The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The COMMERCIAL and
Reg. U. S. Pat. Off.
Volume
Number
196
AND
LEADING
THE
MOST
PUBLICATION
INFORMATIVE
6208
New York 7, N. Y.,
of the
is too
aphorisms which has come out of General
to
appeal
so
passionately made,
one
meant
that
was
public policy is
There
im¬
too
than (the
is
they have been and
have
an
about future
which
is
on
upside potential.
he
prefers to bonds and most industrial stocks.
doubtful
of
further
lows
and
made to
this, that,
tion. But,
of
people
what
appeals
In
their
manage
own
affairs is in
very
forming
opinion
an
first
large
examine
tory. If
the
judgment they exercise in follow¬
ing those leaders.
Study
they
to be fruitful, begin with
are
ing of how things
The
arena.
are now
and in
certain
a
sense
he is
deciding them.
though that his decisions, by and large,
believes
he
after
careful
study
and
please most of the people most of the time. In his
paigning he
may appear
appearances are
is
to have
a
mind of his
U. S. Government,
index
to
of
46%
its
In
at
but
their
1929 levels through
its
The
in
reasons
economic
for
this delayed
conditions point
SECURITIES
NOW IN REGISTRATION—Underwriters, dealers
afforded
a
undertakings in
Municipal
Securities
with
in¬
their
new
1931, and actually lost
Detroit
I
vividly
Edison
remember
annual
spite of the loss -of customers in
per
report
1932, con¬
customer, which is most
continued
year
increase
to
an
as a
at
increase in
important
a
strong
domestic
whole. However, the
consumption
declined in
that
this factor in 1933.
on
For the
KWHs
of
per
1^33. Conditions had become
practically
no
new
appliances
only time
customer
so severe
were
sold,
budgets often did not permit the repair of appli¬
ances
that
went
and investors in corporate
of
(Continued
on page
30)
Municipal
34.
"Securities in Registration" Section, starting on page
out
State,
and poten¬
and Public
Housing,
State and
in
1933.
and
the
in
record,
on
1931 they
complete picture of issues now registered with the SEC
our
live
postpone their weddings, but they can't wait
its effect
of the chief
one
1932
KWH sales for the
reaction to changes
up
family
length and severity of the depression finally had
1929
started to decline and fell rapidly in 1932 and 1933.
an
home to
enough rate to result in
utility
low,
1931. Late in
went
earningswise,
production
1932
Dow
sumption
most
depres¬
from
securities
tial
was
earnings held at approximately
(Continued on page 26)
are
may
Although
history.
and
up
grew
forever."
of the
one
protracted
our
FRB
high
Frederick W. Page
of
double
gain
to
depression
making the philosophical statement, "Young lovers
greatly
our economy
and
declined
not always in accord with reality. He
original advocate of all those things
Public
the
cam¬
past master at making voters believe that he is
1932,
bottom
sions in
will
own,
Alex
severe
those which
are
major
In
the
The fact is
observation
in
a
continued
the
as
to
their lines
to
with
cus¬
result, the industry failed to add
a
customers
an¬
industry
started
newlyweds
As
turned
per
delayed. Even the reduced number
was
customers
ever
more
until November 1932.
but
customers,
find that the elec¬
after
and
increased consumption
electric
the
utility industry has faced
than
er
professional vote getter.
a
of
dustry,
obstacle
the higher rate
and
increase in the number of customers.
families
worse,
improved public image,
be deciding important public issues,
1930,
laws.
we
measured by the
as
electricity continued to rise until
were
an
formation
cov¬
other, and has emerged strong¬
realistic understand¬
done in the so-called political
typical politician is
He may appear to
a
They
domestic
the period that I have been
one
these must, if
as
In
closely in contact with the in¬
tric
discussion of such matters
or
which roughly
of
the previous year
down.
industry's background and his¬
ers
strong
tic sales long after the general economy had
utility stocks, it is well to
years,
industry—a
Two factors accounted for the growth in domes¬
to the present position
as
look back 30
we
degree controlled by the wisdom with which they choose
their leaders and the
of 1930,
optimistic about the long
price for growth equities including electric companies.
and outlook for electric
the skill and the wisdom with which
course,
use
February
tomer and
other element in the popula¬
or some
Although the economy
industrial
over
He
be
may
electric
the
of
profitable domestic load continued to show gains
earnings and appreciation of utilities stock
run
matter
Copy
a
FRB index started to decline in November of 1929,
relative basis they appear to
a
Comparative analysis shows utilities merit top growth label.
largely governed by the people themselves,
no
characteristics
Mr. Page explains why he is bull¬
in the end be
fact,
Cents
growth that is relatively unaffected by mild reces¬
strong ground. The destiny of the people as a whole will
of
50
Industry Stocks
nothing irrational in today's utilities being higher
than
ish
people themselves—he is, of course, on very
matter
1839
Price
sions.
must
portant to be left to the politicians—or to any one other
the
ESTABLISHED
.
Corp., Neiv York City
into the matter of definitions of terms. If what
General
a
.
By Frederick "W. Page,* Vice-President of Tri-Continental
appeal to business
"get into politics." To weigh the propriety and
first go
as
.
Electric Utility
campaigning is to the effect that politics
the wisdom of the
the
FIELD
important to be left to the politicians. The General
made this remark in the course of an
men
FINANCIAL
Growth Characteristics of
As We See It
One
THE
Thursday, November 1, 1962
EDITORIAL
Eisenhower's
IN
Housing
MULLANEY.WELLS & COMPANY
Distributors
Chemical
*
Lester, Ryons & Co.
623
YCA/D
Underwriters
Hope Street, Los Angeles
So.
17,
California
Dealers
Members New York Stock Exchange-
„
Stock/Exchange
Associate Member American
Agency
Bonds and
Notes
Members Pacific Coast Exchange
Municipal Bond Division
Corporate & Municipal
\ewYork
del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
Offices
Securities
CHEMICAL BANK NEW YORK TRUST COMPANY
HOM) DEPARTMENT
MEMBERS
P. O. Box 710, New York 8,
phones:
770-2541
•
N. Y.
MIDWEST STOCK
EXCHANGE^f^
Inquiries Invited
Mi.
w
Corona
Claremont,
Santa Mdnica,
770-2661
TWX: 212-571-1414
in
on
Southern
MANHATTAN
California Securities
135 So. LaSalle Street
New York
Correspondent
THE
Whittier
—
Pershing & Co.
Chicago 3, III. FRanklin 2-1166
BANK
Net Active Markets Maintained
To Dealers,
p|
UNDERWRITER
DISTRIBUTOR,
il
DEALER
T. L. Watson & Co.
ESTABLISHED
Block Inquiries
Commission
New York Stock Exchange
goatfuoe&t
American
Stock
25 BROAD
Exchange
STREET
company
NEW YORK 4, N. Y.
•
BRIDGEPORT
PERTH
AMBOY
Orders
Invited
Executed
On All
Canadian Exchanges
DIVERSIFIED
CANADIAN DEPARTMENT
Teletype
are
will
be
NEW YORK
'■* "
distributed
Shell of
of
a
on
November
1
to
Shell Oil Co., of record
8, 1962, on the basis of one
Canada for each five Shell Oil.
Automobile
Assembly
212-571-1213
MKECT VIRES TO MONTREAL AND
2 BROADWAY
maintaining
shareholders
TORONTO
Dominion Securities
Corporation
Goodbody a Co.
NEW
CALIFORNIA
market in this
stock either at net New York prices or
at prices in Canadian funds. The st^ck
We
October
MEMBERS
DALLAS
m o
Shell Oil Co. of Canada, Limited
Class A Common Shares
1832
Members
first
Banks and Brokers
Canadian Securities
YORK
STOCK
EXCHANGE
40
Exchange Place, New York 5, N. Y.
1 NORTH LA SALLE ST.
Teletype 571-0880
CHICAGO
Area Code 212
„
MUNICIPAL BOND
DEPARTMENT
BANK OF AMERICA
WHitehall 4-8161
N.T. & S.A.
SAN
FRAtiClSCO
»
LOS ANGELES
The Commercial and Financial Chronicle
2
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The Security
World Wide Markets
for your
orders
on
continuous forum in
which, each week, a different group of experts
in the investment and
advisory field from all sections of the country
and
world
wide
facilities of
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York
Hanseatic for speedy, accu¬
rate
executions
help
contacts
tional
Interna¬
and
teletypes
European
been
Inc.
stated
eter,
or
current
period
is
Hanseatic
to
appears
CORPORATION
normal
Established 1920
\
~
Member
related
363-2000
Teletype: 212-571 — 1231, 32, 33, 34
Telephone:
Boston
Chicago
•
Philadelphia
„
•>
Wide
World
•Los Angeles
Sap Francisco
Service
Wire
with
will
sales
from
rose
income
not
is
orders
offer
an
for
any
or
candidate
York 6, N. Y.
the
solicitation for
shares
are^sellirig.at
tu
Y.
SUGAR
Liquid;
of
liquefaction and
for
the
generation,
and
transportation
nitrogen,
oxygen,
as
helium, ethylene, and fluor-
ine.
It
was
pioneer in the
a
l
IRXpFREE
commercial
from
sale
of
indus?
the most
and
revenue
a
The DiVco
of
the
and Wavne
three
A
Gontinuinsr Interest in
L. E.
Carpenter & Co., Inc.
Keyes Fibre Coi
division, largest of the
Richardson Co.
Rudd
Tidewater
for
Oil
on
Cadillac chassis.
on
Mfelikian, Inc.
BOENNING & CO.
°f the leading manufacturers of
school bus bodies* which it. con-
struefs
two years
include
use
com¬
Established 1914
The Alison
Building
Rittenhouse Square
Philadelphia 3, Pa.
LO 8-0900
111 Broadway
New York 6, N. Y.
CO 7-1200
'
In 1959, the
of
irS/
a someff-inP°nja;
the
10. major
and
company-
Presently,
the
steel
1031a
to
20%
ditional
,
,
an
annual rate
total
cur-
installed;
ca-
7,5 million tons and
plans
call; fojf:
10-million-tons
an
ad»-
to-be
added by 1964. In addition to^re-
quiring*
ment
I
use
during the past 10
a.
over
announced
High-
The
domestically in 1954,
pacity of
without
incoaa-;
Oxygen converters, intro-
re.ntly have
FEDERAL &•
tion
and. sale
of;
a
than
open
hearths,
•
.
_
and
•
.
>t 000
*
, Air Products-ls-in sound finan-i
cial condition with current
lnt
one
year
notes,
announce
as
the
retirement
of
SHAPIRO
MAX
general partner in our firm.
a
We are
his
pleased that he will continue
association
with
us
as
a
registered representative.
BOND, RICHMAN & GERALD
owed; by
160
BROAOWAYt
Voueht Industries to Ling-Temco-
^^
liabilities, of$21.5. mimon.;, Att
the, same date; ;long-term ;debfc
NEW YORK
quSy
to $41.8 million;
more
no
many
38; N. Yi
solicitation of
an
leading
of
of- the
while
than 1%
steel; has
specialized
Divca; truck- di-^
the
representing
less
of^total industry output;
grown more
common
shares^ produces
has
i.
rapidly than thei
declined.
The
ex-
outstanding, are owned by. insider si panding market* for door-to-door:
or
institutions.
The,> nominal 5j services* together with new types?
Over-tlie-Counter
Quotation Services
for 49 Years
cents
quarterly dividend :has beenj^f trucks being introduced by."
supplemented-by small-stock dis-, Divco point to further sales gains?
was
to
how- products
contracts
or pay,
ofr the
1,989,000
some
quickly
offer
SP
and such outstanding; general field.
Moreover, it has;
companies.; as; duPont! anct Ford* Tisen while- industry production;
Motor. Approximately 20% of the* of the weight classes which Divcoj
years;
circumstances to
-
Production
producers
the:. Rast,, two[ for thia op,^alion;
the most recent declaration^, school
2% in January.
v
be construed
buy,
any
as an
offer
bus
bodies
Salesf of the?
made
by
the
National
to
/(
a/.,
sell,]
or
security^ referred t& herein.)
'.
•>
(
growth, and future results should*
continue this pattern, deflecting?
Continued on page 25
Quotation Bureau
Incorporated
Th^ stock isj Wayne division have shown steady,
'i
,
(This is under
'
-
most of this was secured by .vision,
ever,
oxygen
V.
a
chemicals-
We
insurance for dealers, and consumer financing, insurance and
leasing for their customers: In.
March, of 1962, Divco-Wayne ac¬
quired the Vought Industries-, di-
Ucmsi^irfrproceTO principaUyiPureta was made for 50,000
for the
petroleum re{{ning ^ shares of Divco common and $1,chemical indusfries.. • ;
;
t J 885,000 in cash. A total of'$1,250,-
smaller initial invest^ tributions^. during
converters melt steel
as
year,
Provide inventory financing and
vfetoli ^qf (Ling.- Temco - Vought.
with
duced
CALIFORNIA* INCOME* TAX
in January, of this
try has increased at
15
the
Process
Houdry is- engaged in the produc-
long-term, take
years.
]
tion Co.
of oxygen within the steeLindus-'
of
with
Houdry
COrp. and the datalytie Construe-
accounting for almost 45%. amounted
of total domestic output.
MUNICIPAL BONDS:
of
"point-of- ; as. of June 30, ,1962, totalling. $4T, from
August:1; 1962> also remained
generators are in- million,..compared ;with' current! o t ta di
ft
th
ourchase
dustry is the largest;oxygen
GENERAL OBLIGATION.
gained
was
operated
oxygen
sumer,
oxo
aernuntine for annrnvi
the steel industry,; where.
stalled.
.
production .of
profit
mately 50% of sales and
owned
was
custom supplied chassis,
ago.
At that time, management and also produces transit busesdeeided that the chemical industry and-military vehicles. Miiler-Me-;
afforded a logical .extension for teor, smallest of the three divi- the. company's capabilities
Ac-- sions^,produces hearse and ambucordingly, it undertook , a joint lance* bodies-which are mounted
chemicals'
most
Bonds.
BEekman 3-3622r3
in 1963
^mftmerger, rnree
corporate divisions were set' up:
activities '
business
sole
the company until about
acquisition
}?r
Yield
the
con- > venture -with
during,fiscal.1962- Chief markets
TAX* EX5MPT,
Telephone:
®!™
After the merger
works Co
company-pro-
afore-mentioned
dustry practice.
viewDoiht
i
INf ORMATION,
Air
the
Gomoanv-Dro-
for the Mercury program
monly^accepted, and growing, in¬
pany
on
*hf
°PeratmS statements and will be-
participant' come-even more-apparent
an later years,
facilities "for
NASA
constituted,
"point-ofr- the
or
trial and medical gases is
NEW ISSUE
•
:
con-
149 Broadway* New York 6,N.Y.
alcohols,Divco-WayneSalesFinancial Diuse," oxygen production facilities-; used in the manufacture of plastie vision, a wholly owned subsidiary ,
today, this methodology is a com- products.
A- further foothold in of. the company, was formed - to
"on-site,"
of
important operation of the
obligation,
The
Co., Ltd.
NEW YORK OFFICE:
projects ^ Apollo and. the Nerva,
retailers for home deliveries of
Saturn, Nova and /Gtotaur'. ye- ^ dairy? items- and other food and
hides.
... :
.
! non-food products. Wayne is one
The
ane,
The
SENO: FOR
Securities
ancl ^ *s contemplated that liquid' three, -manufactures multi-stop
hydrogen will be used for such trucks, which are primarily used
hydrogen, acetylene, argon, meth-
s
EXEMPT FROM
' flected ln
lesser
a
of Divco Corp
oxygen
in-
specializes in
gas
such
»cept
OF
DA I WA
. Temca-Vought, Divco has doubled
'its-sales volume and established
duced facilities haw furnished Divco;."Wayne and MiUer-Meteor.
storage of industrial and medical
Exports—Imports—Futures
INTEREST
SECURITIES:
nation's-aerospace efforts,-
,p.,
^orce ana
fienoi
*
cryogenics—primarily in
facilities
gases
STATE
branch offices
■
sales
de-*
-as
largest single lactor
importance'in the ***> million mobile home
theyaccou'nted-iindustry- Bene<lts from this ae"
profits
of
and
manufactures, operates and serv-
Area
cialized... automotive
development,
probably
generating
applications of low-tem-
purification,
San Francisco Bay
poiation, a manufacturer.* of spe-
gen
separation. It develops, engineers,
ices
at
rate for the
is an important.
pany
more jp
20,times earnings of $3
field
the
STREET
PAR"—Callable
our
JAPANESE
revive
propGrtion
perature processes—known as in-
Price
taken,place in Divc0_Wayne Cor-
musltoMminfpfr.<^.,,hswing constructed and currently Divco-Wayne Corporation
oufstendine storing °PeratinS
a- "WHW of-liquid
formed,".
1956; through,
(LOX) and liquid hydrogen
Products
dustrial
LAMBORN & CO., Inc.
We offer
Divco-Wayne Corporation
A'dramatic change has recently
«^on have already been re-
enderorntlmhtr
dustrial
DIgby 4-2727
to
City
eovernment'
in
revenues.
The net
even
was-
cVinrn
Air
Raw —Refined
York
New
important role
an
company's-
during fiscal 1962
year.ended September 391962
30, 1962.
NEW YORK 5, N.
10%
played
the
.
anhoueh
this outstanding showing,
than
less
particular securities
WALL
Birmingham, Ala.
Mobile, Ala.
—
common
vep r
9 9
2J2 571-1425.
New Orleans, La. -
Members, New York Stock Exchange
J
cre^ed
$56 million to ap-
showing
DeLde
Despite
Telephone: BOwling Green 0-289S
This
in
Like Best,
proximately $100 million.
whole.
has
ti
10%; Air Products'
of about
rate
Nomura Securities ^, Ltd,
61 Broadway* New
Co!
Exchange
Analyst, Ira Haupt & Co.,.
at an annual
increased
try sales
impressive
the
Stock
Stock? Exchange -
HAnover 2-0700 .
j;
Direct wires
^
speeial
results, industry.
During the 1957-62 period, Indus-
picture of the Japanese
a
York
COLEMAN M. BRANDT
Moreover, this latter: activity
expanded at a 40% annual
J ^
most' re-
the
prove
for the The Security I
Monthly Stock
as
he New York Stock Ex-
on
change.
rate during the past five years, ex-
Along these lines,.I suh-
mit Air Products as ir,y
.
give you a pretty clear
economy
Americam-
equipment.
I
feel
that
issues
commonly
T,
United States Government .'Through.its March 1962 purchase
"•classed as "growth stocks,"'where
opposed to the previously de-'of Vought Industries, the former
they can be acquired at reasonable ^^d non-govemmental aetivi- 'mobile home division of Ling,-
Digest, and our other reports
that
J
superior long-term
For
.
our
New
:
JAPAN
IN
for
has
compared to a
'
warding.
Write
gas..
unusual amount. of.
an
listed
only an. occasional.cylinder of
use
;n„QC,i'
fun*,
i
Members
Members
19 Rector SL* New York 6, N; Y.
This diversified
products:
care.
.
prices,
Opportunities Unlimited
p
*•
,
of users ranges from large
consumers to small customers who
the
than
&
(Page 2.)
York City.
Co.,. New
group
uncertainty
of
ecisions
made
St., New York 4
60 Broad
T
+1
me"
Exchange
Stock
more
carry
measure
Ira >Haupt
industrial; and medical gases arid
for sale,
or
Steiner, Rouse &
Analyst,
Brandt,
customers for its
100,000
mately
no
Consequently, I feel. that invest-
J
American
purchase,
M.
Corp.—Coleman
Divco-Wayne
ex>
Air Products has approxi¬
users,
exception and the selection of se¬
curities for
is
Bought—Sold—Quoted
individual
Aside from the large
harbinger of things to
a
The
come.
and
Co., New York City.
(Page 2)
of
in terms
steel
to
W.
Analyst, J.
Palmer,
Sparks &
consumption
Chemicals, Inc.
position,, perhaps by 1970.
one
is always
standing still"; that it is a barom-
NEW YORK
—Leon
pected to grow, rapidly to number
going up or going down but4 never
,
Associate
second
close
frequently,
"the stock market
that
markets everywhere.
the best
has
It
locate
you
greater
a
chemical industry ranks a
The
Exchange
Air Products and Chemicals,
system,
and: have
degree of flexibility.
oxygen
wire
coast
to
coast
Stock
cheaply
•
.
Members New York
New York City;
Over-
their
of
-
transactions.
the-Counter
Our
.y
Analyst, J. W. Sparks & Co.,
1
Louisiana Securities
Air Products: and
LEON PALMER
more
Alabama &
Selections
particular security.
participate and give their reasons for favoring a
traders are using
and
Thursday, November 1, 1962
Participants and
Their
OVER-THE-COUNTER
the
.
This Week's
Forum
r
More
.
.
(1822)
Established 1913
46 Front Street
CHICAGO.
Hew York 4, N. Y.
SAN FRANCISCO
Volume
Number
196
6208
The Commercial and Financial Chronicle
..
(1823)
3
CONTENTS
Thursday, November 1, 1962
Be
Higher Than Today
B.S.
COMPANY
AND
Ily J. Dabney Penicte,* General Partner, Reynolds & Co.,
New York
City
Articles and News
•
.
PAGE
Wall Street
partner explains why he believes the next 60 days-pro-
vide unusual
opportunities to buy equitiasv Mr* Penick disagrees with
the
rash
current
of
soothsayers
who. predict
The
Industry
>•
second"wave* of
a
A >.
than the
No
selection
rities
is
thesis
market
unless
has
background,
a
individual
of
valid
.
set up
been
their
for
secu¬
general
a
as
choice.
is
the
t ime
vember
etc.
projections are a dime a
that/toy next Spring gen-,
dozen
eral, business
will
be'
buy
liquidation.- We- do not
stocks,
one
cite
cannot
the
that
prove
This
it.
the factor
of
in
price
of
most
Secondly, there is
December
ber* of
19 5 7
and
Sept
able
mber-
e
factor.
will,
tell you t
h
t
a
what
from
are,
-
they
We
periods.-
tax
were
have
-
no
.
-
cut
with
the
-
coupled
conditions
today
in
might
those
induce,
s
argument.'* adopt
more
different,
tors should
matter of
of 1957
the
always-
are
different times.
As
f
19%
was
its
from its high in
,
in
low
decline
the
October,
18%
was
P
from
January high to the Novem¬
low
ber
off
this
and
proximately
27%
sell-
the
year
substantially
was
larger—ap¬
the
from
highs tb the June 1962 lows.
1961
ATf "
because Of the excesses in the new
issue
markets
year's
ing
the
preceding
depressing investors am'
stock
other,
buyers
-
tion,"
cornpe-
it may, we think we
that'
right times
securities.
roughly
a!
their
we
which
to
We
in
was
individual
from
40%
know
+*
high
of
the
sev
further
rrtay
scattered
believe
bring'
tax
new
individual
such
a
is¬
spell opportunity
buy specific stocks.
Stock
Most
April
Prices
buyers
October
are
at
United
States, each with its
stock
or
that
for all of them
or
has
been
From
this
which
they
go
minutes
a
like
we
to
In
up.
be
buy
*
America
to
the
UNITED NUCLEAR
27
--(Editorial)
—
-
1
Stocks
39
Bookshelf-
...
today.
:
•
16
8
Control Data
Crisis
a
13
33
Market
17
News
few
are
and
You
(The).
Funds.
.".
Notes
(
—
About Banks' and
°
Our
Securities
Electronic
Electronic Int'l
26
Bankers
Securities—
Now
in
Pi-ospeetive
of
and
While the soft drink
Will
stock
to-
Rise
in
am*
those
in
industry is
well known for defensive-charne-
teristics,
its
be
well
Wholesale
volume
drinks
the
in
risen both
fbr
record
less
Singer, Bean
28
——'
1:__
Registration.
the
of
United
sMackie, Inc.
20
HA 2-9000
34
Great
bottled
soft
States
has
periods,
the
advances
made
Product.
was
now
Washington and
by
the
Consumption
Twice
per
25
Park. Place,
CLAUDE
D.
REctor 2-9370 to 9576
President
WILLIAM DANA SEIBERT, Treasurer
GEORGE
J.
E. F.
•
MORRISSEY, Editor
an¬
Thursday, November 1, 1B62
companies
in
industry have been
Continued
Every Thursday (general news and
Monday
(complete
statistical
issue
corporation news,
Office:
on
page
bank clearings,
135 South La Salle
24
advertising
class
permission
is
postage- paid
AND
United
Union
$65.00
ST., NEW YORK 4,
N;
Y.
TELETYPE 212-571-0785
In
United
Union,
States,
$20.00
Bank
and
Chicago
Glens Falls
S.
$23.50
.Note—On
-
Possessions
in
7
issues
per
Pari
year)
American
$68.00
per
year.
(52'issues
and
per
year;
of
Canada
W» V. FRANK!! & CO.
I
year)
per
members
of
American
Pan*
$21.50
per
year;
INCORPORATED
'
39 BROADWAY, NEW YORK •
PUBLICATIONS
Reccwd—Monthly,
$45.00
year
per
(Foreign
^
of
the'
fund®,
r—
?
fluctuations
in
the
'
.
■
1
11
of
rate,
'
(—;
be
f
^
'
—
WHitehall 3-6633
exchange,
advertisements' must
'r.
—*—
-
■
foreign- subscriptions" and
made4 iir New- York
<104
Cau&da
M
Worcester
-
York, N. Y.
members-of
of
Dominion
-
account
fem
Dominion
OTHER
Quotation
Postage-extra),
in part
or
prohibited.
per year:,
year;
'
■
,
in
and
EDITION* ONLY
U.
per
countries
remittances
Schenectady
every
RATES
EDITIONS
S*.Possessions
$*2.00
THURSDAY
other
-
U,-
per' year;
ether' coiOKtries
Exchange
THURSDAY
States,
strictly
at New
SUBSCRIPTION
Founded 1868?*
and
St., Chicago 3,* 111.- (Phone- STate 2-0613).
rights reserved. Reproduction in whole
without" written
MONDAY
Spencer Trask & Co;
issue)
— market
quotation
records;
state and city news, etc.). Other
-Copyright 1962 by William B. Dana Company
In
COMPANY, PUBLISHER
New York 7, N. Y.
v
stands at 200 bottles
specialized in
Boston
:
Washington
U. S. Patent Office
Reg.
DANA
B.
SEIBEHT,
100 V
For many years we
Newark
San Francisco
48
Weekly
Second
Nashville
Louis
,
•
Albany-
Philadelphia
to
Los Angeles
6
Yoy
WILLIAM
1940; 158 bottles in 1950
American
No¬
TELEPHONE HAnover 2-4300
14
Wires
Cleveland
The COMMERCIAL and FINANCIAL CHRONICLE
Published
soft
All
25 BROAD
(Hie)
Chicago
Dur¬
moreover,
53 bottles in; 1929;
the soft drink
Members New York Stock
18
Tax-Exempt Bbnd'MarketL.
nually.
The
—1
St.
exactly those of Gross Na¬
bottles in
and
of Trade and1 Industry
industry have averaged al¬
tional
Direct
2
Security Salesman's Corner.
State
48
(The)
Exchange Place, N.Y.
recession
Depression.
recovery
most
growth
-
Offerings.—-
Best
40
Teletype 212 571-0610
absolutely and relative»
ing
drink
-
Security
Security I Like
understood.
to most indices in every
since
;
.
Cap. Ltd.
21
Governments
on
Capital
Coastal States Gas Prod.
4
Reporter
Public Utility
'
'
Estey Electronics
18
_
Observations 1
avail-
:
14
From Washington Ahead of the News
.
DIgby 4-4970
22
—
:
.
Broadway, New York 5
48
;
stocks
briefl-'
-
42
Indications of Current Business Activity
.
J.F.Reilly&Co.,Inc.
19
Events in the Investment Fields
Mutual
<
price at which they
able
PRODUCTS
•-
selling higher next Spring than1
capita
looking towards next
least,
have
of
"Protecting the Dollar When
NSTA
think wBl
we
MARADEL
27
Morris A.
by
Arises'''
.unani¬
—-
review
few stocks which
Association
s'eeillw—
Einzig:
have
the* next
shall
Indorsed
:
Dealer-Broker Investment' Recommendations-
club*.'"
we
common
Quantius 12
...Current News in the Field.
.
no
40,000 clubs do have
thing in
mously
own
helping
own
experience,
found that all
one
in
establish their
groups
Banks
and Insurance
Commentary
years,, ou^
active
Wells
5Qth Anniversary Convention
Coming
the major¬
even
ATLAS CREDIT
Commercial: Bank
——„29
Businessman's
suitable
be
ity of them. For many
firm
Bank
the-
Obviously,
would
Disclosure by
As We
of stocks could be
group
selected
in
clubs
policy.
in
Regular Features
it-
than
more
investment
investment
Criterion
a
to
inves¬
40,000
market
pattern will
Why
that
said to be.
are
decline
During the nex<
expect
we
eq'ui+v
rages
where
to 98%-99%.
of. the
decline
previous
instances
sues.
There
THE JAPAN FUND
broad^
buying rather
a
GLICKMAN CORP.
Interde-
are
Schapirb
Hold
YORK
4-6551
7
This
,___Birny Mason, Jr. 11
,
as
Investment Bankers
selling attitude.
a
may
v e
lost
valuations, and
lows
the
many
securities have
days,
one
buying
While
27%,
is
now
be
to
Industrial
selling,
thr
in
be
of
business," etc.
as
prove
of
-
NEW
WHitehall
—James J. O'Leary > 9
pendent-
Full
/
.
.
Pepsi-Cola
Be that
60
namep-
"further regulation of
investment
ran
-i-
"foreign
"profit" squeeze"
eral
an
and * influence?"
factors
that are
70%
We
ones.
of this fact and of the mam
aware
existing
the
damag;
more
was
individual* accounts* than
two
can
tri
during. 1961,
decline
to
than
fact, the market .decline
August to
1960,
they
think
Remainder
STREET,
5
Joseph C. Swidler
the
WALL
Gas
National Bank Women Hbld* Convention—
:
dividend
generous
Natural
Baloney Dollars"—_ —Haller Belt 10
a cor¬
corporations-
we
99
about, v
allowances,
•
for
Mergers—.————Frances
;
*
..
A'tax
v
already
ened*' depreciation
policies. So
but
come
different*
that general conditions are indeed
different at
*
stPue-'*
Furthermore, should
porate
X Dabney P&nrick
Outlook
the
mem¬
record levels:.
new
^Hon,
Rate
Competition
cut in 1963 will further swell this
Almost
anyone
■>
income and sayings-continue
to reach
of
and
Big Business and1 Economic Progress
.stocks.
credit
OBSbLETE
Telephone:
Hon. Robert V. Roosa
Commission
Deoade___
"Our
lower
weak
no
domestic
our
r-
ture, and thirdly, personal dispos-
in
October
1960.
it
.
true
was
f
'
-
already in the
common
Novera ber-r
o
Interest
.
and
agree
probable
*
-
>
j.
Pow«r
Industry
.'
therefor.' First,
reasons-
business activity is-
was
case
three
4
>
thatphe stock market gener¬
ally will be in a second phase of
rigUf.
Holiday-Inns of America, Inc,__i__Ira U.
Cobleigh
Federal
sliding off
to
3
'
\
towards"' next May,
Current
FOR AN
1
Debt Management Policy and the Capital Markets
"
v
W. Page
J.<Dabney Penick
..j*
♦
and
Usually, when
it
i\
will bo selling higher next Spring
pr|ce at which they are available today,"
Stocks——Frederick
REQUIEM
\
.
Stocks Next Spring Will Be Higher Than Today
...
liquidation next Spring, and advises this is the period: to* buy.
Backing up his advice .is an analysis provided' of a represeirtative
:
Characteristics of Electric Utility-
.
stock
sampling of stocks which..
Growth
»
/
,
Teletype 212-571-0500
.
212-571-0601
4
The Commercial and Financial Chronicle
(1824)
'.:V
the
163%
share
but
merely 48%
increase
111
1
,
.
,
1
,
■
-
•
,,
,
1
■
'
-if
.....
...
rise.
V
DEVALUATIONS AND THE SECURITY MARKETS
The
of
U. S. balance
the
that
news
again
July-September quarter/
payments has worsened
the
over
top-grade
increase
Index, is
Consumer Price
the
in
a-record
of
nouncement
discus¬
re-stimulating- investors'
sion
of
whether
Hot,
its impact
will
Britain's
the securities, mar¬
on
it is
induced
both
on
stocks and bonds of past devalua¬
is
This
abroad.
here: and
tions
imply that they would sup¬
not to
ply valid precedents for forecast¬
ing
major
the
event
repetition of such
a
monetary action here. On the con¬
evidence
they
trary,
conse¬
of the unexpected; contra¬
quence
delusions
popular
dicting
the
direction
resulting
security
both
the
to
as
price
difficulties)
cutting
the
valuation,"
during
gold-purchase program,
in
the
blooming New
initiated
raised the
price of gold (via pur¬
account of the Re¬
chases for the
construction Finance Corporation)
impact
on
SPRINGS, Va.
Jr.,
Parker
D.
War II.
C.,
&
—
.
Millard F.
Auchincloss,
Redpath,
Washington,
.
acted
Group, Invest¬
sur¬
prisingly well in the 1931 deval¬
aftermath.
After a brief
they
the
of
end
until
steadily
rose
America,
1934.
n
o
n
u
1949 Devaluation
The
7% '
.i
devaluation
writer
7
■-
■>>.:ia
;
xi u:
-
Meeting of the
at the 42nd Annual
Group, Oct. 26-28, at The Home¬
wide¬
the
reported
aovilookio s/nilon
Hot
Elected
Springs, Va.,
fully managed econ¬
officers:
Inflation"— this
curb
ford
"plan" of Professor George War¬
economist for the articulate
ren,
for
Committee
the
Nation,
as
a
price leyel for the rescue of
all other
the farm population and
debtor
mechanics
in
any
it surely differed
groups,
from
purpose
presently foreseeable devalu¬
ation
(currently, the government
is committed to the
prevention to
price rises).
But what
the
market
25%
Government's
interest
"then-and-now"
two
periods
In October, 1933,
sharply differ.
stock
prices had only retraced a
third
of
the
their
most
time.
post-1929 collapse,
decline
severe
all
of
in
devaluation
dollar
A
present times, on the other hand,
would
presumably
market
background
showing
a
have
still
of
a
the
1933
vorable
market
ensuing
business
with
bonds
saw
merely
merely
a
settling
period's
fa¬
and
an
stock
recovery,
devaluation
the
short-lived
into
back
yally,
a
see¬
movement which kept them—
below their devaluation-time level
until mid-1935.
1
prices rising by
only 3%, the real value of money
in
leading
stocks remained
1933-'35
industrial
unchanged in the
post-devaluation ^period.
But in terms of the real value
income,
they
,
of
prices and bonds applied
(a
272-year minimum); and
common' stocks.
comparatively
of
owing to dividend rises,
increased
by
75%;
while
E.
Unpredictable
1949
including
devaluation,
and
the
hot-rumor ( stage,
failed to reflect the
prices
the
a
gold
12%
averages
rise.
rose
valuation
shares,
high-riding
True, the stock
by 3.9% in the de¬
surrounding
-
Aug. 25
to
further
post-devaluation
only 1%,
common
with
year
Sept.
a
12%
21.
interval,
But after
rise
of
consols
closely conformed to
expectations, showing
a
infla¬
mod¬
erate decline from 72 Vz to 70 ^
immediate
in
post-devaluation
Twelve months previously
they had stood at 81.
The
ary
mon
the
makes
attractiveness
and
Great
Sign,
the
thousands
of
of
exceptional
nonhedging behavior of
stocks
been quite
in
the
U.
K.
uniquely true
com¬
has
over
also
the
ice
free
TV
in
day's
itchy-palmed
A
sidize!
end,
dog
and
room;
park outside your door
a
com¬
food,
you
a
idea
great
great company!
to
has
-
-
can
and no
—
bell-hops
sub¬
built
of
success
in
but- in
design,
defining and
functional
;
ad¬
comfort,
quality
efficiency*
operating
lence, which
to
of
countless tour¬
cause
plan
trips
their
around
fpr Innkeepers. It also has
course
or
time
year.
has
the
Southeastern
elected
a
representing
Group effective
will
which
to
Investment
tion
of
Bankers
Associa¬
America, and Thomas H.
small
plus
York
City, members of the New
York
will
Stock
Exchange,
admit
Joseph
on
B.
Nov. 8,
Conway,
George E. Maccaro and William J.
Graham to
New
partnership.
will become
York
Stock
a
Mr. Con¬
member of the
Exchange.
Mr.
Graham will make his headquar¬
ters
at
office.
the
firm's
Forest
Hills
hot
or
Ark.,
chocolate;
which
trailer-style
(4)
Co.,
at
manufac¬
Cabana
(5) Holiday Press,
units;
of the
one
largest printing establishments in
the
Mid-South.
All
of these
com¬
panies tie in with, and contribute
the business of building, fur¬
to,
nishing and operating Inns.
The
New
Look
given
30
his
signed
with
,
floor,
franchise
thing.
It
$.15
of
daily gross
any
site,
The
units
day,
or
2J/2%
sales—which¬
room
lot
a
for
its
licensee:
and1 evaluate
survey
Inn to
and
be
preferable
built, line
financing,
up
a
it
pro¬
type
of
the mort¬
equip
fully
any
a
the
his
the licensee gets^a lot for
money.
even
Later
on,
be
up
he
pylons.
on
joined together
require¬
expanded
low
cost,
temporary,
Finally, there is the Metropoli¬
tan, a vertical Holiday Inn, with
rental
floors
(25
on
rooms
floor for meeting rooms
a
top,
swimming pool, bar,
and,
on
and
revolving glass enclosed res¬
a
Metro¬
these
taurant.
Sixteen
of
politan
motels
(costing
are
around
planned
sections of the United
States.
The
for
company's
may
get
more—he may be offered an
^unceasing drive
efficiency, is illus¬
trated by its recent installation of
a
$500,000 IBM Data Processing
System. This will do the over-all
operating
accounting
Inns,
and
cost and
used
to
fdr
owned
company
provide
almost instant
profit projections, which
take
an
staff
accounting
produce.
weeks to
Profit
long-term
projection of probable profits. So,
you see
Progress)
How well, you may ask,
has all
this
progress
ter?
Splendidly! Assets of Holiday
fed the
cash
regis¬
Inns have risen from $3 million at
his
June
30, 1957, to $59.8 million
equity for shares in Holiday Inns
June
30,
of
a
period,
may
surged
opportunity
America,
Inc.
priyate, closely
swiftly
spected
be
exchange
to
In
held
converted
security,
be
permanent or transient housing.
Inn, hire and train its operating
personnel, and make
put
can
for
ments
can
king-sized trailer, to
and
meet
to
a
$10,000
is greater. But, Holiday Inns
do
gage
towed, like
assembly
on
unit
This
methods.
line
unit
a
equipped
fully
four
com¬
with the
up
$2% million apiece)
(to H. I. A., Inc.)
per room, per
a
the first
on
come
built in
10
no
and
space
premium. The
a
Cabana>—
rooms
each),
costs
now
royalty
of
can
is at
has also
to
his
parking:
second
floor, underneath. The Compact1 is
planned for areas where parking
in
and
the
on
de¬
unit,
Compact
room
rooms
and
has
It
functional restaurant
days
up
32
a
in
changes
architecture.
the
li¬
Inn
dramatic
some
motel
for various
location
Broadway, New
and
a
posed site, recommend the precise
To Admit Partners
Purcell & Co., 50
If not,
so.
Holiday Inn franchise is
a
will
Purcell & Co.
four
Franchising
ever
Winston-Salem, N. C.
least
Sign—and be "just another
This
Davis, President of Piedmont Avi¬
ation, Inc.,
his
at the meet¬
ing were Curtis H. Bingham, Pres¬
the
says
be
bring
lose
Great
Inc., Los Angeles, and President of
at
—
every
chain—
standard. If he fails to do this, he
may
motel."
ident, Bingham, Walter & Hurry,
tures
If everything is OK,
report
Beach
Featured speakers
serving
visit
who
leased
censee
IBA, Nov. 25-30, at the Hollywood
Hotel, Hollywood, Fla.
Innkeepers,
motel unit in the
a
their
been
in
and
Manufacturing
Camden,
space
owned
Gram
tea
Holiday
pany
T.
Mr.
Inns
dients for in-room service of cof¬
fee,
service, and reasonable prices. To
ration, Charlotte, N. C.; Truman
&
Holiday
sup¬
dining
institutions; (3) Coffee Host,
Inc., supplier of units and ingre¬
maintain these standards of excel¬
inspectors,
Garrett
and
and
other
for
-
Holiday Inns lies
physically supplying
only in
as
Robert
in
rooms
equipment
kitchens
for
a
growing need, for off-highway
single
Semans,
sells
plies
—
Professional Innkeepers
The
Jr., Interstate Securities Corpo¬
Inc.,
which
Hotel
mo¬
Holiday Inns is also responsible
Richmond, Va.; W. Olin Nisbet,
Mason-Hagan,
fixtures/ construc¬
and
(principally
coffee, ice water
each
full-time
way
anti-inflation¬
the
attractive, budget-priced
an
six
III,
Governor of the IBA
1
At
motoring
the company has its own training
&
Lemon
stocks ended the
decline from the
The fixed interest V-k%
period.
comfort
a
cleanli¬
Co.,
Johnston,
a
preceding 1948 years-end.
the
Anderson,
with the Annual Convention of the
Stocks
August, and September, preceding
actual
Com¬
Sons, Baltimore,\Md.
long-
During the three months, July,
stock
and
rooms,
hospitality,
Holiday Inn nightfall reservations,
gan,
de¬
behavior
Glenn
—
not at all to
more
consumer
invested
with
Executive
the
Washington, D. C.; John C. Ha-
Fixed
term
the
30^000
of
Raleigh, N. C.; Harvey B. Gram,
Jr.,
followed
(consols)
orthodox
such
Those
about
Carolina Securities Corporation,. ists
I
Labour
the
tion
With
the
demise.
to
for
setting,
followed
before
con¬
only
with
prices
the
loss of part of the long inflationary tendencies—excepting
bull rise of the 1950's.
Despite
until
1951
inflation-time "tradition
But
setting too, do
mittee
absence
was
over
price level, with their rise
about
|V".'7
Totally, the chain provides, to¬
lodging,
of
furniture
Inn
which sells
Co.,
(2)
hering to uniform high standards
Members
Supply
(1)
Co.,
ahan, Jr., Stein Bros, & Boyce,
ration, Durham, N. C.
.;
v
rapidly
subsidiaries:
Supply
Baltimore,! Md.
Corpo¬
revenues.
five
Merchants
the
Croom, First Securities
also
are
the balance, operated by licensees.
not
Secretary-Treasurer— William D.
ever-
actual
not
actually followed the
of effective controls
consumer
their
if
1949-devaluation time
of
to
road
planning,
clining prices and rising yields.
Then and Now
In
major step
collectivism."
sumer
and
more
country's
greater
desperate effort to raise the gen¬
eral
the
in
"one
as
others, and from
licensees);
Paine,
&
res¬
supplies to
J.j
Proctor
Abbott,
licensing
from
tels
Richmond, Va.; W. Wallace Lan-
Jr.,
the
outlined,
Holiday Inns of America, Inc.; and
Vice-Chairmen—George S. Kemp,
Devaluation was re¬
Cripos.
garded
,;7.''
just
tion materials and
and
Millard West,; Jr./
•
A
tion.iWas held/.
1949)
(September,
EleqT;
Gpoup.
<
during that month
Morgenthau i assumption being endorsed all the
alongside the President's bedside way up to the Labour Party's
breakfast tray.
leaders, Ernest Bevin and Sir Staf¬
the
by
manJ->of,.-!t>h>e
Secretary
implement
Rico.
60 are owned
some
swimming pool,
with Mr. West were the following
to
Puerto
and
38
vision;
omy
Instituted
in
retiring chair-
-}4.a
to
Canada
these,
Inns
narrowly,
trols and the
with
Keepers
Holiday
restaurant, air-conditioning, tele¬
bers
played
almost
preferred roadside haven for hun¬
by amounts determined by num¬
routine
growing
forts,
From London
diversity of other
a
from
taurants operated by the company
bolizes and advertises each of the
Corporation,
7% net,
business
There
Raleigh, N. C.,
.
operations:
wide) which heralds, sym¬
16, 1949, stock
fluctuated
from
and leased out to
300
in
rooms
addition, the
is expanding its flow of
company
revenue
of
In
miscellaneous service
ground level, and
1945 until the devalua¬
had
rental
owns.
Sign" (reaching 55 feet above the
Holiday Inn provides home
to
from
shru b-swathed
that
An¬
stead,
game
it neonized in the "Great
see
Securities
decline.
this
You'll
dent, Carolina
coming
ending the interval with ^,
of
fortuitous.
was
Americans.
of September
prices
for
derson, Presi¬
British
the
of
time
Government's
in
associated,
dreds
the
From
gra¬
and America. The choice
name
ness,
d
e
c
E.
Glenn
warm,
17
Diversity of Revenue.
:
Holiday Inns derives substantial
hospitality
day,
an-
3
cious
standard
of
Association
uation's
decline,
Bankers
ment
of
income
Of
Southeastern
capital gain.
the Inns it
states*
elected Chairman of the
was
The
note
a
the
ex¬
rewarding
a
mid-1952,
"Holiday Inn.""
sounded
create
may-
conveyed
30 feet
Partner,
first
Often, this tax-free
change
"Inn"
Europe
Southeastern IBA
Group Elects ,;
in
market.
happy, contented leisure, and the
now
West,
com¬
his
opened'
Memphis,
called' it
of
HOT
and
when Mr. Kem-
centuries, with roadside hostels in
week's column.
"de¬
in
"Holiday"
presented in next
spread expectation of severe con¬
Treasury
,
its
the
Devaluation experience in other
Consumer
year.
bonds
Government
1933, daily
days of October,
evidences
of
countries ivill he
steady -to-lower
outbreak of World
...
Deal
Kingdom
securities.
throughout the period to the 1939
tion
Roosevelt's
Franklin
President
so-called
he
declined
prices
share
were
power
Experience
"New Deal"
pound's
Wilson-
mons
United
the
1931
Britain's
whole
a
prices
Labour
The
ex¬
motel
non-uniformity
cold
rather
a
i'f
$2.80
the
to
is
Motel
$
perience in the United States and
level,
quite unexpected impacts.
price
Following
move¬
ments.
hy
rose
payment
of
extent of
and
actually
gold
$3-$5
ensuing
an
balance
results in
investment
of
to
by
interesting to take
effects
consols
and in September, 1949 (as
range;
dollar
the
at
look
a
departure in
from the
standard,
cutting
1931,
September,
bullion
Reviewing a profitable and hospitable inn-keeping enterprise that, in
just ten years, has grown into the largest motel chain in the world.
(And the price of the fixed
❖
"devalua¬
major
namely, her
tions,"
elicited
Hence
two
valuation
recur.
stock,
60%.)
,
event,
Tepid War, musings over
or
kets
any
.'
*
pound loose from its fixed $4.80
experiencing Cold,
be
we
in
And
devaluation.
*
dollar
possible future
a
the
by
mercial word; so,
BRITISH EXPERIENCE
together with the
By Dr. Ira U. Cobleigh, Economist
cost-of-living
offset
Thus the actual devaluation
Department's week-end an¬
Labor
by
rose
increased
by 3%.
*
..
Reserve Bb&rd/
living
prices
of the
was
interest
corporate
term
long
bonds fell
reported this week by the Federal
Thursday, November 1, 1962
.
V
-
—
of
cost
by only 78%—with the result that
WILFRED MAY
A.
BY
1957
.
In the interval 1,937-
longer term.
OBSERVATIONS...
.
this
way,
equity
into
with "a
a
re¬
ready
forward
mid-1957,
1962.
1962;
and,
Capital
to
in the
from
$781,759
$14,826,762
Again, net profits
jat
same
Surplus
and
in
rose
in
midfrom
,
Volume
186
Number
The
6208
Commercial
and Financial Chronicle
(1825)
5
'
■
.$447,300 in fiscal 1957, to $1,793,-850 for fiscal
1962.]
entirely
term
-
stockholders- have
of
been well rewarded. Holiday Inns
shares
in
first
were
And the Capital Markets
publicly offered
August^J957, at $9.75. Allow¬
this
original
investment
is
now
rent
market
value
of
A
issuance
(There
was
3-for-2
a
in
split
March, 1961, and a 2-for-l split in
November, 1961). As of June 30,
1962, there,
486,637
OTC,
share
net,
shares
$.78
22.
Per
is
ex¬
for
1962,
pected to reach $1.20 this
from
here at
"profit
a
Holiday Inns
enterprise that has
ently earning
its
net
the
executive
provided
by
assure
guidance
is
Wilson,
A
meeting
Bankers
of
progressive
the
-
management team; As
hostelry, and
ment,
as
Holiday
atmosphere of
board
-
multiple
a
stock for invest¬
Inns
in
basks
serenity
and
an
suc¬
considerations.
Roosa
Mortgage
is
stock
for
markets,
a
management
the
and
—
t h
d
a n
r e-
sure
debt
;
a
in
managers
divided
a
interest
a
the
state
Weeks
the
Hornblower
the
Chase
of
of
between
of
the
related
ment's
economic
One
of
is
the
aim
those
costs
that
of
are
for
the
Govern¬
tations,
but
securities
*
either list in
on
given
that
burden
of
the debt
ply
to '1 the "fullest
of
tfeyond'
department,
it
was
an¬
nounced
by
Clifton
P.
Walker,
an
largest
our
long-term
this
country.
forces.
single
component
and
active
an
market
ernment securities, not
capital markets in
interest
the
of
investors
s.ngle
a
is that of promoting
aim
maintaining
broadly-based
of
The net increase of
mortgages outstanding in
absorptive
the
in
for
and
con¬
area
re¬
quantity
and
tration
to
com m
t ive
area.
If
the
securities well
it te
e.
Collester
the
as
manager.
Roger S. McCblles ier
previously
was
Fberstadt
&
total
debt
Co.
-with
-Inc.,
F.
manager
of
and:
agers-^
and
Calyin
area
of
Bullock, Ltd., manager of Bullock
War
II.
that
with
Fund, Ltd.,- Dividend Shares, Inc.,
Nation-Wide
Securities
com¬
to
This
only in the
trated
of
1959
sort
sort
the
;
since
market
have
in
is
illus¬
by the actual experience of
and
early
1960,
when
the
&
in
managing
objectives that
we
markets.
has
;'
Canada
formed
been
with
the
in
the
results
working
we
during the
past
offices
at
P? Wilder,
Presidents; J. N. Abell is
.
debt
Vice-. must
manag¬
ing director.
ited,. has
Gundy -(Bahamas)
also -been
are
formed
of the firm.
with
cost
organizations
peculiar
that
our
to
the
Wood,
months.
Gundy
&
Federal
be
disrup¬
within which it could freely
the markets but also of the Treas¬
financing
ury
them¬
operations
selves.
Since
eral
market
extended
has
open
operations throughout the
entire maturity
ment
1961, the Fed¬
February,
Reserve
of Govern¬
range
securities,
instead
of
con¬
centrating its Efforts solely on the
release
Reserve
or
absorb
in
transactions
is
to
be
reserves
able
the
part'of
any
to
through
maturity range that is appropriate
for its
tity
policy objectives, the quan¬
outstanding
of
various
the
in
securities
maturity
areas
must
adequate to provide an active
be
and
market
broadly-based
*
in
which such transactions can actu¬
ally
conducted.
be
be
year
the total outstanding debt was ac¬
mone¬
tually increasing over those later
particularly-important,
is
-It
far
as
the
implementation of
usually
and
efficiency
appropriate
etary policy is concerned, that the
eral debt include
ume
of
times
a
long-term
when
significant vol¬
debt.
monetary
For
operation;
to
the
of
some
are
fact
operations
must
inherent
of
public
the
maturity of the debt was
Continued
being accomplished.
on
page
that
anyone
which
The
debt
management .must,
.
;
are
Perhaps
pointing
First
liquidity
'
to
out.
rates
sell
are
long-term
a
policy also
a
Not
money?
to its
carfy it
and
demand
zero
a
of
(concentration
nancing
debt
the
extreme
hazards
York
on
than
taxpayers
—
among other
operation
carried
short-term
carry
the impact- of any given Treasury
things, keep in mind
Like
large
block?
that
argue
Cd 11
obligations
interest
"greenback"
jectives
of
can
short-term
housekeeping
IB
fi¬
most
of these hazards.
important,
if
mm
ob¬
best be understood by
up some
and
•
•
Marketing Department
fi¬
less well known.
our
•
cost.
nancing are well known. Unfortu¬
nately, the hazards of an excessive
any
in
why
finance
operations solely through "green¬
This
engaged
not
Treasury ought to finance its
backs"
almost
in
policy.
does
question would
ultimate
any
inescapable
at
controls
of those who ask this sort
many
we
con¬
to
asked
are
we
lower
the
save
and
which
so
mon¬
maturity composition of the Fed¬
Short-Term
easily
more
since
Company Limited of Toronto, and
the
Maturity Spread of Fed's Portfolio
which will
one
rates, would not such
compli¬
number
often
Wood, Gundy & Co., Inc. of New
...
appropriate
Treasury
to
special responsibilities and
af¬
fiscal
the
solely through short-term securi¬
always be large; and some relate
exercise
are
sheer
opportunities
,
with
City.
and
markets,
ties. Such borrowing seems always
simultaneously. Some
pursue
the
means
filiated
the
by
borrowing
Lim¬
offices at Rawson Square, Nassau.
new
Very
thd
had
have
is
management
siderations
I. S. A. Fraser is resident director
Both
might
money
Financing
The process of decision-making
in
for
following fiscal years, even though
inhabit
Dangers of Excessive
And.
diversity of objectives
W.
maturity
20
Chairman; J. K. McCausland, J. J.
Wood,
wheh
vesting public.
toward those objec¬
cated
and
forced
frequent
very
and independently
result, total budgetary
cosls
in
average
Limited,
Street, West Toronto^ C.
as a
interest
meet he needs of the in¬
to
areas
and capital
money
LrGundy is President; W; P. Scott
West
have
Wood,
—
(International)
King
concen¬
was
And, in the light of that
of
some
tives
36
debt,
should be reaching through to the
years,
and at the same time, a
of considerable
longer maturity areas—influenc¬
lengthening of the
securities in the various maturity
ing the supply of funds that may
review, I will then trace through
International
Gundy
in
Treasury,
the
provide appropriate quantities
Federal debt that
a
is distributed through all
of
of
than
tary policies, and
try to fulfill, and to reconcile,
partly
rea¬
a
flexibility .for .the
managers
rather
execution
A *
varied
sectors
a
assure
ending June, I960, -were larger
the than those for either of the two
structure which will also,
facilitate
I would like to review the range
of
Wood, Gundy
future,
.
World
to
Corporation.
maturity structure for
a
,
the debt which will
Treasury- debt
that
Inc.,
TORONTO,
short
the
to
Federal
situation
of
Government .securi¬
sonable range of
man¬
debt
accomplish
'
•
result
-
Canadian Fund, Inc., and Carriers
General
Co.,
cumulative
the Federal
able
been
to
the
as
everything that all of the
and distributor of Chemical Fund,
prior
long-term -Federal ■'maintain
of
in existence
now
bined
Mr. .McCol¬
lester
if
excessive
an
the
econ¬
.
has
been named
within
instrument, short- short-term^ector. This is a change
in procedure which the Treasury
inevitably rise relative to has welcomed.
However, if the
..
Mc¬
S.
of
short-term
of
well
Treasury securities
on
_
Roger
still
large refunding operations of
.
execu
market,
capacity of the
of
engage
time
of
market
long-term rates.
Gov¬
Treasury; and
to
Treasury was forced, to concen¬
ties, but also in the interest of the trate an excessive amount of its
-Federal
Reserve, which must op¬
tire''outstanding total of all:Fed¬
financing in the ond-to-five year
erate through this market in ad¬
eral debt in the 20-year-and-over
maturity area.
As
a
result, a
maturity
range.
For
example, justing, on :a dayrto-r day basis^fhe "humped"
yield curve was pro¬
after allowing for all repayments -reserve position
of the banking
duced, with yields in the one-toand refundings,
'IV-.';'
the -industry system.. . "
V: - V five year area being substantially
;
;
Our
further
housekeeping ob¬
placed last year a volume of longhigher than yields on the longestterm
debt -that was larger than jectives must be. to* establish and
term Government securities. And
member of the
money
volume
is
However,
omy.
that tive
consistently exceeds the e!n-
year
administrative
partner
these
and
mortgage market is by far
the
the
can
the needs of the economy
would
from
The
that
is
securities
to add to the sup¬
were
keeping
a
to
accom¬
now
and without serious impact on the
the
ex¬
in
to the
short-term
suits
established
is
debt
this flexibility of the Federal Reserve,
the
were
the
maturity
minimizing interest Treasury
the
also
term 'Fates!
has
the
economy
supplied
for this kind of
fund
turbance
occurs, a
maturity
extent consistent with other com¬
mutual
the
The level of interest rates
any
pelling objectives. Another house¬
Exchange,
of
instru-(
flects not only the state of expec¬
more
policy.
taxpayer,
-
duced.
are
the
them,
wich
and
the
on
to
the first
Robert V. Roosa
supply and demand
in
relatively little dis¬
Furthermore, it does not follow
at, work
Stock
an
thdt, if the Treasury
successor
behavior of interest rates that re^-i
York
plished with
the
members
New
our
economy
created
that, the turnover of,
reason
short
very
been
Manhattan Plaza, New York City,
of the
The
threatening inflationary potential
have
A "
"
Today's Short-Term Ratio
practicable because
excess
(S]'w /
..
as
For
And, to
an
need for more fre¬
a
our
But
of the
and
output.
con¬
the
is not, throughout its many sectors, Federal Reserve would find itself
fully employed.
•
with only very short intervals of
|
"housekeeping";
a
closely
'."
with
forces
time,
to his
size
form.
prices
is
quent, large refunding operations
will
continually
character and those that
capital
markets,
over
largely of
more
with
concern
of
going
debt
and
instruments
economy—even
yhole.
must
liquid
so
work out gra¬
suitably balanced debt structure. centrate its financing solely in the dations of change, or shifts, in
Very broadly, these objectives short-term area, the interest cost monetary policy without risking
of
debt
management
may
be on the Federal debt would be re¬ an undue disruption not only of
and
common:
a
passage
bankers
have
as
manager
strive to turn
continuing
Hornblower &
the
of
mortgage
vital
position,
More¬
against the inexorable pres¬
over,
For
e
debt
I of
evitably be
reserves
And,
grow.:
short
do
can
are
that all of the debt
tent that such
on
the interest cost of carry¬
on
ing the
policies,
suits.
balance of payments
our
in
It
of the Federal
more
stock
a
ready.
exceed the needs
rates
To be
institutions
also
mean
be
can
needs of the domestic
economy, on
the long-term capital;
particu¬
a
forum
will
monetary policy.
be centrated in. short maturities, other
that
such
grows,, the
does not
it
in several ways. To the extent that
large stock by the Treasury.
a
organizations.
ments
has
use
for. .the
that
quickly than Treasury bills, there will in¬
risk;
financial
our
is
the execution
very
of loss.
appropriate stock of liquid
borrowing
sparing
avers
credit
in'hibit
c^n
instruments
economy
explains
of not inhibiting the Fed¬
lowering debt interest cost;
of
other
^hort-term borrowing; couples
concern
problems,
debt
McCollester With
1
Dr.
money
of
ex¬
of short-term
securities
severely
may
an
they
has need for
needed
of
be temporarily
that endless short-term
warns
of the Federal
Weeks,
is
^1
close sub¬
are a
money;
liquid
free
of the Federal
balanced maturity may
a
excess
advanced economy, such
an
ours,
of
pro¬
infringed upon.' The only deviation11rota these1
shorter-term
Association
appropriate
the
cess.
&
structure;
seems
Federal debt financing is concerned, is that the
the
the
and efficient across
as
at
ed
energetic,
sure,
(2)
financing through the banking system; and looks to
future helpfulness of reformed tax
policy to aid the economy's growth,
Johnson, President, ably support¬
an
for
and with little risk
been made of debt
discussion of debt
by
dabt
time
no
securities, cessive concentration
which
ernment securities
im¬
and
Kemmons
to
though
the independence
explanation the Treasury's
does not
an
Chairman, and Wallace E„ larly
Board
be
as
eral Reserve's operations;
consist¬
been
potential
stitute
Another major hazard of
courting the danger Government
liquidity creates. Short-term Gov¬
over-
"greenback" financing;
even
(4)
and
to
(1) not to expect
balanced Federal
a
for present emphasis on
reasons
to this
step;
a
akin
long-terms
of maintaining
subordinated
year.,
view
we
issue
will not
objective
squeeze',"
Gifted
aginative
intention to
Reserve
20%; annually
over
worth.
importance of maintaining
(3)
policies, insofar
When many companies are suf¬
fering
short-terms —held
the
currently
around
at
of
pitious for such
outstanding, 2,-
were,
capital
traded
on
top Traasury official makes crystal clear:
$10°.
over
short-term
be
turned,into
represented by shares having cur¬
financing
our
liquidity and the infla¬
excess
tionary
By Hon. Robert V. Roosa,* Under Secretary of the Treasury for
Monetary Affairs, Treasury Department, Washington, D.C.
ing for stock dividends and splits,
in
would
we
Long
to concentrate
were
we
MERRILL LYNCH,
PIERCE, FENNER & SMITH INC
•
70
PINE STREET. NEW
YORK 5, N. Y.
28
6
The-Commercial and -Financial Chronicle
(1826)
when
back
rn
r i
the
total
around
was
Recent
,
Tlie
past
In
Awards
week's
the
for
Markets
municipal
and
state
buildup
at
bonds fluctuated further this past
bond market
week
further
as
rather
genuine
a
war r scare
and politi¬
economic
than
serious
shooting.
Poor
,
>
,
Timing
types of securities. Robust
all
The
been made throughout
gains had
I
.
.
the markets
cal'factors motivated
for
these
improvement barring any
in
sion
and
lists,
most
recent
eonfu-
minor
-
lowering of reserve requirements
lending potential to the extent of
£4,600,000,000.
of last week,
part
and easier.
nervous
lower,
were
less
they
nontheprevious
from
in¬
in
tion
propor¬
weekend
the
tions before
reaction
the
relaxa¬
the
tion,
intrusion
bare
of
their hats and
Blue List
tax
such
doesn't
talk
cut
markets
if
as
by
There
and grab
the
intuition.
persuasive
a
very'
was
Monday
early
remove
considerably better
were
trading
little
„
but
diminish investor
to
by
the
noon
in
factor
well
as
Baum
been
to
1
widened and
Quiet' strength
enthusiasm.
quiet
there
as
of
but
was
Tuesday
also
was
dollar bonds made frac¬
as
tional
remainder
gains
and
investors
picked
parently
ap¬
quite
away
sparingly at the well marked
secondary market
up
offerings.
market's
the
of
volume
The
remainder.
ent
totals- less
Many
of interesting
thus
the
develop
few
re
small
and
failed
to
lustrous upturn. The
issues
new
that
were
offered in the early week how¬
did meet with
ever,
warm
reception
detailed.
-
—
Upward
an
unusually
will
as
be
v-
.
Price
Commercial
[Chronicles
later
'
for
reasons
turnabout
to
ascribe
abrupt
in
state
and
dicate.
that
grass
roots econ¬
finding
some
expression.
conclusion
is
Oct. 31
as
2.913%
at
against 2.923%
This portrays
ter of
a
point, but
indicates
towards
week
a
market
a
on
im¬
t.e
higher
more
than that
continuing
trend
tax-exempt bond
prices and the lessening of yields.
Although climactic
negotiations
>total
ture.
of
We
confused
/
relative
by
a
reper¬
-
are
;•....
further
in
further,
cold;
The
■
the
1
war
By
much
a
Many
business
condition
than
more
♦Cincinnati, Ohio
(U. T.)
Philadelphia, Pennsylvania
♦Chicago,
New
Illinois
York, New York
are
but
of
Va
1953-1982
11:00
2:00 p.m.
1963-1986
::
a.m.
7:30 p.m.
2,000,000
1963-1982
10:00
2,500,000
1964-1972.
11:00
a.m.
1,800,000
1968-1978'
10:90
a.m.
7:30
p.m.
ajn.
—
11:00 a.m.f'
1967-1992
8:00 p.m.
i963-1989
2:00 p.m.
,1963-1992
10:00 a.m..
2,350,000
1963-1982
Neon
1964-1982
10:00
a.m.
1971-2002
10:00
a.m.
______
14,000,000
12,000,000
yield
fj-om
sold;.
of
4,220,000
of
2,250,000
.10.000,000
Shreyeport, La.
South
Carolina
Univi* of
to
and associ¬
for
a
.3.:3Q%^
1963-2002
2:00
p.m.
26,640,000
1964-1993-
6900,600
1964-1993-
____._______:__
9^00,000
1965-1937
10:00
(State of)____^__'
5,000900
1963-1982-
Noon
6.739900
1963-1976
11:00
8,750,000-
1963-2000
10:00'a.m.
Syracuse; N. Y^
School
100.388
1:30 p.m.
(Thursday)
Univ., Calif.__
.City r Municipal
Im¬
provement Auth. (Rev,), Okla.__
Philadelphia, Pa.
«
Calif.
_ _._ _
(The
_
_'
_
Regents
Berkeley, Calif.
_
_
v-
_
Noon:
11 :G0 aim.
a.m.
-
a.m.
of),
-_
'
'
bid
1964-2001
Oklahoma
the/St.rLouis,
bonds
.
Louisiana,
"Orleans, La
Leland Stanford Jr.
.
Jersey
Co.
University
1,000,000
November 15
&
Con-
members, of the
Ccoley
cir¬
Sims
doing
not
this
totaled
offerings
.3.50%
a
November 19-
/
(Monday); "i"'
Florida Development Commission,
Tallahassee, Fla/4,160,039
cou-
v
"
•
it
The
slight increase is largely at¬
/
•
;•. ■
2:00 p.m.
1964-1990'
..Novewber 2(l (Tuesday)
from
-
items
offering two
or
Maturity
of
of'
the
2.90%
1981-1982
3.00%
2.85%
3*4%
1981-1982 ' 3.00%
2.80%
3%%
1974-1975
2.75%
2.60%
2.90%
1981-1982
2.90%
2.75%
1981-1982
issues
3.00%
3.05%
3.00%
2.85%
3.10%
2.90%
1981
3.20%
13.05%
1981
3.25%
3.10%
1981"
3y2%
1981'.
3y2%
31/4%
3%
1980
'
3.20%
'
-
'«•
Townshio
bid
for
and
for.- The
1,600,000
8:00 p.nii
WrMUan
ipv^sm_p, Mich.________
Miami
1,890;0OO
1964-1982
.1,050,000
1964-2001
11:00
Simi Valley Unified Ss D., Calif.—
1,242,000
1963-1982-
11:00 ami.
University of Mass. Bldg. Auth._^_
•5,100.000
Wake
-1,000,000
1984-1981
-11:00 a.m.
2,435,000
9.800,000
1963-1980
1966-2003
8:00 p.m.
2:00 p.m.
4,000,000
1966-1988
--
University, Ohio_
County,
N.
C
November 27
Norman, Gkla.
St..
a.m.
(Tuesday)
1
Landry
Parish
4,400,000.
Consolidated
School District No.
-
new
;
-
;
*
//
Oklahoma
five
1, La._—_—_
City
Municipal
.
2:00 p.m.
^
'u November 28 (Wednesday) *
Imp.
Authority (Revenue), Okla
10,000,000
com¬
City
Massachusetts '
-
Mich
Wayne County Com¬
munity College Dist., Mich.—_
Purdue University, Ind—
week
were
a.m.
Northwest
$1,569,000.
there
to/prepare
November 29
;
of
awarded
Buena
Vista
(Thursday)
Township; Mich.--^.-/
3.18%
"
jointly
by
Guaranty
Trust
&
a
Co.
at
the
Co.
net
man-
Morgan
and
Drexel
interest
cost, of
-
"
(1963-
purpose
1932) bonds to the syndicate
aged
December 1
2,200,000
1965-1992
.
Dallas
/
.
7:30p.m.
County Bonds), Texas
:
8,000,090
3,500,000
Florida. Cevel. Commission
Co.. and
New
made. .by
York
Trust
Rev.
Co., .First National Bank of Ore¬
Portland,
Wertheim
'
Hayden,
&
Continued
Stone
Co.,
on
&
Barr
page
47
(Road
Bonds), Broward Co., Fla.
Lehman Brothers.
Other members of the winning
syndicate include: C. J. Devine &
gon,,
•
'
_ _____
of
Chemical .Bank
1,600,000
Elementary S. D., Calif.
El Monte
was
9,000,000
December 4 (Tuesday)
Salt Lake Co. Granite S.
D., Utah
December 5
5.500,000
(Wednesday)
Georgia State Hospital Authority,
"
Atlanta, Ga.
Macon
;
County (General Obligation
'
which
;
;
-December 3 (Monday)
favorably with 4he runner-up bid
2.71%
(Saturday) >
Lo& Angeles County Malibu Waterworks District No. 29, Calif..
2.7097%This bid compared very
2.85%
.3.20%
314%
present
current
10:00
t
High Sch. Dist. No. 125, 111
has
any-important
butT because
Boston,
3.05%
3.00%
to
the
account
«
Tr
Asked
1981-1982
1981-1982
of¬
Current Week's Business
petitively
3ZA%'-
in
$6,550,000 various
3.15%
were
1.70%
initial... demand
with
J.
day,- not in the'volume of bonds
sold
three weeks
Bid
,
Lee, Inc.,.
bonds
1984-1983
1,500,000
L,
,
.
flotations but Tuesday was a busy
at
1982
•
.,
Consql.
Herbert
and
moderate
void
was
withdrawn
3J/2%
-
T
Weld
Co., R. D, White &.
yield, from
/Monday
$331,000,000.
to. trie -reappearance
.of
White.
Michigan;; Corp.,
/
The
Co.
and
The
tptals
ago
mark-up
winning
mu¬
of Oct. 31. A week
about
of
;
Co.
to
been
as
include
&
&
fered
reflects
over-competition
bond
■■
Co., I.yons, Hannahs &
other factor.
any
October 31, 1961 Index=: :2.913%
apparent availability.
New
.va/ n.-arie by ' the/group.
Otrer
Co.,
*No
their
balance
l_il_ 3%% !
^
2:00 p.m.
8:00 p.m.
2,750,000
Parkersburg,-W. Va._:
the sale* of $2,935,-
Fahnestock .&
.
Angeles, California
a.m.
33,000,000
.
Municipal Util. D., Calif.
Fauquier County,
Hayden,
L,
(1963-1932)
Co., /First'
of
measures
The Blue List of state and
Housing Auth. (N. Y., N. Y.)_ 3V2%
Baltimore, Maryland--,
9:00
Sch.
District.No. 7, N. Y
appear
comfortable
very
cumstance.
York, State
New
inventories
week.
in
appear
New
State.-—
1964-1982
•1,430,000
both volume and cost most dealers
Jersey Hwy. Auth.: Gtd.__i_ 3% -
Pennsylvania,
3,185,000
a.m.
(Tuesday)
V,'/;
|
Inventories
changed but little during
past
New
♦Delaware, State—
8:00 p.m.
'November 14 (Wednesday)
Shear-
abejit 50% of
been
saw
syndicate
dealer
to have
Rate
Connecticut, State
to
100.3198, also for
pon;
MARKET ON REPRESENTATIVE SERIAL ISSUES
State_____
v;-;'-; ^ivrs;
East Bay
3_30% coupon. The runner-up bid
of
1963-1982
2,190,000
—----
Amherst & Tonawanda Cent.
;
a
.1965-1937
5,543,000
of -the
Keating
Robert
Dover, 'New
on
9:00
1,200,000
2,000,000
Tulane "
Co.r
Scaled
have
District
should
There
•/
Comfortable
national tributable
>
•
.
for
&
Koenig,
and
Co.
Friday
ates
8:00 p.m.
1,000,000
Hempstead, N. Y._____^_
/
1984)
(1965
include
Halsey, Stuart &
tempo
in
.
C00
no; as¬
the
is
Inc.
bonds
political fu¬
that
slowdown.
$379,244,000
the
particularly
problems
..California,
'
-
account
.2i05% to. 340;%
budgets,!
as
municipal finance
nicipal
financial sphere, mid
Los
roseate
a
believe
becloud
with potential
looming
economic
-
of
surance
international
daily
scene,
cussions
the
increasing
ever
debljs and \ tax rates
general
provement of less than one-quar¬
it
view
to
with
awarded
members
major
&
Noon
1963-1978
Las Virgenes Mun. Water D., Calif.
<
,3.r.ZulC-i
&v Co.,
Stead,
beginning
are
yield
.$960,000.V
••
1964-1998
2,075,000
1,500,000
November 13
initial
and
Minnesota
;
Hammill
Stone
without saying that"
representatives
our
Financial
grade
cut
averages
ago.
It almost goes
to
moderate
Water
:
Other
sen,
municipal
simple reasoning leads to the
been
balance
12,250,000
outsiders
offered
3.25%
Noon
the account managed - by
winning
ners
too
of-
1983-1989
November 12 (Monday)
.
Richmond, Ky.
Karris Trust & Savings Bank syn¬
.
this
has
present
Dist., Texas
Portland, Ore.
/
1964-1990
8,GG0,090
6,750,000 .1963-1993
_ _ __
_______
ap¬
financing. Our direct and perhaps
ever..
obligation 20-year bend yield In¬
dex
-
3:00 p.m.
1,135,000
1,520,000
_
-r;_
—
Plainview Indep. Sch.
area
10:00 a.m.
still be plenty to go around,.hOvV-
-
Trend
and
high
dealers
-
1966-2012
1965-1988
4,000,000
1,600,000 '1933-1982
N. J.
•
Nashviile,-Tennv
sell the bonds.
can
to
S. .D.,
Meriden/Conn.
Port of
2,170,000
(Thursday)
_____
H.
Houston (Waterworks Rev. Bonds),
Glove, Forgan & Co. The runner- /..Texas,
up bid of 3.31 % was made by the- Lincoln Schoql District, Neb._____
-
The
■i
.new issues,
c-ay'-s/activity
any
Missouri
were
1.80%
bonds to
$300,000,000.
reluctant
are
definite
than
—
Co.r.Port of Seatde, Wash.i—
local bank University 1>f. Oklahoma—
see a
group
boys
$1,503,000
is¬
a I prest-
a
Richfield,
calendar,
scheduled and tentative,
of
demand
likely to be for at least the
omy
Tuesday offered nothing in the
way
of
bonds
the
.
/'
winning
issue in their home
local
from
the
in
new
has been subnormal and
sues
issue activity to-stir up
new
the
Texas
Zahner" &
and
group
the
of the dealers have
advance
the
year's
little
Inc.
an
The
as
participate fully
cheap
Monday's session
November 8
buying the issue and hoping that
of ' the-
many
commentators
been reluctant to
pears
the
Wdittier Union H. S. Dist., Calif.__
Co., Luce, Thompson &
instead
basic
a
warning of heavy new issue
nobody apparently acquired much
for
of
refreshing to
buy
volume since June and have thus
interim,
prevailed
&
Crowe,
appetite for
municipal market's
many
in
inventory.
members
_
net
\L":'
Noon
Unified
by' First
3.199%
a
Hunteraon. Central
It is
Whereas
market
bond
from
one-half
the
advance.
issues quoted in dollars
were
of
was; made
.;
Ot.ier
_
Peninsula
Galveston.
and
were
points. Spreads
Verqes
1
_
N. J
Roseville, Minn.
.
tax-exempt bonds.
numerous
up
Fa.os
by-
Minn.
Va
School.District, Calif
bid
cost
District 777,
County,
Edison1 Township,
interest cost <of 3.1654%;
second
School
scciates.
appear
Scarcity continues to be
Mondafy morning the
on
groupi- headed
1964-1983
November 7 (Wednesday)
-
Cincinnati, Ohio
$2,125,000
..
could
coats
Benson
/
Chesterfield
(1964-1982)
1,300,000
a.m.
..
■.
The
10:00
of
Regents (Austin, Texas)
are
subject during the present
might at least be characterized-as -' grcup" include Stern Brothers &
unfortunate timing. At any rate Co.1, Gcodbody & Co., George'K.
About Face
traders
to; the
College Board
National Bank;. St. Louis and- as-,
Scarcity Factor
Before
Missouri sold
Ohio .
...
1963-1972
2,750,000
(Monday)
'
Teachers'
com-
comment-.
improvement
intarest
ex¬
tensions.
world
at
both
Florissant,*. /(St. - Louis
net
a
The
an
defense
of
this
crisis
moderate
to
parhaps
and
rate
Euclid
ComjnsreeTrmst
at
of
Although'they
tensions,
limited
was
later.
$8,000,000,000
looming
accelerated
until
reform
penditures about to be set in mo¬
experiences involving drastic
ternational
deficit
bonds
brief
of
sell
and
(Thursday)
November 5
State
Wednesday .(Oct.
.
November 1
;
...
V
..
continued to
issues
bidding,
County),
quickly next year
least
at
keen.
two
of
public
markets were
were
and,
orderly
tax
leave
With
during the latter
of the war scare
and
..
heigtening
the
with
However,
"
-J,
-
.
City
Con¬
t.nat
proposed
gress cut taxes
which
time deposits
on
He
saw
■worthy
was
Tuesday.
very •
25)
petitive
generated by Secretary
particularly
municipal bonds, following the Hodges at a news conference on
bond
the
/
for competitive, bid-
flotations
new
be
tabulations we list the bond issues of
for which specific sale dates have been set.
or more
Douglas County, Neb
;
ding and competition to PuiGh^e>
likely to show
seems
smaller-is-
numerous
offered
sues
the tax-exempt
least,
Thursday, November 1, 1962
.
'
sche; ule, .while/totaling .only $90,-
000,000, had
following
$1,000.,000
issue
-new
.
Issues Scheduled -For Sale
$379,382,787-./;
BY DONALD D.
.
County
6,500,000
Special
Charter
School District No. 61, 111
3,655,000
j—_
10:00a.m.
Volume
196
Number
6208
.
.
The Commercial and Financial Chronicle
.
(1827)
cases
is
their
completion,
being
withheld
lines, -distributors
,
who may be
have van
pending
and n the
and
panies; in
pipe-
consumers
in
of
exploring
By Hon. Joseph C. "Swidler,* Chairman, Federal Power
...
Commission, W ashington, D.C.
• >
.
few
Federal utility head reviews expeditious progress made, and
principle
ibe
applied, in settling cases before
views
FP3.
pieces of unfinished business
on
Also ilstaised
(1)
os:
information
regarding-pipeline
flexibility to the 12-year
formula.
calls
Mr.
upon
substitute
Swidler
)
cost-rate
.
more
suggestions
and
particularly
The
rate
Act's standards
Federal
and
not
with
proceedings-method
mind,
my
Power
t i
has
greater
a
the
to
tiori. 'Tarn
of
its
»
ex-
i
and
many
years.
The
make
attempted
its
run
fairs
settlement
full
been
Hon. J. C. Swidler
complexities of the Problems
conre-
oronosal
has
and
great many ;ideas
has
which
reciprocated
treat-
by
.
improvements instituted by
Commission,
followed
whether
mendations
not
or
industry
recom-
v
•
industry study of FPC
cedures
praise.
merits
After
a-special
pro-
intention
to
Senate
apparently decided
rate
that
I
has been
tion
several
of
I
of 'this
reading
some
Among
the
to
leisure
and
for
is
that the
take
Association
Committee
published
report
Affairs,
s
to
state
on.a
.recently
reform
.Its
I
pro-
in
by
last
the
year.
which
did
put into effect
in part
vestions
esuons
On°y oLe
-
has
nas
failed
raiieo
ra^e
in
Tn
re-
which
of
to
th"^
commend
commend
Commission
helu-
as
important
Commission
have
was
stalemate
industry
no progress
is
cases,
was
faced
all
abandoning
verting
vidual
these
to
the
rate
with
-of'
ducers/!
gave"'this
careful
for
and
of time
to
which
holds
to
for
pro¬
decision, and concluded that
in
regulated
various
prices.
gas
turn
111
down their offers.
has
The Com-
attempted
to
be
and
producer
embers
reached
of
the
The
the
other
Commission
conclusion.
same
same
philosophical about the dry holes
have
continuous review in my mind as
company
the
verting
hand
we
have'instructed staff
settlement
results must be
consistent with what
kept
this
months
question
have
conclusion
my
has
under
by,
gone
pnly
and learned in the
An
rate
area
ables
enter into settlements other than
in
on a voluntary basis.
wise
at
obvious
require
difficulty
"Congress
-army
!cases.
of
enough
securing
additional
of
staff
individual
an
cost
to
This is not
large
an
NEW ISSUE
1
in forcing
producers in order
their
minimizing
own
the
duction
the
of
'..
On
present hazards to
interest
other
the
is clear
by
now
which
for
hand
I
on
November 1, 1962
.
4n
distribute
100,000 Shares
*
Florida Power Gorporation
V
it-
sure
Cumulative Preferred Stock, 4.58% Series
.pleasure
more
-FPC
th'
or
"(Par Value $100 Per Share)
v
have
ws
j
in
progress
of
proce-
occurred
since
written, the Asso-
ciation might want to consider he-
Price $100 per
Share
the
We
cases.
200
over
-
als0 .
and
ordered
pro-
course
-"tors
cf
These
passed
and
we
consumers.
an-
\
to
the ultimate
'•**
;
••
"
'
;
have
made
,
.
,
„
,
,
,
Goldman,Sachs&Co. Lehman Brothers
snatched the
guidelines,
which
'
.
claim
position
.
.,
complete,
are
•+•
c
that
large
and
the
I
do-not,
.,
the
T
cases.rJ
producers,
small,
*
Smith,Barney&Go. White,We!d&Co.
.
-
be-
pending be-
money
in
Wertheim & Co.
Hornblower & Weeks
Ilallgartcn & Go.
W. C. I.angley & Co.
A. M. Kidder &'Co., Inc.
>
,
Shields & Company
L. F. Rothschild & Co.
both
Commission, the royalty
whose
Bear/Stearns & Co.
>
dis-
who 'have rate
and certificate.cases
owners
for
j
of producer
lieve
fore the
Pierce, Fenner & Smith
Incorporated
,
recent months has- provided,
ln
Merrill Lynch,
Incorporated
Incorporated
have
™'
Judder, Eeabody & Co.
producer
0:1 \
settlements,-but ft is obvious that
.
1
to the distribu-i
on
trust
gratified at the progress.,
are
.
of
are
i
We
.
.
Copies cf the Prospectus may be obtained in any State in which this announcement is circu¬
lated from only such of the underwriters as may lawfully offer these securities in such State.
and
=$12,000',000
refunds
•
"
refunds
many
Faulkner, Dawkins
Sullivan
&
which
I
think
it
that the area price
Continued
,r
.
return,
incentive
ready solution.
no
see
the
costs,
public
offer oj these securities for sale. The offer is made only by the Prospectus.
*
di¬
into
deal with the
>
to'J
in
gas
of self-interest to holchdown pro¬
from
for
which is a
market,
owners
in
and
However,
money
for
when
well
system
lowest
maximize
en¬
decide
hundreds
in
for the
interests
same
pricing
intrastate
to
the
single proceeding what other¬
would
wide
of gas
even
divided,
least fortunate
of
to
the,
the
royalty
seen
year.
Commission
the
the
been
approach is that it
individual•*;rate
the
past
advantage
or
The side effects of
and
strengthened by what I have
results
with"
typical situation.
I
in its settlement"
program.
On the
company
price
area,
at
More¬
rates.
approach
the
ownership is
to
consumers
ownership
from
dry
many
illusion
an
prices
in
of
pro¬
every
individual
variations
area
promise
to
how
is
and
regulation
ineffective vehicle
an
the
over,
effective regulation
of
the
and 'reasonable
of sound
side
of
providing gas to
could have been so lacking in intelligence and understanding as to
other
drills
cost-of-service
pres¬
speedy
a
out
matter
no
him, and is
intensive study
come
uncertainties
system
he
hedged
enterprise
an
A
matter "the .just
possible under the
was
reimburse
contrary to the inherent
of
risks.
holes
the
independent
regulation
to
variables,
ducer
re¬
in¬
producer
purports
full reimbursement
indi¬
of
proceedings
thousands
that
and
cases
system
the
producers for their full costs,
nature
of
or
to
it
which is
attempting do
pricing an effective
regulation,
that
in
cost-oi'-service
company
approach
-had
two
basic'.fallacy
dividual
and
these
of
Cost-Pricing V
The
and
Commission
-area
''
■
questioned whether the
instrument
ap¬
responsible
with the alternative of proceeding
with
them
and
make
to
Fallacy of Individual Company
.Southern
many
on
the most
as
propriations and staffing.
in the
the
scrupulously avoided exerting any
pressure upon the industry to
-or-sur£a<?e in 'thls' lhe lal®est
sug
°f °Ul' backlog The.Comm^ion|
•
the report
negotiations
a
-
for
not
+
u
*
A
u
dispatch
^
of its business
in
in
in
-how
reasonably
in' whole
view of the many
changes
dures
the
the
and
difficulty .but
'which
am
producer
deductions
11ew
itself to
ful
but
its
results,- taking
optimistic assumptions
rate
area
with
its
pricing offered the best possibility
one
£
approximately $19,000,000
Of the
quire legislative action, eight have
been
I
the
make
cases
nualiy.
the * Com¬
Committee -suggestions
improvement
ended
industry can'taekh
disposed
we
nine
primarily
with
:
and
changes and improvements in
mission
but
before
to
ducer
of
the
instituted
the
of * the
.the
sure
participated
that
wparicnm-
a
recent months
have
.high leve
with
cecjures
'is
deal
settlement of
compared its recommendations for
proceduial
itself
great
begun
was
7, 1961.
very
it
ne-
which
to be involved in this
me
regulatory commissions,
In
on
;
of'Competence, and-objectivity.
have--reviewed
in
the
are
dividual company approach is not
speech
a
saying at least
about
Basin
made
and
who
up
Guidelines for Producer Cases
.-Special
.which
March
on
was
words
try .Practically
most
we
than applying for further rate in-
none more
-.Executives
of
Regulatory
period of
to
money
problems
Commission
studied, I found
Gas
one
with'a
do
relating
Tower
-
rate
achieved. .The
in
to
make
ever
rate concept was even worth
.area
measurab1-
a
progress
refunds
chore
helpful than the report of American
of
thinking.-creases
materials
Federal
that I
tried
a
months
everi
spent:
tne
approach. My objection to the in¬
substantial
future
the
of
my
postponed
was
months.
advantage
assumption
office, and
oc-
■?.many
on
-on
also .have
creases,
than
the .burdens
and
mission
have
enjoyed
count
can
the, moratoriums
tunity for study and rumination
immediate
which
cases
staff "have
The distribu-
have
reductions,' and
which
standard
from
the
of
*ear,
a
ago.
year
would profit more from an oppor-
confirmation
•
a
which
tors
ap-
point me-to the .Commission,
the
word
to
seelm
indi¬
people
if
available,
the
of
the
good
the work
made
lesser
by
approach, and of
enougn
on
were
proved"'to
•
been
cases.
a
^
_
existed
word-of
the -President -had
his
announced
both
settle¬
large '..groups :df distributors
a
required
all agree that the situation is**
greatly improved over that whic
-
-
.
.
One
say
pipelines for the first
We have not forced settlements
in years have firm rates and from either' direction, and * confi^nncial statements that are not sidering -the wide differences in
clouded by staggering contingent' the positions of staff and'the comrefund obligations. I am sure;tjvvr~
ac-
cepting in good spirit the proce-
they
the
dered refunds f°r Past service of
includi"g
terest' and reduced existing rates
The in-
and
respect,
'
we
origi-
bv
about
wondered
settlement
number
few
' which
ultimately fell
through. I suppose that all those
which
de-
consumers
on a
$27,000,000
and
only
should
I
{,®'e^osed
of 50which
major pipe- might be expected in ligation,
C
we or- but on the other hand
have
adooted
nated in industry -sources.
dural
The
reflect
.here>-'except to bring the totals
to date.'. In the past 15 months,
viewed sympathetically every in-
eration
in
through
cases
this
its
recited
pipeline
year on
Perhaps
have made tin
we
gotiations
past
casions, and I will not repeat them
and
Sine'the mdustrvPlOhL
dustrv
respect
reduction
benefited
industry and
se¬
riousness
the
cur-
in the
which
which
has
program
recogni¬
tion of the
dustrv
to
like
-
basis and in
as
settling out pro-.
*•
a
-extent
business
cases
Commission
process.
tailed -statistics
the
in
settled but also about
*:ases-where settlement ne?S W?re not successful?.ere.
ha^
a ?.00d ma"V
cases in which the
the
Commission
substantial
a
that
parties and the
mutual
backlog of rate
the
af-
on
of
developed
hardly
Permian'-
Commission
RateEeducthms'coulltless hours over
and
I
j!fVe
that
so
have
suggestions
has /helped "the
year
its
of
,
practices;
spirit
has
Commission
:
ducer
weeks
which
the
hopeful
progress
"the, past
based upon the Commission's
The
has
in
•
'
of
not
further
:Cases Settled
*
FPC
isted
the
sort
:*
carry
Proceedings
any more without
a
finding
the
■■■T:
Area. Rate
-
be
vidual company
5»
"next year we- can make the' same' consumers
:
company pricing.
benefit
j?
>
has
*
cost-of-'
would
••,
successful
high.
instances, would,; Louisiana,
many
"
individual
individual
1
of
segments
.
rent rules
than
a
the
before
which, in
field
constituting the committee
stimu-
degree of coopera-
industry
'the
and
to
fair
would
inter-
that
concerned
negotiations
very
clarify
•
....
be
The Commission staff is- avail--
pending
natural
gas
has
criticizes
g r e a t es t;the ^Commission
been
between
o n
so-caited
and 4ts accompanying
Federal
new
Commission's
achievement
late
the
the
Administrator roundly
service approach to individual
To
••
t
the gas industry or its''customers to suggest z better
for ~thepresent application of the same
rata*of-ratum
Gas
»price.
_
<
/irrespective of individual company performance. Strong defease is
made for present use of,area rate
proceedings conforming with the
Natural
that the next
further
pending
the
and we are especially anxious to proceedings. When the new Com¬
be of assistance to the many small mission took office :it inherited
producers who have rate increases the area >rate proceedings in the
,.
lack of
(3) need to apply
rule; and (4) present rata-of-raturn;
for
will,
ment
have
we
able for discussions of settlements
problems
(2)
I hope
weeks
the ground rules...
v
,r
reserves and costs;
reserve
asks
,
current
are
posed by combined pipeline and prwmcir companies;
established.
,
- •
^
the guidelines
on
the
mention
everyone
proportion
fully the possibility of settlements
based
to
venors, 1 think it is to the credit
paying inflated rates,
interest
of
many
not
cases,
7
Pierce, Carrison, Wulbern, Inc.
page
45
8
The Commercial and Financial Chronicle
(1828)
>
DEALER-BROKER
Summary
of
Raymond
E.
20111
INVESTMENT LITERATURE
IT
RECOMMENDATIONS
James
trends—
tin—Frank
City
of
Bank
California,
alysis—Hooker
Stocks—
Bank
&
—Laird,
MENTIONED WILL BE PLEASED
FOLLOWING LITERATURE:
&
Bissell
Meeds,
&
120
Banner Industries
Warren
OTC
Louis 1, Mo.
Utilities,
Co.,
-—
818
Inc.,
Fay,
San
an-
Broadway, New York 5, N. Y.
Institutional-Type
Inc.,
A.—An-
N.
Montgomery Street,
alysis of 10 New York Bank stocks cisco 4, Calif.
comparison and
Co.,
25 Broad St., New York 4, N. Y.
\
York
Ginberg
221
Fran-
Bulletin
Olive
R.
—
St,
St.,
Investors—Bulle105
La Salle Street, Chicago 3,
Mortgage
First
tin—Wm. H. Tegtmeyer Co.,
South
Illinois.
.
Inc.—Analysis
Inc., 800
North Marshall, Milwaukee 2, Wis.
Gateway Chemicals
& Frederick
—Splaine
Dynamics—Bulletin—
General
Purcell & Co., 50 Broadway, New
York 4, N. Y.
,
oducers/Pipelines^arid^ In- Bishop & Babcock Corp.—Memo-
Jas
1962
Thursday, November 1,
.
Associated Transport Inc.—Bulle-
Associates,
•
Couzens, Detroit 35,
Third quarter
THE
PARTIES
INTERESTED
SEND
FIRMS
THE
THAT
UNDERSTOOD
IS
TO
Danto
MichNew
AND
economic
.
.
Girard Industries Corporation —
dependent Telephones—Brochure randum—J. N. Russell & Co., Inc., Analysis—Edwards & Hanley 100
vin Bullock, Ltd., 1 Wall Street, El Paso Natural Gas.
on 56 issues — Troster, Singer & Union Commerce Building, Cleve- North Franklin Street
HemnNew York 5, N. Y.
Current Market Perspectives— Co., 74 Trinity Place, New York land 14, Ohio.
v""KVv
M
V
: " • " '
: v,./;:
Bonded Homes, Inc. — AnalysisAirlines—Review with particular Monthly
chart service covering 6, N. Y.
Folder Gateway Stock & Bond, Inc., Law
reference to American
Airlines, each of 960 listed stocks, with up Over-the-Counter Index
Industry—Review—Cal-
Airline
are
analyses of Aldens Inc. and
:
'
' * *
Flying Tiger Line and
■
lines—L. F. Rothschild
Broadway, New
^
Aluminum-Review with particular
reference to Aluminium LimT.im-
ited
Knowles
minium—Ross,
AIu-
British
Canadian
and
Co.,
&
TVT«„.
Ltd.,
^
-
West,
Street,
Adelaide
25
is
Industry—Analvqis with
Lheuser
patricular reference to
ingf
Inc., Joseph Schlitz Brew-
Company and Pabst
Brewing
Company—Loewi & Co. Incorpo-
rated, 225 East Mason Street Mil
Wis
waukee 2 '
'
a
figures—Equitable
parative
Toronto 1,
Ont., Canada.
Expansion—
Industrial
Canadian
of
Review—Bank
Box-
Bro-
Street,
Yonge
60
Limited,
Montreal, P. O.
Montreal
6002,
3,
Quebec,
Canada-
view
Oil
with
Stocks
Gas
&
brief
comment
Re-
on
64
companies-Draper Dobie & Com-
Ltd.,
pany
Adelaide
25
Street,
West, Toronto, Ont., Canada.
Cincinnati
-T
UilUUUl
Stocks
Bank
~;ew YorJs 4» N. Y.
Sineering Co.
Domestic Trunk Airlines-Review
with particular reference to
United Airlines and Eastern Air
Lines—Carl M. Loeb, Rhoades &
Co.. 42 Wall Street New York 5
•
t?
*
ac:
Danv
pany,
rr<~-
.......
.
I' OnUr20 ^Str6et'T°r"
r f \°at"£an*d»- •
W
'
99M Ron ctmei
T.imifpH
onto
q0
Ltd.—Com-
Mines
Dufault
Lake
xiiexit— Isard,
Robertson,
Fasson
Ltd., 217 Bay Street,
Toronto
^ ^ ,
J
1, Ont., Canada.
Industries,
MSL
>
Inc.—Analysis-
Brand, Grumet &
!!
M
,
Broad
Seigel, Inc., 67
Street,
o,
.
Analgia
street,
Boston
available
is
10
an
Automobile Industry
Pom
>
'
„
.
riLSla"dTrusitComJapanese
Market —Co.,
Review
—
Cleveland 1, Ohio.
Nomura Securities
Ltd
61
Business
^ Y;
Cleveland Area
A r
,
.
.
„
.
nanv
) r
,
wav
.
,
,
.
,
ca
&
P,
Penobscot Building, Detroit
ivri^vU
ZD, iVllCn.
New York 4, N. Y.
J,"0''
Caterpillar Tractor Conipany —
i k.
W , i ' ' Y' Als0 Analysis—Hornblower & Weeks,
^ 1 ]e 15 a ll3t of hi§h Srade 1 Chase Manhattan Plaza, New
"""" "'cvv
*'
New York
York' 5' Bonds
for Yield and Capital btieet,,New
Gain York 5, N. Y. Also available are M a r 1 e y - Memorandum - B. C.
and memorancla oa^Great Ameii- comments on American Airlines Christopher & Co., Board of Trade
a
E9«ipnient Stocks—Survey can Insurance, Maryland Casualty American & Foreign Power Ken- Building, Kansas City 5, Mo.
Tf"y
2 Br°ad" and Providence Washington In- n^cott, Univerral Oil Products Masonite—Memorandum — Persh^ay- New York 4, N.J Y.
surance.
Ex-Ceil-O, Douglas and American ing & Co., 120 Broadway, New
Five Per Cent Plus—Bulletin on Philadelphia Bank s Memorsn- Distilling.
York 5, N. Y.
d^nHSin^nOV^^t?
dUm ^troucl
Company Incor- Chemical Enterprises, Inc.—Anal- Martin Marietta Corp.— Analysis
mG
S?11 +1
porated, 123 South Broad Street, ysis—Johnson, Lane, Space and —Gregory-Massari, Inc., 9465 Wil^
™ladelphia 9, Pa.. •
Co., Inc., 16 N. Laura Street, Jack- shire Boulevard, Beverly Hills,
oa'p
Selected Stocks — List of issues ,sonvilIe 2. Fla-' Also available is Calif.
r?ces.®Jn^ ompanies —• selling at or near 1962 lows— an analysis of Lenahan Aluminum May Department Stores Company
C01np^any_Dicorpoi^tef ^9°Broad N° w' At?°1
^ari6tta Str6et' Wind°W C°rp0ra,ion-Analysis-Dempsey-Tegeler , &
Mass
Alto''
Clarauce River Basin Oil Ex- Co.-, Inc., 1C00 Locust Street, St.
analysis "of ^the Stock List f»r Tax Switches—Bro- plo,ation Co. —Report —Brown, Louis 1, Mo.
:; : v
chure—Carl Mv Loeb, Rhoades & A11.en. & Co., Inc., Texas Bank MeGraw Edison Co.—Bulletin-
results—pX
operating
'
-
T,
Economy-S u r v e y—
Company, Inc., Dixie Terminal B™dway™NewS York " N
Building, Cincinnati 2, Ohio.
Also a™il'oMo7=
'
. Y"
„ .
. .
m morandum
—BnlWin—rua B,USIr"
'lvity
' Electr,c Works.
parative
..
mi-
& Com-
Frumin
ajyS|s_Murray
-
—
_
.
Canadian
no
_
^ffray
& Street,
Hopwood
^.115
Seventh
|Minnesevent
South
ooum
w
nprfnrmor.ee
Kuhlman Electric Company ;
.
T-——
apuns 2
z, Minn
ivnnn.
market performance
over a 23- apolis
VPar noriAfl
1
Also available year Peri°d
National Quotation Caribbean Cement Cnmnanv T im
on Brown EnBureau,
Jnc.VT46r
Front Street, ite
ZT'.
Analysis
Annett & ComUil JL9AUWU JUllTVT
^7- ' '
Broadway,
2
AT
AT
AT
memorandum
fry,
Stocks—Com-
Common
Canadian
kers
A
New York 4, N. Y.
7
Brewing
Busch
i_
—,
,
Toronto, Ont., Canada
1
markpi
Co.,
&
-
Analysis-—
Buttrey Foods. Inc.
.
as
Department
Goodbody
.
5.' SefLdusLiS%tfcks° u'ed",^
v, . ..
Averages01"both^f
averages,
both
to yield
Stores—Analysis
.yiciu and
auu
«2 Beaver Street- New York
New York.
York.
Auchincloss, Parker & Redpath,
2 Broadway, New York 4, N. Y.
Switchinff tor Tax ^Benefits-ReAls.<J ava"ablf ls a rePort *■ »•
Port-H. Hentz.& Co., 72 Wall St.
Mallory & Co.
jjew York 5 N. Y
Minneapolis Honeywell Regulator
Jnrnn,„ ,
t.
Colby & Company, Inc., 85 State Company—Analysis — Laird, Bis5i/,9 t,v
Informatl™
™ Street,
Boston
9, Mass.onAlso
avail- sell
vt
tax trl™
free income
general obable are
comments
Fruehauf
York& 5Meeds,
N Y 120 Broadway, New
BuildinS> Dallas 2, Texas. Also
available are reports on Oil DeOH°Sof ^ ^ Awtnlim
" sltuat,onCrown Cork & -Seal— Report—
Co-' 42 Wall St., New York 5,
N. Y.
v
'New
A"' Brake and Natiana, western, Life Insurance
» a
yCom- Writer
Company:&—Christensen
Analysis — PCorporae t e r s,
D°rchester Gas Producing
Index-
ofUClewlaCHntrnI
Nati°na'Ohio.
Bank Milsukoshi Ltd.
la ysis o ' ^
Hoge Building,-' Seattle '
Cleveland, Cleveland,
Washington
Convertible Bonds—Memorandum miSh?86^1
It_Review —Ya.
Pany—Report—Kerr & Company, tion, 724 17th Street, Denver 2,
—Garvin,
Bantel
&
Co
120 Vnr£
t SecuriJie^ Co*
of New Ga^Ur^ Refun<Iiing — Discushon Kerr Building, Laguna Beach, Colo.
'
Broadway, New York 5, N. Y.
York'6 'n ' Y ARn°a Tf^hi NGW tion6^
,Ha^seatic .Corpora- Calif"
: Nissen Corporation — Analysis —
data on A«ahi a b
\t^TG 4 im'v
Street, New York Drackett-Company—Analysis—F. Securities Corporation
rr which
^ehDebentUrerLlSt
0f pon
Don Asbestos
A,he!tn ^sbes*0s
Co-' NlPN. Y- AJso
available
is a memoMoseley
& Co., p50 CMace
o n g r Aicrv
e s s Merchants
Bank
attractive—
Co., Nippon
Toki 4'
randum
on Bank
and Trust
Com- S.
Street
Boston
W Pprinr National inwa
_
Convertible
n
h
*
t •
of BuildIowa,
t , g' NortonP Co.—Comment—
•
of Retail- j.Oglebay
n. Russell & Co., Inc., Union
Commerce Building, Cleveland 14,
*.
•
issues
appear
Reynolds
&
New York 5
Co.,
N
Broadway
120
Alen auaiiaKia
va
able
Y
Pany Stocks.
Kaisha, and Toyo Toki Co.
tvtUMichigan
«
Business
.
Treasury
Refunding—R e p o r t—
Continental Illinois National Bank
Activity—
and Trust
Company, 231 South La
Salle Street,
For banks, brokers and financial institutions
Chicago 90, 111.
*
*
....
„
Allied
*
retro-Products
*
Inc.—Ana-
lytical brochure-H. A. Riecke &
Co.,
Firm
Trading Markets in
Incorporated,
Chestnut
1620
m
^ompany,
inc., 85
Boston
of
E.
iu
-L ec
o
«
Co
and
Rockwell Standard Engineering.
American Sugar Refining
merrt
(b) Natural Gas Companies
vay. New Yok
4 N.
N v
Aiczx
Broadway,
Yok 4,
Y Also
eastern
are
comments
Public
on
South-
Service.
Amercian Variety Stores
sis
Ana y-
G. E. C.( Securities of
llie.,
& Distribution
)0
350
Lincoln
Lincoln
Florida,
RnaH
Road,
Mi¬
Miami
Beach 39, Fla.
37 Wall
Street, New York 5
■
■
American
UO
IVXiliti
V/Dij XUV-.J J. UIIUUVJ.
Philadelphia 7, Pa.
Ohmart Corporation
—
Report
—
Equity Life Insurance Company— R- P. & R- A. Miller & Co., IncorReport_
R
e P 0 r t — QUalls & Company, porated, Philadelphia National
Frank Nels
Frank Nelson Building, Birming- .Bank
Building, Philadelphia 7, Pa.
Pacific Vegetable Oil Corporation
ham
&
Zinc, Lead &
Co.,
New York 4
8
Scherck,
Fourth
Frank
Nelson
'
Richter
Pepsi
Cola
on
list
„
Also available is a report
Consumers
of
Power
recommended
Co. and
a
common
Broadway,
Company^—Data—The
Incorporated,
incorporaiea,
company
Illinois
-
Report Fahnestock
Broadway, New York 6,
A
?'
,
t-,
Conklin Or¬
Company
Illinois
„
Street,
New
Building, Birming¬
Ala.
^
• n. Y.
Hemphill,
—
Company,
Analysis—Quails &
Inc., 120
York 5, N. Y.
ganization,
231 South La Salle Street,
^ jll. Also available are
Beech
Products>
Winston
Life
^ut
and
Chicago
data on
Savers,
Holt Reinhart
Ekco
and
Tnc
Winston, Inc.
stocks.
"
Placer Development Limited—
Financial Corporation of America Review—James Richardson &
Inc.—Analysis— —Analysis—Walston & Co., In- Sons, Inc., 14 Wall Street, New
N. Y
Busch
•
Smelting
Hanover
.
.
'
:
Anheuser
—Bulletin—Be Witt
Equity Life Insurance Company—
Y'r
N
»
•
Company—Report
Noyes
New York 4,
ill
Equity Life Insurance Company
Corporation—
puiituon
Analysis—Springarn, Heine & Co.
.
Teletype 212 571-1780; 1781; 1782
it.
New York-
ham 3,
Viscose
American
HAnover 2-2400
Ohmart—Memorandum—R. P. &
V/Ulf/UlilUUII
3, Ala.
Transmission, Production
Trinity Place, New York 6, N. Y,
v:
'
•
Ener8T
Component Corporation— R. A. Miller & Co., Inc., PhiladelAnalysis—Albion Securities Co., phia National Bank Building,
Inc., 52 Broadway,
Com-
Filor, Bullard & Smyth, 26
available
74
.
.
n
Bliss
W.
White M.o-
Edwards Engineering Corporation Warner
& Swasey
t0r Co' and
Eat0" Co.,
-Maiu,factl"'m8
Inc., 52 Broadway, New York 4
Co"
N. Y.
Ohio Stats Life Insurance Com-
—
reviews
Company,
Glidden
on
—Analysis—Kerns, Bennett & Co
9, Mass. Also available hi-fi^in
(a) Operating Utilities
Ohio.. Also available are comments
pany—Analvsis—Sanford & CornSpecialty Co.—Report pany, 233 Sansome Street, San
F fr'y f Bear'®tearns & Co- 1 Wall Street, Frandsco 4. Calif.
State Street, New York 5, N. Y.
^ o P
Rpxri^xr
Ine"
Company
Members New York Security Dealers Association
—Blair & Co. Incorporated, 20
Broad Street, New York 5, N. Y.
Street, Philadelphia 3, Pa.
American Can
Troster, Singer & Co.
available
trends.is a review
Hulany Industries—Memorandum
Co.,
.
320
St., St. Louis 2, Mo.
North
corpcrated,
265
Montgomery
San Francisco 4, Calif.
•
St.,
..
York 5, N. Y.
....
Continued on page 45
Volume
Number
196
6208
.
.
The Commercial and Financial Chronicle
.
(1829)
make
to
Interest Rate Outlook for
it
less
cial
for
necessary
vestors, particularly the
in-
purposes combined. It also means,
significantly,
commer-
banks, to reach out for long-
In
a
to maintain
By Dr. James J. O'Leary,*
Economic Research,
Vice-President and Director of
Life Insurance Association of America,
York
Netv
a
cult
City
for
the
comparatively high
authorities
long-term rates
to
nudge
downward.
This
jn
has been less true since early this
An
improving supply-demand
mainder of this decade is
within
<
the
narrow
same
balance of loanable funds in the
re¬
expected to keep interest rates fluctuating
which prevailed from the early I960
range
high tb the present lower level, Not untjl the end of the 1960's
can
anticipate an upward surge similar to the 1950's. If these fore¬
we
casts
accurate, Dr. O'Leary observes, this would
prove
life insurance
companies average rate of return
will continue to rise
to
43/4%-5%
of
1970.
rest;
the
1950's
specifies
and
the
reviews
dissimilar
the
and
rates
interest
Dr.. O'Leary
forecasts
the
economic
and
past
mitted
the
pay as
high
shown in
rise
postwar
reached
Since
rates
behavior
between
moved
deficits in
to
range.
feared
other
with
asking
what
in
the
James J.
transferred
U.
not
other
be, of
if
short-
S.
competitive
markets.
The
course, an
out¬
gold.
associations,
to
briefly
analyze
"Operation
which
means
early
level
get
they
to
these
of
deposits
is
evident
in
yields
on
average
Chart
I,
the
government
The
year.
better
or
has
brought
banks
much
the
more
Nudge"
taken
were
falling below
deemed
safe
importaht forte
an
some
easing
a
the
In
So
an
for
Interest
Remainder
much
for
interest
of
the
rates.
In
outlook
terest
rates
in
financing
its
and
new
money
refunding,
fed
Decade
can
the
for
in-
remainder
of
-------
this decade?
In
approaching this question, it
essential that I be explicit about
regard
The
Rates
assumption I shall make with
..
.
.
international
to
political
conditions. My assumption is that
the cold
this
out
will persist through¬
war
securities declined markedly dur¬
a
ing the first half of 1960. Chart II
ket. The Federal Reserve authori¬
mosphere of tension between the
shows
ties, in their
East
similar
a
in
movement
large supply of bills to the
corporate bond yields. The forces
tions,
behind this
usually"
First,
decline
twofold.
were
activity
business
general
began to soften in early 1960 and
consequently
for
demands
able funds declined.
loan¬
Secondly, the
monetary authorities shifted from
restrictive
a
policy
in
general
to
an
cushion
to
order
credit
easy
decline.
business
As
objective
serve
position
banks,
the
bills.
the
erations not
supplying
commercial
yield
the
banks,
the
of
average
Treasury bills fell in two
on
bill
ury
a
same
yield
long-term
on
bonds declined
ters
1%
of
It
that
the
average
government
nearly three-quar¬
in the
should
the
be
in
drop
however,
the
yield
in
efforts
deep
in the two
mid
prior
periods
policy
by
case
of
the
credit
easy
Federal
Reserve.
In mid-1954, for example, the bill
rhte
fell
one-half
thing
scarcely
1%,
occurred
reason
not
in
is
highly significant. It
1960
the
a
to
act
wanted
in mid-
falling below
credit
as
easy
as
possible and therefore wanted the
Treasury
bill
rate
and
other
in¬
terest rates to decline in order to
encourage
business
time
falling
level
and
intermediate
the
the
at
decline
a
investments.
of
below
and
expansion
in
The -joint
have
same
they could not afford to have
II,
-
it
again
is
1960
interest
moved
within
narrow
range.
rate
that
I
since
rates
The
Treasury
around
the
would
precipitate
an
which
outflow
of
clear
war.
too
it
not
This
optimistic
must
be
be
an
may
al-
local-
Nam,
all-out
nu-
to
prove
made
or
it
rather
is
pointless to discuss the "future
interest
rates
out
it
nuclear
seems
tension
of
ideologies.
seems
anything
will
be
fierce
and
a
that huge Federal
with
for
else,
world
competition
For the U.
assured,
of
avoided,
S., this
spending
probably
rising level of government
ditures
anced
make
foreign and
annual
judgment
bal-
about
the
out-
First,
of
years
this
^Os there was still
log
of
demand
the
a large back¬
for
goods,
-
.
of
durable
con¬
automobiles,
and
-----
k°usin§
which resulted from the
lean
of the Great,
of
vears
years
the
DenrosDepres¬
Great
sion and World War II.
There is
abundant evidence that this back¬
log
of
demand
has
pretty well satisfied
this
decade
the
been
now
and
that
in
economy
will
be
1970.
The
to
the
Even
operate
ers
a
expen-
domestic
next
is
burst
not
late 60's
though
and
is
having
are
in
seems
of
the
These securities
were
They
selling
element
which
the
house
field,
although
construction
time
the
target rate
tivity
in
apartment
mobiles and
more
evidence
increase
an
Similarly, the
much
residential
for
siderations,
was
the
there
has
between
been
the
a
The
importance
has
of
the
occurred,
supply
backlog
rate
of
an
of
average
1.5
of
demand
manufacturers J.
in
were
that their
business
1961
the overall demand
short-term
has
been
in
markets
high, but the
to
meet the
on
rates.
in the single-family house field
was
a
in
expansion
which
the
GI
especially true
Bill
of
Rights
aided to encourage a solid core of
by
^0U®inS
was>
c,(?"rse'1 facilitated
by increasingly liberal financing
were
hv
lnnreasinplv
°y in
terms in
ms m
.
dential
nating
lihprnl
,
all
sectors
of
the
resi¬
sectors of the resi-
mortgage
in
finanpinu
„
market,
little
very
culmi¬
nothing
or
down and 35 to 40 years to repay
the
Hand
in
hand
with
geoning
market
suburbia
for
came
lush
came
the
and
washing
rising expenditures
local government
by
units
for schools, roads, and other pubwas
and
Behind it all
the fact that this kind of
economy
generated
rising
further
incomes,
with
liquid
rising
and
were
credit
able
armed
assets
the American
to
make
an
jobs
accu-
mulated during the War and
easy
also
in
assurance
demand
of
automobiles,
erally,
A
and
are
very
people
their
large
return
on
important
difference
the
which has
course
that
bearing
a
until
and
nomic
the
late
was
carry
policies
the
would
and
other short-term loans has served
October 26, 1962.
the
and
on
as
60's
the future
of interest rates is the fact
Government
late
50's
50's
able
the
to
U.
with
little
S.
formu¬
out domestic
eco¬
regard
implications such policies
have
balance
for
our
international
of payments.
Since 1958,
however, the balance of payments
position of the U. S. has exercised
an
important influence
mestic economic
over
do¬
policies, and this
Continued
on
Company
1982
credit
Treasury hills
ex¬
capacity.
placed privately through the undersigned with institutions purchasing them for investment.
offered for sale and this advertisement appears as a matter of record only.
New York Securities Co.
gen¬
and A industrial
gen¬
up¬
sizable
housing,
general economic conditions
demands effective.
Senior Notes Due October
a
hesitant about
more
second
of
for
durables
business
between
for
industry,
the natural outcome. Today,
backlog
in
de¬
funds, not only
great
machines,
television
sets,
and
other durables. Hand in hand also
state
for capital
capacity
Rising
without the
in bur-
the
automobiles,
firms.
panding productive
the
boom in home ownership
productive
housing .but
firms
loan.
of
industrial
mands
in
favorable climate for
very
"iaea ™ e™°urage a sona core oi
demand. The great expansion of
Walter E. Heller &
In addi¬
was
through most of the 50's there
was
available
demand without
ward pressure
were
that
demands. This
for both
long-term
50's
limitless. The result
activity since early
and
the
encouraged
loanable
recovery
eral
in¬
high
funds and the demand for financ¬
ing. During the
the
for
terest rates, is that with the large
balance
of
change
from
explana¬
good
of
backlogs of demand.
wartime austerity, plus the record
although fluctuating, have shown
The
an
exhaustion
raised to the 2 %-
steadiness.
auto¬
competitive today,
of
a
ac¬
durables is
consumer
national balance of payments con¬
3% level. Long-term interest rates
of
building.
market
$2 5,000,000
of
been
today is receiving
stimulus from
are not
authorities, in view of inter¬
new
has
level until the latter part of 1961,
at
more
apparent that the
viewpoint of the outlook
result
occur
and
more
doubt
the
family
readily
which
as
a
1965-
early 70's.
credit
hear
we
of
likely to
generated demands. There is little
that
not
squeezed out of the "single-family
currently
on
rate
today about the difficulties build¬
•
required
with
decade,
great increase in the period
backlog
most
pretty
family formations will average
only 750-800,000 in the first five
houses. It
throughout
is
of
will: available,
it
more
a
look for rates
th^t all- lie improvements.
logical to expect
of
means
or
assumption
war
be
assumption, but
an
been
bill
of
level
will
I
that
new
ized fighting such as in Viet
there
at¬
an
continue.
be
has
The
2J/4%
tion, the comparatively high rate
the
that
however,
may
50's
have
rates
below
though there
will
the
comparatively
a
fluctuated
Charts
to
apparent
the bill rate and other] short-term
fall
assuming,
am
be possible to
it
exhausted.
dubbed
been
general supply of funds has been adequate
activity. But at the
West
and
and
terized
well
Treasury and Fed¬
tion for this is largely in the'fact
that
during the past two years
level.
authorities
given target level. The authori¬
ties
the
lower
began
from
liberally
notable
in/ concert to prevent
rate
op¬
drive the bill
monetary
Treasury
bill
authorities
the
much
a
the
the
and
The
in the earlier
as
because
to
rate
same
mid-1958.
lacked the power to
Rather,
than
the
the bill rate did not
why
recessions
more
and
low in 1960
go as
was
to
of
from
on
Referring
on
and
the
of
market
banks
viewing these differences
re-
60's
backlog of demand which charac¬
until
of interest rates. After
the
apparent that the
"operation nudge."
as
was
holdings
encouraging
long-term
was
as
became
they also had
target
time
yields
Treasury-bills in 1960
not
re-,
commercial
open
the
eral -Reserve
period.
same
noted,
free
decade
only had the goal of Despite the
rate
given
at
in
Similarly,
on
objective of preventing the Treas¬
better than 4%%
mid-1960.
"bills
governments
their
reserves,
the end of 1959 to about 2J/4%
stages from
the
term
-
Thus, the
with
position
the
authorities
the
the
reserve
for
of
reduced
Federal Reserve moved to expand
free
their
Depending
aptive in the purchase of
intermediate
and
from
policy.
their
more
market opera¬
open
departed
mar¬
more
and
the 60's which will affect the
into
move
formations
course
>
we
miUion family formations in the
to think
light of~Per*°d 1947-1950, the 50's were
virtually
be
said favored with a huge backlog oi
the
the
an
twofold.
this
about
is
eco-
As
becoming
nomic conditions between the 50's
past behavior
what
viewpoint
Treasury, in both its
to¬
long-term
experience,
tar¬
from
Outlook
international balance of payments
were
of
interest rates.
The
portant differences in general
on..
markets
and \at the
present
time their appetite for
mortgages
and term loans to business and
ward
irn-
seems
likely to be
ex¬
tal
industry is
that
are
sumer
4%
earn
commercial
this
....
Tf
have
me
huge increase of $8.4
a
months
need
of
bill rate from
useful
year
moved
by the authorities to prevent the
O'Leary
the movement of rates since
As
of
The
of
this decade, it
1960.
in
Describes
likely
be
of
of
remainder
will
level
a
be
centers
the
in
rates
flow
the
behavior
would
money
result would
question
•
holdings
was
to
be
smaller
foreigners
side-
down
to
and
liquid assets in the U. S. which it
narrow
is
the
deficits in
years,
huge
up
rates
rates
1959,
prior
term
of
in
built
comparatively
the
of
in
and
a
one
commercial
$3.5 billion in 1958 and actively into the long-term
capi¬
billion
had
for
the
effectively with the mutual
perienced
international balance of pay¬
our
ments of
$3.7
within
Before
foreigners
by
As the result
S.
1960.
sonie-
ha t
U.
to
billion in time deposits in the first
held
rates
thing
receded
funds
early
as
general
wise
II, the
per-
to
some
there
savings and
on
held
As
Q
banks
savings banks and the savings and
loan
1960's.
interest
x
in
peak
a
and
interest
of
that
have
w
Charts I
4%
as
deposits
eight
As
Regulation
commercial
longer.
more
assumptions
conditions
Reserve
revision of the Fed-
a
considering the prospects for
interest rates, it
banks raised their rate to
compete
significantly from the 4.22% overall rate in 1961
by
his
which
upon
eral
or
their investment
on
when
time
that
mean
year
power,
ecieral Government upon the ob^ec^ves °f full employment of
our ^a^.or f°rce and accelerated
economic growth of the country.
short-term rate has made it diffi-
Producing for a Non-Pent Up
1
Demand
of
great stress will be placed by the
therefore, the need
sense,
regardless
what political party is in
term investments.
Remainder of This Decade
that
9
Dean Witter & Co.
page
22
-
Govs APSihifh's
lata
phrase "baloney dollars"
of the
use
purposes
only the barest fundamentals of
these
finances
as
compiled and
Francisco, Calif.
By Haller Belt, San
somewhat controversial
a
is
the
Smith, Demo¬
in
date
Senator
1928,
of
cerpt is quoted
at
also,
one
time
Del¬
Franklin
Haller Belt
Roosevelt.
ano
and
equally
an
Our Gold' Stock...
dnd the
inflation
the
der'
that
since
finances
of
basis
the
the
of
for 25
on
.Consumer Food Price Index.-,..,
support of these fundamental
Chat"
"Fireside
of supreme
our
coming fiscal year.
would
justify fully
to
seem
/
fully
to
but
has
One
Re¬
Its
;
-
'
-
critical
Senator
a
national
our
It
economy.
mate of
complete reversal of our economic
philosophy
the radio
of
our
-
"cash
of
carry,"
and
debt
financing
a n
1963 for,
March
as
4,
then,
1933,
on
that
Roosevelt
was
reversal, for
Franklin
inaugurated
as
D.
Inauguration,
of1
the
clause in
the
mates
this
his
the
title
to
338
Other Moral Commitments
420
and, finally, of resorting
monetary conception of det-
supported
on
"
■
No
To
At
this
'
20,
1933.
1965,
problems facing the
'
Limits
Legal
Jan.
tration
..
Debt
almost
will
than
economy
that of March 4,
for domestic purchasing and
paying obligations.
Sees
even
be
financial
new
Adminis-
Smith
Al
azine
An
offer
to
the
Presi¬
and,-
of -his
-
offer to sell
or
a
1,000,000
"BMoncy Dollars'.'
,
his
appears
in
the
brief
free
I
am
managers,
for gold
country
will
standard
*
of
of
the
Exchange,
has
which
network
ticker
-
should .substantially / reduce
nent.
tape
'
immi*
seem
of
about
"baloney
t
rally
to
the
Smith
U. S.
The chaotic
it
"bunch¬
and
the
two minutes
of
June,
new
cedures
from
"bunched"
with
tape,
eliminate
Gover¬
stock
sales
in
the
possible
are
the
were
new
to
reduce tape lateness:
new
symbols
procedure,
and
last
only
digits of
prices wilt be printed when
measure
to use this
only sparingly, Mr.
Funston said; .and
States: the Banking
6
to
March
of price
1933; the Emergency Banking Act;
the Executive Orders and Procla¬
separate records
and volume by individual
when the
sales will be maintained
9}
tape is not printing
>
in
deletion
interim
1964,
Mr.
faster
top
-
"bunch¬
and
periods
busy
as an
early
when
will
serve
measure un¬
Funston
said*
tickers
are
new
scheduled to be installed through¬
out
the Exchange's
system. These
will be capable of speeds
of
up
to
900, and possibly 1,000 characters;
per
minute-—80%
and faster
more
than the Exchange's present 500character
ticker
commercial
other ..high¬
and
use.
-
The Exchange's Stock
Corporation will test'
clearance"
abling
trate
aimed' at
method
to
en¬
concen¬
of
resolution
the
on
Clearing
"compared
a
clearing firms
all off this in-
Phnnp'pc!
Special
brokers
•
in
tlhVsicai
time
may
stock
to
stalled,
un-
specialists
on
a
clocks
ing
used
and
on
which
be
will
in¬
test basis, at Post 2
floor, supplement¬
inside
the
occasionally
only
purpose.
able
clocks
stpmp orders given
the trading
on
post
now
for
that
If this test proves work¬
useful, such additional
time clocks will be installed at all
other trading posts.
is indicated.
The Exchange hopes
un¬
on
combined' volume,
or
as
print
as
one
serious tape lateness
months of momentous importance
to the United
til
exten¬
and
numerals
sales
many
an
present abbreviating pro¬
under which digits are
sion of
gold5
is
measure
~
Holiday of March
ing"
largely
at
procedures.
new
ticularly during busy periods.
The
situation
1934
Volume
Exchange
and
working
,
to
been,
special member¬
a
these
on
have
lateness
will compared transaction data- with a
increase, Mr. Funston' minimum of telephone calls, par¬
otherwise
dollar, today, appears Under
end
study by
are
procedures
plan
tape
appears
*■ said:
justified?
wholly both
this
committee,
speed
<
staff
and
implement
speed telegraphic printers now in
v.,
to become more than
Smith and his every word.
the
;
Exchange network causes the tape
rubber dollar
Inauguration of March 4, 1933
til
delays
tajie
■
prices; when
same
Volume, deletion
dollars against ba¬
Governor
vindicate
nor
be obtained from the undersigned.
FE. 9-1633
issue
1933
There is much
Outlook.
facilities
ing": will be put" into effect when
The 16 months that followed the
Stock
York
*
past?
our
to
.
December,
comment
ship
President
Funston,
stock
loney dollars^ * * * In the end the
1962
share)
ST., MINNEAPOLIS;2, MINN.
the
personnel
statement of 30 years ago and now
DEALERS
in
under
Ticker Service
silveritefe,
manufacturers and crackpots. * *
$1.15 PER SHARE
SECURITIES
Smith
'
article; "BOUND MONEY,"
dollars."
of greenbackers,> paper late in reporting" transactions, arid
printers,
currency
long
207 S. 6TH
our
the volume of transactions on
party
money
STOCK
)NC
caustic statement by Editor
risive
deleted
NAFTALIN & CO.
terse,
in his
to
the
that
mand to convert these short-term
caustic,
terse,
following
"I do not believe that the Dem¬
Was
per
heed
corps
give
truth, especially today, in his de¬
gold, to approach
the. Chamber- of- delays in heavy volume markets.
from
ocratic Party is fated to be always
SHARES
(Par Value $.10
careful
Treasury Department with the de¬
fully in' making this terse, caustic
COMMON
most
his
and
Advisers
our. stock of
The New Outlooks announced> changes in abbreviat¬
ing. procedures for the Exchange's
extract:
is
November 1,
New Issue
President
Economic
The New
Open Letter to the Chamber of •serious
which
solicitation of
buy these securities. The offering
only by the Prospectus.
may
holding short-term
now
that, the
of
•
cautious admonition
my
dollar liabilities well in excess of
entitled* "SOUND- MONEY;. ual'sales at the
comment
made
Copies of the Prospectus
con¬
close-
Commerce of New York State," in
the
an
doubly
N.Y.S.E. Speeding
all sides
supporters
that
"
on
request
a
V
an
would be
chaos
| Hence,
*our
Shortly thereafter, in answer to.
wholly insurmountable.
tory of Federal finances mentioned
not
The
Smith, at that time the Editor of New
tremendous- and
most careful thought to the state¬
is
chaotic
Federal finances.
our
promised.
managed
a
of
some
strongest
particularly,
Otherwise,
the
So, to revert to the 31-year his¬
advertisement
among
dent's
did
point, it is well to give
This
of
"Fireside Chat" stirred up
This
doing, actu¬
two.
conse¬
thus continu¬
furor of controversy on
a
Advisers, the magazine,
remaining
the
and,
currency
-
national
our
by an inconvertible managed cur¬
Dillon
so
S.
U.
friend, former Governor Alfred E.¬ Keith
Economic
and, in
are
toward
move
$1,242
_.
brief {>ut funda¬ dollar liabilities promptly to our
gold- at $35.00 per fine ounce as
of his Administration, Jan.. Commeree of-the State of NewMr. Funstoh said the procedures
1965, undoubtedly, will prove, York, Editor Smiths published a- involve elimination of all volume
a most critical date of far greater
splendid analytical article in the, figures in prints on the tape and
import to our national welfare and December, 1933 issue of that mag¬ increased "bunching" of individ¬
20,
debt
anywhere
296
__
d.
and
*' * There¬
*
value
gold
promptly to these ad¬
during
pline
our
years
rency
1963
to
$188
Debt.....
currency.".'
ally exercise true monetary disci¬
ernment
expenditures
mentioned
have
fiscal
of
heed
monitions
monetary system, of
of
in
corps
give
proce¬
monetary gold in the Federal Gov¬
icit-debt
billion in fiscal
Thus, unless the President and
repudiation of the gold
our
vesting
to the
esti-. ing
from $4-to-$12 billion.
and, with his
began
the
of
Billions
'
.
Promise to Pay Under Contingencies
condition of
firmly in its own hahds the con¬
with the Administration's
recently
deficits
the 32nd President
of the United States
dure
his
$7 billion in 1963, revised esti¬
as
be
can
the turning point of this
philosophic
date
in
modest
contemplated tax cuts of as much
prosperity."
taken
final figure,-
the
of $3-to-$5
mate
beget
will
spending
consumer
bit
a
was
purchasing
esti-. ceeding generation.
trol
de-
giving
tables
c.
tutions,
have, debt paying power during the sue-"
Treasury re¬
debt
following monetary
of the
u
dollar which' fusing were the foreign countries
and.international, financial insti¬
a
change its
$6.3 billion; on the other hand,- dollar. * * * We
as
he
stimulated
d
will not
I
The -statement is supported by
accompanying
Authority to Obligate
quently, .the "extremely
the
restored
have
we
and maintain
lish
2.23
Federal
outstanding
•
Current
The foregoing
our
tfyat" are pertinent today:
"When
3.7
103.2-
Grand Total of Debt and Commitments.
that '.'Fireside
brief extracts from
Chat"
.
finances and
$7-to-$10 billion /deficit- fore the United States must: take"
reported
cently
speak, to one that "deficit-
to
so
a
to
his
in
accurate
in fiscal 1962 for the
the
witnessed
that
year
Byrd- appears
rather
been
one
fare and
Was
government falls and changes." ii-y
of 1933 was indeed a most
for our national wel¬
the year
disintegrates; its form of
..
b. Outstanding Federal
I
becomes worthless; its, price levely-we shall seek to estab-.
money
economy
realize that
Statistics to
Business
nation goes-
a
1962 to the
5,
extent, to gold and the revaluation' mental summaries actually dem¬
of the dollar.
The following are onstrate the extreme dilution of
and sold to satisfy its debts.-
over
Chart Book on Financial and
serve
in
end
/
v
ye^;1963, beginning July 1, will classifications:
price structures and, to- an-
our
359.1
importance to his every
economy,
bankrupt, its assets are not taken
care¬
Federal
the
of
Supplement
When
bankruptcy.
examine
few pages of the' Historical
a
ultimately
deficits
ing
CRISIS" of 1933.
'•GOLD
;
continu¬
"The hard fact is that
of the
at the height
made
Smith
of
❖
*
❖
the caustic comment by Governor
12,5
; 2,X '
7.6
;
%21.95
46,4
"The U. S; Government in fiscal tails
;
listener—it bore upon the state of
$3-to-$5
June
of the U. S. Government":
Sunday, Oct.
over
; 16.4
have current authority to obligate
Senate, "The Financial Condition
22, 1933, President Roosevelt gave
a
of
statement
reserve:
"a:
On the evening of
7.9
and other commitments of at least
$1,242 billion."
•
.„V. •
Stable Dollar
a
Inct-ase
funds,
■
Quotes F.D.R*
$298.9
quote briefly from Senator Byrd7s
of "innumerable^
that
on
$24.0
figures, it'is most appropriate to
gold: but.
our monetary
of
1902
47.1
e.
Quantitative
;
1934
(c) to (b).____.5.95
•
time
the comparative
to resume
Currency- & Deposits
Ratio
In
Deposits- and Paper Ctnreheyp
on
Our Paper
c.
d.
-
.
defi¬
will be another
billion in the
there
and
deficit
'
;
quantities* of' acceptable and' nego-:.
tiable securities. "
,•
:
'
$7-to-$10 billion deficit this"
a
year;
analysis of the history of
Federal
our
b.
paying value of our
not
follows:
as
financing basis
be
study
careful
careful
dollar.
of
of the
past 31 years. There was a $4 bil¬
lion deficit last year; there will
cit
of
friend
The Gross Public Debt..
both- father
economy,
So,
—(In Billions)—
a.
the state- stock
"This nation has been on a
a
personal,
close
national
our
Compares Fiscal 1934 And 1962
—Item
the unlimited^ creation- Of: billions;
present and pending; a bjrief ex¬
State
and,
A
of
New
York-
summarized
/
J
'
.
the
depreciation in the purchasing and
Both
May 14, 1982 by
on
at $35 per fine1 ounce.
Deposits' and Pa-'
preciation of our money have been
,
Harry F. Byr'd of Virginia
wherein he
former Governor
the Senate
to
candi¬
dential
Government,
Currency and the consequent
debt
Senate Finance
also, to the contents of the address
Presi¬
cratic
of the volume of
per
private debt that can- brought about
by the lack, of
created and handled through
prop e r monetary discipline in i
Federal Reserve System" and,
Washington that has- resulted: in::
be
E.
Alfred
late
-
real limit to the
no
Federal
On Jan. 31, 1934, the President,
then, fixed the new price of gold
Currency and;
Paper
public and
the
by
legal,
usage.
NRA, the AAA
emergency
legislation
other
and
aged U. S. currency for domestic
the
gold;
to
the
pertain-
fr-! President^ c^iclTbrized to devalue study of these two" fiscal years of
nally, of Consumer. Food Price thj>golcTcontent of the dollar-and 1934 and of 1962, the simplest of
Indices
show the resultirrg" trie- the monetary, system established fundamental statistics are tabumendous inflation over the yefers of the present'inconvertible man- lated as follows:'
and
its
Treasury Douglas Dillon at
no
ing
Thursday, November 1, 1062
v.
of
Orders
the
Secretary of the Treasury
of Gold Stock, of Depos- * the
lic Debt,
Committee to the effect that "there
generation
past
~
recently by Secretary
the Hearings of the
title from
caustic public statement of
terse,
a
of the
this
hesitation,
without
loined,
ment made
below, I have pur¬
,
.
published at the end of but two and, finally, the Gold Reserve Act
By that Act, the title to
fiscal years, those of 1934 and of. of 1934.
1962. These fundamentals of Pub¬ all monetary gold was vested in
in
tfSKylng, back in 1933, that the Democratic Party would pursua*cha»p
currency certainty has boomerangad according to Mr. Belt.
The
writer's comparative analysis of the two fiscal years of 1934 and of
19S2 traces the dilution of our currency and the chaotic condition of
our Federal financasr and admonishes Washington to give the most
careful heed to Al Smith's views on "baloney dollars."
As will be seen
comparative
for
sider,
and
mations
by Senator Byrd, it is well to con-
J)
U
The
Chronicle
The Commercial and Financial
(1830)
10
The
Board
also
authorized
the
printing of last sales for the day
the
on
3:30
should
ness
it
ticker
p.m.
be
may
shortly
after
the
close on days— if there
any-r-wllen
tape
late¬
extend to one hour: and
appears
not appear
that the last' sale may
until 5 o'clock.
I
Volume
The Commercial
Number 6208
196
and Financial Chronicle
Big Business and Economic
changing in order to stay attuned
fall into the 'small business cate-
to the needs of the American
gory.
All
sumer.
functions
any,
a
;
business
Neither
has- to
jobs
government shoufd be criticized solely on the
nor
Mason adds,, is clearly
jobs properly. Bigness, Mr.
do.
size of the
of the
job that has to be done. It business-bigness "per se" is
condemned
then the
ization.
Thus,
projects handled by large firm3 is
decision
clear-cut
a
between
free
and
national¬
-
notions
shackling of, free enterprise; appeals to th? ad¬
because
so
doKnot understand our business
pleasure for me to be with
a
participate in
Eighth Annual Conference of
Foundation, because advertisand
today,
you
the
the
ing plays
to
sys¬
and
has
tem
become
pursuit of
our
national
goal
growth.
As you
In
well
month.
know, the pur¬
cloud
of adver-
pose
tising
is
Birny Mason, Jr.
to
provoke thought and, in turn, action
projecting
by
images; and it is
about
and
ideas
<
conflict of ideas
a
today
in particular, the
—
image of,big business. You m the
advertising field,
big
business,
well
as
have
as
we^in
under
been
increasing attack-in recent years.
re~
;
;
marked that nrhis opinion adver-
;*s!n£ W1
the mosf regu ate
.
industry
this
in
five years.
So
country
have
we
wi
in
a common
problem, and 'I belieye
are
bit
every
even,
that you
concerned about
as
and
government
basically
this
m
the
"cators>
whether
in
strength
of
cause
the
believe
I
tional
eco-
ere is a
ta
ing
effort
to
reach
I think that we
be-
measure
understanding
of
the government,
as
^
there
that
is
a
na-
communi-
better
for
need
ernment—as well
and the
can
as
between busi-
general public.
somehow achieve
full
that
hope
a
If
we
commonjy vjewe(j
Call,
waste
image
positive
of
emerge—not just
large and small, that make
Certainly, the image of big busi-
ran]^ be jg
tion
a
crime
that bigness is somehow
—
And
if
top
management
seen
the
as
he
with
-
-
that
a
it
human
society is
living
environment
amoeba
find
upon
would
ranked in the top 1%
ticular field.
in its
It would be
be
par-
"big"
a
as
it
matter
to
and
the
of
in
thinking
both nature and
and
function
are
to find little
size.
the
to
s
the
^Government
|„dustry to
develop the
its
use
skills' and'
ginefiring
called
resources
materials
raw
nf
nvpsdnrn
en-
production
experience needed to produce the
atomic bomb.
Several
large com-
panics had the major responsibil-
Ry
j0r
and
voperating
designing,
constructing,
the
diffusion
spectacular
plant
Oak
at
S^°P3 and gasoline stations with Ridge, Tennessee, for the producten or rnore employees would also tion of uranium 235. Starting with
be "big" in their fields.
But,
as
cniy the scientific theories of bril-
the job to be done in-
in magnitude, small busi-
creases
ness sooner or later can no longer
automobile today at
whale, cost
requires* "big"
need,
an
liant
such
men
Harold
rence,-
Dunning,
we
Ernest
as
Urey,
were
Law-
John
and
able to design
and operate fantastically huge and
reasonable
complex
companies,
weapon
Even the smallest' auto company
is a big business, employing thousands of people. The same is true
if you- wish to produce economically a synthetic fiber, a Telstar
communications
satellite, a
bomber, or a missile.
society, J,
indeed
re-
is
also
the
we
animosity
or no
the
Yet
size
of
determined
a
by
effect, by the needs
Size
consumer.
sensitive to shifts in
.
resulted from
under
that War, the
size
Size is rela-
employees
military operations that would
Asfain
How big is big?
/;
pre-
breakdown
loss of natural rubber.
Rj^
on
War, for they
complete
otherwise have
a
A barber shop, for example,
r
of
the
facilities
that
to
produce
a
believe short-
many
ened the war by a year and probably saved many iives. As in the
rubber program, industrial companies were asked to take giant
steps from the laboratory to fullscale production and it wasf done
successfully — but only because
all these
seem
Sentiment
similar
by
en-
»» Big?
generalizations
misleading.
ten
vented
from small rural buildings, with tilize
the
different
fields
of
a few beds, to big urban institu- science, and thereby create and
tions with thousands of beds.: In develop new wonder products for
higher education, institutions vary the consumer, while at the same
from small liberal arts colleges, time
developing
new . : defense
with student bodies of several weapons for our armed forces and
hundred, to a University of Cali- new Strategic .materials to lessen
f°rhia with an enrollmentof more our dependence on vulnerable
than 50,060.
supplies from overseas. :'v
function—in
We
,
,low
so,
were
these companies were big enough
to gPend the time, money, and
business-
Current
•
-
.
that
Ycrk* Newspapers range in size
This is generally true in the
from the sma11 country weekly, chemical industry. Only a relawith a circulation, in the hundreds, tively big business can have the
trig city daifie1^, yvjth Qir~ resources required to forge new
culations in the millions; hospitals paths in techology, to cross-fer-
toward
Man.
is
highly
consumer
de-
n
manpower required to carry out
such programs,
The part played by industry in
great undertakings de-
pended on the technical skills it
was able to bring to bear
on
large-scale production problems,
And obviously those skills are
possessed only by companies that
have acquired them through
tual
experience
operations.
aclarge-scale
in
-
.
.
'
,
Wor,d War 11 Crash Pr°8'rams
Size and Survival
\
Now, there are some who feel
critical problems of World War II that bigness provides an unfair
was to develop a crash program
advantage in the competitive
that would produce a large new struggle. But, certainly, size eonsynthetic rubber supply. The key fers no guarantee of survival. Acmaterial needed to make synthetic cording to a recent National Inillustrate,
To
rubber—a
one
chemical
of
the
called
most
butaj
dustrial Conference "Board study,
WOuld
steel
rather
companies
states
Steel
than
a
see a
of
United
dealers, printing shops, television
the turn °f the century had been
eliminated from this select list by
These companies were able to put the year 1958. Among the newtheir extensive resources to work comers in the 1958 list were proat top speed and to telescope into ducers of aircraft, electrical and
I
repair services, and so on, usually
20 months—and ahead of schedule
one
and
small,
•
•
a
the
are
sand
and
are
generally
small,
turned to several large companies,
within
including Union Carbide, for help,
of small businesses.
category
Brick
City
a
firms,
lumber
Bank." -
* s
a
■
on page
'
11
=
to.
the
Judiciary Committee states
point
rather
two
clearly by
alternatives
One
is
that
if
Quarterly Statement of Billings, Estimated Unbilled Balance
of Major Contracts and Number of Employees
sug-
for
big
the
size
is justified .by effi- '
company
regulated
the
=====
.
three Fiscat Months Ended
ciency, then its prices should- be
is
Continued
memoran-
by the
government—as
with
public utilities,
case
then the
company
probably should
Bi Hi rigs
Nine Fiscal Months Ended
September
September
September
September
24, 1962
25, 1961
24, 1962
25, 1961
$63,034,303
$62,139,249
$191,862,697
$151,264,674
period from
dufing. the
shipbuilding, ship conversions
and
- .•
repairs, hydraulic turbines
and other work
.
be dissolved.
Unfortunately, these sentiments'
At
'
not limited to a few intellectuals, or to a few government
are
recent
shown
qee.n
—ag
by several
period
on
.
■ *
.
.
.
.
.
$391,574,318
$543,662,115
4TWiaur
a
basis,
working
during the last full work-week
®!ze a Function of Job to Be
of the
Done
bi^ business. Oursr is
25, 1961
Equivalent number of employees,
.
or
September
24, 1962
of major con¬
at the dose of
unbilled
tracts
the
surveys,
business
September
At
Estimated balance
-
•
period*
...
.
.
.
19,293
.
21,333
______
Company report#r income" from long-term shipbuilding contracts on the percentage-of-completion-bo sis; such income for any
period.wiiI<therefore-vary from the billings on tiie» contracts. Contract billings and estimated unbilled' balances- are subject ta
possible adjustments" resulting from statutory and-contractual provisions.
-• The
.
-
"
.
a
business system—^itris -creative :arid " '
business eerier- productive; and it is constantly * "
businesses
thousand banks
Actually, it is a distorted: view
of our total business society - to
doing battle characterize it as Neither small
Goliah
to
are
Restaurants-
hundl'ed
distributed
recently
business.
of
is,
monopoly
a
than
further,
even
Senate
the
see
National
one
Going
"size
Corporation,
would rather
dum
that
earmark of
A former President said:
power."
«j
groups. The Su- manel and the flexibility of mar- diene—had never been produced almost two-thirds of the compafor example, de- kets. When markets and functions commercially. The Government n!es rated among the top 100 at
1948
an
inherently
is
yet, today, the term "big/'
applied
nor
lated; and, except in business,
often than
more
cold-hearted,
little David.
And
whei€
—
the
size
hasn't
ruthless, and predatory toward small
business
from
Sa in
stereotyped Organiza-
should not be burdened with
monopolistic,
that neither na-'
seem
earth's
to
officials, but seem to be rather
widely held by the general public
Myth of Bigness as a Crime
the myth
the
fitted
the
The other suggestion is that if ef-
up our economy.
ness
the
or
ficiency does not result from size,
big business, but all of the businesses,
Maker.
achieved
not
Cash- j^c_
a
the Status Seeker,
or
fresh and
enterprise, I would
would
business
executive"— is
the proper
a
understanding of
role of private
business
^
gesting
cation between business and gov-
ness
well
scrips/and movies.^ To-
COUrse,
are
by the public.
as
too
day the businessman —especially
We
industrial
our
large
of business by
well
of
lack
a
dlsmem-
fared
projected in novels, plays,
nessmen
television
Court,
are
we
objectives.
not—in
are
business
denounced,
be seen in the fre-
can
in
o me,
advantage
these
as
clared
question at the present time
full
Big
wrRers, editors, and edu-
prerr^e
same.
strength
to
would
you.
gmong
couii ry
both striving for military an
real
see
continuing
a
occasion,
not
business
plants
littkipesnon
a other influential
of path indus ry
1/ C+^
objectives
nomic
*
It
we
as
the
are
large—but
deplored,
on
performed
of'
Second -World
the
ari^grdw- evolves into sizes and shapes best shoulder the burden. To make
even
influentialY' quarters,
has
plain:
or
^barber shop. V Independent dresr~pseous
all
suspicion.
and
_
ii'
one
call them
berad
in the manu¬
facturing industries are about ours.
image
your
of
b,een
:
with
situations, it is difficult
has
,
are
second to meet the over-all de-
concerned with size—so long
that I wish to talk quentiy negative image of busL
images
__^nd
""Today, automobiles
is
butadiene
built made industrial history, and
in a sense, military
history in the
businesses,
this
are
Even
tive.
we
-"""
some
be
The
of
often best fulfilled by
small business.
one
companies
big business is under
to
thousands
Hc-w small is small?
turning out hand-
own
yourself as*others
see
these
six
Horn a mouse to an elephant. Like
nature, society also adapts its inHowever, being associated with a stitutions to : environment, and
big company, I firicf little diffi- likewise, relates size to function,
culty in seeing myself or my com- Religious institutions vary in size
pany as at least a few of our confrom the small country church to
temporaries seem to see us. '
St. Patrick's Cathedral in New
of eco¬
nomic
"big."
ofsome
is in non-business form. In nature,
as
Darwin long ago discovered,
Instead
In most
to
jor factor in
the
"big."
not
ma¬
a
their
to
ing—and perhaps
•
entire
economic
ferring
functions
^technology,' markets,
plants
for
the specific jd-bs to be done
For example, .'the first
ture, itself,
come * into
diversified, integrated,
increasingly
our
have
in turn
that would have required 10 years
turn,. of effort under normal conditions,
most
—
small
are
reason
converted barns
mand.
to
it
are
the
are
a
.
system.
seems
and function
mass-produced at the rate of
.
disrepute — po much so that even
businessmen shy away from reas
an
important role
in
prise,
to
costs.
It
It is
size,
larger func-
research, development, engineering, and construction work
42,000
upon
distributors
decades ago were little more than
a
influential people in government and public life
many
in
grow
need
the
crafted-models at the rate of
comrmrijfeatierrs to help dispel the false
existing today^about business and government; and contends
are not realizing our potential economic and military strength
that we
we
of
some
dependent
11
—the
for, ex-
suppliers .and, ,in
and
ers
And
a
company,
supplies 52,000 industrial customwhich
because, in
own
is
different
And
done
automobile
-
attitude toward, and
be
to function,
enterprise would have to be made*, Mr. Mason decries our vaeilf&ting
vertising industry for better
of
ample,
tional,businesses, with size related titles
nationalized
or
to
: related
only alternative to accomplishing many large'-
diversified
and
scale
;
size
My
the size of the job
economy,
..follows that
a function
specific
The
•
particular business is clearly
grotving
ground that they are "big" but should be if they do not perform their
big—have
fulfill.
to
,
function of
it
con-
businesses—small, mid-
die-sized,* and
-
By Birny Miyson, Jr.,* President, Union Carbide Corp. '
New York City
(1831)
*
'
"
"
.
.
October24, 1962
By Order
J
^
h
of the Board of Directors
President
R. I. FLETCHER", Financial Vice
46
12
The Commercial and Financial Chronicle
(1832)
.
.
November.,!,
Thursday,
.
1
.
'>.
■
I
New
;
Competition
^market area.
Criterion in
as a
'•
-
Y-Y / '
"
'
.■' ;•• •
1
By Dr. Frances Wells Quantius, Associate Professor of Economics,
practice
of
ac-
inrtion will be compounded in the
future.'
.
/;/
Do
^
Banks
'$}.
Compete?
:j>
in
Another obstacle
the courts and the Supreme Court
bank mergers are before
Several
this term will review the
solidation
oriented policy toward
Division
ment
has
courts
a
Justice
the
of
number of merger
the
has
cases
the
techniques. Bank profitability
its
public,
eral
the
repercussions
the
on
centering
around
i
other innovations
and
both
depending
banks, and
Deposit
upon
upon
it
as
does
the Fed¬
Insurance
1
v o
d.
v e
cluded
which,
titive
compe
bank
In¬
of
operation.
Two
cases
the
reliance
against
ings
several
tion,
spread areas
Frances W.
Quantius
the
Chicago and Milwajiked. IJndoubt-
the
Federal.
edly other such cases will follow.
Litigation to date in all instances
with
concerned
main issues—the manner "in
by the
will be affected
area
two
which
competition in the market
active
pro¬
posed merger, and the determina¬
tion of a meaningful definition of
of con¬
the relevant market areas
either
even
cri¬
the sole decisive
terion in judging mergers.
For
phasis
is
several
em¬
this particular criterion
on
application
They
banks.
commercial
resent
rep¬
industry that is already
an
highly regulated at both the state
and Federal levels. Much of this
existing
is
legislation
aimed
the limitation of
example, proof
of
community need is required
before the opening
of either a
at
specifically
competition.
bank
new
of
branch offices
new
or
competition faced by existing
banks
-respective
jurisdic¬
factors,
as
Gen¬
eral,, are to be carefully weighed.
However, they
not necessarily
are
Instead,
prirne consideration.
the
such criteria
as
not
do
helps
and
to
assure
adequacy of bank
terest
payments
posits
and
rate
various
types
the
con¬
and welfare of
well be over¬
needs,
the community may
It is recognized that even
if
lessening
a
should
result of a mer¬
a
might
the
through
net gain
institution's
be
a
merged
capacity to contribute to
of economic growth in
greater
the
as
occur
there
ger,
competition
of
rate
the
region
and
to
serve
by
re¬
taining its market position among
its expanding
customer firms.
another.
one
The
stiffest competitor of
may
well be
loan
bank
a
such
or
as
Competition
in
enced
insurance
an
of
experi¬
be
may
in
ways
be
assessed
illustrations!
areas
many
Its role may
bank's, activities.
a
best
through
few
a
Traditionally
primary function of
the
commercial
a
bank has been viewed
the
as
commodation of the business
munity.
Therefor^,
illustration,
of
bank
for
ac¬
com¬
purposes
consider
the
role
competition plays in the fi¬
nancial
practices and attitudes of
business
This
firyis.
is
in
"
the
at the
to be rep¬
appears
Relevant Market Area's Size
of
the
effective application
standard
competitive
difficult, to,
to
would be most
banks
commercial
Court is expected to
the Supreme
of
thrift
deposits
There
illustration.
is
lem
the
major prob¬
definition of the rele¬
market
vant
a
area.
Without
this,
of this type attempts to measure competition
as it did would be meaningless. Last Jan¬
prior to the Thirities. There are uary in an earlier ruling in this
running rampant
restrictions
and
limitations
loans of all types as
well
on
as regu¬
in
case
District
Philadelphia Federal
the
Court-Judge
Thomas
J.
purchase of Clary declared that the Justice
investment
securities.
Through Department viewed the market
these laws it is recognized that, too narrowly and that a commer¬
while financial monopoly is cer¬ cial bank in one city, to the extent
lations governings the
undesirable,
too1 much that it competes, may be in active
may
well lead to competition regionally as well as
relative inefficiency
and higher locally and with banks far beyond
operating costs in affected insti¬ its immediate area. With regard
tainly
competition
tutions.
These
banks
would t.
n
prevented from growing with
achieve an ap¬
their customers to
propriate size from a functional
standpoint—a size which makes
enhancement
profits through the adoption
possible
the
of
of
to
the
proposed
merger
between
the
Philadelphia
National
and
Girard
Corn
Trust
Bank
Exchange
Bank this meant that not only the
four
county
Philadelphia
ware
area
but
and
firms
ities,
the
Dela¬
Valley, New York City, and
me¬
manufacturing,
transportation
viewed
was
presidents
were
their firms.
of
urers
^compiled
and
Dunn
with
treas¬
or
The
sample
the
aid
and
Inc.
Bradstreet,
of
geographic regions in
all
covered
mining.
and
thirds of those inter-
Almost two
the nation though the
largest
por¬
tion of the firms was in the north¬
and
lected
the
size
the
limit
lowest
se¬
was
criterion,
and
considered
was
Smaller v firms,
al¬
numerous,,
were
disre¬
because their economic
$1,000,000.
garded
financial
and
population of 100,Net worth
over.
as
sections
central
north
and
impact
much
was
smaller than their number would
indicate.
Large firms
of
than
more
several
(net worth
in
$9,000,000)
only
the
by
counts for the- purpose:
accounts
two
more
medium-sized
had
to
$1,000,000
worth
$9,000,000)
or
at
accounts
primary banks and
a
one
few
secondary banks.
Findings in this study show that
banking
firms
great
has
connections
usually
are
majority
not
of
business
stable.
business
of
changed
banks
The
much
longer than that.
lieve
in
the
connections
Katona,
Geo.,
a
not
can
Business
in
the
Looks
at
1957*' University of Michigan Press,
1961.
to
seems
associations
are
commer¬
"'-J'
;
brief,
comments
have
shown that interbank competition
is not-
effective
so
gssumbd
reflects
ences
and
is ordinarily
as
that
and,
often
chief
situation
this
customer,
is
justifiable.
also
prefer¬
economically
On the other hand the
competitors
commercial
of
banks are Very typically
nancial
been
institutions
other fi¬
which
in
ignored
have
antitrust
the
cases.
In summary one
that
a
broader view erf the nature
cf tx
e
competitive factor in bank¬
re¬
might
say
ing is imperative for a more, real¬
istic
policy orientation.-
^
-
Adair Joins
by banks.2
interviews
the
In
questions
main
the
of
one
was—f)o
raised
executives
banks
see
traits,
personality
the
through
chiefly
but
competitive
are
F. Eberstadt Co.
as
competing with each other? Most
executives did believe that banks
Theodore
F.
F.
&
Distributors,
New
York
Adair has
G.
Eberstadt
Co.;
Inc.,
City,
tising
in
firm's
of
Fund.
Before
cus¬
a
operation, necessary
Mr. Adair
connections,
seems
not
so
is
as.
competition has taken to
the question
to
turn
effective.
been very
not
has
of the
investing,
in
role
of
very
few banks are really invest¬
competition
ment-oriented
that
yet in the sense
as
specialized
a
staff
Inc., a member
firm of the
Theodore F. G. Adair
York
New
Adair
Mr.
sentative
New York repre¬
was
for R.
Burroughs &
P.
Co., Inc., consultant for
corporate
profit sharing
and
pension
that,
Prior' to
Exchange.
Stock
pro¬
grams.
manages
truly dynamic investment port¬
folio. Even when there is such a
F.
& Co.,
Hutton
supposed and that the
commonly
E.
of
ment
compe¬
lending
business
form the
To
interbank
much
in
tition
date
fund depart¬
show that there is
to
of
mutual
the
Katona sur-;
summation the
vey
was
manager
cooperation.
In
join¬
ing Eberstadt,
develop through many years
must
of
Chemical
the# effect
to
banking
major
tribution
re¬
were
understanding
an
tomer
There
banks.
in
charge of dis¬
adver¬
bank
/statements
peated
manager
calls by representa¬
in
or
of
tives
that
in
usefulness
little
&
Broadway,
national sales
as
knowledge of their
Respondents felt there is
officers.
joined
Managers
65
abilities, and
from the
graduated
Adair
Mr.
a
portfolio, there are legal
staff and
and
to the
under¬
limitations
practical
that
investing
be
may
taken. Thus competitors are
to be other types
a
An
banks.
underwriting
in
bank
investment
rather
institutions
non-financial
begin by contacting
prepared to take a
(sizable block of securities. Often
to
pedient
companies
bank
commercial
likelihood
is
passed
firms,
other
because
over
non-financial,
in
all
able
are
out-do banks in the bidding.
to
A
Point, in 1945, and served as
tain
the
in
airborne
S. Army
U.
West
Cap¬
infantry until 1954.
Norton Named
Treasury Adviser
security issue finds it ex¬
new
the
Academy,
Military
S.
U.
likely
financial and
of
than other commercial
'few
comments
brief
on
the
various types of
the
in
the
postwar
pericd will show that here too
the
Treasury Secretary
Douglas Dillon
the appoint¬
Oct. 29 announced
on
of
ment
Bankers
Norton,,/re¬
A., Sidney
cently, retired
Vice-President* of
.
Trust
Company
of New
York, as the Treasury's consultant
on matters relating to the plan to
bonds through com¬
sell long-term
petitive bidding.
Norton retired from Bank¬
Mr.
ers
Trust Company on
Sept. 30 of
their de¬ this year, after a total of 25 years
posit function are apt to be other service with that institution. He
types
of
financial
institutions. held the post of Vice-President
Since 1945 the share of financial since 1950. His principal area of
savings held by savings and loan responsibility was the purchase of
associations has tripled, and credit securities for pension funds 'ad¬
competitors of banks in
savings have
unions
more,
share
held by
banks
has
increased
consistently.
January,
After
member
even
grown
the
while
lightly and less
princi-
quarter of
losing ground to the
These
attributed solely to
be
first
the' evidence
competitive pressures exerted
the
commercial
They be¬
general
loan
petitors/
function and size, and
change in
it
not
structural
their
and
firms
the
since
stability of banking
as
same
cial banks but remain strong com¬
geographical spread of
the
flects
this
a
banks, but at the
banks,
often
that
firms
World War II, and many have re¬
tained their banking connections
1
finds
Katona
several
among
was
savings at savings and
indicate that- the
importance of their
in the relative
savings
while
rate
firms do majke shifts
when
Even
v
associations exceeded their growth
difficult.
change
makes
time
of
■
During the
are
built up intimately over a period
•
-
quarter of 1962 there
time
Of adding
borrowers
and
banks
tween
financial
(net
to
I
institutions
materialize.
to
<
,
.
'
financial
commercial
The fact that relations be¬
others.
primary banking connec¬
banks,
ary
banks
list, for example, rather than
dropping
certain bank ac¬
■
rapid increase in time deposits at
change
the
adding; more
by
follow¬
their
of
tions and with at least ten second¬
firms
banking
Arid4 tH£ ma¬
made
jority of these
behavior
operated
first
'
/
other
Therefore
-
decade
the
with
typically
sample
in
ing World "Wat 111
non-finan¬
large
in
of Metropolitan
also
both
in
wholesaling, retailing, public util¬
The Phila-, though
achieve.
delphia bank merger case which
review this autumn serves as one
the
cial
000
In any case
in¬
for
executives
dium-sized
es¬
advantages
primary
their
changed
of
•
Michigan.1
of
survey
The
and
others.
from
connection
recent
undertaken
survey
University
The
Y/' \
■
-
revealed
Katona
old
receive
and
business
varying degrees and in
variety of
a
that
Less than one-third of the firms
savings and
a
credit union.
a
induce¬
are
other financial
some
association,
company,
east
prevent competition
be
chiefly with
and in cities of
de¬
ceilings
of
as
of
establishment
the
interest
on
their
well
as
demand
Prohibition
profitability.
from
More
area.
compete keenly, or solely,
even
business
institutions,
For
established banks. This lessens
the
mergers
spelled opt by the Attorney
riding.
recent
reasons
questionable in its
to
—
proposed
Competitive
small market, venience,
very
a
become
has
their
tions.
of-/Governors of
^standards* for de¬
upon
under
Corp.,
Reserved System
uniform
ciding
market
rulings capital structure, the character of
resentative.
It
covers
approxi¬
to establish the fact that bank management, the financial
mately 300 respondents who were
an
actual or a potential history and prospects of involved
lessening of competition in a mar¬
ket,
with
Board
Present
firms.
solidating
appear
the
—
Deposit Insurance
and
been
the
by
agencies
banking
Lexington,
has
1960. This legisla¬
Department, provides the
Federal
more
realistically however, banks often
the Bank
Comptroller of the Currency, the
Philadelphia,
in
competitive
the
challenged
now
Federal
New York,
as
Congress
ago
unfeasibility of heavy
upon
Justice
merger
a
failed
are
~competitive*offer.
a
prevailed
withheld
-
Merger Act of
wide¬
such
the
in
banks
economy
standard when it passed
c o m-
mercial banks
in
and
this
on
results
merger
institution
years
realized the
proceed-
are
efficiency
to
as
nearly equalizing the sizes of the
Corp.
insurer, is inteersted
an
in
among
these
as
in-
entirely
be increased after
may
nor
factors
con¬
basis, without giving due cogni¬
zance to the fact that competition
if
and
Depart¬
before
brought
automation
Anti-Trust
the
months
recent
In
proposed
a
conclusions
and
and
They
in size both
ranked
almost
drawn
realistically
banking scale and branching,
of
monopolistic tendencies have been
competitive factor in banking and opines that the adop¬
more
strongly
compete
before and after
preference for business-banking connections. Article favors a broader
tion of this liberalized view would bring about a
to
have; been
and^non-financial institutions; and observes the stable
view of the
conception
effectively with each other.
competition, and the extensive competition between banks and other
financial
to
lies
cases
Commercial banks are as¬
sumed
competition; points out the regulatory emphasis against interbank
of
ments of
view
positive
when
even
particular banks
weak and when there
application
merger
prevailing
tition.
The Ohio economist questions the exclusive importance
yardstick.
attractions to
from
.
what constitutes banking compe¬
reliance on the competition
1960 which reduced the heretofore heavy
the
in
these
,
criterion
competitive
,
in
banks
Dr. Quantius notes the lessening
emphasis given to competition as the sole determinant of mergers
and the Justice Department's challenge to the Bank Merger Act of
/
the
of
Philadelphia National and Girard Trust Corn
Exchange Banks' merger arguments.
-
not moved
are
accounts
tablished customers of banks may
.'>'•/, /. /'/Y■•■/
•.
pie with the result that
expect
University, Columbus, Ohio
The Ohio State
the
tix^ely soliciting loans throughout
;tlie nation, this difficulty of def-
'
.■
the
Since all major city
follow
banks
Commercial Bank Mergers
'
England J-constituted
-
1962
*
banks
1962,
and insured non-
member banks were
permitted to
maximum interest
increase
their
rates
thrift deposits, a shift
on
funds
2
Ibid.,
to
the
Ch. 8.
commercial
Bankers
of
banks
War
first
Norton
Mr.
Trust
service
after
wherf
the Bank as trustee.
ministered by
as
an
in
He
of
16
to
the
on
the
the
1920,
Wcfrld
United
from
the
with various
serve
Wall Street
years.
to
duty in the North
resigned
bank in 1928 to
firms
First
the
Ensign in
States Navy, on
Atlantic.
went
Company in
over a
period
In 1944 he returned
Bankers Trust.
Volume
196
Number
6208
.
.
.
The Commercial' and Financial Chronicle
(1833)
Arthur Schlesinger, Jr.,
McGeorge^
Bundy, Walt W. Rostow, Richard
FROM WASHINGTON
Goodwin,
Stevenson
Ahead of .the News
...
'.fe.
I
'
CARLISLE
BY
Senator
v.-.
■:
Chester
Arkansas;
BARGERON
the
and
J.
Bowles,
Dean
William
was
Senate
Rusk.
Also
of
Relations
Committee, he Was in favor of
looks
now
though President
as
Kennedy's
action
calling
in
Khrushchev's bluff will develop to
be
dertakings.
will
If
it
this
what
prpve
succeed
does
the
Republicans.
more
that the.
it
has
writer
occasional
got
feel
of
the
were a
It
is
a
Democrats, although there
few exceptions, didn't
warn
always contended, namely, that the, him of the country's mood.
It
great, Russian military might was took the Republicans to do this.
the. greatest
of
ono
myths
they would brook
reason
national
fear
inspections
that
would
we
The
not
learn
we
the
strength
ardently
so
not
was
launch
against
a
are
expected
vigorous
campaign
the 'President's
advisers:
" ;.V
be.
"1
ago:
i
M
in-,
•
•
suppose
■
■
•
>
I
I
is
a
Soviets did install bases
:;
.
uncomfortable
more
an
with
offices
affiliate
of
at
am
not
existence
sure
that
would
our
in
be
if
in
.
today."
Wall
YORK
Financial,
CITY
relations
staff
St.,
Goodian
Banque de
firm,
with,
as
the
has
Why
the
question
Mr. Kennedy
Delay?
Paris et des pays Bas, the largest
a
private bank in France.
W. E. Button &
registered
Goodian
Before
he
did
it
after being
the
New Walston Office
Cuba,
PEBBLE
&
substan¬
is
Co.,
eral
weeks,
inaction
the
because
was
worried
came
Inc.,
Dpi
Monte
Lodge
William
Bing-
ham is resident manager. W
w
joining W. E. Hutton &
Mr.
Goodian
had
previously
Federal
a
bank
Deposit
and/Peat,
in
Cuba
would
Marwick,,
the
be¬
have
elections.
It
on
was
looming
up
as
the Republicans'
biggest issue. Everywhere he went
he
heard
It
is
this
unrealistic
the missile
covered
been
to
build-up
\
"I
believe
that
only dis¬
was
few days ago.
a
We have
talking about it for months.
And
if it is true
istration
has
there is
that the Admin¬
just
discovered
something terribly
it,
wrong
with the CIA.
Senator
Ga,, had
Richard
things to
-head.
He
out
by
work.
This
House
confab
of
Soviet
bombihg—an
hour's
at the first White
was
on
Monday
sentiments
the
of
whom
virtue
a
week
no.
Rus¬
believed to be echoing the
was
with
the
urged
The President said
ago.
sell
Russell, D.,
wiping
-a
immediate
(missiles
B.
lot to do with bringing
a
of
top
he
his
Senate
military chiefs
is
close
very
being
by
Chairman
Armed
Forces
of
Com¬
mittee.
Now
blockade of Cuba and the
a
elimination
the
twin
dent,
of
of
he
will
sites
the
Khrushchev
and
nounced
the missile
objective
give
is
Presi¬
has
in
an¬
both
on
of them.
Senator
Goldwater*
R.
said the U. N. won't do
Ariz.,
"damned
a
thing" about the U. S. demand that
a
U.
the
and
a
N.
observation
dismantling
that
ers
call
inspect
missile
in
spot
plan.
Kennedy's
Men, machines and
Washington
how
the
It
U.N.
more
was
more
us
Midwest businesses
re¬
.
•
$70,000,000 this
;
includes the
U.
is
S.
Acted
and
American
states
are
porting the United States.
United States
lief
is
that
been the
.
.
year
natural
gas
estimated
an
for Midwest homes
.
.
.
1
Midwest industries.
alone in
building of
11 main-line compressor
'
sur-
of
prise at the unanimity with which
Latin
.
more
more
new
facilities. This accelerated construction
new
.
stations by 47,000 additional horsepower
the boosting of
.
.
.
..
and the development
underground storage fields in Illinois and Michigan. All this results in £ln
increased
sup¬
capacity of nearly 300 million cubic feet of natural
The entire Midwest will benefit...
Had the
program
than 400 mile? of 30-inch diameter pipe line,
Panhandle's fourth major transmission line from the Southwest
First
gratification
pipe line facilities to bring
Panhandle Eastern, the pioneer natural gas supplier to the Midwest, is
investing almost
in
harmful than
helpful.
There
new
natural gas than ever before to 2,000 Midwest communities with
population of 17 million people; Here's
o'oserv-,
treated
hard at work building
money are now
.
quar-
who agree with Goldwater
Korea.
•
sites
bringing in the U. N. is
weak
antine
team
of
as
it
gains
more
natural
gas
each day.
gas
for
even
greater growth!
dilly-dallied, the be¬
this
case.
would
not
have
Instead, the United
States acted first and sought
sup-
port of the Latin American nations
PANHANDLE EASTERN PIPE LINE COMPANY
afterwards.
One Chase
of
the
It
the
proves
United
States
.
fallacy
policy
of,
taking
no action because we were
afraid' the neutrals would not un¬
derstand.
The
should
:
-
-
v
•
■
'
.?
r
elections.
-
Subsidiary:.
:
-
•
'
,,
J
.
,
.
,
.
TRUNKLINE GAS COMPANY
/
"victory" of the President
help him in the
Manhattan Plaza, New York 5, N. Y.
.
3000 Bissonnet
Avenue, Houston 5, Texas
'
examiner
an
for
Corp.
Mitchell
Co., all in New York City;
J
about the effect his
November
been
Insurance
sev¬
he
been
auditor with Irving Trust Co. and,
■■■
•
.
BEACH, Calif.—Walston
Shopping. Center..
the
Co.,
why
on
has
Co. since 1960.
should haVe waited
road, out in the country for
its
Paul
representative with
this, long before calling the bluff.
That
of
analyst and brokerage
consultant. Mr.
-
to
as
Mario
expanded
propagan¬
arises
of
addition
dized.
The
Tromson
—
division
a
Trombone Associates, Inc., public
,
national
tially greater danger than
case
40
the
„
but I
as-r
shall all
we
N'V
now
some¬
would
there,
Republicans
.
is
the
thing of their strength but that
learn
to
inter¬
no
was
The
ever
perpetuated upon the world.
year
N
Cheatham
New York City investment
a
firm
empty threats.
Fulbright said in the Senate
cinch
NEW
bas,
country argues for the election of
of his most successful un¬
one
ing along, protesting and making
act
he
Public Relations Firm
Warren
municipal bond department. Pari¬
no
However, the fact that he did not
until
Paribas Corp.
sociated with Paribas Corp. in its
drastic action, but one of just roll¬
It
Goodian Now With
R.
As head of
Foreign
Cheatham Joins
Adlai
Fulbright
remiss.
13
&
The Commercial and Financial Chronicle
..Thursday, November 1, 1962
.
.
(1834)
14
'
I
"
.
Production
Steel
holders of
fidence of other foreign
».
.
Protecting the Dollar
When
' :
U.
Crisis Arises
a
Paul Einzig
would melt away
in
the U. S.
such
primarily on what we do
Cuba
produced
for
demand
a
gold
mitigated somewhat by
Weakness
the
the
of
also under a
which currency came
cloud,
owing
It is difficult to un¬
Berlin.
oyer
other
of
firmness
the
derstand
of trouble
fears
to
mark
D.
currencies,
Western European
see¬
ing that it is almost certain that a
war
Cuba would
over
States,
,
countries.
it is
franc
haven.
safe
the
Swiss
For
jit is most, unlikely that the
a
as
Soviet Government in case -of war
neutrality.'
would respect Swiss
operating
were
orL a -very
of
bility
be, the possi¬
prolonged- crisis fore¬
a
shadows continued pressure on
dollar.
Moreover,
matter
cf
would
it
and quite
ways,
also
were
agents
operating ' .through
to operate
known
not
their behalf.
impossible to form
sumed, however, to be very con¬
siderable.
Had these agents'; been
of the gold reserve or de¬
crease
cline
oi
foreign
would
balance
have
greatly strengthened the dol¬
lar.
As
it
is,
possibility of
to
aggravation of that pres¬
liberate
operations
through
the
of
part
of
by
the
Soviet Government's agents in the
Western^ world
ing
be
can
doubt that the
no
Soviet Government has the finan¬
cial
that sense,
in
a
heavily
intervene
to
power
dollars
at a moment when
natural weak trend of the dollar
make
would
intervention
effective.
ticularly
have
its
Although
I
aloof
strictly
kept
always
par¬
from the pseudo-intellectual par-
of trying to
lcur-game
of
size
the
Russian
favorite
the
billion.
Anyhow,
is
ure
gold
estimate
exaggerated to
of
some
in
mind
that
in
the
balances
would
the
borne
of
the
foreign
no
short-
of
amount
have
to
offset
be
against that of the gold and for¬
eign-exchange holding.,
II.
S.
S.
R.
Owns
sure
they have to
any
case,
Dollar Deposi s
.
.
•
Needless
to
say,
so
long
held
is
reserve
the
as
in
gold
and not in dollars, the Soviet Gov¬
would
ernment
dollars
in
first
order
throw them
on
to
have- to
be
able
market
the
phychological moment.
buy
to
at the
Any .such
purchases would provide welcome
support
there
the
is
while
they
reason
Soviet
to
lasted.
But
believe
that
Government
substantial
dollar
has
very
holdings,
dis¬
guised in the form of Euro-dollar
deposits.
foreign
often
exchange
recent
months
dealers
were
puzzled by the inexplicable
firmness
rates.
During
It
of
is,, to
Euro-dollar
say
in
des
Pays du
only
their
of
announcement
American
short-term
facilities in Switzerland
in
also
other
countries.
tion
by
and
our
chance."
dollar .lies.
the'
Even
help
by
is,
to
the
say
United-States
tremely
has
is
the
turn
of
sheer gamble.
in
by
sense.
European
is
arrangements,
should
arrange
to
the
very
an
of
existence
would
be
a
of
such
sufficient
to.
a
hfetween
but
-
tie-
(* 102.1 %),
reduction
1962,.
'
in-
An¬
with
decline,
sales
model
Private
ears.
successive
North
re¬
following
were
to
492,000
units
an
ancf
T
was
the
On
shields
buying
D.
of
as.
Co.
Ltd.;
T.
and
Business
seems
im¬
steel.
in
evidence
hand,
of
is also lacking, and im¬
hours
of work,
contract
and
inconclusive
ments.
The
fall
activity
celerates,
.may
show
move¬
months,
when
normally
provide
of
con¬
awards
and
business
orders,
new
erratic
test
such
indicators
business
manufacturers'
decisive
Cayley
the
a
ac¬
more
underlying
J.: Ormesher,' A.
Co.
Bank
D.
of
Nova
Thomas,
Ltd.
-
'
*
Scotia;
'
•
Y
■*.■■
•
89
94.9
—
production based on average
production for 1957-1959,
*
weekly
of
Spur Steel
Cuban Crisis May
Buying / Y7T;/,/ 1 Y'v
%
;
.
do
Steelmakers
buying,
but
will
it
they
are
most
cause
their
evaluate
fairly
sure
to
users
re¬
Steel
this week.
many-plants
close to minimum working
so
levels -that
of
the
at
Reason:-; Stocks
are
expect
inventories,
reported
magazine
•'
not
crisis to trigger any panic
Cuban
sudden
a
extension
deliveries could halt pro¬
mill
duction.
If
blockade proves
our
and does not Touch
war,
be
off
a
effective
shooting
its effect on steel buying
slight.
will
Users will not have to
products
will
have to keep a close check on the
availability
of certain specialty
worry
about shortages of
made
in
such
grades,
the
vacuum
as
crisis
they
but
volume,
high temperature
If
Bank
E.
&
95
melted,
steels.
deepens,
military
will increase; mo¬
bilization plans will go into effect;
and some steel products may be
requirements
Clearings Rise
12.4% From
1961 Week's Volume
-
Bank
and
Wcod,- Gundy
121
Total
trend.
&
Ames & Co. Ltd.; M. H. Seagram,
The
105
Louis
Western
"Index
in
investment
volume.
other
the
struction
.
Inc.
Ferriss, Bartlett,
_101
Southern
struc¬ Y-./YY
Osier, Hammond & Nanton Ltd.;
P.
97
143
Cincinnati
been :orderly;
unsettling effects of .the .sharp
weekly
& Co.
install¬
consumer
has
business'
portant
Governors: J. M. D. DeDa Cour,
A.
It would also strengthen the con¬
83
in¬
strongly advancing sectors in the
Treasurer: D. M. Carnell, Green-
•
controlled;
President's -intervention
Vice-Chairman: A. E. St. Marie,
tility of any attack
the dollar.
85
Youngstown
econ¬
stocki,, market., declineT and; the
Board
;
the
ing at least to some extent from
&
comprised
Corp.
92
Chicago
proved from last springy-'.recover¬
following:
Midland Securities
1963
85
Detroit
cor¬
imbalances:
individual -confidence
Brown,
the
East Coast-_
Pittsburgh
to be relatively free
significant
.economy
Governors
the
States
facilities
appears
The balance
of
of
present time
moderate
Co. Ltd.
vital
make the
the
tures,
for the
Gairdner
M. A. Brown
-Week Ended
Cleveland
in
/plant and equipment has. been in
elected::
A.
•+ '•
Buffalo
rate of
annual
after seasonal
and, except in commercial
Chairman:
M.
.ex¬
:'•(
non-
month
Ingot
Production for
the limited inventories
August
ment
1962-1963 term
r'
Oct. 27,
follows: Y Y Y>■•
'Index of
responsible
apparently
second
well:
Board of Gov¬
of
ended
for week
as
-
ventory-sales ratios generally are
Traders'
ernors
with
concludes
Ingot :Production.; by
car
Economy Free From Imbalances
•,
Association,
the
,
above
1981, period.
rection.
Meeting
officers
3.9%
or
than
new
housing starts increased for
omy
Bond
ad¬
The
.of
through
81,781,000
Oct. 23,
1962
the
of the Toronto
and
stand-by
Institute
The
to
1-Oct. 28,
Districts
7%
were
2,057,000
of
year
amounted
27
Index
Augusc
A more
ago.
year
was
At
nual
Soviet Government realize the fu¬
on
'sUgflftly
-September,
farm
sheer
Canada—At the
of
with the Interna¬
impressive size.
buying
Retail ,.sales
mixed.
also
from
TORONTO,
long-term
United
Y/l:'.
%.
stricted by
Secretary: R. J. Putnam, James
such
v'
•
sales
equally
Richardson & Sons.
addition
-
this
Production
Oct.
ana
tons
and
Elect Officers
importance to them.
In
nonresidential
compared to last
(*110.4%).
the Jan.
are
would be
arguments
Now
of
tons
off
leveling
a
In¬
week
latest week ended
output
year's' week
cor-
puMicYccnstruction all at higher
above
Toronto Traders
selves for the maintenance of the
strength of the dollar
seasonal
Steel
the
for
against 1,739,000
as
decline of, 14.2%
of
September
St.
them¬
countries
in
First
27, 1962, shows a production
rates.
cliihed
,
or
I
to'
0.1
20.
Oct.
-
'
way,
of
Europe
1.1
+
+ .1:1
in the week ending
Data for, tfye
all-
an
Reports Yon'' consumer
An appeal for pa¬
common
This is to the interest of the West¬
ern
v
of
safety in that
financial
Western
to
rose
after
housing,
seek
part of the favors received.
repay
for
we
bless'd
Oct.
during, the; summer, with spending
strength of )
least,
solu¬
support to Western Europe.
billion
that
been
with
generous
record
$63.0
for .this
For the last two generations
1946.
lime'
risky for Americans to keep their
capital abroad.
Any attempt to
un¬
loan
—
27, 1962,; was 1,768,000
(*94.9%),
tons (*93.3 %)
some-,
a
production
•
of pay¬
repaying
our
so
'
long-term
of the dollar
part
904,951
530,508
535,899 7.
•
+?1.6
'+ 2.4
Since Sept. 29 but Is Down
ended Oct.
tens
near
could
1,109(000
905,919
Ci.y. :/-
stitute,-
percentage "advance
larger
must live, here die!" /.'seasonal
European
balance
Britain
l,278.Ui4
1,097,000
?
%
■
According to data compiled by
new
after
investing r Yeetion,following
'I1'/••L/yY
inforced
governments
favorable
a
■
That is the
.you're
in
trend
ditures., however,
cli¬
my
country,
our
use
granting
1,318,937-
the American Iron and
during July. Construction expen¬
on
likely to be devalued., It is
It
■
14.2% From Last YearWeek
100) in September for
mcnth in - a row. The
in. August
3%
by
whether the dollar
Italy .and other - countries
ments.
vance
the
be
..
:
Time
orders
for durable, goods also continued,
with this key indicator declining
to be
ideal
substantial
more
loans
the
:
•
—..
1961"
Steel's Weekly Output Rose
of
index
—
fluctuating
"We -neither
he'said.
nor care
"Here you
credi/t
are
Western
fact
would
much
the
In
of
nor
in
doomed by Fate,
This should be done
consolidated.
Monetary Fund
Paris,
interested
are
"Whether
is indi¬
by the
credit
in
of
the
The right solution
future.
third
brief triotism would be powerfully re¬
for
in
non-renewal
tional
Nord
ents
the
ar¬
their
measure
seme
the
•
In
swap
of
deposit
London, the Banque Commer¬
cials
are
the least, possi¬
ble that this was due to a
large
degree to demand for such depos¬
its by the Moscow
Narodny Bank
with.
cope
of
him
certainty owing to the possibility
shculd
Russian
course
these
would create
with
.
of
are
evidence
France,
Substantial
Euro¬
since
rangements
periods,
the
be
various
(1957
/what
asked
spirit in which the true
compared with the. potential pres¬
the
extent
with
119
haven for ;
here/partly
was
"Neither I
The swap ar¬
occur.
Central Banks
cated
case
are
$8
he
just take
useful, but their total is negligible
if this fig¬
other (external
or
liabilities
which
reserve,
about
billions it must
Soviet Union there
term
is
even
the
guess
When I
ago/The
year
industrial production remained at
counsellor from
negative.
is
of
sales
>
a
I
as
beginning
a war no
tour.
currency
whenever
immediately
1
Reserve
pean
in
case,
any
the
at
investment
an
know
the
make
to
Russian
heavy
any
eral
In
above
-
business he replied in an emphatic
rangements concluded by the Fed¬
There
out
whether
preparations for absorb¬
neeessary
they should
foreign exchange markets.
need.
of
seeing
portance for the United States and
1962
$17,785,543 $14,628,966
Boston
Kansas
the
of
some
-centers follows:
(000s Omitted)
r—
Oct. 27—
personal income failed to show a
for
money
-
abroad,"
the
summary
New York
of Americans with hold-,, monthly gain, although the Sep¬
abroad -To/ jepatriate thejr tember figure -Was some *5.5 %
£an /Francisco mJoxk whs:on h
It is therefore of the utmost im¬
tive
Week End.
time; since, last January that
the
.
week in 1961. Our compara¬
principal
with
for
same
Philadelphia
•refugee capital would be( safe. Y
The other cay I received a visit
meant
billion,
$443.0
12.4%
$31,408,689,426
at
d
$27,936,451,933
Chicago
-this article,
balances
dollar
of
rate
an¬
obtain
Our preliminary
year.
a n
first
in hostile hands.
are now
a
ide-
a
that
September
nual
s:t
And it
pointed
of
acquisition
the
in
at August's record
last
during the. present crisis.
in the defened of the dollar in the
They must fee as¬
deposits.
income
week
totals"
to
will be
of the corresponding
those
against
spring.
is* possible
the second month. This marks the
hours
dollar
last
'
indi¬
ended
week
the
clearings
abroad
any
capital, in order to play their.part
the size of Soviet controlled Euro-'
since
tr end
.'
the country,
of
for
it
money
ings
idea -about
an
that
above
manufacturing earnings down for
otic duty
on
it is
For this reason
send
to
cities
cate
weekly
expansion
continued
strong appeal
should be declared to be a patri¬
the
be
caution
elementary
the
envisage
sure
not
openly, but in all probability they
Euro-dollar deposits merely
However this may
na¬
should be addressed to Americans
tions
mistake to look even upon
a
ness
■Personal
of. the
view
in
chief
Saturday, Oct. 27, clearings for all
cities of the United States for
October
which has characterized the busi¬
.
tional emergency, a.
These institu¬
authorities.
Soviet
all,
,.
over-all.
gradual
yet
similar ;to those
lines
on
for
ingrthe pattern of mixed changes
.
existing in Britain, and other' Eu¬
for the
acting
capital trans¬
United
on
actions by residents rh the
ropean
agents
Failures
Business
telegraphic advices from the
upon
in the. U. jS, continues at advanced
of' ex-j
levels, with recent rep oris -follow-
then imposition
control
change
;Y
Production
compiled by the Chronicle, based
rel-
be
observed .that "economic activity which
attitude
its
Comment
Business
__
reconsider
to
ment
towards
On that assumption- bujdng up dollars in the foreign
exchange market, the resulting in¬
Europe.
over
spread
soon
other
to
be ascertained on
can
able for the United States Govern¬
here.
The large scale in both
selling pressure on the dollar.
latter was
and
said
.
ignored. If might be advis¬
Above
crisis over
revival of the
and a marked
Eng.—The
LONDON,
is
economy.
.
ativeiy f'r e e from significant
of imbalances according to the lati
.
and the fact that the fate of the dollar rests
the event of war;
in
;;The
At the
•
..
folly of seeking a safe haven for refugee capital
the Free World;
flight
a
not be
of U. S. capital even if it necessitates exchange controls on
out-flow of funds.- Stressed is the importance of the dollar to
the
result' of a
as a
October analysis of the Northern
"this side, but the possibility should "Trust
Co.
The
Chicago bank's
the flight
Auto
Commodity Price Index
.
advises much mora must be
the way of: (1) substantial European long-term loans to
A. and prepayment of debt, and (2) U. S. A. prevention of
Index
Price
Even the larg¬
present moment no " indications
European central banks but
made with
done
on
Trade
Food
possible amount of external aid
flight of American capital.
the size of Russian
Euro-Doilar holdings and on the possibility of their being used «n
a massive interventional scale during a vulnerable period of dollar
weakness. Dr. Einzig praises the current swap arrangements being
speculates
economist
noted
The
Retail
American
the
of
people themselves.
est
Einzig warns Western Eurcp3 and the U. S. A, to make preparations now to absorb heavy Russian sales f>f dollars whenever they
Dr.
occur.
hands
the
Carloadings
INDUSTRY
of the dollar rests
the fate
But
in
By
The State of
on
»•Out-Flow of Funds
•
->
.
Control
Exchange
A.
S.
«■
.
....
Output
Electric
collar balances.
show
a
a
year
clearings
this
decrease
compared
ago.
week
will
with
'Preliminary figures
put
on
If
all
allocation.
our
over
enemies start little wars
the world
in
an
attempt
Volume
to
drain
market
undoubtedly
in tonnage
try
fore
to
build
restrictions
production of
In
1850,
the
resources,
will
—even
will
our
Number
196
steel
tighten
.
.
.
The Commercial and Financial Chronicle
the
event
grade,
slapped
on
durables.
South Korea, but
operations were
Japan.
at(a fairly high level when the
S in
started. Today,
at
less
capacity,
there
buying.
panic
Steel
no
-
op¬
60%
of
reason
for
executives
are
close check on develop¬
a
the
in
situation
Cuban
to
help them determine tonnage
at
mills
in
'
100,000
steel
September,
signed
tons
for
market:
of
carbon
industry,
claim.
of
is
alloy
>
The
Gradual
Orders
Steel
Uptrend
continue
orders
uptrend,
gradual
Mills
reported.
running
5
month's
on
a
magazine
the
bookings
say
10%
to
market,
There will be
in
the
no
rate ,of
words,
likely to show
(4)
A
though
be
this
cars
the
in
Age
steel
not- hesitate
new
orders
to
if
(3)
situa¬
Most
for
out
fourth
Price
(6)
and
tensions
world
will
less
be
quarter
1,830,000)
(vs.
pany
a
at
the
about
the
since
same
of
start
October.-Output will be near the
1,739,000 ingot Tons that Steel es¬
the
timates
PREFERRED
share
..declared
on
to
industry
poured
last
week.
crisis.
Cuban
terly
and
CHEMICAL
NOTICES
COMMON
dend
same
of
60c
per
share
9,
October 15
franklin
k.
foster,
per
The Board of Directors has declared
payable Nov. 23,
1962,t
Secretary
R. G. Hengst,
October 25. 1962.
Treasurer
v.
PLASTICS
2l/2
of service:
areas
LIQUORS
CHEMICALS
-
FERTILIZERS
•
METALS
effective
OVkicj) Copper Company
,
CALIFORNIA-PACIFIC!
COMPANY!
'ijxii r
15
ber
>
.
.
.
25<t
2l<t
271/2?
Common
TlVic
.
.
J. Ley,
,
.
v.
.
November 28,
The
1962.
Directors authorized the distribution
of the said dividend on December 12, 1962
to the
Holders of record at the close of
non-resident
shareholders
the rate of 6.6614%
5Vz% Convertible Preferred
.
Ordinary Shares of the Company payable
Africa
5.40% Convertible Preferred
D.
■
25<f
04
posit Agreement dated June 24, 1946. The
dividend will amount' to approximately
$1.40 per share, subject, however, to any
change which may occur in - the rate Of
exchange for South Africa funds prior to
November 28, 1962. Republic of South
<
,
No.
Board of Directors today declared
one Band jper share on the
dividend of
business on December 5, 1962 of American
shares issued under the terms of the De¬
record
of
shareholders
to
Jhie,following rates per,share:
quarterly dividend of
._H.fi. DUSCH
JAMESON
Growing in these
The
DIVIDENDS
business Nov. 5, 1962.
not
.
major
"no-
1254c per share on all Common Stock outstanding and
regular semi-annual-dividend of $2.50 per share on the 5%
Preferred Stock, both payable November 15,1962 to stock¬
holders of record at the close of business November 1,1962.
on
of record at the,
to shareholders
a
C.
1962.
•
ROSE, Secretary
5% Convertible Preferred
shares of the Com-
common
.1
December 1, have been declared at
Board of
will
Limited
COMPANY
PREFERRED
25,
Dividend
5% Preferred
share
J.
UTILITIES
COMMON 'AND
to
November
on
books
1962.
Secretary
TIT
record
Stock,
1962,
out¬
of
increase
became
which
of
s
The tiansfer
share
per
1,
quar¬
a
RUBBER
dividend of
1962.
on
t
forty-five cents (450
an
October 31. 1962.
CLEVELAND 10, OHIO
a
represents
December
on
PAUL
regular
o
December 10, 1962 to Stockholders of record November 9, 1962.
October 30, 1962
has; dada ed
Common
outstanding
quarterly divi¬
a
Directors
close.
lwenfy seven cents
the Common Capital
ol
ol 4he .shares
DIVIDEND No. 170
Directors declared
the
cents (10 2%) over the 49 cent quar¬
terly dividend paid on the Common
Capital block prior to ihe 2 lor 1 split
per
Convertible
the Common Stock payable
on
of
stockholde
r
Quarterly dividends payable Decem¬
.COMPANY
Board
payable
the hands ol the public, has
m
think
Traders
On October 25,1962, the
dividend
This
DIVIDEND
meeting the Board also declared
NOTICE
DIVIDEND
payable December 10,
to--the holders ol record al the
close ol business November 13
1962.
MANUFACTURING
close of
DIST5LLERS
43
1962
GOODALL
pany^
lower
page
(27c) per share on
Stock ol the Company, issued and
December 10, 1962
i.
the
for
on
Common block
W.
At the
to
12,
NATIONAL
on
stockholders of record November 9, 1902.
Gl!^
1962
BOWERS,
a-quarterly dividend of 30<
NOTICES
DIVIDEND
v
there
The
standing
Scrap dealers are also assessing
the
as
up,
at¬
DIVIDEND
on
the'
CORPORATION
/NOTICE
Cumulative
20,
the
NoVembsr
record
a
on
of
Al¬
soft,
be
pressure
r
quarterly dividend of SI. 10
a
the -S4.40
declared
stock
a.
Company
Preferred Stock payable
effect
in
to
build
Continued
The Board of Directors of Cities Service Com¬
1.9 million for the
and
v,V-
Y.
com¬
Secretary
been declare*'
v
N.
cent
per
payafck_Deccmber
of
21,
this.
1962
one
common
HAZEL T.
Although-panic buying is
DIVIDEND
from
of
steel
many
As previously reporled,
boosting
are
schedules
24,
of
<
of the quest.on, there will be
Cities Service
York
1962.
absolutely
consumer
New
Directors
value
October
to 660,000. They have
maintained
be
of
products, continue
on
This week, steel operations will
level
dividend
par
stockholders
navy.
considerations.
prices
NOTICES
DIVIDEND
ago.
year
to,
of
October
stock
IMIWKK COMPANY. In«.
tentatively slated 525,000 cars for
December
the
of,
(5) Probably increased military
to¬
production of 715,000
month
cars
additions
and
weapons
Ave.,
Board
on
ami:otic \x i;LI;CTHH
in
Madison
pany
to -in¬
dramatize,
not
Changes
titudes.
980
The
?
aid abroad.
necessary.
reported.
overnight change
last
driving
are
November
640,000
are
211th Consecufve Cash 0 vidend
"customers,
their
changes
company
pace.
ward record
great
modernization
NOTICES
CITY INVESTING COMPANY
tional
Automakers, the steel industry's
best
Al¬
$5
bal-i
govern¬
later this year.
.even
sirengt.a.,
new
will be new emphasis on conven¬
and
15
durables
buildup.
belieye the adminis¬
controls
•crisis,
a
(DIVIDEND
items.. In
military
no
though
if the -world
would
de|er purchases
consumer
DIVIDEND
will
force
Iron
other
to
deferable"
"easily
are
of
ahead
The
challenged,
possible
of
risers
stitute
crisis
strengthening
Detected
Steel
world
Although. the
supplies,
worsens
tration
Pick^Up
future.
plans.
play- it safe with
Fear
tendency
of
likely in military spending, there
be
to
controls
steel
y
steel
will re-evaluate their
steel
(2)
tion
Russia.
a
less
--- are
*.
-
inventory
policies.
will
ment
plants
Six Reasons Cited for Steel
result -in
<
,
likely
anc.ed
signifi¬
attir^
inaustry's ability to deliver
not
users
the
re¬
quirements during the immediate
industry
stronger
a
•
users
steel
Japanese
auto
'
inventory
for
in
Possible
Expansion
cance:
and
in
lists these factors
Industry
(1)
Japanese
contracts
"structural1 use"
auto
sources
in
predicting
€teal-
have
-
to
sure
are
The magazine
a
steel purchases from
up
changes
stronger, .steel. market, v-
was
$24.67
*
c e
Soviet
•
industry
keeping
ments
is
-
with
than
heavy melting,;
Steel reported the Russians are
stepping
erations
1
last week
ton.
gross
tightened
market
No.
unchanged
tudes
the key
on
But
(1835)
buying plans and" consumer
deteriorates.
inventories be¬
rapidly after the Chinese invaded
invasion
situation
Steel's-price, composite
are
steel.
prices will strengthen, quickly in
products. Users
consumer
the
6208
tax
at
will he deducted.
By Order of the Board of Directors.
1\ A. SCHECK, Secretary.
New York, New York, October 30,
1962.
J
VICE-PRES. & TREAS.
October 22, 1962
'
.....
i
j
i
Vice President & Secretary
!
SOUTHERN
SI ATU R A L
I
GAS
COMPANY
Canada and Brazil.
:
:
Birmingham, Alabama
S
THE TITLE GUARANTEE
iffifapSl Trustees
of The Title j
have
|
declared a dividend of twentyand a half (271.4) cents per
J
Guarantee Company
fourth regannual dividend for
1962, payable November 16, 1962
share designated as the
j
ular quarter
|
j
record
stockholders of
November 2, 1962.
to
WILLIAM H. DEATLY
President
•
(11/2%) PER CENT or $1.50 per share
DEFERRED
"STOCK,
payable
of
declared
a
DIVIDEND
$.45
of
shaie on C0MM0IV STOCK, pay¬
able JDejentber .3, 1962 to shareholders
of record
November 9, 1962.
S
Common
jj
Natural Gas Company,
j
\
able December 14, 1962 to
Stock of Southern
:j ber
j
,
M
.
■
■
;
W. S. TARVER,
;
Secretary
«
Secretary
■
■
30, 1962.
]
ffJiottias Welfer
1
pay-
stockholders of record at the
close of business on Novem-
5
per
|
on
A regular quarterly divj- |
jdend of 50 cents per share ■
5 has been declared on the "5
■
January .21, 1963 to shareholders
record January 4, vl-963.
Also
■
J
for
declared
on
|
seven
has
ending
December 31,
1962
DIVIDEND of.' 0ME and ONE-HALF
quarter
Quality
NOTICE
DIVIDEND
Directors
of
Board
COMPANY
:
.Common Slock Dividend No. 95
■
;
Dgted: October 27, 1962.
;
Pittsburgh, October 25, 1962
<J$rne/u£<vn> (JvwouzeoNOTICE
CORRECTED
DIVIDEND
NO.
The United Gas
!>2
EQUITABLE
.,6
Hudson :Bav
and
Mining
Company
Smelting Co., Limited
Dividend
A
of
sever.ly-five cents
($.75) (Canadian) per share has been
declared on the Capital Stock of this
Company, payable December 17,1962,
•
A
business on-November
:
F. McCarthy,
J.
1962.
16,
229TH
regular dividend of Thirty-seven and
(37Viq)
been declared upon
Treasurer}
of The
to
stockholders
will
NOTICE
—
Milgo
Electronic
November
record
shall
5,
1S62,
date,
have
Meeting
Corporation
as
the
of
of
has
been
which
right
to
Stockholders
at
be
as
of
the
held
t
be mailed.
.
..
at
the close
1962. Checks
•
-
...
the
.
,
..
J. R. Waterhouse
T reasurer
A dividend of
Pa.
payable
At
the
a
terly
en
of
October 26,
1962,
declared
quar¬
Directors
$1.09
dividends »of
per
4.36%-.Convertible
the
Preferred
share
held
meeting
Beard
cn
per
Stock
the
-share
on
46 Vi
and
share
Preferred
the 5.60%
cents
Common
Stock,
1962,
all
per
at
the
December
1,
record
the
at
close
to
of
per
share
on
the
December
21,
1962
to
November 30,
1962.
A dividend of $1.06M
on
the 4 H%
been
declared
1, 1963
per
share
Preferred Stock has
payable
January
to holders of record No¬
payable
record
Annual
22q
NOTICE
Common Stock has been declared
holders of record
Stock, $1.40
announces., that
stockholders
to
of record
—
established
vote
Pittsburgh
American Tobacco Company,
of'. business November 9,
DIVIDEND
'^COMPANY
share has
per
the Common Stock
payable in cash on December 1, 1962,
MEETING NOTICE
9M
DIVIDEND
COMMON
One-half Cents
shareholders of record at the close
to
of
Improvement
holders
business
ot
No¬
vember 30, 1962.
J. H. Mackenzie, Treasurer
'
principal offices of
36th
8.
Avenue,
4962.
the
Miami
<
47,
Corporation,
Florida,
'••
on
'•••■.
7620
v
N.W.
Deoember
© A. T Co.
October 30,1962
vember
9,
H.
1962.
S.
Netting, Jr.,
Philadelphia, October 23, 1962
Secretary
The Commercial and Financial Chronicle
16
Field
Current News in the
He
Street.
Milk
79
Inc.
supplemental to similar notices appearing
President; H. P. Stavitsky, Secretary and Treasurer; and Marvin
NEW FIRMS
_
A
,
„
CjHEYENNE, Wyo.-Bullock and
and
is
Bullock
P.
Vice-President.
Tillamook. Officers are Thomas A.
tary. Mr. Bullock formerly con- Gerhardt, President and Loren L.
ducted his„ own investment busiWyss, Vice-President and Secreness in Cheyenne and Denver, as
tary. Both were formerly associated with Blyth & Co., Inc.
individual dealer.
Co., 2987 Peak Ave.
Schaffner &
sole
ic
Schaffner
N.
James
J.
M.
McCourt
Mr.
Co.
6
HOUSTON,
Texas
f..
m
7
Paul Morris,
Norwich Avenue.
NEW BRANCHES
Shear
is
sole
Leon
Street.
Harvard
113
proprietor.
COLUMBUS, Miss.
Seventy-
Gerald H. Gould is a
Street.
principal of the firm, which will
also maintain a branch office at
57th
West
200
under
City,
Street/ New York
of
management
the
George Oeslander.
Miami BEACH,
Trulock &
—
Main
He
manager,
formerly
was
local manager for Palm Beach
Investment Co.
N. Y.
Fla.—Jack
Graham &
King Inc.
NEW
YORK
Clare
&
of
Exchange.
Clare,
E.
Street,
Stock
American
Thomas
are
of the
exchange,
Clare. James Clare
active
formerly
was
James
—
Partners
E.
in-
an
as
dividual member of the American
Stock
Ohio
has
Wolf
are
President;
k.
Charles M.
Secretary. All
Kriesberg,
formerly with
were
Berger Associates.
Spats
CITY
YORK
Nov.
1,
was
1962 the
Effective
of Herzig,
name
Farber &
McKenna, 50 Broadway,
members
of the
New York
Stock
Exchange changed to Herzig, McKenna & Company.
YORK
CITY—DFC
Herbert
Murray
Abelow,
Shein,
J.
President;
Vice-President
and Secretary; and Julia M. Shein
Treasurer.
Mr.
Abelow
was
formerly with First Mutual Plan-
ning
Corp.
Scott
in
Mr.
J. B. Coburn
have
&
Shein
was
with
Associates, Inc.
Di
YORK
Cerbo,
NEW
and
CITY
joined the staff of Prescovt
ing,
members
and
Midwest
Stock
Greenberger
Rahal
with
was
630
YORK
Third Avenue.
CITY —E.
Co., Inc.,
74
Trinity
H.
Gibb
Place,
corporation, is continuing the
vestment
&
Co.
business of E.
Officers
McCarthy,
urer;
are
President
William
President;
P.
and
H.
G.
a
in-
Gibb
Clifford
and
Treas-
Bennett,
Vice-
A.
H.
McCarthy,
Secretary.
E.
&
W.
Church Street.
formerly
—
Wilbur
Co.
"
Poticny
A.
L.
is
SOUTHFIELD,
Bicsser
&
are
Leonard
<£?
Kaleky,
Mr.
Caunter
A.
^
Associates,
Ohio
—
has
Seventeenth
William
Rabbins
T.
Building,
in
Mich.
McDowell,
Straus,
West
17000
Securities
v
Mile
Edward
Road.
L.
Penner is resident manager,
TTT^^T
Ohio
with-
has
Frank
—
Ranchfuss
is
local
joined the
Securities
He
staff
Co.,
who
Seventeenth
718
of
has
Dallas-based
the
of
C. Ives,
Ray
—
years
managed
operations
investment
banking firm of Eppler, Guerin <&
Dallas
the
and
Hague
Exchange,
g
q
at
their
Anderson,
Fidelity
office,
his regular sales
addition to
will
coordinate
sales
operations
which is
firm,
the
for
Detroit
BANGOR, Me.—Walter G. League
been
added
to
the
staff
of
David G- Means, 6 State Street.
lington
Inc.,
nounced
with
Mr.
it
Sanders
has
was
&
Watlington,
been
&
an¬
has become associated with Crut-
tfenden,
Podesta
&
Boylston Street. He
has
Winslow,
Mass.
—
become
Cohu
who
formerly
associated with Alex. Brown
Sons, will
serve
as
a
regional
Alec
Stevenson
B.
Miller,
was
80
formerly
&
N.
and
with
Henry
Parkman, Vice-Presidents, he will
provide
of
six
the
with
in
Company
sales
a
representative.
Kistler
Powell,
110
Co.,
&
Stock
Midwest
and
service
to
investment
GREENSBORO,'N.
C. —William
J. T. Jenkins ond E, John Schmidt
their
and
Kincus
tive,
new
with Hunter, Prugh, Ball &
Davidson,
Winters
Inc.,
He ^yas
Bank
with
formerly
Travis
William H.
32
of
North
John
A.
Kemper
Ludlow Street.
previously with
Greene
&
He
Stock
&
has
Kemper &
low
Street.
affiliated
with
previously
Stetson,
Inc.,
Company.
with
Husman
Westheimer
!
in
the
regis¬
as
tered representative.
PHILADELPHIA,
Pa.
Horn-
—
Edward
J.
Cronin
associated with their
office,
Walnut
1401
is
now
Philadelphia
Street
as
a
registered representative.
Mr.
Cronin, who
in
has been
investment
the
ac¬
securities
business since 1949, was formerly
associated
with
Boenning
Co.
&
FORTLAND,
Maine—Richard
D.
Brown/ Bourke C. Trask, Jr. and
Donald J. Waring have joined the
staff
of
Tyson,
Townsend,
Middle
184
Dabney
•
&
Street.
FORTLAND,
Ore.
Cunningham
is
George
—
with
now
A.
E.
I.
Hagen & Co., Inc., American Bank
Building.
PORTLAND,
Ore.
Larry
—
A.
Spriggs has become affiliated with
Harris, Upham & Co., 601
Oak
west
Street.
He
viously with Donald
South¬
was
pre¬
Sloan
C.
&
Co.
has
Bcminick &
west
Oreg.
Sixth
Duane M.
—
affiliated
become
with
Dominick, 400 South¬
Avenue.
the
announced
A.
of
Harry G. Johnson have joined the
appointment
Sells
Ralph
McMurrey
H.
Marvin
Regis¬
as
The
Representatives.
qualified
staff
of
Merrill
Donald
—
Lynch,
E.
Pierce,
Fenner & Smith Incorporated, Ex¬
ecutive
Building.
four
staff
Underwood, Neuhaus
recently
Inc.,
Building.
Ehrlich, Kenneth J. Howard and
and Edmund G. Parsons
tered
Co.,
Hagen 4 &
Bank
PORTLAND, Oreg.
Foutch,
Neuhaus,
I.
E.
American
Oreg.—Lawrence J.
the
mem¬
the
for
•Payne Heads
position of representative by suc¬
cessfully completing examinations
Mun. Council
of the New York Stock Exchange
Se¬
of
Dealers, Inc.
Securities
Inc.,
Stock
Securities
*of
Dallas
Company,
Union
Inc.,
Dallas,
Texas, has been elected Chairman
f|0r 1963 of the
1001
the
of
members
Street,
Es-
E.
the staff of First
joined
has
DALLAS, Texas—Jack C. Payne,
Vice-President
Neb.—George
LINCOLN,
ley
Association
National
curities
board
New
of trusof
tees
Exchange.
the
Municipal Ad¬
MADISON, Wis.
is
Samuels
BelJ.
Bernards.;
—
of Texas.
Monona
119
Farrell, Inc.,
&
visory Council
with
connected
now
Mr.
Payne
Avenue, members of the Midwest.
will take
Stock Exchange.
the chairman¬
Wis.—Dennis
MADISON,
become affiliated
has
&
Incorporated,
Co.
Avenue.
Goff
Mr.
with Francis
ship
Goff
I.
119
Monona'
formerly
was
I. du Pont
&
Co. in
and
dealer
banks
and
60
of the New York
members
Exchange,
admit
Henry
on
jack c. Payne
members trad-
Nov.
8
in
tion
is
added
&
to the
Co.,
201
now
Farm
with
Municipal bonds.
in
I
staff of Burns,
Credit
19th
bers
of
Pa.
New
CHICAGP,
H.
A.
York
Stock
was
Exchange
and
other leading
ex¬
and
changes,
have
announced
that
■Rohprt
Rprmnn
rmrl
Winter Party
Traders
Co., Incorporated, mem¬
the
Chicago Traders
Company,
—
.
St.
Building.
PHILADELPHIA,
Riecke &
&
It was founded
1954.
■
South
Chi'e^
Austin,
and
partnership in the firm.
Potter
in
headquartered
Texas
organiza^
The
bonds.
will
limited
to
Municipal
Texas, and serves its members with
statistical
information on Texas
Gasner
D.
Amsterdam
Harvey
New York
Street,
Broad
&
61
nonresident
ing
CITY—Brimberg
70
dealers
IfPljT jBBMI
Phoenix, Ariz.
YORK
over
with
Texas
with Loewi,
is
Co., 32 North Lud¬
Miss
Lewis
S.
Danville, Pa. office
has
OMAHA, Neb.—James P. Kineen
joined the staff of John
J.,
of
Co.,
Ladd.
Bert
and
N.
Exchange,
was
DAYTON, Ohio—Jeanne R. Husman
Underwood,
—
members
Street,
Young, Jr. has been added to the
staff
Trenton,
registered representa¬
a
Co., Incorporated, 724
&
York
New
been
—
their
a
Max
McElhinny has become connected
Building.
OMAHA, Neb.—Don L. Miller has
DAYTON, Ohio
as
ferson
Stock
now
in
as
office
Pa.,
representative;
PORTLAND,
City,
DAYTON, Ohio—James M. Mack
Beach,
McDaniel Lewis & Company, Jef¬
Co.,
Louisiana
Mc-
D.
registered
a
as
Hazleton,
office
with
connected
become
have
including
Texas,
office
registered
Hann
NEW
Arkansas.
their
FORTLAND,
Exchanges.
dealers in the Middle South states
A.
Richard
will
Dallas. Working
Greene & Ladd.
Folan
regis¬
a
as
Street, members of the New
O
by Henry T. Vance, Pres¬
Building.
J.
Ex¬
one
Reyburn
Exchange.
joined
has
Company,
ster is how affiliated with P. W.
Brooks ' &
Co.,
Incorporated,
B^n§or House. He was previously
with Schirmer, Atherton & Co.
Mass.—John
New
formerly
DALLAS, Texas—Thomas M. Wat-
BANGOR, Maine—Alfred P. Web-
BOSTON,
the
the appoint¬
office,
was
York
be based in
Amos C. Sudler & Co. and J. R.
& Co.
Daytona
in
investment firm. He is assigned to
Nebraska
wholesale representative. He
AURORA, Colo. Joseph L. Tasetano has 3oined the staff of B. J.
Leonard & Co., 1544 Elimra St.
Mr- Tasetano was formerly with
Smith,
representative of the
tered
member of the
Stock
York
New
a
West
ident.
Qfrpof
Co.
Stock
ment of John B. Birch
executive,
account
as
Ives
office.
AUBURN, Maine — Alphee A.
Chenard has been added to the
staff of Bernier & Company, 40
Guire
Penobscot
of
Detroit
announced
changes,
of
Company,
and
York
partner
members
Building,
and
In
Texas
Stock
was
Smith,
Mich.—Hal H.
managing
Jr.,
Union Tower.
PERSONNEL
York
He
Copley and
of
1429
Company
the Odessa, Texas area
Mr.
New
Miller,
&
Street.
with
DETROIT,
Robert
Texas
six
for
functions
members
Podesta
Cruttenden,
Neuhaus
formerly
was
Investment
manager.
ANDERSON, S. C.
James F.
Born» formerly of Goodbody &
Company, Athens, Ga., has joined
^ke sales staff of McCarley & Co.,
the staff of
Jr. has been added to
HOUSTON, Texas
North America.
to
Copley and
John A. Plumb,
—
H.
Turner, Inc., has been transferred
A_
BORLAND Wyo.
Robert
with
similar DALLAS,
—
the
of
registered
representatives;
that
DENVER, Colo
McKay Jr. has become connected
A.
with; their
as
blcwer & Weeks have announced
Greenberg & Co.
E.
Roger
—
members
Company.
Avenue.
a
thereto was Cashier for
L.
with
Inc.,
office
Co.
&
FAYETTEVILLE, N. C.—James A.
affiliated with
Capital
with
King
He
and prior
as
Midwest Stock Exchange. He was
215
Cuddy,
McCabe
-
Hayden, Miller & Co., Union Com¬
Ohio
K.
formerly
York
merce
with
was
Sharp,
Detroit
Co.,
&
Ohio
Exchange
Schmidt,
Old
now
of
members
Stock
leading exchanges. Mr.
Denney
Terminal Tower.
Baughman is
E.
associated
Company, 828
Street,
York
New
Kenneth
—
become
with Boettcher and
with
George
—
associated
now
Philadelphia
Florida,,
Colo.
DENVER,
Stephens
Birch
has become affiliated
are
representative; John V. Ciotola in
John
affiliated
Ohio
CLEVELAND,
Jaffee
290
Inc.,
state-wide offices of the firm. Mr.
Co., Park Bldg.
&
with Ilowsam-
Street.
Fillmore
bers
Eight
Clark
Officers
Co.;
,
now
Caunter
Jr.
capacity for Walston & Co., Inc.
Investments,
St.
L.
CLEVELAND,
First
Josepljthal & Co.
Commerce
formerly
&
.
Kobe
manager.
served
EOSTON,
11
Brown
the
&
Janney,
Inc.,
Clark,
resident
is
NEWARK, N. J.—Great American
Inc.,
Exchanges.
was
Lewis
Jaffe,
York
the* New
of
D.
tive
Ohio—Sanford W.
COLUMBUS,
Battles
has
Louis
—
connected
previously
Co., National City Bank Build¬
is
NEW
Exchange. He was
Greenberger and James A. Rahal
City,
Securi¬
ties Corp., 150 Broadway. Officers
are
office
FHOENIXVILLE, Pa.
Rppph
NEW
formerly in charge of
firm's
the
Inc.,
NEW
the
of
members
formerly with Goodbody & Co.
Spats is resident manager. Mrr formerly
Wittenberg,
Treasurer, and Marvin N. Nadler,
Nat
BEND, Kans.—George K.
Baum & Co., 1314 Kansas. Harlan
L.
Equities Inc., 10 East 44th Street.
Officers
GREAT
CITY —Nationwide
YORK
associated
Co., Inc., East
&
Building,
Gerald
—
Thursday, November 1, 1962
Allan M.
—
become
New York Stock
Company, Washakie Hotel. Frank
Exchange.
NEW
Securities Corporation, Route 23.
J°hn Daidone is resident manager,
jr.
Libert^
136
the
member
James
and
CITY
Co.,
members
Lip-
previously with
Mr. Lipsiner was
&
Chase
—
Kansas.
Northeast Eighth PI.
16951
siner,
Rogers
street. William M. Prince is resi-
GRAND GORGE,
Leeco In-
—
vestors Corporation, 800
first
G.
Ohio
CLEVELAND,
Newman
CLEVELAND,
BEACH, Fla.
MIAMI
become
A.
with
AUSTIN, Texas—Sanders & Company, Capitol National Bank Bldg.
^ent
MALDEN, Mass.—B. C. Securities
Co.,
Greens¬
Co., 330 South Tryon Street.
Mr.
1
Company, Incorporated, 315
LYNBROOK, N. Y.
Louis
with
nected
Hayes i3 a
^Ned MeDaniel is resident manager.
Joel
-
Norfolk No. C.
3306
Jr.,
Newby,
15316 Bothell
Kennan
RBMr„p„
Dillon, Union Securities
Eastman
p
E
^
with
formerly
was
N
w
Secretary.
McCourt,
P.
CG'rporatio2i,
curities
Treasurer,
and
Vice-President
Wash—Affiliated Se-
SEATTLE,
McCourt, President, Sue Sughrue,
and
.
Haynes and Silman C. Virgil have
the
CLEVELAND,
Y.-
N.
Officers are Joseph E.
Place.
Second Street. Mr.
was formerly with
220 South
Yurickones
Co.
HILLS,
Edwards and Co., Inc., 06 Ten-
ms
of
Co.
Securities
United
with
formerly
were
Mayo & Co. and King Merritt &
propriety of the firm.
FOREST
Both
with Hartzmark
ST. CLAIR, Pa.—John Yurickones,
N>
James
Colo.
DENVER,
Powell, Kistler & Co. of Fayetteville.
boro.
Bartels, Vice-President and Secre-
an
C.
Henry
representing
are
Colo.
DENVER,
and other
FORTLAND, Ore.— Lincoln Se- CHARLOTTE, N. C. — Albert P.
Stephens
McMillan,
Jr.
has
become
con¬
W, curities,
Inc.,
4109
Northeast
Russell
and
Treasurer,
W/Kalek
and
Covington
Porcher
—
Avenue.
President
Bent
1509
Company
elsewhere in this issue
C.
N.
Ancrum
C.
B.
These items are
formerly
was
Chace, Whiteside & Winslow,
with
CHARLOTTE,
Warren
.
.
(1836)
T.nnis Narhod
will
.
I1L
—
The
Association
hold
their
of
Annual
Security
Chicago
Winter
Party Jan. 21 at the Drake Hotel.
Hotel reservations for those at¬
tending
may
Thomas C.
ers
& Co.,
be arranged through
Driscoll, Brown Broth¬
Chicago.
Volume
Number
196
6208
.
.
The Commercial and Financial Chronicle
.
well
pretty
Some
of
semblance
week
induced by
this
market
gyrations
violent
the
after
The
'general tone was good after the
'apparent" easing of the interna¬
the Cuban crisis.
.
tional situation.
Specific
the
the emotional
again
was
motivating force as
In
short,
solid
market
far
were
capital
vigor¬
awarded one of
ously. when it was
the
largest
given,
;ever
than
better
for
one
contracts
age
space
Steel, to virtually no one's
U. S.
v
surprise,
quarterly
its
cut
divi¬
wellanticipated and the issue took it
dend,
the
but
General
stride.
for
poised
Motors,
1962
hope of a
record
earnings, and with some
boosted
yearend dividend, was in
good form and in position to toy
with its
year's high.
the
of
top-echelon
old-line,
panies
com¬
hard
the
form
that
core
th^ nation's economy such as
A.T.&-T., du Pont, Union Carbide,
and
oils,
Roebuck
Sears
that
issues
defense
been
has
story
loaded
advice
with
grading
portfolios
holdings
oh
quality,
of
advice
heavily
was
suggestions
that
for
and
up¬
eliminate
to
which
concentrate
isn't the type
feeds
speculative
didn't
The
big question is how much
the investment sentiment has been
1962.
Certainly
mutual
the
experience, where mor^
available,
indicates
an
coolness to
fund
obvious
securities
of
some
are
the
con¬
market
spectators took the heavy trading
that revolved around
Cuban showdown
as
that there is
a
of
interest
of
sence
still
in
it
hard
is
the
In
stocks.
ab¬
breakdown
trading
to
indication
an
large amount
detailed
a
in the
moves
make
out
solid
a
crisis
Cuban
nothing else, defense expenditures
Spending for
will continue heavy.
work is more or less guar¬
space
anteed
steadily,
increase
to
so
busy production is assured in the
Rails
have
to the edge
excursion
that
of the country's
in
average
demolished all of the
short order
levels
resistance
interim
fancied
of war was
industrial
the
except the year's low, where the
hectic
in
selling
market
May-June
the
found
finally
break
And the hopeful
since
years
high
in
shine
threatened
never
the
had
average
range
in
that the low
gyrations was
was
although
raced
over
In fact,
the lost
ground to the hourly low
of Oct. 24, a
than
shade under 553, was
made
five trading
in less than
up
the rail average,
which had been
industrial
But
offering
levels,
without
Farm
of
technicians
a
two
signal
The
for
a
change
in
panding
in
but
years
the
its
cently has
assets
of Motec
plan
the
has
to
be
the
reached
still
perhaps
market
has
stage
from
a
bull
a
could start.
Certainly
new
tion of the list is
a
new
convincing proof yet,
eventually
sonable
a
but
dawning,
realization
without any
that
something of
was
a
where
market
good por¬
selling at
a rea¬
price-earnings level, and
possible yield of 5% in General
Motors—assuming
year-end
the
extra will be boosted—was
indication
■was
that
its
market
far from inflated.
-
a
in
ex¬
recent
yield
re¬
take
the
over
Industries, maker
Minneapolis-Moline
mostly shrugged
by the market.
Steels
had
investors
sure
price
ings, \';r despite;
indications
Great. Northern's
the
U.
have
the
that
Delaware
its
merger
Hudson.
&
&
Marshall
limited
formerly
sador
become
Mr.
United
to
Butler, Her¬
will
partners.
Bunker,
States
Argentina,
Ambas¬
between
The
Indonesia
in
separation
Guinea
The
treaty
a
Netherlands
connection
and
with
Netherlands
of
from
and
Italy
India, recently negotiated
of
dras¬
cut
market
in
big trouble
.
acut^water shortage
was an
established' with
was
in
the
available, and is concentrating
Butler, Herrick & Marshall.
expanding
"its
is showing
Paper
improved
and
sales.
To¬
'sigps
some
profit-making
the
show
good
a
low.
1961
increase
The
shares
less
than
half
and
showing
around
The
mean¬
low,
.
in
Steel, the top giants of
with
leading
ment.
most
to
undue
any
York
/
enigma
to
most
as
the
years
something
of
the
of
stock
clientele, despite its stand¬
as
for
years.
many
the
a
The
and
in
recent
of any auto
producer
Wood,
Southeastern
Co.
(New York, N. Y.), it was an-
the
"
nounced
the
the
the
100
around
40,
shares
or
that
1960
Newton
Mr.
Partner of the
to
in
the
investment
re¬
banking
Allis-Chalmers,
for
company
many
er
&
was
firm
will
Walker
to
be
of
Co.
&
B.
Invest¬
the
Banking
Ame
r
i
c a
excite
yield
Br. Burke is
President of Duff &
Phelps, Chi¬
cago-based
of the
is
Wood, Walker & Co. In addition,
Life Insurance Co. of Chicago
Messrs.
Philadelphia Suburban Water Co.
led,
eventually,
for that
or,
extensive
to
internal changes.
With
small
a
gyrations
on
Colorado
Springs office of
Andrew
Butler
R.
and
a
engineering firm.
director
of
Central
show sharp
can
any
in¬
that
news
competitive
tion
hold.
Thus
profit
and
of this auto
it
giant
dividend
what
it
investment
means
posi¬
to
appears
REVISED
taking
are
offering
be
rate
at
is
would
the
around
take
interest
1962 EDITION
a
large
a
OVER-THE-COUNTER
I The views expressed in this article
do
necessarily
not
cide
with
They
those
only.]
those
as
~
-
time coin¬
any
Common Stocks
the "Chronicle."
presented
are
author
at
of
of
the
.
On Which
Butler, Herrick,
CONSECUTIVE CASH DIVIDENDS
is
to
by
readily apparent.
Paper companies, like the steel
mills, have been,, beset with prob¬
Have Been Paid From
Wood, Walker
To Merge
A
merger of
firms
tive
Nov.
5 to 178 Years
two long established
has been
5,
with
of
the
New
Exchange
and
other
proval
—
announced, effec¬
1962,
the
York
I
ap¬
Stock
appropriate
bodies.
Included
been
Walker
&
and
Co.
an
Butler— Herrick
unite
the
under
Co.
&
Wall
63
&
will
Marshall
title
with
of
Wood,
New
of New
Pittsfield,
York
Mass.
as
1
in
Colorado
and
—
number
of
years
dividends
consecutive
have
of
the
difference
between
the
over-the-counter
COST OF THESE BOOKLETS
York,
well
as
BOOKLET
and listed markets.
headquarters
Street,
PAGE
1962, percentage yield, and June 29 quotation, also
analysis
Y., and branch offices in the
State
are
48
~
paid, cash dividends paid during the twelve months to
June 29,
Wood,
:
.
to 24
50 cents each
25 to 199
30 cents each
200 up
20 cents each
Springs, Colo.
Cornelius
elected
Wood
D.
member
a
York Stock
Exchange
1862, formed
on
who
of
was
the
New
partnerships, Wood
the
Stock
annals
Exchange.
admissions
of
least
with
merger
partners
new
two
of
occasions
other
firms,
enterprise has continued its
the
and
Butler, & Bro.
Commercial & Financial Chronicle
by
Wm. B. Dana Co., Publishers
25 Park
Place, New York 7, N. Y.
career
Please enter
was
formed
our
booklets
order for
Counter Common Stocks" and
"Over-the-
Gporge, being active in
Line
Pacific
consolidation
Pacific
on
accompanying dividend tables.
Firm Name
----
reorganization of the Oregon
Short
the front
by two brothers. The elder
brother,
Union
on
*
the
railroad financing, participated in
Iron
three-line imprint
successive
By
for almost 100 years.
the
more, a
June 30,
on
of the earliest
in
or
is included without extra cost.
May 1, 1869 one
&
Davis,
On orders of 100
cover
Lines
Mountain
(merged
Railroad)
of
the
and
the
&
into
the
and
Address—
the
Missouri
St.
Southern
Louis
when
they were under-Jay Gould con-.
By
j.
--Date
He
Standard
capitalization, the
shares of Chrysler
in 1898
even
in
1961.
George A. Newton
It
sold
year.
of
Barret Griffith, resident manager
selling
had
were
and
Association
Charles C. Bunker of Butler,
Mr.
Co.
President
ment
partnership
Marshall, and
firm
of G. H. Walk¬
matter, for most other industries.
G. P.
at about half of the
indicated
But
the
took
price they commanded last
reduced
S.
dividend pay¬
directors
in
U.
was
by
*
company.
of its Governors
Wood,
&
Service
Public
1 V;;;
:
Haneman, James B. M. Carroll,
Herrick
I-.
is Managing
active
admit
•
of
Messrs. Pierpont Adams, William
and
record
will
•
George A. Newton and Alfred L.
director.
as
.
Burke have been elected directors
In the industrial
of
-
the
surviving
known
field.
Its
as
one
was
years
F.
by far the most erratic
he
serving
the third largest producer
was
of
on
services
his
Exchange
organization
;
of
•
Exchange, Arthur W.
gave
yield
still
ing
Stock
Butler
indicated
is
on-^at
anticipated.
recent
trim in the
As
action,
above
expectations
chagrin, since the actions
The
Steel's
pared more or
were
line
market
The
move.
of
,
"
'
'
•
Named Directors
Stock List Committee of the New
field
6%.
firm
Wood
D.
admitted
Walker & Co.,' who served
Continuing Chrysler Enigma
market
Willis
peak,
the
Chrysler
an
Like
forming
1956
of
an
re¬
over
while are back to their 1957
in
of
ability,
projections of this year's
sults
of
on
Regis
St.*
1919,
■/
•
which
day it has standby power facilities
hampered the company.
\
others
partnership to
successor
Charles H; Marshall
that
staged
—
the
New
Government
the
Netherlands.
After,'the death of George P.
Butler,: his partner and brother,
a
among
prices
been
private bear
S.
without
no
Susquehanna
&
negotiated
The
Arthur,
N.
friends
few
industry,
5%.
Railroad,
into
That
at
Steels
they—even in advance
own
less
The
Albany
the late. 1950s has been remedied.
Walker
although
shares
the
and
The
President
as
rick
'r
line
material-handling
was
had been well
down.
There
long
payments of both Bethlehem Steel
trend.
assumed
been
field
to
industrial
equipment,
off
have
a
above the 5% line.
run
a
and
for
indicated
Even
of
firms
to
general trend since the May
break
in
as
a
was
earn¬
later date his son, Andrew R.
Ellsworth Bunker of
been
their
divergence between
averages often has been
point out,
the
And,
quick
were
times
11
increased.
finan¬
or
has
White Motor has been
general
contrary action at times.
out¬
can
exciting much
favor
of
the
it
equipment
out
■ i
as
showed
&
the way of a following.
tically
even
price the stock
of
materially
6% return at recent
a
steel
but
any
available around 10 times earnings
only failed to follow the industrial
lead,
for
companies
margins
condition.
been
Norfolk
quality item,
a
thoroughly depressed long ago, not
average's
At its recent
featured
interest
period.
cial
that
was
has
issues
The Friendless
sign
it
either in profit
sessions.
The other hopeful
but
market
a
of nearly three dozen points
exceedingly fast style.
more
re¬
•
third of that figure.
a
selling at around
the
above-aver¬
price-earnings
rail
many
while.
sign of the
ing at only
potential appreciation.
been
cent
low
long time
a
floor.
Hopeful Signs
a
speculative item
a
having the rental which
Butler, while serving
hold¬
suc¬
guaranteed by The Delaware
At
dozen years ago, was
for
and
ceeded in
was
half
multiples and bargain price shares
Western,
result
Neglected
offered
yield,
age
protracted
defense industries.
The net
Still
shored up
were
Susquehanna Railroad and
Paper, which had sold above par
a
also
17
dicates that its steps to strengthen
Rails
by the general; expectation that, if
&
P.< Butler
George
President of The Albany
as
Hudson
of
from,
came
Mr.
served
&
facts are
commitments. As
new
listed
as
anything excessive throughout
-the
the
have
values
trol.
been slashed hard. Great Northern
chilled by the market reverses of
dase.
do-
in
But
market
been
excesses.
where all the
selected utilities.
The
.
the
of
some
Market
cerned,
pretty heavy on
was
the
as
much
pretty
were
but
long
as
different for quite some time now.
far
"Hard-Core" Issues Favored
The accent
the
was
news
in
less
or
more
fine
were
gains
weaker
$300 million.
dominated by
more
These
1%.
assured,
;
year,
earnings ; with * miniscule
selling: came
instance,responded
this
yields ranging down to less than
American
'for
in the
value
until,
of
high-flyers that sold for 60- to 80-
buying;" and
to a
Aviation,
plenty
are
of
which,
halt.
North
there
enterprises
times
.
news
Advent of Solid Values
normalcy re¬
stock
the
to
have.,
ignored.
the
im¬
profit
some
finally
provement
process,
turned
of
Indications
STREETE
WALLACE
BY
last couple of years.
for the
lems
The Market... And You
(1837)
and
18
The Commercial and Financial Chronicle
(1838)
Total
MUTUAL FUNDS
assets
Corp.
Carriers
of
at
Sept.
30
stock
common
$29.50,
June
that
on
with
compared
date
$28.72
Delaware
Look
Fund
•
completed
Shares says: "In the case of those
surely the most trying 12- retirement plans which use mu¬
year,
ni
For folks in the
cries
stocks,
tumbling
of
the
for
that
comforting
is
looking
people whov are
of
this >w
under the head of
Profit '
and
field
tain
beyond
forward look, even though in another context, is Frederick W.
regain the momentum that
forever-been
characteristic
a
General
tual
Selected
the American funds.
Funds
of the Broad
Street
last
week,
June 30
on
arter
hages>
Caterpillar Tractor,
Portland
Cement,
*
Balanced
Howard
*
Kecgh-Smathers
the
is
This
the
by
been, signed
and
a fear ear~
!
self-employedi individ-
similarly
uals
mates
put
esti-
high
as
in-
while
that
more
He adds:
would
"it
from the
Complete regulations
have
Service
Revenue
to
come.
no
plan could be started beBut the funds will need
all of the time
for
themselves
remaining to gear
this
market:
new
advertising, direct mail, sales litand
all
the
of
portumty.
the
Indeed, under
yet
law
fore 1863.
waiting for
in
rest,
If
dm A'
the
tells
need
the
was
"it
us,
to
limited
give
supply
equities
learned, Mr.
probably
was
weight to
more
He went
and
of
growth
solid
continuing
a
While he
that
vestment
ployed
companies
as
of
forms
regulated
one
of
pro-
in-
mutual
can
the
investment
self-employed-
act
be
em¬
approved
under
period
the
was
these
did
of
certain than
more
cyclical
n:
to
its
Holdings
creased
Mutllal
per
30, -1962.
share
was
tinue
jobs
Co.
D.
and
'•'V
$10,081,074
substantially
Ginn
&
Net
$16.89 at latest re¬
a
year
Shares puts
Oct.
at
15
of
Co.,
❖
This
compares
against
stocks selected for their
The
earlier.
30, 1962,
was
a
$2,631,573
Did
...
Corp.
recovered
1962. Net assets
were
*
.
,
Selected American Shares reports
total net assets
at Sept. 30.
share
was
at
were
$97,543,373
Net asset, value
$7.95,
compared
$8.71.
$10.79 at the end of 1961.
Sept.
30,
est
with
and
No?
or
;
>
'
-State.
•
*"
portfolio
bal¬
stocks
selected
for.
stability.* and common, stocks
selected for growth, possibilities.
anced
"
'
Company
between
invest*
bonds
Prospectus
in
and
upon,
a.
preferred
request
quired
stock
talk
tell
Lord, Abbrtt & Co.
York
—
Atlanta
Chicago
-
Los Angeles
—San Francisco-
you
what
Russia
will
tele¬
what is the lat¬
scare
so
I'll
ticker.
just
There
is
any¬
.
.
follow the
which
has
for
by
you,-
'"What's
concerned
las
was
ing radios, the wild headlines, and
the
careening
you?
were
stock; market
Possibly
as
people
some
might want to talk business, RE¬
GARDLESS? Yes,
None of
us
all human
selves?
why
There
panic,
a
before
of
to
be
probably
stocks
they
the
go
may
make
base
a
calmer appraisal takes over.
But. everyone
do
and
border¬
news
and
price
emo¬
our¬
going
are
\
are
good
brainwash
days of crisis,
on
and
both
news,
But
more
We
beings who react
tionally to
bad.
No?'/-
or
.
.
.
perfect.
are
in
must be
kept
industry
of.
has
us
country.
our
to
The wheels of
open.
continue
must
job
a
Our markets
turn.
to
People must eat, move from place
to
place, and
create
children
is
have
we
thing each of
to contribute to this
fort
to
try; to
us
now.
can
do
rewarding-ef¬
DO
OUR
(whatever it may be). AS
AS
fd>r
world
a
fervently hope
we
WE POSSIBLY
JOB
WELL
CAN DO IT.
May I, too, do better next week
—and the best of luck to all of you
security salesmen, who also look
upon
work,
your
as
a,
worthwhile
contribution to the welfare of your
fellowman and to your country.
Nat'l Conference
been
of
mergers,
earnings,
and
Dinner Nov. 27
J.
Peter
Co.,
Grace of W. R. Grace &
Harold
C. Mayer of Bear,
relayed to- Stearns & Co. and Robert L. Stott
telephone or mail. of Wagner, Stott & Co., will be
say
to
yourself, the guests- of honor at the annual
the
...
or
who
use,
read about such
prospect?
wants
No?
Did.
old ones?
nossible
"new.
ask
of
any
to
things these days?
"
lunch with
you
Did
you
write
clients?"
your
a
any
with
Did
you
old customers if
could, introduce
to
you
a
friend who might be interested, in
doing
business
or
with
you
in the Future? Yes.
No?
•
you
customer's
•>■-.
go
either
...
<•
-
over
holdings?
any
Did
of
or
*
your
you
an¬
alyze their securities in the light
present
conditions?
Did
dinner
you
York
by " New
sponsored
bankers and brokers "for the: bene¬
fit
'
calls on new
letters to make appointments
of
everyone
re¬
years,
date' on
oc¬
that it might be that
you
.
v,.
you
could
Then did it
items which you
Did
New
with
mind
amout the stock market, the blar¬
what will hap¬
dividends,
did
Now
to
began
buying
-
something,
selling
hardly believe it?
their
too precari¬
were
routine
customers
Or
or
shocked
one
me
to
something,
and
your
who
about
be better than
news
up
sensibly
The
dikily- habit
keeping,
talk
to
telephone
a
customer
a
will
someone
Did
finally get
from
the
of
No?
or
...
customers
see
:
Did you
call
state
job with the
war
-
reading?-
DISTRIBUTORS GROUP, INC.
New York 5, N. Y.
or
.
Did you,continue your financial
they
The
.
in times like these?" Yes.
A Balanced Investment Fund
Name.
I'll
.
talking investment to
use
any
CFO
next?
no
one
Yes
of
r my
customers;,
your
your
could
the
world?
f i
your
horrible
the
your
Did you .make
any
Business Shares
Who
mess.
the
Yes.
American
dol¬
do?/Did you say, "I'll just
on
per
1961,
a
the
the
watch
news
quality.
80 Pine Street,
to
that,
Maybe
your
-
in
coming
phone and ask
in-
*.
in
are
.you go
Who
pen.
business,
and
rehash
think
could
you
encompassed
lower
"What's
is
market
anyway? Things
to
gripe
average
job last week
a
salesmen from your
office and proceed to
own
ing
wouldn't; want: to
$263,^15,772
$10.34
Address.
ourselves
we
I
We
feeling
and
City
gift only
-v
would
Share price at: June
Mail this advertisement.
is
Today is
No?-
ous.
Investors
a
today
working anyway?" Yes.
use
several other
come.
just sit around today—there is.no
at
Philips
share;
con¬
otherwise
have.
we
what's
knows
September, 1961.
*
$42,713,000 and $10.85
year
to
lives
yourself,
to
drums.
;;
v
Asset value per share of National
with assets
will
we
Score Card
use?
-
' *
*
discloses- net assets per, share,- pf
net assets at
very
a new
lunch with
you
follow your
Usual routine of sitting down with
not
to make the most of—
one
saying
Or did you
and
traded
still
while
who
destroy.
>
$77,214,000, or $9.54 'a
are
are
Did you go to your
earlier
mutual fund
mon
long
a
A
value
asset
$16.4frat mid-1962.
■■,
*
*
Capital
share.
investing for.
growth possibili¬
through seasoned com¬
We
only day
can
Financial Industrial. Income Fund
Searle.
sold,
himself—because
it is the
midyear and $2,098,266 at the end
G.
and
SjS
ties
income
for
ours—ours
amounted
customer?
cur
to live, work, and go. to our
cheats
testing
port, against $19.23
$2,930,199,
Report
and
willing to wager that
reports that in the
were
in
THE
GROUP SECURITIES, INC.
week.
Anyone
at the end of the latest quarter,
compared with $227,990,299 at
Lamp, Richardson-Merrell, Royal June 30 and $291,728,697 at the
Dutch, Schering and Upjohn.
vj
start of the year.
booklet-
STOCK FUND
bought
ready to
lunch with
Did
of
millions
stocks and commodities
$12.49 . from $11.72 at midyear,
ended Sept. 30 it added However, this left asset value still
portfolio General Foods, below the $16.87 at the start of
prospectus
COMMON
falls,
sit around and
Prentice-Hall
describes
it
are
Sept 30,1961, and $9,571,661 at
June
stocks.
enjoyed.
^
$9,886,820,: against
at
before
ever
now,
No?
or
.
Did you go to
production that leads
others
every
earlier,
year
g
Anyone for steels?
quarter
turning
are
billions of dollars worth of bonds,
share,
common
;
Fiduclary
p r 0-
Aberdeen Fund
A
say
appreciation
The Funds
ree
industry
..
I
can
things
prospect?
which
working,
such
blow up? Yes.
being scanned
are
Or did you
world
the
when the whole world is
every
days the stock market ral¬
lies,
As Selected American
grams.
of
a
have
the
of
retirement
now.
in
with
your
rate of
a
shares
Ltd.
June 30, end of the fiscal year,
and $9.40 on Sept. 30, 1961. Total
ne^ asse^s at latest report were
of
case
:
.
Trust
quality,
the
improve
"How
and. the busi¬
much in business—and I would be
$8.13 at Sept. 30, against $8.25. at
long-term
the
an-
Russia—head¬
or peace,
outlook is
Some
com-
that
he
growth stocks is
in
with
1963.
ple
a
indefinite about the
time,
of
per
de-
likely to rise from present levels,
Keogh-Smathers
crisis
becoming
There, is
and services than 183 million peo¬
*
op-
personnel with the problems and
opportunities.
Once
Self styled
are
Meanwhile, people
at
in the prior
*
-against $6248
that because there is; a
say
analysts
bearish daily.
the wheels of
per
$11.54,
was
Investment
$50.97
was
to
quality of growth."
to
on
better buying
a
.
mand, price-earnings ratios seem
vides
value
Asset
*
T*:
addition to familiarizing their own
The
$200,897,636
pared with $11.31
instead
that
appear
Wesson
any
page
....
quarter and $14.53 a year earlier,
stocks,
of deserting the market, they are
Internal
earlier.
year
they will not
common
from
share at Sept. 30
cau-
of reinvesting in long-term secu-
as
7.000,000,
erature
-
numbehmf these frities.
persons
but down
reports break-up value at Sept. 30
that unofficial
the
quar-
Economic
tax
favorable
self-employed
$162,459,835 in the previous
funds,in,liquid- condition instead
under
notes
from
away
from
ter
become
and careful,
turn
for
net
up
con—
grams
,
feels
have
.$165,434^651,
American
systematic retirement proSelected
long-
on
showstotal
report
of
Many people who reduced stock
risks, he observes, have kept
set up
siderations.
tax structure
our
premium
a
Page
tious
to have an opportunity to
are
Shares
assets
vestors
small businessmen and other
ers,
quarter
profession, lawyers, farm¬
medical
ea¬
decline'has
*
the world, and continues, to supply
about- a
major Eaten & Howard Stock Fund third our nation with more of the goods
mainly because
Mr.
reflection are. gone.
or
ness
^ier*o Asset
term capital gains."
members of the
bother
lines, war,
change in investment philosophy
such
"ne.w issues" that the public
market
"brought
puts
President Kennedy.
Under- this law,
said; the
not
which, after
measure
several false starts, has passed
Congress-
he
law.
The lush days of order
say,
other
down
might
of their investments?
more
.
previous-quarter' but
Prec€dmg quarter and $12,7-8
a year-earlier,
enacted
that
taking, fat commissions, billions of
eixperts, progpQstijcato.rs, chartists,
in
opportunities
present to them, or "switches"
manship,
and, the
,a§?ets
v.at Se !'no
up from $193;149,249
potential; business that can be ex-
to
and the future outlook for certain
tion
Fund
growth stocks. An old associate
pected to flow from the newly- of ours, Ross L. Muir, tells us that
Louis
self-disci¬
search for tax saving
pline it ia that of security sales¬
prices are still falling.
U?
compared with $11.04 in
St.
In
Page spoke on; investing
Mr.
attention to the
in calling
soirit
Group.:
demands
be
may
any en¬
gerly' mopped.up without inspec¬
Mead
*
044,884,
the
score
If there is
again the cycle is turning—stock
*
&
that
deavor
share
in
this
American Shares exemplifies
•
$272,165,per.
Sterling Drug.
Vice-President of the Mu-
Page,
were
value
the
made in
Eaton
Also to be congratulated for the
30
asset
following box
self-revealing.
Corp., National Cash Register and
a copy,
are
What Did You Do Last Week?
Dividend
of
$2.89 against $2.82
were
the
avail
should
]\jet
Durj
with
familiar
not
law
in
posi¬
Engineering.
assets
net
Shares at Sept.
Reading
anyone
Keogh-Smathers
know
to
there
fundmen
among,
has
Total
himself of the opportunity to ob-
it
1962 to;
explanation of
of
fund
ex-
business.
Still
Its
comes
mushrooming
their
of-
pansion
shares."
workings
V
stock
common
DUTTON
has
it
The
the
account
was
fund
generation-long
the
in
.down
permits
44^
sales,
theoreticians and-the initial slowr
law
the
bank custodian
a
to purchase and hold the mutual
rising
academic
from
criticism
■unfair
of
use
field it will forever call up mem-
redemptions and: declining
funds,
tual
in the history of the mu-
onths
tual-fund trade.
a
JOHN
'.'.y
.
announces
tion in Combustion
months remain in this
two
on
BY
$
*
M
Only
SECURITY SALESMAN'S
was
30.
*
The Forward
Thursday, November 1, 1962
.
&
were
$16,550,296. Net asset value of the
C. POTTER
BY JOSEPH
net
General
.
.
of
the National
Christians
Tuesday, Nov. 27,
cana
Conference
and-Jews,
to
of
held
be
at the Ameri¬
Hotel.
William S. Renchard, President,
Chemical
Bank
Co., is serving
$50
per
All
sale
be
New
as
York
plate event.
proceeds- derived
of
turned
standing
from
dinner, subscriptions
Conference
building
Trust
chairman of the
over.
to
to.
aid
good;
among,
the
the
will
National
its program
Will
and
of
under¬
Protestants,
Catholics and Jews, Mr. Renchard
said.
^
Volume'196
Number
6208
.
.
The Commercial and Financial Chronicle
.
(1839)
Total net income
BANK AND INSURANCE
h
.
This Week
Springfield
but
year
Insurance Stocks
—
in
of $1
excess
full year compared with
share is anticipated for the
per
has
paid
annual
cash
since 1852. The current rate is $1
one
Toronto Exchange
1 cent in 1961.
Insurance
5% stock dividend. A similar stock dividend
dividends
was
each
share plus
per
New Quote System
a
paid in 1960 and
TORONTO,
1961
and a 3-for-7 distribution was made in 1958. There
are 63,000
shares of $6.50 non-cumulative preferred stock
outstanding in ad¬
dition to the 2.5 million shares of common stock which
are traded
in the. over-the-counter market.
'.V
SPRINGFIELD INSURANCE COMPANY—
Springfield Insurance Co., formerly Springfield Fire and Marine,
is
operations
commencing
writer
and
of
property
The
1851.
in
company,
insurance, entered the casualty field
life insurance subsidiary was acquired
a
forms of insurance
the parent
—New
are
in
The
a
Freeport
surance, Monarch Life Insurance
a
The
Springfield
became
Standard
major factor
a
non-canceliable health and accident insurance Leid and
tial writer of life coverages with the acquisition
in
1958.
The
latter
organization
District1 cf Columbia
and
profitability
mium" income
and
has
the
over
had
a
in
states
1
Premiums
In¬
individual
from
in
Year
the
■
'
■
-
accident
■
"v
of 1961 the company
" "
•'
In 1958
/'/'■' ■'
pating and
1960
ful
Co.
surance
insurance, and last
in Oklahoma
was
year
44.1%
—3.5%
next
43.8
—3.1
Howard
•238.6
55.2
44.0
0.8
1960___-
110.9
93.5
265.9
60.3
43.1
—3.4
1961
126.7
104.4
298.5
67.9
39.8
—7.7
business.
Consolidated
of
achieved
of
whom
Standard
of
1961
was
divided
as
lines—22%; marine—4%;
crop
write
from the
end
Insurance
of
an
volume
in
other
life
property
insurance
in
losses.
Heavy losses
that
had
and
were
teat time.
casualty
stocks.
mon
over
have
At
stocks in the
end
1.75
1.55
1.17
40.47
32-16
.58
1.96
2.44
.39
2.10
1.47
2.30
.01
for
stock
Merrill
Monarch'
and
1961
Smith
Lynch,
it
ica
and
Telex
100,000
the
in
shares
'v-"L'
4.58 Jo
series at
per
v-v
the
policy with emphasis
on
market
common
value
of the
company's portfolio totaled $79.4 million
per
of
$100 per share and
to
Nov.
15,-1967;"
thereafter
per
share
on
at
and
-
or *
$104
or
on
1972; at $102.50
thereafter
and
on*
or
prior to Nov. 15, 1977; and at $101
share thereafter.
Proceeds
from
the
sale
for
in
abroad,
to
51.49
47-34
use
prices
all
on
TSE
despite
company
has
a
sharp decline in the
newly-installed
conducted
an
economies
exhaustive
in
ratio
expense
automatic
new
quotation
Canadian National and Cana¬
Pacific
bank
will
be
will
in¬
and
the
applied
be
construction
construction
R. V.
the
to
Estiusti-
program.
program,
aggregate
$39,000,000
approximately
the
of
„
Headquartered
at
neaaquarterea
St
at
service
j.,
295,600
bt.
Peters-
meters
cities
more
than*
and
Company
towns
150"
unincorporated
rural
service
?''Jh
y
Camp
is
now
Keynoids
associated
Philadelphia
Street,
office,
as
an
operations.
of
program
operations with elimination of the unprofitable
producers
in recent years and has been
upgrading the quality of risks ac¬
cepted. In addition, a regionalization program was
completed in.
agency
1 Mr. Camp has been active in the
territory
more
com-
than
ciated
the
Merrill
and
through
13
and
years
joining Reynolds & Co.
square
the
central "ridge" sector of the state.
Smith
with
Walston
&
Inc.
1961
bringing
source
service
and
underwriting facilities
years
ago,
year,
an
the
rose
over
5%
and
net
investment
year.
income
Pre-11%.
10 N. Y. CITY
BANKSTOCKS
Head Office
BISHOPSGATE. LONDON, E.CJ
3rd
Quarter Comparison
&
Telegraphic Address
MINERVA
LONDON
This
year's
50th
Anniversary
Convention
will
publish its round-up special supplement
ADEN
•
KENYA
the Government in
•
UGANDA
•
ZANZIBAR
on
Members
New
Members
American
120
Branches in
INDIA
•
PAKISTAN • CEYLON • BURMA
• SOMALIA • EAST AFRICA
AND THE RHODESIAS
ADEN
age
on
this
November
historic event
associated with the most complete
of the forthcoming I. B. A. Convention should
requirements by December
1,
York
Stock
Stock
Telephone:
Exchange
BArclay
in
Bank
25
Exchange
1962.
Just
reserve
call
or
cover¬
their space
write—
NEW
FINANCIAL CHRONICLE
PARK
YORK
PLACE
Stocks
.i
7, NEW YORK
7-3500
Teletype 212 571-1170
Specialists
The COMMERCIAL and
REctor
on
1962.
Request
BROADWAY. NEW YORK 5, N. Y.
Bell
Advertisers interested in being
20,
on
The CHRONICLE
i
Laird, Bissell 8 Meeds
to
held
be
•
Telex Nos. 22368-9
Bankers
will
25-30, at Hollywood Beach Hotel, Hollywood, Florida.
Analysis
Bulletin
the
cover¬
of these significant meetings.
December
26
con¬
enjoyed
Springfield
operating loss
$1.1 million incurred in the first six months of last
volume
the CHRONICLE has continuously
reputation of affording the most complete editorial and pictorial
age
current
has reported a small overall profit in contrast
to
mium
to
Since the inception of the Investment Bankers Association's annual
of business.
During the first six months of the
of
closer
50th Anniversary Convention
50
2-9570
prior to
was
Co.
asso-
and
Lynch, Pierce, Fenner &
The I.B.A.'s
vention
1526
account
communities/investment securities industry for
The
reviewing*
with
executive
miles located in 32 counties along
coast
p^mnlHa
Fa.
in
and
prises approximately 20,600
Gulf
T p„
Chestnut
100 incorpo-
and
c.
li- «-•their
approximately
customers in
rated
towns
.
_
S ° i 1 T York
Stock Exchange and other leading
anSes» announce that Richard
first
burg, Florida Power supplies electo
T
DJ^FmA,
eight months of 1962.
,
o
TvCyilUlUSS Go VX).
$24,150;000
during
Camp Now With
pmmAiJ0
total1'^Xpfertditure^fcfr this
expended
was
were
construction
Electric
^td.
$5,000,000 of tempo-
loans which
for
Telecommunications
Ferranti-Packard
'
to
listed
simple dialling method.
winter, Hurricane Carla and
107.7%
where
in¬
.98
year
acquisition.
reflecting
stock
a
and
ask"
which
•Springfield's property and casualty operation suffered
heavyunderwriting losses in 1961 largely due to an unusually severe
year was
will
system
stantaneously the latest "bid
stocks by
mated
total assets. Consolidated net investment income of
$2.30 per share
was 10% greater than the
previous year and represented the third
successive increase since the Monarch Life
39.8%,
the
Canadian-designed-
of*
a large number of
costly windstorms'
in the Middle West. The combined loss and
expense ratio for the
of
$500,000.
receive
33-27
rary
trie
r
share if redeemed
share
stage
com- ~
30%
or
offering
xifFloridah Power
prior to Nov. 15,
per
of
record
$105
President
announced
about
countries
33-26
*
used to repay
Corp. cumulative preferred stock,
prior
the in¬
5-^
consistent
a
,
••
an-
The stock will be redeemable at
record
underwriting
as
Inc. and
York, have
public
first
possible
is
45.62
balance
Pierce, Fenner: &
Inc., New
nounced
TSE
system has been developed jointly
Corp.
& Co.
The
46.68
1962
idoz
Kidder, Peabody
mar¬
placed
Graham
will. cost
.^-^.93
.91
_
Price
dividends.
,
the past decade. The company has traditionally
year
$24-14
Preferred Offered
heavy windstorm :
resulted
produced
conservative investment
a
$61.09
curred
agents,"
underwriting
1954 when
year
■
earnings gains
$1.27
2.11
—
_
—$1.17
Florida Pwr.
industry suffered through one of the worst periods in itshistory. Underwriting results have been on an upward trend since -
followed
—
_
Range
.04
D.
new
and
and hail—
also incurred in 1956 and 1957-
operations
'
_
Value
by
surance
Investment
$2.41
Liquidating
Paid
1
dian
casualty—a%;
well,
as
profitable
a
the ^following
and
—$4.46
Divs.
accrued dividends.
World War II until
losses
Net
Income
months,
23.
The
Life's captive agent force of 1,000.
Springfield
Invest.
be
broker anywhere in North Amer¬
In¬
balance
through'8,500
now
Total
Income
♦Adjusted
insurance—25%; multiple lines—7%; and Life
obtained
was
some
Net
to
^nd-manufactured
Share Information *
Earnings
_
1959—
1961
insurance—10%. Thus the company is in an excellent position
to;
capitalize on the frenti to all lines of insurance underwriting and
package policies: Last year's consolidated volume of $126.7 mil- "
Lon
1958—
1960
a
excellent
now
2automobile—21%; fidelity, surety and
accident and health
Oct.
service
success¬
a
12
purcnased.
premium
•follows: fire and allied
•
Underwriting
Year
Through its aggressive acquisition and diversification policies,
Springfield Insurance has
1
64.4%..
is
in
operation by the TSE within the
//
■
,
stock
geared
with maximum
pace
activity
£9.3
1957—
•
establishment
keep
ket
222.9
which
of .^automobile
to
of
type
enquiry system
*
Margin
:
make
.
Springfield next acquired Freeport Insurance Co.,
writer
Stock
I
-
Ratio
87.1
78.1
■
•
Adjusted
was necessary due to
prohibits the writing of both partici¬
non-participating policies by the same company. In
Massachusetts law
(Underwriting Results)
Expense,
Profit
The
separate company for this type of business
a
by the Toronto
revolutionary
95.8
91.6
.
Per
organized'to write '
was
policies. The
$121.0
and-health
■■..
Springfield Life Insurance Co.
non-participating life insurance
A
Ratio
,
$42.8
i.s pre¬
had life insurance in force totaling $6/2 mil¬
''
announced
share and
per
growth
of
the
bid
quotation services for its
Exchange.
Loss
Assets
(000's Omitted)
$58.5
1959
Virtually ail of the business is ordinary life and participating
policies.
Admitted
Funds
:
policies. The remainder is obtained from life insurance. At the end
lion.
Capital
Written
19.8—.
the
and
of
record
ask
quotation
of Monarch Life
46
successful
currently selling'at $30
Selected Statistical Data
substan¬
a
Approximately 70%
years.
derived
is
licensed
is
is
directly through
Insurance,
major
1939
and Springfield Life Insurance.}"
organization
and
of 46-28 thus far in 1952.
range
1957_—_
1
stock
common
has had
througn five wholly-owned subsidiaries
or
Insurance,
A
—
breakthrough in
speeding-up of stock market
'
19o8. Virtually all
in
underwritten either
now
organization
England
initially
was
Canada
electronic
members and subscribers has been
oldest of L.e nation's major insurance organizations,
of the
one
19
20
The Commercial and Financial Chronicle
(1840)
about -57-38 K to
year
PUBLIC
based
yield 3.4%
$1.60 dividend. The stock is sell¬
ing at about 21 times earnings.
SECURITIES
BY OWEN ELY
second
Company is the
electric
utility
holding company systems,'its'$329
largest
the
of
million
revenues
paring
with
1961
for
com¬
for
million
$352
Electric Power System.
American
The subsidiaries
(Alabama Power,
Georgia Power,
Gulf Power, and
tricity
to
population
a
elec¬
supply
Power)
Mississippi
of
over
7,500,000; another subsidiary,
Southern Electric Generating Co.,
supplies power at wholesale to the
in¬
System. Both agriculture and
in
dustry
much
more
earlier
the
service
the
are
areas
diversified than in
includes
Farming
years.
of cotton, corn, fruit
raising
includes
industry
and
livestock;
food
products, textiles, metals and
chemicals, paper and
machinery,
lumber and wood
allied products,
products, glass, steel and rubber.
Natural
resources
include
coal,
iron
limestone,
and
ore
in
used
making steel; large oil and natural
marble, granite and
clays;
and
substantial
reserves;
gas
ceramic
timber.
Textiles
decreased
have
im¬
in
portance in the past decade, now
accounting for only 20% of indus¬
trial
with
compared
revenues
10
one-third
over
On
ago.
years
the other hand the
papef, chemi¬
arid' transportation
rubber
cal,
equipment companies have made
investments
huge
in
Development
facilities.
plant
new
indus¬
of
ing
Dealer
the
that
fact
includes
area
a
of deep-water ports with
number
increasing importance as shipping
Latin
to
centers
other continents.
in
vested
in
million has
$1,343
ade,
ducing
Last
1962,
76
zir¬
to
invest¬
$261 million for 146
in
and
An
the
first
plants
new
million.
.pro¬
almost
such
year
ment totaled
plants;
plants
alumina
everything from
conium.
plants
processing
or
in¬
representing
areas,
1,400 industrial
over
and
been
industrial
new
System
list
America
In the past dec¬
of
half
costing
$64
unusually promising
of other
prospects is also
re¬
ported.
sales
System
virtually
are
the
System
electric,
and
compete
vigorously with
companies in its
where
field
to
gas
residential
the
the
has
the
This applies
area.
in
particularly
all
customer
has
a
choice between electricity and gas
for
cooking, water heating,
heating" and
Southern Co.
"
air
is
working in¬
tensively to promote
of
greater
heavy appliances. In this
subsidiaries
nection
taken
campaign
a
"wiring
and
of
have
to
bottleneck"
homes.
new
use
con¬
under¬
break
in
Part
of
the
companies,
which
buy
by 1967, with $1.8 mil¬
customers
annual
increased
lion
Other
^ower is
35,000 heating
of adding
revenues.
similar
have
Subsidiaries
under development, ex¬
programs
cept that no rate reductions will
(Southern's residential
made.
be
rates
already very low, aver¬
are
aging
only .1.94c
pared
with
kwh
per
com¬
national average
the
In the commercial field
of 2.45c.)
considerable-HPrpgi'ess
has
been
shopping
Power
office
all
-
kw
(of which
load
is
million
1.1
A recent
interchange arrangement between
Florida Power Corp. and Southern
Co.
provides for the seasonal ex¬
corporation having
^winter peak
a
maxi¬
arid Sbuthern'CdChaving its
load
the
summer
TMs! arrariffeiriOht* gives
irionths.
each
during
equivalent "of
the
system
a
large new unit without additional
investment.
The System
problems.
year-end
has
iA
5.5%
1961.
in
panies
ing
Subsidiary
accelerated
com¬
depre¬
the result¬
which
savings,
tax
to
years
normalize
and
on
declined
has
recent
use
ciation
return
plant
net
slightly
.
.special rate
no
Average
-
are
expected to amount to nearly $10
this
million
and
year
60%
a
Ala¬
large generating plant in
bama,
although
has for
some
the
to
its
supplied power
at rates lower than
co-op
is
project
State of
Finance
of
The
before
opposed
being
Director
the
generation.
of
cost
own
Power
Alabama
years
the
of
Alabama, whose approval
is necessary.
A similar project in
Mississippi is also being opposed.
increased
1952
due
to
to
ever,
$1.18
from
steadily
this year it
106,000
homes
rewired.
or
Next
year
ginning
a
partially
1961,
in
$1.98
conditions.
weather
the
How¬
expects to earn
company
about $2.20 this year
of
new
the
their
to
have
System
of
over
been
expected to
is
be¬
expanded
program
Vhich
cover
by
25-30%
homes compared with onlv
,9% last year. Georgia Power will
introduce
an
optional all-electric
rate which includes
for
also
a
reduced rate
electric heating, and
provides
a
despite
some
and
allied
steel
in
materially to record-
breaking residential shies
ran
endar
high
as
during
mercial sales
a
better
-
than
11%
and
sales
may
12%, which would
the
long-term
by
the
which
proximate
is
10c
somewhat
The
method of financ¬
cently
compare
growth
rate
1962 earnings may also be
bolstered
and
of
gain
for the year and total
with
credit
gain
average
-
kwh
of 8%.
com¬
expected to show
are
Industrial
about
24%; for cal¬
as
residential
1962
the plan
Over-
John
Wallingford
D.
stock
a
in
been
46Va
to
this
share
more
has
around
3%
new
expected
1963,
15,
with
Mutual
Basic
Charac¬
teristics and Role in the
National
Banking:
Savings
270-page
Economy.
The
graph
prepared by the Na¬
was
of the
ings Banks at the request
Money and Credit.
on
Credit,
and
Cliffs,
prepared as
Englewood
Prentice-Hall,
The series
N. J.
first
of the Library of
published by
eight volumes
Money
the
was
selling
early in 1963.
The
monograph
banking
ings
(range
i
authorized
was
by
made this an ex¬
change
operation
holders
of
the
having
with
maturing
the
the
only
right
obliga¬
obtain
to
securities. A successful
new
re¬
likely
amount
to
will
the Government; market,
distant
most
The
probably
left
be
fundings f'and
to
advance
some
where
interested
is
Government
re-
money
new
operations
raising
will
sector
the
selling
in
bonds-largely to the
The debt
ultimate investor.
man¬
along the lines that will
much help
as
it is
as
pos¬
sible to give to our balance of pay¬
ments
problem.
The
*
-
:
~•
.
in
scholars
The
U.
the
In
recognized
of
field
Association
S.
leading
by
and
serves
savings banks,
Sav¬
ley,
Executive
the
National
Vice-President
Association,
notes:
role
of
the
industry,
savings banks in the
tribution
of
and
sources
savings
the
sav¬
and dis¬
bank
important" in
so
bank investment policies and prac¬
and
appraises
institutions
the
in
the
role
no
effect
on
In
markets.
or
the money and capital
atomic
an
it
war,
long
or
term
rates
war
of the limited types
of
would most likely not result
wars
in
short
higher long-term
might
go
even
down
Cut
in
Reserve
Time
turbed
open
market operations
used
to
by
generally
bit.
and
/•
Smaller; Banks
•
'
The bulk of the
savings deposits
in the commercial
banking system
is
held
by
the
Requirements
Federal
Reserve
in
reality
savings
banks
are
these
newly
quite
reserves
this
a
greater degree of selectivity
being
noted
mortgages.
also
in
associations
loan
and
quired
their
being
reserve
re¬
sav¬
to
keep
savings
145
historical
years
banking."
of
put into
of
money
the
inter¬
Governments, with
smaller amount invested in tax-
bonds.
Where
the
loan
de¬
mand is such that additional funds
cari be
used, this is where much of
this newly released money will be
employed.
However,
it
is
indi¬
cated that the demand for loanable
funds
far has not been up to ex¬
so
pectations.
immediate
the
move
reaction
the
to
requirements
reserve
commercial
up
banks
to
was
prices of all fixed income
'obligations, led
bearing
ernment
re¬
of
It
bonds.
by Gov¬
also
in
the
on
new
had
a
bond flo¬
spite of the Cuban crisis
a
better yield than would
move
case
in the absence
by the
Federal
Re¬
serve.
the
law
a
regulating,
against such deposits in
change
commer¬
banks, the lowest level they
go
to is 3%. Nonetheless, there
experts
not
and capital mar¬
money
be
who
too
ments will go
believe
that
it
long before such
reserve
Whelpley Joins
reserves
require¬
by the boards.
Bache & Co.
The
Co.,
that
making
use
of
lower
firm
Street,
of
Exchange,
Gordon
B.
the
has
of
Bache
New
&
York
New
York
announced
Whelpley
ment.
Mr.
authorities,
Wall
members
Stock
per¬
monetary
36
has
joined their Underwriting Depart¬
Undisturbed Short-Term Money
The
investment
City,
Market
mutual
this
against
reserves
However, until there is
in
not
are
Emphasis throughout is
of
purchases
of
deposit.
commercial bank
against the
the
Some
mediate-term
in
in
Board
Savings banks and savings
posit.
taxation,
spective
in
on
type of investment has been
reduction in
against this type of de¬
will
developments since World War
invest
mortgages although the return
on
could be moving
ket
set
to
funds
tations, with the large Telephone
to 4%
5%
ing with respect to broad issues of
on
likely
released
are
These
from
can
II
banks.
beneficial effect
cial
relative
banks
ings deposits in commercial banks
lyzes the position of savings bank¬
with
smaller
since most of these institutions
All Bonds Helped
Savings Deposits
are many
growth
needed
of Funds1 Held
Bulk
' *
'
quirements- against time' and
of
and
supply
funds at this time of the year.
They
rates.
a
its recent reduction in
invest¬
policy,
of
battle, will not be dis¬
The
ment markets. The third part ana¬
monetary
interest,
balance
our
payments
a
earn¬
The second discusses savings
ingenious
time near-term
same
have been the
structure
Board
of the needed funds while at
some
the
of
of
these
to have used this
seems
rates.
Reserve
device to supply the economy with
going at
the
interest
Federal
issue
ings market, and
tices
the
which
noticeable ef¬
short-term
on
result in the complete elimination
banking,
ings.
operations,
The first describes the ori¬
sav¬
require¬
reserve
more
a
along the road which will in time
gins and functions of mutual
pur¬
loaning purposes without
market
open
of three main
"The study consists
parts.
of
business,
Supply Expanded
changing
able for
free
The
to'Mutual
his. Preface
year-end
.
is
in the
K-'
By
brought about mainly by the Cu¬
1
ings Banking, Dr. Grover W. Ens-
there
ments, this money is made avail¬
ban situation should have little
which have
$45 billion.
over
f or
Money
finance.
the; 512
when
time
a
economy
is
international picture
tense
more
assisted
re-
is
provide
into
bankers
in
continues
Klaman, director, and Dr. George
were
'
declining of late. In addition, there
An extension of the cold
savings
six
agement program of the Treasury
are,
thors
at
comes
end of
from the long-term
away
where
au¬
reduction
njeed of additional money
namely,
operations,
Saul B.
The
about
approximately -$4,600,-
000,000. ; This
regular
Research Department, Dr.
assistant director.
of
pattern
the
that has been used in past
refunding
a
The Treas¬
to
stayed
again
ury
it
make
worthwhile deal.
very
within
well
be
that
Savings Banks and prepared by its
Hanc,
expansion
or
Thus
probably will not matter too much
economic
this
mutual sav¬
on
the base for
as
seriv^s- thfe * first since June 1954,
fect
Refunding* Success Indicated
the National Association of Mutual
stability.
re¬
be issued
additional volumes will
banks,
modest
a
($767,000,000)
be used
would have
Treasury
**s>
one\of
'is
book
"The
4% bond
a
mono¬
Mutual Sav¬
tional Association of
Commission
maturing
note
15, 1965 and
15, 1972.
the
published under, the title
tax
year
3Vi%
a
maturity date of February
a
trition
savings banking has been
mutual
times'
-funds
of
can
subedit
commercial
release
of¬
were
funding is indicated with the at¬
comprehensive study of
first
ap¬
1963.
December 15,
on
November
the
Bank Industry
which
package deal consisting of
3 % % certificate duA November
tions
Mutual Savings
the
amount
a
.
Study Issued on
.able*to
poses.
a
Counter
with
by
were
486,000,000 of the 2%s, both ma¬
The Treasury
The
of the 3V4s
held
agricultural arid commercial
fered
ly manage the
-
$143,-
against time and savings deposits
$2,269,000,000 of the 2 !4s and $1
turing
Both
will joint¬
organization
14%.
greatly
househeating
1965 is
will
with
contributed
is expected that
wired
ciated
the
the
also due November 15, along
have
firm's
of
owners
15, and $6,082,000,000
asso¬
them.
bond
a
000,000 of the 3 %s due November
and
lingford
men
into
Wal¬
become
in
year
cost
D.
earnings
$2.06 in 1960 but dropped
to
back
share
Co.'s
ities
this
Keller
G.
John
refunded
were
The
years.
Christian
that
assets of
Southern
Decem¬
with a: due date, of jUst under ten
announced
American financial structure. Ten
(principally coal and gas).
An REA has proposed building
and
amounting to $10,-
shorts, intermediates, and
in prices of fuel
against changes
November
have
About
by fuel adjustment clauses
tected
CHIPPENDALE, JR.
predictions
changes,
part of the research program for
the
Commission's
study
of the
of System revenues are pro¬
the
to
980,000,000
somewhat
smaller amounts in 1963-4.
according
Ex¬
change of 100,000 kw, the Florida
mum
T.
went pretty
year
Stock
peak
the
million kw.
of 5.1
5.7 mil¬
was
with
compared
hydro)
much
ber maturities
System generating capability at
lion
JOHN
Treasury in its last refunding
operation of the
Jennings, Mandel & Longstreth.
utility in the country.
the end of last year
The
when
VvjVh'I.V-
arid
centers,
May-August, when gains over last
add
'
Baltimore-
ings
plant investment. By the end
&
W-.a shington
operations. Air-conditioning sales
new
Pa.—Bioren
■
of the New York and Philadelphia*
the
the
BY
Co., 1424 Walnut Street, members
curtailment
cost
.
- •
^
electric
Georgia trading department, Mr. Walling¬
serves
more
all - electric ford was formerly associated with
buildings than any other Hecker & Co.) Mr. Keller was with
promoting
in
made
up-graded service entrance facil¬
and
PHILADELPHIA,
existing
wiring is assumed by the
new
being hired. Georgia
are
space
conditioning.
*
now
heating system.
cooperation is being in¬
home
hopeful
...
r
vited, tying in With the company's
publicity
and
promotions,
and
more
residential sales engineers
trial business has been favored by
the
the
.
Bioren Co. Adds
Southern Company
Southern
Thursday, November 1, 1962
.
Our Reporter on
increased
recently
the
on,
.
.
by
reserves
as
a
••
Whelpley formerly
served
partner in the firm of Joseph
Walker
&
Sons.
Volume
Number
196
6208
The
Commercial
Financial Chronicle
and
21
Herbert
NEWS
J.;
Consolidations
Branches
New
•
New
•
has
been
profits.
Committee
Director
of
The
Summit
Summit, N. J.,
Trust
will
in
and
capacity... is
with the bank
Officers, etc.
Revised
•
has' been
Capitalizations
-now
as
consultant.
a
member
a
associated
-
the
of
He
has
Single-
Vice-President of Irving:
Trust
Com¬
pany,
New
been
succeeded
John
by
I.
Directors
Senior
also elected
was
„/•
banks,..-
announced to¬
It
Mr.
the
of
Osborne
V.
A.
Hanover
York.
Director of the
Meili
have
Chairmen
the Board.
R.
Mr.
said
[,
Murphy
that
since
bank
dition
the
in
and
William E. Singletary
has
immediately.
the
of
will
office
His
Bank
Clements
elected to
Beal
the
the
activities
National
Mr.
in
Mr.
has
J.
1955
Senior
anc}
1960.
Mr Clements' career With Schro¬
der began in
of public
Director
*
,
*
ior
*
*
The Manufacturers Hanover Trust
Company
election
Oct
announced
Andrew
of
Other
the
24
Scharps
as
Vice-President and Treasurer. The
Mr.
effective
is
appointment
when
Dec.
Vice-President
A.
S.
Trenbath
Vice-Presidents;
Carpenter
as
C.
Peter
Trust
facturers
cessor
came
prede¬
assistant
1952.
ment
"
,
JY Irwin
ted
Mr.
Miller
is
apolis Indiana.
Federation
The
Company,
11th
its
v
Keith
York
New
opened
C.
Brooklyn, is located at 1871 Nos-
nounced
trand Avenue,
is known
an
as
the
of
Office."
"Nostrand-Newkirk
Fulsher
Comptroller,
James
J.
the
Mr.
of
the
the
of
$27,400,000
J.
'
*
of
Bank,
\
in
Cadillac, Mich¬
of
$200,000
G.
Director, and
a
Bacon, President.
bank will be known
the
of
Greenleaf,
The
"First
as
the
Currency
with
C.
has
been
Borstelmann, who has
the
with
since
Bank
of
the
Oct.
,
named
manager
1958,
of
of the
ffice.
new
Allegany, Allegany, N. Y.,
der
the
*
Belgian-American
Trust Company, New
Bradford
A.
the
a
Com¬
the
death
created
Richard
of
President
of
the
L.
ings Bank.
1"
has
-
2,
,
given
James
erate
of
tional
ap¬
and
*
The
Co., Boston, Mass., elected
Brad¬
.
Raphael
Director
Bank
of
Recanati,
the
Resident
Ltd., New York,
on
Oct. 23
announced that Joachim N. Simon
Jernegan
a
its,
J.
J.
The
R.
22,
The
National
:
.
State
Bank
of
W.
been
-
and
❖
;
.
joined
staff
the
New
ment
Credit
Business Department of the bank.
were
announced
the
of
bank
J.
Henry
Schroder Banking
Cor¬
poration, New York and Schroder
Trust
Company,
New
nounced that Gerald F.
York
an¬
Beal, Pres¬
15,
and
Robert
Assistant
Secre-
will
with
McDonald,
and
the
at
550
;
>
i
Newark.
in
OctY
23rd
Orange,
18.
office,
Bloomfield
•
Oct.
Avenue,
.!
-
The
•
_}
.
The
appointment
Bonn,
has been elected to fill the vacant
Board
office of Chairman of the Boards
of
of Directors of the institutions. He
announced.
to
the
of
H.
Orange
Austin
Advisory
of, The National State Bank
Newark,
N.
J.
'
has
~
been
'
Nov.
,
retiring from
i as
i
a
•
1.
Gray
George
VV\
the
# '•
Officer
Rail
the
I|:
;
••
a
Bank
.
of
future to
near
for
the
maintain
close
oil
Bank's
Loui¬
and
liaison
de¬
gas
that he has given
proval
national
in
bank
Comptroller
^
Voss,
A.
M.
Tracey
as
profits.
be
Jit
"•
'
The
Calif.,
Angeles,
D.
■'
'
■
ill
ill
■
California
Francisco
that
nounced
surplus;
Saxon. f The
new
and '$30^000
bank
$50,000
undivided
...
San
who
has
serving
been
the
of
an¬
Vanasse,
Vice-
as
Francisco,
San
Washington
Seattle,
California,
appointed Vice-
has been
office,
J.
Manager
and
the
of
the
Oct.
Currency
16
granted
will
Vanasse
assume
his
new
duties November 5.
bank
at
Dallas,
*
tji
The Bank of Nova Scotia, Toronlo,
has
the
announced
appoint¬
Texas, to operate under the title
Ont.
"Hillside
ments of Forres L. Rogers as Eco¬
las."
at
National
of
Bank
Dal¬
The bank will be capitalized
$750,000, consisting of $300,000
$300,000
$150,000
undivided
Kirkpatrick
as
and
profits.
Pro¬
Hugh
President
A.
tin
as
A.
surplus;
include
officers
Barnes,
and
Jr.,
L.
a
as
-
❖
Comptroller
James
J.
of
Saxon
oreliminarv
#
J.
Supervisor, Economics
Department.
Mr.
Rogers has represented the
Canadian
nomic
bank
at
several
eco¬
conferences in Canada, the,
and
abroad.
Miss
returned from a
assignment at the bank's,
London, England office where she
-
the ' Currency
12 granted
Oct.
approval to
Dorothy
and
Adviser
nomic
Powell
Vice-President and Cashier. Two-year
Currency
$60,000 capital;
E.
and
today
Horace
States
J.
Hi
_
recently
have
Los
Thomai
The Bank of California, N. A„
Powell
will
Bank,
Sloane,
J.
Lawrence
United
James
I.
lis
Thompson Vice-Presidents.
E.
as
of "the
V
Darnell, Arnold E. Hoeft, Fred J.
Director;
Comptroller
lis
made
Vice-President; and Jack F. Mar¬
by
Jr., who will also
Bank's Sacramento Main office.
of
Saxon
.
'Preliminary approval to organize
'
totaling,
Proposed
California
United
j
a new national bank in Winnebago, 111., was announced Oct. 16
Na¬
The
Directors.
the
of
one
m
posed
#;
"First
Sterling."
structure,
undivided
500
President
❖
national
new
is. capital;
post," continues
a
Colo¬
preliminary approval to organize
a
..
who
J.
ap¬
of
Sterling,
title
the
[ of
under
preliminary
organization
the
to
President
Houston office will be
James
Currency
the
of
James J. Saxon announced Oct. 19,
Percy,
headquarters
II,
lis
in
Comptroller
liam B. Paynter,
'
;|t
also
*
Vice-Presi¬
a
President of the Bank will be Wil¬
will
H.
Director.
1 »
National Bank, Phoe¬
capital, $200,000 surplus, and $62,-
Executive,
here
new
Vice-President
Elton G, Crockett
resident representative.
Elisha
Eugene L.
;
Valle^
capital
capital,
partment in Calgary, Alberta.
The
Director; and
a
as
$1,012,500, will consist of $750,000
of
operated1 by
promotion
Office
opened its
ident of the two banks since 1935,
as
the
of
Bill King
un¬
office
new
include John
nix, Ariz., elected James P. Vance,
bank's
*
siana, New Mexico and Oklahoma,
Company,
.
has
the
Director.
a
Bank
Bank's operations in Texas,
■"
•
and
Drinkard
tional
announced.
The
Brom
State
Bank
Trust
Co.,
of iThe
Miss Helen M. Cigliano: to Assist¬
Evanston,
11^., elected Robert C.
ant Cashier of the bank's Install¬ i Humphrey,
President,
effective
Newark,, N.' J.
sur¬
under
Director;
a
rado,
of the Directors.
one
as
Na¬
the oil and gas industries in
serve
A.;
A... Kaplan,
•>
of
$50,000
Chairman
as
structure
$150,000
profits.
of
the United States and Canada has
Vice-Presidents
as
capital
a
consisting
operate
Springs,"
capital
of
by
op¬
"First
Bonita
a
Texas in
serve
Demarest and Wesley B. Live- .Struthers, W. Emory Williams and
Louis Zahn, Directors.
of Wyckoff
capital,
and
Chief
Springs,
Oct.
." sj:
Company,
Trust
111., elected
Morris
Cook
a
dent.
title,
of
have
and
taries in the Trust Department;
cago,
'
Clarence
have
$200,000,
Bergner
St.
The bank will
the
Bank
The Sears Bank & Trust Co., Chi¬
election of
organize
to
Stinnett, Texas.
Proposed officers
in
Comptroller
Saxon,
will
well
as
s!:
Porter,
as
of
will
and
Hector
Vice-Presi¬
.
The
of
Israel, Discount
C.
•
.
sey
Mr.
A.a Romoser
at
will
bank
$100,000
and
is proposed to be Chief
,
sj:
ii:
dent.
*
*
Bank
bank
structure
19.
tit
given
was
composed
Newport
charter
.
■
Currency
the
approval
national
lis
Bruce
:|<
i|!
Vice-President.
a
under
an¬
with
Virginia,
Willard
Quigg
as
bank.
new
of
C.
.
Trust
ford
Sav¬
'•
«
Street
&
He
\
*
State
the
Maloney,
York
New
The
Senior
by
;
■<
York,, elect¬
Director.
a
vacancy
?
David
J.
proposed
s!i
Comptroller
President
national bank at Bonita
Florida,
Director to fill the vacancy
Barnett,
•
consisting of
been
>|S
Preliminary approval to organize
Currency
Trust
Northern
capital
a
$250,000 surplus;
President of the
as
elected
*
.Chicago, 111., appointed R. Joseph
after Oct.
or
1962.
and
Bank
Warner,
Vice-President,
fills
on
iThe
the
has
B.
lis
Mo.,
Dominguez,
un¬
of
*
19,
ed
title
and
former, effective
*
The
charter
Cooley
$1,100,000
effeetiy^
12
of
Oct.
on
the
❖
Antonio."
have
$100,000 undivided profits.
Greenleaf,
Montreal, Canada office in Hous¬
$3,500,000 First National Bank [resigned
the
oper¬
"Security
San
of
$250,000 capital;
and
to
of
structure of $600,000,
..
Robert E.
been
Texas,
will
ap¬
national bank
a
title
Bank
bank
the
.The,; Firs^, National ,?jank
...
26.
when
The
Bank,
of
State
assume
after
a
the
Currency
preliminary
Antonio,
under
Board
and
Establishment
created
San
assets
:!s
Cleveland/Ohio, elected J. H. Bau-
i
at
of
title of the former, effective on or
,man
that he has given
C.
the Currency.
the
Cleveland
sis
the
of
proval to organize
Greenleaf, Kan., to
liabilities
ton,
merger
un¬
sit
>!'
liminary
Bruce
Kan.,
the
News, Newport News, Virginia, to
October
re¬
Bacon, Chairman
divided
under
President
and
spectively.
James J. Saxon Oct. 16 gave pre¬
R.
Louis,
National- Bank
operate
Board
Mueller,
Chairman
as,
Proposed officers
the Board and
Greenleaf
:i:
Richmond,
the
Hans
and
proposed
capital,
;mond,
First
a
The proposed capital struc¬
Balti¬
Trust
*
he
of
of
$100,000 surplus, and $25,000
National
First
Comptroller
organization
bank
consists
the
formerly
proval to the merger of First and
an¬
Bank of Glean, Olean, N. Y.,
the
purchase
A'.:
System
Saxon
of
Baker
been
and
nett."
Union
that
L.
surplus,
approval of the application of the
*
of
undivided profits.
$1,600,000 Citizens National Bank
approval
.
$280,000
$140,000
ate
,
-Merchants National Bank of Rich-
,
iThe
16
to
Comptroller
Currency
Oct.
approval
its
capital,
E.
total
$280,000
of
Board
Governors
into
nounced
Vice-President
Saxon,
of
will
of
Savings Bank,
the
'
Reserve
bank
plus, and $50,000 undivided prof¬
of Maryland, Baltimore, Md.
James
National
,
Valley
(
•'
.
Comptroller
branch administrator;;
branch, the second to be opened in
*
consisting
title "First National Bank of Stin¬
*
*
its
The
27.
October
and
Trust
and
Westchester
-
Saxon,
of
of
'
of the
James J. Saxon Oct. 16 announced
National
increase
an
Bank, New Rochelle, N. Y. elected
.•
#
of
Md.
Md.,
pany
previously auth¬
consisting of 147,953 shares
First
Relations
Vice-President,
Board
on,
number
J.
v
Herbert
are
Vice-President, has been
announced
value of $12.50 each, to $924,-
The
*
Bark
office
the
of
of The
of Indian¬
>
*
change
"Huron
4
$100,000 surplus, and $50,000
merger of The Liberty Bank, East-
provid¬
of the par value of $6.25 each;*
Indiana National Bank
!|t
*
The
Capital Stock from $821,962.50
706.25
Harold
director
a
a
par
Helm, Chairman.
s[:
members
Federal
consisting of 65,757 shares of the
New
Company,
announced by
was
ing for
in
elec¬
was
Chemical Bank
of
Trust
of;' Incorporation
orized shares and for
*
Miller, Oct. 25
York
York it
1
#
Director
a
New
H.
*
tificate
entitled
be
divided profits.
asso¬
immediately.
*
and par value of
portfolio department.
.
>
elected
Certificate of Amendment of Cer¬
invest¬
Trust's
Hanover
facturers
be
Public
President
as
National Bank of Cadillac."
•»'
more,
Banking Department approval to
in
the
proposed
confined to business development.
Assistant
s:
received from the New York State
Vice-President
and
*
in
He will be in charge of the Manu¬
with
Jay J. De Lay
Director of the Bank, which
a
ture
will
structure
$700,000,
have
I
;
capital
James J. Saxon Oct. 16, announced
been
proval
Bank of New York
Vice-Prqsident in
Secretary
Stang
of
undivided profits.
Currency announced Oct. 22,
that he has given preliminary ap¬
that
Fort
title
Comptroller
national
announced
effective
Maryland
*
,M;
Merchants
The
.
an
1944
Company,
H.
new
the
As¬
an
appointed
William F. Melville, Jr.,
Comptroller.
as
institution, in 1926 and be¬
Assistant
1938,
Manu¬
has
•
Secretary in addi¬
as
President; and Joheph A. Matejov
the
Pa.
Pittsburgh, Pa.
Phillips
Craig S.fHartlett, who will retire.
Scharps. joined
in
the
initial
proposed
National
sj!
lett
tion to his position of Senior Vice-
Mr.
:!:
,
Trustees of Dollar
and
Michigan.
new
ted
of
those
were
Arbor,
The
ap¬
national
Fourth
Willard ' F.
Rockwell,
Jr.,
and
Philip A. Fleger, have been elec¬
1960.
succeed
will
Scharps
Bank
under
bank will consist of $600,000 cap¬
ital, $250,000. surplus, and $150,000
James
was
William A. Tucker, Edmund Bart-
Senior
1,
elections
in
he
>l! -
1938 and he became
Vice-President in 1948 and Sen¬
a
relations.
a
an
Stang's duties will be principally
■
and
organize
National Bank."
,
named
was
Y
granted
Ann
will
former
-
•;
.
Currency
22,
to
in
igan.
Staff
the
Oct.
bank
retirement Oct. 31.
the
,
ciated
of
Saxon
plication
and
1955,
William
J.
of
Philadelphia, 4Pa.
The First National Bank,of Allen-
Vice-
President and Secretary in
Salem, N. C., where he was VicePresident
in
Henry
Vice-Pres¬
a
t!r;'!V.'
approval
banking fcareer of 46
Assistant Vice-President.
since
group
of
a
Vice-
sistant Cashier with PNB in 1943,
associated
been
named
was
in
-«
-
Philadelphia
the
Bank,
Mr. .Brown
Howell joined the banks in
ident
Bank
Winston-
Company,
Trust
of
Winne¬
preliminary
has
with
town,
1948, and
for 15 years
Wachovia
with
connected
and
was
•#
-
Street National Bank,
1923.
Wall Street.
Singletary
New
Brown entered banking in
1916,
ad¬
located in the Bank's headquarters
building at 1
,H<
years with his
membership
Schroder
establishment
Mr.
Manufacturers
been
iSchroder Banking Corporation in
be
Texas,
worth."
title
of
The capital structure of the
with
concluded
that
and
and
with
public
Mr.
was
Senior
Company,
•
Vice-
elected
Boards
Executive Vice-President.
Mr.
development
National
new
the'
Bank
'
-Comptroller
|
Fresident
H.
the Boards of Directors.
on
business
relations
the
Ernest
Clements
Presidents.
assuming
duties
and
They previously were Senior Vice-
is
Singletary
of
Trust
■
retired
Em'eist* C. Brown; Assistant
that
announced
been
of
Cannon
elected
Mr.
a
Worth,
"Southwest National Bank in Fort
under
$
1
.
Lada-Mocarski
Chairman of
is
Vice-President
Howell,
Vice-President,
a
further
was
day by George
Murphy,
a
bago."
James
Mr.
President
as
Howell.
heretofore
was
has
bank, which
-i;.,
-
York,
McGee
new
National
Board
1944.
as a
the
operate
"First
r_
The election of William E.
of
W.
President and
as
.
this-
of
tary,
William
been proposed
Company,
BANKS AND
Osborne,
named Chairman of the Executive
organize
studied
cations
Market.
the
of
influence
and
the European
impli-
Common
•
22
The Commercial and Financial Chronicle
(1842)
.
.
Thursday, November 1, 1962
.
ly in
Interest Rate Outlook for
Remainder of This Decade
Continued
in
the
of
facet
President Ken¬
weeks,
recent
-
their
as
economy,
in
from page 9
influence is likely to
wants
has
to
fit
seen
answer
there
who
businessmen
to
sail,
he
are
rvennedy
is
Mr.
mat
price
forced to remain becalmed for the
his
of
Hcnse.
While, the
White
in the
stay
balance
into
them
his
obeying
with
obtained
was
his
from
plant;
power
plan
a
merger."
of
hands
the
the
have
virtually
sweeping power to control the use
edicts
which
to
purposes,
that
certain
obtains
nedy
a
can
of obedient
crew
life,
rights
rights.
can'tr hqye
the
right
to
pursuit
of
indivisible.
are
—
the
—
and
liberty,
happiness
President Ken¬
if
private
as
Furthermore, property rights and
individual
businessmen
Consequently,
longer.
no
property without property
government./
cur
be
unlimited
is put
private property
numerous
to the executive branch of
power
de¬
been
that, for all practical
inter¬ private property exists
pretations of the law which have There is no such thing
deliver ed
citizens,
private
rights attendant to prop¬
virtually
erty
had
the
will
turn
which
harbor
out
to
offers
be
him
This
problem"
the
earn
dollars
construction
the
Thus
U.
individual
between
rights
launched
S.
a
tate the development
countries.
During
.
this
of backward
the
past
has
changed
picture
The
economies
plant
have
been
able
growth
experiencing
comparatively
costs,
levels
U.
S., during the postwar period,
rising
in
increas¬
foreign industry became
U.
the
assumed
S.
the burden of
result
of
all
was
ana¬
latter
part
the U. S.
in
lion
of
ran
its
the
a
to
para¬
a
to
been
prevent
any
of inflation because
a
prices in the U. S.
ability of Amer¬
to
devaluation
fear
thus
and
lead
of
them
to
50's.. In
Jrr
But
of Government"
Branch
"Fourth
while
tense
results,
government
agencies—whose existence already*
has
received full
continues
to
enterprise
of
acts
system.
free
Created
-
Congress,
they
commissions.
and
their
by
-the
are
Although
aggregate power over busi¬
is
ness
oLen
labled
been
of
ingrained
they
the
the
of
they
in
the
United
so
The term
created
for
not
only
almost
possess
business
over
tutional
ment
and
in
these
do
much
as
power
all three Consti¬
as
branches
of
our
govern¬
combined, but their actions
decisions
sembles
floor
normally
made
are
atmosphere which first
an
courtroom,
a
of the
then
to
rights.
the
be
international5 balanc
or
attributes
of
ift
1960
$3.9 billion, and in
of
billion,-
$2.4
these four years
As
a
result
a
o
problem
Administration
cal
and
has
forced
follow
to
policies
monetary
fis¬
much
expansionary than they have
view
in
domestic
of
eco¬
:
noted
As
ment
a
has
.
been
under-
floor
the
govern¬
required
to place
earlier,
the
Treasury
bill
to avoid an outflow of short-term
funds. The floor under short-term
ir
aggregate
these
deficits,
rates,
in
turn,
There
little
is
to
has
lost
tant
is to
our
gold
billion
duced to about $16
be
dition
gold?
anc
'steps
toward
The
tive is
to close the gap
billion
our
property
then the concept of
number
rily
of years.
out
cofets
the
of
push
upward
primarily
—
of
costs.
-wage
Through much of the 50's business
and
industrial firms
able to
were
and
—
recent
prices
The
increased
domestic
to
"cost-push"
competition
and
both
against
feels
in
compelled
prices
on
March
Federal
the
to
from
foreign con¬
militated
of- last
in¬
cost
is that greatly
price
the £te'el
increases. More recently;
crisis
in
difficult
offset
reason
firms
has
cerns
in¬
50's. However,
it has been
years
creases.
the
thus
the
of
raise
to
with
increases
demonstrated
Government
-.
avoid
line
the
to. hold
deterioration
export of goods and serv¬
our
ices and thus in.our international
balance of
payments position.
There has
talk
about
a
been
a
great deal of
corporate tax cut to
improve the corporate profits pic¬
the
the
pay¬
ture, and
the Administration
parently will push for such
in the next Session of
part of
a
complete¬
reform
may
~
f
■
"To
the
possess
survival,
is
to
liberty
one's
the
squeeze
.
BOND YIELDS
prop¬
without
possessing
action, is
a
to possess
the right
without
things
which
him
in
without
of
the
of
in
act
others)
of
means
contradiction in terms;
piness
the
to
interest
-
rights
in
right
the
freedom
the
means
contradiction
a
self
own
life
to
the
possess
(the
violating
achieve
right
possessing
the
'to
pursue
possessing
enable
values
happiness, is
a
hap¬
those
to
man
which
bring
contradiction
terms."
tne Executive Mansion.
The
extent
awarded
these
of
the
-fundamental business policies to
company's
pointed
out
Bookman,
in
an
management-
recently
one
article
by
a
was
George
of Fortunes editors,
entitled
"Regulation
by Elephant, Rabbit, and Lark."
Scope of Power
Describing the vast
seven
cies
ers
Challenge to Business
power
The whole
agencies to dictate
must
lent
cr
any
in
a
of the
cut
loosely defined
across
government
executive,
the
three
branches:
and
pow¬
principal
legislative,
judicial,"
Mr.
Bookman stated:
community
is
"some
necessary
free
that
in
writ
free
into
every
To
enterprise
—
freedom at all—is possible
which
lead
can
an
only to dis¬
aster.
Businessmen
had
to realize what is
better
at stake
actively fight for the
a
in
laissez
which
legal
runs
order
enterprise."
faire
society—a
both
control
of
begin
and
to
creation, of
society
I
lOyv
1956
1954
extra-legal
business
'
"Their
preva¬
government
society devoid of rights is
error
scope
that
preserve
maintain
major administrative agen¬
"whose
idea
regulation
to
business
challenge the all too
government is prohibited.
by
1958
"
I
Loltil
Figurai
Plolttd:
OCTOBER
12
\ *
I
O*
Of
r*t
W€*SL
frjri*
.
1
\
.
•
l
I
I
I
l
1962
1960
and
the
CHANGE
IN
as
pro¬
though tax
even
reduce
cut
Congress
reform
broad- tax
ap¬
a
erty rights is meaningless.
without
a
It arises prima¬
CIIART I
1
denied
are
profits has been developing for
hope and firm objec¬ gram. However,
If all the"
the
of
balance
ments.
$7
a
impor¬
closing
billion. In ad¬
withdrawing
in
taken
has
deficit
been
that
doubt
re¬
have
reserves
be
to
of
place
tends, to
floor under long-term rates.
Administration
$7
level in order
rate at about 234%
defid
a
ex¬
trial corporations. The squeeze on
-
how
deficit 'b
of $13.5 billion.
of
can
from
deficit
a
1961
an
can
property
withheld
billion,
1959
not it
or
charged for its disposal.
owner,
payments, an
what price
used, whether
and
of
the fact
"squeeze
a
penditures by business and indus¬
inflation
Accordingly, the balance
payments
during the past six years the U! S.
if
power
determine hew the property
disposed of,
es¬
One
property
own
else "has
someone
re-
Congress, and finally
and
use,
property is the
property
claim
cannot
oi
agencies
to acquire,
from
of
sence
States.
"the fourth branch
—
previous
a
dispose of property and the values
eco¬
government"—±s well deserved,
in
$3.7
"The right
terms;
of
detail
in
column:
are
granted,
they
are
life
for
have
"fourth
government,"
taken
often
nomic
that
great
so
branch
too
America's
of
major "independent" agen¬
seven
cies
legal sanction—
play havoc with the,
essence
very
lyzed
anxious
the:, election
of
group
a
and
await
businessmen
:
-
years
profits" has occurred which is
on
ucts
■
■■■/
the future
on
tending to discourage capital
re¬
their short-term assets from
the
;
deficit of $3.5 bil¬
recent
the
nomic conditions of the past year
forcer
in
as
60's
in the prices of their prod¬
foreign¬
cause
in ; the ■and one-half.
us
that
bearing
a
-the
and
of interest rates is
course
recent
conditions
50's
creases
desired
these
home
foreign
services and would
less
<
in
rates
cost
of
Situation
brought
has
the U. S.
paying for military
Changed Balance of Payments
r
in
/ ;
Communist threat.
'
has
objective of the Adminis¬
dollar
establishments needed to meet the
the
offset
move
major part
man¬
of
ican industry to export goods and
ers
ingly-competitive with American
firms. Adding to these forces, the
One
economic
which has
us,
the
wny
problem,
,
would injure the
•
,
mts
paym
further rise of-
relativi
low
cost
the
debt
and
third important -difference in
between/ the
facing
apparent
Government
resurgence
e
to
S.
tration
favor¬
a
Operating
rate.
U.
readily
mount
the
and
is
situation
this
With
it
of
in
domestic
probably continue
with
general
payments. In view of the balance
up-to-date
equipment
and
Fiscal
Monetary
ing the deficit in our balance of
or
European nations and Japan have
been rebuilt with new,
petitive
in the
years placed so much stress upon
"reducing and ultimately eliminat¬
10
fiscal
accounts
of
to be that they must be kept com¬
pro¬
.
weather eye
a
policies.
terest rates will
asset
Policy Than Desired
to meet their needs and to facili¬
years
Restrained
More
gram of foreign loans and grants
government
our
keep
international
agement
A
re¬
for
countries.
development.
•
.
interdependence
for-
needed
as
banks
re¬
prime considerations.affecting in¬
billion held by foreigners
foreign central
assets
foreign
greatly
our
formulation
monetary,
only
against the liquid
foreigners
holdings of free gold, it will
our
the
Tnu
billion,
and
and
on
of
$24
liquid
by
ac¬
clear
seems
that, with the huge
uriuw
U. S.
countries tc-
and
to
balance, it
to continue to
Reserve,
liabilities.
amounts
"demands
seen
international
our
be necessary
the free gold available for foreign
the
meant
Federal
notes and deposit
rebuilding their
.
The
Rights
private property, property rights,
and
.
,
"dollar
was1
full
legal sanction to rule our nation's
eanomy.|u
Indivisible
a
of
task
inability of friendly
sailors, his hithertq unstated des¬
tination
the
against
be
achieved.
help
duced
thi
in
billion must be held
$11.5
Europe and Japan
war
assets
gold reserves of $16 billion, about
/statute
be
can
central banks and
built up then
liquid
of
country to $24 billion. Of our totr
wartorn economies. In these days
You
\yithout the other.
one.
the
after
dramatically.
ancTNmn-obj-ective
vague
firm
sizable
no
markets-security, or safely
but
Kennedy's authority to
compliance
a
may
derived stroyed. These seven government
Instead, agencies
have
obtained
such
specific legislation.
force
no
Legal title to property still rests
arbitrary
deal of his power was not
President
commerce;
public utility may build
in
edicts since he took office, a great
from
interstate
in
interstate
has
President
fairly successful in coercing
been
producer
gas
no
market his fuel or figure its
may
well
w<mts
and they desperately
operate;
may
many
too
know
rate; no radio or television station
•
are
which
in
cirecaon
hoping
rail¬
interstate
barge line
no
an-i trucker, no pipeline or
may introduce a new service, dis¬
only in continue an old service or set a
generalities, if at all. "
Nevertheless,
t/.e
airline,
no
the
•
questions the President
are
vague
road,
dropped
have
Congressmen
Without
:>
sanction of these agencies, no
with him.
But where he
to :sail, and why so many
chor,
Board.
Relations
want to "set
election of men who
sail"
holdings
been
bring
counts into
foreig
and
central banks have
continue fo.
names imply: the Interstate Com¬
alternately de¬
the foreseeable future.
merce Commission, Federal Trade
manding
and
pleading that
There is not the occasion for an
Commission, Federal Communica¬
Congressmen
who ; opposed
his
extended discussion
of our bal¬
tions Commision, Federal Power
legislative proposals be defeated
ance of payments problem,
but a
Commission,
Securities
and
Ex¬
at the polls this coming Tuesday.
few words will help to show its
In
place of tncse who want to change Commission, Civil Aero¬ importance for the future of in¬
nautics Board, and National Labor
"drop anchor," he has urged the
terest rates, ; Irt the early/ year*,
has
nedy
foreigners
gold,
this
Even though we should prove able
to
By M. R. LEFKOE
It remains to
1963.
whether
SERIES.
U\J\
Volume
Number 6208
1S6
.The Commercial and Financial Chrojiicle
.
.
(1843)
-
_
;•A
profits, this is likely to be a
on
continuing
problem
time.-Here again tne
for
interest
profit
for
significance
is
rates
expectations
some
lor
mat
poor
make
not
do
high rate of capital spend¬
a
cally
about
lerest
decade?
this
tnat
tne
market
My
Removal
Inflation
of
final important
the
difference in
conditions
economic
Fears
between
as
the Fifties and the Sixties having
bearing
a
rates
the course of interest
on
Fifties
were
by "creeping
infla¬
the
that
is
characterized
of inflation,,
and tfublic fear
tion"
iyvfrexeas. ;theref are* good ;ireaso?nS.
for believing that inflation will
be
not
in
slack
form
of
and
tition
home
in
of
much
level
is much
Sixties,
ade.
price
in the
stable
more
will be
With
this dec¬
in
absent
stability
price
greater
there will not be the inflated de¬
for
mands
capital
Also,
funds.
the
to
(2)
volume
tures
(3)
in
investment
of
business
by
Exploitation
the
strongly
from
will
call: for
rising
capital}
expendi¬
obtain
flow
for
in¬
sion in the
At
the
believe
climate
the
the
of
Accordingly,
ditions
rise
some
of the
encouraged
which
nounced
;y
pro¬
in
rates
interest
of
a
con¬
ade.
Fifties
the
less
At the
may
strong,
same
absent,
be
or
Sixties.
in the
time, some new con¬
ditions in the Sixties,
such
as our
international V position,
act to maintain interest rates
shall
sus¬
for
are
much
a
The prosbetter
bal¬
between the demand for and
the
supply
the
remainder
of
loanable
of
this
ly
high
it
seems
will
their
average
industry
in
during the remainder of this
especially true if we ex¬
degree
greater
of
price
general
the
level
lower
ably
shall
witness
total
'■
for
balance
better
a
the total
between
funds
loanable
and
in
de¬
level.
The
future
rates
will
heavily
upon
a
round
new
of
of
in
very
avoid
we
inflation,
are
in¬
of
depend
how well
we
deficit
balance
course
how
eliminating
m 1
international
our
payments,
and
suggested
that
in
earlier,
formulating
I
successful
expect
domestic
much
a
we
in
are
higher
capital
of
monetary,
fiscal,
and.f debt
try,
tions
siderations. My expectations about
in
in the remainder
power
time
the
to
implications of these
policies with regard to
The moment
Demand
Credit
of
truth
.
.
has
arrived. What can be said
now
specifi¬
this
inter¬
■
the
decade
three
based
main
a
to
bility
be
on-
shall
should
prove
of
keeping
our
rate
level
in line with rates abroad. In view
YIELDS ON
U.S.
ANNUM
the
years
average.
the
three
the
general
be
infected
public
should
with
WEEKIY
T AX ABLE
AVERAGES
OF
again
inflation
an
average.
the
aver¬
basis
rate
my
cor¬
of
life
on
investments
exceed 4% %
closer
to
insurance
com¬
Wttble win
a
as
and may actually be
5%.
by Dr. O'Leary be¬
fore the Annual Meeting of the Society
of Actuaries, Ouebec, Can., Oct. 17, 1962.
Pit
FIGURES
CENT
PER
In
1952, he
visited India to help
arrange- the
amalgamation of the
Steel
Company
as
Co., Ltd.,
prelude to World Bank lend¬
a
ing'
the
for
ties.
Indianf
of
expansion
Iron and Steel's
in
with
of I Bengal
the Indian Iron &* Steel
production facili¬
1954 he visited India,
In
visited
1956
investors
overseas
Credit
Industrial
Investment
and
to help
Pakistan,
to
and
Corporation -of India
and the Pakistan Industrial Credit
and Investment
two
Corporation; these
institutions
tant
are
impor¬
now
finance
of
sources
the
for
growth of small and medium sized
private
and
industries,
has
each
Bank
loans
to
growth.
In
1958, Mr. Woods served as finan¬
cial consultant to the World Bank
in
management
the
dispute
Arab
settlement
its
of
United
ihe
between
Republic and the sharehold¬
the
of
ers
Canal
Suez
Company
question of compensation
the
nationalization
of
the
the
over
for
Canal.
in
1962, Mr. Woods was
of the
five investment bank¬
Early
one
of
ers
^France,
Germany,
the
Kiftgdcim and the United
Upited
who
agreed to serve on a
voluntary basis
tion,
advisors to the
as
Finance
International
Corpora¬
World Bank affiliate which
a
makes
equity
ments
Woods Named V
in
Bank
and HFC
of
a
industrial
held
meeting
a
Executive
George
Oct.
Directors
Woods
D.
Black
24,
the
selected
to
which
Bank.
Mr.
Woods
also
became
ex
ANNUM
development
in
Presi¬
dent
of
the
expected to be formally
is
established in the
near
Named Director
Raymond G. Frick, Jr., Vice-Pres¬
the
of
been
elected
Oxford
the
to
Finance
the
Inter¬
Fi¬
the
ration,
bank's two affiliates.
George D. Woods
Mr.
intends to
Black
personal
retire
on
Jan. 1,
1963.
Section
Torch
is
Woods
Mr.
banker
of
long
international
sales Tinance
loans
serving the Delaware Valley
Corpo¬
nance
of
Inc.,
organization
trad¬
ing area, according "to Aaron A.
Gold, the company's Chairman.
Mr. Frick is also a director^of In¬
vestors Loan Corp., Pennsylvania
Capital Growth Corp., and Na¬
tional Bowling Lanes, Inc. He is
1963"Chairman, Finance Division,
and
Chairman
national
board
Companies,
Philadelphia-based
Development
Associa tion
has
Co.,
Trust
Fidelity
ident
International
and
future.
President of
as
of¬
ficio,
owned
financing
Philippines
privately
succeed
JW o r1d
e
Mr.
-the
establish¬
the
on
new
institution
At
months,
advising
been
ment
developed
less
in
recent
In
Woodshas
President of;
expanding
or
industries
vate
invest¬
pri¬
other
and
new
countries.
of
the 'request
of the bank.
•
m
SECURITIES
at
management
States
address
an
undertaken
likely, nonetheless,
seems
return
pany
his
given
the
industrial
nearly
and
issues
to special mis¬
pay,
promote
the annual
anywhere
frequently
At the
12
bona
of
that by 1970 the average net rate
t h
ISSUES
DAIIY
-has
World
years
about
was
Bank
received
yield consider¬
than
distribution
yield
investments
new
a
past
dis¬
to
which
improvement will decline if
rect, it
II
GOVERNMENT
FULLY
Pit
the
4.22%.
improvement in the
Eugene R.
CINT
1861
on
to
interest rates;; will be wrong, and if the price level
keyed to the desira¬ .should begin to move upward and
CHART
Via
rise
inflation. If
resurgence of
assumption
He
time, without
trie
was
a
1952.
and
con¬
heavily
that I we
assumption
-
avoid
Domestic - poli¬ this
are
since
than
promi¬
a
investme n t
an
the
World
of
form
cies- affecting
have
.
our
mention
sale
local
continue
produce
are
"
for more
as
\
in
in¬
interest rates in the remainder of
careful attention most of "the
national accounts.
For
required to
to
life
several
spending by business and indus¬
man¬
agement policies the Administra¬
of the decade will be
In
next
the
Bank
part,
banker,
continue
how
stimulating
rate
then
rate of return
will
than
*From
As
the
will
investments
yield
age
narrow
significant
a
points. Although
views
the
supply.
the
a
in¬
comparative¬
whole
higher
lower
successful
the
average
that
1960-1962,
that
time, their
high of early 1960 and the present
terest
My guess, therefore, is that we
an
between
of
a
the
should
of
(4)
case.
around
range
somewhere
as
of
pose
narrow
be
busi¬
pet rate of return for the
companies
expansion of capital demand, This
comparatively
a
within
move
certain
During
rate of
within
implica¬
out
investments.
at
decline
turn
average
to
may
Increased
the
same
move
does
experience
in
in
militate
sustained
any
World
nent
in the
whole.
a
insuiance
companies
funds
present level of rates.
life
level
decade
(3) The most likely prospect is
that
as
the
are
range at around the
gate national savings to meet the
pay
Envisions
it
During
changed
$t high levels.
If
decade interest rates will continue
will
been
views',^ about-interest
my
•'
■
but
rates in the remainder of the dec¬
■
much
of
ness
to
next
healthy growth in our aggre¬
a
the Sixties
,
we
and
rates.
should be conducive
for the
surance
against
I
tions
the next several years.
around the
expan¬
however,
time,
activity,
here has
Finally' what
tained decline of interest rates in
ance
next several years.
several years
to
pronounced
same
mand
>
serious
a
seems
considerations
a
fluctuation
Industry
-•
terest rates
should show
enhanced.
v
time, it
same
improbable that
experience
-
Internatibnal balance of payments
terest-bearing obligations may be
:
decade.
fore, the total demands for credit
the
Thus
available
funds
of
funds in
their
of
mortgages.
of
characterized;
occur
the
of
(2l); At the
rising rate of
institutions which
bulk
in¬
of
remainder
as
likely to
part
stimulus .pects
some
moderately
a
not
latter
Capital spending in all
in
and
the
this decade such
industry;
level, which I expect will be the
the
in
the
sions
trend
upward
rates
opportunities -highly
of
age
space
cyclical
business
concern
not likely to witness
are
renewed
terest
expendi¬
and
with
Implications for Insurance
until the
stability
bonds
(1) We
a
increasing
an
cyclical fluctuation
some
Long Run Interest Rate
-develop,
producing
odr
Stability
re¬
willing to entrust
invest
follows:
as
leveis
:■
'
Mr. Woods has been
closely as¬
sociated with the operations of
decade, and has played
main with the decade
The rising rate
a
their savings to
general
about interest
therefore,
to
move,
tybviously, as was true in
Fifties, interest rates will ex¬
in
conclusions
are,
rates
(5)
the
tune
■'
interest
early 1S60.
-
in
Predicts
capital
industrial
cerainly
competitive^ rate level abroad is
My
then
considerably higher than obtained
in
likely to remain quite high.
encourage
of
perience
more
hemisphere, the
own
of
field
without fear of inflation the pub¬
lic will be
Europe
-it is
upward
strong
inflation
of
rates
should
it
of
Japan, not to mention Coun¬
rates
of
countries
psychology,
would
perience
em¬
rate
(3)
which inflation and the
put on interest
pressures
fear
Toward
family formations, particularly in
large backlogs of "the latter years of the decade. For
as
characterised these reasons, and others, there¬
If
de¬
press
tinue,
compe¬
general
10
the ^Fifties.-* If -it should
intensified
and
continue
,
search and development will con¬
will
markets;
will
j
tries in our
for
high
rate
spending., for
(4)
the
then
taxation
expenditures;
.
likelihood that capital
in most
and
a
several
(1)
in
higher
tures;
the
that
much
of
able
ly appropriate
take*/ by the Fed¬
be
corporate
a
show
faster
Government
forms
Fifties.
the
true
be
steps will
eral
mands
g r o w t
prices;
such
demand
economic
to
achieving
a
of the
of
forms
reasons
are:
ployment hand
foreign
of
absence
and
of
all
next
principal
of
rising
against
products
the
condition which
a
competition
the
in
labor
unemployed
militates
the
persistence
economy
our
plant capacity,
(2)
Among these
(1) 'the
are:'
reasons
of
Sixties.
of the
most
problem during
serious
a
end
the
this
in7
clear -against, the supply of funds avail¬
seems
for
continue
in
for
remainder
First, it
rke
expecting
A
outlook
.
the
aemanus
credit will
of
years.
ing.
the
in
rates
23
I
of
the
United
Fund
Drive.
investment
an
experience
reputation.
and
Other
members
of
the
Oxford
He
boapi are Joseph H. Rothenberger,
joined the New York investment "TIT;Vice-President; Stanley
W.
firm of Harris, Forbes & Co. at Mann,
Treasurer;
Benjamin S.
the age
firm
Boston
of
the
New
of 17, and served with the
until
Corporation,
in
an
Forbes
Harris,
York
The
joined
he
1934.
Chairman of the
First
outgrowth
firm, in
He has been
corporation since
Loewenstein, Secretary;
Emanuel
formerly Senior VicePresident of the Cambridge Ac¬
L.
Mann,
ceptance Co., Inc., which
Oxford
acquired recently; Howard Newmark, President of
Howard New-
During the war, Mr. Woods mark, Inc., consultants on corpo¬
served in the United States Army ration finance; John M. Randolph,
1951.
from
1943
to
1945,
rising
from Vice-President of the Beothe Leas¬
General ing Corporation; James-J. Sulli¬
Staff Corps.
van, Executive Vice-President of
Before taking up his new ap¬ Blair & Co., Inc.; and'Howard M.
pointment, Mr. Woods will resign Teaf, Jr., Chairman of the Depart¬
Major to Colonel in the
1956
1954
1 9-5-8
lol*tl
Figurti
Plolltd:
1962
1960
,
OCTOBER 12
as
*
$c**o or cc*e»*G»s g' r»e norm
snrr*
CHANGE
IN
SERIES
Chairman and Director of First
Boston.
I
ment
of
College.
Economics at -Haverford
.
'
24
The Commercial and Financial Chronicle
(1844)
ond
large field. A second well is
being
drilled
should
be known
and
the
•
results
,
is
its
interesting
has
from page 3
w
otjcrrpccivp
Consumption
capita
per
over-
^
has been growing even fastei
seas
ble
the
foreign
from two inches down to capillary
provides
than
resem-
20
one
stored
3t
or
the
noteworthy change in
industry
has
cessful
the
over
been Pepsi-Cola's
challenge
to
10
past
domination of the soft drink
mar¬
from
1961.
Net
share to
income
period
same
rose
$0.46
beVseiight
the
finds
for
second
an(j
a
.
1958,
$0.45
$1.10
in
196l!
The
savings
share.
1962
of
about
minals
schools
in
office
and
a
ing
for
this
contract
results will be report-
Motors.
still
is
in
activities
to
point
a
years
that
bratic-n
begin
and
year
fruit
next
Something
believe that earnings
we
share
per
bear
to
will
show
to
seems
be
16.7
times
ings.
The stock
sells
yields
at
about
estimated
The $1.40
3.7%.
38
1962
earn-
vehicle
a
defensive
characteristics,
Pepsi-Cola has consid¬
the
grown
in
General
its
erable
1962
11
only
earnings.
Vv.-C ;•
'
.The,
d°m«st.c>?igar
of the most stable _?***&
in Ihe
one
ones
With
economy,
Vhe$o"5Q
able to
was
double
earnings from domestic sugar
>
its
In
to
de¬
common
firmly
ing
the
it
machines; It is believed that when
orders
this
received
from
both
substantial
Lockheed
and
this year,
of
al
the
^increase sharply from the 5.6% of
sales in 1961.
$1
During 1960 and
that
are
net
income
share.
per
for
'share
per
i/rln
horl
week
in
the
instance
the
The
decline
/0
March-when
f
*
'
,■
.
on
'-
•
.
of
this
company
of $3.61 per -share
tirely from
will
be
domestic
in
true
the
came
Louis
is
mated.
vanced
$0.91
the
to
a
$1.67
year
share
per
and
ago
full-year figure to be
neighborhood of $4.50
The
in
from
•
in
thr
strong
position-
industry arises principally
massive
a
which
totaled
:'This
stock
1961
ad
from
share.
per
California.caused
capital
progm^
million
$93
durim
the past six years. Now, howevm-
capital expenditures
in
are
de¬
a
the
$7.5
per
of
a
million,
or
is
ab^"'
than
more
$4.00
share. With this heavy inflow
cash
for
depreciation
and
modest internal
capital funds,
liberalization
believe tha<
we
of
the
nual dividend rate is
$1.75
likely.
an- ?.
The stock sells at 39
the Nev
on
Exchange. This is on^T
times estimated 1962
earnings.
JS.
The
present
dividend
i
yield
4.5%.
has gone to date. In
stock
Was
cvoloo
Stock
geles
share.
the
For
Brewing
years, The age group in
the United States which accounts
for the bulk
the
of
steadily
beer sales has deas
a
cent
per
nation's-population.
and
1970,
of
Between
increase by
total
cult
it
will
approximately 50% in
numbers.
to
however,
It
would
overestimate
the
be
difii-
"
«.
.
_A_7
.
ance
of
these
statistics to the
dull
The
demographic
brewers.
industry itself
in
competitive
tively static
of
the
the
when
properties
the
past
was
charac-
by
intense
struggles for
market.
a
The
of
the
consum-
that
the
will continue its policy
company
its
repurchasing
stock;,
own
-i^
««rvUi
ahmUIVV*
rCilCWSl1
the
attracted
by
stock options and
relaresult
aged
a
We
while
money
plied all
the
on
©TO"*
the solution
technical
This
still
in
method
force
drilling
drilling
and
much
nrnPram
program
$6
as
monev
will
11 op
of
for
'itself'
1962,
1963
share.
The
and
a
the
bank.
indicate
million
hp
for
The
that
a
Occidental
minimum
rv
nrJn^inn
advanpp
ha«?
inmirpH
earnings
1964
company
of
has
for
$1.40
no
a
debt
substantial cash balance
stock
in
Management has indion
a
dividend
putting
basis
in
Since
the
discovery
of
the
Lathrop Field,preferred to above,
has
made
additional
discoveries in other locations.
which
Field,
the
cated that
that what risk is involved in the
T*161"0118
°Per^atmgchanges designed
to
than 0ffset by its potential on the
01°,
—
stigated.
1961,
lv 8\l
the
of
this
in
became
company
labor
a
Philadelphia
Amprihaft
a'nrice
There
in¬
810 000 shares
are
c'eded bv onlv $362 000
'g'
a
mortgages
a
•
the
struck.
was
a
low
+•
level, but the
•
j
Qlspu^e^ tinued f^
months,
carryinS over ir^° .l062-
agreement was finally reached
comPany found its supply f
^^ompo"enl:s^
Ea^ln§s m t e
Wavalile''":''burme :.the•'
endins June 30 last
plant
+'
com
lrs
endlng June 30 last, the com- quarter of this year dropped to
Pany earned $0.81 per share ver- 13 cents per share against 50 cents
y
in the 1961 fiscal
fsus
year,
in the comparable quarter of 1961.
sales increased to $16,- Earnings began to
^Tooo^fr^^^^onn
'hfler fuarnin^s began tf° recover-during
9,54,000. from $15,563,000, higher the second quarter
of this year
expenses cut into after-tax prof- and a net of 44 cents was re-
its' Purrent assets of $5,359,000
p0rted.
We
understand
7^000^^ CUITent liabilUie3 third
^uarter wil1
neighborhood
of
70
*2>040>000-
'
The
company's
carried
on
divisions.
operations
are
through four principal
The first, called
Vibra-
shock, makes mountings and
systerns for protection against vibra-
is
more
UDSide
Canada Southern Petroleum Ltd.
dispute and its
pro.ection, production
continued at
-
of annroximate-
co^oh
year
is
company
stock
However, in the Fall of
the
volved
inin-
Wd'e
were
this
of
Purchase
_
tQ imDrovfi
Dr0tltabllllV
improve profitability
A
share/ and
.
that
that
be
cents
earnings
,u
,
in
for
the
stock
lation
a
a
is
never
simply
low
a
good
specu¬
sells
it
because
at
price_ However, sometimes
lcw-priced
is
stock
good
—
a
specuiation for other reasons. We
tnink Canada Southern Petroleum
ig
stock
lcw.priced
a
that
has
much long-term promise. Selling
currently at 3% on the American
stock Exchange, the company has
c,utstanding
97n n,nn
270,000
6 247 000
options
common
(n
to
shares, plus
nurchase
purchase
the
the
stock at six which expire
—
^*T964*and T966"
unique in that
This company is
it
has
no
operating
divisions,
the Since its formation in 1954, the
per
company
the
lessor
+u
U1
or
..
solely
has acted
the
as
concessionaire for possi,
*nr<mao
approach the $2 fig- ble oil and gas hearing acreage
"re' 11 ******* that cash ^ivi- Its basic policy is to et the othei
year
25
W6re during
redUCed
±
cents
quarterly
t0 tellow
put up the m° 6y
the risk. Under this method
the
of
idon0 and^^shock ^*£or^echarhca 1 strike' wil1 again be raised to the
December.
one,
nn
chanee at
:
oe
syndicate
cated that it will consider
the
196
forthrnrnin^
and
stock
traHhH
is
fuaf
municipal agencies. We feel
mana„pmpnt
npw
'
■
inter-
has
1qfin
7.
With police
sup-
oneration
plans
stock
Robinson Technical Products
services,-ieach
of
t'
men
specific venture 50-
any
50
to
iu» lucml,;mass
transportation
problems., As a matter .of fact,
certain bills have set up programs
oi
,
drilling-
company
the
continue
lU LUI1UI1UC
esting capital gains possibilities,
;
money was
advanced
_M
.
of its operations,
scope
believe
to
re-
injected by the so-called syndicate
system. Under this arrangement,
individuals
expects
enlarge the
substantial
new
and
f
into
come
hopes of
Tn
is
called
discovery
the
they have found
india
missiles,
gej
sec-
spacecraft,
submarines
industrial
In
Oakley
well
equipment used in
in aircraft,
aircraft
equipment
°Peration- the company now; has
guided'
guided $1,5° annual rate which was paid arrangements under which such
siirface
and
h^fQre
r
specialized
instaiiations.
second
division,
gtrike
outstanding
called
Kensico Tube Co., produces seamless copper tubing in diameters
listed
stock
on-
companies
as
Im-
perial Oil—a subsidiary of Stand-
.
National City Lines
The
The
the
ves-
of
the
this
New
ard
York
Oil
of
New
Jersey—Pacific
is
Petroleums—an
affiliate qf Phil-
Stock
lips Petroleum-
and
company
Pan
Ameri-
subsidiary
of
Exchange. "At its current price of
can
23, its dividend of $1.20 per share
Standard Oil of Indiana—-are .cur-
Petroleum—a
v*j
be
million.
sale
are
anticipate
We
excess
will
sale -of lift trucks and tractor for a $500 million revolving fund
shovels. It is also an important- to be made available fci the pui —
Producer of locks and hardware: chase of - transportation, systems
share. The company is well man-
O
$0.18
record:
of 1961. Earnings for the full-year
1962
should approach $2.30 per
stockholders
interest to
in
,
Capable technical
Occidental
terized
CH
1962, Prophet reported
earnings of $1.24 per share a&aiust
$0.51
in - the comparable period
the Los An-
on
import-
*
*
than
"many "occasions" 20' ^ $1 annual cash dividend record that the Federal Govern-
instance to a very poor first quar-mmfer dn the automobile business.. dkn£
equipment.
About
twoHowever, in the first six months thirds" ot its sales come from the
of
anci
1955, the
Exchange at
new
•
1960
:
oil
+
company
navments
20
clined
selling
Some
induced
the
Pabst
-
this
of
prospecting company are not
original but are perhaps unique—
certainly unique insofar as its sue-
,T'
8.7
a
gas
splitting
"
'
;
Yoik Stock
need
to
i
operations
were
Current
advance
high of 27%
The
viving it.
clining phase.
announcement
to
:
3
cess
company's
the
r
expc~J
we
in
this
some-' S7 f
by
-
cash
in
Earr,
ings in the first half of 1962
June
more
en¬
sources,
future.
ending
and.
fining operations. Net income lar
year
fol-
Exchange^ At. its current price of" The present Administration is
October, the stock" P°or weather rin January through
had" decided1 to"^'' Theh'the'
stock
it had
million
after taxes
lisfed on-the New; York; Stock-■ of
attributable to unbelievably"
was
During the
Yale * T#wne Ma»ufact»»nS c°-
and $1.31, respectively.
first
months
augmented
'
'
$8
\
St.
ctnnlr
and
to
83,000 shares. At the beginning of
tations
stories, marketwise, of the
own
so
expected
are
12
the current fiscal year will exceed
one-of the
municipalities
repurchased
North American Aviation. Expec-
is
an
ap¬
there has been
years,
trend, for
C The common stock of Occident-; revenues from machine sales will
Petroleum
them
cost
current price—the Stock sold at
National City Lines has been
311/4 in 1961—a quarterly divi- buying in its own stock in the
dend of 10 cents a share is being, open market for some time. Dur-
own
completed,
Public
low. . Eventually, Philadelphia and
Baltimore, as well as the other
37 properties in its system, will,
30,
is
Louis
$10 million for
which
cities
recently
program
St.
$20
owns
entrenched in these four growth probably be sold to tax-free aufields. Despite its relatively low thorities.
basis
its
'
City, Chicago, and Los
paid. The Vibrashock division has
operating
"
Lines
Angeles have already dene
Products,
seems
city,
...
New York
other
relatively small
that
transportation systems.
acquiring
and
in
a public au-
mass
be
sweetened.
announced
was
acquire and operate their
local
pace
Technical
Transit.
,
of
recent
clear
a
there seems to be a good chance
that the 1963 dividend payout will
first
re^-
vi-
hign
computer
minority
proximately $1 million.
not
boch moving ahead
stock capitalization,
a
percentage of the machine's
a
addition, the
in due course it will
so
investment
also
Tne
El
approximately
receive nearly
take. During the past two years,
this policy has been altered and
the company is in the process of
beiieve
we
level by late Summer
i*
Service,
will
few
the absence of any secular growth
1961,
and
are
rapid
a
with
years
the
on
for
they
and
con-
trend, the company, between 1951
other operators
to
but
system.
field
Robinsori
leasing^ouT machine
policyof
If the
at
the
_
it
,,
of
sumption running about 98 pounds
per capita year af tei year. Desoi •"
and
of vending machines. In
In
facilities
about>49%
in
and
are
City,
Baltimore
19,
,
con-
success
American
entails
g°ne by, the company followed
Sugar* Refining
HnnWiP
obviously
Oct.
,
each
launched
shock
more
PhiladeXphia;sTrans-
and
portation
factory feeding
use
times
Occidental Petroleum
American
of
Lake
have^been sold to
Each
and
protection,
vacuum
gross.
8V2
yields 4 5%
year
Prophet's
Over-the-
appeal in this market.
ThP
operation
of
Salt
The
producers
Ser™e' which operates the trans-
next
assured.
is
control
of
that the assets of St. Louis Public
years
tinue,
be¬
we
The
cards.
at
is
a
trends of the past
proven
lieve that
x
paid j-bjs
which
provides both growth and
sells
This
esUmaVed
o
dividend
annual
As
in the
share
per
one-half
facilities
Counter.
stock
$1.30
substan¬
a
tial upward move.
The
like
than
is
in tne
fired
is
needs ample
oniy
velopment
should
On
of, this
operations
seem
tnat
com-- spacecraft
While
have
where
portation
force, the; literally miles of capillary tubing
,
states.
South Bend.
thority
iuture
wnose
missiie
in plant feed-
was
General
in
lnteregts. in
mM.
of these
Each
stores.-
Originally some 90% of the
per
space
systems.
systems.
customers
14
revenue
million. National City
buildings, ter-: ,few
v
Its princi-
operation
eomp7n7'ow7S"'sizaw7
computers V and
electronic
eietuuint;
the
.
and
assemblies and
in
no
Pas0> Lon§j Beach, Calif., Tampa
Kupfriari
produces electri¬
complex
cumpiCA
Among
col-
and
department
pany's business
include
$0.15
other
WUICI
u
the
is
in
g^uated
division,
used
circuits
has
*1
stock dividend
facilities
abovf ^"yeaX"^- ed ™thout__the banf" of
y
this
and
j
activity
jmportant
beam welders,
electronic
cal and
Its cash dividend rate,
plants,
pal
and
associated
and
as
Manufacturing,
current
a
-
legesi' .and to the public through f ieicis;
__.L-_i
1969;
however,
at
+
fourth
The
semi-annually.
The company serves food in
iri-
reported
in
and
shares
more
has
company
public transit systems in 37 units
furnaces
equipment such
The
000 shares outstanding.
systems
vehicles
yield of slightly
a
5%:
located
the American
on
quarterly
1
2%
1957
__._
company
control
The third division, High Vac-
Co.
been supplemented recently by
$0.28
earnings,
tax
Argentine,
of
1950
1961
____
the
earnings
jn
$0.15
u
in the
place
in
space
supersonic aircraft.
perature
Exchange
dustrial
mm
be-
and
missiles,
4,600,000 uum Equipment Corp., makes spe-
are
549,800
—
traded
are
Stock
.*■ challenging
itself
for
common
capitalization
nnH
vpav
it
'■_?
long-term debt ahead of the 1,300,-
drilling activ-
Prophet
a
which
was
Following deficits in 1956
$2.21. 1962 earnings will
and--in
in
increase
lnc*ustry.
penalized by heavy market development expenses, particularly
Italy
e-t,
is
Schlitz
be
in
position
used in
are
ThisCompany,spelledP^-o-p-h-:::y^u^_m^ze^
and
has
small
stock simulation chambers
re-
price of 21.
now
during
rose
from
The
over
brewer. A further rise is expected
fhie
purchase
a
*ber strikes. There
as
the largest for any major national
$47 million in 1951 to $174 million
the
major
a
industry. 1961's 10%
nlar-p
Coca-Cola's
Pepsi-Cola's sales
_
sue-
ket.
in
took
floundering and
to
20,
shares outstanding.
in sales to 5.2 million barrels
The most
years
it
of
ity and the possibilities of fur-
a
Brewing in 1958 when the
company was
ago.
years
the
markets
domestic
,
management
new
pabst
than in the United States. In many
respects,
with
dominant market factors.
foreign markets since World War
II.
shakeout
real
a
*ew national brewers surviving
develoDins
in
been
as
of its intense
cause
Continued
price
frr'
Thursday, November 1, 1962
guages, lubrication of delicate in-
shortly.
current
.
size. The smaller sizes
struments
At
Will Be Higher Than Today
...
;
.
J
Volume
rently
drilling
Canaaa
By
is
permit
British
in
1007
ing
northeastern
Although
Pan
while
its 45%
particular
instance,
American
Pan
has
believe
from
which
runs
from
and
that
the
that
this
world
largest
structure
coming
is
gas
choicest
the
just
Standard
make
with
well
awfully
important
within
known
should
three
one-shot
In
the
coming
15
wildcat
some
in
drilled
the
season
will
Nelson
Fort
British'
northeast
of
wells
area
these
will
holes
15
the
In
im
meantime,
another
holds
other
Northwest
Canada,
of
Territory
where
be
percentage gain could
Southern
distributes
in
Its
liquid
petroleum
gas
and
Georgia.
combines /the ^sta¬
operation
bility of
and
Florida
of
areas
Virginia
water company's earn¬
a
ings' with the growth of
distributor
—
LPG
an
the
of
one
fastest
growing industries in the country.
This stock is traded in the
the-counter
is
a
and
market
is
cur¬
yield
4.4%.
of
dividend
1983,
fiscal
this cash
be
dends.
has paid stock divi¬
issues
two
the
sizable funded
A
'
of
shares
644,758
precede
preferred
of
common
&
Gas
its
Because
cludes
the
the
is
■
seasonal pattern
of
feature
interesting
Southern
of
contra-,
of its peak load.
distribution
tobacco
area
in¬
growing belts
Georgia and northern Florida,
educated
with
tobacco
instead
heat
to
liquid
of
their
cure
wood
highest
company's
petroleum
smoke,
sales
•;
the
occur
during the Summertime when de¬
mand
for
lowest
heating fuels
is at
the
point of the year.
should
run
in the neighbor¬
hood
of
pares
with $1.42 for the
$2
per
share, which
com¬
year
end¬
ing May 31 last.
The
of
of
case
t
based
that
<
Gas &
in
the
the
to
a
attraction
City
strong
as
Lines,
near
properties
tax-free
may
authority.
to
in the
is
probability
reasonably
ture the water
sold
,
Water,
National
on
long
busi¬
fu¬
The
divi¬
has
now
$24 million
a
and
an¬
further
a
As
re¬
result
a
to join
million
school
bond
annual
sales.
of
of New York,
the
tax
A
lion
which
this
division
of
that
to
be-,
company
in
Dunn
firm
Carr,
became
Carr
&
Moroney
Co.
&
in.
and
changed
was
name
a
Mr..
Moroney purchased the interest of
the
estate
of
and
the
1934
changed
to
name
changed
to Moroney,
after
served
partner.
1962, when he
of
the
in
was
Beissner &
Moroney
Mr.
until
President
as
name
M. Beissner be¬
Henry
a
was
Co.
&
Moroney
In 1942 the firm's
1936.
Co.
firm's
in
Carr
Laurence
Jan.
1,
named Chair¬
was
and
Mr.
Beiss¬
President
and
Chief
Board
became
The
in the last 43
only period
when Moroney, Beissner
years
&
Co., Inc. and its predecessor firms
not
banking
business
year (interval
and
stock
a
three-
was
during World
War
II when the entire executive per¬
sonnel
Forces.
in the Armed
were
Both Mr.
Moroney and Mr. Beiss¬
ner
in the Navy.
were
The
Bank
and
firm
of
is
a
has
its
Southwest
the
of the
member
Stock Exchange.
I.
the
Building
Midwest
Its principal of¬
ficers include Henry M.
Francis
in
Abshire,
Beissner,
L.
Ernest
Brown, Jr., Jack T. Currie, Samuel
Eisenstadt
John
and
D.
Mac-
Mr.
his
Moroney is completing
year
a
as
member
of
Association
as
association's
municipal
committee.
Chairman
Texas
a
securities
He also has served
:of
Group
be
committeeman
In
Security
the
and
as
Association's
as
ofthe
Traders
of
member of that
America and
a
national
National
Association.
carryforward
reduce
by
its
tax
per
year
still
are
being
the
recession,
share earnings
per
#
cyclical
1958
$1.59 in
versus
against
1957,
$38.5
76
cents "last
year.
which
included
five
home
of
For
fiscal
full
its
ended
million
$20.9
Oct.
on
are
excellent.
appear
now
small
many
mar¬
per
$57
million. Of these
timated
$1.35
30
its
market
Industry sales should
least
(rapidly
as
construction, and
as
grow
home
new
possibly faster,
from
cents
mobile
the
the
from
a
full
mobile
offices,
dormitories
the
potential
further
and
widen
Additional
may
ensue
from
proposed entrance by Divco into
the
financing
If
could
a
rooms
market.
growth potential
a
homes, such
class
will
as
newlyweds.
for mobile
uses
for
as
and
of
mobile
undertaken,
provide
large direct
the
home
this
step
company
with
of sales and
source
sales
owned
earned
finance
wholly
subsidiary
$207,000 after taxes, against
application
older
against $0.18 in 1960.
receivables
1960.
monthly.
$500,000
in
1961
be around
operations. After
to
be
of
about
financing
rapidly, since mobile
financing is
handled,
in
now
also being
and volume is expected
running at
$1
a
million
monthly
during
rate
fiscal
Divco-Wayne's earnings in fis¬
cal
1961
its lowest since the
were
company's formation .in' 1956.' 1961"
sales of
$28.7--million Amd earnings"
of $1.03'per
by
the
part
of
share^were*depressed-
recession during the first
the
year,
and
by
work
stoppages and a strike during the
final
quarter.
Thesp labor prob¬
expected to
are
$67-70 million. On this
about
earn
$2.65
motive,
cents
40
of
share,
per
which $1.20 will come from
from
auto¬
financial,
mobile home
$1.05 from
cash
current
almost
equal
to
The
cash
liabilities.
total
re¬
quired to purchase Vought Indus¬
tries and
meet
increased working
h'as
requirements
capital
supplied
through
in
crease
long
term
been
recent
a
in¬
debt, which
standing
to
another
buy
shares.
Management
231,000
common
other 51,000
11,861
about
owns
shares, with
an¬
shares being held by
Ling-Temco-Vought. The stock is
listed
the
on
New
Stock
York
Exchange.
Year's Gas Sales
Set New Record
estimated
1962^earnings
times* estimated
1963
For the first
for
100 billion therm mark in August,
according
1962,
Gas
Divco-Wayne
During
ended
which
firm
the
six
and
should
help
caused
Growth
to
problems
be
continue
due
and
a
gas
**
lion
was
94.3
billion
the
previous
G.
A.
a'
equal
units
bil¬
100.2
This
record.
new
of 6.3%
increase
an
to
amounted
therms,
the
over
sold
during
comparable
period,
therms
A.
reported. One therm is
to
100,000
thermal
British
(Btu's).
peribd, natural
In the
6.5%
increased
sales
gas
97,989
total
to
vious
In the
therms.
period,
amounted
Sales
same
pre¬
gas
sales
natural
to 91,967
therms.
and Y
manufactured
of
in the same 12-month
gas
period
million
2,233
totaled
therms, down 2.2% from the 2,283
million
therms
sold
•
the
in
same
prior period.
and
sales increased 7%
industrial
49.6%
and
commercial
Residential,
other gas
total
of
representing
sales,
gained
sold,
gas
5.6%.
both
market
Financing
New Service for
income,
increasing
by
the
1962,
division
rapid,
growth
at
expansion
home
quite
industry
one
automotive
while
mobile
should
in
ir^
operates
by cyclical declines in
-the
of
of market
reduce
to
for
encourag¬
now
31,
Aug.
sales
gas
results.
quite
*
period
12-month
the
utility and pipeline industry total
million
prospects
are
American
the
to
Association.
mixed
term
Longer
time, total gas sales
12-month period crossed the
a
op¬
eration!?; ^t jCijrrent levels, DivcoWayne thus sells ' at seven times
sales
of
Underwriters
mobile homes, should continue to
rise
steadily.
margins
Overall
capable
seem
and
provement,
company
NEW
im¬
assist
of
>
is
management
YORK, N. Y.—A service to
with
continuing its cost control efforts.
been
initiated
Due
Nicholas
the
to
which
sales
high
share
per
sales
exists,
now
leverage
with
of
$85
stock,
in
even
a
slight margin improvement would
have
substantial
a
share
effect
on
earnings
at
the
above,
the
that
earning
within
$1.60
share. Based
per
discussed
factors
Divco-
years,
averaged
has
Wayne
on
the
it is
our
could
company
this
double
next
two
in
quarterly
common
dividend
stock
cents to
20
the
Since
firm's
then,
to
working
5
President,
Nicholas,
said.
Supervising the progress report
is Jane Judge, the com¬
J
service
director.^
on
reports
Judge wrote progress
issues
new
re¬
cents in
an
Co.
&
for
Alstyne,
Van
while
security
a
analyst with that firm.
op¬
increase
provide
capital
heightened
company's
ad¬
for
the
volume
result, management has in¬
dicated that the 20 cent quarterly
dividend
will
future.
Divco's
the
be
restored
in
At
current
levels,
this would result in
on
P.
George
E. H. Nelson Joins
long term debt has
arranged
ditional
near
was
writers' research departments,
on
was
mobile home
capital for
a
service
>
in order to conserve work¬
erations.
been
they.,
preparation of the reports because
of the cutback
in many under¬
Noel
duced from
to
^
the
of
ri
of
issues
on
pany's financial relations
Divco's
in
offers
firm
preparation
the
reports
Initiation
Miss
The
ing
P.
have underwritten.
rate
three
or
years.
May,
-
has
George
by
prompted by the need for outside
five
last
progress
aftermarket
The
Inc.
underwriters
per
earnings.
the
the
communi¬
in
underwriters
cating
As
1963.
eco¬
sales volume, the company should
to
million in
This volume is expected
increase
home
$6.2
Currently, the subsidiary is
handling
to
com¬
earnings,
Net install¬
rose
million from
$7.5
the
to
net
cost
nomic downturn, total 1963 sales
be
share
consolidated
of
possible minor
a
for Divco-Wayne
uted
a
v*
1,
with
as
its
in
allowing for
opinion
$0.27
well
as
and
$141,000 in 1960, and thus contrib¬
pany's
profitable
techniques in this division
In
Divco-Wayne's
1961,
benefit
control
financing prospects.
In
fiscal
In
of
sales,
further
from
aided
special markets, such
de¬
finance.'
will
year
home
to certain
New
sales
company
penetration.
couples
es¬
was
division.
home
1963,
due to the appeal of mobile homes
retired
an
subsidiary, and 60 cents from the
rate,
increase
about
share
per
reasonable
at
the
rived from automotive operations,
should
to
of
earnings,
operations
chance
At
Divco-Wayne
sales
total
on
try, offering Divco-Wayne
share.
which
share
industry.
good
year.
probably earned about $2.25
ginal manufacturers in the indus¬
a
months
last
year,
31,
to
rose
nine
for
million
against
sales,
ing./.'The diversity
the
Board of Governors of the Invest¬
Banking
will
There
kinnon.
third
next
accumulated
was
division
ment
offices
$35
a
By
Future prospects for the mobile
actively conducting their
brokerage
loss
home
parks.
Executive Officer.
de¬
the first nine months of its fiscal
liabilities, but the specific amounts
had
and
the Chi-,
rate.
op¬
substantially in excess,qf $1 mil¬
had
of
$1.57
were
: during
In
example,
about 6% pre-tax on mobile home'
and
graduate of the
he
mobile home
Divco expects to be earning
year,
the firm
native
A
these moves,
while sales have maintained
in
investors
Wisconsin,
the
the
1929
ment
speculative
Southern
and
1923
a
office
parner
G.
Earnings for the present fiscal
year
his
Texas
In 1928 Mr. Moroney
and because tobacco growers have
been
to
Carr.
investment
One
studies
point
expected during 1963.
moving to Houston.
were
stock.
rate
determined.
and
debt
sales
involved
ner
the company
closed,
duction in this breakeven point is
member
par¬
tially tax-free. From time to time,
ac¬
financing
instituted.
breakeven
Guaranty Company of New York,
man
expected to
is
affords
the
For
ending May
year
which
share
per
been
nual
hll of his
began
service
to Houston
came
$1.10
of
Dunn
over-
Its cash dividend
rently $25 bid.
been
and
engineering
affiliated with the Guaranty Trust
.
West
m
Moroney
concerns
water
operates
Since
erations have gone into the black,
cago
Water Co.
&
have
been lowered to
in church
■
company.
companies
have
worked several years in
Gas
lost
of
fore
This
million,
was
several
purchasing,
sion's
Co., Inc.
Company
large.
very
made
industrial
Robert E. Moroney
attended
low risk speculation
a
the
on
policies have been tightened, and
&
University
Arctic Islands. We.think this stock
represents
firm
Dallas and
the
and
operating
poor
of the board of Moroney, Beissner
of
the
horned
mobile
a
the
In 1960, this division lost
sales,
Moroney
cago
acres
Vought,
-
Industries
Vought plants
1927, when he moved from Chi¬
company
million
purchased
was
significant
changes in its operations. Several
the
Moroney,
ness
on
cost to them.
the
13V4
parts
drilled
be
their property at no
it
Temco
-
$36 million in sales.
has
Presi¬
record
A majority of
time
Ling
quiring Vought Industries, Divco
previous¬
Mr.
1%
where Canada Southern holds
million gross acres.
the
&
Columbia
for
Volume,.,
hospital construction.
new
on
Board
a
signifi¬
earnings
ability to main¬
an
earnings
of
from
35
Chairman
time, but will remain
be
the
position.
end of its October 1961 fiscal
year,
its current
ratio
was
4.9
to
now
totals
$7.5 million. 835,000
even
though
sales
dropped
to
Mil¬
shares of common stock are now
steadily' $26.4 million from $28.1 million..
with
options
out¬
Divco reported $1.51 a share for outstanding,
particular,
of $45
work which will occupy
drilling
in
sales,
million
said that he will engage
in
financial
25
made by
sales
of
ambu¬
grown
while in 1961 $1.5
Mr.
speculation.
have
$670,000
as
particularly
a
downturns.
months
and
Beissner
weeks, the stock is by no means
a
the
op¬
tain
year
Vought
Co., Inc.
Jour
or
growth
of
and hearses
market
should benefit from the rapid pace
At
past year
of
be
further
Sales
Ambulance
serv¬
banking
Canada
to
results
and
Southern,
bus
businessmen,
the
were
factor
and future prospects appear good.
investment
be
Foreign
this
ly
to
could, if successful,
Wayne
record.
dent
While
transit
division had had
and
area
had
them.
lucrative
lances
E.
after
lems
cant
demonstrated
business
the
1963,
1,
the
cline, since Divco had previously
ice to Houston
of
Canada
that
on
Indiana
of
deal
a
lease
a
of
from
Jan.
in
school age population and central¬
portunities.
has announced that he
on
strong
ization of school facilities.
but
Robert
increases
sales, and entrance into the small
stability
—
2
page
rapid
investors
as
lies
area
happened that
so
which has
and
Texas
retire
years
northeast to southwest
Southern held
"
will
what
ten miles to the northeast.
six to
this
Moroney
continent. Their geolo¬
gists
so
HOUSTON,
the North
on
security
a
growth
in¬
•
address
in
the
be
well ever found
gas
American
It
brought
to
said
been
from
January
last
better-than-average
from
projected
Moroney to Retire
in this
Well,
Continued
the
-
ler-Meteor
production. You
made.
be
meantime,
by Mr. Penick before the
National Association of Investment Clubs,
Philadelphia, Pa., Oct. 20, 1962.
might well ask why such a "farm
can
tne
(1845)
THE SECURITY I LIKE BEST...
offer
only if the well is produc¬
then only, if it chooses,
out"
the
some
characteristcis.
and
well's
In
strong
*An
Canada Southern puts up
that
be
Pan
interest.
from
estimate that
we
of the stock will be receiv¬
a
come
paying all of the cost
interest,
25.
owner
well, Canada Southern has
share
event,
of
hole
a
American has only a 25%
tive
that
Pan
digging
Columbia.
45%
a
The Commercial and Financial Chronicle
.
value of ihis stock would
to
example,
now
American is
.
.
50% higher than its current price
of
way
of the
cost
' no
Southern.
American
on
6208
Canada South¬
on
properties—at
ern
Number
196
common
stock dividend,
a
5.0%
stock.
yield
A
2%
paid in May, will
probably not be continued if the
20 cent dividend is restored.
Divco-Wayne has always had a
McCarley & Co.
TRYON, N. C.—Edward
has
H. Nelson
joined the sales staff of Mc¬
Carley & Company, Inc.,
of the New York
members
Stock Exchange,
and will become manager
of their
Carolina office, 228
Street. Formerly, Mr. Nel-
Tryon, North
Pacolet
son
was
proprietor
firm in Kilmarnock,
thereto was a
& Sons,
of
his
own
Va., and prior
partner in Gregory
New York City.
*
26
The Commercial and Financial Chronicle
(1846)
and
men
will
him
elect
wanted,
'they have
real
very
cians
the
now
the
and
If>by "politics" is meant: all
those techniques and devious
led
believe
didate
is
that
politicsis
left to the
desired
layman, whether
ness man
the
out
or
knack
people
to
what
he
stands
likely
very
for
him
for,
or
business
who
man
and
now
way
in the field
also
of
for
d i
other
—
long
is true
as
professions,
as
e r s
teachers.
or
often the
his
spent
But
active
far
who
man
life,
or
trade is
or
a
failure
sort—more
saying
politics
of
goes, to put
his mouth.
is
-
that
When he has!
'this
in
ready to cast his
habit
of
,
placing
confined
The
local
to
farmers
af¬
long ago
ed
in
getting special legisla-
tor
tion
be
to
seems
of
to become immune to the
their
exclusive
own
no
idea, of giving
any
.of it
for
in
that
law¬
Washington,
and
the ^state
in
matter
irresistable.
In
the
that
favors
seem
of
point of fact,
have
been
century, and particularly
tury,
are
not matched,
as we can
recall, by
self-seeking
cen¬
far
so
other
any
group.
Organized Labor, Too
to
be,
fact,
or are
merely
themselves
ting
their
and
members free from the
rigors
that,
office.
the
or
This,
actual
of have
laws, and in
practice from
forced
not
num¬
they
through
is a titanic problem.
changes in the statutes, and
/The thoughtful observer will where their influence has not
have taken
note
of
under way
handful
cluding
uals
a
adequate to bring court
campaigns
only the Pres¬ formity
ident, the ex-President
mere
been
decisions
the fact that in the
now
and
a
of
largely into
with
local
law
cials
have
others, in¬
number of individ¬ and
their
wishes,
enforcement
again, ;and again,
again
that
the
applied
Local Interests
;
•
-Everywhere
that individual
the
looked
the
other
meaning
report
is
Congressmen,
any
ness
law
to
for
of
the
others,
land,
had
them.
as
no
Without
doubt the failure of busi¬
to
proceed with larger
Senators, and local candidates plant investment and hence
are
really concerning them¬ to "grow" as the Administra¬
selves
can
chiefly with what they
do
for
their
of their fel¬
some
largely
-
and
the
to
comes
defense
is
of
own
local
Allen L.
Alfred F. Tisch
Earl L. Hagensieker
busi¬
businessmen
and
ness
it
discrediting
Oliver, Jr.
when
formulation"
national
here that
poli¬
business,
and all the rest of us, would
benefit
from
business
that
sense
the
into
the
of
entry
politics
in the
technique
of
gank 0f NeW York
Joe E. Hutton
SSHlillcir
Jny
First
duct
of New York will
investment
an
seminar
customers
versity Club,
N.
Y.,
November
field
of
and
1
by
and
the
will
Nashville.
'
•
Bank. ;
by
MONDAY,
2:30
tion
wishes
stantial
is
in
very
president
Bank will
current views
This
economy.
major
will
industries,
on
be
with
Friday,
seminar will conclude with
-sub¬
part traceable to'the
Beach-Activities and
P.Mf
of the Bank's views
8:30 P.M.
West Indies Party,
Past
Officers and Affiliate, President's
9:30 A.M.
Golf
Clinic
9:30 A.M.
Fishing Trip
S.E.C.
Forum,
Philip
Municipal Forum,
a sum¬
•
6:30 P.M.
/
8:00 P.M.
9:30 P.M.
12:00
Private Placement
E.
Heller
ment of
-
Inland Waterway Boat
Inland Waterway Boat Ride
8:00 P.M.
Dinner
placement
New York
City and
Co., San Francisco.
Proceeds will be used to finance
the
company's
increasing volume
of business.
Walter
sidiaries
for
and
E.
Heller
provide
and
its
working
10:00 P.M.
other
operations of
group
of
a
widely
clients".
>
-
•
<■
-1
Monte Carlo Night
/.
V
,
•
■"
9:00 A.M.
12:00 P.M.
National
Committee
Cocktails by Stany,
Meeting.
Luncheon, Cabana Club
3:00 P.M.
Seminar
of
Regional
Public Relation
6:30 P.M.
8:00 P.M.
and
Area
^
-'
>
Reception for Incoming
•
Dinner and Presentation of Officers.
Entprtninmpnt
O.T.C.
Chairmen.
and Education Program
Cocktails, Cloister Gardens.
Officers
Election of Officers
Cabana Club
1:00 P.M.
industry by financing the sale
diversified
Ride
THURSDAY, NOVEMBER 8—
sub¬
funds
;
;
Splash Party, Cabana Club
2:00 P.M.
negotiated by: New York Se¬
Dean Witter &
..
WEDNESDAY, NOVEMBER 7—
$25,000,000 in senior notes
Co.,
Midnight
/
Bridge Tournament
private place¬
was
curities
Movie.
Golf Tournament and All Sports
The
Chairman
Speaker: Mr. Kemmons Wilson,
Dinner.-
9:30 A.M.
Oct.
1982.
Award Fishing Prizes
Cocktails,. Cloister Gardens.
9:00 A.M.
due
1,
Calvert, Municipal
Gordon L.
Co., Chicago,
&
the
Director
Holiday Inns of America, Inc.:.-Subject: The Holiday,
Walter E. Heller
announced
,
Director and Assistant General Counsel, IBA
Inn Story
has
Loomis, Jr.,
A.
Breakfast
Trading and Exchanges Division
ing the overall outlook.
Walter
Steak Fry, Cabana Club
8:30 A.M.
the
concern¬
Contests
Cocktails, Cabana Club
2:00 P.M.
.
mary
Meeting
6.30 P.M.
3:30 P.M.
luncheon
Dancing
Ladies' Painting Lesson
securities.
After
,
program
5—
National Committee
comparative values of
on
following
TUESDAY, NOVEMBER 6—
the
on
followed by panel discussions cov¬
all
the
Cocktails, Cloister Gardens
NOVEMBER
10:00 A.M.
Following this discussion of the
the
announced
Dinner, Patio Royale.
9:00 A.M.
Samuel
Export-Import Bank.
scene
'
8:00 P.M.
Washington
former
and
also
Registration
6:30 P.M.
discussion of recent
abroad
has
/
...
...
Association
12:00 P.M.
discussion of'
a
The
SUNDAY, NOVEMBER
dis¬
be
a
emphasis
Seattle,
Inc.,
Marshall,
&
for the 29th Annual Convention-in Boca Raton November 4-3.
meetings.
problem and
domestic
Foster
in the
balance of payments
set forth its
Sanders,
Secretary—Joe E. Hutton, Equitable Securities Corporation,
beenv
Europe, the
international
Sanders & Company,
.
Treasurer—Sidney J.
the economic outlook for Western
the
Company,
&
v
Dallas.
Friday,
C., Sim-
two-day
These will include
consultant
Fitzgerald
Second Vice-President—Allen L. Oliver, Jr.,
for
Uni¬
has
it
2,
Albert
investments
at
cussed
Tisch,
1 West 54th Street,
Thursday,
on
the
at
Gardner, St. Louis.
Hagensieker, Reinholdt &
con¬
correspondent banks and other in¬
stitutional
S. J. Sanders
Vice-President—Alfred vF.
New York.
The Bank
offi¬
are
about the real national issues.
!
or one ;
con¬
definitely not way when unions and their
professional politicians, are henchman quite openly and
having very much to say quite definitely presumed
who
in
ering
a
course,
ago
and
trouble,
low travelers have succeeded
of
politics"
ber of other laws. Where
long
all. The
C. Waugh, the Bank's
Organized labor also "went
elected 'to
public
large ben¬
only to business but
-
of the anti-trust
other
not
developments
trying to appeal to his preju¬
dices or
merely trying to get
this,
efit
announced
into
matter
a
which would be of
up.
long ago. The
demagogue or of
of the professional poli¬ unions have succeeded in get¬
ticians who
and
reform
tax
his foot in granted the agriculturists of monds, Jr., Chairman of the
this country during the past
A wide 'range of subects
wiles of the
any
for
President—Earl L.
standing of major questions of
the day, and of
enabling vot¬
ers
been
generally, has
have demanded and succeed-
during the past quarter
problem
it is true that*,
course,
and they being effective is the goal.
makers
finding some way of
improving the public under¬
as
dis¬
town,
interest above-all else
fairs.
half
The
,
throughout the coun¬
groups
or sives"
this, that,
decision
a
this
not
A Titanic Problem
-
ing slate of officers for 1963:
organized
|Other
as
ASSOCIATION
The National Security Traders Association has received the follow¬
category of self-
same
us
the
this
the
them, is that the "progres¬
hai
less sure, as the
or
SECURITY TRADERS
place it
of
quite likely to be capitals, appears to be almost
in
in
to
sense
one
to
Their pressure upon
larger psirt of it, in industry
of tariffs,
matter
wants
example professional sol- benefit, and apparently have
more
policies
NATIONAL
tend in
cies. It
group
then
this sort and who
goes a
has
industry
to many
quite right.
voter
feeling for politics of "got into politics"
a
for all
vote.
a
to have been born
seems
with
arises
the
NOTES
subsidies and the rest—which
sad asking
a
are
his
state.
or
But
there
course,
for
matter he is
not
much
headway in politics.
Of
usual
do
can
reached
or
is
make
to
purposes
the
persuading trict,
of
vote
getters
to know is what
busi¬
a
is
the other candidate has done
else with¬
anyone
vote
What
are
'professionals in this field. And
the
—in
these matters business
that these local profes¬
racy
largely practical
now
situation
NSTA
...
of the
result
a
as
commentary upon our democ¬ other changes in the situation
can¬
politicians who
labor
surprising. try. Of
And it
go.
is
This
issues.
-
new,: nor
That is the way
fellow, then, of sional
than the other
course,
be
to
more
the
Partly
important national seeking
world
v
by which the voter is usually
to
characterized
race
injecting into the dis¬
are
neither
/
tricks
the most
by the immense vigor
cussion of
:
-
for
are
leading lights of the par¬
ties
efieet
degree politicians
it is
as
left to the politi¬
except, at least in
—
issues
in this
one
policy
we mean i
jargon of the politician,
they'
practical monopoly.
a
part likely to be the deciding been driven
is politics—if
sense
popular thought. < V■
local
become con¬
they want. In no
by that term
making
In the
where
industries
constituency or are able to
have
always convince it that they can do.
have
"now
vinced that
unions, particularly in
those
at any rate what
or
labor
Continued from page 1
who
women
Thursday, November 1, 1962
.
policies and the practices of
As We See It
the
...
Dancing.
Volume
196
Number 6208
.
.
The Commercial and Financial Chronicle
.
Going Schedule
Investment Bankers Association
50th Anniversary Convention
The
1962 Annual Convention
tion
will
held
be
in
November 25, and
of the. Investment Bankers Associa¬
Florida,
Hollywood,
ending
will
the
be
'
'?
v/.'.wt1:''
Newark
-
»
'•
pal Forum on Sunday afternoon.
Lv.
North
Lv.
30th St. Philadelphia
which
Television
Star
:
Richmond
"
"
6.25 P.M.
Nov. 25
11:59 A.M.
"
Sunday,
A;
•/
\v
' •' >.•'
/
,
Friday,
Ar.
Richmond
Saturday, Dec.
The Mon¬
will
as
follows:
I.
duPont
A
> -
-
.
/
;
Ar.
Washington
Ar.
Baltimore
Ar.
30th Sf.
Ar.
North
Ar.
Ndwark
Ar.
New
.
A
.
Philadelphia
Philadelphia
.
.
A
.
.
.
.
A
.
.
-
sessions
planned
are
for Friday,
nor,
Governors
Sunday afternoon and
on
Hollywood
will
submit
the
to
Peabody & Co., N. Y.
registration fee for the convention will be $60
payable to the Association
Miss
9:15 A.M.
Kollman,*
10:33 A.M.
President of\
10:50 A.M.
NABW
"
"'
•
"
reservations for the
Pullman
"Banking
50.88
47.19
38.17
32.73
Philadelphia——
65.84
49.12
45.54
36.85
31.46
Baltimore
61.27
45.82
42.63
34.38
29.32
Washington
55.39
40.32
37.24
31.24
26.51
Richmond
49.61
36.19
33.28
27.94
23.54
forwarded To
and
the
.
per person.
office
its
A.iv ' \A-\.
'f/.y/'"'
through the Association's office
Rates at both hotels will be
"
in
not
will
be
__i
New York
A
''
.
are
.;••-•
.
a
•*
Korn^off, Passenger Sales Repre¬
Railroad,'Room 401, Pennsylvania Sta¬
,
tickets should be purchased
expected to
Baltimore
$93.41
—
87.25
Washington
119.65
schedule will be
Richmond
78.50
— _
-
Louis
Lv.
St.
Ar.
Hollywood
follows:
as
(
.
.
.
.
....
:
\
.
.
.
.
.
.
few
A
Hotel.
*
operated
contains
tains
apartments will be available at the Hollywood Beach,
They
an
as
a
double
three persons
$60
day
per
withy full
annex
day bed,
a
room
so
an
and
hotel
sitting
apartment
if desired.
10:20 A.M.
Saturday, Nov. 24
5:00 P.M.
room
con-
limited
comfortably accommodate
can
Rates will be $36
of
number
•be continued for a few
the
pre-convention
or
occupancy.
.
A
.
plans
It will not
A-
\
" " r
-
•
•'
^
an
extent
ably accommodate six
-
or
as
a
no
cabana will be $12 per day,-
available at The
to
accept
Diplomat at the
advance reservations,
same
their
re¬
and
those
The
route
'
A
•
Transportation
NEW
SPECIAL
in. both-directions
.between New York and
will
be
"
should
;
'
-
-
V
and
Louis
and
room
REGISTRATION
—
BAGGAGE
of the convention hotels
will travel on the
with slips indicatingHolders of such slips should present
will furnish passengers
numbers.
floor of the Hollywood Beach
where they will be
given their room keys without registering and may then proceed
directly to their rooms. The hotel representative will also furnish
passengers with baggage tags filled out with their names and hotel
room
numbers, which should be attached to each piece of hand
baggage. Then, upon arrival all such baggage will be transported
from the station by truck and distributed promptly to the proper
or
hotel
at the front desk of The Diplomat,
rooms.
Those
arriving
other than
on
in the
the New York cars
of their assigned,hotel
regular way.
AIR
Pennsylvania Railroad
Washington,.. R. F. & P Railroad between
The schedules will be
as
follows:
Olive
In view of the
.
that
their
TRANSPORTATION
number of flights now
available,lit is believed
convention can make
arrangements most satisfactorily through regular channels.
those
wishing
ArvnrrHncdv
r>n
Board
of
the
Mer¬
women
from
former
Federation
the
Her
Be
traits
ing
Tuesday's
to
to
of
exploring
relations,
estate
a
seek¬
career.
devoted
was
.discussions
dimensions
new
concepts,
trust
and
in
customer
credit
programs,
planning,
Be
woman
panel
new
<
a
personal
development/
personnel
at
—
business
session
series
a
Clubs
entitled
the
a
the
Business
speech,
successful
and
of
speaker
outlined
essential
a
of
Square
a
Ncnagon,"
drama
Women's
featured
luncheon.
"Don't
29.
Ohio
director
Professional
was
Oct.
and
Xenia,
executive
National
and
Monday,
on
business meeting, Miss,.,
a
Huston, speech
and,
other
many
phases of banking.
speakers
included
day
Calvin
D.
Wednes^ {
on
Honorable'
the
Johnson,
from
gressman
former
Illinois
Con¬
and
cur¬
rently Director of Customer Rela¬
tions
for
spok£
on
Remington* Rand,
who ;
"Horizons Unlimited."
At the Wednesday morning ses¬
sion,
Mrs.
Past
President
tional,
Virginia
M.
gave
Ross,
executive
Electric
and
"The
James
tional
commented
in
"Data
Union
of
Missouri,
Velvet
Shackles,"
the
of
•
Assistant
Perry,
of
on
Harold
assistant,
E.
Bank
entitled
Heel";- H.
Company
discussed
Interna¬
address
an
Achilles
Anderson,
Pilot
of
"Our
Na¬
First
Phoenix,
Ariz.,
developments
new
Processing."
convention highlight was the
to fly
sr>p>r>ial
to
flifht.s
or
from the
have
been
arranged.
of
presentation
the
annual
Jean
the
and
Arnot
Reid
NABW
Scholarship Award at the
luncheon
Award
session
luncheon
The
Stephen
Wecmesday.
on
speaker
Vasquez,
W.
was
Dean
School
Commerce and Finance, St.
of
Louis
University.
Thursday,
Miss Mary V.
trust
of
November
of
installation
the
conclude
will
convention
The
on
1,
with
officers.
new
DeMartini, assistant
officer, First National Bank
Oregon, Portland, Ore., will be
installed
Bank
tion
President.
as
Women,
of
more
in
executives
there
in
are
than
„
an
of
organiza-
4,000
'
women
banking,
was
time whenfew women employed \,
were
two-thirds
now
1921, at a
in
banks.
than
Association
National
The
founded
CARS
Jacksonville, and Florida East Coast Railway between Jack¬
trip and
be made through local
should, of course, register at the front desk
•Washington and Richmond, Atlantic Coast Line between Richmond
sonville and Hollywood.
-
Gabanas will also be
desiring them
cars
hotel
Hotel,
application will be j.
Convention
YORK
$35.31
add'l railroad fare.
TICKETS—Railroad tickets should be purchased
Representatives
York
R.
Cravens,
.
them to the floor clerk on the proper
rate, but it is not planned
make their arrangements after arrival.
I
$41.75
fPIus $12.33
'
A ;-
possible. Each cabana will comfort¬
eight persons, and
session
Following
A
V
-
HOTEL
considered unless at least four persons are specified as occupants.
'The rate for
f $36.96
fare
The round-trip railroad fare between St.
Hollywood is $104.67.
and
y
As the number available
limited, it is hoped that members will combine their
great
$45.21
railroad
from local agents.
Requests for cabanas at the Hollywood Beach Hotel pool should
be made through the Association's office.
as
Bedroom
2 Persons
1 Person
1 Person
planned to operate special cars for the return
RAILROAD
-
New
quests to
follows:
reservations for that trip should
at the
rooms
additional
ticket agents.
can
their reservation forms,
on
$26.73
It is not
Pullman
post-convention period provided they indi¬
'opening or close of the convention.
will be
checK)
One-Way Pullman fares from
2 Persons
the
R.
Company, St. Louis,
Vice-President
accommodated
be
can
however, be necessary for them to change
may,
*$50.44
♦Plus
.
days following the convention.
cate their arrival and departure
It
$62.26
.
be necessary for those concerned to make separate reservations for
-
1 Person
day for double occu- ";
per
limited number of reservations
a
2 Persons
(with
Theis, Stifel, Nicolaus & Company,
Compartment
Double Room
day for two persons,
per
arrivals
early-
beginning November 17, and
St. Louis to Hollywood are as
•
Reservations
hotel, will be used if the attend¬
and $18 per day for single
A
Each sitting
room.
—
St. Louis 2, Mo.
314 N. Broadway,
apartment',
Bach
^or three.- In addition, the HBH Beach Club, which is
should require.
pancy
service.
Rates will be $51
also operated as an annex of the
ance
should be made through Harry
located in close proximity to the. hotel, and are
are
PULLMAN. RESERVATIONS
the
■
Nov. 23
Friday,
of
at
Raymond
welcomed
Featured
"
V
ing
SPECIAL CARS
LOUIS
New
bankers to St. Louis at the open¬
;
from St. Louis will be operated on the
cars
of
business
A
"City of
Miami," the route of which is Illinois Central Railroad to Birming¬
ham, Central of Georgia Railway to Albany, Atlantic Coast Line
to Jacksonville, and Florida East Coast Railway to Hollywood. The
Special
be $15 and $20 per
*..
cars
A.
107.39
ST.
day, depending upon size and location—at The Diplomat, $20 per*
A.
trip of the special
return
$120.89
———
Philadelphia
to assign roommates.
•
Friday,
of
Hotel.
Kenton
cantile Trust
teacher
1
1
If single applications should be excessive,
*•'
on
to
able
be
Newark
Rates at the Hollywood Beach Hotel will
the
for
follows:
as
~
•will be limited, it is recommended that arrangements be made to
v. ;
p.m.
cancellations which
Hollywood from points served by the .special cars are
As the rooms which can be assigned for single occupancy
it will be necessary
5:00
to
on
was
theme
meeting
Mayor
and
officially
the
Plaza
Louis'
Chairman
will be issued in lieu of
Those in charge of going Pullman reservations
supply them, Roqnd-trip railroad fares to
from local agents.
AV:-
>
reservations
fo^r double occupancy and $25 per day for single occu¬
share accommodations.
prior
Refunds cannot be made
Chase-Park
_Tucker
Otherwise they may be picked up at
Vivian,
,
the American Plan and will be
on
Richard'C.
RAILROAD TICKETS—Railroad
the,form for convention
on
of
Bank;
111.,
World
a
was
four-day
St.
Certificates will be mailed if applica¬
received promptly.
the-
Trust
Island,
in
-Dimensions"
that
satisfactory arrangements may be completed. If this is not possible,
or if plans change, they may be made through the railroad repre¬
sentatives who will be present at the Hollywood Beach Hotel
during the convention.
1
■)1
All reservations for rooms at the convention hotels should be
registration and hotel reservations.
are
space
di-:
of
the presiding officer.
1 Person
68.31
and
and
Blue
t
and'!
County
Hilda H. Kollmann
a
Presl-*
-
rector
Company,
,
Duplex
Bedroom
Bedroom
Compt.
ends\
H i1d
dent
One-way Pullman fares to
tion, New York 1, N. Y., at the earliest possible date in jorder
for convention registration and hotel
reservations.
■
9:02 A.M.
"
$32.73
Pullman
Checks covering registration fees should be
Washington with the form
day.
"
$38.17
sentative, The Pennsylvania
■;V.
with certain exceptions including Past Presidents of the Associa¬
;
which
today, Nov. 1;*
.
should be made through D.
It will apply to each man and woman registered for the convention
v
6:10 A.M.
not made prior to date of departure.
Co., Washington; George J. Otto, Irving Lundborg & Co., San
pancy..
—
Of',
Women,
7:26 A.M.
$47.19
November 23.
ble, Estabrook & Co.. Boston; James H. Lemon, Johnston, Lemon
day
Bank
"
follows:
are as
office
.
per
As¬
3:45 A.M.
$50.88
the
Lloyd B. Hatcher, White, Weld & Co., New York; William T. Kem-
$40
40th
con¬
sociation
$68.31
tions
follows:
as
Bache & Co., Chicago;
made
the
annual
"
•••*"
RESERVATIONS
Newark
the
convention
Vice-Presidents—David J. Harris,
made
attended
,
all
and
"
"
New York
a
For
tion and their wives.
Canada
from
States
9:34rl!A.M.
Committee, of which Richard C. Vivian, Dean Witter & Co., 14 Wall
with
President—Amyas Ames, Kidder,
The
from
officers
United
"
<f,
Certificates covering Pullman
A'-AV.
of .the
500
"
Street, New York 5, N. Y., is Chairman.
For
■
parts
■
than
"
:» Persons
of
bank
women
going trip should be made through the New York Transportation
./AfAyA-JA
Regular Ticket for 1962-63,
&
2
11
....
regulation Pullman tickets.
Francisco.
.
.
York
PULLMAN
V
<
.
.
Nov. 30
planned for the afternoons, which will be left free
Board
The
Mo.—More
Vice
de
.for recreation.
-
LOUIS,
National
Hollywood
meeting of the incoming Board of Governors on Thursday afterare any
ST.
Schedule
Lv.
Munici¬
a
Linkletter
President, E.
exception of the Municipal Forum
moon,
Hold ^Convention
vention of the
meetings and will present their annual reports at the convention
the
Nat'ffeank Women
sessions
D. Room
business
1:08 P.M.
Hollywood
the National Committees of the Association will hold
No
"
Ar.
addition, there will be meetings of the Board of Governors
sessions.
"
Lv.
The
University.
and many of
"
The Hollywood
.
change Commission.
In
...
2.43 P.M.
Thursday—Earl L. Butz,- Dean,-School of Agriculture, Purdue
-
12:58 P.M.
4.00 P.M.
Wednesday—William L. Carv, Chairman, Securities and Ex^
" i
"
'
Art
_
.
"
"
v.;-'"., '
-'A.
-r
& Co.'
Nemours
"
"
There will then be convention
Tuesday—LammotyD. Copeland,
■
...
"
Guest speakers at the other sessions will be
speak.-
Philadelphia
"
commemorating the Association's Fiftieth
program
during
Anniversary,
11:45 A.M.
"
day session will be addressed by President Curtis H. Bingham and
a
"
Washington
sessions each morning from Monday through Thursday.
include
"
Baltimore
The first business session of the convention will be
will
"
,
27
.
.'1
•
-
11:30 A.M.
Saturday, Nov. 24
Return
will be held there.
•
Lv.
Lv.
hotel and the' business
headquarters
New
Lv.
on
Beach Hotel and The -Diplomat will be the convention hotels.
former
York
Lv.
Sunday,
beginning
Friday, November 30.
on
(1847)
Today,
of all
women,
and
approximately.,
bank employees
there
are
more
12,000 women bank officers.
28
The Commercial and Financial Chronicle
(1848)
third important
A
Debt Management
Policy
nomic
policy
of debt management
policy
And the Capital
ContinuedI from page
or
not
may
into mortgages, for
nificant
about
changes
in
relatively
daily
of
related
small
If
changes
by
in
the
or
out
into
funds
of Government
rates.
expectations
small
flows
be brought
may
market
sarily
example—sig¬
changes
securities, the effects of
needed
monetary
policy
by
toward
out
any
area
erratic efforts at
icy, if there
of
were no
tradable vol¬
longer-term
Government
securities, would
be
take
with
actually have
to
by the Federal Reserve to
plish
be
given result.
a
that
argued
tity
of
debt
It
Much
has
all
in
fective
for
monetary
policy
strong whether
eral
erate
directly
of
checks
in
acterizes
chooses to
in
all
the
most
in
op¬
maturity
maturity
structure
may
be
run
economic
for
subordinated
road or
the
policy
maintenance
debt
structure
such
consolidation.
rail¬
which
If the
that
result
the
spected;
that
there
the
is
never
Treasury
often
business
slack,
private
risked;
investment
when
and-
booming,
interest
The
debt
can
be
business
is
costs
clearly
more
if
doubt
is
re¬
there
policy
monetary
There
nomic
is
is
and debt
too
are
three
policy
which
in
of
areas
eco¬
monetary
First,
is
there
that
maintaining
an
appropriate
of
—
not
liquidity
routine
must,
manager
while
and,
if
furthering all
the
but
also
to
of
level
for
only
of
needs
economy,
flationary hazard.
possible,
of the
housekeeping objectives
decisions
other
the
sustain
we
have
filling
policy
aims
volume
of
quidity in the
briefly describe.
now
Debt
II
ilar to,
Management
v
'
\ '
and
Economic
less
in
economic
a
between
done
the
of
to
refund
maturities
and
eral Reserve is
the
We
supply
now
of
have
which
to
be
ahead.
the
and
money
$300. billion,
of
what
debt of
almost
will
refunded
$90
mature
is
Fed¬
during
the
have
not
budget deficits, the
very
time,
same
be/ the
ment
sense,
term rates,
the
as
of
many
know, is that
you
very
little money has flowed out of this
most of the
past two
over
the
fundamental
into
In
addition,
will
and
be
debt management
use
instrument
active
payments
months,
itself
of
r
as
an
of
recent
In
control.
from
agencies at short term in
foreign currencies—the Swiss
Italian
and
franc
the
converted
lars
at
lira.
have
We
dol¬
proceeds into
over-all cost that
an
com¬
pared favorably with the costs of
borrowing
here.
been
otherwise
to
used
abroad that
have
ultimately
purchase gold here.
Though what
tentative
net absorp¬
a
dollars
excess
incidental
The
result has also been
have done is still
we
and
exploratory,
'increasingly - impressed
dimensiOh
new
ment—an4
foreseen
then
of
Russell
by
Assistant
we
are
this
with
debt
approach
need
not
con¬
capital
flow
of
private in¬
not
tell
this
only the amount,
manner
and
manage¬
originally
Leffingwell,
Secretary
icy
of
The
And
ings
promote
market
the
influence
action—even
expectations
aetion
might
-
can
the flow
on
of
And
Federal
the
signifi¬
to
as
what
be—surely
elaboration is necessary.
:
•
no
flow
large
a
while,
the
at
of
would
which
off
set
seeking
interest
abroad.
To
of
advantages
this
legislative
au¬
thority before the close of World
War I.
is not
To be sure,
however, this
approach that would be
an
hold
ket,
and
well
to
new
relevant to
total
a
sizable part of
very
debt
management
pro-
in
debt
economic
various
our
'
all
policy,
"housekeeping"
conditions,
a
we
single
no
Quite
answer
The
may
in conflict.
objectives
occasionally
even
The best
we
be
hope
can
following
maximum of
a
sustain
rounding
on
hi,
trust it
view
of
is
debt
what
management,
have
we
me
been
to
I
to do in debt management during
the past 20 months.
Perhaps the
best
starting point is to examine
the economic
environment
which policies
were
market
1961,
problems:
had been
half
an
growth which
if
a
these
enough,
a
under
year;
ing for
a
the
faced
we
recession
way
which
for the past
been
the
term
debt
hands
of
which
the
of
slacken¬
maturity
faced
of
-
and
not
with
- a
critical balance of payments prob¬
the
it
de¬
have
Bonds
debt struc¬
our
months
recent
competitive
higher rates
In
pressure
bank depos¬
on
savings and loan shares, in
has
"
,
turning
unusual
of
been
to 'the
marketable
best sketch the
can
outlines of most of the significant
time
developments if I focus
three
on
indicators: the behavior of
visible
short
range.
a
man¬
interest
rates,
change
the
in
the
maturity structure of the Federal
Plans for Short-Term Financing
In concentrating its cash financ¬
ing largely in the short-term
the
Treasury had, of course,
pressure on
were
passage
Savings
debt, perhaps I
'
two
were
the
since
on
during these
particular,
but
debt
is"grati¬
that
intensity/'
in
is
program
volunteer program, it
sub¬
public,
intermediate
eral
we
already
the
rough
contin¬
support
its and
moving steadily closer to
number of years; and, as
problems
of
the
the
ture
re¬
in¬
invest¬
even
and
heavily
so
long-
area
quantities
of
kept their place in
occurred, the
long-term
effort,
better
savings
other
this
fying
the debt which would
stantial
has
of
success
from
into
that
ued
a
in
part
out,
year
alternative
Since
of
a
rates of interest that
in and
attributes
agement
maturity struc¬
risk,
some
comparability.
pends
technique of advance
have
vital part of the whole
range
seri¬
inadequate rate
had
a
short-
on
ten years;
have
pay
any
ment
op¬
that, to offset the deterior
in
to
strument
maturity
a
year
than
funding, to extend further out
initially for¬
number of
in¬
they
are,
the
was
January,
for
financing of government.
And
when
the
In
sur¬
intermediate-term
within
mulated.
Sav¬
on
now
opportunity for every
individual
Treasury would seek, through
re¬
crying
word
a
our
months,1
to-market
exposure
the debt
the Treasury would
around
ture of
safe for
now
out
convenient
~
:*
and
ration
Having thus briefly paraded the
of
that, in ordinary refunding
and
.
ex-. ,:
Treasury bills
money
struments;
out to
Reviews Past 20 Months
appraising the results of
ings Bonds, They account
pressure
constellation
the
and
securities in
period of time.
'
Results
efforts during the past 20
relationship for
term
problems
In
key
appropriate in-
an
ternational
largely concentrate
a
or
intuition.
IV
Assesses
con¬
thereby
all
over
of
pinch
a
standing debt. ThOy provide, with¬
securities,
balanced progress toward meeting
objectives,
of
lessons
experience, and
and
commit¬
expertise
staffs,' the
of hunch
ways
(notably
borrowing operations in short-
erations,
these
many'
advisory
I should start with
for, probably, is reasonably well-,
of
career
nee-, two
in
itself
technical
In debt
Treasury would
every
them¬
the
no
offering is
product of the
receive
market
splendid
recent
of policy:
can
time for each of these diverse ob¬
jectives^
the
interest rates
produce the optimum result
combined
the
has
market
Each actual
almost one-sixth of the entire out¬
to
•
obviously,
nW-
in the
participation
of its cash
erting
that
at
in the
patriotic undertaking.
a
prevailing
emphasis
new
duct the great bulk
well
as
mupt be weighed in the light
known
the
of
that the
for
reasonably rewarding
a
advice
initially reflected in the de¬
velopment
term
goals,
the Federal Open
of Government securities.
management,
elements
we
do,
purposes or
their place
always
our
however,
management,
of
areas
of
judgment is taken
what
to
the full maturity range
essary over
aspects of all three of- these
some
as
a
trying
will make
as
the
from
new
operations wherever
public fa¬
matter
no
are
formulas.
Market Committee to conduct open
market
we
will
our
necessary
and
,
course,
the decision by
the
industrial
plant and equipment,
The fine art of tailoring our issues
Treasury.
policy,
sav¬
designing issues that will sell,
as
making processes of both the Fed¬
monetary
housing,
securities
kinds of emphasis in the decision¬
In
long-term
of private invest¬
in the distribution of Government
capital
achieve both of these
eral Reserve and the
the
area,
also have the bedrock problem
we
same
operating techniques and
con¬
borrow¬
interest of broad economic policy,
objectives simultaneously required
new
,
reserving
was
new
use
."housekeeping"
significant
rate
in
Of
structure
short-term
of
outflows
flow
think
time, averting any changes in, the
interest rate
short-term
the
more
,
cash
cilities.
capital into productive
short-term
the
:
and for State and local
of
of
terms,
time, by
own
in effect
for
ous
longer-term
important effects
management,
under way since
pre¬
years
practical
same
its
commercial
tions in the capital markets which
investment
in
ment
jor aspects: to help create condi¬
long-term
the
of monetary
been
In
Treasury
the Summer of 1960, had two ma¬
would
at
ings for the
debt
and
policy
which had
na¬
generally
investments.
role—were
this common goal.
evolution
joint
had
actively seeking
were
centrating
„
coordinate
its
II,
number of financial and business
short-term
policies, then—fiscal
oriented toward
the
of
in
War
during the first 30
century.
firms
well.as monetary pol¬
as
World
supply and the gross
which
tees),
the tim¬
.of private investment funds.
.
.
relationship between the
the
policy orientation was reflected in
in
of
-,
,
liquidity
and
Treasury, when he asked Congress
conjuncture of
cance
•
apparently
excess
during
a
com-,
balance
our
..
-.
eco¬
terms,
created
this
long-
national
.
thereby - rightihg
payments.
agement,
balance
have borrowed
we
official
two
area
conducive
appropriate
long-term
I
that
Reserve
our
to the
up
vailed
contribution toward
All of our
begun to
have
we
ing, of Treasury borrowing efforts
to
and
expansion
an
had
economy
level
investment would also make
most
of
was
further increase in
a
money
industry,
American
there
tional product had returned to the
through increasing the pro¬
of
need for
stad-
position
quantity of liquid assets to
grown
petitive position iir. the world and-
years.
Objectives
manage¬
create
credit
which
most'
;the
the
our
of, unemploy-
rate
objec¬
the
nomic activity. In statistical
-And, An ;■./to^Ser-range
v
ductivity
more
after adjusting for the
high
tinuing
levels, but
pos¬
quickening
to
positive
support
the
At
investment could
more
key
help pull
recession.-:
growth rate and reducing the con¬
The. aim is to
keep" our short-term rates, if.
the
of
out
sible, in line with foreign short-
thereby
management
the
further .that
magni¬
debt
helping to
as
are
to
in
have
-
there
much
policy
general
but also the
Thus, with about $100 billion of
or
absolute rate
of money itself.
ditions
-group
year
indicated borrowing requirements,
whether
and
reserves
monetary
vestment.
ordinary seasonal swings
$10 billion.
The in¬
course,
of
funds
ip the Treasury's cash borrowing
requirements have been running
around
li¬
necessarily sim¬
that
to
Apart from that, in recent
years, the
is
concern
regulating the vol¬
common
and
markets
than
billion
and
is
ment
credit.
more
of bank
second
that
is
steady stream
what
any
would
investment
vate
us
otherwise
A
doing to influence
a
in determining
although, of
the quantity
policy.
continuous in¬
terrelationship
Our
with relative levels.
potent than that of the Fed¬
ume
The present size of the debt alone
virtually compels
of short-
economy.
eral Reserve in
vf.,
Debt management cannot
escape
involvement
with
level.
.
'
Policy
The Treasury's
"near-money"
fluence exerted is
■A:-"'-
particular
not
has not been
floor under rates at
a
selves
the
which I will
reasonable
particular moment in time.
a
Government securities to be
term
issued play a part
economic
to put
domestic
the volume
on
just reviewed, and while also ful¬
the
The purpose
Every time
into
the
market
without
being strong rate of economic growth—
hung from either of the horns of without creating a potential in¬
dilemma,
short-
our
in
Bordering Areas
are
together.
nonetheless, place long-term debt
this
keeping
structure
competitive equilibrium with rates
our
effective.
more
policy and debt management come
diversion
no
towardrate
was
capital market—when
is
there
Certainly
I
yet
Three
freely
place securities in the longer-term
of. the
part,
term
directed, in
be
time
a
can
enforced
an
in which the integration be¬
any
tween
is
It
of
independence of these
management
again.
harmonious
greater than any
functions is
two
it may
and
country in the world today'in
no
deterior¬
may
extent
an
structure
high.
of two
needs
each, gjyep^ £>dl
are
basic
from
of responsi¬
genuine desire, for
be very difficult to restore a sound
area
the
between
intercommunications
much like
industrial plant.
an
basic
said
have
divided
been
States
results for
cooperation,
practice is continued long enough,
when
functions
appraise the
considera¬
a
a
in the
might
conceivable
on
couraging and raising the level of
had
from
domestic economy,
private-investment. Increased pri¬
tion of
a
shorter-
to
this is very
But
deferred
the
the
char¬
political institutions
these
United
of
the
en¬
on
and monetary ac¬
Federal Reserve and the Treasury.
flow
balanced
a
policies
our
to
Two separate centers
the
short periods, the ob¬
very
ate to
and
which
interrelated spheres of action. And
jective of maintaining
tions.
ad¬
principle
balances,
appropriately
the
bility
sectors.
For
And,
are
the
power,
our
generally,
that,case
of
focus
debt operations
ne¬
monetary
both
with
and
of
ef¬
not the Fed¬
or
itself
Reserve
quan¬
a
tral
expand the
payments
-.Moreover,
tions have
other
ministered by a single agency. But
accordance
is
in
management into
countries,
some
in
broadly
United States today. And
is
in
indeed
sectors
any
of
presumed
a
combining
for
Government diffusion
maturity
precondition
saM
been
about
single policy instrument.
a
taken
tradable
a
outstanding
this has meant that both
policy, tax policy, and debt man¬
control and debt
accom¬
can
and more,
abroad.
of
point of the liquidity
Balance of Payment Control
hold
be
balance
the
to
respect
balance
our
these problems, we placed the cen¬
domestically and country for interest arbitrage
—
frame¬
Over the past two years
payments.
severity of the other actions that
would
help to further
policy
a
tives.
lasting
cessity
to
developing
work which would embrace all of
strengthening-,
monetary
controls
In
and monetary
cost, of covering the forward ex¬
nomic policy
great intensification of the
monetary base without sacrificing
change risk. -The result thus, far,
countries
a
the Federal Reserve to
deteriorating.
markets and activities that it will,
lengthening of the time needed for
and
channel
to
so
lem, with world confidence in the
dollar
erations upon these various other
great
a
as
The chal¬
the objectives of Government eco¬
private arbitrage.
The alternative for monetary pol¬
ume
well
as
market.
wherever possible,
of tentative and possibly
means
securi¬
the influence of Treasury debt op¬
would
longer
the
securities*
mortgage
ning is, therefore,
have to be expected to work their
way
income
fixed
lenge to debt management plan¬
quate supply of tradable Govern¬
ment
of the other
all
on
for
opera¬
having
avoid
the corporate bond market
—
the
ade¬
an
scarcely
Government
in interest
not
were
impact
neces¬
and the market for State and local
securities, and the
there
some
is
Treasury
that
such
can
ties
Treasury
operations
tions
markets
of
frequency
borrowing
flow
to
released
be
and
tude
5
Markets
eco¬
the impact
Thursday, November 1, 1962
.
balance of payments
on our
position.
of
area
concerns
.
.
the
debt
Course
management
of
>
the
helped
.
of Interest
1.
.
■
ij
Rates Trend
sev¬
short-term yields from
side
ship of the debt.
area,
objectives. By placing upward
supply
debt, and the change in the owner¬
market,
a
period, that has consisted
mainly of sustained economic
ex¬
pansion-, the interest rate behavior
r\
enable
For
...
P
Iko
nicf
tiuontir
mr»n.tV»c
VlUC
Volume
Number
196
6208
.
.
The Commercial and Financial Chronicle
.
(1849)
been
most
unusual.
Janu¬
Since
1961, short-term interest rates
ary,
have
been
moving within an up¬
range,
while
have remained
ward-rising
rates
term
moved
or
3-month
has
to
recent
3%.
Yet
are
in
as
the
close' to
recession,
and
level
when
we
of.the
bottom
rates
to
yields
same
1961,
January,
were
the
about
2V4%
bond
corporate
at
now
ex¬
23A%
of
range
on
for
from
up
gone
stable
yield
bills,
Treasury
ample,
the
The
lower.
long-
munici¬
on
all
maturity structure of the debt.
Statistically,
flected
in
months
in
of
the
six
been
increase
the
debt, from four
months
in
much
attributed
1961,
policies
debt
how
and
occurred
have
would
in
four
years.
'The developments in ownership
of
the
been
Government
equally
debt
billion,, and the
marketable
billion,
to
be sure,
lion
should
that
have
bank
policy
of
added about $3V2 bil¬
its
to
Reserve has,
holdings
Govern¬
of
securities,
This
aspects
debt
the
of
the
management
banking system .has
discussed
programs
weeks.
were
markets
capital
the
in
the
during
past
much
That
But
some
has
seemed
is
it
as
of the
to
should
to
The
terms.
system
or
of securities that
alone
The
market
cerned,
have
borrowing is
of
the
con¬
others
expanded remarkably.
record
highs
the
have
New
reached
been
first half of 1962, with $5
billion
flowing /into
State
and
created.
is
flowing
million
into
vent.
Meanwhile, the total outstand¬
ing public debt has grown by $10
the full
over
of the
course
as
in
issues and $1
such
What has hap¬
composi¬
marketable
issues?
outstanding in the under-
one-year
category
almost $9
billion, the debt in the
one-to-five
determined
has
risen
maturity
year
by
area
It
is
maturing
does
too,
that the
financing
to
banking
sysem
through
savings
and
in
For,
demand
commercial
most
banks
important
are
in
engaged
investing the
in
very
short debt has been
cial
banks
to
$21
billion.
the
increase
five-year
debt
the
than
in
in
has
the
the
over-
40%
been
$9
billion total
marketable
debt
during this period.
The
the
is very
one-to-five year
debt
significant from the stand¬
point of the maturity structure of
the
dnbt..
debt
can
can
be
action,
to
The
increase in two ways:
as we
the
bill
of
the
tial
reduction
it
or
as,
pressures
can
in
debt
maturing
means
increase
falls
within
The substan¬
area.
years
on
with the passage
debt
more
one-year
it
deliberate
have done in order
rate,
time,
by
upward
automatically
the
in
that the
quantity
the
potential
been
increase
rities
in
for
far
so
automatic
in¬
in the very short debt has
hold¬
securities
of this
de¬
evidence
no
expanding
over-all
in
the
secu¬
these
have
but
base
reserve
commercial
banking
for
—
in terms
in
of
context
the
economy
price
that
—
Federal Reserve credit has grown
much.
sum
produced
a
in the
sig¬
over¬
Government
the
is
that
look
must
we
to
stimulate
of
has
longer-term
anced
for
it
in
in
twenty
largely at¬
carrying forward the
introduced
by
pre¬
the
would
like to have done, we believe that
had
we
sort
some
toward
success
both'.
our
Looking to the future, the only
that can be made
generalization
management
monetary
policy,
of
Througout the period,
managed
persistent
to
avoid
sizable
the
the
gaps
dual
sys¬
the
on
question
Schapiro
of
disclosure
stockholders."
He urged
t
o
the 9,000
state-chartered banks to voluntar¬
which
disclosure
of
ments
require¬
the .minimum
adopt
ily
were
officially proposed
is
that
policy,
like
mu^ .^daptbrto
last
week
by
Comptroller of the Currency,
Saxon, for the 4,500 Fed¬
erally chartered banks.
The
rules for national banks
new
the
investment
our
domestic
provide that
after-1 the
in
balance of
our
tion,
and
over-all
annual report to
an
close:'of' the
of
From
time
to
management
which
have
solu¬
V
:
/
ard
body for both
national
banks devise
already
be
may
economic
"house¬
our
In
recent
tentatively
in¬
announced
intention to test another
/
Noting
that
with other
vestor
commercial
with
compete
new
our
pro¬
total
13,462
commercial
Mr.
Schapiro
capital funds
banks
as
experience grows,
our
as
conditions alter, and experts such
those
as
with
gathered here supply
further
will
be
further
techniques
debt
capital
to
the
in
that
its
and
and
money
the
V/
address
the
policies
management
markets
States.
*An
the
us
there
changesf in
and
relationship
nual
suggestions,
United
by Dr. Roosa at the An¬
of the Mortgage Bankers
America, Chicago, Illinois.
Convention
Association
i
of
■
decade,
to'
of commercial banks, defends the
of
integrity
all
against
banks
all
the
of
in the
are
the
of
legitimate
tion
risks
be
given
that protection.
if
Insofar
in
should give
-
..
banks
all
as
protec¬
investors
public policy
banks,
which
equitable
and
can
deposits
business of tak¬
ing, Mr. Schapiro said.
reported well,
stock
option
even
remains
managements.
|f
on
Quote System
Maine
potato
National
quotes
the
futures
Stock
will
1000
prices
Exchange
be
now
and
price
available
Ultronic
on
Stockmaster
units located in major U. S.
cities,
it was reported
by John J. Scan-
Ian.
Mr.
the
Scanlan
New
is
York
President
of
Mercantile
Exchange, where Maine potato fu¬
are
traded, as well as Presi¬
tures
dent
of
The
Stock
National
change. He has signed
Ex¬
contract
a
behalf of both
Exchanges with
on
Ultronic
Systems, Inc. The Ul¬
listing will amplify coverT
tronic
age of
the two Exchanges, which
will
continue
their
own
be
to
carried
ticker service to
on
numer¬
cities throughout the
country.
ous
Midwest Stk. Exch.
Data Converter
CHICAGO,
Stock
111.
Digitronics
verter
The
—
Exchange
has
provide
firm&
Midwest
data
to
more
Confirmations
of
expen¬
transactions
transmitted
now
more
quickly
and
accurately,' and less
sively than ever before.
are
a
con¬
centralized
bookkeeping
brokerage
v
installed
electronic
to
electronic
to
member
brokerage firms 35% faster, costs
of
converting
to
punch
paper
tape were reduced 58% or more,
and floor space
required for
verting
equipment
con¬
reduced
by
90%.
Through
subsidiary, the Mid¬
a
Stock
Corp.,
the
Exchange
exchange
centralized
Service
provides
electronic
ing system for its
and
accounting
tains
margin
tions
of
and
provides
all
dividend
ments and
a
bookkeep¬
member
It handles transactions for
voluntarily
if all did this,
plans,
according
Schapiro, would
duce the
new
directors
have
been
firms.
billing
purposes,
accounts
main¬
and
posi¬
individual customers,
information
for
cheeky .monthly state¬
other related activities.
Empire Quarter
to
cut
the
General Life Insurance
Com¬
Frazer B. Wilde, Chairman
of the
Board, has announced.
Bank
and
pany,
and
Erie
Trust
Martin,
Com¬
Vice-
for United Aircraft Cor¬
poration.
not
of
to
re¬
stockholders'
information,
for
correctness of
teed
are
the
until
important
becomes
posal,
tend
safety of bank stock in¬
possession
cially
"a
an
favor
Empire Trust Co., New York City,
held its annual reception and din¬
option
right
granted
pro¬
by
The
a
question
particular
question
upon
by
which
the
manage¬
of senior
capital
bank is another
must
be
decided
or* disap¬
approval
proval of the common stockhold¬
English is Chairman of the ers. It is also one that cannot be
rationally
decided
without
the
necticut
Bankers
member of the
on
state
Association
and
advisory commit¬
legislation
of
the
American Bankers Association.
knowledge
ment
Mr.
can
that
only
a
manage¬
stated
at the Biltmore
Five
comed
Hotel, Oct. 25.
members
new
were
wel¬
into the Club by Henry
C.
Brunie, President of Empire Trust.
The Club has
a
of
are
which
and 32
Mr.
57
membership of 89,
active
members
honorary members.
Brunie
honor and
gathering
was
the
guest
of
brought greetings to the
as
did Mr. Dean Mathey,
Chairman of the Board.
Mr. Edward CLMulhausen is the
President of the club ior 1962 and
provide.
Schapiro
ner
guaran¬
ment."
for
Century Club of the
cru¬
by statute or regulation, and
a
Century Club
The Quarter
determining
legislative committee of the Con¬
tee
dis¬
reported to their stockholders, and
elected to the board oi: Connecti¬
a
bank
be-
while
stockholders
for
Nat'l S. E.
estimate.
vestments
Mr.
policies
sen¬
•
Named Directors
pany,
to
optional
west
Mr.
Two
$23
Stockholders' money, the capital
Even
•
general
closure
byj $12 billion, considered a
moderate
on
bidding.
at
pool of capital will have
—the sale of long-term bonds
competitive
of the
They have grown from $9
grow
of
issuing of
capital and stock options
comef
and
businesses, for the in¬
placed
this
banks
another,
one
dollar,
s
cedure in the capital market here
basis
stand¬
terminology, explicitly defined
debt
new
borrowing arrangements
have
state
and uniform for all banks.
our
objectives.
we
to
central
a
and
time,
policy objectives and
months,
funds,
gested that the Association, acting
as
problems
procedures
needed to meet both
keeping"
capital
the
the
1
sought.
be
may
part
economic
our
of
reconciliation
adequately inform the
payments posi¬
stockholder.
Mr.
Schapiro sug¬
in
be impaired if the
ior
calendar
and such other relevant data nec¬
essary
policy mix through
to
of
changes
modifications
Governmental
a
requirements
economy,
current
next decade.
stockholders,,due within 30 days
changing circumstances^r(It must
yeaf,"Contain'a balance sheet,'comcontinually evolve in response to
changes in the liquidity needs and paratiVd'profit ahd'loss'Statements,
in
eco¬
policy and "housekeeping"
have
A.
Morris
James J.
certainty
be
can
policy with-
tem
iiiwl
the
ceding Treasury administration.
absolute
that
man¬
the
opment
have
stocks,
banking
The
debt,
was
result
ago—a
of
bal¬
a
1345 to
the
firm
divergence
no
its
is
working
bank
"the
structure.
creative innovations in debt
debt
invest¬
specializing in
in
outstanding
tributable to
with
&
"there
sacrificed
interest
the
agement
Schapiro
eco¬
objectives,
better balance than it
months
A.
ment
further
various
not
maturity
in
dent of M.
York
is
maturity structure of the debt is,
in fact, despite a rise of
$10 bil¬
lion
the
in
in
Co., Inc., New
corporate in¬
the
policy
Treasury
before
from $9 billion
by $12 billion
n° i?n™ °.peration> in Miami
of tax policy
past twenty months, though there
more we
address
.
rose
grow
Association for Bank Audit, Con-
as
President for research and devel¬
obviously much
recent
to
declared
pursuing
nomic
far
James F. English, Jr.,
Senior Vice-President of the Con¬
record
a/
have
;
vestment.
In
So
concerned,
area
They
'
up
In
will
availability
funds.
probably, in the
necticut
To
we
out beyond
long-term
of the
supply, ^.the
money
of
system.
growth of bank credit, or
behavior
too
cf
suggest that there
broader
nomic
Reserve
adequate,
an
I would indeed
objectives.
improvement
Federal
which
bitlion
commercial
urges
requirements recently proposed tor
Mr. Schapiro predicts that commercial
Beach, Morris A. Schapiro, Presi¬
corporate investment
of mopey rates or fhe
incidental by-product
an
one-to-five year area
has
in¬
savings
concerned,
are
been
ing oi $13 billion of debt from the
years
and
as
non-inflationary
short-teim
substantially reduced.
nificant
time
providing
is
flow
banks' capital funds
being constrained by the level
And
acquisitions of Government
of
the
is
guide
And
all
this
by about
represents only about 7%
in
hopes and expectations
year, it does not appear tftat
the
bank
Government
increase
up to our
commer¬
billion
of
dealing in bank stocks
banks.
billion in 1945. In the next
one-to-five
We are'convinced that the shift¬
five
$K5
The
rate
firm
same disclosure
national commercial
$23
Policy
adopt
We
of
debt is under better control, since
creases
grcnvn
commercial
of
under-one-year the
increased
maintain
have
capital.
Tax
of investment
banks to
billion.
the
of
the
Head
large domestic
with governmental bodies abroad.
posits.
decline of roughly $13 bil¬
in
While
re¬
with
the
attracting
at
consistent
and
troduced
Since January, 1961, time
in
crease
ings
Better Short-Term Debt Control
lion
same
the
inter¬
savings
savings deposits
total
of
one
financial
public.
in
their
to
function,
and
rise
it
suffi¬
a
addition
deposit
that, while the
the
the
ciently clear-cut basis for evalu¬
ation.
to
Full Disclosure by Banks
of
corporate investment has not been
between
not
But
equal
remember,
financing
is
levels
Looks
tions
through
billion.
note
a
generate
distinction
deficit
a
ability
our
not
five years has risen by almost $13
greater
com¬
potential.
important
and
increase
use
future deficits in
inflationary
billion,
debt
intent and
which
beyond
debt,
pre¬
our
and
about
to
sparing
have made of the
to finance any
mediaries
rise
the
both
banking system in financ¬
has declined by almost $13
the
you,
both to
Septem¬
maturity
these
The total
which
relatively
we
of
end
non-marketables,
in the
of
assure
testifies, I would suggest,
Of this, $9 billion has
Savings Bonds.
tion
can
thereby,
months
an
through
in marketable
pened
the
from
1961,
1962.
been
and
The
manner
months
billion
is,
ing the deficit of the past twenty
mortgages.
ber,
so
credit
^nd the Federal Reserve
able
are
I
situation
a
than
January,
the
that
potential
This,
Treasury
which
twenty
large
flationary
mercial
billion
the
remains
banking system becomes
excessively
local government bonds and more
$10
whether
but
sector ,base is expanded well beyond the
records, so needs of the economy and an in¬
new
both
but
in the
not,
corporate
has not set
as
State
government bonds, and
mortgages.
in
securities,
corporate
and local
issue
sells securities to the banking
amount
into
in
is not simply whether trie Treas¬
bined
capital
be.
proceed
ury
oflong-term
recent
public discussion
me
oversimplified
in
twenty months has been reflected,
as
you know, in a record com¬
flow
the
At
flow of investment
financing deficits
been
climate
favorable
The
The subject of
Financing
through the
past twenty months
at
means
Debt
System
monetary
to be fulfilled.
far
that
means
tem.
been
expected to occur if the economic
and
Federal
The
thing is clear: this is
precisely the sort of interest rate Banking
behavior
capital.
the promotion of a
part
commercial
one
ever,
outflows
by $10
would increase ; in : the debt, has been
I financed outside the banking sys¬
How¬
short-term
While
the total debt has gone up
by" $9
have
interesting.
event,
say.
substantial
rates
and
mained
level
ment
to
States
highest
$5-billion, or one-half^ of the'total
any
aged
United
five years at the present tirae> the
influence of
much
in
venture
not
unusual
.
the
time, the availability of funds
long-term interest rates have
to
management
the
to
and
monetary
this
of
interest rates should
of
rates
in
billion.
how
interest
abroad which would have encour¬
and
years
January,
short-term
six
maturity
average
between
re¬
of
tually lower than they were then.
be
•
this: has
an-
holdings have, risen by only $1%
behavior
)
,
pal bonds and mortgages are ac¬
Just
29
'
.
that
the
safety of investment in banks will
Mr.
man
Clarence
E.
Peterson, Chair¬
of the Dinner Committee.
30
The Commercial and Financial Chronicle
(1850)
Growth Characteristics of
will revive government owner¬
or
ship
on
Stocks
broad scale.
a
better
Electric Utility
whipping+boys
the
and
lighting,
temporary comeback.
;,
this
From
t
point
of
general
a
protracted
have
a
from
in
In 1938, and
'
+'
■
of
the Fed¬
by
these
Under
municipal
plants had prior claim to the low
;+'.
"
;
■
■'>:
'
...
.
subsidized
cost
these
at
the industry was strug¬
as
legislation
construction
clauses
preference
Political Attacks
Just
the
in
the
Government.
eral
cuts
rate
general
clauses
generating facilities
but this was the re¬
broad
1
this
away
subsidies and prefer¬
spite of
authorizing
conditions.
'•
record keep¬
our
government ownership j was
ence
coinciding with recessionary busi¬
v
from
ing because of an apparent lack
declining trend for a brief pe¬
ness
discontinued
we
econ¬
again in 1947-48, earnings showed
of
voters
away
only a deep of widespread interest in
depression
can type of operation. This trend
utility earnings.
sult
trend
to
municipal ownership, and by 1942
re¬
significant effect on elec¬
riod of time,
re¬
view
and
a
Subsequently
appeared
|
,
subsequent
and
obvious that from
tric
t
v
we
in favor of municipal
were
operation.
a
experience, it has become
cession
omy
had
iceman
which
votes
the
of
corded
used for
Candles were
bills.
tric
51%
economize on their elec¬
to
most
a
generated
power
Federal
customer of a
Why
projects.
privately operated
gling to emerge from the 1932 de¬
plant should thus be discriminated
pression it became subject to an
against has
the
After
and
1920s
attack,
the
on
it
investors
Both
vulnerable.
was
the
of
excesses
brought
which
attack.
political
unprecedented
counts
accounts,
plant
wa¬
inflated security
securities,
electric rates
coupled with poor service and an
arrogant attitude on the part of
many managements.
The attacks
high
and
prices,
lo¬
from Federal, State, and
came
cal levels in the form of
competi¬
regulation,
and re¬
stricter
tion,
petitive broad rate cuts.
first
step
major
of business, but its pro¬
ponents
claimed
establish
a
this
would
it
that
yardstick for compan¬
the
with
ion
privately
of
rates
companies.
owned
the
in
companies
private
out
area
the forma¬
was
Not only did this
tion of the TVA.
drive
though
Even
only
measured
"yardstick"
about 18 inches due to the alloca¬
capital and operat¬
tion of many
ing
and
control
flood
to
costs
navigation, low interest rates
a
on
100% debt capital structure, and
low
resulting
lators
a
adherents
a
The
point.
TVA
followed by Bonneville,
and
and
State
other
many
Al¬
projects.
constitutionality of
projects was initially based
the
though
these
flood control and navigation, it
on
evident that steam gen¬
soon
was
eration
going to play its part
was
to be
there appeared
and
end
no
Federal encroachment.
to
the
about
At
REA
It
intention
through the subsidies of
of
financing
made inroads
ket to
inroads
and
on
2% cost
a
business
job
under
period
other
services
have
during
of
improved
with
less
outages
fre¬
quent and of much shorter dura¬
tion. The industry
able
to
has stood ready
meet
electricity
commodity that
The
II.
arro¬
attitude of the
gant management
agement
not rationed
was
during World War
1920s has been
demand,
any
about the only
was
replaced by
attitude
a man¬
for
that
the
most part
is keenly aware of the
need
good
Not
for
relations.
public
only has the
bene¬
consumer
but
investor
the
benefited
from
financial
the
on
a
the
into
broad scale.
was
on
keeping
track
of
the issue of municipal
determine
the
trend
municipal ownership
to voters
on
to
priate
tax
the
of
on
spend
unnecessary
dupli¬
especially
and
necessary
expenditures
high.
the
issue of government
indicated
by
ownership,
vastly different than it
I
and
believe
and
mid-1930s.
it
would
protracted
was
Here
take
change public opinion.
investors'
fears
not
that
is
again
major
a
It
as
in the
depression
I
did not and do
polls,
private
put
keeping
are
There
one
recorded
when
appro¬
doubt that the background on
so
were
we
the past
over
government
facilities,
more
opera¬
no
earhjr
on
by World War II, the SEC moved
slowly
systems. Thus it was not
company
until
well
breaking
the
In
the
after
of
end
the
that much progress was made
war
in
the breakup of holding
on
these vast systems.
up
meantime,
both
investors
and the industry went through 15
of uncertainty not knowing
years
what the ultimate effect would be.
At about the
given
was
greater
tem
of
this
system
of
of
sys¬
adoption of
accounts
forced company
period
uniform
a
en¬
was
by company over
adding further
of years
uncertainty for investors, and the
results
ferred
stock in
books
indicated
We
owned pre¬
utility whose
one
equity
strong
a
in
shocking
were
instances.
many
position. When the plant account
restated
was
only
was
and
surplus
at
original cost, not
the entire
preferred
stock
common
wiped
out,
stock's
the
but
value
book
worked out to
only about 75% of
its
Another
value.
par
the
increase
in
a
original
an
the
cost,
had
cost
to
is why
share
the
many
were
on
a
1 adjustment
tion
amortized
which
thus
phase
economy,
their effect
term trend
nies
merely
for
costs
company
of
be
state
of
the
Federal
the
at
came
This
a
was
great
time in the mid-1980s.
whittling
a
base
ten
the result of
allowable
the
and
accounts
approved
of
return
were
writ¬
the uniform sys¬
under
of
tem
lowering
of the rate
plant accounts
as
down
a
rate
away
and
revised
far
then
Act
rallied
11
12%.
or
came
down
finally
stances.
courts
methods
of
to
World
end
commissions al¬
return
In
broke
temporary
rate
of
the
as
high
1930s
as
these
8%, then 7%, and
6%
in
War
to
the
reductions, but
i960 1947, when earnings
most
the
the
was
was
the
excess
other
opera-
their
earnings
capital
growth,
particularly
hurt
profits
as
tax
by
were
growth companies. Although
of return dropped below
the rate
the allowable level for many com-
in
but
passed,
-
The
taxes
I"vesJtor confidence which was
alraady at a low ebb> sank even
er*
As
the
that
discovery
president of
market
nies.
effect
By
disturbed
action
dence
on
specific
this
large,
and
compar
largest
Federal
us
investor
confi-
resulted in
and, therefore,
lower
temporary
one
power
revolu-
industry.
The
of the country's
industrial
companies
told
hush hush war
was a
that would
development
all
a new
was
would
power
that there
word
progressed,
war
leaked out that there
accounts likewise had
a
Federal
the
to
Government and so little went to
™pr°ve tha rate ^.return.,
Holding
sharply.
very
obsolete
plants. He had sold all
a
of his utilities and advised us to
period of time, but usually it did
do likewise. When the atom bomb
a
not
price-earnings ratio for
affect
Rate
the
underlying values,
however,
cuts,
effect
thus
was
did
hurt
in
in¬
many
II
put
a
waves
of
1946
r°se
and
rapidly
more
permanent,
COMPARATIVE
Tri-Continental
was
first dropped, it became evi-
dent what this hush hush develop-
1
The
was.
came a
MARKET
Utility Portfolio
'
vs.
D-J Industrial Average
Index 1938
Industrial
Portfolio
Average
Portfolio
—
2.9
111.3
Average
■
100.0
•
97.1 5
8.8
—12.7
101.5
—15.4
90.1
71.7
+12.8
+
7.6
101.6
77.1
:
+85.5
+13.8
188.4
87.7
•
+22.6
+12.1 '
230.9
98.3-
+47.4
+26.7
340.3
124.5 ;
+
2.0
4.2
+40.4
v
,
84.8
8.1
347.1
114.4 '
+
2.2
288.8
116.9
—
2.1
300.9
114.4
+12.9
422.5
129.2
426.7
151.9 '
+17.6
+24.6
+14.4
531.7
173.8
+16.0
+
8.4
615.8
138.4
—
3.8
657.1
181.2
+28.2
+43.8
829.3
260.6
+13.0
+20.8
+
6.7
•
—
1.0
+
_L—
,
100.0
___
—11.2
+
1953_1
1.00
Dow-Jones
Utility
—16.8
—
—
Tri-Continental
Industrial
—
1952___
the
Utility
+11.3
1947__
of
chief topic of Conversation
Dow-Jones
___
._
timing
PERFORMANCE
% Change
Tri-Continental
•
•
.
937.1
314.8
+
6.5
+
2.3
998.0
322.0
1957—
+
8.3
—12.8
1,080.8
280.8
1958
+40.2
+33.9
1,515.3
376.0 ' '
1959__
+
8.2
+16.4
1,639.6
437.7 '
—
+20.6
—11.9
Aug. 31, 1962
UTILITY PORTFOLIO
ED. NOTE:
,
1,977.4
2,422.3
—16.7
2,134.0
AS
OF
SEPTEMBER
397.0
^
,
471.2
392.5
30, 1982
Tri-Continental's electric utility common stock portfolio
as
of Sept. 30, 1962 consisted of the following companies:
Electric Power Co.
Electric Co.
Brooklyn Union Gas Co.
Carolina Power &
Light Co.
Central & South West Corp.
Delaware Power &
Light Co.
Florida Power & Light Co.
Lighting &
.
Illinois Power Co.
Kansas Gas & Electric Co.
Middle South Utilities, Inc.
Montana Power Co.
Northern Indiana Pub. Service Co.
Oklahoma Gas & Electric Co.
'Southern Co.
Florida Power Corp.
Houston
9.3
+18.7
—
+22.5
Atlantic City
rates
this
of
regulation
when
late
lowed
and
were
Utility stocks plunged
American
some
for
Federal
as
establishing the rate base. In the
1920s,
they
tionize the
compa¬
daily announcement of
were
structure
important
utility
of
Because
adoption of the uniform system of
new
rate reductions. These rate reduc¬
tions
results
regulation
Company
of time
—keeping track of the weekly if
not almost
tions.
the
of
one
of cost in
elements
went
,
market
downward
and
and
reductions.
rate
net
concerned.
at
local level in the form of
or
is
a,
part were temporary, especially in
so
sharp increase in taxes
very
which
lighting,
importantly of all there
panies, .commissions were reluchoticeable ex-= tant to grant rate increases beincome
actually cause so much of the increase
to
down.
tighter
into
put
these
action
rate
con-
a
the economy, the rate
in
and
The
over
entirely
as
when
coincided 'with
down
turned
plant acquisi¬
depreciation
onerous
on
part was
a
was
residential
and
and most
widespread
were
which, darkened corn-
growth in gross revenues was
slowed
of
excess
substantial.
As
consumption
as
growth.. However,
traction
instances
required /increases in this charge
were
revenues was
slowing down in the rate
a
reductions
charging woefully in¬
were
adequate
the long-
mercial
there
II,
stopped
obsolescence of power plants be-
that many
fact
111999345658082604
>
on
net income for the most
of
general
the
stimulated and their effect
was
accounting system brought to
new
of gross
hardly noticeable
charge against earnings. Also, the
light the
of
an ex-
War
ment
period
an
their effect
being absorbed,
earnings varied. During
panding
usually set at 10 years,
creating
that they
years
World
appliances
their
account
a
over
was
During the
of
basic
excess
to
account called
During
par-
utility
values in that they hit at the
price substantially in
original
industry.
the
to
factor of earning power and
In
operating
onerous
production
always
are
.
ticularly
blackouts
utility had earlier bought
a
out another
were
finally broke out in 1939.
conditions
svs-
operating
companies.
many
a
was
they
1937 and
War
stricter
and
first threatened in
war
substantial
adoption of the uniform
tem of accounts
of
result
long-term
certainly
competition
entirely,
regulatory
The
accounts.
the
to
thus
'
still
was
much involved with govern-
very
tions.
and out of this came the
establishment
a
time the FPC
same
industry,
on
best
our
Utilities
on
'industry
the
helpful in improving public rela-
tent
deal of my
of the people
is
is
brought
another job that occupied
century and do not
see
sums
rates
andj because of
conditions
burdensome
happy with the private
other
the Act,
of
abnormal
sec¬
regulatory actions were, the most
the average of
week, and in 1938
tions
various
of
im¬
Ownership
great majority
want
of
Because
interpretative
problems, lawsuits contesting the
constitutionality
itive
large
and
also
Majority Prefer Private
are
hands.
substantial, widespread and repet¬
a
went
investors'
of
electricity
competitive
the
the
growth and
in
for
market
improved
contributing
portion
has
condition
the
ened
and
of
administrative
War's Impact
While
regulation,
securities which were
a
regulation and did
healthy. They undoubtedly broad-
In
early began
takeep tbreast of state regulatory
Phll0S°Phy,/, :i
were
long-term
a
vei^y
we
great deal of weight
both
levels.
state
local
of
point
result,
a
put a
ment
greatly
industry.
A
on
from
but
to
point of view they probably were
substantial
fited from better service at lower
rates,
regulation
painful,
As
and
new
fected''
utility
cuts.
+ ■;;
short-term
a
position
the
once
view, these rate reductions
Act which directly af¬
where
sky-rocketed. Services have
with
and
substantial
Company
a
most
commodities
and
industry
try which was regarded as a good
possibility. At that time proposals
a
ownership.
costs
quarter of
toward socialization of the indus¬
up
the
when
because
down
come
is
public
marvelous
private
have
Rates
tion of the
ownership of electric facilities in
for
issue
the
on
it
However,
projects.
benefits,
tax
One job that kept me busy in the
mid-1930s
to
sections of
still have the
the industry has done a
cating
Municipalities
order
some
of
expansion of I existing
an
following
of
threat
the
the private mar¬
alarming extent.
an
the votes
in
keep
Because
hard for them to get much
and,
Public Ownership Trend
power
have
the country, and we
developed beyond
soon
announced
this
REA
isolated
the
to
power
farmer.
the
still
who
grind
at all.
established ostensibly to
was
bring
we
proved
time,
same
to
alive
threat of
socialists,
only
believers, and others
them
Federal
Federal
excess
ordered
From
1935, Congress passed the Holding
any
in the business at
is
It
axe
issue
and
Coulee,
Federal
gave
an
the
the
.
commissions
Cuts
electric in¬
the
faced
of
repeal
tax,
Long-Term Benefits From Rate
Regulation
drive,
was
drastic
more
final
not -.want
agency
state welfare
with
large majority of
a
do
level.
any
for
been
put it even stronger,
people
political
has
there
To
believe that
the
and
soon
Grand
I
regu¬
talking
major
than
decades.
dustry
powers
less
operation of electric facili¬
ties
target to shoot at, and the
ownership
public
was
rates
the
still
taxation,
from
freedom
plant
is
there
opinion,
my
ment
ownership
the
does
as
municipal
a
public demand today for govern¬
the
of competition, the
In the field
In
in
resulted
which
excesses
tered
much
as
vote
customer.
J
written-up
just
of
vote
his
since
had been hurt by
consumers
these
especially
stand,
under¬
been hard to
again
a
Coincident with the government
ap¬
parently hit its peak in 1936 when
save
from
trend
The
municipal ownership
tQward
order, and customers, desperate to
even
pennies, did their ut¬
proposals.
There are
the
with
profits
political point of view.
Governmental
such
88
from page 1
Continued
would
administrations
change in
Thursday, November 1, 1962
...
Power Co.
Southwestern Public
Service
Co.
Texas Utilities Co.
Virginia Electric & Power Co.
-
Volume
Number
196
The
6208
Commercial and Financial Chronicle
(1851)
which
did
nothing
to
improve
investor confidence.
With
the
of'the
end
elimination
the
/
the
of
and
war
market
excess
the
industry
stocks.
In
unfortunate that
did
not
portionately heavier
make
pro¬
of the 3%
use
bond market that
in 1946 and in many
able instead of such heavy use
in
instances this
higher than allow-)
a
able rate of return. As these
ings
results
earn¬
available
became
in
the
had
1947, regulatory commissions went
to
have
work
reducing rates. At about
time the adoption of the
same
uniform,
system
creased
costs
there
to
mid-1948
earnings
Except
general
showed
for
from
mid-
■
been
that
peared
in most areas. The
the
to
accounts
the last time that utility earn¬
rather
failed
ings
generally
some
year-to-year growth.
to tshow
1940s
early
and
Investors
became
tions, and in other
consciousness
itself-
ly
on
inflation;;
was
to commodity
"utilities
stocks.. As
remained
marketwise,
■metals
the
and
the
were
result,
a
under
cloud
a
oils
and
market
star
performers.
Financing Problems
,
During World
War
early postwar period, it
the
erally; believed.,; that
high
of
deal
to
carry
a
capital,
point of view this
only
the long-term
years. .From
many
healthy not
was
indicated strong
it
because
growth,
salutary effect
Commissions
had-
it.
because
but
for
a
local regulation.
on
longer dared, to
no
the
necessity of
in
the
of
face
huge
embarked
of improved stock¬
earnings growth that
strong
compiled
this
during
was
period
view,
with
cope
mild
investor
the
and
expansion
in
both
vestment
There
several
are
market
unseasoned
the
securi¬
independent
companies.
operating
sys¬
and
with
flooded
was
of
ties
effective
became
The
men
who headed these, companies were
good operating
most
enced
matters.
over
company
dependent
its
to become'in¬
therefore
and
outside
jurisdiction,- required
certain
standards
strength
and
provisions
that
financial
of
various
such
an
protective
preemptive
as
rights be adopted. In the so-called
EI
Electric i case,
Paso
stated
that
ards for
be 50%
a
plus.
the
minimum
SEC
stand¬
capital structure should
debt, 25% preferred stock,
25%
and
the
stock and
common
No
one
wanted
structure
that
requirements,
race was on
have
to
minimum
met
sur¬
only
so.
a
&Q
the last
the
all
come
these
over¬
obstacles
stronger
emerge
and
healthier
and
is ample evidence of an
ever
tory helps
capital
new
requirements
unusually heavy. As
ferings of
common
a
stocks
basis.
came
to
,the market week, after week. Not
frequently
so
out*
price-earnings
years,
of
valid?
standards
That when
we
the
It
many
an
find good
we
reasons
utilities
for
final
a
very
earnings,
both
of
which
a
dampening
effect
on
the
have
would
dreamed
com¬
that
a
a
subject to political
company
regulation'by
without
federal
authorities
opportunity for hear-
an
the right of appeal.
or
erally
has
become
the
that
of
price-earnings
I
have
comparative
ratios.
utilities
somewhat-
In
tend
lower
to
ties.
a
Drug
companies
prime target for
growth records.
great,
?ot busy.
There
there
in
reversal
ha«
the
investment
recently
rowed, and it is
the
The
at
com¬
compa¬
a
little
rmite
a
industry's
utility
background
con-
as
The
of
Stocks.
is
one
lot of red ink.
a
figures
likely
In
our
by
on
basic
shock,
some
common-stock
very
1929
market
subsequent
depression brought
deep
and
that changed this
oriented,
crash
to
own
This
1920s, the investing public
In
and
the
protracted
the
on
shock
Tri-Continental
the
investment
results
alone.
The
Investing,
National Investors, or Whitehall's
utility portfolios would
materially from those
the
differ
here,
Results
Corporation
The
not
used
year-to-year
in
the
The
percentage
and
portfolio
and
Korean
that
public
that
we
we
had
would
a
War
re-shaped
The
of
the
the
was
this
shock-
philosophy.
suddenly
found
out
could not live in peace as
known
be
it,
and
powerful
that
to
necessary
military
machine
to
ra.
f P threat of inflation
a"
]J?fl
lming purchasing power
ie dollar., With high tax rates,
The
the 'Sow*
Dow- capital appreciation became
.
Jones Industrial Average beginDecember 31
1938
and
mn«*■witn ijecemoer
di, ismh,ana
it
maintain
which reauired hish exnenditnrcs
Tri-Continental
DOrtfolio
umity
stayed: out
stock market until the early 1950s-.
This
accompanying table shows
changes
vesting public
hl
+,
more
pnrr.ni
f
^
income,
and'the threat of inflation
lessened
„
ottrartivenp«
of
hnnHs
As
,
nent£d's utility portfolio was 2,134. turned investors away from, stocks
Iri other words. $1,000 invested in and back to bonds. These were
*he Dow-Jones Industrial Average the steel price fiasco and the break
in
1938
$3,925
would
have
been
August
31,
worth
but- the
in the stock market.
early
to
It is still too
determine
what
effect
....
investment in our utility
Portfolio would have grown to
$21>340 during the same period,
Duting thia twenty-four year period<the utility portfolio faded to
°ut-perform the industrial average *n ordy five year3- Also, it
sa™a
showed
some market appreciation
^ every' single
year
from
1947
these two events will have over
the long run on. investment phir
losophy. However, it is my feeling
that these events, while making
investors
ful
in
turn
them
stocks,
cautious and
more
their
selections,
from
away
care-
will not
r
common
The wide difference-in tax
rates on-ordinary income
as* op-
through 1961, whereas; the indus- posed to the
fGar of
in
of
as
showed declines in
these
a rd
r eg
to
b oth
comp e titi o n
few
nar¬
the
prove
for
this
opinion, is
that
influenced
record.
anti-trustactionsisconsidered,it
.,
,
Another
possible
t
earnings record
e
quently been
have not shown any
growth
x955.
to
.
From
of
affected
overhanging
by
the
the
early
utilities
by
the
the
were
many
industry
by the repeated offerings of
shares.. Under, these
of
low
a
since
.
,
Of course, this has been due
some
companies
the
in
aver-
showing declining earnings,
ic
of
mgs
offset, the rising earn-
as
other
companies
111
In examining the
average.
the
earn-
ings, record of the individual compames
that there
of
.
the
in
average,
were
mc
find
we
only three
the companies
or
10%
uded, which
,
years.
stated
As
tax on capital gains is
a strong stimulus
averageto seeking appreciation, and our federal budget
n'nntract'
Tn
tn
thic
have comniled such
another
26%
condi¬
a
long
selling at rela¬
our
had
price-earnirigs
ratios,
only
since
heon
gains
in
1951,
a
record
their
one
every
and
increased
in
year
which
Seven of
tbe
period
mid_1950s,
tion
and
tJle
of
of
the
from
1938
wag
i
4.^
to
i
have
„
a
the
incjustriai
portfolio
from
fQUr times that
Since
average.
_
continuing
break,
resui|;
[n
extent
same
margin
actual
they
Furthermore,
this
calls
losses
did
in
break
protracted depression.
lavorable, the
util-
stock
risks
have
Many
funds in
tQ Augugt
of reinvesting in long-term
timeg the 25% appreciation shown
by the industrial average.
in considering the utilities'sheltered
gition
their earni
rec.
;t^ earnings,outlook,
ord
iliVestment
performance
,
CQmm^
%
tefm
u
reagon
gtockg
^
for
and the
of
are
waiting
This investor
re-
for
appear
a
better
_
>%v,
±
T
„
For
a
Equities
this basis,'I do not look for
substantial
decline
r
'<""7
disparity
m taxes- on
come
In gauging the market, outlook
1
electric
1962,
lmP°r-
Note: a list of Tri-Contmentai's
utility
appears
portfolios as of Sept. 30,
in the accompanying table.
that
would
carry the market back below the
previous lows, and over the long
than they haVe been f°r many
yearS' but not irratl0nally so' and
°n 3 relative basis they appear
Present Market Outlook
^
Bu,hsh About Long-Run Demand
snasfssrrss
Present ratios are higher
'
buying
opportunity.
On
in_
secu-
that,
im¬
stead of deserting the market, they
there
of
liquid condition instead
It, would
]ong
oyer
higb degree
confidence-
util-
rities.
com-
kept; the
ity portfolio has appreciated 127%
31> which ^out f.ye
urn-
deep
a
mon
more
the
1929.
is-
likely tQ be followed by
and
did
to
ground
have
this
®
not
of those who reduced their
to have further upside potential,
with
market
1955, with the investment back-
i for utUity stocks. the most
bound
to
yet the appi*ecia-
utQity
1938 tQ 1955
year
gain.
The strength and
consistency of The earnings growth
1
.
earn¬
single
line
and
record
dividends
earnings
is
stock financing requirements dur-
confidence is and should be
fi-jcr/
holdings have reported
ings
earlier,,; the utility.industry
faced with Political attacks,
earnings^ince 1955" Vest°r
growth in
year
bv
record
tl
As^has on,
so frethe
a^inor decline
adversely
be
commented
showed
,
,.
ratios is, to
premium
in
...
for anticipa mt,
reason
spoiled
ratios
and
• wM»
in-
ordinary
and caPital Sains, the investors will continue to seek cornmon stocks which offer good ap~
preciation potentials. Among these
will
be
with
a
the
growth
stocks,
and.
continuing demand arid
limited supply, price-earnings
tios in the future will
or
'
philosophy. The '
20* years, and the in-
for
manage, the figures that I will
trial
utilities* sheltered"' nevrftion
1930s to the mid-1950s, the price-
tively
law-
seems
hppn
earnings
market
not
were
possible to
reason
my
is
has
it
that
main
in
market
clouds
the
was
groups
philosophy
usually brought
In
most
the
w
Just,
even
exceptions
historical
at
on
philosophy is usually very slow to
change, and any major change is
book
trusted to that of industrials. When
sell
this disparity was- quite
but
find
been
time, but
when the anti-trust
immune
yers
have
some
others found they
many
ages
price-earnings
parable quality and with
years ago
political
whipping boy in place of the utili-
today's
ratios than do industrials of
rable
Also,
-j
reason
appraisal
market,
for
depend
,
?KrIr*n^S
?T
G0™Panies in
the Dow-Jones Industrial Average
past history is to help in
on
the
any
will
will
stocks
companies, ■ we have kept track of feeling that the
economy had ma.the .market performance of- our
tured, and that there was no fur*utility.portfolios as compared with ther
growth, resulted in investors
that of the Dow-Jones Industrial
favoring fixed income securities
Average for many yearst
Since for the next
years
be
to
see
This
common
_vn
•
had
10
Ten
vears ago
ago no
no
I en years
......
dwelt
to
favor,
the basie underlying in-
vestment
a
the
compared
as
with 10 years ago.
The
yet
that showed
years
industrial
to
shifts, in
This cannot be said for
these categories,
see
continue
endlng with August 31, 1962. The the
if3? ?
bonds- ,As
fi
fionrpc
a result, the desirability of owning
with such powerful Federal opcomparative
figures
aie
also
stocks became
a
strong
position that it had to be irame»*> "»<Jex
with Decern- £"™on St0cks becarae a stlong
in
the
basic
investment
diately rescinded.
per 31, 1938, equalling 100.
philosophy.
As an investor, I would much
Starting with 1938 as a base, we
rather have my savings invested tind that
mdcx f°r the DowIn the spring of this year, there
in a company regulated by local Jones Industrial Average stood at were two developments that could
administrators
operating ' under 393 as of August 31, 1962.
The have provided the shock that once
rules laid down bv the courts than comparable figure for Tri-Conti- again altered this philosophy and
me
expansion in price-earnings
tions the utilities compiled
caused
with
find that much of this
now
has been compiled.
for
heavy dilu¬
it
ever
political regu-
any
this~history,
new
tion 'of
considered
found
the? market,
but
state
that
which
position against the background/of
of
on
to
seems
and
stocks
un¬
consider the present
only did this increase the supply
utility
abso¬
an
loss.
investmjA&blic
the
was condition together with the gold
rate problem will continue to throw
that disturbed investor is very conceivable that utilities reductions,
stricter
regulation, doubts on the investment merits
during most of the past may acquire premium price-earn- war> inflation> rising interest rates, of bonds. While many people got
are
these
historical ingg ratios.
and unusually heavy common badly hurt in the May and June
confidence
disparity,
were
on
high by historical stand¬
certainties
30
has
As
view
rule.
result, of¬
to evaluate current
us
price-earnings ratios
the
to build up the equity
commission
were
one
why
First, of all, the
industry could
have
ing which had been held
least two
not
price rise
rise in
in sicei
steel wouia
would have
rriet
price
nave mex
Stocks
industry faced
years.
fact that the
the
position just at the time that the
ago
period of almost 25 out of
a
ratios
SEC, before permitting
operating
of
inexperi¬
were
financial
in
The
the
for
but,
men
they
part,
cruel
it would appear that industry gen-
that
In
tems
and
a
obstacles
ards.
breakup of holding company
severe
is.
ing
are
just at this time that the
demand
pletely free of
in¬
reasons
I
those for. the mutual funds which
I have outlined in detail the many
ratios
.
utility
in
pointed
■'% >
more
and
regulator than the toughest
results.
lute
was
much
pro¬
Present Position of Utility
tutional.
electric utility common stock hold-
Tri-Continental
supply
have
many investment
portfolios both personal and insti-
results for Broad Street
and
ratios
work, I
my
see
for
of
also
is/whether
tant factor to consider
or
increasing investor generally.
In
to
law
an
above-average
some
occasion
pointed out that the old economic
to
of
earnings
price-earnings
.
began
combination
confidence.
show
confidence,
ratios
to
should
use
or
any
contribute
results
(connection, it should be
earnings. With
on
price-earnings
rise,
inflation
without
noticeable effect
reviving
able
well
was
either
recessions
been
It
this
lation,
industry
Investment
we.
In
con-
:.
Corporation go back further than
rniirf tn Politic* l
Court
.to Political
freedom is
iieeaom
gone
is gone.
the
these substantial capital require¬
problems.
Prefers
Pi ef ers
that
ments gave
rise to serious financial
on
investor
on
fidence.l
the
proved to the financial community
Secondly, I believe that this his¬
of
effect
earnings.
political philosophy,
exceptionally strong growth trend.
However, from
a
have
our
the consumer if the industry was
point
even
can
industries,
along with
short-term
burdensome
very
a
in
be
attract capital.
price-cost, squeeze, and
slight decline in volume
a
in
caught
are,
some
informed.
well
had
to
for-
trend
investors
educate
than
the
serious
and
to
punitive, and the investor
considered
industries
and
a
appear
to
and
eign competition, many companies
of
be the
requirements
capacity
conse-
widespread
The
that the industry would be facing
huge
indicated
requirements,
them
keep
duced
and it soon became evident
case,
great
effort
the
sur¬
of
with
addition,
capacity until
prove to
not
com-
In
with capacity,
everyone's
industries, and
easily be raised to
many
higher costs. Foreign
excess^
or
exceeded
holder relations, and made a great
up
prise, this did not
of
program
idle
almost
to
of
peak
have
caught
growth
.Much
wartime
would
demand,
great
utility
having met the abnor¬
■industry,
mally
gen¬
was
a
demand
.ago,
could
offset
industrials,
many
demand
capacity in
a
investment
existed.
to
and the
II
ways many
encouraging investors. The indus¬
try
years
prospective
rate reduc¬
commissions
capital
that
commis¬
many
than ordering
inflation-conscious and. incorrect¬
harmful to utilities and beneficial
of
accomplished facts.
level,
background, for
Ten
the
in
granting rate increases
were
these
1950s, commodity prices and wages
assumed
breakup of the
uniform; system
were
deterioration
favorable effect
the
ties, there appears to have been
was
ap¬
are
background, for utili-
Today,
tion
,due
investment
petition
threat, it
patterns
improvement un
quence.
decline.'
the
recent
com¬
some
was
sharply.
was
holding companies and the adop-*
of
the
were
electric
sions^
rose,
there
skies
a
these'historical
prices
relatively well, contained
during the Korean War, this
late
would
the
\
petition : was still
tax
the
growth
clearing. While government
On the state
In
much
mid-1950s
evidence
reinstatement of the excess profits
'
a
recorded.
the
By
which
and
slow to change. But, in contrast to
(depressed. If
done,
earnings
been
of
when
pause
a
period
was a
months
12
about
1947
the
and
consequence,
of
in-
accounts
began topping over., As
economy
a
of
market
then relatively
this
then avail¬
was
stock
common
was
stronger
the
;
utility
was
profits tax, utility earnings spurted
resulted
,
for
retrospect, it
■
31
higher than they
be
a
ra-
as
high
now are.
One
Continued
on
page
32
32
(1852)
The Commercial and
Continued from page
possible
pends
materially
should
Congress
If
Congress.
on
thesis de¬
in tbis
error
the
narrow
spread between taxes on ordinary
income and
capital gains, the pre¬
ratios now
'enjoyed by growth stocks might
mium
price-earnings
leveled
outlays
The investor
savings in bonds or in stocks, and
in the stock category he has many
At the present time,
alternatives.
get
yield
better
a
than
adverse
ings. In
is
reported
on
instances, this credit
many
will
longer be
no
levels,
burden
a
The
from
from
second
counted
for
factor
that
slowdown
a
the
relatively •'* cool
the
where
air
sented
weather
in
conditioning
repre¬
These
important load.
an
experienced
areas
;
of 1960 and 1961 in areas
summers
hot
summers
The
this year
and, from reports
only answer is, "to obtain capital
ing in to
us,
appreciation."
pension,
the
and
By
he
large,
has social security as
now
a
in
well
as
is in position to take
so
appreciation.
There
many
are
stocks where the prospects of ap¬
preciation
There
deflated
their
rather
are
others
are
dismal.
that, because of
position,
offer
may
good appreciation potential on any
business
but
recovery,
these
are
often difficult to buy right and sell
right.
of
the long term point
From
view, strong growth stocks
the
that
ones
most
are
are
likely
to
give him his appreciation.
In
spite of the poor market
of
tion
there
spring,
the
with
stocks
growth
is
growth
this
ac¬
past
popularity
looked only at
It is very
a
lesson and will be
hard
bid
prices
the
up
of
second-rate
small,
evidence
slow to
stocks
of
companies the
they did last year.
way
is
quality of growth.
But there
already that they
far ahead
as
foreseen, and with
tax
relief
see
casting
a
to grow,
for fore¬
decline
a
growth.
sure
reason
are
good
no
in
the
rate
of
With higher earnings and
potential expansion in the price-
common
period of time.
a
For
long-term investor, P feel that
appreciation
to
added
utility stocks
be
obtained
to
current
income
the
*An?
address
by Mr. Page before the
Security
Analysts,
San
Francisco
Calif., Oct. 4,
1962.
I B. A. Ohio
of industrial companies
names
that I
fairly convinced would
was
continue
to
show
earnings for the next five
It
surprising to
was
candidates.
few
years.
to find
me
so
utilities
Electric
COLUMBUS, Ohio
Rinker,
Jr.,
nicipal
Ohio
Company,
man
of
Ohio
assured than in the
Group, Invest¬
such
of industrials.
limited
a
growth
of almost
stocks,
supply
and
a
of
ment
solid
Association
of
America,
at
the
whose
annual
ratios
are
meet¬
ing Oct.. .24 in
Cincinnati.
attract
that
investors
their
rise
will
continue
with
to
the
result
price-earnings
ratios
to
equal
or
the
exceed
industrial ratios.
There
has
Other of¬
ficers
much
comment
about the slowdown in the rate of
elected
Alden, Jr.,
Alden
Inc.,
&
First
Louisville,
Vice-
last couple of years.
songood
ion,
this
is
more
opin¬
apparent
than
real for many companies, and was
due
essentially
curring factors.
erating
to
two
non-re¬
Second
tended
to
be
&
Cincinnati,
Mayer,
Vice-Chariman; and Don¬
ald Noe, Bache
& Co., Columbus,
Secretary-Treasurer.
First of all, gen¬
capacity
Elected
the
as
groups
Executive Committee
American
business
spend $4.8
billion
funds of
L.
Partlow,
were:
new
Harry
John B.
demand is
&
already
been
absorbed.
In
J.
Provident
J.
B.
Bank,
Hilliard
&
Louisville; John S. Rankin,
important element in utility
operations. The current growth in
capacity, and the fixed costs
ex¬
direct foreign investment
The
C.
Almstedt Brothers, Louisville;
Joyce, Sr., John B. Joyce
Co., Columbus; and Todd Cart-
wright, Sweney Cartwright & Co.,
Colurpbus.
/
.
Shetterly
First
Mitchell;
and
Boston
Patterson,
mated $432 million for 1962 ($318
million in 1961). In comparison,
the
rate
of
with
Common
million.
$331
Market
Other
countries
ac¬
counted for $160
facturing
Oil
show
marked
plant
investments
Mr.
Corporation,
Vice-President,
and
Chemical
reported
somewhat lower in
than those pre¬
are
no
panies.
compared to those reported at this
last year, with most of the
gain reported in European in¬
time
vestments.
The
data
comprise part of the
on the sources and
uses of funds of foreign subsidiary
companies and branches to be
published in further detail in the
September
issue
of Survey
of
Current Business, available in a
few
weeks.
The
Survey
is
a
overall
report
monthly publication of the Office
Business
of
Economics.
de¬
equipment is $60 million, totaled
billion. Half of the increase
Capital outlays by manufactur¬ is being chalked up by the mining
ing firms abroad this year are industry, which is projecting ex¬
reported at $1.9 billion, or 11% penditures
of $200
million
for
above the 1961 amount, lead by a 1962, after having dropped to
$165
25% growth in the Common Mar¬ million in the prior year. Expen¬
ket area. Among individual indus¬ ditures for manufacturing indus¬
tries, the transportation industry tries are rising by 10% over the
(mainly automobiles) shows the 1961 total, and are expected to
strongest rise—about $150 million, reach $390 million for 1962. Little
of which two-thifds is in Common change
is seen in petroleum or
year
$1.1
Market countries.
other
Outlays
abroad
for
plant and
by the petroleum in¬
dustry have risen consistently in
recent
years,
reaching
a
pro¬
jected level of $1.8 billion for
1962, and are expected to remain
equipment
about
this
amount
of
for
1963.
expenditures
than
pletion
Latin
offset the
in
of
major
recent
Video Color Corp.
Common All Sold
Naftalin &
Co., Inc,. Minneapolis,
reports that its recent offering of
1,000,000 common shares of Video
Color Corp., at $1.15 per share
has
been all sold.
industries.
For
Latin
America,
the
vey
shows that United States
panies
plan
above
$900
sur¬
com¬
total capital outlays
million in 1962, up
about 15% from last year. Petro¬
leum
levels
at
off
behind
the
Cash
expansions
in
Among other industries, capital
1961
Flow Abroad
This
rate
of
States. However,
of
financing are
fourth, to reach
$400 growing in importance: deprecia¬
million in 1962. Most of this in¬ tion charges and retained earn¬
crease is centered in Europe, with
ings, along with external sources
other areas in the Eastern Hem¬ of financing abroad. The available
isphere participating to a lesser data on direct-investment capital
utilities
their
OBE
industries
are
moderate
and
decline
survey
gain; public
agriculture continue
of
recent
years,
the
shows.
sources
outflows
show
Manufacturing
investments in
plant facilities were highest in
Germany, amounting to an esti¬
in
some
the first
half
decline from
of
1962
the
1961
rate, indicating that the investing
companies
are
relying
more
heavily
on
these
alternative
sources
European Investments Intensified
equipment,
capital,
and
corporate purposes.
The
of 729
company
Centinela
Ave., Inglewood, Calif., is engaged
in
the
development, manufacture
and
distribution
and
white"
of
and
tubes. The tubes
in
use
various
well
as
"black
picture
designed for/
are
display devices in
industrial
the
fields
thin
color
and
as
for
government
in
use
home
sets.
Cuts
higher
generally
other
one-
other
television
investment in fixed capital abroad
tends
to
raise
capital outflows
from the United
rising by
a
level of
of
working
and ad¬
purchase
expenses,
installation
and
salaries,
company
general
Capital Outflow
investment in trade and distribu¬
is
used for
ministrative
the
to
proceeds
will be
about
amount.
tion
facilities
Net
latest
Office of Business Economics
com¬
America.
Son,
have
Donald
Com¬
sition
heavy fixed charges which
cess
to
of
Business
Economics,
Department of Commerce,
reported after completing its lat¬
est survey of sources and uses of
a
ex¬
planning to
1962
S.
showing
being met with this
President,
marketed
Office
Magnus & Co., Cincinnati; George
most
Pershing,
U.
capacity. This idle capacity
is costly to a utility because of the
a
Mitchell,
Barnett; Mr. Viiella; Brainerd H. Whitbeck, Vice-
First
capital expenditures
in Canada was $391 million; the
United Kingdom was in third po¬
Service
are
is
in
improve plant and equip¬
in
foreign
countries, the
extent.
excess
on
Bank New York Trust Company.
or
Cincinnati; William Magnus,
The
for
anticipated by the com¬
On the other hand, the
projections by the companies of
1962
outlays have
been raised
carrying
Filder,
Bank
viously
ing
companies
Senior Vice-
Direct Capital-Outflow Rate Declines
A.
many
recently
Bowen,
Development
major industries
overbuilt in the late 1950s, result¬
in
which
Purpose Bonds of the
Francis
are:
Government
Puerto Rico; Richard S. Petty of the law firm of
Chemical
Company and The
Right
Despite Increased Investments Abroad
more
Chairman; Gordon Reis, Jr., Sea-
my
including
Canada,
together
with
new
projects in Africa and elsewhere,
George Rinker
Co.,
growth of utility earnings in the
In
Bank,
Jr., Vice-President,
group
Trust
Corporation,
increase
William '
were
O.
been
York
City
to
President,
$350
Expenditures in the Eastern Hem¬ million, but capital outlays by
isphere are scheduled to rise in manufacturing
companies
show
1962 by more than 20%; this year's
continued growth, with the major
growth
in
the
Western
Hemi¬ increase expected to occur in Ar¬
sphere is less than 10%.
gentina.
In other areas increased expen¬
Mining companies expect to in¬
crease
capital' expenditures
by ditures for oil and mining opera¬
one-fifth
from
1961's
are
supporting
moderate
relatively tions
low
amount, to a 1962 total of gains over 1961, while manufac¬
nearly $400 mililon. A renewed turing outlays are lagging slightly
group's
industrial
will
Left
monwealth of Puerto Rico.
at
somewhat lower than comparable
stocks
was
Bankers
demand, I feel that utility stocks
price-earnings
Columbus,
The
Valley
With
continuing
of
/
mu¬
of
the
for the next five years seems more
case
George
department
and
upward trend of earnings
—
of the
manager
bond
elected Chair¬
an
Valley
Group Elects
generally, however, met this test,
all categories
*
in
growth
a
State
of
National
parture from the 1962 level.
tabulated
I
First
Barnett,
banking
a
New
E.
$30,000,000 General
next
well assured.
mind,
of
the
of
attrac¬
more
nority.
San
in
Secretary
million of manu¬
and
equipment.
in
enterprises. The projected rate of
Europe this
tive than bonds and most indus¬
these foreign expenditures is 14% year amount to $597 million, about
trial stocks. The
thing that trou¬ above the 1961 amount (domestic evenly divided between Common
bles me most
abqut this point of plant and equipment expenditures Market countries and the rest of
are expected to rise
view is that it is
by 8%). Less Europe.
presently shared
Expenditures in Canada, where
by too many others, and I always complete data projected by the
increase
in new plant and
feel better when I am in the mi¬ companies for expenditures abroad the
when
makes
Francisco,
this
George
Bank
ment
over
offices
behalf
prices for electric utility
where
Few Growth Candidates
from
pand
willing to buy stocks of companies
With
the
at
earnings ratios, I anticipate higher
stocks
Viiella,
efficiency
likely, I feel that
utility earnings
and I
Sanchez
op¬
already relatively low, and with
some
are
growth in earnings is fairly
electricity
is
the
likely that they learned
be
Roberto
the Commonwealth of Puerto Rico, accepts check
Boston
operations where labor content
it
the rate of growth
rather than the
diminished.
in
theory,
investors
not
portunities for further
the
many
has
can
earn¬
good showing,
a
continuing to rise for
as
com¬
indicate that the growth
With the demand for
wrong
obviously overdone in 1961, and in
this
will
rate
nothing
was
1962 reported
ings should make
and
stock risk in seeking
common
the
rate of growth in earnings was
stocks?
stocks,
invest
he
to
ac¬
in
why
should
an
earn¬
down to rock bottom
now
so
effect
so
bonds
the
down,
ing construction declined with
important
an
are
has the alternative of putting his
can
turned
or
credit; to earnings for interest dur¬
v
Alternatives
element in investing.
he
construction
as
off
reported earnings,
be reduced.
V.
Thursday, November 1, 1962
.
Utility Stocks
addition,
31
,
Complete Puerto Rico Bond Offering
Growth Characteristics of
Electric
Financial Chronicle
of
funds
to
finance
Office
of
Pa.
—
W.
H.
Newbold's Son & Co., 1517 Locust
Street, members of the New York
Stock Exchange and other
exchanges,
William
have
H.
McClatchy
Goodyear,
and
Richardson, Jr.
with
them
as
leading
announced
David
Tolbert
are now
that
M.
N.
associated
registered
repre¬
sentatives.
■
V.
1
Mr.
Goodyear is located in the
firm's
Business
Eco¬
nomics noted that the actual
expenditures
PHILADELPHIA,
their
expansion abroad.
The
Now With Newbold
abroad
now
1961
being
Harrisburg, Pa., office, Mr.
McClatchy in
the
Philadelphia
office and
Mr.
Richardson in the
Haverford,
Pa.,' office.
•
'
•
••
\
•
.
",
■
Volume
Number
196
6208
The Commercial and Financial
Chronicle
...
(1853)
Indications of
The following statistical tabulations
latest week
Business
Activity
week
Latest
AMERICAN
Steel
IRON
ingots
Index
of
for
STEEL
&
and
INSTITUTE:
castings
production
(net
based
1957-1959
T
Week
tons)
Oct. 27
weekly
average
on
Oct. 27
.
indicated steel operations
(per cent capacity).
The American Iron & Steel Institute discontinued issuing'
this
AMERICAN
Crude
42
late
data
1960__
PETROLEUM
oil
and
gallons
Crude
in
condensate
output—daily
each)-
(bbls.
average
Distillate
at;—
:
fueyoil (bbls.) at
fuel
Residual
oil
(bbls.)
Revenue
Oct. 19
ENGINEERING
CIVIL
7,345,710
60,5
7,327,410
8,340,000
29,808,000
3,052,000
8,100,000
V
29,692,000
3,613,000
12,997,000
70.5
37,491,000
178,055,000
54,310,000
cars)
8,290,000
8,365,000
29,990,000
29,313,000
2,972,000
3,035,000
13,808,000
5,718,000
177,980,000
36,058,000
*176,240,000
180,296,000
173,052,000
37,042,000
169,060,000
54,440,000
172,957,000
54,933,000
50,408,000
606,778
592,154
516,963
650,958
508,614
526,607
$422,900,000
137,200,000
285,700,000
149,000,000
$417,100,000
511,615
"
CONSTRUCTION—ENGINEERING
7,134,960
13,392,000
613,223
Oct. 20
7,376,410
13,040,000
*5,027,000
4,970,000
177,976,000
Oct. 20
of
110.4
5,375,000
36,485,000
S.
U.
Private
and
Oct. 25
124,700,000
Oct. 25
29,700,000
136,700,000
Oct. 20
8,810,000
8,915,000
342,000
8,835,000
310,000
:
Oct. 25
municipal
;
OUTPUT
Bituminous
S.
(U.
coal
BUREAU
and
MINES):
OF
(loxic)
ngma?
—
Pennsylvania anthracite (tons)
DEPARTMENT
STORE
SYSTEM—1957-50
SALES
$326,200,000
171,800,000
154,400,000
$467,900,000
240,500,000
227,400,000
186,400,000
41,000,000
Oct. 25
Federal
COAL
output
FAILURES
Oct. 20
INDEX—FEDERAL
uuu
Oct. 20
Oct. 27
kwii. )
(COMMERCIAL
117
*113
AND
INDUSTRIAL)
—
DUN
Finished
steel
(per
Pig
<per
gross
iron
Scrap steel
METAL
(per
PRICES
8,789,000
378,000
16,178,000
ton)
Lead
ton)
M.
J.
QUOTATIONS):
290
332
Lead
Zinc
(St. Louis)
at
at
Straits
BOND
MOODY'S
U.
iv
i
S.
(New
6.196c
Oct. 22
6.196c
$66.33
6.196c
$66.33
Oct. 22
$66.33
$24.17
$66.44
$24.17
$25.50
$37.83
Average
11.000c
9.300c
10.300c
12.000c
12.000c
11.500c
11.500c
11.500c
Oct. 24
24.000c
24.000c
Oct. 24
24.000c
110.000c
24.000c
108.500c
108.500c
120.375c
Oct. 30
Oct. 30
90.17
89.67
89.11
87.56
87.86
87.99
87.59
85.98
92.06
92.20
91.48
90.20
90.06
90.34
89.51
88.27
Oct. 30
87.32
87.45
87.45
Oct. 30
85.07
82.40
82.65
82.15
Oct. 30
80.31
84.04
__
at end of
FOR
OF
initiated
the
off
Gold
Oct. 30
4.40
4.38
4.43
4.59
Silver
Oct. 30
363.4
363.9
5.12
362.4
370.6
—_.Oct. 20
315,380
339,278
364,389
Oct. 20
324,962
347,069
369,926
362,815
355,206
Oct. 20
94
98
98
97
Oct. 20
465,807
502,097
498,180
551,042
—
113.90
initiated
1,892,590
2,602,590
499,940
1,387,260
573,850
421,620
485,180
2,058,180
1,350,050
2,067,850
Oct.
1,887,200
2,632,030
1,771,670
2,553,030
Oct.
439,120
608,300
351,980
357,650
2,432,090
80,800
141,300
81.600
31,300
330,790
503,110
297,280
285,220
411,590
644,410
378,880
317,020
Oct.
721,925
911,900
565,409
840,665
68,950
5
5
purchases
228,813
105,375
Other
sales
Oct.
Oct.
600,459
802,718
525,151
773,650
784,734
1,031,531
630,526
842,600
sales
transactions
for
account
of
sales-
Other
sales
—_
sales-
-s
—
3,053,635
Oct.
943,963
608,595
585,930
Oct.
765,015
2.318,509
3,364,008
2,172,481
Oct.
3,126,720
3,083,524
4,307,971
2,781,076
3,712,650
2,594,379
3,630,405
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDDEALERS
EXCHANGE
Odd-lot
sales
of
Number
—
SPECIALISTS
AND
SECURITIES
dealers
by
,
purchases
by
dealers
(customers'
of orders—customers'
Number
Customers'
short
sales
Customers'
other
sales
sales
Number
of
TOTAL
ACCOUNT
sales
dealers—Number of shares
STOCK
SALES
ROUND-LOT
OF
MEMBERS
ON
THE
STOCK
1,655,749
99,844
1,053,248
32,856
1,711,169
83,031
18,036
Oct.
1,177,774
1,555,905
1,020,392
1,693,133
Oct.
$59,802,686
$83,736,822
$51,530,987
$86,657,972
N.
Y.
NEW
S.
NEW
than farm
and
12,100,000
9,900,000
70,900,000
68,200,000
65,700,000
149,000,000
142,700,000
144,500,000
52,900,000
135,400,000
153,800,000
118,700,000
$733,400,000
$749,600,000
$653,600,000
$4,505,000
$4,528,000
$4,437,000
INSTITUTE
—
Month
of
August
554,000
548,000
579,000
i,214,000
li, 146,000
1,375,000
$6,273,000
$6,222,000
3,391,000
of
$30,800
SALES—
&
dollars):
$32,700
"$32,630
24,280
*24,370
23,230
$56,980
$57,000
$54,030
33,190
*33,400
31,380
.
ounces)
■
of
tons)——
tons)
;
—
tons)—*
31
.—
STOCK
147,654
*129,999
117,489
2,862,098
*2,775,902
2,876,750
93,600
*91,470
83,594
14,614
*21,275
21.905
42,085
*38,359
39,728
$33,900,000
$33,900,000
$32,600,000
firms
$3,913,000
*$3,796,000
$4,037,000
27,000
380,000
388,000
420,000
1,090,000
*1,130,000
1,227,000
EXCHANGE—
(000's omitted):
carrying
customers'
extended
hand
on
value
of
of
debit
accounts—
balances
customers--—
and
Market value
margin
net
to
banks
in
customers
of
Market
omitted)—:
(000's
Sept. 30
Total
ounces)—
free
listed
in
U.
credit
„
S.
balances
bonds—
listed
shares—-
—
Member
borrowings of U. S. Govt, issuesMember borrowings on other collateral-
PERSONAL INCOME IN THE UNITED
23,000
46,000
111,374,841
108,523,518
107,999,239
308,440,299
324,513,774
361,140,794
907,000
592,000
549,000
2,782,000
2,552,000
2,813,000
$443.0
STATES
(DEPARTMENT
of
OF
COMMERCE)—Month
(in billions):
September
Total
income
personal
and
salary
receipts,
total
.
Commodity
producing industries—
Manufacturing only
Distributing industries
Service
industries
:*.
Business
Farm
;
income
and
professional
—
Rental
—
of
income
Dividends
—.
persons-*—.
—
_
income-
—
1
payments
111.4
93.6
94.1
87.8
76.6
♦76.6
73.4
*47.0
43.8
56.4
*56.5
12.4
12.4
11.5
36.9
37.0
35.2
*12.8
13.1
*
——
12.9
12.9
52.7
12.4
15.9
*15.7
15.0
30.2
30.0
27.7
34.7
34.5
33.1
employees contribution for social
Total
nonagricultural
RECEIVED
NUMBER
BY
U.
—
incomes—.
FARMERS
S.
DEPT.
OF
TURE —1910-1914=100—As
All
281.4
*118.1
—_
——
interest
$419.7
298.1
11-7.5
—
;
labor
*$443.0
297.0
farm
—
10.4
10.5
9,7
425.9
♦425.9
402.3
INDEX
AGRICUL¬
of
Sept.
15:
250
products——
Crops
vegetables,
fresh
■
244
242
232
229
229
201
201
202
280
275
Feed,
grain and hay
154
151
156
613~160
367~780
480~830
Food
grains
226
226
214
376,600
412,820
260,960
571,340
Fruit
266
243
255
238
245
242
Cotton
,
•
—
—
Oil-bearing
crops
—
-——
—
Potatoes
L
Tobacco
1,560,280
1,816,500
906,540
722,460
Oct.
12,985,440 /..
17,407,760
11,546,110
16,034,460
Oct.
14,545,720
19,224,260
Oct. 23
/
other
12,000,000
CIRCULATION—TREASURY DEPT.
YORK
12,452,650
16,756,920
*
————
——
products
Dairy
animals
Meat
Poultry
and
:—
———
eggs
Wool
—-----.
RECT
Meats
commodities
$316,500,000
56,300,000
$261,900,000
54,500,000
—
short
Aug.
TREASURY
Processed foods
All
$311,600,000
4Tl~410
(1947-49=100):
products
2.50
2.12
277
153
174
525
518
541
266
256
253
267
141
258
248
326
318
153
141
138
251
253
230
303
OF
commodities
Farm
$2.33
480,830
Commodity Group—
All
IN
of
Livestock
DEPT.
'"V;'
2.54
2.16
367,780
(SHARES):
SERIES —U.
$2.37
2.56
2.16
613,160
STOCK
Oct.
$2.39
411,410
TRANSACTIONS
t
PRICES,
—
1,260,805
■
Oct.
sales
LABOR
$95,250,211
sales—
'sales
WHOLESALE
$48,243,729
Oct.
Short sales
Total
$75,221,460
Oct.
AND
round-lot
Other
1,774,044
Oct.
ROUND-LOT
FOR
Total
956,505
Oct.
40.0
39.5
—
short
Commercial
sales
EXCHANGE
1,490,236
$56,995,068
by dealers—
Round-lot purchases by
As
PRICES
Short sales
Other
1,212,224
)ct.
Oct.
—
shares—Total
MONEY
Less
Oct.
sales)—
total sales
Dollar value
Round-lot
—
insurance
—
Dollar value
Odd-lot
(in
Transfer
purchases)—t
shares
40.8
*39.9
—
fine
(in
Personal
STOCK
COMMISSION
EXCHANGE
(customers'
Y.
N.
ON
39.8
41.3
39.9
—
(in short
Other
Oct.
4,122,790
_—.
INVENTORIES
Government
members—
purchases
Short
LOT
Lead
Wage
the floor—
on
PURCHASES
fine
(in
Total
—-Oct.
Oct.
Oct.
Oct.
40.4
LIFE
—
August (millions
(in
Credit
1,676,990
—J—
—_.
Copper
Cash
*
83.74
40.6
of
Member
115.09
MEM¬
—
100.00
United States—
As
floor—
sales-
$92.73
■
*86.18
(BUREAU OF MINES)—
August:
Mine production of recoverable metals in the
4.90
Oct.
;
103.63
86.18
OUTPUT
Month
4.64
184,275
Total
METAL
5.01
1-15.27
OF
-
:
4.49
117.85
INSTITUTE
—
INSURANCE
of
Sales
4.86
Oct.
Total
Month
4.97
purchases
round-lot
$95.75
105.73
TO
Total*—
4.45
sales
Total
$97.03
omitted):
MANUFACTURERS'
'4.84
Short
Total
$2,008,800
Industrial-__---__^-__„__„-?rr_-'i.a.fcJ.;-^;».;
Group-
4.99
—-—
Other transactions
Total
LIFE
(000's
4.46
Oct. 26
ACCOUNT
PAYMENTS
—
INSURANCE
OF
4.86
I.
sales
sales
LIFE
Oct. 30
EXCEPT ODD-LOT DEALERS AND SPECIALISTS
sales
$395,400
OF
—;
dividends
Oct. 30
period
DEPT.
Total
Oct. 30
-
TRANSACTIONS
BENEFIT
values
4.71
ASSOCIATION:
(tons)
(tons)
Other
$2,137,900
.
endowments
•
4.59
INDEX
S.
benefits
4.56
activity
Short
Total
$93,620
INSURANCE—Month of July:
Zinc
transactions
Total
*$98,150
'
OF
;
POLICYHOLDERS
Death
4.57
Group
AVERAGE=L00——
Other
DEPT.
„
INSURANCE
Oct. 30
Transactions of specialists in stocks in which registered—
Total purchases
Oct.
f
25,980
!
Nondurables
OIL, PAINT AND DRUG REPORTER PRICE INDEX—
Total
13.6C0
*27,180
goods
3.91
Group
sales
$54,030
*13,970
$97,900
S.
goods
3.82
Group_
sales
$57,000
13,880
27,040
manufacturing
3.75
4.40
Other
All
Nondurable
3.69
4.78
Short
$56,980
-
goods
goods
Oct. 30
4.54
BERS,
57,453
HOURS—WEEKLY
Nondurable
AVERAGES:
4.60
1949
42,951
manufacturing
Durables
4.31
ROUND-LOT
61,741
Hours—
Inventories—
Baa
AND
goods
87.59
4.45
of
105,404
August
goods
86.91
4.60
orders
82,647
manufacturing
Nondurable
83.53
4.26
PAPERBOARD
AH
89.78
4.39
Unfilled
U.
ESTIMATE —U.
88.95
4.61
Percentage
113,772
LABOR—Month of September:
84.04
Bonds
COMMODITY
AVERAGE
89.51
4.27
(tons)
—
Weekly earnings—
84.30
4.41
received
9,717
162,857
COM-
—
EARNINGS
90.48
Oct. 30
Production
of
omitted)
FACTORY
89.37
Oct. 30
Orders
CORPORATIONS
90.20
A
NATIONAL
Month
78)526
4,274
»1(
Aa
MOODY'S
S.
Oct. 30
corporate
Industrials
OF
-
66,153
125,598
—„^
/Oct. 30
Group
Group—
Utilities
323,336
DIVIDENDS—PUBLICLY REPORTED BY
U.
AVERAGES:
Oct. 30
Public
DEPT.
Total
Policy
9.500c
9.300c
12.000c
Aaa
Railroad
401,862
282,548
3,684
Wholesale
CASH
574,436
348,701
319,901
175,513
Retail
Surrender
9.500c
at
DAILY
BOND YIELD DAILY
Average
SERIES
478,573
389,158
dollars):
28.000c
28.600c
9.500c
BiniuS
Government
S.
U.
of
28.500c
28.550c
Oct. 24
9.300c
—
MOODY'S
NEW
(Millions
30.600c
12.000c
Group
Utilities
MERCE
Ago
568,355
69,257
,
Manufacturing
30.600c
Oct. 24
11,500c
at-
PRICES
A
Public
—■
—
Disability "payments
Annuity payments i
Oct. 24
Baa
Industrials
...
~
30.600c
.Cct. 24
corporateJ__J
Railroad
30.600c
—Oct. 24
York)
Government
__
washer-dryers
INVENTORIES
Year
Month
unit
semi-automatic
Gas
Matured
at
(primary pig, 99.5%)
tin
factory
*
...
BUSINESS
Previous
Sept.:
Electric
LIFE
6.196c
Oct. 24
—
St. Louis)
Aluminum
and
Durable
304
Oct. 22
at
at
(delivered)
(East
appliance
Dryers
15,263,000
305
I
at
York)
(New
tZinc
refinery
refinery
Export
of that date:
Hourly earnings—
16,023,000
Electrolytic copper—
Domestic
of
;
Durable
118
PRICES:
gross
&
47,100,000
117
&
to.)
(E.
16,149,000
Oct. 25
COMPOSITE
AGE
laundry
(domestic)
Automatic
All
AVERAGE=100
(in
166,400,000
250,700,000
203,600,000
312,000
RESERVE
BRADSTREET, INC
IRON
home
Durable
EDISON ELECTRIC INSTITUTE:
Electric
are as
"
Oct. 25
construction
State
either for the
MANUFAC¬
ASSOCIATION—Month
(000's
construction
construction
Public
are
COMMERCE—Month of September:
NEWS-RECORD:
Total
Total
LAUNDRY
Washers
'
freight loaaeu (.number of cars)_L
freight received from connections (no.
Revenue
-Oct. 19
at
ASSOCIATION OF AMERICAN RAILROADS:
HOME
Wringers and others
—Oct. 19
—-
AMERICAN
Combination
19
—
(bbls.)
94.8
59.5
of quotations,
cases
Month
of
——————.——L—Oct.
stills—daily average (bbls.)
-Oct. 19
Gasoline output (bbls.)
Oct. 19
Kerosene output (bbls.)
Oct. 19
Distillate fuel oil output (bbls.)
Oct. 19
Residual fuel oil output (bbls.)
1
Oct. 19
Stocks at refineries, bulk terminals, in transit, in
pipe lines
Finished gasoline (bbls.) at
—Oct. 10
Kerosene
93.3
in
or,
Latest
2,057,000
TURERS
60.5
to
runs
date,
Ago
1,766,000
y
~
that
sales
Oct. 27
INSTITUTE:
on
production and other figures for the
cover
Dates shown in first column
Year
Ago
1,739,000
94.9
Unofficial
-
Month
Week
1,768,000
production
month available.
month ended
or
Previous
or
33
foods
100.6
U.
OF
100.7
101.0
TRANSACTIONS
MARKET
AND
GUARANTEED
S. A.—Month
(a)
Oct. 23
98.1
98.8
99.5
(a)
Oct. 23
101.9
*101.7
103.0
Oct. 23
100.3
(?)
100.2
102.9
(a)
Oct. 23
100.7
100.7
100.8
(a)
IN
DI¬
SECURITIES
of September:
$304,377,300
Net
purchases
UNITED
STATES
BUREAU
OF
——
EXPORTS
CENSUS
—
AND
$325,513,500
—
$25,114,650
IMPORTS
Month of August
f
♦Revised
sold
on
(000's omitted):
figure.
delivered
tNumber
basis
at
of
centers
orders not
where
reported
since
introduction
freight from East St.
Louis
of
Monthly Investment Plan.
exceeds
one-half
cent
a
pound,
a
iPrime
Western
Nbt available.
\
zinc
Exports
Imports
,
1
———:
-v-
$1,682,500
$1,709,100
1,358,800
1,337,100
$1,669,400
1,251,800
34
The Commercial and Financial Chronicle
(1854)
v
.
.
Thursday, November 1,1962
* i N DICATES
in
•
estate investment
real
trust.
Proceeds—For investment.
•
-
NOTE
—
icle"
Registration statements filed with
Air
since the last issue of the "Chron¬
SEC
8, 1962 filed l,^uu,000 shares of beneficial interest.
Price—$15. Business — A newly-formed business' trust
which plans to invest in first mortgages, Proceeds—For
*©f this section "Securities Now ill Registra¬
tion." Dates shown in parenthesis alongside
the
company's name, and in the index, reexpectations of the underwriter but
.
not* in general, firm offering dates.
Also shown under the caption "Effective
liely.
American -Options■ Corp.
poses.
Alcolac
Chemical
are
!
Fairfield
Office—3440
poses.
; ;/ r-
writer—To
be
named.
Allegheny Aluminum Industries, Inc.; :
Price—$4.25.
ABC Business
Forms, Inc.
ness—Manufacture of aluminum and
July 27, 1962 ("'Reg. A") 51,500 common... Price—$3.50.
Business—Manufacture, design and development of busi¬
ness
forms.
Proceeds—For debt repayment and work¬
Office—3500 N. W. 71st St., Miami.
Under¬
writer—Givens & Co., Inc., Miami. Note—The SEC has
ing capital.
issued
A.
order
an
L.
temporarily
suspending this issue.
Corp.
filed 100;000
common.
Price—$4.50. Busi¬
processed flat rolled strip steel.
—For
debt repayment,
Office—126—02
writer—Bernard
Abbott
June
L.
Proceeds
equipment, and working capital.
Northern
Blvd., Corona, N. Y.
Under¬
Madoff, N. Y.
Fund,
Realty
Inc.
29, 1962 filed 380,000 class A common.
Business—Real estate ownership
combination
Proceeds
and
For
—
Allied
Price—$10.
and management. Pro¬
amendment.
.
,
•
',•//
..
.
v."-/■••. v., /
To
—Shields & Co., N. Y.
March
*• Advance
May 28, 1962 ("Reg. A") 100,000 common.Price—$3.
Business—Application of electronic and air photography
developments in the field of geodetic surveying and re¬
gional mapping. Proceeds—For debt repayment, equip¬
ment
and
working capital.
Office—2412 S. Garfield
Underwriter—Pacific Coast
Technology Corp. (11/9)
Price—$3. Business
engaged in experimentation on
aerodynamic concepts and. holds ten U. S. Patents relat¬
ing to advanced vertical lift vehicles and systems for
achieving controlled vertical flight. Proceeds—For addi¬
Aerosysiems
Aug. 29, 1962 filed 165,000 common.
—Company
tional
has
been
equipment, research
and development,- plant fa¬
cilities and other corporate purposes.
Office—-Route 15,
Sparta, N. J. -Underwriter—Chase Securities Corp., N. Y.
Agency Tile Industries, Inc.
July 27, 1962 ("Reg. A") 110,000.common.
marketing
Business—Importing,
ceramic
tiles.
and
debt
Proceeds—For
Price—$2.50.
of
distribution
repayment,
new
products, sales promotion and working capital. Office—
256 Fifth Ave., N. Y. Underwriters—Leib, Skoot & Co.,
Inc., Clifton, N. J., and Price Investing Co., N. Y.
Afken
Aisco
Savings Trust
Aug. 22, 1962 filed 100,000 shares of beneficial interest.
Price—$10. Business—Company plans to qualify as a
•
For
—
later date.
was
Ampal-American Israel Corp.
8, 1962 filed $5,000,000 of its 6%
(series J) due 1972. Price—At par.
and
debt
porate purposes.
Y.
specializing in
to
common,
D.
Fuller .&
Co., N. Y..
Insurance
.
lines.
Antenna Systems,
Inc.
1962 filed 35,000 common. Price—By amend¬
ment
(max. $30). Business—Design, manufacture and
installation of large ..microwave antepnas and antenna
.
.
and
E.
bentures due 1990 to be offered in $100
St., Indianapolis.N. Y., and Crut-
Market
Co.,
Inc.,
tenden, Podesta & Miller, Chicago.
■<•
of 6% coiiv. subord. de¬
units; also 49,993
shares of $3
cumulative preferred stock and , 205,105
common shares to be offered for subscription by stock¬
holders of ' the respective classes on the basis of one
new share for
each 10 held. Price—For debentures, at
American
Finance
par; for stock, by amendment.
Business—Manufacture,
purchase and sale of ice creamVnd other dairy products.
Proceeds—For debt repayment) Office—1900 W. Slau-
(l|./;8)
convertible subordi¬
common, and 25,000
(Co., Inc.
son
April 21, 1961 filed $500,000 of 6%
nated debentures due 1972, 75,000
•
subsidiary is
are
a
which plans to
Maryland savings and loan asso¬
automobile
•
American
Flag & Banner Co. of
Pines Road, La
a
ESTABLISHED
Members of
1942
New York Security Dealers Association
tion
New Jersey
39
Broadway, New York 6, N. Y.
TWX:
Direct
Wires
R. J. HENDERSON & CO.,
\
212-571-0320
to
INC., Los Angeles
WOODCOCK, MOYER, FRICKE & FRENCH, INC.. Philadelphia
Connecting Wire
\
to
CRUTTENDEN, PODESTA & MILLER. San Francisco
was
Ascot
Dealer-Ma"a«rer_Artm* Fi¬
withdrawn.
Publishing Go-, Inc.
\-.
1962 ("Reg. A") 103,000 common. :
Business—Publishing of a bowling magazine.
ceeds—For
—For
Price—$3.25.
common.
Jan. 29,
Busi¬
Ave., Clifton,
N. Y*
N.
J.
*
Underwriter—
K-Pac Securities Corp.,
•
/American Gas Co.
(11/13-16)
Price
—
For debentures,
corporate
purposes.
postponed.
Atmosphere Control, Inc.
.
May 28, 1962 ("Reg. A") 200,000 common. Price—$1.50.
Business—Manufacture and sale of Misti-Cone humidi¬
-jit,
for stock, by
distribution and
sale of natural.-gas. Proceeds—For debt repayment and
expansion. Office — 546 S. 24th Ave., Omaha. Under¬
amendment.
general
•
March 26, 1962 filed $1,685,000 of 6V2% convertible sub¬
ordinated
debentures' due
Sept.' 1,: 1977; also: 275,000
common.
Price—$2.
Proceeds
Office—14 W. 55th
St., N. Y. Underwriter—Dana Securities Co., Inc., 80
Wall St., N. Y. Note—This offering has been temporarily
Pro¬
taxes; debt repayment-and working capital.
Main
of
(same.address). Note—This registra¬
ness—Production of flags, banners and accessories.
May 1, 1962 filed 100,000
Office—1000
Dlgby 4-2370
Jolla, Calif.
nancial Sales Corp.
*•(11/13-16)
Sidneyd
NI|](;iX F^
participate in the long-term progress
savings and loan associations,, and allied financial busi¬
nesses.
Proceeds—For investment. Office—1118 Torrey
brokers. rPro-
insurance
retirement of debentures, and additional
capital funds. Office—1472 Broadway, N. Y. Underwriter
—Myron A. Lomasney & Co., New York."
QUOTED
for Banks, Brokers, Institutions
to be offered In
exchange for certain securities acceptable to the Fund.
Price—Net asset value (expected at $1.2,50 per share).
Business—A diversified open-end investment company
ceeds—For the
SOLD-
1962 filed 800,000 capital shares
Feb. 12,
ciation and two
-
Underwriter—None...
30
ditional
BOUGHT
Ave., Los Angeles.
Argus Financial Fund, line.
warrants, to be offered in units of one $200 debenture,
shares, and 10 warrants. Price—$500 per unit. Busi¬
ness—Company and its subsidiaries are primarily en¬
gaged in the automobile sale finance business. One ad¬
all
23,-1962 filed $6,000,000
■May
Corp.
&
loans,
bank
Arden Farms Co.
4, 1962 filed 500,000 common. Price—$11. Business
small business investment company. Proceeds—For
Office—423
of
capital, Office—349 Lincoln St., Hingham,
Underwriter—None.
Mass.
Securities, Inc., Nashville.
Underwriters—Reynolds
working
reduction
Proceeds—-For
components.-
Co.
investments* and working capital.
Office—1808 West End Bldg., Nashville.
UnderwriterFidelity
Proceeds—For
Sept. 28,
/Proceeds—For
American
for the electronics industry.
equipment, inventory, and working
capital.
Office—107 Trumbull St., Elizabeth, N. J. Un¬
derwriter—Edward H. Stern & Co., N. Y.
equipment and
Educational iLife
("Reg. A") 120,000 common. Price—$2.50.
of hardware, and the assembly
repayment,
debt
be
Sept. 28, 1962 filed 60,000 class A common. Price—$7.50.
Business—Writing of life insurance policies and allied
investment.
AOs.
of products
other cor¬
Office—Lawson Blvd., Oceanside, L. I.
repayment,
Underwriter—S.
American
—A
over-the-counter securities
•Angler Industries, Inc.
Business—Manufacture
special industrial aircraft and missile fasteners. Pro¬
ceeds—For
N.
90,000
1942 to develop trade
aid in
to
Aug. 17, 1962
1
offered
in units consisting of one $100 debenture and 10 shares.
Price—$100 per unit. Business—Manufacture of standard
and
and
address).
Bolt & Screw
debentures
formed in
Israel,
Mfg.'Corp. (11/7-9)
Dec. 15, 1961 filed $900,000. of 6% convertible subordi¬
nated
s. f. debentures
Business—Company
between U. S. and
economic development of Israel.
Proceeds—For repayment of loans.
Office—17 E. 71st
St., N. Y. Underwriter—Israel Securities Corp. (same
:\
Mining Co. JUtd.
July 31, 1961 filed 400,000 common shares. Price—500.
Business—The company is engaged in exploration, de¬
velopment and mining. Proceeds—For diamond drilling,
construction, exploration and general corporate ex¬
penses.
Office — 80 Richmond St., W., Toronto. Under¬
American
:in;
Strategic Minerals Corp.
1962 filed 400,000 common. Price—By
(max. $3). Business—Company plans to
Oct.
American
Rauscher,
post¬
9,
—This registration was withdrawn.
June
1
American
Underwriters—Albert Teller \& Co.. Tnc...
and H. A. Riecke & Co., Inc., Philadelphia: Note—This
letter was withdrawn. It is expected to be refiled at a
Philadelphia.
Manning, Ltd., Toronto.
Y. and
Co,, N.
&
Peabody
Co., Inc., Dallas. Offering—Temporarily
&
inventory and working capital. Office—2520\.N. jBroad St.,
writer—E. A.
Proceeds—For
Under¬
amend¬
explore
for strategic minerals. Proceeds—For debt repayment,
exploration and working capital. Office r—"527.,r.Failing
Bldg., Portland, Ore. Underwriter—To be named. Note
common.
etc. Proceeds
parts, kits, components,
.Price—$11. Busi¬
poned.
distributing of
electronic
Standard
....
writers— Kidder,:
Pierce
ment
A
Trust
Office—800 Hartford Bldg., Dallas.
Investment.
Electronics, inc.
28, 1962 ("Reg. A") 100,000 class
$3. /Business — Wholesaling and
Realty
12, 1962 filed 1,000,000 common.
July
—
y.
ness—A real estate investment company.
Amerel
Securities Co., San Francisco. *
•
Feb.
be named.
Price
Aerial Control Geotronics
Ave., Monterey Park, Calif.
•
n.
Southwest
American
mortgage loans.
Proceeds—For debt repayment.
Office—First National Bank Bldg., Detroit. Underwriter
Office—292 Madison Ave., N. Y. Underwriters—
Morris Cohon & Co. and Street & Co., Inc., N. Y.
poses.
-Office—American Plan
Underwriter—Bear, Stearns &
Fidelity Fire Insurance Co.
.
first
repayment and general corporate pur¬
can
Bldg., Westbury,
Co., n. y.
All-State
Mortgage Corp. (11/20)
April 27, 1962 filed 200,000 common. Price—By amend¬
ment. Business—The making and servicing of real estate
debt
1982
icing
circulation
poned.
'
-
(max. $22.50 per unit).-'Business—Production and serv¬
of physical damage
insurance on automobiles,
trucks and mobile homes* Proceeds—To purchase Ameri¬
Business—Publication of mass
catalogues (for department stores and mail
order firms), a semi-annual magazine and stamp collec¬
tors' books. Proceeds—For debt repayment and working
capital. Office—551 Fifth Ave.. N. Y. Underwriter—
Bache & Co., New York. Offering—Temporarily post¬
Price—By
-
218,000 will be -sold for the ..company and 30,000 for
stockholders). The securities will be offered in units of
one $10 debenture and one share^ Price—By amendment
Inc.
Graphic Arts,
Under¬
1962. filed -$2,48u,4)Ob «ot convertible deben¬
and 248,000 common shares (of which
30,
due
tures
Properties, ;lnc.
April 24, 1962 filed $5,000,000 of conv. subord. deben¬
tures due 1977. Price—At par. Business—Company and
subsidiaries conduct a general real estate business with
emphasis on land development and home construction
in Fla., Md., N. Y., and Ky. Proceeds—For repayment
of debt. Office—230 Park Ave., N. Y. Underwriters—
ceeds—For
March
"
(11/7-9)
Plan Corp.
American
an
Pittsburgh, Pa. Underwriter—To be named.
•
*
Pacific
tCorp. (same address)...
windows and
storms-screen
acquisition, debt repayment
general corporate purposes. Office—5007 Lytle St.,
doors.
American
N. Y.
Fund, Inc.
July 8, 1962 filed 94,500 common. Price—Net asset value.
Business—An open-end -management company specializing in life, health,' casualty and accident insurance.
Proceeds—For investment. Office—1523 Kalakaua Ave.,
Honolulu. tUnderwriiter-T-American Pacific Management
Mar. 27, 1962 filed 180,000 common, of which 60,000 will
be sold for the company and 120,000 for a stockholder.
Steel
S.
March 29, 1962
ness—Sale of
aluminum
and
.
Busi¬
fiberglass awnings
Dec; 2i, lobi filed 100,000 common.
k.,:,'
•'
purposes* Office—120 Broadway,
writer—Provost Securities, Inc., N; Y. ,
v
general corporate pur¬
Rd., Baltimore. Under¬
/
porate
,
chemical products. Proceeds—For
-
April lj, 1962 ("Reg.:A") 60,000 common. Price—-$5.
Business—Company plans to sell "puts and calls" and
may act as a broker-dealer. Proceeds—For general cor-
Corp.
March 23, 1962 filed 50,000 common.
Price—By amend¬
ment
(max. $6).
Business—Manufacture of specialty
those issues which became
effective this week and were offered pub-
'.
and other aluminum products.
and other corporate pur¬
Office—20th Street and Allegheny Avenue, Phila¬
delphia, Pa. Underwriter —'Clayton Securities Corp.,
Boston. Note—This offering has been postponed.Proceeds—For working capital,
are
Registrations"
ltd.,-Palm Beach, Fla.
Underwriter—Hayden, Stone & Co., N. Y. Note—This
company was formerly named American First Mortgage
Investors. Note—This registration will be withdrawn.
investment. Office—305 S. County
„
storm windows and doors,
fleet the
-
Corp.
May 26, 1961 filed 180,000 common, of which 90,000 will
be sold for company and 90,000 for stockholders. Trice—
By amendment. Business —• Manufacture of aluminum
carried separately at the end
now
are
Master
Investors
Mortgage
Feb.
Address—Florence, S. C. Underwriter—None.
the
REVISED
ITEMS
American
ADDITIONS
PREVIOUS iSSUE
SINCE
par;
fiers.
Business-—Transportation,
writer—Cruttenden, Podesta & Miller, Chicago.
-
'
inventories and work¬
Proceeds—;Fpr equipment,
ing capital.
Office—668 Jenks Ave., St. Paul, Minn.
Underwriter—Pewters,. .Donnelly
& Jansen, Inc., St.
/
Paul. Minn.
-
•
-
•
*
•
♦.
'
Volume
Automatic
Dec.1
Number 6208
196
Controls,
Inc.
28, 1961 filed 50,000
,
.
The Commercial and Financial Chronicle
.
cosmetics.
-
Price—$4.
common.
Business
—Design, manufacture " and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls
control and automatically operate indus¬
and devices to
trial
Proceeds —For general
machinery and processes.
corporate purposes. Office—3601 Merrick Rd., Seaford,
N. Y. Underwriter-—S. Schramm & Co., Inc., N. Y.
Automatic Merchandising, Inc.
May 24, 1962 filed 225,000 common, of which 125,000 are
to be offered by company and 100,000 by stockholders.
Price—By amendment (max. $6).
Business—Company
operates, owns, services and leases coin-roperated-auto-.
matic vending
machines.
Proceeds—For debt repay¬
ment, inventories, equipment and working capital. Of¬
fice—217 N. Willow Ave., Tampa.
Underwriter—A. C.
A.llyn & Co., Chicago.
Bank "Adanim" Mortgages & Loan Ltd.
Dec.
participating dollar-linked; sliares. Price^By
amendment. ['Business — A., mortgage lending company.
Proceeds—For .general., corporate ^purposes;. Address—
108
Haam
Achad
St., Tel-Aviv, Israel. Underwriter—
Israel Investment Co., Inc.
American
le-lsrael
Leumi
Bank
M.
3.
institution
financial
Proceeds
Israel.
in
corporate purposes. Office — Tel-Aviv,
Underwriter—Kuhn, Loeb & Co., Inc., N. ,Y..
Bros.
For
—
Israel.
general
Barker
furnishings. Proceeds—For
expansion and debt repayment. Office—818 W. Seventh
St., Los Angeles. Underwriter-—William TL Staats & Co..
Los Angeles. Note—This registration will be withdrawn.
Basic
Inc.
Properties,
June. 29, J962 filed 400,000 class A common. Price—By
amendment
(max. $12). Business—Real estate invest¬
Proceeds—For
share for each three held.
cisco.
tronic
and monitoring equipment.
repayment, machinery and working
Office—4371 Valley Blvd., Los Angeles. Under¬
Btue
July
Magic Co. of Ohio,
16,
Inc.
debt
of
Indefinite.
-
■
•
.
,
.
.
"
.
Brinkmann
March
1962
Instruments,
100,000
shares
are
shares
by stockholders.
tific
to .be
Business
77,420
22,580
(max.
by the. company and
Pricew By amendment
Importing and distribution of scien¬
—
Proceeds—For
research
and
develop¬
equipment;, debt repayment and other corporate
purposes. Office—115 Cutter Mill Rd., Great Neck, N. Y.
Underwriter—!). B. Marron & Co., N. Y.
ment,
Buddy L. Corp.
April 2, 1962 filed 225,000 common. Price — By amend¬
ment (max..$10K Business — Design, manufacture ana
sale of various type toys. Proceeds—For a proposed ac¬
Office—200 Fifth Ave.,
Co., Inc., N. Y.
company.
Offering—Temporarily
Cable Carriers,
.
Inc.
("Reg. A")
Business^ImportPtiPn,
100,000
sale
Price
common.
$3
of Italian
distribution
and
—
postponed.
Inc.
June
22, 1962 filed 1,015,564 capital shares to be offered
for subscription by stockholders on the basis of four new
snares
for each share held on Feb. 14, 1962. Price--25
r snts.
Business—Manufacture and sale of overhead trol¬
ley conveyers, vertical
head tow systems, etc.
Office
tray lift systems, floor and over¬
Proceeds—For working capital.
Kirk Blvd., Greenville, S. C. Underwriter—
**
I •
:'v
' -y ■■ '■
V'/i'u"\:
—
Caldwell
Proceeds—For
wear.
and
N. Y.
Underwriter—Alskor Securities
Cameo
inventory and
ment,
Puerto
•
Rico.
Cameron
November, 1
Gas
"
(Bids
a.ni,
11
J.
EST)
Debentures
Cameo
.,
Financial
common.
Price—By amend¬
$21.50). Business—Manufacture of equip¬
ment used in the petroleum and processing industries.
Company also makes forged metal products used in the
aviation, missile and atomic industries. Proceeds—For
selling stockholders. Address—P. O. Box 1212, Houston,
Texas.
Lehman
Underwriters—White, Weld & Co., Inc., and
Brothers, N. Y. Offering — Temporarily post¬
poned.
Canaveral Hills Enterprises, Inc.
May 10, 1962 filed 100,000 common. Price—$5.
Business
formed to own and operate a country
club and golf course, swimming pool and cabana club,
near
Cape Canaveral, Fla., and
develop real estate,
—Company
erect
—Common
Co.)
&
Met
Food
homes, apartment houses, motels, etc. Proceeds—
expansion. Office—309 Ainsley
For debt repayment and
7
Bolt &
American
Plan
Screw Mfg.
d. -Fuller
(s.
&
Corp.—
Corp.__._j___—Units
Co.)
$900,000
—
Real Estate
Diversified
units
__Ben. Int.
Inc.)
Co.——;—_
(Bids
12:30
(Bids
■
(Paine,
EST)
a.m.
Jackson
United
scription by stockholders on the basis of one new share
Continued
1
'
&
Co.,
Inc.)
& Co.,
&
Securities Corp.;
Webster
(Blair
White,
Stuart
Halsey,
Co.
&
Weld
(Blair
1
J
Louisville
November 8/(Thursday)
A.
International Data
Russ Togs. Inc
(Shearson,
$1,250,000
Co.)
&
&
Co.)
150,000
Blair
&
Co.)
shares
&
Union
Dillon,
EST)
a.m.
Keene
$14,000,000
Co.—_.
Securities
Co.;
—_——Common
Inc.)
$500,000
(Chase
Securities
(Brager
&
Corp.)
Co.t
Russell Stover Candies,
(Stern
Brothers
Co.
&
&
$495,000
90,000
Inc.)
•__
Harriman
120,000
shares
(Paine,
November
13
Flag
New Jersey;
&
Gas
Securities
(Oruttenden.
American
Gas
Corp.)
-
i__—.'.Common
Podesta
&
Miller)
275,000
Co
(Oruttenden,
shares
.-.Debentures
Podesta
&
Miller)
$1,685,000
.
&
Common
—
Central
Jersey
$1,250,000
Co. )
&
Curtis)
Ben. Int.
Units
Co
Inc.)
Gas
Southern
(Van
(Stone,
noon
Alstyne,
Zero
(P.
W.
Brooks ;&
Co.)
200,000
shares
EST)
Noel
—Bonds
Co
(Don
Ackerman & Co.,
.&
$65,000,000
received)
Common
$230,000 shares
(Wednesday)
28
$6,500,000
be, received)
to
—Bonds
Co
Generating
.■
■
'
■
(Thursday)
Common
Anderson
D.
&
Inc.)
Co.,
$300,000
(Monday)
(Martin-Warren
to
Co.,
Ltd.)
Common
$120,000
Bonds
Co
Edison
be
&
December
$15,000,000
received)
Co.)
(Tuesday)
4
New England Power
11
(Bids
—.Bonds
Co._
a.m.
New England Power
$12,000,000
EST)
Preferred
Co
(Bids 12 noon EST)
$10,000,000
(Wednesday)
Consolidated Edison Co. of New
(Bids
Debentures
$4,000,000
to
received)
Utilities
Montana-Dakota
(Bids
be
to
be
York, Inc.—Bonds
$60,030,000
Bonds
Co
received)
$15,000,000
Inc. and Heritage Equity Corp.)
$300,000
.
'
'''
..
Common
(Paine, Webber, Jackson & Curtis and Kidder,
..
be
to
Air Conditioning Corp
$11,000,000
Management Co.,. Inc..
.
Bonds
Electric Co
Mountain, Inc
Common
■,
$250,000
Co.)
(Tuesday)
27
&
December 5
$8,750,000
Light
Inc.
-
Putnam
-
—Common
mc.——
Russotto &
Bonds
*
CST)
&
(Tillie) Foods, Inc
Optech,
shares
Co.
Common
Electric
Peabody
December
Co:,' Inc.)
150-,000
shares
•
*
11
(Tuesday)
Southern New England Telephone
•
■">
150,000
Co.)
&
Haupt & Co.) 230,000 shares
(Bids
$450,000)
RR._
12
shares
2,750,000
Flynn & Green,
Power
(Bids
Lewis
&
Sand
Khanbegian.
.
.
Pont
du
I,
Industries,
Metropolitan
'
...
First Connecticut Small Business Investment
Co.
.
$325,000
Co
Noel
(Bids 12 noon
of
.Common
(K-Pac
American
Banner Co.
Class A
(Monday)
Jackson
Rock
Bonds
—
$32,000,000
EST)
a.m.
York
Debentures
Debentures
Illinois Terminal
(Tuesday)
Pacific
Jamoco
$375,000
Co.)
&
Alstyne,
Webber,
Hallandale
:
11
$600,000
(Friday)
19
(Van
-
(Mutch,
American
shares
First American Israel Mutual Fund
Ripley
-
Tabach
_—Common
Corp!
Cosnat
,,
Common
Co., and
Inc.)
November
1,500 -units.
Inc
(Francis
New
(Bids
____._Common
Industrial Development Bank of Israel Ltd.__Units
140,000 shares
Pacific Power & Light Co
November 29
.—Common
Inc
Wulbern,
(Weil
Corp
Common
Inc.)
Pak-Well Paper Industries, Inc
December 3
16
Debentures
$750,000
Corp.)
& Co.,
V
and Kleiner, Bell & Co.)
& Co.
November
:t.,
—Class A
shares
Corp.——
(Robert L. Ferman
(Bids
(Thursday)
Utilities,
(Friday)
Technology
Aerosystems
$2,250,000
120.000
Corp.)
Securities
(Clayton
Kaiser-Nelson
November
$25,000,000
EST)
Stetson
Jetronic Industries, Inc.—_
November 9
'
—Common
Jackson's/Byrons Enterprises, Inc
(Blair & Co.)
Leonard
Moore,
606,450 shares:
—Common
Bonds
Packaging Associates,
(Haray
Commrn
tfc
Lynch and Reinholdt & Gardner)
Securities
(Clayton
$60,00,000
_____
&
"■
$300,000
Inc.)
Sperti Products, Inc._______
and
Weld & Co.;
RR
neon
Carrison,
(Pierce,
.Bonds
L.)
(Edwin
•
(Eastman
11
Atlantic
Gulf
West Penn Power Co.
Wiegand
12
Cohu
November 15
shares
159,254
Co.,
&
(Monday)
26
November
November
$1,000,000
Co.)
■
America—Common
America-Debentures
White,
■
Common
Chestnut Hill Industries, Inc
(Clayton Securities Corp.)
..Debentures
&
A.--.'-
shares
2Q0.000
Co.)
—
(Costcllo,
shares
99,000
Co.)
Corp..
(Winslow,
—C^ass A Stock
^
Hammill
(Bids
Lee
Rona
Systems, Inc.—Common
Austin
H.
(E.
Inc.——r—.——Units
Co.,
Lomasney
&
Nashville
&
(Bids
Finance
(Myron
Co.)
Higginson Corp.;
(Lee
-
William
American
&
Wilson
(Birr,
$500,000
Household Finance Corp
& Co.
$50,000,000
Inc.)
&
J i u« i
page
(Wednesday)
November 21
(Ira
Common
Co.)
&
h,
>>
Corp
Mortgage
(Shields
of
(Wednesday)
(Doft
•
and
Units
Concepts Inc
Bonds
1
V ; i:' <
•
.
on
(Tuesday)
November 20
$500,000
Consolidated Leasing Corp. of
Tennessee Gas Transmission Co.___—_—
(Stone
14
November
Common
124,552 shares"
V"
'■
(Bids
—
Co.)
Consolidated Leasing Corp,, of
shares
100,000
.
Inc.)
Capital Stock
Inc., and Dempsey-Tegeler
Inc.) $800,000
&
1
Standard Security Life Insurance
Common
Weld
..Common
shares
312,500
Inc..
(Moran
Computer
Diego Imperial Corp
(Biyth
Markets
Co.,
Co.,
Sachs & Co.)
Relay, Inc
(White,
San
Goldman,
shares
425,000
Radar
&
Common
100,000 shares
—:
Weeks)
&
California
(First
.Common
Curtis and
&
Inc.
Jackson's/Byrcns Enterprises, Inc
shares
70,000
^
Webber,
__
Stainless Steel Products Inc
.Preferred
11:30
Co.-
Norton
Inc.—
bonds
Georgia Power Co
•
Common
Russell Mills, Inc..
$10,000,000
—
EST). $23,000,000
a.m.
Stores,
(Hornblower
Trust.—
Realty Management "Co.,
Johnson
(Bacon,
Georgia Power
$1,000,000
Inc.)
Co
(Norton, Fox & Co., Inc.)
Units
.
248,000
& Co.)
Si earns
Orbit
.♦
.
'
(Bear,
Siegel,
&
(Offering to stockholders—underwritten by Eastman
Dillon, Union Securities & Co.) $2,194,500
(Wednesday)
American
•
s-.r
'
■>
Debentures
Grumet
Northern Gas
&
May 21, 1962 filed 86,370 common to be offered for sub¬
...Common
.
Nevada
November
Underwriter—Willis E. Burnside
Bldg., Miami, Fla.
Co., Inc., N. Y.
$1,300,000
& Co.)
Corp
(Brand,
$1,000,000
was
Ernst, Inc.
$300,000
Corp.—
Hammill
(Shearson,
Inc.)
rJ'
Common
Inc
(Price Investing Co.)
Inc
(Schweickart
.
Co.,
&
Co., N. Y.
/
(max.
Common
Clare
&
Works, Inc.
Sept. 14, 1962 filed 280,000
ment
Advance
$1,200,000
$20,000,000
(Monday)
Lingeries,
...
$375,000
Inc.)
Co.,
&
Industries,
Instromech
Livestock
November 5
Skloot
V
i'.
—Common
City Industries, Inc
D. Financial Corp.___—_
LeCort Associates, Inc. and Harris,
P.
(J.
loc
Schweickart
—
Underwriter—S. B. Cantor Co., N. Y.
(Leib,
(Thursday)
System.
Iron
Office—Fajardo,
working capita!
general corporate purposes. Office—339 W. 51st St., N. Y.
Flower
Co., N. Y.
(11/5) "
Underwriter
Capital Investments,
Publishing Corp.
13, 1962 filed 100,000 common. Price—$3,50. Busi¬
ness—Company plans to publish classics. Proceeds—For
I.
-
Inc.
which 120,000 are
by the company and 80,000 by stockhold¬
ers.
: Price—$5.
Business—Manufactuer of women's and
children's tailored panties. Proceeds-~For debt repay¬
;>■
Columbia
Lingerie,
.
-
NEW ISSUE CALENDAR
debt repayment, working capital
corporate purposes. Office—725 Broadway.
general
to be offered
of which
common,
offered
instruments.
Busi¬
Feb. 12, 1962 filed 200,000 common, of
Inc.
1962 filed
26,
Pri^e—$3.50.
common.
ness—Design and manufacture of infants' nylon "stretch"
Aye., Lima, Ohio. Underwriter—Hallpwell, Sulz¬
berger, Jenks, Kirkland & Co., Philadelphia. Offering-
June
Cosmetics,
Cambridge Mills Inc.
July 27, 1962 filed 110,000
100,000 common. Price—$4. Busi¬
liquid starch, a rinse, and spray
starch for household use.
Proceeds—For equipment,
plant expansion and working capital. Office—901 Flor¬
Ave.t vN» Y. Underwriter—Hornblower & '-Weeks, N. y.
2,
payment and working capita! Office—324 E. Bixby Rd.,
Long Beach, Calif. Underwriter—To be named.
-
filed
1962
ness—Manufacture
None.
Bene
ment. Business—General real estate. Proceeds—Debt re¬
writer—None.
•
,
Cambridge Fund of California, Inc.
Sept. 28, 1961 filed 280,000 common. Price—By amend¬
Proceeds—For debt
capital.
Co.
writer—Stewart, Eubanks, Meyerson & Co., San Fran¬
diagnostic
surgical,
Insurance
Proceeds—For general corporate pur¬
Office—4400 MacArthur Blvd., Oakland* Under¬
poses.
Price—By amendment (max.
Business—Manufacture of electrotherapeutic, elec¬
$5).
repayment, acquisition of a
building and other corporate purposes. Office-—521 Fifth
March
v
N. Y. Underwriter—Milton D. Blauner &
institutional
and
Life
35
Aug. 16, 1962 filed 350,000 common. Price—By amend¬
ment (max. $6). Business—Writing of life, accident and
health insurance.
quisition of another toy
Corp.
March 15, 1962 filed 200,000 common. Price—By amend¬
ment (apprdx. $12)(. Business—Merchandising of home,
commercial
California
Under¬
'
Birtcher Corp.
Sept. 21, 1962 filed 288,476 capital shares to be offered
for subscription by stockholders on the basis of one new
$7.75).
1,400,000 ordinary and 3,920,000 "A"
ordinary shares being offered to stockholders on the
basis of four ordinary or "A" ordinary shares for each
5 shares of either class held of record Oct. 18. Rights
will expire Nov. 8. Price—80 cents. Business—The com¬
pany is the largest commercial bank and non-gpvernJune, 22, 196,2. filed
ment.
advertising, inventory and
.
Adanim
mental
For
—
working capital. Office—114 W. I3th St., N. Y.
writer—Granite Securities, Inc., N. Y.
ence
v
29, 1961 filed $556,000 of 6% cumulative preference
dividend
Proceeds
(1855)
(Bids
to
be
received)
Co
$45,000,000
Debens.
36"
36
(1856)
Continued from
The Commercial and Financial Chronicle
35
page
;
\
Colonial
March
each two shares
for
$10).
held.
Price—By amendment (max.
investment company.
Office—
investment.
Manufacture of shoeboard and boxboard.
743 N. Fourth St., Milwaukee. Underwriters—-Marshall
Co., and Loewi & Co., Inc., Milwaukee. Offering—Tem¬
porarily postponed.
.
..
An
ness—
Colorado
1
("Reg. A") 60,000 common. Price—$5. Busi¬
investment
which will hold
company
Sept.
mort¬
Pacific
—
Note—The
Underwriters,
has
SEC
issued
order
an
operating
June
29,
ment
1962 filed
schools.
100,000
$3.25).
Proceeds—For
general
corporate
Milwaukee.
Price—By amend¬
Operation of technical
common.
Business
—
debt
repayment, expansion
Office—135
purposes.
Underwriter—Divine
&
and
Trust
Wells
W.
St.,
Chicago.
Fishman,
Company plans
First
Business
water
Centco
April
30,
and
filed
Price—$5.
common.
line
Stuart
tories and working capital.
Center
Office—11-17 Clintonville
Underwriter—Arnold Malkan &
company.
Co.
and
Standard
Securities,
Inc.,
writer
•
Aug.
20,
asset
value
Fund, Inc.
filed 100,000 capital
1962
(max.
Business—A
stocks.
$14)
mutual
plus
fund
Proceeds—For
East
St.,
Inc.,
same
Underwriter—CN
Bernstein
Securities,
..
Inc.,
Coating Corp.
Computer Concepts Inc. (11/14)
29, 1961 filed 20,000 class A common. Price
—
$25.
program¬
problems by the
For
general
cor¬
N. W., Washing¬
Y.
paints. Proceeds—For general cor¬
Office—Santurce. P. R. UnderwriterArnold Malkan Investment Growth of Puerto
Rico, Inc.,
Santurce, P. R.
payment.
29, 1962 filed 70,000 common. Price—$5. Business
—Company plans to operate a painting contracting busi¬
Jan.
and manufacture
ness
porate
purposes.
Chestnut Hill
Nov.
29,
225,000
1961
Industries, Inc.
filed
300,000
class
(11/26-29)
A
which
of
common,
Office—983
Concord
St., Framingham. Mass.
Underwriter—Kidder, Peabody & Co., N. Y. Offering—
Indefinitely postponed.
Concrete
to be offered by the company and
75,000 by
are
Structures,
stockholders.
July 27, 1962 filed 100,000
facture
ness—Production
Price—$7.50. Business—Design and manu¬
women's, misses' and junior sportswear, co¬
of
corporate guidance and interim financing con¬
Company may also act as a broker-dealer and un¬
derwriter. Proceeds—For investment. Office—733 Third
Ave.,
of
Inc.
and
Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla. Underwriter
Clayton Securities
Corp., Boston, Mass.
Busi¬
industry. Proceeds—For debt
Office—12825 North East 14th Ave., North
repayment.
Miami,
—
Fla.
Underwriter—Bernard
M.
Underwriter—Hampstead
Investing .Corp.,
Credit
Jan.
Department, Inc.
filed $1,200,320 of
due
1974 and
54,560
subord. de¬
shares to be
$440 of deben¬
tures
and
20
common
shares.,; Price—$550 per
unit.
Business—A consumer sales finance company. Proceeds
—For debt repayment.
Office—1775 Broadway, N. Y.
Underwriter
Bernard M. Kahn & Co., Inc., N. Y.
26,
7%
1962
bentures
conv.
common
in 2,728 units, each consisting of
—
.
•
Crownco
Mar. 26, 1962 filed 115,000 common. Price—$4
Br.jiness
—Design, sale, fabrication and installation of acoustical
ceilings. Proceeds—For debt r* payment and expansion.
Office—1925
Euclid
Ave.. San
Diego
Underwriter —
R. J. Henderson & Co., Los Angeles;"'Note^-This'regis¬
tration
D.
withdrawn:
was
L
C. Transit Systems,
v /
;
<•-
\
/
'
Inc.
April 30, 1962 filed $6,250,000 of 6V2% conv. subord. de¬
bentures due 1977 and
five-year: warrants to purchase
aggregate of 187,500 class A shares, to be offered f9r
subscription by holders of class A and class B stock in
an
units
consisting of $100 of debentures and three war¬
Price—$100 per unit. Business—Operation of a
public transit system in Washington, D. C.; a new sub¬
sidiary to construct housing projects in Washington,
D, C. Proceeds—For construction and general corporate
rants.
Office—3600 M St., N. W., Washington, D. C.
purposes.
Underwriter—None.
concrete
prestressed
items for the construction
ordinates, andi dresses.
Y.
„
.
Price—$4.50.
common.
precast
N.
New York.
,
Computer Control Co., Inc.
24, 1962 filed 157,500 common, of which 62,500 are
to be offered by the company and
95,000 by stockhold¬
ers. Price—By
amendment. Business—Design and manu¬
facture of digital equipment. Proceeds—For
debt re¬
June
,
cern.
11,
ming systems, for solution of business
of digital computers. Proceeds —
porate purposes. Office—1012 14th St.,
ton, D. C. Underwriter—Doft & Co., N.
s
Corp.:
May 28, 1962 filed 150,000 common and warrants to pur¬
additional shares, to be offered in units of
one share and one warrant. Price—$2.25 per unit. Busi¬
offered
use
Agency,
Ventures
chase 30,006
(same
^
f.
Business—Development and sale of advanced
North
Office—110
Norman
Dec.
commission.
specializing in life insurance
111.
'
address.
•
Price—Net
sales
investment.
Jacksonville,
Chemical
shares.
2%
a
filed 150,000. common.; Price-^By amend¬
ness—A
1962 filed 5,000 common.
Price—By amend¬
(max. $50).
Proceeds—For selling stockholders.
Office—72 W. Adams St., Chicago.
Underwriters—First
Boston Corp.; N. Y. and Glore, Forgan &
Co., Chicago.
Offering—Imminent.
\
Central Mutual
'
-
~
Commonwealth Edison Co.
Oct.
-
.
$8). Business—Design and manufacture of
casual wear for girls and women. Proceeds
Creative
Proceeds—For debt repayment and investment.
K St., N. W., Washington, D. C.
Under¬
—
(max.
'
-
Set Inc."
selling stockholders; Office — 1136 Washington
Ave., St. Louis. Underwriter-r-Goodbody: & Co., N. Y.
Offering—Temporarily postponed.
• t >
;
of
ment
Spokane,
1
sports and
(EST) Nov,. 1.
a.m.
For
—
—For
susbidiaries.
Underwriters—(Competi¬
address).
Offering—Expected in early 1963.
1
Country
Office—1415
Star
&
Corp.
Realty Trust
June 18, 1962 filed 420,000 class A shares of beneficial
interest. Price—$10. Business—A real estate investment
Gold Mines, Inc.
("Reg. A") 2,000,000 common. Price—15c.
Business—For exploration, development and production
of ipineral deposits.
Proceeds — For mining expenses.
Address—Box 469, Wallace, Idaho.
Underwriters—PenWash.
Inc. Bids—11
Business
phonograph
of
working capital. Office—315 W. 47th
Columbia
Apri 10, 1962
naluna
& Co.
convertible sub¬
6%
of
distribution
and
the repayment of debt; and;
St., N. Y. Under¬
writer—Van'Alstyne, Noel & Co., N. Y, Note—This firm
was known formerly as the Cosnat Record Distributing
Proceeds
records:
(11/1)
programs
$1,250,000
manufacture
—The
ment
construction
(11/19-21)
filed
ordinated debentures due 1977. Price—At par.
Probable bidders: Merrill Lynch, Pierce, Fenner
&
Smith Inc.-White, Weld
& Co.
(jointly); Morgan
Stanley & Co.-First Boston Corp.
(jointly); Halsey,
Busi¬
1962
26,
Marr 2/ 1962
Office—120 E. 41st St., N. Y.
rubber'film laminates,
laminating and embossing machinery.
new
products, debt repayment, inven¬
SfT, Whitestone. N. Y.
Co., Inc., New York.
Cosnat Corp.
tive).
of casting,
Proceeds—For
Co., Inc., N. Y. Offering—Indefinitely postponed.
•
registration will be withdrawn.
System, Inc.
;
&
May
Los Angeles. Proceeds—For acquisition of
stock, and working capital. Office—1000
Proceeds—For
ness—Manufacture of plastic and
a
and
Underwriter
Sept. 24, 1962 filed $30,000,000 of debentures due 1987.
Corp.
120,000
Co.,
-
Corp.
April 26, 1962 ("Reg. A") 75,000 class A common. Price
$4. Business — A financial investment and holding
company. Proceeds—For expansion and working capital.
Office—39 Broadway. N. Y.
Underwriter—R. F. Dowd
Western
Columbia Gas
sewage
Industries
1962
Office—Creede, Colo.
expenses.
was
W., Washington, D. C. Underwriters—
Bear, Stearns & Co., and Allen & Co., N. Y. Note—This
to
qualify as a public utility and
disposal services 'in and
around Cedar Lake, Ind. Proceeds — To construct a
sewage disposal system. Address — R.R. N. 3, Box 28,
Cedar Lake, Ind. Underwriter—None.
furnish
exploration
Ave.,
Corporate Funding
Vermont Ave., N.
Cedar Lake Public Service Corp.
March 20,1962 filed 9,964 common. Price—$100.
—
formerly
Busi¬
Price—$1.
Proceeds—For
S., Minne¬
Note—This firm
named Control Dynamics, Inc. Offering
—Indefinitely postponed.
Bancorporation
Feb. 23, 1962 filed $30,000,000 of convertible subordinated
debentures due 1987 and 1,500,000 common to be offered
in units of one $20 debenture and one share/Price—By
amendment. Business—A bank holding company recently
formed
to
acquire stock of First Western Bank &
Academy, Inc.
(max.
Proceeds—For
Columbia
pending this issue.
Career
mining.
Thursday, November 1, 1962
working capital. Office—9340 James
apolis.
Underwriter—To be named.
None.
Scottsdale, Ariz.
temporarily sus¬
Inc.,
Imperial Mining Co.
filed 200,000 common.
1962
ness—General
gages, land contracts, etc.
Proceeds — For investment.
Office—44 E. Indian School Rd., Scottsdale, Ariz. Under¬
writer
20,
.
ness—Development and production of electronic testing
and training devices. Proceeds — For expansion and
expansion, equipment and debt repayment. Office—615
Parker St., Manchester, Conn. Underwriter—Putnam &
Co., Hartford, Conn.
•
1
Capital Management Corp.
Dec. 27, 1961
Co.
28, 1962 filed
164,000 common, of which 115,000
are to be offered
by the company and 49,000 by stock¬
holders.
Price—By amendment (max. $15). Business—
Business—A small business
Proceeds—For debt repayment and
Board
.
.
Kahn
&
Co.,
Data Systems Devices of Boston, Inc.
April 26, 1962 filed 200,000 common. Price—$5. Business
—Company plans to design, develop
tronic and electro-mechanical devices,
Inc., New York.
and produce elec¬
including printers
-
Child
May
are
Guidance Toys, Inc.
1962 filed 100,000 common,
23,
to be offered
manufacture and
Bronx.
New
sale
working
N.
Y.
which
Conso Products, Inc.
Sept. 27, 1962 filed 125,000
70.000
ment
by company and 30,000 by stockholders,
price—By amendment (max. $12.50).
ceeds—For
of
of
plastic educational
capita'l.
Office—1125
Underwriter—J.
R.
toys.
Pro¬
Close
Ave.,
Williston
&
•
Beane,
April
Builders, Inc.
tures
Feb.
6, 1961 filed 50,000 shares of common stock, series 2.
Price—$5.50 per share. Business—A closed-end diver
sified
investment company. Proceeds—For
Office—501 Bailey Ave., Fort
Worth, Texas.
Clark Semiconductor
due
22, 1962
1967
units
of
filed
Corp.
$153,045 of 5%
subord.
due
1977
$1,000,000
(with
of
and 166,500 common shares to be offered
in
$170.05 of debentures and 185 shares. Price—
warrants),
deben¬
and 99,000 common.
stock, by amendment
Walnut
repayment, working capital and other corporate purposes.
Office—129 S. State St., Dover, Del. Underwriter—Dana
Securities Co., Inc., N. Y.
24, 1962 filed 40,000, class A, 39,239
outstanding
class C, and 20,000 class D shares.
Price—$35. Business
Jan. 8, 1962 filed 72,000 common.
Price—By amendment.
Business—Operation of discount department stores. Pro¬
ceeds—For expansion and
$220
unit
per
quency
ment
power
and
Business—Production
transistors.
other
corporate
Ave., Clark, N. J.
Coastal
of
very
Proceeds—For
purposes.
high
debt
Office
—
fre¬
repay¬
Underwriter—None.
Chemical
Consumers Mart of America,
Corp.
Sept.
—Manufacture
izer materials
capital.
of
and
anhydrous ammonia and other fertil¬
components.
Proceeds—For working
Mississippi Chemical Corp., parent, will receive^
the proceeds from the sale of the
class C stock.
—Yazoo City, Miss.
Oct.
Radio
as
underwriter for the
Co.
Sept. 21, 1962 filed 557,515 common shares to be
offered
subscription by common stockholders oh the basis
one
ment
new
(max.
C°;>
Sept.
Price—By amendBusiness—Design, development and
manufacture of specialized radio
communication equip¬
ment and aircraft and
flight control devices. Proceeds
—To reduce bank loans.
Office—5225 "C" Ave., N.
E.,
Cedar Rapids, Iowa.
Underwriters—Kidder, Peabody &
and White, Weld & Co., Inc., N. Y. Offering—
Indefinitely postponed.
;.
V
Water
Co.
1962
Contact
share for each four held.
$26).
12,
("Reg. A") 2,900 common. Price—$34.25.
holding company for seven water supply
firms.
Proceeds—For selling stockholders.
Office—95
Exchange PL, Portland, Me. Underwriter—H. M. Payson & Co., 93
Exchange St., Portland, Me.
for
of
—
Business—A
stock.
Collins
Harlem
Consumers
Address
Underwriter—Mississippi Chemical
Corp.^ Yazoo City, Miss., will act
Inc.
working capital. Office—4701
Ave., Chicago. Underwriters
Rittmaster
Voisin & Co., N. Y. and Midland Securities
Co., Inc.,
Kansas City, Mo.
N.
19,
Price—$4.
contact
Lens
1962
Guild, Inc.
("Reg. A") 75,000
"A"
Proceeds—For
moving
common.
a
patented
expenses,
re¬
search,
i
inventory,
advertising and working
capital.
Office—360 Main St. E., Rochester, N. Y* Underwriter—
John J.
DeGolger Co., Inc., Rochester, N. Y.
ControlDyne, Inc.
Oct. 24, 1961 filed 150,000
Western
Ave.,
Boston.
Underwriter—
Schmidt. Sharp. McCabe & Co., Inc., Denver.
Data-Vend
Corp.
Sept. 28, 1962 filed 125,000 common. Price—$4. Bu-iness
—Company plans to acquire and operate enterprises in
E.
publishing, communications and related fields. Pro¬
expansion and working capital. Office—369
St., N. Y.
Underwriter—Dynamic Planning
149th
Corp., N. Y.
Delta
Sept.
Bowling Corp.
28,
shares
1962
are
to
stockholders.
filed
be
100,000
common,
of
which
50,000
offered
by company and 50,000 by
Business—Leasing and operat¬
Price—$3.
ing of bowling centers. Proceeds—For expansion, equip¬
ment and working capital. Office—230 Park Ave., N.Y.
Underwriter—Provost
Securities, Inc.,. N. Y.
.
Deuterium Corp.
Sept. 28, 1962 filed 120,000
with attached
common
war¬
rants to purchase an additional 120,000 shares to be ofered for subscription by holders of its stock and deben¬
in units (of one share and one warrant) on the
basis of 3 units for each 5% prior preferred share held,
tures
2
units
for
each
5%
preferred
A
stock
held
and
40
units for each $1,200 face amount of
non-interest bear¬
ing subordinated debentures held. At the same time, the
company will offer the securities to the public. Price—
To subscribers, $20; to public, $22.25. Business—Com¬
pany plans to erect a small size production and experi¬
mental plant for the limited manufacture of deuterium
and deuterium oxide, and to establish and equip a gen¬
eral research laboratory. Proceeds—For working capital,
construction, equipment and other corporate purposes.
Office—360 Lexington Ave., N. Y. Underwriter—None.
Diamond
class
Business—Manufacture and sale of
lens.
Office—342
the
subord.
Consolidated Vending Corp.
April 2, 1962 filed 70,000 common. Price—$5.75. Business
—Operation of vending machines.-Proceeds—For-debt
debentures
Proceeds—For product devel¬
opment, new plant and equipment and working capital.
ceeds—For
6y2%
(max. $9). Business—Renting of cars, trucks and equip¬
ment.
Proceeds—For
debt
repayment, an acquisition
and other corporate
purposes. Office — 1012 Baltimore
Ave., Kansas City, Mo. Underwriter—Blair & Co., N. Y.
Distributor—Associates Management, Inc., Fort Worth.
Aug.
Leasing Corp. of America
(11/14-15)
27, 1962 filed
Price—For debentures, at par; for
management
investment.
Price—By amend¬
(max.( $10). Business—Manufacture of home fur¬
Consolidated
York.
Church
common.
nishing trimmings and accessories. Proceeds—For ma¬
chinery and working capital. Office—27 W. 23d St., N. Y.
Underwriter—H. Hentz & Co., N. Y.
Business—Design,
electronic computers.
for
Feb. 27,
Dust Co.y
Inc.
1962 filed 102,000 common.
Price—$3. Business
diamond powder and compound.
repayment, additional.^ personnel,
—Production of graded
Proceeds—For
debt
advertising and working caiptal.
Office—77 Searing
Ave., Mineola, ,N. Y. Underwriter—Magnus & Co., N. Y>
Offering—Indefinitely postponed. Diamond Mills Corp.
common.
Price—$1.15.
Busi¬
Jan.
23, 1962 filed 200,000
common,
of which 120,000 are
Volume
Number
196
6208
The Commercial and Financial Chronicle
.
to be offered by the company and
—$7.
ers. '>
sion trust and group
80,000 by stockhold¬
Business—Manufacture of
women's nylon hosiery.
Proceeds—For debt repayment
and working capital. Office—417 Fifth Ave., N. Y.
Un¬
derwriter—Drexel
& Co., Philadelphia.
Offering—In¬
amendment.
Price—By
-
definitely postponed.
Corp.
June
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.
Second Ave., Miami, Fla. Underwriter—Karen Securities
Corp., N. Y.
/ .■4- : V-;
Diversified
March
Trust
Estate
Real
,
investment.
Office—19
South, Salt Lake City.. Underwriter—Realty
Inc., Salt Lake City.
Lime
&
Co.
Stone
-
("Reg.
Business—Manufacture
sale
of
long-lived
electric
lamps. Proceeds—New product development, inventories
and working capital. Office—41 E. Twelfth
St., N. Y.
Underwriter—Planned Investing Corp., N. Y.
First
E.
and
Securities,
Fabco
.
* ' 1'
Enterprises, Inc.
17, 1962 filed 83,500 common. Price—$4.50. Busi¬
ness—Operation of self-service retail shoe department in
discount department stores and one retail store.
Pro¬
ceeds—For (inventory, expansion, debt repayment, and
Sept. 27, 1962 filed 100,000 commpn. Price—By amend¬
(max. $6.75).
Business—Mining and processing
of crushed granite, lime rock, and agricultural limestone.
Proceeds—For
loan
repayment,, and working capital.
Office—11 N. Main St., Ocala, Fla. Underwriter—Courts
& Co., Atlanta, Ga.
* ;
working capital. Office—4906-08 Ave. D, Brooklyn, N. Y.
Underwriter—Dynamic Planning Corp., :51 Broadway,
New
Doman Helicopters, Inc.
April 19, 19b2 iiiea 418,680 common to be offered for
subscription by stockholders on the basis of two new
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, train1 service personnel, repay
debt, etc. Address—Municipal Airport, Danbury. Conn
York.
1
'
N.,
Underwriter—None.
Note—The SEC
has
questioned the
and adequacy of this statement.
accuracy
Feb. 26, 1962 filed 150,000 common, of which
to be offered by the company and 100,000
Price—By
amendment
(max,
$12).
50,000 are
by stock¬
Business—•
dress—Stillwater, Minn.
Underwriter—Pewters,
nelly & Jansen, Inc., St. Paul.
Falcon
-
25,
—The
Brb5dwa^,T<N.
Y.;. Underwriter—Goodbody & Co.,
offering has been, temporarily post¬
Note—This
poned.
«!'■ ■_"*
*
Dynamic L. P. Industries, Inc.
June 21, 1962 filed 75,000 common.
Price—$4. Business
—manufacturing, labeling and packaging of long playing
stereophonic and monaural phonograph records for label
record
companies. Proceeds—For equipment and work¬
ing capital."1 Office — 900 Passaic Ave., East Newark,
N.
Underwriter—Mortimer
J.
B,. Burnside & Co., Inc.,
New York.
■
.
.
■
.' J,;;
.
Sept.
1962
28,
filed
devices
electronic
Proceeds—For
750,000
of
for
common.
and
Price—$1.
Busi¬
and
purposes.
working capital, equipment and debt re¬
Office—£222 S. Centinela Ave., Los Angeles.
payment.
Underwriter—None.
•
Eastern
Camera &
Photo
&
Co., n. y.
Forst
ment
which 25,by stock¬
concessions.
Company also processes black
and white film and
repairs photographic equipment.
Proceeds—For debt repayment and working capital. Of¬
fice—68 W. Columbia St., Hempstead, N. Y. Underwrit¬
ers—Edwards & Hanley, Hempstead. L. I., and Street &
Co., Inc., New York. Note—This registration is expected
to be withdrawn.
_
Investment Co.
March 16, 1962 filed 450,000 common.
Price—By amend¬
ment (max. $16). Business—A small business investment
company.
Proceeds—For general corporate purposes.
Office
—
3
Center
Penn
writers—Drexel
&
Co.,
Plaza, Philadelhia. 'Under¬
Philadelphia and Kidder, Pea-
body & Co., N. Y.
Price—$5. Business
common.
Electro-Nucleonics, Inc.
Sept. 24, 1962 ("Reg. A") 29,525 common.
Price—$5.
and development toward improve¬
of gas
centrifuge technology for separation of iso¬
tope and gaseous materials. Proceeds—For equipment,
expansion, research and working capital.
Office—368
Passaic Ave., Caldwell, N. J.
Underwriter — Richard
Bruce & Co. Inc., N. Y.
Inc.
160,000 common. Price — $1.
Business—Sale of commercial and industrial refrigera¬
Oct.
18,
tion
machinery and equipment. Proceeds—For debt re¬
("Reg. A")
erties. Proceeds—For general corporate purposes.
—62 Richmond St., Toronto.
Office
Underwriter—G. V. Kirby
Associates, Ltd., Toronto.
Aug.
15,
terest.
1962
Israel
filed
Price—By
Mutual
2,750,000
Fund
shares
(11/19-21)
beneficial
of
in¬
(max.
amendment
$10). Business—
plans to invest primarily in equity
type securities of Israeli companies. Proceeds—For in¬
A mutual fund which
vestment.
Office—141
Milk
St., Boston. Underwriter—
Curtis, Boston.
(11/13-16)
March 9, 1962 filed 200,000 common.
ment
(max.
ment
$15).
Business—A
Main
&
•
St., Bridgeport, Conn.
Co., N. Y.
First
Nov.
Income
1961
9,
Price—(For
Price—By amend¬
small business invest¬
Proceeds—For investment.
company.
Underwriter—P. W. Brooks
Realty Trust
500,000 shares of beneficial interest
first 10,000 shares) $10.80 per share
filed
the
(For the balance)
Net asset value plus 8% commission
Business—A real estate investment trust.
investment.
C.
D.
Office—1613
Washington, D. C. Note
tration
St., N.
Eye
Underwriter—Sidnev
known
Office—955
7.
M^nsh
Washington,
Securities
Co..
formerly was
Perpetual Investment Trust. Note—This regis¬
as
—
This
Proceeds—For
W.,
company
withdrawn.
was
First New York Capital Fund, Inc,
Oct. 27, 1961 filed 2,770,000 capital- shares.
v
Business—A
small
business
investment.
Florida
investment
Office—1295
1
v.;.
Price—$1.
company.
Northern
Pro¬
Blvd.,
Four
Underwriter—None.
Bancgrowth, Inc.
March 16, 1962 filed 200,000 common. Price—By amend¬
ment
(max. $15).
Business—An investment company
Atlantic
Proceeds—For
investment.
Un¬
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis. Note
This offering was postponed.
Blvd., Pompano Beach, Fla.
Florida
June
ness
28,
—
betting.
building
Jai Alai, Inc.
1962 filed 400,000 common. Price—$5. Busi¬
Operation of Jai Alai games and pari-mutuel
Proceeds—For rent, purchase of leased quarters,
improvements, working capital.
Park, Fla.
Office—Fern
Underwriter—To be named.
Floseal Corp.
May 10, 1962 filed 169,420 common to be offered for
subscription
by stockholders.
Price—By amendment
(max. $2). Business—Company owns and licenses carton
pouring
■—S. C. Burns &
100
subscription by stockholders on a pro
offered for
rata basis. Price
Star
Of¬
Sportswear, Inc.
27, 1962 filed
103,000
Price—$3.
common.
Busi¬
ness—Design, manufacture and distribution of men'a
outerwear, sportswear and rainwear.
Proceeds—For
plant expansion, equipment and working capital. Office
—665 Broadway, N.
Y.
Underwriter—Magnus & Co.,
Inc., New York.
/
i:
•
Fund
...
•
Investments, Inc.
28,
1962 filed
class
80,000
B
common.
Price—$5.
Business—Retailing of mutual fund shares. Proceeds—
For working capital and debt repayment
Office—1301
E. Morchead St., Charlotte, N. C. Underwriter—None. '
.
Gamma
Leather
Goods
June 29,
1962 filed 75,000
warrants
to
be
Corp.
and 75,000 five-year
offered in units consisting of one share
common
one
lated^ items. Proceeds—For
a new plant, sales promotion
working capital. Office—288 Plymouth Ave., Fall
River, Mass. Underwriter—Hampstead Investing Corp.,
and
New York.
.
State
Small
Business Investment Co,
27, 1961 filed 330,000
—A small business
'
>
Price—$3. Business
investment company. Proceeds—For
common.
W.
spout
10th
patents
and
die
St., Wilmington, Del.
Underwriter—None.
Flower Citv
Oct. 11,
ness
—
Industries, Inc. (11/13-16)
1962 filed 100,000 common. Price—$3.75.
Company plans to
engage
Office-^-1180 Raymond Blvd., Newark, N. J„
Underwriter—Godfrey, Hamilton, Taylor
Offering—Temporarily postponed.
Prnrliiftc
Aarcita
July 13, 1962
&
Co., N. Y.
Inr
("Reg. A")
15,000
common.
Price—$3.33.
For
a
selling stockholder.
Office—4045 Merrick Rd.,
Seaford, L. I., N. Y. Underwriter—Theodore Arrin &
Co., Inc., N. Y.
Geigher Pipe Supply Inc.
Sept. 28, 1962 filed 60,000 class A common, of which 50,r
000
to be
offered by company and
10,000 by stock¬
of steel
pipes,
valves and fittings.
Proceeds—For invehtory. Office—
4124 N. Broadway, St. Louis. Underwriter—Midland Se¬
curities Co., Inc., Kansas City, Mo.
are
holders.
Price—$9.50.
Business—Sale
General
Design Corp.
25, 1962 ("Reg. A") 65,000 common. Price—$3.
Business—Design and development of new products for
April
various
industries.
debt
Proceeds—For
repayment,
equipment and working capital. Office—1252 W. Peachtree St., N. W., Atlanta, Ga. Underwriter — Robert M.
Harris & Co., Inc., Philadelphia. Note—The SEC has is¬
sued an order temporarily suspending this issue.
*
Georgia Power Co.
(11/7)
filed 70,000 shares of no par cum. preferred.
Price—By amendment.
Proceeds—For repayment of
bank
loans, and construction.
Office—270 Peachtree
Bldg., Atlanta, Ga. Underwriters—(Competitive). Prob¬
able bidders:
Blyth & Co., Inc.; First Boston Corp.;
Morgan Stanley & Co.; Eastman Dillon, Union Securities
&
Co.-Equitable Securities Corp.
(jointly); Lehman
Brothers. Bids—Nov. 7 (11:30 a.m. EST) in Room 1600,
250 Park Ave., N. Y. Information Meeting—Nov. 1 (2:30
p.m. EST) in Room 1420, 20 Pine St., N. Y.
Oct. 5;-1962
•>v. i'<
Georgia Power Co. (11/7)
' v
5, 1962 filed $23,000,000 of first
Oct.
due
1992.
mortgage
bonds
Proceeds—For repayment of bank loans,
construction.
patents. > Proceeds—For
debt repayment and other corporate purposes.
Office—
Equity Annuity Life Insurance Co.
Aug. 21, 1962 filpd 150,000 common to be
distribution" of
Business—Manufacture of machinery and equipment for
the gasoline and oil marketing industries.
Proceeds—
payment, equipment, inventory and working capital. Of¬
fice—150-49 Hillside Ave., Jamaica, N. Y. Underwriter
Co., Inc., N. Y.
Price—By amend¬
common.
Business—Wholesale
Proceeds—For selling stockholders.
Fidelity Mining Investments Ltd.
^
30, 1961 filed 800,000 common. Price—By amend¬
ment. Business—Exploration and testing of mining prop¬
Office—3356
Business—Research
$15).
Inc.
125,000
fice—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬
Donnell & Co., N. Y. Offering—Temporarily
postponed.
Garden
of
specializing in bank stocks.
of
Underwriter—Crosse & Co. Inc., N. Y.
1962
Office—
.
Nov.
Manhasset, N. Y.
International, Inc.
1962 filed 100,000 class A
Electro-Temp Systems,
Price—$1.20. Business
manufactured
N. J.
ment
for
new
one
For investments.
(max.
toys and games.
Oct.
common.
Price—$4.
automobiles, station wagons, and
trucks.
Proceeds—For equipment, new franchises, and
working capital. Office—520 Westfield Ave., Elizabeth,
July 27,
offered
of
St., Denver. Underwriter—None.
distribution
ceeds—For
Econo-Car
Business—Rental
held.
be
basis
& Sons,
investment.
subord. deben¬
holders). The securities are to be offered in units of one
$100 debenture and 10 shares. Price—By amendment.
Business—Operation of retail camera stores and depart¬
Pennsylvania
the
(Alex)
March 23, 1962 filed
•
Under¬
warrant. Price—$4.75 per unit. Business—De¬
sign, manufacture and sale of ladies' handbags and re¬
First Connecticut Small Business Investment Co.
conv.
tures due 1972 and 50,000 common shares (of
be sold by the company and 25,000
Eastern
on
..
nuts, bolts and other fastening
by others. Proceeds—Fdr debt
repayment and general corporate purposes. Office—8
Benson Place, Freeport, N. Y. Underwriter — Arnold
Malkan & Co., Inc., N. Y.
Corp.
000 will
store
to
common
—
Paine, Webber, Jackson &
March 28 1962 filed $500,000 of 6%
ment
shares
30, 1961 filed 125,000
devices
&
vehicles
marine
300,000
States
writers—Maltz, Greenwald & Co. and Rittmaster, Voisin
and
Insurance Co.
stockholders
First American
electro-mechanical
medical
filed
by
Don¬
Fastpak, Inc.
Dynapower Systems Corp.
ness—Manufacture
Life
each three
1330 Leyden
1115
Y.
1962
share for
Nov.
N.
National
—Life insurance. Proceeds
Design and manufacture of boys knit shirts, sweaters,
pajamas. Proceeds—For working capital. Office—
and
Price—$1.50.
common.
of insulated water closet tanks,
fiberglass gravel stop and laundry tubs. Proceeds—For
debt repayment, equipment, and working capital.' Ad¬
subscription
^
("Reg. A") 200,000
Business—Manufacture
June
Donmoor-lsaacson, Inc.
holders.
July 20, 1962
'itM,'.
the'United
to
dress—Maurice Ave. at 58th St., Maspeth, n. y.
June
h
Inc
shipment
countries.
new
Drug Research Laboratories, Inc.
May 24, 1962 filed 107,500 common, of which 100,000
are to
be offered by company and 7,500 by stockhold¬
ers.
Price—By amendment (max. $5). Business—Chem¬
ical and biological research and
testing for the food, drug,
cosmetics, chemical and related industries. Proceeds—
For expansion,
equipment and debt.,repayment. ,,Ad¬
,
pgibco
a
March
Sept.
ment
Hong Kong for
other
v
Engineering Corp.
April 2, 1962 filed .100,000 class A shares. Price—$2.40.
certificates of interest. Price
Business—A real estate investment
in
Food &
Everbest
Realty Investors
June 28, 1962 filed 1,900,000
Dixie
'
export and sale of artificial floral and foliage arrange¬
A subsidiary, now manufactures artificial
flow¬
Proceeds—For plants and equip¬
subsidiary and working capital. Address—
St. Thomas, Virgin Islands.!
Underwriter—Lieb, Skloot
& Co., Inc.,
Clifton, N. J.
.i.
A") 60,000 common. Price—$5
Business—Manufacturing of men's ties. Proceeds—For:
debt repayment, new products, equipment and working
capital. Office—712 Sansome St., San Francisco. Under¬
writer—Birr, Wilson & Co., Inc., San Francisco.
1
Underwriter—Bacon, Johnson Realty Management
Co., Inc., (same address).
' 1
Proceeds—For
(11/21)
37
ments.
ment,
,
Ernst, Inc.
Aug. 21, 1962
N. Y,.
trust.
and
Washington, D. C. Underwriter—None.
v-v
1,UUU,000 shares oi penencial inter¬
est.
Price—$10,
Business—A real estate investment
trust. Proceeds—For investment. Office—500 Fifth Ave.,
—$1 per interest.
St., N.
new
sales offices, advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬
geles.
Underwriter—Wisconsin-Continental, Inc., Mil¬
waukee.
v')'*'.■
.-v
1962 filed
Diversified
ers
—For
(11/7-9)
,
Business—Sale of individual life insurance, penr
variable annuity contracts. Proceeds
—For expansion and .capital funds. Office — 2480 16th:
Equity Funding Corp. of America >
March 29, 1962 filed 240,000 common. Price—By amend¬
ment
(max. $6.50).
Business—A holding company for
firms selling life insurance and mutual funds. Proceeds
'
Collateral
Diversified
(1857)
Office—270
Peachtree
and
Bldg., Atlanta, Ga.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Harriman Ripley & Co., Inc.; Blyth &
Co., Inc.; Kidder, Peabody & Co.-Shields & Co. (joint¬
ly); Equitable Securities Corp.-Eastman Dillon, Union
Securities
&
Brothers;
Morgan
Co.
(jointly); First Boston Corp.; Lehman
Stanley & Co. Bids—Nov. 7 (12:30
a.m. EST) in Room 1600, 250 Park Ave., N. Y.
Informa¬
tion Meeting—Nov. 1
(2:30 p.m. EST) in Room 1420,
20 Pine St., N. Y.
Gilfillan Corp.
April 4, 1962 filed 254,000 common. Price — By amend¬
ment
(max. $18). Business—Development and produc¬
tion of radar and other specialized electronic systems.
Proceeds—For selling stockholders. Office—1815 Venice
Blvd., Los Angeles. Underwriter—Blyth & Co., Inc., Los
Angeles.
Glasco Pacific, Inc.
July 12, 1962 filed 250,000 class A and 250,000 common
shares to be offered in units of
one
class A and one com¬
share.
Price—$5.05 per unit. Business—Company
plans to manufacture flat glass mirrors and sliding
wardrobe mirror doors and related products. Proceeds
mon
Busi¬
in the manufacture,
Continued
on
page
38
r~
,'38
The Commercial and Financial Chronicle
(1858)
Continued from
page
37
W. 57th
Harwyn Publishing Corp.
1962 filed 300,000 class A common. Price — By
amendment. Business — Publishes illustrated encyclo¬
Inc.
Jan. 29,
and working capital. Office
N. First Street, San Jose, Calif. Underwriter-
—For equipment, inventory
—1299
Birr, Wilson & Co., Inc., San Francisco.
pedic works for children and operates an advertising
for sale of TV and radio spot time. Proceeds—
For working capital.
Office—170 Varick St., N. Y. Un¬
1962 filed $600,000 of 6% subord. income de¬
bentures due Jan. 1, 1983 and 24,000 common shares to
be offered in units of one $1,000 debenture and 40 com¬
mon shares.
Price—$1,500 per unit. Business—Company
6,
plans to develop and operate a ski and recreational re¬
sort at Fayston, Vt. Proceeds—For construction. Address
—Box 111, Waitsfield, Vt.
Underwriter—None.
Glensder Corp. :
March
23, 1962 filed 150,000 common, of which 60,000
be offered by the company and 90,000 by the
company's parent, Glen Modes, Inc. Price—By amend¬
ment (max. $7). Business—Design, production and sale
of women's fashion accessories, and sportswear. Proceeds
—For general corporate purposes. Office — 417 Fifth
Ave., N. Y. Underwriter—Sprayregen, Haft & Co., N. Y.
Offering—Indefinitely postponed.
derwriter—Van
Indefinite.
Hawaii
Global Construction Devices,
Inc.
June 29, 1962 filed 100,000 common.
Price—$10. Busi¬
ness—Manufacture, sale and lease of steel supports and
used
oeams
in construction.
Proceeds—For
debt repay¬
expansion, researcn, and inventory.
Office—545
Cedar Lane,
Teaneck, N. J.
Underwriters—Winslow,
Cohu & Stetson and Laird, Bissell & Meeds, N. Y.
ment,
Leaf Pharmacal
Gold
Co., Inc.
March 13, 1962 filed 80,000 common. Price—$4. Busi¬
ness—Manufacture, development and sale of pharmaceu¬
tical and veterinarian products, rroceeds—For advertis¬
ing, research, debt repayment and working capital.
Office—36 Lawton St., New Rochelle, N. Y. Underwriter
—Droulia & Co., N. Y.
Good-Era Realty & Construction Corp.
April 2, 1962 filed 550,000 class A shares. Price—$10.
Business—Company plans to develop, operate, construct
and manage real
^state. Proceeds—For general corporate
purposes.
Office—151 N. Dean St., Englewood, N. J. Un¬
derwriters—Leiberbaum & Co. and Morris Cohon & Co.,
New York..
Gotham
Nov.
■
-.
7
7<:// v;*
■.
Investment
estate
tal and
investment.
other corporate
purpose?.
Office
—
1707 H St.,
Gourmet Food Products, Inc.
May 25, 1962 filed 28,113 common. Price—$3.50. Busi¬
Growing, purchasing, distributing and selling
potatoes and processing and selling of prepared
potato products. Proceeds—For the selling stockholders.
Office—915 Southeast 10th Ave., Portland, Ore. Under¬
ness
—
whole
writer—To be named.
Great
Continental
Real
Hek
shares
Estate
Investment
Trust
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Place, Baltimore. Underwriter
Great
Eastern
Insurance
Co.
April 13, 1962 filed 381,600 common. Price—By amend¬
ment (max. $5). Business—Company plans to write cer¬
tain types of fire and casualty insurance. Proceeds—For
general corporate purposes.
Greater
McCoy's Markets, Inc.
filed 219,150 class A common. Price—By
amendment
(max.
$14).
Business—Operation
of
16
supermarkets in the Los Angeles area. Proceeds—For
selling stockholders.
Office—17602
Bellflower
Blvd.,
Bellflower, Calif. Underwriter—Morris Cohon & Co.,
June
28
1962
New York.
Greenman
Bros.,
Inc.
April 25, 1962 filed 150,000 common, of which 75,000 are
to be offered by company and 75,000 by stockholders.
Price—$10. Business—Wholesale and retail distribution
of toys,
hobby lines and sporting equipment. Proceeds
—For debt repayment, inventory and working capital.
Office—35 Engel St., Hicksville, N. Y. Underwriter—J.
R. Williston & Beane, N. Y.
Gulf Atlantic
Utilities, Inc. (11/15)
July 30, 1962 filed 90,000 common. Price—By amendment
(max. $10). Business — A management and operating
company for subsidiaries which
own
water treatment
and sewerage disposal plants, and water distribution and
sewage collections systems. Proceeds—For debt repay¬
ment, expansion and working capital. Office—2738 Malinda Blvd., Jacksonville, Fla. Underwriter—Pierce, Carrison, Wulbern, Inc., Jacksonville. I
Hallandale
Rock & Sand Co.
(11/19-21)
March 30, 1962 filed $250,000 of 8% subordinated deben¬
tures due 1977, 200,000 common and 6-year warrants to
purchase 25,000 common at $1 per share to be offered in
units consisting of a $10 debenture, 8 common shares and
one
yrarrant. Price—$18 per unit. Business—Extraction,
processing and sale of rock and sand. Proceeds—For a
new plant and other corporate purnoses. Address—Hal¬
landale, Fla. Underwriter—Mutch, Khanbegian, Flynn &
Green, Inc.. 115 Broadway, N. Y.
offered
for
the
of
account
the
com¬
Price—$2...
Proceeds—
For debt repayment, advetrising, research and develop¬
ment and
working capital.
Office-—2176 Palou, - San
Francisco.
Underwriter—L. H. Wright Co., Inc., N. Y.
and 6,000 shares for the underwriter.
Business—Manufacture of dental equipment.
Land Co.,
Helix
.
(max.
Summit Dr., La Mesa, Calif.
Underwriter—Nonej
Street Co.
16,
be
to
common
offered for
subscription by stockholders of Union Bank of Califor¬
nia on a share-for-share basis.
Price—$3. Business—A
investment
management
company;
Proceeds—For
Office—760 S. Hill St., Los
writer—None.
7 /..;
vestment.
House
in¬
Under¬
77 :.v7 '7y'
Angeles.
,7.
•
Hoffman
general corporate
purposes.
7 Industry
Dec;
sion, inventory, and debt repayment.
way,
Office—476 Broad¬
N/"Y. Underwriter—To be named.
184-10
—
Capital
Corp.
26, 1961 filed 500,060 cpnimori* PHce—$15
ness—A small business investment
company.
Busi¬
Proceeds—
S. La Salle
For general corporate purposes. Office—2u8
St., Chicago. Underwriter—A. C. Allyn & Co., Chicago.
registration will be withdrawn.
7"!
Note—This
•
Industrial Development Baitk of Israel Ltd.
(11/9)
1
■
,
Sept. 21,1962 filed 1,000,000 of 6% preference CC shares
1,500 ordinary AA shares. The AA shares may be
purchased only as a part of a unit consisting of one A A
share
and
345
CC
Sauce
Co., Inc.
28, 1962 filed $250,000 of 6%% subordinated sink¬
ing fund convertible debentures 'due 1977 and 25,650
common shares to be offered in units consisting of one
$500 debenture and 50 common shares. Price—$1,000 per
unit. Business
Manufacture of liquid and semi-solid
Feb.
—
salad dressings and
specialty sauces. Proceeds—For debt
repayment and expansion. Office—109 S. Webster St.,
Madison, Wis. Underwriter—Milwaukee Co., Milwaukee,
Wis. Offering—Indefinitely postponed.
HoIlingsworth Solderiess Terminal Co.
shares.
The
CC
shares
may be pur¬
Price—For units,
by amendment; for CC shares,'$10.50 per share. Business
—The bank was organized in 1957 to
encourage the
chased
part of
as
unit
a
separately.
or
establishment of industrial undertakings in Israel.
ceeds—For
general
Aviv, Israel.
corporate
Pro¬
Address—Tel-
purposes.
Underwriter—Brager & Co., N.- Y.
;
-
Corp.
Oct. 23, 1962 filed 100,000 common. Price—$5. Business
—Research,- engineering, manufacturing and marketing
in the field of electronic information
handling and auto¬
mation systems.
Proceeds—For new products/ inven¬
Oak
new
plant and working capital. Office—1401 S. Post
Rd., Houston. Underwriter—None.
Instr-O-Matics, Inc.
Sept. 28, 1962 filed 32,000 class A
amendment (max. $10). Business*
manufactures
the
and
sells
-
Price—By
common.
iCorripa^yi develdps,
electronic equipment for
use
in
marine
field, principally in pleasure boating. Pro¬
debt
repayment, advertising, inventories,
new
products and working capital.
Office—3181. N.
Elston Ave., Chicago. Underwriter — R. A. Holman' &
Co., Inc., N. Y.
: 77.
ceeds—For
Instromech
Industries,
Inc.
(11/13-16)
March 30, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—A contract manufacturer of precision products.
Proceeds—For acquisition
of land and building, equip¬
ment, inventory and other corporate purposes. Office—
4 Broadway Plaza, Huntington
Station, N. Y. Unde*writer—Price Investing Co.,' N. Y.
777'77v;.'v'
■
Feb.
27, 1962 ("Reg. A") ,75,000 common. Price — $4.
Business—Manufacture, 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. Offer¬
ing—Temporarily postponed.
Honora,
Nov.
distribution
of
in
the
U.
S.
Proceeds—For
general
corporate purposes. Office—42 W. 48th St., N. Y. Under¬
writer—Sunshine
•
Securities, Inc., Rego Park, N. Y.
House of Koshu,
,
Inc.
Miirch 29,
1962 filed 75,000 class A common. Price—$5.
Business—Importing of Japanese liquors. Proceeds—For~
debt repayment,
advertising, inventory - and working
capital. Office—129 S. State St.. Dover. Del. Underwriter
—To be
npmed. Note—This registration was withdrawn.
Household
Gas
Service, Inc.
13, 1962 ("Reg." A") $299,000 of 6% s. f. deben¬
tures, series A due Oct. 1, 1977. Price—At par. Business
Sept.
—Sale
and
distribution
of
Proceeds—For
purchase of a plant site, moving expenses, and additional
equipment. Office—238 Genessee St., Utica, N. Y. Un¬
derwriter—Mohawk Valley Investing Co., Inc., Utica
propane
gas.
New York.
Hunsaker
March
—
Edna
PI., Irwindale, Calif. Underwriter—
Bateman, Eichler & Co., Los Angeles.
acteristics
of
various
stockholders.
which
80,000
by company and 17,000 by certain stock¬
holders. Price—$5. Business—Manufacture, assembly and
sale of aircraft and missile components on a sub-contract
basis. Proceeds—For debt repayment and working capital.
Office—70507 Valley View St., Buena Park, Calif. Under¬
writer—Raymond Moore & Co., Los Angeles.
will
be
common,
of
I.
P.
sold
Aug.
23,
D.
Financial
1962
filed
Corp.
materials.
Instrument Components.
June
11, 1962
Business
—
("Reg. A")
(11/13-16)
common.
Price—$4.
Busi¬
ness—Company plans to furnish equity capital to busi¬
ness
make
loans and
assist
in arranging
corporate financing." Proceeds—For work^
and other corporate purposes.
Office—200
concerns,
mergers and
ing
capital
•
Proceeds—For
selling
Inc.
135,000 common. Price
Manufacture
and
distribution
mechanical rotating devices/ Proceeds—For
ment,
of
$1.
—
electro¬
debt repay¬
sales
promotion and other corporate purposes.
Office—312 Mt. Pleasant Ave.,
Newark, N. J. Under¬
writer—Gold-Slovin Co.. Inc.. N. Y.
•
Internationa! Data Systems, Inc.7(11/8)
Sept. 28, 1962 filed 150,000 common. Price—By amend¬
ment
(max.
$3.50).
Business—Research,
design and
manufacture
of
analog
Proceeds—For loan
and
digital
International
electronic
devices.
repayment and working capital. Of¬
fice—2925 Merrell Rd., Dallas, Tex.
Austin & Co., San Antonio.
Underwriter—E, H.
Research Corp.
Systems
Maich 30, 1962 filed 110,000 class A common and 9-month
war/ants to purchase 110,000 class A shares at $4 per
shaie, to be offered in units, each consisting of one share
and one warrant. Price—$4 per unit.
Business—Design,
development and manufacture of mechanical, eleclroand
electronic
equipment for government
Proceeds—For equipment,
debt repayment and working capital. Office—Engineer's
Hill. Plainview. L. I., N. Y. Underwriter—International
Services Corp., Clifton, N. J.
agencies
the
and
Interstate
military.
Equity
March 30, 1962 filed 1,605,100
shares of beneficial interest.
Price—(max. $10).; Business—A real estate investment
company.
Proceeds—For investment. Office—450 Seventh
•
Interworld
Film
Sept. 29, 1961 filed 106,250
—Theatrical
and
domestic
Alstyne, Noel & Co., N. Y.
Distributors,
distribution
feature
common.
and
films.
l^c.
Price—$4.
co-production
Business
of*
foreign
Proceeds—For
acquisition,
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
Underwriters—General Securities Co., Inc., and
Co., Inc., N. Y. Note—This registration
drawn.
7 ■.
,
300,000
■
Office—2500 Washington St., Canton, Mass.
Ave.. N. Y. Underwriter—Van
Hydro-Swarf, Inc.
March 30, 1962 filed 97,000
7V:!,
'
Price—By amend¬
ment (max. $14).
Business—Development and produc¬
tion of equipment for use in
testing the physical char¬
mecnanical
Corp.
1962 filed $1,600,000 of convertible subordi¬
nated debentures due 1977 and 250,000 common shares.
Price
By amendment (max. $6 per common share).
Business—Construction of homes and apartments on land
which company has acquired in Southern Calif. Proceeds
—For
debt repayment and other
corporate purposes.
30,
Office—15855
',:;>V;7"'V
Underwriter—None.
76,500 common. Price—$3.75r
cultured pearls in Japan and
("Reg. A")
Business—Purchase
Engineering Corp. 7- •
March 26, 1962 filed 120,000 common.
Ltd.
29, 1961
their
J
7 Irsstron
dan &
Harley Products, Inc.
March 2g, 1962 filed 75,000 common. Price—$4.
Busi¬
ness—Design, production and distribution of belts and
related products. Proceeds—For sales promotion, expan¬
Office
for
each
four
shares
held.
Price—$15.
'Business—
Ownership of real estate, leases principally for farming
and grazing.
Proceeds—For debt repayment, working
capital and other corporate purposes. Office—Southern
Blvd., West Palm Beach, Fla. Underwriter—None,
tory,
filed 2,265,138
1961
and
Infotronics
1962
amendment
'
Indian Trail Ranch, Inc.
Aug. 31, 1962 filed 54,238 common to be offered for sub¬
scription by stockholders on the basis of one new share
Inc.
filed 586,000 capital shares.
Price-r-By •
$5).
Business—General real estate.;
Proceeds—For general corporate purposes. Office—4265
April 27,
Office—116 John St., N. Y.
Underwriters—Emanuel, Deetjen & Co., and Zuckerman,
Smith & Co., N. Y.
be
to
pany
Price—$10. Business—Real estate. Proceeds—For invest¬
ment Office—530 St. Paul
—To be named. Note—This firm formerly was known as
Continental Real Estate Investment Trust.
Manufacturing
are
y-"777
and
Co., Inc. :
Aug. 7, 1962 ("Reg. A") 75,000 common, of which 69,000
Oct.
N. W., Washington, D. C. Underwriter —Rouse, Brewer,
Becker & Bryant. Inc., Washington, D. C.
;v
Discount
Inc., New York.
Hill
common. Price—$6. Business
Proceeds—For working capi¬
Corp/
Centers, Inc.
June 7, 1962 filed 125,000 common.
Price—By amend¬
ment (max. $5). Business—Operation of discount stores.
Proceeds—For inventory, expansion, debt repayment and
working capital. Office—6400 MacCorkle Ave., S. W.,
St. Albans* W. Va.
Underwriter—Willard Securities,
7/
Corp.
21, 1961 filed 100,000
—Real
7; -X--'
j
March 28, 1962 filed 23,300 shares of 5%
convertible
preference stock to be offered for subscription by stock¬
holders on basis of one preferred share for each 10 com¬
mon held.
Price—$12. Business—Real estate. Proceeds
—For general corporate purposes and debt repayment.
Office—40 Beaver St., Albany, N. Y. Underwriter—None.
Heck's
■
Ave:, Hollis, Long Island. N. Y. Underwriter—
White, Weld & Co., Inc., N. Y. Offering — Indefinitely
postponed.
7777 777' 777.->7' 77<77/ 7-77 77.-77:
''
.
•
-
Jamaica
May 18, 1962 filed 1,000,000 shares of beneficial interest
eight-year stock purchase warrants to be offered in
units consisting of one share and one warrant. Price—
$10 per unit. Business—A real estate investment trust,
Proceeds—For
working
capital.
Address-—Honolulu,
Hawaii. Underwriter—White, Weld & Co.. Inc.. N. Y.
Heartland Development
St., N. Y. Underwriters—J. J. LeCort Associates,
Harris, Clare - & Co., Inc., N. Y.
Ideal Toy Corp.
ment
Investment Trust
Estate
and
to
are
/-f"'^^'V'"''v
Real
Thursday, November I, 1962
.
—By amendment (max. $20). Business—Manufacture' of
toys and related products. Proceeds — For debt repay¬
Offering—.
Noel & Co., N. Y.
Alstyne,
.
.
May 1, 1962 filed 490,000 common, of which 250,000 will
be offered by company and 240,000 by stockholders. Price
agency
Glen Ellen Corp.
Sept.
7
and
.
S. Kas-
with¬
was
-
:
7
Investment Management Corp. /
*
•
May 10, 1962 fjled 100*090 common to be offered fdr sub¬
scription by -stockholders on a 2-for-lshare basis.
Unsubscribed shares will be offered to the public. Price
,
»
Volume
—To
196
6208
Number
.
.
The Commercial and Financial Chronicle
.
stockholders, $2.50; to the public,-, $3.50,
Business
•
Keene
Packaging Associates
—Manager and distributor for Western Industrial Shares,
April
mutual fund. Proceeds—For debt- repayment and
general corporate purposes. Office—818 17th St.; Denver.
are
^rioe—$4.
Underwriter—N one.
rigid
inc., a
Investors
Realty
May 31, 1962 filed 200,000 shares. Price
■—A
investment
estate
real
$10. Business-
—
Proceeds
trust.
an&i investments Office
struction
—
3315
For
—
con¬
lona
Manufacturing
1962 filed 140,000 common, of which 125,000 are
to be offered- by the company arid 15,000 shares- by a,
stockholder.. Price^By amen^chenti BusinesfcManufae- •.
ture of household electric appliances and electric motors.
Proceeds—For new products-and working capital.; Office
Manchester, Conn. Underwriter — S. D.
York. Offering-—In mid-November.
St.,
—Regent
Fuller' & Go;, ..New
:
Jaap Penraat Associates, I he.
Jan, 30,
19.62 filed
'V/
For
expansion, new facilities and working capital. Office ^
—315- Central Park
&
•
W., N. Y. Underwriter—R. F. Dawd
Jackson's
Byron© Enterprises Inc.
(11/26-29)
13, 1962 filed $750,000 convertible subordinated
debentures due 1977; also 120,000 class A common, of
Marcn
which 66,666 shares are to
and 53,834 by stockholders.
be offered by the company
Price—By amendment (max.
$12,50 for common). Business—Operation of a chain oi
retail department stores. Proceeds—For debt repayment
and working capital. Office—29 N. W. 10th St., Miami,
Fla. Underwriter—Clayton- Securities Corp., Boston.
*
Jamaica- Public
March
shares
Service
Ltd.
30, 1962 filed" 215,000 common, of which 100,003
to be offered by company and 115,000 shares
are
By amendment (max. $25).
for a Jamaican Electric
utility. Proceeds—For acquisition of additional stock in
subsidiary. Office—507 Place D'Armes, Montreal, Canada.
Price
stockholders.
by
Business—A
holding,
Underwriters
—
Webster Securities
Co.,
Inc.,
N.
Y.
Corn
and
Offering—Indefinitely
-v/';-
;;;v::
Postnoned.
Jamoco Air Conditioning
(12/3-7)
Feb. 28, 1962 ("Reg. A") 40,000 common; Price — $3.
Business—Design, installation and maintenance of heat¬
ing, plumbing and air-conditioning systems. Proceeds—
For inventory, equipment and other corporate purposes.
Office
954 Jamaica Ave., Brooklyn. N. Y.
Under¬
writer—Martin-Warren Co., Ltd;, N. Y.
r
Corp.
—
Jersey Central Power & Light Co.
(11/19)
1962 filed $11,000,000 of first mortgage bonds,
due Nov. 1, 1992.
Proceeds—For construction. Office—
Madison Ave.* at* Punch Bowl Rd.* Morristown, N. J.
Underwriters—(Competitive).
Probable bidders: First
Sept, 20,
Boston Corp.; Halsey, Stuart & Co. Inc.; Eastman Dil¬
lon,. Union Securities & Co.-Salomon Brothers & Hutzler-Merrill Lynch, Pierce, Fenner & Smith Inc, (jointly);
Kidder, Peabody & Co.; White, Weld & Co.
Bids—Nov.
19) 1962 (12 noon, EST) at 80 Pine St., N. Y. Information
Meeting—Nov. 9 (10 a.m.EST) at same address.
to
Industries, Inc.
(11/16)
1962 filed $375,000 of 6V2%
Sept. 7,
bentures
aue
1972.
Price—At
par.
subord. conv. de¬
—For general corporate purposes.
Keystone-Universal Industries Inc.
July 24, 1962 filed 100,000 common. Price—$3.50. Busi¬
ness*—Retail
.
Inc., N. Y.
of carpets.
Proceeds
Kaiser-Nelson
Carp. (11/26-30)
29, 1962 filed 140,000 common, of which 70,000
70,000 by stockhold¬
ers.
Price—By amendment
(max.
$10).
Business—
Reclamation of metallics from steel slag; mining of sand
and gravel; and dismantling and salvage of industrial
buildings.
Proceeds—For "new plants, debt repayment
and working capital.. Office—6272 Canal Rd., Cleve¬
land, ; Underwriter—Robert/ L.
Ferman &
Co., Inc.,
tb be offered by company and
Pittsburgh.
•
Kine
Nov.
and rugs.
Proceeds—For expansion, inventory, debt re¬
Office—1800 Boston Rd.,
Bronx, N. Y. Underwriter—Michael G. Kletz & Co., N. Y.
payment and working capital.
Kavanau
Corp.
March 29, 1962 filed 50,000 shares 6% cum. preferred
and four-year common stock purchase warrants to be
offered in units, consisting- of one preferred and one
warrant.
Price—By amendment (max. $101 per unit).
Proceeds—For
debt
Office—30 E. 42nrf St..
N. Y. Underwriter—Hayden, Stone & Co., N. Y. Note—
Camera
Co.,
Foods Corp^
29, 1961 filed 88,000 class A common shares, of
which 44,000 are to be offered by the company and 44,000
by stockholders. Price—$7. Business—Packing and sale
o£ fruit juice products. Proceeds—For general corporate
Kay
Dec.
Price—$5.
cameras,
Business
binoculars and
photographic equipment. Proceeds—For debt repayment
and working capital.
Office—889 Broadway, N Y
Onderwriter—Underhill Securities
Registration
was
Corp., N. Y. Note—This
chase 60,000 shares at $4.50 per share) to be
units (each consisting of one share; one class
offered inA warrant:
ur.it;. Business-
and
one
class B warrant). Price—$4 per
—production of educational and recreational devices and
withdrawn.
Kingsberry Homes Corp;
St, 1962 filed 140,000 shares of capital
April
stock
of
which
by
100,000 will be offered by company and 40,000
stockholders. Price—By amendment (max. $17.50).
Business—Manufacture of prefabricated homes. Proceeds
—For a new plant. Office—1725 S. Gault Ave., Ft. Payne,
Ala, Underwriters—The Robinson
Humphrey Co., Inc.,
Atlanta, and J. C. Bradford & Co., Nashville. Offering—
Indefinitely postponed.
-
•
Kraft
(John)
sesame
subord. deben¬
seed.
Proceeds—For
receiv¬
accounts
inventories, plant expansion and working capital.
Office—2301 N. Main St., Paris, Texas. Underwriters—
John A. Dawson & Co., and Leason & Co., Inc., Chicago.
able,
Kreedman
Realty & Construction Corp.
conv. subord. deben¬
tures due 1982 and 200,000 common shares to be offered
in units consisting of $25 of debentures and one common
share.
Price—By amendment (max. $27).
BusinessConstruction and operation of office buildings. Proceeds
—For
debt -repayment.'
Office—9350 Wilshire» Blvd.,
19, 1962 filed $5,000,000 of
April
^Beverly Hills, Calif; Underwriter—Lee Higginson Corp.,
New York. Offering—Indefinitely postponed.
Jim;
Kwik-Kold,
Inc.
March
29) 1962 ("Reg. A") 100,000 common of which
65,000 will be sold for company and 35,000 for stock¬
holders. Price
$3. Business — Manufacture of certain
—
cooling packages. Proceeds—For debt repay¬
working capital. Office—Jennings Bldg., P. O.
Moberly, Mo. Underwriter—John W. Flynn
Santa Barbara, Calif. Note—This letter will be
patented
638,
withdrawn.
Lee-Norse
Co.
May 25, 1962 filed 272,000 common. Price—By amend¬
(max. $20). Business—Production of a coal min¬
ment
Leonard
&
Proceeds—For selling stockholders. Office
Charleroi, Pa. Underwriter—Moore,
Lynch, Pittsburgh. Offering
—
Temporarily
postponed.
Lewis
(Tillie)
Foods, Inc.
(11/19-21)
1962 filed $4,000,000 of da/2% convertible sub¬
ordinated debentures due 1977. Price—At par. Business
April 9,
—Processing, canning, bottling and selling of fruits and
vegetables. Proceeds—For debt repayment and working
capital) Office—Fresno Ave. & Charter Way, Stockton,
Calif; Underwriter—Van Alstyne, Noel & Co., N. Y.
Livestock Financial Corp.
(11/13-16)
dise
For
Manufacture
—
of furniture hardware for
manufacturers.
furniture
$3.50.
Proceeds—For debt
sale
steel
Logos Options, Ltd.
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max, $10). Business—A diversified closedend investment company. Proceeds—For investment. Of¬
fice—26 Broadway. N V. Underwriter—Filor. Bollard fr
Smyth; N. Y. Note—This company formerly was named
Logos Financial, Ltd.'
Lunar
Films, Inc.
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—-The production of television films. Proceeds—For
production and working capital. Office—
543 Madison Ave., N. Y. Underwriter—To be named.
Note—This
firm
formerly was named Lunar Enter¬
filming
prises,
and
Inc.
Offering—Postponed.
Mac-Allan
Co.,
Inc.
Feb, 23, 1962 filed 130,260 of class A common, of
ington, D. C. Offering—Indefinitely postponed.
65,130
are
to
be
offered by
the vcompany
and
which
65,130
St.,
None.
Co., Inc.
March 29, 1962 filed 72,000 common, of
to be offered by company and 14,000
which 58,000 ar©
by stockholders.
packaging
and *
sa.e
of various proprietary drug products.
Proceeds—
For equipment, new products, debt repayment and work¬
ing capital.
Office—156 Tillary St., Brooklyn, N. Y.
Underwriter—Dana Securities Co., Inc., N. Y.
Pi
ice—$3.50.
Business—Manufacture,
Manna Real Estate Investment Trust
Aug. 30, 1962 fil'ddv46.0;'Ot)0 Wares of beneficial interest.
Price—$11.
Business^A real estate investment trust.
Pioceeds—For investment.
Office—1500 Massachusetts
Ave.,
N.
Washington,
W.,
D. C. Underwriter—Manna
(same address).
Financial Planning Corp.
;,s Marin County Financial Corp.
May 2, 1962 filed 102,050 capital shares, of which 27,790
are to be offered by company and 74,260 by stockhold¬
ers.
Price—By amendment (max. $18).
Business—A
holding company for a savings and loan association.
Pioceeds—For
Court,
investment.
Office—990
Fifth
Ave.
at
San
Rafael, Calif. Underwriter—Dean Witter &
Co., San Francisco. Offering—Indefinitely postponed.
Marshall
May 29,
Press, Inc.
60,000 common. Price—$3.75. Busi*<
ness—Graphic design and printing. Proceeds—For pub¬
lishing a sales catalogue, developing a national sales7
staff and working capital.
Office—812 Greenwich St.r
1962 filed
N. Y. Underwriter—To be named.
postponed..
Masters
Offering—Indefinitely
,
.
Inc.
March
22, 1962 filed $1,500,000 of 6% conv. subord de¬
bentures
due
1972;
also 150,000 common shares, of
which 80,000 will be offered by the company and 70,000
by a stockholder. The securities will be offered in units
of one $100 debenture and 10 common shares, except
that up to $700,000 of debentures and 70,000 shares may
be offered separately.
Price—For debentures, at par;
for common, $10.
Business—Operation of discount de¬
partment stores selling a wide variety of merchandise.
Proceeds—For
expansion;
Office—135-21
38th Ave.,.
Flushing, N. Y. Underwriters—Sterling, Grace & Co.t
and Norton, Fox
nitely postponed.
McGrath
Co.,
&
(John W.)
Inc.,
N.
Y.
Offering—Indefi¬
Corp.
1962 filed 253,875 common.. Price—By amend¬
(max. $15). Business—Contract' stevedoring and
selling
Proceeds—For
operations.
Office—39
Mechmetal-Tronics
stockholders.
Underwriter—Bear, Stearns
Broadway, N. Y.
& Co., New York.
repay¬
inventories and . plant expansion. Office—
3006 Boarman Ave., Baltimore. Underwriter—R. & D.
Investors Corp., Port Washington, N. Y. Offering—In¬
definitely postponed.
ment,
Proceeds-r-
Office—1514 Arapahoe
Management'Investment Corp.
Aug. 29, 1962 filed 2,000 common (with attached war¬
rants).
Price—$500. Business—Company plans to fur¬
nish equity capital to firms in the atomic, space and'
missile fields, and provide advisory
and management>
counseling services on a fee basis.
Proceeds—For re*
payment of loans, and general corporate purposes. Office
—130
Fulton
Federal
Bldg., Atlanta.
Underwriter—
related
—
^
Underwriter—None.
ment
11-, 1962- ("Reg; A") 85,000 common. Price
\v,:,
selling stockholder.
a
—Shearson,- Hammill & Co., N. Y.
to
:
.
and collection of the accounts receivable.
June 28,
Mfg. Co.
purposes.; Office'
Underwriter—Globus;
^
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
new subsidiaries. Office—26 Piatt St., N. Y. Underwriter
Feb. 23,
Lockfast
Americas, N. Y.
Majestic Utilities Corp.
July 31, 1962 filed 29,000 common. Price—By amend¬
ment (max. $4). Business—Door to door sale of merchan¬
ment and
Co.,
Proceeds—For general corporate
tiees.
Manhattan Drug
conv.
tures, -due 1972, and 150,000 common to be offered in
units consisting of a $300 debenture and 200 shares.
Price—$900 per unit: Business—Processing and distri¬
of
Mail Assembly Service, Inc. >
April 27, 1962 filed 100,000 common. Price—$2.25. Busi¬
ness—Assembling of packages for shipment to post of-*-
Sesame Corp.
■May 24, 1962 filed $225,000 of 6%
bution
Proceeds—For general corporate purposes. Office
40th St., N. Y. Underwriter — To be named*
registration was withdrawn.
E.
Note—This
Denver.
purposes. Office—241! N. Franklintown Rd., Baltimore.
Underwriter—Auchincloss. Parker & Redpath, Wash¬
Magellan Sounds Corp.
28, 1962 filed 60,000 common (with attached oneyear class A warrants to purchase 60,000 common shares
at $4 per share and two-year class B warrants to pur¬
Inc., N. Y.
Inc.
repayment and working capital.
This registration will be withdrawn.
•
Feb.
—145 Ave. of the
*
21, 1961 nled 75,000 common.
Business
Carpet Co.r Inc.
/
March 29, 1962 filed 250,000 common.
Price—$5. Busi¬
ness—Operation of a chain of retail stores selling carpets
Kaufman
investment:
For expansion
working capital, Office—4042-54 Sawmill Run Blvd.,*
Underwriter — Strathmore Securities, Inc.,
Jan.
Miami, Fla.
Business—Real5 estate
—
Pittsburgh.
March
are
sale
&
—
Kansas
poned.
—130
■
—751 Lincoln Ave.,
Jewell; Inc..
Septi 21, 1962 filed 60,000 common
Price—$9. Business
—Raising, preparation; and distribution of poultry and
processed frozen specialty foods. Proceeds—For debt re-!
payment; additional equipment, and working capital.
Office—322 Maple St., S. W., Gainsville, Ga.
Under¬
writers—.Crow,, Brourman & Chatkin,' Inc., and Pistell,
Baum
games.
York.v,
>
jewelry, ladies' handbags, and accesso¬
For working capital. Office — 1650
City, Mo
Underwriter—George K.
Co., Kansas City. Offering—Indefinitely post¬
Proceeds
Broadway,
New
ing machine.
Co., Washington, D. C.
(J. D.)
Office—912 Sycamore
Business—Design;
manufacture of electronic equipment.
Proceeds—For debt repayment and working capital. Of¬
ficer-Main & Cotton Sts., Philadelphia.
Underwriter—
•
30, 1962 filed 542,000 common, op which 205,000
be offered by company and 317,000 by stockhold¬
tion of costume
ries.
St., Cincinnati, Ohio. Underwriter—Kuhn, Loeb & Co.,
&
development and
Weil &
debt1 repayment,
Price—By amendment (max. $24). Business—Manu¬
facture, design, and distribution of plastic toys. Proceeds
Box
•^Jetroni©
75.000
ers.
company
Stone &
—
&
Gfeenshields
For
—
39
by stockholders. Price—$5. Business—Sale and distribu¬
which
Business—Design and manufacture of semi¬
vinyl plastic cases and containers for packaging.
—Importing and distribution of
Co., Inc., N, Y.
of
Kenner Products Co;
and
100,000 common. Price--$3. Business
—Industrial designing, the design of teaching machines
arid the production of • teaching programs. Proceeds***
(11/15);
common,
working capital and
corporate purposes. Office — 947 Newark Ave.,
Elizabeth, N. J. Underwriter—Hardy & Co., N. Y.
•
are
Jan. 26,
150,000
to be offered by company and 75,000 by stockholders,
March
Co»
filed,
other
Connecticut-
Ave., N. W., Washington, D. C, Underwriter—None.
_
1962
2,
Proeeeds
Trust
(1859)
Inc.
May 28, 1962 filed 150,000 shares of 8% convertible cu¬
mulative preferred stock. Price—$3. Business—Design
and
manufacture of
miniature
miniature metal
bellows and
other
products. Proceeds—For debt repayment, re¬
working capital. Office—
Ave., Rochelle Park, N. J. Underwriter—
Charles Plohn & Co., New York.
search
12
and
development and
Rochelle
Medical
Industries
Fund; Inc.
Oct. 23,
1961 filed 25,000 common. Price—$10. Business
—A'closed-end investment company which plans to
become
- end.
Proceeds- 7— For investment in the
industry and capital growth situations. Office
Lafayette St., Denver. Underwriter — Medical As¬
open
medical
—677
sociates-, Inc., Denver.
Medical Video Corn.
Nov. 13, 1961 filed 250,000 common. Price — $1. Busi¬
ness
Manufacture of medical electronic equipment;
—
Proceeds
—
—Studio
City)
For
general
Calif.
corporate
Underwriter
—
Office
Financial Equity
purposes.
Corp., Los Angeles.
Continued
on
page
40
40
Continued
from
National
39
page
Oct.
Memorial
Services,
Inc.
Proceeds—For
acquisitions, debt repayment and
Office—315 E. Sixth Ave., Helena,
working ' capital.
Mont. Underwriter—Memorial Securities, Inc., Helena.
Mercury Books, Inc.
14, 1962 filed 55,000 common. Price—$4.50. Busi¬
ness—Publishing of newly written popular biographies.
Proceeds—For
working capital.
Office—1512 Walnut
Offering
St., Philadelphia. Underwriter—To be named.
—Temporarily postponed.
r /;
Met
Food
(11/13-16)
March 30, 1962 filed $1,000,000 of convertible subordi¬
nated debentures due Nov. 1, 1977. Price — By amend¬
ment.
Business—Distribution of food and related prod¬
ucts
the
supermarkets
and
other -retail
stores
in
New York Metropolitan area. Proceeds—For general
to
-
corporate purposes. Office—345 Underhill Blvd., Syosset,
N. Y. Underwriter—Brand, Grumet & Siegel, Inc., N. Y.
Metropolitan Acceptance Corp.
Oct.
ibles
2, 1961 filed $300,000 of 6% subordinated convert¬
due 1967 and 60,000 common shares to be offered
in units consisting of $100 of debentures and 20 common
shares. Price—$150 per unit. Business—Financing of re¬
tail sales. Proceeds—For working capital. Office—5422
Western
Ave.,
Chevy
Chase,
Md.
Underwriter—To
be
named.
Metropolitan
Oct.
due
10,
Edison Co.
filed
1962
Proceeds
1992.
Pottsville
$15,000,000
(12/3)
of
first
mortgage
construction.
For
—
National
plans
filed
Office
bonds
—
2800
Pike,
Muhlenberg Township, Berks County,
Pa. Underwriters—(Competitive). Probable bidders: First
Boston Corp.; Halsey, Stuart & Co. Inc.; White, Weld &
Co.; Kidder, Peabody & Co.-Drexel & Co. (jointly);
Blyth & Co., Inc. Bids—Dec. 3, 1962 (12 noon EST) at 80
Pine St., N. Y. Information Meeting—Nov. 30 (10 a.m.
EST), same address.
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 Bldg., Minneapolis.
100,000
•
tioned/the
accuracy
1962 filed 180,000 common and 15-year war¬
rants to purchase 36,000 commop to be offered in units
consisting of one share and one-fifth warrant. Price—
$12 per unit. Business—A holding company for a legal
reserve life
insurance concern.
Proceeds—To purchase
shares of the subsidiary and for working capital. Office
—75 Public Sq., Cleveland.
Underwriters—Westheimer
& Co., Cincinnati, and Hartzmark & Co., Inc., Cleveland.
Offering—Imminent.
Monarch
May
28,
Plastics
1962
("Reg.
National
Semiconductor
Business—Manufacture
and sale of plastic letters, em¬
faces, quantity signs and boat windshields.
Proceeds—For purchase of land and building, moving
Multronics,
Inc.
Jan. 5, 1962 ("Reg. A") 100,000 capital shares. Price—$3.
Business—Production of electronic parts and components
and
the furnishing of consulting services in the radioengiaeering field. Proceeds—For debt repayment, equip¬
ment, and working capital. Office—2000 P St., N. W..
Washington, D. C. Underwriter — Switzer & Co.. Inc.,
Silver Spring, Md.
Offering—Temporarily postponed. /
scription by holders of the
securities
of
held
per
on
Proceeds—For
Sponsor—Ira Haupt & Co., Ill Broadway,
Royalty Corp.
July 27, 1962 filed 150,000 common. Price—$1. Business
—Company acts as representative of artists, musicians,
etc. and plans to engage in the music publishing busi¬
Proceeds—For
debt
public relations,
acquisition of musical properties, and working capital.
Office—545 Fifth Ave., N. Y. Underwriter—Associated
ness.
Securities
repayment,
Co., 545 Fifth Ave., N. Y.
,
Directories, Inc.
March 29, 1962 ("Reg. A") 100,000 common. Price—$2.75.
Business—Compilation and publication of regional classi¬
fied telephone directories. Proceeds—For general cor¬
porate purposes. Office—3306 Lancaster Ave., Philadel¬
phia. Underwriter—Crichton, Cherashore, Cundy, Inc.,
New York.
Note—This letter
will
be
withdrawn.
Business—Exploration,
develop¬
mining. Proceeds—General corporate purposes.
Industry St., Toronto, Canada. Underwriter—
A. C. MacPherson & Co., Toronto.
New York
Testing Laboratories, Inc.
29, 1962 filed 50,000 common. Price—$5. Business—
Analyzing and testing of electronic, chemical and other
materials. Proceeds—For plant relocation,
equipment,
and working capital. Office—47 West St., N. Y. Under¬
writer—Robbins, Clark & Co., Inc., N. Y.
Note—This
registration was withdrawn.
Jan.
March
Essential
20,
Oil & Chemical
National
Equipment & Plastics Corp.
Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
..
ated
oils, flavor,
Proceeds
stores.
Proceeds—For
pansion and working
debt
repayment, store ex¬
capital. Address — Portage. Pa.
Underwriter—Cortlandt Investing Corp., N. Y. Offering
—Indefinitely postponed.
.
;l.
,
„
<
Co., Inc.
1962 filed 200,000 class A shares. Price—By
amendment (max. $15).
—
Business—Manufacture,
of
natural
process¬
i
\
$
working
Blvd..
synthetic essential
drug industries.
working capital and
Office—601 W. 26th St., N. Y.
&
March
equipment, in¬
capital.
Boston.1
Office—725
Underwriter—■
Proceeds—For
capital.
debt
repayment,
adver¬
Ala.
Address—Opelika,
Mining Co., Inc.
1^62 filed 900,000 common.
tal.
Price—$1. Business
Proceeds—For equipment and working capi¬
Underwriter—None.
Address—Creede, Colo.
Pacific
Power & Light Co.
(11/26)
1962 filed $32,000,000 of first mortgage bonds,
Proceeds—To refund $12,000,000 outstanding
5%% bonds due Jan. 1, 1987 and $20,000 of outstanding
5%% bonds due Sept. 1, 1987. Office—920 S. W "Sixth
Oct.
3,
due
1992.
Ave.,
Portland,
Ore.
Underwriters—(Competitive).
bidders: Halsey, Stuart & Co. Inc.; Eastman
Dillon, Union Securities & Co.-Kidder Peabody & Co.
(jointly); Lehman Brothers-Bear Stearns & Co.-Salo-
Probable
Brothers
mon
&
Hutzler
(jointly); Blyth & Co.-White,
Bids—Expected Nov. 26 (11 a.m.
Information Meeting—Nov. 21 (2:30 p.m. EST) at
2 Rector St., N. Y.
Weld & Co.
(jointly).
EST).
•
Pak-Well
Paper Industries, Inc.
(11/26-30)
March 30, 1962 filed 150,000 class A common.
Price—By
amendment (max. $13).
Business—Manufacture of en¬
velopes, packaging materials of various kinds, wrapping
paper, stationery, and school, supplies.
Proceeds—For
selling stockholders. Office—198 W. Alameda, Denver.
Underwriter—Francis
i
I.
du
Pont
&
Co.,
N. Y.
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
corporate purposes.
repayment,
equipment, and other
Office—39 Broadway, N. Y.
Under¬
writer—To be named.
PanAm Realty & Development
Corp.
March 12, 1962 filed 400,000 class A stock.
Business—A real estate holding and
Price—$10.
development com¬
Proceeds—For general corporate purposes. Office
Main St., Freeport, L.
I., N. Y. Underwriter—
pany.
—70
N.
To be
named.
and
essences, etc., to food
For debt repayment,
Parkway
and
Co., N. Y. Offering—Ex¬
Corp., Ltd.
Laboratories,
Inc.
Dec. 6,
1961 filed 160,000 common. Price—$5.
—Manufacture of drugs and pharmaceuticals.
—For
Business
Proceeds
an
acquisition, research and other corporate pur¬
Pennsylvania Ave., Philadelphia.
Underwriter—Arnold Malkan & Co., Inc., N. Y.
Office-7-2301
poses.
pected sometime in December.
Peerless
filed 375,000 capital shares, of which
be offered by company and 275,000 by
stockholders.
Price—By amendment (max. $6). Busi¬
ness—Acquisition and development of oil and natural
gas
properties.
Proceeds—For drilling expenses and
Radio Corp.
22, 1962 filed 120,000 common, of which 100,000
are to be offered
by the company and 20,000 by stock¬
holders. Price
$4. Business — Distribution of electric
parts and components to industrial customers. Proceeds
working capital. Office
—For
29,
100,000
1962
geles.
March
to
are
—
—
5455 Wilshire Blvd., Los An¬
Underwriter—Gregory-Massari,
Inc.,
Kordan
North Atlantic Life
shares
1962.
and
Insurance Co. of America
for
each
share
common
held
of
record
Aug. 27,
Price—$3.50.
Business—Writing of life, accident
Proceeds—For capital funds. Of¬
Mineola Blvd., Mineola, L. I., N. Y.
Under¬
health
insurance.
writer—None.
Northwest Securities
25, 1962 ("Reg. A") 80,000 common. Price—$3.75.
Business—Acquisition of second-trust notes secured by
real
estate
property.
Proceeds—For
general corporate
St., N. W., Washington, D. C.
OffW—922 You
Underwriter—Clarence E. Shaw & Co., Washington, D.C.
V.i.
„
K
r
,
*
.
M
t.
i
w
1
-»
»
<
W
a
N
&
repayment, inventory and working capital.
St., Lynbrook, N. Y. Underwriter—
Co., Inc., N. Y.
Wilbur
Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares.
—$5.
Business—The manufacture of
Price
building materials.
Proceeds—For payment of income taxes and loans and
for working
capital. Office—Woodbridge-Carteret Road,
Port
&
Reading, N. J. Underwriter—Mortimer B. Burnside
Co., Inc., N. Y. Offering—Temporarily postponed.
Perma-Bilt Enterprises, Inc.
May 28, 1962 filed 230,000 common. Price—By amend¬
Investors, Inc.
June
purposes,
debt
Office—19
Beverly
Aug. 31, 1962 filed 600,000 common to / be offered for
subscription by stockholders on the basis of two new
fice—163
Sept. 28, 1961 filed 105,000 common.
Morrissev
trousers.
—Mining.
the
Hills. Calif.
National
T.
and
working
Underwriter—None.
ment and
Nordon
Music
William
Proceeds—For
and
tising
conversion). Price — $10.50
Company is constructing, and
other corporate purposes.
Underwriter—S. D. Fuller
investment.
expansion
dress
Price—50c.
Norda
Chatham,
Orr (J. Herbert) Enterprises, Inc.
May 1, 1962 filed 285,000 common. Price—$10.50. Busi¬
ness—Company's subsidiaries manufacture cartridge tape
recorders and programs therefor and men's arid
boys'
on
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S.
ventory,
Office—90
•
equipment*
St.,
Norton, Fox & Co., Inc., N. Y.
New Campbell Island Mines Ltd.
Oct. 13, 1961 filed 475,000 common, of which 400,000 are
to be offered by the company and 75,000 by a stock¬
holder.
Main
Underwriters—Stone, Ackerman & Co., Inc., and
type department stores.
Vegas Blvd., South, Las Vegas. Underwriter
Dillon, Union Securities & Co., N. Y.
—Eastman
Proceeds—For
Office—246
•
share for each Southwest share
a
(or to be received
share. Business —
J.
electronics.
capital.
Orbit Stores, Inc. (11/13-16)
May 28, 1962 filed 100,000 common. Price—By amend¬
ment (max. $6).
Business—Operation of two discount
stock and convert¬
Corp., parent,
optical
working
Heritage Equity Corp., N. Y.
(11/13-16)
Gas
Proceeds—
Outlet
common.
common
Southwest
ing and distribution
New York.
N.
Oct. 15, 1962 filed 209,000 common to be offered for sub¬
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business — The
—
and
Feb. 28,
Producing Co.
Nevada Northern Gas Co.
in
used
Office—139
Price—$5.
Business—Production of natural gas and oil.
Proceeds
—For drilling expenses, working capital and other cor¬
porate purposes. Office—T^koil Bldg., Oklahoma City.
Underwriter—Peter Morgan & Co., N. Y.
•
Obli¬
Optec, Inc. (11/19-23)
Dec. 26, 1961 filed 100,000 common. Price—$3. Business
—Research, development and fabrication of materials
University Place, Pittsburgh. Underwriter—None.
Sept. 7, 1962 filed 180,000 class A
of units representing
Price—By amendment.
Office—Chicago, 111.
Sponsor—John
Nuveen & Co., 135 So. La Salle St., Chicago.
National Union Life Insurance Co. of Pittsburgh
Sept, 10, 1962 filed 100,000 capital shares, being offered
subscription by stockholders of the company's parent,
National Union Fire Insurance Co. of Pittsburgh, on the
basis of one share for each 8 held of record Oct. 8,
1962. Rights will expire Nov. 29. Price—$15. Business
—Company writes life and allied classes of insurance.
purposes.
$15,000,000
to be exempted from Federal Income taxes.
For
investment.
for
corporate
filed
gations of states, counties, and municipalities of the U. S.,
and political subdivisions thereof which
jare believed
•
general
1961
Business—The Fund will invest in interest-bearing
Uni-Pac, Inc.
July 31, 1962 filed 85,000 commoi). Price—By amend¬
ment
(max. $4).
Business—Company plans to sell or
lease coin operated vending machines.
Proceeds—For
debt repayment, equipment and working capital. Office
—15 Peachtree St., Atlanta.Underwriter—Droi^irr, Lampert & Co., Inc., N. Y.
'
Proceeds—For
17,
fractional interests in the Fund.
National
—2011 Las
Liquors, Inc.
Nuveen Tax-Exempt Bond Fund, Series 4
Oct.
National Telepix, Inc.
July 30, 1962 filed $150,000 of 6V2% cbnv. subord. deben¬
tures due 1972. Price—At par. Business—Production of
motion pictures.
Proceeds—For production and distri¬
bution
expehses
and
working capital.
Office—1270
Ave. of the Americas, N. Y. Underwriter—None.
equipment and working capital. Office—5606
Airline
Rd., Houston.
Underwriter—W. R.
Sauve Co., N. Y.
Montebello
services. Proceeds—For equipment, debt
repay¬
ment, expansion and working capital. Address—P. O.
Box 10901, Pittsburgh.
Underwriter—Johnston, Lemon &
Co., Washington, D. C.
Corp.
will operate, a natural gas pipeline in northern Nevada.
Proceeds—For construction, and working capital. Office
April 5, 1962 filed 160,000 common. Price—By amend¬
ment (max. $5). Business—Blending, bottling and mar¬
keting of alcoholic beverages. Proceeds—For equipment,
inventories, advertising and working capital. Office—
Bank St.
&
Central Ave., Baltimore. Underwriters—
Street & Co., and Morris Cohon & Co., N. Y. Offering—
Temporarily postponed.
ment
ques¬
bossed sign
expenses,
Stuebner
activity measurement; production of radioactive isotopes
furnishing of consulting and radiation measure¬
and the
for military and industrial use.
Proceeds :— For new
equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters—Lee Higginson Corp., New
York., and Piper, Jaffray & Hopwood, Minneapolis.
basis of two-ninths of
Price—$2.
common.
has
May 11, 1961 filed 75,000 shares of capital stock.
Price
—To be supplied by amendment. Business—The design,
development, manufacture and sale of quality transistors
ible
Corp.
A") 140,000
SEC
of this registration
and adequacy
Natural Gas & Oil
23,
Nuclear Science & Engineering Corp.
March 29, 1962 filed 100,000 common.
Price—By amend¬
(max. $15). Business—Research and development
on
contracts using radioactive tracers; precision radio¬
ment
statement.
Midwestern Corp.
Aug.
Office—One New Bond St.,
Worcester, Mass.
Underwriters—Paine, Webber, Jackson & Curtis, Boston,
and Goldman, Sachs & Co., N. Y.
common,
Note—The
named.
—
Underwriter—None.
holders.
—
be
.^Thursday, November 1, 1962
.
ment
Security Life Insurance Co.
1962
.
Norton Co. (11/7-9)
Sept. 28, 1962 filed 425,000 common. Price—By amend¬
(max. $36).
Business—Manufacture of various
types of abrasive products. Proceeds—For selling stock¬
common.
to
of which 80,000
are
to
be offered by
company and 20,000
by stock¬
holders. Price—$17.50.
Business—A life, accident and
health insurance company. Proceeds—For investment.
Office
130
Alvarado, N.
E. Albuquerque, N. M.
23,
Underwriter—To
Corp.
Estates
Price—$1. Busi¬
engage in cemetery develop¬
ment and to establish and operate a life and disability
insurance concern. Proceeds—For general corporate pur¬
poses.
Office—13 S. Broadway, Red Lodge, Mont.
Un¬
derwriter—Security Brokerage Co., Billings, Mont.
March
Feb.
•
Memorial
11, 1962 filed 4,750,000
ness—Company
April 30, 1962 filed 1,200,000 common. Price—$1. Busi¬
ness—Company plans to acquire and operate funeral
homes.
Chronicle
The Commercial and Financial
(1860)
'• "*■
•»
*
<m
ment
(max. $8). Business—Merchandising, sale and con¬
struction of homes. Proceeds—For
acquisition and devel¬
opment of land, and other corporate purposes. Office—
319 MacArthur Blvd.. San
Leandro, Calif. Underwriter
Inc., N. Y.
Robert A. Martin Associates,
+
M-
4*«
-fW
«
4fm.
Volume
196
Number 6208
.
.
The Commercial and Financial Chronicle
.
Permeator Corp.
May
18,
1962
filed
^
300.000
common
to
be
offered
for
subscription
by
stockholders
of
National
Petroleum
Corp. Ltd., parent, on the basis of one share for each
15 National shares held.
ture,
and sale of
use
in completion of oil
eral
corporate
Price—$5.
Business—Manufac¬
patented tool, "Permeator," used
gas wells.
Proceeds—For gen¬
a
and
Office—445
purposes.
Park
Ave., N. Y.
Underwriters—Irving Weis & Co., and Godfrey, Hamil¬
ton, Taylor & Co., Inc., N. Y.
Petro-Capital Corp.
Marcn
28,
1962
Business—A
556,700
business
common.
investment
Price—$11.
Pro¬
Office—6130
company.
ceeds^—For general corporate purposes.
Sherry Lane, Dallas. Underwriter—McDonnell
New York.
Proceeds—For equipment and working capital. Office—
Litle Falls, Passaic County, N. J. Underwriter—To be
named.
•
RF
Interonics, Inc.
30, 1961 filed 40,000
Oct.
—Manufacture
and
of
radio
Price—$5. Business
frequency interference filters
common.
capacitors. Proceeds—For equipment, working
cap¬
ital and other corporate
purposes. Office—15
Oceanside, N.
Y.
Neil Court,
Malkan & Co.,
Underwriter—Arnold
New York. Note—This registration
was
withdrawn.
Radar
filed
small
(1861)
.."
,
&
Co.,
...
Relay, Inc. (11/7-9)
1, 1962 filed 100,000 common, of which 75,000 will
be sold by
company and 25,000 by a stockholder. Price
—By amendment
(max. $10).
Business—Design and
manufacture of electronic
monitoring and warning sys¬
tems, and integrally lighted switches. Proceeds
For
product improvement and development, working
capital,
Oct.
For
selling stockholders:
'■* Pioneer Restaurants, Inc.
Dec. 21, 1961 filed 125,000
common, of which 75,000 are
to be offered by the
company and 50,000 by a selling
stockholder.
tion
of
six
Price—By
amendment.
restaurants
in
Business—Opera¬
Sacramento.
Proceeds—For
expansion, debt repayment and working capital. Office
J
St., Sacramento.
Underwriter—Stewart. Eubanks, Myerson & Co., San Francisco. Offering—Tem¬
porarily postponed.
—1626
Playboy Clubs International, Inc.
May 28, 1962 filed 270,000 common. Price—By amend¬
ment. (max. $7).
Business—Company is engaged in the
ownership and franchising of Playboy Clubs. Proceeds—
For debt repayment and
general corporate purposes. Of¬
fice—232 E. Ohio St.,
Chicago.
Fishman, Inc., Chicago.
Underwriter—Divine &
Aug.
29,
1962
("Reg.
A")-
60,000
common.
Price—$5.
subsidiaries engages
in
of mutual funds.
Proceeds^^^For
and
expansion, advertising,
working capital. Office—150
derwriter—J. B. Coburn
Brdadway,
N. Y.
Un¬
Associates, Inc., N. Y.
Potomac Real Estate Investment
investment trust.
Proceeds—For investment. Office—880
Bonifant St., Silver Spring, Md/ Underwriter—None.
•
Pculsen
Insurance
Co.
of
America
Aug. 27, 1962 filed 100,000 common. Price—By amend¬
ment (max. $10).
Business—Writing of group and fran¬
chise forms of accident, sickness and life
insurance /in
the Midwest.
Proceeds—For debt repayment and
expan¬
tain
—
Red-O-Lier
cotton
cloth.
Proceeds—For bond retirement and plant
Address—Alexander City, Ala.
Underwriter
—Hornblower & Weeks, N. Y.
Note — This company
formprly
•
was called Russell Manufacturing Co.
Russel
Oct.
3,
ment
and
Stover
1962
other
$25).
candies.
Office—1206
ables.
ket
for and
operate
St., Shreveport, La.
Prescott-Lancaster
oil
wells.
/
Proceeds
Office—418 Mar¬
and
additional
Office—577
Crosse &
industrial
inventories
Proceeds—
users.
and
accounts
receiv¬
Courtland Ave., N. Y. Underwriter—
Co., Inc., N. Y.
Regal Factors, Inc.
2, 1962
("Reg. A")
Oct
90,000
Business—Company
plans
accounts
financing.
receivable
to
common.
Price—$2.
in factoring and
Proceeds—For working
engage
capital.
Office—32 Broadway, N. Y.
ward H. Stern & Co.,
Inc., N. Y.
Underwriter—Ed¬
Jan. 29, 1962 filed
75,000 common, of which 50,000 are
to be offered by the
company and 25,000 by Electronic
Specialty Co., parent. Price—$5. Business—Design and
manufacture of regulating and control devices
used in
the electric and electronic fields.
Proceeds—For debt
repayment
and
working
capital.
Office—455
W.
Main
St., Wyckoff. N. J. Underwriter—Myron A Lomasnev &
Co., N. Y. Note—This registration will be withdrawn
then
and
refiled.
27,
—
Laboratories, Inc.
1962 filed 105,000 common. Price—$3.50. Busi¬
Operation of a laboratory for contractual re¬
development and engineering in the chemical
search,
field. Proceeds—For expansion of
facilities, debt repay¬
ment and working
capital. Office—396-406 Adams St.,
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y.
Richard Gray & Co.,
Underwriter—None.
June
Corp.
21,
Inc.
A") 60,000
1962
("Reg.
A
securities
common.
Price—$5.
March 30, 1962 filed 150,000 common.
Price—$5. Business
Business
—Real estate. Proceeds—For
purchase of mortgages, and
working capital and other corporate purposes. Office—
237 W. 51st St., N. Y. Underwriter—Richard
Gray Co.,
working capital. Office—18 Lancaster Rd.,
Union, N. J
Underwriter—Jacey Securities Co., N. Y.
Prince Georges
Country Cjlub, Inc.
Oct. 15, 1962 filed 500 common to be
.offered
scription by stockholders on the basis'of one
for each share held of record Feb.
18, 1962.
for
new
sub¬
share
Price—$1,000.
Proceeds—For debt
repayment, construction of a swim¬
ming pool, and other improvements.
Address—Landover,
Prince Georges County, Md.
Underwriter—None.
Prosperity Cleaners & Laundries, Inc.
May 15, 1962 filed 100,000 common. Price
By amend¬
(max. $5.50). Business—Operation of a chain of
dry-cleaning and laundry stores. Proceeds—For selling
—
ment
stockholders.
Office
—
48-12
25th
St.,
Astoria, N. Y.
Underwriter—Edwards & Hanly, Hempstead, L. I., N. Y.
Note—This registration will be withdrawn.
1
Publishers Co., Inc.
Aug. 29, 1962 filed $3,500,000 of 6% subord
deben¬
tures due
1977 to be offered by the
company and 25,000
outstanding common shares to be sold by stockholders.
Price—For
(max.
debentures,
for stock—by amendment
Business—Book
publishing.
Proceeds—
$10).
Company will
printing
use
firms:
to
par;
its proceeds for the purchase of two
redeem outstanding
6% notes: for
working capital,
and other
Connecticut Ave.,
—1106
writer—Roth
&
corporate
purposes.
Washington,
D.
C.
Office
Under¬
Co., Inc., Philadelphia.
Proceeds
—
For
and general
repayment
K
&
•
corporate purposes. Office—220
Washington, D. C. Underwriter—Hirschel
St., N. W.,
Co., Silver
The
SEC
this
Spring, Md. Offering—Indefinite. Note—
challenged the accuracy and adequacy
has
registration statement.
Roadcraft
Dec.
26,
ment.
filed 400,000
common.
office
and
trailers.
Price—By amend¬
and sale of mobile
Proceeds—For
general
cor¬
porate purposes. Office—139 W. Walnut Ave., Gardena,
Calif. Underwriter
Vickers. MacPherson & Warwick
—
Inc., New
•
York.
Note
—
This
company
formerly
was
Roadcraft Corp.
Rona
Lee
Corp.
Putnam
Management Co., Inc.
(11/19-21)
Aug. 22, 1962 filed 150,000 common
(non-voting). Price
—By amendment (max. $14). Business—An investment
adviser and
distributor of mutual funds. Proceeds—For
stockholders. Office—60 Congress
selling
St., Boston.
Webber, Jackson & Curtis, Bos¬
ton, and Kidder, Peabody & Co., Inc., N. Y.
Underwriters—Paine,
Quick-N-Clean Corp. of
Minnesota, Inc.
1, 1962 ("Reg. A") 205,000 common.
Price—$1.15.
Business—Company plans to open a chain of coin oper¬
ated dry cleaning stores.
Oct
sion and
Minn.
Proceeds—Advertising,
working capital.
expan¬
Underwriter—Northwest Securities, Inc., Detroit
R.
E.
D.
M. Corp.
June 29, 1962 filed 125,000
common, of which 50,000 will
be offered for the
company and 75,000 for certain stock¬
holders. Price—By amendment
(max. $6). Business—En¬
gaged in manufacturing, engineering and research under
Defense Department
contracts; also manufactures ball
point pens, points, mechanical pencils and desk sets.
estate
and
Underwriters
Straus,
—
Dempsey-Tegeler & Co.,
—Temporarily postponed.
Royaltone
Office—112 W. 34th St., N. Y.
Photo
1961
Y.
Under¬
'
Corp.
(max. $14)'.
savings and loan
Proceeds
—
For
equipment and
working capital.
Office—245
7th
Stonehill
Co., N. Y. Offering—Indefinitely postponed.
&
Ave..
N
V
Underwriter
—
Federman
Royalty Stores, Inc.
May 29, 1962 filed 75,000 common. Price—$3.75. Busi¬
ness—Operation of discount stores and wholesale distri¬
,
general
merchandise.
Proceeds—For
expan¬
sion,
advertising, and other corporate purposes. Office
—10 Charles
St., Floral Park, N. Y. Underwriter—To
be named.
Offering—Indefintiely postponed.
Jan.
2.
cents.
Silver
1962
Mines,
("Reg. A")
Inc.
2,400,000
common.
Price—12^
Business—Exploration and development of mineral
deposits.
&
McDowell, Chicago
St. Louis. Offering
Inc.,
(
associations.
Proceeds
For selling
Ave., San Diego. Un¬
derwriters—White, Weld & Co., N. Y., and J. A. Hogle &
Co., Salt Lake City.
stockholders.
Office—1400
—
Fifth
San Francisco Capital
Corp.
April 23, 1962 filed 60,000 common.
Price—$12.50.
Busi¬
ness—A
small business investment
company.
Proceeds
investment.
Office—400
Montgomery St., San
Francisco. Underwriter—Cantor, Fitzgerald &
Co., Inc.,
—For
Beverly Hills, Calif.
Saw
Mill
River
/
Industries, Inc.
March 29, 1962 filed 100,000 common.
Price—$5. Busi¬
ness—Design, development and manufacture of steel
products for home
use.
Proceeds—For working
Office—1051 Saw Mill River Rd.,
Yonkers, N. Y.
writer—Arnold
Malkan
registration
withdrawn.
was
Schaevitz
March
13,
to
be
&
Co.,
Inc.,
N.
Y.
capital.
Under¬
Note—This
Engineering
19&2
filed 150,000 common, of which 100,000
by company and 50,000 by a selling
stockholder. Price—By amendment (max.
$10). Business
—Design and manufacture of measuring, indicating,
offered
recording, testing
craft
and
Address
and controlling devices used in air¬
systems. Proceeds — For expansion.
U. S. Route 130, Pennsauken, N. J. Under¬
missile
—•
writer—Bear, Stearns & Co., N. Y.
Scripps-Howard
Broadcasting Co.
March 20, 1962 filed 375,000 common.
Price—By amend¬
(max. $20). Business—Company owns and oper¬
ment
ates
TV, radio and FM broadcasting stations. Proceeds
selling stockholders. Office—1121 Union Central
Bldg., Cincinnati. Underwriter—First Boston Corp., N. Y.
—For
Seaboard Land
Proceeds—For
corporate purposes.
debt
repayment ^and general
AddresSr-r-Box '1(088, Wallace, Idaho.
Underwriter—Pennalunaj& Co., Spokane, Wash.
1962 filed 200,000 class A common. Price—By
(max. $2.50). Business—Ownership and de¬
velopment of real estate. Proceeds—For working capital.
amendment
Office—912
Thayer
writer— North
Russ Togs, Inc. (11/8)
Oct. 4, 1962 filed 159,254 class
A.
Price—By amend¬
ment (max. $15). Business—Production of misses/junior
•and children's popular priced sportswear.
Proceeds—
Ave.,
American
Silver
Spring,
Seaboard
Md.
Under¬
Securities
Corp.,
(same address).
Life
Insurance Co. of America
June
29, 1962 filed 256,097 common to be offered for
subscription by stockholders on l-for-5 basis.
Price—
By amendment. Business—Writing of life, accident and
health insurance.
Proceeds—-For purchase of a building,
repayment, reserves and other corporate purposes.
Office—1451 N. Bayshore Dr., Miami. Underwriter—None.
debt
Security
Aluminum
1962 filed
Corp.
165,000 common. Price—$6. Business
aluminum sliding windows and doors.
Proceeds—For
ing
capital.
New York.
equipment, moving expenses and work¬
E. Pine Ave,, Compton, Calif.
Vickers, MacPherson & Warwick, Inc.,
Offering—Expected in January.
Office—503
—
Feb.
28,
Financial
Corp.
500,000 common, of which 405,000
subscription by holders of the A,
B and C stock of Selective Life Insurance Co., an affili¬
ate, on the basis of 4 company shares for each class A or
are
to
be
1962 filed
offered
B share and
for
two-thirds
Selective
Life
corporate
purposes.
share for each
class C
share of
held.
Remaining 94,822 and any unsub¬
scribed shares will be offered publicly. Price—To public,
$6; to stockholders, $5. Business—Company plans to en¬
gage in the consumer finance, mortgage,
general fi¬
nance
and related businesses. Proceeds — For general
nix.
Office—830 N. Central Ave., Phoe¬
Underwriter—None.
Sentinel
Life Insurance Co.
250,000 capital shares. Price — $o.
Business—Company plans to sell life and disability in¬
surance. Proceeds—For organizational expenses and other
corporate purposes. Office—225 Bush St., San Francisco,
Sept.
10,
1962 filed
Calif. Underwriter—None.
Sentinel
Properties Corp.
May 1, 1962 filed 200,000 class A common.
Business—Real
•
'
Co.
July 25,
Selective
filed
300,000 common, of which 100,000
are to be offered
by the company and 200,000 by stock¬
holders.
Price
By amendment.
Business — Develops
and
prints color, and black and white photographic
Ruby
centers, bowl¬
(11/7-9)
124,552 common. Price—By amend¬
Business—A holding company for 15
filed
1962
ment
•
writer—Winslow, Cohu & Stetson Inc., N:
of
Harriman
and
Diego Imperial Corp.
1,
Underwriter
bution
Blosser
and
debt repayment.
film.
motor inn, shopping
concern,
—Manufacture of
29,
City,
establishments, etc. Proceeds—For debt repayment
working capital. Office—222 E. Erie St., Milwaukee.
26, 1962 filed 100,000 common. Price—$5. Busi¬
ness—Design, manufacture, and distribution of girls'
blouses, sportswear, and coordinates.
Proceeds—For
Nov.
selling stockholders.
City, Mo. Underwriters
Kansas
&
Enterprises, Inc.
Sept.
Office—712 Fir St., Brainerd,
Lakes, Mini).
real
ing
Jan. 26,
(11/14-15)
—
•
Sampson
Seaboard
Manufacturing & Leasing Corp.
1961
Business—Design, manufacture
homes
Brothers
Offering—Indefinitely postponed.
Richmond Corp.
Dec. 21, 1961 filed 142,858 common.
Price—$7. Business
—A real estate investment
company. Proceeds—For debt
named
con v.
broker-dealer.
New York.
of
•
—
St.,
Feb. 28, 1962 filed 450,000 common. Price —
By amend¬
ment (max. $8). Business—A
holding company for a
are
Resin Research
Proceeds—For
Main
Co.,- Kansas
Ripley & Co., Inc., N. Y.
•
Regulators, Inc.
ness
Powell Petroleum, Inc.
Sept. 28, 1962 filed 100,000 common. Price—$5.
—Stern
Candies, Inc. (11/19)
120,000 common.
Price—By amend¬
Business—Manufacture of chocolates
filed
(max.
Oct.
commercial
finance
Feb.
drill
to
Broadway, N. Y.
Co., N. Y.
expansion.
San
Corp.
Aug. 27, 1962 filed 100,000 class A common.
Price—$3.25,
Business—Distribution of electrical supplies and
equip¬
&
Russell Mills, Inc.
(11/13-16)
Sept. 28, 1962 filed 312,500 common. Price—By amend¬
ment
(max. $12).
Business—Manufacture of
athletic
clothing, knitted underwear, children's sleepwear and
drawn and then refiled.
will not be offered for sale in New York
State. Offering
—To
real
—
Office—Executive Plaza,'Park Ridge, 111. Under¬
writer—A. C. Allyn & Co.,
Chicago. Note—This stock
^
St.,
Underwriter—White, Weld & Co.
estate, general insurance agency and a mort¬
gage servicing Company. Proceeds---For
debt/repayment;
Office
745 Fifth
Ave., N. Y.
Underwriter
Stanley
Heller & Co., N. Y. Note—This
registration will be with¬
sion.
—Indefinitely postponed.
10th
Properties Corp. of America
April**27, 1962 filed 300,000 class A shares. Price—By
amendment (max. $16).
Business—Company owns cer¬
Triist
July 6, 1962 filed 1,000,000 shares of beneficial interest.
Price—By amendment (max. $5). Business—A real estate
Office—1631
purposes.
Real
of
life, accident and health, and group and
disability benefits insurance; trading in over-the-counter
market; underwriting of new security issues and sale
corporate
Monica, Calif.
Inc., N. Y.
To
Business—Company through its
sale
other
Santa
ment
Polequity Corp.
the
and
Office—1372
Underwriter—Shearson, Hammill
—
I
41
struction
of
a
estate
investment.
building.
Underwriter—None.
Price—$10.
Proceeds—For
con¬
Office—565 Fifth Ave., N. Y.
42
I
The Commercial and
(1862)
Continued fYom page 41
.
•
-
»
r
,
Servotronibs, Inc.
30, 1962 tiled 125,000 capital shares. Price — $3.
eBusiness—Design, development and manufacture of pre¬
cision control components and associated products. Pro¬
-
ceeds
For
—
loans
—
®
—Imminent.
„4
Shaker Properties
7
.
—1956 Union Commerce
Co. Inc.
filed
writer^McDonald
•7:
Bldg;., Cleveland, Ohio.
Under-
& Co., Cleveland.
Jan.
.
.
,
,
A
.
for
use
as
debt
For
indicators and circuit components. Proceeds—
repayment, equipment and working capital.
Heck
Office—1933
Milton
Neptune, N. J." UnderwriterCo., N. Y. Offering—Postponed.
Ave.,
Blauner
D.
&
,
*
„•
general corporate purposes. Office—1176 Ave. of
Americas, N. Y.
Underwriter—Richard Bruce & Co.,
ceeds—For
Inc., N. Y.
Philips, Appel
V»,*V
Office—2220
Co., Inc.
•
Sperti Products, Inc.
Florida
(11/27)
1,
Ave., Jasper, Ala. Underwriter115 Broadway, N. Y.
amendment.
Price—By amendment. "Business—Manufacture of drug,
and food products, electrical and electronic devices and
capital
Price — $1.
vending ma¬
;
-
//•.•'
"/Av
'•
-:•//.*' :
Steamship .Corpt,
Proceeds—For the
purchase of vessels, and working capMobile, Ala; Underwriter-^Shields & Co., Inc., N. Y. (mgr.).
Offering—
Temporarily postponed. i
/ital.
Office—71
Saint Joseph &t.,
Welcome-Baby, Inc.
28, 1961 filed 75,000 common. Priee—5$2. Business
—Company renders direct mail 'public relations, jsales
promotion and advertising services to mothers on behalf
Dec.
of retail stores. Proceeds—'For debt repayment and gen¬
eral corporate purposes. Office—2.10-07 48th Ave., Bayside, NJ Y. Underwriter—First Philadelphia Corp., N. »Y.
Price — By
Business —.Company builds and operates
550,000
common.
operated
Aug. 29, 1961 filed 1,743,000. common. Price—By amend¬
ment.
Business—The
carrying- of * liner-type ; cargoes.
& Walden,
filed
coin
an acquisition and
general cor¬
Office-^-1290" Bayshore Blvd., BurlinUnderwriter—Pacific Coast Securities Co.,
Waterman
clothing,* housewares, etc. Pro¬
equipment and working capital.
Marts'"International, line.
1962
300,000
of
—
Address-^-Jerusalem,
Israel.
Underwriter—
Economy Corp., N. Y.
Towers
Feb.
-
Vending Components, Inc.
:
March 30, 1962 filed 100,000 common. Price—$4. Busi¬
ness
Manufacture, design and sale of metal valves,
mixers, taps, etc;, for vending machines. Proceeds—For
expansion, new products and other corporate purposes.
Office:—204 Railroad Ave., Hackensack, "N. J.
Under¬
writer—Keene & Co., Inc., N. Y.
American-Israel Basic
Nov. 29, 1961-filed *230,000 common of which 200,000 are
to be offered by the company ana 30 000 by stockholders.
be-named.
Preeeeds—For
San Francisco.
Industry Development Corp. iLtd.
Aug. 3, 1962 filed $5,000,000 of 7% senior debenture
stock due 1962. Price—At par. Business—Company was
organized by the State of Israel, to-furnish financing to
tourist
enterprises.
Proceeds—For
general
corporae
purposes.
'
purposes.
Calif
game,
Tourist
29, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Construction and operation of towing boats.
; Proceeds—For debt repayment, conversion of a boat, and
working capital. Office—33QO .N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
'William St., N. Y.
*
expansion,
Underwriter—To
("Reg. A")
1962
12,
porate
Inc.
retail stores • selling
ice
For
Nov.
»
_
Plastics,
'
IfiCa
Business-^Manufacture
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¬
(J.) & Co., Inc.
,
Oct. 1, 1962 ("Reg. A") 50,000 class A. Price—$6. Business—Company is a licensed pawn broker. Proceeds—
Southeastern Towing & Transportation
Jan.
Top Dollar Stores, Inc.
Simpson
,n■•■i.
■3/oyidox
>
'
1
July 27, 1962 filed 313,108 common. Price—$3.50. Busi¬
ness—Operation of a plant producing plastic film and
packaging products.
Proceeds—For
working capital.
Address—'Elsa, Texas. ^Underwriter—Crow, Brourman&
Chatkin, Inc., N. Y.
:■
Los Angeles.
St.,
chines.
Texas
"
"
Underwriters—Stone & Webster
Corp.; White, Weld & Co.; Halsey Stuart &
Securities
Sigrcalite • Inc.
■:;7'.
29, 1962 filed 126,000 common. Price—$4.50. Buslness—Manufacture, sale and development of glow lamps
'i:
(11/7-9)
Bldg., Houston.
nessee
'
—
1, 1982. Price—By amendment. Proceeds
repayment, and construction. Office—Ten¬
debt
;
*
Price
$5. Business — Wholesale distribution and retail
merchandising of health and beauty aids, housewares,
kitchenwares, wearing apparel and other goods.
/Pro¬
ceeds—For debt repayment. *; Off ice—2925 S. San Pedro
bonds due Dec.
—For
1962
19.
Bldg., Dallas. Under¬
Corpi, Lincoln, Neb.
First Nebraska Securities
—
vMay 4, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.
•
11, 1962 filed $50,000,000 of first mortgage pipe line
215,000 shares of beneficial interest.
Price—$15. Business — A real estate investment trust.
Proceeds—For investment and working capital. Office
Oct.
Thursday, November 1, 1962
Vaaii-Rack r-ilwc
and
Tennessee Gas Transmission Co.
Oct.
.
Offering—Temporarily postponed.
working capital.
Office—19201
Cranwood
Warrensville Heights, Ohio.
Underwriters—
Westheimer & Co., Cincinnati, and Hartzmark & Co.,
Inc., Cleveland.
«
Repayment, equipment and working
debt
Office
;
Republic National-Bank
writer
Parkway,
190 Gruner Rd., Cheektowaga. N. Y
^Underwriter—General Securities Co., Inc., N. Y. Offering
capital.
—2300
Tenna Corp.
f
•
•
—
7- •-.'■'L.-- V
Sept. 28, 1962 filed 122,000 common. Price^—By amend¬
ment (max. $11). Business—Manufacture of automobile
antennas and radios. Proceeds—For repayment of bank
.
March
.
Financial Chronicle\
shares.
West Penn/Power-Co.;
>
retail discount department stores. Proceeds—For expan¬
Office—41 E. 42nd St., N. Y. Underwriter—W. C.
(JL1/8)
Oct.
10, 1962 filed-$14,000,009 of'first and refunding
mortgage bonds due Nov. 1, 1992. Proceeds—To redeem
Langley & Co., N. Y.
a like amount of 51/s% bonds due June 1, 1989.
Address
I
Traileurop, Inc.
Underwriters—(GomAug. 30, 1962 filed 150,000 common. Price—*$5. Business ,•/ —Cabin Hill, Greensburg, Pa.
Lpetitive). -Probable bidders: Kidder, Peabody & Co.—A holding company for European firms engaged
in
White, Weld & Co. (jointly); Halsey, Stuart & Co. Inc.;
leasing Sjemi-trailers.
Proceeds—For equipment, debt
W. C. Langley & Co.-Stone & Webster Securities Corp.
repayment and working capital.
Office—99 Wall St.,
(jointly); First Boston - Corp.-Harriman Rjpley & Co.
N. Y.
Underwriter—Kordan & Co., Inc., N. Y.
(jointly); Lehman Brothers-Eastman Dillon, Union Se¬
Transarizona Resources, Inc.
curities Corp. (jointly). Bids—Expected Nov. 8 (11 a.m.
May 28, 1962 filed 500,000 capital shares. Price—$1.50.
EST) at 320 Park Ave. (31st floor), N. Y.
Business—Exploration, development and production of
Western Empire Real Estate Investments
the Lake Shore copper deposit near Casa Grande, Ariz.
Sept. 26, 1962 Med 600,000 shares of beneficial interest.
Proceeds—For equipment, exploration and working cap¬
/Price—$4. Business—Company plans to qualify as a real
ital. Office—201 E. 4th St., Casa Grande, Ariz. Under¬
estate investment trust. Proceeds-—For investment.
Of¬
writer—None.
1
sion.
precision machinery. Proceeds—jFor the purchase of cer¬
patents, repayment of debt, and working capital.
Office—730 Grand St.. Hoboken, N. J. Underwriter—
Blair & Co., New York.
tain
"
"Stainless Steel
Products,
(11/13-16)
Inc.
May 28, 1962 filed 100,000 capital shares. Price — $8.
Business—Design, development and manufacture of high
pressure, high temperature ducting systems for use in
aircraft and missiles. Proceeds
For plant expansion,
equipment and working capital. Office — 2980 N. San
Fernando Blvd., Burbank, Calif. Underwriters — First
California Co., Inc., San Francisco, and Dempsey-Tegeler & Co., Inc., St. Louis. '
.
.
—
■
*•
:Standard
New
Security tLife Insurance Co.
(11/26-3.0)
of
fice—1755
York
.
June
29, 1962 filed .230,000 common. Price—By amend¬
(max. $12). Business—Writing of life, accident and
ment
health
*
corporate
'
*
insurance.
V"/*'
.... r
1962 filed 850*000 common.
.
*/
ing
"
7\:./
'
■
.;
of
Blvd.. Los
of
one
$200 debenture
(11/13-16)
and
10
shares.
Price—-$250
'
Western States Reel Investment Tru«t,
Nov.
■
13,
1961
filed
Stratford Financial Corp.
29,
218,000
the
1962
filed
315,000
unit. Business-^Operation of
class
shares
A
—95
Proceeds—For debt repayment. Office
N. Y. Underwriter—Mortimer B.
1
company.
Madison
Ave.,
Burnside & Co., Inc., N. Y.
*'*'•
..
^
■;;; -• tStratton Fund,-'Inc.
March 20, 1962 filed 500,000
■
common.
Price—$20. Busi-
ness—A new mutual fund which plans to offer investors
opportunity of exchanging their individual securi-
•
the
*ties
for
shares
income tax
of
the
—This company
"Construction
T-A
Sept.
Fund
without
incurring
United National
Williston
R.
formerly
&
Beane,
N.
was named Stratton
Federal
Realty &
Development Co.
1962 filed 2,000 common. Price—By amend(max. $1,000). "Business—Company plans to ac-
Office—9601
purposes.
Wilshire
per
Tabach
Price—$2.
Russotto
&
Co., 9301 Wilshire
N. St. Paul
tUrban
Controls, Corp.
March 29, 1962 filed 90,000 common.
irol equipment used in
I
.•
_
Proceeds—For
Price—By amend-
of fluid conmissiles, helicopters and aircraft.
f
I.
Teaching System?,
1,
/.
•
;
*>
Inc.
"way, rN. y. Underwriter—Creative Ventures Corp., 733
; Third Ave/, N.Y.' '
...
i
• Wiegahdi (Edwin CL.) 'Co.
(11/8.)
March''-'30, 1962 filed 606,450 common. Price—By amend-
general
corporate
purposes.
y
ment.
"
$5.05.
/foams.
Thomas
lon,
unit.*
Blvd., Pittsburgh. Underwriters—Eastman Dil¬
Securities & Co., N. Y„ Moore. Leonard ; &
Union
-April 2, 1962 filed 80,000 common. Price — By amend¬
ment (max. $11). Business—Operation of a chain of shoe
stores. Proceeds—For debt repayment, expansion and
^
.
urethane
working capital. Office— 808 Dakin St., New Orleans—
Underwriter — Howard, Weil, Labouisse, Friedrichs &
Co., New Orleans.
Winslow Electronics,
Inc.
28, 1961 filed 125,000 common. Price—*$4. Business
--/Design and manufacture of precision electrical and
electronic measuring devices and test equipment. IBUoeeeds-^For debt repayment and other corporate pur¬
Dec.
•
-
Proceeds—For
-equipment,
working
capital,
leasehold expenses and other corporate purposes/ Office
Louis.
Wiener Shoes Tnc.
,
Business—Manufacture / of
heating ele-
Lynch, Pittsburgh and Reinholdt & Gardner, St.
Redevelopment Corp.
per
of electrical
industrial, commercial and household applica:tions. -Proceeds—-For selling stockholders. Office—7500
Urethane of HFexas^lnc.
~
Feb. 14. 1962 filed 250,000 class A and 250,000 common to
be offered in units of one -share of each class. .Price—
<
Business—^Manufacture
ments for
Office—318
debt
repayment,
sales
financing
and
working capital. Office — 1959 S. LaCienega Blvd., Los
Angeles. Underwriter—R. J. Henderson & Co., Los An¬
geles.
ness—rPrpduction and sale of educational. audio-visual
"
ing capital. Office—738 Beliefonte Ave., Lock Haven, /Fa.
-Underwriter—Godfrey, Hamilton. Taylor & Co., N.
St., Dallas. Underwriter—None.
Proceeds—For
1962 ("Reg. A") 50,000 common. Price—$2. Busi¬
teaching'aids./ Proceeds—For equipment, promotion and
"^advertising and working capital. Office—1650 Broad-
.
fund /Proceeds—For
Street, Kansas City, Mo.
Reed, Inc., Kansas City, Mo.
Price-r-By .amend¬
ment.
Business—Company operates the "Kellogg Plan'*
which provides 100% financing and construction through
a single source for
renewing older residential properties.
selling stockholders
Address—Bridgeport, Gonn. Underwriters—Stroud & Co., Inc and Penington. Colket & Co., Philadelphia.
June
—
March 29, 1962 filed A00,000 common.
ment (max. $7.50). Business—Manufacture
"
&
mutual
Proceeds—For
Costello.
—
:
9th
expansion. Office—217 E. Eight St., Los Angeles, Calif.
Tactair Fluid
,
new
W.
women's wear. Pro¬
ceeds—For debt repayment, leasehold
improvements md
Blvd., Beverly Hills, Calif.
aVM.
Office—20
Capital <Corp. /
./v
Aug. 28, 1962 filed 1,500,000 common. Price—^-$1. Busi¬
ness—Company plans to establish or acquire control of
other companies, principally those in life, insurance field.
Underwriter
July 30, 1962 filed 80,000 common. Price—$12.50. Bp^iness—Acquisition of leases and production of oil and gas.
Preeeeds
For repayment of debt and other corporate
purposes. Office—Thompson Bldg., Tulsa. Underwriter
—R. J. Edwards, Inc., Oklahoma City.
/ 7"
-
^Universal
/ Business—Manufacture and sale of
.
share. Business—A
Underwriter—Waddell
Industries, Inc. (11/26-29)
29, 1962 ("Reg. A") 125,000 common.
k
.
S. Cold Storage of
investment.
Blvd.,
Beverly Hills, Calif. Underwriter—None.
March
,
-
•-
Y. .'Note
Fund, Inc.
corporate
.
Inc.
White" Photo Offset, inc.
July 13, 1962 filed 100,000 common. Price—$3.50. Busi¬
Hawaii, Inc.
ness—Photo-offset printing. Proceeds—For debt repaySept. 14, 1962 filed 30,000 capital shares, of which 20,ment, equipment and working capital. Office—142 W.
000 are to be offered by company and 10,000 by present
26th St., N. Y. Underwriter — K-Pac Securities Corp.,
stockholders.
Price—$10. ; Business—Company plans to
7 New York., Offering—Expected sometime in December.
construct and operate cold storage facilities in Hawaii.
Widman
(L. F.), Inc.
*
Proceeds—For construction, and working capital. -'Office
Oct. 27, 1961 filed 162,000 common, of which 102,000 are
—'3140 Ualena St., Honolulu. 'Underwriter—-None. "
:''
to be offered by
the company and 60,000 by stockUnited Variable Annuities*.Fundr Inc.
hblders. Price—$3. Business—-Operates a chain of retail
April 11, 1961 filed 2,500,000 shares of -stock. Price—$10
v-drug stores/ Proceeds—Expansion, equipment and workv
U.
quire,v develop, and improve industrial real properties,
primarily in Los Angeles County. Proceeds—For gen¬
eral
Co.
Underwriter—Westco Cox-p.,
'
•
/
,
*8
Wheeler & Ryanr
Insurance
—v
—
Auroca, Colo.-
......
May 29, 1962 filed 77,000 common. Price—$15. Business
-r-Sale of automobile insurance; and the writing of fire
and extended coverage insurance. ~Proceeds—^For ex¬
pansion. .Office—225 S. L5th St.? Philadelphia. Under¬
writer—Suplee, Yeatman, MosleyGoi, Inc.. Philadelphia.
12,
ment
St.,
Aurora, Colo.
Newark, New Jersey.
liability. Office—15 William St., New York.
Dealer-Manager—J.
x-
general corporate purposes. Office—531
Ferry St., Newark, /N. J. Underwriter — Moran & Co..
to be offered by the company and 97,000 by
stockholders.
Price—$6. Business—Commercial fi¬
nance
Ursula
Proceeds—For
are
-Proceeds
company.
"Foodtown" supermarkets.
'
which
of
shares of beneficial interest.
A small business investment
For investment.
Office —"403
32,000
Price —$6.25. Business
per
•
'March
Underwriter—None..
//;-(;///\^, :/:/
Angeles. Underwriter —Kidder, Peabody &
Co., N. Y.
March 15, 1962 filed $400,000 of 8% con v. Sufoord.'debentures due 1972 and 20,000 common, to be offered in units
*
;■
by the company and 196,750 by stockPrice—By amendment (max. $42). Business—
The making of loans secured by first liens I on real estate.
Proceeds—For debt repayment. Office — 3243 Wilshire
-
^
Co.
holders.
.
N. Y.
United Markets Inc.
Pioneer
are.to be offered
gas
Washington, D. C. Underwriter^-Sandkuhl *& Co., Inc.,
Business
non-ferrous rod and tube
Price—$1.
Gilpin St., Denver, Colo.
Western
/ Feb. 19. 1962 filed .371.750 capital shares of which 175/000
turbine engines. Proceeds—For debt repay¬
ment, research and development, a new plant and work¬
ing capital.-Office — 1346 Connecticut Avenue, N. W.,
7..
-
Turbodyne Corp.
—Research, development and production and overhaul¬
other
—Company plans to operate a
milJL Proceeds—For plant and equipment, working capital and other corporate purposes. Office*—300 Horn Rd..
JPincqnning, Mich. Underwriter—None.
/• *
•
*
•
and
Office—111 Fifth Ave., N. Y. UnderHaupt & Co., N. Y.
i
Sterling Copper Corp.
Aug. 2,
,
investment
purposes.
'writer—Ira
„
Proceeds—For
*
March 2, 1962 filed 127,500 common. Price—$5. Business
.
poses. Office—-1005 First Ave., Asbury Park; N. J. Undtr-Twriter—Amos Treat s Co.; Inc., N. Y.
Volume
196
Number 6208
■:> Wolf Corp.
Jan. 26, 1962 filed
.
.
The Commercial and Financial Chronicle
;Vv-c-'/'
'v
■
.
■'///
★ Massachusetts General Life Insurance
$4,500,000 of 6.5% -convertible sub¬
ordinated debentures due 1977 (with attached
warrants)
to be offered for
subscription by stockholders of class
A
stock
class
the
on
A
basis
shares
of
held.
$50.0
debentures for
Price—$500
unit.
per
each
100
Business—
Real
estate. Proceeds—-For. debt repayment and
realty
acquisitions.. Off ice—10 East 40th St., N. Y. Underwriter
E. Securities,
Inc., 10 East 40th Street, New York.
Note—This registration will be withdrawn.
—S.
Wolf
Oct.
shares
by
(Howard B.)
8,
1962
105,000 common, oft which 50,000
offered by company and 56,000 shares
stockholder.-
a
Inc.
,
filed
to be
are
Prlce^-By amendment
(max.
$10).
Business—Design, manufacture.and.sale of retail stores
of junior dresses and suits.
Proceeds—For debt repay¬
ment,
Perry
advertising, and working capital.
Office—3809
Ave., Dallas.
Underwriter—Eppler, Guerin &
Turner, Inc., Dallas. ■ ;•
•
Zero
Mountain,
Inc.
(11/29)
A"/ iUOvUUO
March 30, 1962
("keg.
common. Price—i$3.
Business—Operation of underground cold storage facil¬
ities.
Proceeds—Expansion, debt
capital.
Address—Box
594,
repayment and
Fayetteville.
working
Ark.
Under-"
writer—Don D. Anderson & Co.. Inc.. Oklahoma
City.
Zipco Inc.,
Sept. 26, .1962 filed .150,000
ness—Manufacture of
—For
equipment,
a
Price—$5.
common.
Busi¬
type nylon zipper. Proceeds
repayment,
advertising, and,
working capital. Office—Box 117 UncasviHe, Conn.
derwriter—None.
Oct.
Co.
basis of
derwriter—Kidder, Peabody & Co., Boston.
will
A Montana-Dakota Utilities Co. (12/5)
Oct.* 30, 1962 filed $10,000,000 of first mortgage bonds
Nebraska ^Consolidated Mills Co.
due
1987
100,000 capital shares being offered for subscription by
stockholders of the company's parent, National Union
Fire Insurance Co. of Pittsburgh, at $15 per share on the
$5,000,000 of 'first mortgage serial bonds
1, 1963-82. Proceeds—for loan repayment and
construction.
Office—831 Second Ave., S. Minneapolis.
Underwriters—(Competitive).
Probable 'bidders: East¬
man
Dillon, Unioi/i Securities & Co.; Blyth & Co., Inc.—
•Merrill Lynch, Pierce, Fenner & Smith, Inc. (jointly);
Halsey, Stuart & Co. Inc.; Equitable Securities Corp.
Bids—Expected Dec. 5, 1962.
Un¬
SEC
Southern
Wisconsin Natural Gas Co.
Probable bidders: Halsey,
Kidder, Peabody & Co.-White, Weld
& Co. .(jointly); Merrill Lynch, Pierce, Fenner$mhh
Inc.-Lehman Brothers-Equitable Securities Corp. (joint¬
ly); First Boston Corp.; Kuhn, Loeb & Co. Bids—Dec. 4
Inc.:
of 4%% first mortgage bonds, due Nov. 1,
1987, offered at 101.142, to yield 4.30%, by White, Weld
Co., and Kidder, Peabody & Co., New York.
$5,000,000
Do you have an issue you're planning to
ton.
Our
ATTENTION UNDERWRITERS!
Underwriters^-(Competitive).
Probable
bidders:
Merrill Lynch, Pierce, Fenner & Smith Inc.-Eastman
100,000
and
similar to those
ers;
Would
4, 1962
(12
noon
in Texas.
Proceeds
—For
drilling wells, and working capital. Office—Wil¬
Bldg„ Corpus Christi, Texas. Underwriter—None.
son
A Centra! Maine Raceways,.Inc.
Oct. 26, 1962 filed 450,000- common.
Price—$1. Business
—Company conducts commercial • parimutuel harness
racing meets. Proceeds—For debt repayment, purchase
ol: land, and raceway improvements.
Office—33 Court
St., Auburn, Maine. Underwriter—None. '
■;'/■
A Data Corp of America
Oct: 29,
1962 filed' 105,000-common. Price—$1.25. Busi¬
ness—Development of specialized data processing appli¬
cations and the furnishing of data
processing services.
Proceeds—For training of personnel,
advertising and
sales
promotion, and working capital.
St.,. New York.
New
write
working
and
capital.
Address—Elizabeth
C.
Underwriter—None.,
Oct. 29,, 1962 filed 20,COO common, of which
17,500 are to
be offered by company and
2,500
(max.
$15).
shareholder. Price
Business—Design
and
manufacture of tools, dies, molds, beryllium
castings and
the' distribution of
plastic, metal and glass products for
home use. Proceeds—For a recession offer to
stockhold¬
and
reduction
Pratt Ave.,
company
also
and /leases
produces
automatic
winding machines used in the manufacture of capacitators.
Proceeds—For loan repayment, equipment, plant
expansion and working capital. Office—65 Honeck St.,
Englewood, N. J. Underwriter—Hemphill, No^es & Co.,
New York.
A Workman ElectronicProducts, Inc.
Oct. 25, 1962 filed 140,000 common. Price—$3. Business
—Manufacture, development and assembling of precise
electronic replacement components for radio, TV and
industrial
use.,,
Proceeds—For
debt
repayment,
in¬
ventory, research, and other corporate purposes. Office
—Packinghouse Rd., Sarasota, Fla.
Underwriter—Hens-
'„/•'//■//
berry & Co., St. Petersburg, Fla.
12,
ington,
C.
Office—1701
Pennsylvania
Ave.,. N.
W.,
Washington, D. C.„ Underwriter—None.
A' Household Finance Corp.
(11/14)
Effective Registrations
The
following registration statements
clared effective this week
Proceeds—For loan repayment!, Ocfice
—Prudential
were
de¬
Plaza, Chicago. Underwriters—'Lee Hiegin-.
Corp., and White, Weld & Co., New York, and Wil¬
liam Blair & Co., Chicago.
Kosher
American
100.000
common
Rose & Co.,
American
Provisions,
Inc.
shares offered at $5 per
A ICOA Life Insurance Co.
25, 1962 filed 1,130,COO
subscription by stockholders
Price—$4.
Business—Sale
health and
disability, and
to
common
on
of
a
for
share-f or -share -basis.
ordinary
group
offered
be
individual
life,
credit'life
and disability
insurance/Proceeds—For expansion, and investment. Of¬
fice—250 Liberty St., S. E. Salem, Ore.
Underwriter—
Oregon Underwriters, Inc., Salem.
,///•*,■ -/•'
★ Las Vegas Properties Trust
Oct.
29,
share by Reuben
Phoenix
Corp.
.
.Business—A
Proceeds—For
Las
Vegas.
.
real
investment.
(same address)./
"
A Maine
Life Insurance
Oct.
18,
investment
Office—4933
Underwriter—Securities
Fidelity
'
•'/.
■"
/
Co.
trust.
Paradise
Co.
'
of
-
Rd.,
Nevada
v
*
,
;
per
share by Trost-
Singer & Co., New York.
Financial
Corp.
55% convertible subordinated debentures
due Oct. 1, 1977 offered at par and accrued interest by
William R. Staats & Co., Los Angeles, and J. Barth &
Co., San Francisco.
$5,000,000
the
held.
basis
of
Price—$4.
one
common
share
for
each
12
Business—Writing
shares
of life" insurance.
funds. 'Office—83
Ex¬
Proceeds—To
increase capital
change St., Portland, Maine. Underwriter—None.
Clark
of
Equipment Co.
80,000 common shares offered
Blyth & Co.,. Inc., New York.
at
$25.75
per
share
by
of
250-b.ecL
new
a
2-9570
or
York 7, N. Y.
hospitalv>0and
a
research
I 12-story
Rd., and Morris Park Ave.,
Bronx, N. Y. Underwriter—B. C. Ziegler & Co., West
Office—Eastchester
center.
Bend, Wis..
,
-//V/;
;///
.
/,:
Belock Instrument Corp.
Sept. 4, 1962 it was reported that the company plans to
an additional $1,000,000 by sale of securities
Busi¬
raise
ness—Company produces various defense items, such as
missile system components,
and otheivcorporate
purposes. Office—112-03 Fourteenth Ave., College Point,
N. Y. Underwriter—Carl M. Loeb, Rhoades & Co., N. Y.
bomb-sights,
directors,
gun
Proceeds—For working capital
etc.
it was reported that this company plana
registration statement covering ■ 125,000 com*
mon
shares. ■ Price—$3.
Business—Company plans to
breed and supply animals for biological research pur¬
poses. Proceeds—For general corporate purposes. Office
—7520
Bergenline Ave., North Bergen, N. J. Under¬
of
1962
a
writer—To
be
named.
Electric Power Co.
was reported that this company plans
in the third or fourth quarter of
1963. A spokesman for the company stated that the util¬
ity is thinking of selling 380,000 common shares,/ al¬
though a final decision has not been made.'Office—2885
Foothill Blvd., San Bernardino. Underwriter — Merrill
Lynch, Pierce, Fenner & Smith Inc., New York.
A California
Oct.
to
29,
1962
it
raise
new
money
51/2%
Illinois
it
1962
10,
Service
Co.
was
Si.,.Springfield, 111. Underwriters—(Competitive). Prob¬
able bidders: Eastman Dillon, Union Securities & Co.Equitable-Securities Corp. (jointly); Blyth & Co.-Kid¬
der, Peabody & Co.-Merrill Lynch, Pierce, Fenner &
Smith Inc. (jointly); Halsey, Stuart & Co. Inc.; Salomon
Brothers & Hutzler; First Boston Corp.; Lehman Broth¬
ers-Bear, Stearns & Co. (jointly).
A- Community ■« Public :Serv*ce Co.
1962 it was reported that this company plans
about $5,000,000
of first mortgage- bonds in
1963. Office—408 W. 7th St., Fort Worth, Tex. Un¬
29,
issue
June
derwriters
(Competitive). Probable
—
Stuart & Co. Inc.; Salomon
Webster Securities
A Consolidated
Power
Public
reported that this company plans
to issue about $10,000,000 of first mortgage bonds in
1963. Proceeds—For construction. Office—607 E. Adams
to
subordinated debentures, series A,
due Oct. 1, 1982, and 210,000 warrants offered in units
of one $1,000 debenture and a warrant to purchase 60
common shares, at $1,000 per unit by Auchincloss, Park¬
er & Redpath, New York.
$3,500^000
15,
file
Oct.
Duro-Test Corp.
Corp.
bidders: Halsey,
Brothers & Hutzler; Stone &
/
Edison Co. of New York,
Inc.
Corp.
100,000 shares of 4.58% cumulative preferred offered at
$100 per share and accrued dividends by Kidder, Pea¬
body & Co., Inc., and Merrill Lynch, Pierce, Fenner &
Smith Inc., New York.
-
000,000 of first and refunding mortgage bonds/series X,
due Dec. 1, 1992. Proceeds—To repay bank loans. Office
—4 Irving Place, New York. Underwriters—(Competi¬
Hunter
tive).
Engineering Co.
100,000 6% cumulative convertible preferred and 100,000
common
.»
1962
("Reg. A") 25,000 common to be offered
for subscription by stockholders of record
Sept. 14, 1962
on
REctor
1,
Central
340,000 class A shares offered at $10
Florida
>
.estate
at
early November.
July
/
*
filed. 500,000 shares of beneficial interest./.
1962
Price—$10.
us
at 25 Park Place, New
1965 to Oct. 1, 1982 will be offered publicly in
Price — At par for the 5% to 5%%
bonds and at 101 for the 6s. Proceeds—For construction
July
Inc., New York.
son
Oct.
you'll find hereunder.
by the SEC. Offering
details, where available, will be carried in the
Monday issue of the "Chronicle "
California
28, 1962 filed $60,000,000 of debentures due July 1,
1987.
Price—By amendment. Busines:—A consumer fi¬
company.
like
item
an
Medicine of Yes'hiva *
University
Oct. 24, 1962 it was reported that $10,700,000 of this in¬
stitution's 5% to 6% first mortgage serial bonds due
to
er,
Oct.
nance
prepare
Biologies -International Inc.
& Co., Inc.
1962
D.
can
Albert Einstein College of
Aug.
payable. Office—3600 W.
Underwriter—None.
("Reg. A") 30,00.0 preferred to be offered
for'subscription by stockholders on the baF.is *of one
preferred share for every 10 common shares held. Price
$5. Business—Conducts real estate operations in Wash¬
★
company
of accounts
Chicago.
★ Fisher (Thomas J.)
Oct.
the
to
and 12,500 by a stockholder.
Business—Manufacture of etched aluminum
Price—$10.
foil;
A Fedco Corp.
ers
by
York.
—Byamendment*
we
register?
would
Prospective Offerings
City,
Office—44 Beaver
a
us
that
so
telephone
you
Department
EST).
-Underwriter—A. D. Gilhart & Co., Inc.,
by
News
know about it
to
Co.
Virginia
Oct. 23, 1962 ("Reg. A") 3,000 common to be offered for
subscription by stockholders on a share-for-share basis.
Price—'$100.
Proceeds—For
debt / repayment,
a
new
Price—$4.
common.
gas
Corporation
Dillon, Union Securities & Co.
be .offered
A")
share by
&
A New England Power Co. (12/4)
.Oct; 29,-1962: filed 100,C00 shares of cum. preferred ($100'
par). Proceeds—To redeem a like amount of outstand¬
ing 5.52% cum. preferred!" Office—441 Stuart St., Bos¬
Oct. 29, 1962 filed 50,000 common, of which 37,500 are
(''Reg.
•../
per
of
Corp.
1962
:/./ /'
der writers---(Competitive).
Co.
deben¬
Co.
25,000 common shares offered at $26,625
Morgan Stanley & Co., New York.
At Wellington Electronics, Inc.
25,
Edison
due Dec. 1, 1992.-Proceeds—For repayment of
short-term notes.
Office—441 Stuart St., Boston.
Un¬
Stuart &
fund
Chicago.
series J,
N.
Business—Exploring for oil
California
Spencer Chemical Co.
-
Oil
sinking
subordinated
$50,000,000 of 4V4% first and refunding mortgage bonds,
series P, due Nov. 1, 1987, offered at 100.375% and ac¬
crued interest, to yield about 4.225%, by Halsey, Stuart
& Co. Inc.,
A New ^England Powei/Co. (12/4)
Oct. 29, 1962 filed $12,000,000 of first mortgage bonds,
plant
★ Astro
6%%
of
tures, series A, due Nov. 1, 1977, offered at $1,000 each
plus accrued interest from Nov. 1, by First Nebraska
Securities Corp., LincolrK^
A Norfolk & Carolina Telephone & Telegraph
This Week
Oct
share for each 8 held of record Oct. 8. Rights
one
expire Nov. 29. No underwriting is involved.
$3,000,000
and
due Dec.
—Dec.
Filed%ith
Co. of Pittsburgh
Insurance
1962 filed 330,000 capital shares. ^Price—By
(max. $13).; Business—Writing of life, ac¬
cident and health insurance,-and annuities.
Proceeds—
For expansion.
Office—22 Batterymarch, Boston. Un¬
amendment
(jointly); Lehman Broth-'
Equitable Securities Corp.; Kidder, Peabody & Co.;
Lee Higginson Corp.-White, Weld & Co. (jointly).
Bids
Issues
Life
Union
National
'
30,
43
(11 a.m. EST) at company's office.
new
debt
(1863)
shares offered in units of
one
preferred and one
share at $30 per unit by Eastman
Securities & Co., New York.
common
Dillon, Union
(12/5),
Oct. 26, 1962
the company announced plans to
Probable
Stuart &
Co.
Inc.
sell $60.-
bidders: First Boston Corp. - Halsev,
(jointly); Morgan Stanley & Co. Bids
—Expected Dec. 5.
..
•
-■
..
Consumers Power Co.
Sept
4,
1962,
Robert8 P. Briggs, Executive Vice-Presi¬
until
additional securities because of
Maremont Corp.
dent, announced that the company had postponed
120,000 common. shares offered at $26.25 per share by
Kuhn, Loeb & Co., Inc., New York, and Straus, Blbsser
mid-1963 its plan to sell
.
&
MfeDowell, Chicago.
\
.
■
Continued
on
page
44
44
Continued
The
(1864)
from
43
page
"larger than anticipated internal generation of cash, sub¬
stantial
refunds from
natural
gas
suppliers and the
increased
credit." Earlier,
of bank
use
the company
212 West
Michigan Ave., Jackson, Mich. Underwriters—.
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; White, Weld & Co.-Shields & Co. (jointly); HarriRipley & Co. Inc.-First Boston Corp. (jointly);
man
Morgan Stanley & Co.
•
Power &
Delaware
stockholders first
on
the basis of
10 shares held. Based
on
the number of shares out¬
common
each
418,536
Langley & Co.-Union Securities Co. (jointly);
Brothers; First Boston Corp.; White, Weld &
Lehman
Co.-Shields
(jointly);
Kidder,
Peabody
Co.-
&
Merrijl Lynch, Pierce, Fenner & Smith Inc. (jointly).
Eastern
Oct.
common.
carrier
common
operating in nine
Virginia. Proceeds—For
eastern states from Vermont to
working capital, debt repayment and advances to sub¬
sidiaries. Office
Moonachie Ave., Carlstadt, N. J.
Underwriter—Allen & Co., New York.
—
Properties, Inc.
1962
11,
stockholders
which will be
a
offered
tion
rights on a 1-for-10 basis. Price—By amendment.
Business—Development and operation of shopping cen¬
ters. Proceeds—To retire
outstanding 6% preferred stock
purchase up to $6,000,000 convertible debentures of
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¬
and
by
Eastman
Dillon,
.
General Aniline &
Union
v*
Film
•
Dillon, Read & Co. Inc.; Smith, Barney &
Securities
&
Corp.
by the Attorney General,
German
from
the
for
zens
No
asset.
need
sale
will
has
date
be
not
r f'
J;
r
used
and
seized in 1942 as a
for the offering
was
been
registered
be
losses bf life
Pacific Gas. & Electric Co.
.
set
the
SEC. Proceeds
to reimburse
with
American citi¬
property during World
States
due
Utilities
$16,000,000
a
like amount of 514%
bonds due 1989.
Office—285 Liberty Ave., Beaumont, Tex. Underwriters
—(Competitive). Probable bidders: Salomon Brothers &
Hutzler-Eastman Dillon, Union
Securities & Co. (joint¬
ly); Stone & Webster Securities Corp.; Halsey, Stuart &
Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.White, Weld & Co. (jointly); Lehman Brothers. Offer¬
ing—Temporarily postponed.
Highway Trailer
Sept.
raise
to
1962 it
10,
Louisville & Nashville RR
.5' .Oct. 251962
(11/14)
$2,500,000
some
by
par
shares
a
now
Inc.
Proceeds—For
000.000
rights
offering to
stock¬
consists of 2,000,000 $1.25
which
of
ment, etc. Proceeds—To help form
pany subsidiary. Office—250 Park
writers—To
pany
was
be
named.
The
underwritten
last
by
a
new
finance
bonds
was reported that the road has
applied
permission to sell $25,000,000 of collateral
due
Dec.
last
sell
to
24, 1962 it
about
was
Reported
Feb. 28,
sell
1962 it
Ave., N. Y. Under¬
financing by the com¬
Allen
&
Co.,
and
Van
$22,000,000 of first mortgage bonds in the
St., Detroit. Underwriters—^(Competitive).
Halsey, Stuart & Co. Inc.; Blyth &
Co., Inc.; White, Weld & Co.-Lehman Brothers (jointly).
Probable
Oct.
24,
sell
to
on
Nov. 29, 1961 was won at com¬
by White, Weld & Co., and Kidder,
Other bidders were Halsey, Stuart &
Co. Inc.; First Boston Corp.-Drexel & Co. (jointly).
reported that this utility expects to
in
late
1962
or
early
1963. Office—500 South 27th
St., Decatur, 111. Under¬
writers—To be named. The last sale of bonds on
May 21,
1958 was made through First Boston
Corp. Other bidders
were:
Halsey, Stuart & Co. Inc.; White, Weld & Co.Merrill Lynch,
Pierce, Fenner &
Smith, Inc.
(jointly);
Eastman Dillon, Union Securities &
Co.; Harriman Rip¬
ley & Co., Inc.-Glore, Forgan & Co. (jointly).
bidders:
1962
about
RR
(11/19)
Oct. 31, 1962 it was reported that this
company plans to
sell $8,750,000 of first
mortgage sinking fund bonds due
Dec. 1, 1987. Proceeds—To
repay
and increase
note loans of $8,500,000
working capital. Office—710 North Twelfth
Blvd., St. Louis. Underwriters—(Competitive): Probable
bidders: Halsey, Stuart & Co.
Inc.; First Boston1 Corp.;
Carolina
Electric
Gas
&
Co.
Office—328
stock.
common
Underwriter—To
be named.
Main
St.,
ing
in February, 1958, was underwritten
Peabody & Co., N. Y. Offering—Expected
quarter of 1963.
Southern
'
Electric
Columbia,
The last rights offer¬
V
/
Generating
by Kidder,
in the first
;
21,
it
1962
(11/28)
Co.
that
reported
was
this
subsidiary of
Southern Co. plans
bonds
due
June
1,
to sell $7,5d0,000 first mortgage
1992. Office — 600 N.'18th Stre it,
Birmingham, Ala/ Underwriters
bidders:
First
it was reported that this company plans
$22,000,000 of first mortgage bonds in the
England Telephone Co.
(12/11)
Oct.
5, 1962 it was reported that this A. T. & T. affiliate
plans to sell $45,000,000 of debentures. Proceeds—To re¬
advances from A.T. & T., and for other corporate pur¬
Office—227 Church St., New Haven, Conn. Under¬
pay
poses.
writers—(Competitive). Probable bidders: White, Weld
& Co.-Kidder, Peabodv &
Co.,,(jointly); Halsey, Stuart
& Co. Inc.; Morgan Stanley & Co.; Lehman BrothersSalomon
Brothers
&
Hutzler
(jointly); First Boston
Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc. Bids
—Expected Dec. 11 at 195 Broadway, New York.
third quarter of 1963. Proceeds—For construction. Off be
Griswold St., Detroit. Underwriters—(Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.; First
Boston
Corp.; Blyth & Co., Inc.
Mitsubishi
Southern
Electric
convertible
bonds
in
Mfg. Co.
the United
States in
1962.
It
years
is
yet been made
'
.
June 12, 1962 it was reported that this
subsidiary of
Peoples Gas Light & Coke Co., plans to sell $35,000,000
two
natural
Gas
was
Co.
reported
offering
that this utility plans
a
of
rights
offering of preferred stock in April 1959 Was
by Snow, Sweeny & Co., Inc., N. Y., and A.
Allyn & Co., Chicago.
Tennessee Valley Authority
Oct.
3, 1962, A. J. Wagner, Chairman, stated that the
Authority plans to issue $50,000,000 of short- or longterm securities in the spring of
1963. Proceeds—For
construction.
To
•
Pipeline Co. of America
senior securities
it
handled
as
publicly or privately.
Business—Production of electric machinery. Proceeds—
For
expansion., Office—Tokyo, Japan. Underwriter—
Kidder, Peabody & Co., New York.
Natural Gas
Union
1962
and
whether the issue will be sold
I
15,
$10,000,000 of convertible preferred
stock in the first quarter of 1963. Office—1507 Pacific
Ave., Dallas. Underwriters — To be named. The last
bear interest of 6.5%. No decision has
to
Aug.
rights
expected that the bonds would mature in 15
later this year. Business—Operation
pipeline systems extending from
Chicago metropolitan area. Proceeds—For
—
122 So. Michigan Ave., Chicago.
Underwriter—Dillon, Read & Co. Inc., New York City.
gas
be
Office—Knoxville,
named.
On
Jan.
Tenn.
Underwriters—
Authority sold at
competitive bidding $45,000,000 of 4^2% bonds due Feb.
1, 1987. The issue was won by a group jointly managed
by Chase Manhattan Bank; Morgan Guaranty Trust Co.
of New York; Chemical Bank New York Trust Co.; C.
J. Devine & Co.; and the First National Bank of Chicago.
1962 the
24,
the
to
expansion.
Washington Gas Light Co.
Office
Aug. 1, 1962 it
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¬
sell
Northern ll'inois Gas Co.
Feb.
28, 1962 it was reported that the company expects
$125,000,000 to finance its 1962-66 construction
program. About $25,000,000 of this, in the form of a debt
issue, will be sold in the second half of 1962. Office—
to
raise
615
Eastern
named.
Terminal
of
S. C.
—500
Texas
$25,000,000 of debt securities
Ulinois
bonds
Southern New
third quarter of 1963. Proceeds—For construction. Office
of
Co.
was
of
$17,-
petitive I bidding
Peabody
&Co.
Co.
that this company plans
—415 Clifford
of
Power
sale
of
bonds.
Office—9th and Hamilton
Underwriters—To be named. The
maturing
Sts., Allentown, Pa.
able
Michigan Consolidated Gas
On Oct.
com¬
Alstyne, Noel & Co.. New York City.
Illinois
construction and the retirement
of
— (Competitive)
Prob¬
Boston Corp.; Halsey Stuart & Co.,
1, 1987. Proceeds—To retire $15,270,000 of bonds at maturity, and increase working capi¬
Inc.; White, Weld & Co.-Kidder,'Peabody & Co. (jointly)
tal. Office—220 E. 42nd St., New York. Underwriters—
Merrill Lynch, Pierce, Fenner & Smith Inc.-Blyth &
(Competitive). Probable bidders: White, Weld & Co.- >Co., Inc. (jointly); Eastman Dillon, Union Securities &
Salomon Brothers & Hutzler (jointly); Halsey, Stuart &
Co.-Equitable Securities Corp.-Drexel & Co. (jointly);
Co. Inc.; Morgan Stanley & Co. Bids—Nov. 14 (12 noon
Morgan Stanley & Co. Bids—Expected Nov. 28. Regis¬
EST) at company's office.
tration—Scheduled for Nov. 1.
trust
of
plans
company
714,086 shares are out¬
standing. Business—Manufacture of truck trailers, cargo
containers, telephone and power line construction equip¬
common
Mar¬
20, 1962. Jack K. Busby, President and C. E. Oakes,
Chairman, stated that the company will require about
$93,000,000 in debt financing in the period 1962 to 1970.
the
it
1962 it was reported that the Japanese Finance
Ministry had authorized the company to sell $10,000,000
reported that this
holders. Authorized stock
Office—:245
construction.
Feb.
Aug.
Oct. 24,
Industries,
was
Proceeds—For
St., San Francisco. Underwriters.— (Competitive),
Halsey, Stuart & Co. Inc.; Blyth & Co.
Inc.; First Boston Corp. Bids—Expected Nov. 27.
000
1, 1962 it was reported that this utility plans to
approximately $15,000,000 of 30-year first mortgage
bonds, in the first quarter of 1963. Office—120 So. Lime¬
stone St., Lexington, Ky.
Underwriters—(Competitive).
Probable bidders: Blyth & Co., Inc.; Halsey, Stuart &
Co. Inc.; Kidder, Peabody & Co.-White, Weld
& Co.
(jointly); Eastman Dillon, Union Securities & Co.-Mer¬
rill Lynch, Pierce, Fenner & Smith Inc. (jointly).
Co.
reported that this company plans to
of first mortgage bonds due 1992. Pro¬
was
ceeds—To retire
1987.
ket
Probable bidders:
sell
Michigan Wisconsin Pipe Line Co.
sell
5, 1962 it
(11/27)
Aug.
War
Business—Company is a leading domestic producer
dyestufl's, chemicals and photographic materials. Of¬
fice—111 W. 50th St., New York. Underwriters—(Com¬
petitive). Probable bidders: Bache & Co.; Blyth & Co.First Boston Corp.
(jointly); Lehman Brotners-Kuhn,
Loeb & Co.-Glore, Forgan & Co. (jointly).
of
Gulf
plans to
Sept. 21, 1962 it was reported that this utility plans to
sell $65,000,000 of first and refunding mortgage bonds
II.
Oct.
company
Aug. 1, 1962 it was reported that the company plans a
rights offering t.o stockholders of approximately $8,500,-
•
22, 1962, President Kennedy signed a bill au¬
thorizing the Government to sell its holdings of 540,894
class A and 2,050,000 class B shares, representing 98%
of the voting control of the company. The stock, now
which
Co.
reported that this
Co.,
->•
t
Oct.
held
de¬
quarter
South
Kentucky Utilities Co.
to the ICC for
On
Electric
&
was
of
of 1963.
Office—321 No. Harvey St.,
Underwriters—(Competitive). Probable
bidders: Merrill Lynch, Pierce, Fenner & Smith Inc.White, Weld & Co. (jointly); Halsey, Stuart & Co. Inc.;
Lehman Brothers-Blyth & Co. Inc. (jointly); First Bos¬
ton Corp.; Harriman Ripley & Co., Inc.-Eastman Pdlon,
Union Securities & Co. (jointly); Equitable Securities
-Corp.
■■
'
'
-
authorized
new
New York.
Gas
sale
h negotiated
on
Co., Inc.; N. Y.
the company to
convertible preferred stock
to stockholders through subscrip¬
issue 756,000 shares of
written
Japanese Government financial institution to
a
last
Pennsylvania Power & Light Co.
supply long-term funds to Japanese industry for the
promotion of economic reconstruction and industrial de¬
velopment. Office—Tokyo, Japan. Underwriters — First
Boston Corp.;
Food Fair
May
as
The
named.
,
$22,5(^0,000 of bonds in the U. S. It is expected that a
major portion of this financing will be completed by
March 31, 1963. Business—The bank was incorporated to
1951
be
Nov.
Oklahoma City.
Japan Development Bank
1962 the ICC authorized the company to issue
Price—By amendment (min. $5). Busi¬
9,
100,000
ness—A motor vehicle
second
Supply Co.
,
on
sejl $12,000,000 of 30-year first mortgage bonds, in the
20,
July 3, 1962 it was reported that the Japanese Finance
Ministry has authorized the bank to issue an additional
Freight Ways, Inc.
Underwriter—To
Oklahoma
Dubuque, Iowa. Underwriters—(Competitive). Probable
bidders: Merrill Lynch, fierce, Fenner & Smith Inc.Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co.
Inc.; Salomon Brothers & Hutzler; White, Weld & Co.
Water
Thursday, November 1, 1962
financing to be obtained entirely from long
borrowing. Office—2223 Dodge St., Omaha,
Aug. 1, 1962 it
May, 1963. Office—1000 Main St.,
,
Co.
&
stock in late
common
Y. Underwriters—To be named. The last
sale of bonds on May 3, 1956 was made by Blyth & Co.
Other bidders were: Halsey, Stuart & Co. Inc.; Kidder,
Peabody & Co.; White, Weld & Co.
The last several
issues of preferred were sold privately. The last sale
of common on May 9, 1956 was made through Blyth &
Co., Inc.
St., Wilmington, Del. Underwriters—(Competi-.
tive). Probable bidders: Carl M. Loeb, Rhoades & Co.;
C.
Co.
Jamaica, N.
on
Market
W.
Power
.
16, 1960 was handled
basis by Blyth & Co., Inc., N. Y.
1962 it was reported that this utility plans
to sell $3,000,000 of mortgage bonds and $2,000,000 of
preferred and common stocks. Proceeds—For debt re¬
payment, and construction. Office — 161-20 89th Ave.,
share for
one
Neb.
10, 1962 it was reported that the company plans to
sell $8,000,000 of first mortgage bonds and $4,000,000 of
March
Dec. 31, 1961, the sale would involve about
shares. Proceeds—For construction. Office—600
standing
Interstate
.
.
short term
Oct.
Jamaica
1962 it was reported that the company has post¬
poned until early Spring of 1963 its plan to issue addi¬
tional common stock.
The offering would be made to
external
or
bentures
Light Co.
March 9,
and Financial Chronicle
Kidder, Peabody & Co.-Merrill Lynch, Pierce, Fenner &
Smith Inc. (jointly). Bids—Nov. 19 (12 noon CST) at
company's office.
;
/. vV<, ■
.■
re¬
ported that it expected to sell about $40,000,000 of secu¬
rities, probably bonds, in the fourth quarter.
Office—
Cchnmercial
Ave.,
Bell wood,
111.
Underwriters—To
be
The
last sale of bonds on July 14, 1960, was
First Boston Corp. Other bidders were:
Halsey, Stuart & Co., Inc.; Blyth & Co., Inc-Equitable
handled
by
Securities
Corp. (jointly); Glore, Forgan & Co.
Northern Natural Gas Co.
Feb/ 28,
Dillon, Union Securities & Co.; Equitable Securities
Corp.; Kidder, Peabody & Co.; First Boston Corp.; Hal¬
sey, Stuart & Co. Inc.
man
1962 it
expansion
was
program
reported that the company's 1962
will require about $40,000,000 of
Western Light & Telephone Co.,
Aug. 1, 1962 it
was
Inc.
reported that the company plans to
sell
approximately $5,000,000 of common -stock through
rights offering to stockholders, in the second quarter
1963.
Office—2015 * Forest Ave., Great Bend, Kan.
Underwriter1—To be named. The last rights offering in
January, 1957, was underwritten by Dean Witter & Co..
a
of
San
Francisco.
-
•
Volume
Number
196
6208
.
.
The Commercial and Financial Chronicle
.
(1865)
interrelated
an
Federal Power
part
of
the
the
are
subject of
must be
price which
regulated
a
conforms
with"
the
standards
with
so-called
the
field" price, which
of
It cannot be
the Natural Gas Act.
equated
how
.
is not
fair
regu¬
a
lated price at all.
In
the. past
the area
year
ap¬
proach to producer regulation has
far
moved
the
down
abstraction to reality.
In the lead
involving the Permian Basin,
have witnessed within a single
case
we
the
year
compiling
of
the
achievement
signal
introducing
and
testimony
and
of
much
cross
ex¬
the
pipelines; have
mined which
and
use
of their
deter-;
to
reserves
whichtto sell, and whether
lines
shared
equitably in the low-cost
the
or
basis
which
on
serious
a
situation.
from
reserves;
As
find
take-or-pay
result many
a
themselves
taking advantage of the
riods when there is
buyer's
a
purchased
my
to
from
subsidiaries
others.
or
A staii committee has been
tablished
to
within
the
es¬
Commission
explore the facts in this vital
regulatory
the facts
position
to
policies
Until
area.
we
to
long-term
any
reach
but in¬
any
the
cost
of
The
pipeline
shown
in
companies
survival, which in
own
depends upon the availabil¬
ticular
ity
over-all
years most of them have
merit
word
a
dinated
direct
presentation
the
of
production
on
assembled.
to
nature
essential
brought
opera¬
been
un¬
cash
the
pioneering
if
to
in¬
the
of
procedural
is
be
pro¬
ever
Considering
precedented
which
their
comprehensive
tions and costs that has
the
coor¬
questionnaire
most
formation
and
praise.
and
the
is
case
reasonably
a
problem
It
seems
are
to
the
problems has per¬
group of
plexed the Commission
that
fact
directly
all
companies.
of
the
in
used
the
ment
some
pipeline
own
have
department
of
charged to
The production
pipeline
a
com¬
production subsidiary^
a
obviously, cannot bargain at arm's
with
the
charges
matter
of
and. the
buyer,
-
interdepartmental
pany
intercom¬
or
therefore
are
special
a
the
interest to
one
Commission's
this
of
aspect
thinking
on
complicated
problem has, J think, been clari¬
fied in the past year. As a number
the
of
dicate,
to the extent that
purposes,
for
on
for
or
obligations
any
at
cost,
such
to
lowest
reasonable
potential benefits
entirely
The
lost.
only
thus
is
far
that
is neither good
Commission's
actions
in¬
intends
pierce
the
it
to
Pipeline
Requirements
Reserve
Apother
major
of
un¬
finished business before the Com¬
mission
is
amounts
policy
our
of
pipeline
the
on
reserves
Commission's
The
policy
quire
as
know is to
all
you
with
reserves
present
re¬
12-year de¬
a
liverability for the entire system
as
prerequisite for certificating
a
either
rule
for
is
pipeline
new
a
of
or
a
ex¬
line.
The
sound
one
existing
an
undoubtedly
an
projects, where manage¬
new
ment is
untested and the dimen¬
sions of
both
factors
market
difficult
are
As applied to
to
tion. I
line
no
see
which
ducing
why
reason
has
subsidiary
should
be
treatment
given
than
its
conducts
through
a
affiliate
any
different
which
pipeline
a
pro¬
or
production
activities
production department.
Pipeline Information Obstacle
Commission
The
has
diffi¬
had
culty in grappling with the pipe¬
line
production problem, and we
finally realized that the
much
lack
of
of
the
source
difficulty
of
the
was
information
reliable
The
pipe¬
a
separate
a
on
and
assure
market
state
ner
in
and
to
natural gas is discov¬
inter¬
committed to the
and
ered
industry
the
of
Commission should be
that
in
orderly
an
such
a
is
It
way
lem.
factual
The
setting
whole
production is
of
field
one
the
of
prob¬
abel
to the
fragmentary
extent
of
except
serves,
which
information
pipeline
have
on
the
company
re¬
for
the
been
reserves
committed
the interstate market.
to
not
We do
the
I
believe
that
the
established
of
pipelines
need
goal.
Criticizes Inflexible 12-Year Rule
The
pressure
flexible
forts of
lower
such
a
rates
by the rate payers;
pipeline
been used in
reserves
relationship to
have
pur¬
at
maintain
to
pipeline, deliverability;
is
school
a
of
in¬
their
thought
that says the rate of return prob¬
lem
be solved
can
by elevating the
general level of rate of return and
rewarding
all
companies
alike.
This proposal does not meet the
test of
solution which is
peal
to
likely to
regulatory
ap¬
agencies
charged with the duty of protect¬
ing
against
consumers
rates.
another matter.
are
excessive
Rate of return differentials
leverage
of such
stimulating
The potential
differentials
to
management
provide
en¬
may
be forced to
ditions
are
high.
con¬
unfavorable and prices
The
the
contracts
lowest
rigid
a
fot
confi¬
ability
plies
with
which
they
started
longer be the exclusiv
no
touchstone with respect to reserve
requirements.
Continued from
page
Port
York
Of
New
&'Co.,
of
cause
ef¬
regulation in the over-all
public interest.
have
I
devoted this paper to
difficult industry problems,
but the positive way of looking at
some
them
is
istic of
that
dustry.
is
character¬
are
The natural gas industry
of great
one
ity,
they
growing and dynamic in¬
a
and
of
source
strength and vital¬
prime
a
the
and
basic
growing
re-'
energy
quired to perform the tasks of the
home
and
the
gerial
it
an
instrument
objective
to
ment
of
of
This
that
con¬
we
together about the
the
the
to
country.
requires
problems
view
make
can
service
of
our
tinue to think
lias
mana¬
polished and ef¬
more
people of
It
and
which
resources
even
fective
the
factory.
physical
enormous
industry
with
a
continuing improve¬
the
industry's
outstand¬
ing record of performance.
in
address
*An
N.
Gas
by Mr. Swidler before the
Association, Atlantic City,
J., Oct. 9, 1962.
Authority
make clear that I do not
me
have
in
mind
will
that
necessarily
over-all reserve
the
industry
W. Baird
—Robert
that
the
12
point,
rathe
operate
market
of
based
reserves
factors
and
Carolina Inc.
ac¬
upon
evi¬
dentiary requirements of sporadic
lotte
an
Periodic Reports on Reserves
One
staff
considerable
examination
idea
sidering
reports
we
is
time
the
of
has
to
12-year rule.
require
to
situation
con¬
periodic
the pipelines
of
re¬
a
thei
on
thus
and
their
keen
continuous
under
reserves
review. In this
—
C.
South¬
Incorpo¬
Building,
Char¬
available
Also
is
analysis of Pyramid Life Insur¬
Quaker City Industries—Analysis
200
Gersh
West 57th
Street, New York,
Remington Arms Company—Com¬
Lynch,
comments
on
Buckingham
same
Indian
Corp.,
Corp.,
International
Corp.,
Chemical
issue are
Reverse Stock Splits,
Colonial
Mills,
Co.,
Street, New York
Also in the
5, N. Y.
translated
in
result
line
into
a
for
more
the
the
realistic
industry
effect
of
same
time
guide¬
that
wi*
reducing
cost of gas to consumers
the
w?r
which
action
Corp.,
Harsco
Minerals
W.
R.
National
Federal
Head
&
Grace
&
Mortgage
the
while a*
assuring continu¬
ity of service.
I should
a
now
moment
subject
rate
on
return—a
of
understandably
of
interest
like to discuss for
all
to
keen
ipdus-
regulated
tries.
I
have thought for a
that there
was
long time
large room for im¬
provement in the procedures and
present
for
the
in
tise
or
tween
fixing
in public
principal
is
informed
the
the
utility
rate
cases.
guide
so-called
of
a
Sage International Inc.—Report—
California
porated,
300
Company
Incor¬
Montgomery
Street,
San Francisco
Seaboard
Finance
Purcell &
Co., 50 Broadway, New
York 4,
Be¬
com¬
of
New
&
Jersey—
D.
Barfclett
Co., 313 Vine Street, Cincinnati
2, Ohio.
Standard
Packaging— Discussion
—Paine,
Jackson
Webber,
&
Curtis, 25 Broad Street, New York
Also available
Y.
N.
Western
Union
and Westingliouse
data
are
Telegraph
Co.
Electric Corp.
Standard
Packaging—Memoran¬
South La
and
Salle
Company,
208
Street, Chicago 4,
Tidewater
&
Co., 25
Also available
4, N. Y.
ments
Oil—Analysis—Hardy
Broadj Street, New York
Minerals
on
&
Co.—Report—
N. Y.
com¬
are
Chemicals
Philipp, Olin Mathieson, and Pure
Oil.
Electric
Tokyo
Power
Co.
Inc.—
Analysis—International Bond and
Share,
Build¬
International
Inc.,
ing, San Francisco 8, Calif.
Also
available
'
comments
-are
on
the
Overseas Markets, with brief com¬
ments
various companies.
on
Tonka
Inc.—Report—J.
Toys
Dain &
M.
Co., Inc., 110 South Sixth
Street, Minneapolis 2, Minn.
U. S. Shoe—Memorandum—Bache
&
Co., 36 Wall Street, New York
5, N. Y. Also available are
20, Calif.
randum
memo¬
Carter Products, Stone
on
Container, Whirlpool, Fischbacli &
Moore
and
Cities Broad¬
Capital
casting.
Columbian
Security
Banknote
Vahlsing, Inc.
—
Hanly, 100 North Franklin Street,
Brourman
Chatkin, Inc., Carl¬
Hempstead, N. Y.
ton
Company—Analysis—Edwards
Shell
Oil
of
Company
Canada—
Analysis—Royal
Securities
poration,
244
Ltd.,
&
St.
Cor¬
James
&
Analysis
—
House, Pittsburgh 19, Pa.
—E.
F.
Hutton
corporated,
1
&
Company,
Chase
Plaza, New York 5, N. Y.
Worcester
ness
Laidlaw
National
New
&
Co.,
25
York 4, N. Y.
Broad
Street,
County
(Mass.)—Busi¬
Survey—Worcester
Sprague Electric—Memorandum—
Bank,
Worcester,, Mass.
In¬
Manhattan
Street, West, Montreal, Que., Can¬
/
Crow,
Western Air Lines—Memorandum
ada.
for
exper¬
judgment.
necessities
of
At
Calif.
First
Oil
Illinois.
Merrill
the reserve/
manner
Standard
issqe of "Invest¬
—
70 Pine
rated,
Co.,
&
Street, Chicago
3, 111.
dum—Sincere
current
Allyn
C.
122 South La Salle
Associates, Inc.,
New York.
Reader"
2
Redpath,
Standard Oil Company of Indiana
on
—Richard
&
Broadway New York; 4, N. Y.;
4,
Company.
Pierce, Fenner & Smith Incorpo¬
de¬
seriously
are
N.
2,
ment in
cases.
Commission
Analysis
Johnston
rated,
or's
The
Company of North
—
analysis—Au-
Parker
Memorandum—Benj.
Investment Company
ance
en¬
the
not
Co., Incor¬
r
on
pipelines to program the
quisition
c::
years
flexible riile which will
more
able
The
should
we
reduce
&
Milwaukee 2, Wis.
nue,
chincloss,
—Analysis—A.
porated, 110 East Wisconsin Ave¬
Commis¬
requirements for
below
deliverability.
is
the
Avenue,
Premier Industrial—Memorandum
ern
sion
Brothers
Baltimore
1009
D—Chart
Square
8 '
City 5, Mo.
Public Service
Let
provisions
course,
the
large
a
Dealer-Broker Recommendations
Kansas
v
and expand the initial sup¬
renew
commissions
of
to
per-'
company
make
can
com¬
possible*
they do so,
as
foundation
a
of
is,
it
con¬
had
use
growing
take-or-pay
producer
market
return^irrespec-
individual
safe reserve
a
dence in the industry's
return
when
of
contribuiton
ever
performance
of
rate of
same
American
higher standards
sion
commitments
100%
and
on
already too voluminous.
are
There
adopted before the Comm'<,•* Bonds—Circular—Stern
standards
over-all
costs
which
rule
saddle themselves with long-term
are
supply
In
Under the present
companies
chased gas so as to minimize their
gas
promise
consumers.
should
rule
the
to
praiseworthy endeavor the
Commission
couragement.
how
■
adhering to the objec¬
long
ef¬
pipelines to reduce their
costs which in turn holds
of
more
been based on the
ac¬
been financed
provide
to
pipeline reserve require¬
ments has
has
reserves
the
to
present
the
of
itself
assure
managements
greater flexibility to achieve this
quisition
these
in
and
standards
Association, and Virginia Electric
is brought to the ultimate cop-}
issue would not be treated in the
sumer at the lowest possible
& Power Co./,"*"'*'"* ' /
cost
context of a certificate case, but,
which
is
consistent
both
with
Rucker
Company—A n a 1 y s i s—
would be determined periodical¬
fairness to the industry and full
Schwabacher &
Co., 100 Mont¬
ly.
Within
the next year I believe
assurance of continuity of supply.
that
you
will see our studies gomery Street, San Francisco 4,
know the extent to which the
of
to
man¬
pipeline
public. We have only
ac¬
aggregate
responsibility
position
reserve
that
such
(man-.
gas
in which little
information has been made avail-
the
cost. So
have
the
the
tinuously that the pipeline
voted
tool.
objective
the
in
important contribu¬
an
Commission
appraise.
established pipelines, it may well
evaluation of
performance,
of
objective
work¬
a
the
sources.
expansions of well-
be toojblunt a
ques¬
which
supply pipeline certificate
and
posi¬
reserve
tion to the Nation's gas supply re¬
re¬
quired to support service obliga¬
tions.
their
tions by their own production
should
item
of
pipeline production
strengthened
maintaining
Commission handle the problem.
assure
Many pipelines have also
tive of
corporate veil in its consideration
the
market.
are
in
to
them
of the
availability of the
supplies they expect to bring to
panies
bad
nor
difficulty is
have
a
organizations
may
pipeline produc¬
of
purchase
con¬
clusion I have been able to reach
The
not
have built up large and expert gas
make
available to its custo¬
the
mers
be
carried
been
other than to support the
pansion
Commission.
The
com¬
op¬
develop¬
and
been
the gas. consumer.
length
costs
.do
-
and
rewarding and encouraging
superior performance, and is not
have made
have
speculative
com-.,tion
Usually
exploration
or
at
the
acquired
great wealth of information and
tion
they produce is
gas
their
costs
pany,
own
Through
reserves.
tivities,
erations. Much, and perhaps most,
of
its
themselves., pvodu^ersi itself but that everything depends
or
through
af¬ upon how the pipelines and the
are
either
or
the
by
pipeline V
many,,
panies
filiated
than
more
afe^created
which
those
pipeline
a
of
pipeline exploration and produc¬
natural gas
Combined Producer-Pipeline Cos.
No
supply
However,
gas.
pipelines'
satisfactory.
of
parable to the costs of purchased
purpose
than
more
that
me
developed
of
sources
to
apparent
large potential benefits
has
the
has been
supply
gas
a
consumers
which
prompt conclusion, I believe that
progress
of
pricing.
there
Their responses to the
case.
Commission's
vide
of
single
a
the relation¬
we
rates
accomplishments would lead only
to increasing the size of records
have
understandable interest
an
their
turn
,
tive
vite utilities to expatiate
con¬
setting benefits.
ship of pipeline production to the
on
to
gas
the
diligence and ef¬
and
suggest
for
system of awarding approximately
there should be
costs
can
substitute
fective
down
absence
without providing any off¬
sumers
obviously not in
are
adopt
or
know
we
creasing
consumers
bring
agerial
ap¬
other, lies
its
able
formance,
standards
well have the effect of in¬
very
reward
serv¬
should not be ignored by regu¬
latory agencies-. If the industry or
ficiency and to motivate manage¬
ment
to
imaginative efforts to
that
In
judgment, indiscriminate
to
one
which
public
a
the
on
in which
area
the
on
maximum
justified for
improve service.
plication of the 12-year rule could
■'
r
■
terim conclusions
introduced
pe¬
mar¬
ket .to. build up their reserves.
amination. The producers in par¬
They
pipe¬
inhibited
the pipelines have costed the gas
sold
enterprise,
an
in
the
ice
room
them
and
be
supply to
extent which has put
Constitution,
can
lines to commit themselves for
gas
an
its minimum entitlement
or
hand,
cases
1-year rule has caused pipe¬
the pipelines' own customers have
from
road
pany
under the
pending rule¬
a
making proceeding. In many
the
Continued front page 7
gas
supply problem and such clauses
45
446
County
Main Street,
46
lhe Commercial ana Financial Chronicle
(1866)
Big Business and Economic
State-controlled
enterprise.
force it to do the
things they want
on
big scale, and they sell that
a
idea
with
By the
They
also
Government
in
consistancy and zeal.
Continued
from
picture firms.
motion
and
textile
included
club
exclusive
departures included lead¬
Earlier
from
~and
sugar,
firms have
World War II, 13 new
membership in the club and
won
readmitted.
three have been
viously, the top is
and; is
just
business
slippery <©lace
a
for big
uncertain
as
-
Ob¬
it is for small business.
as
However, big business generally
is
expanding
this
for
and
we
should be thankful.
I use "we" in
the
broadest sense,
for whom, do
we
mean
The
ness?
big busi¬
is
pertinent
question
prises as consisting of a relatively
small handful of men ensconced
suites
executive
the
in
But
towers of Manhattan.
the
of
valid
a
clude
employees
in¬
must
business
of
millions
—
Corporations presently em¬
them.
at
ploy,
payroll
a
billion in
1962,
of
$200
some
than 30 mil¬
more
people—almost
the rest of the economy
local
and.
combined;
Federal,
State,
governments.
These
including
even
of all corpo¬
employees get 80%
rate-originated
the
with
income,
going to interest,
remaining 20%
dividends, and retained profits.
Any valid image of big business
must also -include its individual
stockholders. Within the past dec¬
almost
has
stockholders
number of
the
ade,
doubled,
at
and
the
present time the number of Amer¬
icans
owning
held
in
stock
publicly
corporations is estimated
to
In
also
the
i
the
what
the
stockholders
is
to
be
pro¬
consumer—the customer—
who makes
businesses pros¬
some
and
perous
will
some
businesses
and
noor,
inevitably make
small
of
today the big
who
consumer
It is also
calls
into
ones
this
process
and industrial
It
is
choice
consumer
directly, expand
that
These
ance.
contract. Thus,
or
bigness in business is
the
a
result of
lot of talk today about
need for growth of the
think
I
it
must
econ¬
be
recog¬
nized- that bigness itself is
simply
omy.
the
end
to
were
the
result
of growth.
set
arbitrary limit
size
an
which
to
business^
entity
almost
would,
with
serious—we
to
grow,
kets,
We
&nd
if
process,
basic
we
is
in¬
us
more
defeating
to
were
the
are
to
make
our mar¬
efficient.
our
restrict
pur¬
this
of growth through such
a
misunderstanding.
Again,
size
become1
be
more
the
profits
cause
products, broaden
would
pose
stifle
be
is
we
large;
Our
competition
Russia is monolithic
in
a
our
and
yet
making what
sonable
►
charges
lines
in
is
free
of
When
be
In
short,
about
certainly
is
our
for capitalism.
seem
we
system;
own
our
Government
Big
One
might
Needed
Is
businesmen
that
also,
observe,
country expects of them.
Federal Government) itself, is
our
tremendous
and necessarily
—
so
it, too, has a big job,tO-do.
because
have
payroll of $14 billion, and total
expenditures of almost $90 billion.
have
proposals
serious
no
seen
that it parcel
out its powers, em¬
ployees,'and expenditures to the
This
States.
that
sure
am
defense
no1 one
a
would sug¬
do
could
we
our
enterprise
system—-the
re¬
turn f or*~rdsk. and work—seem to
become
ple.
with
associated
many peo¬
But, after all, it is the pros¬
pect of profit that is- the principal
inducement
in
country
its
people
invest
to
ventures—which
business
new
this
for
have
must
keep
to
army,
its
each, have
and
air
own
version of Project Mercury.
force,
or
in
I am convinced that
made up
single
every
businessman
world
a
Government
labor
or
other institution,
any
human
of
of elements that are be¬
them
of
done
be
can
require
well
resources
small
of
beyond
companies.
So,
to
big
alternative
the
is
by
them will
small business, many9of
alternative I
only
Certainly,
entity
that
them.
If
a
beings,
4
collection
or
made
ud
like;
and
the
of
unions,-
are
human
any
species
have undesirable individuals.
can
What
I
want
do
to
suggest
is
ment,
prise
or
There
And
them.
we
recognize
the
ernment.
Its
enterprise.
simply
is
no
other choice.
yet, few if any of our Gov¬
would
officials
openly
nationalization
Nub
and
able
of
of
in¬
our
about
consider to
problem.
national
We
goals
public interest that are laud¬
generalities.
ernment and the
to
as
But
our
public
the
Gov¬
seem un¬
that
role
They
enterprise is to play.
big
free
seem
instinctive aversion to
an
business without any clearly
defined
I
and
Government
through
reasons.
that
believe
indecision
so
that'
the
this
is
national
of
and
understand
national
should
be
but
unreasonable
judged
strictions
only when that bigness pro¬
harmful
duces
effects.
let's
So
with
of
the
must
who
misguided
business
sibility
that
profitably
their
stockholders,
busi¬
interest
but
also
develop
the
skills
new
and
ernment.
moving; again
savings in
big
job,
hope to achieve
understanding
system,
industrial
for
struggle
of
our
which,, in
turn,
potential
military
-our
in
.
the
and
eco¬
nomic strength.
coun¬
address
*An
investing
by
before
Mr. Mason
by
the
Advertising Research Founda-tion's- annual
ventures, if
new
today.
a
combined ef¬
a
can
we
is
prerequisite to utilizing
a
full
going to partici¬
are
pate in the effort to get this
that
only by
better
is
Also, I wonder whether
stockholders
fort
is
business
of the Gov¬
and programs
it
a
techniques required to support the
plans
and
this
op¬
negate
.
thinking
prevalent
again,
Here,
recogni ze- that they must continue
to
every
and
fallacious
all too
respon¬
the
in
dispel
this
of
is
<are
commu¬
man¬
their
operating
firms
hopeful that they
am
to
ef¬
more
advantage of
portunity
of
to
communication.
advertising
I
the
required
of research that
of
means
take
some
These
managers.
maintain
to develop
necessary
will
the
in
harassment
public
of
nesses
of
persist
not only have the
agers
the kind
citizen is 'to reject those* nication,
average
individuals
to
expense
practitioners of effective
the
if
re¬
difficult
Because
understanding
achieved
be
and
become the order
day, it will find it increas¬
fective
It is this kind of
that
has
ingly
is
problems that arise out
size.
our
industry
recently and if
of the
conduct
big, and let's help each other
thinking
regulations
to
are
overhead
both accept that each is big, has to
be
advertising
under attack
come
and
past
our
prevail.
The
must first
we
business
phil¬
don't tnink
one,
maintain
can
we.
is to
fast-growing
a
that
Government
stated
our
strong
a
defense, I believe
conference, New York City, Oct. 2,
1982.
The State of TRADE and INDUSTRY
Continued
sides
of
gration.
serious
find
must
bor and the
these
It
soar.
failure
is
must
not
advan¬
one
and
interests
have
sion
At
top
on
forget—
to
they
or
their
make
good government.
Big
Business
Government
I
are
rupt,
or
order
new
auto
automotive
its
order
They take full advantage of their job to do.
it
solely
1955.
still
stocks
into
at
•
The
General
and
and
normal-
a
steel
Ford
Since
Auto
October
we,
as
a
duty
we
on
the
It has a big
ended
in
production
cording
the
U.
000,090th
1963
Ward's
car,
the
model
kwh.
noted.
last
slight
a
assemblies
of
week
rise
two
also
S.-
car
count
Jan.
1
that
this
at
163,102
162,771
year
output for entire 1961
this
sometime
this
the
This
Monday
of
'63
was
same
eight
ago.
or
the
last
3.8%
cars
v. >
>
in
-
15,066
were
cars
reported
revenue
highway trailers
or
highway
(piggyback)
Oct.
in
This
cars
13, 1962,
that
was
or
(which
week's
an
22.3%
jv
-H:-.
con¬
the Week
in
were
over-all
increase
above
corresponding week of
lri»~
week
decrease of 24,350'cars
more
2,747
year.
de¬
5.8%- be¬
or
or
total).
of
:
a-
below the corresponding
included
'62 model milestone last
ears
preceding
one
ended
was
ahead
a
with
loaded
of
the
corresponding
There
week
model
37,735
of
announced.
■
week in 1960.
overtook
Monday
Association
.
of
in'
totaled
increase of 6,445
above'
1961, and
making
20
The loadings represented
low
period,
freight
Oct.
Railroads
was an
crease
Iri
Week
the
cars,
week.
;
(5,516,317)
days
5.8%
or
revenue
ended
1.1%
or
tainers
the millionth
of
week
613/223
week.
made—some
the
past
previous
kwh.
1961
From
>
from
car
the
of 16,178,000,000 kwh.,
886,000,000
Loading
159,136.
was
said
Electric
29,000,000
was
of
es¬
ac¬
Freight Rail-Loadings Down 5.8%
estimated
"Optimum"
an
light
parable 1961 week.
the corresponding week of a year
ago,
electric
Edison
that
below
Reports' American
weeks
,
above the total, output'of the com¬
1,-
j.
The statistical agency
the
Output
week's .total
passenger
Automotive
the
by
to
its
at
of'
Over
:<•
■
16,149,000,000 kwh.;
Institute.
highest level of the year and also
assembly
Up 5.8%
Year
1855
continued
included
of
:
Saturday, Oct. 27, was'
timated at
Record
November,
week
this
/
industry for the week
power
and
Week's- Auto Output- Exceeds Last
Year's* Making
November
-
continued; high steel
into
October
volume for
arpount of electric energy
a
orders.
Month
Output
distributed
cutting
is
of
.v..";"
Last
production at the Ford steel mill
is
month
.
-
cutting
approaching
the. in¬
any
month* since
any
the
Chrysler is improving
but
orders',
highest for
Electric
steel
same
upwards,
record and greatest
on
and
lentire
yield
to
high rates of
are
the
by
October,
The
curs.
720,000,
maga¬
market,, is
in
in
far
expected
buying rate. Ford is increasing its
It
ground that it is big.
the
,—
pattern-,
is
Motors
that
-criticize
rate.
faster rate.
must
not
000
be
by false starts
production
when it is wasteful, cor¬
determination
time,
made
1,-
997,869
dustry has assembled about 630,-
;
current
On the plus side;
Ward's
justified in criticizing
dictatorial—but
could
fluctuations
day-to-day
since
Government, and have
to do so,
or
Bad?
believe, however, that
citizens,
the
Thus
the
in
against? reces¬
that
same
units,
to
Is
the
said
force
with
1961.
will
they
assembly
estimated
an
compared
models
196*2
decisive.
1963.
for
up
characterized
--
reelected
work
pressures
building
the
When
stabilizing
a
market arid
production
able
be
formi¬
a
And
together,
lumped
sometimes
simple idea that they follow with
dedication.
But
at
was
144,000,
time in
all politicians know
be
contribution
our
and
and
to
emerging
the
as
others
contribute
in that they have
con¬
State
truly quite
models
of la¬
reaching acceptable and workable
space race
of the
an
Balancing all of
conflicting
is
factors
22-
for
plants Oct. 27, production of 1963
selective
Age commented that
Iron
of these
none
Gov¬
the
and
between
powers.
decisions
The
equitable
an
this,
to
The
the rights
farmer
and
sumer,
so
have
can
where
tions' scheduled
will
market
price increases are practical.
rights of business, be¬
the
Federal
is
word,
wrong
of all
our
have
the
balance between
tween
policy, the
consequences.
ernment
inte¬
as
lack of action
or
both
Government
—but
nations.
Russians
the
important
failure to sell the American
over us
economic
In
of
such
uncertainty
an
well in the
system to many
questions
emo¬
on
point
By the end of overtime opera¬
15
page
the
us
field, they must
people
the
reach
defenses
highly charged
from
Possibly
prices.
zine
guide*
our
responsibility.
with Russia, and it may
The
tq reach
are
goals
economy
Federal
our
to
dable
sixties
contribute to
show up so
our
stag¬
the most powerful
are
we
tional feelings of
will
to
are
of' international
In the civil rights
performance of the economy—the
of
have
a morass
deal with the
they
failure
of
They must manage
contributing factor to the recent
may
If "we
devel¬
of
record of growth if such
minute by compari¬
leaders
great: that
Problem
the
of
nub
much
certain
problems
seem
The
son.
action,
the
Gov¬
gering and make the problems of
power
This is really what I
be
of
problems
clear-cut decision to nation on earth, and yet not bank¬
— free
enter¬ rupt the country while doing so.
dustry.
hear
should
businesmen
responsible
country
nationalized
champion
believe
I
only
to;'big companies,
a
ernment
public.
the
and
other problems and along a path that is
enough to do beset with frightening
pitfalls.
the
big
is
very
as
do
Government is the only
alternative
make
is
it
The
is to
see
can
Government
the
have
osophy and I, for
kind
is
will have increas¬ that we must develop understand¬
ingly bigger jobs to do; and while ing
between business,
Govern¬
have
that
that
business
some
under
I .know
not
was
certainly don't want to suggest
that
coming larger and more competi¬
tive,
profit.
country
solely because their companies, are
their
I
but not
consumers,
this
oped
better than min¬
a
average
big,
try
moving ahead.
economy
give poor
or
or
a
its own navy,
have
States
lifeblood_Df
have
to - the
that
prices, re¬
to" be
better simon-pure. We all know that is
job by letting each of our not: .true.
Corporations, like the
that
gest
needs
country
establishment, and
huge military
I
free
Profits,
the
are
IVz million people,has greed in the minds of
It employs
I
which
competition,
value
seem
we
country
a
as
about
talk
system,
apologizing
uncertain
that
nation
our
we
enterprise
to
and it
impressions
such,
opinion
in
succeed
paper
imum
likely
are
suspect when they hap¬
to produce
pen
the alike—bigness is npt bad in itself
"Whether
bad impression,
upon
formed.
unrea¬
true or not, the head¬
the
a
world
accused
or
called
are
profits.
are
leaving
a
procession of business¬
publicly criticized
men
of
We have
become confused as to what their
tage
must not forget that
relative..
service to
system,
get the best from it.
and
'1
world markets.
we
Clearly, growth
and the prospect of
better
on
definition,
would
that
the
we
particular
a
can
by
grow.
incentives
are
in
industries
own
our
to have
If
stifling growth and—what is
centive
firms
European
all
makes
human needs and basic economics.
a
aid,
going to be extremely competitive
enterprises, either directly or in¬
We hear
of
concessions, and export assist¬
competition to meet
choice
consumer
pushes
obsolescence.
of
in¬
new
dustries into existence and
old
who
of the
some
businesses of tomorrow.
the
development
give
shackle it'-dowp .so that we don't
suggest these jobs be done?
duced and^who is to produce it. It
is
member
the
their industries with financial
tax
enterprise
companies? How would our critics business
or
decide
who
the
foster
free
strain
other hand,
greap deal of lip
analysis, however,
it is not the business manager,
employees,
efficient
European governments
countries.
the
on
the Final Judge
as
final
the
de¬
are
market, which
of
each
of
sources
what
Gonsumer
Europe
of the natural talents and re¬
use
We,
continual
will lead to larger, more
those
17 million.
exceed
in
a common
as
many
as
our
be consid¬
business organizations and-better
50
lion
friends
Our
a
big
of
image
of
none
can
ered to be too large.
false image of these enter¬
a
companies
larger
frequently
corporations
big
have
term
steel company.
these standards,
By
believe that the critics
I
because
of
by the
chemical company, one
one
Since veloping
ice.
»
effect
auto company, one
shipping,
shipbuilding,
<
leather;
*
this
Recent departures from
icals.
rather
ers
and chem¬
equipment,
electronic
in
It has
structure.
economic
its
11
page
Greed
certainly is justified
when they fix
ventures
declared
do-.. The
to
attacking and penalizing busi¬
nessmen
Profits and
big job
a
these
token, businessmen
same
have
Thursday, November 1, 1962
1961
of
the
and
Volume
3,452
cars
1960
week.
29.7%
or
the
the
of
for
cars
94,2^2
of
above
railroad
last
systems
293
from
in
the
previous
the toll dropped
•:
From
OfL
Truck- Tonnage
Last*YeaiwS'*W£ek-.
endedv Oct.
20
Truck-
nounced.
0.9%
'or
week
of this. year.
this
While
dicates
of
decrease
year-to-year
unusually
the
by
strong
particularly true
to- terminals
in
week,
port
The
report
to 16
handled? at-more
men
of
carriers
throughout the country.
The - -..terminal
showed,
week
frnm
a
iropi
lb
Department
store
the
Federal
.
regions
ended Oct.
in
1961.
sales
advanced
1 %
resnectivelv
respectively.
117%
11.7%,
the
cas-
down
76
to
in
Continued from page
_
4oi
at
62 and the
at
| 5r
regions—the
stood
toll
According,
gas
in
in
cfeases
and
^
Kan"
»ust' Co
Ban'k
Federation
to
the
Sealed to
and
3.20%
for
holding
vestor and
bank
sold
while 21
edged
f 8
from
16Q%
&r y
the
marked
account
.
sizable
indicated
York
.
.
to
Boston
to
Co.
&
and> $2,325,000
^
Qf this
ac.
and
have
bonds
been
f
cnhmitfpd
,.,
•
(1963- 1992)
the
Columbus- Day
religious;
level
same
as
■
of $6.03
,
are
5.1 %
hand,
a
total
-
cost* this
wholesale
production
States
Trust
National
Phila-
Co.,
Bank,
Marine
3.50%, today's
in
the
toll
toll
roads.
road
By
segfrient
of
week:
to
continuing
disfavor
&
1.50%
from
nas
issue
been
Slow
Warwick, Rhode Island came to
balance
is
roads and
$!,-
was
the successful purchaser
concerning toll
financial
justification
of
roads
their
economic
in
and
proper
financial
ready
jointly
by
State
Revenue
naming
ol 3.2093/o.
$45,000,-
competing
bid,
offering a.3-.234% net interest cost,
made by the
jointly by
Lehman
syndicate
Phelps,
man-
&-
Fenn
Brothers,
Smith,
Barney & Co. and Halsey, Stuart
& U°.
major
members
of
the
to
toll
eco-
substantial
highway
the
for
appears
usage.
shows
close
thege
3/gths
The
ield
3i882%
to
issues
of
during
average>
Financial
a
Index
gained
point,
the
3.56%.
Index
bond
revenue
that
not'distant
and
^Commercial
Chronicle's
on
moved
The
an
week,
last
from
Index
is-
derived by averaging the yields of
23-long-term
Toll
Other
He
on
and noted the explosive potential
Dormitory
(1965*1994)
net interest cost
a
The
these,
perspective.
contributed
increases? in
that
Y°rk
before
-
nomic development that has al-:
bond issues.
revenue
road, toll bridge and utility
revenue
issues
are
included.
successful group include Equitable
Securities
&
Co.,
Laden-
headed by Halsey, Stuart & Co.
the
speaking
Di-
High-
>place the economic need and the?
ac-
future.
(1963-1982) bonds and the group Union
in the week ended
Jersey
bridges and has helped,
market for $2,950,000 High School Securities Corp., Eastman Dillon,
in
flour,
Executive
New
misapprehensions
_
headed
and
Turnpike Association, recently effectively dealt with many of the,
the better of two bids for
bonds
Tonti,
the
properly, placed emphasis
group
to Co,
wim
came
Co.
roads
the American Bridge, Tunnel and\
(1964-
cost
of
Co. and Wertheim & Co. submitted
aged
yield
is much misun-
Authority,
way
Michigan
Trust
Louis
rector
Kidder; Peabody & Co, Blyth &
was
to
There
Unwarranted Fears
.
,
_
; * "r*".
Week s-Major: Sale
The
First National Bank of Memphis.
3.25% initial investor demand for
wheat; corn, rye; oats, lard, sugar,
cottonseed oil and' raisimsv HowOct. 20, totaled 217<9S£JK)0board^ ever» these dips weie of-slight size
feet compared with- 231,505,000 in and only partially offset the larger
the prior week| according to re- price increases:
f
her
u m
the
prejudices unfortunately pre-
D.
500,000.
Fidelity Union Trust Co. and the
Scaled
nine
of
foodstuffs - were quoted lower
.
•
.,
roads.it
vail,
Sealed to yield from 1.75%
underwriting Authority
this
Northern
delphia
•
L
in
Bank
about one-third of the bonds sold.
Below 1961= Level
United
from
Trust Co. of Western New York,
for
,,
.
cost
barley, milk, cocoa; and hogs. On «
other
^
n
toll
old
bonds
System
interest
net
Associated with First National
City
a
when it stood at $5.90,
level
interest1 cu<?
+n
tftis
the
*
q i04c/
3.124% to 3.19/1%.
ate gains also were registered for
'
Lumber. Output Is
ranged'in
^
and
eaAier w^
-
cost of 3.118%. The other 13 bids
during
holiday,
observances
•■■
other
and
x
the
in-
was
Hornblower
Northern
the
count.
•
Substantially; higher in wholesale markets this .week were hams,
bellies; and potatoes, while moder-
New
+u
to
derstanding about toll
closed.
Wyoming,
3.434%
a
State to
Qeorgia
$4,000,000
Wdderef a net
the. similar.date.
gams
and
4
among
investors;
the best bid for
Disposal
Sewage
the First National City Bank the
aith.ouigJa it remained considerably
attributable in part to
were
thia
;
the
belo.w^the 1960
.
week-to-week
at
w
relation
in-
Phelps. Fenn & Co, R. W. Press-
from
fop. the
0 5% to $5 90
up
areas-showed decreases.
...
m1
The
Turnpike
3s
seems
Re-
coupons,
all of the
Weeks submitted
ield
louiteen bids were submitted
.
year, ago
reflec^d increased tonnage,
areas
.
In
during the order period and
prich
to
^ ^
Oct. 30- from $5.87 m the preceding.week. This upturn brought
metropolitan
13
Toll
since last reporting.
or,.niore
1961.
demand
stantanious with
bonds with the account headed by
Index,.-compiled by.-.Dun & Bradj
Petersburg
-
Virginia
issues have shown gains of 1 point
cor-
yield from 1.65% to
jered
3 20%
three
Thre*
Ihree
Compared with the immediately
week,
for
even
the Wtolesale Food Price
the. index
preceding
3.45s,
1962,
Federal
various
Trust Co. and Flrst Natlonal Bank
: gt Louis The bondg
Qf_
^ ^ ^ b
Fractionally in Latest Week :
of'10%.
excess
Richmond
_
had
thiee
1961,
Co.
_
n
®on^
West
6
,
_
^re^°ry & Sons,
1? At
Co., National
iu™
Canadian.failures-edged.down
,
,
pike 3%s, New Yorkt Thruway
3.10s, Pennsylvania Turnpike 3.10s,
four
the
,
Turnpike 3%s, Massachusetts
Turnpike 3.30s, New Jersey Turn-
believe that this attitude has been
fraction-
off
three
Atlantic
bire®V
Chesapeake
overdone to the detriment of many
i^holesale Food Price Iiidex Up Highway Authority
Hp-
gains.
by almost sweeping generality. We
97" and
from
Central
17.0
rpflertpd
reflected
Milwankpp
Milwaukee
and
and
in
toll road issues have
sas
ments
n
Albuquerque,
Houston,
points,
the
over
responding period
,WT
and
and
Ih
period ended Oct. 20,
.
trucking centers, up
overall
an
have
reporting.
3%s, Chicago-O'Hare 4%s, Illinois
Toll 3%s, Indiana Toll 3Kan-
in-
s
for the week
loss
a
a
20 compared with the
period
week
Board
neither
nor
on
re-
during
tolls
lower
After
the
iasues
last
Bay Bridge 5%s, Chicago Calumet
taken from
Reserve
reported
advance
sales
as
bond
since
good
—__many,
comparable
year-ago
level of 42.
v
s
P^^s/eflectmg.deereases
the 1961 level. Sizable- year-
niroit
shown
1961's Week
country-wiae basis
Rise
~
to 49 from 51 a week earlier; but pi£Ced
continued to exceed slightly^ the
F
last
tonnage
with 18
from
Store
c
portfolio demand was in 2001) bonds at a net interest cost
and one showed no change.. immedlate evidence
andLaU but of 3.4035%. The runner-up bid of
more
localities
localities,
16
at
ago
year
a
at
better
A few of
Department
Sales Decline 1.0% Below
exceeded
or
with Middle Atlantic
failures than
-
-
for
survey
increased
a^n
vpar
■
revenUe
done
but in other lines
fromJO.Year-to-year
trends
mixed; five, areas had fewer
were
-
freight
general
term
relagated
Pacific
the
re-
com-
by Dun
Bonds
The sensitive dollar quoted long
investment has unthinkingly been
North
south
than 406 truck terminals of
"
57
con-
of
Economics.
Toll
47
significant to us that but
serve
System department store *ew fiduciaries, trust officers and
sales in New York City for the °ther
discerning investors , and
t°tel dollar volume of re¬ week ended Oct. 13, were 2% counsellors, have seemed to keep
abreast of the positive develop¬
tail trade in the week ended Oct. below the same period in 1961.
22
to
1%
according
Inc.
Nationwide
like
34-metro^htan South Central at 22 The on y
incre^e took pl^e m
Research and Trans- the West North Central States, up
partment ot
J
apparel departments suffered the
greatest losses as purchasing of
heavy outerwear items slowed to
a
standstill: Home furnishings
sales» however, moved ahead of
test year, and demand for automobiles remained exceptionally
g°°d.
conducted by the ATA De~ notmeable
areas
Bradstreet,
dex
succumbed
contractors
(Albu- occurred
These findings are based on the
sur vey,
&
into/; consumer buying; activity
durin§
week ended WednesOct. ,24. Men's and women's
any to 56 from 60. Little change
qiterque, and? Milwaukee.
weekly
at
toll
its
geographic
ualties
respect
Houston,
service,
equalled
ported
upturn
with
casualties
manufacturing,
lifted
year ago,
Five
the
in traffic in the Fall of 1901. This .East
is
no
lower to
year ago,
1961 levels,
colored
is
a
failures
in-
earlier,
year
virtually
week earlier,
a
In
21.
increase
than
is. trailing
tonnage
a
against 33
commercial
was ■ struction
previous
survey
40
a
to spot estimates collected
Purchasing
163
to
wholesaling
against
an
was.
off
from 45. Fewer retailers and
"
weekly
truck
volume
of the
There
in
as
in
thecorre-'as
-tonnage
that
above
70.
at .34
to. 137 from
construction,
change
the
■
sponding week of 1961 the American - Trucking
Associations- an0/6%
in
from
-
was
in
volume
below- the
-.-
tonnage in
truck
ranged from 3%
higher than
year-
week
year's week
this
and
week
ua/
remained
24
ian hummer Hurts Retail
smaller
casualties
with
losses
under $100,000 declined to 251
S.
1960.
Intercity
index
considerably lower than the
1961.
compared with 58 one year ago
All of the week's downturn was
and 5:4 in the corresponding week concentrated in retail trade-where
in
the
Unseasonably warm weather
originating this and 271 in the similar week of throughout most of the nation cut
I.U.
61. class
were
in
the comparable
on
month,
slightly above
,
corresponding period in
traffic
type
still
slightly above the 33 of this size ago level of 273.30.
period a year ago. On the other hand,
corresponding
There
I960,.
While
20.6%
or
cars
at
39, the same as last week, and ran
in-
an
held steady
more
or
(1867)
of Oct. 29, from 270.73 in the prior
week
week.
$100,000
1961, and 114,367 cars or, 26.1%
above the
in the comparable
Failures involving liabilities of the 270.16
1962
of
weeks
41
552,708
crease
The Commercial and Financial Chronicle
.
300
piggyback loadings
first
totaled
the
above
.
.
1939.
Cumulative
for
Number 6208
196
A
c
AWgWL iippOlULb-
Carman, Branch Mgr.
on
.
b*
"
4.'
its bid of 100.02 for a 3% coupon, Ndveen & Co. and B. J, Van Ingen
Co. The bonds were offered to
& LA JOLLA^ Galrf. —Appointment.
The runner-up bid of 100.48 for a'
Douglas-Carman as^
3.10'% coupon was submitted by yield from 2.06% in 1965'to 3.35% of
m anager
of a new California
in 1991 and as we go to press, it is
ports from regional associations.:
The Dun 8c Bradstreet; Inc. the Morgan Guaranty Trust CO.
branch office located at 7825 Ivanestimated
that
the
issue
is
better
A year ago the figure was 229,- Wholesale Food Price Index reps- and associates.
hoe Ave., La
778,000 board feet.
t
■
'
,
.
T
resents the sum total of the price
Other members of the winning
of 31 raw foodstuffs and group include Estabrook
put declined 5.1%, shipments rose; i^eats-in general-use. It?is not; a Paine, Webber; Jackson &
0.8%" and
^ c®d^?ss fblL',3;^%Ifssdbd^'ifFrancis I.
duPont & Co.,
rj Following are the figures in tioE1- is
show the general.trend*.
Co., and Fahnestock
board
for
feet
"
indicated-: '•v
weeks
f
of
____
Kfew orders
21
i*ri.
1962
25,505
219,544
223,850
229,181
3,20%
1
...
^
1
„
.
,
T
Wholesale Commodity Price Index
loci
1962
27,952'
224,622
level.
;
Oct
Oct. 13
Oct. 20
«
Output
Shipments
priccat- at; the-^ wholesalej Scaled
the
2W78217,868?
^
.
„
...
Followmga mdiuptura m the
L
-
After
strong
a
'
climb
'
.
in
the
edged down thatssMbndar to
in
the
ported
failures' fell back to
week
in
332
1
the
Dun
Casualties
erous
toll
preciably
&
were
than
came
well,
ended
Oct.
preceding
a
25'
Bradstreet,"
slightly less
year- ago
?
290? andflour
from
week,
re-
when the
to 304-andswere off ap-
from. 331
business,
in
1960/ ;As?
mortality
dipped
were
for
up
well
as
$2,56'0,'OiO'G
were
offered at
2J/2%
a
coupon
the
fairly^ marked
as^
rises
DaUy Wholesale Coimnod^
net interest cost. The second bid
.
3974%
came
,
from
,
„
the
the 1993 maturity carried a 1 - tenth
of
1 %
coupon
4.50%
and
was
sold at
.
A
of
note
&
$6,500,000? Orleans?
School (1963weret
& Co. at
a
awarded
came
a
Cd.j,
Paine,
Webber^
Jackson
&
Curtis; M.!A. Saunders & Co, Inc.,
Jones,
Inc., Newman,
Brown & Co., Inc., Hattier & San-
Monday, K. Baum & Co. and J. M. Dain &
C.
3.345%
West
Bend,.,
Wise.,
under¬
pital, church
and
of¬
net interest cost
Zieglerr
Company-
writers of hos¬
.3.21% net interest cost.
Second best bid for the bonds
Kenny,
President of
Louisiana
Parish,
by
J.
R.
This week's final issue
of
an¬
nounced
D.
s c
h
o
o1
bond issues.
Douglas Carman
from the account headed by
Halsey; Stuart & Co:
Associated with Phelps^ Fenn &
x
nia, was
a
yield*.
fering
Northern
Price Index- inched* down: to ford; Reinholdt & Gardner, George
on
1
Jolla, Califor¬
and
3.60'% yield- and
a
obligation 2002) bonds which
general
rye
week
several1 commodities'
^
(i964-1982) bonds-to Phelps, Fenn to the syndicate headed: by Blyth
silver, rubber and steer prices. Scharff &
The
ity
carried
Prior to join¬
ing
ler
the Zieg-
Co., Mr. Carman was associated
25 years with the Milwaukee*
investment counseling firm pf"
Kewton & Co., serving as Vlcer-*
Co., The Hibernia National Bank President and director. Mr. Car,-;
in New Orleans and Scharff & man was also a Vice-President;
Jones, Inc. The bonds were offered director and member of the In¬
to yield from 1.60% to 3;45% and vestment Committee o f th<y
initial orders have amounted* to Newton Fund; Milwaukee-based*"
$1^00,000. mutual fund.
Associated with Blyth & Co. as
and, these declines, offset. Co. as major members of the suc- major members of this group are
fractional increases
chalked cessftrL group are White, Weld & Lehman Brothers, Dean Witter. &
3%, below- thel prerwar.. level2 oJ? 270.24^(1930-32=100)
a.
A
The bonds.? due
sold.
1992
consisted
earlier,
in.
50%
than
quoted appreciably
lower' at' wholesale than
Inc. the
num-
the-
l©,west point since Oct. 5, reports
prior; week, commercial and m- Dun & Bradstreet, Inc. Corn,
dustrial
$2,100,000
.
d
associates
na"le
atvae
2-952%
l
^
T
resident
,
Business-FaHWres-DOwir ih Latest
.Week
to
„„T?e„SAa!e of: Mississippi sold
.
.
of
balance
&."Co.
1.70%
toyield• from
a:
& Co.,
Curtis,
Cooley
" presently remains in account,
: Dips Slightly Ui.lMcst.Week
233,449
T/~\T
J
Compared .with_196JL levels,..out- per. pound
thousands
A
48
cSndrFinancial
The Commercial
(1868)
Chronicle
.
.
.
Thursday, November 1, 1962
these tariff reductions
come,
WASHINGTON AND YOU
are
likely to be sweeping.
<
~
Most
Market.
FROM THE NATION'S CAPITAL
Russia
and
S.
the U.
tween
C.—Although
D.
military clash be¬
the danger of a
government's top economic and
■the
still working
fiscal planners are
plans and policies
crisis
the
on
generated by
other possible
and for
the
of
tariffs
With
the
U.
economy.
for
in
rise
steady
a
defense
spending
few years
is
The economic' planners,
ahead,
their- assump¬
basing
are
tions
serious
on
looking
after the Presi¬
but
developments
trophic
catas¬
not
the
in
months ahead—unlike the military
who must be
planners
hour
by
-
worst
the
assume
be
and
hour.
-
forced to
political outlook
poised
economic -
The
forming the
now
basis for the domestic planning is
based
following
the
on
assump¬
tions:
will
and
toward
from
away
flow
and
ebb
major
a
Possible periodic outbursts of
war.
shooting will be localized—in the
around
seas
Cuba,
in
the
ap¬
The
war.
But
the
ultimate
they will force the coun¬
try into
much deeper mobiliza¬
a
tion buildup.
Soviets.
ment's
order*"
Defense
Depart¬
freezing
ably
maybe
year,
a
increase U. S.
military
strength by about
as
persons
separations
buying
items
be
of the housekeeping
needs
shelter,
will
government
more
it
frozen. This alone
are
the
means
while
—
food, clothing,
transportation.
Department,
additional
step-up
in
continue
men on
firepower
nation's
the
top of the
confronta¬
tion of the Russians will
for
orders
bullets,
rest.
planes,
all'
and
not
the
affect
overnight—but
economy,
affect
parts
will
This
increase
missiles,
guns,
spare
to
needed
the
will
it
it.
reduced
that
the
dicted for
not
recession, widely
than
abruptly
early next
expected.
year,
Rather,
now
is
in
rise
a
production—and perhaps prices—
is foreseen
astthe nation
moves
to
increase its mobilization capacity.
It's
too
early
casters
to
yet
boom, but it is
At the
a
fore¬
possibility.
the
months
has at the moment substantial
and butter, there
guns
some
already
are
signs of increased
buying
erature
also
Within days of the President's
nouncement,
increased
items,
soft
some
areas
purchases
including
autos
ture
there
The
next
is
in
some
some
still
another
military
military
the
for
possible
tax
year
cuts
for
after
casualty.
blockade
is
The
operation
and
manpower shifts will cost
government
lion—bringing
abput $100 mil¬
this
fiscal
year's
deficit to at least $7.8 billion. And
a
more
sation
substantial defense mobili¬
would
obviously eliminate
toward
a
network,
for
need
but
vast
TOKEN
a
didn't
I
payment would be sufficient
mean
ing
revise
to
a
landing
other vehicles,
modernized
There
foot
had
that when
craft,
soldier
and
the
make
been
categories
They
them
the
that
or
it would
weapons,
crisis
S.
U.
as
develop
can
Cuban
tjhe
short of nuclear
Trade
within
can
do
The
least
at
tariff
new
Jan.
before
1
classifications
in
mittee to draft
into
which
has
cannot
too
cations
is
riot
to
change
classifi¬
of goods on
existing
quest
tariffs, but officials at the
mission
admit
that
in
notice
of
the
long-range
economic
and
ington.
that
the
few
changed.
are
admit
that
won't
because
permit
They
also
present
laws
them
tariffs, the effect of
to
The
the
U.
tariffs.
They
expect
some
howls
be
may
that
that
will
these
be
already
are
of
and
and
fiscal
new
be used to bring these
may
"local
signs
research
our
defense dollars for the
year
defense
cor¬
weapons
ballistic
our
atomic warheads
isi pure
now
The base
on
planning
may
now
look
of
as
which
speculation.
they rest their
change
this
work
another
times
many
But
getting
major
bill. The
new
tariffs
by
as
cut
much
annual
steps/It
remove
tariffs
been
Be
Tariff
and
then
published
to
to
through
his
top
advisors,
and
sent
to
and
the
draft
economic
House
within
six
it will take them all of six months
to
existing
him
hold
Commission
officials say
hearings and
and
make
ceedings at the
a
final
secret
list
The
negotiators
take
eign representatives,
ex¬
g
i
i
v
n g
pro¬
Convention.
(New York City)
Investment
Association
York
Annual
dorf Astoria
Dinner at
of
New
the
Wal¬
Hotel.
Nov.
25-30,1962 (Hollywood, Fla.)
Investment
Annual
Bankers
Association
Convention at Hollywood
Beach Hotel.
The
lish
CHRONICLE
on
torial
Dec. 20
a
will pub¬
special pic¬
Supplement
giving
complete
coverage to the pro¬
ceedings
at
the
Convention.
Attention Brokers and Dealers
TRADING
MARKETS
American
Cement
Botany Industries
Maxson Electronics
Official
so
Films
Waste King
Our New
York
telephone number is
CAnal 6-4592
several
months talking with various for¬
produce 80% of
pub¬
Nov. 7, 1962
to
goods of
only
Supplement
their
given to U. S. negotiators.
on
will
special pic-
complete coverage to the
reports. Then, the list is again re¬
viewed,
a
-
each item to be sent to
White
Nov. 29
torial
the whole
LERNER & CO., Inc.
Investment Securities
are
goods
subject to
a
which
have
process
boost in tariffs
years
will
or
probbaly
more.
But
take
when
two
they
10 Post Office
Telephone
HUbbard
'''
Square, Boston 9, Mass.
„
.
2-1990'
Teletype
617
451-3438
'■■■ fWSI
Will
Cuts
Administration,
ears
put
new
years
free
trade
reductions.
is that it will be
now
two
before
world
the
the
moment,
Warrants
Versapak Film & Packaging
Carl Marks
FOREIGN
SECURITIES
&
Co. Inc.
SPECIALISTS
Common
and
Warrants
Bought—Sold—Quoted
next
tariff
the
and
move
newly-won
foreign
tariff
guess
of
its
bolster
Common
inter¬
in
20 BROAD STREET
•
cuts
TEL: HANOVER 2-0050
begin to go into effect.
At
the
tariffs.
months.
50% in three
entirely
the
/
CHRONICLE
on
Cove Vitamin & Pharmaceutical
quickly
round
cut
on
lish
Developed Slowly
Kennedy
powers
some
' which
to
writing.
to its collective
Best
on
agree
trade
'—
New
goods
of
world's supply. The
ceptions
of
may
dent
which the U. S. and the European
the
of course,
new
permits
Common Market
will
for
tariff'
most
as
list
S.
is,
one
Commission must
trade bill allows the
to
secret,
months
some
important
reports
will
ready
round
cutting talks under the
are.
the next few weeks.
even
to
in
This is only the beginning. The
Administration
up-
as
missiles
Planners admit that all of their
work
start
President
defensive"
as
the
works
Tariff Commission.
Once this revision is out of the
way,
lower
This list is reviewed by the Presi¬
from
foreign countries, but their answer
be
to
re¬
present its lists to the President.
lowejr
U.
S.
list
a
Tariff Agreements.
on
after
Boca
Interdepartmental
committee
and
that creep in will be to raise some
there
and
countries
existing
This
changes
any
foreign
Asso¬
the
at
comsider
may
which the U. S. will
Committee
this will happen as the defi¬
the
planners in Wash¬
There
more
escaped
not
S.
their duties. He will probably use
Com¬
some
rected in the next round of tariff -
war.
has
U.
granting lower tariffs
The purpose of the new
will
the
list of goods on
a
Traders
Convention
The
com¬
plicated. The first step will be for
effect.
cases
and
(Boca Raton, Fla.)
Security
Raton Hotel & Club.
will eventually take
cumbersome
the President to designate a com¬
these
go
is
place
coming. If all works well, it will
be
4-9, 1962
ciation
machinery under which the
tariff cutting
they
slow
is
Nov.
past five years.
Cumbersome Machinery
cutting negotiations.
This
INVESTMENT FIELD
National
ap¬
before
which
this,
the
more
the
need
(GATT)
weapons.
came,
ultimate
But
well-
assumption
an
and
nitions
various
with the Russians
know
and
head-to-head meeting
a
involve the
we
tanks
fast ships, and the
with
armed
EVENTS
SUBWAY token!"
under the so-called escape clause
tariff
8,000
some
classifications, to sirhpler language
ex¬
fighters,
and
bombers
national tensions, won't now
Threatened?
the
or
missile
struc¬
—fast
The
outlook
year
again
up
weapons
reported
and
said
the General Agreement on Tariffs
penditures for traditional
up
Cut
continue
may
primarily
an¬
goods.
Tax
pointing
is
this country's defense
that
in
reflect
to
views.]
IN
descriptive.
this is their assessmeht of the out¬
up.
I
—but
ahead
years
consumer
building
pressure
and
international temp¬
heated
The
ex¬
productive capacity for both
cess
in the cold war
Non-Nuclear Weaponry
More
to-date
country
know
proval of the 35 other nations in
prices, these
on
While
say.
the
production
a
time, there will be
same
upward pressure
experts
for
predict
will
long list of
a
rather
Seemingly
halted.
sequence
the
"I
departments has
somewhat,
whatever the outcome in Cuba.
pre¬
negotiations
of activity in
neglect its strengths on something
One of the most obvious results
is
beating
current
COMING'
of gov¬
the world is in store for a much
shown
Economic Impact
own
Department,
Labor
been
them.
Possible
the
so
are
with
in the Commerce
civilian agencies
the
and
modern
Ihe
even
from the nation's Capital and may or
may not coincide with the "Chronicle's'9
Department at first, it began
to show up
soon
manpower
50,000
generally
prices
on
The
government.
to
will
enlistments creep upward
workers).
[This column is intended
increasingly
military
more,
S.
foreign goods
and
the "behind the scene" interpretation
the
(the offices of the Pentagon and
State
personnel in the service for prob¬
Con¬
While
midnight oil burned initially
important
in
to
tariff cutting with them.
strategy.
However,
the crisis also became
warmer
the
U.
non-military aspects of
necessary
for
Already,
in
obviously, was up
outcome,
the
to
the non-military
Turkey. They
or
off
Japanese
treachery
military
in the Black Sea
touch
firms
to
all the world, was
direct
the
ernment. The tempo
not
S.
tariffs,
proaches to West Berlin, perhaps
will
U.
probably not bring
on
way
was
country.
Cuba and throw down the gaunt¬
ington, as in
only
(adding various
let, the primary interest in Wash¬
the
world
The
Soviet
the
unmask
for
Community
on
this
to
went along
decision
his
announced
dent
markets
Administration
markets,
creased low-cost
contingencies.
In the first days
these
put
many
plans for easing the impact of in¬
certainty.
a
The
was
has
off
convinced that the
reopen
gress
next
the
law
restrictive
shutting
overseas
shipments
of
rate
the
over
the
offer lower tariffs
prospect
the
Communism,
world
to
toward
policy
sterner
im¬
on
Community
firms.
S.
embarked on
country
the
much
a
be
trade
new
effect,
lucrative
tax reduction to
a
will
offset
to
was
oyer
apparently has been avoided,
Cuba
the necessity
spur
The
passed
into
WASHINGTON,
them
of
ports from the European Common
BEHIND-THE-SCENES INTERPRETATIONS
NEW YORK 5, N. Y.
TELETYPE 212-571-1685
IILL, THOMPSON & CO., INC.
U.
S.
Tariff Commission and other
gov¬
ernment agencies are
busily try-
A.A.
A....
i
10 Wall Street, New York 5, N. Y.
Tel. WH 4-4540
Tele. 212 571-1708
I
I
@FedFRASER