

fourth

and government products current¬

172,000

3,000

1962.

continues
Cosmetics Popular

7(2)

recovered

billion, rising
approximately $13 billion

from

in

.

5(3)

Southern Pacific

the

States

total volume

included,

(3,000).

"glamor" group

United

In¬

2(2)

66,000.

Electrical's

preceding quarter.
During
1963, the industry is expected to

(18,500)

buyers

Street

and

the

and

mutual

5(2)

(2,-

William

considerably from its disfavor in

Container Corp.

investing in

Western

One

and

(2,300).

This

quar¬
unan¬

Moving from their sold position
in the previous
quarter, cosmetic

Norfolk &

newly;

Popularity Rally

1

None

(5,000).

(20,000); Value Line Income
200)

again

four

sellers.

Pine

and

by

and

Co., also in big demand,
best bought by
Wellington

A

preceding

by

Mutual

newly;

Atchison T & S Fe—________
Great

Accumulative

Income

(10,000)

Liked

were

imously favored.

Columbia Broadcasting

5,300

two

1

acquired

(5,000);

made by Lehman.

ters, containers
39,300

newly

Merck &

(9,000).

5,000

bought

French, with five

Rowe)

Electronics

None

24,500

of

was

Containers Again

112,160

None

Putnam

purchase

Pepper

Sayles

&

was

(T.

United

Pepsi-

1

500

•

buying in the March

Unanimously

sought.

United

Loomis

and

field,

actively

included

For information and free
copy

Please mail

Shares,

i

attract good

.

drink

again

was

lone

.None

;

McGraw

soft

(12,000);

None

Grolier

22,800

•

2(1)

135 S. LaSalle

article

our

;

quarter.

by United Accumulative

buyers,

143,400

Harris-Intertype

2,100

1

Selected Investments Co.

in

Business

Before Market Soared

United

capital and for income.

and

quarter.

None

None

Donnelly, R. R. & Sons

500

3

possibility

above

American

Continued from page 26

SHARE

stocks chosen for

by
1963

and

Public Service of Colorado

13,000

2(1)

diversified

included

1

Railroads

common

for

are

2

Radio, Television and Movies

of growth of

Investments."

I V

164,000

Long Island Lighting

90,600

1(1)

fund usually

and

1963;
those
the February

8,000

Middle South Utilities

1

Get the Facts about

Cash

Affiliated Fund

2

Florida Power & Light

10,000

2

Industry

by

quarter

2

Electric—

1

2(1)

in American

2(2)

Funds Intensified Buying

newly;

A

sales

January
Capital Fund

2,700

Printing and Publishing

OWN

Between

and

the

20,000
.___

3

5

7-2600

for

117,700

Co.

1

Broadway,

"Balance

Purchases

4

Central & Southwest Corp..

Southern California Edison_.

1

120

panies

None

2
4

Undertvriter and Distributor

4,700

None

4
on request

Corp.

1

23,100

1

Prospectus

1
None

None

1

redemption charge.

9,700
None

None

19,700

asset

commission—

Whirlpool

V

____j

foregoing tabulation also includes transactions by 11 investment com¬
(under 7 additional managements) in addition to those shown in our

tabulation

are

2

net

7,300

Gamble

None

The

None

2

No

U. S. Lines

None

None

t

1(1)

2

available

value.

Procter &

10,400

3(2)

■

None

Gevaert Photo

13,800

,

23,800

,

3(2)

*

.

Becton Dickinson & Co.—

6,400

1

121,900

_

Liggett & Myers..

33,400

2

25,000

2

Shares

4(2)

None

30,000

Reynolds Tobacco

Miscellaneous

Electric

&

None

Philip Morris-

41,600

None

Community Public Service—

6,500

2

Mutual Fund

Gas

Consolidated Edison_

36,333

1

Guardian

Central Hudson

Commonwealth Edison

5,400

9(2)

forward-looking
investors—

j

2

Granite

'

Public Utilities—Electric and Gas

*

15,000

None

114,800

None

a

16,300

Youngstown Sheet & Tube

1

5(1)

...

1

1(1)

:

National Steel——

None

2(1)

'

1

2,000

None

9(3)

No

(

Broadway, N.Y. PI 4-5300

Open Thurs.

"

10,100

—

1,500

-—

1_1_—T.
Champion Papers..

None

*

Industries.

r—

—

Mead Corp.

200

None

Steel

Steel

None

21,000

——

International Paper

None

1

'

'

—

7,200

5(3)

' ?

\

'

Inland - Steel————————

2

4

'''

1

Iron

General

2

57,200

' ''

*

and

Bethlehem

3

29,500

__

Diamond National

147,878

2(1)

Dept. c

Crown Zellerbach

7,300

•.

3,000

.

2(1)

"

Universal Oil Products

20,400

6(2)

Distributor

2

:

65,000

10,220

,

'

'

,

Steel

None

^

to

'

;

23,000

r

Gulf Producing

'.J\

81,300

-

Texas

2(1)

Paper and Paper Products

Send for Free Prospectus
r

....

DX Oil-..-^————Pacific Coal:& Oil--n——

:

various fields related to
energy.

.

_

73& ' Tide

1

Communications, Atomic

45,000

Shell Oil of Canada

.

1

5,000

—

Goodyear

2,000

None

"i 2,600

Goodrich, B. F

5,000

None-,

2(1)

;

'

Refining

Oil

17,600

Firestone

4(2)

None

Energy Fund

mutual fund

a

for growth

None

Nonet

offered at net

are

2.(2)

v

Rubber and Tire
500

None

selling charge

Mgts.

25,000

Inc

3(1)

None

No. of

Shares

^

Spiegel

None

Shares

..

..

Nonet

r

52,182

Oil, California

.

.

"

1,000

Texaco
Union

Shares

No. of

8,500

Superior Oil

198,600V

2

Standard

No. of

Shares., 'Mgts.

£

1

Oil—Indiana

r«o

no

No- °f

vv-

"Standard

69,770

Thursday, May 9, 1963

.

No. of

Mgts.

Sold

-

'.Shares ■■■'..~

'

.

—Bought—
No. of

—Bought—

.

Fundamental

and

Investors

Fidelity

Fund

(28,300) newly; and Dreyfus (21,200).
sue,

Xerox,
was

another

once

more

popular

is¬

acquired by

Volume

Dreyfus

and

(14,000),

Fidelity

Number 6262'..;

197

The Commercial and Financial Chronicle

.

Champlain Oil;

Atlantic Refining;

Oil; and Texas Gulf

Sunray DX

(11,000).

Producing.

nancial, which

heavily sold,
with
portfolio

transactions

Public Utilities Again Acquired
Continued

was

issues

other

all

in demand dur¬

were

Prime

tors

exception of CIT Fi¬

the

With

buying

strong fund demand

ly).
and

This

quarter.

March

during the

both

shares

curities

Aberdeen

and

(39,000);

quarter.

March

the

-

tors

(5,000).

Edison

solidated

Strongly Favored

Insurance

issues in this group,

All

cially fire and casualty) were in
Insurance

Home

ter.

the March

during

demand

quar¬

newly

was

acquired by Dreyfus (10,600); and
General Public Service (10,000).
Aetna

had two

buyers, Putnam (7,-

new

and

Shares

issue

this

of

Co. of America.

Investment

Printing

Publishing Meet Fair

&

Demand

extremely limited,

previous quarter, this group

in the

better buying

encountered

in the

ac¬

tivity being confined to only four
liked

Best

Lehman

(40,000) newly, and Massachusetts
Investors Growth

(50,600).

Ride Rail

Buyers

by Value Line (15,000); and Blue

elicit

Ridge Mutual (9,000).

March quarter,

Shares

issues

Railroad

to

during

the

possibly reflecting

en¬

the di¬

mix

of

farm

equipment

toward

Sentiment

issues

metal

(excluding copper stocks), showed

(7,500);

Trust of Boston

Shareholders

(5,-

improvement

preceding

the

over

Leading the group was
Ltd., which had been

quarter.

Aluminium

heavily sold during the December

Big buyers of Alumini¬
S'tein Roe (85,000);

quarter.

included

um

Loomis

Sayles

and

(26,800);

Scudder (10,000).

ALCOA

was ac¬

quired by Lazard (20,000) shares.
Office Equipment Popular

Fidelity

by

and

(5,000).

Sea¬

Mutual

Ridge

&

favorite,

(14,800);

Dreyfus

(18,700).
Blue

times

During

March

contract

usually expe¬

group

interest.

greater

In

the

quarter, however, over-all

activity

group

reduced, with

was

transactions

fewer

taking

Railroad

Pennsylvania
(72,000),

Dreyfus

main

by

(100,000) were also record¬

leading the

Shares

group.•

chases of this highly

while

than; doubled,

more

Prominent

halved.

sales

included

Madison

share
buyers

(5,0 0 0);

Wellington

(4,700); and United Ac¬

cumulative

However,

(4,000).

block

of

nated

shares

was

oil

the

buying
stocks

again

try

of

interest

became

the indus¬

as

of

one

companies continue to show good
reflecting

earnings progress
ter

demand.

been
with

4%

mains in

popular

all

of

issues

quarter, and

by

managements.

top

in

buyers

(80,000)
lative

RD

newly;

re¬

elicited

good

ington

;

the

(16,000);

Among

the

Scudder
Accumu¬
(45,oils,

Well¬

Fundamental

Tri

-

of

shares

50,000

ers

500

Trust of Boston eliminated 3,-

shares

of

du

the most

Pont,

widely sold of all issues surveyed

Continental

completely neutral,

was

six

American
six

and

buyers

sellers

being recorded.

Much

of

the selling which

was

was

directed

sell-out

at

the

rumor

merger

issues.

or

This

favored

the

From

The
ter

food

industry elicited

in

buying

mixed

bet¬

their

to

reception in the December

quarter.
eral

contrast

Best
of

Gen¬

were

General

and

Foods
case

bought

the

Mills; in

former

Incorpo¬

(12,000); and

auto

presented

issues

another
1963. Gen¬

of

predictions
sales

banner

in

year

continued

Motors

a

wide¬

despite

showing,

spread

previous

exhibit

to

good buying but to a much lesser
in

than

extent

issues,

sold

during

the

quarter,

be classified in this category:




bought

❖

DISFAVORED

IN

THE

GROUPS

(Copper)

Sold

*2>»

Sentiment toward copper stocks

lacking

was

during

March

the

in

its

dividend

reduc¬

a

during

the

period, was eliminated by Diver¬
sified

Growth

Street

sold

A

This issue found

Phelps

eliminated
and

(40,000); and Pine

(3,500).

buyers.

no

by

Dodge

Dreyfus

by Madison

Less
for

popularity
retail

the

been

had

owning stocks selected
quality and income
possibilities. Sold only through registered
investment dealers. Ask your dealer for
free prospectus or mail this ad to

(21,000);

(5,600),

in

investment

CALVIN

ONE WALL

than

group

the

BULLOCK, LTD.

STREET,_NEW_YORK 5

December

CP

Name.

quarter. Sears, Roebuck continued
to

experience. selling

eliminated
Shares
ard

and

Address.

was

by Selected American

(20,000); and Eaton How¬

(5,000); Wellington sold

(1,we can

Fund

managements

the steel issues,

to

ingly

the

increases

of

Some

the

reflecting

in

high

hedge

possible steel

a

pur¬

>

industry's

possibiliries
exceed risk

ingot

buying
strike

as

this

FUND* INC.

i

mer

In

(27,-

Madison

event,

any

in

selling

generally liquidated;

bought bet¬

100,000 shares and Eaton

Howard

bought

Chrysler,

a

shares.

1,000

favorite,

recent

was

and

U.

Steel.

S.

buyers,

no

Tri-Continental

porated

\.

(29,100);

YORK

STOCK

EXCHANCtf:

5 HANOVER SQUARE/NEW YORK

by

•

4

TELEPHONE DIGBY 4-9154
Write for

prospectus and literature

Incor¬

and

(27,000);

Investors

NEW

MEMBERS

with

eliminated

Investors

Sovereign

sold on balance.

Oppenheimer & Co.

(36,000); and sold

Street

Broad

by

Granite

Republic,

was

DISTRIBUTORS

GENERAL

City, Jones & Laughlin, Republic

in

r

the

Fidelity (25,000). Ford Motor con¬
however, Wellington

predominated

sum¬

quarter

ter than

1

OPPEM HESMEF

against

000); United Income (25,000); and
tinued to be

believe pnorir

production.

current

output is generally interpreted

most

whenever we

respect

outlook despite the heavy

current

,

in we free mm

continued

thereby seem¬

discounting

overall

,

mmi mmEM

their bearish attitude with

the

was

from

came

:r
,

Established 1894

indicated

was

trade

true

mutual fund

for.

was

Retailers in Disfavor

Significant

issue.

popular
chases

it

when

quarter

December

the

(700).

the

•This

selling. Fair buying was indicated
in

ers.

Louisiana

within

issues

active

and

Investors

this

previous

found

buy¬

Arkansas

was

Gas, newly acquired by

Massachusetts

(29,000);

Sold

Sherwin-Williams.

and

ex¬

tensively were Otis Elevator and
U.

S.

Gypsum.

Investors

Growth

American

General

(15,000).

Rubbers Mildly
Rubbers
been

sold

quarters,

and

in

tires

orless

while

indicated

This
the

in

Both

continued

to

was

Plate
repeat

fund's

find

was

issue

Ford,

experienced

selective

bought

was

B.

F.
ac¬

Paper

The
in

this

only

remained
towards

sold.
o.f

this

Product Issues

was

attention

devoted to In¬

ternational Paper. The issue was a
unanimous

favorite

and

'

heavily

sought by Delaware (50,000) new¬

erbocker

ly;

2,500

shares

Wellington

tional

(53,000);

Securities

Inves-

j

Investors

(5,900);

*

INC.

*

Interest in foreign

and Na¬

(33,500).

your

growth

I
I

This

i. ——

———

!

I

MAMflftFMFNT

j

HI AN AufcmtN

|

22 East 40th St. V N. Y. 16, N. Y.

I

Please

following

Canada; Broken Hill Proprietary;
Canadian Imperial Bank, of Com-

Bank;

Continued

on

Ericsson
page

30

„

send

me

a

IMP

,

INL.

|
I

*

j Name:
j Address:
j city:L__J

—

—

—

I

j

prospectus.

j

|

j

FUND RESEARCH &

political party

foreign issues elicited good buying: Bank of Tokyo; Bell Tel. of

Dresdner

—

The

new

elected.

upon request from
investment dealer, or from

i——————

particularly true of Canadian is-

merce;

selected

long-term

Prospectus

|
|

been

securities

income.

j

was

has

in

possible

issues, which

March period.

a

diversified, managed in¬

for

during the Decern-

period, remained strong dur-

where

a

vestment

and

CONTINUES

bad rebounded

A mutual investment fund offer¬

ing

I

FOREIGN ISSUES

"ing the

PIONEER FUND

(4,000).

BRISK INTEREST IN

ber

I

and

,

sues,

respectable

group

j

(15,000); and also by General

and

in the December quarter.
and

National

I

by

newly acquired

(8,500);

I

I

unanimous favorite;

*

and

Lacklustre

'had

a.

was

Bullock

buyers;

performance

atitude

—i

J

prod-

surgeon

this glam-

Corning

Libbey-Owens

Pittsburgh

preceding

bought

ucts),
the

and

.

perform¬

quired 30,000 shares while Knick¬
newly.

Co... (doctor

American

mixed

a

group.

Owens

Paper

which

two

Best

inappropriate to categorize in¬

dustry-wise, Becton, Dickinson &

tors

Neutral

again

was

ance

group

Acquired

the

is

Lehman

activity

most

Most

Fiberglas;

Corning

Owens

Once

sector declined from the

quarter,

Among the companies which it

expe¬

selective buying and

dience both

Gas Liked

Although

continued to

group

G.'ass Group

Natural

MISCELLANEOUS ISSUES

(49,500).

buying.

may

Tobacco

America

of

TRANSACTIONS

Equipment Remain Mixed

Goodrich;. National Securities

The following

Fund

attention

Reynolds

2,500 shares newly.

atmosphere

the

during

portrayed

Building, Construction and

the industry's,

the March quarter.

to

Steels Remain Sold

Turn Mixed

Automotives

Foods Bought Mildly

should be realized when reviewing

performance during

appreciable

000) shares.

(10,200).

experienced within the oil group

th$

Dillon,

during the quarter.

Dreyfus

buying from

and

du

FMC

Tennessee Corp. Leh¬

bought

latter

international

(88,000);

in

in

acquired

000); and Fidelity (45,000). SONJ,
of

also

and

during the

United

pressure

especially

I.);

(E.

Investors

(61,000); State Street

another

Selling

rated

were

in¬

was

Air Products; Hooker;

most

was

buying

Rayonier newly, while Sharehold¬

the

the

was

March

16

and

healthy uptrend.

Dutch

Royal

compared

10%,

domestically,
a

bet¬

Foreign demand has

advancing

again

major

Petroleum

investors.

to

Good

registered

man

Oil

selectivity for issues

group was once

Rayonier.

Corp.; and

concerns.

1962,

dicated by

Pont

distinctly outperformed the

market during

this

reaffirmed.

was

especially

prevailed,

international

the

Continued
within

North

(3,000).

eral

elimi¬

considerable

sector,

tual

mixed

Chemicals Elicit Moderate Interest

and

Oils Selectively Bought
In

*

*,

GROUPS MILDLY BOUGHT

a

by Delaware Fund.

4,500

*

pur¬

priced issue

and Guardian Mu¬

(25,000)

ware

quarter,

continued to re¬

popular, with dynamic IBM

selling, with eliminations by Dela¬

Delaware

and

in

Eastman

(18,000). Big acquisitions

Putnam

in

and

(38,800);

(9,500)

considerable

Boeing met

newly.

with

Dreyfus

with

was

municipal

firm's

Mr.- Barnes

ig¬

place.

fair amount

Investors

stitutional

Aviation

ed.

This -category

where

tion

international

of

major

and

ily bought by Diversified Growth
(62,000);

of the

Union Securities & Co.

selling. Kennecoit, with
Aircrafts Meet Mixed Reaction

board, another favorite, was heav¬

Fund

*

bought

newly

was

Norfolk

unanimous

a

Manager

department.

virtually

was

M*

Robert

again in the latest quarter.

given

bought by In¬

"featherbedding."

group

admit

Clarke J. Robertson!
partnership. Mr. Robertson isi

quarter; on balance the group met

000).

of interest and was

on

to

by

(11,500).

only

and

a

Western,

Shares

will

Barnes, and

Divi¬

and

of the

Street, members

changes,

elimina¬
made

were

(10,300)

Salle

New York and Midwest S'tock Ex¬

re¬

Lockheed attracted

Court decision

Columbia

was

favorable Supreme

(Aluminum) Bought

Complete

Street

Metals

Company

Dreyfus

by

La

the
Co¬

of

past

true

any,

companies

&

Deere

bought

if

few,

that

great

in

case

a

com¬

improved earnings and the recent
Metals

tions in

dend

in

Broadcasting, the position

*

riences

continued

buying

good

usually

group;

product

awards, this

specialty textile machine
manufacturer was newly acquired
a

this

in

versified

tension,

recent three month span. Leesona

Corp.,

is

Donnelly

was

Sons with two buyers,

&

attraction

countered

main..

managers' interest in this

issues.

Moving from their sold position

Little

position

reversed.

The

Not

panies making farm equipment is

✓

period. In the

was

Equipment

Robust

so

group was

Industrial Equip¬

and

Line,

Shareholders Trust of Boston and

Fund

Pick-Up

ment

Value

were

favored

nored

Agricultural

itself

March

This

issue,

(Japan),

managements. Among the buyers

(1,000).

Machinery

foreign

Power

found

more

State

CHICAGO, 111. — On May 16*
Chapman, Howe & Co., 208 South

balance in the Decem¬

on

lumbia

Yi

Broadcasting, after be¬

quarter,

was

Co. To Admit

previous survey. However,

our

ing sold

REACTION

MIXED

Chapman, Howe

continued to display

Tobacco Interest Mild

MEETING

INDUSTRIES

and

unanimously favored by five

was

American

Selected

800);

Clas;

also

Surety

&

Casualty

Electric

Kansai

&

A

Co.

Southern

(espe¬

Y.), Public

(N.

Electric

Service

ing

ber

bought by National Se¬

Best favorable showing may be attrib¬ (3,900). American Viscose, a past
bought was First Charter Finan¬ uted to the numerous dividend favorite, found no buyers and
cial, this issue being newly ac¬ increases and stock splits which was sold by Selected American
quired by Madison Fund (20,000). have been announced. The excep¬ Shares
(6,000);
Knickerbocker
Other
purchasers were Putnam tionally good buying indicated in (1,000);
and
General American
<24,400); State Street Investment our previous survey continued in Investors (5,000).
(5,900); and Incorporated Inves¬ the following issues: ATT; Con¬
ing

Scrambled

This group

American

new¬

Celanese remained popular
was

29

the mixed reaction exhibited dur¬

Inves¬

shares and

90,000

56,900

Radio-TV

here was

target

(Fundamental

acquiring

Dreyfus

utility shares was experienced

for

/

Textiles Cyclical Favorites

Burlington

Finance Companies Bought

(1921)

I
I

J

state
.

I

~

—

-!

30

Continued
M.

L.

The Commercial and Financial Chronicle

(1922)

from

29

page

and

Telephone; Gevaert Photo;

Farbwerke Hoechst; Honda Motor

Taking

Dutch

of

Royal

Canada;

.

Petroleum;

Siemens

&

^

.Halske; Unilever.
Eurofund,
vestment
charter

"cash,

closed

European securities or

expressed

'the

in¬

end

-

limited by its

company

to

outlook

Continued from page 3

nomic

the

opinion

the

for

the

that

European

will

effect

on

de¬

healthy
for

economy

will
back

to

be

make

society

could

neither

would

such

tax

a

ernment

policy: to increase

gov¬

expenditure not only in

is,

must

we

-

(3) fR.W.E.

unemployment.

(4)

Farben-Bayer

tary

of

(5)

A.E.G.

from

a

(6)

Philips'

News and World

(7)

Zwanenberg-Organon

still,

cannot

want

want to.

To

recent

and

for

it
an

take

Wirtz

in

S.

U.

Report, "in order

of

care

Secre¬

Willard

interview

the

for

25,

of total spending.

eventually

30,
and

—

ment

people

new

even

such
the

of

more

fantastic* enlarge¬

gressive income

tax

ply
of

as

have

would

made itself felt in any

event, sim¬

result of rising standards

a

living. The post-war price in¬

flation

has

simply

reinforced

and

brought

the

dilemma

and

dramatically. But

much

good

thing—provided

will have to find about 50,000

of March 31, 1963

The

Country

21.2

•

Germany
Italy

-

—

.

4.7

in

Switzerland

0.6

United Kingdom ___/

only transi¬

are

held

is

>

banner

back

terms

of

first

that

too

for

used

helps:

hand

others

many

and

offering publicly

total

a

3,441,880 capital shares of Gulf
share.

per

:•.*

The shares to be sold represent

portion of the holdings in Gulf

a

oficertain
and

charitable

foundations

family trusts established by
of
the
Mellon family

members
of

and

the

Richard K.

Mellon

Institute,

Mr.

Mellon, Mr. Paul Mel¬

lon and Mrs. Sarah Mellon Scaife.

These

shares

the purpose of
meet

being

are

On

to

that

buy

new

a

sold

for

certain—that
main

As

and

other-purposes

and,

of the charitable

of

sellers

terests

in

and

will

the

is

After the sale

other

the

stantial stockholders

the

Oil

is

to
in

in

be

the

Gulf

Oil.

Pittsburgh,

purchase, ,trans¬

abd in related businesses.
conducted

constitutes

one

of

enterprises

Opera¬

throughout

World, and the

integrated

hedging

hope

that

be removed soon1

inventories

of

further

then

and

be

precipitate drop in

happened last year.

as

corpora¬

the

in

major
the

oil

industry.
r

'

to

.*

is of

omy

structure.
in

course

to

a

ally

could

be

for

20

little

blessing.

apart

years,

the

and

omission

But

it hasn't been adjusted

from

tinkering with it

years,

full

and

The

years

tionary demand
be held

for

a

it

when

peacetime

infla¬

had

to

real drain

on

purchasing

power

in

a

.economy.

Equally damaging, if not

become

Taran¬

more

so,

associated

with

May & Gannon Incorporated,
Federal

formerly

St.

in

Mr.

the

Tarantino

trading

140
was

deoart-

ment of the Boston office of
New

York Hanseatic
Corporation.




without the price

the

post-war

vears,

this would have meant that

as

the

economy grows and per capita in¬
come

rises,

that;

income

taxes.

This

fprt recine

even

of
for

larger chunks of
taken

course

re¬

building

U

"

out

is

the

stagnation

larger unemployment of

in

future

but

tax

of

the

will

larger

probably

to

to

—

ever

re¬

drastic

nec¬

shift

annually,

60's,

in

force

and

will

faster

rate

there

the

that

is
of

type

the

jcb

available.

are

and

ing

jobs.

cally

to

manufacturing,

changes

altering
too.

contrac¬

taking place in min¬

As

technological
there

similar

a

the

There

radi¬

are

job

continues

to

be

less and less demand for unskilled
and

semi-skilled

five

past

labor—over

the

years

blue-collar

workers

7%—while

the

number

of

declined

the

by

increasing

requirements for engineers, scien-.
and

similar

occupations

it

saLaiy.

in

will

soon

create

The

system

serious

large

to

shortcom¬

the/educational

social

number

oi

drcpouts; the uneven, and

cation

seriously

high

skilled

hard

-

here, that

is

ings

highly
often

are

inadequate

provided

schools;

in

the

mathematics,:

edu¬

of

some

our

weaknesses

sciencb

and

in

education;

aid

over

to

the

on

the

primary and secondary levels

and

on

shrinking in the

ernment's

cash

full

deficit

thus

take

Nothing

ally

long

be¬

employment is reached,

will

the steam

is

moment

than

point

one

out

it gets very

the

at

important

more

gov¬

as

to

bring

in

the

tax structure

present

is not that it
may

lead to

a

reces¬

sion, but .that it stifles

any honestto-goodness revival and thus pre¬
vents

from

us

making full
and

resources

if

this

truth

It would
were

sight of in the squabble
tails

of

the

bill.

tax

of

from realizing

potential for growth.
tragic

use

over

lost

de¬

Whatever

school

level; the difficulties of

retraining

a

That

is

short-term
it

advisable

What

cf them

net

cut

close
This
and

be lost,

may

year.—is

seems

that

a

in the tax take of at lea^t

to

$8

billion

spread

long.

It

spread

Otherwise

as
we

salvaged.

the

minimum

three

over

to

seems

should

beginning

be

to be

appears

the

too

at least this

imperative

be

soon

as

me

years

that

two. years

possible.

shall have to resign

ourselves to the modest
hope that
few

more

and

years of

of

to

the

greater under¬
issue

involved,

for

to

me

a

those who have

—

on

this

economic

rise

while

larger minority—young

ever

ple who

older people whose

racial

of

the

real

submerged

jobs have dis¬

minorities

ail.

at

five-sixths

iceberg that constitute the

rapidly swelling number
job-seekers

into

economic

structure

staggering

that it

so

rapid

and

provide

job,

into

and

living,

a

million

one

econ¬

off

and

justification

than

more

the

growth

sustained

a

must

we

take

can

is

answer

take the tax brakes off
omy

—

problems

The

one.

of

radically

a

clear at least in outline:

an

for
new

the

mem¬

bers that will join the labor force
every

from

year

must

finally

now

bestir

people,

prepare

and

on;

we

ourselves

especially

to

young

people, for the jobs of the 60's.
This therefore is my message—
much

yet

home.
of

to

us

no

remains to be

This is

join in doing it.

body else do it—that is
and mine.

yours

Savings

•

done

by the
cial

and

very

This

Loan

Associations

close to home

are

our:

our econ¬

social "structure-

Savings and Loan

sociations

are

derstand

and

in

to

join

in

•

this
our,

resolve

importantly,

judge

not'

only"

History will

by that which

us

our

also, and

long range

our

problems.

do not do

un¬

concentrate

to

short range problems but

economic

as¬

position to

a

to

determination
efforts

job—

our

nature of their finan¬

operations

Therefore,

is

some¬

/

and to the grass roots of
omy -and

at

good time for all

a

time to relax and to let

do

we

or

now.

"An

tve

address by Mr. Szymczak before
Stockholders' Meeting of the Federal

Home

Loan

Kansas,

Bank

May

4,

of

Topeka,

Topeka,

1963.

Disraeli

•

Corporation 60th

/

Anniversary

/

St.

Corporation

James

Street,

Limited, 244

West,

is

this

year

celebrating the 60th anniver¬

sary

of its founding in April, 1903.

who

once

/

■

MONTREAL, Canada—Royal Se¬
curities

peo¬

discriminated against—cannot

jobs

as

challenge of the 60's: how to

a

new

r

find

in

pleasing

these prospects are, we must never

forget the

an

inadequately trained,

are

But

a

jobs and the right skills—will rest

Officers

of

the

firm

are

J.

R.

Hughes, Chairman; Alan Gordon,

spoke of "two nations" in Britain;

President; F. L. Glasgow, Execu¬

it would be

tive

after three
and

social

nities for
such

a

tragedy if America,

a

centuries

every
come

economic

cleavage
and

day,

to develop

were now

as

history

the

"haves"

between

and./have-nots." And
know

of

.equality, and opportu¬

all,

as

you

more

and

be¬
more

Summary
Let

me

G.

WyW,

art and P. A.

Wooten; Vice-Presi¬

dents;

Hoyland,

and

F.

B.

Treasurer

Hugh MacMillan, Secretary.

The

firm

acts

distributors

and

as

...

underwriters,

dealers

in

gov¬

sum

economic

ud:

the

corpora¬

to

issues.

offices in

'

prospects

ernment, municipal and
tion

desperate.

run

Vice-President;

Ross, Ivan A. Martin, G. C. Stew¬

well

teaches us

"hhve-nots"

increasingly

high unemployment will

ultimately lead
standing

semi-stagna¬

us

un¬

Royal Securities

/

well happen is that

may.

majority of

are

though most

-

spurt in the economy,

appears

lead to

may

problem,

sound this serious note of caution.

and'it

as

social

a

con¬

are

why at this time of

appeared,

looks

factors

serious social problem.

happens to the various reforms-—
now

these

to

up

workers

,

rapidly becoming

are

obsolete—all

building

older

many

whose skills

emphatic-,

possible: the truly serious

as

al

the college and profession¬

a

exports.

bursts of activity

new

sectors.

many

engi¬

both

in

.

of
the

on

level; and

growth

nological changes
foreseen

haggling

education,

backlog

must we overlook the possi¬
bility that inventiveness and tech¬

more

neering

national defense

on

local

slow

inr

government

Nor

pattern

brief; to
fore

and

has

government transfer payments; in
a

state

tinued

economic

employment

tion has been

more

in

jobs

new

declining by roughly 200,000

often

dispropor¬

the

over

labor

much

a

Agricultural
been

that

annually,

opportunities

truth

in

reduction

some

the

at

less

tax / receipts,

,

Presi¬

by (on the average) 781,-

school

is' much

lead

fact

million

a

problems.

and

" The

Quite apart from the

workers

economic

an

In f&ct, rising incomes

quickly

tionately

tion

resources

out¬

important

appear

revision

in

per-

600

tists

/

prosperity, and

actually

necessary.

a

are

our

safety valve

a

so

indications

the

the

of

of

revision

tax

essary

structure.

inflation

BOSTON, Mass.—James W.

15% \

or

threatens.

upswing make it

is

Even

time

growth, it is obvious that the

is the steep progressiveness of the

May & Gannon Inc.

10

structure

a

our

cent

be

were

a

economy

steam is

inflation

moded

our

as

which

pressures

back, but

and

again

Urgent /•,

our

still appropriate and useful in the

early post-war

one

Recovery Makes Tax-Cut More

few

abso¬

task.

while

over

that

too, high—based

war-time rates

normal

has

but rather

when too much
up

re¬

pro¬

every

employment

sources,

some

every

results, of

obvious.

are

lute level is
on

real

a

cf this

increase

(and ..eventu¬

within

pro¬

manpower
report
glimpse of the magnitude

throughout the

a

once

the

-

a

country's

recent

-

a

1940

Then

we

brings

perhaps

thing—quite' flaw

safe speed from time to time,

of course,

is

bad

a

brake is

a

dent's
gave

the

structure.

1963

stabilizer—not

within 8%

present tax. home this

our

Having such

itself

econ-r

contrary: if properly adjusted

"

Tarantino Joins

tino

that

come

and

Brake

economic

in

of

enormous

into

so

we

much faster

a

screeching halt

a

of

will

built-in

gadget

far.

available

'

then,
a

to

of any revival before

The built-in brake in the

the

products, includng petrochemicals,

tion

surely

Built-in

not

portation, refining and marketing
of crude petroleum and
petroleum

the Free

the

at

months.

due ,to

build-up

followed by a

in¬

engaged primarily in

production,

tions-are

must

carried

it

..Headquartered
Gulf

18

found revolution

likely

are

social overhead, especially

rolled

it,

but

even

possible strike later this

a

We

sales,

not

last

course

uncertainty

lest
be

sub¬

Mellon

continue

only
have

strength of steel, much

of

against

the

or

the

greater diversification

in their portfolios;

the

it

year.

foundations,

a

to

of

re¬

may

months

probably

rate

means

no

sales

car

for

years—but
peak

charitable

case

to permit

high

car

reading it is quite

lem, the need to adjust to

the

on

two

means

economy.

boosts

obtaining funds to

commitments for

larger

we are also
facing
qualitative social prob¬

serious

spending, both
and

which

as

plant

on new

bit; gradually

a

levels

really

determines

conceivable—though by

that

announced

Corp. at $44.75

cars.

market

car

values

and

Oil

is adjusted

and

merely

quantitative

a

creasing

changing

of

structure,

that

buoyant

a

now.

are

from

tax

With

1

of

gressive

makings

demand

The First Boston Corp., New York,

they

automo¬

Many of them in

car.

are

But

trade-in

Corp.

heavy

looking

fact,

;

for

year

A

coming along, ready to buy

now

•''

steel.

all

by

us

faster

run
:—

Not

pace.

quite

in¬

pe¬

model

a

we

still

be

rise

per

is

makes

brake

a

brisk

a

econ¬

to

seems

equipment

to

under half

it

brake in the form of

a

a

large number of young people

second

associates

by

tain

run

with

vintage. Let

probably be explained

one—can

their

Gulf Oil

it

automobiles and

are

the

9.7

Secondary for

present

our

trying to

economy

we

of

—--

with

biles—and 1963 has all the

15.9

r-

and

second

:

20.1

-

tory,
tors

;

19.8

'Netherlands

week."

every

built-in brake. The transitory fac¬

8.0

France

trouble

factors which

on

Investments

Belgium

jobs

new

spurt is twofold: it is based partly

Foreign

\

Spain

60,000

or

must

creased

are

at

stand

year

What

and

up

and

fit

ing

by.machines, it is estimated that

to

riodically adjusted to the chang¬
economy.

com¬

consumer

build-up

expand; outlays

(quantitative)

farcical at the moment is that

over

if in the

even

any

economic

considerable

a

past five years the economy gen¬
erated on the average somewhat

that the braking effect as such is
a

against

our

willingness

expand

sales

quickly

ray

entering the labor force and also

%

guard

taxes;

to

con¬

spent

credit; low inventories which call
for

reason

consistently

after

ability

point is:

more

to

replace those jobs taken

it

face to face with

us

Great Universal Stores

we

picks

omy

pro-, a

Hoechst

as

Problems

another

problem—but

government sector.

This braking effect of the

Growth

ing weeks and months the

only

As

quote

W.

Labor

accounts

until

con¬

avoid increasing

to

government

that,

(8)

Investments

still

must

we

template

—

outlets

than

faster

(9)

Distribution of Eurofund's Foreign

why

Force

Pressing

is

Surely nobody is willing to

we

find

merely

Royal Dutch

There

,

there

we

increasing production if w6;

Siemens & Halske

to

if

much

40, 50%

the

we

(2)

(10)

Creates

plement the logical counterpart of

have

sumers

92-94%

Labor

advancing

if

we

,

-

Changing

prepared to im¬

are

that.

force, and technological deT

ever

;

we

than

and

population,

the

Ciments Lafarge

.

be

and

could

Perhaps

stand

freeze

months.

prosperity

chance

a

the

to

enough to bring

real

(1)

j

boost

employment?

work

/As of March 31, 1963

accelerating

the coming

that be

velopment. But
Eurofund's 10 Largest Holdings

finally

really need.

performance,

full

European countries will

higher

And

an

the accumulation of in¬

a

would

in several

will

but

current unsettled

greatly influence investment
cisions in the future.

public

expect

Kowever, stresses the fact that the
political climate

have

—unless

There has been underlying
in the economy: high

levels of income out of which

the

complacency about

us

quarter,

good.

ion,
we

step with rising national income,

>eport

March

of clear

strength

ventories. On both counts, we may

But

the

expansion.

sales

'-economy continues favorable. The
for

period

a

Thursday, May 9, 1963

.

exposition by the leaders of opin¬

Our Economic Upswing

hof; Karstadt; Mt. Isa Mines Ltd.;
Rank

after

.

ready for the radical tax overhaul

Co.; Kansai Electric Power; Kauf-

Royal

Sober Look at

a

that

.

shortlook

In

addition

its

14

Canada, and affiliate,

R°yal Securities Inc., is

located

at 2 Wall Street, New York

=■.

i-*

City.

ire

Volume

197

Number

The Commercial and Financial Chronicle

6262

(1923)

Cash Position

Security Holdings of 89 Investment Companies
With Aggregate Net Assets of $16.8 Billion (3-31-63 vs.
12-31-62)
vs.

Security Transactions by the 89
Investment Companies During

January-March, 1963

Investment Bonds

Net Cash & Governmentst

Net Cash & Governmentst
Percent of Net Assets

and Pfd. Stocks.

Portfolio Securities

Percent of Net Assets

Percent of Net Assets

Other than Governments

-End of

End of

Open-End Balanced Funds:.
American Business

Shares

b4,191
369

&

Street

Dodge

&

Fund

Investment

Howard

of

Institutional

6.0

;

.

'v

3.0

15,872

3.6

AAA;

2,121
4,746

2,550

0.8

AASAAIAAA

4,674

3.1

2,542

2,690

393
37,983

»

404

Fund

■

7.9

y

1,530

8.7

8.9

989

3.6

5.8

1,920

1,838

3.5

3.3

26.8

66,567

3.3

3.4

Mutual

Fund

-

—

—

4,320

5,273

14.2

16.4

3.2

0.8

386

Mutual

Fund

5,401

■

AA_~

Fund

21,938

22,878

Massachusetts Life Fund

MutUal; Investment

,

■

23.5

5,737

8.5

8.6

4.5

4,879

6,475

10.4

12.1

260

53

5.6

4,778
27,998
10,126

5,395

24.6

12,039

9.9

4.0

13,247

11.0

13.8

2,306

6,895

3.6

9.9

11,588

9,175

15.2

16.2

Securities

Inc

New, England Fund

-

Putnam

(George) Fund
Scudder, Stevens & Clark Fund

Shareholders'

Trust

of

Boston

Stein Roe & Farnham Balanced Fund

Value

Line

Fund

Value

Line

Income

Wellington

71.7

27.2

69.7

69.5

34.4

60.6

62.2

A 69.5
88.0

14.7

60.2

Funds

3.006

30.7

62.8

A:

84.8
60.4

60.1

193

11,418

1,154

4,926

371

684

202

1,253

1,010

21.7

75.2

16.3

14.3

59.1

28.8

60.6

589

231

8,459
2,260
3,922

9,685
3,047
2,823
10,510

6.859

24.5

19.4

64.5

29.8

64.5

18.0

64.5

65.8

7.5

13.8

None

2.7

2.8

7.8

44.2

42.4

194,588

185,754

13.8

12.5

28.2

1,028

4.1

7.0

43.9

*441,133

443,891

8.2

aa;A;A 8.4

25.0

•

92.5

25.0

57.5

659

479

1,354

937

8,762
12,580

20,291

4,313

A 4.220

66.8

1,061
6,013

1.414}
575

698;
5.509

3,020

1.444*

68.0

2,137

1,061
1,951

1,801

813

1,801

6,940
67,087

1,464
107,497

30,705

51.1

23.6

8.759

1,523

2,333
107,497

62.5

52.0

3,922z

2,549

1,066

49.8

41.9

'

AA

A

83.5

53.0

•

2.247

1,316
25,994
12,470

60.3

20.3

2.412

598

66.8

31.9

.

>

8,7591

32.046'

2,870

67.2

•

197

3,011

385

41,954

10,510.

60.2

29.5

;

3,011

945,

1,125

.

2,420

~

26.5 *

.

197

2,840
58,883
1,739

77.0

19.2

2,243

283

5,527
4,326

59.2

27.8

2,410

3,860

10,427

80.8

58.7

29.2

Z

;

10.6

38.5

6,056

3,567

'

6,142

5,697

658

63.0

6.7

2,504

538

684 ?:

64.0

538

Bal.

705

1,493
1,125
2,840
65,256
1,994

94.5

1.272

v

281

3,006
6,214
6,656
9,870
3,115

9,645

J7.1

4.5

,

6,530

_

Open-End

'

36.8

1.3
:

'

657

Fund

Sub-Total

67.9

73.5

2,163

Fund

Fund

Whitehall

67.5

22.5

30.8

2.3

Nation-Wide

4,201

142

586

1

16.5

>

3,138
1,967

2,887

„

,3,609

281

4,058
6,690
9,803 Z
4,274

A

78.9

16.3
-

3.649

Fund

77.5

;

8.8

:

6.3

National Securities-—Income

Nelson

20.9
23.2

15.3

21.3

6.4

4,572

705

64.5

■: i5.7

85

.

;

2,652

142

62.5

64.7

831

1,276

70.9

36.1

*

Knickerbocker Fund

62.2

A 69.4

-

Saies**i

3,738

63.1

A 16.2

22.9

0.2

91.1

61.5

Ti>ta!

Purchases^

831

62.4

1 91.3

...

v

24.7

•

23.8

394

:

A
A

vA 34.5

17.1

1,408

:

7.5

26.2

Sales**

2,911

81.6

62.2

Common Stocks
Total

1,499

78.0

92.3

34.0

A

35.2

4.4 A"

19.3

7.2

77.5

32.6 A

35.4

;

61,570

Fund—

ri

Loomis-Sayles

6.0

12

"

Foundation

63.0

19.0

325
Trust

62.9

63.8

34.2"

3.o

18.2

41,601

ij; 64.2

Purchases^

'

:

-

34.7
.31.0

;

;V

Of this: Portfolio

Total

-

b61.2

6.0

5.0'

2.6

Mar.

b60.4

21.3

•A'W;. 2.9

4.4

*

Total

Dec.

b24.0

,

35.0

12.4

-

Mar.

29.1

1.2

Fund

Mutual
.

2.4

1.7

_

Balanced

Investors

Johnston

1.5
7.1

255

Group Securities—Fully Admin. Fund
Investors

b23.6

2,655

America

General

bl5.0_

93

Investment

& Cox Fund-!

Eaton

Dec.

343

Investing

Commonwealth
Diversified

bl6.0

11,308

Electronics

Fund

Broad

Mar.

10,968

Science

Boston

Dec.

b3,879
1,066

12,365

*

Axe-Houghton Fund A
Axe-Houghton Fund B
Axe-Houghton Stock Fund
Axe

Mar.

Dec.

-(In Thousands of Dollars)Common Stocks

■tna or

Thousands of Dollars

31

.

706

6,029;

551

882

119

354

307,749

231,467

254,887

147,227

Open-End Stock Funds:
Aberdeen Fund

Affiliated

i,

A

1,131

1,220

5.0

5.0

None

a62,966

a75,175

a9.2

a9.3

aNone

369

1,358

1.1

3.9

10.2

9.9

88.7

86.2

5,484

6,141

7.7

8.0

None

0.5

A 92.3

'••V 91.5

3,943;

5,763

1.5

2.2

0.6

1.0

97.9

96.8

4,852
1,725

3,852

3.8

2.9

2.8

2.8

93.4"

94.3

926

8.0

4.3

1.4

None

90.6

95.7 A

21,770

Fund

20,864

7.2

6.6

None

None

92.8

93.4

16,950

5.4 A.'

4.3

0.3

0.5

" 94.3

95.2

9.6

None

None

0.7

0.4

2.8

12.4

3.7

86.2

3.0

None

None

97.1

Blue Ridge Mutual Fund
Bullock Fund

Chemical Fund
Delaware Fund

de

Vegh Mutual Fund

Dividend

Shares

-

__

Dreyfus -Fund
Eaton

&

Howard

Energy
Fidelity

14,828

18,557

8.1

367

198

1.3

5,632

Fund—

3,631

A 1.4

20,804

20,169

_

Fund

Fundamental

Group

Fund—

Stock

Investors

;

Securities—Com.

Guardian

Mutual

Stock

Fund

of

Lazard

America

National
One

i.l

25,240..

13.9

9.5

None

None

86.1

90.5

4,320

5.9

4.9

None

None

94.1

A 95.1

40,182

13.0

832

0.9

6.789

Street

-

Price (T. Rowe)

3,614

Growth Stock———

.:

American

Sovereign

Shares

643

Investors

State

Street

Stein

Roe &

Texas

Farnham

United

Continental

Stock

None

87.3

89.5

None

None

99.6

97.9

3.0

2.3

None

None

97.0'

2.8

2.5

0.4

None

96.8

8.5

8.1

None

None

.91.5

11.0

10.1

1.6

1.6

87.4

88.3

17.0

>•

20.7

77.4

A 74.8

1.7

Fund

4.5
11.1

85.1

86.4 ;

8.8

7.6

0.6

2.1

90.6

90.3

1.2 A

1.2

None

None

98.8

98.8

5.3

4.8

0.3

A; 94.4

95.0

,0.9

3.9

95.0

95.6

89.7

89.2

A 95.3

96.0

5,526

1.1

9.6

10.2

1,435

4.7

4.0

•

'

0.2

None

*

3.5

0.7 A

A

0.6 ;
None

Science

2,536

3.1

4.3

0.2

27,260

41,703

4.5

6.4

7.0

3.3

13.4

11.8

2.4

2.5

4

5,451

RQ0

18,226

24,165

5.3

15,531

23,260

8.5

82

374

91

191

2,883

Fund—.

1,653

Value Line Special Situations.——
Wall Street Investing
,

___

Fund

!

Sub-Total Open-End Stock Funds

Open-End

Funds

_____

447,758

0.5
:

•

6.3

4.5

12.4

1.1

13.5

8.2

A

1.4

•

6.0 ^

A-

.

6.1

7.3

14.4

2.6

21.421

1,904
;

2,357
25.259

3,919;
C——

15,426

22.242'

17,034
10,429
25,355
4,436

11,562
4.452

20.937

10,628'

1.198

1,647;

2,549
2,188
4,720

172

1,771'
172

342

12,025

30

117

25

5,077

8,609
1,186
1,098

5,077

8.609

2,457

1,186 V

699

1,098

36,576
2,244
9,798
16,890
1,786

39,168

18.576

536

2.244

21,226

9.798

6,574

8.890

1,267

1,696

95.5

699

88.5

90.3

39,168

85.7

536

12.470

90.2 A

90.0

87.1

87.3

11 8

87.1 A

86.0

12,517
1,373

12.9

85.7

86.0

357

407

230

407

83.7-

90.5

__2^387

1,205

2,387

1,205

91.9

448.008

404,326

427,179

358.903

79.9

755,757

635,797

682,066

506,130,

1.3 A;

4.0

7.1

9.236

117

*

84.2

None

>

43,409

24,697
7,113
19,206
3,536

A

2.0

12.8

-

90.0

A

•

78.5

21,226
-

v

Closed-End Companies:

Abacus
Adams

Fund

1,577

European

American

Dominick

Investment

Fund

General .American
General

Public

Lehman

2,505

1,712

2,505

96.6

95.4

1,580

1,646

Nil

2,800

None

82.9

86.1

1,274

6.9

1,502

4,020

8.7

1.0

1,502

8.5

8.1

1.2

1,236

0.5

1.7

1.6

2,155

4.2

5.5

Fund

90.5

1,173

Nil

90.3

90.7

188

157

188

157

97.9

98.4

1,092

1,704

895

1.207

3.2

1.6

92.6

92.9

1.658

1,479

1,658

1,375

1,632

1.375

1.632

3,960

2.777

3,960

2,529

12.5

7.5

2.1

2.0

85.4

90.5

15.6

1.2

1.6

80.8

8°.8

6.9

1.6

0.7

88.7

92.4

10,917

4.719

10,917

4,719

0.3

4.8

89.0

90.4

23 443

20 964

23,443

20,351

6.0

0.2

0.2

93.3

93.8

1,384

2,807

1,384

2,807

7.9

13.7

90.3

pc; ^

518

*23

518

523

8.8

89.9

90.2

9,104

8,817

6,276

6.944

None

None

93.3

92.2

Nil

2^27

Nil

3.2

2.4

90.8

91.0

Z 60.420

53.811

54.621

1.1

1.0

9.0

9,051

6.7

7.8

83.123

82,126

6.0

6.6

•

Foreign Securities

Total Closed-End

Companies.

OF

short-term
CASH

March

notes

POSITION

31.

1963

where
OF

8f)

included

—

—

—

6.8

1,025,402
by

reporting

fund.

a

For

Oct.

7.0
30-Jan.

31

10.7
period,

INVESTMENT COMPANIES

December 31.

vs.

—

2,427

'

972,014
corporate

1,479

5.8

4,681

—

1,173

6.5

4,145
—

b For

9.3
Nov.

82.5

30-Feb.

28

period,

AVERAGE

1962

83.7
c

Sold

on

ALLOCATION

EQUIVALENT,

816,177

bala

By

$Cost
»9

DEFENSIVE

of

689,608
purchases.

COMPANIES

OF

SECURITIES,

736,687

**Proceeds

ASSETS

AND

,

RISK

TO

51.100.

from

CASH

;

sale.

AND

SECURITIES

Approx.
Plus
OPEN-END
Stock

COMPANIES:

Balanced

Funds

19

Minus
t

11

Unchngd.

Total

COMPANIES

Totals




AA™

3

33

20

Funds

CLOSED-END

1,274

6.9

4,882
7,313

—

*

10.7

8,633 A

4.314

Overseas Securities

CHANGES

92.1

1.2

17.3

15.054

1.646

None

A.

4,138

20,613

Af- 1.712

1,502
1,193

0.8

:

12,452
21,847

Tri-Continental

+Includes

'

7.294

Niagara Share

U. S. &

4.0

-

13,184

Service

Corp

Madison

1

Investors

97.3

0.5

16.3

1,539

Trust

96.0

0.6

13.9

363

Carriers & General
Consolidated

None

4.1

0.3

2,806

International

None

2.8

53

Securities

4,484

1,514

American

982

2,617

___

Express

18

3

41

6

6

3

15

45

35

9

89

+

'

•
.

SUMMARY

Net

cash,

Defensive
Risk

etc.

Securities

.

and

Securities

Totals

Governments
(Bonds

(Common

,

and

i

4,442
12,591

96.5'
A

3.7

4.4

12.7

14.9 A

943,276

0.2

2.2

.

0.8

499,385

888,891

v

-

16,961

8.223

1,225

c_

10,628
2,052
1,771

2,457

685

i

•

1.498

6,486
35.402

7,689
2,588

c

4,4361,198
2,549
2,188
5,592
12,025

5.6

,

1,051

5,170
7,318

49,154
45,880

22,242
11,562
4,452
20,937

10,429
25,355

91.9

11.8

27

_

97.5

2.5

1,459

Fund

.

5,065
13,068

53,771
3,653
1,895

•

3,919

c_—_

15,426
17,034

97.7
v

-

2,237 i

1,028
"

24,338
43,409
9,236
2,684
21,421
2,357
25,367

3.1 A

A

12,737

Fund-

Income Fund

Total

-'None

2.1

A

1,774

Accumulative

Wisconsin

10.5

41

Fund

United

98.8

0.4

A

82.8

99.1.

■A

19,192

Investment

United
United

85.3

None

7,806

A 5,806

_

1.7

A

5,576
1,398

6.935

Scudder, Stevens & Clark—Com. Stk.
Selected

A

1,982

____

bu.o

1

12.7

25,310

-

Fund

84.1

None

17,314

27,315

97.8

1.2

,

16,113
13,370
z 8,640 ::c A;.. 8,078

:

v
V

15.5

10,957
36,004

16,815

Pine Street Fund
Pioneer

A

12,745
Investors Trust-

William

49,759

7,689'
2,608
24,697
7,113
20,043
3,536

None

5.9

1.736

4,777
5,326

-

35,747
14,223
1,225

45,880A

None

767

15,160

54,859
14,544
1,895

96.1

3.9

.

:

97.0

•

12.4

595

Securities—Stock

7,318

1,143

4,773

2,237
5,065
13,068
1,143
1,498
6,486

<

5,170

9^.5

2.2

31,906'

Investors

1,736
4,777
5,326
1,368

90.4
;

767

15,160

1,143.
4,773

9b.5

10.0

.

Massachusetts Investors Growth Stock

National

91.9
98.3

v,

6,817

4,701

Fund

Massachusetts

2.9 AAA

,

A

2,285

Institutional Investors Mutual FundCo.

0.8

A

95.0

a90.7

.

1,674
35,824

-

Investment Trust of Boston

A

95.0

a90.8

3,323

Fund

Incorporated Investors
Investment

■

19.367

„

None

aNone.

Dec. 31, 1962

6.8%

Preferreds)

Stocks)™
;

in 7

'

0

Mar. 31. 1963

7.0%
9.3

82.5

83 7

ioo,0%

100.0%

557,230

32

The Commercial and Financial Chronicle

(1924)

The

Indications of Current

following statistical tabulations

latest week
week

Business

or

Thursday, May 9, 1963

.

production and other figures for the

cover

month available. .Dates shown in first column

month ended

or

.

.

that date,

on

in

or,

of quotations,

cases

either, for ths

are

of that date:

are as

■

Latest
"

INSTITUTE:

STEEL

IRON AND

AMERICAN

.

i

;

Week

;

for' 1957-1959-+.—————«-■—

;

oil

Crude

condensate

and

gallons each)^_

42

2

INSTITUTE:
output—daily

PETROLEUM

AMERICAN

'

——---—May

W6ek

Z

.Ago.

of

..H

;

,

136.8

!.-

..

129.5

7,477,660

7,467,610

'7,492.610

(bbls.)————_J——A}>r-26

8,148,000

8,371,000

—„Apr.,26
(bbi's.)_i—__——-—.———:—_1—j——Apr.,26

output

28,344,000
2,954,000

29,067,000

-Distillate

fuel

oil

(bbls.-)
(bbls.)__.

output

.Residual fuel oil output

8,498.000

>

-

97.7

V

13,029,000

14.269,D00

.

'

■

•

'

Unfinished .'oils
ASSOCIATION

'

(bbls.) at
(bbls.)
at

Residual fuel oil

.

!—

'26,403,000

•Revenue

1 Revenue

*85,861,000

44,320,000

freight received fronr connections, (no. of cars)—Apr. 27

.

199,855,000

Steel

.

OUTPUT

'.Bituminous

(U. S.

BUREAU

lignite

coal and

MINES):

OF

:

.

anthracite
ADVANCE

CONSTRUCTION

NEWS-RECORD—NEW

■.

Total

•

advance

PLANNING

81,345,000

83,580,000

;r

576,839

558,611

511,110

r.

.

577,865

'518,654

561.450

521,408

504,622

337,000

396,000

Public6 _IIHIIIIIIIIII—

r

and

State

Federal
DEPARTMENT
(

395,900

—1—

SALES

\——May

—

INDEX—FEDERAL

<175,000

1127,900

Total

'174,100

'125,900

;New "York

18,900

"I'.' I ^00

.

output

FAILURES
(

■

INSTITUTE:

(in

(COMMERCIAL

AND

j—Apr; 27

AGE

..!

*

'

DU^

—

:

„——

COMPOSITE

'

■»:

——May

—

INDUSTRIAL)

BRADSTREET, INC.

IRON

!'

•.

kwh.)—„z

000

;;

113

steel

* 7

.110

16,495,GOO

16,279,000.

16,418,.000

Scrap
METAL
'

312

360

Wholesale
306

V'

v

;

PRICES:

.J

Apr. 29

.J

ton)——_■—:

gross

(per gross

PRICES

(E.

ton)——

Apr. 29
Apr. 29

M.

&

—

',6.279c

'•

6.196c

$63.33

$63.33

.

;

$28.83

$66.44

$28.17

.

Domestic

refinery
Export refinery at

Month

Lead

(St.

Louis)

(delivered

3

30.600c

30.600c

30.600c

30.600c

May

(New York) at

Lead

$Zinc

May

3

28.425c

28.400c

28.400c

■"28.500c

.j

;_May

3

10.500c

10.500c

'10.500c

9.500c

_J

:_May

10.300c

10.300c

10.300c

9.300c

May

12.000c

-J

;

—._

at

.

.ii

'.—1

at)-

.Zinc (East St. Louis) at
:
'.Aluminum (primary pig, 99.5%) at_;—;—v..
t Straits tin
(New York) at
—'
.>—

MOODY'S

BOND

PRICES

DAILY

12.000c

12.000c

Aaa

12.000C

May

116.875C

Sales

Industrials

MOODY'S

:

,J_

U.

S.

-

90.07

90.09

89.23

87.45

•89.78

89.09

89.09

May' 7
J—May 1

92.64

92.64

93.08

90.77

91.19

89.37

89.23

89.37

'82.15

86.91

84.17

May

7

84.04

May' 7
May 7
May 7

87.05

83.91

;

v-

°
.

—

Group

;

YIELD

DAILY

87.05

90.20

90.20

90.48

90.06

90.06

90.48

3.77

3.80

4.64
4.35
4.51

5.01

Utilities

MOODY'S

received

Percentage

of

4.59

4.85

All

period

.4.41

4.41

4.47

LIFE

371.4

360,281

331,187

392,020
368,979

95

87

97

484,552

485,432

468,481

—May

—

of specialists in
purchases

Short

in

*112.05

111.89

Apr. 12

111.46

2,866,420
667,290

2,868,960

2,141,540

Total

'651,030

373,800

.—Apr. 12

sales

Total

2,262,030

2,380,880

1,741,370

Apr. 12

initiated

off

the

2,929,320

3,031,910.

2,115,170

2,487,980

-Apr. 12
—Apr. 12

548,220

681,130

479,170

48,900

41,700

35,700

floor—

purchases

Short

sales

Other

i

sales

Total
Other

sales

.'

initiated

purchases

Short

the

;

sales

■

;

for

of

account

^

e

sales

STOCK TRANSACTIONS FOR

ODD-LOT ACCOUNT

LOT

DEALERS AND SPECIALISTS ON
EXCHANGE —SECURITIES
EXCHANGE
sales by dealers (customers'

Odd-lot

OF

Y.

N.

173,300
1,204,385

932,858
122,360

1,377,685

.

.

.

741,455
90,700

821,448

812,808

943,808

903,508

3,553,568
531,860

,

.4,793,887

841,178

866,030

3,879,810

4,720,988

4,167,275
5,033,305

'

3,456,215
618,270

2,952.688

3,122,338

3,484,548

3,740,608

'

■

Customers'
Customers'

other

Round-lot

of

by

Round-lot

1,527,530

___II

purchases

ROUND-LOT

by dealers—Number

STOCK

EXCHANGE AND
ACCOUNT

SALES

ON

of

THE

shares
N.

Y.

1,659,427

1,232,345

1,754,062

WHOLESALE PRICES. NEW
SERIES

—

U.

S.

All

Group—

Meats

and

Sterling

New

17,680

17,490

18,167

1,876,263

2,049,836

1,582,792

$95,107,378

1,625,994

$102,052,733

$73,795,479

99%

$87,227,953

_Apr. 12
—Apr. 12

737,150

—Apr. 12
Apr. 12

737,150
378,670

99%

798,170

669,300

(per

SELECTED

798,170
386,890

669,300

485! 050

293,870

576,280

RYS.

10.500c

9.500c

10.300c

10.300c

9.300c

£55.747

£60.470

£57.697

£55.854

£60.132

11.500c

1L500C

11.500c

12.000c

12.000c

12.000c

£74.184

£71.655

£69.428

£73.941

:

£71.494

£70.072

127.138c

101.500C

109.506d

price)
of

84.401d

$2.80064

$2,81399

112.940c

109.250c

122.138c

$35,000

$35,000
$192,000

36.250c

32.500c

32.500c

32.500C

33.000c

33.000c

33.000c

$77,000

$82,000

$82,000

$1.85000

:

$187,000

36.250c

pounds)

$35,000

$184,909

■

76

109.155d

$2.80070
1

;

!

pound)

(per

delivered

ton

income

Total
12

1,061,830

1,134,350

843,070

818,310

21,618,940

23,246,590
24,380,940

17,180,140

15,591,290

22,680,770

18,023,210

16,409,600
I

lots„

OF

Commerce

S.

CLASS

Income

Other

after

fixed

for

fixed

from

income

charges———

—

charges—

ihcome

preferred

88.3

93.9

100.6

St.

Dividend

100.9

°r.ders not reported sipce introduction
where
Louis

Ratio

exceeds

one-half

cent

a

pound..

jPrime Western Zinc

$2.25

$164,894,343

$218, 933,520

of

duty

103, 373,468

244,245,482

322, 306,988

16,609,226

18 818,177

376,818,179
91,824,842

227,636,256

303, 488,811

91,547,396
136,088,860

91, 498,175

211, 990,636

10,365,896

10,751,882

11, 5.22,781

274,627,441

1

taxes

stock
to

figure.

:

:

stock

income

fixed

;

125,336,978

200, 467,855

171,942,239
Cr38,117,169

162,070,764
46,475,594

160, 007,106

114,840,659

63,491,235

105, 542,703

6,609,373'

—

charges

UDomestic

five

session

3,026,904

4.10.

—

tons

or

where

included.

morning

79,351,139

402,413,896
25,595,717

76, 701,078

appropriations:

•Revised

§§Delivered

of Monthly Investment Plan,

$2.25

284,993,337
:—_——

^

99 ;9

87.3

81.250c

$2.25

107,022,963
—„

deductions

On

100.5

22.500c

79.000c

I

;

+__

income

98.9

88.5

24.000c

22.500c

Commission)—

—

charges

99.6

100.5

22.500c

$295,390,933

U.

income

—

available

fixed;

100.0

30

$1.50000

22.500c
22.500c

■

23

$1.80000

$1.50000

I_II

ITEMS

deductions

30

Apr

$1.75000

$1.90000

average (per lb.)

Depreciation (way .& structure & equipment)

foods—IIIIIIIIZIApr!

$1.85000

$1.90000

pound)

export

———

income

Income

Total

Net

—————

36.250c

$1.50000

lots

(per

Quarter:
railway operating

Other

foods—___——III^IIIIIIIIIIIII—"I—Apr!




10.500c

Fourth

Net

common

freight from East

S.

pig

INCOME

On

0f

£233.355

127.290c

ounce)

flask

(Interstate

Federal

at centers

£233.875/

£57.866

:

pound)

485,050

96.7

delivered basis

U.

primary

Bismuth

100.3

_

28.598c

£234.309

£234.063

ton)

ounce)

grade ingot weighted

99.9

and

30.600c

28.400c

£234.125

Aluminum—

95.2

farm

long

(per

30.600c

28.404c

(check)

small

94.1

than

(per

grade

99.8

,

30.600C

£234.181

ton)—

79.000c

97%

95.0

other

128,900,000

■

pound)

pound)

pound)

99.9

commodities

$808,900,000

**Nickel

(Per

Cobalt,

30

~~~

long

Straits

(per

30

_

$994,100,000

pound)

(per

Exchange

Apr

2

_

152,700,000

74,700,000

Exchange—

York

ADr

„

'■ '/

(per

refined

15,732

..

___

products

Processed

on

.

commodities

Farm

All

.

153,000,000
346,700,000

pound)

(per

(per

1,644,161

DEPT. OF
.

91,000,000

LIFE

v;•

Cadmium

LABOR—(1957-59=109):
Commodity

12,500,000

62,700,000

9,339,000

TO

QUOTATIONS)—

(per

(per

Louis

Platinum,

$94,100,605

Apr. 12
Apr. 12

—,—

J.

London

/

St:

Quicksilver

1,600,282

ADr

_/_=

M.

refinery

Miscellaneous

Other sales——
Total sales

&

V".'.-

ounce

$59,205,831

STOCK

——

(E.

months,

(per

2,067,516

round-lot sales—

Short sales

10,300,000

95,200,000

PAYMENTS

L.

■■■•;.

Gold

$86,415,392

TRANSACTIONS
(SHARES):

MEMBERS

$349,100,000

63,300,000

13,400,000

142,500,000

York

1,891,995

ROUND-LOT STOCK

OF

$358,100,000

71,500,000

152,600,000

London

Apr. 12

—

7;186,000

$844,700,000

Sterling
Tin, New

$80,362,651

dealers—

sales

*7,145,000

$369,500,000

BENEFIT

values

Silver,

Apr. 12

sales

Other

*16,545,000
*9,400,000

16,525,000

9,432,000

7,173,000

payments

PRICES

Silver
y

Apr. 12

_

Short

110.9

Western, delivered (per pound)____,
ttLondon, prompt (per long ton)—
ttLondon, three months (per long ton)

Apr. 12

sales

*112.0

.1

—

payments

East

Apr. 12

sales

shares—Total

113.1

12,240,000

manufac¬

goods

Zinc—

—

-

sales

Number

in

—

sales—

Dollar value

.,'5,383,000

York, boxed
(per pound)
Laredo, bulk (per pound)
Laredo, boxed (per pound)

STOCK

Apr. 12

short

6,857,000

*5,325,000

UNew

shares

of

*6,852,000

Antimony—

ODD-

value

'12,177,000

5,350,000

of

1

•

!_—

goods

Silver,
4,412,031

.—Apr. 12
Apr. 12

$1,068,590.
60,103,210

ISPrime

COMMISSION

Odd-lot purchases by dealers (customers'
sales)
Number of orders—customers' total sales

Total

124,988

1,068,620

1,193,608

.

63,331,894

61,287,493

'Common, New York (per pound)
Common, East St. Louis (per pound);
ttLondon, prompt (per long ton).
;__
ttThree months, London
(per long ton)

purchases)—t

Number

FOR

1,243,797

Apr. 12

sales

TOTAL

997,391

Apr. 12

sales

Other

Dollar

349,120

members—

purchases

Short
Total

293,420

425,570

Apr. 12
Apr. 12

—

round-lot transactions

Total

389,870

623,710

Apr. 12
Apr. 12

sales

Total
Total

582,010

598,060

floor—

+

sales

Other

on

549,160

Apr. 12

!

transactions

Total

.

61,371,559

Lead—

55,700

...

Apr. 12

___,

69,406,698
$1,152,572

workers)

endowments

ttThree

276;520

"

DEPT.

-

•

>

(production

Export refinery
ttLondon, prompt

471,870
2,016,110

^

transactions

'

S.

SERIES—Month

•

goods

April:
Copper—

2,438,240

Apr. 12

sales

Other

-

of employees
industries—

Domestic

:

68,458,934

12,226,000

Feb., 28+_

dividends

METAL
111.98

3

which registered—

sales

Other

stocks

at.

Total

TRANSACTIONS FOR ACCOUNT OF MEM¬
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS

119

16,605,000

customers

PAYROLLS—U.

INDEX—

1949 AVERAGE=100

99

♦115*

consumers—

benefits

Policy

88

119
-

6,876,000

-

INSURANCE

Annuity

ROUND-LOT

Transactions

101

t ;

•

goods

Surrender

91

482,871

328,844

113

112.

FEDERAL

omitted)
customers—Month of

number

Matured

330,628

363,604

'

119
101

YORK—1957-59

manufacturing

Death

323,759

$96,700

•

March:

POLICYHOLDERS— INSTITUTE OF
INSURANCE—Month of January:

364.9

13,620

26,900

FED¬

(.000's

REVISED

Nondurable

4.43

377.2

—Apr. 27
Apr. 27

^

PRICE

of

to. ultimate

AND

.

Durable

4.53

—Apr. 27

,

of

end

OIL, PAINT AND DRUG REPORTER

Total

NEW

ultimate

LABOR

Disability

;

activity—
at

4.40

•;

379.6

7

—Apr. 27

I

(tons)

4.86

.

.

'

(tons)—

orders

DISTRICT

ultimate

turing

,

-May

ASSOCIATION:

(tons)

4.63

4.40

May

INDEX.

PAPERBOARD

Production

Unfilled

i—

1—

COMMODITY

NATIONAL
Orders

Group

Group

4.63

May
May

4.87

of

Durable

4.64

5.02

4.47

4.86

1:

SECOND

INSTITUTE—

sales

Nondurable

4.46

4.67

4.36

-

4.46

Industrials

SALES

OF

manufacturing

4.30

•

f

*

116

Estimated

4.48
4.23

$56,180

;
«

-

; *$£9,08d

.

114

-

4.60

4.48
4.23

4.36

:

$99,280

3.65

3.70

"!

i

*27,540

Payroll indexes (1957-59 average=100)—
All manufacturing

-May

Public

OF

89.78

—May

k,

*14,050

$1,144,659

March:
All

d

S $57,480

RE¬

"

88.40

May

$57,710

variation—

February

EMPLOYMENT

4

corporate--

Group

of

from

Number

•

14,030

•

February

AVERAGES:

Aaa

Railroad

STORE

Kilowatt-hour

86.91

" 83.91

7

89.37

,

28,404,066

$532,574,125- $625,088,552

Avcrage=ill()—

adjustment

ELECTRIC

Revenue

91.62

90.77

Government Bonds

Average

119.375c

7

May

.j

Group

BOND

110.250c-

$653,492,618

44,.373,'324

'27,540

-

(average daily) unadjusted
"
(average seasonally adjusted).—

Sales
EDISON

$576,947,449
= r:

"

seasonal

'

Group

Utilities

11.500C
24.000c

115.000c-

90.02

7

May

Public

11.500c

22.50QC

38,019,081
41,467,264
171,709,583

.

■'*

2'

;;

SALES—FEDERAL

RESERVE"

Month

May

J.
Railroad

lL5G0c
22.500c

151434,617.

April:

for

seasonal

RESERVE BANK

'

——

„!

corporate—:
1
;.

_—.

.

22.500c

!

.^O,893,*631

.

11.500c

May

„

:

-

Ill

Average=10<)—Month

AVERAGES:

U. S. Government Bonds.

Average

-May

-4

__d_r
^

STORE

DEPARTMENT

.

'

of

ERAL

136,542,652

26,761,729

COM¬

.••/id*

SYSTEM—1957-59

Adjusted

—

$704,'684,684

$663,791,053

;

SERVE

Without

at

J"

/City

.r_L.
^

DEPARTMENT

$28.50

QUOTATIONS):

J.

144,157,421

6.196c

$63.33

-

$28,17

1

I

-

Total

Zt

6.279c
.

■

Retail

.314

134,768,091
-

February

of

dollars):
Manufacturing 1
_v

&v
•

York

66,839,468

'56,472,688

a

•

—

(Millions

Electrolytic, copper—
,

•

(per

steel

"

,

LJ.

INVENTORIES
DEPT. OF
MERCE NEW SERIES—Month of

15,369,000

•

Pig iron

:•

.

-

outside .New

7^700,.000

108,290,835

v

-7; 27,601,236

42,474,696

-

:

-

V

48,214,739
-

^

City »_'__^;

BUSINESS

,

4

.'—May,. 2

lb.);

(per

"/

V.

!!/::•: .113

104

;

•

...

•

Finished

L_1

2
't

70,126
34,740

$34,151047

77,720,911
41,852,651
82,142,544

.

150,714,872

—:

United.' States

Total

1

ELECTRIC

(Electric

116,253,832

2,000

10,600

•-

2

•

-

■

10,583,943

.

*

$34,965,670

93,617,315
47,887,781-

"

—

-•

161,100
142,200

/

5,601,2981..

$6i,*364,028
-

J;

^

liC

156,100.,

;

.

41,317

'

I
+.»

'J.

145,500

I

RESERVE

—_-l

SYSTEM—J 957-59. AVERAGE—-! 00

EDISON

148,600

1 ~

■

,,LL_—

Central

2

■

74,432 /

;

&

—i

:

5,739
104,866

:

»

Central

i

*

-

—

L

Mountain
Pacific

$276,500

'

8;222,352..

DUN

—

2.

,

—

STORE

$567,900
'392,900

66,338

2,840
115,749
-

CITIES—Month

.

Central

West-

$557,000

$528,000
371,900

VALUATION

INC.—217

Atlantic

South

■

;May

—

PERMIT

2

May

———;

——

Municipal

'•

75,347;
37,374'

March—

March:

East

.

■

2

,.

G, 89i,176

New ' England
——
Middle Atlantic
South

294,000

'

of

.

of

March—

BRADSTREET,

347,000

:

of

BUILDING

8,559,000

May

tons)'Month

i.'. 267,689

"

? 51,531

r"'4-,'l-02-

produced

85,015,000
'

8,805,000

:

castings

Month

9,005,000

f.

for

39,387,000

9,125,000

ENGINEERING

—

(000's omitted):

SERIES

steel

r

.

INSTITUTE-^.;

42,097,000

•

planning by ownership

—

v'43,295,000

(net

T 444,632
f'X 334,027

/

249,250

Shipments of steer.pfodiicts*. (net tons)—

'——Apr. 27

(tons)_:——

and

STEEL

.

88,534,000

,

Pennsylvania

ingots

AND

23,879,000

___-Apr. 27

(tons)—

IRON

\

4j9,370'

•'

;ii?,72i

——__i.I__I—

—

Ago

V

.300,7151.

■

+-

22,756,000
.

v

COAL

1 "

•

.

-

1

*79;671,000

85,416,000

i
freight loaded (number of cars)_L—_—-Apr. 27
>

;

others^

Electric

;

303,796
-59*818;

5.556-.000

2 1 0/744,000

-

25,^2^,000

87,204,000

Apr. 26
Apr.26

■'

'—

RAILROADS:

AMERICAN

OF

207,576,000

205,408,000

—

i

480,437

washer-dryers—,

AMERICAN

-

.363,614..

■

5.794,000

5,769,000

■

5,352,000

bulk terminals, in transit, in pipe lines,....
Finished
gasoline
(bbls.) at—2————-——:—!
Kerosene (bbls.-) at--_—
—-—----2—L
I
Apr, 26
Distillate fuel oil
(bbls.) vat—-L—
r™-—--—Apr.-26

>

v

:

Wringers and

2,591,000
12,626,000

Year

' Month *

.

unit-

'semi-automatic——'-——,—"

Combination

8,321,000

3,316,000

:

and

Previous

/d

MANUFACTUR¬

laundry appliance- factory
sales.' (domestioT- +•—i

28,993,000

•-

LAUNDRY

home

Automatic

Stocks at refineries;
w

HOME

ASSOCIATION—Month of March:

Total

~

7,385,360

29,434,000

*3,266,000

12,920,000

—--Apr..26
——.-Apr. 26

:—:

ERS

l' ■*

t

•

AMERICAN

Washers
•

•

'Kerosene

Month

,

*)<

136.6

Latest.

Ago
1
1,820,000

■■

.■

A pit 26

——-—

Crud,e runs to stills—daily^ average
"Gasoline output (bbls.) — Z——

Year" —

(k".

.'

J2,413,000.

1.

4

L.

4

Month

~

.

2,548,000

{

(bblp.

average

—-—»—

RVevidus

* '
«■

2,544,000

Steel, ingots and castings (net .ton?)-——_J——May.^,
Index of production based op. average weekly production

more

but

less

carload

freight from East St. Louis exceeds 0.5c. **Port
t+Average of daily mean and bid and ask quotations
of

London

Metal

Exchange.

6, 728,238

2.49

than

3.32
lots

Colburn
per

long

boxed.
U.

S.

ton

at

.

Volume

Number

197

6262

.

.

The Commercial and Financial Chronicle

,

(1925)

An uninsured driver of

Why Compulsory Auto
Insurance Is

An uninsured motorist who hits

Failure

a

when you

other

Cogent arguments in the case against compulsory automobile insur¬
ance

should

that

coverage

by trade

faced

be

to

up

answered

for example,

Noted,

insurance group.

and

requiring such

since there is no

difficulties

instead,

against

"uninsured

an

Motorist

all

administration,

costs,

liability

Compulsory

automobile

insurance,

attractive in theory,

in

actuality

dismal

has

National

Association

dent Insurers,

of

millions

In

the

first

"compulsory" is

of

years

insurance,
insured

still

I.

unworkable

In

New

York

at

least

during

State,

12-month

period,

a

there

called

branded

and

for

law

costly,

too

the

and

officials

have

called for

also

re¬

peal of their state's law, because:
is

"It

safety.

not

promoting highway

Too many people

negligent

and

take

become

chances,

and

350,000 revocations

some

become too claims conscious

of registrations because of lapsed

after

the

were

insurance.
In

North

Carolina

(Massachu¬

the

are

only three states, so

far, to have adopted

compulsory

a

ticipated increases for those banks in other sections of the country
—most notably the institutions in the mid-West and West Coast.

year—in

every
than

more

even

vehicles

twice

the

registered in the

cars

no

Studies

In

every

compulsory

insurance is

ever,

offers

failure, how¬

a

Uninsured

erage

compul¬

where

case

Motorists

Cov¬

positive, economical

protection.
The

insurance

industry,

after

extensive research and considera¬

tion, has developed this form of
insurance
to

swer

does

as

the

it do

is

also

problem.
better

a

law

compulsory

effective

more

a

offered

Not only

job than

any

devised,

ever

in

an¬

it

state

in

every

three

all

insurance

states

are

banks

in the

posits

the

State

missioner
the

of

800

estimated

state's
There

sured.

Insurance

drivers
were

Carolina

100,000
unin¬

were

more

hit-and-run

North

that

Com¬

which

has

proved to

the responsible motorist is

erage:

protected,

at

far

cost

a

insurance;

compulsory

jury

bureaucracy is required

than

1,-

accidents

in

in

recent

a

year

and nearly 2,500 accidents involv¬

ing

uninsured

out-of-state

mo¬

torists.

The second

reason

extend

their

This highlights the tragic irony
of compulsory insurance: the false

counties through merger have been thwarted — the result
being "de novo" branching. The establishment of these new banks

rather than

taking over existing ones is immediately costly and
requires not only time consuming construction of a facility but
also the acceptance in the new locale.
The inability to move easily
to the suburbs has
sumer

retail

or

law

abiding

-

motorists

be¬

who

Why can't

insurance

forced?

Consider

says

be

law

the

following,

NAII:

vehicles, Massachusetts 1.9 million
North

Thus the
these

Carolina

1.8

states'" Motor

partment start

Vehicle

with

off

000,000 to 5,000,000 pieces of
A

changes

changes his
lets his

he takes out
He

2,-

ance

new

lapse,

insurance

New

time

he

or

the

Doe,

the

next

J.

com¬

along

sands

of

the

line

stallment loans, but
banks.

The

full

maze

J.

of

•

in

claim

the

frequency

first year

insurance.

the increase

35%
its

years

1

The

17.3

during
law

In

was

since

1950. The average yield on these banks
been lower at only one point since 1950.

in

effect.

two

outdistanced the

York

ance

and

claims

more

owners

Massachusetts

highest

the

liability insur¬
premiums in the countrythan twice

much

as

the

as

sory states.

rises

as

pieces

$100

as

rates

again last
were

$312.

to

in¬

were

Rates in

year.

increased

of almost 10%

on

take-. place

last year.

of adminis¬

sible

paper

have

to

protect

motorists,
against

ance,

irresponsible
offers

no

North

are

the

respon¬

who have

insur¬

the factions
who

ones

the

of

do

snowballed

into

a

veritable

bliz¬

forms, notices, and changes.

not,

protection from the fol¬

Matching

up

this, conglomeration

of papers and

trying to determine

lowing drivers who
in

ways

involved
:•

An

in

on

accidents:

many

uninsured

.

are

Market

Bankers

Chase

Trust

12

out-.- of

^

and

who is

not

like trying to maintain order in

basket of eels.




is

driver.
-

a

An

...".-V

are

Book

~

;r

v

/

Over

Value

Book

%

3-18-63

%

3-31-63 N. 0. E. Dividend

1963 Range
Bid Price

High

Low

$3.45

17.0

$2.00

3.42

$36.67

59.5

63

5.21

16.2

2.60

3.07

57.18

48.0

87

79

5.26

16.5

2.80

3.22

54.84

58.6

93

83

3.00

Bank

5.81

18.0

54

2.87

63.34

2.98

16.6

1.60

3.24

29.26

68.7

52

46

3.41

17.2

2.00

3.42

40.07

46.0

61

55

19.7

4.00

3.40

71.44

64.8

127

116

5.97

17.3x

P/E Ratios

as¬

65.0

104V4

94

3.23

Yields

P/E Ratios

Yields

NYC

NYC

NYC

Banks

Banks

Banks

Banks

and

1950
1951

is not compulsory: the auto¬

1952

13.1

4.40

1959

1953

12.9

4.46

1960

1954

13.4

4.49

1961

1955

14.9

4.04

1962

13.1

4.34

erage

mobile

makes

owner

free choice.

a

14.7
....

...

4.49

1957

14.3

_

1956

Sporn Loan Fund

4.68

1958

12.0

_

4.47

14.3

_

4.74

13.3

_

3.71

12.4

_

2.80

16.0

_

3.91

18.0

_

3.75

Established
Sadie

of

the

"Philip and

Sporn Loan Fund"
Institute

diana
Fort

Wayne,

of

at In¬

Technology,

announced

was

Braun, Stanton L. Pressman, Har¬

Pressman Casher
Co.

old

of the System

mittee
Power

Development Com¬
Electric

American

of

Company, New York, and

Indiana

Tech.

Mr.

President of

Forming in

Sporn is also

the retired President of AEP.
The

New

$50,000 loan fund was made
by the Philip Sporn

Educational
students

Trust

at

to

Indiana

deserving

from

initial

Stock

with

President

eral

from

and

Mr. Sporn

December

subsequent

and AEP.

m a n

the

Exchange, will
offices

The

funds

$50,000

fund is

established

by

at

111

cember -at the

engineering .schools

of

Columbia

alma

sity. •

University,

Sporn's

mater, and Cornell Univer.

" :

'

I.

Julius Slutsky,

Manny

Zis*

and Perry Zousmer.

ser

Gen¬

partners will be Leonard M.

National and Grindlays
Bank Limited
Head Office
U BISHOPSGATE,

10 N. Y. CITY

Report Available

-

on

A

MINERVA LONDON

Telex Nos. 22368-9

Request

Laird. BissellS Meeds
Members

New

Members

American

120

York

A

Stock

;

Stock

*

ADEN

,

INDIA
"

7-3500
.

Teletype

KENYA •'UGANDA

-

Exchange

Telephone: BArclay
Bell

Bankers to the Government m

ZANZIBAR

Exchange

BROADWAY, NEW YORK 5, N. Y.
-

LONDON, E.C4

Telegraphic Address

BANK STOCKS
Ten Year Histories & Commentary

similar "to
Philip'

Edward

Allen Pressman, Ben J. Slut-

man,

sky,

Survey of

-

the

be

and Institutions

by

'

will

Ehrlich, Pearl Fried, Ruth Fried¬

For Banks, Brokers, Dealers

1, 1961,

gifts

partners

"

AEP itself on
Sporn's retirement

on

ited

of

Broadway, New York City.

System,- and from

as

Pr ess

members

York

gifts

employes of the seven-state AEP
the occasion of

16,

Co.,

Le-

Burns, Robert Burns, Leonard J.

both

Tech,

present and future. The Trust had
created

May

&

formed

be

available

been

Casher

Frohlich, Richard A.

will acquire a membership in the
New York Stock Exchange.
Lim¬

New York City
Effective

K.

vine, and Richard S. Casher, who

jointly by Philip Sporn, Chairman

Sporn Educational Trust last De¬

v.-

state

unapprehended hit-and-run

driver.

and has

Yield

Times

■

who is insured

3.23%

Premium
Price

Mos. to

Co

Manhattan

drivers

down

whose insurance has lapsed);

high¬

large numbers—and

is

Oper.
Earnings

Current

,

zard of

only

NYC

tracking

to

totaling $100,000 from almost 9,000

Compulsory insurance, which is
supposed

(in

highway patrolmen

signed

an

Loopholes Against Coverage

it

'

of

drastic

average

time

38%, with individual

Massachusetts
New York

needed

Dr. Archie T. Keene,

During the past four and onehalf years North Carolina rates
risen

is

Carolina the equivalent of 45 full-

Establishment

More accidents and

pay

policing

no

not

In

of the nation.

New

$3,500,000

is

Net
'

star¬

a

first

produce higher rates. Car
in

hicle Department spends

annually to administer the law);

North

the

was

overwhelmingly
rest

and the Motor Ve¬

sory program,

than West Coast'

departments

price earnings ratio for the major banks listed
average has been exceeded in only one year

average

state

more

or

loans

con¬

only fewer in¬

times. This

(in New

under

Massachusetts the claim frequency

thou¬

Result: The original two to five

million

tling

1,000

these

not

time consuming but costly.

below

no

of

from the

away

means

also fewer mortgage

establishment

—finally, Uninsured Motorist Cov¬

York

some¬

perhaps

Tens

trative confusion.

name

time

Doe;

transactions

staggering

his

next

Q.

misspelled.

gets

injuries from

accidents; New

York's

have

his insur¬

signs

Doe,

where

Massachusetts again led

23%

rose

creased

Q.

;

address,

coverage.

One

a

his

he changes

or

property

second.

more

insurance.

John

in

was

pa¬

car.

insurance

changes

panies,

and

national average for non-compul¬

driver

He

1961

automobile

De¬

from

per. Then:

Or he

Personal in¬

damage accidents 20%..

million.

Compulsory Sections in

registra-

car

juries jumped 40%

Carolina

en¬

New York has 5.2 million motor

and

1960, though

compulsory

compulsory auto¬

a

mobile

it takes

kept the New York banks

banking business. This

$5834
843g
Chemical Bk. I\!. Y. Tr. Co.
8634
First
National
City
Bank 1041/4
Irving Trust Co
491/8
Mfrs.. Hanover Trust Co
* 581/4
Morgan
Guaranty' Trust... 1173s
Average

to

growth among these banks is the

cent

employees to handle the compul¬

1957

re¬

— Nassau
Most attempts to establish banks in these adja¬

Carolina personal injury
accidents
increased
38%
from

of security such a law gives

lieve that everyone is insured.

for slower

Price

tions'Tose only 11%.

West

branching into the two adjacent counties

and Westchester.

state

North

growth.

In 1959 the legislature enacted the
Omnibus Banking Act which
permitted New York City banks to

York

the nation in bodily

Tragic Irony

acci¬

earnings

high

dents.

In

sense

damage

costly .to

turn

-

property

be

type of investment. Also, municipal investment has been
familiar to West Coast banks and the
average return on this por¬
tion of the portfolio is greater—due to earlier investment at
Higher
rates.

is

having sharp rises in personal in¬
and

expected to show increases

are

Coast banks have had high time deposit ratios for
years and have
had the experience of
mortgage investment—which is a

•

law)

Southeast

There are two principal reasons for the retardation of
growth
earnings for New York banks. One is the growth in time de¬

in

cost of pennies a

a

day.
Under Uninsured Motorist Cov¬

that

show

the

branching laws in New York.

hazards."

way

setts, New York, and North Caro¬
lina

highways

cases

the union—at

accident."

"It is actually increasing high¬

.

approximately

approximately at this increment over 1962's earn¬
ings. This increase compares somewhat unfavorably with the an¬

uninsured.

are

study aimed at

a

Several top Massachusetts state

*

or

Compulsory insurance offers

repealing .it.

the

state's highways.

has

of

3%. It is expected that earnings for New York
City banks for the

protection against the visitors who

Hatfield

has

thousands
out-of-state

state.

its

of

sory

un¬

roam

of
of

their

on

ful. It has turned out sour."

auto

thousands of

motorists

recent

insuring

Says the Asheville, North Caro¬
lina, Citizen: "It sounded wonder¬

even

compulsory

many

total

motorists).

misnomer, be¬

a

Massachusetts, for example,
after

(none of them

has been able to achieve the law's
purpose:

NAII,

says

states, particularly those,
tourist business, have

big

number of

it simply cannot compel. In

cause

significant that compulsory

increase

full year will be

Even

millions

New York State Senator Ernest

place,

who
inten¬

or

overall

an

-approximating 5-10%.

states that have it

on

dodger"

insurance

1963, New York City banks showed diver-

with

ing registration.

some

responsible citizen.
!

his

insurance is under fire in the three

(2) it does not protect the

owners;

"insurance

hundreds

state governments and automobile

is still registered

car

earnings trends

tionally lets it lapse after obtain¬

Opposition Views

of

costs

unnecessary

The

cancels

keeping the files current
becomes a grim joke, with tax¬

It is

insurance industry is strongly op¬

dollars

in

policing.

of Indepen¬

heaps

be

And

association

it

to

re¬

in another state.

Most

posed to compulsory automobile
liability insurance, primarily be¬
(1)

said

gent

newly-arrived uninsured

sident whose

be

to

Contrary to general belief, the

cause:

A

group

including savings

ways

world's largest in¬

surance trade

For the first quarter of

cancelled

lapsed insurance.

or

coverage

trade

Coverage"

and

NEW YORK CITY BANKS—

despite

and the paper-work

The

driving after his license

on

or
policyholders footing
a payers
with
the the bill—a prohibitive one.

to

proved

according

failure,

negating

record-keeping.

superior to the compulsory law in

so

loopholes

national, uniform compulsion;

mitigating

proposes,

the

coverage;

Bank Stocks

—

who

registration

sharp rises in personal injury and property damage in the three
states

This Week
motorist

has been suspended or who
oper¬
ates
a
vehicle

the

are

BANK AND INSURANCE

an¬

;

uninsured

keeps

are

driving in

are

slate.

An

advanced

stolen

a

car.

you

33

212

571-1170

Specialists in Bank Stocks

•

Branches in

PAKISTAN • CEYLON

ADEN -SOMALIA *
\

£URMA

EAST AFRICA

AND THE RHODESIAS

34

(1926)

The Commercial and Financial
Chronicle

Continued
week's

from

over-all

total).

above

the

1962

3,669

the
,

1961

below the 1961 level of 399. However, 9%
more concerns sue-

31.8%

or

cars

ancj

cumbed

week.

..

.

Cumulative

for

ui
the

.lux

,

16

28,623

above the

of

"an'in-

for

cars

and

64 781

cars

type

systems

traffic,,

originating
this

in

year's

included

wheat,

The

Dun

&

*

'.

•

.

.

the

Bradstreet,

Inc.

Whoelsale Food Price Index
or

rep¬

resents

more

the sum

per

pound

and

meat

not

a

42

in

of

total of the price

31

foodstuffs

raw

general

in

It

use.

cost-of-living

is

index.

Its

which

turned

down

259

from

*» lastt week and 272 in the

this

simi-

iar weeK 01

week

to

wholesale level,
Ara A. Cambere

phases

•Lyoz-

with

and 58 in the

in

58

one

year

The

ago

corresponding week

1961.

'

-

Trucking

service

0.1%

Intercity
week

truck

ended

marginal

gain

volume in the

1962,

tonnage

April
of

27

in

0.1%

the

over

the

American

in

announced.

2.3%

was

for the previous

of

weekly

port

based

are

the

on

The

report rehandled at more

tonnage
carriers

of

general

throughout the country.
Tfte terminal survey
a

year

the

nunais

against

as

and

during

for

week

and

man-

year

,

goods

held

over

when

retail

assumes

trading activities. He will continue to be based in
the Chicago of¬

a

for

fice, 141 West Jackson Boulevard.
Eugene C.

Travis, Vice-President, will assume
firm's Midwestern region with
headquarters in the
and branches in
Champaign and Kankakee, 111. and
Iowa. He replaces Mr.
Cambere who will now make
ters in the firm's home
office in New York.

a

An appreciable

developed in the demand for

successful clearances.

geo-

graphic regions: the South Atlantic, off to 27 from 35, the Mountain

mu

i

Mr.

York

a

n

1

*

*

The total dollar volume of retail
radet !" lhe
etnded fln tha
latest Wednesday statement week

ever, the Middle Atlantic toll took

f?nge

contrasting upswing to 90 from
77 and mild increases
from a

week^

than

a

Mr.

.

th

foljowing percentages'

ppntrai

c;

™ Central
tain

year ago.:

_2

5 to

tQ

2

a

&

Steel

his headquar¬

partner in the New

managing

as

a

partner

of

partner, prior

in Stewart Warner
Corp.

of

Corp. of Pittsburgh.

a

acquired.

Travis, joined the firm early in 1960

Vice-President in 1962. He has been active

1 East

Mjddle

as

been

Cedar Rapids,

an

Mr.
f.

+n

1960

had

charge of the

Chicago office

long career in New York and
Chicago
over-the-counter trader. He became
associated with Hayden,
Stone's Chicago office in 1960, when Daniel
F. Rice & Co., with
whom he was associated for 12
years was
as

1Vn JLnd l0™.rlgtoI
No

in

he

Cambere also joined the firm in 1960

Mr. Strauss has had

tetional estates
1I962

th

the firm
which

Chicago and Oliver Iron

,

lev-

,

to

to which he held executive
positions

® elj
f.n a year ago, according to spot

a

,

prior

Shields & Co.

,

rom even

Arthur joined

office,

-i

States, down to 8 from 20, and the
Pacific, down to 50 from 59. How-

•

,

business

strong

,

Strauss, Vice-President, was elected a Director and
responsibility for the firm's nationwide over-the counter

all

-

„

Robert

activity in outdoor

three

in

Donald

Arthur, Jr., was named Executive Vice-Presidentoperations and Ara A. Cambere, Executive
Vice-President-administration.
"

snow

succumbed

•

-.

^Truck ^r-: ^ic^sufitering Jhtercasualties
tolls apd
Albu- four
having
heavier
Dallas-Ft

some

exceptionally

sag

centers
and

as

above the similar week

ago

was

consistency, with five geographic

three

1,

apparel, dry goods and linens, although some areas were saved by

•

reflecting decreases
level.

May

even

post-Easter week.

comparable 1962 levels also lacked

15

last

the

week

temperatures, heavy

fair

home

and

volume

construction

businesses

the

the

shopping
enthusiasm.
Only the continued surge in auto
sales

year-earlier

tonnage

at

Boston

querque,

and

lacked
in

Eugene C. Travis

Coyle, President of Hayden, Stone &
Co., Inc., 25 Broad .St.,
New York
City, investment bankers and members of
principal
security exchanges, has announced several
important organiza¬
tional changes.

squelched

localities

1962

at

com-

freight

increased
ago

with 19 points

from

rains,

Mean-

ago occurred in four other regions
as well.
Regional trends from

showed

from

manu-

mixed, with

retail

Fewer

of 34 metropolitan

survey

than 400 truck terminals of

week

cool

tolls dipped from last
year.

findings

Economics.

mon

were

buying

weather

Wednesday,

45.

49

the

briskly

ice

whereas

areas conducted
by the ATA Deparfment of Research and Trans-

fleets

at

from

of

ended

almost

ufacturing wholesaling and servmortality running above 1962

the

week of

this1 year.
Tbese

Trends

levels also

Truck

ahead

zip

34.

were

from

construction,

50.

Trucking

Associations

65

from

while, little change appeared in
retailing, at 138 as against 141 or

a

corresponding week

tonnage
volume

the

showed

20

among

climb

a

to

Consumer

42 and among

to

declines

by

facturers

wholesalers

among

concerns

these

offset

Over Year-Ago

t

of

Gains

«

dropped to 34 from

'

But

Inter-City

toll

Robert Strauss

A. J.

'

compared

Stone Promotes Four

,

for

steers

both

from

declines

^he dip came from smaller cas- chief function is to show the genualties with losses under $100,000 eral trend of food prices at the

above the corresponding period in
1961
There were 61 class I U S
railroad

$100,000

i0yyer

P™or week and a year ago. All

the

38.5%

or

when

toll stood at 281.

failures, rising

corresponding period of

1939

involved in 47 of the week's

were

14.0%

or

in

Liabilities of

1963

v/o.

than

hogs
were

bellies, lard, eggs, potatoes

..

pre-war

_

loadings

weeks
vy^i.ivo

233°,242"cars
of

crease

.

piggyback

first

xnot

totalled

1962

,

„

sizable

Thursday, May 9, 1963

.

number of foodstuffs. The items

a

moving

.

v,

balanced. by

casu-

alties occurring m the comparable
week last year, but fell one-iouit

was

14.5%

or

corresponding week of

and

above

slight change frorxt the, 314,

This

increase of 1,925 cars

an

and

,,

16

page

_

cheese, cottonseed oil,
lambs, these price rises

rye,

The State of TRADE and INDUSTRY

.

.

St.

since

1940

in

and

on

was

elected

a

Chicago's La Salle

various aspects of the securities
business.

AtlanHc

.

Worth, registered tonnage
19 2

18.8, and 10.0%

while

trucking

gains of

centers

at

registered
10

increased

areas

creases.

Rises

....

de¬

,

,

production

in

States in the week

compared

the, year-ago
reports from

to

..the
ended

222,284,000

in

week
according to
regional associations,

puf^sT'n^ 1962newelSo'rdt
11.7%,
puL

rose

by
•

orders

new

dropped 10.3%

and shipments fell

15.1%.

thousands
.weeks

the

are

of

figures

board'; feet

for

in
the

indicated:
Vi:

Apr. 27

Apr. 20

261,294

229,022

tox

.,

227,353
222,284

nprtrifi

k

oci

l

of

amount

distributed

by

electric

the

light

and power

industry for the week
ended
Saturday, May 4, was estuna ed at 16
279,000,000 kwh., accordmg
Instjtme.

to

the

Edison

Output

was

Electric

216,000,000

jkwh. less than the
previous week

ruv?in? kwh. above
16,495,000 kwh.,
000,000

s

an

increase

over

the

year

ago

Weehvof 5.90%

andwiustaal fail-

S
dd ®„I
t,.
R

commodity

9

f

n

t

X'
This




J

general

price

wholesale

index

slipped
-

ed

Dun

&

,

Bradstreet, Inc.

of the downturn from

Most

week ago

a

occurred
in
the
quotations
at
wholesale markets for
wheat, rye,
oats.

;

1

+2
+3

+1 t

to

+5

+6;

to

West

+7; Pacific
printed

8

are

crib

sheets

and

blankets

moving rather briskly.

offset

by

price

were

,White the
last

level,

the

index

month's

remained

comparable

long

trend :beIow last
continues unbroken.

level

t

pn ^J>n(iay, May^ 6, the

Daily
In-

^ex pipped to 269.53 from 269.66
^ precedinS week- but stayed
slightly above the 268.71 a month
However, it

preciably

lower

registered

in

remained ap-

than

the

step-up

the

in

market

the

was

cotton

gray

apparent

in

fabrics

,

.

,

.

,

where

,

,

Pacers boosted demand part.c-

"larly f0r coa'ed e*°®: In th<Lc° "
in PhilNewC York Providence
alelphia, New Yoik "providence
ton yarn market, knitters
.delDhia

and C™ 6 ^ported^ improved
?rders" Wool sellers m the Boston
'J
6 ®"d ^^35^ ^ ^

272.04

corresponding

day of 1962.

recent

Ad.

tv

if A^ntfc"cRygprAdttion"s

hibit
wprp

thaf

douWe
a

Sn7

ft.

qvntw_+-

fiKrP

Jfflccreate

knits

strong impression

the market.

on

And

Atlanta

The
was

with

Ordering at Jamestown
Furniture

Shows

Jamestown Spring Market

characterized by fill-in orders
a
large proportion of book-

ings

garnered

items such

Day.

by

promotional

rockers for Father's

as

Early American, French

and

Italian
provincial
furniture
attracted substantial attention. The
trend was toward better

quality

ed1»f Thirf
chan^d for 1"»d Strai^ht
Holding at
a

the

third

compiled

came

in

Food

close

to

level

a

row,

the

Price

Dun

Inc., remained

"J

Wt'«k

10-month low for

week

by

upholstery
w

at

&

Index,
Bradstreet,

$o.74. While it
the

of

comparable

$5.77,

it

to fal1 substantially

con-

be-

low the 1961 level of
$5,92 for thfi
corresponding week.

.1 we
Although the wholesale cost of
JT f Pri" SU?,r a'ld C0C°a cllmbed aPP»'e"
Clably .again this week and modwas
only a erate
■

i

increases

occurred

in

corn,

fall

fabrics,

nylon alld "ylon
lanta

Show,

where
carrv

an

buyers
them

especially

blend^-

from

te,en-age

place

through

juiy markets, lived

reorders
until

the

to
hi0,

to modest

up

expectations, with sales

of

silky,

dressv flat-nile unholsterv fabrics

especially

brisk/Case

Scandinavian,
and

French

lar;

were

Early

-

ahd

goods

in

in

registration

boys

stressed

slacks, striped dress sbirts and
At

the region¬

L

A

^ *

satisfactorily

at

Market

emphasis

High
on

Point

qual-

ity.

Although activity in domes-

tics

dawdled

sluggishly,

novelty

in

+ 5%

year-ago week.

districts'
creased

a

predominated at the New England
apparel market, while at the St.
Louis

show

placed
wool
a

for

good

orders

.

teen-age

sports

coats.

stellar roll

at

three-button

Sweaters

the

New

wear,,

an

verged

on

of

up

(adjusted)

that

over

for corresponding period

year

ago.
A major part of the
days New York City and 129
days Cleveland, Ohio,

114

newspaper

strikes
riod.

occurred

during

i -av'-vy

this

pe¬

ri'_ *•

One can
only speculate as to
what department store sales
might
have been in the absence
of the

attend¬

strike.; The data merely show that
the two cities
performed signifi¬
cantly below all districts with the
exception
of
the
non
struck

buyers

con¬

New York seeking mer¬

chandise appropriate for Mother's

Day. Summer dresses

retail dollar volume in¬
4%

In women's

year.

influx

took

Orleans

market where orders and

topped last

were

New

far
this year
(Jan. 1 to
April 27) the 12 department store

ket, the briskest business centered
Caution

Re¬

store

So

rung

high-styled numbers.

Federal

ended

rable

ally attended California Fall Mar¬
on

the

department

York City for the
April 27 advanced
adjusted over the compa¬

week

up

especially

are

-

Philadelphia

area.

reported

very scarce and coats for fall drew'

good bookings.

Simplicity

the

was

keynote of the Fall Jewelry Show
with

matinee-length

florentine

beads

and

leading

metals

in

Sales Drop

Department

store

declined

3%

board

sales

as

Reserve

been

elected

Rate

country-wide basis
Federal

has

3% Below Last

Year's

dex

O.
Currey, Jr., VicePresident & director of
Equitable

Corporation,

Nationwide Department Store

the

Elected Director

.

Brownlee

Securities

orders.

on

a

taken from
Board's

(adjusted)

re c

t

to
of

o r s

the

di¬
of

Denver Chem¬

in¬

ical

for

turing Com¬

Manufac¬

the

week ended April 27, com¬ pany
which
pared with the like period in 1962. produces an
Until then there had been a suc¬ -extensive line

weekly gain which
styling markedly above last year's

tive wall
accessory business closed
with

reported

American, cessive

Italian

the

Wear

with the needs of

ski look sweaters.

in

market

Men's

Market

and

last year,

The At-

interim

in

Apparel
orders

ance

Fill-in

Week

to

System,

sales

car

,.

a

Boys'

According
serve

The Greater Midwest Men's and

this

week especially in print cloths and
industrial

"advances'At

ties, with the most sizable weekto-week gains in
corn, lambs and
above,

Active
A

momen-

However,' these dips

nearly

Oin

»

Inc.

4 to

goods

Week

report-

year-ago

Business Failures Ease SliVhtiv
S"ghd!y

m

the

and 910,- Wholesale

the total output of the comparable 1962
week,
or

4,

earlier.

energy

electric

Central

i

••

,

^"°^esa^e, Commodity .Price.
247,671

J
>
1
J\er Last V
Years ¥
Level

The

,

Apr. 28
1962

222,117

__

_

pushing up last Friday
to 270.07, the
highest level since

"

1963

214,738

.

Slightly Lower This

years

1963

Shipments
Production
New. orders

Atlantlc

Price Index

After

tin.

Following

_

P

April 27 totaled 261,294,000 board
feet

.

fractionally this Monday,

Over 1962 Week.
United

^

wh°lcsale Commodity

11.7%

''

Lumoer

South
South

pre-

Step-Up in Textile Markets

Jan.

Production

the

vious

ton¬

showed

:

Lumber

in

1962.

Compared with the immediately
week, 24 metropolitan
while

74

week, remained above the
42 reported in the
similar week of

more

preceding
areas

failures, although de-

clming to 48 from

four

points reflected decreases of
than 10%.

nage,

Canadian

respectively,

and East South Centra,

parable performance.
In

the

.

"

four-week period

was

com¬

11

of
and

ethical

proprie¬

tary drugs.
ended

F.

Eberstadt

&

B. O.

Currey, Jr.

April 27, 1963, sales gained +4%
adjusted oyer the corresponding
period in 1962 for the country's

stantial block of Denver Chemical

leading department store centers.

shares.

Co. and Equitable Securities Cor¬

poration recently purchased

a

sub¬

Volume

197

Number 6262

.

.

The Commercial and Financial

.

Chronicle

(1927)
the

Small

tration

with

by

SBIC's and Investment

Washington

Business

Adminis¬

headquarters
branch

and

"the

offices

use

throughout the United States. This
governmental

that

many

we

have

all had

high

rate

of

return

is

sought

of

purchase stock in the

Flexible
vv:; We

in

do

Financing Arrangements

not

able,
to

ourselves

with. equity,

to

also finance

we

sales

or

not

purchases of business by key em¬

lieve,

as

lieve

that

partners.

or

such

transactions

mon

in

the

It

that

seems

quite

are

Southwest.

backgrounds,

execute

and

cussed

will

on

grant
of

amount

mitment

to

loan.

We

a

given

a

the small

and

this

use

collateralize

com¬

bank

a

usually charge

stand¬

a

by fee for this type of

arrange¬

ment. "We go to whatever lengths

in

prudent

business.

financing

small

Incidentally, 90% of all

businesses
into

the

in

the

United

States

category of

Businesses"

as

"Small

defined

;

guide

by

the

SBA.

of

Fees

ask, if indeed it

question,
of

is

"What

such

the

an

past,,

SBIC's

would

not the first

I

can

realize

arrangement

collect it?"

I

can

bankers

were

well

their

fees

and

freely in this

obstacle

for

Due

area.

to

unfortunate ^disagreements
between people
referring business
and

us

clients

referring

son

financial

client

a

have

we

this

one

industry

as

that I have heard.

to render

nancing
with

to

the

phrase
well

Our

as

aim

otherwise

think

that

and

small

be

the

business
go

and

and 'we

to

our

as

the

client.

direct

the

case.

like

are

it.,-.

prove

long term capital fi¬
small

businesses

help

of

and

investment

*An address by Mr. Lord before th«
Group of the IB A Annual Meet¬
ing, Dallas, Texas.

Texas

any

Wmm

SOON

THE BAWL STREET JOURNAL.

administer

closely

Annual

enough

that has been
and

Lampoon of the Financial Community

working

present

result,, of

a

much

a

underwriting
-cost

accounting

reduction,

adequate fiscal control.
show

due

47%

in

the

the

to

-

Statistics
!

w

that

failures

more

package

records,and

of

the

business

United States

inexperience

of

are

man¬

agement.

In addition, 44% of bus¬
iness failures in the United States
due to

I

management incompe¬

thoroughly convinced

am

that

an

staff

and

SBIC

with

the

proper

operating under

loan

a

agreement which exercises proper
controls can reduce these figures

significantly.
It

:;

■

j

without

goes

;

,v"

y

-

you

able to

are

of

source

refer

capital

if

client

a

that

to

funds,

when his business is ready

public underwriting.

a

it is

this

will most likely come back

to you

for

saying

In fact,,

simple matter to tie down
this point in some
type of con¬
a

at the

time

the initial

investment is made.
I could go on and

specific

points

Then, when working with
in

";

discussing

on

in

investment

concerns

our

groups

promoting the growth of

business

SBIC

»

involved

small

but, rather than

going into detail, just let me em¬
phasize that we are fully capable

Brooks, Clark,

and

benefit

Behrens & Corn
SAN

FRANCISCO,

Brooks

&

Co.,

L.

Stock

Thomas

R.

Corn

officers

as

J.

have

Clark,

been

admitted

to

voting

stockholders,
directors, and the

and

corporate

Russell

Behrens, and Thomas

have

firm

Exchange,

that

has been

name

changed

Brooks, Clark, Behrens & Corn.
Irving L. Brooks is president.
been

Clark

who

engaged

in

has

There is

fore

a

trust

officer

of

recently

if

passed

in

small

All

this

gress,

Bank

of

America and prior thereto was
officer of the Marine National

an

and

I

to

was

manager

foi^-the

office

Kidder

and

of

prior thereto

Becker

&

Co.,

formerly sales
San

Francisco

Peabody

Mr.

Co.

A.

Incorporated

Chicago.

Kidder,

&

with

was

G.

in

'

Corn

will

process

Francisco

and

Courts

Co.

&

formerly
&

prior
in

Co.

in

thereto

Atlanta.




will

certain

the

with

PRICE: $1 per

re¬

that

a

single

which
our

enhance

do

more

to

economy than will

of

our
a

small

expansion

source

The

capital.

Small

a

one

dollar per copy.

~~i

our

of

|

Mr. G. J. Varley, Circulation Manager
;

P.O. Box 1807, Church Street

Station

New York 8, N. Y.

stimulate

i
□ Enclosed is my check. Please send

program
i

me.

copy

(copies) of the 1963 edition of The Bawl

Street Journal.

and

'

NAME.

I

ADDRESS.

Business Investment

regulated and assisted

LZ

]

I

con¬

CITY

program is

printed in limited edition. Therefore, those who desire

this

i

growth

OUT: June 7th

copies should mail the coupon below. Price remains

proposal

business
of

As usual, The Bawl is

Copy

our

all

administration

will

assuring

in

legislative

Despite

with
San

1963 LIMITED EDITION

of

that

boost, I cannot think

economy a

Little Business—So I Can Deduct This Luncheon."

the

are

program

further

effectiveness.

cerns
was

Peabody

to

in need

talk about methods of
giving

of Milwaukee.

Mr. Behrens

and

concern

am

a

and

value to the

our

come,

Ex¬

change Bank

"Honey, We've Got To Do

more

ceive favorable treatment in
Con¬

years

the

us

indications

legislative

be¬

which,

operations

community

business

funds.

grant

our

greatly facilitate
business

•

legislation

would

flexibility

formerly

was

mutual

presently pending

Congress

investment

an

counselling business,

with

work
our

,:it.;:,-:V-vi.

to

Mr.

to

in

333
San

Francisco

the

Calif. —I.

Incorporated,

announced

L.

anxious

obtaining capital for
businesses that need and deserve

Street, members of the

Pine

quite

investment bankers to

ham

anxious,

anl

that

I

bankers

growth

certain

am

SBICs

with

will

proper

that

advancing

be¬

offering will

company

attractive

tract

his

J

do

than

investment

together

willing and able to

can

job

investment

companies
eggs,

we

under such controls for number of
years

per¬

make

arrangements with

client prior to

funds

whom

prefer that the

we

a

connected

to

referrals.

-some

financed,

I

run

investments

that

so

a

to

is

that

our

that

effective

would

is

entity to the

public

advisable.

all

.However,'
that - restriction
no
longer exists, and we can operate client
more

any

one,

I

There was,

SBA

an

paying

Business
a

v

[I I imagine that the next question

in

feel

think

adequate

an

can

encourage

that

tence.

investment

staff

Small

a

are

Referral

,

out

Our

I

more

SBIC with adequate

an

and

point

As dis-, be

occasion',

lend

money,

to

often

we

some,'

business will in turn

how

-of

know

well.

and

describes

I

even

obtainable..;

immediate fee.

an

capital available and

small business

a

commitment

that

scene

aware

who

"Equity Bank"

significant, I be¬

managerial

consulting

clients.

our

above,

is just as

have

We

management

contracts with

.

Washington

and

President Ken¬

bankers
an

persons

monetary

com¬

staff composed of men with var¬

fall

the

fully-

are.

realism

of

to

us.

immediate

an

ployee

are

the

.Another 1 advantage

but it

we

who.

exec¬

become

satisfactory

as

and, to

through this type of operation

purchases of estate assets, and the

ied

utives

business

qualified

very

the words

Our industry has also been
referred to as the

so

by

to

nedy.

ex¬

staffed

destined

banking system,"

Potential Public Offering Business

options.

supply capital to growing bus¬

inesses,

a

just

are

ourselves

of

group

we

make other arrange¬

we can

ments that

that

If this is unwork¬

have advanced.

flexible: referring clients to

very

restrict

loans

term

We

ing that fee from funds

?

have

we

with, is well

fourth

financial arrangements, and

our

we

f-';

■■

attempt to be

>,

company

..v

advanced,

are

qualms against our client pay¬

no

options

financed.

funds

the

11

page

the obtaining

through
to

from

perience
a

Continued

unlike

agency,

is

program

in

35

STATE.

The Commercial and Financial Chronicle

(1928)

36

.

.

.

Thursday, May 9, 1963

^ INDICATES ADDITIONS
PREVIOUS

SINCE
•

working capital. Office

—

filed with

NOTE r^R^gisfration, statements

Prdceeds—For inventory,

3756 Lamar Ave., Memphis,

Tenh. Underwriter—To be named.

vj/'':V4 // ■>

'/

* ;■

1

Office

r

Ail-State Properties, Inc;

-

.

debt. -Officei—230 Park Ave/, N; Y.

of-

and th the Index, re-

^
t

:■*

bemamed.:'^..:f-• ,*$>■

To

,

fFeet the' expOctatrohs

of the uhderWritei: btit
are iiotj in geweraii firih offering dates^ ;v
v.
Also shown under the caption "Effecti^
Registrations" ar'e tKhse issttes Which became
effective this week and • were offered pub-

Underwriters^

\■./■ .V-"Ky*;!•*>!

July 31, 1961 filed 400,000 common shares. Priced—50#.
BUSides^-The ddnipany is engaged in exploration, de-

.

•

• Canaveral Hills
Enterprises, Inc. (.673-7)
'
rMay lO, 1962 filed 100,0G0 e6mmoh: Price—$5.; Business
—Company was fbrmed to iowri and"operate a country.
club and golf course, swimming pool and cabana club,
near- Cape
Canaveral; Yla., and; develop real - estate,
erect hdrries, apartment" houses, tnotelfe, etc.- Proceeds—
T For/debt repayment arid "expansion. Officer—309 Ainsley
Bldg., Miami; Fla. Underwriter—^Wiilis E. Burnside &
,

•

American

.

*

penses./ Office—80 Richmond St., W.;' Toronto. '/Uhderwriter—E. A. Manning; Ltd.; Toronto. ; : > V' ;
*

*:

A. J.
'■ >,;"":•;:

750,000" common. Price—20
cents. Business—Exploration arid" development of gold
placer clairfts in iAlaska. Proceeds—For general corporate
purposes. OfficC'—^Er 15 Walton/ Ave., Spokane. Under¬
writer—Duval Securities, Spokane; Offering^Imminent.

"

v

—

Bonanza- Gdlc^ InC;;
:
March'4,' 1963 ("Reg. A")

-vt V: -.V:'

;

expansion and debt repayment.

550 5th

Ave.; New York. Underwriter
Davis Co., Pittsburgh, 'ij■.■■■ *. f.- *:v •.

/t-

:
:/*•'::
the SEG sincA the last issue; of the "Chtoii- v.4 April 24; ? 1963 filed $5,000,000 of' conv. subord, debOn-,
tures due 1977. / Price—Atp&r. BhsihCs^Company and
icle" are now carried separately at. the end/
subsidiaries conduct a* general real estate business* with
of .this, section "Securities' NOW till/ Re£isir&empMSis on. land development and home construction*
in Fla/, Md., N. Y\/ and Ky, -Proceeds—For repayment
tieib" Dates shbWft ih' parenthesis alongside
-

ISSUE

ITEMS REVISED

Annuity Life Insurance Co.

r..^«

March

29; 1963 filed .154,Q()d commoh, of which' 125,000
be:;offered by company arid 29,000"by, certain
stockholders. Price—By amendment (max. $7). Business
—Writing "of brdinary life* insurance; Proceeds—For iri-

.

•

k

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

.

'

Detroit;■;:/

901 Fuhrmann Blvd., Buffalo,.N. Y.
,j/ //.
'S.-^v^
Alabama Power Co.. (5/9) v//V-'-;;

North

—

EFower Co.

gage

and working capital. Address—Fifth
Ave.,
Skagway, Alaska. Underwriter—Jay W. Kaufman & Co.,

New York. Offering—Indefinite.
Allied Mortgage

& Development Co., Inc.

Jan. 28, 1363, filed $2,000,000 of 6% subordinated sink¬
ing fund debentures due 1973 (with warrants) and 100,000 common, to be offered in units of one
$20 debenture

(with

warrant to purchase two shares)
mon share. Price—By amendment.
a

and

one

—

.RAPING

•

....

i,

/'

'

.

811

Management

one

1972 and

29,400 comnion to be offered in

$1,000 debenture and 100 shares;

Price—.

unit., Business—Manufacture of amplifiers and
accessory equipment for musical instruments. Proceeds
—For inventory, equipment, debt
repayment and new
products. Office—1570 W. Blancke, Liriden, N. J: Un¬

•

per

.

derwriter—John R. Boland & Co., Inc., New York. Of¬
v-V'.; :/'!'■

ferings-Indefinite.

■

-

'

Associates Investment Co. (5/13-17)
April 24, 1963 filed $50,000,000 of debentures due May 1,
1984. Pride—By amendment. Business—A sales finance
cofnpany which also makes personal installment loans
and provides, the insurance incident to such financing.
Proceeds—For general corporate purposes. Address—320
Associates Bldg., South Bend, Ind. Underwriters—Lehman

--

specializiitg in

—For

investment, and expansion. Office

•

411

North

Corp. (5/27-31)
28, 1962 filed $150,000 of 6% subordinated income
due 1973 and 30,000 common shares to be

company for two insurance subsidiaries. Proceeds—For
loan
repayment, investment, and advances to sub¬

common.

sidiaries. Office—112 California Ave., Reno, Nev.

growth

debentures

offered in units consisting of one $10 debenture and two
sale

Under¬

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

chemicals

of

and

tion and

;:y

air

sale

pollutants;

of

developments-produc¬
vaporizing unit for dis¬

and

electronic

an

pensing such chemicals.

Automatique, Inc.
April 26, 1963 filed 254,975 common, of which 185,000
are to be sold by company and 69,975 by certain stock¬
holders. Price—By amendment (max. $8.25). Business—
Company, through subsidiaries and joint ventures, is
engaged in the general vending and food sendee busi¬
ness. Proceeds
For acquisitions, debt repayment, and
other corporate purposes. Office —* 2540 West Pennway,
Kansas City, Mo. Underwriters—Kidder, Peabody & Co.,
Inc., New York," and Barfet, Fitch, North & Co., Inc.,
Kansas City. Offering—Expected in late May or early
June. '
/>■":

Proceeds—For debt repayment,
Office

equipment, sales promotion and working capital.
—221 N.

vesting
was

La

Co.,

Salle St., Chicago.

named Chemair Electronics

March 5, 1963

value.

Underwriter—Price In¬

New York, Note—This

Chesapeake Fund, Inc.
filed 100,000

*

Business

—

A

Price — Net asset
investment company.

common.

closed-end

Proceeds—For investment.

formerly

company

Corp.

Office S- 156 South

St., An¬

napolis, Md. Underwriter—None.
Chestnut Hill

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

"Adanim"

-

;

—

Offerings—Imminent.

—

Chemair

Dec.

Mortgages & Loans, Ltd.
April 9, 1963 filed 84,303 of 8% cumulative preference
dividend participating shares. Price — $3:33 per share.
Business
A mortgage loan company. Pfcfrceeds — To
grant loans to immigrants "and other persons in need
of housing in Israel. Offiefc--108 Achad H^am
St.t Tel
Aviv, Israel. Underwriter—Sakier 8i Co., Inc., New York.

««NEW

(5/21)

Central Ave., Phoenix. Underwriter—None.

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

Bank

Underwriter—June

Charter Oak Life Insurance Co.

Brothers and Salomon Brothers & Hutzler.

writer—None.

Portland, Oregon.

March 29, 1963 filed 500,000 class A common. Price—$2.
Business—A legal reserve insurance company. Proceeds

Atlas

•

■

S.

April 22, 1963 filed $10,000,000 of first mortgage bonds,
series I, due May 1, 1993. Proceeds — For construction.
Office—607 E. Adams St., Springfield, 111. Underwriters
— (Competitive).
Probable
bidders: Eastman
Dillon,
Uniori
Securities
&
Co. - Equitable
Securities
Corp.
(jointly); Blyth & Co.-Kidder. Peabodv
Co.-Merrill
Lynch, Pierce', Fenner & Smith Inc. (jointly); Halsey,
Stuart & Co. Inc.; Salomon Brothers & Hutzler; First
Boston Corp.; Lehman Brothers - Bear, Stearns & Co.
(jointly). Bids-r-May 21 (10:30 a.m. CDST) at 20 No.
Wacker Dr. (21st floor), Chicago.
/:V

*

•

$1,020

Co.-*

Central Illinois Public Service Co.

("Reg. A") $294,000 7% conv. subord. de¬
*

units of

W. Sixth,

Insurance

S. Jones Co., Portland.

f(

v."'^•

Ampeg Co., Inc.:
Oct. 29, 1962
bentures due

Life

6,

1963 filed 260,000 capital shares. / Price—By
amendment (max. $3). Business—Cqmpany is engaged
in writing life insurance in Oregon arid Washington.
Proceeds—For additional capital and surplus.
Office—

Office—1523 Kalakaua Ave.,

Underwriter—American Pacific

Corp. (same address).

Centennial
March

—

over-the-counter securities
-

*/-.•"■/ Cedar Lake Public Service Corp.
/ /
/ March 20,1962 filed 9,964 common. Price—$100. Business
/—Company plans to qualify as a public utility and
furnish
water and
sewage
disposal services in and
investments.; around Cedar Lake; Inc. Proceeds—To construct a se.wUnderwriter / age disposal system. Address—R.R. N. 3, Box 28, Cedar
Lake, Ind.■ Underwriter—None. ./.'/
"■ /■
:r'

com¬

Business—Mortgage
banking, real estate development, and sale of insurance.
Proceeds
For debt
repayment, land development, and

in

/

Honolulu.

—

construction

company.
Proceeds —For
Salisbury St., Raleigh, N. C.

Proceeds—For investment.

—

ties will be offered in 600 units each consisting of one
$1,000 debenture, 400 common, and 300 warrants. Regis¬
tration also
covers
an
additional 92;500
outstanding
common. Price
By amendment. Business — Company
furnishes electricity and telephone service to Alaskan
communities of Craig, Skagway, and Tok, and
supplies
electricity to Seldovia. Proceeds—For debt repayment,

'

American Pacific Fund, Inc. .'•/
July 9, 1962 filed 94,500 common. Price—Net asset value.
Business—An open-end management company special¬
izing in life, health, casualty and accident insurance.

—

Alaska Power & Telephone Co.
April 1, 1963 filed $600,000 of 6% subordinated deben¬
tures due 1978, 240,000 common, and 10-year warrants/
to purchase an additional 180,000 common. The securi¬

insurance

Office—300 St.
—None.

Office—600

Underwriters

ir/

10, 1963 filed 31,070 common to be offered for
subscription by stockholders on the basis of one share
for each five shares held. Price—$18. Business—A mart-

North 18th St.,Birmingham.
(Competitive). Probable bidders:
Blyth & Co., Inc.-Kidder, Peabody & Co. (jointly);
Lehman Brothers; Eastman Dillon, Union Securities &
Co.-Equitable Securities. Corp.-Drexel & Co. (jointly);
Halsey, Stuart & Co. Inc.; First Boston Corp.; Morgan
Stanley & Co.; Merrill Lynch, Pierce, Fenner &?Smith
Inc.
Bids
May 9 (11.45 a.m. EDST) at 115 Broad¬
way (Room 1510), New York:' Information MeetingMay 6 (2:30 p.m. EDST) at 20 Pine St. (10th fl.), N. Y.

Ala.

:'N; Y;"

.

.

American Mortgage Insurance Co.

April 12, 1963 filed $16,000,000 of first mortgage bonds
due 1993. Proceeds—For repayment of bank loans, and
construction.

Inc.

J an.,

-r-'.;V//'/.;/

(5/9)

Biitrite Rubber Co.,

—

18th

Boston

Alabama

writer-—Chase* Securities' - Corp.,

^ Castle Hospitality' Services, Ihd^- rV
(5/27-31):
:
May lj 1963 filed $5,000,000 of convertible subordinated' /Dec; 14, 1962 filed $500,000 of 8% "debentures due 1969.
Price—At par ($1,000)Business—Company plans to
debentures " due May 1, 1983.
Price — By amendment.
offer management arid consultant- services to motels and'
Business
Company produces a variety of rubber and
furnish them with equipment.
Proceeids-^-For general
vinyl products. Proceeds—For prepayment of loans. Of¬
fice—22 Willow St., Chelsea, Mass. Underwriter—Gold¬
corporate purposes. Office—1068 S. Ocean Blvd., Pompano Beach, Fla.
Underwriter^—None.
man, Sachs & Co?, New York.
:
-

St., Birmingham, Ala.
(Competitive): Probable bidders; First
Corp.; Eastman Dillon, Union-Securities & Co.Equitable Securities Co. (jointly); Blyth & Co.; Morgan
Stanley & Co.; Stone & Webster Securities Corp.; Mer¬
rill Lynch, Pierce, Fenner & Smith Inc.-Saiomon Broth¬
ers & Hutzler-Smith, Barney & Co.
(jointly).
BidsMay 9 (11 a.m. EDST) at 115 Broadway (Room 1510),
New York.
Information Meeting — May 6 (2:30 p.m.
EDST) at 20 Pine St. (10th floor), New York.Underwriters

"

i:^v

American

Apru lz, ib63 filed 50,000 shares of cum. preferred (par
$100). Proceeds—For repayment of bank loans, and con¬
struction. Office—600

Business—Co. plans to keep an- electronic filing

~$3.

:

system of skills for employment" of members*. Proceeds—;
vestment.. Address—*807 Americap^'-.Batikv& Trust Bldg., / For equipment, inventory, /research arid working capiLansing, Mich. Underwriter—First of Michigan Corp.; :tal. Address—Route 206 Center, Princeton, N. J. Under-;

'

pu.rppses. Office —
Underwriter—None.
-v

to

are

;

29,

faqtuTe of women's, misses'

and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office^—2025 McKinley
Stt, Hollywood; Fla.
Corp., Boston, Mass.

U nderwrite'r—Clay ton
Offering—Indefinite.

Securities

-

Citadel Life Insurance Co. of New York
BOUGHT
for

SOLD

-

-

•
Perils Air KiHgrCdrp* (5/1S)* /
March 29,1963 filed 100,000 class A comriiEon; Price—By
amendment (max; $7.30)". BuSirieSS—Manufacture of ven-

QllOTED

Banks; Btokgfs,- Institutions.

til&flng rarijge hbqds, kitcheri fans,; dehteidifiet^, rindproducts. Proceeds—For debt - repayment/: and
working capital.^ Office-^3050; North Rockwell SL, Chi-

Match 26,

1963 filed 40*000 capital shares to be offered
subscri|)tiOri. by stockholders1 pri the, basis of two
new shares: fet* eabh tftree- held.
Price—By amendment
for

/

related

^

ESTABLISHED 1942 ••./.

■

"

t

,

cagO: Underwriters—McCormick & Co., and H. M. Byllesby & Co., Chicago., x

Members of New York Security Dealers Association

accident; health
disability insurarice, arid annuities. Proceeds—For
exj^ariSioii. Offiee/^444'Madisori! Ave;, N. Y. Underwriter
—Alex. Brown & Sons, Baltimore.-/ <
-*/
and

.

*

%

;

1.

J
Digby
.

39 Broadway, New.Yorlr6, W. Y.
4-2370

...

•..

;

"

Direct- Wires

•

/

.

to

/

--




.

~

\

'

•

ILL HENDERSON^ CO; iNGt, Do* Aneetet
WOODCOCK* MOYER; FRICKE O FRENCH] lNC.t
.

..

7WX: 212-571-0320

'•

ev

•

Big G( Corp. (5/20-24) ,
; /. ■
/;//;/
April- 17, 1963 ("Reg. A") $100,000 of 7% convertible
debentures due 1968/ and. 25,000 common shares to- be

/

•

-

offered in units of
^

PhUadelphia

one

$100

deberiture and 25, shares.

Price-^-$28750 per-unit. Businfess/M^peration bf licensed"
departments in department stores, selling clothing/ rec¬
ords, pocketbooks, sporting goods, greeting • cards, etc.

*

Clark Cable Corp. .;• r -/"• '_ ••
April 25, 1963 filed 121,915 common/ Pfice^fBy amend-*
ment (riiaxc $6). Business—--Manufacture and develop-r
ment of electronic,- electrical, arid mechanical systerws
and components; also wholesale distribution of electric
cal components. " Proceeds
ForrtseUirig Stockholders^
v-

*'■/•';

>

.

Continued

on

page

3f~

Continued

Number 6262

197

Volume

.

.

The Commercial and Financial Chronicle

.

' AA

from page 36

A.'

•

Consolidated

W.;32nd St.; Cleveland. Underwriter—-Ful-

Office—3184

Cleveland.

Colorado Imperial

Mining Co.

mining.

ness—General

Price—$1., Busi¬

200,000 common.

1962 filed

Sept. -20,

'

Underwriter

Office—Creede, Colo.

operating expenses.
—None.

V;

.

/..';v

.;

■

and

exploration

Proceeds—For

-

A;A

■■

/A"'

Leasing Corp. of America

change for

•

:

;/ A,
\AA,•: v.'
April 11, 1963 refiled $2*500,000 of 6%% debentures due
;1978 (with warrants); also 75,000 units, each consisting

(5/15);

...

ton, Reid & Co., Inc.,

(1929)

of two shares of 7% convertible preferred and one share
of common. Price—By amendment. Business—Leasing of

acceptable

securities

on

share for each $10 market value of

the

37

basis

of

one

securities). Business

—A new mutual fund. Proceeds—For

—211

S.

Broad

investment. Office
Underwriter—Gerst-

St.,

Philadelphia.
ley, Sunstein 8c Co., Philadelphia.

//

Copenhagen (City of) (5/22)
April 24, 1963 filed $15,000,000 of sinking fund external
loan bonds due May 15,\ 1978. Price —
By amendment.
more Ave., Kansas
City, Mo. Underwriters—A. C. Allyn "■>. Proceeds—For additions and improvement to the
City's
& Co., Chicago and Walston & Co., New York.
y
facilities. Underwriters
Smith, Barney & Co., Inc.;
• Consolidated Oil &
Kuhn, Loeb & Co., Inc.; Harriman Ripley & Co., Inc.,
Gas, Inc.
and Lazard Freres &
Feb. 28, .1963 filed $2,432,500 of 6% sinking fund deben¬
Co., New York. A/-A
tures due 1975 (with warrants) to be offered for sub•
Cosmodyne Corp.- (5/13-JL7)
scription by common stockholders on the basis of $500 April J, 1963 filed 150,000 common. Price—By amend¬
of debentures for each 500 shares held of record May.
ment
(max. $18). Business<—Design, development and
8. Rights will expire about June 8..Price—At par. Busi¬
manufacture of- equipment used for pumping, storing
ness—Company is engaged in the acquisition of oil and
and transporting super cold liquids. Proceeds—For loan
gas leaseholds. Proceeds—For note repayment and work¬
repayment, and>working capital. Office—3232 W. El
ing capital. Address —,4150 East Mexico Ave., Denver.
Segundo Blvd., Hawthorne, .Calif., Underwriter—Merrill
Underwriter—None.
'■*>
s *
"
"
Lynch, Pierce', Fenner & Smith Inc., New York.
A,
; Consolidated Resources £orp.:
• Paitac Real Estate Investment
Corp.
March 29, 1963 filed 79,700 common. Price—$6. Business ■
Feb*.; 1/J963 filed 150,000 common. Price—$10, Business
—An insurance holding company. Proceeds—For invest—;
—Real estate / development and
ownership. Company
tnent. Office—42(1
Madison, Ave., New. York. Underwriter;
plans to deal primarily in commercial, light industrial
cars,

trucks and equipment. Proceeds—For debt

ment, and other corporate

repay¬

Office—1012 Balti¬

purposes.

—

/ :

Insurance Co. of Missouri

Life

Commercial

("Reg. A") 46,000 common to be offered
stockholders on the basis of one share
for each 3.36 common shares held. Price—At-the-market.
Business—Sale of health, accident, life and hospital in¬
surance.Proceeds—For working- capital:
Office—3570
Nov.

26, 1962

for subscription by

■

Blvd., St. Louis.-Underwriter—Edward D. Jones

Lindell

Louis. Offering—Indefinite.

& Co.;. St.

hji

-

\

•

Common Market Fund, Inc.

.

Mar.ch' 7, J963 filed 2,000,000, capital shares. Price—Net
asset value plus 8.5%. Business—A new mutual fund
specializing in securities of foreign and American com¬
panies operating in : the European Common ; Market.
.

Wilshire-Blvd.,

Office—9465

Investment.

Proceeds—For

Beyerly Hills, Calif, Under^riter~K£nhedy; CabQt.
Co. (same address). Offering—Expected in June.

&

Associations, Inc.'

Community Health

April 12, 1963 filed 150,000 common, of which 100,000
are to be offered
by company and 50,000 by Harry E.
Wilson, President. Price—$15; Business—Sale of hospital
J and surgical insurance contracts.'Proceeds—For invest¬
ment, sales promotion, and other corporate purposes.
Ave., Seattle, Wash. Underwriter—
.A A '
* A
* - ■

Office—4000 Aurora

None.'-

-

T

•

,

-

.

,

,

,

—None.

11:45

(Bids

Dec. 21,

(Wednesday)

May 22
Copenhagen

Bonds

Interstate

Interstate

;

.

(City

.* ' iBids

.

11

Power

———Debentures

Associates Investment Co
V

■

$50,000,000

•

Mutual

Consultant's

Brothers

Salomon

V

.

.»

*

•

,

Southern

Inc.—-Common

investments*

a.m;

(Merrill

Sunstein

'.A Ekco

Co

Products

Smith

•

May 23

shares

/

•

.;

•

■

.(Bids noon EDST) 65,385,000

•

Co., Inc. i S376.Q00

Young &

>E.

&

Hutton

F.

:

/

r

:

Brown

•'

'A/■ ■\A\

May

14

V.-A*Vv-V.

A /

•

Chemair

-

&

(Drexel

Virginia Electric

&

(Bids

"•i

shares

50,000

••

Air

King

(McCormick

&

Union

Chicago

<.

H.

-Bonds

,

V.

$30,000,000

12

•

.

"

.>

(Bids

12

&

12

Co.), $5,000,000

&

.

Travelers

•

/

shares

110,000

4-

5180,000

'•

r.

^

?

,

■.*

.

•

&

Inc.)

Co.,

Lunar

Willi-ston & Beane)

(A.

Leasing

Debentures

Orr

Allyn

C.

.

<a; ; C.

•

..

■

Allyn

Hunsaker
•/

Co.,

&

Walston

and

(S. V.)

& S.ons__— —

jBateman, .Eichler, & Co. )

May 16

.

Corp,

Securities

Sternco
5;

<

Sternco

We.eks

and

Parker

Redpath

&

Lee

Rona

-

•

/*

Co.)

11

,

Bonds

& Gas Co
$40,000,000

EDST)

a.m. *

•

Baird

—

Inc.)

Co.,

Dow Jones &
Weld

(White,

.

A

.

&

Stone

:

Poulsen

Insurance

June 27

(A.

&

EDST)

a.m.

——Bonds

Inc.;

Co.
&

to

& Oil Producing

July 9 (Tuesday)
*

..'/

$300,000

,

'

-

.

(Bids

.

Goldman,
Corp.)

Sachs &

Common

Co
$900,000

.

(Bids

Co.;

and

shares

;<

:

,

—.Bonds
$50,000,000

received)

*

Big
-

h

-

v

v

•
,

Lord

-—.Units

G

Corp.—_•—— _4_;
.•
.;
/(A., J. Davis Co.) 1.000 units
Florida Jai Alai, Inc._———

.

Pall

Corp.

June 3

Peterson,. Howelh;&
(Alex.

"'

-

-(Hemphill,

Vend-Mart

-

shares

'SnnsJ

'

33,383

:f

Gem

,

.

-^

May 21
•

Central
•/

V

;—Common

Inc

$20,000,000

'

Common

Co.

172,340 shares 4

Debentures
$8,000,000

be' received)

to

:

'

(Tuesday)

Illinois- Public
'.-(Bids

10:30

a.m.

CDST)

12

noon'EDST»

(Nemrava




Inc..,—-Common
Inc.)

$500,000

►

•'

^

&

& Co.)

200,000 shares-

■

.

$TO.0G0.00P 1

•:

V

;■

'

■'-v::

•

k '"n'd Heritage
$420,000

:

Equity

5

'.

(A)ester

,

October. 8

Wisconsin

;,*'.

(Bids

/' November

^

■'

$25,000,000

received!

be
(

;•

''V'

;• •»:

-;(Tuesday.) ;

Public

v.

Service
to.be

•

G.

Furman' &

Co.,- Inc. >

$15,000,000

7 ' ("Thursday)

•

"..
$1,000,000

;

Georgia

..

-

•

Power Co.—A
Bid*'.(.o"

he

J.

•

*

■

Corp.—Ac-———Bon^ds

received)

Georgia '.Power ; Co.—
Bid/- to be received

Corp.)

Stephenson Finance Co., Inc._---'-i_--_Pebentures
.

*

-;

.

•.
;
^
.Inc.--^,—^——Debentures

—-.Common

.kStone, Ackerman ife Co.,

V

.

•

(Thursday)

(Bids.to

;'

' J';

•V

received) -$45,000,000

Columbia Gas System.

Co.;

Bond*

Michigan Electric, Co.——•—

v-.October 3

••

Inc.-_4^-—^ ———Debentures

Optech,/Jnc.

.

Co. —_——.Bond*

$6,600,000

Co.,

Mountain States Telephone & Te'egrao11 Co.--Cap.;.
to stockholders—no underwriting)
4.C37.432 . shares

Ry..——.-.-Equip. Trust Ctfs. V.

(Bids

&

Investors'Trading' Co.—^Capital Stock

.

"

Great Northern

Enterprises,
Burnside

.(Offering

.-;v

.

Service

E.

Sullivan & Co., Inc.; Scherck, Richter
Dempsey-Tegeler & Co.. Inc.r-63,750.000

Davis & Co., Inc.)'. $240,000

&

•

(Tuesday)

August 6

(Bids to be

(Bosworth,

Common

.Irtc.. ——

(M.. G.

\

Hills

International,

•

'

;

(Bids

•

$100,000

Co.)

•

'

-

(Monday)

(Willis

f

.

-Common

Co. r 215,000. shares.

&

•

shares

Corp

Noyes

Rothschild

•

Inc.———Common

Heather,

Brown

Servomation'

United

61.o84

Canaveral

-Class A

—i—
Co.)

•

&

/•

Bonds

——

received)

be

stockholders—no underwriting)

to

(Offering

v

Co...

Gas
to

Pacific Power

Indiana

.Common

$1,500,000.

Corp.i

^Offering to-stockholders—undenvriften by. L. F.

■-

Systems,

;'

,

Securities

(Consolidated

'

-

Service

Jim's

(Keon

■

-V..

'

'

.

(Wednesday)

July 17
Sierra

America—...Common
100,000

:

July 10 (Wednesday)

shares

110,000

be

to

Northern Illinois

May 30 (Thursday)

,

■

•

Illinois Bell Telephone Co.

-Common

Co.)

$40,000,000

received)

(Peter Morgan;& Co.)

Common

Inc.)

Stephen,

of

——Bonds

Co

Gas

be

Sierra Pacific Power Co.—

(Monday)

vMay 20

.v

$6,500,000

(Thursday)

Gas

Natural

225,720 shares

Inc..,:

Securities

Allyn

C.

11

$250,000

Inc.)

'

5400.000

.

(Wednesday)
(Bids

-Common

Co., Inc.——
Co.,

$4,300,000

'

Common

Lambert

&

(Tuesday)

————Debentures

Exchange,

Webster

Equip. Trust Ctfs.

EDST)

noon

California

Southern

(Tuesday)

May 28

-Common

&

12

Light, Heat & Power Co

June 26

;

.

shares

50,000

Printing Co.

(Ingram,

(Bids

•

...Common

—

Corp.——.

Camera

(Monday)

& Western Ry.—

(Bids

$1,050,000

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

United

Debentures

:>\.^Oppenhetme'r &

'.

.

Xestrange

Common

Inc.)

Co.,

(Reuben Rose & Co.,

(White,

Union

.

Industries, Inc.—

•

Arthurs,

and

——:

(Oppenhelmer ,&' Co, f 25.000 share®,

V.

'

.

100,000 shares

(First Alabama Securities, Inc.)

Safran

$10,000,000

Corp.—
W.

Robert

\

..

•

'
200,000 shares
V,',r'
Industries, Inc
————Class

;

■

•

(Tuesday)

June 25

Pennsylvania—Capital Stock

Films, Inc.

Units

^

^

,

—

June 24

Shelton Securities Co.) $308,750

and

Lee -Corp.——
": (Reuben Rose &

'

$1 500,000

(Thursday)

(Hornblower .&

.

75,db0 units

America)

of-

Co.

& Co.)

.

Rona

$2,500,000 -/

Co.)

Mortgage Investors Tr.—-Ben. Int.

Mortgage Guaranty Insurance
v

&

and Walston: & Co.)

Co.,

Sr.

Southeastern
(Fleetwood

America—Debens.

Leasing Corp. of America——-Units //

Consolidated

-r •

—Common

(J. Herbert) Enterprises, Inc

$10.000,000

of

Corp.

- ■

-

——.Bonds

EDST)' $9,000,000

(Monday)

18

June

Norfolk

$1,700,000

(Ingram, Lambert & Stephen, Inc.) $718,750

.

Consolidated

,*

Co.—

11- a.m.

Public Service Electric

shares

235,000

•:,

:.

Express Co., Inc.*
———.Common
(Dean! -Witter & .Cq.) V267,740i shares.

:

.

Power

(Bids

17

June

Inc..--"-—-----.Common

Co.)

J. R.

and

;.'V.

"A" Debentures

CDST)

noon

:

Telephone & Telegraph Co„—.Common

/

Corp.___^—_—^.lUnits

Peabody

Blauner

(Auchincloss,

,:v

Chicago Union Station Co
(Bids

(Seymour

$10,000,000

CDST)

noon

Co., Inc.—-Debentures
EDSTi .$20,000,000

a.m.

(Wednesday)

Pennsylvania

""

Co.,

Life Assurance Co. of

shares '

__Bonds

$29,000,000

Chicago Union Station Co.
•

100.000

Co.____!
COST)

noon

:

i;.;

(Offering to stockholders—Shares of Pacific Northwest
Bell Telsphone Co.—No underwriting) 13,013,969 shales

Inc.^--^--bebens.'

Co.,

Key Training Service, Inc.-

ByUesby;& Co.)

Station

(Bids

11

(Bids

Common

M.

.

—

Corp.--

and

Co.

-Common

— —

$240,000

r';Relnhoidt & Gardner)) ,150,000 shares

.

Berns

Inc.)

Shipbuilding-Federal Barge, Inc._—Com.

June 12

Pacific

;

/

Freoplex, Inc
—-——^Debentures
t(Alessandrini & Co., Inc.), $200,000
Holiday Mobile Home Resorts, Inc
.Debentures

(Wednesday)

15

Ctfs.

$3,540,000

(Tuesday)
(Bids

; -

;

v

.

$2,700,000

(Price Investing Co.)

(Boettcher & Co.

May

Securities

Bell Telephone

St. Louis

Edgerton,. Germeshausen & Grier, Inc.__.Common

shares

200,GOO

EDST)

(Bristol

11

June

.'v-

Sachs

Electronics

(Kidder,

Co.)

am

CDST)

noon

(Monday)

•

v.-.Indiana

.

Power Uo

11

'

Bonds

Co

Rubber

(Goodbody

;

/ v

.

Common

Systems, Inc.-———

/

•/

(Tuesday )

.

Security

/;:•> Globe

' /A

V

12

shares

300.000

EDST)

hoon

Engineering
,

v,

Nuveen Tax-Exempt Bond Fund,. Series 4—Units
:/■"/'
(John Nuveen & Co.) $12,000,000
' ; .A
•

12

(Goldman,

^

Inc..) ,72.455 'shares :■-h

Co..

(Bids

Biltrite

American

Fidelity Life Insurance Co.——Common

National

Co.____LCommon

PDST) '$60,000,000

a.m.

--Equip. Trust

RR._—

(Bids

•

June 10

:

$8,100,000

Enzyme Corp. of America_____:

M^y 27, (Mpn^y)

Corp...---:-—-.-——Common

-1Herbert

.

' .-

shares

(Thursday)

'•

'•

-

*■

,

Co.)

Edison

r

.

y

:

'

New York Central RR.---—-—-Bqiiip. Trust Cffs.

Entertainment^ Co, of America--.Common
i Bernard, M.V Kahii
Co.,-Inc.> 63,000.000 ' - - ^
Louisville & Nashville RR.——Equip. Trust Ctfs.
Mil. National

&

'

^^-Eouip. Trust Ctfs.
EDST)

noon

(Wednesday)

Pacific

Missouri

-^^ -Common

_

150,000

Weeks.)

Allyn & Co.)

(A. C.

.■

—..Common

Home

•

Allyn

8:30

June 5

12

.

,.

-' •■.'

shares

420,047

(Bids

-

shares

150,000

C.

//

'*• (Bids

>♦

;

EDST).

a.m.,

38

page

(Tuesday)

$6,000,000

EDSTi

on

'

/ / V
Southern Union Gas Co._--_-_--Debentures
(A. C'. Allyn & Co.) '65,000,000
:
I'
Southern Union Gas Co
1, __v
-Preferred

;

—Common

80,000

Inc

Corp.)

(Equitable .Securities

Inc.)

*

— —

Brothers i

(Lehman

.'.A Holiday Inns of America,
.

Co.$5,000,000

&

Fenner "&

Pierce,

Lynch,

•—

Continued

..Common

&

California

'

.

Corp.——————Common

Cosmodyne

ness

Southern Pacific Co..—

.Bonds

stockholders—bids 11:30
154,914 shares
,

to

(A.

.

(vierstley,

L—

Missouri Fidelity Life Insurance

A'A'V

Hutzler)

&

Insurance Co.

30, 1963 filed 100,000 common. Price—$12.50. Busi¬
Company plans to write automobile insurance.

June 4

Maradel Products, Inc.——. _—- .

Brothers-, and

Defenders
Jan.

.Bonds

Co

repay¬

Washington, D. C; Offering—Imminent.

-

_•_

Co..

debt

general corporate purposes. Office—146
Old Country Rd., Mineola, N. Y. Underwriter—None.
••

.

of)

Power

(Offering

$5,000,000

EDSTi

properties. Proceeds—For

1962 filed 500,000 common. Price—$10. (For an
the fund will also offer its shares in ex¬

Preferred

11a.m.

,

Proceeds—For

,

(Hornblower

(Lehman

apartment

ment, and other corporate purposes. Office—1710 Chap¬
man
Ave., Rockville. Md. Underwriter — Ferris & Co.,

initial period

May 13 (Monday)
;

and

Investment, !nc.

.(5/13-17)

EDST); 516,000.000

a.m.

Co—

(Bids

'

.

(Smith, Barney & Co., Inc.; Kuhn, Loeb & Co., Inc.; Harriman
Ripley & Co., Inc., and Lazard Freres & Co.)
$15,000,000

Co,.

Power.
Power

A

>

Consultant's Mutual

(Thursday)

Alabama

Alabama

'

..

repayment, working capital and other corporate purposes.
Office—129 S. State St., Dover, Del. Underwriter—To be •
named. Note—This registration will be withdrawn.
.A

NEW ISSUE CALENDAR
May 9

,

Consolidated Vending Corp.
>•
: ^ .
■
April 2,1962 filed 70,000 common. Price—$5.75, Business
—Operation of vending machines. Proceeds—For - debt

.

.

/A.""-'.;/.','//-

-

——Bonds ,
>

—,

received 1

$30.000.000.

.

-

•

.

•

Preterred

—

$7.000.000;

.*•

.

1

.

38

(1930)

Continued

from

The Commercial and Financial
Chronicle

37

page

i
Deuterium

Equity Funding Corp. of America

' .'

Corp.
Sept. 28, 1962 filed 120,000

ment

with attached

common

war¬

warrant) on the
basis of 3 units for each 5% prior preferred share
held,
2 units for each
5%
preferred A stock held and 40
units for each $1,200 face amount of non-interest bear¬
ing subordinated debentures held. At the same time, the
company will offer the securities
To 'subscribers, $20; to

waukee.

April

plans to erect

mental

a

$22.25., Business—Com¬
small size production and experi¬

the

plant for the limited manufacture of deuterium

/

Diversified

Collateral Corp.
13, 1962 filed 77,050 common. Price—By amend¬
ment (max. $11.75). Business—A real estate investment
company. Proceeds—For investment.
Office—8397 N. E.

•

Jam

16,

1963

("Reg.

Business—Manufacture of
and

For

lightweight structural board
sheet insulating material (wallboard).
Proceeds—
equipment, leasing of working space, advertising,

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

Imminent.

Lime &

Stone Co.

Helicopters, Inc.

April

19, 1962 filed 418,680
subscription by stockholders

to

common

the

on

be

basis

offered
of

two

shares for each three held.

Price—By amendment (max.
$1.25).. Business—Research, development and construc¬
tion of experimental helicopters.
Proceeds — To obtain
certification of models, train service
personnel, repay
debt, etc. Address—Municipal Airport, Danbury, Conn.
Note—The

SEC

has

issued

a

Underwriter—Goodbody
Offering—Indefinitely postponed.

Dow Jones &

ment

ment

re-

L/W;;/;/ />■:

Harris &

'■■■■

—Company
"Clinizyne"

plans

to

to

used

be

market

for

a

new

treatment

drug
of

—

Importing,, manufacturing

general merchandise

"notions."

65,000

TVVsiiUift




5.6

Beane, New

shares

York,
v.

held.

offered
of

gas, and gas appliances in
loan repayment.

for
new

Greenwich.
Greenwich

Office—33

Underwriter—F.
Sand

one

Price—$13.25. Business

of

Rock &

/

1

-

Conn.

'

Hicksville,

&

L.

Putnam

&

Co.

1962 filed

$250,000 of 8% subordinated deben¬
1977, 200,000 common and 6-year warrants to
per share to be offered in
$10 debenture, 8 common shares
and
Price—$18 per unit.

consisting of

*

a

Business—Extraction,

the company, and
85,000 for Robert S. FrePrice
By

President.

amendment

—

of

recessed

(max.

incandescent

ning fixtures
••t

-

$10).L

light¬

for
residential, commercial and institutional /
buildings. Proceeds—For debt
repayment, a new plant,;,
and
working capital. Office
4201 West Grand
Ave.,
Chicago. Underwriter—A. G, Becker &

Offering—Imminent.
;;•:/- Hartford Gas Co..'"//:"'

par

April 5, 1963 filed 80,000
scription by stockholders
•

for each six common

amendment

(max.

or

Co*, Inc., Chicago.''

v

'

:

/

r?:

to be offered for sub¬
basis of one new share

common
on

the

preferred shares held.

$30).

Inc., New York. Note

Price—By /

of

for

each

four

held

of

record

April

one

10,

—

—

Hill

Oct.

/

&

Hopwood, Minneapolis.
Global

as

—Piper,
/■.;

Iune

29

Construction Devices,

1962

filed

ness—Manufacture,
oeams

nment.

used

in

100.000

-

sale and

expansion,

research,

owns

S68

Bust

debt

anr

liston

■

Vi?

1—11

e

.?/i

»*.

:/

•!»-_

a

f

Business—Development

and operation

Office

—

4344

East

&

Beane.

New

-

~

of

Indian

&

School Rd., Phoenix. :
Co., Denver, and J. R. Wil-

York.

27,

1962

("Reg. A")

75,000

Co.

common.

Co.,

M

,

throughout U. S. Proceeds—For
renayment, construction, and other corporate
pur¬

ing—Temporarily postponed.

-L

f ,■

resorts

Price

—

$4

sale and development of solderless terminals and other wire
terminating products. Pro¬
ceeds—For debt repayment,
equipment, advertising and
working capital. Address—P. O. Box
430. Phoenixville.
Pa. Underwriter—Harrison &

Co., Philadelphia.
'

unit.

home

Business—Manufacture,

(max.

•

Business—Company

national

Hollingsworth Solderless Terminal
Feb.

$13.75). Business—Furnishing of uniformed
guards, plant protection and
investigatory services. Pro¬
ceeds—For selling stockholders.
Office—2011 Walnut St..

-

a

Underwriters—Boettcher

Globe Security
Systems, Inc. (5/14)
April 17, 1963 filed 200,000 common.
Price—By amend¬

&

per

poses.

repay

and

•

ment

licensee

or

Holiday Mobile Home
Resorts, Inc. (5/27)
r
March 27, 1963 filed
$1,250,000 of 6%% conv. subord. debentures due 1978, and 75.000
common to be offered in
units
consisting of $50 of debentures and 3 shares.
Price

W;

inventory.
Office—54?
Cedar
Lane.
Teaneck, N. J. ' Underwriters—Win slow
^obu & Stetson and
Laird. Bissell & Mends, N. Y

distributing
Proceeds—For debt re¬

(5/13-17)

tels.

/

supports

Proceeds—For debt

America, Inc.

'

system of Holiday Inn moProceeds—For debt repayment and
other corporate
purposes.
Office—3736 Lamar Ave.,Memphis. "Under¬
writer—Equitable Securities Corp., Nashville.

for
new

Jaffrav

Price—$10.

of

April 10, 1963 refiled 420,047
common, of which 400,000
will be sold for the
company and 20,047 for stockholders.
Price—By amendment (max. $20).

mobile

lease of steel

construction.

2,265,138 common to be offered for
subscription by stockholders of Union Bank
of California on a share-for-share
basis. Price—$3.

Holiday Inns

Inc.

common

Co.

filed

Business—A
investment company.
Proceeds—For in¬
Office—760 S. Hill
St., Los Angeles. Underwrter—None.
;
*
-'

1963,"

;

1961

management

Business

;:

Street

16,

Securities.

This registration will
be with¬

vestment.

Proceeds
8500

Business—Company

Underwriter—Willard

—

drawn.

Price—$3

common.

—

and

/

"

St., Hartford. Underwriter—None.

Co., Inc., Philadelphia. Note—The
SEC has is*
temoorarily suspending this issue

v

v.

:

j

.

Co.

-Business—Manufacture

order

Philadelphia. Underwriter—Drexel

•

Gas

each

warrant.

mont,

o

meat

expire May 10.
Price
$3.25.
life and endowment
policies.
For general
corporate purposes. Address
Capital Dr., Milwaukee. Underwriter

a

•

gen-

Office—1107 Federal Securities

—

Rights will

payment, inventory and
working capital. Office—286
Fifth Ave., New York.
Underwriter—J J. Krieger & Co
Inc., New York.

'v-VC.
■■■''; '■■"

distribution

—Writing, of

Business

known

an

share

■■//;:\/L/

~

•

Price—By amend¬

Life Insurance
Corp. of Wisconsin
6, 1963 filed 311,625 common
being offered
subscription by stockholders on the basis

variety of
diseases. Proceeds—For
equipment, sales
promotion, research and development, and
working cap¬
ital, Office.—727 Land Title
Bldg.. Philadelphia. Under¬
writer—Bristol Securities
Inc„ New York.
Equality Plastics, Inc.
April 4, 1963 ("Reg. A") 79,995 common.
Price—$3.75.
Business
tumor related

Price—$2. Busisubsidiaries in the fields '

etc. Proceeds—For

Ha.o
Lighting, Inc.-,/
April 15, 1963 filed 150,000
common, of which 65,000 will /
be sold for

March

York. Of¬

Enzyme Corp. of America (6/10-14)
Feb. 21, 1963, filed
120,000 common. Price—$2.

;

Proceeds—For a
plant and other corporate
purposes. Address—Hallandale, Fla. Underwriter—To be named.

General

Business

Chipping machine,
tray-forming and chip-covering mate¬
rials. Proceeds—For
operating expenses, equipment, in¬
ventory and advertising. Office—-118 E. 28th
St.. New
and processing of

fering—Indefinite.

' *

Heck's Discount
Centers, Inc.
'
June 7, 1962 filed
125,000 common. Price—By amend¬
ment (max.
$5). Business—Operation of discount
stores
Proceeds—For
inventory, expansion, debt repayment and
working capital. Office—6400 MacCorkle
Ave., S. W., >
St.
Albans. W
Va

sued

-•

Plaza

,

new

(5/27-31)

retail

-

processing and sale of rock and sand.

—

v

Co., New

me

,....

Business—Wholesale

of

for

due

units

Busi¬

Business—Design and development of new
products foi
industries. / Proceeds—For
debt
repayment
equipment and working capital. Office—1252
W; Peachfree St.. N
W„ Atlanta, Ga, Underwriter
Robert M

•

L. D. Brown &

Price—$5.

various

—

—

$15).

For

—

duPont

purchase 25,000 common at
$1

common.

(Alex)

General\ Design Corp.
25, 1962 ("Reg.;; A")

baker pans. Proceeds—For
selling stockholders. Office—
1949 N. Cicero Ave.,
Chicago. Underwriter
Lehman

York. Underwriter

Greenwich

vlarch 30.

quarters

(max.

Proceeds

common.

Underwriter—J. R. Williston

Mananaale

West

Operation of Jai Alai games and pari-mutue.
Proceeds—For rent, purchase of leased

April

April 22, 1963 filed 80,000 common.,
Price—By amend¬
ment (max. $30).
Business—Manufacture of housewares,
commercial
equipment, aluminum foil containers and

*■.

known

was

supplies
natural and manufactured
gas in Hartford
County, Conn.
Pr^ceods—For loan
repayment, and construction. Office
—233 Pearl

(5/13-17)

Electronic Dispenser
Corp. >
Jan. 29, 1963, filea o0,000 common.
Price—$2.
—Manufacture of the SAFER Butter

prop¬

700

Y.

Ave., Greenwich,
Co., Inc., Boston.

(5/20-24)

300,000

purposes.

—Distribution
Proceeds—For

Geigher Pipe Supply Inc.
Sept. 28, 1962 filed 60,000 class A
common, of which 50,000 are to be offered
by company and 10,000 by stock¬
holders.
Price—$9.50.
Business—Sale of steel pipes/
valves and fittings. Proceeds—For
inventory. Office—
4124 N.
Broadway, St. Louis. Underwriter—Midland Se¬
curities/Co./ Inc., kansas City; Mo. "Offering—Indefinite.

Centinela Ave., Los Angeles.

Brothers, New York.

Inc.

estate.

Office—811

March 29, 1963 filed
37,735 common, to be
subscription by stockholders on the basis

Raymond Blvd., Newark, N. J.
& Co., N. Y.

purposes.

.

formerly

Underwriter—Godfrey, Hamilton, Taylor
Offering—Temporarily postponed.
/

••••.

•;/-' /•;:;

/

Underwriter

Garden State Small Business
Investment Co.
■*'/■
Oct. 27, 1961 filed
330,000 common. Price—$3. Business
—A small business investment
company. Proceeds—For
investment. Office—1180

Sept. 28, 1962 filed 750,000 common.Price—$1 Busi¬
ness—Manufacture of electro-mechanical vehicles
and*,
electronic devices for medical
and
marine

.

filed

real

1963, filed 3,000,000

corporate

share

18, Tices Lane/ East Brunswick, N. J. Under¬
writer—Alessandrini & Co., Inc;, New York.

—

Ekco Products Co.

•

supermarkets. Pro*
ceeds—For debt repayment and
working capital. Address

selling stockholder. Office
2321 Hudson
Blvd..
Bergen. N. J. Underwriter—Auchincloss
Parker
Redpath, New York. Offering — Temporarily post¬

S.

firm

purposes.

offering—Indefinite.

—Route

North

.

of

1, 1975. Price—At

—

payment. Office—2222
Underwriter—None.

Alai,

Business—Operation

'

r

Jai

Freoplex, Inc.

& Co., Inc.; Goldman, Sachs
Co., and Stone & Webster Securities Corp., New York.
Duro-Test Corp.
Dec 6, 1962 filed 150,000 common.
Price—By amendment
(max. $9). Business
Manufacture of various types of
lights for industrial and commercial use. Proceeds—Foi

Proceeds—For working capital,
equipment and debt

N.

Jan. 2, 1963
("Reg. A") $200,000 of 7% convertible sub¬
ordinated debentures due March

&

•

Fund

Proceeds—For selling stockholders. Of
(ice—2885 Jerome Ave., Bronx. N Y.
Underwriter—Mc
Donnell & Co., New York,
Offering—Indefinite.

Underwriters—White, Weld

interest.

to

;oys and games.

,

poned.^;. :/: V:.,;; '//.-;. ,;•_/ _/,,
Dynapower Systems Corp.

Mutual

,

(max.

beneficial

Proceeds—For invest-

Greentnan Bros., Inc.
April 25, 1962 filed 150,000
common, ol which 50,000 are
be offered
by company and 100,000
by stockholders.
Price—By amendment (max. $7).
Business—Wholesale
and retail
distribution of toys,,
hobby lines and sporting
equipment. Proceeds—For debt
repayment, inventory
and
working capital. Office—35 Engel
St.,

and

& Sons, Inc.
March 23, 1962 filed
125,000 common.

Co. also operates the "Dow Jones
News Service," and the
"Canadian Dow Jones News Service." Proceeds —
For
selling stockholders* Office—44 Broad St., New York.

&

Israel

1962

Forst

& Co.,

'
n

Building, Lincoln, Neb. Underwriter—None.

Ltd.

common.

improvements,, working capital
Office—F^T
Park, Fla. Underwriter—Consolidated Securities
Corp.,
Pompano Beach, Fla.
V'--

1,

the

—

oetting.
ouilding

Co., Inc. (5/28)
1963 filed 110,000 common. Price—By amend¬
$120). Business—Publishers of "The Wall
Street Journal," "Barron's" and "The National
Observer."
May

American

28,

ness

Broadway, N. Y.
York.

eral

15, 1962 filed 2,750,000 shares of beneficial in¬
Price—By amendment (max. $10). Business—

Florida

June

(max. $12). Business—
Design and manufacture of boys knit shirts, sweaters,
and pajamas.
Proceeds—For working capital.
Office—

New
Note

„

corporate

20,

tures

Donmoor-lsaacson, Inc.

Note—This

ness—Company plans to operate
of banking,
insurance, finance,

payable. Office—3600 W /'
Underwriter—None.

—

Feb. 26, 1962 filed 150,000
common, of which 50,000 are
to be offered by the
company
and 100,000 by stock¬
holders. Price—By amendment

Ave.,

Investment Trust

of

estate.

•

Greater Nebraska
Corp.

Feb.

of accounts

erty, and other corporate purposes. Office
Campbell Ave., Phoenix. Underwriter—None.

stop

Estate

Center, Miami, Fla. Underwriter—None.

recession offer to stockhold¬

a

repayment, construction, purchase

suspending this registration statement.

Real

300,000 shares

development of

Flori Investment Co.
March 27, 1963 filed
400,000 capital shares. Price—$1.50.
Business—A real estate
development company. Proceeds
—For debt

for
new

named.

general

plans to invest primarily in equity
type securities of Israeli companies. Proceeds—For in¬
vestment.
Office—141 Milk St., Boston.
Underwriter—
Paine, Webber, Jackson & Curtis, Boston. Offering—Ex¬
pected in June.

withdrawn.

be

betterment

A mutual fund which

loan repayment,
and
working capital.
Office—11 N. Main St., Ocala, Fla. Underwriter—Courts
& Co., Atlanta, Ga. Note — This
registration will be

•

Proceeds—For

1961 filed 800,000

First

Proceeds—For

filed

'

as

general

named.

be

Office—530 S't. Paul PL, Baltimore.

—To

,

granite, lime rock, and agricultural limestone.

Weyman

debt

Business—Exploration

terest.

1115

to

Price—By amend¬
testing of mining prop¬
erties. Proceeds—For
general/corporate purposes. Office
r—62 Richmond St., Toronto. Underwriter—G. V.
Kirby
/;& Associates, Ltd., Toronto.
1
*
ment.

of crushed

New

For

Fidelity Mining Investments

Aug.

order

ment.

by company and 2,500 by

reduction

Nov. 30,

Sept. 27, 1962 filed 100,000 common. Price—By amend¬
(max. $6.75).
Business—Mining and processing

Underwriter—None.

—

Ave., Chicago.

ment

Doman

educational

Continental

1961

Price—$10. Business—Real

a

and

Dixie

use.

and

Pratt

Price—$3/

common.

Great

Aug. 3,

amendment

home
ers

67,000

/'

devoted

Proceeds—For

91

Rochelle, New York. Underwriter—To
—This registration was
withdrawn.

,;.

a shareholder. Price
(max. $15).
Business—Design and
manufacture of tools,
dies, molds, beryllium castings and
the distribution of
plastic, metal and glass prqducts foi

Inc.

A")

Proceeds

—By

Miami, Fla. Underwriter—None.

Diversified Resources,

and

farmers

etc.
—

;
.

advances to

.be offered

June

organization of

Office

purposes.

sucn

of its mem¬
as Continental
Real Estate Investment Trust.
/;//;//:■•'.
repayment, working capital"
Greater Miami Industrial
subsidiaries. Office—1575 Sherman
Park, Inc.
St.,
Feb. 25, 1963, filed
Denver. Underwriter—None..
136,094 common to be offered for
r.-.-J:
V
subscription by stockholders on the basis of one
share L /
Fedco Corpus/- '/-•• '
for each 4V2 shares
held. Price—$5.50.
Oct, 29, 1962 filed 20,000 common, of which
Business—Acqui¬
sition and
17,500 are to

and

construction, equ ipment and. other corporate purposes
Office—360 Lexington Ave., N. Y. Underwriter—None.

non-profit

boards, exnibit cases,

corporate

filed

economic

bers.

oxide, and to establish and equip a gen¬
laboratory. Proceeds—For working capital,

Second Ave.,

1963

ness—A

and deuterium

eral research

1,

institutions

chalk

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

public,

pany

.:

Farmers' Educational &
Co-operative Union of
America
■■// ; /

the public. Price-

to

Dec.

$6.50). Business—A
firms selling life insurance and mutual
funds, Proceeds
—For new sales
offices, advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An
*eles.
Underwriter—Wisconsin-Continental, Inc., Mil

rants to purchase an additional 120,000 shares to be ofered for subscription by holders of its stock and deben¬
tures in units (of one Share and one

Thursday, May 9, 1963

.

Gotham Educational
Equipment Co. Inc.
4, iltbZ meet 75,uuu common,
mice—,t>y amendment
(max. $6).
Business—Design, manuiacture, and marketing of items used in educational

Price—By amendholding company toi

(max.

.

•

March 29, 1962 filed 240,000 common.

:

.

/W\i:W

Philadelphia. Offer¬

; *

^

.

Volume

197

Number 6262

The Commercial and Financial Chronicle

(1931)
Home Entertainment Co. of America

(5/13-17)
Jan. 16, 1963 filed 300,000 common. Price—$10. Business
—Company is engaged in the development and promo¬
tion of a pay television system in Santa
Monica, Calif.

Price

Proceeds—For

—John A. Dawson &

Address

installation

of

a

television

pay

—

/uuun

»ble.

$800

oi

unit. Business

per

stjijctxne

accounts

lishing
r

receiv-

inventories,

system.

Co., Chicago.

19th

Homestead

Processing and distri-

plant expansion and working capital
Office— 2301 N. Main
St.,. Paris, Texas*
Underwriter

and Broadway,
Santa Monica, Calif.
Underwriter—Bernard M. Kahn & Co., Inc., New York.
—

—

rroceeds—For

seeu

Kwik-Kold, Inc.
29, 1962 ("Reg. A")

55,000 will be sold

for

•

.

100,000

common

of

Price

writer—Horace Mann Investors Inc..
•

Hunsaker

(S. V.)

& Sons

<

(same address).

(5/15)

For debt

repayment and other corporate pur¬
Office—15855 Edna PL, Irwindale, Calif. Under¬

—

poses.

writer—Bateman, Eichler & Co., Los Angeles.

March

common to be offered for
on
the basis of one new
held of record May 22, 1963. Price—

Kidder, Peabody & Co.; Merrill Lynch,
Pierce, Fenner
Inc.; Ladenburg, Thalmann & Co.; White, Weld
Co. Bids—May 22 (11:30 a.m.
EDST)at One Chase Man¬

new

Floor), New York. Information Meet¬
ing—May 13 (3 p.m. EDST) at One Chase Manhattan
-Plaza (28th
Floor), New York,

p.m.

Lunar Films, Inc. (5/27-31)
Aug. 31,1961 filed 125,000 common.

aess—The production of television films.

—

Ave., N. W., Washington, D. C

Miming

Investors Trading Co.
(6/3-7)
Jan. 17, 1963 filed
200,000 capital shares. Price — Net
asset value (max.
$5), plus 8% sales charge. Business—
A mutual fund.
Proceeds—For investment. Office—460
Denver Club
Building, Denver.
Co.

(same address).

ment

—315

Central

Co.,

poned.

N

asset

10,

1963

value

—

,

.V

-

•

Manchester

Offici

Insurance

Investment

r-

Management &

Corp.

Nov. 28,

1962 filed 272,y41 common. Price—$3.50. Busi¬
ness—Writing of
casualty
insurance,
adjustment
oi

Indefinitely post¬

claims, financing of insurance premiums, and the mak¬
ing of investments. Proceeds—For expansion, loan re¬

Inc.

500,000 capital shares. Price—Net
8%%. .Business—A new mutual fund

payment

and

other

corporate

purposes.

Office—9929

Manchester Rd.. St. Louis.
seeking capital appreciation. Proceeds—For
Underwriter—Troster, Singer
investment.
& Co., New York.
Office—467 Hamilton
Ave., Palo Alto, Calif. Underwriter
Offering—Imminent.
—Mutual Fund
//7;\ Manhattan Drug Co., Inc.
Distributors, Inc. (same address).
March 29, 1962 filed 72,000
Jefferson (Thomas) Insurance
common, of which 58,000 are
Co.
to be offered by
March 29, 1963
company and 14,000 by stockholders
("Reg. A") 6,840 common. Price—By
Price—$3.50.
Business—Manufacture,
amendment. Business
packaging
and
Writing of marine, automobile
ia^e
of various
proprietary drug products. Proceeds—
and^ fire insurance/Proceeds—For selling stockholders.
For equipment, new
Office—457 Starks
products, debt repayment and workBldg., Louisville. Underwriter—Stein
—

,

'ny

Bros. & Boyce, Louisville.

7;//.

/

'

Key Training Service, Inc.
(5/27-31)
26, 1963 filed 47,500 common, of which

March
are

to be offered
by company and 7,500

by

a

40,000
stockholder.

Price—$6.50. Business
Publishing of home
courses through franchised
dealers; Proceeds—For
—

ing capital.
derwriters

Units

a

$300

debenture

and

200

shares

/,. V;/.7V;

Products, Inc.

Z:,/Z7 V,;.//777:7;/

(5/22)

Proceeds—For

company.

expansion.

South

Brentwood Blvd., St. Louis.
Allyn & Co., Chicago.

Office—2401 7

Underwriter—A. C.
;

•

Mobile Home Parks
Development Corp.
Jan. 28, 1963 filed

1,250,000

Price—$2.50. Busi¬

common.

ness—Company plans to develop mobile
residential
general
lanta.

and

commercial

corporate

real

home parks and

estate.

Office—82

purposes.

Underwriter—Overseas

Proceeds—For;
Baker

Investment

•

St.,

Se-l

Mortgage Guaranty Insurance Corp.

(5/16)
1963, 200,000 common. Price—By amendment
$27). Business—Company is engaged in the in¬

waukee.

(max.

1963 filed 150,000 common. Price—By amend¬
$25). Business—Manufacture and sale of
pharmaceuticals and related products. Pro¬
ceeds—For an acquisition and
working capital. Office—
516

Ave.

of

the

Americas,

blower & Weeks, N. Y.

;

N.
\ 7/7

Y.

Underwriter—Horn-

*

Marshall Press, Inc.
May 29, 1962 filed 60,000 common.

ness—Graphic design and printing.

Underwriters—Hornblower

and Robert W.

■.n vestment

New

Mil¬

Weeks, Chicago/'

Baird & Co., Inc., Milwaukee.

Sponsor—Ira

Haupt

Si

Co.,

Ill

Broadway,

York. Offering—Indefinite

Music Royalty
Corp.
July 27, 1962 filed 150,000

—Company

acts

as

common.

Price—$1.

representative of

Business

artists,

musicians,
etc. and plans to
engage in the music publishing busi¬
ness.
Proceeds—For debt repayment, public
relations,
»cquisition of musical properties, and working
capita^.
Office—545 Fifth Ave., N. Y
Underwriter—Associated
Securities

Co..

National

545 Fifth

Central

Ave..

Life

N

Y.

Insurance

Co.

Dec.

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

dress—2632
To

be

McGee St.,

Kansas City, Mo. Underwriter—

named

W

National

Equipment & Plastics Corp.
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
ated

stores.

Proceeds-^For

debt

repayment,

store

ex¬

and

working capital. Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y. Note—
This registration will be withdrawn.
National
Nov.
ness

Busi¬

77

Fence

Manufacturing Co.,

29, 1962 filed 100,000
Manufacture

—

welded

Price—$3.75.

Pro¬

Price —To be
supplied by amendment. Business — The
fund will invest in
tax-exempt bonds of states, counties,
nunicipalities and territories of the U. S. Proceeds—For

of

common.

galvanized

Inc.

Price—$8.75. Busi¬

chain

link

fence

concrete

products.

Proceeds—For pub¬

&

Municipal Investment Trust Fund, Series B
April 28, 1961 filed $15,000,000 (15,000
units) of interests.

cosmetics,

.

At¬

Service,

ville, Spain.

pansion

1,

ment

work¬

(John)

consisting of

Maradel

April

—




Office—156

Tillary St.. Brooklyn
N
V
Underwriter—To be named. Note—This registration will
be withdrawn. The
company's assets have been sold to
•

study

Sesame Corp.
May 24, 1962 filed $225,000 of 6% conv. subord.
deben¬
tures, due 1972. and 150.000 common to be offered in

capital.

another firm.

Office—407 Lincoln Rd.,, Miami Beach. Un¬
Seymour Blauner Co., and Shelton Secu¬
rities Co., 663 Fifth
Ave., New York,
Kraft

ance

suring of lenders from loss on residential loans.
ceeds—For investment. Office—600
Marine Plaza.

payment of loans, and general corporate purposes. Office
—130
Fujton Federal Bldg., Atlanta.
Underwriter—
None.

filed

plus

•

f,v

Price—$4. Business
—Distribution of commercial
dry cleaning and laundry
equipment. Proceeds—For general
corporate purposes.
Office—1101 East Tremont
Ave., Bronx, New Yorjk.
Underwriter—Herbert Young & Co., Inc., New York.
• Missouri
Fidelity Life Insurance Co. (5/22)
March 27, 1963 filed
300,000 common. Price—By amend¬
ment (max. $8.50).
Business^—A legal reserve life insur- 7

(max.

Aug. 29, 1962 filed .2,000 common (with attached war¬
rants ).
Price—$500. Business—Company plans to furaish equity capital to firms in the
atomic, space and
missile fields, and provide
advisory and managemenl
counseling services on a fee basis.
Proceeds—For re¬

Proceed®—

working capital

..r»dnrwrW*r

National Corp.
(5/13-17)
Jan. 28, 1963 refiled
94,000 common.

March 11,

,

programs

Inc., New York. Offering
Z./ZZZ-

Janus Fund,

April

v

(maximum $14). Business—Production, sale, erec¬
financing of manufactured homes. Proceeds—To

,

Jaap Penraat Associates, Inc.
Jan. 30, 1962 filed
100,000 common. Price—$3. Business
—Industrial designing, the
design of teaching machine*

&

Proceeds—Foi

and

Bldg., Minneapolis.,

Mil

caster Ave., Wayne, Pa.
Underwriter—Drexel & Co.,
Philadelphia. Offering—Postponed.
777/
i
Management Investment Corp.

St., Wilmington,
Del, Underwriter—Israel Fund
Distributors, Inc. (same
address).

production of teaching
For expansion, new
facilities and

—

Underwriter—None.

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

Israel American Diversified
Fund, Inc.
1963 filed 550,000 common. Price—Net
.asset
value plus 8V2%. Business—A
new mutual fund
special¬
izing in Israeli and American securities.
Proceeds—For
investment. Office — 100 West Tenth

the

Inc., N. Y.
was withdrawn.
Midwest Technical
Development Corp.
}
Feb. 26, 1962 filed
561,500 common to be offered for
subscription by stockholders on the basis of one share
for each two shares
held. Price—By amendment
(max.;
$7). Business — A closed-end
management investment
company. Proceeds — For general
corporate purposes.
Office
2615 First National Bank

tion and

&

April 22,

and

production

By amend-,

to

—

•

Distributor—Nemrava

and

Bust-

working capital. Office—
543 Madison Ave., New York. Underwriter
Ingram.
Lambert & Stephen, Inc., 50 Broad
St., New York. *
Madway Main Line Homes Inc.
Feb. 19, 1963 filed 100,000
common. Price—By amend¬

3315

Connecticut
Underwriter—None.
—

Price—$5.75.

'J-

Note—This registration

Lord Jim's Service

—

,

subordi-*

of food and related
prod¬
supermarkets
and
other
retail
stores
in
the New York
Metropolitan area. Proceeds—For general
corporate purposes. Office—345 Underhill
Blvd., Syosset,
N
Y.
Underwriter—Brand. Grumet & Siegel,

,

Systems, Inc. (5/30)
14, 1963 ("Reg. A") 100,000 common. Price
$1.
Business—Operation of drive-in restaurants. Proceeds—
For leases, equipment and
working capital. <: Office—
1601 Mandeville
Canyon Rd., Los Angeles. Underwriter
—Keon & Co., Los Angeles.

,

Business—Distribution

ucts

subsidiaries. Office—26 Piatt St., N. Y. Underwriter

Jan.

investors. Realty Trust
May 31, 1962 filed 200,000 shares. Price
$10. Business
—A real estate investment
trust. Proceeds
For con¬

Office

ment.

1963

Logos Financial, Ltd. Offering—Indefinite,

(23rd

investment.

(5/27-31)

Re-'

&

Met Food
Corp.

March 30, 1962 filed
$1,000,000 of convertible
nated debentures due
Nov. 1, 1977. Price —

(max. $10). Business—A diversified closedProceeds—For investment. Of¬
fice—26 Broadway, N Y.
Underwriter—Filor, Bullard &
Smyth; N. Y. Note—This company formerly was named

EDST) at One Chase Manhattan Plaza
(28th floor), N. Y.

and

•

Management

Corp., (same address).

new

Pennsylvania

Equity

—

Underwriter—Centennial

search

amendment

Peabody

struction

6.

—

end investment
company.

—

•

28,

Financial

offered

Rights will
Design and
laces and nettings.

knitted

Office

purposes.

—

capital shares. Price—Net
plus 5%. Business—A new mutual fund to
be
initially to members of the medical profession.
Proceeds—For investment. Office
714 Boston
Bldg.,
Denver.

new

—

(jointly); Halsey, Stuart & Co. Inc.; Salomon
Brothers & Hutzler;
White, Weld & Co. Bids—May 22
(11 a.m. EDST) at One Chase Manhattan Plaza

-

a

and

one

_

—

Meeting—May 13 (3

woven

.

interstate Power Co.
(5/22)
March 21, 1963 filed
$6,000,000 of first mortgage bonds
/due 1993. Proceeds—For loan repayment and
construc¬
tion. Office—1000 Main
St., Dubuque, Iowa.
Under¬
writers
(Competitive.) Probable bidders: Merrill
Lynch, Pierce, Fenner & Smith
Inc.-Kidder,

Information

of

of

—Shearson, Hammill & Co., N. Y. Offering—-Indefinite.
Logos Options, -Ltd.
«
'
'
,
April 11, 1962 filed 250,000 capital shares. Price
By

hattan Plaza 23rd

floor), New York.

basis

Livestock Financial Corp.
Feb. 23, 1962 filed 130,000 common.
Price—$10. Business
-An insurance holding
company whose subsidiaries in¬
sure the lives of all
types of animals. Proceeds—To form

Probable bidders:

& Smith

3

the

Busi¬

asset value

Philadelphia.

(max. $24). Proceeds—For loan repay¬
and construction. Office—1000
Main St., Dubuque,

Co.

on

Underwriter

$1.

equipment.

Meridian Fund, Inc.
March 4, 1963 filed
500,000

being offered for

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

By amendment

&

stockholders

corporate

—Studio City, Calif.
Corp., Los Angeles.

filed 100,000 capital shares.
Price—By
(max. $33). Business—Writing of
life, acci¬
dent, and health insurance. Proceeds^-For investment,
and expansion. Office—2204
Walnut St.,

(5/22)

Underwriters—(Competitive.)

common

—

•

—

;

„.

Medical Video Corp.
—

amendment

March 21,. 1963 filed 154,194
subscription by stockholders

ment

108,676

Life Assurance Co. of

.

Iowa.

subscription by

Medic Corp.

St.,

Offering—Indefinitely
■.. 7; ^ Z;

Nov. 13, 1961 filed 250,000 common.
Price
ness
Manufacture of medical electronic
Proceeds
For
general

plant, loan repayment, and work¬
ing capital. Office—105 Madison Ave., New York. Un¬
derwriter—Blair & Co., Inc., New York.

.

26

filed

.

,

1'

capital, and
St., Tampa, Florida.

Underwriter—Strathmore Securities, Inc.,
Pittsburgh.
•
Liberty Fabrics of New York, Inc.
1963

:

—

repayment, working
expansion. Office—1310 North 22nd

March 28,

/'■■■V,'

sociates, Inc., Denver.

7;

retail shoe stores in Florida.

debt

Proceeds—For

Offering—Indefinite.

each

Proceeds—For

manufacture

•

share for

ness—Company operates 25

share for each 2Vz held of record
May
expire May 20. Price — $11.75. Business

•

Interstate Equity
7.
,,j
March 30, 1962 filed 1,605,100 shares of beneficial
interest
vPrice—(max. $10). Business—A real estate investment
company. Proceeds—For investment. Office—450 Seventh
'Ave., N. Y. Underwriter—Van
Alstyne, Noel & Co., N. Y
Interstate Power Co.

„

—

April 19, 1963 refiled $1,500,000 of 6V2% convertible sub7
ordinated debentures due May 1, 1978, and
150,000 com- Z
mon shares to be offered in
units of one $50 debenture
and five shares. Price—$50 per
unit.,Business—Construc¬
tion of homes and apartment
buildings on land which
the company has acquired in Southern
California. Pro¬
ceeds

.

-1963, filed 225,000 common. Price—$1, Business
—Operation of six medical testing laboratories. Proceeds
—For general corporate
purposes. Office—3701: Stocker
St., Los Angeles. Underwriters
Charles Plohn & Co.,
and B. W. Pizzini &
Co., New York. Offering—Imminent.
Leeds Shoes, Inc.
March 29, 1963 filed
90,000 common. Price—$3.50. Busi¬

$12.50. Business—Writing of life, accident and
Proceeds—For general corporate pur¬
poses. Office—216 E. Monroe St., Springfield, 111. Under¬

,/Z.

sales

Greenwich

ance

•.

^

,

—

national

a

class B common. Price—
company for three life insur¬
firms. Proceeds—For loan
repayment, operating ex¬
penses, and investment in other insurance
concerns. Ad¬
dress—714 Medical Arts
Bldg., Oklahoma City. Under¬
writer—Lincoln Securities
Corp. (same address). Offer¬
ing—Expected in late May.
'7777; C7'7. ■ /' :'V.7
Medical Industries
Fund, Inc.
Oct. 23, 1961 filed
25,000 common. Price—$10, Business
—A closed - end
investment company which
plans to
become open - end.
Proceeds — For investment in the
medical industry and
capital growth situations. Office
—677 Lafayette
St., Denver. Underwriter
Medical As¬

and

company

Feb. 26,

health insurance.

developing

28, 1963, filed 1,000,000
$1.25. Business—A holding

which

—

(

catalogue,

working capital. Office—812
N. Y. Underwriter—To
be named.
postponed.

35,000 for stock¬
March 13, 1963 filed 5,000 shares of 6% non-cumulative
holders. Price —$3. Business
Manufacture of certain
preferred stock, and 5,000 common, to be offered for sale v; patented
cooling packages. Proceeds—For debt
repay¬
in units of one common and one preferred share. Price
ment and working
capital. Office—Jennings Bldg., P. O
—$150 per unit. Business—Company plans to construct
Box 638,
Moberly, Mo. Underwriter—John W. Flynn
and operate a beef and pork
& Co., Santa
packing plant. Proceeds—
Barbara, Calif. Note—This letter will bo
For construction,
equipment, and working capital. Ad¬
withdrawn. ■.1
/ ''7
7//;''7 77/Z7771
>
'.
'•
dress—Beatrice, Nebr. Underwriter—None.
Laboratory Procedures Inc.
Horace Mann Life Insurance Co.
Feb. 1, 1963 filed 200,000
common, of which 80,000 are
to be offered by
company and 120,000 by stockholders.

sales

a

and

Feb.

March

Packers, Inc.

V

staff

39

reinforcing fabric, gates and related
Proceeds—For construction of a plant in Ire^
Continued

on

page

40

40

The Commercial and Financial Chronicle

(1932)

Continued

visual

equipment; and manufacture men's and boy's dress
Proceeds — For additional inventory, equip¬
ment, research, and working capital. Address—P. O.
Box 27, Opelika, Ala. Underwriter—First Alabama Se¬
curities, Inc., Montgomery.
•

from page 39

trousers.

land, and working capital. Office—4301

46th St., Blad-

Md. Underwriter—Netherlands Securities Co.
Inc., New York. Offering— Indefinite.
ensburg,

.

National Fidelity

Life Insurance Co. (5/13-17)
Marcn 28, 1963 filed 72,455 common, of which 36,227
shares are to be offered by company and 36,228 shares

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

by a stockholder.
Price—By amendment (max. $35).
Business—Writing of life, accident, and health insur¬
ance.
Proceeds—For debt repayment, and other corpo¬

tal.

Outlet

PMA

Ofice—1002 Walnut St., Kansas City. Un¬
derwriter—E. F. Hutton & Co., Inc., New York.
Estates

Memorial

11, 1962 filed 4,750,000 common. Price—$1. Busi¬
ness—Company plans to engage in cemetery develop¬
ment and to establish and operate a life and disability
insurance concern. Proceeds—For general corporate pur¬

• Pall
Corp. (5/20-24)
April 4, 1963 filed 61,584 class A shares to be offered
for subscription by stockholders on the basis of one new

Office—13 S. Broadway, Red Lodge, Mont.
Un¬
Brokerage Co., Billings, Mont.

-

share for each nine class A and class B shares held. Price

derwriter—Security
National

Inc.

—

Oct.

poses.

Fund

Insurance

Underwriter—None.

April 8, 1963 filed 200,000 common. Price — Net asset
value plus 4%. Business—A new mutual fund specializ¬
ing in insurance stocks. Proceeds—For investment. Ad¬
dress
Plankington Bldg., Milwaukee. UnderwriterFund Management Inc. (same address).
'

rate purposes.

National

Colo.

Address—Creede.

(max. $34). Business—Company pro¬
duces equipment for the dehumidification of compressed

—By amendment

Mortgage Corp., Inc.

28, 1962 refiied $8,000,000 face amount certificates
(series 20) and 300,000 common shares. Price—For cer¬

Dec.

tificates,

control

gases,

flow

of

and

temperature,

detection

—For

loan

$762; for stock, $1.15. Business—A mortgage
Proceeds—For general corporate pur¬

sidiaries, and working capital. Office—30 Sea Cliff Ave.,
Cove, L. I., New York. Underwriter—L. F. Roths¬
child & Co., New York.
:
/

company.

Glen

Office—113 S. Hydraulic, Wichita, Kan. Under¬
Mortgage Agency, Inc., (same address).

poses.

writer—National

Note—This

be made only in the State of

offering will

Pan American

Beryllium Corp.
Feb. 28, 1962 filed 100,000 common. Price—$5.
Business
—Company plans to mine for beryl ore in Argentina
Proceeds
For debt repayment,
equipment, and other

Kansas.
National

Uni-Pac, Inc.

"

1962 filed 85,000 common. Price—By amend¬
(max. $4).
Business—Company plans to sell or
coin operated vending. machines.
Proceeds—For

July

31,

ment

lease

—

corporate

working capital. Office
—15 Peachtree St., Atlanta. Underwriter—None. Note—
This registration will be withdrawn.

Drugs, Inc.
April 29, 1963 filed 14,080 common. Price—By amend¬
ment (max. $20).
Business—Company is engaged in the
retail drug business. Proceeds—For
selling stockholder.

Producing Co. (6/27)
Sept. 7, 1962 filed 180,000 class A common.
Price—$5.
Business—Production of natural gas and oil.
Proceeds
—For drilling expenses, working capital and other cor¬
porate purposes.
Office—Tekoil Bldg., Oklahoma City
Underwriter—Peter Morgan & Co., N. Y.
New

Campbell

Island

Address—6000

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

Price—$5. Busines#
—Manufacture of drugs and pharmaceuticals.
Proceedi
—For an acquisition, research and other
corporate pur¬
Office

2301

Pennsylvania

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

poses.

holder. Price—50 cents.

This registration will be withdrawn.

—

Underwriter—Arnold Malkan &

Business—Exploration, develop¬

ment and mining. Proceeds—General corporate purposes.

Pension

Office—90 Industry St., Toronto, Canada. Underwriter—
A. C. McPherson & Co., Toronto.

April

24,

Securities

1963

filed

Ave., Philadelphia
Co., Inc., N. Y. Note—

500,000

Price—$100

common.

ini¬

thereafter, at net asset value. Business—A new
mutual fund designed to provide an investment
program
for pension trusts. Proceeds—For investment. Address

—A

—20 Broad

small business investment company. Proceeds—For
investment, and working capital. Office—1228 Wantagh
Ave., Wantagh, New York. Underwriter—None.

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

Peterson, Howell & Heather, Inc.

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

value

Angeles.
Underwriter
"(same address).

mobile

North Central
*

March

29,

—2521

$1,500,000

5 lk %

of

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

'

modification, and work¬
ing capital. Office—6201 Thirty-fourth Ave., South, Min¬
neapolis. Underwriter—None.
States

Life

Insurance Corp.

Proceeds—For

expansion.
Office—1840
Milwaukee. Underwriter—None.
Science

March 29, 1962 filed

Farwell

&

Engineering Corp.
100,000 common. Price—By amend¬

investment trust.

Proceeds—For

17,

•

$12,000,000

fractional interests in the

Business—The Fund will

Fund.

of

to be exempted from Federal

investment.

units

representing

Nuveen & Co.. 135 So. La
•

Optech, Inc.

March

28,

1963

ness—Research
the

"Laser"

tronics.

Income taxes.

(6/3-7)
filed
and

Salle

common.

field, and in related
general

of

of

drill

debt repayment,
Address—Executive

Underwriter—A. C. Allyn & Co..

for

and

oil wells.

Proceedi
Office—418 Mar¬

Underwriter—None.

Corp.

optical elec¬

Co., New York.

purposes.

(J. Herbert) Enterprises, Inc.
(5/27-31)
1. 1962 filed 200,000 common. Price—$5.25. Busi¬

•

ness—The company and its subsidiaries
manufacture and

Prescott-Lancaster Corp. „■
March 30, 1962 filed
150,000 common. Price—$5. Business
—Real estate. Proceeds—For
purchase of mortgages, anc
working capital; Office—18 Lancaster Rd., Union, N. J
Underwriter—To be named.
Princeton
March

Putnam Income Fund

April 3, 1963 filed 2,000,000 shares of beneficial interest.
Price—Net asset value plus 8%%. Business—A
new mu¬
tual fund
seeking maximum income, and long term
growth of principal. Proceeds-^For investment. Office—
60 Congress
St., Boston. Underwriter
Putnam Fund
—

Distributors, Inc. (same address).

t

28,

Lands,

1963 filed 40,000

ness—Purchase

Inc.

Price—$25. Busi-.
property, <chiefly un¬

common.

and .sale'real

*

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

share

new

for

each

three

held.

Price—By amend¬

ment

(max. $7). Business — Company and subsidiaries
are engaged in the
purchase and sale, development, man¬
agement, and holding of real estate properties. Proceeds
—For purchase of additional
properties and working
capital. Address—Time & Life
Bldg., New York. Under¬
writer—None.
Recreation
Nov.

23,

Industries, Inc.

1962

("Reg. A")

75,000

Business-—Sale of travel and
For capital
investment, and
411

W.

7th

St., Los

Price

common.

—

$2.

entertainment. Proceeds—

working

capital.

Angeles.

Office—•

Underwriter
Costello,
Hills, Calif. Offering—Imminent.

Russotto & Co., Beverly

—

Red

Kap, Inc.
23, 1963 filed

April

240,000 common, of which 100,000
by company and 140,000 by stockhold¬
Price—By amendment (max. $20). Business—Manu¬

to be offered

are
ers.

facture and distribution of industrial
uniforms to indus¬
trial rental laundries.
Proceeds—For debt repayment and

working capital. Address

Sudekum

Bldg., Nashville,
Pierce, Fenner &
Inc., New York. Offerings—In late May or early

Underwriter

June.

—

Merrill Lynch,

—

Reliance Life Insurance Co. of
Illinois.
March 29, 1963 filed
150,000 common., Price—By amend¬

ment
(max. $4).
Business—Writing of life insurance.
Proceeds—For sales
promotion, and investment. Office
—15 South Northwest
Highway, Park Ridge, 111. Un¬

derwriter—None.

Resort Corp. of Missouri
Nov.

27, 1962 filed 125,000 class A common and threeyear warrants to purchase
1,250 class A shares to be
offered in units
consisting of four shares and one war¬
rant.
Price
$32 per unit.
Business
and

operate

and sell 80

luxury

a

of land

acres

writer—R.
nite.

L.

hotel

for

construction.' Office—3615

and

Company will
facilities,

resort

home sites.

Proceeds—For

Olive

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

Warren

.

.

..

Retirement

/

Foundation, Inc.

April 8, 1963 filed 100,000
memberships in the Founda¬
tion. Price—$10 per
membership. Business
Company
—

will operate retirement
centers for

the

use

of rent-free

private homes and apartments
by members upon their
retirement. Proceeds—For
working capital, construction
and other
corporate purposes. Office—235 Lockerman
St., Dover, Del. Underwriter—John D.
Ferguson, Dover,
Del.
j'/,
..

Richard
Tune

21,

Business

Gray & Co., Inc.
("Reg. A") 60,000

1962
—

A

securities

common.

broker-dealer.

working capital and other corporate
W. 51st St..

237

N.

Price—$5.

Proceeds

—

For

Office—

purposes.

Y.

Underwriter—Richard Gray Co.,
Offering—Indefinite.

New York.

Richmond Corp.
Dec. 21, 1961 filed
142,858

common. Price—$7. Business
investment company. Proceeds—For debt

—A real estate
repayment

K

and

general

corporate

purposes.

Office—220

St., N. W., Washington, D. C.
Underwriter—Hirsohel

£ Co;r Sliver Spring, Md.
SEC

The

of

has

this

Rona Lee

Sept.

26,

50,000

challenged

registration

Offering—Indefinite.
the

and

accuracy

statement.

Corp.

1962

Note—

adequacy

(5/27-31)

filed

common.

$250,000

of

6%%

debentures

and

Price—For

debentures, by amendment;
stock, $4. Business—Design,
manufacture, and dis¬

tribution of girls'
blouses, sportswear, and coordinates.
Proceeds—For debt repayment. Office—112
New York.

Underwriter—Reuben Rose

York.

W. 34th St.,
Co., Inc., New

&

J

Royaltone Photo Corp.
29, 1961 filed 300,000 common, of which 100.000
ire to be offered
by the company and 200.000 by stock¬

Nov.

holders.
and

Price

prints

film.

Office—245
&

—

color,

Proceeds

—

7th

By

amendment.

and
For

Ave..

N

Co., N."Y,

V

Business

Developt
photographic
working capital.
Underwriter
Federman,

black

and

equipment

—

white

and

—

Note—'This

registration

will

be

withdrawn.
Russell Mills, Inc.
Sept. 28, 1962 filed 312,500 common.
Price—By amend¬
ment
(max. $12).- Business—Manufacture of athletic

clothing,
Research

Inc.

ceeds—For investment. Office—316 North Fifth
St., Bis¬
—
Provident Management Co.

Stonehill

Orr

distribute cartridge type tape
player recorders and pro¬
grams therefor; sell at retail nationally known audio

equipment, and working capital. Office
2604
St., Flint, Mich. Underwriter—Farrell Securities
—

Leith

Fund,

marck, N. D. Underwriter
(same address).

for

operate

St., Shreveport, La.

—For

St., Westbury, New York. Underwrit¬
ers—Stone, Ackerman & Co,, Inc., and Heritage Equity
Corp., New York.
0




purposes.

28, 1963, filed 200,000 capital shares. Price—$4.75.
Business—Company plans to manufacture a new type of
brake unit for heavy duty automotive vehicles. Proceeds

Office—102 Grand

May

Proceeds—For

Jan.

Price—$3. Busi¬
lised in

corporate

corporate

Power Cam

materials

areas

insurance.

other

ket

Proceeds—

Sponsor—John

St., Chicago.

development

health

—To

.

140,000

Proceeds—For

111.

interest

real estate

Powell Petroleum, Inc.
Sept. 28, 1962 filed 100,000 common. Price—$5.

interest-bearing obli¬

Office—Chicago,

are

Insurance Co. of America

Plaza, Park Ridge, 111.
Chicago.

gations of states, counties, and municipalities of the U.
S.,
and
political subdivisions thereof which are believed
For

Poulsen

and

Price—By amendment.

invest in

By amendment

activities

Proceeds—For investment. Office—880

and

filed

—

(5/28)
March 29, 1963 filed 100,000 common.
Price—By amend¬
ment
(max. $10).
Business—Writing of life, accident,

Tax-Exempt Bond Fund, Series 4

1963

held. Price

Company, and subsidiaries

Bonifant St., Silver Spring, Md. Underwriter—None.

(5/13)
Oct.

—

Price—By amendment (max. $5). Business—A

withdrawn.
Nuveen

seven

Potomac Real Estate Investment Trust
July 6, 1962 filed 1,000,000 shares of beneficial

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

;

—

(max. $15). Business—Research and development
using radioactive tracers; precision radio¬
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬
services.

share for each

Stock

—

including advertising,
building construction, TV and radio, data processing,
warehousing, equipment leasing, and river terminal
operations. Proceeds—For working capital. Office—111
East Wisconsin
Ave., Milwaukee. Underwriter
The
Marshall Co. (same
address). Offering—Expected in late
May or early June.

contracts

ment

Provident

—

-'y;

Corp.

(max. $17). Business
engaged
in
diverse

ment
on

Polaris

new

North

•

April 11, 1963 filed 1,000,000 common. Price—Net asset
value plus 8Mj%. Business—A new mutual
fund. Pro¬

erect

Bldg., Wilkes-Barre, Pa. Underwriter—G. K. Shields &
Co., New York.
/
•

1963 filed 280,000 common to be offered for
subscription by stockholders on the basis of one new
share for each IV2 held.
Price—By amendment (max.
$2.50).
Business—Writing of general life insurance.

Nuclear

Alex.

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

March 26,

Ave.,

—

Feb. 27, 1963 ("Reg. A") 75,000 common. Price —
$4.
Business—Production of TV documentary films, and the
processing of colored kodachrome film. Proceeds—For
equipment, and working capital. Office — 56 Bennett

subordinated

1978, to be offered to com¬
stockholders of record April 15, 1963, without allo¬

Northern

Charles St., Baltimore. Underwriter
Sons, Baltimore.
; '

Pictronics, Inc.

convertible debentures due
mon

N.

Brown &

Airlines, Inc.

filed

1963

fleet management service to firms in the U. S.
Canada. Proceeds—For selling stockholders. Office

and

Wilshire Blvd., Los
World Distributing Co.

New

—

dentists. Proceeds—For debt
repayment and work¬
ing capital. Address—100 W. Tenth St.,
Wilmington, Del.
Underwriter—None.

amendment

ceeds—For investment. Office—4680
'

(5/20-24)
26, 1963 filed 33,383 class A common. Price—By
(max. $35). Business—Furnishing of Auto¬

March

New World

Association, Inc.

and

Smith

tially;

Men's

8, 1963 filed 40,000 common. Price—$5. Business
—Company specializes in financial consulting, and serv¬
icing patients' accounts of member hospitals, physicians

Tenn.

Fund, Inc.

Industry Capital Corp.
■:
Feb. 25, 1963, filed 30,500 common. Price—$10. Business

New

Feb.

Professional
Jan.

•

Parkway Laboratories, inc.
6, 1961 filed 160,000 common.

Dec.

Ltd.

Mines

Under¬

named.

Thursday, May 9, 1963

.

improved land. Proceeds—For debt repayment, and ac¬
quisition of additional properties.
Office—195 Nassau
St., Princeton, N. J. Underwriter—None.

Parkview

Oil

Gas &

Office—39 Broadway, N. Y.

purposes.

writer—To be

debt repayment, equipment and

Natural

of

gases, and the treatment and pumping of water. Proceeds
loan repayment,
equipment, advances to sub¬

.

.

cotton

knitted

cloth.

underwear,

children's

sleepwear

and

Proceeds—For bond retirement and
plant
Address—Alexander City, Ala.
Underwriter
—Hornblower &
Weeks, N. Y. Note — This company

expansion.

formerly

Number 6262

197

Volume

.

J The

.

called Russell Manufacturing

was

—Indefinite.

Stone Mountain Scenic

Co. Offering

scription by stockholders

Shipbuilding-Federal Barge, Inc.

Louis

St.

150,000 common, of which 50,000
and 100,000 by H. T. Pott,
Chairman. Price—By amendment (max. $10). Business
—Operation of a shipyard in St. Louis. Subsidiaries op¬
erate water carrier systems, a railroad, a vessel repair
and barge construction yard, also dry docks and other
related activities. Proceeds—For general corporate pur¬

films and other photographic equipment. Com¬
sells radios, tape recorders, dictating and
photocopying machines, and provides a film developing
and printing service.
Proceeds—For new stores and
camera concessions.
Office—25 W. 43rd St., N. Y. Un¬

None.

1963 filed

28,

Office—611 East Marceau Street, St.
derwriter—Reinholdt & Gardner, St. Louis.
poses.

Louis. Un¬

derwriter—Ingram, Lambert & Stephen, Inc., 50

the

porate purposes. Office—211 Anderson Bldg., Lincoln,
Underwriter—Capital Investment Co., Lincoln, Neb.

nary

use.

*

printing

and

and

Bellevue St.,

commercial
conventional
Office—3939

Detroit. Underwriters—White, Weld & Co.,

Inc., New Ybrk,
Selective
Feb.

publishers

for

produces business forms for
Proceeds—For. selling stockholders.

clients,

and'Watling, Lercheri & Co., Detroit.

Financial

Corp. ;

of which 405,000

filed 500,000 common,

28,. 1962

holders of the A,
B and C stock of Selective Life Insurance Co., an affili¬
to

are

be offered for subscription by

the basis of 4 company shares for each class A or
B share and two-thirds share for each class C share of
Selective Life held. Remaining 94,822 and any unsub¬
scribed shares will be offered publicly. Price—To public,

ate,

on

$6; to stockholders, $5. Business—Company plans to en¬
gage in the consumer finance, mortgage, general fi¬
nance
and related businesses. Proceeds — For general

Central Ave., Phoe¬

corporate purposes. Office—830 N.
Underwriter—None.

nix.

Shaker Properties

(

Oct.

19, 1962 filed 215,000 shares of

beneficial interest

Price—$15. Business —A real estate investment trust.
Proceeds—For investment and working capital. Office
—1956 Union Commerce Bldg., Cleveland, Ohio. Under¬
writer

—

McDonald

Offering

Co., Cleveland.

&

—

In¬

definite.

Signalite Inc.
Jan. 29, 1962 filed 126,000 common. Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps
for use as indicators and circuit components. Proceeds—
repayment, equipment and working capital.
Office—1933 Heck Ave., Neptune, N. J. Underwriter—
Milton D. Blauner & Co., New York. Note—This regis¬

For

tration will be withdrawn.

Mortgage Investors Trust

■■

(5/15)

1, 1963 filed 30,000 shares of beneficial interest.
Price—$100. Business — A real estate investment trust.
Proceeds—For investment. Office—4900 Wilshire Blvd.,
Los

Charlotte, N. C. Underwriter—Fleetwood
of America, N. Y.

■

of which

120,000

to be offered by company, and 45,000

by stockhold¬
$9). Business—Com¬
pany develops and sells teaching machines exclusivelyfor Grolier Inc. Proceeds—For debt repayment and other:
corporate purposes. Office—221 San Pedro, N. E., Albu¬
are

Price—By

ers.

Edison Co.

Securities Corp.

amendment

(max.

investment Co.,. Inc..
Jan. 21, 1963 filed 48,500 common. Price—$100. Business
—A holding company which plans to organize a life in¬
surance
company.
Proceeds—For investment in U. S.:.
Government Bonds

in

and

new

subsidiary. Office—801

Lafayette Life Bldg., Lafayette, Ind. Underwriter—Amor
sand Inc., (same address).
/
, A
Ten-Tex, Inc.
Dec.

31, 1962

3,000 units each consisting of

("Reg. A")

6%% 10-year debenture, 25 common shares and pur¬

one

(5/22)

fering—Indefinite.

*

Plastics, Inc.

July 27, 1962 filed 313,108 common. Price—$3.50. Busi¬
ness—Operation of a plant producing plastic film and
packaging

products.

Proceeds—For

Textile

60,000 class A common. Price
—$5. Business—Operation of department stores. Pro¬
ceeds—For inventory, debt repayment and expansion.
Office—819 Broadway, Kansas City, Mo. Underwriter—
Co., Inc., Kansas City, Mo.

Top Dollar Stores, Inc.
May 1, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders
Price—$5. Business—Operation of a chain of self-serv¬
retail

stores

selling clothing, housewares, etc.

Pro¬

expansion, equipment and working capital
Florida Ave., Jasper, Ala.
Underwriter-

Philips, Appel & Walden, 115 Broadway, N. Y.
—Temporarily postponed.
Industry Development Corp.,

Tourist

Offering

Ltd.

29, 1963 filed $5,000,000 of 7% senior debentures

March

Business—Financing of tourist
— For general corporate

1983. Price—At par.

enterprises in Israel. Proceeds
purposes.

Address

—

Jerusalem, Israel. Undrewriter—
Of¬

American-Israel Basic Economy Corp., New York.

Transarizona

April 22, 1963 filed $5,000,000 of sinking fund debentures

Address—Fidelity Union

Tower,

Dallas. Underwriter—

•

Stephenson Finance Co., Inc.

also

engaged

in the sale of automobile and life in¬
debt repayment and other cor¬

Proceeds—For

porate purposes. Office—518 S. Irby St., Florence, S. C.
Underwriter—Alester

G.

Furman

Co.,

a

Business

non-ferrous rod and tube

Proceeds—For plant and equipment, working capi¬
tal and other corporate purposes. Office—300 Horn Rd.,

Underwriter—None.

deposit near Casa Grande, Ariz
equipment, exploration and working cap¬
E, 4th St., Casa Grande, Ariz. Under¬

Shore copper

Inc.

April 26, 1963 filed 800,000 common. Price—40c. Business
—Company plans to engage in exploratory mining for
zinc ore. Proceeds—For advance royalties, payment of
balance due on a mill, and construction. Address—405
Fidelity Bldg., Spokane, Wash. Underwriter
Funds Co., Inc., Spokane.
Ultrasonic Laboratories,

—

Mutual

other corporate purposes.
Elizabeth Ave., Rahway, N. J. Underwriter

advertising

equipment,

and

;

1

subord. deben¬

•

Underwriters National Assurance Co. *

common, of which 31,176
by company and 18,824 by a

Proceeds—For addi¬
equipment, inventories, and new product lines.
Office—53 Cottage Place, Allendale, New Jersey.
Un¬
derwriter—Oppenheimer & Co., New York. ■

plus and for expansion. Office :— 1939 N. Meridian St.,
Indianapolis. Underwriter — K. J. Brown & Co., Inc.,

acquarium supplies.




Valley Investors, Inc.

dress—Sidney, Montana. Underwriter—To be
•

Vend-Mart

Inc.

Ad¬

named.

(5/20-24)

22, 1963 filed 60,000 common. Price—$4. Business
—Operation of coin-operated automatic ice cube vending
machines arid clothes washing and drying machines.
Proceeds — For debt repayment, equipment, expansion

Jan.

working capital. Office—565 Fifth
Underwriter—M. G. Davis & Co., Inc.,
and

Virginia Electric & Power Co.

Ave., New York.
New York.

(5/14)

1963 filed $30,000,000 of first and refunding
mortgage bonds due 1993. Proceeds-^—For construction.
Address—7th & Franklin Sts., Richmond. Underwriters
April

—

12,

(Competitive). Probable bidder: Halsey,

Stuart & Co.

Securities Corp.;'White, Weld &
Co.; Eastman Dillon, Union Securities & Co.; Salomon
Brothers & Hutzler-Goldman,
Sachs & Co. (jointly).
Bids—May 14 (11 a.m. EDST) at One Chase Manhattan
Plaza, New York. Information Meeting—May 10 (11 a.m.
EDST) at same address.
Waterman

Steamship Corp,

1,743,000 common. Price—By amend¬
carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬
ital.
Office—71 Saint Joseph St., Mobile, Ala. Under¬
writer—Shields & Co., Inc., N. Y. Note—This registra¬
Business—The

tion will be withdrawn.

Empire Real Estate

Investments

Sept. 26, 1962 filed 600,000 shares of beneficial interest.
Price—$4. Business—Company plans to quality as a real
estate investment trust. Proceeds—For investment. Of¬

fice—1755 Gilpin St., Denver,

Colo. Underwriter—None,-

M Western Steel, Inc.

J&n. 17, 1963 ("Reg. A") 245,000 common.
Business—Company plans to erect a mill to

Price

—

$1.

produce cer¬

of iron by the new "Taylor Process." Proceeds
plant construction and general corporate pur¬

Wyo.

shares

tional

—•

Offering—Temporarily postponed.

products primarily in the field of contamination
control. Company also acts as sales agents and distrib¬
utors of allied equipment in the fields of contamination
control and ultrasonics.
Proceeds—For debt repayment,

1977, and 25,000 class A common. Price—For
debentures, $1,000; for stock, by amendment (max. $12).
Business—Distribution of tropical fish, goldfish, turtles,

animals, and

and 250,000 common to
of each class. Price—
$5.05 per unit.
Business—Manufacture of urethane
foams.
Proceeds—For
equipment,
working capital,
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank Bldg., Dallas.
Under¬
writer
First Nebraska Securities Corp., Lincoln, Neb.
Feb. 14, 1962 filed 250,000 class A
be offered in units of one share

—For

Office—1695

tures due

Antonio.

Inc.

tain types

Inc.

(5/16)

March 28, 1963 filed $400,000 of 6% conv.

Proceeds—For debt repay¬

City, and Texas National Corp., San

Urethane of Texas,

Western

—None.

Industries,

business.

expansion. Address — 700 Gibraltar Bldg'.,
Underwriters—Midland Securities Co., Inc., Kan¬

Office—201

ized

mill.

Sternco

sas

finance

capital notes (series A) due 1978;

and

29, 1962 filed 67,200 common. Price—$3.50. Busi¬
ness—Design, engineering and manufacture of special¬

Sterling Copper Corp.

•

ital.

Nov.

Aug. 2, 1962 filed 850,000 common.. Price—$1.

Pinconning, Mich.

the Lake

Proceeds—For

Inc., Greenville,

South Carolina.

-^Company plans to operate

consumer

ment.

Tri-Nite Mining Co.

debentures due Nov. 1, 1978. Price—At par and accrued
interest. Business—A consumer finance company which

surance.

Inc.

May 28, 1962 filed 500,000 capital shares. Price—$1.50
Business—Exploration, development and production of

(6/3-7)

April 12, 1963 filed $1,000,000 of 6% sinking fund subord.

is

Resources,

writer—None.

A. C. Allyn & Co., Chicago.

junior subordi¬
also
12,329 common to be sold for stockholders. Price—For
debentures, at par; for stock, by amendment. BusinessCompany and 30 active subsidiaries are engaged in the
filed $1,026,000 of 7%

1963

29,

nated convertible

Aug. 29, 1*961 filed

(5/22)

due 1983, also 50,000 cumulative preferred shares (par
$100). Price—By amendment/Business—A public utility
rendering natural gas service in Texas, New Mexico,
Arizona and Colorado. Proceeds—For debt repayment.

Universal Finance Corp.
March

Inc.; Stone & Webster

fering—Expected in late June.
Co.

share. Business—A new mutual fund. Proceeds—For.
Office—20 W. 9th Street, Kansas City, Mo.
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.

investment.

Business

March 22, 1963 ("Reg. A")

Securities

Price—$'0

filed 2,500,000 shares of stock.

April 11, 1961

'

-

Inc.

Jan. 23, 1963, filed 328,858 common. Price—$1.
—A new mutual fund. Proceeds—For investment.

Inc.

Distributors,

•

per

capital.
Of¬

working

Address—Elsa, Texas. Underwriter—To be named.
fering—Indefinite.

due

Gas

New York.

Dallas.

Texas

Underwriter—Hemphill, Noyes & Co.,

Ave., New York.

subscription by stockholders of Ten-Tex Corp., parent,
of record Feb. 1, 1963 on the basis of one unit for each
150 common shares held.
Price—$100.
Business—Sale
and lease of machinery for production of tufted textile
products. Proceeds — For debt repayment and working
capital. Office—3814 Tennessee Ave., Chatsworth, Ga.
Underwriter—Irving J. Rice & Co., Inc., St. Paul. Of¬

(jointly); Blyth & Co.-Lehman BrothersLynch, Pierce, Fenner & Smith Ine.-Salomon
Brothers & Hutzler (jointly). Bids—May 22 (8:30 a.m.
PDST) at above address.
& Co.

Union

(5/20-24)

Servomation Corp.

United

ment,

ceeds—For

Merrill

Southern

& Co.,

April 19, 1963 filed 215,000 common. Price—By amend¬
ment (max. $22). Business—Sale of various food and to¬
bacco products through automatic vending machines.
Proceeds—Foro selling stockholders.
Office—410 Park

chase warrants for 100 common shares to be offered for

Office—2220

•

—

United Variable Annuities Fund,

Tecumseh

1963 filed $60,000,000 of first and refunding
mortgage bonds, series Q, due May 15, 1988. Proceeds—
To refund $32,400,000 of outstanding 3% bonds due 1965,
and for debt repayment. Office—601 West Fifth St., Los
Angeles. Underwriters — (Competitive). Probable bid¬
ders: Halsey, Stuart & Co. Inc.; First Boston Corp.-Dean
22,

Witter

Ltd.

Address—Rehovoth, Israel. Underwriter—Brager
New York.
Offering—Indefinite.

Underwriter—To be named.

querque.

ice

California

Corp.

"B" shares to be offered in units consisting of two
10 shares. Price — $305 per unit.
Manufacture of light household and office
furniture. Proceeds — For general corporate purposes.

•

Midland

,

.

1963 filed 1,000,000 shares of beneficial interest.
Price—$10. Business—A real estate investment trust.
Proceeds—For investment. Office—500 E. Morehead St.,

Southern

Plastic

Angeles. Underwriter—None.

Teaching ■ Machines, ■ I nc.
•
April 1, 1963 filed 165,000 common,

Feb. 15,

April

tures

Business

debt

Southeastern

&

Saran

1963, filed $330,000 of 7% convertible deben¬
due 1975 and 16,500 shares of 8% preferred ordi¬

25,

'

.

j Safran Printing Co. (5/27-31)
April 29, 1963 filed 225,720 common. Price—By amend¬
ment (max. $18). Business — Company specializes in
multi-color

Mortgage Investment Trust

Feb.

is engaged in
— For a mill,
corporate pur¬
Address—Phoenix Bldg., Toronto, Ontario. Un¬

30c); Business—Company
exploratory mining for gold. Proceeds
equipment, loan repayment, and bther
,

United

$100 debentures and

Sutro

(max.

,

Broad

New York.

Feb.

Lid.
April 16, 1963 filed 1,000,000 common. Price—By amend¬

poses.
derwriter—None.

also

pany

St.,

Sapawe Gold Mines

ment

cameras,

Superior Benefit Life Insurance Co.
March 27, 1963 filed 600,000 common. Price—$2.50. Busi-;
ness—Sale of life insurance. Proceeds—For general cor¬
Neb.

'■■i

v

29, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of retail stores selling and trading
Nov.

public. Price—To stockholders, $5.50; to public,
$6.50. Business—Operation of a scenic railroad. Proceeds
—For construction, debt repayment and other corporate
purposes. Address—Stone Mountain, Ga. Underwriter—

to

to be offered by company

are

on

41

(5/27-31)

United Camera Exchange, Inc.

.

be offered for sub-,
the basis of one share for'

each three shares held. Unsubscribed shares will be sold

.

(6/11)
March

Railroad, Inc.

Jan: 22, 1963 filed 105,000 common to

:

.

(1933.)

Commercial and Financial Chronicle

Feb.

21,

1963,

are

to

filed
be

50,000

offered

selling stockholder. Price—$7.50. Business — Writing of
health insurance. Proceeds—To increase capital and sur¬

Muncie, Ind. Offering—Imminent.

Address—Suite 412-413 Hynds Bldg., Cheyenne,
Underwriter—C. B. Hoke Agency, Cheyenne, Wyo.
SEC has issued an order temporarily sus¬
pending this issue.
v
poses.

Note—The

Western Union

International, Inc.

filed $4,000,000 of 6V4% subordinated
debentures due 1983, and 400,000 common. Price
For
debentures, at par; for stock $3.50. Business—Company
will take over and operate Western Union Telegraph s
March

29,

1963

international

telegraph

operations. Proceeds—For

sell¬

parent.

ing stockholder, Western Union Telegraph Co.,
Office—60 Hudson St., New York. Underwriters—Ameri¬
can

Corp., and Glore, Forgan
Offering—Expected in late July.

Securities

York.

& Co., New

Continued

on

page

42

42

(1934)

Continued from

The Commercial and Financial Chronicle

41

page

will expire June 28.

advances

repay

1

Wrdman

(L.

F.),

Inc.

Price—By amendment. Proceeds—To
A. T. & T., parent, and for other
Fourteenth

Underwriter—None.

ATTENTION

St., Denver.

Underwriter—Godfrey,
Wiener

Inc.

Shoes

Hamilton,

Taylor

&

.

1962 filed 80,i)0u common. Price
ment (max. $11). Business—Operation of
Proceeds—For

debt

working, capital. Office
Underwriter

—

Y

a

expansion

repayment,

808

—

Howard.

Dakin St.,

Weil.

By amend¬
chain of shoe

—

New

Labouisse.

anc -

Orleans

Friedrichs

&

Co., New Orleans. Note—This registration will be with¬
drawn.

-

„•

Do you have an issue you're planning

of

would

to

local

air transportation
between 54; mid-western
Proceeds—For debt
repayment, equipment, prop¬

cities.

to register?

Our

★ Ozark Air Lines, Inc.
May 3, 1963 filed $3,000,000 of conv. subord. debentures
due 1978. Price—
By amendment. Business—Operation

Corporation

News

know about it

similar

to

Would

you

those

Department

that

so

we

can

prepare

like
item

an

you'll find hereunder.

telephone

at

us

REctor

2-9570

or

,

April 2,

stores.

Co., N.

UNDERWRITERS!

-

to

drug stores. Proceeds—Expansion, equipment and work¬
ing capital. Office—738 Beilefonte Ave., Lock Haven, Pa

Thursday, May 9, 1963

.

from

corporate purposes. Office—931

Oct. 27, 1961 filed 162,000 common, of which 102,000 are
be offered by the company and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail

.

.

,

' -

erty

improvements

and

write

working capital.
Address—
Lambert-S't. Louis Municipal
Airport, St. Louis. Un¬
derwriters—Auchincloss, Parker & Redpath, N. Y., and
Yates, Heitner & Woods, St. Louis.
4

Paula

April

Payne

24,

Business

Products Co.

1963

("Reg.

A")

50,000

Manufacture of supplies for beauty salons.
Proceeds—For sales promotion, inventory, research and

William Penn Racing Association

March 8, 1963 filed $1,000,000 of 6%% sinking fund de¬
bentures due 1978 and 100,000 class A non-voting com¬

7, N. Y.

Prospective Offerings

Price—$2.

common.

at 25 Park Place, New York

us

—

construction.

★ Bank of Tokyo of California
May 6,

Office—6607 Pineville Rd, Charlotte, N. C.

1963 it

(San Francisco)

reported that the bank is

was

offerings

Underwriter—None.

stockholders

and 10 shares. Price—$220 per unit. Business—Company;
has been licensed to conduct harness racing with pari-

★ Scully

rputual betting. Proceeds — For debt repayment and
working capital. Office—3 Penn Center Plaza, Philadel¬
phia. Underwriter—Stroud & Co., Inc., Philadelphia.
Offering—Indefinite.

debentures

May. 8. Rights will expire May
Price—$32. Proceeds-—To increase capital and sur-v
plus. Office—64 Sutter St., San Francisco. Underwriter*"

shares to be offered in units of

mon

Winslow

Electronics, Inc.
1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of periston electrical and
electronic measuring devices and test
equipment. Pro¬
Dec. 28,

ceeds—For

debt

and

repayment

other

corporate

pur¬

terest.

due

1973.

Price—At

Business—Manufacture of

par

plus

disc

conv.

in¬

—None.

Proceeds—For debt
repayment, sales pro¬
motion, working capital and other corporate purposes.
Office—62 Walter St.,
Bridgeport, Conn. Underwriter—
Moran & Co.,

Bethlehem
Feb.

Newark, N. J.

the

1,000 units to be offered for

subscription by stockholders
each

*

&•'

Wolf

-

convertible

sub¬

ordinated debentures due 1977 (with attached
warrants)
to be offered for subscription
by stockholders of class
A stock on the basis of $500 debentures for each 100
class A shares held. Price—$500
per unit, Businessestate.

Each

unit

consists

of

$100,

one

Proceeds—For

debt

repayment

and

realty

acquisitions. Office—10 East 40th St., N. Y. Underwriter
■—S. E. Securities,
Inc., 10 East 40th Street, New York
Note—This registration will be withdrawn.

prepayment

ital, Inc. Office ~950
Underwriter—None,

to .be

offered by

Woman's Life Insurance Co. of
America, Inc.
March 28,
1963 filed 150,000 common.
Price—$7.50.

Business—Company

writes

life

insurance

for

women.

Proceeds—For investment, and expansion. Office—7940
Wisconsin Ave., Bethesda,
Maryland.
Underwriter—

orders

money

-

25/

(5/15)

April 29, 1963 this company, jointly owned by four major
railroads, announced that it would accept separate bids*

for

the

sale

of

(a)

$29,000,000 first mortgage sinking
1, 1988, (b) $10,000,000 of serial
debentures, series Aj due June 1, 1964-68, (c) $10,000/-"
000 of serial
debentures, series B, due June 1, 1969-73/
Proceeds—To repay bank loans, and refund
outstanding!
fund

are

and 197,740 by stockholders.
(max. $15.50). Business—Sale of

Proceeds—For

—

be named. The*

/

Chicago Union Station Co.

Telegraph Rd., Prichard, Ala.

nation

required until at least 1964. Office

York.

debt, and pur¬
by Growth Cap¬

wide

basis through retail
repayment, and work¬
ing capital. Address—Northwestern Bank
Bldg, Min¬
neapolis. Underwriter—Dean Witter &
Co., Chicago.

merchants.

a

be

public sale of securities in May, 1955, was handled,'
by Kuhn, Loeb & Co, and Smith, Barney & Co, New/

company

on

not

of

★ Travelers Express Co., Inc. (6/17-21)
May 3, 1963 filed 267,740 common, of which 70,000

Price—By amendment

approximately two-thirds of the financing for/
will be generated internally and the bal¬
externally.
Mr. Homer added that this?

last

shares. Price—$125 per unit.
Business—Oper¬
ation of retail variety stores in
Alabama, Mississippi and
Florida. Proceeds—For
chase of stock purchase warrants held

Co.

Broadway, New York. Underwriters—To

common

Corp.

Jan. 26, 1962 filed $4,500,000 of 6.5%

Real

held.

Steel

secured

would

61/2% debenture due 1971 and warrants to purchase five

v

shares

share for

program

ance

the basis of one unit for

on

Ave., Asbury Park, N. J. Under¬

34

new

26,

said that

writer—To

named.

additional'

1963, Arthur B. Homer, Chairman, announced;
that the company will embark on a
$750,000,000 capitalimprovements program to be completed by 1965.
He

★ Super Stores,

Inc.
("Reg. A")

one

an

;v-;'ZrV'

record¬

ing machine.

April 23, 1963

on

for

31.

accrued

master

a

to subscribe
the basis of

each two held of record

Recording Instruments Corp.
Apr. 23, 1963 ("Reg. A") $240,000 of 8% subord.

poses. Office—1005 First
be

right

82,500 capital shares

$100 debenture,

one

the

bonds

due

June

first 3%% and first 27/s% bonds
maturing July 1, 1963.Office—210 S. Canal St, Chicago.
Underwriters—(Com¬
petitive). Probable bidders: Halsey, Stuart & Co.

debt

Inc.-;'/
Kuhn, Loeb & Co.; Kidder, Peabody & Co.; Blyth & Co.
Bids
May 15 (12 noon CDST) in Room 870, 516 W.
Jackson Blvd., Chicago.
•*
—

None.

.

•

The

following registration

statements

were

for

details, where available, will be carried in

★ Atlantis

International

—A

real

estate

the

Proceeds—For

company.

if Brown Engineerng Co., Inc. (5/27-31)
May 2, 1963 filed 110,000 common, of which

&

& Co., New York.

/

—

May 3, 1963 ("Reg. A") 20,000
—

common.

Price—$5. Busi¬
development of a

the

machine used to make
pulp

laminates,

and paper products/ plastic
and
tubing made of synthetic
patent fees,

and

pipes
Proceeds—For
development and working

resins.

equipment, product

capital.

Address

Brook, N. J. Underwriter—None.
★ Gem

International, Inc.

Bound

if Mountain States
Telephone & Telegraph Co.

May 3, 1963 filed 4,037.431
common
to be offered
subscription by stockholders of
record on June 3
one

at

100.816%

and

accrued

Express,

125,000

due

Co.

71,000

3.

Brothers

&

Hutzler."

:

.

&

at

$11.50

per

Wall

Exchange Fund of Boston,
1,100,000

common

acceptable

share

by

(Issue

W.

was

offered

blower & Weeks,

at

New York.

exchange for
of

was

have

filed

C.

cerns.

share

one

no

share

plans
an.

to

offer

additional

y

Series

$100

for

this

common

of incorpora¬
in Washington/
shares, without par

company,

voting

II

will

be

issued

to

FCC-approved

common

than

carriers, with the
half the company's total
individual

no

3029
:

per

share.

provision
shares
or

com*,

that'

can

group

Business—Congress has

company to provide satellites and
the
international transmission

graph.

Corp.

for

be.

may:

remaining 50%. Price—Maximum

'

-

Corp.

reported that papers

held by these
carriers, and
hold over 10% of the

Horn-

by

Company's

more

the
per

been

munications

of

$25,000,000 of 4%% first mortgage
bonds, series O, due
May 1, 1993 offered at 99.751% and accrued
interest, to
yield 4.39%, by Paine,
Webber, Jackson & Curtis and
Stone & Webster Securities
Corp., New York.
Gulf Oil

for

value, will be divided into two series. Series I will be
issued to the public, firms that
produce space explora¬
tion
equipment and other non-communications con**

Inc.

$12.50

20, 1963 it

tion
D.

shares being offered in
securities on the basis

Satellite

Feb.

E.
ex¬

General Automotive Parts
Corp.
common

announced

subscribe

Dallas, Pa. Underwriter—Eastman Dillon, Union Secu¬
rities & Co, New York.
Offering—Expected in late

$27.50 of market value of deposited
securities,
less a sales charge of 4% down
to l1/2%. Vance/ Sand¬
ers
& Co,,
Inc., Boston, is dealer-manager for the exchange.
•

200,000

to
on

May,/

St., New York
empted from SEC registration).

certain

company

right

shares

Communications

offered

Co., 14

the

the

common

a
l-for-10 basis. Proceeds—For general corporate
purposes. Office — 100 Lake
St,

May 1, 1999 offered

interest, to yield 4.33%, by

Inc.

common

Hutton

1963

stockholders

Telegraph

Morgan Stanley & Co., New York.

3,441,880

capital shares offered at
Boston Corp, New York.

Liberty Fabrics
108,676

common

ers

at

for

each

$11.75
2V2

of New
offered

per

held

May 20. Blair &
underwriter.

share

$44.75

per

share

by

television

and

other

authorized-

ground

facilities*-

of telephone, tele¬
communications.' Office—'

Klingle Rd, N. W, Washington, D. C. Underwriters
•
-'/'////:/,/"■,,
\vv/./x-x' /■ ,Z:
'/• ■' '

—To be named.

Community Public Service
Jan.

16.

1963

it

was

reported

Co.

that

this

company plans
in June 1963.
Office—408 W. 7th Street, Fort Worth, Tex
.Underwriters
(Competitive). Probable bidders: Halsey, Stuart &•
to

sell

$8,000,000

of

first mortgage

bonds

York, Inc.
for

on

basis

of

one

new

share

of record

May 6. Rights will expire
Co, Inc., New York, is the principal

common

Dec.

10, 1962 it

was

reported that the company is

con¬

sidering the issuance of
1963

or

1964.

about $22,500,000 of bonds in
Proceeds—For construction. .Address—Sel-

den

St, Berlin, Conn. Underwriters—To be named. The
public offering of bonds on Jan. '20, 1960 was
handled by Morgan Stanley & Co.-Putnam &
Co.-Chas/
last

50,000 guaranteed
capital shares offered at $110
share by Kidder,
Peabody & Co, Inc., New York.

34,000

Salomon Brothers & Hutzler; Stone & Webster

Connecticut Light & Power Co.

subscription by stockhold¬

the

Co. Inc.;

Securities Corp.

Manhattan Life Insurance Co.

Upper Peninsula
for

1963
share for each 10 shares
held. Rights




&

$250,000,000 of 4%% debentures

First

(6/3-7)

—

the basis of

Brothers-Salomon

—

—

May 1, 1963 filed $3,750,000 of
subordinated convertible
debentures due May
1, 1979. Price—At par. BusinessCompany operates a chain of 32
closed-door member¬
ship department stores.
Proceeds—For- loan repayment
expansion and working
capital. Office
10824 Page
Blvd., St. Louis, Mo.
Underwriters—Bosworth, Sullivan
& Co
Inc.
Denver; Scherck, Richter Co., and
DempseyTegeler & Co., Inc., St. Louis.
*

on

Telephone

General Telephone Co. of
California

America, Inc.

Company is engaged in

American

for each

if Edigerton, Germeshausen &
Grier, Inc. (5/27-31)
May 2, 1963 filed/! 235,000 common.
Price—By amend¬
ment (max. $18)v Business —
Company specializes in
measuring, controlling and utilizing
high speed elec¬
tronic and nuclear phenomena.
Proceeds
For selling
stockholders. Office—160 Brookline
Ave., Boston. Un¬
derwriter—Kidder, Peabody & Co., Inc., New York.

ness

Co.-Lehman

April 24,

Eazor

50,000 will
be offered by
company arid 60,000 by stockholders. Price
—By amendment (max. $28).
Business—Company is en¬
gaged in engineering and
manufacturing activities in
support of the research and;
development phases of
space vehicle programs. Proceeds—For
working capital.
Office—300 Sparkman
Dr., N. W, Huntsville, Ala. Un¬

of

sell

money-

Commonwealth Telephone Co.

tfebt repayment^ property improvement, and
working
capital. Office—700 Park Ave,
Plainfield, N. J. Under¬
Schramm & Co., Inc., New York.

if Forming Machine Co.

to

120

—

—

Bids—Expected Oct.

Price—$4. Business

common.

writer—S.

derwriter—Goodbody

Office

East 41st Street, New
Underwriters
(Competitive).
Probable bid¬
Morgan Stanley & Co.-First Boston Corp. (joint¬
ly); Merrill Lynch/ Pierce, Fenner & Smith
Inc.-White,
Weld & Co.
(jointly); Halsey, Stuart & Co. Inc.; Blyth.

Corp.

development

construction.

ders:

Monday issue of the "Chronicle"

April 30, 1963 filed 100,000

System, Inc.

York.

de-

clared effective this week
by the SEC. Offering

This Week

Gas

May 6, 1963 the company stated that it plans
$25,000,000 of debentures in October to raise

Effective Registrations

issues Filed With SEC

Columbia

W. Scranton & Co.-Estabrook & Co.

Power Co.

offered

at"

$29

per

share

by

Kidder,

Peabody & Co.; Paine,
Webber, Jackson & Curtis, and
Stone &
Webster Securities
Corp, New York.

(jointly).

per

Connecticut Yankee Atomic Power Co.

April 23, 1963 it was reported that the 12 utilities which;
jointly own this new firm, have petitioned the SEC for
exemption from the Public Utility Holding Company Actv
to permit the negotiated sale of
$55,000,000 of the firm's
bonds. The request has been opposed
by a major under-

Volume

197

Number 6262

.

.

The Commercial and Financial Chronicle

.

43

(1935)
writer which wants the bonds to be sold
at competitive

bidding. Business—Company

was

1962, to

500,000 kw.

and

own

operate

a

formed in

December,
atomic power

plant at Haddam Neck, Conn. Proceeds—For construction
of the
ton.

$70-$80,000,000 plant. Office—441 Stuart St., Bos¬

Underwriters—To be named.

•

Consolidated Edison Co. of New
York, Inc.
Feb. 26, 1963 the company stated that it will have

to

raise
approximately $690,000,000 through the sale of
Securities, to finance its five-year construction program.
Office—4 Irving Place, New York: Underwriters—To be
named. The last bond

issue, in December, 1962, was won
at competitive bidding
by Halsey, Stuart & Co., Inc.
Other bidders were Morgan
Stanley & Co., and First
Boston Corp,

half of

Consumers

Power

Co.

Hartford Electric Light Co.
April 30, 1963 the company announced plans to sell $15,$20,000,000 of securities in 1964 to help finance its $26,-

000,000

1963.

Office—212

W.

&

Office—176

program.

Cumberland

—

Scranton & Co., New Haven. '
Hawaiian Electric Co., Ltd.
5, 1963 it was reported that this

March

sell

about

company plans
$14,000,000 of first mortgage uonds in the

Michigan Ave.,

quarter.
derwriters

Office—900 Richards St., Honolulu.
Un¬
Dillon, Read & Co. Inc., New York and
Dean Witter & Co., San Francisco.
—

Co.

Hawaiian Telephone
March

Co.

1963, the company announced pians to sell
about $9,000,000 of common stock late in the third
quar¬

Hutzler-Blyth

expected that the common will be offered
basis to stockholders. Office—1130 Alakea

&

Co.-Lehman Brothers-Merrill
Pierce, Fenner 8c Smith Inc. (jointly).

Lynch,

April 22, 1963 it was reported that the company has ten¬
tative plans to issue
$50,000,000 of first mortgage bonds
in the first quarter of 1964. Office—30 Rockefeller
Plaza,
Underwriters—(Competitive). Probable bid¬
ders: Halsey, Stuart & Co.
Inc.; First Boston Corp.;

New York.

Morgan Stanley & Co.; Stone & Webster Securities Corp.-

100,000

company

issue

to

Price—By amendment (min. $5). Busi¬
ness—A motor vehicle common carrier
operating in nine
eastern states from Vermont to
Virginia. Proceeds—For
working capital, debt repayment and advances to sub¬
Office

Moonachie

—

Ave.,

Carlstadt,

Underwriter—Allen & Co.. New York.

N.

J

Florida

Power Corp.
12, 1963 the company announced plans to offer
stockholders, sometime in 1963, the right to subscribe
for about 457,265 additional common shares
on a l-for-20

March

basis.

St.,

Proceeds—For loan

South,

St.

repayment. Office—101

Petersburg,

Fla.

Fifth

Underwriters—To

11,

Properties, Inc.

1962

stockholders

issue 756.000 shares of

a

which will

be

to

tion^ rights

on

offered

authorized

the

company tc
convertible oreferred stock

new

stockholders through

subscrip¬

1-for-10 basis. Price—By amendmentBusiness—Development and operation of shopping cen¬
a

ters. Proceeds—To retire outstanding 6%
preferred stock
purchase up to $6,000,000 convertible debentures oi

and

Major Realty Corp., an affiliate. Office—223 East Alleg¬
hany Ave., Philadelphia. Underwriter—To be named
The last rights
offering in December 1957 was under¬
written
by Eastman 'Dillon, Union Securities & Co.
New York.

Offering—Indefinitely postponed.

General Aniline & Film

Corp.

in

ment

98%

General Aniline

1942

of the

as

a

seized

German

an

asset.

by the U. S. Govern¬
The

stock

represents

$60 million. The settlement terms,
recently approved by Interhandel stockholders, also
must be approved by the U. S. District Court at Wash¬
ington, D. C. Business—Company is a leading domestic
producer of dyestuffs, chemicals

and photographic ma¬
terials. Office—111 W. 50th
St., New York. Underwriters
(Competitive). Probable bidders: Blyth & Co.-First
Boston Corp. (jointly); Lehman

it

was

Proceeds

Illinois

April 30,

Georgia Power Co.

to

offer

Bell

—

—

Telephone

1963 it

Co.

(7/9)

reported that the company plans
of first mortgage bonds due 2003.

was

$50,000,000

(Competitive). Probable bidders: Halsey, Stuart & Co.;
Glore, Forgan & Co.-Eastman
Dillon, Union Securities &
Co.; Morgan Stanley & Co.; Blyth & Co.-Lehman Broth¬
ers-Merrill

Lynch, Pierce, Fenner & Smith Inc.-Salomon
Hutzler. Bids
Expected July 9 at 195
Broadway, New York.
Brothers

&

—

Indiana Bell Telephone Co., Inc.

Jan. 22, 1963 it was reported that this
subsidiary of The
Southern Co., plans to sell
$30,000,000 of first mortgage
bonds and $7,000,000 of preferred stock in November.

Proceeds—For construction. Office—270 Peacntree
Bldg.,
Atlanta. Underwriters
—/(Competitive). Probable bid¬
ders: (Bonds): Equitable Securities
Corp.-Eastman Dil¬
lon, Union Securities & Co. (jointly); Blyth & Co.-Kid-

(jointly); Halsey,
Harriman Ripley

Stanley & Co.; Lehman Brothers. (Pre¬
ferred): First Boston Corp.; Lehman Brothers; Blyth &
Co.; Eastman Dillon, Union Securities 8c Co.-Equitable
Securities Corp.
(jointly);/ Morgan Stanley & Co. Bids
—Expected Nov. 7, 1963.
Great Northern

2, 1963 it

Ry.

0

Broad

common

St.,

Jersey Central Power & Light Co.
12, 1963 it was reported that this subsidiary of
General Public Utilities Corp., plans to sell $10,000,000
of 30-year bonds and $9,000,000 of 25-year debentures in
the fall. Address—Madison Ave., at Punch Bowl Rd.,
Morristown, N. J. Underwriters—(Competitive). Prober
able bidders: Halsey, Stuart & Co. Inc.; White, Weld &
Co.; First Boston Corp.; Eastman Dillon, Union Securities
&
Co.-Salomon
Brothers
&
Hutzler-Merrill
Lynch,
March

Pierce, Fenner & Smith Inc. (jointly); Kidder Peabody
& Co.; Harriman Ripley & Co.
/

Stanley & Co.; First Boston Corp.; White, Weld & Co.;
Dillon, Union Securities & Co.-Kidder, Pea¬
body & Co. (jointly); Blyth & Co.-Lehman, BrothersMerrill Lynch, Pierce, Fenner & Smith Inc.-Salomon
Brothers & Hutzler (jointly). Bids—Expected June 11
(11 a.m. EDST) at 195 Broadway, New York. Informa¬

Eastman

tion Meeting—June 6

(5/21)

Halsey^ Stuart & Co. Inc. Bids—Expected May 21
noon
EDST) at above address".

Power &

Light Co.
it was reported that this subsidiary of
Middle South Utilities, Inc., may issue $25-$30,000,000
of bonds early in 1964. Proceeds—For construction. Of?
fice—142 Delaronde St., New Orleans. Underwriters—
Feb.

1963

20,

(Competitive.) Probable bidders: Merrill Lynch, Pierce,
Co.-Harrimau

Fenner & Smith Inc.- Kidder, Peabody &

Ripley & Co., Inc. (jointly); White, Weld & Co.-Blyth
& Co., Inc.- Shields & Co. (jointly); Halsey, Stuart &
Co.
Inc.;
First Boston Corp.-Glore, Forgan & Co.
(jointly); Salomon Brothers & Hutzler-Eastman Dillon*
Union
Securities
&
Co.-Equitable
Securities
Corp,

*

(jointly).
Louisville & Nashville RR.

(5/13)

April 30, 1963 it was reported that this road plans to
sell $5,385,000 of equipment trust certificates due June
1, 1964-78. Office—220 E. 42nd St., N. Y. Underwriters
—(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—May 13 (12
noon EDST)
at above address.
;
Massachusetts Electric Co.

plans to
Office—
St., Boston. Underwriters — .(Competitive).
Probable bidders: Halsey, Stuart & Co. Inc.; First Bos¬
ton Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.;
Jan. 16, 1963 it was reported that this company
sell $10,000,000 of bonds in the fourth quarter.

441

Stuart

Eastman

Dillon, Union

Securities & Co.; Kidder,

Pea¬

(jointly).

(6/11)

1963 it was reported that this A. T. & T. sub¬
sidiary plans to sell $20,000,000 of debentures in June,
marking its first sale of debt securities. Office—240 No.
Meridian St., Indianapolis.
Underwriters—(Competitive),
Probable bidders: Halsey, Stuart & Co.
Inc.;* Morgai.

Mexico

(2:30 p.m. EDST) at

same

address.

(Government of)

April 5, 1963 it

was

reported that the Mexican Congress

in other
the majority of them would
be sold in the U. S. Details as to terms, timing, etc., have
not
been decided
upon. Proceeds—For
economic de-.
velopment. Underwriter—Kuhn, Loeb & Co., New York.
had authorized the sale of $100,000,000 of bonds

countries. It is expected that

Michigan Wisconsin Pipe Line Co.
March 12, 1963 the company stated that it is considering
the issuance of about $25,000,000 of bonds in the third

to refund a like amount of outstanding 6y4%
pipe line bonds due June 15, 1977. Action is con¬
tingent upon successful completion of its race case now,
pending with the FPC. Office—500 Griswold St., Detroit.
Underwriters—(Competitive). Probable bidders: Halsey,
quarter,
first

Indiana &
March

Michigan Electric Co.

12, 1963

it

was

reported that

(8/6)
this

subsidiary of

Spy
Fort Wayne, Ind. Underwriters—(Competi¬
tive). Probable bidders: Halsey, Stuart 8c Co. Inc.; East¬

&

Stuart

&

Inc.; First Boston Corp.; Blyth & Co..

Co.

Ave.,

Dillon, Union Securities & Co.; Harriman Ripley
Co. Inc.; First Boston
Corp.; Merrill Lynch, Pierce,

man

Fenner

&

Salomon

Aug.

6

New

Smith

Inc.-Blyth

Brothers

&

American

at

Hutzler

Electric

&

Co.-Lehman

Brothers-

(jointly). Bids—Expected
Power Co., 2 Broadway,

York.

v

'

•

Missouri

to offer

was

reported that this

plans
addi¬
Business—En¬

&

Brothers

(12

National

company

stockholders the right to subscribe for

(6/5)

1963

Underwriters—(Competitive).
mon

Interstate Securities Co.

April 24, 1963 it

Pacific RR.

it was reported that this road plans the.
sale of $3,540,000 of equipment trust certificates in June,
This will be the second installment of a total $9,000,000
issue. Address—Missouri Pacific Bldg., St. Louis 3, Mo.
May 6,

—June 5

Probable

Salo¬

bidders:

Hutzler; Halsey, Stuart & Co. Inc. Bids

noon

CDST) at above address.

Uni-Pac,

Inc.

March

173,433 shares on a l-for-4 basis.
gaged in automobile and commercial financing, and the
making of small loans. Proceeds—For general corporate
purposes. Office — 3430 Broadway, Kansas City, Mo.
Underwriter—A. G. Becker & Co., Inc., Chicago. Offer¬

27, 1963 it was reported that the company pians
to file a registration statement covering 150,000 common.
Price—$4. Business—The sale or lease of coin operated
vending machines. Proceeds —To redeem outstanding
debentures, and for other corporate purposes. Office—
15 Peachtree St., N. W. Atlanta, Ga. Underwriter—To

ing—Expected in early June.

be

tional

Iowa

Power &

16,

1963

it

an

was

fice—823 Walnut St., Des Moines. Underwriters—(Com¬
petitive). Probable bidders: First Boston Corp.; White,
Weld & Co.; Halsey, Stuart & Co.

Inc.; Equitable Securi¬

ties Corp.; Kidder, Peabody & Co.; Eastman Dillon,
Union Securities & Co.; Lehman
Brothers; Blyth & Co,
•

Iowa

Public Service Co.

May 6, 1963 it

was

named.

Nevada Power Co.

Light Co.

reported that the company „plans
to sell $10,000,000 of bonds in late 1963 or
early,1964. Of¬

April 16, 1963 the company announced plans to sell about
$10,000,000 of first mortgage bonds in Sept. AddressFourth and Stewart Avenue, Las Vegas. Underwriters—

White, Weld & Co.; Eastman Dillon,
Co.-Kidder, Peabody & Co. (jointly);
Halsey, Stuart & Co. Inc.; Merrill Lynch, Pierce, Fen¬
(Competitive):

Union Securities &

ner

& Smith Inc.

Nevada Power Co.

reported that the

company

plans to

offer $12,000,000

of first mortgage bonds in September.
Address—Orpheum-Electric Bldg., Sioux City, Iowa. Un¬
derwriters—(Competitive).
Probable bidders: Kidder
Peabody & Co.-Blyth & Co. Inc. (jointly); Eastman Dil¬
lon, Union Securities & Co.; Equitable Securities Corn

April 16, 1963 the company announced plans to sell about
$4,000,000 of common stock in September.
Transaction
is subject to approval by State and Federal regulatory,
authorities. Address — Fourth and Stewart Ave.. Las

Vegas. Underwriter—White, Weld & Co., New York.
New

England Power Co.

1963 it was reported that this utility plans to
$10,000,000 of bonds and $10,000,000 of preferred
Office—441 Stuart St., Bos¬
ton. Underwriters — (Competitive). Probable bidaers:Jan.

16,

sell

Japan

was

(12

Utilities Co.

Jan. 29, 1963 the
company announced plans to sell 100,000 shares of
preferred stock (par $100) in the second




investment

body & Co.; Blyth & Co.-White, Weld & Co.

White, Weld & Co.; First Boston Corp.; Merrill Lynch,
Pierce, Fenner & Smith Inc.
- 7/:; ../•

reported that the company plans
to sell $6,600,000 of
equipment trust certificates. Office
—39
Broadway, New York. Underwriters—(Competi¬
tive.) Probable bidders: Salomon Brothers & Hutzler;

States

stock¬

stock to

diversified

capital

primarily in

Office—25

March 4,

Jan.

(11/7)

der, Peabody & Co.-Shields & Co.
Stuart & Co. Inc.; First Boston
Corp.;
& Co.; Morgan

seeking

common

closed-end

appreciation through invest¬
stocks of Japanese firms.
New York. Underwriters—Bache
& Co.;
Paine, Webber, Jackson & Curtis, and The Nikk©
Securities Co., Ltd., New York. ■
ments

Proceeds—To repay advances from A. T. &
T., parent.
Office—212 W. Washington St., Chicago. Underwriters—

Brothers-Kuhn, Loeb &
Co.-Glore, Forgan & Co. (jointly); Bache & Co.

Gulf

1963

voting control of the

company. Mr. Kennedy
said that if General Aniline should be sold
for $200 mil¬
lion, the Government would receive about $140 million
and Interhandel about

March

10,

For
expansion.
Address
Tokyo,
Japan. Underwriter—Dillon, Read & Co., Inc., New York.

Run
an¬

out-of-court agreement with Interhandel, a Swiss hold¬
ing company, designed to settle the 20-year old dispute
over control of the
540,894 class A and 2,050,000 class B
of

rights

American Electric Power Co., Inc., plans to sell
$45,000,000 of first mortage bonds due 1993. Office—2101

April 3, 1963 Attorney General Robert F. Kennedy
nounced that the Justice
Department had reached

shares

a

be

rights offering in May 1959 was under¬
written by Kidder,
Peabody & Co., and Merrill Lynch,
Pierce, Fenner & Smith, Inc., New York

May

on

reported that this Japanese firm
plans to raise between $10-$20,000,000 in the U. S. by the
saie of A. D. R's in the third
quarter of 1963. Business—
Company is Japan's largest manufacturer of electrical
equipment and appliances turning out over 10,000 dif¬
ferent products
ranging from locomotives to transistor

named. The last

Food Fair

However, it is

upon.

Hitachi, Ltd.
April

radios.

the

common.

sidiaries.

ter. Details have not been decided

St., Honolulu.
Underwriter—Kidder, Peabody & Co., New York.

Duke Power Co.

Eastern Freight Ways, Inc.
9, 1962 the ICC authorized

rights offering of

a

Business—A

company

Louisiana

*

25,

Inc.;,White, Weld & Co.-Shields & Co.
(jointly); Harriman Ripley & Co. Inc.-First Boston Corp.
(jointly); Morgan Stanley & Co., Salomon Brothers &

Oct.

sibility of
holders.

Jackson, Mich.

Underwriters—(Competitive). Probable bidders: Halsey,
Stuart

construction

Ave., Wethersfield, Conn. Underwriters
First Boston
Corp., New York; Putnam & Co., Hartford; Chas. W.

third

April 24, 1963 it was reported that the company plans to
sell $20,000,000 of straight debentures in the second half
of

Office—285 Liberty Ave., Beaumont, Tex.
Probable bidders: Stone

Corp.; Lehman Brothers-Equitable
Securities Corp. (jointly); Glore,
Forgan & Co.-W. C.
Langley & Co. (jointly); Lee Higginson Corp.

to
/

1963.

Underwriters—(Competitive).
& Webster Securities

(Government of)

May 1, 1963 it

stock in the fourth quarter.

reported that the Government plans
$35,000,000 of external loan bonds
in the U. S. during the fiscal year ending March
31, 1964.
It is expected that the, majority would be sold by Dec.
to

sell

an

was

additional

31, 1963. Underwriter—First Boston Corp., New York.
Japan Fund, Inc.

April

18,

1963

it

was

reported

that directors of
investigate the

Fund had authorized the officers to

the
pos¬

(Bonds) Halsey, Stuart & Co. Inc.; Lehman BrothersEquitable Securities Corp. (jointly); Kuhn, Loeb &
Men-ill Lynch,
Pierce, Fenner & Smith Inc.-Kidder,
Peaoody & Co.-White, Weld & Co. (jointly); First Bos¬
ton Corp. (Preferred) First Boston Corp.; Dean Witter
& Cj.-Smith, Barney & Co.-Wertheim & Co. (jointly);
r,Anf i'Vin/7rl

r\ n

n

r441

44

Continued

(1936)

The Commercial and Financial Chronicle

from page 43

:

••

.-■/

.

Pennsylvania Power Co. (6/12)
April 9,- 1963 it was reported that-this utility plans to
sell $9,000,000 Of first mortgage bonds due 1993: Proceeds
—For construction. Office—19 E. Washington. St., New
Castle, \ Pa.
Underwriters<— (Competitive).
Probable

Equitable Securities Corp.-Kidder, Peabody & Co.-Lee
Higginson Corp.-White, Weld & Co. (jointly); Lehman
Brothers; Merrill Lynch, Pierce, Fenner & Smith, Inc.

/& Co.; Blyth & Co. Inc.; Merrill Lynch, Pierce, Fenner
& Smith Inc^; Halsey, Stuart & Co. Inc.; First Boston
Corp.
'
/
;
;;
Southern Pacific Co.

at above address.

<

-

-

-

.

;

.

t

,

Ittew York State Electric & Gas Corp.

;

*

& Co. (jointly).

■

Apr it 3, 1963 it was imported that the company plans to
sell $20,000,000 of debt securities to finance its construc¬
tion program for 1964 and 1965. Office—108 East Greeni
St., Ithaca, New York. Underwriters — (Competitive),
probable bidders: Kidder, Peabody & Co. - Salomon
Brothers & Hutzler (jointly); First Boston Corp.-Glore,
Forgan & Co. (jointly); Halsey, Stuart & Co.; Harriman
Ripley & Co.; Blyth & Co.
.
"A ,
/ Nippon Telegraph &

10
.

.

Public Service Electric & Gas Co.

Proceeds

(7/16)

construction. Office—615 Eastern Ave., Bellwood,
Underwriters—(Competitive). Probable bidders:
First Boston Corp.; Halsey, Stuart & Co. Inc.; Blyth &
Co., Inc.-Equitable Securities Corp.; Glore, Forgan &
Co. Bids—Expected July 10.

a

sale of debentures on Nov. 16,
negotiated basis by Blvth & Co.,

Feb.

Northern States Power Co.

Jan.
to

1963, it was reported that this company plans
$25,000,000 of first mortgage bonds due 1993 in

last half of the year. Proceeds — For construction
Office—15 South Fifth St., Minneapolis. Underwriters—

(Competitive). Probable bidders: Halsey, Stuart & Co,
Inc.; First Boston Corp.-Blyth & Co. (jointly); Merrill
Lynch, Pierce, Fenner & Smith Inc.-Kidder, Peabody &
Co.-White, Weld & Co. (jointly); Equitable Securities
Corp.-Eastman Dillon, Union Securities & Co. (jointly);
Brothers-Riter

;: Otter Tail Power

Co.

&

state

1963

(jointly).

was

and

bidders:

reported

&

Stuart & Co. Inc.; Blyth &

the

company

plan?

and

common

to

Brothers-Bear, Stearns &
(jointly);
Halsey,
Co.-White, Weld & Co. (joint¬
Securities

&

,

Co.-Kidder.

(6/12)

would

be

offered

the

St., San Francisco. Underwriter—None.

:

March 18, 1963 the
company stated that it expects to sell
$75,000,000 of bonds in the period 1963

through 1967
£foceeds — For construction and the retirement of $8,000,000 of maturing bonds.
Office—9th and Hamilton
SL., Allentown, Pa. Underwriters—To be named
The
petitive

Nov.

29,

1961
Weld &

bidding by White,
Peabody & Co. \ Other bidders

Co.

was

Co.,

won

and

at'com¬
Kidder,

were
Halsey, Stuart &
Inc.; First Boston Corp.-Drexel & Co.
(jointly).




be

in

operation late in

was

of

the

the

meeting would also be the record

Pacific

1963

it

Power

was

Co.

reported

(7/17)
that

this

company plans
Proceeds — To refund

$8,000,000 of debentures.
$3,340,000 of outstanding 5%% debentures due July 1,
1985, and for construction. Office—220 South Virginia
St., Reno, Nev. Underwriters—(Competitive). Probable
bidders: Kidder, Peabody &
Co.-White, Weld & Co.
(jointly); Stone & Webster Securities Corp.-Dean Wit¬
Co.

(jointly); Halsey, Stuart & Co. Inc.; Salomon
Hutzler. Bids—Expected July 17
1963. In¬

&

Meeting—July 12 at 90 Broad St., (19th floor),

(7/17)

May 6, 1963 it

was reported that the
company plans to
offer stockholders the
right to subscribe for about 172,340 additional common shares on the
basis of one new
share for each 10 held. Office—220 South

Reno, Nev.

.

Virginia St.,

Probable bidders: Halsey, Stuart & Co. Inc.;
White, Weld & Co.-Eastman Dillon, Union Securities &
Co.; Blyth & Co.-Merrill Lynch, Pierce, Fenner & Smith
Inc. (jointly). Bids—Expected June 26.

Southern Counties Gas Co. of Calif.
Jan. 2, 1963 it was
reported that this subsidiary of Paci¬
fic Lighting
Corp., plans to sell $27,000,000 of first mort¬
gage bonds in the fourth
quarter. Address—P. O. Box
Terminal

Annex, Los

writers—(Competitive)

•

■.

1963 stockholders: authorized the company to
$50,000,000 of general mortgage bonds. Proceeds—
acquire stock of Central of Georgia Ry.; retire first
mortgage 3%%' bonds of Atlanta & Charlotte Air Line
RR.; reimburse the treasury for capital expenditures and
provide for additional capital expenditures. Offices—14th
and Canal St., Richmond, Va., and 70 Pine St., New
York. Underwriters — (Competitive). Probable bidders:
First Boston Corp.; Eastman Dillon, Union Securities
& Co.-Salomon Brothers & Hutzler (jointly); Halsey,
15,

issue

Stuart
& Co.

&

Co.

Inc.; Kidder, Peabody & Co.-White,

Weld

(jointly).

it Sumitomo Bank of California

(San Francisco)

May 6, 1963 it was reported that the bank plans to offer
stockholders the right to subscribe for an additional
on the basis of one new share for each
May 10. Rights will expire June 21.
Proceeds—To increase capital and surplus.
Office—365 California St., San Francisco. Underwriter

77,500
two

shares

held of record

Price—$32.

(City of)

Tokyo

May 1, 1963 it was reported that the Diet had authorized
the sale of $20,000,000 City of Tokyo bonds in the U. S.

during the fiscal year ending March 31, 1964.
writer—To be named. The last issue of Tokyo

Under¬
bonds in

March, 1927, was handled by Kuhn, Loeb & Co. Offer¬
ing—Indefinite.
•

Transcontinental Gas

Pipe Line Co.

May 6, 1963 it was reported that the company plans to
issue $30,000,000 of debt securities in September. Pro¬
ceeds—For expansion. Office—3100 Travis St., Houston.

Union

Angeles 54, C^lif. Under¬
Probable bidders: White, Weld

Co.

Electric

March

19, 1963 the company stated that it plans to issue
$20,000,000 of preferred stock and $40,000,000 of bonds
by the end of 1964. Office—315 N. 12th Blvd., St. Louis.
Underwriters— (Competitive). Probable bidders:
(Pre¬
ferred): First Boston Corp.; Dillon, Read & Co., Inc.;
Lehman Brothers; White, Weld & Co.; Blyth &
Co.,
Inc. (Bonds): Halsey, Stuart & Co. Inc.; Lehman Brothers-Blyth & Co., Inc. (jointly); White, Weld & Co.Shields & Co. (jointly); First Boston Corp.
•

Union Light,

April

(6/25)

Heat & Power Co.

reported that this subsidiary of
Cincinnati Gas & Electric Co., plans to sell $6,500,000 of
first mortgage bonds due 1993. Office—139 East Fourth
St., Cincinnati. Underwriters — (Competitive). Probable
bidders: Halsey, Stuart & Co. Inc.; Blyth & Co. Inc.First Boston Corp. (jointly); Merrill Lynch, Fierce, Fen¬
ner
& Smith Inc.-Kidder, Peabody & Co.
(jointly);
Equitable Securities Corp.; White. Weld & Co.; Kidder,
Peabody & Co. Bids—Expected June 25 11 a.m. EDST).
Information Meeting—June 19 (11 a.m. EDST) at One
Wall St. (47th floor), New York.
30,

1963

it

was

Washington Gas Light Co.
Au^. 1, 1962 it
sel

was

reported that this company plans to

$12,000,000 of 25-year bonds, in the second quarter

of

1963.
Office—1100 H. St., N. W., Washington, D. C.
Underwriters—(Competitive):
Probable bidders: East-

Dillon, Union Securities & Co.; Equitable Securities
Kidder, Peabody & Co.; First Boston Corp.; Hal¬
sey/Stuart & Co. Inc.
mau

Coai

,

Wavelabs, Inc.
April 16, 1963 it was reported that the company had
a "Reg. A"
covering 100,000 capital shares
in order to prepare a full filing covering a larger num¬
ber of shares. It is expected that the registration state¬

withdrawn

ment will be filed within

a

month. Business—Manufac¬

ture of airborne and shipboard

vibration monitoring de¬

vices and equipment. Proceeds—For debt repayment, ad¬

vertising, research and working capital. Office

—

4343

Twain St., San Diego. Underwriter—To be named.

Western Transmission Corp.
April 17, 1963 it was reported that this newly-formed
natural gas pipeline company plans to file a registra¬
tion statement covering an undetermined
number of
common shares to be offered initially to stockholders of
U. S. Natural Gas Corp. Address—9601 Wilshire Blvd.,
Beverly Hills, Calif. Underwriter—None.
Western

(6/26)

April 22, 1963 it was reported that this subsidiary of
Pacific Lighting Corp., plans to sell
$40,000,000 of first
mortgage bonds. Proceeds—To refund outstanding 5%%
bonds due July 1,
1983, and for construction. Office—810
South Flower
St., Los Angeles. Underwriters—(Compe-

2736,

'

To

Underwriter—None.

Southern California Gas Co.

Montgomery

Pennsylvania Power & Light Co.

on

would

Sierra Pacific Power Co.

right

stockholders about June 12. A.T. &
T., which owns about
90% of Pacific Telephone's stock will be the
principal
subscriber to the offering. Office—140 New

bonds

fund

New York.

held of record June 4. Rights will expire
July 3. A pro¬
spectus and warrants covering the sale will be mailed to

of

SEC

preferred

for 13,013,969 common shares of Pacific
Northwest Bell Telephone Co., a former division which
became independent on June
30, 1961, on the basis of 7
Northwest common for each 8 Pacific
preferred or one
Northwest common for each 8 Pacific common shares

sale

the

sell

ter &

subscribe

•late

date

formation

company announced that its

stockholders

the

Brothers

Pacific Telephone & Telegraph Co.

to

that

stockholders

May 6,

Hutzler

ly); Eastman Dillon, Union
Peabody & Co. (jointly).

April 23, 1963 the

an

a

it Sierra
that

Lehman

Brothers

of

offering. Address—Huntington, N. Y.
Underwriter—M. A. Schapiro & Co., New York.

$30,000,000 of first mortgage bonds in June 1963
Proceeds—To repay outstanding loans. Office—920 S. W
Sixth Ave,, Portland, Ore.
Underwriters—(Competitive)
Co.-Salomon

clarification

date for the rights

to issue

Probable

received

reported that the bank plans to
right to subscribe for an addi¬
tional 141,519 common shares on a l-for-9 basis/
The
proposal will be voted on by stockholders in mid-June
offer

Pacific Power & Light Co.

it

said
on

April 16, 1963 it

.

1962

it

.

Southern Railway Co.

.

Jan.

Security National Bank of Long Island

Co.

16, 1963 it was reported that this company plans
to sell $10,000,000 of bonds in the fourth
quarter. Office
—215 South Cascade St., Fergus
Falls, Minn. Under¬
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; Blyth & Co. Inc.;
Glore, Forgan & Co.-Kalman & Co.
(jointly); White, Weld & Co.

28,

until

"very small scale," and would be started on
a state-by-state basis as
approval was granted. Office—
925 So. Homan Ave.,
Chicago. Distributor—Allstate En¬
terprises, Inc., Chicago.

Jan.

Nov.

fund

ruling which "has been construed by some to mean that
registered investment companies could not purchase
Sears' stock or would be required to divest themselves
of it, if Sears' itself owned a mutual fund."
Earlier, All-

the

Lehman

19, 1963, Allstate Enterprises, Inc., subsidiary, an¬
that it had delayed its plans to form a new

mutual

11,

sell

—

nounced

(Minn.)

at above address.

Underwriters—White, Weld & Co., and Stone & Webster
Securities Corp., New York.

Sears, Roebuck & Co.

Inc., N. Y.
/

v:

—

$30,000,000 of debt securities sometime in 1963 or
Dodge St., Omaha, Neb. Underwriter—
on

•

Rochester, N. Y. Underwriters—(Competitive). Probable
bidders: First Boston Corp.; Eastman Dillon, Union Se¬
curities & Co.-Kidder, Peabody & Co.
(jointly); Kuhn,
Loeb & Co.; Halsey, Stuart & Co. Inc.
'
:

1964, Office—2223

The last

80 Park

May 7, 1963 the company announced plans to sell $16,000,000 of debentures in the first quarter of 1964, but
may do so earlier if market conditions are favorable.
Proceeds
For construction. Office
10 Franklin St.,

Northern Natural Gas Co.

handled

—

it Rochester Telephone Co.

Jan. 16, 1963 it was reported that this company plans to

named.

Office

New York.

For

was

For construction.

—

Bids—June 4 (12 noon EDST)

Halsey, Stuart & Co. Inc.

—None.

(6/18)

Place,
Newark, N. J. Underwriters — (Competitive). Probable
bidders: Halsey, Stuart & Co. Inc.; First Boston Corp.;
White, Weld & Co.-Blyth & Co.-Goldman, Sachs & Co.Hairiman Ripley & Co.
(jointly); Lehman BrothersMerrill Lynch, Pierce, Fenner & Smith Inc.-Salomon
Brothers & Hutzler (jointly).-Bids — Expected June 18
(11 a.m. EDST) at above address. Information Meeting
—June 13 (2 p.m. EDST) at One Chase Manhattan Plaza,

111.

be

Philadel¬

March 4, 1963 it was reported that this company plans
to sell $40,000,000. of first mortgage bonds due 1993.

(6/24)

April 9, 1963 the company reported that it plans to sell
$20,000,000 of first mortgage bonds due 1988. Proceeds—

1960

stock. Office—1000 Chestnut

,

April 8, 1963 it was reported that this road plans to sell
about $4,300,000 of 1-15 year equipment trust certificates
in June.
Office—8 North Jefferson St., Roanoke, Va.
Underwriters—(Competitive). Probable bidders:.Halsey,
Stuart & Co. Inc.; Salomon Brothers & Hutzler. Bids—
June 24 (12 noon EDST).

To

common

phia. Underwriters—To be named. The last sale of bonds
on
Oct. 15, 1959 was handled by Morgan Stanley &
Cc i and Drexel & Co.
Other -bidders were: Halsey,
Stuart & Co. Inc.; First Boston Corp.; White, Weld &
Co.
The last, sate jqL,common was a rights offering oh
June 2, 1959, underwritten by Drexel & Co., and Morgan
Stanley & Co.

t

sell

5, 1963 the company reported that it plans -td
spend $478,000,000 for, construction during the five-yearJ
period 1963-67. It added that about half the money re¬
quired will be generated internally, and the' balance
obtained by bank loans to be converted into permanent
financing, from time to time, through the sale of bonds
anu

April 16, 1963 it was reported that the company plans to
sell $20,000,000 of bonds in the United States in the
third quarter of 1963.
Business — Nippon Telegraph,
wholly-owned by the Japanese Government, furnishes
domestic telephone and telegraph services, without com¬
petition, in Japan. iProceeds—For expansion. Office—
Tokyo, Japan. Underwriters—Dillort, Read & Co.; First
Boston Corp., and Smith, Barney & Co., New York.

Northern Illinois Gas Co.

Philadelphia Electric Co.

March

-

Telephone Public Corp.

Norfolk & Western Ry.

Bids—Expected June 12 (11 a.m. EDST)
Ave., New York. Information Meeting—June
(3:45 p.m. EDST) at 15 William St., NeW York.

at 300 Park

(6/4)

April 24, 1963 it was reported that this company plans
to sell $8,100,000 of equipment trust certificates. Office
165 Broadway, New York: Underwriters—(Competi¬
tive). Probable bidders: Solomon Brothers & Hutzler;

bidders:

Kidder, Peabody & Co.,-White, Weld & Co.New York Central RR (5/23)
Equitable Securities Corp.-Shields & Co. (jointly); HarApril 23, 1963 the company announced plans to sell $2,- % riman
Ripley & Co.; Lehman Brothers-Eastman Dillon,
700,000 of equipment trust certificates in May: Office^—
Union Securities & Co.-Ladenburg, Thalmann & Co.466 Lexington Ave:, New York. Under writers— (Compe¬
; Salomon Brothers & Hutzler (jointly); Halsey, Stuart
titive). Probable bidders: Salomon Brothers & Hutzler;
& Co.; Merrill Lynch, Pierce, Fenner & Smith Inc.Halsey, Stuart & Co. Inc. Bids—May 23 (12 noon EDST)
Dean Witter & Co. (jointly); First Boston Corp.-Blyth

May 9, 1963

/. Thursday,

.

Union Telegraph Co.

;

March 6,

1963 the company announced that it had ar¬
ranged to borrow a total of $100,000,000 by sale of notes
maturing serially, one-third at the end of each of the
years 1964, 1965 and 1966. It plans to refinance the serial
notes by issuance of long-term debt securities, but has
not determined the terms or timing of the action. Office
—60 Hudson
&

St., New York. Underwriters—Kuhn, Loeb
Co., Inc., and Lehman Brothers, New York.

•

Wisconsin Public Service

Corp.

March

19,
1963 it was reported that this company
plans to sell $15,000,000 of bonds later this year. Office
North Marshall St., Milwaukee. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.; East¬
man
Dillon, Union Securities & Co.-Salomon Brothers
& Hutzler (jointly); Fifst Boston Corp.; White. Weld &
Co.; Kidder, Peabody & Co. Bids—Expected Oct. 8.
—1U29

Volume

Number 6262

197

,

.

The Commercial and Financial Chronicle

.

should

West Germany's Future
y '•

*

1:'

/'

■

eral

thus

our

prevent

a

s

certainly not

toward Berlin and the Free World.

Continued from page

mission's

result,

6

,/

One

production reactor

new

project will also in-

basis

a

as

.

^appointment

elude

ing

^

transformation

facilities

and

switch-

about

and

twenty-

eight miles of transmission lines to

of Edward T.

T[!!d^

with^^ttieNorthwest

o

•

±

•

j.'

.

_

„

.

which

the

into

*

•

is

That

Market

Common

difficult.

*

We

more

why I-went to London

the

aid and

negotiations. I spoke

there with Minister Heath.

.cerely

regretted

we

past

with

bership

about

Heath

commanded

sels

decision
would do

ship,

everything in

rapidly

as

itiative.

he

But

time

told

,

that

Atlantic
r

pecjeral

preciates

Gov-

neW

a

President

"our
1 demic

V
position,

nis

we

ru

ipe

of

Commission

the

of

Economic

iLuiupccui
European

muni

y,

a

w

s em,

a

er

^U1U

m

sosiaies
afterwards also shares my

I spoke

He

opinions.
his

about

Com-

LiLuiJuiuit

the"

dressed

was

he

when

attitude

ad-

parliament

European

foreign

aid

Today

expendi-

and

other members of this syndicate

carry a

fered at

E. T. McCormick

includ® Kidder, Peabody & Co.,
ArMurs> Lestrange & Co

, Blair &
.......
Co., Inc., Butcher & Sherrerd, '
Frimcfe L du Pont & c
Hemp-Vi
_

hill

• '

h

Singer,
Warren

k

& c

Grant &

-Moore,

Leonard

Rambo> Close & Kerner.T
"
Deane

W.

&

York

Scribner

&

words;

Co.
v

maturing

3.25%

to

for

1967

yield
various

to

from
cou-

3.20%, the syndicate reports wide;
investor response with all but^
$150,000 of the bonds sold.

314% coupon and

are

dollar price of 98 with

the yield approximately 3.35%.

~

As

„

,

„

.

.

Dollar Bonds Again Up

of-

The dollar quoted toll road, toll,,
bridge, public utility,
various

clian&e Commission. He joined we go to press, it is estimated that authority and other revenue lssuesi
the
in 1934 as a security an" a balance of $108,000,000 remains did a little better again this week,
flys* and r.°?e trough
ranks in account.
.
Many of these issues were up /s
}°
P°sition of Commissioner
The Bankers Trust Co., Morgan
4 of a point which moved the
During World War II, Guaranty Trust Co. 'group was Chronicles yield Index from the
^
°n °al?.
hiSh for $15,330,000 Cincinnati, ^
t? Tfcl mft°
th^ Office of Pi ice Administration Qhio various purpose, unlimited
as of Ma> 8. The out-

Production Board.

a

and limited tax bonds due 1964-

standing gainers in the course of

Republic

knows and ap-

global

the

obligations

understanding
matter.

We

a mere aca-

practice

preach. It is for , this

what.

reason

worried about the development of
economy,

that we implore our

became a Certified Public Ac- bonds, offering a 2.9043% net inturnpike 3.10s in¬
countant; he earned his Master terest cost, came from the syn- bounded /sths ot a point.
°f Science degree from the Uni- dicate led by the First Boston
The
Placer
County
Water
versity of California, and his Corp.
Agency term 3V2S and 33As, which
Doctorate of Philosophy from
other major members of the were reoffered a week ago at 100
Duke University. He is a member winning -group include Kidder/ and 104 respectively, have been

of phi Beta Kappa,^the national Peabody & Co., |Cuhn, Loeb & Co., bid up about a point. In all re,
John Nuveen & Co. and Wertheim spects this Placer flotation was a

honorary scholastic society.
Thos.

De

La

Rue,

Inc.,

.

with

highly successful one.

& Co.

The Pacific

offered tc Gas and Electric credit behind the
^
^-jme being, because we Place, New York City, has print- yield from 1.60% in 1964 to 3.15% Tri-Dam, Oroville-Wyandotte and
recognjze fupy
what it
would ing and manufacturing plants at in 1996 for various coupons. First Placer
issues has contributed
mean
if our economy, operating 130 Cedar St., in New York and day
orders have amounted to greatly to their popularity with
unions to moderate their demands

The

executive officers at 20 Exchange

securities

are

institutional investors.

about $10,630,000.

in the shadow of the Iron Curtain, in Westbury, Long Island.;

im¬

therefore

is

It

perative for the Common Market
to

demonstrate its liberal outlook

toward

tariff

possible

on

trade

world

mutual

pansion Act

National Trade Ex¬

for

trade. Indeed

the

with

is,

Britain
then
to

a

we

actually come close

may

Atlantic market, ne¬

common

gotiated

t

on

of

hindered

which

in

w'll

goods

the

be

longer

no

by customs barriers and

protectionism.
Atlantic

consider

We

comrr.unitv

trade

economic

Europe.

German

Come to the 2nd

the
as

a

logical extension of our efforts to
achieve

Municipal Bond Field

mutual

of

basis

e

market

interest--a
flow

Market,

Common

Of Knowledge of the

Great

cf

entrance

the

Ex¬

Trade

be realhed, that

can

the
to

the full poten¬

National

pansion Act

world

expanded

once

Connect Your Points

to lay the

may serve

foundation

of

the

made

the part of the United

States by the

tial

that

so

concessions

integration

IBA Municipal

Conference

in

will

industry

therefore work with all the means
at

its

disposal to make

.Common

the.

liberal
is

in

its

trade

decisive

EEC's

that

sure

will

Market

policies.

be

This

responsibility.

Sometimes I hear my. American
friends

sible

ask:

for

the

contribute
of

the

Here

part

of
to

First,

in

this

,

third

regard

to

of

the

today

rrore

Federal

held

at

proceedings of the Municipal Conference of the I. B. A. to
Hotel in Chicago from June 19-21, plus

the Pick-Congress

on-the-spot photographs, will

Your advertisement

the

and

cur

than

Republic's

contri¬
a

in this special section

important municipal field and

will identify your firm

with

the active Chicago markets.

final

would

I

supplement

again be featured in a special

of The Chronicle.

foreign

questions.

third

budget

represents outlays for defense. As




be

to

butions to the defense of the Free
World:

The editorial

defense

to

or

these

pos¬

Republic

discussion

answer

be

no;

the

to

World

my

in

it

Federal

more

Free

aid.

like

would

'

and'i

recently; But actions speak louder
than

,;

&,

these

on

the term bonds due 1996

a

N

Remington,

L

....

T

Reoffered to yield from 1.50% to

offered

to

pons and

Ex-

to the

syndicate managed jointly by Ira
Haupt & Co. and McKelvy & Co.

close to the internation-

'that we in German industry are
our

the
iiie

Our appeal

that America has undertaken. Nor

Markpf Gnai

understand

1

in-

nations.

the six

from

a

the

expect

ernment would now

'

(1963-1982)

bonds through negotiation

Both

at

British

the

.

is

week

A native of Phoenix, Ariz. Mr. 1996 with an overall net interest
vv'eek were the Delaware and
aby acCepted level and amount McCormick holds a bachelor, of cost of 2.8932%.
Involved were MaiTkmd Turnpike 4/8s.
to aim0st 1% of the Gross Nation- science degree front the Univer- ten separate issues but the award
lssues xY^re
^
a p<?'nLor
ai product.
;
sity of Arizona; following studies was made on an "all or none" more- Port of New York 3,8$
You
mav
bp
assured
that the af
Northwestern University, he basis. The second best bid for the were a/s0 #up a
2 P01!;*
are

my

me

to

loan to the govern-

a

wholehearted support.

tures

possible.

as

Ger-

of

and I ap-

manufacturers

German

Germany's

our power

welcomed

Minister Heath

offer

met

we

everything,

of

spite

in

reality

same

that

and

one

ment for this purpose.

Great Britain's member-

make

to

final

as

Abs

J.

in 1960 when

ties

bonds
are

2.25%

°

foreign

subscribe to

respect. During my visit I assured
him that we cid not consider the

1986

<~ommissioner
Df the Securi¬

pealed to all large and medium-

greatest

our

f

this

refunding

revenue

-

The

from

.

toward

sized

in Brus-

the time of the rejection

1Q

spark

initial

the

Hermann

at

bonds.

™as tormerly

many's leading bankers

the

in

bearing

His

lVIarket.

change

of annual debt

requirements

service

0

Stock" Ex-

matter of fact it

aici program. It was

mem-

Britain

Great

of

Common

the

do

,

resl ea

implementing Germany's

I had conversations

years

Mr.

a

German industry

vided

break-

the

share. As

turn to

our

and 115%

penses

American

which pro-

was

negotiations.

down of the Brussels

it is

now

^

of our

benefitted from Marshall Plan

our

to him once again how sin-

press

In

I felt

absolutely necessary to ex-

was

aware •

the field of foreign aid. After all

.

we

it

equally

are

responsibilities and obligations in

■

immediately after the collapse of
Brussels

ormick, w o

its -entry. United States.

make

will

sale

deliver output to the, regional at a net interest cost of 3.1017%.

de-\add, not because it draws direct .McCormick as Executive Vice- ,Fan^m'®s*°n astern. The operatermination will-be in a preamble?: Profit from/these huge outlays.
ordinated
to the Treaty which is now in the i Actually
some of you may be Thos. De La^ Rue, Inc. was an- ^n^tea^with
the Northwest
Power Pool.
process
of ratification by
the better aware of some of these: £ounCed by
Some seventy-six participants
German parliament;
outlays; than I, since a. substan- r r a n c i, s J \
will take the power supplied by
Moreover, we must' continue to tial part of our defense hardware ^ P r s>
Jr•>
the project and make payments
maintain constant contacts with^a'nd other .equipment is being or^rrnan*
"
Great Britain. Nothing should; be dered .abroad, particularly in the
wh,cht will cover
< M rM?.~
operating and maintenance
exdone

other

worthy of brief mention.
The
Indiana Area Joint School AuthorT
ity, Pennsylvania sold $3,795,000

the Paris treaty;; This

of

suit

45

TAX-EXEMPT BOND MARKET

obligations

merit has expanded continually to 1VXOUU1 IXliCn. iJ Ulllp
Paris-Bonn axis. The Fed- the extent that we have now al- rp"L
TY/% T
T)n/-\
Republic will not tolerate most
met all requirements of JLllUb.
JUa Xvlie

and

a

and

Economic Club of Detroit, April 29, 1963. at Hanford will consist of a powV"... r.:-;;;
; ,V:- -;:
erhouse, housing two turbine genour defense establishTnirVQ
erators. The

;

Continued from page 5

for

,

meeting

Now That Boom Is Over

.

such

weaken

from

us

(1937)

For further, information contact

Chronicle, 25
Code

212)

and Financial
(REctor 2-9570)—(Area

Edwin L. Beck,. Commercial

Park Place, New York 7, N. Y.
v, /

■

•

46

(1938)

The Commercial and Financial Chronicle

,\T

.

•

J_1

-n*

m

Current News

the

r

1

GRAND

1

leld

ISLAND,

Neb.

.

.

Thursday, May 9, 1963

.

First

-

Yancey

Hotel.

Lawrence

^

F.

Dendinger is

Manager.
These items

supplemental to similar notices appearing elsewhere in this issue.

are

HOUSTON,
Pierce

new

firms

President and

v

ANGLETON,

Texas—Jesse

H.

A.

Weinberg, Secretary. Mr. Wein¬

garten

BALTIMORE,

formerly with B. C. Morton Co.

Md.—Barrett

&

Co., Inc., 114 West 21st Street.

Of¬

ficers

Benjamin

are

President;
Marion

Greenberg,

Secretary

Treasurer.

Oletsky

Mr.

Inc.,

Division,

312

Thos. A.

Mr.

Shulman,

Kotkin

Secre¬

formerly

was

Filer, Inc. and Lerner

Utah—Alpha

Officers

Roman Investment Co., 400 South

Joseph

are

W.

Bagley,

retary,

Mr. Bagley was formerly

formerly Harry Roman & Co., Inc.

BIRMINGHAM,

OLD

Short,

2509

was

Ala.—Roland

11th

Avenue,

T.

South.

&

Company,

Gordon
the

G.

firm,

Coogan, proprietor

formerly with H. C.

was

Wainwright

&

Co.

Reynolds

&

Najarian,
President;
Papp, Vice-President and

Broadway.

Avenue.

Trippe,

Be'rnsley,

Martin

Secretary;

and

H.

Donald

DALLAS,

ance

Texas

Investment

Professional

—

Management

Com¬

4308 North Central Express¬

pany,

Lester I. Reeves is

way.

princi¬

a

&

man

Co.

Building.

of

George B.

&

Co.,

Company,

R.

of

South

Diest

Press,

is propri¬

Calif.—Gray,

519

Partners

are

California

Dandridge

DEERFIELD BEACH,

merly

William

ette, Jr.

Pistell,
and

Inc.,

was

A.

C.

Allyn

&

Co.

partner in Johnson &

a

Mr. Amonette

for¬

was

with

Co., and conducted his

vestment business under the
of Amonette &

in¬

own

name

Company.

Geisler.

Mass.—Stuart,

Hughes

Inc.,

ENGLE WOOD, N. J.—Great Com¬

Street.

East
are

Securities

Palisades

C

o r p.;

Avenue.

8

Officers

Stanley H. Forster, President;

Harold

L.

Dickerman,

Vice-President
Fred

A.

Sperling,
Elliot

and

Solomon

Executive

Treasurer;

and

Herman

Vice-Presidents;

Summer,

&

Co.,

Officers

Schreiber,

President
A.

and

urer,

Secretary.

formerly
fund

&

Main

Milton

and

Robert

Mr.

Treas¬

Draymore,

Schreiber

of the

manager

department

Flax

1431
are

of

J.

was

mutual

Clayton

Co., Inc.

SPRINGFIELD, 111.—Great States

All

Investment Brokers, Inc., 500 East

were

formerly with Nat Berger Monroe Street. Fred Sueltman
Associates.
•
a
'•
• '
principal of the firm.

is

is

(

WORTH,

Texas

Luebbehusem

&

Leo

—

Associates,.

A.

108

Westchester House. Leo A. Luebbehusen is a principal.
/- §■, ~
GRAND

JUNCTION, Colo.

—

Roy

SPRINGFIELD, 111.—Funded
ture,

Inc.,,, Myers

Coffey is

a

TOPEKA,
and

Kan.

& Co.,

will

Company,

the

manage

CITY

White

—

Fay

Baumgardner

JAMAICA, N. Y.

West

33rd

is sole proprietor.

168-15

Hillside

Avenue.

Co.,

Richard

S.

Baumgardner

Angela

Deane

...

VALLEY

serve

Corporation, Soo Line Bldg.

The,

firm

a

a

principal.

MINNEAPOLIS,
was

—

TAP-

formerly

The

American Plan Service
Corp.
NEW

BEDFORD, Mass.—Frank

Gallant & Co., 965 Ludlow Street.
Frank L. Gallant is
principal. He
was

formerly

with

Waddell

principal.

&

Co.,

is

—

in

Inc.,

SALT LAKE
west

&

Securities Corporation, 1061 Silas
Deane
Highway. The firm was

formerly

Federated

Management

Corporation.

CITY —Aberdeen

Management Corporation, 15 Wil¬
liam

St.,

David

The

L.

Inc.,
are

Aaron

dent;

formerly

Management

.

YORK

475

was

Babson

Corporation
NEW

firm

BETHLEHEM, Pa.

East

4th

Broad
Jr.

CITY—J.

Fifth
W.

Michael

Avenue.

P.

Cabot,

Officers

Weingarten, Presi¬
J.,

Klein,




Vice-

—

Warren

W.

Co., Incorporated, 6 West
Street. William R.

is

formerly

resident
served

Coyle,
Manager.
He

in

a

similar

capacity with Thayer, Baker & Co.

CLEVELAND,

Ohio

—

Co., Superior Building.

Disbro

&

Recommendations
And Literature

Hunt¬

La

is

He

was

Co.

&

Ohio—Bernard
with

now

Inc.,

Bank

Merrill,

F.

He

Avenue.

Corp.,

South.

William

St.

CRUZ,

DENVER^

661

Slocumb &

F.

Manager.

Kesterson

is

:''': Y:'Y YY
&

Camelback

Co.,
Road.

7000

Floyd

Heinz

He

manager.

East

merly with A. G. Edwards & Sons

Phoenix and prior thereto with
Scottsdale

office

of

William

TAMPA, Fla.—Peninsular Invest"
Grand

Central. Wil¬

YONKERS,
&

N.

&

Y.-Wm.

Merson

is

Glanz-

Co., Inc., 30 South Broad¬

Dabney

&

was

with

Tyson,

95

formerly with

Morton

Hall & Rounds, Inc. and
Schirmer, Atherton & Co.

James

Baxter
Verite

bury

is
&

with

now

Pierre

Associates,

Avenue.

He

W.

2410

G.

NEW

YORK CITY—Bache & Co.
has announced the
appointment of

Assistant Man¬

ager of its 770 Lexington Avenue
office, of which Arnold Green is

Industrial

Ruggles

are

now

Philadelphia-Baltimore-Wash-

ington Stock Exchange.

BOSTON, Mass

W.

Sears

has been added to the staff of
Brown Brothers Harriinan &
Co.,

has

become

C. Brew¬

affiliated

with

Hornblower & Weeks, 75 Federal
Street.

Street.

Gordon
Mr.

Co.,

Obert

40

was

Court

.

Abdallah and Alfred S. Cohen
connected

B.
are

with Tessel, Patu-

Co., 45 East Fourth Street,

members of

Exchange.

the

New

York

Stock

Charles

Ford

Corp.—Memorandum

Acceptance

M

—

e m o-

Toronto

1,

Ont.,

Canada.

Also

available

are memoranda
on
Ca¬
nadian Pacific, Iliram
Walker and
Great Lakes Power.

Jacobsen

Manufacturing Company

—Analysis—A.

C.

Allyn

122 South La Salle

3, 111.

sis of Inland
&

dum—J.

&

Co.,

Street, Chicago

Also available is

an

analy¬

Steel.

W.

Johnson

Memoran¬

—

Sparks

&

Co.,

Broadway, New York 5, N.
&

Abraham

Johnson—S

&

Co.,

120

120

Y.

u r v e

y—

Broadway,

New York 5, N. Y. Also
available.
is a survey of Southern

Railway.

Kerr McGee Oil
ments

Co.,

—

Industries—Com¬

Bregman,

4 Albany
on

Cummings

Street, New

Also available

are

&

York
com¬

Vornado.

S.

added

to

Kratter—Memorandum—Sincere

Anchorage, North Shore Drive.

Street, Chicago 4, 111.

SFRINGFIELD, N. J.
Manheim' and
have

Louis

—David

B.

Stuart, Hughes &

J.

with

Co., Inc„

were

•

Meadows

become associated

1431

formerly with

J, Clayton Flax & Co. Inc.

F.

Eberstadt

&

Distributors,
New

Mr.

York

as

a.

years

of
He

a

&

was

/

recently

was

of

active

in

the

the

Steel

—

Memorandum

—

—

—

York 4, N. Y.

Midland-Ross

—

./

Memorandum

—

Ball, Burge & Kraus, Union Com¬

Building,

Cleveland

14,

Ohio.

Midwestern Industrial Gas—Mem¬
orandum—Hector M. Chisholm &
Co.

law

Minerals

firm

handling

of

the firm's investment
banking op¬
and private investments'.

erations

on

Limited, 82 Richmond Street,
West, Toronto 1, Ont., Canada.

of

Cahill, Gordon, Reindel,& Ohl.
is

memorandum

a

for many

general partner

partner

is

General Steel Industries.

Broadway,
^

Co.,

available

New

of

.

who

F. Eberstadt &

& Co., 19 Rector
Street, New York 6, N. Y. Also

merce

City.

Zeller,

p—Memorandum—

Memorandum
Coggeshall & Hicks, 50
Broadway,

Director

65

u

Steiner, Rouse

Metromedia

Managers

Co.,

Inc.,

Lily Tulip C

La Salle

May & Gannon, Inc., 140 Federal
Street, Boston 10, Mass.

Robert G. Zeller has been elected

Vice-President and

Company, 208 South

McLouth

F. Eberstadt V.-P..

admitted

CINCINNATI, Ohi o—Victor

1

p.—Analysis—

and

formerly

with David Lourie & Co.

rick &

HEAD, Maine—Walter

R. G. Zeller Elected

Square.

BOSTON, Mass—Elmore

Cor

the staff of Lincoln E. McRae,
Inc.,

Main St. Both

John

—

Co.—Analysis—

Boyce,

randum—Doherty Roadhouse &
McCuaig Bros., 335 Bay " Street,"

6, N. Y.

been

111.

Pills-

formerly

White Investment Co.

as

4,

memorandum

—Bruns, Nordeman & Co., 115
Broadway, New York 6, N. Y.

Johnson

was

&

&

Johnson

MINNEAPOLIS, Minn.—John

Glendenning has

F.

Grace
Bros.

Greyhound

ments

affiliated with McNeel & Co., Inc.,
Candler
Building,
members
of

now

associated

manager.

personnel

ster

National

Maine—Hyman

now

Townsend,

OWL'S

and

staff

Building.

LEWISTON,

Harold Greher

liam E. Truitt is Manager.

man

of

Co., American

with

R. Staats & Co.

4808

C.

the

is

for¬

was

William

—

joined

Fark Street. He

Dempsey-

—

Inc.,

Colo.

has

a

Watling, Lerchen & Co.,
Building, Detroit 26, Mich.

Grandview,

Quinn

P.

Co., Inc., 1013 Pacific

Charles

;

&

R.

Greatamerica

Moroff

formerly with
Co., Inc.

Peterson

Brush,.

—

were

Gallagher-Roach

Bank

Calif.

1395

Both

Chicago

is

Center, Baltimore 1, Md.

was

Wyman have been

curities V' Co.,

Nair

Street,

available

Stone Container Corp.

Stein

added to the staff of Hallmark Se¬

Building,

Planning

Ohio—Sam

and Bernard J.

Salle

W.

Tur-

Huntington Na¬

Building.

COLUMBUS,

Cambon

&

8

page

Also

Building.

formerly

Hansen is manager.;

Melvin

&

Dealer-Broker

East

National—Memorandum—
Sincere and
Company, 208 South

Bank

tional

Birr,

—

Mas s.—Francis D.
©bert has become associated with

new branches

York

1940

Gould

ben

Hugh

BOSTON,

YORK

Co.,

He

Continued from

a

Reed, Inc.
NEW

&

E.

with

was
formerly
Saunders, Stiver & Co.

Jones

CITY, Utah—South¬

Estate

the

until

*

.

rated.

charge.

51

Swenson

10 Post Office

WETHERSFIELD, Conn.—Lennon
L.

Grdina

Street.

COLUMBUS,

SAN JOSE, Calif.—Sisson

in

deferred

-

with
Merrill
Lynch,
Pierce, Fenner & Smith Incorpo¬

is

Fund

Minn.

affiliated

on

FRANCISCO, Calif.

resident

been
'

formerly

Drive. James E. Ryon is in
charge.

the

STREAM, N. Y.—Mutual
Information, 448 West Sun¬
rise Highway. Kenneth
Brahms,
formerly an individual dealer, is

Bassuk is

Ohio—Norman

now

Co.,

&

ATLANTA, Ga.—Mary M. Brock

1700

Andrew

is

rated.

Tegeler

announced that their

has

31

.

COLUMBUS, Ohio—Theodore G.
Mixer has been added to the staff
of Hayden, Miller &

Building.

Fu¬

Building.

—

Street.

Bassuk

with

Manager.

way.

principal.

H. Cassel, 2325 Hall Avenue.
—

CLEVELAND,

Street.

<

FT.

and
1

.

with Merrill Lynch,
Pirece, Fenner & Smith Incorpo¬

ments,

and

Secretary.

Main

Bank

SCOTTSDALE, Ariz.

SPRINGFIELD,

monwealth

East

FRANCISCO, Calif.

Avenue.

formerly with

30

J

ington

Miss

&

was

7

YORK

Street.

proprietor. He

Meredith

office.

ferson Securities, 1633 S. E. Fourth
sole

M.

Turner

SANTA

is

May

C.

Haslop

Inc.,

Stewart, ! Eubanks,
Meyerson & York, Brush Slocumb

Johnson

J.

—

Z. Clyde Standard is
manager.

Co.,

Co., is

Company, 9 East Church

A.

SAN

&

Manager.

Va.

SAN

&

for

St. Thaer Benjamin

s—Berk-

M. Gray and Clarence O. Amon¬

G.

is

scheduled

C. Watson Co., Inc., 3106 Fillmore

e x a

FRANCISCO,

Lynch, Paul D. Sheeline

■

the Fall.

Cruz.

Sixth

SAN

James J.

Georgia Security Dealers Association has

Green,

Insur¬

dent, and Edward N. Wehr, Sec¬
retary.
k

Roger

Turner

Santa

Incorporated,

Amonette

Fla. —Jef¬

N.

— Reynolds
&
Co., 300 Park Avenue. George C.
Schubert will be resident manager.

E.

sale

Life

1708

Louis

278

etor.

Street.

Vice-Presi¬

handle

Stockman's

Norman, President and Treasurer;
Norman,

will

outing

L.

6.

it

GEORGIA SECURITY DEALERS
ASSOCIATION

in

NEW YORK CITY

exclusively.

Barbara

W.

is

Manager;

M.

Edward

ANTONIO, T

Street.

Nor¬

Miller

D.

GATOS, Calif.—R. J. Baker

Wilson

Inc., Davenport Bank
are

John

are.

gett, 107 Wall Block.

Deist

Officers

firm

Co.

SAN

Doyle

The

way.

ROUNDUP, Mont.—James A. Lig¬

pal of the firm.

DAVENPORT, Iowa—George

Officers

President;

Jr. The
stock

Avenue.

June

on

Chairman.

that

Outing at the Woodland Coun¬

Inc., 609 South Grand

charge.

NEW

Holschuh, and Wantland L. Sandel,

Rosenblatt, Treasurer.

try Club

ANGELES, Calif.—Hugh C.

Watson Co.,

announced

will hold its 44tfh Annual
Summer

Company, Incorporated, 50 Broad¬

ald & Company, Inc., 379 Seventh

President;

LOS

new

Investment Corporation, 2755 N. E.

Anton,

The

similar

a

capacity with Leavitt & Co.

John

Diran, Norman & Co.

BROOKLYN, N. Y.—Ansley-DonJoseph

in

METUCHEN, N, J.—Turner

PORTLAND, Ore.—Intermountain

are

served

Commonwealth

tary; and Anna Hagopian, Treas¬
urer.
Mr. Najarian was formerly
with

Officers

BOSTON SECURITIES TRADERS
ASSOCIATION
Boston Securities Traders
Association has

Aaron I. Canon, resident manager,

formerly

Edward E. Stansfield is

Secre¬

Coi, and Godfrey, Hamilton, Tay¬
Co.

Purcell,

—

Walter,

Hugo

lor

&

second

MECHANICSBURG, Pa.—Itterly-

John

are

A.

of

BEACH, N. Y.

Street.

TAPPAN, N. J.—Capital In¬

Shopping Plaza. Officers

14 Newbury St.

this

NOTES

NSTA

State

Ham-

Manager.

vestment Planning Corp., Bi-State

BOSTON, Mass.—Gordon G. Coogan

C.

Graham & Co., 84 East Park Ave.

Wheat &

George R. Wright & Co. and
Delger Corp.

firm

of

MARTINSVILLE,

with

The

Manager

Eugene

President, and Grace Bagley, Sec¬

Beverly

Drive.

Eugene

Houston office.

&

Corpora¬

tion, 5919 South Woodland Drive.

Harry

is

Fannin

LOS

OGDEN,

Street.

—

Treasurer;

& Co.

principal.

BEVERLY HILLS, Calif.

and

Building,

Rauscher,

—

Inc.,

Bank

LONG

Lawrence

—

Lawrence Kot¬

are

Catherine

tary.

Securities

a

President

with Daniel

Commercial

Moorhead is

Officers

and

Maryknoll

—

Investment

were

and' Samuel Shulman,
Vice-President;

Old Line Securities, Inc.

Corp.

CITY

kin,

Greenberg and Mr.

ATCHISON, Kans.

YORK

way.

formery officers of

were

Klein

Mr.

Kotkin Associates, Inc., 150 Broad¬

Vice-President;

Oletsky,

Samuel

NEW

Sylvia Greenberg and

Oletsky,

and

Texas

Co.,

mons

Treasurer, and Joel

Armstrong, 1223 East Highway 35.

&

&

Chemicals

Review—Newburger
1401

Walnut

2, Pa.
of

—

Company,
Street, Philadelphia

Also available

North

Philipp

&

Penn

are

Gas,

reviews

Pittston,

Volume

Number 6262

197

Ridge Tool, Thomas & Betts, War¬
Pictures

Bros.

ner

Convert¬

and

Chemical—Memorandum—

Frank

Ginberg

Broad Street,

.Ohio

The Commercial and Financial Chronicle

.

United

Co.,

&

Inc.,

25

New York 4, N. Y.„
University

Northern

C.

—Bulletin—B.

Bonds

Ziegler,

Manufacturing
Robinson

and

doctors,

Van Raalte Company,

ysis—Stanley
Wall

Memo¬

—

Humphrey

-

Electric

Co.—An¬

Pacific

—

Gas

and

'Electric Company, K. C. Christen-

245

Vice-President-Finance,

sen,

'Market St., San Francisco 6, Calif.
Pacific Southwest Airlines—Mem¬
orandum—E.

Com¬

&

South

623

Inc.,

pany,

Hutton

F.

Spring

Co.,

&

44

Waco

Porter

-

Kinnard,

Seventh

2, Minn.

Street.

Disney

Olin

&

Co.,

Deere

&

Coleman

Standard

Food

Street,

Also available

on

Chemical

West

Wall

36

Mathieson,

pany,

a

Productions—Report

comments

are

Minneap¬

G. T. Schjeldahl.

on

Co.,
Com¬

Brands

Copper,

Motors,

Copper
E.

Paint,

Products, Borman

Stores and Wesco Financial.

F.

Broadway,
Also

New

to traffic flows and

available

New York 5, N. Y.

Beane,
4,

2

N,

Y.

comments

are

edition indicating
in

on

time differences

time

States

tional

Semi-annual

—

compared

Daylight Saving Time;

includes map of

United

Davis

JW. Sparks

t—

in the

zones

Manufacturers

—

Company, Interna¬

Division,

Penney Company—Brochure

—Carl M.

Wall

44

Street,

Quebec

—Analysis—Annett/ &

Automation Fears

—

of

points out, for example, that were

would have

&

omist says

Stamm

it not for automation we

Also

available

Heublein

is

N.

Y.

analysis

an

of

4,

needed to

D

Witter

t

u

&

h—Analysis—Dean

c

Co.,

Montgomery

45

Street, San Francisco 6, Calif.
Seaboard

Life

America

pany of

—

\

Com¬

Insurance

Analysis

—

reduce

employment opportunities in
study just made by Dr. Yale

a

Brozen,

V-

Sealright
—In

•

nomics

monthly investment letter—

Hayden,

Stone

Co.,

&

Incorpo¬

rated, 25 Broad Street, New York

N.

Y.

ports

on

4,

available

Also

Buckingham

are

re¬

Corp.

and

Cor p.—Memorandum—

Prescott
Bank

&

National

Co.,

City

Cleveland

Building,

14,

Commerce

Ohio.

Union

Building, Cleveland 14,

Warner

Analysis—Halle

Corporation&

Stieglitz,

Sherrerd, 1500 Wal¬

levels

by

Policy

a

Prof.

Yale

Brozen

actual in¬
employment during re¬

tion

will
rate
it

technological

predicts that

It

same

an

of

years

change.

spread

automa¬

the

about

at

in recent years and

as

will

to

continue

produce

If not for automation,

claims

in

his

unemployment
than

during

Dr. Bro¬

Broadway, New York 4, N.Y.
Transfer

Tax

Rates—Booklet

Federal

current

Original

issue

and

State

Stock

transfer

tax

rates—On, request—Registrar

and

Transfer

and

Company, 50 Church St.,

New York 7, N. Y.

would

' '

fear

who

Analysis— Mitchum,

Jones

&

Templeton, Incorporated,

650

unemployment,
of goods

days

Angeles

14, Calif.
United

Currier
7911

&

Brozen

Dr.

an

as

half

a

Incorporated,

Avenue, La Jolla,

Calif.




ob¬

given

automatic

turn out twice

as

ma¬

much

hours of work will

many

as

only

jobs. The President

many

approximately 1.8 million
holding jobs

are

ably, 18 million

persons

replaced

by machines." Thus,

year

every

presum¬

lost their

persons

jobs in the 1950's because of
In

fact,

one

nological
The
in

could

number

10

various
20

say

change

jobs than

1961

than

admitted
in

of

Work—A

—Selected

Bibliography

References, Industrial

Relations Section, Princeton

versity, Princeton, N. J.
400.

'

.

Uni¬

(paper),
\
:

be

—William

pedic

Sunners—An

guide

for

encyclo¬

the

researcher,

go

about veri¬

discussing how to

fying facts, where to find hidden
of

sources

about

information, how to

collecting

information;
all

and

go

classifying

includes

types of

listings

organizations,

<

of

infor¬

mation, bureaus, trade organisa¬
tions, etc.—Arco Publishing Com¬
pany,

New York

Ad¬
com¬

W.

Mc-

School

of

Karl

Brandt,

of

Economic

University;
of

Arthur

Money

and

Inc., 480 Lexington Avenue,
17, N. Y. (cloth). $7.50.

How to Pay for Your Child's Col¬

lege Education—Sidney Margolius
—

Public

East

Affairs

38th

N. Y.

Pamphlets,

22

New

Street,

1.6,

York

(paper), 250.

Human

Resources

Growth—An

and

Economic

annotated

raphy—Stanford

bibliog¬

Research

Insti¬

tute, Menlo Park, Calif., $3.50.

'vv

Industrial

'A

Relations,

bibliography

1962

Rela¬

Princeton

Uni¬

tions

40

—

Industrial

—

versity, Princeton, N. J.

Section,

cents.

(paper),

'

.

Science, University of Notre Inter American Development Bank
Dame; Roscoe Pound, Professor
Third Annual Report — InterEmeritus,-. Harvard
University; American Development Bank,

was

jobs

were

causes

the result of

at- work

higher

While

destroyed

in the

million

created

million

before.

rose.

destroyed.

civilians

of

ma¬

that tech¬

has

it has

seven

years

Blythe Stason, Dean Emer¬
itus, University of Michigan Law
School.

1950's,

were

Dr.

Rate

benefits
does

Brozen

results

displacement

mized by a
ment

can

mini¬

be

slower rise in employ¬

costs

and

a

higher

rate

of

saving and investment.

Over the
we

recognize
the

ices

by

created

as

technological change

asserts,

shift

the

from

in

products

"life-enriching"

consequently,

and,

that

must

consumer

fabricated

products of personal

and

realize

serv¬

indus¬
must

we

maintenance

of

de¬

mand for manufactured goods can

be

achieved

costs.

In

only

through lower

addition,

greater

required for jobs in the

are

ufacturing sector of
Professor

the
on

rate

the

the

of

ciently

automation

depends

the

rise

in

real

1.3

million

workers

entering the labor force
that they

so

can

be pro¬

enough to be employable

current

cluded

in

wage

that

technology

rates.

He

con¬

new,

and

old,

this

of automatic

produc¬

tion is spreading very slowly and
this pace is not likely to accelerate

greatly.

Businessman's

automation
do

manv

could

It

Brozen

makes

it

that

possible

to

things which otherwise

not and would

will,

noted

in

the

not be done.

future,

literally

—

Public

Avenue, New York 22,

(paper).

Lower
A

St.

Lawrence

Region with

a

and

brochure

of

Guff—

Future—Second
of

statistics

and economic information—Lower
St.

Lawrence

ment

Gulf

and

Develop¬

Association, 1260 University

Street, Montreal 2, Que., Canada
(paper).
Tellers
—

12

East

Do's

Dont's—

Public Relations: A Handbook for

Instruction Booklet

An

—American

Business, Labor and Community

and

Bankers

36th

Association,

Street,

New

York

Leaders—New York

State

of Industrial and Labor

School'

Relations,

City 16, N. Y. (paper).

Cornell

California Taxes—1963 Guidebook

—One to five copies free to

-—Russell S.

York State

Clearing

Bock—Commerce

House,

Inc.,

4025

West

University, Ithaca, N. Y.
New

residents; out of state

orders and orders for six

Peterson

Avenue, Chicago 46, 111.,

$4.00.

\

Railroad Transportation

or

mord

copies, 50 cents each.

Competitive
1963

Challenge

Institute,

Street,

New

150

Steel,

to

Edition—American

Steel

York

and

Iron

42nd

East

17,

N.

Y.

(paper).
of

Soviet

Economic
together with

Power—Hearings
compilation

of

studies

prepared

for the Joint Economic Committee
of

the

tistical

Congress

of

the

States—Superintendent

United

of

Docu¬

ments, U. S. Government Printing
Office,

Washington

25,

D.

C.

Record,

ciation

of

Bureau

American

of

A Sta¬

Railroads,

Railway

Economics,
(paper),-

X
Ft.

of

in

Money

Economy—Per
uate School

tration,

New

Washington
New York,'

securities

Dynamic

a

Jacobsson—Grad¬

of Business Adminis¬

University,

York

Square,
•

.

&

sion—1962

New
:

York,
in¬

Commis¬

Exchange

Annual

Report—Su¬

perintendent of Documents, U. S.
Government

(paper), $2.75.

—

1921-1961—Asso¬

Washington 6, D. C.
Role

Dimensions

Office,

Printing

Washington 25, D'. C. (paper), 600.
Electric
answers

Utility

750

Third

N. Y.

Industry

to 30 questions

asked—Edison

—

The

frequently

Electric

Institute,

Avenue, New York 17,

Security
Sell

Transactions—When

Securities

Saving

—

Soul—Herbert Hoover—A

joys and agonies of fishing

Chicago

order

2

gestions for

Food

tion:

Avenue,

House, 457

New

York

22,

Center

Loca¬

Technique and Procedure—
J.

Business

Graduate

Bowersox—Bureau

and

of

Economic Research,

School

20th

of

111.—Minimum

Business Ad¬

ministration, Michigan State Universitv, East Lansing, Michigan,
(paper), $1.

o

an

1 i

c

International Eco¬

y—Jan Tingergen—

Century Fund, 41

Street,

(cloth), $3.
Distribution

1,

Shaping the World Economy: Sug¬
nomic P

articles—Random

Y.

Clearing

copies, $1.

and

Madison

to
Tax

mosaic

taken from unpublished addresses

N.

Income

Commerce

nue,

Fishing for Fun and to Wash Your
of the

for

House, 307 North Michigan Ave¬

(paper).

Donald

Professor

Park

N. Y.

that

Twenty billion dollars

the

are

annually
at

stated

is needed to equip suffi¬

per year

ductive

man¬

availability of capital and

rapidity

who

skills

our economy.

Brozen

wage rates.

13

more

he

run,

Relations-

Occupational Guide

375

are

automation

that

Let's Consider Public

Relations Society of America, Inc.',

$10

they

Displacement

Washington 25, D. C.
Ail

1950,

about

than

'

How and Where to Find the Facts

AEI

tech¬

same

job displacement, but, he points

out,

hour, then, presumably, only

Inc.—Analysis— million

Carlsen

Herschel

can

rise in

be available for each man, or

than

Airlines,

Hours

edition

ignore its adverse effects. He

tries

'

to be produced. If a

helped by

more

South Spring Street, Los

lower

automation,

to

great

a

of
not

greater

be

depression

the

chines; yet total employment

Transwestern Pipeline Company-

Michigan;

Professor

in
Special Binding—
Embassy, New York, N. Y.

French

approved

Professor,

Professor

and

Brochures

the

Administration, Univer¬

of

and

Lands; The Atom; .Aide
Cooperation — A
Series
of

was

by

of Chairman Paul

Bank

demand

of the United States has said "that
on

would

rates

week

present

study,

of the 1930's.

per

50

study

publication

em¬

longer

jobs than it destroys.

more

half

Co.,

the

While enumerating the

documents

in

crease

chine

&

as

Minimizing

hington,

copy,

man

Graham

ant

more.

Revised

5, D. C., the study, available at $1

&

Timken Roller Bearing Co.—Bul¬

more

were

now.

St., N.W.,

Textron—Memorandum—Coburn

letin—Purcell

do

Director, Food Research Institute,
Stanford University; Milton Fried¬

the

full

that practiced in

wage

list

Pearl Street, Hartford 3, Conn.

of automation,

to

1930's. Alter¬

early

under

per

served, think in terms of

49

the

nology

dum—Spingarn, Heine & Co., 37
5, N. Y.

of

ployment

Wall Street, New York

Incorporated,

able

un¬

Research, 1012

Those

Middlebrook

coming

are

wage

natively, if real wage rates

Street, Philadelphia 2, Pa.

Texas Gulf Sulphur—Memoran¬

present

at

at levels consistent with

,

Public

zen

Strawbridge & Clothier—Analysis
nut

the

men

formerly.

not

were

levels, would be above even

for

52

Wall Street, New York 5, N. Y.

—Butcher &

With

it possible, tc

could

we

new

technological advances of

employment,

of

stitute

that

\

Stewart

welcomed

be

past decade, he believes,

Enterprise In¬

cent

—J. N. Russell & Co., Inc.,

should

the

American

Ohio.

Southern Nitrogen—Memorandum

makes

than

more

our

and E.

feels, therefore, that

the

in

Released

Was

Society

automation

of

\ -v■-

,

Dr. Brozen

the

School

14th

Swingline.

capital.

stock

our

for

Graduate

the

in

growth

rather than feared. If it

Chicago.,

./

the

eco¬

of

fessor

Falls—Review

Oswego

technology,
do

call

to

Southern

Antartic

ical

pro¬

Co., (315 South Business, UniDrive,
Beverly
Hills, v e r sit y of

Calif.

choose

we

College;
Morley, Editor and Author;
Stanley Parry, Professor of Polit¬

is estimated as the amount

and

sharply challenged

were

Kleiner, Bell &

Beverly

because

Petroleum; Merchant

Europe;

—

in

Royal

arc

and

Marine;

Felix

equip 1.3 million workers annually entering the labor force.

Fears that automation may

America

Inc.

been

France

47

Credit, Claremont Men's

—Hemphill, Noyes & Co., 8 Han¬
York

ever

Kemp,

the displacement rate could be minimized by a slower

ment. A $20 billion investment per year

Incorporated—Analysis
New

have

lifetimes. We

our

Harvard

employment cost and in a higher rate of savings and invest¬

rise in

Street,

knowl¬

new

not

mechanization,
automation, cybernation, or what¬

berler,

unemployment today than in the 1930's. The econ¬

more

New York.

over

would

Professor of Economics, Uni¬
versity of Chicago; Gottfried Ha-

jobs machines create when examining the displacement problem

Co., 120 Broadway, New York 5,

Rayonier

activities

Business

Chicago University professor says we should not ignore the number

America—

L.

high-speed

of

man,

Company

of

A.

that

Cracken,
.

Challenged by Study

N. Y.

and

Corporation

aid

increasing the scale of educational

sity

On.t., Canada.
Memorandum

commuters

computers, to develop

posed

Limited, 220 Bay Street, Toronto,

Radio

of

visory Board. The Board is

Corporation

Gas

Natural

time

The Brozen

Loeb, Rhoades & Co., 42

Wall Street, New York 5,

free

tists, with the

N. Y.

J.

N. Y.

reducing traf¬

week. It has helped scien¬

every

for

—

con¬

the

have
New York 5,

Co., 120 Broadway,

&

New York 5,

J.^C.

Memorandum

By

response

congestion, it has added hourjn

edge

countries

100

over

that

to

available in
World Time Chart

Hanover Trust

Analysis—Walston & Co., Inc., 74

&

York

Borg Warner Corp.

with N. Y.

be lost.

i

fic

Williston

R.

aid

lives

saved

would

to the

the

Conti¬

and

S'treet, Los Angeles 14, Calif.
Parke

otherwise

to travel

through

trolling traffic signals in

W. Woolworth Co.—Comments

—J.

has.

Ford

Range,

Bliss

W.

Wayne Manufacturing Company—

Wall Street,

Inspiration

—

133

Also available is

memorandum
Walt

Inc.,

General

on

bulletins

are

nental Can.

Memorandum

—

Craig-Hallum,

Also available

Motor,

Street, New York 5, N. Y.

New York 5, N. Y.

&

Inc.—Anal¬

Heller

—Bache

Gas

possible

gives

ing, Atlanta 1, Ga.

report

it

N. Y.

Broadway, New York 4,- N. Y.

Company, Rhodes-Haverty Build¬
Pacific

make

It

olis

nual

&

moon.

South

—

Motor—Bulletin—Bache

Co., 36 Wall Street, New York 5,

Company, Security Building, West

randum

White

Report—Alessandrini & Co., Inc.,

Bend, Wis.
Oxford

Laboratories—

Scientific

(1939)

11

ible Securities.

Nease

.

.

New

York

East

21,

N.

70th

Y.

,(cloth), $4.
Associations

State

Supported
sities

—

College
2273

and

Funds

of

Univer¬

America.

Sheraton-Atlantic
1

Privately

A director—Independent

Broadway and
T7

of

Colleges

At

34th

Inc.,

Hotel,

Street, New

48

The Commercial and Financial Chronicle

(1940)

.

V Thursday, May 9, 1963

.

May 17, 1963 (Philadelphia, Pa.)

Mills

Golf

from the nation's capital

Association

of... the

Comptroller

Kennedy's

J.

James

^Currency,

has

Saxon,

at the

(week.

There
the

Capital

speculation in

some

was

The

As¬

Bankers

Independent

sociation, representing 6,244
'banks, and the National Associa¬
of

tion

Supervisors

State

of

Banks, took out after Mr. Saxon
the

before

House

Banking

Bankers

ent

Association,

Chairman

E.

S.

b ef ore

testifying

Babington,

'flatly charged that

breaking down the dual

.■(State and National) banking sys¬
tem in this country.

sharply

criticism

to be

Mr.

having

Saxon

off.

than

danger of

no

head

White

The

likely

his

House

will

to

come

The

himself from additional crit¬

icism

when

himself

in

he
the

on

the

"mercy

as

of his office to broaden

in

that

this

the

Saxon, 49,

"far

too

sented

policies

some

because

bank

been

have

charters

it

is
of

guard

in

exist¬

quires

function

the

of

to

Comptroller

banks

interest"

public

facil¬

banking

additional

Banking Legislation Expected

This

sore

at DeGaulle

he

won't

June

Year a

;/•*

.

Meantime,

.

and

Confesses

Error

himself

threw

He

,

the

upon

Committee by acknowledging

that

he had used poor judgment in di¬

recting

national

recently

to

Banks

and

might

bank

examiners

the

to

come

they

that

suggest

aid

Mr.

of

Saxon

by

House

Banking Committee.

writing

letters

the

to

cluded

its

hearings

ing

laws.

its

During

the

weeks

later,

days
had

been

against the plan, while the branch

received

proposal

banking

308

"yes" votes and 1,553 "no" votes.
"Unnecessary Conflict"

said

the

preted

as

office.

calls

Mr.

not have

after

to support his

R.

Horace

St.

of

Hansen

there

it

now

will

Minn., Counsel for the Independ¬
Bankers Association,

of

session

Congress.

The

the

with

drafting

of

the thoughts of many bankers

in

the

country whether they

domiciled

The

Administration's

Kennedy

1

interest

legislative

he should

reform

calls to be

dent submitted to

this

at

is the tax reduction

time

any

whether they
State

with

agree

Patman, who does hot
of

some

and tax

proposals which the Presi¬

policies, commented;
looks

"This

executive

Congress earlier

abuse

an

power," said

of

Chairman

duction program by a
to

Independent Bankers Associa¬

tion

Mr. Saxon, who had his first job
the

comptroller's office at "the

Treasury Department back in the
Deal

of

days

after

1937

got out of law school,

was

he

Assist¬

Scho'oley, Man¬

of the Washington Office of

ager

the

right thing in confessing it."

C. Herschel

1.

re¬

ratio of 2%

recently submitted

break¬

a

down of the vote by states on the
tax

proposal, and also

on

the

pro¬

posals by Mr. Saxon to permit

branching

National

by

IN INVESTMENT

19-21, 1963

(Chicago, 111.)

Conference

and

Kansas

or

connected with

are

between the two

FIELD

.

20-23,

1963

Dealers

Canada

Annual

created
to

each

to

of

an

systems

camps,

so

two systems we are

conflict

systems which

can

only lead

^ -1

.

believe

Congress

National

the

8-11,

May

1963

(White

Sulphur

21,

Board

of

York

1963

Outing

Country Club.

Investment Traders Association of

at

(Philadelphia, Pa.)

Philadelphia annual

(Chicago, 111.)

Financial Analysts Federation an¬
the

at

and

golf

.

changes

in

banking

should be accomplished by
deliberate

whims of

one

careful

action, not by the
impulsive man."

\This column is intended
the "behind the scene"

to

reflect

interpretation

from the nation's Capital and
may not

policy,,

We feel that

National

May 13-15,1963 (Washington,D.C.)

may or

coincide with the "Chronicle's"

views.]

Association

ference

at

43rd

of

Mutual

annual

Sheraton

the

out¬

at

,

the

Club, White-

marsh, Pa.

Palmer
June

Banks

summer

tournament

Whitemarsh Country

House.

National

New

Sleepy

at

June 21, 1963

ing

Savings

City)

(New York

Meeting

Governors

convention

at

Association

Bankers

the Greenbrier.

nual

Association

Meeting

Association, of

Annual

Hollow

Springs, W. Va.)
Investment

22-25, 1963

con¬

Park

(Santa Barbara,

'

,

California
Bankers

Association

Conference

at

Biltmore.

.

Group Investment
the

12th

Santa

Annual
Barbara

;

Hotel.

May 16-17, 1963 (Cincinnati, O.)

Attention

Brokers and Dealers

Municipal Bond Dealers Group oi
Cincinnati

Annual

Field

Day-

Reception and Dinner May
the

should

banking

not the Comptroller.

own

in

between

breakdown of the dual bank¬

ing system.

and

in

that

accommodation be¬

unnecessary

a

the

of

partisan

tween the

the

has

situtation which appears

a

place

an

Comptroller

"the

nesotan,

the Min-

said

the

at

Jasper Park Lodge.

Calif.)
"Unfortunately,"

Association

(Canada)

Investment

Investment

/•

banking systems.

June

June

May 12-15, 1963

set

Oppose Tax Program

The Bankers of this country are

opposed to the President's tax

like

"But I think you did the

Patman.

Bankers

Saxon's

Mr.

are

York, Wiscon¬

National banks.

or

"We

Chairman

New

New

in the year.

made.

at

in

Michigan

sin,

instead

No.

Newtown

Bankers

of

Currency Committee, summed

separate

legislation.'

any

Club,

Supplement July 11, 1963.

Banking

before the House

mony

and

banking legislation passed at the
1963

Golf

CHRONICLE'S Special Pictorial

in testi¬

major

new

any

#

Paul,

write

unlikely

appears

be

Outing at the Arono-

Pick-Congress Hotel.

EVENTS

Mr. Hansen said the Association

said

Saxon

few

next
will

he

might be inter¬

permitted

con¬

testimony will be of great aid in

kick-back,

pressure

the

COMING

<

positively believes in competition
of

at

Club,

Associa¬

Securities

Municipal

report.

As

the order because

countermanded
he

however,

a

con¬

the

on

Committee

connection

Six
there

Banking

House

Currency Committee has

flicts of State and National bank¬

National

contact

the

New

Day

Country

Investment1

up

tee.

of

Field

(Philadelphia, Pa.)

1963

French toast!9'

eat

even

E

ent

his

Banks before the House Commit¬

mink

re¬

ities.

No

14,

tion Annual

him—he's

investments to

safe¬

against competition

the

French

any

national

new

might harm

a

mention

ap¬

"overbanking"

of

areas

Annual

Square, Pa.

Office

National

of

"Don't
so

be¬

vigorous defense of

a

June

public is entitled."
bankers

30th

York City.)

Club

Bond

Philadelphia

the

Whereupon, Mr. Saxon

ledo, Ohio, under questioning pre¬
regulation

which

to

services

<

Rye, N. Y.

banks

country do not extend to

banking

13.

(New

the ; Westchester

He main¬

many

June

7, 1963

York

&

serv¬

not

native of To¬

a

the

public the type and quality of

"where

Mr.

City.)

(New York

Day at Sleepy Hollow

Municipal

attempt to stop the efforts '

an

said

tee.

June

poll of State banking supervisors

ing banks.

Commit¬

1963

Field

nual

a

the

of
case

Banking

House

threw

effect

court;" the court in this
ing

to

7,

Section

described

comptroller

:

Some

helped

Country

CHRONICLE'S Special Pictorial

prehensive
Saxon

Woodland

■

'

Country Club, Scarborough, N. Y.

Complete Competition

Favors

his defense.

Comptroller

Asso¬

Traders

Bond Club of New York 29th An¬

low level.

very

the

at

June

state

described

ices of National banks.

r

growing

the

there appears

save

his

at

who

critics

Securities

•

club.

Saxon

ago,

their relations with his office at a

tained

Despite

chopped

ing
weeks

back

banking

6^, 1963 (Boston, Mass.)

ciation 44th Annual Summer Out¬

Mr.

see

go.

Several

from

pressure

'Comptroller Saxon's office is ab¬

more

to

(pre¬

May 22nd by cocktails and

Boston

Wright Patman, Dem¬

ocrat of Texas and his colleagues,

solutely

Saxon

struck

The President of the Independ¬

like

who might

gress

June

Con¬

of

member

any

at

day

Club

dinner.)

Mr.

pat on the back without ;

a

offending

and

"Currency Committee.
„

Saxon

give

publicly

might

nedy

Bankers

field

annual

Omaha .Country

ceded

President Ken¬

that

a
*

Hotel.

(Omaha, Neb.)

Investment

Association
the

just come through another stormy

Americana

Nebraska

giant steps you have given

office."

your

Bro¬

Customers

Meeting and Dinner

May 23, 1963

growl

should

they

(New York City)
of

Annual

the

at

derstandable

Club, Gulph Mills, Pa.

May 23, 1963

kers

.WASHINGTON, D. C.—President

Phila¬

of

delphia annual outing at the Gulf

behind-the-scenes interpretations
,,

Association

Investment

WASHINGTON AND YOU

Queen

City

Club;

TRADING MARKETS

16 at

Botany Industries

Outing

Indian

May 17 at the Losantiville Coun¬

Security Dealers of Nashville

Mills

Electronics

Official

May 16-17, 1963 (Nashville, Tenn.)

nual

Head

Maxson

try Club.

Films

Waste King

an¬

Spring party—cocktails and

dinner

May

16

at

the

Hillwood

Our

at the Belle Meade

May 17, 1963

at the

York

telephone number is

Country Club.

(Baltimore, Md.)

Baltimore Security Traders
ciation 28th

New

CAnal 6-4592

Country Club; field day, May 17

annual spring

Asso¬

LERNER & COJnc.
Investment Securities

A

outing

Country Club of Maryland.

10 Post Office

Square, Boston 9, Mass.

Telephone

banks

HUbbard

within 25 miles of the main office.

Teletype

2-1990

617

451-3438

ant to the Secretary of the Treas¬
ury
a

of

The

in charge of public affairs for

time during the Administration

President

Harry S. Truman.

questionnaire

State, and

"yes"
cut

After

he

Patman

what

made

called

Chairman

of

Ohio,

speaking

rectly to Mr. Saxon, said: "If
in any way,

erred
you

did

office
vacant

for

your

of

for

it

job.

was

I

practical

time.

di¬
you

because

think

comptroller
all

the

Pharmaceutical

tax

Common

ing proposals.
The

has

the
been

purposes

tax

program.

the
to

was

plan

4,212

6,000
The
total

of business like inertia.

It is un¬

voted

against the

1,616

and

for

the

The lopsided vote against

Comptroller's
514

segments




vote

cut

Some

'some

both

on

plan, and the expanded bank¬

and

Warrants

"confession,"

a

Representative Charles A. Vanik,
Democrat

The poll asked for a

"no"

or

Cove Vitamin &

few private banking

a

institutions.
Defends Saxon

dis¬

was

patched to about 12,700 National,

for

the

was

out

of

5,479

ballots

votes,
a

showed

505
tax

FOREIGN

SECURITIES

20 BROAD STREET

TEL: HANOVER 2-0050

that of the

National

•

Bought—Sold—Quoted

SPECIALISTS

Annual

Report
on

NEW YORK 5, N. Y.

banks

-

•TELETYPE 212-571-1685

HILL, THOMPSON & CO., IN(
70

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

Tel. WH 4-4540

cut,

and

available

request. "

about

received.

votes

for

plan

plan

Carl Marks & Co. Inc.

1,356

Tele. 212 571-1708

Volume

197

Number

6262

THE

.

.

.A Supplement to the Commercial and Financial Chronicle

Thursday, May 9, 1963

SECURITY

TRADERS

OF

NEW

27TH

ANNUAL

YORK, INC.
DINNER:

WALDORF-ASTORIA

-

•

•

APRIL

FIRST
PRESIDENT

VICE-PRESIDENT

1963

SECOND

VICE-PRESIDENT

26,

TREASURER

SECRETARY

Officers




Sidney Jacobs

Lewis H. Serlen

Sidney Jacobs Co.

Josephthal & Co.

Salvatore J.

Rappa

James V.

Mergott, Rappa &
Co., Inc.

Tor pie, &

Joseph H. Billings

Joseph R. Dorsey

John M.

Cowen & Co.

Bache & Co.

Torpie

Saltzman,

Wilbur Krisam
John C. Legg <£

Company

Inc.

—.

John S. Barker
Lee

Higginson
Corporation

Fitzgerald

W. C. Bitfield &

Co.,

*wv-

:

■

■;

James T. Gahan
E. F. Hutton &

Inc.

Edward A. Horn

Thomas A. Larkin

Kuhn, Loeb & Co.

Gocdbody & Co.

Harold I.

Murphy

Gregory & Sons

Company, Inc.

Charles S. Offerman

Elbridge H. Smith

Troster, Singer & Co.

Stryker & Brown

(1)

(2)

Volume

Thursday, May 9, 1963

197

Number 6262

Allen

L. Oliver, Jr., Sanders
& Company (Dallas); Charles A. Bodie, Jr., Stein Bros. & Boyce
(Baltimore); Arnold Wechsler, Ogden, Wechsler & Krumholz Inc.; Thomas A. Larkin, Goodbody &
Co.; John C. Calef, Dominion Securities Corporation

Irving Greene, Greene and Company; Mort Cayne, Ledogar-Horner Company (Cleveland); Joe Dorsey,
Bache & Co.; Jim Gahan, E. F. Hutton & Company, Inc.; Bernard Tompkins,
General

A1 Tisch, Fitzgerald & Company; Bernard J. Conlon, B. J. Conlon & Co., Inc.;
Elbridge Smith, Stryker & Brown; Sidney Jacobs, Sidney Jacobs Co.; John Barker, Lee Higginson
Corporation; Nathan Krumholz, Ogden, Wechsler & Krumholz, Inc.; Leslie Barbier,
G. A. Saxton & Co., Inc.
'




-

Counsel

of

ST ANY

"Duke" Hunter, Wellington Hunter Associates (Jersey
City); Don Robitaille, Dominion Securities
Corporation; Soren D. Nielsen, William R. Hough & Co. (St. Petersburg, Fla.); John De Maye,
Thomson & McKinnon; Scotty Keith, Schneider, Bernet & Hickman, Inc. (Dallas);
Robert Disbro,

Presidents of STANY:

Bonds

A Supplement to the Commercial and Financial Chronicle

...

Disbro

Preferred Stocks

Co.

(Willoughby,

Ohio)

Common Stocks

•

I

Distribution

&

Primary Markets

is

If
Retail

distributing facilities

'

Industrial and Public Utility Companies

|

through 29 offices

Banks and Insurance
...■

.

located in

'

Companies

'

■

!

I

principal financial and business centers.

States, Municipalities and Public Authorities

United States Government and Agencies

Coast to Coast

Complete Trading Facilities

Blyth & Co.. Inc.
New York

•

Boston

Louisville

•

Pasadena

Fresno

San Francisco

Chicago

Philadelphia

•

Detroit

•

Milwaukee

Spokane
•

San Jose

•

Los Angeles

•

Pittsburgh
•

Minneapolis

Sacramento

Palo Alto

•

Oxnard

Seattle

•

Cleveland

•

•

•

•

*

•

Kansas City

Eureka
Tacoma

Portland
Indianapolis

•

•

•

•

Salem

'

Oakland
San Diego
•

Reno

Volume

197

Number 6262

...

A Supplement to the Commercial and

Jack Cusack, Jack

Netburn, New York Hanseatic Corporation; Clarence McSpirit, Green, Ellis & Anderson; Tony
Sansverie, New York Hanseatic Corporation; Frank Harrington, H. D. Knox & Co., Inc. (Boston);
A1 Moore, New York Hanseatic Corporation (Boston); Jerry Mullins, Bache & Co.
Aaron

Duane

John

Ohlandt, New York Hanseatic Corporation; Jack C. Morris, Johnson, Lane, Space Corporation
(Atlanta); William Radetzky, New York Hanseatic Coporation
(Philadelphia); Austin Umstead,
A. E. Masten & Company (Pittsburgh); John F. Thistleton, Newburger, Loeb <fi Co.




Thursday, May 9,

Financial Chronicle

Miller, Frank Garrie and Robert Grane, all of Amott, Baker &
and Stanley Gertler, both of New York Hanseatic Corporation

Hann, Dominick <ft Dominick (Portland, Oreg.); Clint Foulds, Dominick <ft

Charles Agro, National Association of Securities Dealers; Jack
National Association of Securities
Dealers; Robert

Troster, Singer & Co.
74

Trinity Place, New York 6, N. Y.

Private

Wires

to:

Atlanta

Hartford

Chicago

Houston

Cleveland

Indianapolis
Kansas City, Mo.
Los Angeles

Columbus, Ohio
Dallas

Grand

Philadelphia
Pittsburgh
Portland, Ore.
San Antonio
San Francisco

Louisville

Detroit

Rapids

1963

St. Louis

Minneapolis

Washington, D. C.

(3)

Co., Inc.; Hans Ben

Dominick (Seattle) J

Dicker, H. Hentz & Co.; Philip Sardoff,
Weinberger, H. Hentz <ft Co.

(4)

Thursday, May 9, 1963

Volume

197

Number

6262

...

A Supplement to the

Bob

Greene,

Stroud

Fahnestock

Albert

Heaney, Grace National Bank of New York; Kenneth C. Ebbitt, Shelby Cullom
Herbert Nickel, Grace National Bank of New York

Davis

&

Co.;

Company Incorporated
(Philadelphia);
Bill
Doherty,
Sidney A. Siegel, Sidney A. Siegel & Co., Inc.

& Co.;

Robert

UN D ER WRITERS

Investment

&

Commercial and Financial Chronicle

Chaut, M. A. Schapiro & Co., Inc.; Arthur Salomon, Salomon Brothers &
Hutzler; John Brick, Paine, Webber, Jackson <fi Curtis

DISTRIBUTORS

Securities

Shelby Cullom Davis
DEALERS

land

Members New York Stock

BROKERS

CORPORATE
Oldest Specialists
Stocks.

NEW YORK

John S.

Barker, Manager

Salvatore

Irvin Hood, Jr.

Serving

116 JOHN

Harold C. Whitman, III
Wallace Peters

&

Exchange

THE HEART

STOCKS

MUNICIPAL BONDS

(with Predecessor Firm) in Insurance

Dealers

and

Institutions

since

•

Teletype 212 571-1660

OF THE INSURANCE DISTRICT"

BOSTON

Frederick W. Parent, Manager

James D. Browne

Helen M. Huxley

CHICAGO

William J. Dreyer, Manager

Dorothy R. Schirmer

Adams & Peck
Members New York Stock
and American Stock

Exchange

Exchange

Brokers and Dealers in

NEW

Ehr

mmm

KSw

*

■

I AwiP EiJI 1E^l

CORPORATION

YORK

BOSTON

INDUSTRIAL & RAILROAD SECURITIES
CHICAGO

MEMBERS
New York and other

120 BROADWAY

•

NEW YORK 5, N. Y.

Principal Stock Exchanges

Telephone REctor 2-4949
Investment

Service




Since

I84B

Teletype 212 571-0681

Hartford

1927.

STREET, NEW YORK 38, N. Y.

Telephone BEekman 3-0626
"IN

D'Angelo

Co.

Underwriters and Dealers in

INSURANCE

Unlisted Trading Department

&

212 571-0680

East Hampton

Volume

197

Number

6262

...

A Supplement to the Commercial and Financial Chronicle

Thursday, May 9,

Frank

J.

Ronan,

Maurice

New

Hart

York

(5)

1963

Kurt H. Grunebaum,
Corporation

and

Hanseatic

all

of

Underwriters and Distributors

Corporate and Municipal Securities
John

Latshaw, E. F. Hutton & Company, Inc. (Kansas City, Mo.); Bob Hawkey, E. F. Hutton &
Company, Inc.; Edwin Posner, Chairman of the Board, American Stock Exchange; Walter F. Saunders,
Dominion Securities Corporation

Specialists in Rights and "When Issued" Securities
Institutional Research for

Banks and Institutional Investors

C

ppNNELL & Pp.
^
INCORPORATED

Established 1905

Members New York Stock

Exchange—American Stock Exchange

120 Broadway

chicago

New York 5

detroit

san

Uptown:
250

Park

francisco

los

Avenue

denver

newark

angeles

boston

to suit every
nerve

center...
An

integral part of

our

communications system is

this

80-foot message conveyor.

Here, 50 experienced
technicians expedite orders
across

Of

the nation.

equal

or even greater

importance is the network of
which this is the center

Securities of the United States
Government and its

Agencies

51 offices in 47 cities

The

59 partners and 542 account

executives, in daily contact

State, Municipal, Revenue and Housing
Securities

Bonds, Preferred and Common Stocks
of

FIRST BOSTON

Industrial, Public Utility and

Railroad

CORPORATION

Corporations

Bank Stocks

20 Exchange Pl.

•

NEW YORK 5

•

DIgby 4-1515

Casualty, Fire and Life Insurance
Boston

Company Stocks
Bankers'

Deposit

Chicago

Philadelphia

Canadian Securities




individual and

institutional investors.
Such Dean Witter & Co.

distribution facilities do much
to assure the successful sale

of

new

offerings and private

placements.

Dean Witter h. Co.

Development

External Dollar Securities

with

Cleveland

\

Securities of the International Bank for
Reconstruction and

Pittsburgh
San Francisco

Acceptances

Certificates of

...

...

Underwriter

Q)iMrdutor

d/nnedtment
.

Q)euier

S^ecuritied

Members New York Stock Exchange
and

other leading, securities and
commodity exchanges

SAN

FRANCISCO

NEW YORK

•

•

LOS ANGELES

CHICAGO

Ul'
w

(6)

Volume

Thursday, May 9, 1963

197

Number

6262

...

A

Supplement to the Commercial and Financial Chronicle
*

«

John

C.

Calef, Dominion Securities Corporation; John C. Calef, Jr.,
Company of Morris County (Morristown, N. J.)

Edward

C. Gray, Executive Vice-President, New York
Exchange; Thomas A. Larkin, Goodbody & Co.

Trust

John

M.

Fitzgerald,

Merrill

W.

Lynch,

C.

Pitfield

Pierce,

&

Fenner

Co.,

&

Inc.;

Smith

John

M.

Mayer,

Arthur

Weigner,

Brothers; Jules
Machie, Inc.

Lehman

Incorporated

Bean,

George Mulligan, Nesbitt, Thomson and Company Limited (Montreal);
Murray Brown, Gairdner & Company, Ltd. (Toronto)

Stock

Singer,

•

&

Bean

Warren Shore, Harold C. Shore & Co., Inc.; John Dolan,
Franhel & Co. Incorporated; William Bleefeld,
Auchincloss,

Parker

&

Wm

Redpath

Underwriters,
distributors
and dealers

in corporate
and municipal
securities.

ROBERT GARRETT & BONO
established 1840

BALTIMORE

South & Redwood Streets

MUlberry 5-7600

HAnover 2-6140
TELETYPE:

Members: New York Stock
■

N£W YORK

One Chase Manhattan Plaza

301

955-1134

Exchange, American Stock Exchange

(Associate), Philadelphia-Baltimore-Washington Stock Exchange

Coast-to-Coast
•

Underwriters of
Bonds •

Correspondent Network

Corporate Securities • Underwriters of State, Municipal and Revenue

Complete Brokerage Service in Stocks and Bonds • Comprehensive Research
•

Primary Markets in

over

300 Unlisted Securities

Stone &Yovngberg
MEMBERS PACIFIC COAST STOCK EXCHANGE
Members

York

New

Investment Securities •California Municipal

Stock

Exchange

American

•

•Slew

-4-0

Cable

SAN

•

Telephone YUkon
Bell

Teletypes 415 393-9701

•

415 393-8148

FRANCISCO

1-1314
•

415 393-8853 (Bond Dept.)

We

Albuquerque
Chicago
Detroit

El Paso

May & Gannon, Inc., Boston




•

Fairman & Co., Los Angeles

Portland, Ore.
Salt Lake City
Toronto

wires

Asheville

Clearwater

Joplin

Oklahoma City

Potsdam

to

Municipal Teletype: 212-571-1741

•

Address:

.

Bismarck

Columbus

Kansas City

Oxnard

Utica

San Diego

Boston

Philadelphia

Dallas

Fullerton

Los Angele$

Pikesville, Md.

Washington

Reno

Santa Ana

Sante Fe

Westwood

Nashville

Pittsburgh

Rome, N. Y.
-

Des Moines

Harrisburg

Minneapolis

Phoenix

Redlands, Cal.

Charlottesville

Denver

Grand Rapids

Malone

San Francisco

Victoria, Tex.

Burlington

Corpus Christi

Fayetteville, Ark.

Rapid City, S. Dak.

San Antonio

Gregsons

Correspondents in the following cities:

Baltimore

Cleveland

Farmington, N. M.

Indianapolis

New Orleans

„

have direct

Anaheim

Cincinnati

Houston
Direct Wires to

@/.

Telephone WHitehall 3-7600
Trading Teletype: 212-571-1740

BUILDING

Exchange

Bonds

Municipal Financing Consultants

RUSS

Stock

Midwest Stock Exchange

St. Louis

Seattle

Whittier

V.

Volume

197

Number 6262

...

A Supplement to the Commercial and Financial

(7)

Thursday, May 9, 1963

Chronicle

What is

Your

Trading
M—OOf-i

Problem?
John

C.

Conlon,

Reilly, G. H. Walker & Co.; Dick Richards, Keystone Custodian Funds (Boston);
Cordon & Co., Inc.; Harry D. Casper, Sidney Jacobs Co., New York; Roald
The Blue List Publishing Co.; John Fitzgerald,
W. C. Pit field & Co., Inc.

B. J.

Barney

Morton,

Our large andexperienCedTradingDepartmeiitsmay be
ful
•

to you.

help*

Why not let us know your trading requirements ?

primary markets in an extended list of all types
securities.
Through a nation-wide wire system, we provide broad insti¬
tutional and dealer coverage—and cost you less.
We provide facilities for skillful handling of large blocks with¬
out disturbing existing street markets.
We make

of corporate
•

•

Address: Mr. David D.

Lynch, Manager, Dealer Relations Department.

Kidder, Peabody & Co.
'

FOUNDED 1865

Jdembers New "York and American

•20 EXCHANGE
BOSTON

D.

Stock Exchanges

PLACE, NEW YORK 5, N. Y.
CHICAGO

PHILADELPHIA

LOS ANGELES

Dominion Securities Corporation;
Hutton & Company, Inc.; William
Reilly, Commercial & Financial Chronicle

Gage Saunders, Dominion Securities Corporation; Ed Burke,
Faehner, E. F. Hutton & Company, Inc.; Bob Hawkey, E. F.

Don

Korn, Dominion Securities Corporation; F. Vincent

We

consistently

strive to
Frank
John

Harrington, H. D. Knox & Co., Inc. (Boston); Norman Alter, Hill, Thompson & Co., Inc.;
O'Keefe, Hill, Thompson & Co., Inc.; Stan Jackson, Estabrook «fi Co. (Boston); Sam Magid,
Hill, Thompson & Co., Inc.

supply the

investment

community

with the best bids
and offers in

White, Weld & Co.

U. S.

Government,

20 BROAD STREET

NEW YORK 5, N. Y.

preferred stocks and

Members New York Stock Exchange
and other

BOSTON

principal Stock

and Commodity

other types

of

CHICAGO

Exchanges

PHILADELPHIA

institutional

LOS ANGELES
SAN

Complete Investment

FRANCISCO

•

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■

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securities

NEW HAVEN

Banking Facilities

MINNEAPOLIS
HARTFORD

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FOREIGN OFFICES
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•




ZURICH

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CARACAS

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SL=]

WINCHESTER

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BROTHERS
HUTZLER

HONG KONG
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SIXTY WALL STREET

NEW YORK 5 N. Y.
IIAnover 2-8700
Members New York Stock

CLEVELAND

PHILADELPHIA

DALLAS

Kxchange

CHICAGO
PALM BEACH

(8)

Thursday, May 9, 1963

Volume

197

Number

6262

...

A

Supplement to the Commercial and Financial Chronicle

Bank & Insurance Stocks

Over-the-Counter Securities
Specialists in

Christiana Securities Co.
Preferred

Common

Inquiries invited in all Unlisted Issues

Laird, Bis sell & Meeds

Eugene Schmetzer, Stryker <6 Brown; William A. Friedle, Stryker & Brown; David Winthrop,
Winthrop Co.; Jan Brooks, Stryker & Brown; Joseph Wolf, National Quotation Bureau

David

Members New York and American Stock Exchanges

120

BROADWAY, NEW YORK 5, N. Y.

Telephone 212 BArclay 7-3500
WILMINGTON, DEL.

Bell Teletype 212-571-1170

PHILADELPHIA, PA.

SALISBURY, MD.

NEW HAVEN, CONN.

SALEM, N. J.

DALLAS, TEX.

DOVER, DEL.

ZURICH, SWITZERLAND

Bernard

Horn, Greene and Company; Julius Golden, Greene and Company; Joe Graff, Greene and
Company; Terry Franc, Henry, Franc & Co. (St. Louis); Scotty Keith, Schneider, Bernet &
Hickman, Inc.

SPECIALIZING IN

(Dallas)

—

RIGHTS AND "WHEN ISSUED"
SECURITIES

Research for the Serious Buyer

Josephthal&Co.
FOUNDED

1910

members new york stock
and

120
WOrth

other

leading

BROADWAY, NEW YORK 5, N. Y.
Teletype

4-5ooo

direct

telephone

19 CONGRESS ST.,
lafayette

brooklyn, n. y.

exchange

exchanges

hanover, pa.

to

212

571-1004

Ralph MacKinnon, Equitable Securities Corporation; Howard S. Browne, Tweedy, Browne & Reilly;
Cary Cox, R. S. Dickson <ft Co., Inc. (Atlanta); King Waldron, De Haven & Townsend, Crouter &
Bodine; William Farrell, R. S. Dickson & Co., Inc.

boston

BOSTON 9, MASS.
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plainfield, n. j.

If

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PREFERRED
it may
to

avail

GRACE NATIONAL BANK
OF

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to your

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our

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NEW YORK

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OUT-OF-TOWN

Founded

Brokers

25

Clearance Department
HANOVER

BROAD

STREET, NEW YORK 4

Members New York Stock

Exchange

*

American Stock Exchange

SQUARE, NEW YORK 15, N. Y.
ALBANY

Member Federal Deposit Insurance Corporation




1868

and Dealers

.

•

BOSTON

•

CHICAGO

•

SCHENECTADY

GLENS
•

FALLS

•

WORCESTER

NASHVILLE

•

NEWARK

Volume

197

Number 6262

A

...

Supplement to the Commercial and Financial Chronicle

Thursday, May 9,

(9)

1963

Underwriters, Distributors and Dealers

Corporate and Municipal Securities
HIRSCH a CO.
Members

York

New

25 BROAD
Frank

McDonough, Grace National Bank of New York; Daniel J. Gallagher, First Northeast Securities
Co.; James O'Donnell, James J. O'Donnell
Co., Inc.; Charles E. Stoltz, C. E. Stoltz & Co.;
Herbert Nickel, Grace National Bank of New York

Stock

Exchange

and

Telephone: HAnover 2-0600

WASHINGTON

NEWARK

FORT PIERCE

Other Exchanges

STREET, NEW YORK 4, N. Y.

Teletype: 212 571-1763

BALTIMORE

PALM BEACH

MIAMI BEACH

LAKE WORTH

LONDON

AMSTERDAM

BUENOS AIRES
GENEVA

SAO PAULO

(HIRSCH & CO. S.A.)

PARIS (HIRSCH

Direct

New

York,

Lawrence

Hefferon,

Wire Service:

Baltimore, Miami Beach, Palm Beach,

Washington, Newark,
Fort

& CO. S.A.R.L.)

Pierce, Lake Worth

Dolan, J. B. Boucher 6k Co.; M. J. Furst, First Northeast Securities Co., Inc.; John C.
G. H. Walker 6k Co.; Sidney M. Schramm, S. Schramm & Co., Inc.; C. A. Alberts, C. A.
Alberts
6k Co.;
William Galbraith, Galbraith 6k DeLaney, Inc.

FAULKNER, DAWK1NS & SULLIVAN

INVESTMENT

*

Members

New

SECURITIES

York

Stock

American Stock Exchange

L. S. Grumet, Brand, Grumet 6k Seigel, Inc.; Percy J. Wien, M. S. Wien 6k Co., Inc. (Jersey City);
Joseph J. Lann, Joseph J. Lann Securities Inc.; Sol Bloom, United Continental Corp.;' Irving Stein,
Af. S. Wien 6k Co., Inc. (Jersey City); Douglas Alexander, Joseph Lann Securities, Inc.

60

BROAD

Telephone

STREET,

NEW

Exchange

(Associate)

YORK 4,

NEW YORK

HAnover 5-4200

Teletype

212-571-1657

Wertheim & Co.
JXCemhers

iACeu) York Stock <5*change

Active Markets Maintained

One Chase Manhattan Plaza

in

New York

FOREIGN SECURITIES

VandeB Broeck, Lieber & Co.
MEMBERS

New York Stock

Unlisted
'■

Trading Department

12S

Tel.:

'

;-v—

•:

•

•

V

'

/'

Exchange

MAIDEN
HA

••




v

*

!

.

"

:

American Stock Exchange

LANE,

5-7300

°

NEW

YORK

Teletype

.

..r;:

.

•

\

..

V

.

..

System

to

Canada

.

CORRESPONDENTS IN:
LONDON

38

212-571-0525

'

•'

Private Wire
•

,

FRANKFURT

PARIS

AMSTERDAM

SWITZERLAND

BRUSSELS

(10)

Thursday, May 9, 1963

Volume

197

Number

6262

...

A

Supplement to the Commercial and Financial Chronicle

CONVERTIBLE BONDS
REAL ESTATE SECURITIES

INACTIVE INDUSTRIALS

OBSOLETES

Stephen S. Wien, M. S.
Wien & Co., Inc.
(Jersey City); Andrew Hecht, Auerbach, Pollak
Richardson; Martin Drechsler, Brand, Grumet & Seigel, Inc.; George Noke, McDonnell & Co.
C
Incorporated; Terry Hanken, M. S. Wien & Co., Inc. (Jersey City)

&

"

Ogden, Wechsler
39

Krumholz, Inc.

&

BROADWAY

NEW YORK 6, NEW YORK

Telephone

Teletype

HAnover 2-5865

212-571-1175

Dwight Faulkner, Faulkner, Dawkins & Sullivan; H. L. Cone, Guest; J. F. Sullivan,
Faulkner, Dawkins
& Sullivan; Paul Lacey, P. F. Fox &
Co., Inc.; Howard Hunt, Faulkner, Dawkins & Sullivan;
G. A. Minchak,
Guest; J. P. Brennan, Guest

Dealers and Distributors
Active Markets in New Issues

Inquiries Invited
the Purchase

or

on

Sale

of Large Blocks of Stocks

Casper Rogers & Co., Inc.
80 Pine

Ed

Posner, Meade and Company; Mike Cito, R. S. Dickson & Co., Inc.; Joseph Scheidecker,
Myron A.
Lomasney
&
Co.; Howard
Tepper, Doyle, O'Connor & Co., Inc.

Street, New York 5, N. Y.

Telephone: BO 9-6244

Teletype: 212 571-1645

More Than 60 Years

of Efficient and

Economical Service

astraiiirr

WM V. FRANKER & CO.

agent

INCORPORATED

York,j|l.

New

aitd

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We afford economies

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free booklet setting fort^ ike Current Federal
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our

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50 Church Street

-

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15

Exchange Place

NEW YORK 7. N. Y.

JERSEY CITY 2, N. J.

BEekman 3-2170

HEnderson 2-2211




WHitehall 4-3775

w

Volume 197

Number 6262

...

A Supplement to the Commercial and Financial Chronicle

Thursday, May 9, 1963

(11)

World Wide Markets
for your orders on

OVER-THE-COUNTER
More and

traders

more

are

using the world wide facilities of

New York Hanseatic for speedy, accurate executions of their

Over-the-Counter transactions.
Our

coast to

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Edward

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Jacobs,

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'•

coast

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contacts

you

European teletypes and Inter¬

locate the best markets everywhere.

Hanseatic

NEW YORK

CORPORATION

Established 1920

Associate Member American Stock Exchange

Oa llROAD STREEF
Telephone: 363-2000

•

MEW YORK 4, M. Y.

Teletype: 212-571

1231, 32, 33, 34

-

BOSTON ♦ CHICAGO * LOS ANGELES * PHILADELPHIA *

WORLD

J.

Duga,

Merrill Lynch, Pierce, Fenner & Smith Incorporated; Elbridge Smith, Stryker <ft
Jacobs, Sidney Jacobs Co.; Paul Jacoby, Asiel & Co.; Hyman I. Cohen, Guest

SAN FRANCISCO

WIDE WIRE SERVICE

Brown;

Sid

Established 1928
We

have

for

35

years

offered

special

a

service

to

Retail

Organizations, Investment Trusts, and Institutions, furnishing
them

with information supplemented by pertinent analytical

reports

descriptive of—

•

Interesting growth securities»

•

Utility and Industrial securities

•

Oil and Gas stocks

Your

inquiries in these divisions of the Investment

Securities Business
L.

P.

are

respectfully solicited.

Young, Securities & Exchange Commission; Paul Kolton, American Stock Exchange; Elbridge
Smith, Stryker & Brown; Edward Gray, New York Stock Exchange; Alger B. Chapman,
New
York
Stock
Exchange

p. f. fox &
120

CO., inc.

BROADWAY, NEW YORK 5, N. Y.

Telephone REctor 2-7760

Teletypes 212 571-1710 &

1711

Primary Markets Maintained In

unlisted securities
new issues

James Anthony & Co.
INCORPORATED

INQUIRIES

INVITED

ON LARGE BLOCKS OF

STOCKS

Complete Trading Facilities

J. F. Reilly & Co., Inc.
NEW YORK 6, N. Y.

39 BROADWAY

Teletype: 212 571-1805

DIgby 4-4970




Active Markets in Unlisted Securities

37

Wall

Street

BOwling Green 9-4290
ft

-"

•

■
.

r

■

■

-

:

New

York

5, N. Y.

Teletype 212 571-0933

(12)

Herb

Van

Volume

Thursday, May 9, 1963

Blarcum, Equitable Securities Corporation; Irv Hood,
Corporation; A1 Tisch, Fitzgerald & Company

i

Number 6262

197

...

A Supplement

to the Commercial and Financial Chronicle

Lee Higginson
Claude

D.

Seibert,

Commercial

William

Lerner,

Financial

&

Chronicle;

Ray

McAuley,

Halsey,

Stuart

&

Co.

Inc.;

NESBITT, THOMSON AND COMPANY, LIMITED
Head Office 355 St. James

St. W., Montreal

Members: The Investment Dealers' Association of Canada

AND

NESBITT, THOMSON & CO.
Members

Montreal

Stock

Exchange,

Canadian

Stock

Toronto Stopk Exchange

Exchange

Direct private wire service

to New York City, Toronto, Ottawa, Hamilton,
Kitchener, London, Ont., Winnipeg, Calgary, Vancouver and Victoria
Branches

in

other principal

Affiliated

Cities of Canada

with

NESBITT, THOMSON AND COMPANY, INC.
60

BROAD

STREET

•

NEW

YORK

CITY 4

John

Bradicich,
Securities

Teletype 212 571-0286

&

John W. Puis and Charles
Exchange Commission

Ferrall,

all

of

Dealers in

Canadian
Public

Orders

executed

on

all

Government, Municipal,

Utility & Industrial Issues

Canadian stock Exchanges or at net New York prices

Specialists in Canadian Securities
Principal

as

for Brokers, Dealers and Financial Institutions

Grace Canadian
Members: New York

25

Securities, Inc.

Security Dealers Association

Jack

A.

Jossem, Mitchell <fi Company; Connie Sheridan, Mitchell & Company; Steve Jossem, Mitchell
<& Company; Bill McGivney, Hirsch & Co.; John Dobrzynski, Mitchell &
Company

Broadway, New York 4, N. Y.

HAnover 2-0433-45

212-571-1676

TWX

Telex 01-2200

Orders Executed

at

regular commission rates

through and confirmed by

Members:

New

Principal Stock Exchanges of Canada

York, N. Y.

Toronto, Canada

Canadian Securities

CANADIAN

Underwriters and Dealers in Canadian
Government and

STOCKS-BONDS
Orders executed

all Canadian

on

regular commission rates
in New York in

or

Corporate Issues

Inquiries invited from institutional

Exchanges at

investors and dealers

traded

United

States funds.

V

Greenshields & Co Inc

CHARLES KING & CO.
Members:

Toronto Stock Exchange

61 Broadway

64 Wall Street, New York 5

American Stock Exchange

Montreal Stock Exchange

•

Canadian Stock Exchange

V ;

Telephone: WHitehall 3-9525

Teletype: 212 571-1728

'

New York 6, N. Y.

Telephone:

Teletype

WHitehall 4-8980

Canadian

Affiliate: Greenshields Incorporated

•

Business established 1910

212 571 1353

Telex 012-6133
PRIVATE WIRES:




NEW YORK —TORONTO

MONTREAL

TORONTO

WINNIPEG
—

MONTREAL

NEW YORK

VANCOUVER

LONDON

SHERBROOKE

OTTAWA

QUEBEC

LONDON, ONT.

Volume

197

Number

6262

A

...

Supplement to the Commercial and Financial Chronicle

Thursday, May 9, 1963

(13)

Canadian

Securities
We offer

extensive investment service in all

an

Canadian securities including latest quotations
and

prompt execution of orders in American

funds.

Our Canadian affiliate maintains offices

in leading Canadian cities and

a

coast-to-coast

wire service.
Jack

Barker, Lee Higginson Corporation; Earl Hagensieker, Reinholdt & Gardner (St. Louis);- Joe
Hutton, Equitable Securities Corporation (Nashville); John O'Rourke, J. P. O'Rourke & Co. (Chicago)

W. C. PITFIELD &
30

CO., INC.

Broad Street, New York 4, New York

HA 2-9250

TWX: 212-571-0540-1
An affiliate of

W. C. Pitfield & Company Limited
17 offices
wire

across

system

Canada and

covering

all

a

direct private

Canadian

Markets

i «
v

John

V

*

§m
%

Canadian

Johnson, Gregory <ft Sons; Gerald Wilstead, Hallgarten & Co.; Harold Murphy, Gregory & Sons;
Stan Dawson-Smith, Spear, Leeds & Kellogg

Investment Securities

A. E. Ames & Co.
Limited
UNDERWRITERS AND DISTRIBUTORS

A. E. Ames & Co.
Members Toronto and Montreal Stock Exchanges

Affiliated offices in
sixteen cities in

Canada, England and France

A. E. Ames & Co.
Incorporated
Brad

Smith, Jr., Rouse, Brewer, Becker & Bryant (Washington, D. C.); Charles Watt, Breen Creamer
Stanley Corp. (Boston); John Hardy, Folger, Nolan, Fleming <ft Co. Incorporated (Washington, D. C.);
Frederick C. Johnsen, J. F. Reilly & Co., Inc.

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

BUSINESS ESTABLISHED

Over Half

BONDS

STOCKS

a

Century

of Investment
With

over

ments,

50 years

1889

Experience

of experience in Canadian invest-

organization is well prepared to

our

investors interested in Canadian securities.
ices

are

readily available

Our

serve
serv¬

investing institutions,

to

banks and dealers.
Direct private wire connections with affiliated offices

Markets

maintained in all classes of Canadian external
and internal bond issues.

in

fourteen

and
able

stock

Stock orders executed

Exchanges,

the Montreal and Toronto Stock

on

net New York markets

or

quoted

on

principal Canadian cities provide fast

accurate
us

to

service in Canadian

exchanges,

securities, and

en¬

orders

execute

or

promptly

at net

prices in United States

on

Canadian

funds if desired.

request.

Wood, Gundy & Co., Inc.
DIRECT

PRIVATE

WIRES

TO

TORONTO, MONTREAL, OTTAWA, WINNIPEG.

40

Wall

CALGARY, VANCOUVER, VICTORIA AND HALIFAX.
BELL

SYSTEM TELETYPE

571-0880

(Area

Code

Street, New York 5, N. Y.
Telephone DIgby 4-0633

212)
Affiliated

with

Wood, Gundy & Company

Dominion Securities ©rpokatioh
Associate

BOSTON

LONDON, ENG.

40

Member

EXCHANGE

PARIS, FRANCE
OTTAWA

EDMONTON




Stock

Exchange

PLACE, NEW YORK 5

Canadian

Affiliate
and

—-

Member

Canadian

Stock

Toronto,

Toronto

Exchanges '

Exchange
Stock

of
Montreal

Exchange

Stock

Exchange

•

and

TORONTO
MONTREAL

Wood, Gundy & Company

VANCOUVER
Montreal

Stock

Canadian

WINNIPEG

Telephone WHitehall 4-8161

-

CALGARY

American

Members

The

Limited

—

VICTORIA
HALIFAX

Head

Office

—

36 King St., West, Toronto 1, Canada

Branches in the principal cities of Canada and in
London, England

'J

\
■
'

Volume

Thursday, May 9, 1963

(14)

Butler, Wick & Company

197

Number 6262

...

A Supplement to the

Commercial and Financial Chronicle

.

(Established 1926)

New

York

Stock

American

Exchange
Midwest

Stock

I

tfe.m

MEMBERS

Stock Exchange

(Associate)

S

Exchange

Ajax Magnethermic

Mahoning National Bank

Automatic

%

Ohio Leather

Sprinkler

American Cement

Ohio Water Service

Atlantic

Sawhill Tubular Products

Register

Albee Homes

Union National Bank

CFM Co.

Valley Mould & Iron

Commercial Shearing & Stamping

Youngstown Fdry. & Machine """

Dollar

Youngstown Research & Development

Savings & Trust Co.

Bldg., Youngstown 1, Ohio

National Bank

Union

BELL TELETYPE—744 4351

TELEPHONE—RI 4-4351
BRANCH

OFFICES:

Alliance,

T

Salem, Warren, Ohio;

Franklin, Sharon, Pa.

Edward J. Kelly,

Co.;

A

Carl M. Loeb, Rhoades A Co.; Edward A. Horn, Kuhn,
William Burke, Jr., May A Gannon, Inc. (Boston)

Loeb A

GOLD, WEISSMAN & FRANKEL, INC.
BROKERAGE SERVICE FOR
BROKERS

BANKS

—

—

DEALERS

IN ALL

UNLISTED SECURITIES

NEW YORK

BROADWAY

51

4, N. Y.
571-1104

TELETYPE 212

WHITEHALL 4-1800

^yyyyyyyyyyyyyyyy^^yyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy/yy/yyyyyyyyy/yyyy/y/y/yyyyyyyyyy/y/yyyyyyw/^//^

Listed & Unlisted

Securities

-•—

Heaney & Co.

Michael J.

DEIAyrARE

Members American Stock Exchange

120 BROADWAY

Fund

NEW YORK 5, N. Y.

•

Telephone WOrth 4-4176

Investing in diversified securities
selected for their INCOME and

A.

Kugelman,
Bank

APPRECIATION possibilities

of

Commercial Bank of North America; Mac Warhaftig, Commercial
America; B. Roth, Commercial Bank of North America

North

PROSPECTUS ON REQUEST
•

....

•

••••»•••••

•

•

•

•

•

•

•

•

r

JOHN J. MEYERS & CO.

Delaware
INCOME

FUND

Brokers and Dealers
Investing for
CURRENT INCOME

as
as

Keystone

high

CUSTODIAN

possible,

commensurate with

the risk

INDUSTRIAL, PUBLIC UTILITY

FUNDS

Covering all classes of securities, each Fund with

involved

a

PROSPECTUS ON REQUEST

specific investment

Income

AND RAILROAD SECURITIES

or

INTERNATIONAL
30 Broad

Street, New York 4, New York
.

.

.

Direct private
First Alabama

H. Crawford & Co.,

William

R.

Free World
economy.

Management
Prospectus from

Co. Inc

The

Columbia, South Carolina
3 Penn Center Plaza

Hough, St.

Petersburg,

fully managed Mutual Investment Company

seeking possible long-term Capital Growth in the

de [aware

wires to:

Securities, Montgomery, Alabama

Nolting, Nichol & O'Donnell, Pensacola, Florida
G.

A

Teletype 212 571-0439

For Reserves,

FUND, LTD.

Nationally distributed through
investment dealers by

212 WH 3-2850

purpose.

possible Growth.

50

Florida

your

local investment dealer

or

Keystone Company of Boston

Congress Street

•

Boston 9, Massachusetts

Philadelphia 2, Pa.

V_

^




;

J

Volume

197

Number 6262

...

A Supplement to the Commercial and Financial Chronicle

(15)

Thursday, May 9, 1963

the following:

We maintain firm markets in

American

Greetings Corporation "A"
Co.

Aztec Oil & Gas

Cascade Natural Gas Corp.

Dictaphone Corporation
Empire State Oil Co.

Equity Oil Co.

ERNST
Members New
and

York

other

120
Sal

Rappa, Mergott, Rappa & Co., Inc.; Jack Barker, Lee Higginson Corporation; Sid Jacobs,
Jacobs
Co.; Alonzo Lee, Sterne, Agee & Leach (Birmingham)

Sidney

Stock

CO.

&

American Stock Exchange

Exchange

leading Security and Commodity Exchanges

Broadway, New York 5, N. Y.

231

So. LaSalle

Private

Wires

St., Chicago 4, 111.

Los

to

Angeles

Chicago

and

Stock Exchange

Members New York

PUTNAM & CO.
6 CENTRAL ROW

TEL. 525-1421 Y '

HARTFORD
1000

NEW

FARMINGTON

BRITAIN

MERIDEN
Robert

Singer, Bean & Mackie, Inc.; Jeffrey Winnick, Singer, Bean & Mackie, Inc.; Nathan
Singer, Bean & Mackie, Inc.; Richard Bird, Jones, Kreeger & Co. (Washington, D. C.)

Pilla,

Shapiro,

AVE.

•

MIDDLETOWN
TORRINGTON

From New
AT&T

WEST

HARTFORD

NEW

MANCHESTER

236-5671

•

WATERBURY

LONDON

WILLIMANTIC

York, call CAnal 6-1255

Teletype 203-278-0770

PRIMARY MARKETS IN

CONNECTICUT STOCKS & BONDS
Underwriters and Distributors of

Corporate and Municipal Securities
We invite your

Peter

Stapleton,

Mitchell, Hutchins & Co., Inc.; Kevin Tarpey, Singer, Bean & Machie, Inc.;
Covello, Hirsch & Co.; Peter Graseck, E. F. Hutton & Company, Inc.

inquiries.

Daniel

We've

got to get an ad

in the papers

fast

^mimiiimmmimiiMummimiiiiimiimmmMtmmimimmimiEimimimimimmiimiiiimiimmiiiiiiiiimiiiiig
What'll

1930

we

do?

BLOCKS OF

OVER-THE-COUNTER
SECURITIES
Our

long experience in making primary
plus a wire system to leading finan¬
cial centers are at your disposal to facilitate
sales
or
purchase of blocks of over-themarkets

The number is

COrtlandt 7-5060

counter securities.

&TeeaeaXovRpoxui
Members New York Security Dealers Association

E

212

571-1636

E

E

Telephone

Teletype

E

E

|

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

=

°

HAnover 24850

Private Wires

Direct

to

Telex
01-2455

E
E

Beach, Fla.

E

Principal Cities

E

Branch Office: Miami

'

'

private telephone:Philadelphia—WAlnut 2-1514

ALBERT FRANK-

E

,WAINC.
LEUG
Advertising

131 Cedar Street, New York 6, N. Y.

EimimimimmmMmmMmimiiiimiNmmimiiimimiiirmmmiimiM!mmiimmimimmimmiiiimmmiiiiiiirc




Midtown

•
•

Public Relations
COrtlandt 7-5060

Office: <W East 53rd Street. New York 22, N. Y.

NEW YORK

BOSTON

Philadelphia

sai^francisco
los angeles

Harry

Volume

Thursday, May 9, 1963

(16)

Number 6262

197

...

A Supplement to the Commercial and

Financial Chronicle.

Orloff, Troster, Singer & Co.; Charles Offerman, Troster, Singer & Co.;
Larson, Richards, Merrill & Peterson, Inc. (Spokane, Wash.)

Richard

Bill

1

Sargent, Kidder, Peabody & Co.; Mark Stuart, Jr., Kidder, Peabody & Co.; Richard
Kidder, Peabody & Co.; William McLaren, McDonald & Company (Cleveland)

Wigton,

Over three-quarters of a
century of experience in

m

underwriting corporate

W. E. HUTTON & CO.

and municipal securities

Members New York Stock Exchange

|

and other

with distribution through

leading exchanges
CINCINNATI

NEW YORK

the extensive

Boston

organiza¬

Philadelphia

•

Baltimore

•

Dayton • Columbus • Mansfield • Lexington
Easton • Hartford • Portland • Lewiston

tion of

our own numerous

Bangor

Biddeford

•

Washington

offices and those of

our

•

Burlington

Hackensack

•

Wayne

•

W. E. HUTTON INTERNATIONAL INC.

London, England
Monte

correspondents.

Milton Pauley, Troster, Singer & Co.; Bud Simons, Murray Simons & Co.; Larry Black, Black
Inc. (Portland, Oreg.); Gene Burns, Fusz-Scnmelxle & Co., Inc. (St. Louis)

<£ Co.,

Rome, Italy

•

Carlo, Monaco

'v&x*x:v:*x:*x:xvxv>:^^^^
IiVIVXVIWWAV.WXVXWXWVIVXNN'^XA'XVAVXW/X.W

JIRST ofMichigajt Corporation
Underwriters and Distributors

MUNICIPAL

STATE,

E.

P.

Brown, Boettcher and
Troster, Singer &

Company; Ernest Lienhard, Troster, Singer & Co.; Herbert
(Philadelphia); Samuel DeSocio, L. H. Ingraham <ft Co.

Beattie,

Co.

and
SECURITIES

CORPORATE

Members:
New York Stock

Midwest Stock

American Stock Exchange (Associate)

Exchange

Detroit Stock Exchange

Exchange

NEW YORK

CHICAGO

DETROIT

Columbus

*

Battle Creek * Bay City * Flint * Grand Rapids

Grosse Pointe

*

Lansing

Muskegon

•

*■

Birmingham

Trading in Foreign Securities?
GERMAN

-

HITCH

ENGLISH—you

-

With direct cable connections

to

name

Edward

Zinna, Smith,

Barney

&

Co.;
Bob

it

Bernard

Clancy, Bache & Co.; Joseph
King, Charles King & Co.

Dorsey,

Bache

&

Co.;

offices in-

London

Berlin

Frankfurt

PRIVATE WIRES TO

Paris

Rome

Beirut

Madrid

Montreal

San Juan

Toronto

Brussels

Wiesbaden

Geneva

Amsterdam

Panama

City

Cannes

Hong Kong

Glore, Forgan & Co.

Chicago
Gunn, Carey & Roulston, Inc.
Cleveland

Schneider, Bernet & Hickman, Inc.
feel

particularly well-qualified to provide
help and information when it comes to buying
br selling foreign securities.

we

For

a

direct

call

to

our

foreign

securities

trading desk, just dial—WHitehall 4-4732.

MERRILL LYNCH,

Dallas

G. A.Saxton

Bosworth, Sullivan & Company, Inc.

70 PINE STREET, NEW YORK 5, N. Y.




Co., Inc.

Teletype 212 571-0232

Denver

Underwood, Neuhaus & Co.
Houston

Crowell, Weedon & Co.
Los Angeles
Hess, Grant & Remington, Inc.
Philadelphia

52 Wall St., New York 5, N. Y.
WHitehall 4-4970

Reinholdt & Gardner
St. Louis

PIERCE, FENNER S SMITH ||\|C

&

Stewart, Eubanks, Meyerson & Co.
San Francisco

Trading Markets in
Public Utility,

Natural Gas and Industrial Securities

Volume

197

Number

6262

...

A Supplement to the Commercial and Financial Chronicle

(17)

Thursday, May 9, 1963

SIDNEY JACOBS CO.

EXCHANGE PLACE

40

BOwling Green 9-8940
Max

Philipson,

Max Philipson & Co., Inc. (tjtica, N. Y.); Irving
George Leone, Leone & Pollack; Harry Peiser, Ira

Issac, Wood,
Haupt & Co.

Harmon

&

Co.;

|

New York 5, N. Y.

v

Teletype 212 571-0019

Brand, Grumet & Seigel, Inc.
Members:

Sal

D'Angelo, Lee Higginson Corporation; Mike Heaney, Michael J.
Newburger & Co. (Philadelphia); George Angelos, Chas. W. Scranton

Heaney & Co.; Joe
& Co. (New Haven,

Smith,
Conn.)

NEW

YORK

STOCK

EXCHANGE

Members:

AMERICAN

STOCK

EXCHANGE

49 WEST 33rd STREET,

67 BROAD STREET,

NEW YORK 1, N. Y.

NEW YORK, NEW YORK

Established 1927

'

c

L
FOUNDED

1885

BROKERS
in

listed, unlisted securities

and commodities in the
Dr.

Jerome

Jacobs, Guest;

Hyman I. Cohen, Guest; Sidney Jacobs, Sidney Jacobs
Irving S. Freeman, Guest

Co.;

United States and Canada

THOMSON k MSKINNON
2

Broadway, New York 4

43

,

TORONTO

INDIANAPOLIS

CHICAGO

of/ices in the United States and Canada
MEMBERS NEW YORK STOCK EXCHANGE AND OTHER PRINCIPAL
SECURITY AND COMMODITY EXCHANGES

Joe

Markman, Newburger & Co. (Philadelphia); Thomas Driscoll, Brown Brothers Harriman
(Chicago); Nathan Krumholz, Ogden, Wechsler & Krumholz, Inc.; Roy Krumholz,
Burnham and Company
'

&

Co.

Underwriters—Distributors—Dealers
Municipal and Corporate Bonds
Unlisted

CREATIVE

Trading markets maintained for Banks - Brokers - Dealers

and

Inquiries Invited

Canadian

on

Large Blocks of Stock or Bonds

RESEARCH

GOODBODY & CO.
ESTABLISHED
Members New York Stock

Members New York Stock Exchange
Members American Stock

I

66 BEAVER ST.

Telephone: WHitehall 3-5800




1891

Enehenge end other principal Stock ind Commodity Exchenges

2 BROADWAY, NEW YORK
investing

D. H. BLAIR & COMPANY

Securities

4, WHitehall3-4141

60 EAST 42ND STREET, NEW YORK

N. Y. Cable Address: Accurate

17, MUrray Hill 2-635Q

N. Y. TELETYPE: Wirt Room ill 571-1212 Trading Dept. W 571-1215

Branches in

Exchange (Assoc.)

NEW YORK 4, N. Y.

Teletype: 212 571-0457

Athens, Ga.
Atlanta, Ga.
Birmingham, Mich.
Boston, Mass.
Bradenton. Fla.

Chicago, III. (2)
Clearwater, Fla.
Cleveland, Ohio
Cocoa, Fla.

Fort Lauderdale, Fla.(2)
Fort Worth, Texas
Houston, Texas
'
Jacksonville, Fla.

Coral Gables, Fla.

Jamestown, N. Y.

Bradford, Pa.
Buffalo, N.Y.
Charlotte, N. C.

Dallas, Texas (2)

Jersey City. N. J.

Detroit, Mich.
Flint, Mich.

Louisville, Ky.
Memphis, Tenn.

.

Milwaukee, Wis.
Pompano Beach, Fla.
New London, Conn.
Rochester, N. Y.
Niagara Falls, N. Y." Royal Oak, Mich.
Orlando, Fla.
St. Petersburg, Fla.(2)
Palm Beach, Fla.
Sarasota, Fla.
Passaic, N.J.
Tampa, Fla.
Paterson, N. J.
' Wilkes-Barre, Pa.
Pittsfield, Mass.
Winter Park, Fla.

(18)

Volume

Thursday, May 9, 1963

UNUSTED SECURITIES

...

A

Supplement to the Commercial and Financial Chronicle

PHILIPPINE SECURITIES

BANKS. BROKERS* DEALERS

Number 6262

SPECIALISTS IN

FOR

197

& NEW ISSUES

.

S.WIEN & CO. INC
EXCHANGE PLACE

1

JERSEY CITY 2,

N. J.

Established 1919

Members New York

Security Dealers Association
Morton

TRADING

DEPT.: N.Y. BA 7-4300-12

Weiss,

Singer, Bean & Mackie, Inc.; Edward Jeske, Gruntal & Co.; Lawrence Eisele,
Sacken
&
Co.; Leo J. Larkin,' Carl M. Loeb, Rhoades & Co.

F. H.

J.C. HE 5-9400-02

CASHIER'S DEPT.: N.Y. BA 7-6740-44

J.C. HE 5-0420-1

Teletype: 201 432-6627; 201 432-6628

COMPLETE TRADING FACILITIES
IN UNLISTED SECURITIES
Clive

BROKERS AND DEALERS

Fazioli, White, Weld & Co. (Boston); Soren D. Nielsen, William R. Hough & Co. (St. Petersburg,
Fla.) ; Allen Oliver, Sanders ,& Company (Dallas); A1 Tisch, Fitzgerald & Company

Specialists in Rights
-Call

—

Les Frenkel
Frank San

Filippo

Nat Abell

Tom Callahan

Bill

McKeever, Jr.

GERSTEN & FRENKEL
Member N.
". '

150

"•••■

.

/ •

...

Y. Security Dealers Association
■' i

.

Broadway

New York 38, N. Y.

Telephone: DIghy 9-1550

Teletype: 212*571-1508

Mike

Levine, Commercial Bank of North America; Charles Scheuermann, Commercial Bank of North
America; Louis E. Goldstein, Commercial Bank of North America; Nat Gordon, Troster, Singer & Co.

,

S.WEINBERG,
GROSSMAN
& CO.

INC.

Members
N.

Y. Security Dealers Ass'n

Render
all

in

a

brokerage service

Unlisted Securities

for Banks and Dealers
40

DOYLE, O'CONNOR & CO., INC.

Exchange Place, New York 5
Phone:

WHitehall

3-7830

Teletype No. 212 571-0219

CHJCA0O 3

NEW

135 S. LaSalfe Street
DE 2-6161

Michael J.

Co.;

CORPORATE

BONDS

Heaney, Michael J. Heaney &
William J. Burke, Jr., May &
Gannon, Inc. (Boston)

Contact




um

LOTS

—

for bide

ROUND

on

LOTS

$1,000 to $100,000

CiTY

*

LOS

PHILADELPHIA

YORK

5

Exchange Place
HA 5-5780

DIRECT
KANSAS

ODD

20

PRIVATE WIRES

ANGELES
♦

ST.

*

LOO*S

MINNEAPOLIS
«

SAN

*

OMAHA

FRANCISCO

Volume

197

Number

6262

...

A Supplement to the Commercial and Financial Chronicle

Thursday, May 9, 1963

SPECIAL

(19)

SITUATIONS

Hettleman & Co.
ONE WALL STREET
Sidney

A.

Angeles>;

Siegel, Sidney
Jim McMillen,

A. Siegel & Co., Inc.; Woody Linde, R. J. Henderson & Co., Inc. (Los
Sidney A. Siegel & Co., Inc.; Don Hennrich, Wm. M. Rosenbaum & Co.

NEW YORK S, N. Y.

Telephone: WHitehall 3-5770

JAPANESE SECURITIES

The DAIWA Securities
NEW YORK
Joe

Galaska,

Merrill Lynch, Pierce, Fenner & Smith Incorporated; Mel Lavitt, C. E. Unterberg,
Towbin Co.; Graham Aitken, Royal Bank of Canada (Toronto); D. Gage Saunders,
Dominion Securities Corporation

OFFICE:

HOME

149 BROADWAY
NEW YORK 6,

Co., Ltd.

OFFICE:

8-2 CHOME

OTEMACHI

N.Y.

TELEPHONE: BEEKMAN 3-3622
CABLE ADDRESS: FUBILLS, N. Y.

CHIYODA-KU, TOKYO, JAPAN
CABLE

ADDRESS:

FUBILL, TOKYO

JAPAN
UW.
Herb

Singer,

Singer,

Bean

&

Mackie,

Inc.;

Edward

J.

Opper,

J.

B.

Maguire

&

Co., Inc.

(Boston)

Land of

^ Opportunity

True. The land of Mt.

Fuji, the geisha and Kabuki is
opportunity today. And
you needn't know how to speak Japanese to take ad¬
vantage of an economy that continues to grow ... and
of industries flourishing substantially.
indeed the land of investment

This is where

in. Complete information on
particular company or special
studies tailored to your needs is yours for the asking
in a language
you will understand... Call or write.
The pleasure is all...
a

we

come

specific security,

a

Nomura Securities

Co., Lid.

Japan*8 Leading Investment and Brokerage Firm
61
Hank

Tiffany, A1 Milloy, Howard Cox and




ILL,

P. K. Smith, all of First Boston Corporation

THOMPSON

Underwriters and Distributors.

Broadway, New York 6, N. Y.

Telephone: BOwling Green 9-2895

—

&

CO.,

Buyers of Blocks of Stock

Inc

.

(20)

Chris

Keller,

Bioren

&

Co.

(Philadelphia);
Bioren

A1

Hutchinson,

Volume

Thursday, May 9, 1963

Kidder,

Peabody

&

Co.

Michael

&

Frank
Co.

Fitzpatrick, Gregory
(Philadelphia)

&

(Philadelphia); Gayle Williams,
Growney, Gregory & Sons

Sons;

Kidder,

John

197

Wallingford,

Peabody

&

Co.;

Number 6262

...

A

Supplement to the Commercial and Financial Chronicle

Joseph Billings, Cowen & Co.; Edward Horn, Kuhn, Loeb & Co.; Jerry Wilstead, Hall gar ten & Co.;
John J. Meyers, John J. Meyers & Co.

James

Rau,

Tom

Houston

and

Joseph

Sinchak, all of

Watling,

Lerchen

%

Singer,
Bean

&

Mackie,
Inc
Members New York




Direct Wires to
Burton J. Vincent & Co.

■

NEW YORK

•

PHILADELPHIA

Security Dealers Association

Chicago
Saunders, Stiver & Co.

...

Cleveland
Evans MacCormack & Co.
Los Angeles

Birr, Wilson & Co., Inc.
San Francisco

Stifel, Nicolaus & Company, Incorporated
St. Louis

Jones, Kreeger & Co,

Washington

&

Co.