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ESIABLISHED 1S39
In 2 Sections
—
Section 2
The Commercial and.
Financial
Chronicle
Reg. U. S. Pat. Office
Convention Number
New
York, N. Y., Thursday, November 13,1952
Price 40 Cents
a
Copy
2
'
.
\
no I;
■
"O
THE COMMERCIAL and FINANCIAL
' .o •
"
"
.
:
4
CHRONICLE
Thursday. November 13, 1952
■
■
<
IN LOS ANGELES
TRADING
MARKETS
EDGERTON, WYKOFF & CO.
OVER-THE-COUNTER SECURITIES
INTER-CITY WIRE SERVICE
IN CLEVELAND
Fast
and
Efficient Service
GOTTRON, RUSSELL & CO.
IN PHILADELPHIA
H. A. RIECKE & CO. INC.
Maintained between these Cities
IN DENVER
IN PITTSBURGH
IN NEW YORK
B. E. SIMPSON & CO.
YOUNG & CO.,
INC.
TROSTER, SINGER & CO,
IN DETROIT
BAKER, SIMONDS & CO.
EACH
OF US WILL QUOTE
MARKETS AND
IN ST. LOUIS
FUSZ-SCHMELZLE & CO.
EXECUTE ORDERS IN ALL THE ABOVE CITIES
1952
1913
N.
Q. B.
OVER -THE
-
COUNTER
INDUSTRIAL STOCK INDEX
COMPARATIVE
SHOWING
THE
30
35
DOW
CHARTS,
ON REQUEST,
13%-YEAR PERFORMANCE OF
OVER-THE-COUNTER
-
National
JONES
AND
INDUSTRIAL
THE
STOCKS
Quotation Bureau
INCORPORATED
46 Front
CHICAGO
H
:*V
yrf *
:&•*
Street, New York 4
SAN
FRANCISCO
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
3
THE COMMERCIAL and
Russell
H.
S.
R.
Hastings
Livingstone,
Crouse &
Co., Detroit
John
F.
pany,
San
Edward H. Welch
H. Frank Burkholder
Egan
Sincere
Equitable Securities
Corp., Nashville
First California Com¬
Francisco
pany,
and
1945-1946
1946-1948
1949-1950
1950-1951
1951-1952
1952-1953
Thursday, November 13,
FINANCIAL CHRONICLE
Victor
R.
Com¬
Thomas Graham
Mosley
Bankers
Stroud & Co., Inc.
Bond
Co.,
Edw. E. Parsons, Jr.
Parsons
Louisville
Philadelphia
Chicago
1944-1945
&
Co.,
Inc.
Cleveland
1941-1942
1942-1944
Contents of This Issue
Index
Articles and News
Affiliates
to
Page
Page
Officers and Executive
NSTA
1952)
Past
Our
of
Presidents
Presidential
3
_____
_____
Thanks
to
(on
You
Security Dealers Association
Security Dealers Association
Baltimore, Security Traders Association of
behalf
Boston
Association
1
24
5
Carolinas, The Security Dealers of the
Chicago, Bond Traders Club of
;
59
43
NSTA
of
Committee)—Harold B. Smith
5
Traders
Securities
Cincinnati
Cleveland
Stock
and
Bond
Wm. Perry
Dallas
Bond
Denver,
Brown
The Rebirth of
<ft
Co., New Orleans
The
Turnpikes—J. M. Fischer
6
Outlook
Financial
and
Economic
—
7
Raymond Rodgers L
SEC
Is
Not
a
Policeman—J.
Stern
Rossbach
Exchange
in
Trading
Counter
J.
9
Development
—
Mc¬
Roberts
Gregor Smith and Richard B.
Business
Inactive
King
Industrial
Florida —Its
The
8
—
vs.
Securities—Harold
1941-1942
Howard
10
Gaubis
11
Outlook—Anthony
•
Bond
Detroit
and
Association
In
NST.A
Attendance
of
Report
at
Legislative
of the National
Affiliates
Roster
of
Advertisers
12
Committee—
Committee
Report
NSTA
and
8
Convention
NSTA
the Public Relations
of
Report
Committee
Nominating
__i
Municipal Committee
This
15
Issue
Club of
Michigan,
47
Securities
Traders
36
of
of
53
60
64
52
28
22
67
50
39
18
John
C. Legg
[Edward D. Jones
Co., St. Louis
1940-1941
55
29
St. Paul)
Wichita
Members
Local
Bond
of
65
57
27
Traders
the
Club
NSTA
Organizations
Unaffiliated
66
With
35
Thomas A. Akin
&
Edward D. Jones &
Blizzard
Co., Philadelphia
67
.
Louis, Security Traders Club of
Francisco Security Traders AssociationSeattle Security Traders Association
Syracuse, N. Y., Bond Club of
Twin City Bond Traders Club (Minneapolis-
Deceased
Baltimore
1939-1940
H.
Herbert H. Blizzard
&
40
Joseph W. Sener
Company,
Herbert
31
San
16
80
23
30
32
Club
St.
18
Members
in
14
62
Association
Traders Assn. of
Florida Security Dealers Association
Georgia Security Dealers Association
Houston, Investment Dealers Association of_
Kansas City (Missouri), Bond Traders Club of
Los Angeles, Security Traders Assn. of
Louisville, Bond Club of
Memphis Security Dealers Club
Nashville Security Traders Association
New Orleans Security Traders Association
New York, Security Traders Association of
Philadelphia, Investment Traders Assn. of
Pittsburgh Securities Traders Association
Portland
(Oregon), Security Traders Asso¬
ciation
New
Club
Traders
Security
Connecticut, Security
•
Newman, Brown
58
66
51
Arizona
4
NSTA
Greetings—Harry L. Arnold
Advertising
Alabama
Council (1953-
Willis
M.
Summers
Troster, Singer & Co.,
N. Y. C.
1936-1937
1936-1938
1938-1939
Arthur
H.
M.
E.
Farrell
Byllesby &
Co., Inc., Chicago
J.
Gentry Daggy
Deceased
1935-1936
Henry J. Arnold
Hm B. Cohle & Co.,
Cincinnati
1934-1935
W. W. Cruttenden
Cruttenden
&
Chicago
Co.,
1952
THE COMMERCIAL and FINANCIAL
Convention Number
CHRONICLE
5
iden tial
We
The
have
just concluded our Nineteenth Annual
happy to report it was one of
pleasant and successful of all, thanks to the
publicity
we
receive plays a very important
Convention and I'm
the most
Without the Chron¬
part in our continued success.
icle's
and
untiring efforts of the Florida
Security Dealers Association.
The program was extremely
unusual; the planning was one
of real imagination.
It seemed
there
was
never a
we
dull moment,
those who
these many years.
we
Our Association's
in at¬
were
over
were most fortunate in having been
by some of the country's top men in gov¬
ernment, business, finance and educational circles.
Comprehensive coverage of the proceedings of our
Convention appears on the succeeding pages of this
Supplement to the Chronicle.
Again
those attending to renew old
friendships and make new ones.
sure
have
addressed
yet there was enough time for
I'm
splendid and generous cooperation, financially
otherwise, we could not have made the strides
membership
numbers
now
over
tendance for the first time will
4,000 individual members from 31 affiliated groups
feel
from every section of the United States and I'm
hoping for its continued growth.
amply repaid and will look
with keen anticipation
to participating in future meet¬
ings. In addition, they will un¬
forward
Harry l. Arnold
My fellow officers and members of the Executive
wishing you a most happy and
Council join me in
position to impress their associates
experience and contacts that can
gained through attendance at our yearly Con¬
doubtedly be in
a
prosperous future, and assure you that any sugges¬
tions that will help us to render a better service will
with the valuable
be
welcome and given every consideration.
hope to report real progress for us all at our
next, the Twentieth Annual Convention, the week
of Sept. 14, 1953, at Sun Valley, Idaho, where we
will use the experience gained from the last nineteen
be
ventions.
The
manner
which
in
the
national
committee
the enthusiasm with
which they were received is a tribute to the fine jobs
done by those serving on these committees. A spe¬
reports were presented and
cial
most
We
vote
thanks is
of
due
them from
the
to make it the finest ever.
entire
Remember your appearance
in
person
pays!
membership.
Sincerely,
having The Commercial
and Financial Chronicle as a true friend of our
We
are
most fortunate in
HARRY L.
National
Association.
ARNOLD, President
Security Traders Association
OUR THANKS TO YOU
By HAROLD B. SMITH, Chairman,
Association and local affiliate
Fellow Members :f
our
1952 Convention now NSTA history,
of the National Advertising
grateful for the opportunity of
placing before our entire membership the results
obtained during the past year,
we,
the
members
Committee,
pr ***;;
are
Tt"l
I
|f
V
I
Those attending the convention
the Roney Plaza Hotel,
Miami Beach, Fla., surely enjoyed the wonderful surroundings and the marvelous hospital-
X
Iity shown to us by our Florida
affiliate.
at
Many heard my report
and it was
the last meeting
indeed
gross
a
pleasant duty to report
advertising
receipts
ex-
year's. Such results
were amazing
and surprised
many of us. I think the majority
will agree 1952 was not a banner
ceeded last
HmHHH
Harold
b.
Smith
for most of us in the financial business and
yet many new contracts were written. We, the
NSTA, will net over $9,500 this year and while
on the topic of income, do you know that since
the inception of your NSTA advertising com¬
mittee in 1939, and through the generous feel¬
year
ing toward us of our fellow member, Herbert D.
Seibert, Editor of the Commercial and Financial
Chronicle, we have received over $85,000 from
develop commercial advertising? Many
are in a position to influence nonfinancial advertising due to the close contacts
Your national officers and executive committee
several years ago
of
our
initiated
a
they have with corporation officials incidental to
their making a market in various stock and bond
issues. I don't think it necessary to mention the
value such an ad would have in our Convention
Committee
Advertising
consists
of
the
following
Chairmen of the local affiliates of NSTA:
Affiliate
Local
Citizens
&
Mitchell
Chairmen—James
Bruck,
Southern
S.
Budd, Jr.,
The
H.
Downing & Co., Balti¬
Courts & Co., Birmingham,
Bank,
Atlanta,
Ga.;
Baumgartner,
Clyde Ulmer,
Md.;
more,
National
Ala.; Frank S. Breen, Schirmer, Atherton & Co., Boston,
Mass.; Donald R. Muller, Harris, Upham & Co., Chicago,
supplement of the Commercial and Financial
Chronicle. Incidentally, at Miami one of our mem¬
bers told me his ad produced leads which proved
111.; Harry J. Hudepohl, Westheimer and Company, Cin¬
mutually beneficial to the firm and its clientele.
west
Why don't you voluntarily make an effort to
help your 1953 National Advertising Committee?
Contact your local President and be part of this
interesting and most important financial aspect
of your NSTA and local club activities.
Sidlo, Simons, Roberts & Co., Denver, Colo.; Harry B.
We
loss to
paraphrase our thoughts to
adequately express our thanks and sincere appre¬
ciation to Herbert D. Seibert, who, as I have said
are
at
a
before, provided the opportunity to our Associa¬
tion and affiliates to obtain much needed revenue.
Our
thanks
Messrs. Beck, Murphy,
Reilly and Peterson and other Chronicle staff
members for their untiring efforts and coopera¬
tion in making this supplement of ours possible.
go
too,
to
May I also personally thank each one of our
advertisers and every member of our advertising
committee mentioned below for their support and
on
this Convention and Year Book
ours.
of
cinnati, Ohio; Howard J. Eble, Wm. J. Mericka & Co.,
Inc., Cleveland, Ohio; Winton A. Jackson, First South¬
Company,
Dallas, Texas;
HAROLD B. SMITH,
L.
Robinson,
Peeler, J. Lee Peeler & Company, Inc., Durham, N.
Warren R.
gerford,
Buell
Robert
Laurence B.
Mo.;
and
Company, Hartford,
Conn.;
John D. Scott and Co., Houston, Texas;
Carroll, Burke & MacDonald, Kansas City,
Jr.,
McCready,
William
A.
C.;
Wallace, Fayetteville, N. Y.; Donald E. Hun-
John DeC. Scott,
Angeles, Calif.;
Geyer
Co.,
&
Hector W.
Incor¬
Bohnert,
The
porated,
Los
Bankers
Bond
Co., Inc., Louisville, Ky.; Brown Burch,
Merrill Lynch,
Pierce, Fenner & Beane, Memphis, Tenn.;
Cecil
B.
Thomson
Pepper,
Kenneth C. Joas,
&
McKinnon,
Miami,
Fla.;
Ames, Emerich & Co., Inc., Minneap¬
olis, Minn.; H. Laird Smith, Equitable Securities Corpo¬
ration, Nashville, Tenn.; Arthur J. Keenan, St. Denis J.
Villere & Co.,
man,
New Orleans, La.; Harry L. Arnold, Gold¬
Sachs & Co., New York City; William J. McCullen,
Hendricks & Eastwood, Inc.,
Vidrine,
Kirby
L.
Vidrine
Philadelphia, Pa.; Kirby L.
Company,
Phoenix,
Ariz.;
& Company, Pittsburgh,
Pa.; Dan V. Bailey, Foster & Marshall, Portland,
Earl
Chairman, NSTA Advertising Committee
Raymond
Buckel, Manley, Bennett & Co., Detroit, Mich.; J. Lee
Anthony E. Tomasic, Thomas
plan whereby affil¬
participate in the local production of adver¬
tising. Do you fully realize the possibilities of
improving your local treasury by using just a
small bit of your time to close an ad and, what
an unlimited source of income both your National
iates
Committee Members—In addition to Chairman Smith,
the
members
assistance
the Chronicle?
would have if you
to
were
With
NSTA Advertising Committee
Ore.;
Hagensieker, Reinholdt & Gardner, St. Louis, Mo.;
Frank
Bowyer,
Schwabacher
&
Co.,
San
Francisco,
Pershing & Co.
Calif.; Paul Johnson, Blyth & Co., Inc., Seattle, Wash.;
120
Duane
Broadway
New York 5,
N. Y.
T.
Smith,
Wichita, Kans.
The
Small-Milburn
Company,
Inc.,
THE COMMERCIAL and FINANCIAL
6
The Rebirth of
With Knappen,
of recent rebirth
work
of
re¬
construction and operation
quired in their
planning —
lines
Traffic
"The
and
The
word
back
to
done by the turnpikes began with
the building of the railroads. Ini-
middle
of
tially,
"Turnpike"
dates
the
the
which
of
toll
roads.
the
was
introduc-
During
roads
could
compete
how-
ever, with the advent of the steam
locomtive, the early era of turnpike
development
was
ended,
Gradually the turnpike rights-of-
England,
large scale
toll
with the horse drawn trains;
seven-
teenth century
in
direct result of this conclusion,
today, we see an ever-increasing
number of turnpikes in operation,
under construction or in various
phases of planning.
This amazing rebirth of the
Turnpike can perhaps best be appredated by considering the systern of turnpikes that existed six
years ago, at the end of the War,
and comparing it with present
facilities.
of the important cities and agricultural communities.
The end of the rushing business
this
way
were
sold to the respective
.
_
.
,
origin
the
of
engineering, legal and fiscal problems in their construction
"Turnpike."
find the railroads of the counContrast if you will this situafirst
introduced
in
the
United
h?r(* Pu*
the ever-in- tion with today's picture. To the
States when several state legis- creasing competition of highway original
Pennsylvania Turnpike
latures issued charters to private transportation. Indeed this pres- there has been added the Philacorporations to construct, operate ent Peri°d of turnpike develop- delphia Extension from Harrisand maintain toll roads. At the ment may be compared by some burg
to Valley Forge and the
time of these first turnpikes, the future
historian as remarkably Western Extension from Irwin to
newly established country and the similar to the great era of railroad the Ohio line. The New Jersey
individual states could not pro- expansion of the last century.
Turnpike is now in operation from
vide the necessary highways from
Today as in the early days the the New York Metropolitan Area
In the late 1700's
turnpikes
we
were
.
justification for turnpikes and toll south to Deepwater and to
public funds. They therefore re-
a con-
roads derives from the inability nection with the Delaware River
of government to provide suffi- Memorial Bridge just south of the
investment; a method we have cient funds from public sources
0f Wilmington. In the northbegun to return to today. For to finance the construction of the eastern states the Wilbur Cross
sorted to the construction of these
needed
many
facilities
years
the
in
r°adtSifreq£fremen7s
toll
private
these
stimulating com-
roads flourished,
merce
private
through
republic,
young
Most highway administrators
Virginia Turnpike running to the
North Carolina line where a turn¬
pike is under study from Mt. Airy
to Charlotte.
In Tennessee two
.
Turnpike is in operation and in
Florida the Fernandina Toll Road
has been open to traffic since the
fall of 1950.
Today's mileage of turnpikes in
operation has grown to more than
750 miles and the investment increased to almost $606,000,000.
Even this remarkable growth
does not even begin to tell the
full story of the expanding turnpike movement. For presently
under construction are the followjng facilities:
The New York State Thruway
stretching from Buffalo across
nothern New York to Albany and
thence to New York City; the re¬
cently financed Delaware River
Extension of the Pennsylvania
^
♦Address by Mr. Fischer at the Annual
of
the
National
Security
-
Miami
-
Association,
-
—
Beach, Fla.f
-
New
routes
under
are
con¬
sideration, one from the West Vir¬
ginia
border past Nashville
to
Memphis and the other from the
same
starting point to Chatta¬
Georgia
nooga.
plans for a
Atlanta to
has
70-mile turnpike from
the
State
Chattanooga. Here in Florida
feasibility
under
way
studies are presently
for a projected turn¬
Jacksonville with
route
this
Miami
from
stretching
pike
off
of
border
nothern
the
near
westerly
a
the
to
to
spur
Tampa-St.
Petersburg area. In Texas, we un¬
derstand
turnpike is being dis¬
a
Dallas
link
to
cussed
Worth with
and
Ft.
Houston.
Turning to the Middle West, In¬
plans a toll road from the
Ohio line to the Chicago area, and
in Wisconsin ajiighway commit¬
diana
tee has been
gate
a
pike.
appointed to investi¬
Milwaukee-St. Paul Turn¬
Missouri has authorized the
construction
St.
of
Louis to
Kansas
a
turnpike
a
from
turnpike
Kansas
City, and in
is proposed
Topeka to Wichita with ex¬
from
tensions to the Missouri and Okla¬
homa
borders.
2,000 Miles of New Turnpikes
Costing Nearly $2 Billion
These
projected turnpikes when
constructed will total almost 2,000
miles
and
estimated
are
to
cost
investments in turnpikes by $960,approximately $1,900,000,000.
It
000,000, bringing the total mileage
appears that in a relatively short
to 1,653 miles and the total in vest- time a
connecting turnpike system
ment to $1,566,000,000.
will
in
be
between
*****
authorized
ofare^o-
its jected and where in most
cases
methods must be
-
1952.
employed. As
to Portland, in the
miles
future needs bold and imaginative live
fconey Plaza Hotel,
Oct. 21,
toe
constructed
has
and Hampshire
sion at the Ohio line and will
carry traffic across northern Ohio
to the Indiana border; the West
Virginia Turnpike running from
Charleston to Princeton, W. Va.,
near the Virginia line, and the
Turner Turnpike connecting the
cities of Oklahoma City and Tulsa,
These turnpikes when opened to
traffic will add 903 miles to the
existing network and increase the
turnpike
operation all the
In the South the proposed
cago.
toll roads will form
that
tem
way
Augusta, Maine, and Chi¬
will
a
second sys¬
extend
from
West
realized that in turnpike which runs from Sea- stU(jies to determine feasibility of
Virginia to Florida. Thus, in the
order to bring our highway plant brook to Portsmouth at the Maine construction are being made.
next decade the turnpike network
up
to modern standards and to line. Here the Maine Turnpike
In
^
northern
and
eastern
of the country may represent an
provide facilities to accommodate begins and stretches north fortyfup fniinwin* fiimnih-pc am
nppHc
hnlrl unrl imauinafivp
fivp
milpc
tn
Portland
Tn
thp
iOliOWing tUmpiKeS are investment in excess of three bil¬
Convention
-
Merritfpar^^^
Turnwhich
exten-
engineers have
saving route between many
Traders
torn'"the
™ ^ssaehusetts
the time.
as
they offered the most direct and
time
of traffic
num¬
under
are
Virginia plans to construct a
connecting with the West
and operation.
railroad revolution encroached on ways in New York State. All told planned to the New Jersey
transport by highways and spelled these facilities represented an in- pike; the Ohio Turnpike
the doom of the toll road, today vestment of about $114,000,000.
connects with the western
facilities
toll road
period of history the English foot states and the roads combined into
.
.
soldier's principal weapon was the the then primitive highway sysRecent increase in rurnpiKes
long pike. Two of these pikes tern. It is interesting to note that
In 1946, the country's turnpike
mounted at right angles to each many
of our modern highways system
consisted
of
approxiother with a pivot through the closely follow the rights-of-way mately 400 miles and included the
cross to permit turning the device
of our first turnpikes.
original section of the Pennsylformed the then simple toll gate.
vania Turnpike System from HarThis obstruction was placed in the
Revival of Turnpikes
risburg to Irwin; the Overseas
center of the roadway and after
Today it almost appears as if Highway here in
Florida; the Turnpike extending its system ala
traveler had paid his toll he history
were repeating itself in Merritt Parkway in Connecticut, most to the banks of the Delaware
was permitted to continue on his
reverse.
Where previously the and the Westchester County Park- River
where
a
connection is
journey by passing through the
revolving pikes.
Thus the word
A large
States.
these
of
study in the South.
of turnpikes has become "big business," and out¬
Earnings
Report."
tion
ber
by no
northern
are
the
to
restricted
and eastern
16th century to present, Mr. Fischer tells
of turnpike movement in U. S. Says today the financing,
study
under
planned
being
turnpikes
now
means
Reviewing turnpike history from
ment, and of a
major phase
time of the
The
and
Tippetts, Abbett Engineering Co., New York City
their develop¬
Fischer
Turnpikes
By J. M. FISCHER*
My subject today generally con¬
"Turnpikes and Toll Roads"
and I should like to speak to you
of
their
history,
procedures in
cerns
Jerome M.
Thursday, November 13, 1952
CHRONICLE
southwest
a
planned and under study.
Denver-Boulder ^ The Garden State Parkway in
n/«i,
the
New
dollars
lion
and
extend
almost
3,600 miles.
Jersey, running from PaterThis review of turnpike evolu¬
to Cape May; two ex¬
tion is intended to bring out the
of the New Hampshire
fact that today the financing, con¬
Turnpike, one to Rochester and
struction, and operation of turn¬
another to Concord; a Massachu¬
pikes has moved into the field of
setts
Turnpike extending
from
big business. As with all large
Boston past Springfield and
enterprises, certain definite proce¬
Worcester to the New York border
dures for developing these facil¬
son
south
tensions
and to a connection with the New
PUBLIC
York
UTILITIES
Thruway;
an
extension
ities have evolved.
of
The
methods
that
have
been
the Maine Turnpike from Portland
PRIMARY MARKETS
adopted to bring about the orderly
Augusta, and the New England
development of turnpikes in the
Thruway in Connecticut, carrying
United States follow, in general, a
traffic through this State to Mas¬
Continued on page 69
sachusetts.
to
INDUSTRIALS
WITH COMPLETE
RAILROADS
TRADING FACILITIES
BANK
AND
INSURANCE
U. S. Governments
Industrials
BONDS
•
PREFERRED
STOCKS
COMMON
•
Municipals
Railroads
Preferred Stocks
Canadians
New York
BOSTON
•
LOUISVILLE
EUREKA
San Francisco
SPRINGFIELD
•
•
•
•
DETROIT
SACRAMENTO
Chicago
•
PHILADELPHIA
*
•
•
•
•
Los Angeles
PITTSBURGH
MINNEAPOLIS
FRESNO
•
SAN
JOSE
•
Bank
•
Seattle
CLEVELAND
SPOKANE
•
•
PASADENA
Equipment Trusts
STOCKS
Blyth 6. Co., Inc.
•
•
•
Acceptances
Portland
INDIANAPOLIS
•
Public Utilities
Salomon Bros.
OAKLAND
SAN
DIEGO
&
Members New York Stock
Sixty Wall
Street, New York 5, N. Y.
Private wins
BOSTON
CLBVHLAND
Hutzler
Exchange
t»
PHILADELPHIA
HARTFORD
CHICAGO
SAN
FRANCISCO
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
7
The Economic and Financial Outlook
Twelve
business
of
high-level
have led some
years
activity
wishful
beneficiaries
that the
government and its agen¬
cies,
through
to
ten
By RAYMOND RODGERS*
conclude
and in the
in
School of Business Administration
Professor of Banking, Graduate
ways
University
of
the
nomic
Asserting true
eco¬
have
over
And
of
some
men
in
in
the
over
of
age-
problem
stability in
—
road,
one-way
a
nancial outlooks. I do this because
ness
are
minus factors
majority of
too often mini¬
fortunately
however,
men,
earth"
on
type of busi¬
philosophy in favor of
scanning
con¬
economic
the
judgment for rifts in the sil¬
lining! They know that when
things are too
change is very
good to be true,
unless abnor¬
Although a
near
mal factors intervene.
abnormal
pent-up
rearmament, have
long over-due read¬
series
continuing
such
shortages and
factors,
of
war,
as
"normal"
come
As
is
dangerous
a
shepherds
II,
of
your
investors, you have a special re¬
sponsibility for enlightenment and
consumer
came
year.
Short-Term
The
Economic
Outlook
to the economic out¬
practically all short-term
business
barometers
point
up¬
ward. Total demand is running
in
several
and
apparent
in
the
past
Although in evidence at the
in
in
only
It
three
recur
should
four
or
in aggravated
be
emphasized,
however, that "saturation" is al¬
ways at a particular price. Lower
prices
same
better
or
price is
The
heavy
products
sure
a
burden
at
of
the
for it!
cure
taxes
is
supply and backlogs of another weakness in both our
and
long-term eco¬
unfilled orders continue to rise. short-term
While this was to be expected of nomic situation, for which it is to
be devoutly hoped we can find
defense and other hard goods in¬
of
ahead
dustries, soft goods backlogs also
to
have moved up.
The
of
wave
higher
wages
by the steel settlement,
increasing overtime and record-
started
breaking
employment
levels are
pushing personal income to a new
which
high,
annual
of
rate
some
expanding consumer credit should
drive Christmas retail trade above
previous dollar records, in¬
cluding the two, buying sprees
all
relief—a
be
is
cure
too
much
expected—on November
4.
example, from 1789 through
June 30,
1945, including a long
Civil War and two World Wars,
the tax collections and other budg¬
et receipts of the Federal Gov¬
ernment totaled
Truman in the
1946-52,
$254 billions. But,
seven
collected
which is 21%
lected in the
being
$308
more
billions,
than
was
preceding 157
combined—and
the
fiscal years,
$69
that
in
years
doesn't
billion
extracted
col¬
in¬
which
the
is
current
fiscal year!
a
will
have
family
once
has
a
to
inevitable,
as
of
the
election!
out¬
Taken
by
itself, a decrease in our foreign
aid would, of course, cause a re¬
duction in exports, but our gov¬
ernment fully recognizes this and
special efforts will be made to in¬
difficult to find at
which
cannot
change in the foreign economic
come
prices, the very fact
that such a point has been reached
indicates the great replacement
met in the future. After
quite evident
States
the making regardless of the
prevailing
demand
beconie
United
a
policy of the United States is in
of our markets may be near
point of saturation, and new
are
has
the
scale. A decrease is
at
very
customers
the
reduction
heavy burden of foreign
will be
year
indefinitely continue to assist the
rest of the world on the present
many
the
It
that
significant, favorable
factor is the great growth of the
domestic
market.
Even
though
a
For
clude
A
our
aid.
the longer
term,
many
favorable
factors
quickly become apparent.
ahead
distinctive architecture.
more
coming
Outlook
Looking
into houses with
better landscaping
move
rooms,
Another important factor in
Economic
Long-Term
durable goods lines be¬
very
form.
The
and
larger
meas¬
spending enough to offset develop¬
saturation
lines, it could
is estimated at the
$270 billions for
prevented
this
quarter.
This
will leave
justments in business in recent
spendable income after taxes of
years, to conclude that such ab¬
normal factors have thereby be¬ $235 billions, which together with
delusion!
Market
moment
disregarded.
busi-' look,
our
tough-minded and reject this
tinually
ver
are
or even
ever
sky with the radars of experience
and
at
hooed
Turning
"Heaven
ness
always ballygreat length, while the
the plus factors are
mized,
upward!
The great
large
a
ing downward trend of business cycle. Says outlook for dollar is best since *40
business, and boldly proclaim that
we can have
an ever expanding
economy
people would like to get rid
built since the end of World War
upward. Stresses weak, along with favorable fac¬
ever
Wash¬
concern
old
is
Stevenson will increase government
nor
that
ington profess
no
economy
a
of the small mass-produced houses
optimism is justified for next six months, thereafter neither Eisenhower
of
ure
flower
put
our
against
cautions
the
democracy
full
eco¬
belief
Rodgers
economic and financial outlook, and concludes, though
tors, in
business
cycle.
Raymond Rodgers
expanding
tri-
umphed
little
of investment guidance is ability to withstand
adversity, Dr.
al¬
growing families, but, today,
many
financial
and
nomic
heavy
spending,
the
measure
process
and
have
been made to meet the needs
large part of replacement demand
represents
trading up, that is,
intervention
in
purchases
replacement
School of Commerce, Accounts, and Finance,
New York
prospective buyers of houses
already own homes. Such
1952
crease
the
vestment
as
be
an
flow
into
of
American in¬
foreign
countries,
offset. Among other things,
the granting of tax advantages to
American
corporations on their
all, when
mechanical foreign investments would
refrigerator, or any of the other
modern
conveniences, they will
save a
it would make it
unnecessary to use so much of the
never
do without again — they taxpayers' money for foreign eco¬
become lifelong consumers, and, nomic aid.
as
you
goods
great
know, the term durable
is
but
a
manner
of
as
Still other important factors on
the
speaking! '
In
deal,
favorable
side
are
the
large
backlogs of public construction of
automobiles, for example, it
us 53 years to reach our
has taken
various kinds. For example, it
been estimated that it would
quire
construction
has
re¬
expenditures
ownership of 43,730,000.
Great as it was, this market ex¬ of $5 billion a year for 15 years
pansion on an annual basis was just to modernize our roads.
most favorable
Probably the
small compared to the replace¬
ment volume necessary to keep 44 factor of all in the whole longmillion cars rolling. And, remem¬ term situation is, as Doctor Leo
present
Of
involvement.
course,
the
huge
totals
Barnes of Prentice-Hall Economic
Even
though continuation of should be considered in connec¬ ber, 43% of the cars registered
last year were prewar models, that Service puts it, the "stretch-out of
the boom during the next few tion with the great increase in
the stretch-out" in defense spend¬
months is practically "in the bag," national income, but the fact re¬ is, more than 11 years old.
the
opportunity for service is
ing. The latest revision of the esti¬
certain adverse factors are build¬ mains that the tax burden on each
Replacement demand is of con¬
magnified many times when the
mates of total defense spending
household in fiscal 1952 was near¬ trolling significance even in the
trend turns downward. Investment ing up which could cause trouble
indicates that the peak rate of
for some sectors of the economy. ly 10 times the 1930 burden of market for houses. The final ver¬
guidance is helpful in a rising
more than
$55# billion a year will
of
the
Federal
Reserve
In particular, agricultural produc¬ $140,
or
$1,360 per household. sion
market, but it is indispensable in
be maintained for the entire fiscal
tion will be the second largest in
Obviously, this rate of increase Board's recent survey of consumer
a
guidance. This responsibility is
particularly grave when a change
in business trend approaches; and,
declining market.
It is said that the true measure
of
is the way he stands up
man
a
the
after
Korean
history. More specifically, live¬
output should
reach the
stock
cannot
continue;
to be done!
something
has
buying plans for houses and dur¬
able
goods shows that four out of
year
1953-54, and that such spendContinued
level ever attained, and
to adversity. In the same fashion,
the wheat crop also is a recordthe true measure of investment
breaker with the largest surplus
guidance is the ability to with¬
in history in sight. Farm product
stand the chill winds of economic
prices dropped 2% in the month
and
financial
adversity.
Jobs
ended September 15, and further
properly done in boom times need weakness
in
farm
commodity
have
no
times.
fear of slack
prices and futures
Today, at the risk of being un¬
I
popular,
dwell
to
going
am
than
weakness
on
more
highest
on
strength in the economic and fi¬
the securities
markets. Of course,
must not
forget that govern¬
we
ment
*
Dr. Rodgers at the An¬
of the National Security
Association, Roney Plaza Hotel,
Address
nual
by
Convention
Traders
Miami
Beach,
Fla., Oct. 23,
1952.
could adversely
especially in
psychology,
affect
price
support will prevent
Wertheim
drop in the
important farm products.
&
Co.
consequential
any
more
DiMembers3\Cew
120
CANADIAN SECURITIES
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Govt, of Canada
Stock Exchange
York
BROADWAY
NEW
YORK
5
Internals
Canadian Oil, Mining
Public Utility &
Industrial
Stocks & Bonds
Net
U. S.
Or Orders
Markets in
Executed
on
Canadian Securities
Canadian Exchanges
Goodbody & Co.
ESTABLISHED
1891
MEMBERS
New
York
Other
115
BROADWAY *
New York 6,
Tel.:
N. Y.
BA 7-0100
Stock Exchange and
Principal
Exchanges
1 NORTH LA SALLE ST.
Chicago 2, 111.
Tel.: CE 6-8900
Direct Wire to Greenshields & Co.,
and
Montreal
Milner, Ross & Co., Toronto
UNLISTED TRADING DEPARTMENT
on
page
68
CHRONICLE
THE COMMERCIAL and FINANCIAL
3
SEC Is Not
I
am
very
face
new
but
then
all of
almost
to
I
almost
am
Commissioner, Securities and Exchange
the
the
itself.
new¬
a
to
comer
the
Commission
shall
not
I
at¬
not
give
long disser¬
tation
on
technical
rapping knuckles for
more
your
of
of
the
The staff of that office
can
branch
office
problems without the neces¬
ington at all.
(6) Finally,
concerned with preventing fraud than
violation
of
perience
has
if
the
you
do have
statute,
that
been
my
it
is
a
ex¬
far
better, rather than doing nothing,
to
run
and tell
papa.
Tell the
ing with securities problems.
as¬
Commission
our
statutes. I
really
sity of having them sent to Wash¬
technical violations of the statute. Gives advice in deal¬
the
who
importance
the
give informal rulings on many of
of
pects
our
policeman" and is
to
tempt
a
"stern
a
—
answers.
Realize
nearest
SEC.
who has been "on both sides of the
fence," gives his first impression of the agency's operations.
Praises expert¬
ness of SEC staff, but says its working force is inadequate.
Contends SEC is
Recently appointed SEC Commissioner,
Commis¬
attorney
your
knows the
(5)
to
sion
Being
or
Commission
you—
new
as
Stern Policeman
a
By J. HOWARD ROSSBACH*
happy to speak before
I realize that I am a
today.
you
Thursday, November 13, 1952
what
you
have done
(2) Supervise your employees and how you propose to remedy
a healthy sign.
and fellow traders. It will not the situation. It has a tremendous
the Commission level.
My third surprise involved the helP V™ mu?h when things go psychological effect and takes a
SEC Staff Inadequate
aforementioned
"SEC
interfer- wrong to say that you did not in- good deal of the sting out of whatSecond, the staff is inadequate ence." I had the feeling before yestigate a situation which cried ever the fault may be
proval
on
a
creased from 10 to 13 days—not
decision made below
-
a
think
not
do
this is
entirely
disadvantage
most of
since
Rossbach
hear
desire
to
should
like
you
probably
have
Howard
J.
no
great
Instead
same.
with the tre-
in numbers to cope
1
lems
nor
one
who has fought the
Commission in the courts and on
was
a
stern
that
policeman
ready to pounce upon every violation and to avail itself of every
and
advantage
Commission
the
to
SEC
the
turn
to
my newness of supervising billions of dollars
give you my of new issues, billions of dollars
offhand first impressions of the of
funds
carried in investment
SEC. I might mention in passing companies, other billions tied up
that
seldom
has
there
been
a in public utility holding company
Commissioner who before his ap¬ systems, as well as thousands of
pointment has advised brokers and brokers and dealers whose traddealers with their securities prob¬ ing also runs into the high figto
COming
job involved. The SEC
is charged with the responsibility
mendous
technicality in the statutes to seits
In the last two
been most impressed by the fair and friendly
cure
position.
m0nths,
have
I
attitude of the Commission.
ever
15
may
years
What-
have been that attitude
ago,
is
it
Moreover, it must detect and sympathy toward
prevent fraudulent and manip- ers |n securities
ures.
now
one
occasion in the Supreme Court
This
field.
which
fact
at
are
has
consequences
blush
first
not too
obvious.
A Commissioner who at
least has
a
the
seven
working knowledge of
statutes which the SEC
administers is faced
on
each prob¬
ulative
practices
make
painful cut in personnel,
a
fourth
the
years.
a
of
New NSTA
Nominating Committee
.
cut
in
as
many
be
to
fair
rather
than
technical,
^|
realistic rather than fussy, and at
same
time
standing
firm
securities dealers is against any acts which do Or might
budget cut will cut down mislead or harm the investor,
many
that this
"SEC interference"
with their
lem by a
member of the staff who business. I am afraid that such
General Approach to Securities
expert in a particular phase optimism is not warranted.
In
Problems
of the particular statute involved. the first
place, reports continue
Being myself a hybrid who has
It places the Commissioner, who is to be
required although the force been on both sides of the secuduty bound not to blindly follow assigned to read them is insuffi- rities
fence,
perhaps
the most
is
I think that if nil of my advice
had to be lumped into one senfence, it would be this: Keep your
eyes open do the best you can and
realize that the SEC is far more
concerned with protecting the investors and preventing fraud
rather than rapping knuckles for
any technical violation of the
statute,
I know that the reaction of the
good
on
such
.
issuers and deal-
coupled with a
in our markets desire to allow business transacof the United States.
and in dealings with customers, tions to flow along unimpeded unI think the first impression that You may be surprised that with jess the
public interest of investone
gets on coming to the Com¬ such heavy
responsibilities the ors or the rights of an individual
mission is the expertness of the budget allowed the SEC is less
requires the contrary. It is an unstaff.
Individual
by individual than $6,000,000, and that within the sensational,
down-to-earth
and
each is expert in his particular last month it has been forced to businesslike
approach,
designed
one
*or investigation.
(3) Know something about your
customers. Don't let them get you
}^volved. in an unregistered pub*lc offering of some rinky-dink
by an insider.
(4) If you see a gimmick in any
Particular transaction, the cheapest insurance you can get is to
consult with someone a partner
an
m
W, J
the recommendation of the staff in
Earl
Robert D. Diehl
Burke, Jr.
Hagensieker
cient to carefully study them all, helpful thing that I can give you
position of having to "stump and, secondly, but more impor- .
^ advice on the general
the expert." While this is a diffi¬
tant, it just takes more of a delay
•. •
cult job, it is, of course, a Commis¬ before the average clearance or approach to your own securities
sioner's duty to make such inde¬ approval can be
issued by the problems.
the
-
SEC
pendent judgment rather than to
merely
*An
Annual
put
address
a
rubber stamp
or
before
formation.
by
Convention
Mr.
Rossbach
of the National
at the
Secu¬
the
rity
Traders Association, Roney
Plaza
Hotel, Miami Beach, Fla., Oct. 23, 1952.
During the
past year
delay in clearing registration
statements
(1)
we can answer your
requests for interpretations or in-
ap-
on
new
issues has in-
Know in
look for.
be
.
general what to
Now you don't have to
lawyers
for
this.
There
arc
summaries of the important provisions of the Acts available.
F. Boice Miller
William J.
We maintain
Robert D.
Earl
in
an
Lester J. Thorsen
Burke, Jr., May & Gannon, Inc., Boston.
Diehl, Paine, Webber, Jackson & Curtis, Los Angeles.
Hagensieker, Reinholdt & Gardner, St. Louis.
F. Boice
ACTIVE TRADING MARKETS
John J. 0'Kane, Jr.
Miller, B. J. Van Ingen & Co., Inc., Miami.
John J. O'Kane,
Lester J.
Jr., John J. O'Kane, Jr. & Co., New York City.
Thorsen, Glore, Forgan & Co., Chicago.
extensive list of
UNLISTED SECURITIES
Adler, Coleman & Co
Members New York Stock
Eastman, Dillon
&
Exchange
Members
Exchange
New
York
Curb
Co.
MEMBER NEW YORK STOCK EXCHANGE
15
BROAD STREET. NEW YORK 5, N. Y.
Tel. BOwling Green
9-3100
Bell System Tel. NY 1-752
15 Broad
Street, New York 5
HAnover 2-9780
Direct Private
Wires
to
our
correspondents in Chicago, Hartford, Los Angeles,
Milwaukee, New Haven, San Francisco, and St. Louis
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
i
Exchange
Counter Trading in Inactive Securities
vs.
That stock exchanges should ba
abolished
is
enjoyed
time
idea
an
from
currency
in
which
time
thanks
riOUS
By HAROLD J. KING, Ph.D.
lic
to
va-
the-counter securities
public
relations
by
ex¬
changes,
and
their
bers
Points
out auction
system, employed by ex¬
changes, is not suited to small and inactive security issues, and does not assure
carried
grams
on
certain exchange mem¬
assigned the tasks of (1)
keeping bid and asked quotation^
books for one or more securities,
(2) the matching of orders, and
(3) in the case of inactive secu¬
rities, and under certain circum¬
stances, the "making of a market"
by trading on their own account,
or
entering their own bid and
offer figures. This may be viewed
as the giving of semi-monopolistic
trading priviledges to those spe¬
over-
dealers, Dr. King discusses the relative position of each
field of securities trading.
in
pro¬
either
broker
buyers
or
sellers
a
price based
intrinsic
on
or
economic value. Holds
"spe¬
members, the
public today
cialists"
perhaps has
covering inactive stocks, and cites services of over-the-counter dealers in af¬
fair
the
idea
a
the
changes
exchanges
are
given
monopolistic situation in tranactions
a
of
fording orderly markets for securities
productive
role
stock
on
ex¬
not suitable for
Advocates "delisting" of inactive securities
play
trading
traded in
now
on an
exchange.
economy.
J.
King
derstanding
Only
ele¬
an
mentary
economics is
of
un¬
cialist
executes
order
an
his
for
from
the true auction principle arises,
However, the assumption of a
position in a security by a speaccount,
own
deviation
a
the
assume
connected therewith.
The primary income of the spe¬
cialist is
twofold; brokerage
obligations
in the nation's
Harold
are
cialists who choose to
exchanges.
on
orders.
system,
Analyzing the rivalry that exists between stock exchange members and
But,
to
for the execution of pub¬
Under the
specialist
means
has
circles.
different
9
on
exchange
officials
the
one sellers alike of paying and receivhand, and counter dealers on the ing the best prices prevailing at
other.
To
bolster
the
income the time."
As buyers
think of
charged his own customers, and
his share on the business he
transacts for other brokers. Inventory positioning is his other
source of income (or loss). That
exc"an8e regulations, or decis^ons
trading or floor committees,
him
to
iees> require mm at times
umcb
iu
—1
an orderly market m seentities which are not active
possibilities of their broker
mem- lower prices as better, and sellers
exchange think of higher ones as such,
highly significant contribution to cialist can have little influence wish to see trading in certain objectivity
may
be
introduced
the living scales of the people. cn its price if the interest in the securities shifted from the counter only with some concept as "real"
/■
There are certain aspects of ex¬ security is wide, ana the activity markets to their place of business economic
wiae, and tne
value.
The
question
t.
as
'
i —
"
activity
in
such then becomes: Which system of
change trading, however, which is great Under the specialist sys- as ~ soon
3
it currently operates, it securities becomes
are not widely
promising. Not marketing
assures
buyers
and
publicized, and not tern, as
uent
fhp
nnfon+ioi
ooiioro
nnnnrfitnUir
makes him somewhat vulnerable
is frequent that sDGcialists
that specialists vir— rplishintf
vir- relishing
the incc nf
loss
of
potential sellers alike an opportunity to pay
generally understood by investors
and others in the trading public. tually specify (within, of course, revenue, they ordinarily are re- and receive prices more proxi- ln ™.at he must asume inventory
the
bounds
of
the
public bids luctant to remove any issue from mate to "real" economic values— positions.
These deserve consideration.
Making of markets
quired
to
see
that
they
re¬
make
a
bers, the officials of
an
on
r\oxr
.
,,
.
.
,
^
offers) what the market price trading merely because it is in- or, at least, prices they think are mcludes
closing of spreads. It
inactive security shall be. active. By the same
token, coun- more proximate? It is in this re- ?? J™ books, tor example
tne
In
this
respect, their activities ter dealers prefer to see certain gard that counter dealers are in a
change, typifies the basis upon
?ighesi p+£'aq +v!f
are arbitrary and unilateral.
issues not admitted to exchange position to make one of their 42» ?n,<? .tfte f°west otter id, tne
which the exchanges have been
It
is
true
that activity
is a trading,
and others
"delisted,"2 greater contributions.
specialist may feel called upon,
"sold" to the public:
relative
term,
subject only to or. removed from such trading.
"The evolution and development
That active
stocks
freauentlv or the trading committee may diarbitrary definition and measure- Allegedly
the competition
has transfer at nrices Httle related to r6CJ hJf' *? ent6r
of
u
stock
exchanges have
been
predicated upon the basic prin¬
in some
can
or 1
of the
ciple that the concentration of
a
given time period and/or the
bids and offerings of all potential
frequency of transactions is too trading against their wishes, and
nothing eise-their interest not
purchasers and sellers of a secu¬
low
to
maintain
anything
apin
addition have discovered it
being merely in "where is the given time but also reduces the
rity at a single focal point (the
The
following statement, pub¬
lished by the New York Curb Ex¬
and
of
an
Shares o^"a stoc^transferred
^wporation^6 have^foS'nd i'reh" f°"°tm.ie ™lues
(100,°50;25,
hart?"
thSrto
an£
floor
of
stock
a
exchange),
in
public competition under auction
rules, assures buyers and sellers
alike of paying and receiving the
best
prevailing
prices
the
at
time." 1
In
so
far
as
they
do
Sat lfPbe
quarrel with
the
course
logicT^nor KTuch traaing.
tmdfnV"
logical
monopolistic
i7
whether'
ve®?s
years,
a
a
short
short
aspect
This
thev
nerinri
or
period,
or
all
to
for
have
manv
general
inves¬
or
"
it
As
is
lb
stocks
is in
order.
a
harmed
house is
a
put up for auction,
true auction market for it can¬
be said to exist if the owner
not
in
puts
if
or
own protective bid,
auctioneer plays any¬
his
the
thing
role.
in
traders
but
So
changes.
impartial
an
it is with the
Since
the
||c interest, the pertinent
The
once
by having
answer
a
I
to
t<rmhioIoty
stock
and mechanical workings of stock
exchanges and over-the-counter
by
0f
"unlisted" securities admitted to trading.
could
i ^ uhaV.ff?' /,?r exa,J1PIe» maintains
be
stocks, how¬
- traded.
inactive
an
a
Stock exchanges are set up on
list of
..Vint
+hex
hnv
cpII
anH
nrriprs
or
stock
mav
The
width of the spread which would
be considered unsatisfactory
would depend upon the price of
the stock, the trading history of
the stock, and other variables.
renders a public service.
Exchange
fh
officials
minfntinn
x
nf
emphasize
fhp
«snPrial
tnat tJie Qu0patl0n °* me Speciai-
Th®s® issues have not met the Federal
f>omP
to them- that the iniand that he must
reglst''atlon1 requirements for full hst- will come to them, that the mi stanci ready to assume inventory
,„g
Several years ago theSecurities and tiatlVe Will rest with the
trading
icnange Commission decided it
Exchange Commission decided it
was
was
not
not
Thp
Tho
onhlip
ni,h1ir>
fnnpfinn
fiinnfinn
nrirnnrv
nrimarv
nf
PUPllc- uine P^mary lUnCUOn 01
On
exchange is to Serve 3S a
the public interest to force the elimination of this hybrid classification.
in
rprtorHlpcc
nn<,i+inn<.
Positions regaraiess
Continued
of
01
on
hie
niS
lies
in
the
listed
fact
on
an
that
ex¬
ex¬
§
Carl M. Loeb,
cannot render their usual services
ex¬
at
Rhoades & Co.
,kcotS\ro
Exchange and other leading Exchanges
Members New T
exchange commission rates. In
effect,
trade public
therefore,
the
trading
can at a given time enjoy
option to step in and
himself, he cannot be con¬ either the services of exchange
ceived of as an
impartial auc¬ trading, or counter marketing, for
tioneer. Particularly, when a spe- a
given security, but not both.
A marked rivalry for the in¬
1 "Advantages of Listing'
(not dated)
vestors' business exists between
NEW YORK 5, N. Y.
STREET
42 WALL
for
PRIVATE
Providing immediate
Correspondents and their connections in 80 Cities throughout the
pamphlet.
NEW
IP
GENEVA
ELMIRA
AUBURN
and
Beer &.
Company.
""
a
jt
d
n
a,
J. C. Bradford Si Co
MEMBER
w;
1,
n\
.Pittsburgh
or
8C Co..
E. W. Clark
INSURANCE CORPORATION
Cooley
.
A
Q,
c
Municipal Bond Department
5 5
The National
Wall Street
0
Nrw York
City
City Bank
UTICA
SYRACUSE
MIDDLETOWN
WATERTOWN
T. A.
of New York
Teletype NY 1-708
&
Waterbury
iSt. Louis, Clayton,
[Springfield, Houston
A.
Bromberg
Julio C. &
Chicago
Hardy & Co
Charleston, Parkersburg
Waller C.
_
,
j
o,
Sao Paulo, Brazil
Diego Roldos....Montevideo,
(Washington, D. C.
r
Johnston, Lemon 8C Co
W. L.
jAlexandria
Lyons & Co.. .Louisville,
Mead, Miller & Co
H. O.
Peet &
„.
_
Kansas City, Omaha
Co
„
_
Piper, Jaflray &
t Prescott
8C
,
„
Hopwood.
Co.
Danville, Lexington
.Baltimore
'
.
(Minneapolis, St. Paul,
fanSt Billings
-[Great
(Cleveland, Columbus,
[Toledo, Cincinnati, Canton
(San
Sutro
&
Co.
Francisco, Los Angeles,
'[San Jose, Beverly Hills
CORRESPONDENTS
Montreal, Canada
& Co......... . Toronto, Canada
Co
Richardson
Chattanooga
Elder 8C Co
Farwell, Chapman 8C Co
[York, Germantown
F0 RE IG N
Greenshields
Paulo
Bell
iPhiladelphia, Lancaster,
Hartford,
Co
&
A. G. Edwards Si Sons
Office:
(Nashville, Knoxville,
\jackson, Memphis
Chaplin Si Co...
♦
E
Head
Chicago
(Denver, Colorado Springs,
[Chicago, Scottsbluff
0
Boettcher 8C Co..
r
[Dallas, Longview, Tyler
Borland & Co
,
BONDS
Atlanta,
(New Orleans,
Belts,
FEDERAL DEPOSIT
ITHACA
HORNELL
STATE
CORRESPONDENTS
MUNICIPAL
Established 1812
YORK
United States.
LONDON, ENGLAND
LIMA, PERU
MEMPHIS, TENN.
REGIS, NEW YORK CITY
ST.
HOTEL
STATE
SYSTEM
Primary Markets through Branch Offices,
to
access
WIRE
Uruguay
Fraser
&
Co
.Singapore, Straits Settlements
Ltd
.Tokyo, Japan
Yamaichi
Securities
S. A. de
Exportaciones Sud Americanas
Buenos Aires, Argentina
Co.,
own
Own
page
exchange
stock is
travel
In both
downward.
ways, exchange officials claim it
:te„'actf ",at "ll,.New .v°r.k Cu|,f! Ex; markets well worth examination.
traded
V
it
change specialist has the continu¬
ing
colnplicated
United
virtually disappears for the
selling simple reason that counter dealers
stock
h
be
UAe
change, over-the-counter activity
in
fined to active securities But for
ques-
•
not at
at
^
general
inactive,
ever
1S
tion regarding inactive securities those who are interested in the
is which type of marketing, in relationships between stock prices
the words of the New York Curb and economic values, there are
Exchange, "assures buyers and certain elements in the functions
not
particu¬ concurrently on exchanges and
lar.
As their operations deviate over-the-counter
a
over me counter,
a most reason
most reasonfrom the basic auction principle, able query IS how investors and
though, serious questioning
Price .going and when?" quesThat
their right is not
sucn
the
in
legal
T
for
States
oW ndrrows^the market at™
Frora the standpoint of the pub- tioned. And this right is not con- upward
economic
the
tors and other traders in
If
irom
lfe
Qvstpm
annlicahle
exchlnge-traded
been
nui
exchange traded
onoHaiict
,,f
contribution of stock exchanges to
the economy in
of
cause
provide such'stocks
auction markets for the
transfer of securities, there can be
neither
neiinei
ior
nf
genuine
little
?orr°Taumfs
11,
h
is
(/shares)
74
THE COMMERCIAL and FINANCIAL
10
Thursday, November 13, 1952
CHRONICLE
Florida—Its Industrial Development
We
lot
a
of
and has been in
than I have.
Roberts, our Vice-President
in charge of economic research,
has done just some simple re¬
search work on these charts, it's
people outside of Florida what's
going on down here. I've had to
go to New York, Chicago, Boston,
Dick
and
richard b. roberts
Vice-President, Florida Power & Light
much longer
Florida
President, Florida Power & Light Company
traveling around to tell
forecasts,
more
By McGregor smith*
do
folks in Florida have to
Company'
simple and inasmuch as the
very
first chart is quite
Florida Power &
Light executives, in explaining what's going on in the way
it's
call on Dick
the first chart.
I
don't
think
you'll have this
first chart in the booklet, but you
do
have
the
others.
I'll have
it,
development in Florida during the last decade, say Florida is a
of industrial
growing State in the Union, and explain charts
Florida's population, resources, general business
activity and other fields of economic development, as compared with other
"grew-some State," the fastest
as a
McGregor Smith
around
in
R.
B. Roberts
and because of
easy-going way,
I'm always met with this remark,
my
slow
there,
and
"Well, Mack,
as
you
all don't work
hard down South
as
we
do up
North, do you?" And my reply
always is, "No sir, we don't—-but
we get a hell of
a lot more done."
lot
he
could
say,
meet¬ And he smiled and he was very
the appreciative, and he said, "Yes,
sir." I said,
"Well, then you're
pages, you know, and asking if
there was any questions. I wanted going to get the full lecture."
ties.
They had one of these
ings where they were turning
to
see
It
Detroit was doing it.
how
was
raining,
after the
and
asked who
charge of these funds to in¬
meeting
was
over,
I
So
I
bottle
and
had
of
cob
my
Scotch
pipe
brief
and
that I
used
three
particular
I'm
them.
'
I
But
to
know
that
Florida
sell
in
Florida
United
and
Power
have got
we
order
to
Light.
sell
You
that's what I
and
States,
We
have
this
carried
message
East, carried it all
over
try, and it makes
on
that's
Florida
a
of
one
the
at
Stock
Exchanges
regular commission rates
Information
standing
we've
Now,
we
these
got
have
a
Beach.
Miami
white sands of
fine
she
"there
And
palm trees."
does, and certainly
papa's lighthouse.
Now, sometimes you're so close to
a subject—not that being close to
this subject wouldn't be interest¬
she
Maybe
this must be her
ing
that
it
to
the
facts.
move
you
see
to
roll you
and
we're
sometimes
but
—
close
so
really
can't
we
without having
So
at all, I'm going to
back just about a hundred
feet and see what the
fifty
facts
So
are.
down. Now,
this
take
we
here's the
one
little
same
girl. I know you in the back can't
see
that
keeper's
her now, but you can see
is
she
not
lighthouse
a
daughter, but she is
a very
beauti¬
ful model.
You
the
a
she's
not
beach,
standing
on
but she's standing
see
on
truck load of sand,
ing
under
held
up
palm
by
Plant above
she's stand¬
fronds
that
are
construction crane.
a
And that's the stack
12
on our
Cutler
14 miles south
or
of here.
So,
you
there's
see,
Florida
than
that there
of these
good turner.
is
she
Maybe
the
on
stands under cocoanut
things. I
less
how
of
things
ways
charts and
the white sands of
on
Beach."
reasons
faster, because
grow from outside
does
stands
she
Miami
coun¬
capital.
Canadian
back there, and you fellows
in front, can you see it, too?
Now, you look at this little girl
here and you'd say, "That? Oh,
that
must
be
the
lighthouse
keeper's daughter." Well, maybe
she
is
the
lighthouse
keeper's
daughter. And you'd say, "There
suggest
big impression,
and
the
Florida is growing
Orders Executed
chart.
up
like.
for Security Dealers located in the United States
very
way
Sell Florida"
"We Have Got to
not
Service
first
a
buying anything. But to my want it.
Mr. Roberts:
This exhibit has
surprise, on Tuesday, when our
bonds were sold, he took 23% of absolutely nothing to do with our
the issue
of $10,000,000. And I story.
All we're trying to do is
honestly
didn't
intend
to
sell to see if you can see it from
folks in the municipal business,
has
years down at the SEC when we
going to try to vest and asked will you take me were getting cleaned up and per¬ we're helping you. You folks in
industrial
business,
we're
make you a speech. I'm just going to
him.
So we went into this fumed behind the ears, I didn't the
to try to talk a little plain talk,
little
glass office.
And it was show him them—but I pulled out helping you.
Now, we honestly agree that
because I know your problems in like
this day
here; they have these charts that I have here
selling are a good deal like the plenty of them up in New York. today and I went through them. we've got a "grew-some" story,
a
same
"grew-some" State. In fact, its
problems I have in selling And I said, "Mr. Dunkle, my
This was on a Friday. Tuesday
It
Florida.
I've had to sell for my name
is
McGregor Smith.
I'm we were selling some bonds. I the fastest growing State.
of the Florida Power
really "grew-some" in the last
company over a hundred million President
said, "We don't expect you to
10
or
20
dollars in securities since the last and Light Company."
years.
We have the
buy them bonds."
fastest growing State in America,
war.
We're going to have to sell
I
said
to
Mr.
Dunkle, "I've
I
asked, "Have you been to and we think it will continue to
more than two hundred and fifty
come
in here to find out how
Florida?"
He
looked
out
the
be the fastest growing State in
million in the next ten years.
much investments does your bank,
window again and he said, "No,
America, and the main and im¬
Well, anyhow, in going around your department have in Flor¬ sir, I haven't been to Florida."
portant thing to vou is that you're
I have found that there are cer¬ ida?" Well, he was terribly em¬
"Well," I said, "that's a funny interested in
I didn't mean to em¬
growth.
tain things they don't know, and barrassed.
coincidence. You feel about Flor¬
We have got the fastest grow¬
barrass the poor fellow, but he
I know you run up
against it,
ida just about like I felt about
ing State and we're going to tell
so
I'm going to just try to help looked out the window and he
New York bankers before I came
you why and how. and that we're
Well,
you out a
little bit with some said, "We have nothing."
up
here."
I said, "I was born growing along stable and sound
of my experiences, and I'll cite I says, "Do you mind telling me
in Tennessee. I'm a mountaineer,
lines.
We're not going into de¬
Well, he look like that
just one typical example to start why."
and," I says, "I was ignorant as tail because we
was
a
hard
only have 20
question.
I guess
with.
hell and I used to think every
that's the
hardest question Mr.
minutes, and two or three minutes
You
have
all
heard
of
the
banker in New York was a thief
I have already used.
Dunkle had had asked of him in
We have
Bankers Trust Company of New
and a crook until I come up there
some charts, those of you can see
a
long time.
I mean, this all
York.
Maybe some of their rep¬
and dealt with them." I said, "You
there on the table, about Florida,
took place in 30 or 40 seconds—
resentatives are here today. Some¬
ought to go down to Florida and and there is a short review in
a
good deal like you Yankees,
body told me that the Bankers
get educated like I have in coming there about the kind of
govern¬
we sometimes
come to the point
to New York.
ment we got.
♦Stenographic
report
of remarks
of
Not only have we
ourselves.
Mr. Smith and Mr. Roberts at the Annual
Well, now, he listened to me got this wonderful climate, but
Convention
of
the
National
Security
He said, "Well, it's a little too faithfully.
He didn't talk.
We Florida has got one of the most
Traders Association, Roney-Plaza Hotel,
never
mentioned anything about conservative governments in the
much Miami." Of all the things
Miami Beach, Fla., Oct. 21, 1952.
Now,
the
explain
spotlight on this
This first one
important, and we do
want
We
him
case—the
harmonica
Roberts
Dick
whole.
well, that pleased
to me all right. I lived in Miami.
I said, "Do you
be in there one day when Detroit I know Miami.
Edison was selling some securi¬ mean a papier-mache economy?"
Company had an awful
of funds to invest. I happened
to
chart.
is
Trust
going
I'm
Roberts to explain
showing relative increases in
States and the nation
complicated and
little hard for me to explain
a
meets
the
more
is sham back
say
that regard¬
papier-mache
may
appear,
backed
up
to
You
eye.
some
they're
al¬
with good sound
engineering facts.
Now, do
you
want to take
over,
Mr. Smith?
I
specialize in playing the har¬
Mr. Smith:
Well, I'll tell you,
monica, but we have got a guy
you're doing such a good job and
who
probably has
done
more
economic
Continued on page 77
research
work, made
supplied regarding
CANADIAN STOCKS and BONDS
Private wires to Toronto and Montreal
CANADIAN SECURITIES
Burns Bros. &
Denton, Inc.
Dealers in Canadian Securities
37 Wall Street
Government
BONDS
STOCKS
Municipal
•
Public Utility
•
Industrial
Corporation
•
Mining
•
•
Oil
New York 5, N. Y.
Telephone: DIgby 4-3870
Traded in American Funds
Affiliated with
BURNS BROS. & DENTON
Canadian
Limited
Members: Investment Dealers' Association of
Canada
Affiliate
W. C. Pitfield &
Company
Limited
TORONTO
WINNIPEG
MONTREAL
OTTAWA
Montreal
Halifax
Moncton
BURNS BROS. & COMPANY
of Toronto Stock Exchange
OTTAWA
BROAD
Co., Inc.
STREET
NEW YORK 4
Ottawa
Cornwall
Toronto
TORONTO
30
Saint John
and
Members
W. C. Pitfield &
Winnipeg
Calgary
MONTREAL
Edmonton
Vancouver
London, Eng.
Phone
HAnover 2-9250
Teletypes
NY 1-1979
NY 1-3975
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
11
The Business Outlook
Investment Counselor
The
reasonably
very
certain
to
hold
at
Mr. Gaubis
a
or
high level during at least the
three
four
or
'
four
predicts business activity will maintain high level
While it is
usually
seems
vi
o
which
ob-
so
it is
us,
only
fair
note
that
to
ma¬
jority opinion
is
not
wrong
all of the time.
At
the
mo-
barring
only an early
ment,
Anthony Gaubis
and
sudden
regis¬
(1) Business has been supported
tered in the steel industry statis¬ during the past six years by heavy
tics, with operations of the steel spending of borrowed money. This
mills declining from a peak of has not been fully appreciated be¬
about 95% of capacity in the first cause the "deficit" spending has
quarter, to 65% of capacity by not been on the part of the Gov¬
December.
Fortunately,
break¬ ernment, but by individuals and
even points in the 20's were at a
corporations.
Actually, there has
much lower level than they are been a net decline of more than
today, so that corporate profits in $10 billion in the net Federal
while well below those
1927,
the
was
preceding
two
years,
of
were
still
stances,
the principal questions
point of view of the busi¬
ness man
and the investor are the
outlook past the early
months of
as well as the outlook
profits. It might be mentioned
that there is a great deal of loose
next year,
for
the latter subject,
with many of the propaganda re¬
ports being issued by financial
houses suggesting that a contin¬
uation of high level output auto¬
matically ensures the maintenance
of earnings at or above the aver¬
age levels of the past few years.
Even a cursory study of the diver¬
thinking
on
gencies between the sales and
pre-tax earnings trends of many
companies during the past three
years shows how dangerous this
assumption can be under current
fied
pent-up demand for durable
inventories
by
the second quarter of next
will not lead to a downward
the two factors of high
points
and
excess
capacity.
Serious
price-cutting
does not usually develop in any
industry until after operations de¬
spiral,
are
break-even
cline
to
around
the
break-even
points for the marginal producers.
At that point, the desire to main¬
volume becomes a dominant
tain
costs
pace
which
has already enjoyed or
this supporting fac¬
economy
"discounted"
higher
with the
invariably
our
follow duced
increases of favored groups,
has been postponed or mitigated
by frozen rents. In various parts
wage
business outlook.
Except for goods being pro¬
(5)
under
arihament pro¬
our
probabilities
the
gram,
favor
billion at the end of last year, and
the
that either
trade.
export
of the
country, however, rents are
being gradually decontrolled, or
increases
are
being
permitted
under one pretext or another. As
Europe and Asia
rapidly getting back
production, and have an in¬
have
been
into
South
side
track
on
and
other
markets
American
because
the rate of credit
ve¬
will
are likely to our domestic surplus production.
great deal of this This may have a serious impact
type of construction work will on some industries, and therefore
carry well through 1953, but there an effect on our entire economy.
are signs that some expansion pro¬
IV
grams will be cut back because of
rising costs, and the realization
No Major Decline
are
currently at what
be peak levels. A
The
probablities
even
decline
a
against
are'
full
of
1937-1938
proportions for at least the next
few years,
for the following rea¬
(It might be in order'to re¬
sons.
call, however, that the extent of
the 1937-1938 recession was totally
unexpected at that time, inasmuch
as the previous recovery had beten
"planned.")
(1) Consumer demand,
trade,
close
could
to
hold
well
current
levels
or
at
orf^emi-durable, 7 goods. Liquid
savings are at ^ record breakirii
and consumer inventories
during the Korean ar^d
level,
built
up
propaganda "shortage" scares
executed
theivpQpulation, and the stimulatContinued
t-
on
page
7T
-a1!*.?
'
STOCKS
BONDS
in all classes of Canadian external
and internal bond issues.
on
-
Utility,
External
Corporate
and
Internal
Canadian
Exchanges
New York
at net
or
Slock orders executed
prices
Exchanges,
or
on
the Montreal and'Toronto Stock
net New York
markets quoted
■'
♦
,
-•
>»
-
!
on
request.
t
.
Inquiries Invited
DIRECT
NEW YORK,
A. E. Ames & Co.
PRIVATE WIRES
BELL SYSTEM
New York 5
Fifty Congress Street, Boston 9
•
•
WOrth 4-2400
VANCOUVER
CALGARY
and other Canadian Cities
•
••
Dominion Securities Corporation
Philadelphia
WINNIPEG
VICTORIA
London, Eng.
Calgary
Ottawa
LONDON, ENGLAND
■
CApitol 7-5471
Affiliates in:
MONTREAL
TORONTO
OUR
MONTREAL OFFICES
TE^TYPE NY 1-702-3
:i
Incorporated
Two Wall Street,
CONNECT
OTTAWA, TORONTO AND
Halifax
Associate Member New
York
T oronto
Curb Exchange
Montreal
40 EXCHANGE
PLACE, NEW YORK 5
hay|
largely worked off. Furtherf
more, any
decline in consumer
incomes
will be moderated
by
such increasingly important fact
tors as Social Security and unem¬
ployment Compensation payments,
large savings by some segments oj
been
■
!MaRKETS maintained
an^
tapering off of purchases of homes
—1ZF"
Stocks
retaij
fairly
with
Canadian
Orders
of
this
increase sharply, or that the effective demand for
that the combined spending of bor¬
goods has not been as great as had
rowed money, by the Government
seemed to be the case when pentand/or the public, will continue to
up demands had been
superim¬
be at the $25 billion average rate
posed on current requirements. A
of the past few years, to support
sharp reduction in orders for cer¬
the expectation that the total ef¬
tain capital goods might well be
fective demand for goods and ser¬
witnessed during the last half of
vices will be able to hold at the
1953, particularly since Govern¬
levels of the past few years. This
ment "bribes" or plant expansion
line of reasoning overlooks cer¬
stimulants in the form of Certifi¬
tain factors
which could easily
cates of Necessity are likely to be
locity
readjustment should not be earnings.)
Ill
greater than that witnessed in
1937, and is more likely than not
Early Business Readjustment
to be limited to only slightly more
Our reasons for believing that
than the declines experienced in
1927 or in 1949. In 1927, the FRB a business readjustment will get
Index
of
Industrial
Production
under way by sometime in the
declined from a high of 99, in
March of that year, to a low of 92 early months of 1953 may be sum¬
in the last quarter. The brunt of marized as follows:
Government, Municipal,
a
continuation of the decline in net
objective.
There is also a ten¬
dency to manufacture for inven¬
tory until this point is reached. slow down the rate of credit
greatly restricted from now on.
This means that the present high velocity. (Incidentally, the current
(4) Inventories, on the whole,
level of break-even points has the level of non-government debt is
conditions.
are at a very high level. On Aug.
effect
of
making the economy more than three times the 1929
II
31, according to Department of
more
sensitive to moderate de¬ peak.
This is certainly a little
Production to Turn
Commerce
estimates,
the com¬
clines in demand, with the conse¬ high, even after allowance is made
bined inventories of manufacturers
Mildly Downward
quence that the necessary read¬ for the growth of the country, and
and distributors totaled $68.6 bil¬
We can be fairly confident, I justment or curtailment of opera¬ the decline in the value of the
lion, as compared with $6§.0 bil¬
think, that the next change of 10% tions to bring production in line dollar.)
lion a year earlier, and $53.5
to 15%
in the Federal Reserve with consumption is more prompt.
(2) Maladjustments in the, econ¬ billion at the end of 1949. To be
Board Index of Industrial Produc¬ At the same time, surplus plant
omy have been increasing rather sure, some of the increase in the
tion, which now stands at about capacity tends to help shorten the
than diminishing in the past 12 value of inventories since 1949 can
223, will be downward.
We can duration of the upward phase of
months. This is a natural conse¬ be accounted for by higher prices,
also be reasonably sure that we the business cycle. The effect of
but
LIFO
quence of every round of wage in¬
accounting terids
to
will not see, in this decade at these two factors on the profit
creases
for
organized
workers. limit the influence of the-price
least, another prolonged down¬ outlook is, of course, quite another
Part of the pinch in the budgets factor. However, it does 46ok as
ward spiral in business such as story. (This may help explain why
of individuals whose incomes have though there is more danger of a,;
was witnessed between
1929 and common stocks have been selling
1932. At worst, the next business at well below prewar ratios to
Bonds
built
been
happens, residual consumer lower wage costs and, in some
naturally diminish, with
debt, during this period. (These
cases,
very
low-cost plant and
figures exclude Government bonds the offsetting gains to landlords
equipment provided by American
absorbed by Social Security and usually flowing in a
somewhat funds.
Russia
is
also
making
similar agencies.) The total of pri¬ different direction than does the
strides in reopening her pre-war
vate debt during this period has disposable income of the tenant
avenues of trade with some of the
risen from $141 billion on Dec. 31, group.
countries which in recent years
1945, to a level of more than $277
(3) Expenditures for new plant have helped to consume some of
present time, almost cer¬
Among the reasons for believing tainly stands at over $300 billion.
that the next period of business In 1951 alone, there was a net in¬
readjustment, which seems more crease in private debt of $31 bil¬
likely than not to get under way lion. We would have to assume
year,
kept
have
incomes
at
goods.
not
general policy to
to fill armament contracts, the
tor in
that business recession
reasonably satisfactory. The
ending of the Korean war, or some 1949 readjustment in business af¬
other major international devel¬ fected
primarily the short-cycle or
opment, this seems to be a fairly soft goods industries, as at that
safe prediction. Under the circum¬ time we still had a
large, unsatis¬
from the
up
ac¬
cept any con¬
clusion
cush¬
market, expects declines limited to 25 to 40% in majority of issues.
dan¬
to
gerous
numerous
any
inventories. This is espe¬
cially true once the fear of short¬
ages is dissipated.
To the extent
levels. Regarding stock
prewar
of
because
that
ions, and profit margins will oscillate around
diately ahead.
de¬
build up
months; next change in industrial production will be from 10 to 15%
downward, but without entailing major depression, because of
months imme¬
de¬
a
there is of
three
next
over
the
of
sire to work off inventories, than
an increase in demand
i"
•
in
for goods because
mand
"
,
majority of economists are
agreed that business activity is
reduction
substantial
By ANTHONY GAUBIS
Business Activity
J..
Winnipeg
Telephone WHitehall 4-8161
Vancouver
Jf,;
Victorias-
73
THE COMMERCIAL and FINANCIAL CHRONICLE
12
Thursday, November 13, 1952
In Attendance. at NSTA Convention
ADAMS, CLARENCE H.
ELDER, GEORGE J*
BURKHOLDER, H. FRANK
BISHOP, WESLEY *
Securities & Exchange Com¬
Smith, Bishop & Co., Syracuse
mission, Washington, D. C.
Equitable Securities Corpora¬
tion, Nashville, Tenn.
BLUM, ERNEST*
ALLEN, ORV1LLE G., Jr.*
Lynch, Allen & Co., Dallas
Goldman Sachs & Co.
Baltimore
Miami
BAILEY,
Foster
V.
DAN
&
Marshall
Southwestern Securities Com¬
Nelson
John C. Legg &
Daytona Beach
Company
Baltimore
New
York
HAHN, CHARLES W.
Rauscher, Pierce & Co.
Houston
Co.
HAIGNEY, DAYTON P.*
Worth
Dayton Haigney & Co., Inc.
Boston
HAMMELL, ELMER *
New York
Shillinglaw, Bolger & Co.
Chicago
FRENKEL, LESTER
Gersten & Frenkel, New York
New York
Thomson & McKinnon, Miami
City
Co.
FRENCH, JOHN S.
A. C. Allyn & Co., Inc.
Boston
CHRISTOPHER, WM.
R. W. Pressprich & Co.
BRADY, EUGENE
Eastman, Dillon & Co.
Reinholdt & Gardner
St. Louis
Kidder, Peabody & Co.
FREDERICK
BARTON, D.
Fort
HANLEY, Mrs. L. G.
CHRYST, JOHN M.
BATEMAN,
BRITTAIN, M. C.
IfOMER
&
H. D. Knox & Co., Inc.
Co., New York
Coral Gables
Singer, Bean & Mackie, Inc.
CHENOWETH. JOHN
Thomson & McKinnon, Miami
BROWN, WM. P.
New York
Baker Simonds & Co.,
Detroit
BEAVERS, J. K.
BERTSCH, ARTHUR W.
G. A. Saxton &
Merrill Lynch, Pierce, Fenner
& Beane, Miami
CLARK, PHILLIP J*
S. R.
May & Gannon, Inc., Boston
HATZ, ARTHUR *
Arnhold & S. Bleichroeder,
GOODMAN, RICHARD *
Shields
CLEAVER, JAMES P.
Goodbody & Co., New York
New
&
Livingstone, Crouse &
Co., Detroit
Thomson & McKinnon, Miami
CLARKE, HAGOOD, Jr.*
Barcus, Kindred & Co., Miami
BURKE, WM. J., Jr.*
Co., Inc.
New York
HASTINGS, H. RUSSELL
GOGGIN, ROBERT
Denver
Stifel, Nicolaus & Company,
Incorporated, St. Louis
Atlanta
New York
GIVENS, J. J.
Amos C. Sudler & Co.
BUNN, JOHN W.
Company of Georgia
HART, MAURICE
New York Hanseatic Corp.
dinger, Cincinnati
New Orleans
BEAN, JULES
Boston
FUERBACHER, JOHN *
Walter, Woody & Heimer-
Thomson & McKinnon
BROWN, WM. PERRY
Newman, Brown & Co.
Trust
HARRINGTON, FRANK *
CHRYST, RICHARD S.
BATKIN, ELY*
Batkin
Daytona Beach
Louis
St.
New York
FRIEDMAN, LEONARD *
Boettcher and Company
Chicago
Thomson & McKinnon
Scherck, Richter & Co.
Pacific Northwest Co., Seattle
Moseley Co., Chicago
HAGENS1EKER, EARL
FREEAR, LANDON A*
New York
CHAPIN, JOHN R.
BRADLEY, R. EMMET.
O'Rourke, Inc.
F. S.
Cleveland
Wm. N. Edwards &
Dallas
New York
HACK, JOHN J*
Dooly & Co., Miami
Gottron, Russell &
CLIFFORD K.
WM., Jr.
Bonner & Gregory,
The First Boston Corporation
BRADFORD, HUGH *
BARR, TRACY*
T.
GREGORY,
FOSTER, L. WARREN *
New York
CHANNELL,
pany,
SAM*
Pledger & Company, Inc.
Los Angeles
EMERY
Oscar E.
Lasser Bros.,
BARNES, RICHARD
A. M. Kidder Co., New York
FLINN,
CERF, DAVID
Ludman Corp., Miami
Co., Inc.
GREEN,
Petersburg
FISHER, DONALD *
Cayne & Co., Cleveland
BOLOGNINI, R. R.
Portland, Ore.
Beil & Hough, St.
Inc., Chicago
New York
Beach
EVANS, J. HERBERT
Baker, Simonds & Co., Detroit
Gearhart & Otis, Inc.
Bond
Louisville
CAYNE, MORTON A*
Atwill and Company
Bankers
The
Detroit
FISHER, CHARLES F.
National Quotation Bureau,
CAUGHLIN, EDWARD *
Edward J. Caughlin & Co.
Philadelphia
BOLAND, JOHN
WM, Jr.
CARRISON, GEORGE H.
Pierce-Carrison Corporation
Jacksonville
Stein Bros. & Boyce
York
ATWILL,
Co., Inc.
Francisco
BODIE, CHARLES A., Jr.
ARNOLD, HARRY L*
New
Slocumb &
Brush,
San
GRAHAM, THOMAS
Straus, Blosser & McDowell
Inc., New York
Company
York
♦Denotes
Mr. and
Mrs.
COART, Mrs. L. H.
Thomson & McKinnon, Miami
COLLINS, GEORGE L*
CANADIAN SECURITIES
Geyer & Co. Incorporated
New York
COLWELL, SAMUEL
WATT
&
W. E. Hutton & Co., New York
WATT
McLeod,Youmg,Weir&Compaky
LIMITED
COOK, ROBERT
Established 1908
B. J. Van
Members:
Members of The Investment Dealers' Association of Canada
Ingen & Co., Inc.
Miami
The Toronto Stock Exchange
Montreal Stock
DEALERS IN ALL
COURTNEY, WM*
Exchange
CANADIAN SECURITIES
Merrill
Lynch, Pierce, Fenner
& Beane, Jacksonville
Winnipeg Grain Exchange
Investment Dealers' Association of Canada
Direct
CRANE, G. PRICE*
Private
wire
White, Weld & Co., 40 Wall St.
to
Telephone—WHitehall 4-4900
Arnold & Crane, New Orleans
private wire
The First Boston
CROCKETT, GORDON *
to
Montreal and
Corporation, New York
Stock orders executed
on
all Exchanges
Crockett & Co., Houston
6
Jordan Street,
Head Office
Toronto, Ontario
CUNNINGHAM, FRANCIS J.
Telephone—Empire 3-7151
Branch
Fort
50
Kidder, Peabody & Co.
King Street West, Toronto, Canada
New York
Offices:
William, Port Arthur, London, Ontario
Branch Offices
Montreal
Ottawa
CUNNINGHAM, GEORGE
Hamilton
London
Winnipeg
New York
Correspondents in London, England
Geo. W.
Cunningham & Co.
Westfield, N. J.
CURR1E, TREVOR *
Denver
S av ard, Hodgson & Co., inc.
Members
Paul A. Davis & Co., Miami
of The Investment Dealers'
Association of Canada
J. W. Tindall &
Street, W., Montreal—Plateau 9501
1181 St. Catherine St. West
SHERBROOKE
TROIS-RIVIERES
and
Dealers in
—
DEAN, JAMES B*
investment dealers
276 St. James
Underwriters
DAVIS, PAUL A.
Co., Atlanta
Canadian
and
Joseph McManus & Co.,
New York
Corporation
CHICOUTIMI
«
Government, Municipal
DEDRICK, GEORGE
Securities
DEPPE, RALPH *
Savard
Hart
&
Members
of
for
Oscar E. Dooly & Co., Miami
Exchange
quoted
delivery
in
in
United
the
Canadian Funds for
States
United
Fewel & Co., Los Angeles
stock brokers
Equitable Securities
EBLE, HOWARD
Street, W., Montreal—Plateau 9501
SHERBROOKE
CHICOUTIMI
TROIS-RIVIERES
NEW YORK
or
delivery in Canada.
Wm. J. Mericka & Co.,
Inc.
ST. JOHNS P. Q.
EGAN, JOHN
F.
"
st
i
California Co,
Francisco
Canada
,
220
Cleveland
of
LIMITED
Bay Street
Toronto, Canada
1181 St. Catherine St. West
QUEBEC
Funds
States
EARNEST, GEORGE H*
Montreal Curb Market
276 St. James
Prices
DOOLY, OSCAR E.
Montreal Stock Exchange
Toronto Stock
Edward D. Jones & Co.
Louis
St.
Telephone:
PLaza 1141
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
HAWKINS, DANIEL M.
Hawkins & Co.,
LEE, ALONZO H*
Cleveland
HECHT, JOHN C.
Dempsey-Tegeler & Co.
Los
Angeles
.
McKinnon
LILLIS, DONALD C.
Bear, Stearns & Co.
Indianapolis
Courts & Co.,
Atlanta
New
Gordon Graves & Co.
Prescott & Co.,
HOLTON, CHARLES*
Holton, Hull & Co.
Los Angeles
Cleveland
LONG, MARTIN
J. Van Ingen &
F. Reilly & Co., Incorpo¬
rated, New York
J.
Warner &
Co.,
Incorporated, New York
ROBERTS, RICHARD
Florida
Kay, Richards & Co.
Pittsburgh
Co., Inc.
Parsons &
Crowell, Weedon & Co.
F. B.
Co., Inc., Cleveland
New
Los Angeles
Rauscher, Pierce & Co., Dallas
WM.
MONTAGUE, ARCH *
Lynch, Allen & Co., Dallas
Thomson & McKinnon,
HUDEPOHL, HARRY J*
King Merritt & Co., Inc.
McCLEARY, GEORGE *
Cincinnati
St. Petersburg
McCREEDY, C.
MORGAN, KNEALE
Merrill Lynch, Pierce, Fenner
T.
McCreedy & Company, Inc.
McCreedy & Company, Inc.
First National Bank of
PIERCE, DANIEL T.
Leedy, Wheeler &
MORTON, FRED G.*
Hendricks & Eastwood,
Inc.
ISAACS, HENRY
Virginia Securities Co.
McCULLEY, CLAYTON R*
First Southwest Company
Norfolk
Dallas
JACKSON, WINTON A*
First Southwest Company
McGlVNEY, J. T.
Dallas
Hornblower &
Weeks
New York
JOLLEY, LEX *
Johnson, Lane, Space & Co.,
f. *
McLaughlin, Reuss & Co.
Mclaughlin, john
Inc., Atlanta
New York
JONES, JAMES *
Courts & Co., Atlanta
McMANUS,
JOSEPH
Joseph McManus & Co.
KATZ, ARTHUR
New York
The Cincinnati Municipal
Cincinnati
McDonald &
KEARTON, JOHN
National Quotation Bureau,
Company
Cleveland
Inc., Philadelphia
Hill, Thompson & Co., Inc.
KELLY, EDWARD *
Carl M. Loeb, Rhoades & Co.
MAGUIRE, FELIX E*
Stroud & Company, Incorpo¬
KELLY, JAMES *
Kidder, Peabody & Co.
Philadelphia
rated,
MAGUIRE, JAMES B*
J. B. Maguire & Co., Inc.
New York
PLUMRIDGE,
Seattle
&
SCHLOSS, IRWIN *
Goldman, Sachs & Co.
Co., New York
New York
PORTER, CLAUDE G.
White, Noble & Co.
SCHLOSSER, GUST AVE*
Union Securities Corporation
Detroit
Kirk-
New York
PRICE, THOMAS W.
McAndrew & Co., Inc.
SEABER, ALFRED M.
A.
San Francisco
Co.
Miami
QUIGLEY, JAY L.
Quigley & Co., Inc., Cleveland
Inc.
RAHN, FRED
J*
The Crummer
The Illinois
Company, Inc.
Orlando
Co., Miami
SHEEHAN, DANIEL M., Jr.*
Sheehan, McCoy & Willard
Boston
SHORSHER, FRED A.
Company
Ball Burge & Kraus
Chicago
Cleveland
RAND, ARTHUR H.
OETJEN, HENRY
Kidder &
M.
SERLEN, LEWIS H.
Josephthal & Co., New York
PULLIAM, LAWRENCE S.
Weeden & Co., Los Angeles
New York
W.
SCHLICTING, HUGH R.
Wm. P. Harper & Son & Co.
POOLE, HORACE I.
Eisele & King, Libaire, Stout
patrick, Nashville, Tenn.
Carl Marks & Co.,
tion, New York
THEODORE E.
Warner & Co.,
Incorporated, New York
MUSCHETTE, LESLIE
First of Michigan Corpora¬
tion, Detroit
Marshall, Seattle
Dominion Securities Corpora¬
J. Arthur
MULLER, GEORGE J*
Janney & Co., Philadelphia
Frank D. Newman &
Foster &
SAUNDERS, WALTER F*
Jacksonville
MOSS, W. F.
National Quotation
Bureau,
Inc., New York
NOEL,
New York
New York
rated, Philadelphia
NELSON, WM., II
Clark, Landstreet &
SANDERS, SIDNEY J*
PIERCE, ROBERT J*
Pierce-Carrison Corp.
NIEMAN, BARNEY
MAGID, SAMUEL E*
SALKAY, ZOLTAN
Merrill Lynch, Pierce, Fenner
& Beane, Jacksonville
Orlando
Company, Incorpo¬
NEWMAN, FRANK D.
McPOLIN. BENJAMIN J.
Alleman,
PIERCE, PAUL
Leedy, Wheeler & Alleman
MOSLEY, R. VICTOR *
Stroud &
Philadelphia
Chicago, Chicago
Inc., Orlando
The Milwaukee Company
Milwaukee
McCULLEN, WM.
New York
Chicago
SACHNOFF, SAMUEL *
Seattle
A. M. Kidder & Co.
Miami
HUNTER, WELLINGTON *
Hunter Securities Corp.
Cruttenden & Co.,
Pacific Northwest Co.
MORLEY, JOHN
McCREEDY, Mrs. MARION
New York
Continued
Woodard-Elwood & Co.
McGinnis & Company
New York
Minneapolis
"Denotes Mr. and
Mrs.
Boston
KING, MARTIN I.
Sutro Bros. & Co., New York
MARCUSSON, P. A.
Investment Dealers' Digest
KING, THOMAS
Dempsey-Tegeler & Co.
New York
Chicago
MARSLAND, ALLISON W*
Wood, Gundy & Co., Inc.
KNAPP, REGINALD *
New York
Wertheim & Co. New York
JUSTUS
Robinson-Humphrey & Com¬
MARTIN,
KNOX, Mrs. EDNA
H. D. Knox & Co., Inc.
New
pany,
Goldman, Sachs a Co.
Inc., Atlanta
York
ESTABLISHED 1869
MASON, WALTER G*
Scott, Horner & Mason, Inc.
KRUMHOLZ, NATHAN
Siegel & Co., New York
Lynchburg, Va.
NEW YORK
30
WHITEHALL
PINE STREET
4-2300
Rights - Scrip - Warrants
REORGANIZATION SECURITIES
208 SOUTH LA
FEDERAL STREET
MEMBERS
BROADWAY,
STATE
STREET
4-3151
9070
RAND BUILDING
Tel.
REctor
BRANCH
Buhl
100
Building, Detroit, Mich.
254 Park
2-7800
MADISON 4514
OFFICES:
1 Press Plaza, Asbury
Avenue, New York
DETROIT
BUFFALO
NEW YORK 5
Park, N. J.
7-2062
ALBANY
LOUIS
Exchange
New York
120
CHESTNUT STREET
LOCUST
NORTH BROADWAY
CHESTNUT
Exchange
Curb
ST.
314
1416
SALLE STREET
FINANCIAL 6-3800
LIBERTY 2-5430
ftJCpONNELL & (fe
PHILADELPHIA
CHICAGO
BOSTON
75
New York Stock
York
SACHNOFF, MOREY D*
Straus, Blosser & McDowell
Chicago
Cincinnati
Jacksonville
Starkweather & Co.
Batkin & Co., New
PHILLIPS, JOSEF*
& Beane, Miami
Miami
HUNT, GEORGE V*
City
W. D. Gradison & Co.
Florida Securities Company
HUDSON, JOHN M*
Thayer, Baker & Co.
Philadelphia
York
SACCO, ARTHUR
PHILLIPS, GEORGE
Miami
Westheimer and Company
Ashplant Co., New York
ROTHSCHILD, GEORGE
Equitable Securities Corpora¬
tion, Nashville, Tenn.
MOORE, VICTOR *
New York
Miami
PETTEY, C. HERBERT
McALEER, GEORGE *
Dominick & Dominick
Co.
W. E. Hutton & Co.
Cincinnati
HOUGH, WM. R.
Beil & Hough, St. Petersburg
Light
ROSSBACH, HOWARD *
Securities & Exchange Com¬
mission, Washington
PEPPER, CECIL B.
LYNCH,
Boston
&
RODGERS, RAYMOND
New York University
PEARSON, G. HAROLD*
The First Cleveland Corp.
Power
ROBSON, FREMONT
PARSONS, E. E., Jr.*
WM.
Cleveland
HOMSEY, ANTON E.
duPont, Homsey & Company
REILLY, JOHN Fx
PARKER, H. SHELDON
Miami
MILLER,
Chronicle, New,York
York
J. Arthur
MICHELS, HARRY A.
Allen & Company
New York City
B.
LISTON, CORWIN L.
Tx.e Commercial & Financial
OHLANDT, JOHN D*
New York
MILLER, F. BOICE *
Gooabody & Co., Tampa
REILLY, F. VINCENT
O'KANE, JOHN, Jr.
John J. O'Kane, Jr. & Co.
New York
HOLT, WILSON
Bond Corp.,
New York *
MEANS, J. W.
MEYERS, JOHN J,, Jr.*
LESTRANGE, GEORGE *
Arthurs, Lestrange & Co.
Pittsburgh
REED, HARRY F*
Dallas Rupe & Son, Dallas
Thomson & McKinnon
Richmond
HOLT, HENRY
&
O'HARA, WALTER
Atlanta
LEE, GARNETT O., Jr.*
Scott, Horner & Mason, Inc.
HEIMERDINGER, JOHN*
Walter, Woody & Heimerainger, Cincinnati
Thomson
MATHEWS, ROBERT C., Jr.
Trust Company of Georgia
Sterne, Agee & Leach
Birmingham
13
728
FORD
BUILDING
WOODWARD 2-6175
on
page
76
FINANCIAL CHRONICLE
THE COMMERCIAL and
14
Thursday, November 13, i952
Report of the Public Relations Committee
'
'P
'
Oof-ion
A/Tr«Oinni«
nf
"Annii'ciF^Con-
told
the convention
'the
of
work of
the Committee
in
in¬
foster
to
vestment edu¬
cation
a n
under¬
d
in¬
securities
dustry, but reOetjen
Henry
the
vealed
difficulties in¬
volved
because
of
handi¬
certain
He particularly stressed the
caps.
need for
Public Relations Com¬
a
mittee of
a
more
unlisted
several
United has already developed
either such outstanding broadcasts. (It is
mutual funds
or
securities.
the
with
accordance
In
above,
committee sent out a letter,
your
outlined
as
you
a
standing of the
in
investing
into
listed,
the
in
millions"
"middle
States
"As
better
undertaken
cational
the NSTA has
broad national edu¬
a
in savings and
and I have accepted
Director of Public Re¬
in order to put the pro¬
the job of
lations
In this en¬
into operation.
gram
deavor, I am obviously going to
need help from all of our 30 re¬
"The
which comes to
program
is the one spon¬
sored by the Institute of Fiscal
by local affiliates in the work of
and Political Education under the
the Committee.
a
greater role
ready made
us
of Investment Features Ser¬
name
The text of Mr. Oetjen's report
follows:
At
organization
midwinter
the
dinner'
in
February, our good President,
Russell Hastings, offered me the
Chairmanship of the Public Rela¬
tions
Committee
of
NSTA.
Iy
ac¬
cepted this position fully realizing
the importance of the work that
it
would
be
this
for
necessary
Committee
to
face. On July 14,
1951, the NSTA undertook a pro¬
of
gram
The Institute is
vice.
endorsement
promise
and
the
of
the
by
the New York
Features
Ser¬
consists of
monthly tabloid of feature arti¬
which
cles
have
to
distributed
are
regular national
which
sored
all
by
for
be
can
of
weekly
groups.)
Various other projects
being planned for the future
additional funds become avail¬
as
It
able.
is
feeling
my
that
this
first
organizational
in
step
such
I
program,
an
would
suggest that each regional presi¬
regional
public
relations
director,
who
would
automatically
become
a
member of
the national public
dent
appoint
special
a
In this way
relations committee.
we
could
on
while
the
at
down to
work
all
a
national
a
local level
regional association
local
full
benefits
so
re-publication to several thousand
daily and weekly papers through¬
out
the country
as
well as to
tions
zealous
individual
leading industrial employee pub¬
doing
the
tee
Public
to
Relations
Commit¬
do
everything possible to
projeet this program before our
various: affiliates
this
sponsor
hope
that
its
redounding
firm
one
help
all
or
our
know,
that
our
to
and
program
success,
the
group
attempt to
with
the
while not
profit
of
any
of firms, would
industry requires
a
great
edu¬
cate,
"This
a
price
am
sure
ness
program
will
the
get
public
a
an
of $120 a year, which I
most people in our busi¬
It
is
rela¬
active and
interested
in
will agree
contribution
to
is
an
very
a
effort
what
might
be
called
the
modest
that
is
as
well
which
as
be handled with
designed to create new investors
and can be most effectively used
tasks
by all of us in this connection. The
committees set up by
Investment Features
Service
ration
of broadcast
also
the
can
assistance
group
public
of
informal
local
the regional
relations
would
same
ex¬
isting national radio programs and
this
dealers
munity
tneir
as
of
the
enclosing
am
January
the
This
demand from national
radio
a
for
articles
of
several
the
result
editor
millions.
of
this
As
pub¬
lication
and general magazines, and
program directors for spe¬
investment
sent to the editor
largest and best
publications having a cir¬
culation
attracting
farm, busi¬
of
our
of
one
farm
Service.
Features
was
of
is already
service
ness,
Commerce,
the
issues of
February
and
Investment
up
the Treasury Department, U.
Savings Bond Division for New
Financial Editor of the Journal
of
copies
and
picked
(3) An article by Shelley Pierce,
to
this educational program.
"I
port¬
funds
tion.
com¬
contribution
investment
mutual
York, and blown up into a folder
which they gave wide distribu¬
service from ail
monthly
"Will
directors.
wrote a special feature
urging investment in com¬
article
stocks
mon
their
mutual
and
which has since
Again,
to
me
letter
earliest convenience, giv¬
funds,
this
appeared.
this second
to
response
negligible.
was
should
be
not
However,
considered
a
opinion of the above sug¬
ing your
the
person
are
criticism of the affiliates but per¬
telling the name of
gestions and
in your group whom haps a criticism of the committee
appointing
and
with for the following reason:
whom I can work out further de¬
In both of these letters
we more
tails.
"Public
this
with
Enclosed
letter
that until such
above, were copies of the
January and February issues of
the
the
suggestion
for
of
a
educational
we
were
which
appear
as
April 2,
we
that
up.
as
a
In this second letter
plained
that
we
in
had enclosed
was
sent
editors of
papers,
to
we
our
ex¬
first let¬
we
idea,
least
at
solicitation
sent
pro¬
memoranda,
would be able to
it for the benefit of the indus¬
as a
With
we
radio stations and indus¬
were
just
a
try
several thousand
efforts
the
use
daily and weekly news¬
and
un¬
get newspapers to pick it up and
whole.
this
this
a
program,
greater degree of
The financial results have
apparently
being
particular
obtained
success.
trial house organs throughout the
country,
and
hoping that
follow-
its
to
We, therefore, decided
dropped
gram
material which
the
ter
we
We then pre¬
pared another letter
attached
perhaps it would be best if
temporarily, of
received replies
from four affiliates.
firmly established
be
would
dertaken.
sponsoring.
The
response
received by
the
regular Committee to this particular letter
was not too encouraging.
On
even
certain amount of skep¬
pro¬
to
institution,
ability to further the program
fur¬
the
a
ticism
and radio stations as copy
articles
perhaps realized
an
nent names, has
they itself,
that
could be distributed to local news¬
papers
subscrip¬
though sponsored by very promi¬
Service
Feature
Investment
should have
We
as
stated
with
that
requested
tions be forwarded to the Institute.
Committee."
Relations
less
or
"Sincerely,
"Chairman,
gram
available material at
please write
you
at your
"(a) To interest the local press
and local radio stations in using
intervals.
S.
Fair
a
sug¬
stocks—was
common
available
made
investment
therance
the
be
You
definitely
an
include
folio
by
Offer
which
that
gested
women s
"(d) To encourage subscriptions
These tasks would be:
material, fea¬
before
Bond
Break,"
this office.
prepa¬
turing investment, for use of
ings
en¬
Speeches or material for
you
cooperating in
a
vigorous way in fund raising.
The job of the regional groups
will consist of several important
groups,
speaking
arrange
chambers of com¬
and other local and civic
groups.
Editor
Commercial and Financial Chron¬
puoncations
local
merce,
Wilfred
of
the
A.
by
Executive
icle, entitled "Does the U. S. Sav¬
affiliates
clubs,
article
An
May,
use.
is
industry generally. We
as later events proved, helps in the promotion and
public relations program to
the Bill Slater
States.
(2)
tue
nuance
tne material
employee
To
local
that each
"The job of the national direc¬
lications.
"(c)
cial
real job.
appointee be
to
use
gagements for tne omcers of our
it
tying
thereof.
this
that
important
program
time
same
closely
very
to
otherwise.
and
to
the
nelping
ana
their
in
boost.
group
our
in
rations
irom
if
way
financed by tor of public relations will consist
educational program pf the Insti¬
sale of this monthly service to in cooperating with the sponsors
tute of Fiscal and Political Edu¬
investment firms, industrial and in creating suitable material and
cation. We felt it was the duty
utility corporations, and others at getting it out to the regional
of
on
100 stations in the
over
on
United
utility and inausuiai corpo¬
program
be put over in a big
will organize
properly to give it a good initial
program can
Up!"
"(b) To enlist the cooperation of
local
spon¬
regional
our
are
together
of Education.
Investment
ciiirent program
vice
the
introduction
of
State Department
a
non-profit
a
chartered
Board of Regents of
The
ultimately sufficent funds may be
raised from sale of this service
"As
gional groups.
belief that
writer's hope and
this
broadcasts
follows:
know,
program
investment,
permanent ten¬
and called for
ure,
re-broadcast
was
raaio program, "Americans, Speak
efforts
its
typical
distribution:
(1) An article by H. Eugene
Dickhuth, Herald Tribune Finan¬
cial
Writer, entitled "Diamonds
May Not Be a Girl's Best Friend"
on
21.r Mr.
pet.
.
^■Optjen
three
three
cite
cite
to
to
this
results of
extended to two-year term.
Public Relations Committee
jventiorrof the
like
like
would
would
...
_
"Investment Features Service," favored by the
National Association^* to spread savings and investment education. Sees need
for more activity along these lines by local affiliates. Wants chairmanship of
tions
-qAssociation
...
_
Henry Oetjen tells o£ efforts of
^tela-
Public
NSTA
the
of
man
of
i y
hV
•
Rr
McGinnig^ &
Company, New York City, Chair¬
Oetjen,
Henry
proved
that
perhaps
overall program was a little
constantly made to have it picked too great to be handled. It is your
up
and used
on a
Committee's general opinion that
nat onal basis. I
r
u
■
qAllen & Company
Special
ists in
Established 1922
Foreign Securities
NEW YORK 4, N. Y.
•
Foreign Investments
<jiwiAo(d fj/ncl <9? ffiUwhbced&i
3nc.
V i
30 Broad Street,
t
SECURITIES
INVESTMENT
New York 4, N. Y.
Foreign Representatives
-
Adler & Co., A. G.,
Zurich, Switzerland
15
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
Convention
for public
vention that most of the chairmen
relations to be handled by NSTA
of committees consider their work
perhaps the best
is
way
them
have
publicize
garding
any
suggestions
forward-looking
re¬
that
note
Louisville
the
of
the
Ohio
a
"for the
of Louisville
similar
been
inaugurating
are
in investment at the
person."
average
A
Association
Bankers
course
University
of
cooperation
Valley Group of the
America
of
has
course
already
inaugurated at the Univer¬
sity of Cincinnati and about 800
to 900 persons
attended.
Also the Detroit Public
and
the
Detroit
sponsoring
are
Stock
a
weekly
meetings.
various
industry,
our
"Types
Library
Exchange
series
of
Topics
speakers,
with
five
the
of
identified
all
follows:
are as
Securities Available
of
Investors"; "How to Read the
Section
Financial
ministration
of
a
the
glad
Club
Bond
the
with
Investment
short
there
and
forms
its
Report oi NSTA Legislative Committee
is
Chairman Walter G. Mason reports
members
to contact
Newspa¬
can
than
most
limit powers
feel he
out
Manley
committees
specific func¬
can
I
should have
perform,
Relations
The Detroit Library and
of SEC.
Reporting
NSTA
on
activities
of
the
Legislative Committee dur¬
is that
nothing is expected to hap¬
of our
to Con¬
I feel that each member
ing past year, Chairman Walter G.
the
compose
such
a
ad¬
an
certain that the Public
am
Committee
details
of it
work
could
for him.
It
the
member
members of the
from
groups
have
various
the
most
Staff of the SEC
cooperative
and
always seemed ready and willing
give any information and an¬
swer any questions we might ask.
States and the
Co.,
Atlanta, Ga.
J. L.
Quigley
Cleveland, Ohio
Landon A.
Freear
William N. Edwards &
Fort
Co.,
Worth, Texas
Elmer W. Hammell
Shillinglaw, Bolger & Co.,
Chicago, 111.
Thomas
W.
Price
McAndrew &
San
Co., Inc.,
Francisco, Calif.
Josef C. Phillips
Pacific Northwest
Co.,
Seattle, Wash.
Donald L. Patterson
Boettcher &
Co.,
Denver, Colo.
Sun Valley,
Idaho
Selected
Site of
as
to
and
members
present
past
been
James B. Dean
J. W. Tindall &
this year.
pen
Mason, of Scott, Horner & Mason, Association is indebted
Lynchburg, Va., confined his re¬ gressman Fred E. Busbey from Il¬
tenure of office of at least two marks largely to the efforts of the linois who with his Bill H. R. 6846
securities industry to prevent the is trying definitely to limit the
years. It is my considered opin¬
Securities and Exchange Commis¬ powers of the SEC with regard to
ion that during
such a period oi
sion from carrying out its pro¬ members of our profession, and I
time a substantial amount of con¬
am most indebted to my old friend
posal to levy new and higher fees
Jay Quigley who attended both
structive work could be done.
on investment dealers.
The text of Mr. Mason's report hearings.
Another
suggestion
which
I
Following the policy of previous
follows:
would like to make is that every
Legislative Committees, on April
While our Legislative Commit¬
16 we had dinner with members
officer and national representative tee's report for 1951 showed that
of the SEC and Tony Lund of the
their activities were limited in
should, during the period of the
staff, at Hotel Statler, Washington.
scope, it seemed as though every¬
The meeting was attended by the
year, make it a point to attempt
thing waited
following officers of the NSTA—
to
give an address in his local until this
year
President Hastings, Vice-President
community before some group, to break loose.
Quigley,
Secretary
Bunn,
and
I
m
u
s
t
not only building up NSTA, but
your Chairman. While this meet¬
pause
here
ing was small, we felt much was
doing a public relations job for
and
thank
accomplished and it did much to
the
industry
generally. If
the each and
further our good relations with
officer or representative does not every one of
the SEC.
I might add that the
to
tions
Analysis"; and "How to Set Up
a
the
which have certain
dress,
Investment Program."
of
NSTA
urges
Congressmen in support of House Bill 6846, which would
Committee,
be considered different
which
conferences with SEC, and
com¬
new
Relations
Public
per"; "Introduction to Investment
Personal
done
hiatus until the next ad¬
tion, therefore, if possible, is that
Beside the above, we were
to
less
or
a
industry in their local mittees in February. My sugges¬
our
newspapers.
to
more
again
|to work with the local affiliates
arid
To
1953 NSTA Convention
broad coverage, your
Next year's Convention of the
thought it wise to select
in the local area wherever that
lative
Com¬
committeemen
that
represented National Security Traders Asso¬
identical five week series of talks
Walter G. Mason
may be but it migHt be possible
mittee for the
our members generally in all sec¬
ciation will be held at Sun Valley,
on Security Investment.
to
tions of the country.
get
some
national publicity help given us
This wide
throughout the nation in protest¬ representation and the splendid Idaho, during the week of Sept.
Your Committee does not know on it.
ing Release 4669 of the Securities efforts of these committeemen in 14. This will mark the 20th an¬
In summation, I think the hest
how
many
other affiliates are
and Exchange Commission under1 contacting their Congressmen and nual
meeting of the Association
sponsoring such programs. It defi¬ which can be said for this Com¬ date of Jan. 31, 1952, and I urge influential friends I am sure
which
includes
4,000 individual
nitely would be a constructive mittee is that they were able to each of you to continue your ac¬ played a real part and, I believe,
members and 31 separate Affili¬
tivities in this connection. The will prove a deciding factor in the
move of great benefit to all.
accomplish, in a small way, a fair
In announcing the site of
first hearing in Washington on final outcome of this important ates.
At this time we believe that the amount of public relations work March
matter.
14, 1952 was so well at¬
next
year's meeting, President¬
but of greater importance is the tended and there were so many
Respectfully submitted,
following suggestions are appro¬
elect Harry L. Arnold, of Gold¬
self-analysis work which it has people interested that they had to
LEGISLATIVE COMMITTEE
priate.
man, Sachs & Co., New York City,
have another hearing March 31,
accomplished and if something
Walter G. Mason, Chairman
Committees are usually formed
stressed the importance to mem¬
1952, and I am very pleased to re¬
could be done about the two con¬
Scott, Horner & Mason,
bers of their attending the annual
by the President at the mid-win¬
port that at this writing nothing
Lynchburg, Va.
structive suggestions made in this so far has been done with regard
ter
gatherings, adding that his fel¬
meeting in February.
The
Walter F. Saunders
report—then perhaps NSTA could to raising the fees on investment
low officers and members of the
Chairman of the various commit¬
dealers. Your Chairman has been
Dominion Securities Corp.,
receive the type of publicity which
Executive Committee will use the
tees must then go ahead and form
to Washington on an average of
New York City
its standing in the financial com¬
once each month and
we have a
experience gained from the last
a group to work with him.
This
William J. Burke, Jr.
munities of our country warrants.
19
meetings to make the 1953
member there who keeps in close
naturally requires a great deal of
May & Gannon,
Convention "the finest ever."
The
Committee
at this
time touch. The consensus of opinion
Boston, Mass.
letter-writing and awaiting re¬
Bennett
sponses
It
ates.
&
Co.
has
the
various affili¬
the experience
of this committee that the forma¬
tive work
three
months, which brings us up
beginning of vacation time.
to the
During the
urally
and
very
in
the
vention
is
months, nat¬
summer
of
officers
the
thank
to
wants
for
Counsel
Executive
the
to
thanks
special
the
the
Legis¬
comes
annual
our
its
financial
publications, the Commercial and
Chronicle
Financial
vestment Dealers
con¬
and
the
In¬
Digest, for their
Trading Markets Maintained in
Respectfully submitted,
PUBLIC RELATIONS
along without too
only natural after the
a
and
little is accomplished fine cooperative spirit.
fall,
get
Chairman
also a
splendid cooperation and,
COMMITTEE
having been accomplished.
much
It
about two to
consumes
only
sponsoring
are
been
from
then be publicized not
could
Oetjen, Chairman
Henry
con¬
Corporate and Municipal Bonds
Bank & Insurance Stocks
Investment Preferred Stocks
Over-The- Counter
Securities
Inquiries invited in all Unlisted Issues
Trading Department, LOUIS A. GIBBS, Manager
Laird, Bissell & Meeds
MEMBERS NEW
YORK
STOCK EXCHANGE
BROADWAY, NEW YORK 5,
120
DIRECT
WIRE
CONNECTIONS
Congress
Street
1387
Brothers
Los
PONT BUILDING
WILMINGTON, DEL.
Main Street
95 ELM STREET
NEW HAVEN, CONN.
Spring St.
Angeles, Calif.
-
BOSTON
BUFFALO
•
CLEVELAND
•
Schirmer, Atherton & Co.
Springfield, Mass.
DU
Corporation
Broadway, New York 6
65
TO
650 South
Boston, Mass.
Tifft
Union Securities
Mitchum, Tnlly & Co.
Schirmer, Atherton & Co.
50
N. Y.
Bell Teletype NY 1-1248-49
Telephone BArclay 7-3500
49
Pearl Street
Hartford,
Conn.
LINCOLN LIBERTY BUILDING
PHILADELPHIA, PA.
HARTFORD
•
PHILADELPHIA
•
SYRACUSE
rA
16
THE COMMERCIAL and FINANCIAL CHRONICLE
Thursday, November 13, 1952
Report of the National Municipal Committee
Winton
A.
Southwest
Jackson of the
Company,
First
aminer
Chairman Winton A. Jackson reviews recent State and local legislative action
Dallas,
Texas, Chairman of the Municipal
Committee
of
the
National
of
Se¬
curity Traders
general interest to the municipal bond fraternity, and discusses the
tion of the
use
Association,
released
report
the
problem for investment dealers, and
the
this
of
Committee
of public credit for industrial aid financing.
do their utmost in
to
ers
at
Annual
Convention
elections
tion
held
Oct.
on
Illinois School Bonds
on
after June
9, 1951, were in-
financing
property
erai
local
in
the
revenue
State
for
gen-
From
purposes.
the property within
legislative ac- tionality of the law, as it applied their respective boundaries for
tion
affecting particularly to the election held county purposes, except the first
municipal by Hinsdale Consolidated School $3,000 value of residential home-
Jackson
A.
Winton
page County, to test the consiitu-
and District No. 181. On Nov. 30, Judge
bonds,
discusses
the
Daniels
of
Du
Page County, dis-
the
missed the suit and it was subse-
growing practice of localities in
issuing municipal bonds in aid of
private industrial financing.
qUentiy taken to the Illinois Su-
problem
grave
The
of the report follows:
text
been
has
There
from
arising
no
legislation
Court. On Jan. 23, 1952, the
preme
Supreme
Court
held that it was
clear that the intent of the legis-
lators
was
taxes
upon
steads, not to exceed 30 cents
on
There
was
nassed
a
unusual
an
County
Case"
occur¬
...
In Texas, the case known as the
the
State "Grimes County Case" was of imto Illinois portance. This suit was brought by
that
of
relating
law
(Article 5A),but this
taxpayers in the County, seeking
must
be
to
include that
citizens
the
of
admitted that the omission
oversight,
but
was
prepared
was
Clair
obligations
Detroit-Wayne
County Building Authority is now
contemplating an issue of $17,000,for
all
similar
a
will
be
and
follow,
purpose,
undoubtedly
Committee feels
Your
cognizant of
should
we
this
type
of
Minnesota Debt Proposal
Minnesota,
In
voters
to
United
was
nevertheless
the
State
ad
such donation. The Municipal Secunties Committee of the Texas
Group, IBA, took an active interest in this case. The current case
was heard on June 30, 1952, in the
District Court which held that the
taxpayers
are
appealing the
case,
•
The
Distributor * * Dealer
Michigan
1
.
.
Legislature
in
1948 authorized the formation of
Re¬
in Texas.
banking houses, who supply
them
to
These
Bank
their
have
been
with
the
bank
Credit
set
Reports,
in conjunction
up
bank
customers.
File
examiners,
and
approval and ful¬
requirements.
Industrial
There is
Aid
Financing
something that is facing
the
and school districts in particular
that your Committee feels should
to
direct
go
the
State
The
to
amendment
Trust
the
for
loans.
of bonds
range
qualify
for
such
which would
investment
by
changing the debt ratio from 15%
of the assessed valuation to 10% of
also take
business away from
some
municipal
bond
dealers
by
be
.
investment
of
.
grave
"public
fraternity
concern
that
and
.
is
credit
for
you
mentioned
was
the
Municipal
today
all
to
the
financing." As
of
us
problem of
industrial
aid
will recall, this
in
the
Report of
Committee
nicipalities.
leased
Bond
Ratings
Your Committee feels
we
sure
that
have all been interested in the
requirements
set by the Comp¬
Currency regarding
^he rating of municipal bonds by
County and City
as
tenants. The
subsequently been tested
upheld by the Michigan Su¬
Court.
preme
Securities
200,000
St.
Huron
•
Joint
on
of
Industrial, Public Utility and
Railroad
Corporations
Company Stocks
of
Canadian Bonds
Development
The
'
<C
Cleveland
0
(1)
If
we
economic
should have
examiner
would
have
the
authority to do the following: If
b
,
carried
a
«Ba„
ratinfr
nr
then
meet
ments. If
Chicago
San Francisco
their
revenue
rental
ment of
allocated
type
"speculative"
by
examiners, the bank
the
exam-
iner could' if
bonds.
bonds
have
course,
the security
as
have to
ity."
the
u
*
if
on
•
j
other
<«-»
hand,
the
flict
a
general
a
been
higher
be
levied
on
tax
issued, then, of
tax
rate
and
would
would
on
in¬
the tax¬
»
payer, and
information
in depressed times,
lections.
so
obligation
heavy burden
ratlng or
better> and if up-to-date financial
bond CarrIed a
no
on pay¬
principal and interest
If
ial
information warranted, evaluate
"investment qual-
pay¬
issued, the municipality would,
considered
new
neces¬
bonds have been
bank
has
drastic
a
upheaval, and of
tlve to the evaluation of municipal prises would be forced to cut pro¬
bonds. Under this program, each duction, these enterprises could
Baa
indicated, the
Members New York Stock
CORPORATION
Pittsburgh
vestment
ex¬
all know the decrease
BONNER & GREGORY
FIRST BOSTON
some
—
the payment of
financing for the State of
Michigan, and perhaps the nation,
Foreign Dollar Bonds
....
the
based upon space
This is a
each unit.
area
Authority
secure
4S?cTaireaandte
of
rating service, and the fact of velopment to their
or
not
they are con¬ are:
sidered to be "speculative" or "in¬
whether
doubt, be forced to default
City of Port Huron, whereby the
County will pay 70% of the rental
charges of the project and the City
to
this
attracting industrial de¬
carried a Ba rating or
i°wer> which has in the past been
in
1949 which destroyed a
large porton of existing quarters.
bonds,
of
means
not
offered
proposed County-City and
Jail-Garage buildings is due to a
30%,
^
involved
use
bank
were
the
the
Reconstruction and
risks
municipalities
sity certain types of private enter¬
fi¬
15, 1952 and again on Nov.
7. The necessity for construction
In order to
when
chief Bank Examiners is trying to
inaugurate a new program rela-
was
Oct.
Bankers' Acceptances
Securities of the International Bank for
several
are
applied
charges.
Clair
County-Port
Building Authority
bond
fire
Bank and Insurance
are
service
$3,-
first
Revene Bonds which
Bonds, Preferred and Common Stocks
debt
quality" bonds. It is our
understanding that
one
of
the
The
nancing under this law
State, Municipal and Revenue
against
There
enterprises. The
therefrom
a
and
Government and its Instrumentalities
to private
rentals
troller of the
law has
Securities of the United States
through the issuance of bonds, to
a
Building Authority for the
purpose of
constructing and fi¬
nancing, through the issuance of
payable from rentals derived from
File
been set up
to help the smaller municipalities
bonds, joint County-City
buildings. These bonds are to be
Philadelphia
ment
tion will be voted upon in the
November elections. It is designed
Joint
revenue
Boston
holdings,
Credit
allowing the Investment Board to purchase land, construct buildings,
Purchase bonds direct from mu- plants, etc., which in turn are
Michigan Building Authorities
New York.
bank
on
porter, and in turn sold to invest¬
amendment to the State Constitu-
the
>
Underwriter
re¬
up-to-date finan¬
Bank
ports have
fill their
Fund
of
Texas
compli¬
proposed
a
would have the effect of widening
amount
for
cial information
the
In
Comptroller's
meet with their
Board should continue to
valorem taxes for the duration of
the
financing,
vided the revenue derived from
the levy of the tax shall be used
full
with
County-Port
These Reports are prepared peri¬
Building Authority
by a well-known in¬ odically by the Texas Bond Re¬
vestment firm. The
taxes authorized by the Constitution of the State of Texas, pro-
levy the
"speculative."
or
Joint
Huron
000
rate
at the
the full and true value. Minnesota
last
year
in
municipal bond dealers are op- convention held
posed to the amendment for two Coronado.
Since that time this
reasons—it would make possible
type of financing has been coming
amendment to Section 1-a, Article the investment of State Trust
more
and more to our attention.
ig4g^ which provideci that after VIII> of the State Constitution is Funds in municipalities where the
an
jan
^ 1951, no State ad valorem constitutional. We understand the financial statement is not as good In brief, the precedure is for a
all taxes shall' be levied upon any attorneys for the Grimes County as that now required, and it would municipality to
use
its
credit,
declare unconstitutional Section 1-a, Article VIII, of the ConStates and failed to set out the age stitution of the State of Texas and
limit of voters. The parties that all
amendments thereto.
There
orv.or.rimont +r> +V.O
Ar>+
drafted tne amendment to the Act was an amendment in November,
failed
law
ity"
granted, the State Automatic Tax
in Illinois this year
School Bonds
hand,
St.
the
on
to hold that the State for construction and maintenance
"Grimes
Legislature
51st
at
could
the bond either "investment qual¬
outstanding presentation of the
material
others
enacted Election Code governing qualifica- of
fraternity.
rence
complete prospectus, which
an
valuation, which is in
addition to all other ad valorem
pertaining to municipal securities
during the past 12 months. There
has been some State
and local
bond
A
as
up-to-date
reviewing
information,
quirements
each $100
farm-to-market roads or for
tions of voters must be implied in flood control, with one exception,
school elections, and, in addition, The exception provided that in
held constitutional the Code as counties or political subdivisions
legislative action that should be of amended and effective since July or areas of the State from which
tax donations had previously been
general interest to the municipal 1, 1951.
significance
national
of
after
financial
purposes.
The terpreted by approving legal at- and
after Jan. 1, 1951, the
report reviews torneys as being illegal. A suit several counties of the State are
recent State was filed Nov.
28, in Wheaton, Du authorized
to levy ad valorem
and
Holds this is serious
all NSTA members and other deal¬
1952.
21,
iner,
ance
dustrial
bonds
the
rate
rating at all, the bank exam¬
no
ques¬
dissuading municipalities from issuing bonds for in¬
of
the Associa¬
urges
could
"speculative." If the bond carried
Exchange
we
in tax col¬
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
it
We
If States continue to engage
(2)
in industrial
will
tween
the
destroy
Federal
balance
local
and
power
be¬
informative, and
strongly urges
be
The
long-term
problem
type of financing is the fact
that
of
probably
and
municipal bonds,
from
income
that
cree
are
they
all
are
types
not exempt
will
and
taxes
de¬
subject
of
Municipal
of
you
at
Conference,
adopted
its
46th
June
on
"Whereas,
18,
1952,
Report:
legisla¬
state
some
ar¬
would like
we
our
tures have enacted
numerous
the
on
like
would
we
this matter, and
refer
to
you
legislation
per¬
officers
acquire
and/or
con¬
Policy,
Oct.
Buyer" of
31, 1951).
"Senator
Pepper's Warning"
debt
pal
Wood
charges
Comment
on
Public
Lending
Credit for Private Use"—by
Wood
David
("Bond Buyer" of Dec.
—
Robie
by
Mitchell
L.
"Municipal Industrial Develop¬
Financing
by David M.
—
(" Bond Buyer" of April 5,
"Municipal Financing of Indus¬
Plants"
Mitchell
by
—
Robie
L.
obligations
to
of the kind
care¬
acquire
mentioned
by
service
arising
from
property; and
the
years,
on
municipal
Nov.
29, 1951, adopted the
the
of
enacted
states
laws
ipalities
to
credit;
in
have recently
construct
or
or
acquire
industrial plants
for the express purpose
of leasing
plants to private corporations
individuals and to finance such
or
or
and
purposes
for which such industrial
property
acquired
less,
Wanders
George
Then"—by
("Bond Buyer" of Sept.
locally,
may,
deemed to be
of
of
use
deemed
to
be
public
credit
is
in
adversely influence
can
position
and
traditional
munity from taxation
from municipal
of
such
munici¬
"City-Financed New Factories"
rily from rentals of such plants;
—("Business Conditions" of Sep¬
published
1952,
Federal Reserve Bank of
the
by
im¬
of the
in¬
obligations;
practices
Your Municipal
versely;
the past
upon
causes
to
go
Taylor
&
Co.,
local
record, and
on
that all members of the Na¬
Security
Stifel, Nicolaus & Company,
Traders Associa¬
Incorporated, St. Louis
tion, and other dealers, do their
utmost
ties
in
from
Paul E. Youmans
dissuading municipali¬
issuing bonds for
Bosworth, Sullivan & Co., Inc.,
the
Denver
financing.
Gilbert Hattier, Jr.
Respectfully submitted,
White, Hattier &. Sanford,
NATIONAL MUNICIPAL
New Orleans
COMMITTEE
F. Boice Miller
Winton A. Jackson, Chairman
First Southwest
B. J. Van Ingen &
Company,
Co., Inc.,
Miami
Dallas
J. Hollis Austin
Edward V. Vallely, Vice-Chr.
John Nuveen &
J. W. Tindall &
Co., Chicago
P. Scott Russell,
Company,
Atlanta
Vice-Chairman
C. Herbert Pettey
Glore, Forgan & Co., New
Equitable Securities Corpora¬
York
tion, Nashville
Oscar M.
Bergman
EDITOR'S
was
NOTE:
The
Report
unani¬
mously.
accepted,
but
not
have had injurious effects
"Whereas, if this practice is un¬
checked it may react to the detri¬
ment of
our
economy
mately
present system of free
further
and
the
endanger
may
ulti¬
valuable
position of state sovereignty as a
of
our
constitutional
dual
Reyholds & Co.
Underwriters—Distributors
fore,
ment
resolved, that the Invest¬
Association
Bankers
of
Members
New York Curb Exchange
New York Stock Exchange
Philadelphia-Baltimore Stock Exchange
i/
.
.
Midwest Stock Exchange
From Toronto in the North...
.
to
San Juan in the south
.
.
.
from the
coast
New York Cotton Exchange
Trade
Commodity Exchange, Inc.
Chicago
Board
the Pacific, our 107
for the
purchase
or
offices provide
an
of
of Maine and west
120
to
BROADWAY
NEW YORK 5, N. Y.
•
unusually effective network
sale of unlisted securities.
Branch Offices
Empire State Building
Staffed
by
than 900 account executives with thousands of
more
•
New York 1, N. Y.
Chicago, III.
Philadelphia, Pa. ;
can
always be called
are
on to
linked by 65,000 miles of private wire
find the buyer—or seller—you want.
.
.
.
East Orange,
Scranton, Pa.
Durham, N. C.
Bridgeton, N. J.
Morristown, N. J.
York, Pa.
these offices
Allentown, Pa.
Lancaster, Pa.
contacts,
Vineland, N. J.
Raleigh, N. C.
N. J.
Winston-Salem, N. C.
Elgin, III.
Chicago Heights, III.
Syracuse, N. Y.
For the address of the
one
nearest you,
simply write—
t
Direct Private Wires to
Trading Department
All Branch Offices
Merrill Lynch, Pierce, Fenner & Beane
70 PINE
STREET
NEW YORK 5, N. Y.
Detroit, Mich.; San
Lincoln and Omaha,
and
Correspondents in
Francisco, Calif.; Buffalo, N. Y.;
Toronto, Canada
<7
4
to our
Neb.; Des Moines and Sioux City, Ia.
Offices in 103 Cities
t-
Inc.,
Lynchburg
public credit; and
"Be it
practice
like
would
Committee
Strader
A.
Strader,
in
part
"(3) The
Pittsburgh
Ludwell
Minneapolis
similar
system of government; now there¬
governments may be affected ad¬
Chicago).
Arthurs, Lestrange & Co.,
Allison-Williams Company,
and
between local, state and Federal
as
George E. Lestrange
palities payable solely or prima¬
"(2) The position of sovereignty
13, 1952).
Seattle
islators, prospective issuing units
acquisition by the
bonds
"Whereas,
desirable
not
Wm. P. Harper & Son & Co.,
state leg¬
prac¬
respects, among others, these:
"(1) It
come
ligation
continuation and broadenr
a
ing of the present trend and
some
be
desirable, nonethe¬
Wing
Willard B. Vadman
efforts to inform voters,
authorizing munic¬
manufacturing
construction
public
legislatures
the
"Whereas,
some
W.
Weeden & Co., San Francisco
"Second, that each use his best
purpose of industrial
following resolution:
an
"Whereas, although the
is
such
marketing
or
bonds; and
tional
The Investment Bankers Associ¬
such
generally had
upon
IBA
of
ation of American at its Conven¬
or
the
"Now—and
underwriting
Ivan
E. William Darmstatter
Attitude
revenue
or
debt
thereof
adverse effect
("Bond Buyer" of June
21, 1952).
tember,
general
the
vate venture has
tice
1952).
trial
(1)
issuance of revenue or general ob¬
("Bond Buyer" of Dec. 22, 1951).
Wood
legislators
fi¬
of such public credit for pri¬
use
"Public Bonds for Private Pur¬
ment
of
are
financed
be
"Whereas, in earlier
other
22, 1951).
poses"
to
are
obligations,
Further
Makes
Boston,
dinger, Cincinnati
caution in
excercise extreme
and
urge
tion
rentals of the leased
"David
in
functions,
acquisition costs
or
issuance
13,1951).
M.
governmental
where the
—
Pepper ("Bond Buyer" of Nov.
assembled at its 46th
or corpora¬
tions for other than generally rec¬
nanced
by Former Senator George Whar¬
ton
individuals, firms
Shows"—by ognized
Record
States
Walter, Woody & Heimer¬
fully consider the long-term ad¬ of local
government, and other
verse effects of the use of public
interested parties of the past ex¬
credit for private purposes, and
perience and inherent dangers of
(2) avoid the issuance of munici¬ public financing of this character."
pri¬
few of them:
David M. Wood ("Bond
United
Company, Incorpo¬
John G. Heimerdinger
this whole development
on
Ergood, Jr.
&
rated, Philadelphia
herein."
to
struct facilities to be leased to
Poor
the
of
and
property
to a
"Public Aid to Private Interests
Officers formed
Finance
Conference
mitting local subdivisions of gov¬
vate
Stroud
and
members
its
to
that each take it upon
"First,
Municipal
ernment
ticles written
recommends
"Therefore, be it resolved, that himself to become thoroughly in¬
Massachusetts, June 18, 1952 rec¬
Annual ommends that municipal finance
resolution pertaining to
a
incorporate in
Literature
Russell M.
America in convention assembled
Municipal Finance Officers
Association,
to
There have been
functions;
and Canada,
Officials
obligations
being for regular governmental to dealers generally:
as
Annual
The
to this
matter, which
taxation.
Pertinent
each
issue
to
not usually regarded
purposes
Association
Views
feel that this type
may
bond,
that
situation.
eventually the Federal Gov¬
of
committee
your
thoroughly familiar with this
of
this
ernment
that all of you will governments
sure
read these articles so that you may
self-government.
(3)
are
activities, eventually find these articles interesting and for
17
THE COMMERCIAL and FINANCIAL
18
Thursday, November 13, 1952
CHRONICLE
NSTA Affiliates and Members
RICHARD
ABBE,
Security Traders Association of New York
Shields
&
ROSTER OF MEMBERS
F.
Company
ABELE. EDWIN A.
Tellier
Mitchell
&
Edward
Company
MARK
AIELLO,
BIRD,
W.
Allen &
DOUGLAS C.
HERBERT
&
ALTMAN, MOSES
H.
Charles
John J. Meyers, Jr.
Harry L. Arnold
M.
Zingraf
Hentz
&
S.
(Associate)
ARNOLD, HARRY L.
Goldman, Sachs & Co.
ARONSON,
Hall
Aronson,
& Co.,
Inc.
BOLAND, WILLIAM H.
CLEAVER, JAMES P.
Goodbody
Co.
&
PETER
BARKEN,
Lee
BARMONDE,
Barmonde,
A.
M.
PHILIP T.
Gilliland
Kidder
H.
& Co.
President: Harry
F.
Alfred
George V. Hunt
Second Vice-President:
Charles M.
Jr., Gordon Graves & Co.
1
& Co.
Barbier,
Ingalls
&
Snyder; Joseph
Josephthal & Co.
National Committeemen: Samuel E>-Magid, Hill, Thompson & Co.,
Inc.; Edwin J. Markham, Wertheim & Co.; Stanley L. Roggenburg, Roggenburg & Co.
Alternates: James F. FitzGerald, W. L. Canady & Co., Inc.;
P.
Grace, W. C. Pitfield & Co., Inc.; Cyril M. Murphy, John C.
Legg & Company; Barney Nieman, Carl Marks & Co., Inc.;
John J.
O'Kane, Jr., John J. O'Kane, Jr. & Co.
pires: December 31, 1952.
COPPLE, LIVEY E.
ALLEN
Hanseatic
ALVIN
Hardy & Co.
Smith, Barney & Co.
Corporation
CORBEY, JOSEPH J.
C.
Allen &
(Associate)
BROWN, HAROLD L.
CORLEY,
COURTNEY, HARRY
Peter P.
Corporation
Abbott, Proctor & Paine
BERTSCH, ARTHUR W.
Co., Inc.
OTTO
Goodbody & Co.
Drevers
BROWNE, HOWARD S.
Tweedy, Browne & Reilly
CRONE, EDWARD A.
BRUGGEMAN, CHARLES
CROWLEY, JOHN B.
Laurence M. Marks
&
Co.
SAMUEL F.
Laird, Bissell & Meeds
CURRIE, Jr., JAMES
BRYAN, CHARLES F.
(Honorary)
Spencer Trask & Co.
BURBANK, BERT
White, Weld & Cu.
CURRY, THOMAS L.
BURCHARD, GERARD L.
CUSACK, JOHN T.
Stone & Webster Securities
Daniel
Rice
F.
and
Adams & Peck
DANEMEYER, JOHN J.
Merrill Lynch, Pierce,
Newborg & Co.
&
Co.,
are
interested in
Bros.
&
Cahen
&
&
Denton,
Inc.
it may
be
to your
DAWSON-SMITH, STANLEY E.
Bonner & Gregory
CAMPBELL, JAMES V.
H. C. Wainwrlght & Co.
CANAVAN, JOHN J.
advantage
New
York
DAVIS, THOMAS JOSEPH
A. C. Allyn & Co., Inc.
Co.
The Dominion Securities Corporation
CALLAWAY, Jr., DAVID H.
First of Michigan Corporation
STOCKS
Beane
F. Eberstadt & Co. Inc.
CALEF, JOHN C.
PREFERRED
&
(Associate)
DAVIS, MARTIN
Co.
CAHEN, SAMUEL K.
S. K.
Sutro Bros. & Co.
Incorporated
Burton
CABBLE, JOSEPH C.
Burns
Fenner
DAVIS, JOHN HENRY
BYRNE, HENRY W.
L.
A.
DALE, CALVIN D.
BUTLER, JOHN
Wm.
ERNEST
Paine, Webber, Jackson & Curtis
Company
BURKE, HAROLD J.
Geyer
Corporation
Amott. Baker & Co. Incoroprated
DAHLGREN,
BURIAN, ARTHUR
Auchlncloss, Parker & Redpath
you
Co.
CUNNINGHAM, FRANK
Kidder, Peabody & Co.
BRUNS, HENRY G.
BUSCHMAN, HERBERT
If
&
Reed, Lear & Co.
Witter & Co.
Dean
Charles King & Co.
A.
Berwald
S.
McDermott & Co.
CRAIG, JOSEPH J.
BROWN, THOMAS J.
&
EDWARD M.
Blyth & Co., Inc.
T. L. Watson & Co.
Hanseatic
&
Company
CORKEY, DONALD B.
E. F. Hutton & Co.
Eric
I.
BELKNAP, WILLIAM F.
Walston, Hoffman & Goodwin
BESWICK,
York
Co.
COOKE, RENE J.
& Curtis
Hirsch & Co.
Inc.
BEN, HANS E.
Grady,
JOHN A.
Eastman, Dillon &
BROWN, JULIUS D.
Mackie,
BECKER, FRANK H.
Guaranty Trust Company of New York
A. Saxton
SAMUEL F.
Hutton & Co.
E.
P. F. Fox & Co.
Cohu & Co.
EDWARD
Reynolds & Co.
York
W.
BROWN, D. HOWARD
Ingalls & Snyder
Co.
BECKER,
Incorporated
Company
COLWELL,
& Company
BROWN,
&
Co.,
&
CONLON.
New
L.
WILLARD
BERWALD,
1951; fook Office: January, 1952; Term Ex¬
Inc.
Tweedy, Browne & Reilly
BEAN, JULES
Singer, Bean
G.
Freeman
Company
BROOKS, GEORGE F.
Paine, Webber, Jackson
BENTLEY, HAROLD W.
Irving
&
GEORGE L.
CONLON, BERNARD J.
Allen
Geyer & Co., Incorporated
New
Legg
Company
&
COLTHUP, JAMES F.
BRENNAN, JAMES I.
J. G. White & Co.,
C.
&
BROCHU, PETER
Co.
&
Geyer
STANLEY BRUCE
Graham, Ross & Co., Inc.
BATKIN, ELY
Batkin
Allen
COLLINS,
BRIGGS,
SOL
BASTIAN,
C. Eagan,
Frank C. Masterson & Co.; John S. French, A. C. Allyn and
Company, Inc.; Edward J. Kelly, Carl M. Loeb, Rhoades & Co.;
Nathan A. Krumholz, Siegel & Co.; John M. Mayer, Merrill
Lynch, Pierce, Fenner & Beane; John F. McLaughlin, McLaugh¬
lin, Reuss & Co.; Daniel Gordon Mullin, Tucker, Anthony &
Co.; Henry Oetjen, McGinnis & Company; Lewis H. Serlen,
Elected: December,
Co.
Bear, Stearns & Co.
Secretary: Alfred F. Tisch, Fitzgerald & Company, Inc.
Leslie
&
COLEMAN, C. MERRITT
Inc.
BRADY, FRANK J.
BROOMHALL,
BARYSH, MURRAY
BASS,
Treasurer: George V. Hunt, Starkweather & Co.
Directors:
&
BARYSH, MAX
Ernst & Co.
Ernst
Pizzini & Co..
W.
John
BARTON, D. FREDERICK
Eastman, Dillon & Co.
Zingraf, Laurence M. Marks
B.
BREWER, III, JAMES R.
BARTOLD, HENRY S.
Eastman, Dillon & Co.
Tisch
L. Arnold, Goldman, Sachs & Co.
First Vice-President: John J. Meyers,
Co.
&
FRANK D.
Wainwrlght
C.
White, Weld & Co.
McLaughlin, Reuss & Co.
BARNES, RICHARD M.
BARRETT.
COLANDRO, JOSEPH N.
Co.
BRADLEY, WALTER V.
JOHN S.
Higginson Corporation
BARKER,
Co.
Gordon & Co.
Nielsen,
J. B. Boucher & Co.
&
&
COHEN. EUGENE M.
BOUTON, HOWARD R.
Bros.
WILLIAM H.
CHRISTOPHER,
BOUCHER, JOHN B.
Sutro
L.
Co.
R. W. Pressprich & Co.
JOSEPH V.
Joseph McManus
BAIR, JOHN W.
Corp.
&
WILLIAM F.
Hornblower & Weeks
BOND,
BARBIER, LESLIE
Ingalls & Snyder
Boston
CHAVE,
Boland, Saffin & Co.
AVERELL, ALFRED B.
Bache & Co.
TABER J.
Trask
Spencer
Lasser Bros.
Co.
&
Co
&
CHAPMAN, EDWARD
BOLOGNINI, RINALDO A.
R.
GERALD
Inc.
Co.,
Chadwick Co.
First
The
& Co.
Thompson
&
CHANNELL, CLIFFORD K.
BLOCKLEY, JOHN C.
Hill,
Rollins
Taber J.
BOGGS, WILLIAM H.
K.
Co.
Blair,
CHAD WICK,
L.
STEPHEN
G.
JOHN J.
CASPER, HARRY D.
John J. O'Kane, Jr.
Company
Harris, Uphair
Company
Co.
Haupt & Co.
CARROLL,
Schwabacher & Co.
Joseph J. Lann Securities, Inc. (Associate)
Allen
Ira
MURRAY C.
& Co.
(Associate'
BLANCHARD,
G.
Week
H.
CARRINGTON, Jr., WILLIAM
FRANK H.
BLAIR,
Co.
WILLIAM
Albert
Birnbaum & Co.
Shaskan
ALBERTS. CHESTER A.
C. A. Alberts & Co.
ALEXANDER,
JAMES F.
BITTNER,
JOSEPH S.
Walston, Hoffman & Goodwin (Associate)
ALLEN.
Capper &
CAREY.
BIRNBAUM, NAHUM
FRANK
Co.
MILTON
CAPPER,
Co.
Gude, Winmill & Co.
Spencer Trask & Co.
ALBERTI.
Co.
Graff &
Townsend,
T.
AIGELTINGER,
Aigeltinger &
Ladin
S.
Bendix, Luitweiler & Co.
BILLINGS. JOSEPH H.
PHILIP H.
Freeman «fc Company
ACKERT,
(Associate)
Co.
CAPPA, MICHAEL
BIES, SYLVESTER J.
ABELOW. ALFRED L
JOEL
&
Sartorius
& Co.
Sutro Bros.
Co.
&
A.
CANTER,
BEZER, CHARLES A.
Hanseatic
DEDRICK, GEORGE
Joseph McManus & Co.
DELAIRE,
ALVIN J.
McLaughlin, Reuss
MAYE, JOHN E.
&
Co.
DE
Sutro
(Associate)
Bros.
DENTON,
Corp.
Buffalo
Jr.,
&
Co.
RICHARD W,
Savings Bank
CS&
avail
to
yourself of
and
our
long experience
INDUSTRIAL, PUBLIC UTILITY)
knowledge in this field
and MUNICIPAL
Spencer Trask & Co.
25 BROAD
RAILROAD
SECURITIES
Unlisted Trading Department
STREET, NEW YORK 4, N. Y.
Telephone HAnover 2-4300
Teletype NY 1-5
Members
New York Stock
Exchange
New York Curb Exchange
Laurence M. Marks & Co.
Members New York Stock Exchange
ALBANY
BOSTON
CHICAGO
NASHVILLE
Private
wire
GLENS FALLS
SCHENECTADY
to
MANCHESTER, N. H.
WORCESTER
Crowell, Weedon & Co., Los Angeles, Cal.
New York Curb Exchange
49 Wall
(Associate)
Street, New York 5, New York
Telephone HAnover 2-9500
Teletype N.Y. 1-344
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
De
SOCIO,
L.
H.
SAMUEL F.
RALPH
Warren W. York & Co.,
T.
Frederick
DITTELL. LEONARD
Dreyfus & Co.
DIXON. WILLIAM G.
&
DOLAN,
J.
Inc.
Reilly
Co.,
St
H.
Knox
D.
EAGAN,
Frank
C.
EATON.
Schoellkopf,
Hutton St
Pomeroy,
Inc
Masterson
&
Hoffman
Walston,
Co.
GEARHART,
FREDERICK
Otis, Inc.
Jr.,
Gearhart &
L.
Goodwin
&
ECKSTEIN, J. FRANCIS
GERTLER, JOHN H.
FREDERICK R.
Englander
ENGLE,
A.
Co.
TRACY
(Associate)
Ira
R.
Corporation
(
Associate)
HIGGINS,
GILL,
THOMAS P.
Gill & Co.
ERICKSON. WILLIAM T.
Lee
THOMAS
Boettcher
Corporation
HIgginson
FABRICANT, SEYMOUR
Wm. E. Pollock St Co.,
GLEASON,
Securities
Company
St
Associates,
Arnold
Inc.
J.
Arthur Warner & Co.,
Bonner &
GOLD, SAMUEL
Lilley St Co.
Gregory
ARNOLD
FELDMAN,
GOLDENBERG, JOSEPH
Stieglitz St Co.
Ira
FELTMAN, IRVING L.
Mitchell
&
Oppenheimer, Vanden
FEUER, ABRAM J.
Broeck
Lazard
Carl
M.
&
Troster, Singer &
GOLKIN,
Co.
John
J.
GRACE,
O'Kane, Jr., & Co.
WILLIAM L.
Lynch, Pierce, Fenner & Beane
W.
FLECKNER,
Merrill
FLORENTINE
S.
du
F.
FOX,
S.
B.
C.
BARTON
&
Co.
(Associate)
ADRIAN
&
FRANKEL,
J.
F.
G.
Co.
Co.
&
Ira
Co.
Co.
Haupt St Co.
LICHTENSTEIN,
B.
(Associate)
Securities
Corp.
S.
Co.
&
Co.
LITZEL. CHARLES M.
White,
W.
Weld
&
Co.
LOELIGER, FRED V.
Carl Marks St Co., Inc.
St Co.
LOPATO, ALLAN
Allen St
Company
KLEIN, LEROY
Co.
Lebenthal
V.
St
LOPEZ,
Co.
FELIX
Thomson
Co.
St
M.
McKlnnon
KNAPP, REGINALD J.
Wertheim St Co.
KNOX, HERBERT D.
H. D. Knox St Co.,
LUBETKIN, LLOYD E.
Seligman, Lubetkin & Co.
Inc.
LUDWIG, FREDERICK W.
Bacon, Stevenson St Co.
KOCH, GEORGE J.
Lasser Bros.
(Associate)
IRVING
LUTTERMAN
Blrnbaum
MORRIS
J.
St Co.
KOERNER, IRVING
EDWIN
and
St
LIPSKY, CORNELIUS
Burnham
GEORGE
BENJAMIN
Lichtenstein
S
LIENHARD, ERNEST
Troster, Singer St Co.
Delafield
KLEIN, CHARLES E.
Granbery, Marache
HUNTER, WELLINGTON
Hunter Securities Corporation
Steele
Co.
Co.
St
LEIBENFROST, CONRAD H.
Stern, Lauer St Co. (Associate)
B.
&
L.
Sachs St
LEWIS, MILTON F.
Co.
Filor, Bullard & Smyth
ISAAC. IRVING H.
Stryker & Brown
Co.
HARRY
&
KIRTLAND,
JANSEN
GEORGE
King
&
Pollack
GUSTAVE
Lee-Willen
KIRK, JOSEPH J.
Delafield
St
V.
Company
Allen
Company
St
(Continued
Company
on
page
20)
K.
Inc.
(Associate)
D.
OSCAR D.
Griffin & Company
H.
Walker & Co.
What Is Your Trading Problem!
GRONICK, SAMUEL
Co.
&
King
Meaney
Weld St Co.
St
St
St
LEVY, MARTIN L.
MARTIN I.
Bros.
Inc.
Co..
KENNETH
Goldman,
(Associate)
R.
St
A.
Garfield & Co.
Inc.
GROWNEY, E. MICHAEL
WILLIAM
Frederick
&
Greenfield & Co.,
O.
St Mackie,
PAUL
Ellis
GRIFFIN.
Joseph McManus & Co.
GUITON, JOSEPH F.
Craigmyle, Pinney St Co.
FRAZIER, LAURENCE S.
Laurence Frazier & Co.
Paul
&
Leone
LEVY,
KING, SAMUEL H.
G.
&
GEORGE
Starkweather
GRIMSHAW. FREDERICK M.
Reilly & Co., Incorporated
FREDERICK,
H.
Sutro
Incorporated
Co.,
Inc.
Unterberg St Co.
GREENFIELD,
FRANKEL, HERMAN
Bean
&
ITTLEMAN,
& Company
FRANK. ROBERT R.
Reinholdt St Gardner
Singer,
HUNT.
Purcell
&
ROY
Knox
Mitchell
Raymond Kenney & Co.
King
D.
GREGORY, Jr., WM. H.
Bonner & Gregory
Securities Corporation
Ungerleider
E.
E.
White,
JACOBS,
D.
FRANK. ISADORE
FRANKEL.
A.
HUNT.
D'Assern
qo.,
H.
KING, CHARLES
Godnick & Son
GREENE, IRVING ALLEN
Greene and Company
FRANK, HAROLD W.
Frank
St
Long
GREENE, NATHANIEL S.
FRANK, ALBERT F.
Ladenburg, Thalmann
American
Pitfield
LEONE, GEORGE V.
KING,
HULSEBOSCH, GERARD F.
HUNT,
GREENBERG, THOMAS
Pont St Co.
Co.
Fox &
H.
IRVING P.
Edward
FOX, P. FRED
P.
RICHARD
& Company
GRAHAM, FRANK C.
JOSEPH
FOOTE, GORDON R.
Francis I.
C.
CLINTON
Georgeson
Cp.
GOURSE, WILLARD S.
Benjamin, Hill St Co.
JOSEPH E.
FLANAGAN,
St
LARKIN, THOMAS A.
Goodbody St Co.
Incorporated
Co.
LEIBERT,
Starkweather &
HUFF, Jr., ASA C.
GOULET, WILLIAM F.
Goulet St Co. (Associate)
Pitfield & Co., Inc.
C.
FITZPATRICK, DOMINICK A.
Van Alstyne, Noel St Co.
Bosworth
Schafer,
Ashplant
Shields
FitzGERALD, JOHN M.
W.
B.
GOODMAN,
Canady St Co., Inc.
L.
W.
F.
JAMES F.
&
LARSON,
Charles
HOUGH.
Co.
GOODEVE, CHARLES W.
Byfield
FitzGERALD,
&
LANGDON, PHILLIP C.
Weeden & Co., Inc.
KIMBERLY, OLIVER A.
Co.
Co.
St
Braun,
SAUL
Golkin
FISCHER, EDWARD A.
Robert S.
Reynolds
Newburger, Loeb & Co.
FILKINS, WALTER
&
HORTON, CHARLES C.
GOLDSTEIN, DAVID
Co.
Warner
Company
LANE, PAUL J.
Kidder, Peabody St Co.
Co.
&
JOSEPH M.
Arthur
Ladin
S.
ELMER
Hayden, Stone St Co.
KILMER, HUGH
Hardy & Co.
HORN, EDWARD A.
(Associate)
GOLDSCHMIDT, SAM'L
Rhoades
Loeb.
Edward
& Co.
Spiegelberg, Feuer & Co.
FILAN, WILLIAM C.
LAND, EARLE E.
Green, Ellis St Anderson
Incorpora ted
EARL H.
Freres
H.
Corp.
LALLY,
D.
HORCH. ERNEST M.
Company
Co.
&
The First Boston
KENNEY, JAMES F.
H. M. Byllesby and Company,
Gearhart & Otis, Inc.
Haupt St Co.
GOLDMAN, EDWARD PRINCE
Dowling
3rd, EDWARD
LADD,
& Co.
KENNEY, ». RAYMOND
Dean Witter & Co.
HOOPER.
HERBERT J.
Pulis,
KENNEDY, WALTER V.
Coffin St Burr, Incorporated
Haupt & Co.
HOLTZMAN, SYDNEY
J. F. Reilly St Co., Incorporated
I.
Co.
St
LADIN, EDWIN S.
J.
Wm. L. Burton & Co.
Inc.
Bros;
KELLY, ROBERT J. J.
Bonner St Gregory
HOBLITZELL, BRUCE C.
GOLD, SAMUEL
Co.
FARRELL. JOSEPH V.
LACY,
KELLY,
GEORGE FARRELL
HINES, JOHN D.
THOMAS W.
Kirchofer
Inc.
FARRELL, JOHN J.
Farrell
and
Ira
LACY
Sutro
KELLY, JAMES FRANCIS
Kidder, Peabody & Co.
HINCHMAN, ROBERT M.
CARL K.
GISH,
S.
LACHMAN, JR., CARL F.
Eastman, Dillon & Co.
KELLY, EDWARD J.
Carl M. Loeb, Rhoades
Clark, Dodge St Co.
Shields <fc Company
EVANS.
WILLIAM
J.
Dunne St Co.
Hirsch & Co.
HERZOG, ROBERT I.
Herzog & Co., Inc.
LOUIS A.
Laird, Bissell & Meeds
KUMM,
;
KEATING, LAURENCE C.
HET.BIG, BARON G.
Baron G. Helbig & Co.
GIBBS,
>
.
KASSEBAUM, JOHN E.
Van Alstyne, Noel St Co.
(Associate)
Haupt & Co.
V"
KANE, WALTER
Shearson, Hammill & Co.
HEIDINGSFELD, JESSE
KINGSTON
A.
KUIPERS, HENRY G.
Lord, Abbett & Co.
.,'
,,>,■»
A.
E.
KUX,
Ernst
HEFFERNAN, THOMAS J.
Hardy & Co.
T.
& Co.
Edwin L. Tatro Co.
SAMUEL
Hunter Securities
Geyer
GHEGAN,
Company
&
ANDREW
T.
Inc.
KANE, THOMAS FRANCIS
Co.
HECK, JOHN
Co.
&
GEYER, GEORGE
Geyer & Co., Incorporated
Goodbody & Co.
ENGLANDER.
Bros.
GEYER,
& Beane
Fenner
EIGER. WILLIAM
Freeman St
Heaney &
HECHT, JOSEPH T.
Son
&
CO.,
HANNS
Kuehner St Co.
Joyce,
\ ;;
&
Frank C. Moore St Co.
Bendix, Luitweiler & Co.
Barr
Corporation
EGENES, BERGER
EISELE,
Gruss
J.
KRUMIIOLZ, NATHAN
Sxegel & Co.
.
KANE, GERALD F.
Bleichroeder, Inc
HEANEY, MICHAEL J.
Michael
C.
KAISER, CHARLES M.
Grady, Berwald St Co., Inc.
Mathey St Co.
Arnhold & S.
WALTER
Walter C. Kruge St Co. Inc.
,
KALES, DAVIS
Wood, Gundy St Co., Inc.
HATZ, ARTHUR
D.
GERSTEN. HENRY B.
Oscar
A.
Geyer St Co., Incorporated
R.
Co., Inc.
O'Connell
Inc.
Gregory
KRISAM, WILBUR
KRUGE,
KAHL, CHARLES A.
,y Charles
A. Kahl & Co.
Corporation
W. E. Burnet & Co.
GERMAIN, JOHN P.
Pierce,
Hanseatic
HARVEY, EDWARD A.
E. C.
Distributors,
KUEHNER,
Homer
GANSER, EDWARD N.
First of Michigan Corporation
C.
Interstate Securities
York
Fund
KRASOWICH, JOSEPH D.
;
KADELL, ALLAN
HARTIGAN, RAYMOND A.
EBBITT, KENNETH COOPER
Shelby Cullom Davis & Co.
ECKLER, PETER duBOIS
Chas. E. Qulncey St Co.
Lynch,
Allen St Company
New
Putnam
H
&
Corpn.
KRANZ, GEORGE
>
JOYCE, WILLIAM H.
Joyce, Kuehner & Co.
HART, MAURICE
& Co.
Saxton
A.
Co.
JUNGER. SAMUEL H.
Strauss Bros., Inc.
Co.
WILLIAM
F.
GAVIN. JAMES
C.
G.
St
Securities
Bonner &
WALTER
JOHNSON.
ARTHUR T.
Hutton St
T
H.
CHARLES
Estabrook & Co.
HARDY, HARRY J.
Hardy & Hardy
Bendix, Lultweilei & Co.
Merrill
E.
GANNON. LESTER F.
B.
Co., Inc.
STANLEY
W.
HARDER,
"■»
Neergaard, Miller St.Co...
Co.
St Co.
GAMMONS, PAUL A.
Bradley, Gammons St Co., Inc. (Associate)
Peter Morgan
JOSEPH
&
W. Pizzini St Co., Inc.
HAMILL,
GAHAN. JOHN P.
Pierce. Fenner & Eeane
St
A'.sberg
JOHN L.
L. Day
B.
G. Edwards & Sons
George B. Wallace St Co.
f
Co.
DURNIN. JAMES
}\J_
JOSEPH
JANARELI.
Kaufmann,
HALSEY, W. GURDEN
FUCHS, AUGUST G.
Inc.
FRANK
&
R.
K.
Bros.
Dominion
JOIINSON, STANLEY J.
Battles St Company, Inc.
A.
DCGA, J.
Dunne
'
Sutro
HALK,
FROST, FRANCIS W.
DOYLE, LESTER T.
Hardy & Co.
S.
Merrill Lynch.
Curtis
&
J ANN,
Frenkel
&
Sterling, Grace & Co.
DONNELLY, Jr.. JAMES A.
Reynolds St Co.
DUNNE.
Jackson
IRWIN
Richard
FRINGS, J. GEORGE
LAWRENCE P.
F.
Webber,
Co.
&
DONADIO, JOSEPH F.
J.
Paine,
Co.
GUTTMAN, RUDOLPH
White, Weld St Co.
Gersten
Boucher St Co.
B.
St
FRENKEL, LESTER
Dixon
Kidder
Free
ROLLER, Jr., FRANK H.
KQRN, WILLIAM I.
GUTTAG,
DOHERTT, WILLIAM H.
M.
GUTBERLET, EDWIN S.
FRENCH, JOHN S.
A. C. Allyn and Company, Inc.
DOHERTY. JOHN J.
A. C. Allyn and Company.
A.
L.
JACOBS, SIDNEY
Sidney Jacobs Co.
JACOBUS, ROYDEN E.
Vilas & Hickey
Glore, Forgan & Co.
Inc.
FREE, FREDERICK L.
Sellgman, Lubetkin & Co.
Cutter
GURLEY, H. FRASER
FREDERICKS, Jr., PAUL C.
Ingraham & Co.
DIMPEL.
11
O.
Co.
GUMM,
G.
LEE
A.
HARRY R.
Saxton
&
Co.,
Inc.
HIGGINSON
Regardless of your Over-TheCounter requirements the
chances are more than likely we
can be of service to you in your
business. Our large and experi¬
enced Trading Departments deal
in a long list of industrial, utility,
railroad, insurance and natural
gas transmission stocks. We are
also active in preferred stocks,
bank
insurance issues and
and
situations that
are
of interest
investment dealers. We
in
to
thus
are
position to provide them
ready markets for liqui¬
dation and a steady supply of
a
with
for
securities
their
customers.
Our
large retail coverage enables
us
to place large blocks with¬
out
disturbing existing street
markets.
In addition
CORPORATION
NEW YORK
Inquiries from out-of-town firms
welcomed/Tell us your trad¬
ing requirements and we will do
vice
our
foreign dollar bonds.
on
are
to providing fast ser¬
quotations, executions
and theTfeel of the market"
firm
takes
our
positions in special
best
to meet
Mr. Alfred
them. Address
J. Stalker, Manager,
Department.
Dealer Relations
<S3>
Kidder, Peabody & Co.
ESTABLISHED 1865
TRADING
DEPARTMENT
NEW YORK
•
BOSTON
PHILADELPHIA
Offices:
Albany
Providence
Reading
Sales and Branch
Newport
•
Correspondent Wires to:
Atlanta
Dallas
•
CHICAGO
Altoona
Scranton
Los Angeles
Members New York Stock and Curb
Exchanges
Members Boston and Midwest Stock
Baltimore.,
Springfield
San Francisco
Exchange
Lowell
New Bedford
Taunton
Wilkes-Barre
Seattle
Washington, D.C,
McCready, McCready & Company, Inc., Miami; F. Boice Miller, B. J.
Clinton T.
George Carrison, Pierce-Carrison Corporation, Jacksonville; Robert C. Mathews, Jr., Trust Company
Georgia, Atlanta; Clinton S. Whitehead, Merrill Lynch, Pierce, Fenner & Beane, Miami; Paul L.
Pierce, Leedy, Wheeler & Alleman, Inc., Orlando; Tracy B. Barr, T. Nelson O'Rourke, Inc., Daytona
Beach; Robert J. Pierce, Pierce-Carrison Corporation, Jacksonville; Victor Moore, King Merritt & Co.,
Miami; Harold J. Throm, Thomson & McKinnon, Miami Beach, Fla.
H.
Van Ingen & Co., Inc.,
of
Hough, Beil & Hough, St. Petersburg; W. J. Noel, Crummer Company, Inc.,
V. Vallely, John Nuveen & Co., Chicago; J. Herbert Evans, Beil & Hough,
Petersburg; William M. Courtney, Merrill Lynch, Pierce, Fenner & Beane, Jacksonville;
Henry Ufford, Calvin Bullock, Ponte Vedra, Fla.
Miami; William R.
Orlando; Edward
St.
Security Traders Association of New York
(Continued
from
19)
page
McCarthy, daniel d.
Union Securities Corporation
McCLUSKEY, JAMES
Merrill
W.
-
E.
Wm.
Fenner
&
Beane
Stephen r.
Burnet
LYONS. LAURENCE H.
& Company
Allen
&
Mount Vernon,
Co.,
The
N.
Y.
Corp.
JOHN
Cohu
Bear,
ROBERT A.
McEvoy
MADDOX.
Jr., WILLIAM
Hutton & Co.
MAXFIELD.
Cohu
T.
&
Grimm
FRANK
C.
&
N.
Co.
McLaughlin, Reuss & Co.
IRVING
Mclaughlin,
Co.
MAGID.
SAMUEL
Merrill
Hill. Thompson & Co., Inc.
MAI
Lynch,
Pierce.
Fenner
&
Beane
Carl
s.
john
NOKE,
NYE,
Hunter Securities
Lehman Brothers
C.
H.
C.
McDermott
&
Laldlaw
1885
&
D'Assern
MEYER.
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E.
PATTERSON, HOWARD G.
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HAAS, WILLIAM G.
F.
Co.
WREN, LAWRENCE
WINSTON, LOUIS
ROSTER OF MEMBERS
Herbert
"Times"
The Louisville
Co.
& Co.,
W.
BERNARD
GRATZER,
WITTMAN, DAVID
& Co.
WILLIAMS, CARROLL W.
(Continued from
Thursday, November 13, 1952
Bros.
&
Boyce
BERNARD
KING, CHARLES C.
Siegel & Co.
The Bankers Bond Co., Inc.
WALDRON, STANLEY M.
Merrill
WELCH, FRANK II.
R.
Lynch, Pierce, Penner & Beane
Shelby Cullom Davis &
Bonner &
(Honorary)
A.
Saxton
&
Dean Witter &
Mitchell
Co..
Gregory
Co.
Richman
LUCAS, CHESTER A.
Co.
&
WERKMEISTER, JR., JOHN O.
Gilbert J. Postley & Co.
Co.
Stein
Prank
&
& Co.
Carl
M.
Loeb,
Rhoades
Boyce
Co.
Wesley Rutledge, Jr.
Edward
Birchler
MOLTER, EDWARD G., Jr.
Wagner, Reid and Ebinger, Inc.
Halsey, Stuart & Co. Inc.
THEODORE
WIELAR,
Co.
J.
JACK
President: Hector W. Bohnert,
B.
Arthur Warner & Co.
Inc.
J. J. B. Hilliard & Son
J. Berges Reimer
Hector W. Bohnert
WHITLEY, J. B.
Ogden, Wechsler & Co.
Bond Co.,
MILLER, J. HUGH
&
Hardy & Co.
Haas &
Bankers
The
WECHSLER, ARNOLD J.
C.
&
Bros.
McNAIR, WILLARD P.
Company
WHITING, EDMUND A.
G.
Boyce
MAJOR, EARL E.
WESEMAN, RALPH II.
W. FOSTER
WECHSLER,
SAMUEL B.
LONG, EDWIN A.
Russell, Long & Company, Lexington, Ky.
(Associate)
Stein Bros. &
Inc.
WASSERMAN. IRVING
WEBSTER,
Col.
Lt.
LINCH, DALE F.
Berwyn T. Moore & Co., Inc.
WENDLER, EVERETT F.
WASHER. HERBERT R.
Bond.
KIRBY,
Inc.
WELSH, JOHN JOSEPH
Quotation Bureau
WARNER, FRANK W.
G.
& Co.,
USAF
Joseph McManus & Co.
WALKER, LOUIS
National
S. Dickson
WELLS, HORACE W.
WALKER, GRAHAM
MOORE. BERWYN T.
The Bankers Bond Co., Inc.
Berwyn T. Moore & Co.,
Incorporated
Vice-President: J. Berges
Reimer, Berwyn T. Moore & Co., Inc.
Berwyn T. Moore & Co., Inc.
Secretary: Wesley Rutledge, Jr., Stein Bros. & Boyce
Treasurer: Edward J. Birchler, W. L. Lyons & Co.
POWELL, EDWIN W.
Berwyn T. Moore & Co.,
National Committeemen: J. Berges Reimer, Berwyn T. Moore &
REIMER, J. BERGES
&
C.
OF NEW YORK
RUTLEDGE, WESLEY
Beane.
Stein Bros.
Alternates: Thomas
Graham, The Bankers Bond Co., Inc.; Charles
Louisville
&
Boyce
SOL
SCHULMAN,
King, The Bankers Bond Co., Inc.
Elected: June 1951; Took Office:
December 31, 1952.
Inc.
Berwyn T. Moore & Co., Inc.
Co., Inc.; Mrs. Ora M. Ferguson, Merrill Lynch, Pierce, Fenner
GRACE NATIONAL BANK
Inc.
PARKS, JOSEPH W.
"Courier
Journal"
(Honorary)
SEDLEY, MRS. ELINORE
January 1, 1952; Term Expires:
The Bankers Bond Co., Inc.
SOMMERS,
ANTHONY
Lincoln Bank & Trust Company
ROSTER OF MEMBERS
COMPLETE CLEARANCE FACILITIES
ALDEN,
WM.
O.
O'Neal-Alden
FOR
ALDEN*;
I
Jr.,
O'Neal-Alden
LOCAL AND OUT-OF-TOWN
&
&
The Kentucky Trust Company
Stein
Co., Inc.
HECTOR W.
The Bankers
Bond
Write
or
call
HANOVER
Member
Almstedt Brothers
Federal
Deposit
Insurance
Y.
O'Neal-Alden
& Co.,
The
BROADWAY
N. Y.
Lynch,
Bankers
Pierce,
Bond
Penner
&
Beane
Rates
or
on
The
Bankers Bond Co.,
Boyce
&
Son
DUNLAP
WATKINS, Jr., WILLIAM T.
Merrill
WATTS,
W.
L.
Lynch,
Pierce,
Fenner
& Beane
H. ALLEN
Lyons & Co.
WILSON, HOLMAN R.
Inc.
■
The
Kentucky
Company
BRANCHES
all Canadian Exchanges at Regular Commission
Traded in New York in United States Funds
Toronto, Ontario
Telephone
Royal Bank Building
CHARLES KING & CO.
WHitehall 4-8980
MEMBERS
Teletype
New
York
Stock
New
York
Curb
NY 1-142
WAKEFIELD,
GRAHAM, THOMAS
Co., Inc.
&
Hilliard
Wagner, Reid and Ebinger, Inc.
CANADIAN STOCK SPECIALISTS
Orders Executed
Beane
GRAFTON, ARTHUR W.
Wyatt, Grafton & Grafton
The
Bros.
B.
J.
Bankers Bond Co., Inc.
CONLIFFE, WILLIAM J.
CONWAY, POWHATAN M.
61
&
FULLER* ASA W.
Liberty National Bank & Trust Co.
Merrill
NEW YORK 6,
J.
CLOWES, JOHN R.
Smart, Clowes & Phillips, Inc.
Corporation
Montreal Curb
Direct
Private
Wires
Connect
New York
Montreal, Quebec
Toronto Stock Exchange
Montreal Stock Exchange
Exchange
Exchange
Aldred Building
Market
With
Offices
in
Beane
VOGT, ERNEST
FETTER, JAMES M.
Inc.
Fenner &
REID
Lynch, Pierce, Fenner & Beane
TROST, MILTON S.
Stein
FERGUSON, MRS. ORA M.
Merrill Lynch, Pierce, Fenner
CHRISTMAN, Jr., HENRY
Inc.
TRINKLE, WALTER
The Kentucky Company
Linooln Bank & Trust Company
BURKHOLDER, Jr., JAMES R.
SQUARE, NEW YORK 15, N.
Merrill
FEHRIBACH, URBAN H.
J. J. B. Hilliard & Son
Clearance Department
STONE,
Wagner, Reid and Ebinger, Inc.
BURGE, JOHN M.
BERT
Lynch, Pierce,
Merrill
EBINGER, RUSSELL
details
Reid and Ebinger,
STERNBERG,
Blyth & Co., Inc.
C.
J. J. B. Hilliard & Son
for
Wagner,
& Boyce
DURHAM, Jr., JOSEPH H.
Co., Inc.
BROCAR, Jr., ALBERT
Bros.
DIERSEN, JOSEPH H.
Eskew, Oresham & Diersen
W. L. Lyons & Co.
BOHNERT,
SPIERS, JOHN H.
DESMOND, C. G.
BIRCHLER, EDWARD L.
Brokers and Dealers
Smart, Clowes & Phillips, Inc.
DEARING, ANDERSON
Co., Inc.
WM. O.
JOHN
SMART,
Toronto
and
Montreal
v
THE COMMERCIAL and FINANCIAL
Convention Number
Mr.
&
Mrs.
B.
Kermit
&
Co.,
Sorum,
Cleveland;
•ft
Co., Jacksonville;
Bros., New
GRAY, WILLIAM S.
Traders Association
Wm. J.
Mericka & Co., Inc.
GREEN, ALBERT B.
Green, Erb & Co.,
PATRICK, FRANCIS J.
Paine, Webber, Jackson
JOHN
RUSSELL, JAMES N.
Gottron, Russell <fe Co.
& Curtis
SCHULTE, Jr.,
F.
SHORSHER, FRED A.
PLACKY,
L.
J.
FRANK J.
Ledogar Horner Company
J. F. Perko & Company
WILLIAM
Green, Erb & Co., Inc.
GREEN,
Morley, A. M. Kidder
Dallas; R. A. Bolognini, Lasser
& Co., New York City
Win, F. Lynch, Lynch, Allen & Company, inc.,
York City; Richard M. Barnes, A. M. Kidder
PERKO,
Inc.
23
and Company, Incorporated, New York City; John J.
John S. French, A. C. Allyn
Allison-Williams Company, Minneapolis; Daniel M. Hawkins, Hawkins
Mr. & Mrs. Harry F. Reed, Dallas Rupe & Son, Dallas;
L. Liston, Prescott & Co., Cleveland
Corwin
Cleveland Security
CHRONICLE
GEORGE
Schultz & Co.
Ball,
Burge
& Kraus
HANSON, DAVID G.
C.
J.
Devine
&
DON W.
Hornblower & Weeks
SMITH,
PLASTERER,
HARDONY, MICHAEL C.
Ball, Burge & Kraus
Siegler and Company
Jaffe,
PROBST,
HAWKINS, DANIEL M.
Hawkins &
SIEGLER, EDWARD N.
RICHARD D.
Gottron, Russell & Co.
Co.
P.
R.
PIERRE
Smith
R.
Elyria, Ohio
& Co.,
Co.
Merrill
ALVIN J.
STIVER.
PROSSER. GUY W.
HAYS, GEORGE H.
Saunders, Stiver & Co.
Lynch, Pierce, Fenner & Beane
Wiil S. Halle & Co.
Wm. J.
Mericka & Co., Inc.
HOPKINS, HAROLD C.
H.
C.
Hopkins & Co.
GEORGE
Goodbody & Co.
CEYLON
L. Warren Foster
Howard J. Eble
Fred A. Shorsher
Robert L. Erb
Union
E.
RUDIN,
KING, EVERETT A.
Fulton, Reid & Co.
Russell & Co.
Erb & Co., Inc.
National Committeemen: Morton A.
Martin
J. .Long,
Corwin L. Liston, Prescott
in Cleveland
otherwise Indicated)
ERNEST
Blyth & Co., Inc.
The
Cleveland Corporation;
First
DAVID
BARHYTE,
Prescott
BAXTER,
Baxter,
H.
JOHN
Jones
&
Wm.
JR., CHARLES
Williams & Co.
McGHEE
Mericka
J.
Boston
First
Prescott
R.
Weeks
Corporation
&
Co.
LONG, MARTIN J.
The First Cleveland Corp.
Co.
LUCAS, WILLIAM
Baxter,
EBLE, HOWARD J.
J.
Co.
&
Saunders, Stiver & Co.
Prescott & Co.
Miller & Co.
&
WITT, JOHN P.
John P. Witt & Co.
RUNG. EDMUND J.
C. J. Devine & Co.
LISTON, CORWIN L.
DRNEK, JAMBS J.
ELTON
Hayden,
ROBERT
Hornblower
PETER
LINNELL,
DOERGE, JACK O.
T.
Oiderman, Asbeck & Co.
BARBER,
WEAVER,
JAMES R.
Mericka & Co., Inc.
Jaffe, Siegler and Company
DONAHUE,
FREDERICK M.
ASBECK,
Wm. J.
SfrectolUt&to
LEWIS, MILTON B.
& Co.
unless
RUFFING,
& Weeks
Hornblower
The
located
WARDLEY. RUSSELL G.
Fulton, Reid & Co.
,
LAZIN,
—ROSTER OF MEMBERS
(Members
Corp.
LAFFERTY, ALAN E.
Cayne, Cayne & Co.; Jay L.
Quigley, Quigley & Co., Inc.
Alternates:
Securities
HARMON A.
KOESER, ORIN E.
Blyth & Co., Inc.
Shorsher, Ball, Burge & Kraus.
Treasurer: Fred A.
,
ULLMAN, RUFUS M.
Ullman & Co., Inc.
RUSSELL K.
Ledogar-Horner Company
KEIER, RUSSEL E.
Collin, Norton & Co., Toledo
President: Howard J. Eble, Wm, J. Mericka & Co., Inc.
Secretary: Robert L. Erb, Green,
Walston, Hoffman & Goodwin
JAFFE. GEORGE E.
Jaffe, 'Siegler and Company
Vice-President: L. Warren Foster, Gottron,
TAYLOR. JAMES N.
Ceylon E. Hudson, Wooster
ROWLEY.
Ohio
Wooster,
SUMMERGRADE.
Gordon Macklin & Co., Inc.
1
HUBERTY,
HUDSON,
IRVING
QUIGLEY, JAY L.
Quigley & Co., Inc.
ROSS, LEONARD 0.
HLIVAK, STEPHEN E.
&
Co.,
EHRHARDT, EDWIN F.
The First Cleveland Corp.
BEADLING, WILLIAM E.
Beadling & Co., Youngtown
MARSHALL, FRANK L.
The First Boston Corporation
EILERS, STANLEY M.
BELLE. CLAUDE
Williams & Co.
MacLEOD, DONALD
Geyer & Co., Incorporated
Inc.
ERB, ROBERT L.
Hornblower
Green,
McDonald & Company
BLAINE, PERRY T.
Perry T. Blaine &
BOCK, ROY E.
Dodge Securities
Armed
A.
Cayne
&
GAITIIER,
Co.
Cook
GAWNE,
&
Company
McPOLIN, BENJAMIN J.
McDonald & Company
MELODY, Jr., THOMAS A.
Merrill, Turben & Co.
MERICKA, WILLIAM J.
Wm. J. Mericka & Co., Inc.
HARRISON C.
METZENBAUM, ARTHUR
Will S. Halle & Co.
PAUL
Ball, Burge & Kraus
& Co.
JOHN
McDonald
Hayden, Miller & Co.
COOK, LAWRENCE
Lawrence
McGINTY,
Paine, Webber, Jackson & Curtis
FROST, Jr.,
A.
OLAN B.
Butler, Wick & Co., Youngstown
FOSTER. WARREN
Gottron, Russell & Co.
Services
MORTON
MASTERS.
& Co., Inc.
FLEEGLE, CHARLES
Salomon Bros. & Hutzler
Corp.
CAREY, WALTER J.
Gunn, Carey and Company
CAYNE,
& Weeks
FISCHER, ALBERT
Co., Ashtabula
DONALD
BUCHANAN,
Erb
C. J. DEVINE &CO.
MILLER, GEORGE D.
HARRY J.
Braun, Bosworth
Merrill, Turben & Co.
& Co.. Inc.
COOK, R. J.
Wm.
J.
Mericka & Co., Inc.
GELBACH, MYRON
HERBERT H.
Ripley & Co., Incorporated
COVINGTON,
Harriman
DAVIS, CLARENCE F.
The
First
Armed
Morrow
Services
NASH.
GLEASON, JOHN M.
Curtlss, House & Co.
GARMO, A. W.
Merrill Lynch.
Cleveland
Pierce, Fenner
&
48 Wall
Co.
CHARLES
Chicago
J.
Ceylon E. Hudson. Wooster
Cleveland Corp.
GOTTRON,
DE
MORROW, FRANK W.
HAnover 2-2727
Street, New York 5
•
Boston
Cleveland
•
Philadelphia
•
Cincinnati
•
•
Washington
St. Louis
•
Pittsburgh
•
San Francisco
GEORGE F.
Ledogar-Horner Company
OPDYKE.
RICHARD A.
Clinic Foundation
& Beane
GRACE.
DOERGE, CARL H. .
Wm. J. Mericka & Co., Inc.
PARSONS,
ARTHUR V.
Arthur V.
Grace Ss Co.
Parsons
,
Jr., EDWARD
E.
& Co., Inc.
'
'
t
.
'
•
Private Wires.
ATLANTA
LISTED & UNLISTED
BOSTON
BUFFALO
PERSHING & CO.
CHICAGO
DETROIT
SECURITIES
Members
,
HARTFORD
PITTSBURGH
New York Stock
Exchange
New York Curb Exchange
Chicago Board of Trade
PROVIDENCE
ROCHESTER
TOLEDO
TORONTO
Teletype NY
1-750
Telephone WOrth 4-4300
WHEELING
YOUNGSTOWN
120
BROADWAY, NEW YORK 5, N. Y.
THE COMMERCIAL and FINANCIAL CHRONICLE
24
Fred
A.
New
York
Shorsher, Ball,
City; James
New
Burge & Kraus, Cleveland; John R. Chapin, Jr., Kidder, Peabody &
E. Jones, Courts & Co., Atlanta; Irwin Schlcss, Goldman, Sachs &
City; Justus C. Martin, Robinson-Humphrey Co., Atlanta
Martin
Co.,
Co.,
King, Sutro Bros. & Co., New York City; Frank J. Cunningham, Kidder, P-abcdy <£
York City; Jay L. Quigley, Quigley & Co., Inc., Cleveland; Robert M. Topol,
Greene and Company, New York City
President: Frank S.
BRUGGEMANN, LESTER G.
Breen, Schirmer, Atherton & Co.
Baldwin, White & Co.
Vice-President: William J. Burke, May & Gannon, Inc.
BURKE, Jr., WILLIAM J.
Recording Secretary: Leo Newman, J. Arthur Warner & Co., Inc.
Corresponding Secretary: Edward Hines, Chace, Whiteside, West
& Winslow, Inc.
' \
Treasurer: Henry
E. Tabb, Jr., Townsend, Dabney & Tyson.
Governors: J. Roger
May & Gannon, Inc.
BURNS, WALTER T.
New
England Trust Co.
CANNELL, JOHN
CAREW, JOSEPH
A. C.
CARR, FRED R.
Allyn and Company, Inc.
National Committeemen: James B.
H. D. Knox &
Co., Inc.; William S. Thompson, Ralph F. Carr &
Co., Inc.
Elected:
Leo Newman
John
F.
L.
Putnam
&
Co.,
Inc.
CARR, JOHN F.
Hayden, Stone & Co.
CARR, RALPH F.
Ralph F. Carr & Co., Inc.
CARR,
December
6, 1951; Took Office: January 1, 1952; Term
December 31, 1952.
Expires:
Cannell & Co.
Tucker, Anthony & Co.
Maguire, J. B. Maguire & Co ~
Inc.; William J. Burke, Jr., May & Gannon, Inc.; Dayton P.
Haigney, Dayton Haigney & Co., Inc.; Frank T. Harrington,
William J. Burke
Portland, Me.
Barron & Co.,
Bums,
CANFIELD, LLOYD
Bragdon, Goldman, Sachs & Co.; Rodney M.
Darling, du Pont, Homsey & Company; Walter F. Eagan, Harris,
Upham & Co.; James J. Lynch, Paul D. Sheeline & Co.; Lewis
D. McDowell, Charles A. Day & Co., Inc.; Arthur C. Murphy,
Frank S. Breen
Co.,
New
York
Boston Securities Traders Association
I.
Thursday, November 13, 1952
ROBERT
C.
Ralph F. Carr & Co.,
Inc.
CARTER, HERBERT F.
W. E. Hutton &
Co.
ROSTER OF MEMBERS
CASEY, FRANCIS
(All members
are
located In
otherwise
ADAMS.
Indicated)
FREDERICK
Frederick
C.
Boston unless
C.
Adams
&
Co.
Goldman, Sachs & Co.
A.
L.
Albee
& Co.,
Inc.
ALEXANDER, ARTHUR C.
ALLAN, WILLIAM V.
Harris, Upham & Co.
F.
Smith,
Barney
W.
&
S.
Inc.
Emery & Co.,
Wise, Hobbs & Seaver, Inc.
Co.
CLAYTON, CALVIN
Boston Safe Deposit & Trust Co.
BARRETT,
JOSEPH
Clayton
W.
Securities
Corp.
COGGHILL, FRANCIS R.
White, Weld & Co.
Long & Nash
CONARY.
BARRUS, Jr., CLIFFORD B.
Barrett & Company,
ALTMEYER,
E.
Company
CLARK, ASA F.
ALBERT
BAKER, HARRY O.
ALBEE, ARTHUR L.
&
CHAMBERLAIN, RAYMOND E.
BAILEY, WALTER R.
Josephthal & Co.
BAKER,
ADAMS, ROBERT H.
Mlxter
BAILEY, BENJAMIN A.
Dayton Haigney & Co., Inc.
Providence, R. I.
G.
H.
WILFRED
Walker &
G.
Providence, R. I.
Co.,
JOHN W.
BATCHELDER, JOSEPH M.
Hayden, Stone & Co.
CONNELL, LAWRENCE
Joseph M. Batchelder & Co., Inc.
Wellington Fund. Inc.
ATHERTON, II. HALE
Schirmer, Atherton & Co.
BATES, CURTIS S.
CONNOLLY, JR., WALTER J.
Draper, Sears & Co.
Goodbody & Co.
ATKINSON, Sr., JAMES V.
Edward Hines
Henry E. Tabb, Jr.
C.
J.
Devine
&
BAXTER, GEORGE F.
Co.
Second
National
CONWAY, JAMES J.
Bank
Moors
& Cabot
BEACHAM, HAROLD R.
Josephthal & Co.
BERNARD, Jr., HUBERT N.
Schirmer, Atherton & Co.
COPPENS, RAYMOND V.
BLAIR, ROBERT
Primary Trading Markets
COPELAND,
CRAMPTON, ALFRED
Chas. A.
-J.
Harris, Upham & Co.
BOSS.
CHARLES
Broad
Natural Gas Issues
BRADLEE.
Hemphill,
Public Utilities
&
Portland, Me.
Co.,
CROCKETT, HARRY W.
Coffin & Burr, Incorporated
F. S. Moseley & Co.
BRAGDON, J. ROGER
Goldman, Sachs & Co.
CURRIER, RICHARD D.
BREEN, FRANK S.
Railroad Securities
Inc.
R.
CROSBY, ALBERT
Co.
DALEY, JOHN L.
Jackson &
Schirmer, Atherton & Co.
Bank & Insurance
&
Schirmer, Atherton & Co.
2nd, DUDLEY H.
Noyes
Warner
CREAMER, WILLIAM E.
BOWERS, MAURICE A.
Industrial Stocks
Arthur
Weeden & Co.
A. B.
Street Sales Corp.
Bowers & Company,
RICHARD
Day & Co., Inc.
J.
B>.
Co.
Maguire & Co.,
Inc.
Investment Trust Shares
New England Securities
Listed & Unlisted
Coast-to-Coast Wire Service through direct private lines to
Paul H. Davis & Co.,
Chicago, Morgan & Co., Los Angeles,
Securities
Ball, Burge & Kraus, Cleveland, and
White, Noble & Co., Detroit
J. Arthur Warner & Co.
Incorporated
120
Michael J. Heaney & Co.
Members New York Curb Exchange
New York 5,
Broadway
Telephone WOrth 4-2300
N. Y.
One Wall Street
New York
TWX-NY 1-40
Telephone: WHitehall 4-2484
Direct private
telephones between New York, Philadelphia, Boston, Hartford,
Providence, Portland, Me., and Jersey City, N. J.
5, N. Y.
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
>
The Ludman
G.
Room: Mr. & Mrs. Orville G. Allen, Lynch, Allen & Company, Inc., Dallas; Mr. & Mrs.
Pearson, Rauscher, Pierce & Co., Dallas; Mr. & Mrs. Allison W. Marsland, Wood, Gundy
& Co., Inc., New York
City; David Cerf, Ludman Corporation, Miami, Fla.
Harold
D'ARCY, JOHN J.
GALVIN, JAMES J.
P. L. Putnam &
Co., Inc.
P.
DARLING, RODNEY
du
Pont,
Homsey 8c Company
Donald Davis 8c
May & Gannon, Inc.
DAWSON, JOHN H.
Coffin
8c
Burr,
Sherman Gleason
DAY, WILFRED N.
GOLDBERG, HAROLD S.
RUSSELL
DEAN,
Mixter
8c
Denton
8c
Company
S.
GRIMM,
Co.
GUNN,
PAUL E.
DOLIBER,
G.
&
Goldman,
HALLETT,
Donohue 8c Sullivan
& Hutzler
JAMES R.
HARRINGTON. FRANK T.
Paine, Webber, Jackson & Curtis
H. D.
DUNCKLEE, WILLIAM S.
Brown
Brothers, Harriman & Co.
Homsey & Company
GEORGE
National
HASTINGS, FRANCIS
E.
M.
d.
Day & Co., Inc.
A.
E.
Ames
8c
Co.,
Inc.
McVEY, FREDERICK V.
Childs, Jeffries 8c Thorndike, Inc.
J. H. Goddard 8c Co., Inc.
WILLARD
LOCKE,
MERIGAN, THOMAS F.
R.
Boston Safe Deposit 8c
Boston
Trust Co.
News
Bureau
(Honorary)
LOTHROP, GILBERT M.
W. E. Hutton & Co.
MONROE, PAUL B.
Harris, Upham & Co.
LYNCH, FRANK E.
8c
MONTAGUE, THOMAS
Minot, Kendall & Co.
Harris, Upham & Co.
Kennedy 8c Co.
Newton
A.
& Co.
LINDSAY, HERBERT N.
C.
Bank
JAMES E.
LYNCH
KENNEY, PHILIP F.
HAVEY, JOSEPH
Chas.
WARREN A.
Weeden
KENNEDY, F. BRITTAIN
Brittain
Mcdowell, lewis
CARL A.
McTAVISH, WILSON C.
LEWIS,
Bank
Shawmut
KELLER, HERMAN J.
F.
Shea
Co.
&
(Continued
Company, Inc.
on
J.
page
"Herald-Traveller"
Boston
REGINALD B.
(Honorary)
Richard J. Buck 8c Co.
FORREST S.
EMERY,
HERLIHY, EDWARD
^F. S. Emery 8c Co., Inc.
Draper, Sears 8c Co.
ARTHUR E.
IIINES, EDWARD F.
Goldman, Sachs 8c Co.
Chace,
West & Winslow, Inc.
"Whiteside,
HIXON, REGINALD T.
FAY, NATHAN C.
& Co.,
Portland, Me.
Hooper-Kimball, Inc.
HOMSEY, ANTON E.
FERGUSON, WM.
du
& Cabot
Pont, Homsey 8c Company
HORMEL, EDWARD F.
FIELDING, JOHN S.
C. J. Devine 8c Co.
Trust
Day
HOUGHTON.
FOSTER, FREDERICK H.
Lee Higginson
R. I.
Allyn & Co.
May & Gannon, Inc.
Hodgdon & Co.
R. W. Pressprich & Co.
Moors
Lerner 8c Co.
LEVINE,
KEANE, J. FRANK
Elmer H. Bright & Co.
White, Weld & Co.
ELDRACHER, THEODORE
Nathan C. Fay
Geyer & Co., Inc.
HART, JOHN J.
Harris, Upham & Co.
ENGDAHL,
Second
HARSON, FREDERICK L.
Praser, Phelps & Co., Providence,
EAGAN, WALTER F.
ELWELL,
KEALEY,
Inc.
C.
McCUE, JOHN A.
May 8c Gannon, Inc.
LERNER, LOUIS C.
S.
HOWARD
Baldwin, White 8c Co.
DYKES. ALVIN A.
duPont,
Knox 8c Co.,
HARRIS.
A.
May 8c Gannon, Inc.
Globe
National
Frederick c. Adams 8c Co.
McCORMIOK, Jr., JAMES F.
Le LAND, ALAN C.
JULIAN, JAMES
HARKNESS, ROBERT B.
May 8c Gannon, Inc.
(Honorary)
W.
C. Wainwright & Co.
McAllister, Jr., henry p.
LeBEAU, IRVING C.
JORDAN, Jr., G. C.
R. W. Pressprich Co.
HANRAHAN, PAUL B.
Hanrahan 8c Co., Worcester
DOUCET, LESTER T.
H.
MAY, WILLIAM F.
National
(Honorary)
P. S. Moseley & Co.
Dayton Haigney & Co., Inc.
MAX, RICHARD L.
CRANDON
Quotation Bureau
LEAHY,
HALLIWILL, BIRNEY S.
DONOVAN, WARREN
DUFFY,
ROBERT
Boston
Co.
Sachs &
MANN, Jr., GEO. P.
Mann 8c Gould, Salem, Mass.
The First Boston Corp.
JONES, WILLIAM
LEAMAN F.
Goldman,
MAGUIRE, JOHN E.
May 8c Gannon, Inc.
LAWRENCE, EDWARD W.
Hemphill, Noyes 8c Co.
Harris, Upham & Co.
Co.
Co.
Lang & Dadmun, Inc.
JACOBS, BERT L.
f
Halsey, Stuart & Co. Inc.
JAMES,
Sachs &
MAGUIRE, JAMES B.
J. B. Maguire 8c Co., Inc.
LARSON, N. HENRY
Peck
Jr., JOHN L.
Blyth & Co., Inc.
Dayton Haigney & Co., Inc.
DONOHUE, JOHN J.
Lamont &
8c Company
INGHAM.
Worcester
Company,
Inc.
Co.,
LAMONT, NICHOLAS
INGALLS, ROBERT U.
Tucker, Anthony 8c Co.
HALEY, DAVID A.
Salomon Bros. & Hutzler
8c
(Honorary)
8c
LANG, HAROLD F.
Bros., Harriman & Co.
HAIGNEY, DAYTON P.
Providence, R. I.
Co.,
DONNELLY, JOHN P.
Salomon Bros.
Adams
MADARY, HAROLD
Geyer & Co., Inc., Chicago
8c Co.
Lahti
Matthew
INGALLS, JEROME M.
GUTHRIE, ELWIN A.
RICHARD
H. Walker 8c
Hutchinson
Paine, Webber, Jackson & Curtis
MacDONALD, WILLIAM G.
W. P. Rutter, Incorporated
Co.
&
LAHTI, W. HENRY
Weeks
HUTCHINSON, Jr., JAMES A.
IRVING E.
Reed
&
The First Boston Corp.
Inc.
Townsend, Dabuey 8c Tyson
Union Securities Corporation
Estabrook
HUSSEY, EUGENE R.
Co.,
RICHARD
Brown
DIAMOND, CLEMENT G.
Tcwnsend, Dabney 8c Tyson
DODSON,
Arthur Warner 8c
Hornblower
Kirwan
KUMIN, EMIL
HURLEY, HERBERT E.
GRIFFIN, HENRY F.
A. C. Allyn and Company, Inc.
DENTON, GEORGE R.
Brown, Lisle 8c Marshall, Providence, R. I.
Thomas A.
Sheeline & Co.
MacDONALD, J. RENWICK
KIRWAN, THOMAS A.
Wise, Hobbs & Seaver, Inc.
Inc.
GODDARD, JAMES H.
J. H. Goddard 8c Co., Inc.
J.
Sibley & Co.
HURLEY, EDMUND J.
8c Co.,
Paul D.
Inc.
KILNER, GEORGE M.
Henry P. Briggs 8c Co.
DAY, Jr., LEON E.
Chas. A. Day 8c Co., Inc.
Chas. A. Day & Co., Inc.
E.
HURLBURT, C. GRAHAM
GLEASON, SHERMAN
Incorporated
J. Arthur Warner 8c Co.,
HUNT, WILLIAM P.
W.
LYNCH, JAMES J.
KENT, RODNEY P.
Clayton Securities Corp.
Inc.
GIBSON, Jr., CHARLES E.
Whiting, Weeks & Stubbs
Co.
Nieman, Carl Marks & Co. Inc., New York City; Mr. & Mrs. Arthur Hatz, Arnhold
Bleichroeder, Inc., New York City; Henry Oetjen, McGinnis & Company, New York City;
'
Fred G. Morton, The Milwaukee Company, Milwaukee
HUGHES, FRANCIS J.
L. Putnam 8c Co.,
GANNON, JOSEPH
DAVIS, DONALD
Barney
A. L.
Corporation
Company
CHARLES G.
Albee & Co., Inc.
HUGHES, B. J.
FOSTER, Jr., HATHERLY
% DAYTONA BEACH
DtLAND
'
Boston
Vance, Sanders 8c Company
Post
(Honorary)
FT.
«
iMIAMI BEACH
Otm *
« C*m
*
IAUDEKDALE
MIAMI
WVATI UNI NtTVOU
couaKHoam
CORAL CABLES
WIDESPREAD
FACILITIES FOR DEALERS
including direct connections to Toronto and Montreal,
available for quick service to dealers.
Our extensive wire system
0.
are
(odal/tiAed 4884
We have established exceptional
ty/odi
dinnler*
Brokers in
Stocks
facilities for trading in Canadian Stocks.
l&xcAany* tend olhr hcuUty
Bonds
•
Established 1865
Commodities
•
Members: New York Stock Exchange, New
York Curb Exchange, Toronto Stock
C\Jt/3
1
65
30
&ocJbfe//e+ 0fyaya,
£*A
Chicago, Illinois
New
•
•
Waterbury
Danbury
•
•
Meriden
Burlington, Vermont
162
Street
•
London, England
CLEARWATER,
CORAL
*
Hartford
FLORIDA
GABLES, FLORIDA
DELAND, FLORIDA
FT. LAUDERDALE,
FLORIDA
College Street
Rutland, Vermont
Montreal, Canada
276 St. James Street,
Torrington
NEW
STREET
Toronto, Canada
43,
Memphis, Tennessee (Cotton)
Haven
WALL
304 Bay
$/,
20,
490A
Connecticut:
^8/.
Broadway, lAew ^/ori 6,
Exchange,
Montreal Curb Market and other leading Exchanges
W.
Mead
FT.
LAKELAND,
FLORIDA
FLORIDA
MIAMI, FLORIDA
5
Detroit, Michigan
600
Griswold Street
Bridgeport, Connecticut
940 Broad Street
Building
MYERS, FLORIDA
JACKSONVILLE,
YORK
MIAMI
BEACH, FLORIDA
ST. PETERSBURG, FLORIDA
SARASOTA, FLORIDA
TAMPA, FLORIDA
26)
&
S.
Mrs.
&
PARENT,
Lee
ROSTER OF MEMBERS
Arthur
Warner
&
Co.,
A.
Inc.
J,
Arthur Warner
&
R.
W.
Company
-v',
GEORGE P.
MOREY,
NEEDHAM,
Merrill
MORRISON, JAMES A.
Pierce,
&
Fenner
8s
Beane
Providence, R. I.
POPE,
F.
H.
P.
8s
R.
L.
Corporation
Moseley 8s Co.
W.
Company,
J. B.
Inc.
Inc.
Providence,
Whiting, Weeks & Stubbs
R. I.
T.
Kidder, Peabody & Co.
WALTER
CARL V.
WELLS,
Paine, Webber, Jackson & Curtis
WELLS, RAYMOND
Bishop-Wells Co.
ELLIOT C.
E.
WHITCOMB, BURTON F.
Harriman Ripley & Co.,
Mass.
Prescott &
WHITCOMB,
TAYLOR, JOHN R.
M.
Spencer Trask & Co.
Taylor & Co., Inc.
Co.
Inc
WHITE, BENJAMIN F.
Baldwin, White & Co.
REGINALD
PAUL J.
TAYLOR, Jr.. JOHN R.
PROCTOR, EUGENE F.
H. C. Wainwright & Co.
Pressprich & Co.
PUTNAM, JOHN A.
Maguire & Co., Inc.
W.
E. Hutton &
WILLIAM
D.
S.
WILLIAMS, T.
Ralph F. Carr 8s Co., Inc.
Co.
PUTNAM, WILLARD S.
A.
C. Allyn and Company,
TIRRELL, JOHN
Star Printing Co.
Inc.
Whittemore
H.
& Co.
EDMUND
Hooper-Kimball,
Inc.
WINSLOW, Jr., A. N.
,
Whiteside, West & Winslow,
Chace,
TOOHEY, CARROLL W.
Coburn & Middlebrook,
QUINN, DANIEL L.
H
DONALD
WHITTEMORE,
0
Taylor & Co., Inc.
THOMPSON,
OPPER, EDWARD J.
MUNN, P. JUDSON
S.
Geyer 8s Co.,
WEEKS. Jr., ROBERT S.
Tripp & Taber, New Bedford,
PRESCOTT, WILLIAM S.
William
R.
Boston
TABER, RICHARD D.
Tripp & Taber, New Bedford, Mass.
Hodgdon & Co.
O'LEARY,
Mudge 8s Co.
LOWELL A.
Corporation
Jr.,
WARREN, ROBERT H.
Donohue & Sullivan
TABER,
Arthur W. Wood Company
MUDGE, JOHN G.
Kidder, Peabody & Co.
First
TABB, Jr., HENRY E.
Townsend, Dabney 8s Tyson
POWERS, EDWARD F.
Day & Co.
NOWELL, RICHARD CARLTON
Spencer Trask & Co.
&
Securities
WILLIAM A.
S.
FRANCIS
Wainwright & Co.
WARREN,
SWIFT,
Webster
C.
WARING, LLOYD B.
JOHN J.
Hutton & Co.
SWENSON, CARL J.
M. Joseph Cummings,
POTTER, J. RUSSELL
Nichols, Inc.
NOONAN, THOMAS H.
MOYNIHAN, JAMES E.
J. B. Maguire 8s Co., Inc.
Jackson
Incorporated.
NEWTON. DEXTER
JR., EDWARD
Fund, Inc.
Adams.
Middlebrook,
PILLSBURY, E. P.
Stone
H.
SULLIVAN, ROBERT W.
WILFRED B.
Coburn
Weston W. Adams & Co.
CARLETON
Lynch,
PERHAM,
W. E.
WARD,
Jr., JOHN E.
Putnam & Co., Inc.
SULLIVAN, JOHN P.
Smith, Barney 8s Co.
PIERCE, RALPH W.
Arthur Warner & Co., Inc.
J.
Townsend, Dabney 8s Tyson
Barrett & Company,
Corporation
Townsend, Dabney 8s Tyson
Inc.
L.
SULLIVAN,
Securities
Webster
8s
PATNODE, WESLEY P.
Inc.
NEWMAN, LEO
MOSSOP, WALLACE L.
Boston
Company,
MURRAY, RAYMOND M.
Tucker, Anthony & Co.
Pressprich & Co.
MOTLEY.
and
Chace, Whiteside, West & Winslow,
Inc.
MOORE, GEORGE E.
Mixter
Allyn
F.
MURPHY, TIMOTHY D.
MOORE, FREDERICK
S.
& Co.,
C,
SULLIVAN,
Corporation
Russell & Co., Cleveland
WALSH, FRANCIS P.
A. G. Walsh & Son
JAMES E.
Baldwin, White & Co.
PARSLOE, GEORGE S.
MURPHY, ARTHUR C.
V
SULLIVAN,
I.
FREDERICK
Higginson
Stone
MOORE, ALEXANDER W.
and
Tripp 8s Taber, New Bedford, Mass.
(Continued from page 25)
Harry J. Hudepohl, West-
Hack, Jr., F. S. Moseley & Co., Chicago; Mr. and Mrs.
Company, Cincinnati; Mr. & Mrs. L. Warren Foster, Gottron,
Mrs. John J.
&
heimer
PARDEE, MILTON
Boston Securities Traders Association
J.
Mr.
Topol, Greene and Company, New York City; Mrs. James E. Jones, Atlanta;
Scbloss, New York City; J. Herbert Evans, Beil A Hough, St. Petersburg
Robert
Irwin
Mrs.
Thursday, November 13, 1952
FINANCIAL CHRONICLE
THE COMMERCIAL and
26
WOGLOM, ALBERT G.
Incorporated
Schirmer, Atherton & Co.
Railroad
Securities
REED,
J. Arthur Warner & Co.,
TOWNSEND,
REILLY, ARTHUR H.
Leased Line
Guaranteed
Bonds
Preferred
Common
Josephthal & Co.
Weeden
RICE, FRED W.
R.
W.
Public
Co.
&
C.
A.
JOSEPH
F. S. Moseley &
Utility Bonds
&
E.
Inc.
J.
Coffin
Co.
Devine
H.
Co.
&
Doremus
&
Lerner 8s Co.
Coffin
Industrial Stocks
BOBBINS, JOSEPH F.
Whiting, Weeks & Stubbs
ROSS.
CARL K.
Carl
K.
& Burr,
Co.,
Inc.,
Incorporated
HAROLD
Wainwright & Co.
C.
Brothers Harriman &
The Keystone Company
Incorporated
ZUCCARO,
First
White, Weld & Co.
8s
Burr,
Co.
YOUNG, R. T.
A.
WALKER, HARRY R.
i
Ross
&
Brown
Co.
ALFRED
Co.
YOUNG, HERBERT W.
RINALDI, JOSEPH M.
WAGNER,
8s
SUMNER R.
WOOLARD.
VAUGHN, HAROLD
Co.
Newton
M.
WOLLEY,
CURTICE N.
TUCKER, LESLIE A.
Pressprich
RICHARDSON,
WOLL, ALBERT J. T.
TOWER, ARTHUR PUTNAM
LESTER F.
Preston, Moss 8s Co.
ALFRED
Boston
of Boston
G.
Corporation
Portland,
Maine
■-
•
Adams & Peck
RYALL, EUGENE J.
Established 1924
RYAN, JOHN
Goodbody 8s Co.
63 Wall Street
C.
^
New York 5
•
Devine &
J.
RYAN,
Private
Bell System Teletype N. Y. 1-724
telephone wires
to
branch offices
Boston
REAL ESTATE BONDS and
TITLE COMPANY and
L.
j
BANK PARTICIPATION CERTIFICATES
SCHUERHOFF, ROLAND H.
Barney
STOCKS,
HOTEL ISSUES)
(INCLUDING
& Co.
SAUNDERS, MALCOLM
Raymond & Co.
Smith,
Hartford
Trading Department Which Specializes in
VINCENT P.
Harris, Upham
Telephone BOwling Green 9-8120
We Maintain a Special Division of Our
Co.
Co.
&
Dealers
Philadelphia
SCRIBNER, PAUL A.
Scribner & Meredith,
Inc.
are
invited
to
timely statistical reports
request
on
copies
of
our
Real Estate issues.
SESSLER, JOHN G.
John
G.
Sessler
&
Co.
Amott,Baker & Go.
SHEA, Jr., JOHN L.
Shea
1923
1952
SHEA,
R.
&
Company
Incorporated
JOHN WILLIAM
H.
Johnson
Co.
&
150 BROADWAY
SHEEHAN, JR., DANIEL M.
Sheehan, McCoy & Willard
4
NEW YORK 38, N. Y.
•
Teletype NY 1-588
Telephone BArclay 7-4880
SIIEELINE, PAUL D.
Paul D. Sheeline
OVER-THE-COUNTER
& Co.
SIDES, W. RANDOLPH
Sides, Morse & Co., Inc.
i-
\
SLIFER,
ERNEST
W.
American Securities Corp.
SECURITIES
Bacon, Stevenson & Co.
SMITH, CHARLES H.
Moors
SMITH,
& Cabot
HERBERT
^
C.
Members New Yor\Stocl[ Exchange
Members New
Blyth & Co., Inc.
Tor\Curb Exchange
SOFORENKO, MYER M.
Michael
Investment Co.,
Inc.
Providence, R. L
SPELLMAN, VINCENT L.
Frederick
Frank C. Masterson & Co.
SPENCE,
W.
C.
Adams
&
MUNICIPAL
Co.
BONDS
FREDERICK
Townsend, Dabney 8s Tyson
Established 1923
SPORRONG,
Members New York Curb Exchange
64
WALL STREET
Bell Teletype NY 1-1140
NEW
STANLEY
39
Burgess & Leith
YORK
5
HAnover 2-9470
STANLEY, Jr., GEORGE A.
Schirmer, Atherton & Co.
STEMBRIDGE, ALFRED R.
Distributors Group,
Incorporated
Broadway, New York 6, N. Y.
Telephone Dlgby 4-4100
Inc.
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Mr.
Mrs.
&
J.
Howard
Mr.
Twin
Rossbach,
Mrs.
&
Victor
Securities & Exchange Commission, Washington,
Moore, King Merritt & Co., Inc., Miami
City Security Traders Association, Inc.
D.
BOOTH. HOWARD
Woodard-Elwooi
CLAREY, JOHN M.
CO I! I N.
J.
&
Clarey,
At
3c Co.
CHARLES
RIEGER,
Jamieson
Company
&
R. J.
J.
Co.
H.
Homer
Collins
At
Duluth
C®.,
Piper,
V.
Ames, Emerich & Co., Inc.
J.
First National Bank of
Jamieson
Ames, Emerich & Co., Inc.
At
SIVERSON,
FELDMAN, GRANT A.
Piper, Jaffray & Hopwood
St.
FERGUSON,
Kalman
porated, St. Paul.
Secretary: Joseph C. Mahoney, C. D. Mahoney & Co.,
Treasurer; Ernest R.
Minneapolis.
Gearino, Marquette National Bank, Minne¬
apolis.
National Committeemen: Kenneth C. Joas, Ames,
Emerich & Co.,
SORUM.
FIELD,
HAROLD L.
Jamieson At Co.
WALLACE
Nuveen
H.
&
Co.
FLODTN.
M.
H.
SPACE,
Co., St. Paul
STARN,
Allison-Williams Company, Minne¬
apolis; J. Ries Bambenek, J. M. Dain & Company.
Elected:
October
Company,
Inc.,
1952;
8,
Office:
Took
October 8,
1952; Term
Bank
of
Minne¬
C.
Tarras At
Co., Winona
(Associate)
Co.
At
KERMIT
WICHMAN,
B.
W.
WITTENBERG, WILBER W.
WALTER P.
HARRY
EDWARD
M. H. Bishop At Co.
Company
Blyth At Co., Inc.
W-
WIKMAN, DALE R.
Kalman & Company,
Merrill
Inc.
Lynch,
Pierce,
Fenner
&
GIFSEN, WILLIAM H.
M. H. Bishop At Co.
GOODMAN.
Francis
DONALD
I.
du
GOTH, FRED
F.
At Co.
Pont
Joseph McManus & Co.
S.
Irving J. Rice
GRUN,
& Company,
ALPHONSE
First
National
HENNINGS,
Inc.
MEMBERS
New
J.
Bank
HENRY
Northwestern
ROSTER OF MEMBERS
National
TARRAS, ARTHUR C.
St. Paul
St. Paul
Expires: October, 1953.
Moody, St. Paul
GEARINO, E. R.
Marquette National Bank
Inc., Minneapolis.
Alternates: Kermit B. Sorum,
Company
apolis
Woodard-Elwood At Co.
EMIL
Bishop
&
Northwestern
LLOYD
Allison-Williams
K.
At
President: Alphonse J. Grun, First National Bank of Minneapolis.
&
First National Bank of Minneapolis
Blyth & Co., Inc.
Vice-President: Fred S. Goth, Irving J. Rice & Company, Incor¬
Incor¬
Company,
TALBOT, O. JACK
A.
HUGH
Dain
Juran
Paul,
SMITH, JACK C.
John
and
SWAGLER, RICHARD C.
SHUTE, PRESTON B.
DEVINE, OWEN C.
M.
Jaffray & Hopwood
SEMPF, WALTER J.
DELANEY. JOHN J.
Delaney & Company
FISK,
GEORGE H.
Byllesby
STONER, PAUL A.
COLDEVIN C.
RUDD,
Joseph C. Mahoney
M.
porated
(Associate)
DAYTON. LEONARD
Alphonse J. Grun
Stelchen At Co., Inc.
STILLMAN,
v
ROWND, CHESTER M.
Paine, Webber, Jackson & Curtis
COLLINS, HOMER
At Curtis
STEICHEN, ROMAN J.
Irving J. Rice At Company, Inc., St. Paul
Inc.
M.
JOHN F.
Webber, Jackson
Paine,
RICE, IRVING J.
MERRILL
Dain
M.
STEELE,
RAND, ARTHUR H.
Jackson & Curtis
Webber,
Reman
Fred A. Shorsher, Ball, Burge
Co., Minneapolis
Ted Plumridge, J. Arthur Warner & Co., Incorporated, New York City;
& Kraus, Cleveland; Arthur H. Rand, Woodard-Elwood &
C.;
Paine.
27
of
Stock
39
of
Bank
Exchange
—
New York Curb Exchange
Midwest Stock
Minneapolis
B.
National
York
Minne¬
Exchange
Broadway
New York 6, N. Y,
apolis
(Members
located
In
Minneapolis
BABCOCK, Jr., CARROLL H.
unless
Piper, Jaffray At Hopwood
otherwise Indicated)
ALDRICH,
Central
BAMBENEK,
MALCOM M.
Company
ANDERSON,
First National Bank of St. Paul,
ARMS,
J.
P.
J.
Dain
RIES
At
Company
ALison-Willlams
St. Paul
Company
BISHOP, MORLAN H.
M. H. Bishop At Co.
JAMES P.
Arms, Incorporated
JOHN
W.
Midland National Bank
JACKISH,
Merrill
GEORGE
TRADING MARKETS and RETAIL DISTRIBUTION
V.
Lynch, Pierce, Fenner Ac
Beane
JOAS, KENNETH 0.
Ames, Emerich At Co., Inc.
CORRESPONDENT
EMIL
Johnson-McKendrlck
At
Co..
to
Inc.
Chicago
with
the
qualifies
following
securities
specialists in this
us as
for
group.
Arden Farms Co. Com. & Pfd.
Arizona Public
Bullocks
Service Com. & Pfds.
Inc.
Merrill
Lynch,
Pierce,
Fenner
At
McMaster Hutchinson & Co.
Kansas City-
—
Wm. J. Mericka & Co., Inc.
New Orleans-
Dallas
—
Southwestern Securities Co.
Pittsburgh
-
—
R. C. O'Donnell & Co.
St. Louis
-
W.
Merrill
First
Harrisburg- Blair F. Claybaugh & Co.
-
•
Toronto
■
San Antonio-
Houston
LEWIS,
•
Beane
KOOP, WILLIAM W.
Piper, Jaffray & Hopwood
—
Crockett & Company
*
Burke & MacDonald
T. J. Feibleman & Co.
Blair F. Claybaugh & Co.
White & Company
Lentz, Newton & Co.
'
-
WARDWELL
Matthews & Company
Lynch, Pierce, Fenner At Beane <
MacDONALD,
Common
California Electric Power
—
Cleveland
Kinnard & Company
G.
KLEMOND, EMIL J.
identity
SYSTEM
Detroit
John
Our
WIRE
JOHNSON.
KINNARD. JOHN G.
many years
through
'V
BERGMAN, OSCAR M.
N.
DONALD
M.
J.
Republic
HUNT
GEORGE
National
A.
of
Bank
Minneapolis
2^2% & 3% Pfds.
MACH, ROBERT F.
Capitol Records Inc. Common
Central Public Utility Company
Common Stock
and Old 5^28
Jamieson
Fullerton Oil
Interstate
Com. & 4s, 1960
Co.
C.
D.
Pacific American Investors
Pacific Mercury
Plomb Tool Co. Common
Puget Sound Power &
M.
H.
JOSEPH
Light Co. Com.
Paine,
PAUL
Webber,
Curtis
Co.,
Inc.
EDWARD
ROBT.
At
•
S.
PRIVATE PLACEMENTS
Williams-McNaghten Co.
JOSEPH R.
Kalman
on
At
SECURITIES
At
Tiffany & Co.
Statistical Information
MUNICIPAL AND CORPORATE
E.
Jackson
Johnson-McKendrlck
MILLER,
Universal Pictures Co., Inc. Warrants
E.
St. Paul
McNAGHTEN.
Seattle Gas Co. Common
UNDERWRITERS AND DISTRIBUTORS
Bishop Ac Company
McKENDRICK.
Television Mfg. Corp.
D.
Mahoney Ac Co.
MATSCHE.
Baking Corp. Com. & Pfd.
Company
MAHONEY, JOSEPH C.
MASEK,
Disney (Walt) Productions
&
MAHONEY, CORNELIUS
C. D. Mahoney At Co.
Company, Inc.
MYERS. THEODORE A.
Mannhelmer-Egan,
CORPORATE FINANCING
Inc., St. Paul
PELTON, THEODORE W.
Request
Northwestern
National
Bank
of
Minne¬
apolis
PHILLIPS,
ERNST & CO.
Stock Exchange
New York Curb Exchange
leading Security and Commodity Exchanges
Members New York
and
other
120
Broadway, New York 5, N. Y.
GUYBERT
M.
Caldwell, Phillips Co., St. Paul
Members: New
PILLSBURY,
First
ROBERT K.
National
PLUMLEY.
Bank
ALFRED
of
Minneapolis
New
York
So. LaSalle St., Chicago 4,
Private
Wires to
Los Angeles and
111.
Chicago
Harris, Upham At Co.
Juran
At
Moody,
St.
prescott, b. w.
E. J. Prescott * go..
Curb Exchange
52 Wall Street,
N.
New York 5
Affiliates
PREESHL, F. WARREN
231
York Stock Exchange
Paul
Delaware Fund Distributors,
Inc.
Van AUtyne Noel Corporation
Beane
THE COMMERCIAL and FINANCIAL CHRONICLE
28
I
James
P. Cleaver, Goodbody & Co., New York
City; Mrs. Edward H. Welch, Chicago; Clinton
Whitehead, Merrill Lynch, Pierce, Fenner & Beane, Miami; Mr. & Mrs. Elmer Hammell,
Shillinglaw, Bolger & Co., Chicago
/
Security Traders Association of Los Angeles
;
•.
Thursday, November 13, 1952
:
Charles
L. Wallingford, H. M. Byllesby and Company, Incorporated, Philadelphia; Joseph E. Smith,
Newburger & Co., Philadelphia; Harry L. Arnold, Goldman, Sachs & Co., New York City;
M. C. Brittain, Scherck, Richter Co., St. Louis
S.
MODRELL, PAUL
Secretary: Homer Wessendorf, Jr., William R. Staats & Co.
Blyth & Co., Inc.
Treasurer: Frank Link, Harris, Upham & Co.
NONGARD, CONRAD P.
Floyd
Governors: Robert
Charles
D. Diehl, Paine, Webber, Jackson & Curtis;
Livingstone, Crowell, Weedon & Co.; Donald E.'
R.
Fairman
Summerell, Wagenseller & Durst, Inc.
OWEN,
National
Committeemen: Lawrence
S. Pulliam, Weedon & Co.;
Summerell, Wagenseller & Durst, Inc.
Donald E.
Alternates:
George H. Earnest,
Dempsey-Tegeler & Co.
Elected:
November
Fewel
&
John
Co.;
C.
Allen
A.
&
E.
Weedon
J.
Weeden
Hecht,
R.
Co.
RICHARD
Crowell,
PAISLEY,
&
Co.
&
O'NEIL, RICHARD
&
Co.
PIKE, WILLIAM
C.
f
Morgan & Co.
26, 1951; Took Office: January,
1952; Term
Co.
FOSTER
POINDEXTER, CLIFFORD E.
Expires: December, 1952.
Wagenseller & Durst,
Inc.
PULLIAM, LAWRENCE
Weeden
ROSTER OF MEMBERS
&
REEVES, JAMES
(Members in Los Angeles unless
otherwise indicated)
HARDCASTLE,
Dean
Witter
PARKMAN
ALEXANDER, JACK
Lester, Ryons & Co.
A. W.
McCready, Jr. Timothy D. Spillane
H. Wessendorf, Jr.
Frank Link
HECHT,
ASCHKAR.
Vice-President: Timothy D. Spillane, J. A. Hogle & Co.
BARSAMIAN,
BATES,
ROBERT
&
Daniel
Co.
Marache, Dofflemyre & Co.
Daniel
EDWARD
Reeves
&
Beverly Hills
Hutton
&
DISTRIBUTORS
•
DEALERS
'
FRED
Merrill Lynch,
State and
CARLSEN,
CASS,
Municipal Bonds
&
Pierce, Fenner & Beane
ESTABROOK
&
CO.
YORK
Associate
AND
BOSTON
Member New
Wall St., NEW YORK 5
-
SPILLANE,
LINK.
D.
STOCK
York
Curb
EXCHANGES
15 State
St., BOSTON 9, MASS.
Investment
Co.
Co.
California
Webber.
R.
Jackson
Gross,
&
ARSDALE, NIELAND B.
Blyth & Co., Inc.
Kraft
F.
Kraft
RICHARD
Wagenseller & Durst, Inc.
&
Co.
&
WALKER,
WILLIAM
Conrad, Bruce
Co.
WARD
FRANK
FRANK
Merrill
C.
& Co.
Curtis
Co.
of Los
Angeles
J.
Lynch,
Pierce,
Fenner
&
WARNES, ROY C.
Shearson, Hammill & Co.
WEBSTER, WILLIAM
Bateman, Eichler & Co.
WELLER, JOHN T.
Wagenseller & Durst, Inc.
WESSENDORF, JR., HOMER
William
R.
Staats
&
MANWARING, JOSEPH F.
First California Company
Co.
WRIGHT, WILLIAM L.
McCREADY, Jr., ALBERT W.
Geyer & Co., Inc.
&
WRITER, JOSEPH
Lester,
Ryons
&
Co.
Walston, Hoffman & Goodwin
McOMBER,
Fewel & Co.
Revel
Jr., CHARLES L.
Bateman. Elchler & Co.
A.
S.
Miller &
MILLER.
ZIMMERMAN, WILLIAM J.
Bingham, Walter & Hurry,
Co.
WTLLIAM
Crowell,
ENGLE, EDWARD P.
California
Inc.
Barbour, Smith & Co.
Co.
EBNER,
First
Rogers,
VAN
NICHOLAS P.
EARNEST, GEORGE H.
EUPER, THOMAS
E.
Durst, Inc.
Co.
CLEMENS T.
Hill Richards & Co.
Staats
SPRINGFIELD
DONALD
TURNER, STEPHEN C.
Wagenseller & Durst,
LUEKER,
& Co.
William
•
of
Crowell, Weedon & Co.
Paine,
D.
Shearson, Hammlll & Co.
Wagenseller &
LIVINGSTONE, CHARLES
Fairman
TIMOTHY
Hogle & Co.
SUMMERELL,
LIPPMAN, WILLIAM A., Jr.
Akin-Lambert Co., Inc.
DEFOE. RALPH E.
Exchange
J. A.
Harris, Upham Ss Co.
& Co.
&
Co.
Jackson & Curtis
STOUT, SCOTT
C.
Dempsey-Tegeler & Co.
PROVIDENCE
•
Co.
THOMAS H.
F.
Oscar
DORROH, WILLIAM W.
HARTFORD
Paine. Webber,
KRAFT, OSCAR F., JR.
COOK, JAY B.
Dempsey-Tegeler
Wykoff &
SILLICK, JACK
OSCAR F.
Oscar
DIEHL, ROBERT D.
40
Edgerton,
DAVIES, JR., WILLIAM H.
MEMBERS
NEW
SHIPLEY, FOREST W.
Goodwin
VERNON,
Co.
&
Tully
Conrad, Bruce & Co. of Los Angeles
& Co.
Witter &
KRAFT,
COCKBURN, JAMES
Mitchum,
&
"Times" (Honorary)
SHEEDY, PATRICK H.
Fewel & Co.
Dean
G.
Allen
A.
&
KIRWAN,
D.
ROBERT T.
Floyd
Hills
TUTTLE, GORDON B.
Dempsey-Tegeler & Co.
CASS,
Colburn
KELLER,
Henderson
ROBERT
L.
Sutro
THEODORE
Harbison
Los Angeles
Beverly
JOHNSON, WILLIAM A.
B.
CAMINSKY, DONALD M.
Industrial, Public Utility and Railroad Securities
R.
Standard
Dempsey-Tegeler & Co.
CAILENDER,
Co.,
JAMESON, CLAUDE
Lester, Ryons & Co.
\
SANDIFER, ROBERT
NORMAN
Fairman
Co.
CALDWELL, HOWARD
UNDERWRITERS
&
IRISH, HERBERT
BROWN, WILLIAM E.
F.
RYONS, JOSEPH L.
Lester, Ryons & Co.
Co.
IIUFF, ROBERT H.
Conrad, Bruce & Co. of Los Angeles
E.
Shields & Company
E.
Reeves
HUDSON,
J.
Co.,
BROWN, MAXFIELD
Founded 1851
&
IIOSKIN, ARTHUR
Walston, Hoffman &
Bank
BOURBEAU,
duPont
HOLTON, CHARLES L.
Holton, Hull & Co.
F.
BETZ, HERMAN
California
I.
HENDERSON, ROBERT J.
KENNETH O.
Dempsey-Tegeler
JOHN C.
Dempsey-Tegeler & Co.
Francis
A.
Co., Inc.
RUSSELL, KENNETH
Morgan & Co.
HEFNER, RAY J.
PAUL H.
Dempsey-Tegeler & Co.
President: A. William McCready, Jr., Geyer & Co. Incorporated.
Akin-Lambert
Co.
&
S.
Co.
Weedon
\.
&
Inc.
ZINK. JAMES
Co.
Walston, Hoffman & Goodwin
Company
J.
Dempsey-Tegeler «fe Co.
FETTERS, JOHN J.
Jones, Cosgrove & Miller,
Pasadena
FRANKEL, HAROLD C.
Fairman
&
LISTED
Co.
and
UNLISTED
FRANKLIN, SAMUEL B.
Samuel
B.
Franklin
&
Company
SECURITIES
FRASER, JAMES G.
Stern, Frank & Meyer
FREEMAN, AL\ IN R.
Dempsey-Tegeler & Co.
GALLEGOS, JOSEPH F.
Underwriters, Distributors and Dealers
Reorganization and When Issued
Lester, Ryons & Co.
STATE AND MUNICIPAL BONDS
Bonds
GARRETT, PIERCE R.
Dempsey-Tegeler & Co.
GARROWAY,
Francis
I.
DAVE
duPont
&
Co.
&
Stocks
Canadian and Other Foreign Securities
GINN, WILLIAM
Interest
Dean
Exempt from
present
Federal Income Taxes
GLASS,
Witter
&
Foreign Exchange
Co.
CHESTER M.
William
R.
Staats
&
Co.
GOLDSCHMIDT, PAUL
Lester, Ryons & Co.
BOND
THE
CHASE
OF
THE
DEPARTMENT
NATIONAL
CITY
OF
BANK
GREEN,
MEMBERS
AND
SAM
Pledger
NEW
SUTRO BROS. & CO.
GREEN, ROBERT M.
Pledger & Co., Inc.
&
YORK
Company,
Inc.
HALL, MAX
Pine Street Corner of Nassau
Tel. HAnover 2-6000
Bell
System Teletype NY
Dean
J.
B.
JACK
Hanauer
HARBISON,
Harbison
B.
&
Co., Beverly Hills
EDWARD M.
& Henderson
Branch
YORK
STOCK
EXCHANGE
PRINCIPAL EXCHANGES
120 BROADWAY
REctor 2-7340
Witter & Co.
HANAUER,
1-1010
Telephone
NEW
OTHER
Offices:
Bell System
NEW YORK 5, N. Y.
Uptown New York
Direct private
ivires
to
and
NY
Teletype
1-67
Washington, D. C.
Chicago and Montreal
Beane
THE COMMERCIAL and
Convention Number
Charles
New
Jr., Stein Bros. & Boyce, Baltimore; John J. O'Kane, Jr., John J.
Charles M. Zingraf, Laurence M. Marks & Co., New York City;
Siegel & Co., New York City; Henry Oetjen, McGinnis & Company, New
A. Bodie,
York
City;
Traders Association
Miami; Mrs. James
Inc., San Francisco;
Carrison, Pierce-Carrison Corporation, Jacksonville; Mrs. F. Boice Miller,
St. Petersburg; Mr. & Mrs. Ernest E. Blum, Brush, Slocumb & Co.,
F. Vincent Reilly, Commercial <6 Financial Chronicle
H. George
O'Kane, Jr. & Co.,
Nathan Krumholz,
York City
Wiley,
CARSON, GEORGE F.
San Francisco Security
Frank Knowlton & Co.,
MARTINI,
RABER, WILLIAM
RICH, LOUIS
Stewart, Eubanks, Meyerson
Schwabacher &
MAURY J.
Bank & Union Trust
KESSLER,
ROBERSTON, Jr., BENJAMIN B.
Mitchum, Tully & Co.
LAMPERTI, ANGELO
Lawson, Levy & Williams
WILLIAM
Co.
FAULKNER, WILLIAM
Wulff, Hansen & Co.
William R. Staats & Co.
SAYRE, KENNETH H.
Irving Lundborg & Co., Palo Alto,
MACRAE, Jr., COLLINS L.
FAZACKERLY, KENNETH
Lundborg &
SANDELL, RUDOLPH T.
Shuman, Agnew & Co.
LARZELERE, JOSEPH
C.
& York
;
Hooker & Fay
Company
E. F. Hutton & Company
Co.
RICHMAN, ANTHONY J.
Wells Fargo
ENGLISH, GIFFORD M.
Irving
Hooker & Fay
QUINN, JOHN J.
Stone & Youngberg
KANE, CHARLES B.
Geyer & Co., Inc.
EGAN, JOHN F.
First California Company
&
Incorporated
Co.,
KAMMERER, GEORGE G.
J. S. Strauss & Co.
LEONARD
DONDERO, WILLIAM
First California Company
Davies
&
JENKINS, ROBERT
Davis, Skaggs & Co.
Mitchum, Tully & Co.
FARRELL,
McAndrew
QUINN, HUBERT J.
Sutro & Co.
HODGE
Bailey & Davidson
De
Oakland, Calif.
ISAACS. PAUL E.
COSTELLO, JOHN S.
American Trust Company
H.
PRICE, THOMAS W.
IMHOF, JAMES R.
-
Davies & Co.
DAVIDSON,
29
FINANCIAL CHRONICLE
Wulff, Hansen & Co.
Co.
Calif.
\
SCHAG, WALTER
JOHN FRANCIS
FINNEGAN,
MAY, J. EARLE
J. Earle May & Co., Palo
Hannaford & Talbot
Frank
Earl
Bowyer
Stewart S. Barker
Thomas
FLOOD,
EUGENE V.
Oakland, Calif.
Frank Knowlton & Co.,
Davis, Skaggs & Co.
Alto, Calif.
SHAFFT, CONRAD O.
Shafft, Snook & Cahn
McCLINTICK, JAMES E.
Wells Fargo Bank & Union Trust Co.
SMITH, ROBERT L.
McMAHON, J. B.
Merrill Lynch, Pierce, Fenner & Beane
FORD, JACK
President: Frank Bowyer,
Douglass Van Der Nalllen & Co., Inc.
Schwabacher & Co.
Vice-President: Earl Thomas, Dean
Secretary-Treasurer: Stewart S.
GIANTI, RICHARD
Francis I. du Pont &
Witter & Co.
John F. Sullivan,
First California Company, Incorporated; George G. Gumbel,
J. Barth & Co.; Richard Payne, Geyer & Co. Incorporated.
Inc.; Thomas W.
Hill, Jr., J. S. Strauss & Co.;
Alternate: John F. Egan,
Elected: December
Ernest E. Blum, Brush, Slocumb &
Co.
Incorporated.
Price, McAndrew & Co.,
Incorporated.
First California Company,
20, 1951; Took Office: January
1, 1952; Term
MURPHY,
GEORGE G.
J. Barth & Co.
Holt
CHARLES B.
Blyth & Co., Inc.
HARKINS,
&
MEMBERS
WATTS, WILLIAM F.
HEWITT,
Merrill
HENRY
American
Trust
Company
WEBER,
Geyer & Co., Inc.
ALBERT A.
Henry F. Swift &
LESLIE
WEIR,
Co.
J.
EMIL
located in San Francisco
indicated)
unless otherwise
HOWARD, McBURNEY
The
Harris,
First Boston Corp.
ELMER L.
Barth & Co.
WHITAKER, EMMET K.
Davis, Skaggs & Co.
William R. Staats & Co.
POWELL,
BROOKS. D.
Davies & Co.
PERENON, HENRY
Brush, Slocumb & Co.
(Members
Lynch, Pierce, Fenner & Beane
PAYNE, RICHARD
First California Company
HOWARD,
J.
Jr., BENJAMIN
Stone & Youngberg
BAUM,
Company
VICINO, WALTER
Blyth & Co., Inc.
JACKSON H.
Conrad, Bruce & Co.
HEFTER,
F.
THOMAS, EARL
Dean witter & Co.
Denault & Co.
PALMER,
Brush, Slocumb & Co.
PIKICH,
ROSTER OF
SULLIVAN. JOHN
First California
WILLIAM
Collins
O'REILLY, JOHN J.
HECHT, Jr., JOHN C.
HILL, Jr., HOUSTON
J. S. Strauss & Co.
30, 1952.
Expires: December
JAMES M.
Wilson, Johnson & Higgins
MORRILL, CLIFTON W.
Walston, Hoffman & Goodwin
GOREY, WALTER C.
Walter C. Gorey Co.
GUMBEL,
National Committeemen:
& Youngberg
Stone
STEWART,
Barker, Crocker First National
Bank.
Directors: Houston
FRANK
MORAN,
Co.
Hill, Richards & Co.
SPULLER, Jr., LOUIS J.
Elworthy & Co.
WOOD, LEWIS
JAMES
First
Upham & Co.
Boston
J.
Corporation
JOSEPH BELLIZI
ABRAHAMSON,
Weeden
&
RICHARD W.
Walston, Hoffman &
Co.
ACHARD, ELIZABETH
Elworthy & Co.
(Honorary
BLUM, ERNEST E.
Brush, Slocumb & Co.
Member)
WILLIAM J.
Wilson, Johnson & Higgins
BAILEY,
BAKER, Jr.,
BOURNE, ROBERT K.
Conrad, Bruce & Co.
FRED A.
Schwabacher &
Co.
BUICK, JOHN E.
8.
Crocker First National
Dealers In
BOWYER, FRANK
Dean Witter & Co.
BARKER, STEWART
Goodwin
BLANK, CARL
A. G. Becker & Co., Inc.
Trust
American
Bank
Company
PUBLIC UTILITY, NATURAL GAS
and INDUSTRIAL
SECURITIES
JERSEY
NEW
MUNICIPAL
BONDS
J. F.
Reilly & Co.
Incorporated
61
Boland, Saffin & Co.
Established 1920
New York 6
Broadway
Telephone BOwling Green
TELEPHONE
ST.
NEW YORK 5,
N. Y.
Bell System
WHITEHALL 3-3414
Teletype—NY 1-533
Teletype NY 1-3370-71
Angeles
Philadelphia
Direct Wire—F. S. fYantis & Co., Inc., Chicago, 111.
Direct Wire—S. R. Livingstone, Crouse & Co., Detroit, Mich.
Direct
20 PINE
9-5133
Direct
Wire—Conrad Bruce & Co. of Los
Phone—Arthur L. Wright & Co. Inc.,
*0
Mr.
THE COMMERCIAL and FINANCIAL CHRONICLE
&
Mrs.
Kichards
Mr.
&
&
Mrs.
George Collins, Geyer & Co. Incorporated, New York City; H. Sheldon Parker, Kay,
Pittsburgh; Mr. & Mrs. Everett W. Snyder, E. W. Snyder & Co., Syracuse;
J. Burke, Jr., May & Gannon, Inc., Boston; Mrs. Edward J. Kelly, Carl M.
Loeb,
Rhoades & Co., New York City; Mrs. H. Sheldon
Parker, Pittsburgh
Maurice
Hart, New York Hanseatic Corporation, New York C.ty; J. W. Means, Courts & Co., Atlanta;
William P. Brown, Detroit; Wm. Perry Brown,
Newr.an, Brown & Co., New Orleans; George
McCleary, Florida Securities Company, St. Petersburg; C. Herbert Pettey, Equitable Securities
Corporation, Nashville; H. Frank Burkholder, Equitable Securities Corporation, Nashville
Co.,
Mrs.
William
Security Traders Association of Connecticut
First
Thursday, November 13, 1952
Vice-President:
Gordon
H.
N.
Libby,
Coburn
LYON, Jr., WILLIAM D.
Middle-
&
Chas.
brook, Incorporated, Hartford.
Second Vice-President:
coburn
ford.
Chas.
Hartford.
Governors: George L. Austin, G. L. Austin &
Co., Hartford; Rob¬
ert A. Bligh, Fahnestock &
Co., Torrington; Robert B. Calvert,
L.
T.
Schirmer, Atherton & Co., Hartford; John E. Graham, BrainardJudd & Co., Hartford; Donald B.
Jacobs, Conning & Co., Hart¬
Middlebrook,
Scranton
F.
Griggs
MORRIS,
Robt.
Leslie
B.
Swan, Chas.
Scranton
W.
&
New
Alternates: Andrew L. Tackus, Putnam &
Co., Hartford.
tic
(Members
located
in
otherwise
Hartford
unless
Brothers &
BEAL,
BRUCE
New
Co.
Morris
tic
Co.
Co.,
Stamford
Haven
The R.
F.
Griggs Company, Waterbury
WILLIAM
H.
ROBERT A.
Fahnestock
tic
Co..
Robert C.
New
G.
Walker
&
G.
Bridgeport
&
E.
White,
Company
H.
Walker
tic
West
Hartford
Co.
&
Hammill
&
FREDERICK
Weld
B.
tic
Co.,
Inc.
T.
New Haven
Co., New Haven
SWEENEY, WILLIAM J.
Sweeney tic Company, New Britain
TACKUS.
Co., Bridgeport
ANDREW
Putnam
WEISKE.
LIBBY, GORDON H. N.
Schirmer, Atherton
G.
SWAN, LESLIE B.
Chas. W. Scranton tic
C.
Co.,
KNABLEIN, RUDOLPH L.
Hincks Bros. & Co.,
Inc., Bridgeport
CILENTO, FRANK E.
Shearson,
and
GORDON
Andrews
ADOLPH
Jackson Steiner tic Co.,
SUTTON,
JOHNSON. A. MAURITS
Co.,
CALVERT, ROBERT B.
upon request
T.
JACOBS, DONALD
Conning tic Co.
Haven
H.
Co.
STEINER, S. JACKSON
Co.
Buell
HURLBERT,
E.
tic
Putnam tic Co.
WILLIAM D.
Putnam tic
Co.
Warner
McClure and Shaw
E.
HUNGERFORD. DONALD
tic
Arthur
Haven
HOLMAN,
BRESLAV, WALTER
Analysis
J.
SHAW, JOHN H.
Torrington
BRADLEY, E. HOLBROOK
Edward M. Bradley tic Co., Inc.
Common and Preferred
SCRIBNER, WYLLIS
E.
tic Co.
ARTHUR W.
Hegeman tic Co., Stamford
BOWMAN, ALFRED H.
tic Company, Meriden
E.
Co.
HEGEMAN,
H.
BLIGH,
Fahnestock
Company
tic
STARKEL,
Kennedy-Peterson, Inc.
Christiana Securities
NICHOLAS
JOHN
GRAHAM, REGINALD
BEAKEY, EDWARD
Waterbury
Bridgeport
SAMUELSON, ARTHUR O.
George C. Lane tic Co. Inc., New Haven
Brainard-Judd
Austin tic Co.
Eddy
EISEN,
Fahnestock
GRAHAM,
AUSTIN, GEO. L.
G. L.
FON
indicated)
Haven
WILLIAM A.
RYBECK,
ROSTER OF MEMBERS
N. E. Fon Eisen
New
Company,
Co.,
William H. Rybeck
President: Donald E. Hungerford, Robert C. Buell and Company,
Hartford.
Incorporated
Co.,
PAZERA, ALPHONSE L.
October, 1951; Took Office: January, 1952; Term Expires:
December, 1952.
Adolph G. Starkel
tic
MURRAY, FRANK J.
Laird, Bissell tic Meeds
Elected:
Gordon H. N. Libby
Haven
ROBERT S.
S.
Hegeman &
Committeemen:
Co., New Haven.
Hungerford
New
DANIEL J.
Watson
MURPHY,
National
E.
Co.,
THOMAS F.
R.
MORGAN,
ford.
D.
W.
MELIA,
The
y
Scranton &
NORMAN
&
McNULTY, EDW. J.
Secretary-Treasurer: Nicholas E. Fon Eisen, Fahnestock & Co.,
M
W.
MA1GRET.
Adolph G. Starkel, Putnam & Co., Hart¬
L.
Co.
tic
WILDE,
Coburn
Co.
tic
Middlebrook,
A.
M.
F.
RICHARD
Kidder
tic
Co., Bridgeport
RICHARD W.
Conning & Co.
Incorporated
CLAPP, CLARENCE B.
Whaples, Vierlng & Co.
Francis I. duPont
Members New
York
ONE WALL
Tel.:
STREET
DIgby 4-2000
Wilmington
•
Pasadena
&
New
Rhetpont
Beverly
•
White Plains
West Palm Beach
*
Ft. Lauderdale
•
Direct Private
Atlanta
*
YORK
Buffalo
Co.
CLARK, MYRON H.
Estabrook
CLEMENCE,
R.
5, N. Y.
Teletype:
Washington
•
•
&
Curb Exchanges
L.
New
Elmira
•
York
NEW
•
Cable:
Philadelphia
t.
San Francisco
Rochester
Stock
'
Cleveland
•
Newark
•
Chicago
•
Hiils
•
•
A. L. STAMM & CO.
H.
Day & Co.
120 Broadway, New York 5, N. Y.
Haven
COHAN.
HARRY
D.
Denton tic Co., Inc.
MEMBERS
Minneapolis
Miami
•
London, England
to
Cincinnati
Co.
ROBERT
1-1181
Los Angeles
•
•
Miami Beach
Charlotte
Wires
NY
tic
New York
Putnam
Columbus
Curb
New
COOK. AARON
4
Stock
New York
CONNER, EARL W.
Maples tic Goldschmldt. South Norwalk
tic
York
Exchange
Exchange
Cotton
Exchange
Chicago Board of Trade
Co.
Commodity Exchange, Inc.
COX, FREDERIC R.
New
New York
Haven
New
DOCKHAM.
GEORGE
Hlncks Bros, tic Co.,
REORGANIZATION & "WHEN-ISSUED"
DYER.
New York
A.
Inc., New Haven
Produce
York
Exchange
Mercantile
Coffee
&
Exchange
Sugar Exchange, Inc.
Cocoa
Exchange, Inc.
-
Chicago Mercantile Exchange
HAROLD I.
Eddy Brothers tic Co.
ENGLISH, JAMES P.
Cooley tic Company
SECURITIES
New
York
Telephone
REctor 2-6800
FAUST. HAROLD E.
Equitable Securities
Teletype NY 1-2129
*
Cables
"STAMAL"
Corporation
BABY BONDS, SCRIP i RIGHTS
PRIVATE
WIRES
Hendricks &
Joscphthal & Co.
TO
Eastwood, Inc.
G. A. Saxton
Chicago Board of Trade
4-5000
Teletype NY 1-609
New York Curb Exchange
Commodity Exchange, Inc.
120 Broadway, New York 5, N.
WOrth
Bell
Yi
System Teletype
Co., Inc.
Philadelphia
MEMBERS
New York Stock Exchange
&
McAndrew
San
&
Co.,
Francisco
Inc.
70 Pine
St., New York 5, N.Y.
NY 1-319
WHilehall 4-4970
19 Congress St., Boston 9, Mass.
LAfayette 3-4620
Direct
Telephone to Boston and Private Wire System
To Correspondents in
Principal Cities
Trading Markets in Public Utility, Natural Gas and Industrial Securities
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
O.
H.
Strong,
J.
John
Carrison
Pittsburgh Securities Traders Association
W.
S.
K.
&
Co.,
Inc.
Geo.
A.
DAY,
PAUL
Glover
FRANK H.
&
Inc.
Johnson
Reed,
Corporation
FREDERICK H.
Singer, Deane & Scribner
Halsey,
KIRK,
DORBRITZ, ERNEST O.
DORE,
Frank M. Ponicall
Anthony E. Tomasic
Paul A.
E. E. Sweitzer
W.
& Lynch
H.
.
LEATHERBURY,
Company
EMERY, JOHN L.
H. M. Byllesby and
Vice-President: Frank M. Ponicall, Jr., Singer, Deane &
Reed,
&
Co.
LEWIS,
Inc.
GEORGE
Co.
P.
GUY
LONSINGER,
T.
GEORGE E.
& Co.
W.
Peoples First National Bank & Trust Co
Reed,
& Co.
Noyes
JOHN
&
Arthurs, Lestrange
FRANK H.
KLIMA,
DOYLE, ROBERT
C. F. Childs and
Lear
LESTRANGE.
C.
EUGENE W.
Lear
& Co.
MARONEY, FRANKLIN
W.
Singer, Deane & Scribner
Day
President: Anthony E. Tomasic, Thomas & Company.
Stuart
KIRKPATRICK,
Co.
C.
Reed, Lear & Co.
& Grubbs
BERNARD
Hemphill,
II.
&
Lear
M.
Kirkland
KELLEY,
V.
Cunningham & Co.. Inc.
EUGENE
LEAR, JAMES
DONNER,
Moore, Leonard
K.
Reed.
& Co.
HAROLD
Jenks,
STANLEY
OWEN
PAUL
Reed,
KEIR,
Boston
S.
LEAR,
E.
CHARLES D.
Lear
& Company
Masten
LANE,
Johnson
&
KALBACK,
S.
DODWORTH, W.
WILBUR
JOHNSON,
C.
EDWARD
E.
Blyth & Co., Inc.
Company
HERBERT G.
Hemphill, Noyes & Co.
DeCOURSEY, JOHN A.
Chaplin and Company
First
A.
JOHNS,
Company
DEAKINS, ROBERT G.
Reed, Lear & Co.
The
KOST,
KRAFT.
MacGregor,
DOBSON, IVAN
Graham & Company
Inc.
Applegate & Co.
McKelvy
A.
&
KNOCH, CYRIL
G.
MacGregor,
R.
&
Masten
E.
G.
HUNTER,
Noyes & Co.
Hemphill,
&
HUMPHREY, ARTHUR F.
CURTIS, KARL W.
DAVIS, THOMAS
MILTON
Glover
SAMUEL K."
Cunningham
Stifel, Nicolaus & Company, Incorporated, St. Louis;
Johnson, Lane, Space & Co., Inc., Atlanta
Bunn,
HULME,
CREHAN, JAMES R.
Moore, Leonard & Lynch
CUNNINGHAM,
J. Clark, Amos C.
York City;
Lex Jolley,
Incoming officers:
James B. Maguire, J. B. Maguiire & Co., Inc., Boston; Phillip
Sudler
& Co., Denver;
Harry L. Arnold, Goldman, Sachs & Co., New
National Bank of Chicago; Lester J. Thorsen, Glore, Forgan & Co., Chicago;
Bateman, Pacific Northwest Company, Seattle; Robert J. Pierce, PierceCorporation, Jacksonville; Thomas D. Walsh, Doyle, O'Connor & Co.,
Chicago; Mark G. Stuart, Cowen & Co., New York City
First
Homer
31
Blair.
R.
Rollins & Co.,
(Continued
Lear & Co.
Inc.
on
page
Company
Incorporated
Scribner.
Treasurer: Earl E. Sweitzer, E. E. Sweitzer Co., Inc.
EVERSON, RICHARD
Reed, Lear & Co.
Secretary: Paul A. Day, Glover & MacGregor, Inc.
EVES, PAUL F.
Trust
Fidelity
Directors:
William
G.
Simpson,
and Company,
Byllesby
H. M.
Incorporated; Harry J. Steele, Fauset, Steele & Co.; James C.
Lear, Reed, Lear & Co.; James E. Crehan, Moore, Leonard &
Company
FISHER, CHARLES N.
Deane & Scribner
Singer,
FITZGERALD, Jr., JOHN L.
INVESTMENT
Deane & Scribner
Singer,
Lynch; James H. Scott, James H. Scott & Co.
FOLEY, WILLIAM R.
National
Committeemen: James
Sheldon
Parker,
C. Lear, Reed,
Lear & Co.; H.
Kay, Richards & Co.; George E. Lestrange,
Reed,
&
Lear
GAMBLE,
GUY
Jr.,
SECURITIES
Co.
P.
Jenks, Kirkland & Grubbs
Arthurs, Lestrange & Co.
GENKINGER, JACK M.
J. M. Genkinger & Co., New Castle,
ROSTER OF MEMBERS
Merrill
Butler, Pa.
G.
DUANE
BARBOUR,
A'HEARN, R. B.
Reed, Lear & Co.,
Lynch,
Pierce,
Fenner
&
Beane
GESSNER,
Arthurs,
WM.
ACKERMAN,
J.
BEAR,
R.
G.
Richards &
GILSON, BURTON R.
Co.
C.
BROCKLEY,
JOHN
Howard J.
SHIRLEY
H.
Babbitt
&
Co.,
CARTER,
Incorporated
Burgwin & Co.
Moore,
J.
RAY
Leonard
BALLARD,
Hemphill,
&
&
Kay,
Noyes &
Powell
&
Co.
Inc.
HARRISON, JOHN T.
Richards & Co.
RAILROAD
HEFREN, ARTHUR R.
S.
HOY, JOHN W.
Parrish
Moore, Leonard & Lynch
Co.
Exchanges
SAMUEL C.
CONNOR, THOMAS
JOHN D.
Stock
Exchange
Company
HAMSHER, ROY M.
R. C. Schmertz & Co.,
COLLIN, III, W. W.
Lynch
Curb
FRANK J.
Armed Forces
BALD RIDGE,
Midwest
Kirkland'& Grubbs
GURCAK,
Watt & Schoyer
E.
Elmer
and
York
ALBERT R.
Preston,
BABBITT, WALTER H.
W.
Jenks,
Thomas
CARTER,
Co.
York
New
M. M.
GRUBBS,
HOWARD J.
BURGWIN,
New
and
Members
GRAHAM, E. W. STERLING
Graham & Company
ARTHURS, ADDISON W.
&
GEORGE H.
W. BRUCE
BUFFINGTON, Jr., JOSEPH
Arthurs, Lestrange & Co.
Arthurs, Lestrange & Co.
CHICAGO
YORK
NEW
& Co.
Walston, Hoffman & Goodwin
Arthur & Guy, Inc.
JAMES
Devine
GLEESON, Jr.,
Blair F. Claybaugh & Co.
ARTHUR, LAIRD M.
Parrish
J.
P.
Applegate <fe Co.
BROWER,
AUSTIN,
Glore, Forgan & Co.
Reed, Lear & Co.
GLADSTONE, R. S.
Co., Inc.
Young &
Inc.
APPLEGATE, A LOWRIE
Geo.
J.
BODELL, G. CLIFFORD
JAMES J.
Schmerz & Co.,
C.
W.
Lestrange & Co.
S. LEE
Kay,
Reed, Lear & Co.
ANFANG,
Pa.
GERNON, JAMES K.
Walston, Hoffman & Goodwin
& Co.
PUBLIC UTILITY
INDUSTRIAL
Specializing in
BOND and STOCK
RAILROAD
BONDS
and
BROKERS
STOCKS
Vilas
Members
McGINNIS 6- COMPANY
Members
61
BROADWAY
Dlgby 4-4933
New
York
Stock
Exchange
NEW YORK 6, N. Y.
Teletype NY 1-310
& Hickey
New
Members New
York Stock Exchange
York Curb Exchange
New York 5, N. Y.
49 Wall Street
Telephone:
HAnover 2-7900
Teletype:
NY 1-911
32)
32
THE COMMERCIAL and FINANCIAL CHRONICLE
Joseph
Witterman,
Co., New
&
G. Edwards & Sons, New York City; Fremont W. Robson, F. B. Ashplant
York City; James T. McGivney, Hornblower & Weehs, New York City
A.
Pittsburgh Securities Traders Association
Thursday, November 13, 1952
Donald B.
Fisher, Baker, Simonds & Co., Detroit; Leonard J. Wolf, A. G. Becker & Co., Incorporated,
Chicago; Thomas E. King, Dempsey-Tegeler & Co., Chicago; Mrs. Donald B. Fisher
SATLER, Jr., FRANK L.
Dallas Bond Club
Moore, Leonard & Lynch
SCHMERTZ, ROBERT C.
(Continued from page 31)
R.
Schmertz
C.
&
Company, Inc.
SCHUGAR, MAX N.
ROSTER OF MEMBERS
McKelvy
&
Company
SCOTT, JAMES H.
MATTERS,
HORACE
E.
NUTTALL, RICHARD V.
Singer, Deane & Scrlbner
Moore, Leonard & Lynch
MAY, GUSTAVE E.
McKelvy
&
James
Company
Singer,
Kay, Richards & Co.
PARKER,
Mcdonough,
a.
Leonard & Lynch
Moore,
McKEE,
C.
8.
and
CARL
McKee
S.
Bank
Elmer
&
REED,
Trust
Co.
McKelvy
SHIREY,
Scribner
&
JOHN
E.
Powell
&
&
S.
WILLIAM J.
Company
M.
Forces
SIEGRIST, J. MORGAN
Reed, Lear & Co.
SIMPSON, WILLIAM G.
H. M. Byllesby and Company
Co.
Incorporated
Company
REITZELL, CARROLL F.
Reitzell, Reed & Co., Inc.,
Winton A. Jackson
SINGER, 3RD., G. HARTON
Singer, Deane & Scribner
Erie,
Pa.
RICHARDS, JR., RALPH S.
Kay, Richards & Co.
Singer, Deane & Scrlbner
&
ORA
Armed
PAUL
Graham
MOIR, kenneth
Chaplin and Company
MO WRY,
Deane
Co.
POWELL, ELMER E.
Moore, Leonard & Lynch
METZMAIER, Jr., ALBERT J.
National
Co.
Scribner
Fauset, Steele & Co.
PONICALL, Jr., FRANK M.
Singer, Deane & Scribner
Company
McMOIL, WM. J.
Mellon
Singer,
SHEPPARD,
PEELOR, CHARLES G.
Blair, Rollins & Co., Inc.
Company
&
Lear &
&
&
SHERIDAN, GEORGE W.
McGUINESS, FRANCIS J.
Chaplin
NATHAN K.
Richards & Co.
Reed,
Deane
SHANAHAN, CHARLES V.
PARRY, HERBERT B.
e.
Kay,
Scott
SCRIBNER, JOSEPH M.
PARKER, H. SHELDON
McCONNELL, W. BRUCE
Singer, Deane & Scrlbner
H.
Carrol M. Bennett
R.
Smith
B.
John
H.Rauscher,Jr.
STEELE, HARRY J.
Fauset, Steele & Co.
President: Winton A. Jackson, First Southwest Company.
STEINECKE, STEPHEN W.
Sarasota, Fla. (Honorary)
Vice-President: Carrol M. Bennett, Dallas Rupe & Son.
STOLACK, SYDNEY
Brady & Co.
Secretary: R. B. Smith, Texas Bond Reporter.
STOUT, FREDERICK L.
Stout
&
Treasurer: John H.
Co.
STUBNER, CHRISTIAN J.
UNDERWRITERS
DISTRIBUTORS
DEALERS
Stubner
&
Binford, Dunlap & Reed; Edmond L.
Brown, Beer & Company; William H. Seay, Henry-Seay & Co.
STUREK, FRANK T.
Mellon
National
Bank
&
Trust
Co.
SUCCOP, JOHN C.
Fidelity Trust Company
GENERAL MARKET MUNICIPALS
Rauscher, Jr., Rauscher, Pierce & Co.
Governors: Hugh D. Dunlap,
Co.
Elected:
December, 1951; Took
Expires: December 31, 1952.
Office:
January
1,
1952;
Term
SULLIVAN, JOSEPH H.
R.
RAILROAD, PUBLIC UTILITY, INDUSTRIAL
C.
Schmertz
&
Company, Inc.
SWEITZER, EARL E.
E.
E.
Sweltzer
Inc.
Co.,
TAYLOR, RAYMOND M.
O. D. GRIFFIN CO.
TERESI, SAMUEL H.
Thompson & Taylor Co.
NATURAL GAS ISSUES
Successors
to
TIERNAN, FRANK M.
Preston,
Watt
&
Griffin, Kuipers & Co.
Schoyer
TIERNAN, Jr., FRANK M.
Preston, Watt & Schoyer
Our
TITUS, S. J.
R.
C.
Schmertz
&
Company,
Inc.
Trading Department invites inquiries
TOMASIC, ANTHONY E.
Thomas & Company
GORDON GRAVES & CO.
30 Broad
Street, New York 4, N. Y.
Telephone Whitehall 3-2840
on
Unlisted Securities
Blocks of Listed Securities
TUNNELL, PAUL
H.
M. Byllesby and
Company
Incorporated
UMSTEAD, S. AUSTIN
A.
Teletype NY 1-809
E.
Masten
&
Company
149
VOIGT, LOUIS
W.
Hemphill, Noyes & Co.
Telephone:
BROADWAY,
WOrth
NEW
YORK
4-2691
6,
N.
Teletype:
Y.
NY 1-3337
VORSANGER, WILLIAM
Brady & Co.
WARD,
NORMAN
B.
Norman Ward & Co.
WILLEY,
FRED
Stroud
PRIMARY MARKETS
&
WOODS, JOHN
Mellon
BANK STOCKS
A.
E.
Incorporated
We
P.
National Bank
WORKS, NELSON
Masten
&
Trust
Co.
YOUNG, GEORGE
AND
Young
&
PUBLIC UTILITIES
Merrill
DEALER
R.
Lynch,
ALL CLASSES OF
J.
Pierce,
Fenner
&
including
PUBLIC UTILITY
Copies
and
of
Candid
Photos
pearing in this issue
Investors
may
ap¬
BOSTON
LOS ANGELES
CHICAGO
PHILADELPHIA
—
INDUSTRIAL
to Service Firms
With Retail Distribution
Your
Inquiries Solicited
Miami Beach, Florida
STREET, NEW YORK 5, N. Y.
wires
RAILROAD
Particularly Adapted
Roney Plaza Hotel
INCORPORATED
Private
We Are
"CHIDNOFF STUDIO"
GEYER & CO.
—
FOREIGN ISSUES
be
obtained by writing to
63 WALL
BONDS AND STOCKS
Beane
Securities Dealers
Institutional
SERVICE
in
Co., Inc.
ZINGERMAN, ROGER
a
COMPREHENSIVE INVESTMENT
C.
&
Offer
Co.
YOUNG, Jr., FRED W.
Walston, Hoffman & Goodwin
INSURANCE STOCKS
to
W.
Company,
Please identify photo by nam¬
p. f. fox & CO.
ing page number and location
to:
of
CLEVELAND
SAN FRANCISCO
ST. LOUIS
120 BROADWAY, NEW YORK 5, N. Y.
photo.
Telephone
Charge is $2.00
per
photo
REctor 2-7760
Teletypes
NY
1-944 & NY
1-945
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Edward
H.
CLAYTON,
ROSTER OF MEMBERS
Bank
BOYLE, FRANK M.
Merrill Lynch, Pierce, Fenner & Beane
Lynch,
HILGER,
CONGDON,
Beer
Inc.
TAYLOR B.
ALMON,
Rauscher,
Company
BRENT
AUSTIN, Jr., FRANK E.
Walker, Austin & Waggener
Southwest
First
E.
Company
HUGH
R._ J. Edwards,
BROWN,
BASS,
Beer
Inc.
Dallas
BEARD,
Jr.,
Equitable
Southwest
Dallas
J.
SAMUEL
Securities
JOHN
BUCHANAN,
BUCKNER,
CARROL M.
& Son
BURT,
C.
CADE,
BIERDEMAN, WM. R.
First National Bank
CANAVAN,
of
Ft.
Co.,
Inc.
CAROTHERS,
Carothers
BINFORD, JOSEPH B.
Binford, Dunlap & Reed
BLACK, A.
CARROLL,
CHARLES
&
Co.
Merrill
CASE,
& Beane
Stayart
&
Co.,
Inc.
CHOAT,
Huguenin
&
Boothman
B.
Dallas
Co.,
Inc.
HERBERT M.
JONES,
Dallas
HUGUENIN, A. B.
Broad
Dumas, Huguenin & Boothman
(Associate)
Securities
Union
Company
D. ACHESON
Street Sales Company
(Continued
on
page
(Associate
34)
(Associate)
Underwriters, Distributors and Dealers in
of
Company
Investment
DEATON,
Dallas
FRED
Corporate and Municipal Securities
Texas
R.
Members New York Stock Exchange
25 BROAD
STEVE
DeSHONG,
1636
DUDLEY, MORRIS A.
Rauscher, Pierce &
(Associate)
♦
William
Representatives:
—
Tel.: GAstonia 5-2317
GENEVA
New York, Washington
—
AMSTERDAM
•
and Baltimore
N.
Edwards
&
Co.,
Worth, Texas
W.
Southwest
First
Company
Dealers and Brokers in
EPPLER, WILLIAM B.
Guerin & Turner
Eppler,
ESTES, B. H.
R. J. Edwards,
SPECIALIZING IN ODD LOTS
ENGLAND
Direct Wire Service
WILLIAM
N.
ELLIS, JOE
MUNICIPAL BONDS
LONDON,
Co.
208 Commercial Building
Gastonia, N. C.
Keyser Building
Baltimore 2
Dunlap & Reed
EDWARDS,
Ft.
Teletype: N.Y. 1-210
.
Tel.: Lexington 7861
Tel.: National 2545
DUNLAP, HUGH D.
Binford,
Company
Eye St., N. W.
Washington 6
(Associate)
Bank
National
STREET, NEW YORK 4, N. Y.
E.
HAROLD
DICKSON, JOHN H.
First
and Other Exchanges
Telephone: HAnover 2-0600
Company, Inc.
Dallas Rupe & Son
E.
CO.
&
HIRSCH
of Texas
& Son
Rupe
Garrett and
EDWIN O.
Securities
of Texas
E.
R.
DENNING,
S.
DICK
Union
(Associate)
Worth, Texas
DENNARD,
ALGIE K.
CLARK, Jr.,
(Associate)
Inc.
&
SAM
Southwestern Securities Company
Inc.
(Associate)
DEATON, Jr., FRED. R.
Central Investment Company
Inc.
Axe Securities Company
BOOTHMAN, CLAUD O.
Crowe
Central Investment Company
Shearson, Hammill & Co.
BOI1AN, WILLIAM L.
Co.,
KEELER,
Edwards & Co.
N.
Central
Lynch, Pierce, Fenner & Beane
STEPHEN
First Southwest Company
JOHNSON,
&
DAVIS, JAMES WALKER
Davis
and
Company
Sr., EARL T.
Co., Inc.
JAMES
CART WRIGHT,
Henry-Seay & Company
Dumas,
Ft.
Rauscher, Pierce & Co.
C.
BOBO, JULIAN
Rauscher, Pierce & Co.
Hudson,
William
JOHN L.
&
CLARENCE E.
Parkhurst &
Stayart
DAVIS, J. EDWARD
Lynch, Pierce, Fenner
Carothers
Judson S. James & Co.
JOHN, WILLIAM U.
CUTTER, FRED C.
Rauscher, Pierce & Co.
Worth
E.
&
F.
T.
U.
CAROTHERS,
Underwood
Texas
Company, Inc.
B.
Hudson,
F.
Company
JAMES, Jr., JUDSON S.
(Associate)
Crowe
K.
Stayart
(Associate)
C.
ComDany
Southwest
First
Co.
HUDSON, ROBERT S.
Co.
GEORGE W.
Bond Reporter,
CULLER,
SID
Merrill
(Associate)
A.
C.
C. NESOM
Burt & Company
N.
BERNET, Jr., ALBERT E.
Schneider, Bernet & Hickman
R.
McCall,
Rauscher, Pierce & Co.
BENNETT, STEWART
Southwestern Securities Company
Jr., W.
Corp.
Walker, Austin & Waggener
Company
Rupe
BILHEIMER,
CROWE,
Service
Garrett and
Corporation
Jr., THOMAS
BENNETT,
Company
EARLE E.
BRYCE,
REX
W.
&
&
Securities Company
JOHN
Railroad, Public Utility &
Inc.
EVANS, ROGER
Dempsey & Company
Industrial
Bonds & Stocks
FERGUSON, ROBERT R.
(Amounts
up
to $10,000)
Republic National Bank
Over-the-Counter
&
Merrill
BROADWAY, NEWYORK OJN.Y.
.
REctor2-1737
Bell System
Lynch,
First
W.
Ingalls & Snyder
Members New
Co..
&
R.
R.
(Associate)
Bank
100
B.
A.
York Stock Exchange
New
York Curb Exchange
Members
ROBERT
National
Schneider.
Howard Brown
Beane
Texas
JR.,
GILBERT,
GOODMAN,
Teletype NY 1-2272
&
Fenner
Dittmar & Company
FREEAR, LANDON A.
William N. Edwards
Worth,
Trading Dept.
Leslie Barbier & D.
K.
Pierce,
EDGAR
FRANKLIN,
Ft.
ODD LOT MUNICIPAL BONDS I
Company
ROBERT
FOSTER,
lebenthals Co
(Associate)
FERRIS, JOHN D.
Ferris
135
Bernet
COrtlandt
Si
7-6800
<
NEW YORK 5, N. Y.
BROADWAY
—
Bell System Teletype NY 1-1459
Hickman
GUERIN, DEAN
Eppler, Guerin & Turner
MANLEY
HAGBERG,
M.
Hagberg &
A.
A.
Co.,
Inc.
HALL, J. C.
First Southwest Company
Dealers in
JOHN
HAMILTON,
C.
Unlisted & Inactive Securities
N.
Burt &
Starkweather & Co.
M.
Company
HAMILTON, WILLIAM S.
C. N. Burt <fe Company
HARTMAN.
Bank, Trust Co., & Insurance Stocks
Merrill
MERRILL
Lynch,
Members New
F.
Pierce,
HATCHER, M. M.
First National Bank
Fenner
Beane
Si
Associate Members
York Stock Exchange
New York Curb Exchange
(Associate)
HEMENWAY, W. P.
Dallas Rupe & Son
HEMMINGSON,
J. K. RICE, Jr. & CO.
ESTABLISHED
BROADWAY,
Telephone REctor 2-4500
NEW
YORK 5
111 Broadway,
GEORGE T.
HENDRIX,
CLARENCE R.
N.
Edwards
&
Co.,
Ft.
Union
Securities
LOUIS B.
Henry-Seay & Co.
HENRY.
Bell System Teletype NY 1-714
HERRING,
Dallas
GROVER C.
Si Son
Rupe
Uptown Office
Worth
HENDRIX. PHILIP L.
Dallas
New York 6
Investment Company of Texas
Central
William
1908
Members New York Security Dealers Assn.
120
Beane
WINTON A.
Southwest
First
FRANKLIN
Union
Hudson,
CROSSLEY, E. LYNN
City Auditor, City of Dallas
R.
Investment
Rupe & Son
BECKETT,
&
BRUCK,
JAMES
BEARD,
JIM
Cromwell
Company
Dallas
Rupe & Son
CROMWELL,
Securities
Union
HUDSON,
Dallas
B.
&
Company
JACQUES, JAMES
Parkhurst &
McCall,
HOUSTON.
Fenner
WILLIAM
Jr..
Southwest
First
(Associate)
JACKSON,
HOBBS, WILL
Rauscher,
Pierce
COYLE, JOHN J.
Co.
L.
Inc.
HORTON, PAUL B.
Dittmar & Company
Company
Reporter,
GRADY
CORNELL, Jr., JOHN B.
Television Shares Management Co.
JACK P.
Dallas
(Associate)
GEORGE
COOPER,
KELLY
Brown Investment
EDMOND
&
BROWN,
(Associate)
Inc.
Reporter,
Kelly
Beer
'
Bond
Texas
E.
Inc.
Pierce,
Mercantile National Bank
JACKSON.
DERRY M.
First Southwest Company
Inc.„
L.
Bond Reporter,
Texas
RUFUS
W.
BROWN,
BAILEY, C. ALFRED
Bailey, Scott & Company
BAINES, J. D.
Company
HINES,
& Co.,
H.
EARL
Lynch,
HUMPHREYS, MURRAY L.
Rupe & Son
Bond
Texas
KEITH
Underwood
A.
COOK, R.
Eastman, Dillon & Co.
BROWN,
WALTER M.
BADER,
R.
C.
Southwest
First
Co.
Dallas
First Southwest Company
HUGH
ROY
BREAUX,
Investment
Askew
&
B.
Southwestern Securities Company
Co.
Pierce &
ASKEW, L. E.
First
COKE, Jr., OWEN S.
BRADFORD,
ORVILLE G.
Allen & Company,
Jr.,
Merrill
Schneider, Bernet & Hickman
HILGER, ALBERT S.
THOMAS
Underwood & Co., Inc.
A.
HULSEY,
WESLEY
HICKMAN, J.
(Associate)
Mrs. Richard H. Goodman,
McCulley, First Southwest Company, Dallas; Mr. &
Shields & Company, New York City
COFFMAN, HAROLD R.
Hudson, Stayart & Co.. Inc.
BOSTON,
ALEXANDER, T. R.
R.
Mrs. C. Rader
B.
JOHN
III,
First National
ALLEN,
Mr. &
Sincere and Company, Chicago; Jerome M. Fischer, Knappen-Tippetts-AbbettNew York City; Winton A. Jackson, First Southwest Company, Dallas
Welch,
McCarthy,
33
Company
292
Madison Avenue, New
York 17
CHRONICLE
THE COMMERCIAL and FINANCIAL
34
Mr.
&
Sachs
Mrs.
&
(Continued
from page
ROSTER OF MEMBERS
-
KLECKA, JOE E.
HENRY
Ft. Worth,
Texas
KLINE,
E.
Group,
WALTER S.
Garrett
Inc.
and
Inc.
Lynch, Allen
LYNE,
McCall,
&
Inc.
Company.
Mercantile National Bank of Dallas
'
PENICK.
Members
THOMAS
NEW YORK 5, N.
120 BROADWAY
PERKINS,
Southland Life Insurance
(Associate y
Co.
Dallas
Ft.
Y.
Worth
Bank
National
Pondrom
(Associate)
Rauscher,
Teletype N.Y. 1-1227
McCall,
Crowe
(Associate)
Crowe
Parkhurst
McCall,
A QUARTER
IN
CENTURY OF SERVICE
INACTIVE SECURITIES
(Associate)
RAUSCHER,
Parkhurst
&
Ft.
Worth,
Texas
C.
Jr.,
N.
Texas
Central
Investment
First Southwest
McCULLOCH,
Ft.
of
Company
CLAYTON
Texas
R.
&
JESSE
Newsom
A.
•
&
&
Company
SCHERMERHORN, STANLEY
Merrill Lynch, Pierce, Fenner
H.
Co.
&
Beane
SCHNEIDER, JULES E.
Schneider, Bernet & Hickman
SCOTT,
ROGERS
&
Company
SANGER, EDWIN
Beer
JOHN
Pierce
Burt
(Associate)
JESSE
Harris, Upham & Co.
Rauscher, Pierce & Co.
RAY,
Inc.
Bank
SANDERS. HI,
RALPH
E.
National
Bar.k
(Associate)
SCOTT, WALTER R.
Co.
Bailey, Scott & Company
McCONNELL, HARRY N.
McCULLEY,
&
Dallas
McCLURE, Jr., FRED L.
Hudson, Stayart & Co.,
GORDON
CLARENCE
Sanders
Co.
Jr.,
Rauscher,
Texas
McKinnon
SANDERS, Jr.,
A.
RAY, ROGERS
McCulloch.
Barron
Beer
JOHN
Rauscher. Pierce & Co.
McCLANE, JOHN S.
of
(Associate)
SAMUELL, MURRAY
RAUSCHER, JOHN H.
McCALL, JOHN D.
A BACKGROUND OF MORE THAN
Jr.,
&
Mercantile National
Company
Keller & Ratliff, Ft. Worth,
Pierce & Co.
McCALL, HOBBY II.
Bank
Rupe & Son
SAMPLE,
W.
Securities
Texas
&
Company
S.
National
D.
Jr.,
Dallas
RATLIFF, HARRY
MAYES, HARLAND
Bell
Tel. worth 4-3113
HARRY
PONDROM,
F.
GEORGE
Thomson
RUPE.
JACK F.
Rauscher, Pierce & Co.
(Associate)
K.
Inc.
Reed,
ROUNSAVELLE, Jr., GUS
Union
Worth,
Co.
Investment
Mercantile
Inc.
PIERCE, CHARLES C.
MASON, A. J.
Republic National Bank
Fort
Jr.,
PHILLIPS,
Wood, Struthers & Co.
K.
Co.,
J. F. Perkins & Company
JOHN E.
MAULDIN,
Central
Schneider, Bernet & Hickman
*
&
ROOKER,
&
Reed
&
RODGERS, LEWIS
v
PENSON, JOHN
E.
MANNING. W. K.
Philadelphia'Baltimore Stock Exchange
Waddell
HAROLD
Stayart
&
B.
Pierce
GRAHAM
REID,
(Associate)
Crowe
&
TOM
Hudson,
Rauscher, Pierce & Co.
MANGRUM,
G.
TED
Rauscher,
Son
Rauscher, Pierce & Co.
MADDEN, WILLIAM L.
Rauscher, Pierce & Co.
Mitchell & Company
&
Parkhurst
PEARSON,
III, LEWIS F.
MALONEY,
REED,
S.
Rupe
(Associate)
& Son
REED, KEITH B.
Binford, Dunlop
PARKHURST, MILLARD
LYNCH, WILLIAM F.
Company,
ED
Dallas
(Associate)
KIMBALL, CHARLES
Distributors
OTTO,
First National Bank of Ft. Worth
Bank
HARRY F.
Dallas Rupe
Rupe & Son
Beer & Company
(JACK)
LEWIS, A. V.
First Southwest Company
C.
National
First
OTT, L. A.
Inc.
Company,
&
REED,
Dallas
LASSATER, H. DAVID
-
DAVID
REED,
OSBORNE, CLIFFORD J.
Wood, Struthers & Co.
Lynch, Allen
Keller & Ratliff
O'NEIL, DONALD
Rauscher, Pierce & Co.
(Associate)
LANGMORE, W. BANKART
33)
Gardner, St. Louis; Mr. & Mrs. Walter^ G. Mason, Scott, Horner &
Mr. & Mrs. James B. Dean, J. W. Tindall & Company, Atlanta;
Mr. & Mrs. Trevord Currie, Denver
Hagensieker, Reinholdt &
Inc., Lynchburg, Va.;
Mason,
LAFFERTY, J. LEWELL
Republic National Bank
Dallas Bond Club
KELLER,
Earl
Phillip J. Clark, Amos C. Sudler & Co., Denver; Mr. & Mrs. Harry L. Arnold, Goldman,
New York City; Mr. & Mrs. James B. Maguire, J. B. Maguire & Co., Inc., Boston;
Ludwcll A. Strader, Strader, Taylor & Co., Inc., Lynchburg
Co.,
Thursday, November 13, 1952
READ.
WILLIAM E.
First Southwest Company
SEAY,
WILLIAM
Henry-Seay
&
H.
Co.
Company
BARRON
Worth, Texas
McEWEN,
E.
F.
HAROLD
Hutton
&
D.
Company
MARKETS in ALL
McFARLAND, WILLIAM E.
Central
Homer O'Connell & Co.
Investment
McGTNNIS,
J. H.
&
McKINNEY,
Rauscher,
and
Company
McKINLEY, LEWIS B.
Republic National Bank
Brokers & Dealers
BANK
(Associate)
Republic National Bank
McGUGAN, C. E.
Shearson, Hammill
INCORPORATE®
of Texas
Company
INSURANCE
STOCKS
(Associate)
MUNSON
Pierce & Co.
McMAHON, FRANK B.
Frank
B.
McMahon
&
Inc.
Co.,
EDWIN L. TATRO COMPANY
McNATT, GUY W.
120 BROADWAY
Dallas Rupe
NEW YORK 5, N. Y.
•
&
Son
50 BKOADWAY, NEW YORK 4, N. Y.
Mcpherson, w. perry
Merrill
Teletype NY 1-1896
Telephone DIgby 4-0770
MEER,
Lynch,
Pierce,
Fenner
&
Beane
Teletype: NY 1-3430
Telephone DIgby 4-2420
JULIAN
<A.ssocIate>;
V
MERRILL, SAM
Rauscher, Pierce
METCALF,
Texas
'
"
Direct
BALTIMORE
&
—
BOSTON
—
Telephone
HARTFORD:
ENTERPRISE
7846
Co.
STANLEY
Bank
&
Trust
Co.
(Associate)
MJLLER, FRANK
Frank Miller &
MILLER,
J
Co.
WILL
Dallas National Bank
UNDERWRITERS
MOORE, ADDISON P.
Southern Brokerage
and DISTRIBUTORS
(Associate)
AS TRANSFER AGENT
Co.
in
MOORE, MURRAY W.
Moss.
Moore
&
Company
NEW
MOORE, WILMER L.
BELLE ISLE
M.
A.
Hagberg
& Co.,
Inc.
MORLEY, ROBERT E. '
Hudson, Stayart & Co.,
GULF SULPHUR*
We
T. J.
V
Republic National Bank (Associate) ■*,:
MORONEY,
11
•
KINGWOOD OIL
TRI-TOR
OILS LTD *
R.
A.
Underwood
MOSS, JACK
Moss,
&
MURPHY, R. P.
*
Prospectus
on
&
Co.,
G./v,
Moore
'.1
■
^
'.-v,!
.
.
.
S
American Securities
Sanders
-li'-gz::-]
~.V
Company
Nassau Street, New York 5,
N. Y.
DIgby 9-3430
Tele.:
NY 1-2078
State
Stock
Original Issue
and
Transfer
Tax
Rates,
•
,.4
REGISTRAR and TRANSFER COMPANY
■'
» CHUROI STREET
Securities Company
e..n,...d
IS EXCHANGE PLACE
New York 7, N. Y.
.,
OBENCHAIN. THOMAS H.
Union
to
WILLIAM R.
„
1899
Jersey City 2, N. J.
OLIVER, Jr., ALLEN L.
E.
Tel.:
-
& Newsom
NICOUD, BOB
First National Bank (Associate)
Dallas
31
advantages
Write for our free booklet setting forth the Current Federal
and
'
.It
PETER MORGAN & CO.
other
and
_
.
(Associate)
NEWSOM. Jr.,
economies
and their stockholders.
.V*
"
(Associate)
NAZRO, ARTHUR F.
North
Hie.
A *
Company
Dallas National Bank
request
afford
underwriters, distributors, corporations
*
MORRIS, JACK
YORK, N. Y. AND JERSEY CITY, N. J.
Inc.
F. Hutton
OLSMITH,
&
Company
BEekman 3-2170
■
v
HEnderson 4-8525
EDWIN S.
Dallas Rupe & Son
.
OLSON, A. LENNART r
Moody's Investor's Service
.
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,
Over 50 Years of Efficient and Economical Service
THE COMMERCIAL and FINANCIAL CHRONICLE
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Mr.
& Mrs. Edward V. Vallely, John Nuveen &
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Company, Incorporated, St. Louis; Mrs. L. H. Coart, Thomson & McKinnon, Miami; Eugene P. Brady,
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SHEA, JOSEPH
E.
&
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SHIELDS, Jr., E. A.
Merrill Lynch, Pierce,
Sanders
TOOLE,
Penner
&
Beane
SHILG, J. EEVIN
Garrett
and
First
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Southwest
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Texas
P.
R.
Company
Insurance
Co.
LOUIS
W.
Rauscher,
R.
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Rauscher,
J.
R.
Pierce &
Co.
R.
Pierce
&
Co.
First
Southwest
F.
Hutton
TEMPLE,
Walker.
T.
VON
A.
Underwood
&
Jr.,
&
&
Rauscher,
Texas
&
&
Inc.
Co.,
Estes
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WILLIAM B.
& Co., Inc., Topeka,
Va.
Strader,
Co.,
Inc.
The
PHILLIPS,
Any
The
BLAIR
GLAHN. WALTER
Upham & Co.
Austin
Rouse,
Brewer
SHAFFER,
&
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Paine, Webber, Jackson & Curtis
Milwaukee, Wis.
FRANK
Indianapolis
H.
Columbus, Ohio
Bond
F.
Becker
Share
&
&
Craigie
W.
Little
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O.
L.
CASSELL, EUGENE H.
Austin
R.
&
William
Thomas
Cedar
& Co., Richmond, Va.
WHEAT,
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S.
&
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L.
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PROMPT
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Pittsburgh
-
Chicago
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Loans
and
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J.
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Ind.
Goodman
E.
for Banks, Brokers and Dealers
Des
&
Co.
Wis.
HARRY B.
of
Iowa
Moines,
Corporation,
FULLER
&
HARRISON.
Hardy & Co.
Iowa
HARRINGTON.
Harrington
Address
B.
Mason,
GOODMAN, KENNETH E.
First
-
&
Wayne,
GRAEFE.
in New York
STOCK (r BOND
Inc.
Eubank, Waco, Texas
Kenneth
clear for dealers
Va
Va.
Sheboygan,
CLEARINGS
Richmond,
Lanford,
LEONARD
Leonard
We
JAMES C.
Co., Richmond, Va.
HARRY G.
Co.
Co.,
OSCAR
F.
&
FERTIG,
Fort
&
&
Horner
ELLIOTT,
—
Jr.,
Corporation
Ind.
Ark.
Lynchburg,
DEALERS
&
Crawford
Little Rock,
SPECIALIZED
Company
W.
C. Wheat &
WILLIAMS,
Paso.
Texas
IRA B.
DRINKARD.
SECURITY
CECIL
WALTER W.
Craigie
CRAWFORD.
Edwards
and
Miss.
Rapids, Iowa
CRAIGIE,
Waggener
L.
N.
Walton
CRABBE, THOMAS L.
WALKER, Jr., THOMAS B.
Equitable Securities Corporation
Walker,
Inc.
City Securities
F. Cassell & Co., Inc.
Charlottesville, Va.
Waggener
B.
Indianapolis,
Stewart
B.
& Company,
Rock, Ark.
WEATHERS,
Co., Amarillo, Texas
HAROLD
S.
Canada
Que.,
GUS
Jackson,
STEWART,
Washington, D. C.
Charlottesville,
GEO.
A.
Jackson,
Co.,
Miss.
Members New York Stock
Ind.
Exchange
Members New York Curb
G.
Harrison & Austin, Inc., South Bend,
Exchange
UO U. S. PAT. Off.
partment.
Teletype: CV 240.
HENDER80N.
THEODORE
T. C. Henderson
Ohio's
Largest
Bank
HEWITT.
Santa
Fe.
HOBBS,
&
CHARLES
E.
30
Broad St.
New York 4
Telephone DIgby 4-7800
New Mexico
Teletype NY 1-733
WILLIAM G.
Jr.,
Russ &
C.
Co., Des Moines, Iowa
Company, Inc., San Antonio, Tex.
HUNT,
E. M.
First
Trust
Co.
of Lincoln,
ISAACS, HENRY
Lincoln, Neb.
G.
Virginia Securities Company, Norfolk, Va.
KNAPP,
distributors
Wash.
Spokane,
Canadian Securities
underwriters
WILLIAM
KELLEHER,
RUSSELL
Securities
De alees
F.
Corporation
of
Iowa,
Brokers
Cedar
Rapids, Iowa
Government
Municipal
Provincial
Public Utility
KOSEK, ERNEST
Ernest
Kosek
Cedar
Rapids,
KRAMER,
&
Iowa
ALFRED
LANFORD,
Special and Secondary Offerings
R.
Kramer-Gardner
Burlington,
Company
Iowa
LOUIS
Research and
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Horner & Mason,
Richmond, Va.
Scott,
ROBERT
Robert
LEWIS,
Lewis
14
Wall Street, New York 5
E.
Street, Chicago 3
Commodities
Jr.,
&
Shields & Company
Co..
EDWARD
Company,
MacDONALD,
Pemberton
Vancouver.
J.
Waco, Texas
Members New York Stock Exchange
S.
Jackson,
Miss.
E.
44 WALL STREET
WHITEHALL 3-5300
NEW YORK 5, N.Y.
Municipal Dept. Teletype NY 1-1052
•
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Securities Limited
B.
C.,
B.
C„
WALTER
Uptown
Canada
MAIN, IAN D.
Dominion Securities
MASON,
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E.
Levy &
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105 West Adams
Inc.
LEE, Jr., GARNETT 0.
LEVY,
Wood, Gundy & Co., Inc.
Advisory Service
A.
Crawford <5c Lanford,
Little Rock, Ark.
Hill,
American
Corporate and Municipal Securities
Company,
BOSTON
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HOUSTON
LOS
•
ANGELES
Corp^ Limited
Canada
G.
Scott, Horner & Mason,
Lynchburg, Va.
Inc.
Va.
Co., Cedar Rapids, Iowa
WALTON, OTIS B.
HARRISON
Shaffer
L.
&
Walton
L.
SMITH, MARK A.
NEWTON
J.
RADA, RALPH
Harold
&
Thornhill,
&
VIDRICAIRE, HECTOR J.
James Richardson and Sons
Indianapolis, Ind.
Company
Jr.,
Inc.
A.
White-Phillips Company, Inc.
REISSNER,
T.
Ohio Company,
E.
Co.,
JOHN S.
VAVRA,
John S. Vavra
Pierce. Fenner & Be&nc
EWING
&
MAX
and Company, Utica, N. Y.
Philipson
Corporation
Regional Group
BOLES.
&
Taylor
THORNHILL, G. E.
Kans.
Wyllie
PHILIPSON,
Affiliated With
ROGER
Hammill
CLARENCE
TAYLOR,
Richmond,
Montreal,
Son
&
of
Bank
CARL
NSTA Members Not
Inc.
JEROME
Pierce
J.
BREWER,
WARD,
THORNTON,
PESELL,
Co.
Jr., ROBERT A.
Underwood
Walker,
R. BRUCE
Rupe
GORDON
Patterson,
Inc.
Va.
Lynchburg, Va.
A.
WALKER, WILLARD E.
Dallas
Lynchburg,
C.
THOMAS, R. B.
Dallas Rupe & Son
THOMAS,
L.
&
Taylor & Co.,
Strader,
Co., Inc.
Davenport, Iowa
WAGGENER, NELSON
L.
Co.,
Miller
D.
LUDWELL A.
STRADER,
Securities
Bend, Ind.
MILLER,
DELBERT
Merrill Lynch.
VOYLES, JAMES F.
Beer & Company
& Waggener
LOUIS
& Son
National
First
Harris,
Company
D.
THALHEIMER.
R.
&
Austin
First
WRIGHT,
Edwards, Inc.
Shearson,
Company
TAYLOR, W. ALLEN
E.
Inc.
Co.,
VAUGHN, JACK
STORIE, WILLIAM STEWART
H.
Rupe
ALBERT
McGann
South
ZIVNEY, E. C.
Underwood
A.
J.
Albert
Son
First Southwest Company
Co.
&
Pierce
UPSHAW, T.
S.
Rauscher.
A.
McGANN,
B.
&
WORTIIINGTON, W. F.
UNDERWOOD,
STEWART, FRITZ
STONE,
&
UNDERWOOD, ROBERT A.
JOHN D.
Bank
EARL
I.
WILLIAMS,
Pierce
Underwood
A.
TYSON,
National
ALLEN
JOE
Rupe
Dallas
Eppler, Guerin & Turner
Hudson, Stayart & Co., Inc.
First
(Associate)
Bank
TURNER, JOHN W.
Life
(Associate)
STEPHENS,
WEIL,
National
TUCKER, W. ROY
Rauscher, Pierce & Co.
STANDLEY, JOHN
STAYART.
Dallas
TUCKER, R. G.
Reporter
Southwestern
WARREN,
A. J.
Dallas
William A.
Miller, Crowell, Weedon & Co., Los Angeles; Thomas W. Price, McAndrew & Co.,
Incorporated, San Francisco; William J. Burke, Jr., May & Gannon, Inc., Boston; William J. McCullen,
Hendricks & Eastwood, Philadelphia
Miami
Newsom
Rauscher,
B.
R.
&
TUCKER,
Company, Inc.
SMALLWOOD,
SMITH,
McKinnon,
THWEATT, JEAN E.
Hutton
p.
&
35
TUCSON
;
LITTLE ROCK
•
BUFFALO
•
BEVERLY HILLS
36
THE COMMERCIAL and FINANCIAL CHRONICLE
Thursday, November 13, 1952
T/>
Corwin
L.
Lex
Liston, Prescott & Co., Cleveland; Mrs. L. Warren Foster, Cleveland; George M. McCleary,
Florida Securities Company, St. Petersburg
Security Traders Association of Detroit
And
President: Herbert
Jolley, Johnson, Lane, Space & Co., Inc., Atlanta; Mr. & Mrs. Tracy B. Barr, T. Nelson O'Rourke,
Inc., Daytona Beach
Schollenberger, Campbell, McCarty & Co., Inc.
Vice-President: Harry A. McDonald, Jr., McDonald-Moore & Co.
Treasurer: Bertrand
Battle
Creek
CRANE,
Secretary: William P. Brown, Baker, Simonds & Co.
Michigan, Inc.
COLEMAN, MARK H.
First of Michigan Corporation
C.
Leppel, Charles A. Parcells & Co.
Directors: Officers,
and Leslie C. Muschette, First of Michigan
Corporation, Harry B. Buckel, Manley, Bennett & Co.; Victor
Williams, Paine, Webber, Jackson & Curtis.
Committeemen: William P. Brown, Baker, Simonds
&
Co.; George J. Elder, Straus, Blosser & McDowell; Harry A.
McDonald, Jr., McDonald-Moore & Co.; Frank P. Meyer, First
of Michigan
Co. (Grand
Alternates:
Corporation; Herman Tornga, DeYoung-Tornga
Rapids).
Charles C.
Elected: September 25, 1952; Took Office: October
1, 1952; Term
Expires: September 30, 1953.
William P. Brown
Bertrand Leppel
Hornblower
R.
S.
CHARLES B.
Livingstone, Crouse & Co.
CURRIE.
S.
Detroit unless
otherwise indicated)
ADAMS,
WILLIAM
R.
GILBERT
S.
Livingstone, Crouse & Co.
DANIELS, JOHN
Charles
A.
Parcells
&
Co.
Blair, Rollins & Co. Incorporated
DELANEY, ROY F.
Smith, Hague & Co.
DE
YOUNG, NEIL
Young-Torgna Co., Grand Rapids
De
DHOOGE, VICTOR P.
&
GEO. C.
Harriman, Ripley & Co., Incorporated
COEN, JOSEPH T.
Bache
DILWORTH, LAWRENCE H.
Co.
R. C. O'Donnell &
Company
M.
Braun, Bosworth & Co. Incorporated
ALBERS, Jr., E. P.
Chas. A. Parcells
(Armed
Weeks
&
Manley, Bennett & Co.
ROSTER OF MEMBERS
(All members located in
Co.
CROOKSTON, RALF A.
DILLMAN,
H. A. McDonald, Jr.
Co.
DAVIS, WM. E.
Bechtel, Watling, Lerchen & Co., Harry
B. Buckel,
Manley, Bennett & Co.; Neil DeYoung, DeYoungTornga Co. (Grand Rapids); Herbert Schollenberger, Campbell,
McCarty & Co., Inc.; H. Terry Snowday, Blair, Rollins & Co.,
Incorporated.
H. Schollenberger
&
CREECH, DONALD I.
Manley, Bennett &
CROUSE,
National
L.
McDonnell
& Co.
IF
Service)
ALDINGER,
ALBERT H.
Fordon, Aldinger & Co.
H.
Hentz
&
Co.
in the "sheets"
ALLEN. ALONZO C.
Blyth & Co., Inc.
ALLMAN, N.
Wm.
C.
listed
you see us
ALLARDYCE, GEORGE S.
1
J.
we
Roney
&
would
Co.
f-arl marks & ro. inc.
AXTELL, WILLIAM J.
White, Noble & Company
FOREIGN
BAIRD, MACKENZIE C.
a
appreciate
call
BAILEY, CHARLES E.
Charles
SECURITIES
E.
Bailey
&
Co.
Les Frenkel
Frank Hall
Frankie SanFilippo
Straus, Blosser & McDowell
BALLENTINE, R. K.
Smith, Hague & Co.
"Skippy" Clemence
BARGMANN, FRED. A.
NEW YORK CITY
Braun, Bosworth
BARNARD,
H.
R.
R.
&
Co.,
Incorporated
Tel.
H.
Livingstone, Crouse & Co.
DIgby 9-1550
Tel. NY 1-1932
BECHTEL, CHARLES C.
Watling, Lerchen & Co.
BENJAMIN, WM. A.
Baker, Simonds & Co.
GERSTEN & FRENKEL
BENNETT, Jr., EDWARD T.
Manley, Bennett & Co.
Members N. Y. Security Dealers Assn.
BERNARDI, RAY P.
Nauman,
McFawn
&
Company
150 BROADWAY
NEW YORK 7
BINKLEY, KENNETH
Paine, Webber,
Jackson
BOLGER, G. L.
Manley, Bennett
&
&
Curtis
Co.
PRIMARY MARKETS
BOLHOVER, M. E.
Birmingham, Mich.
BOLTON, F. J.
H. V. Sattley & Co., Inc.
Roggenburg
Members
National
New
York
Association
&
Co.
Security Dealers Association
of Securities Dealers, Inc.
BOWYER, MERLE J.
Braun, Bosworth
CORPORATE SECURITIES
Specializing in
All
Foreign Bonds & Stocks
FOREIGN BOND COUPONS
Incorporated
For
BROWN, WILLIAM P.
Baker, Simonds & Co.
BUCKEL, HARRY B.
Manley, Bennett &
BURROWS, HAROLD
Watling, Lerchen &
unlisted securities
Co.
J.
Co.
for
Telephone: WHitehall 3-8840
NEW YORK 6
Bell Teletype: NY 1-1928
BANKS
-
BROKERS
and
CALICE, ANTHONY
R.
C.
O'Donnell
&
DEALERS
Company
CAMPBELL, DOUGLAS H.
First of Michigan
Corporation
CARMAN, RICHARD A.
Manley, Bennett & Co.
CARR, HOWARD F.
Carr
&
Company
F.
L.
Don W. Miller &
Co.
SIEGEL
McDonald-Moore & Co.
BROADWAY
Brokerage Service in all
Co.
CHAPEL, HAROLD R.
29
Complete Trading Facilities and Experience
Goodbody & Co.
CAVAN,
FOREIGN BOND SCRIP
Co.,
BRAND, C. R.
Shader-Winckler
Brokers and Dealers
&
BRABSON, JOHN
CLARK, WILLIAM E.
Straus, Blosser & McDowell
Livingstone,
Crouse &
Co.
NEW YORK 6, N. Y.
DIgby 4-2370
CODY, WM. F.
R.
CO.
39 BROADWAY
CLUTE, MINTON M.
Straus, Blosser & McDowell
S.
&
Teletype N.Y. 1-1942
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Mr.
Harry L. Arnold, Goldman, Sachs & Co., New York City, newly elected President, being congratulated
by H. Russell Hastings, S. R. Livingstone, Crouse & Co., Detroit, retiring President
McDonald-Moore
DUFFIELD,
Wm.
C.
Donovan, Gilbert 8c Co., Lansing
GEORGE
Roney
First
& Co.
Wm.
Co.
EVERHAM,
&
EXLEY, CHARLES E.
Charles A. Parcells
GREENAWALT, H.
& Co.
Grand
Manley, Bennett & Co.
Wm.
Co.
hurley,
r.
H.
HEBERT, L. C.
Parcells & Co.
NEPHLER, Jr., CLARENCE J.
W. H. Protlva Company, Pontiac
NEWMAN, PERCY P.
Bennett, Smith & Co.
ODDY, R. K.
McDonnell &
Co.
Battle Creek, Mich.
Securities
Company,
Jackson
moons,
Co.
robert
Manley, Bennett &
Co.
OLSON, LOUIS
Smith, Hague
*
& Co.
moore, william
OSBORN, MILO 0.
McDonald-Moore & Co.
l.
william
&
O'DONNELL, RAYMOND C.
R. C. O'Donnell & Company
r.
verl
Simonds
montgomery, harold g.
Paine,
Webber,
Jackson
&
moreland, paul i.
Moreland
harold
8c
(Continued
Co.
on
page
Curtis
38)
Smith, Hague 8c Co.
Don W. Miller & Co.
Vogel & Co.
A.
NEIL, ROY W.
Reid, Higbie & Company
Paine, Webber, Jackson 8c Curtis
Baker, Simonds & Co.
iiyde.
A.
Chas.
i.
& Co.
Baker,
C. Roney & Co.,
Investment
A.
Baker, Simonds & Co.
GARDNER, BRACKETT
& Co.
Ferris, Wagner & Miller
Lerchen & Co.
huntley,
HASTINGS, PIERCE
GARCEAU, FRANK J.
Wm. C. Roney & Co.
W. Miller
HUMPHRIES. NORMAN D.
Paine, Webber, Jackson & Curtis
Co.
Roney &
JOSEPH
W. Miller
Company
miottel, raymond W.
w.
HUGHES, VICTOR M.
Watling,
Don
miller, george a.
Higbie & Company
Reid,
HASTINGS, H. RUSSELL
S. R. Livingstone, Crouse &
FLOYD, Jr., C. A.
fred
NAUMES, JOHN R.
r. b.
miller, edward j.
Smith, Hague & Co.
Michigan Corporation
of Michigan Corp.
huber,
Rapids
HARTNER,
Baker, Simonds & Co.
C.
Co.
Smith, Hague & Co.
FISHER, DONALD B.
Wm.
First
8c
HAGUE, SAMUEL
GEORGE L.
Bennett, Smith & Co.
CLARENCE A.
of
Co.
NAUMAN, ARTHUR P.
Nauman, McFawn &
Don
HUBER, JACK C.
SAMUEL
MacNaughton-Greenawalt
FALLON, JOHN J.
FAULKNER,
First
ROBERT S.
&
NAU, HENRY
Smith, Hague & Co.
miller, don w.
White, Noble 8c Company, Grand Rapids
HORN.
Bache
Company
mill,
Watling, Lerchen & Co.
Company
MUSCHETTE, LESLIE C.
First of Michigan Corporation
NADEAU,
Straus, Blosser & McDowell
hollister, george r.
GORDON, WILLIAM H.
Shader-Winckler 8c Co.
Co.
Meyers, Jr.,
Co., Philadelphia; Mr. & Mrs. John J.
Co., New York City
meyer, frank p.
First of Michigan Corporation
howard
HINSHAW, JOSEPH
8c Co.
Securities
&
mercier, c. edwin
Goodbody 8c Co.
Jackson
EDWIN M.
Smith,
C. Roney
Graves
mcfawn, joseph j.
Nauman, McFawn &
gordon
hindes,
GOODRICH, RUSSELL H.
Investment
J.
Hudson, Thayer, Baker &
Mcdowell, Jr.. george a.
Straus, Blosser & McDowell
Watling, Lerchen & Co.
Corporation
GIRARDOT, ALFRED J.
ELDER, GEORGE J.
Straus, Blosser & McDowell
Hague
Michigan
White, Noble & Co., Ann Arbor
Corporation
EIS, VALLETTE R.
&
of
GILLEN, JOHN W.
EARLE, HENRY
First of Michigan
Moreland
hill,
GILBREATH, Jr., W. S.
B.
M.
Gordon
HIGBIE, PETER C.
Reid, Higbie & Company
GILBERT, NELSON R.
DUCEY, IRA J.
A. H. Vogel & Co.
John
Baker, Simonds & Co.
Co.
&
Mrs.
WM.
HIBBARD,
GATZ, JOSEPH F.
DOHERTY, Jr., JOHN E.
Smith, Hague & Co.
&
37
JARVIS, LEROY O.
Paine, Webber, Jackson &
Curtis
JOHNSON, RAYMOND A.
A.
H. Vogel 8c
Co.
KAUHL, HERMAN A.
Goodbody & Co.
KEMP, FRANK H.
R. C. O'Donnell 8c Co.
Nauman, McFawn & Co.
McLAlNSHUN, REUSS & CO.
KING, CYRUS H.
Merrill Lynch, Pierce, Fenner 8c Beane
Members
KING, W. LEO
Goodbody
New York Stock Exchange
New York Curb
At Your Service...
w.
kersten, r.
&
Co.
Singer, Bean & Mackie, Inc.
kinzie, henry b.
Exchange (Assoc.)
Baker, Simonds & Co.
Commodity Exchange, Inc.
KISCH, JOSEPH J.
Hornblower 8c Weeks
40
kissel, robert
HAnover 2-0270
New York 5
Exchange Place
NY 1-1825 & 1-1826
Goodbody & Co.
BOND BROKERAGE
CHARLES
KREIDLER,
SERVICE
A.
Baker, Simonds & Co.
KRISTENSEN, EDMUND F.
and
Moreland
8c
Co.
FIRM
Corporate Public Relations
Goodbody
&
Co.
kupfer, raymond a.
BANKS...
Smith, Hague 8c Co.
ONE WALL STREET
TRADING MARKETS FOR
KUHNLEIN, RUSSELL A.
BROKERS...
INSTITUTIONS
LANTERMAN, LESTER C.
NEW YORK 5
LARSON,
Merrill
Telephone HAnover 2-1355
ELMER
Pierce, Fenner 8c Beane
Lynch,
J.
LAUDE, RAYMOND
Goodbody 8c Co.
Teletype—NY 1-2155
LEPPEL, BERTRAND
Chas. A. Parcells &
Co.
LERCHEN, WM. G.
Co.
Watling, Lerchen 8c
UIIINIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIL:
LICHTENSTEIN, H. F.
Hornblower & Weeks
SEABOURN R.
Livingstone, Crouse & Co.
LIVINGSTONE,
S.
R.
LONGSTAFF, RALPH S.
Rogers 8c Tracy, Inc., Chicago, 111.
We
are
(Associate)
Domestic &
Foreign Securities
LUCHTMAN, LOUIS J.
Shader-Winckler Co.
BUYERS OF BUSINESSES
LUDINGTON, BERT F.
Straus, Blosser &
McDowell
MaoARTHUR. REGINALD
Kenower, MacArthur & Company
MACE. ROBIN
"Special Situations"
G.
and
of
BLOCKS OF STOCKS
Goldman, Sachs 8c Co.
MacPHERSON, PETER
Charles A. Parcells & Co.
MAHONEY, EARL D.
Bennett, Smith & Co.
■8
Inquiries Invited from Brokers and Dealers
MAHONEY, J. ALBERT
Bennett, Smith & Co.
MANLEY, MILTON A.
Manley, Bennett 8c Co.
MARTIN,
White,
5
Member of National Association of Securities Dealers
|
j-J
|
37 WALL STREET, NEW YORK 5, N. Y.
|
e
Telephone WHitehall 3-6344
e
1
Joseph J. Lann Securities,
inc.
JAMES
Noble 8c Co.
McDonald-Moore
Joseph J. Lann, President
Douglas C. Alexander, Trading Dept.
Ej
Co.
70 Wall Street, New
(Honorary
jr.
York 5, N. Y.
Corporation
Telephone WHitehall 4-4540
Washington, D. C.
Member)
harry
McDonald-Moore
Mcdowell,
HllllllllllllMlllllllllMMIIIIIIMIIIIIIIIIIIIIIlllllllllllllllllllllllllllllllllllMIIIIIIIln
8c
Mcdonald, harry a.
Reconstruction Finance
Mcdonald,
•S
Hill, Thompson & Co., Inc
Mcdonald, alex
&
a.,
Co.
george a.
Straus, Blosser &
McDowell
niiHHinniHumiuisiiiiuHiiumuimiiiiiiiiimm""""
38
THE COMMERCIAL and FINANCIAL CHRONICLE
Claude
G. Porter, White, Noble &
Company, Detroit; William P. Brown, Baker, Simonds & Co.,
Detroit; Leslie C. Muschette, First of Michigan Corporation, Detroit;
Mike J. Stanko,
White, Noble & Company, Detroit; Lee R. Staib, Geo. Eustis & Co., Cincinnati
Security Traders Association of Detroit
And
Michigan, Inc.
(Continued
from
&
Mrs.
Harry J. Hudepohl, Westheimer and Company, Cincinnati; Mr. & Mrs.
Jos, H.
Eustis & Co., Cincinnati; Mr. & Mrs. Arch F.
Montague, W. E. Hutton & Co.,
Geo.
RAUCH, MONTGOMERY K.
Paine, Webber, Jackson &
Grand Rapids
WALKER, GEORGE J.
Curtis
Wm.
RAYMOND W.
Manley, Bennett & Co.
Chas.
A.
Parcells
&
Eaker,
Simonds
PORTER.
PARKER, HOWARD
PORTER.
Manley,
Bennett
White,
L.
&
Co.
S.
PARMENTER, EUGENE A.
W.
H.
Protiva
R.
R.
Company, Pontiac
&
G.
Baker,
A.
M.
Kidder
&
Curtis
Shader-Winckler
Co.
A
WOCHIIOLZ, ROBERT A.
J.
Investment
C.
Watling,
Lerchen
A
Co.
WORBOYS.
S.
ROTSTED, RALPH
Detroit Stock Exchange
V.
R.
Livingstone, Crouse &
V.
A
Co.
WRIGHT, JOHN C.
Co.
Bennett,
WEDTHOFF, GUY G.
Exchange
Smith
&
Co.
YOUNGS, LEO N.
First of Michigan Corporation
Carr
WELCH, EDWARD L.
&
Company
ZOELLIN, FRED J.
Baker, Simonds A Co.
SATTLEY, HALE V.
H.
JESSE
McDonald-Moore
SANCRANT, MUREL J.
H. V. Sattley & Co., Inc.
Co.
Company
WEAVER, STANLEY M.
Roney A Co.
Co.
Securities
WOOD, WARREN A.
Baker, Simonds & Co.
WATLING, PALMER
RODECKER, ARTHUR D.
Goodbody & Co.
Detroit Stock
&
POWELL, BYRON L.
Livingstone, Crouse & Co.
Jackson
Straus, Elosser & McDowell
ROTSTED, WILLIAM
E.
Simonds
CLARENCE
Nauman, McPawn & Co.
Wm.
STUART
G.
VICTOR
Webber,
WINCKLER, FREDERICK J.
RONEY, JOHN K.
Co.
Livingstone, Crouse & Co.
POTTER,
PENDER, RICHARD W.
S.
Co.
Co.
&
CLAUDE
Noble
Paine,
Charles A. Parcells & Co.
WASS,
RICHARDSON, DONALD L.
&
PIERSON, E. T.
Co.
PARCELLS, EARLE W.
Chas. A. Parcells & Co.
WILLIAMS,
Roney A Co.
REUTER, GEORGE A.
PICKNER, P. G.
Watling, Lerchen
PARCELLS, Jr., CHARLES A.
C.
JOHN M.
Straus, Blosser & McDowell
WALLER, HERBERT L.
Baker, Simonds A Co.
Shader-Winckler & Co.
WILLIAMS.
Straus, Blosser & McDowell
WALLACE, ROBERT
RE ILLY,
ROSTER OF MEMBERS
PANILLI, JOHN A.
Vasey,
Cincinnati
REID, ANDREW C.
Reid, Higbie & Company
37)
page
Mr.
Thursday, November 13, lf)52
Manley,
Bennett
& Co.
Sattley A Co., Inc.
SCHAFER,
HARRY L.
Shader-Winckler Co.
SCHNEIDER, ELWOOD H.
We
that
we
are
have
pleased
started
now
E. H. Schneider A Co., Kalamazoo
to announce
SCHOLLENBERGER, HERBERT
Campbell, McCarty A Co., Inc.
31st year
our
OYER
-
THE
COUNTER
-
SHADER, FRANK J.
the
at
address with the
same
and the
firm
same
name
Co.
SECURITIES
SHOEMAKER, WILLIAM E.
Reid, Higbie & Company
business
same
Shader-Winckler
SIMMONDS, CHARLES M.
Manley, Bennett A Co.
SPECIALISTS IN UNLISTED SECURITIES
SIMONDS, RALPH W.
Baker, Simonds A Co.
JOHN J. O'KflNE JR. & CO.
ESTABLISHED
Members
Nat'l
Members
New
Association
York
1922
of
Security
Securities
Dealers
DIgby 4-6320
42
SLOANE, WADE
Baker, Simonds & Co.
SMITH, Jr., HAL H.
Smith, Hague & Co.
Dealers
SMITH, PHIL H.
Kales-Kramer Investment
Association
Broadway, N. Y.
FRANK C. MOORE & CO.
42
ComDan*
SNELL, ROBERT L.
Telephone
Moreland A Co.
Broadway, New York 4, N. Y.
WHITEHALL
3-9784-5-6
Teletype
NY
1-2628
SNOWDAY, H. TERRY
Blair, Rollins & Co., Incorporated
SPADE, WAYNE M.
Watling, Lerchen & Co.
SPAULDING, R. C.
McDonald, Moore
CORPORATE AND MUNICIPAL
,
&
Co.
TRADING MARKETS
STANKO, MARION J.
White, Noble & Co.
•
t
:
.
*
'
A.
■
M.
is
for Banks, Brokers and Dealers
■
i
Department
SECURITIES
STEIN, MYRON D.
*'
"Special Situations"
OVER-THE-COUNTER
STANWOOD, FRANK H.
Straus, Blosser & McDowell
SECURITIES
Our
in
Kidder A Co.
or
STOETZER, Jr., ROBERT
Orders executed
H.
on
a
maintained
for
the
accumulation
placement of large blocks of Over-
commission basis.
the-Counter Stocks
and
Bonds.
Bennett, Smith & Co.
HOURWICH
&
CO.
Members
NEW YORK SECURITY DEALERS ASSOCIATION
27
WILLIAM
STREET
NEW YORK 5, N, Y.
WHitehall 4-4185
STOETZER, ROBERT R.
Bennett, Smith & Co.
STUIT,
MELVIN R.
John Nuveen & Co., Grand
Rapids
SUTHERLAND. ROSS
Nauman,
Bell
System Teletype NY 1-2815
,
&reeT\eandComparvv^
STRINGER, MAX J.
Watling, Lerchen & Co.
McPawn
ESTABLISHED
Members
New
York
1929
Security Dealers Association
Members National Association of Securities Dealers
W.
A Co.
SUTTON, GORDON O.
Merrill Lynch,
Pierce, Fenner
37
Wall
St., New York
"
& Beane
*
Bell
Tel.
System Teletype
—
NY
1-1126
&
HAnover
2-4850
1127
SWIAT, LEO A.
Olmstead
&
Mulhall, Inc., Kalamazoo
TEMPLE, FRANK
Shader-Winckler
TITUS, DEAN
White, Noble
SPECIALISTS
Co.
DISTRIBUTORS
W.
&
BROKERS
THOMSON, EDW. D.
I N
Specializing in
Hornblower A Weeks
TORNGA, HERMAN
De
Uranium
DEALERS
Co., Ann Arbor
Securities
REORGANIZATION, INDUSTRIAL,
Young-Tornga Co., Grand Rapids
PUBLIC
ULRICH, F. W.
Shader-Winckler
UTILITY
&
REAL ESTATE,
RAILROAD
ISSUES
Co.
VANDERVOORT, HENRY
Nauman,
McFawn & Co.
Mgr. Trading Dept., Sylvester J. Bies
VERRAL, CLIFFORD E.
S.
TELLIER & CO.
R.
VETTRAINO, JOSEPH D.
Manley, Bennett A Co.
VOGEL,
42
BROADWAY, NEW
Telephone DIgby 4-4500
YORK
4
Teletype NY 1-1171
Livingstone, Crouse & Co.
A.
H.
ARMIN
Vogel &
H.
Co.
VOORHIES, FRANK E.
Goodbody
EDWARD S. LADIN COMPANY
40
EXCHANGE PLACE
NEW YORK 5, N. Y.
& Co.
Telephone WHitehall
WAKEMAN, WYNN F.
Baker, Simonds A Co.
4-6830
Teletype NY 1-804
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
39
I
Charles
Jules
Hahn, Rauscher, Pierce & Co., Houston; Justus Martin, The Robinson-Humphrey Co., Atlanta;
William H. Gregory, Jr., Bonner & Gregory, New York City; D. Frederick Barton,
Eastman, Dillon <6 Co., New York City
Bean, Singer, Bean & Mackie, Inc., New York City; Laura G. Hanley, guest; Mr. &
H.
Goodman, Shields
& Company, New York City;
Mr. & Mrs. James E.
Courts &
Co., Atlanta, Georgia
Security Traders Association
G.
Vice-President:
Friedrichs,
Shelby
VIofE£E'. E?N£nT c's
St. Denis J. Villere &
Villere & Co.
President: Arthur J. Keenan, St. Denis J.
'
New Orleans
Weil, Labouisse,
Howard,
Schairff & Jones, Inc. weil, roswell j.
Wm.
Perry Brown,
Newman, Brown &
WEIL,
Sanford.
Co., Inc.; Gilbert Hattier, Jr., White, Hattier &
Joseph P. Minetree, Steiner, Rouse & Co.;
Alternates:
Weil Investment Co.
„
„
Committeemen:
n
Co.
H
Weil investment Co.
Friedrichs & Company.
Secretary-Treasurer: John J. Zollinger, Jr.,
National
J0S
WEIL
Mrs. Richard
Jones,
WALTER H.
Jr.,
Weil,
Howard,
Labouisse, Friedrichs and
Company
John J. Zol¬
THOMAS
J.
WHALEN,
linger, Jr., Scharff & Jones, Inc.
Weil,
Howard,
Labouisse, Friedrichs and
Company
ROSTER OF MEMBERS
MACRERY B.
WHEELER,
in
(Members
Orleans unless otherwise
New
indicated)
ERWIN
SCHWEICKHARDT,
Schweickhardt
&
Wheeler
Woolfolk,
&
Inc.
Company
WILLEM, MICHEL A.
LEON
ADAMS.
ALVIS,
SCRANTON, JACK
Baudean
Nusloch,
Smith
&
LESTER
A.
Woolfolk
G.
John J. Zollinger,
Shelby Friedrichs
Jr.
Arnold
&
LAWRENCE
SMART,
Crane
&
WOOD,
F.
A.
The
advertisement
of
an
is not
offer to sell or a solicitation
an
buy these securities. The offering
made only by the Offering Circular.
offer to
Tliese securities are
offered
Bank
in
ISSUE
DANE,
buy these securities. The offering is made
John Dane
Water Products Corp.
&
Price $1.00 per
share
& Kees
T.
Copies of the Offering
own
Circular
be obtained from your
may
Investment Dealer
or
the undersigned
Members
York
New
Members National
40
Howard,
—
—
Copies
'
Company
BATKIN & CO.
T.
FORD
Member of National Association of Securities Dealers,
Lynch, Pierce, Fenner & Beane
30 Broad Street, New York
Hattier & Sanford
White,
N. Y.
Securities
Phone—WHitehall 3-3388
St.
KEES,
Corp.
ARTHUR J.
KEENAN,
Denis
J.
&
Villere
Co.
HOMER
C.
Ducournau
WE RECOMMEND
& Kees
JOHN
KERRIGAN,
E.
Newman, Brown & Co.,
KINGSBURY, J.
and Alvis,
Kingsbury
DEALERS
LEARY,
Jr.,
CENTRAL OKLAHOMA OIL CORP.
Jackson, Miss.
,!
LOUQUE,
,
form
UNDERWRITING
deals,
why
not
bring
or
LONG
the
pro¬
CHARLES
MANION,
Merrill
us.
as
our
If it is
a
deal of merit,
we can
do
sales organization and personnel
a
are
The
trained to handle
that type of business.
National Bank of Commerce
Orleans
MILLICAN CO.
Members, National Association of Securities Dealers, Inc.
NUSLOCH,
Nusloch,
OGDEN,
New York 4, New York
BOwling Green 9-6162
a
IN
OKLAHOMA
Brown
management
our
opinion,
an
Co.,
ACTIVELY
GEORGE H.
&
cash position.
TRADED
make this,
excellent speculation.
DETAILS ON REQUEST
Common Stock
Inc.
commenced drill¬
plus enhancement possibilities
SPECIAL
&
Baudean
planned drilling program and
well September 12, 1952.
new
Company in excellent
Good
W.
Selling Around $23/8
IN THE
OVER-THE-COUNTER MARKET
Smith
FRED N.
RAPIER,
50 BROADWAY
4.
on
Co.
MORRIS
Newman,
-
New
in
LEON
Kohlmeyer &
WEBER
in
5.
NEWMAN,
Company has
ing
RICHARD C.
NEWMAN,
IN
Company has brought in its second commercial well produc¬
ing approximately 300 barrels daily (subject to pro-ration
by Oklahoma Corporation Commission).
Oil being shipped
to Stanolind
Pipe Line Co.
P.
Rouse & Co.
Steiner,
MORSE,
LEASES
GAS
2.
W.
3.
satisfactory job
&
Company has completed its first well. Production 300 barrels
daily (subject to pro-ration by Oklahoma Corporation Com¬
mission). Oil being shipped to Stanolind Pipe Line Co.
Lynch, Pierce, Fenner & Beane
JOS.
OIL
COUNTIES
1.
American Bank of New Orleans
MINETREE,
posed offering to
SIX
WM. N.
National
equipped to handle SHORT
If you are not
(A Delaware Corporation)
OWNS
M.
Leary & Co., Shreveport
Barrow,
i
A.
SHARE IN THE OIL INDUSTRY
NEW WAY TO
Inc.
W.
KINGSTON, WALTER D.
W. D. Kingston & Co.
NOTICE TO BROKERS AND
Inc.
4, N. Y.
HAWLEY, JACKSON A.
Equitable
"MELASA, New York"
obtained
undersigned.
of the Offering Circular may be
from your outn investment dealer or the
HATTIER, Jr., GILBERT
NEW YORK 5,
Cable
&
Merrill
Association of Securities Dealers
HAnover 2-8780
Friedrichs and
JERRY
R.
HARDY,
1919
share)
per
CENTS PER SHARE
PRICE 50
G.
Company
Security Dealers Association.
PLACE,
EXCHANGE
Telephone
(Par Value 10c
SHELBY
Weil, Labouisse,
FRIEDRICHS,
Glas
Established
speculation
J. Feibleman & Company
GLAS,
\1. S. W1F.N & CO.
a
COMMON STOCK
JEFF
T.
FEIBLEMAN,
offered as
CA Delaware Corporation)
P^
JAC.
Ducournau
are
Southcam Petroleum Corporation
Co.
DUCORNAU,
a solicitation of an offer to
only by the Offering Circular.
530,000 Shares
CLAUDE
Derbes
Common Stock
J.
Inc.
Jones,
November 13,
These Securities
Crane
&
DERBES,
JOHN
Jr.,
&
ISSUE
NEW
VERGNE, J. H.
Arnold
Scharff
offer to sell or
This advertisement is not an
HAROLD
DANE, JOHN
DE LA
ZOLLINGER,
Inc.
299,000 Shares
Spa-King Mount Clemens
M.
Shober
&
PRICE
G.
Arnold & Crane
NEW
Co.
ROBERT
Bank of New Orleans
Whitney National
& Co.,
Brown
Newman,
CRANE,
Smith-Wood
WOOLFOLK,
New
THIBODEAUX, PAUL J.
BROWN, WM. PERRY
speculation
a
as
is
EDWARD D.
RODDY,
JAMES
E.
MEMBER:
311
SANFORD,
White,
National
Ass'n
Securities Dealers
& Jones, Inc.
Scharff
in New
FRANK B.
Woolfolk
National
Hibernia
Orleans
BREAUD, Jr., J. CHARLES
Newman, Brown & Co., Inc.
M.
JAMES A.
STOUSE,
BOUCHE, LOUIS J.
White, Hattier & Sanford
This
National Bank of Commerce
The
Orleans
Shober
WILSON
ARNOLD, H.
Company
WILLIAMS, B. FRANK
JOHN B.
SHOBER,
Kingsbury and Alvis, Jackson, Miss.
Arthur J. Keenan
Beer &
Newman, Brown & Co., Inc.
J. B.
Hattier & Sanford
BROADWAY, NEW YORK 6,
N. Y. Tel. DIgby 9-3484-5-6-7
1952
40
THE COMMERCIAL and FINANCIAL CHRONICLE
Clarence
S.
R.
H. Adams, Securities & Exchange
Commission, Washington, D. C.;
Livingstone, Crouse & Co., Detroit; Harry L. Arnold, Goldman, Sachs &
J.
Howard
Rossbach,
Securities
&
Exchange
Commission,
H. Russell Hastings,
Co., New York City;
Washington, D. C.
Investment Traders Association
Retiring
officers:
Ames
Governors:
C.
St if el,
H. Russell Hastings, S. R. Livingstone, Crouse & Co., Detroit; Phillip J. Clark,
Co., Denver; Jay L. Quigley, Quigley & Co., Inc., Cleveland; John W. Bunn,
Co., Incorporated, St. Louis; Lex Jolley, Johnson, Lane, Space & Co., Inc., Atlanta
Nicolaus &
Charles
J.
Thursday, November 13, 1952
Sudler
&
Brennan, Blyth &
Co., Inc.; G.
Robert
Brooks, Schmidt, Poole & Co.; John P. Dempsey, Kidder, Pea-
Of
body & Co.; Frederick V. Devoll, Jr., Henry B. Warner & Co.,
Philadelphia
Inc.; William Doerr, Blair, Rollins & Co., Incorporated; Albert
H.
Fenstermacher, M.
M.
Freeman
&
Co.,
Robert N.
Inc.;
Greene, J. Arthur Warner & Co., Inc.; Rubin Hardy, First Bos¬
ton
J.
Corporation; John M. Hudson, Thayer, Baker & Co.; Edward
Jennings, Jr., Boenning & Co.; Samuel M. Kennedy, Yarnall
Co.; James J. McAtee, Butcher & Sherrerd; Robert McCook,
Hecker
&
Co.; William J. McCullen, Hendricks & Eastwood,
Inc.; Gordon W. Piau, Stroud & Company, Incorporated; Sam¬
uel K.
Phillips, Jr., Samuel K. Phillips & Co.; Wallace H. RunHemphill, Noyes & Co.; Bernard H. Tobias, Gerstley,
yan,
Sunstein & Co.; Joseph A. Zeller,
National
Joseph E. Smith, Newburger & Co.;
Hudson, Thayer, Baker & Co.; William J. McCullen,
John M.
Hendricks &
Wallingford
Joseph R. Dorsey
Incorporated; Lt. Col. Herbert H. Blizzard; Felix E. Maguire,
Stroud & Company,
Incorporated; Henry B. Warner, Henry B.
Drexel
&
Riecke
&
T.
J.
Dorsey Brown & Co., Baltimore
BROWN, LLOYD B.
Arthur L. Wright & Co.,
BURGESS,
A.
Inc.
ANDERSON, TOWNSEND
C.
C.
Collings & Co.,
Reynolds &
C.
CALL,
THOMAS
Lilley &
Arthur
J. Lewis
Armstrong & Co.
James G. Mundy
Edgar A. Christian
Ripley
&
Co.,
Incorporated
Herbert
CAMPBELL,
A. GRANT
Janney & Co.
CAMPBELL, CHARLES J.
Dawkins, Waters & Co.,
Pierce,
Penner
First Vice-President: Charles L.
BAILEY,
&
Beane
Drexel
BAILEY, JR., GEORGE A.
George A. Bailey & Co.
Wallingford, H. M. Byllesby and
White,
Stroud &
BARBER, B.
Second Vice-President: Joseph R.
Dorsey, Merrill Lynch, Pierce,
Fenner & Beane.
Treasurer: James G. Mundy, Stroud &
Company, Incorporated.
W.
Henry
B.
Son
&
Co.
CAPLAN,
J.
ALBERT J.
Caplan & Co.
CARSON,
Rambo,
JOSEPH
Close
J.
&
R.
Kerner,
EDWARD
Inc.
J.
Caughlin & Co.
COLLINS, JOHN PATRICK
Walston, Hoffman & Goodwin
Blizzard
COLWELL,
H.
&
CHAUNCEY P.
Merrill Lynch, Pierce, Penner & Beane
Co.
Ristine
&
SAMUEL
&
S.
H.
Boyce
BOWERS, THOMAS A.
&
Co.
Yarnall
&
Co.
BRACHER, JR., ALFRED F.
Jones, Miller & Company
BARTON, JOHN G.
P.
Warner
Co.
Stein Bros.
NEWTON
Newbold's
&
BORTNER,
Co.
&
BARNES, JOSEPH O.
Kennedy & Co.
P.
Secretary: Edgar A. Christian, Janney & Co.
H.
Company, Incorporated
CANTWELL, JOHN
Walston, Hoffman & Goodwin
Co.
&
BOOTHBY, Jr., WILLIAM
Eastman, Dillon & Co.
LEONARD
Weld
Inc.
CAMPBELL, ROBERT J.
COLFER, LAWRENCE J.
Rufus Waples & Co.'
Co.
HERBERT
H.
Co.
D.
Co.
BODINE, PAUL W.
Lynch,
President: Joseph E. Smith, Newburger & Co.
Company, Incorporated.
&
SAMUEL
BLIZZARD,
AYRES, PERCY
Merrill
Bender
Newburger
EUGENE
Harriman
J.
BLAUSTEIN,
Inc.
S.
CHRISTIAN, JACK
Janney & Co.
Co.
BENDER, ARTHUR J.
Inc.
ARMSTRONG, J. LEWIS
ARNOLD,
GEORGE
Webster Dougherty &
CHRISTIAN, EDGAR A.
Janney & Co.
BELL, WILLIAM
Co.,
ROBERT
Schmidt, Poole & Co.
CAUGHLIN,
ROSTER OF MEMBERS
RAYMOND
N.
Co.
BROOKS, G.
Edward
A.
J.
WILLIAM
BROWN, J. DORSEY
A.
Expires: September 30, 1953.
H.
Co.
BROOKS, BENJAMIN A.
Henry B. Warner & Co.
Welsh, Jr., Lilley & Co.
Elected: September 23, 1952; Took Office: October
1, 1952; Term
ALLEN,
&
CAMPION, RICHARD R.
Alternates: Charles L. Wallingford, H. M.
Byllesby and Company,
Warner & Co., Inc.; Henry C.
Clark
W.
BRITTON,
Eastwood, Inc.; R. Victor Mosley, Stroud & Com¬
Incorporated; George J. Muller, Janney & Co.
pany,
C. L.
Joseph E. Smith
E.
BRENNAN, CHARLES
Blyth & Co., Inc.
Bankers Securities Corp.
Committeemen;
i "
BRADLY, CHARLES C.
BRADBURY, JOHN L.
Co.
Dolphin &
Co.
To All Mutual Fund Dealers:
You
and
of
are
cordially invited
background which
our
intensive
to
we
two year
draw
upon
have acquired
sales campaign
Axe-Houghton Fund A
the know-how
in the
on
course
Axe-Houghton Fund B
Contractual
Plans.
This offer has
to
AFFILIATED
AMERICAN
FUND
an
no
strings attached.
industry which has provided
It is purely
us
with
an
Republic Investors Fund
a
service
excellent
Prospectus
product.
BUSINESS SHARES
Your
i:
Mutual Funds
on
Axe Securities
request
63 Wall Street, New York
ATLANTA
1
principal
or
Corporation
NEW YORK 19, N. Y.
Gentlemen:
Please send
$
:
me
a
Prospectus.
exchanges
Name
111
LOS ANGELES
Dealer
730 FIFTH AVENUE
Department
Members New York Stock
Exchange,
New York Curb
Exchange and other
Lord, Abcett & Co.
CHICAGO
request from
4'
IRA HAUPT & CO.
Prospectuses
on
Investment
Broadway
New York 6, N. Y.
Address
City
State
Mvhhhhwuhwhhhw?;
rfX
Convention Number
John
M.
THE COMMERCIAL and FINANCIAL CHRONICLE
Hudson, Thayer, Baker & Co., Philadelphia; R. Victor Mosley, Stroud & Company, Incor¬
Philadelphia; Richard H. Walsh, Newhard, Cook & Co., St. Louis; Lawrence S. Pulliam,
& Co., Los Angeles; Landon A. Freear,
William N. Edwards & Co., Ft. Worth
porated,
Mrs.
Weeden
COMPTON,
GEORGE
S.
DONOVAN, ROBERT
Compton & Wharton
Blyth
&
Co.,
DORSEY,
CRAM,
DORSEY, JOSEPH
The
JAMES
&
Co.
Harry
C.
DAFFRON,
DOWNS,
HARRY
C.
&
&
CHARLES
Oakes
Dackerman
JR.
Harrison
B.
ROBERT
&
DUBLE,
Co.
Parrish
&
&
Company, Incorporated
Jr., HARRY H.
Reynolds & Co.
Co., Inc.
Penington,
Colket
&
DENNEY,
FENSTERMACHER,
M.
Dillon
Co.,
FISCHER, FREDERICK
H.
& Co.
Nash
N.
H.
Inc.
S.
Merrill
H.
Pierce, Fenner & Beane
ROBERT
EDWARD M.
Suplee,
Yeatman
Co.,
DEVOLL, Jr., FREDERICK V.
Henry B. Warner & Co., Inc.
Incorporated
A. Riecke
& Co.,
Mcdonald,
Inc.
Company,
william m.
Lynch
Incorporated
Smith,
,
Barney & Co.
McFARLAND.
H.
3rd, JAMES B.
Byllesby and Company,
M.
Incorpo¬
rated
MANN, NEVIN
Stuart & Co., Inc.
Halsey,
McGARVEY, Jr., JOHN N.
Martin
W.
Smith
Co.
McATEE,
RUBIN
Eastwood
McFADDEN, JOHN P.
MANEELY, HARRY 5.
Montgomery, Scott & Co.
& Bodine
Co.
&
McCULLOUGH, JOHN J.
Wellington Fund, Camden, n. J.
FELIX E.
&
&
Co.
McLEAR,
&
Woodcock,
JAMES J.
Butcher
&
Co., Inc.
WALTER
B.
Hess
&
(Continued
Sherrerd
Corp.
Co.,
Inc.
on page
42)
HARRIS, RUSSELL A.
Eastman, Dillon & Co.
FLEMING, GEORGE N.
HARRISON,
Geo.
J.
Snyder & Co.
E.
MAGUIRE,
E.
&
Co.
&
Inc.
FIXTER, WALTER D.
J. W. Sparks & Co.
Dick Co.
Hecker
Hendricks
MARKMAN, JOSEPH
Son
The First Boston
&
Johnson
McCULLEN, WILLIAM J.
THOMAS
N.
Newbold's
H.
H.
Co.
Paul &
Lynch,
HARDY
FITCH,
R.
&
LUTZ, CARL F.
Co.
HAGER, MALVIN R.
Montgomery, Scott & Co.
W.
Sons
HARRY
& Co.
DICK, JR., LEWIS CRAIG
C.
Geo.
HAINES, FRANCIS J.
DERRICKSON, Jr., JOHN H.
Blair, Rollins & Co., Inc.
Lewis
LOVE,
l;
DeHaven & Townsend, Crouter
ALBERT
&
McCAULLY, ARMOUR W.
H.
Newbold's
LILLEY, Jr., WILLIAM
Lilley & Co.
GRIFFITHS, W. LAWRENCE
Co.
Co.
WILLIAM B.
Eastman,
Freeman
M.
H.
McCOOK, ROBERT
Inc.
and Company
&
McCANN, THOMAS J.
Gerstley, Sunstein & "Co.
Grubbs
&
Inc.
WM.
J. Arthur Warner & Co.,
Rambo, Close & Kerner, Inc.
DEMPSEY, JOHN P.
Kidder, Peabody &
Co.,
FREEMAN G.
GREEN,
GREENE,
FANT, JOHN FITZSIMONS
DAVIS, EDMUND J.
&
Stroud
FAHRIG
Co.
DAVIS, ALBERT J.
Rlecke
&
M.
Kuch
GRANT,
Co.
Kirkland
GEORGE R.
Laird, Bissell & Meeds
V
N. Fleming & Co.
HEFFELFINGER, HARRY L.
DOERR.
WILLIAM
FLYNN,
Blair, Rollins & Co., Incorporated
E. "W.
2nd,
JOHN
Clark
&
M.
Samuel
K.
FOARD, ALLAN B.
Stroud
&
&
Co.
Co.
HENSHAW,
DOLPHIN, LEO M.
Dolphin & Co.
Phillips
Company,
First
WILLIAM
Corporation
1891
Securities
Our
Sixty-First Year
1952
Incorporated
HEPPE,
JOHN
E.
Phila.-Baltimore
HESS,
Woodcock,
HEWARD,
Exchange
M.
Hess
&
Co.,
Inc.
JAMES
Butcher
E. W. SNYDER & COMPANY
Stock
WILLIAM
UNDERWRITERS
Sherrerd
&
HEWARD,
•
DEALERS
DISTRIBUTORS
•
RICHARD
Janney & Co.
120 East
Washington St.
HISCOX, ARTHUR G.
Hiscox, Van Meter & Co., Inc.
SYRACUSE, N. Y.
Chas.W. Scranton
HOERGER, CHARLES E.
Merrill Lynch, Pierce, Fenner & Beane
♦
Members New York Stock
<
We
Sound
buy
and
distribute
HOLDSWORTH, ROBERT M.
Hornblower
HUDSON, JOHN M.
Situations.
Co.
NEW HAVEN
Equities with good dividend records.
Growth
&
Exchange
Weeks
&
Thayer, Baker & Co.
Capital Gain Potentials.
New York REcTor 2-9377
HUTCHINSON, ALMON L.
Kidder, Peabody & Co.
JACOBY, Jr., LEWIS P.
Thayer, Baker & Co.
Danbury
Greetings to all from
JEFFRIES,
"Ev" Snyder
Charles
STANLEY
A.
Taggart
•
Bell Teletype NH 194
New London
Bridgeport
Waterbury
W.
&
Co., Inc.
JENNINGS, Jr., EDWARD J.
Boenning & Co.
JENNINGS,
JOHN
E.
Reynolds & Co.
JOHNSTON,
F.
JONES,
RHODE ISLAND SECURITIES
WILLIAM
Ristine
P.
&
JONES,
E.
Peabody
&
WILLIAM
JOYCE,
All Rhode Island Securities
Hess & Co., Inc.
We
JUSTICE, FLOYD E.
Kidder, Peabody & Co.
Industrial
Insurance
Yarnall
SAMUEL
&
Open-end Phone to Boston
—
Lafayette 3-0610
Sheridan
KETCHEM,
De
M.
-
-
AMERICAN HARDWARE
ASSOCIATED
Bank
CONN.
LT.
SPRING
&
POWER
CONNECTICUT POWER
FREDERICK
Bogan
Paul
WILLIAM
Haven
particularly invite
inquiries in:
your
Utility
Co.
KERSLAKE,
everywhere
J.
KENNEDY,
on
CONNECTICUT
MARKETS for Dealers
Paul & Co., Inc.
THOMAS
Woodcock,
Primary
Co.
W.
Sheridan Bogan
Our Trading Department Invites Your Inquiries
R.
Co.
GEORGE
Kidder,
&
&
State &
W.
Co.,
Inc.
EMHART MFG.
Municipal
HARTFORD
LANDERS
Securities
S.
Townsend,
F.
CO.
ELECT.
&
NEW BRITAIN
MACHINE
RUSSELL MFG.
&
LIGHT
C.
CO.
SOUTH'N NEW
Crouter
Bodine
ENG.
TEL.
VEEDER-ROOT
KIELY, Jr., JERRY J.
Carstairs
G. H. Walker & Co.
Wurts,
Established 1900
KNOB,
MEMBERS
new york
new
a
midwest stock exchanoes
york curb
exchange
(assoc.)
1-4000
york.
st.
louis,
bridgeport,
COBURN & MlDDLEBROOK
Co.
INCORPORATED
E.
Co.
KRUG,
THOMAS
&
bell teletype pr 43
hartford and white plains offices
LAMB,
&
Bell
J.
Company,
JOHN
Incorporated
Boston
Ristine
&
New Haven
Niantic
*Direct
LAND, C. EDWARD
P.
DIgby 4-6713*
Boston Tel. HUbbard 2-3780*
Teletype HF 464
New York
Co.
Pearl
N. Y. Tel.
Providence
M.
Penington, Colket & Co.
F.
Street at
Hartford Tel. 7-3261
FRANK
Stroud
Trumbull
B.
Co.
PROVIDENCE 3, R. I.
direct private wires to
new
&
S.
&
100
LAIRD,
telephone union
Co.
Dulles
JOHN
Drexel
Bioren
15 WESTMINSTER ST.
&
KNAPP, ALFRED
H.
McBRIDE, ALFRED R.
Wright. Wood & Co.
Co.
LAUT, JOSEPH ST. C.
W.
Meter
& Turner,
Dolphin
Stroud
A.
H. G.
ERGOOD, Jr., RUSSELL M.
DARBY, DONALD W.
Hallowell, Sulzberger
H.
&
Van
Harper
E.
Co.
R.
&
Dana
GORMAN, FRANK J.
H.
ALLYN
Hutton
E.
Jenks,
&
CHARLES
GOODMAN,
E.
RASH,
W.
LESCURE, JAMES
GESING,
Hiscox,
Company
FORREST
Cluett
Burton,
Woodcock, Hess & Co., Inc.
*
■
LA
J.
GABLE, ALBERT G.
Corp.
R.
DOTTS, RUSSELL M.
CUNNINGHAM, HAROLD
Kennedy & Co.
DACKERMAN.
A.
Boston
FRANK
John F. McLaughlin, New Yok City; Mrs. Harry J.
Hudepohl, Cincinnati; Mrs. Richard
Walsh, St. Louis; Mrs. Alonzo H. Lee, Birmingham; Mrs. Walter G. Mason, Lynchburg, Va.;
Mrs.
Harry
L. Arnold,
New
York
City;
Mrs.
Arch
F. Montague,
Cincinnati
FOX, HOLSTEIN DcHAVEN
A. C. Wood, Jr. & Co.
Merrill Lynch, Pierce, Fenner & Beane
Wurts, Dulles & Co.
CUMMINGS, JOSEPH
Brooke
C.
First
FOGARTY,
F.
Inc.
CORSON, SPENCER L.
Elkins, Morris & Co.
41
Norwich
Hartford-New
Portland, Me.
West Wardsboro, Vt.
York-Boston
'Phones
FINANCIAL CHRONICLE
THE COMMERCIAL and
42
Mr. & Mrs. Harry L. Arnold,
Securities &
Goldman, Sachs & Co., New York City;
Exchange Commission, Washington, D.
ROURKE,
THOMAS
Stroud
O
Company,
&
JOHN
I'AIRMAN,
Schmidt.
Philadelphia
H.
JOSEPH
PFAU,
MUNDY, JAMES G.
MEANEY, THOMAS J.
T.
J.
Meaney,
Stroud
Inc.
&
&
Co.
Inc.
Co.,
Stroud
&
Company,
JOHN
MILBURN,
Hecker &
MURPHY. JOHN
A.
Reynolds
Co.
EDWARD J.
Samuel K. Phillips &
A.
JOSEPH
Compton
MORRIS,
&
Wharton
RAYMOND
Weeks
Hornblower &
NASH.
A.
H.
U. S. Army
Nash
&
Jr.,
CHARLES
PREGGEMEIR,
MORRISSEY,
P.
J.
FRANK
NECKER
J.
CARL
Schaffer,
& Co.
Morrissey
Rambo,
Necker
&
Close
Jones,
MOSLEY,
Stroud
ROBERT
Miller
R.
&
NOWLAN, LAWRENCE J.
P.
C.
Company
&
Company,
C.
Collings & Co.,
Inc.
C. Dackermah & Co.
Harry
Incorporated
G.
ROMEYN
Suplee,
Yeatman
&
B.
Company,
&
Dolphin
Stroud
L.
&
Boston
Harriman
E.
Battles
Incorporated
SHAW,
RELLLEY, JOSEPH F.
Jones, Miller & Co.
&
Harriman Ripley
Woodcock,
RENNEISEN,
First
RICE,
CLIFFORD
Boenning
WILLIAM
VOORHEES,
Drexel &
Pierce,
Co.
&
H.
Devine & Co.
C. J.
ARNOLD
Company, Inc.
Lynch,
& Co., Incorporated
VEITH, FRANK
&
Fenner
Beane
Hess
Co.,
Inc,
Securities
Co.
WALLACE, DAVID W.
& Co., Inc.
DeHaven
Co.
CHARLES
WALLINGFORD,
H.
M.
Byllesby
and
L.
Company,
Incor¬
porated
B.
Co.
B.
HENRY
WARNER,
Henry B. Warner & Co., Inc.
PHILLIPS B.
STREET,
F.
&
&
Yarnall
Corporation
Dillon
HARRY
SNYDER,
IRWIN
WILLARD
Eastman,
&
JOSEPH E.
Newburger & Co.
SMITH,
G.
Co.
UNDERWOOD, J. FREDERICK
Henry B. Warner
REMINGTON,
&
Incorporated
TYRRELL, LEO D.
CHARLES P.
Merrill
ROBERT A.
Ripley & Co.,
TREVINE, ROY
C.
Corp.
& Co.
SERVICE,
WISTER
Company,
Harriman
Brothers
Brown
TORRENS,
McE.
& Co.
HAROLD
TODD,
SELHEIMER, PERRY N.
First Securities Corporation
Co.
RANDOLPH,
RUSSELL
First
H.
Gerstley, Sunstein
Co.
&
& Co.
Noyes
BERNARD
TOBIAS,
SCHUMANN, WALTER H.
Inc.
WILLIAM
RAFFEL,
Morrissey
SCHULER,
Inc.
The
Raffel
O'BRIEN, JOSEPH F.
VICTOR
Kerner,
Co.
QUINTARD,
MORRISSEY,
&
J.
Co.
&
H.
Hemphill,
WILLIAM
SCHREINER,
F.
Ristine
LEWIS
Co.
SCHAUFLER, CHARLES A.
Schaffer, Necker & Co.
Co.
P.
Necker & Co.
Schaffer,
PHILLIS, FRED C.
Coffin, Betz & Co.
N.
HAROLD
N.
&
SCHAFFER, RUSSELL W.
MURPHY, JOHN W.
E.
Boenning
Co.
SAMUEL K.
Samuel K. Phillips & Co.
PHILLIPS,
MORLEY,
F.
TILGE,
SCATTERGOOD, HAROLD F.
Co.
&
H.
THOMAS, ROY C.
Sherrerd
Butcher &
Incorporated
PHILLIPS,
Co.
CLAYTON
& Co.
Reynolds
RUDOLPH
SANDER,
RAYMOND L.
&
TERRELL,
& Co.
A. J. Sailer
Incorporated
Company,
Drexel
A. JACKSON
SAILER,
Inc.
& Co., Inc.
Taggart
A.
TALCOTT,
Hemphill, Noyes & Co.
W.
GORDON
Charles
WALLACE H.
RUNYAN,
Yeatman & Company,
TAGGART, CHARLES A.
Stroud & Company,
*
WILLIAM Z.
Suplee,
MICHAEL J.
Incorporated
RUDOLPH,
Sunstein & Co.
Gerstley,
SUPLEE,
ROGERS, H. WHITNEY
Elkins, Morris & Co.
& Co.
PARSLY, L. FULLER
Parsly Bros. & Co., Inc.
Janney & Co.
Soliday & Co.
Hopper,
&
SUNSTEIN, JR., LEON
ELLWOOD S.
Aspden, Robinson & Co.
Incorporated
Jr.,
Incorporated, San Francisco; Edward E. Parsons,
Corwin L. Liston, Prescott & Co., Cleveland
California Company,
Co., Inc., Cleveland;
ROBINSON,
F.
T.
Poole
Rlecke
A.
Bioren
MULLER, GEORGE J.
A.
&
PARKES, Jr., NEWTON H.
ROSTER OF MEMBERS
McNAMEE,
First
PARKER, JOHN E.
(Continued from page 41)
(
Egan,
Parsons
C.
Investment Traders Association
Of
F.
John
Clarence H. Adams,
Thursday, November 13, 1952
& Townsend,
Crouter & Bodine
WELLER, JOHN F.
Arthur L. Wright & Co.
ALFRED
WELLS,
D.
Lilley & Co.
WELSH, Jr., HENRY C.
Lilley & Co.
in NEW ENGLAND
WILLIAM
J.
WHITEHEAD,
Camden, N.
for 100 YEARS
F. S. MOSELEY & CO.
WHITLEY, FRANK
Bioren
GEO.
15 STATE
Boston
WILLIS,
Capital Securities
C.
BS-288
Members New York and Boston Stock
Byllesby
and
Company,
Incor¬
C.
GEORGE C.
Collings & Co.,
Inc.
WOOD, 2nd, RICHARD D.
Wright, Wood & Co.
Providence
Hartford
Springfield
M.
porated
STREET, BOSTON
Telephone LAfayette 3-2400
Boston Teletype
New York
H.
Underwriters & Distributors of
J.
ALFRED
WILLIS,
Co.
COIT
Poole & Co.
Schmidt,
&
H.
E.
WILLIAMSON,
Estabrook
L.
Co.
Kennedy & Co.
1819
EST.
&
WILLIAMS,
Commercial Paper
WURTK
c/o
Exchanges
JOHN
W.
Dulles & Co.
wurts,
YEAGER, WILLIAM F.
Hecker &
Co.
Members
New York Stock
New York Curb Exchange
Midwest Stock Exchange
Exchange
Stock Exchange
Boston
YEATMAN, Jr., POPE
Suplee, Yeatman & Company, Inc.
YEATTS, ALBERT H.
Geo.
The
BOSTON
TOWNSEND, DABNEY & TYSON
ESTABLISHED
Members
New
1887
York and Boston
Members
Associate
New
—
Chicago
Philadelphia
—
Suplee, Yeatman & company. Inc.
5
ORDERS EXECUTED ON ANY EXCHANGE OR
J. B. MAGUIRE & CO., INC.
31 Milk
MARKET
Street, Boston 9, Massachusetts
PRIMARY
New York
MARKETS
System
Utility and
Telephone Canal 6-1540
Industrial Stocks
Direct
Teletype BS-346
ji
Portland, Me.
Lewiston, Me.
Augusta, Me.
Bangor, Me.
TELEPHONE
s
g
jgJ
ImS-I
BOSTON:
CABLE ADDRESS
Fitchburg, Mass.
Greenfield, Mass.
Lawrence, Mass.
Phone
to
Co., New York
for
Branches:
§§j|
New England Securities
Private
A. M. Kidder &
Branches:
Corp.
WALTER K.
ZUBER, ETHAN G.
UNLISTED SECURITIES
Private Wire
(New York)
A.
Securities
ZERRINGER,
Curb
30 STATE STREET, BOSTON
Company
JOSEPH
Bankers
New York
HOWLE
C.
Wellington
ZELLER,
Stock Exchanges
York
Fleming & Co.
N.
YOUNG,
Keene, N. H.
New York Bank &
Insurance Stocks
Manchester, N. H.
LAFAYETTE
Open-end Telephone Wire to New York
3-7010
"SENDANTHY"
New
York—CAnal 6-1613
Providence, R. I.—Enterprise 2904
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System Teletype—BS-142
Portland,
Maine—Enterprise
2904
Hartford,
Conn.—Enterprise
6800
„
Convention Number
Mr.
&
Mrs.
THE COMMERCIAL and FINANCIAL CHRONICLE
Garnett
Samuel
E.
O. Lee, Jr., Scott, Horner &
Mason, Inc., Richmond,
Magid, Hill, Thompson & Co., Inc., New York City
Bond Traders Club of
Barney
Va.;
York
Nieman, Carl Marks & Co., Inc., New York; Irwin Schloss, Goldman, Sachs & Co., New
City; Justus C. Martin, Robinson-Humphrey Co., Atlanta; James Jones, Courts & Co., Atlanta
BAX, PAUL J.
Chicago
First
Boston
BUSBEY, HON. FRED E.
Member of Congress, Washington, D. C.
Corporation
BECKER, WILLIAM J.
Hulburd,
BENSON,
CAMPBELL,
Trust
B.
BERGREN,
Bank
A.
MAURICE
A. A.
G.
Becker & Co.
Corporation
CONDIT,
CASEY,
F.
A.
Carlton
&
A.
F. S.
Co.
CECIL
&
Co.
J.
O.
Yantis & Co.,
CONDON,
FRED
Fuller
Incorporated
BLANEY, JAMES P.
J. P. Blaney & Co.
Incorporated
RAYMOND V.
Ingen & Co. Inc.
B. J. Van
Doyle, O'Connor & Co.
CONLAN, PETER J.
BLECHSCHMIDT, EDWARD
CASSERLY, Jr., THOMAS D.
A.
Hornblower
&
Weeks
Doyle, O'Connor & Co.
Roe & Farnham
COOK, FREDERICK J.
BLOHM, MILTON R.
Glore, Forgan & Co.
CAVANAUGH, AUDRAN J.
BLOMBERG, CARL X.
CERF, Jr., FLOYD D.
Floyd D. Cerf, Jr. Company,
William
McKinnon
&
T.
Securities
Harmet & Co.
William
BINZ, A. A.
Shearson, Hammill & Co.
Thomson
PHILIP
American
COMBITHS, WALLACE T.
J.
CARLTON, FRANK A.
Stein,
&
Lehman Brothers
CANN,
MAYNARD
C.
National
Co.
CANN, JULES F.
Co.
Borland &
Illinois
COCHRAN, LOREN A.
William Blair & Company
COLLINS,
COLNITIS, JOHN J.
RODNEY M.
Betts,
EDWARD J.
Continental
& Chandler
Warren
GEORGE
Swift, Henke & Co.
BERG,
43
A.
H.
Fuller & Co.
M. Byllesby
and Company,
Incorporated
COOLEY, RICHARD R.
Thomson
McKinnon
&
Incorporated
BLUMENTHAL, HAROLD
Swift, Henke & Co.
BOBLETTER.
Donald R.Muller
Milton J. Isaacs
Elmer W. Hammell
Roy B. Sundell
Salomon
CHAPIN, RALPH
Reynolds & Co.
HENRY T.
President: Donald R. Muller,
Harris, Upham & Co.
CLEAVER,
Vice-President: Milton J. Isaacs, Straus, Blosser & McDowell
Treasurer: Elmer W. Hammell,
Harris, Hall & Company
Shillinglaw, Bolger & Co.
Directors:
William A. Grigsby, John Nuveen & Co.; Lester J.
Thorsen, Glore, Forgan & Co.; George R. Wahlquist, Weeden
& Co.; Richard A. Wernecke, Paul H. Davis & Co.
BOYLE,
WALLACE
Cruttenden
OLINE,
Company,
Incorporated;
Elmer
W.
Shillinglaw,
Hammell,
Bolger & Co.; Richard A. Werneke, Paul H. Davis & Co.; Lester
Thorsen, Glore, Forgan & Co.; Fred T. Rahn, The Illinois
J.
Company.
H. Strong,
The First National Bank of Chicago;
Leonard Friedman, Boettcher and Company; Thomas E. King,
Dempsey-Tegeler & Co.; Arthur C. Sacco, Cruttenden & Co.
Elected: January
1952; Took Office: March 1, 1952; Term Expires:
(Members located
in Chicago unless
otherwise
A.
indicated)
C.
WALTER C.
David A. Noyes &
du
Higginson
ARNOLD, Jr.,
The
Illinois
Pont
First
& Co.
Corporation
HAZEN
A.
La
of
on page
44)
C.
S.
Brown
&
Company
S.
Co.
Salomon Bros. &
Hutzler
PHILIP
C.
Goldman, Sachs & Co.
BULLER, FRANK H.
Hlckey & Co., Inc.
FRANK
BURCH,
Kneeland
G.
& Co.
DAVID J.
Ellis
Simmons
&
Established
1926
G.
H.
Salle Co.
GEORGE
Michigan
J.
(Continued
A.
BARNHART. WILLIAM S.
First La
W.
Inc.,
Co.
BARROWCLOUGH,
First
HOWARD
Bacon, Whipple & Co.
Brinkman,
Co.
&
HORACE
Salle
BARTHELL,
S.
Company of Chicago
D.
L.
Corporation
GARY
Harris, Upham & Co.
KNOX
BAUM, NORMAN B.
ARTHUR, JOHN
David
STEPHAN
Borland
BARNHART,
ANDERSON, JOHN A.
Anderson, Plotz & Company, Inc.
ANDERSON, WILLIAM A.
Lee
Betts,
&
BARCLAY, HAROLD
Barclay Investment Co.
Co.
ANDERSON, ALFRED E.
I.
Blair
BALLISCH, JOSEPH O.
A. C. Allyn and Company, Inc.
ALM,
Francis
BACHAR,
and
BROWN, HARRY M.
Blunt
JOHN W.
Allyn & Co.
Heronymus
Sheboygan, Wis.
BURKE, HERBERT J.
Rogers & Tracy, Inc.
ROSTER OF MEMBERS
ALLYN,
CORNELIUS,
CLOYES, FRED O.
J.
R.
Brothers, Harriman & Co.
BREWER, G. FABIAN
BURKE,
February 28, 1953.
Brown
G.
BROWN, CARMAN
BUHLE, Jr.,
Alternates: O.
J.
Kneeland & Co.
Milwaukee (Associate)
JOSEPH
Aim, Kane, Rogers & Co.
William
National Committeemen: Thompson M. Wakeley, A. C. Allyn and
THOMAS
PETER
Loewi & Co.,
(Incorporated)
& Co.
BRADY, EDMUND
E.
CORBUS,
Republic Company
BOWKER, HERBERT H.
Secretary: Roy B. Sundell, Julien Collins & Company
GEORGE
Lehman Brothers
BOEDEKER, ROBERT F.
Central
COONEY, WALTER E.
Kidder, Peabody & Co.
COOPER,
Co.
H.
Television Shares Management Co.
CLARKE, JOHN W.
John W. Clarke, Incorporated
Hutzler
&
Bros.
BODEN, JOHN L.
Lamson Bros. &
COOLEY, WM.
Blair, Rollins & Co.
Noyes & Co,
Incorporated
&
CO., Inc.
MEMBERS
New
Ass'n
Your
Keeping Pace
with the
York Security Dealers
BROKERS IN
growing utility service
needs of New
UNLISTED
England's world-
famed industries & institutions
Doorway
DEALERS AND
trading
markets
in
SECURITIES
Members New York & Boston
Stock Exchanges
New England
11
Broadway
Securities
31 MILK STREET
NEW YORK 4
Telephone DIgby 4-1388
Bell
BOSTON 9, MASS.
System Teletype NY 1-86
BS424
New York
Teletypewriter
27 State Street
NEW
GAS AND
ENGLAND
ELECTRIC ASSOCIATION
727 Massachusetts Ave.
Cambridge 39, Mass.
BOSTON 9
Private
wire to
Telephone HAncock 6-8200
CAnal 6-8100
Telephone CApitol 7-8950
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Teletype BS 169
Springfield
Fitchburg
Worcester
THE COMMERCIAL and FINANCIAL CHRONICLE
44
Walter F.
Saunders, Dominion Securities Corporation, New York City; Lee R. Staib, Ceo. Eustis & Co.,
Cincinnati;
Thomas Graham,
The Bankers
Bond Co., Inc., Louisville; John C. Hecht,
Dempsey-Tegeler & Co., Los Angeles; H. Frank Burkholder, Equitable Securities
Corporation, Nashville; Jerome F. Tegeler, Dempsey-Tegeler & Co., St. Louis
Welch, Sincere and Company, Chicago;
Perry Brown, Newman, Brown & Co.,
Blum, Brush, Slocumb & Co., Inc., San Francisco;
F. Boice Miller, B. J. Van Ingen & Co., Inc., Miami; Edward H.
C. Phillips, Pacific Northwest Company, Seattle; William
Josef
New
Orleans;
Ernest
Harold
E.
B.
Smith,
Pershing
Bond Traders Club of
York
New
Co.,
&
City
FALVEY,
Chicago
GAMON, JOHN T.
ROY
Thomas
D.
Sheerin
&
Co.,
Indianapolis
ROSTER OF MEMBERS
CRONIN, DOMINIC C.
Cruttenden
&
CRUTTENDEN.
DARFLER,
WALTER
W.
&
Co.
M.
CHARLES
Langlll & Co.
The
DETMER, JOHN F.
H.
Hentz
&
Bache
%
■
GERALD
E.
Bank
GEORGE
of
Chicago
A.
De
PATRICK J.
Bear, Stearns & Co.
Young-Tornga
Grand
CUNNINGHAM, BERNARD J.
Goldman, Sachs & Co.
Rapids,
Harriman
DOYLE, JOHN ROBERT
Doyle, O'Connor & Co.
CUNNINGHAM, JAMES W.
Reynolds & Co.
DUNNE, FINLEY P.
Shllllnglaw. Bolser
&
HICKEY,
GOODWIN, JAMES E.
Sills, Fairman & Harris, Incorporated
HIRSCHBERG, EDWARD A.
&
Webster
Bankers
The
GRATZA,
FRIEDMAN, LEONARD
Boettcher and Company
William
ADOLPH C.
Shearson, Hammill & Co.
A.
William A.
Francis L du Pont & Co.
Fuller & Co.
Greenebaum Investment Co.
Fuller & Co.
GRIER,
The
Louisville, Ky.
HOELCK,
WILLIAM
JOHN
First
McDougall & Condon,
John
Inc.
GUILD,
A.
DIRECT
C.
Farwell,
Ernst &
HOLT.
J.
Bank
of
Chicago
HORACEK,
First
DAYTON HAIGNEY & CO.
\S
STATISTICAL DATA
HARMET.
A.
A.
HUMMEL,
A.
Company
&
GEORGE
of Chicago
F.
First Securities Company
of Chicago
HUNTER, WILLIAM S.
Lee Higglnson Corporation
L.
ALFRED
JEAN
Securities
Halsey, Stuart & Co. Inc.
HUTCHINSON. HERBERT A.
McMaster Hutchinson & Co.
Co.
IMPEY, ROBERT W.
Shlllinglaw, Bolger & Co.
MARKETS
Co.
LESTER H.
HORDER, EARL R.
& Co.
HAMMELL, ELMER W.
V TRADING
Co.
Eastman, Dillon & Co.
H.
Chapman
&
Ernst
DONALD J.
Allyn and Company, Inc.
HALLFORD,
NEW YORK
M.
Co.
HOFER, RAYMOND
HACK, Jr., JOHN J.
F. S. Moseley & Co.
'PHONES to
&
HOFER, CHARLES
National
Nuveen
THEODORE
McCormick
J.
Tex.
Co.
&
GRIGSBY, WILLIAM A.
GALLAGHER, JAMES P.
WILLIAM G.
San Antonio,
& Co.,
(Associate)
Russ
Co.,
Hallgarten & Co.
Halsey, Stuart & Co. Inc.
EUSTICE, JOHN W.
Reynolds & Co.
J.
Co.
&
HITCHCOCK, JAMES E.
HOBBS,
GREGORY, GORDON D.
Swift, Henke & Co.
GALE, FRED O.
ERZBERGER, ELMER W.
Smith, Burrls & Co.
Corporation
GREENBERG, MORRIS H.
WILLIAM A.
FULLER,
RICHARD
Kneeland
GREEN, ARTHUR A.
Union Security Co.
Co.
ENYART, CHARLES E.
Securities
Bond
Paul H. Davis
FULLER, JOSEPH T.
2
Co.
(Associate)
Faroll & Company
EGNER,
Chicago
of
HICKEY, Jr., MATTHEW J.
Hickey & Co., Inc.
GRAHAM, THOMAS
Incorporated
Ripley & Co.,
SIDNEY
FREEMAN,
DOYLE, LEO J.
Doyle, O'Connor & Co.
&
First National Bank
Cruttenden & Co.
FOLLMER, FRED J.
(Associate)
Farnham
&
EDWARD
GOTT, EARLE C.
Goodbody & Co.
William Blair & Company
Co.
Mich.
The
Noyes & Co.
FRANK
HERMAN,
GOODMAN, WILLIAM D.
Freehling, Meyerhoff & Co.
Stone
FLETCHER. DONALD T.
1
NEIL
YOUNG,
De
David A.
McKinnon
GORDER, HENRY A.
Co.
Detmer & Co.
CUMMINGS,
&
Stein, Roe
National
First
FITZSIMONS,
CUMMINGS, FRANK X.
Bear, Stearns & Co.
HEALY, WILLIAM B.
GOODMAN,
Thomson
Rodman & Linn
dePERSIO, ANTHONY L.
F. S. Moseley & Co.
J.
HARRELL, WILLIAM R.
Reynolds & Co.
HAYS, EDDE K.
Central Republic Co.
GOLDEN, GEORGE T.
FITZGERALD,
CULLEN.
Chicago
GLOSSER, EARL C.
FENTON, ARTHUR W.
DAY, JAMES W.
Aubrey G. Lanston & Co., Inc.
of
UARTWIG, CARL A.
Link, Gorman, Peck & Co.
FELLEGI, JULES
Farwell, Chapman & Co.
Co.
DAVIDSON, HOWARD L.
McDougal & Condon, Inc.
Cruttenden & Co.
CRUTTENDEN, Jr., WALTER W.
Cruttenden
&
Bank
FAUST, JOHN N.
Kidder, Peabody & Co.
GLEN A.
Kneeland
Co.
National
FELL, PETER V.
Langlll & Co.
DAHLIN, GEORGE E.
Langlll & CO.
COUTTS, RONALD M.
Blyth & Co., Inc.
First
GIESEN, ELMER J.
David A. Noyes & Co.
ARTHUR E.
Byllesby and Company,
Incorporated
FARRELL,
H.
The
GAVIN, JOSEPH J.
Goodbody & Co.
(Associate)
(Continued from page 43)
Thursday, November 13, 1952
John
Nuveen
&
Co.
ISAACS, MILTON J.
Straus, Blosser & McDowell
A.
Harmet & Co.
INCORPORATED
Xew
75 FEDERAL STREET, BOSTON
England
HOTCHKIN CO.
Teletype BS 596
Securities
New York Telephone—WOrth 4-2463
Dealers in Unlisted Securities
Textiles
Since 1929
Established 1908.
New York
CAnal 6-2610
53 STATE
STREET, BOSTON 9, MASS.
Boston
Cable Address
Telephone
HUbbard 2-8360
"Tockin"
LAfayette 3-0460
Hartford, Providence, Portland
Kidder, Peabody & Co-
Enterprise 9830
A. T. & T.
Founded in 1865
Teletype:
Members New York, Boston and Midwest Stock
Boston 568-569
and New York Curb
Exchanges
Exchange
Dealers and Brokers
in
general market issues
Trading markets in
New
Specializing in
England Bank, Utility and Industrial Stocks
new england securities
@MAY
6GANNON
75
Telephone:
Federal
Street,
Boston
Liberty 2-6200
Teletype:
BS 338
INCORPORATED
!
SI
ti
STOCKS
161
&
BONDS
DEVONSHIRE
BOSTON
10.
NEW
YORK
CHICAGO
PHILADELPHIA
Ralph F. Carr & Co., Inc.
31 MILK
STREET
New England Branches:
MASS.
Lowell
*
New Bedford
*
Newport
*
Providence
STREET
BOSTON 9,
*
Springfield
*
MASS.
Taunton
Telephone:
HUbbard 2-6442
•
Teletype:
BS 328
'
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
45
F. Colwell, W. E. Hutton & Co., New York City; Barney Nieman, Carl Marks & Co., Inc.,
City; Nathan Krumholz, Siegel & Co., New York City; Gustave Schlosser, Union Securities
Corporation, New York City;
Lewis H. Serlen, Josephthal & Co., New York City;
Gene Stark, M. S. Wien & Co., New York City
Mr. & Mrs.
Samuel
Dominion Securities
New
&
Hugh Bradford, Southwestern Securities Company, Dallas; Mr. & Mrs. Walter F. Saunders,
Corporation, New York City; Mr. & Mrs. John G. Heimerdinger, Walter, Woody
Heimerdinger, Cincinnati; Charles A. Bodie, Jr., Stein Bros. & Boyce, Baltimore; Mrs. John
Fuerbacher, Cincinnati; Arnold W. Bertsch, G. A. Saxton & Co., Inc., New York City
<
FRANK
JACOBSON,
Mercantile
York
E.
National
Bank
JACOBSON, R. DONALD
Smith, Burris & Co.
Mead, Miller & Co.
—Members—
New
New
York
York
Stock
Curb
JAMES, WILLIAM E.
Halsey, Sttuart & Co.,
JANSHOFF,
Exchange
Exchange
Inc.
W.
PUBLIC UTILITY—MUNICIPAL—INDUSTRIAL
Witter & Co.
Dean
(Associate)
ROBERT
INSURANCE STOCKS
JOHNSON, FREDERICK F.
Barcus, Kindred & Co.
Philadelphia-Baltimore Stock Exchange
JOHNSON,
★
TOGE V.
First
The
Boston
Corp.
JONES, WILLARD C.
Aubrey G. Lanston
Active Markets in Local Issues
& Co.,
Inc.
KANE, VINCENT T.
Aim, Kane, Rogers & Co.
★
KANT, HERBERT H.
Direct Private
CARL
Greenebaum
Wire to New York Correspondent
M.
Bell
KEEGAN,
St., Baltimore 2, Md.
BA 270
—
NEW
BERNARD
JOHN
STOCK EXCHANGE
YORK
EXCHANGE
CURB
(ASSOC.)
STOCK
EXCHANGE
NEW YORK
R.
Direct Private
Conrad, Bruce & Co.
Cruttenden
Co.
&
—
to
Seattle and Portland
San Francisco,
—
Chicago
Wires
Florida
•
Securities
Corp.
—
St.
Petersburg
F.
Brothers
Stern
NEW
BALTIMORE
KEGLEY, WILLIAM C.
Rogers to Tracy, Inc.
KEHOE,
OF
YORK
PHILADELPHIA-BALTIMORE
Hickey to Co., Inc.
New York—WHitehall 3-4000
0210
Teletype
Co.
HUGH T.
& Burr, Incorporated
Coffin
Telephones: Baltimore—Lexington
MEMBERS
Investment
KEARNS,
LOEB, RHOADES & CO.
Ill E. Redwood
SECURITIES
t
&
Co.
KEITH. CLYDE H.
Cruttenden & Co.
JOHN
KELLY,
KENNEY,
A.
FRANCIS
A.
Dempsey-Tegeler &
JONES, KREEGER & HEWITT
MEMBERS
GEORGE
KING.
NEW
YORK
NEW YORK CURB
STOCK EXCHANGE
WASHINGTON
STOCK
PHILADELPHIA-BALTIMORE
EXCHANGE
(ASSOCIATE)
EXCHANGE
STOCK
EXCHANGE
Co.
WILLIAM D.
Bacon, Whipple & Co.
KERR.
BAKER, WATTS & CO.
F.
ESTABLISHED
Weld & Co.
White,
KING, THOMAS E.
Dempsey-Tegeler & Co.
*
Members
KIPP, JOHN D.
A.
CAFRITZ
BUILDING,
EYE STREET, N. W.
1625
WASHINGTON
6,
D.
C.
Teletype—WA
District 5700
67
Becker
G.
Co.,
to
Members
Incorporated
Associate Members New
OTTO J., Jr.
The Marshall Company, Milwaukee, Wis.
(Associate)
C.
ROBERT
KRELL,
Active
"
Trading Markets in
Local
Securities
KRENSKY, Jr., ARTHUR M.
Republic Investment Company, Inc.
LANE. WILLIAM H.
Harris
LOCAL BANK STOCKS
Exchange
York Curb Exchange
Listed and Unlisted Stocks and Bonds
B.
Whipple <3c Co.
Bacon,
Exchange
Stock
Maryland County and Municipal Bonds
STAR C.
Moseley & Co.
S.
F.
Stock
Government and Federal Land Bank Bonds
PHILIP F.
and Company
Childs
F.
KOERNER,
WASHINGTON SECURITIES
York
Philadelphia-Baltimore
KOCH,
KOENIG,
Firm Markets in all
New
1900
CALVERT & REDWOOD STREETS
Savings Bank
Trust to
BANFORD
LANGILL,
BALTIMORE 3, MD.
B.
Langlll to Co.
J. PATRICK
LANNAN.
DIRECT
WIRE
Kneeland
TO
MEMBERS
NEW
YORK
STOCK
to
Co.
Representatives:
RAYMOND F.
Ames, Emerich & Co., Inc.
Clarksburg, W. Va.; Salisbury, Md.
LaPAK,
HAYDEN, STONE & CO.
EXCHANGE
LA
LAWRENCE
& Co.
ROCCO.
Lamson
Telephones:
New York—CAnal
C.
Bell
Baltimore—Mulberry 2600
6-7162
System Teletype—BA 395
Bros.
LAWLOR, J*., WILLIAM J.
Hornblower to Weeks
LEASON,
Leason
LEASON,
Leason
HARVEY
&
G.
Co., Inc.
GLEN
HARVEY
to
Co.,
Inc.
LEE. ARTHUR D.
Firm
Goldman,
Markets In
WE
Sachs & Co.
JOSEPH M.
Daniel F. Rice and
INVITE YOUR
INQUIRIES
LEE.
Company
LIENING. EDWARD
SECURITIES
WASHINGTON
Spink to Co.
Miller,
EDWARD
LILLIG,
H.
Carter
LINDER,
Direct
Private
EVAR L.
LONGSTAFF.
Carl M. Loeb, Rhoades &
our
New
York
Co.,
BALTIMORE
& Co.
Rogers
RALPH
& Tracy,
S.
Inc.
LOX, WILBUR
Correspondent
Bacon,
t
Whipple to
1920
James
E.
Bennett
SteinBros.&Boyce
to Co.
,
Mac
LEAN,
H.
Northern Trust Company
The
Johnston, Lemon & Co.
JAMES
Established
Geyer
MAGEE,
STOCK
EXCHANGE
PHILADELPHIA-BALTIMORE STOCK
UNDERWRITERS
Southern
Telephone:
-
H.
EXCHANGE
DISTRIBUTORS
-
DEALERS
Building, Washington 5, D. C.
Sterling 3130
Branch Office:
Bell Teletype: WA 95 to WA 28
Alexandria, Va.
1853
MADARY, HARRY
to
Co.,
6 S. Calvert St., Baltimore
Incorporated
MEMBERS
WASHINGTON
.
.
Co.
LYNCH, PHILIP A.
ESTABLISHED
RYLAND
ai
SECU
Webber, Jackson & Curtis
Paine,
Wire to
Inc.
A.
Harrison
MARTIN
MAHER, RAYMOND A.
A. C. Allyn & Company.
Phones:
Bait., Saratoga 8400
Ames.
LAWRENCE
N. Y., Rector2-3327
Phila., Pennypacker 5-5175
PHILADELPHIA
NEW YORK
LOUISVILLE
Incorporated
Cumberland, Md.
MARQUARDT. JEROME F.
William A. Fuller to Co.
MARR.
2, Md.
L.
Byllesby and Company,
Incorporated
M.
N.
Emerich to Co., Inc.
MARSHALL, WILLIAM H.
The Marshall Company, Milwaukee
(Continued on page 46)
MEMBERS OF
NEW
end other
YORK STOCK
EXCHANGE
leading exchanges.
CHRONICLE
THE COMMERCIAL and FINANCIAL
46
John
G.
Heimerdinger, Walter, Woody & Heimerdinger, Cincinnati;
Tomasic, Thomas & Company, Pittsburgh
Mr. & Mrs. Anthony
Chicago
DONALD
MATHEWS, HENEY T.
Doyle, O'Connor & Co.
MATHEWS, MUEEAY C.
MEYEES,
Cruttenden
MATZ.
L.
&
Moseley
McGHIE. Jr..
P.
&
Cruttenden
C.
Co.
GEORGE W.
Incorporated
MCGREGOR,
F.
S.
Jr.,
and
Orlando,
&
Illinois
Continental
Trust
Co.
of
Pla.
The
MELL, HERMAN G.
Smith, Barney & Co.
FRED
Milwaukee,
National
Bank
ROBERTSON,
&
Company
(Associate)
Salomon
Blyth dc
Co., Inc.
O'ROURKE, Jr., JOHN P.
J. P. O'Rourke & Co.
DEALERS
RYAN,
SACCO,
ARTHUR
PARKER.
Sills,
Fairman
William
A. Puller
Hutzler
&
JOSEPH
SMOLE.
Co.
SOMMERS, FLOYD J.
Blyth & Co., Inc.
SORENSON, OLAF A.
Mitchell, Hutchins & Co.
D.
McDowell
SPANIER,
Leason
PEAR80N,
W.
Gibson
C.
&
The First National
Co.
Bank of
Chicago
SPARKS,
F.
PECK,
Public Utility
Railroad
W.
Hornblower &
PETRIE,
Brown
Sadler
Co.
CHARLES R.
PERRIGO,
Industrial Securities
SADLER, FRED D.
EDGAR A.
C. Gibson &
GEORGE
LAWRENCE
&
Co.
Spink &
Swift,
■
Cruttenden
Markets Maintained
John Nuveen & Co.
SCHEUER, CHARLES G.
PULVER,
HENRI
McMaster
Hutchinson
&
Daniel
Co.
Rice
F.
Co.
STRAUS, FREDERICK W.
Straus, Blosser & McDowell
SCHMITZ, JOHN F.
P.
WALTER L.
Henke &
Swift,
Dempsey-Tegeler & Co.
Swift, Henke & Co.
Co.
&
STONER, HARLEY H.
Halsey, Stuart & Co. Inc.
STRAIT,
Active
Inc.
Henke & Co.
STEPHENS. DONALD B.
SAYRE, BYRON J.
JOHN P.
Co.,
STEFFES, JAMES W.
Chesley & Co.
A.
Inc.
PAUL W.
Miller,
SAWERS, ARTHUR R.
W.
ROBERT
Cruttenden & Co.
POLLICK,
Co.,
ALLEN K.
Carlton & Co.
A.
SPINK,
Co.
Norrls & Kenly
Harriman
PODESTA,
&
SANDBERG,
Weeks
Brothers
WILLIAM
&
SACHNOFF, SAMUEL
DON C.
A.
The First National Bank of Chicago
C.
Straus, Blosser &
Inc.
Inc.
Securities Company of Chicago
First
Inc.
Co.
&
Simmons
&
GEORGE W.
SMITH,
M.
MOREY
SACHNOFF,
Harris,
A.
ARTHUR
Ellis
Rogers & Tracy,
GERALD
Cruttenden
W.
&
Jr.,
M.
McDowell
SKEPNEK, Jr., PAUL J.
RUSSELL, MERTON A.
Halsey, Stuart & Co.
OLDERSHAW, HALLOCK B.
NATHAN
Blosser &
SIMMONS, RICHARD W.
Blunt
&
Bros.
W.
Nicolaus & Co., Inc.
SILBERMAN,
Straus,
& Harris, Inc.
EDWARD
ROOB,
O'ROURKE, JOHN P.
J. P. O'Rourke & Co.
DISTRIBUTORS
Inc.
Hickey & Co., Inc.
Co.
&
BRADFORD
Stifel,
J.
ROGERS, JOHN C.
Upham
Incorporated
SHERWOOD, DONALD B.
Harris,
O'CONNOR, HUGH J.
Betts, Borland & Co.
Company
Byllesby and Company,
Swift. Henke & Co.
&
Sills, Fairman
Illinois
SHAW.
CLARKE
Fairman
Sills,
Inc.
Wyandt, Incorporated
&
Carter H. Harrison & Co.
& Co.
Rice
M.
Aurora, HI.
SHALES, GLENN S.
ROBINSON, ELD RIDGE
Harris,
G.
Wis.
b
O'BRIEN, EDWIN P.
Sincere and Company
Co.
Chicago
Milwaukee
LEO
T.
Thomson & McKinnon
O'DONNELL, CHARLES R.
MORTON,
The
RING, HERBERT A.
Inc.,
(Associate)
NORTON, LAWRENCE H.
Remer, Mitchell & Reltzel.
MORBUS, ORION
WILLIAM J.
R.
Inc.,
Chicago
SELLERS, PAUL A.
H. M.
RICE, ROBERT M.
J.
of
SENNOTT, WILLIAM J.
Dempsey & Company
The Crummer Company,
Company
MONTGOMERY, THOMAS R.
Glore, Forgan & Co.
Yantls & Co., Incorporated
McHUGH. JOHN D.
James J. McNulty & Company
REYNOLDS,
Co.
MOON, RUSSELL F.
Shearson, Hammill
Co.
&
Childs
P.
CHRIS. J.
Lynch, Pierce, Penner & Beane
WILLIAM
Scott
EDWARD P.
Byllesby and Company,
RAYMOND F.
Barclay Investment Co.
LOWELL
Leason & Co., Inc.
NOEL,
McGREEVY, JOHN A.
Bache
&
M.
J.
FRANK
National Bank
SCOTT, MORTIMER W.
REVELL,
NIEBUHR,
MOFFAT, DONALD L.
Yantls & Co.,
S.
Merrill
Inc.
MILLER, WILLIAM E.
C.
Higginson Corporation
S.
Inc.
Co.,
&
Incorporated
F.
Company
NEWPART,
Inc.
McFAELANE, LAURENCE B.
P.
NEWELL, EDWARD
Langill & Co.
Blair &
MILLER, SAUL R.
Miller, Spink & Co.,
EENEST A.
McCOTTEE. DONALD
Lee
William
H.
First
(Associate)
Emerich
RENIER,
WILLIAM A.
Bear, Stearns & Co.
MIEHLg, DON G.
T.
Emerich & Co.,
Ames,
The
SCHWANZ, F. DAVID
Schwanz & Company,
ROY S.
Ames,
GIRARD
F.
SCHUERINGS,
RALPH G.
Mason, Moran & Co.
RANDALL,
REED,
City
Wayne Hummer & Co.
RAMING, H. PHILIP
Glore, Forgan & Co.
Co.
NELSON,
HENEY P.
Goldman, Sachs & Co.
Rothschild & Co.
MAYEE,
SCHOETTLER,
Salomon Bros. & Hutzler
Co.
CHAELES
P.
T.
FRED
NELSON, HARRY L.
Blyth & Co., Inc.
MEYER, JULIEN L.
Securities Corporation, New York
Illinois Company
The
,
MURPHY, JAMES H.
Dempsey-Tegeler Co.
ROSTER OF MEMBERS
—
& Co.
R.
&
Saunders, Dominion
F.
RAHN,
C.
HOWARD
Upham
Harris,
45)
page
Walter
McMaster Hutchinson
MULLER,
(Continued from
C.;
Clarence H. Adams, Securities & Exchange Commission, Washington, D.
E.
MORTON,
Bond Traders Club of
Thursday, November 13, 1952
and
Company
STRAUSS. ROBERT
Daniel
Rice
F.
and
Company
STRONG, O. H.
Inquiries
on
Penna. Inactive Securities Invited
The First National Bank of Chicago
BROKERS
DISTRIBUTORS
UNDERWRITERS
SUNDELL, ROY B.
Julien
Collins
SWANS ON.
&
Company
KNUTE
G.
Carter H. Harrison & Co.
&
123 South Broad
STOCK
EXCHANGE
Members:
New York Stock
STANLEY
Stanley Swiech and Company
•
Wm. H.
New York Curb Exchange
TERO.
A.
ROBERT
C.
In the Nation's Third
BOwling Green 9-4818
Direct Private Wires to First Securities Co. of Chicago, Chicago, III.
and Harry M. Sheeley & Co., Baltimore, Md.
Largest Trading Area
1342 Walnut Street,
New
York
City
Philadelphia 7, Pa.
Harrisburg
Lebanon
*
KIngsley 5-4500
Atlantic City
Vineland
HERMAN
DeYoung-Tornga
Grand
TORREY.
Rapids,
PRIMARY TRADING MARKETS -I- RETAIL DISTRIBUTION
J. Fred Underwood
Seventeen
McCormick
BOENNING
Members
Philadelphia-Baltimore Stock Exchange
l«0«s WALNUT STREET
Teletype PH 30
&
&
Better Service To You
More Opportunities For Us
CO.
New York Curb Exchange (Associate)
PHILADELPHIA 3, PA.
Telephone PEnnypacker 5-8200
*
Co.
Co.
Registered Representatives Serving
&
(Associate)
R.
ALEXANDER
Several Thousand Investment Accounts
Jennings, Jr.
Co.
Mich.
GEORGE
Reynolds
Edward J.
Incorporated
J.
TORGERSON, FRANK S.
Link, Gorman, Peck & Co.
TRITSCHLER,
Harold F, Scattergood
Company,
LESTER
Glore, Forgan & Co.
PH 771
City Telephone:
H.
J.
Allyn and
TORNGA,
New York
WILLIAM
Tegtmeyer & Co.
THORSEN,
Effective Distribution
Bell System Teletype
KIngsley 5-2700
Exchange
1
Philadelphia-Baltimore Stock Exchange
Street, Philadelphia 9, Pa.
Philadelphia Telephone
SWIECH,
TEGTMEYER,
Henry B. Warner & Co., inc.
MEMBER PHILADELPHIA-BALTIMORE
Company
New York Telephone COrtlandt 7-1202
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Mr.
Mrs.
&
Mrs.
C.
TRUE,
CHAS.
UNGEHER,
McCulley,
First Southwest
WERNECKE.
P.
Merrill Lynch,
Pierce, Fenner & Beane
FRED
JAMES
Webber,
C.
VALLEAU, HARRY 0.
John
Ver
EDWARD V.
Nuveen &
MEULEN,
Ver
Meulen
WILLIAMS,
Co.
JOHN
&
WILTBERGER,
W.
Co., Racine,
A.
C.
THOMPSON
A.
M.
FRED
G.
Becker
LEROY F.
Co.
G.
Wortman
Chicago
Co.,
'
.
The First
Co.
Aurora,
111.
National
ADAMS.
Glore,
WRIGHT,
R.
JAMES
Forgan
Stifel,
& co.
O'Connor &
Doyle,
A.
G.
Becker & Co.,
Incorporated
Z1PPIN,
Bank
of
Chicago
ALFF,
in
Denver
unless
BROWN,
C.
Merrill Lynch, Pierce, Fenner & Beane
BARWISE.
NORMAN
j.
BATCIIELDER,
EUGENE
Trust
Amos
Co.
F.
Company
FRED
and
Company
BRUNTON, DAVID W.
Sidlo,
Simons,
Roberts
&
Co.
HERMAN
Sudler
C.
and
&
(Continued
Co.
on page
GEORGE H.
National
Bank
JOHN H.
Amos C. Sudler & Co.
Wyandt,
Incorporated
ALLEN.
&
Edward F.
Co.
ESTABLISHED
F.
EDWARD
ALTMAN,
ISRAEL
E. W. CLARK & CO.
WALTER
C.
Garrett-Bromfield
Altman
&
1837
•
Co., Pueblo
MEMBERS
Inc.
ARGALL,
WILLIAM
Boettcher
and
ASHLEY, LEO
.
Bond Club of Denver
National
First
H.
PHILADELPHIA-BALTIMORE
Company
NEW
C.
Bank
YORK
NEW
STOCK
YORK
CURB
AVERY. ROBERT J.
The United States National Bank
of
j.
A.
&
DUDLEY
(ASSOC.)
PHILADELPHIA
D.
Telephones:
F.
& Co.
Philadelphia KIngsley 5-4000
New
ROBERT R.
Don
A.
Fort
Collins,
BARKER.
EXCHANGE
Co.
Bosworth, Sullivan
BAKER,
EXCHANGE
EXCHANGE
LOCUST AT 16th STREET
GERALD
Hogle
BAKER,
STOCK
•
Denver
BACHAR.
Chapin & Co.
Colo.
FREDERICK
Garrett-Bromfield
&
WHitehall
York
3-4000
Lancaster
Germantown
York
F.
Co.
Greetings and Best Wishes
R.
President: Raymond L.
Vice-President:
from Philadelphia
Robert M. Kirchner
John Aiff
L. Robinson
Robinson, Sidlo, Simons, Roberts & Co.
TRADING DEPARTMENT PERSONNEL
John Alff, Amos C. Sudler & Co.
Secretary: Robert M. Kirchner, Carroll, Kirchner & Jaquith, Inc.
R. Victor Mosley,
)
R. Victor Mosley
vice president
Equipment Trust Certificates
Frank J. Laird
UNDERWRITERS, DEALERS and BROKERS
Frank J. Laird
Allen
Pennsylvania Municipal Bonds
Public
Railroad Bonds, Guaranteed
and
B. Foard, Jr.
Thomas F. O'Rourke
Utility — Railroad—Industrial
Russell M.
Michael J.
Bonds & Stocks
Industrial
Ergood, Jr.
Municipal Bonds
Rudolph
Gordon W.
Specializing in
Leased Lines Stocks
Public Utility
James G. Mundy
BONDS and STOCKS
Pfau
L. Wister Randolph
Institutional Department
Issues Free of the
Personal
Robert J.
Pennsylvania
John
Property Tax
F.
Campbell
Sales Order Department
Klingler
Edward
Statistical Department
F. Hirsch
Felix E.
Maguire
Yarnall & Co.
Field Representative
STROUD & COMPANY
Incorporated
Members of
\eu
York Stock
Exchange
123
Philadelphia-Baltimore Stock Exchange
New York Curb
Exchange (Assoc.)
ST., PHILADELPHIA 2, PA.
South Broad
Street
PHILADELPHIA 9
new
1528 WALNUT
48)
ALFF,
OWEN H.
Zippin & Company,
and Company
Boettcher
CHAPIN N.
RAYMOND W.
Remer, Mitchell & Reitzel, Inc.
WELCH, EDWARD H.
Sincere
&
DONALD
BROWN,
ADAMS, FREDERIC A.
YOUNG,
J.
WARREN
WEBER,
Scott
Co.
DONALD C.
*
Nicolaus & Co., Inc.
WYANDT,
WAUCHOP, RAYMOND C.
located
International
The
Denver
WARE,
BROMFIELD,
Boettcher
(Members
E.
WOUK, THEODORE
D.
Inc.
C.
WALLER
The J. K. Mullen Investment Co.
ROSTER OF MEMBERS
Incorporated
R.
&
(Associate)
Paine, Webber, Jackson & Curtis
O'Connor &
R.
BRINKER,
December
otherwise indicated)
GLEN
WORTMAN,
J.
B.
Bank
BRERETON, WM. H.
Brereton, Rice & Co.,
.
6, 1951; Took Office: January 1, 1952; Term
Expires: January 1, 1953.
Kneeland & Co.
RICHARD
National
Garrett-Bromfield & Co.
Elected:
WOOLARD, FRANCIS C.
M.
WALSH, THOMAS
&
Bank
M.
BOSWORTH, ARTHUR F.
Bosworth, Sullivan & Co.
Coughlin and Company.
mer,
S.
The First National Bank of
Chesley & Co,
Doyle,
ALFRED
WOLF, LEONARD J.
Allyn and Company, Inc.
WALLACE,
F.
WINTERHALTER,
& Co.
WALKER,
P.
Blyth & Co., Inc.
Wis.
WAHLQUIST, GEORGE R.
WAKELEY,
GEORGE
Phillip J
WILLIAM
Colorado
L. Robinson, Sidlo, Simmons,
Clark, Amos C. Sudler & Co.; Bernard
Kennedy, Bosworth, Sullivan & Company, Inc.; Lloyd Ham¬
Roberts & Co.;
National
Colorado
National Committeemen: Raymond
Langill & Co.
(Associate)
Weeden
ANDREW R.
Rogers & Tracy, Inc.
F. Carr
OSWALD
BENWELL,
BERGER,
Walsh & Co.
WILLIAMS,
Harry O. Valleau & Co.
Pont, Homsey & Company, Boston; William S. Thompson, Ralph
Boston; Frank T. Harrington, H. D. Knox & Co., Inc., Boston
Writer &
Christensen, Inc.; Robert Crist, J. K. Mullen Investment Com¬
pany; Neil King, First National Bank of Denver; Orville C.
Neely, Merrill Lynch, Pierce, Fenner & Beane.
JOHN N.
Baker,
Co.
&
Homsey, du
Co., Inc.,
&
Treasurer: Donald Campbell, Campbell-Jacobs & Co.
A.
Co.
&
E.
Directors: The officers and George S. Writer, Peters,
RICHARD
Davis
H.
WILKIN,
Simpson
VALLELY,
Paul
WIERENGA, RICHARD
Smith, Barney & Co.
E.
Rogers & Tracy, Inc.
VACHA,
Anton
& Co., Syracuse; Mrs. Everett W. Snyder, Syracuse;
Company, Dallas; Mrs. Richard H. Walsh, St. Louis
Bishop, Smith, Bishop
Wesley M.
Rader
47
york
pittsburgh
allentown
lancaster
48
THE COMMERCIAL and FINANCIAL CHRONICLE
Mr.
&
Mrs.
G.
Price Crane,
&
ROSTER OF MEMBERS
HARDEY, PAUL
Amos C. Sudler & Co.
CARROLL, HOWARD
Carroll, Kirchner &
(Continued from page 47)
HARRIS, GEORGE R.
CHAPIN,
Don
HARRY
National
Colorado
BUCHENAU,
E.
BULKLEY.
Bank
HARRY
RALPH
BURKHARDT, RICHAIU) H.
Bosworth, Sullivan & Co.
Boettcher
and
DON
Collins,
GLEN
CLARK,
C.
CLARKE,
ALL
Bank
Sudler
COLE,
The
CONKL1N,
States
Corp.
HUNT.
KUGELER,
National
Colorado
LAKE,
CONNELL,
M.
Bank
Simons,
Roberts &
Co.
LASCOR, L. A.
The
K.
Mullen
LAWRENCE,
DAVID
J.
and
E.
Mutual Depositor Corp.
Investment
Co.
Company
HARRY
LEE, WILSON B.
J.
ROBERT
State
ROBERT
Sidlo,
Management Corporation
M.
A.
Bank
KULLGREN, ELWOOD
Bank
ALLEN
&
HENRY
Denver National
HAROLD
Founders
Bank
ROBERT
Kirchner & Jaquith, Inc.
Boettcher
Depositor
Bosworth, Sullivan
National
Carroll,
HUGHES, MRS. ARLEEN W.
E. W. Hughes & Co.
Colorado Springs, Col.
COLLINS, LOWELL O.
Mutual
United
NEIL
First
KIRCHNER,
Denver
Hamilton
CYRIL
Founders
of
HUBER.
Garrett, Bromfield & Co.
ISSUES
KING,
HASSELGREN. OSCAR
Colorado Grain Exchange
HERSHNER. JOHN D.
GEORGE P.
Merrill Lynch, Pierce, Fenner & Beane
PHILADELPHIA
ROBERT
Colorado National Bank
CODY, RAYMOND P.
Colorado National Bank
CITY OF
Peters, Writer & Christensen, Inc.
HAWKINS, VICTOR V.
Co.
&
International Trust Co.
KENNEDY, BERNARD F.
Bosworth, Sullivan & Co.
Calvin Bullock
Inc.
PHILLIP J.
Amos
Gray B. Gray & Co.
HARVEY,
B.
State
The
JORGENSON, O. JERRY
Harris, Upham & Co.
Co.
Colorado
& Mrs. Gustave H. Schlosser,
City
IRION, WILDER H.
IIAKRISBERGER, A. B.
Company
Colorado
IN
Inc.
CHRISTENSEN, E. W.
Peters, Writer & Christensen,
CLARK,
SPECIALIZING
Jaquith,
A.
Chapln
A.
Fort
G.
Harris, Upham & Co.
T.
Mrs. Harold B. Smith, Pershing & Co., New York
City; Mr.
Union Securities Corporation, New York
CAMPBELL, DONALD
Campbell-Jacobs & Co.
Bond Club of Denver
BUCHENAU,
Mr. &
New Orleans; Mr. & Mrs. Alonzo H. Lee,
Leach, Birmingham
Arnold & Crane,
Sterne, Agee
Thursday, November 13, 1952
K.
Mullen
Investment
Co.
INMAN, LARRY C.
Co.
J. A.
Hogle & Co.
LINVILLE,
LORENZO
W.
J.
Brereton, Rice & Co., Inc.
COPELAND.
A.
B.
Peters, writer & Christensen, Inc.
SCHAFFER, NECKER & CO.
COPPES, WARD E.
Peters,
Packard Building, Philadelphia 2, Pa.
Christensen,
Writer &
Inc.
Call
JANNEY for—
COUGHLIN, EDWARD B.
LOcust 7-3646
Teletype PH 864
Coughlin and Company
Bank and Insurance Stocks
COUGHLIN, WALTER J.
Coughlin and Company
active
COXHEAD, J. WALLACE
Bosworth, Sullivan & Co.
Established
Peotxgton, Colket & Co.
New
York Stock
Exchange
New York Curb Exchange
Bosworth,
CRIST,
The
Philadelphia-Baltimore Stock Exchange
Industrials Rails
markets
Utilities
-
CRAWFORD, JOHN C.
Sullivan
& Co.
CRILEY, LAWRENCE
Bosworth, Sullivan
Members
Pennsylvania Tax Free
.trading
COXHEAD, Jr., J. WALLACE
Bosworth, Sullivan & Co.
1896
Common and Preferred Shares
Co.
<fe
B. P.
K. Mullen Investment Co.
J.
CURRIE,
DAVIS,
City-County-State-Authority Issues
Guaranteed Rails
TREVOR
GEORGE
Harris, Upham & Co.
123 South
New York Telephone
Broad
Street, Philadelphia 9, Pa.
PEnnypacker 6-7700
DAVIS.
NORMAN
Merrill
Lynch, Pierce, Fenner & Beane
York
Manhasset
DIRECT
BAUMGARTNER,
TELEPHONE
DOWNING
Altoona
CONNECTION
&
CO.,
Reading
Gray B. Gray & Co.
TELEPHONES
1529 Walnut
PH 80
Street, Philadelphia 2
RIttenhouse 6*7700
DENNISON, FRANK
TO
Bosworth, Sullivan & Co.
BALTIMORE,
MD.
DINES, THOMAS M.
PRIVATE
JANNEY &. CO.
Bell Teletype System
DEAL, JOHN
New
WOrth 4-2140
Teletype PH 180
BETWEEN
OFFICES
United
States
DISPENSE,
National
Since
Bank
of Denver
1907—Underwriters, Distributors, Dealers, Brokers
PHILLIP
Boettcher
&
Company
DOOLITTLE, CHARLES
Merrill Lynch,
Pierce, Fenner & Beane
FISHER, GEORGE
Bosworth,
GREETINGS
First
National
FORBES.
&
Newton H. Parkes, Jr.
Co.
Bank
H.
Butcher
Company
FORSYTH, ALEXANDER
Calvin
Bullock
National
GODFREY
Sherrerd
1910
J.
Bank
ERNEST S.
Poor's Corporation
Standard &
Thomas B. Krug
&
ESTABLISHED
GARRISON, WILIAM
Denver
Frank L. Whiteley
&
O.
RUSSELL
Forbes
N. S. T. A.
B.
Sullivan
FLOYD, CLAYTON
Underwriters, Distributors, Dealers in
GORHAM, PAUL W.
Garrett-Bromfield
&
Co.
CORPORATE AND
MUNICIPAL SECURITIES
GRAY.
GRAY B.
Gray B. Gray &
Established 1865
BlOREN
Members New
York and
Associate
6-
Co.
GREENE, RICHARD
J. A. Hogle & Co.
Co.
MEMBERS
New
GRIFFIN, LYNNE
J.
A.
Hogle
&
York
Stock
Exchange
New
Co.
Philadelphia-Baltimore
York Curb Exchange
Stock Exchange
(Associate)
Philadelphia-Baltimore Stock Exchanges
Member New
York
Curb
Exchange
HAGGERTY, JOHN
P.
Bosworth, Sullivan & Co.
1508 Walnut Street
120
Broadway
Philadelphia 2, Pa.
New York 5, N. Y.
PEnnypacker 5-9400
WHitehall 3-0590
1500 WALNUT STREET
HAMMER, LLOYD
Coughlin
HANIFEN,
McCabe,
and
•
PHILADELPHIA 2,
PA.
Company
EDWARD
Hanlfen
Philadelphia Telephone
A.
and
Company
HANNON, HOWARD
Stone, Moore & Company
Teletype
PEnnypacker 5-2700
PH-4
New
York
Telephone
WHitehall
4-4927
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Clifford
K.
Channell,
Bank
LLOYD.
Jr..
of
First Boston
Chicago;
Harry
NEWMAN, ROBERT
Newman & Co., Colorado
Boettcher and
Boettcher and Company
McCONNELL.
MACART,
LEON
Macart-Jones
Harris,
Si
Co.,
Pueblo,
OWENS, JOHN C.
Peters, Writer &
Boettcher
PRESTON M.
Mountain States Bank
Boettcher and
MATLOCK, WOODFORD A.
Broad Street Sales Corp.,
New York City
J.
J. A. Hogle &
Robert
ROBERT
L.
Mltton
L.
Investments
MYERS. J. HAROLD
Bosworth, Sullivan
Stone, Moore & Company
KARL
MITTON.
Co.
Co.
Inc.
Christensen,
Tennis Match Winners
Company
At NSTA Convention
Jules
1st:
Boettcher and Company
Peters,
GEORGE
Writer
WRITER,
L.
Si Christensen,
HAROLD
Inc.
2nd: Richard H.
D.
&
Peters, Writer & Christensen, Inc.
Bank
Colorado
Goodman, Shields
Company, New York City,
tied with A1 Marcusson,
Springs, Colo.
vestment Dealers Digest,
YOUNG, WILLIAM A.
Merrill Lynch, Pierce, Fenner & Bean*
Peters, Writer Si Christensen, Inc.
Bean, Singer, Bean &
Mackie, Inc., New York City.
S.
YOUNG, RALPH S.
GERALD P.
PETERS,
&
LEWIS R.
Boettcher and Company
NANCE,
L.
(
Company
National
Denver
&
WILLARD, E. WARREN
Inc.
CARSON
PERKINS,
H.
WRITER,
DONALD
PATTERSON,
Walter
Col.
EVERETT
PARKER,
MITTON, CHARLES E.
F.
Harris, Upham Si Co.
WEBB, CHARLES W.
U. S. National Bank
ORMSBEE, JACK
Peters, Writer & Christensen,
HARRY W.
and Company
VINEY
Roberts & Co.
MIDDAUGH,
Colorado Grain Exchange
MAYER.
WALTER
Simons,
Sidlo,
Railroad,
Sincere and Company, Chicago;
Edgar Harding, Pennsylvania
City; W. E. Millspaugh, Pennsylvania Railroad, Chicago
York
WALTER, FREDERICK D.
Springs,
McKINLEY, CARL D.
Greeley, Col.
ROBERT D.
Earl M. Scanlan & Co.
MAY, WM.
Merrill
OLIN,
T.
Col.
MANNIX,
MARBLE,
Company
FRANK
Upham Si Co.
Welch,
ORVILLE C.
Lynch, Pierce, Fenner Si Beane
NEELEY,
MoCONNELL, FRANK A.
ELMER G.
H.
New
McCABE. WILLIAM E.
McCabe, Hanlfen and Company
KENNETH
Merrill Lynch. Pierce, Fenner & Beane
LONGWELL,
Edward
Corporation, New York City; Samuel Sachnoff, First National
A. Michaels, Allen & Company, New York City
49
York
City.
PETTIBONE, Jr.. C. ARTHUR
Earl
Scanlan
M.
Si
Co.
PLEASANTS, AARON W.
The International Trust
Co.
QUINN, ARTHUR
Quinn & Co., Albuquerque, N. Mex.
SAMUEL K. PHILLIPS 6- CO.
RAICHLE, JOSEPH L.
Special Situations in
and
Boettcher
Company
ESTABLISHED 1904
E.
REFSNES, JOS.
Refsnes, Ely, Beck & Co.,
OVER-THE-COUNTER
Phoenix, Ariz.
Members
RICE, CHARLES J.
Philadelphia-Baltimore Stock Exchange
Brereton, Rice Si Co., Inc.
SECURITIES
RICHARDSON, G. B.
Garrett-Bromfield & Co.
Kindly Show Us Your Block Offerings
LISTED AND UNLISTED SECURITIES
ROBERTS, MALCOLM F.
Sidlo, Simons, Roberts Si Co.
for Retail Distribution.
ROBINSON, RAYMOND L.
Sidlo, Simons, Roberts Si Co.
RAYMOND
SARGEANT.
Edward J. Caughlin & Co.
E.
1601 Pennsylvania Building, Philadelphia 2, Pa.
Harris, Upham & Co.
Earl M. Scanlan & Co.
Members
Bell System
Philadelphia
SCANLAN, EARL M.
New York
Teletype
COrtlandt 7-6814
PH 375
LOcust 4-2600
Philadelphia-Baltimore Stock Exchange
SCHLENZIG, E.
FINANCE BLDG.,
PHILADELPHIA 2, PA.
Telephone—RIttenhouse 6-4494
Teletype—PH 788
G.
Lynch, Pierce, Fenner Si Beane
Merrill
SCOTT, JR., RICHARD M.
Investment Service
GREETINGS FROM
Inc.
THOMAS
J. A. Hogle &
Sidlo,
Si Christensen,
Writer
Peters,
SIGLER,
SIMONS,
Corp.
GEORGE
SEEMAN,
Co.
Rambo, Close & Kerner
BURDICK
Simons, Roberts Si Co.
Incorporated
SIMPSON, BRYAN E.
B. E. Simpson Si Company
1518
Phila.
SIPLE, H. W.
Harris, Upham Si Co.
LOCUST ST., PHILADELPHIA 2, PA.
New York
Telephone
Teletype
Telephone
PH
REctor 2-2820
PEnnypacker 5-2800
63
SMITH, C. EATON
BILL McCULLEN
SMITH, CHARLES F.
Mgr. Trading Department
Investment Service Corporation
Corporate and Municipal Securities
SODEN, B. J.
The J. K. Mullen Investment Co.
STITT, CARL E.
J. A. Hogle & Co.
Hendricks & Eastwood,
1421
Inc.
CHESTNUT STREET
PHILADELPHIA 2
Telephone RIttenhouse 6-1332
Moore
Stone,
Si Company
JOSEPH
J. DAVIS
R.
CARSON
Manager of
Charge of
Municipal Bond Department
Corporate Department
SUDLER, AMOS C.
C. Sudler
Amos
Teletype PH 262
EDMUND
Vice President in
STONE, ERNEST E.
&
Co.
SULLIVAN, JOHN J.
Bosworth, Sullivan & Co.
SWAN, HENRY
The
National
States
United
Bank
of
Dealers and Brokers in
Denver
lillllllllllllllllllllllllllllllllllllll
Peters,
ESTABLISHED
Public Utility
SWEET, WILLIAM
1912
Writer &
New Jersey
TALLMADGE, ROBERT C.
Tallmadge Si Tallmadge
J.
THARP,
Members
Philadelphia-Baltimore Stock Exchange
King
Industrial
•
General Market Municipal Bonds
and
Television
Guaranteed and Leased Line
WILLIAM
Equipment
Trust
Securities
Stocks
Obligations
Bank and Insurance Stocks
TETTEMER, FRANK L.
The J.
and
Electronic
Investment Service Corp.
BROOKE & CO.
Railroad
SECURITIES
TALLMADGE, MYLES P.
Tallmadge & Tallmadge
TEMPEST,
•
Christensen, Inc.
K. Mullen Investment Co.
Mutual
Funds Shares
HARRY
Merrltt Sc Co.
THOMPSON,
Peters,
PATRICK
& Christensen,
Writer
TROUTMAN,
Inc.
WILLIAM E.
Central Bank
Charles A. Taggart &
Members Philadelphia-Baltimore
Si Trust Co.
Co., Inc.
Stock Exchange
Investment Securities
TSCHUDI, FRANK N.
N. E. Cor. 15th & Locust Sts.
300 N. Charles St.
Philadelphia 2, Pa.
Baltimore 1, Md.
Bosworth.
VANDERVORT,
Denver
VERNER,
Ill
1
Sullivan
&
Co.
RUSSELL
1500 Walnut
G.
Philadelphia Phone
KIngsley 5-1716
National Bank
OGDEN C.
Merrill Lynch, Pierce, Fenner
& Beane
Street, Philadelphia 2, Pa.
Teletype
PH
677
New
York
WHitehall
Phone
4-7000
In¬
New
so
THE COMMERCIAL and FINANCIAL CHRONICLE
Mr.
&
Mrs.
Siegel
&
John
Co.,
New York
J.
Meyers, Jr., Gordon Graves & Co., New York City; Nathan Krumholz,
New York City; Mr. & Mrs. George V. Hunt, Starkweather & Co.,
City; Mr. & Mrs. Reginald J. Knapp, Wertheim & Co., New York City
Nashville
Mr.
&
Mrs.
McManus
Mrs.
Thursday, November 13, 1952
.
James
&
Graham
Co.,
W.
F. Kelly, Kidder, Peabody & Co., New York City; Joseph V. McManus,
Joseph
New York City; Mr. & Mrs. A. Gordon Crockett, Crockett & Co., Houston;
Walker, New York City; George Dedrick, Joseph McManus & Co., New York City
Vice-President: Everett M. Claytdn, Merrill Lynch, Pierce, Fenner
Security Traders Association
TEMPLE,
THOMAS,
Secretary-Treasurer: M. F. McDaniel, Webster & Gibson.
Elected:
W.
December, 1951; Took Office: January, 1952; Term Ex¬
pires December 31, 1952.
THOMAS H.
Securities Corporation
Temple
& Beane.
MARION
Estes
N.
&
WARD, JAMES
*
F.
Company,
Inc.
C.
Third National Bank
.
WARTERFIELD, CHARLES W.
.F
i
w
t
vtf"
/X
WEBSTER,
Webster
ANDERSON, JOHN
Equitable Securities Corporation
SHILLINGLAW,
I
Alfred D. Sharp 8c Company
Mid-South
M.
ELL,
&
Bass
Company
Wiley Bros., Inc.
WILEY, JAMES K.
Wiley Bros., Inc.
SMITH, H. LAIRD
WALTER E.
WILSON, BUFORD
Equitable Securities Corporation
Jack M.
SMITH,
BURKHOLDER,
H. FRANK
Securities Corporation
Equitable
Everett M.
J.
M. F. McDaniel
President: H. Laird Smith, Equitable Securities
Corporation.
C.
Bradford
Securities
Spencer
CLARK, HAROLD W.
Clark, Landstreet & Kirkpatrick,
G.
Company
WORKE, Jr., ROBERT H.
Corporation
Cumberland
STEMPFEL, ROBERT
Co.
&
Bass &
MARION
Cumberland
CARRICO, CHARLES B.
Clayton
Bank
C.
Gibson
WILEY, DAVID W.
RICHARD
Securities Co.
JACK M.
Jack
H. Laird Smith
ROBERT
8c
SHARP, ALFRED D.
Equitable Securities Corporation
I.
National
—
ANDERSON, Jr., WILLIAM J.
Equitable Securities Corporation
BASS,
-
First American
ROSTER OF MEMBERS
Trask
&
ZEITLER,
Co.
Third
Securities
JOHN
National
Corporation
R.
Bank
Inc.
CLAYTON, EVERETT M.
Merrill Lynch, Pierce, Fenner 8c Beane
DAVENPORT,
Equitable
C. EVAN
Securities
Corporation
DERRYBERRY, LOUIS
Hermitage Securities Company, Inc.
1877—SEVENTY-FIVE
YEARS OF LEADERSHIP—1952
EASTON, PORTER L.
Mid-South
Securities
THOMAS & COMPANY
UNION
Co.
ELKINS, O. C.
Mid-South
'
Underwriters, Distributors, Dealers
N.
EVE,
PAUL
19,
PA.
Corporation
Securities
Corporation
F.
Co.
Municipal and Corporate
FARRAR, RUDOLPH S.
Temple Securities Corporation
Securities
Paul
Corporate and Municipal
BUILDING
PEYTON
Cumberland
in
TRUST
PITTSBURGH
Co.
EVANS, JESSE H.
Cumberland Securities
EVANS,
!
..
Securities
Eve
&
GIBSON, Jr., JO
Securities
Webster 8c
HAGGARD,
Webster
Gibson
JOHN
H.
Gibson
&
HALE, Jr., R. WALTER
J.
C. Bradford 8c Co.
HILL,
J.
MOORE, LEONARD & LYNCH
MEMBERS
New
York
Stock
Exchange
New
York
Curb
Exchange
C.
KEY,
ALBERT S.
Bradford 8c Co.
MARTIN B.
Spencer
Trask
&
Co.
ALL TAX EXEMPT ISSUES
KINGINS, MERVYN J.
Jack M. Bass & Company
Pittsburgh Stock Exchange
Union Trust
Pittsburgh Telephone
ATlantic
Building, Pittsburgh
Teletype
1-0358
New
York Telephone
DIgby 9-3650
PG 397
Direct Private
Wire
to
New
York
Office
GOVERNMENT
KIRKPATRICK, Jr., EDWARD L.
Clark, Landstreet & Kirkpatrick,
KIRTLAND, FRED K.
Hermitage Securities
Company,
—
STATE
—
MUNICIPAL
—
LAND BANK
Inc.
Inc.
LANDSTREET, III, BEVERLY W.
Clark, Landstreet & Kirkpatrick,
TERRITORIAL AND REVENUE BONDS
Inc.
*
LAUPER,
RUDOLPH
First American
National Bank
LEDYARD, QUITMAN R.
J.
DIRECT PRIVATE WIRE
C.
Bradford
LUSKY, IRA L.
Merrill Lynch,
8c
JOHNSON & JOHNSON
Co.
Pierce,
Fenner
&
MADDEN, BERT F.
Mid-South
•
NEW YORK CITY
\
PITTSBURGH
Securities
MARTIN, RAY G.
Temple Securities
UNION TRUST BUILDING
Beane
Co.
19, PENNSYLVANIA
Teletype Pittsburgh 289
ATlantic
1-8333
Corporation
McDANIEL,
M. F.
Webster & Gibson
Mclaughlin, thos.
Wiley Bros.. Inc.
MITCHELL,
\
T.
Cumberland
e.
H.
Securities
DEALERS
Corporation
BROKERS
NELSON, FINIS
REED, LEAR & CO
Members
Pittsburgh Stock Exchange
New York Curb (Assoc.)
First
American
National
Bank
NELSON, II, WILLIAM
Clark, Landstreet & Kirkpatrick,
PENNSYLVANIA ISSUES
Inc.
ACTIVE—INACTIVE
NICHOLS, R. h.
J.
A.
OAKLEY,
W.
LISTED—UNLISTED
C. Bradford 8c Co.
N.
PAYNE,
G.
Estes
&
Company,
Inc.
TRADING MARKETS
—
RETAIL DISTRIBUTION
BRUCE
Cumberland
Securities
Corporation
PAYNE, CARE
Branches
Cumberland
Securities
Corporation
NEW
YORK, N. Y.
BUTLER, PA.
MEADVILLE, PA.
Bell
Teletypes
—
pettey.
herbert
...
Equitable Securities Corporation
.
New York City NY 1-1420
—
PITTSBURGH
PHILLIPS, W. W.
Hermitage Securities Company, Inc.
Pittsburgh PGH 482
C. S. McKEE & COMPANY
MEMBERS
Union
Trust
PITTSBURGH
Building,
Telephone COurt 1-2830
PILCHER,
MATTHEW, B.
Mid-South Securities Co.
STOCK
EXCHANGE
Pittsburgh
Bell
19,
Pa.
Teletype—PG 496
Convention Number
'
*
THE COMMERCIAL and FINANCIAL CHRONICLE
51
%
Edward
H.
Welch, Sincere and Company, Chicago; J. Harold Rossbach, Securities & Exchange
C.; Raymond Rodgers, New York University, New York City; Phillip
Clark, Amos C. Sudler & Co., Denver; H. Russell Hastings, S. R. Livingstone, Crouse & Co., Detroit
New
Commission, Washington, D.
J.
Baltimore
BOYCE,
Security Traders Association
JR.,
C.
members
Winton
Inc.,
of
Executive
Committee:
Lawrence
S.
Pulliam, Weeden
&
Co.,
Los
Angeles;
A. Jackson, First Southwest Company, Dallas; Walter G. Mason, Scott, Horner & Mason,
Lynchburg; Thompson M. Wakeley, A. C. Allyn & Company, Incorporated, Chicago
PREVOST
GUNDLACH,
Stein Bros. & Boyce
BRADLEY,
Brooke &
R. EMMET
Legg & Company
LOUIS P.
REIN, HOWARD E.
Equitable Trust Co.
Co.
HERR, WILLIAM J.
Alex. Brown & Sons
RIEPE,
BRADY, JOHN A.
Merrill, Lynch, Pierce, Fenner & Beane
HOFFMAN, JOHN M.
ROBERTS,
BROWN,
JENNINGS, ARTHUR C.
John
J.
C.
J.
DORSEY
Dorsey Brown & Co.
BLUCK, H.
MITCHELL
c/o
LEONARD
J.
Stock
Exch.
C.
Stein
President: H. Mitchell Bruck,
L. E. Ensor, Jr.
J.Thomas Yeager
&
KRIEGEL, LEO
WILLIAM F.
H.
Alex.
J. Carl
Frank, John C. Legg & Company; William J. Herr, Alex.
Brown & Sons; E. Elwood McClure, Stein Bros. & Boyce; Wil¬
liam C. Roberts, Jr., C. T. Williams & Company, Inc.; Jack
Snyder, Mead, Miller & Co.
R.
Emmet
Co.
of
Baltimore
Brown
Sons
&
Bradley, John C.
Legg
&
Stein
Bros.
&
G.
FRANK, J.
John
C.
&
&
&
E.
Boyce
John C.
Securities,
Inc.
Baker, Watts & Co.
WHITAKER, HAMILTON T.
Stein
HARRY
Garrett
J.
CHARLES
&
Boyce
WILBUR, LeROY A.
Stein
Bros.
&
Boyce
WILHELM, F. OSBORNE
C. T. Williams & Company,
H.
POE.
PHILIP I.
Philip L. Poe &
Bros.
WHITE, GEORGE M.
Merrill Lynch, Pierce, Fenner & Beane
Sons
&
Legg & Company
WATTS, Jr., SEWELL S.
Baker, Watts & Co.
FREEMAN, EDWARD B.
Lockwood, Peck & Co.
ALFRED
TAYLOR. PRESTON A.
Mead, Miller & Co.
Jr., HARRY R.
John D. Howard & Co.
Company
C.
SUNDERLAND, EDWIN P.
Boyce
BENJAMIN
PINKERTON,
Co.
JOSEPH G.
John C. Legg & Company
PIET,
Inc.
Co.
Equitable Trust Co.
ELWOOD
&
C.
NIEMEYER,
Robert
Co.,
City
STROHMER,
MORGAN, Jr., C. GERARD
John C. Legg & Company
.
CARL
Legg
Bros.
Mitchell
Boyce
shriver
SPILKER,
Davies
Bros.
MITCHELL,
FOUT, Jr., HENRY B.
George
Stein
Stein
ANDREW M.
Shriver & Co., Inc.
G.
Y.
SOWERS, J. CLAIRE
Mead, Miller & Co.
ROBERT
McCLURE,
ENSOR, Jr., LAWRENCE E.
Governors: John G. Chenoweth, Jr., Baker, Watts & Co.;
Committeemen:
Trust
EBERWEIN, BERNARD E.
Treasurer: J. Thomas Yeager, Baker, Watts & Co.
National
Mercantile
Miller & Co.
Landon
LIST,
HARRY M.
Sheely &
M.
SNYDER, JACK
Mead, Miller &
JACK A.
George G. Shriver & Co., Inc.
Harry M. Sheely & Co.
George
Secretary: Lawrence E. Ensor, Jr., Stein Bros. & Boyce.
Harry
GUSTAV
Mead,
EASTWICK, Jr.,
Vice-President: Allison M. Berry, Robert Garrett & Sons.
SHEELY,
Boyce
KOLSCHER,
CRUNKLETON, Jr., JOHN R.
Kidder, Peabody & Co.
Baumgartner, Downing & Co.
Sons
NEWTON
Bros.
KLEIN,
COLEMAN,
Berry
Company, N.
C. HERBERT
Watts & Co.
Baker,
HOWARD L.
&
Brown
KIDD,
Philadelphia-Baltimore
CRUNKLETON, JOHN R.
Allison M.
Trust
Inc.
H.
CHARLES
Bankers
C.
Company,
SENER, JOSEPH W.
John C. Legg & Company
Alex.
CHENOWETH, Jr., JOHN G.
Baker, Watts & Co.
H. Mitchell Bruck
&
SADTLER,
CHAMBERS, ROBERT P.
John C. Legg & Company
,
Sons
WILLIAM
Williams
T.
ROCK.
Boyce
&
Jr.,
KELLERMANN,
Baker, Watts & Co.
BUTT,
&
Bros.
C.
CREIGHTON
Brown
KEAGLE, O. JOSEPH
c/o Phil.-Bait. Stock Exchange
& Co.
WILMER
J.
Hoffman Company
M.
Stein
Baumgartner, Downing
BUTLER,
John
J.
Alex.
Inc.
YEAGER, G. THOMAS
Baker, Watts & Co.
Co.
Company; Charles A. Bodie, Jr., Stein Bros. & Boyce.
GILBERT, DAVID H.
Harry M. Sheely & Co.
ROSTER OF MEMBERS
ARMSTRONG,
Stein
Bros.
BAMBERGER,
EDWARD J.
&
E.
Boyce
CLINTON
Baumgartner, Downing & Co.
R.
Jones
&
Co.
ALLISON
Robert
Garrett
BLOCHER,
BODIE,
BANEY, ARTHUR L.
E.
GRAY, E.
BERRY,
Stein
M.
&
THOMAS
CHARLES
Bros.
&
(
GUY
Mercantile
Trust
of
Co.
Baltimore
Sons
Kentucky
GRESSITT, MORDECAI B.
S.
A.
Boyce
George
G.
Shriver &
Co.,
Securities
Inc.
GROSS. CHARLES
Harry M. Sheely & Co.
Active Markets in All Issues
Wagner, Reid and Ebinger, Inc.
Members
Midwest
Stock
Exchange
415 W. JEFFERSON STREET
LOUISVILLE
BELL
2, KY.
TELETYPE
TELEPHONE
LS 292
NEWPORT STEEL CORPORATION
m
4191
WABASH
BANKERS BOND
&
INCORPORATED
Member
1st FLOOR
NEWPORT, KENTUCKY
Midwest
Stock
Exchange
KENTUCKY HOME LIFE BLDG.
LOUISVILLE 2, KENTUCKY
Bell
Teletype LS 186
Long Distance 238
Kentucky Municipal Bonds
Local Securities
INVESTMENT
THOMAS
HECTOR
W.
WILLARD
E.
DEPT.
GRAHAM,
C.
JAMES
Manager
BOHNERT
P.
McNAIR
LEWIS
M.
FETTER
INVESTMENT
WOOD
HANNAH,
CHARLES
POWHATAN
ROBERT
H.
WILLIAM
C.
M.
DEPT.
Asst. Mgr.
KING
CONWAY
JOHNSTON, Jr.
P.
ROBERT E.
GRAGG
PURYEAR
52
THE COMMERCIAL and FINANCIAL CHRONICLE
Hugh R. Schlicting, Wm. P. Harper & Son & Co., Seattle; Earl Hagensieker, Reinholdt &
Gardner,
St.
Louis; Mrs. George R. McAleer; Dan V. Bailey, Foster & Marshall, Portland, Oregon
Kansas
Mr. &
Thursday, November 13, 1952
Mrs. John M. Hudson, Thayer, Baker &
Co., Philadelphia; Mrs. Felix E. Maguire,
Philadelphia; Mrs. James B. Maguire, Boston
Treasurer: William J. Dyer, Uhlmann & Latshaw.
City Security Traders Association
masheter, clyde w.
Harris,
Secretary: Charles M. Harris, Harris, Upham & Co.
National Committeeman: John
Latshaw,
Uhlmann & Latshaw.
MEYER,
January 4, 1952; Took Office: January
Expires: January 20, 1953.
19, 1952; Term
In
otherwise
Kansas
City
north,
Penner
Beane
HANNI, ARTHUR R.
Seltsam, Hanni & Co., Inc.,
BELCHER, DONALD D.
Martln-Holloway-Belcher
Laurence
B.
Carroll
Frank W. North
William J. Dyer
Charles M. Harris
O.
Peet
&
Commercial
National
Vice-President: Frank W.
North, Barret, Fitch, North & Co.
CARROLL, LAURENCE
B.
HILLMOND, A.
B.
L.
Stern
& Land,
Inc.
E.
Weltner
&
6c
H.
Gillia
&
Company
Co.,
LISTROM,
B.
C.
Inc.
wahler, john e.
Wahler, White & Co.
&
welsh, merle l.
Harris, Upham 6c Co.
Latshaw
LOWELL
Christopher &
WHITE, LEONARD
Wahler, White 6c
Co.
Baum
&
Merrill
Lynch, Pierce, Fenner & Beane
LUCAS, Jr., MARK A.
GUMBINER, ALTON
George K.
wagner, theodore f.
Harris, Unham 6c Co.
A.
wyman, francis
A.
Co.
LOCKE, WILLIAM G.
GILLIS, A. H.
A.
Co.
JOHN
Uhlmann
Latshaw
EVANS, HAROLD D.
McDonald, Evans & Company
90th YEAR
Brothers
LATSHAW,
&
Sylvester Investment Co.
Uhlmann & Latshaw
JONES, KNEELAND
A.
WILLIAM J.
Uhlmann
C.
uhlmann. Jr.. paul
JONES, CLARENCE E.
Commerce Trust Company
DYER,
W.
Bonds, Incorporated, Kansas City, Kans.
DILLARD, JACK
OLDEST INVESTMENT FIRM
Reed, Inc.
SYLVESTER, W. CLYDE
JENNINGS, JOHN H.
L.
Prugh, Combest
&
frank j.
STOENNER, ARTHUR W.
Prescott, Wright, Snider Co.
Company
A.
& Co.
COMBEST, EARL
CINCINNATI'S
Inc.
stephens. jasper f.
Waddell & Reed, Inc., New York, N. Y.
Waddell & Reed, Inc.
George K. Baum &
H. O. Peet
Co.,
Uhlmann & Latshaw
W.
HUNTER, HAYWARD H.
Harvey A. Clayton & Co.
6c
SOLOMON, HAROLD R.
Waddell & Reed, Inc.
A.
COLEMAN, HARRY
Price
Beecroft, Cole & Co., Topeka
HARRISON, WILLIAM A.
C. Christopher & Co.
CLAYTON, HARVEY
W.
snyder,
Bank
Burke & MacDonald
CHARMLEY, JOHN
E.
REED, C. K.
Waddell
Kansas City. Kansas
President: Laurence B.
Carroll, Burke & MacDonald.
Company
Stern
Brothers 6c Co.
ZAHNER. VICTOR H.
Lucas, Eisen & Waeckerle
Zahner
and
Company
GEO. EUSTIS & CO
Trading Markets
OFFICERS
Geo.
Eustis
Lee R.
Jos.
Staib
Jos. H. Vasey
R.
and
Distribution Service
Work
Willard C. Weiss
Robert C. Weiss
For
i
OHIO SIiCURITI]ES
Field, Richards & Co,
ESTABLISHED 1908
;
%>
*8
•,
Underwriters and Distributors
Of
Municipal & Corporate
Wm. J. Mericka
Securities
Bldg.
1207 Union Central Bldg.
CLEVELAND 14, OHIO
CINCINNATI 2, OHIO
Telephone PRospect 1-2770
Telephone Main 3776
Teletype—CV
174
Teletype—CI
&
Co. Inc.
cleveland 14. ohio
DIRECT WIRE
1556 Union Commerce
197
& CI 150
—
JOSEPH McMANUS &
NEW YORK
MEMBERS
CO.
Inc.
price, earl W.
HARRIS, CHARLES Mt
Harris, Upham & Co.
Co.
BJORKMAN, J. D.
The
Company
Topeka, Kans.
BERTRAND, FRANCIS
H.
Trust
Topeka
pauly, elmer w.
Prescott, Wright, Snider Co.
HALL, EMMA M.
Commerce
&
Corp.,
Reed, Inc.
frank w.
Fitch, North & Co.,
Barret,
unless
Indicated)
BACKLUND, C. W.
Merrill Lynch,
Pierce,
Securities
MOYER, MARGARET PERKINS
ROSTER OF MEMBERS
located
v
CARL A.
Columbian
Waddell &
(Members
Co.
6c
MESLER, MYRON d.
George K. Baum 6c Company
Alternate: Laurence B. Carroll, Burke & MacDonald.
Elected:
Upham
Mcdonald, claude m.
McDonald, Evans 6c Company
MIDWEST STOCK
EXCHANGE
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Mrs.
H.
Sheldon
Mrs. George
Parker, Pittsburgh; Walter G. Mason, Scott, Horner & Mason, Inc., Lynchburg;
Collins, New York City (seated); Samuel E. Magid, Hill, Thompson & Co., Inc., N. Y. C.
Florida
Cecil B. Pepper, Thomson & McKinnon, Miami; Henry Holt, Thomson & McKinnon, Indianapolis;
Walter T. O'Hara, Thomson & McKinnon, New York City
,
OF
AHBE, JOHN L.
Harris, Upham
MEMBERS—
Palm
Co.,
&
Beach
Wheeler
Leedy,
B.
Jacksonville
Inc.,
Or¬
MARION H.
T. Nelson O'Rourke, Inc., Daytona Beach
CLAYTON J.
& McKinnon, Orlando
COOK, KENNETH
JOHN M.
COOK, ROBERT H.
Thomson
CHRYST,
Alleman,
&
COOK, EMERSON C.
Emerson Cook Co., Inc., Palm Beach
CHRYST,
MONROE
F.
COLEY,
FRANCIS
Childress and Company,
ALEXANDER. ROBERT U.
Oscar E. Dooly & Co., Miami
ALLEMAN,
CARSON, Jr., ROBERT B.
Thomson & McKinnon, West Palm Beach
CHILDRESS,
—ROSTER
Security Dealers Association
53
Thomson &
Emerson
B.
McKinnon, Daytona Beach
J.
Cook
Van
Co.,
Ingen
Inc., Palm Beach
& Co.,
Inc., Miami
lando
Cook
Emerson
COOK, THOMAS M.
CHRYST, RICHARD S.
Thomson & McKinnon,
ANDERSON, WALTER T.
Co., Inc.,
Thomas
Coral Gables
Palm Beach
ASHLEY, EDWIN F.
King Merritt & Co., Inc., Miami
W.
M.
Cook
&
Company,
Palm Beach
CHURCHILL, WALTER R.
Thomson & McKinnon,
(Continued
Jacksonville
on page
54)
AYERS, IRA C.
Cook
Emerson
Co., Inc.,
Palm Beach
BARNES, DAVID
Ranson-Davidson Co.,
BARR, TRACY B.
T. Nelson O'Rourke,
Inc., Coral Gables
CINCINNATI
Inc.,
Daytona Beach
BARRETT, JOSEPH R.
Securities
Florida
St.
Wm.
M.
Clinton
Courtney
H.
T.McCreedy
George Carrison
BEATON, R.
A.
BEIL,
M.
A.
Kidder
&
Co., St.
Jr., FREDERIC
Beil & Hough, St.
President: William M.
& Beane,
Courtney, Merrill Lynch, Pierce, Fenner
Jacksonville.
Clinton
T.
McCreedy,
McCreedy
&
Company,
Inc., Miami.
Tripp
&
A.
A.
poration, Jacksonville.
Governors:
The
Co.,
Petersburg
Inc., Bradenton
L.
G.
Kidder & Co.,
M.
St. Petersburg
BOWER, C. H.
Secretary & Treasurer: H. George Carrison, Pierce-Carrison Cor¬
officers
Kidder &
M.
and
J. Herbert
Evans,
Beil
&
Hough,
Petersburg; D. Kirk Gunby, A. M. Kidder & Co., De Land;
F. Boice Miller, B. J. Van Ingen & Co., Inc., Miami; Howard
S. Wheeler, Leedy, Wheeler & Alleman, Inc., Orlando.
Co., St. Petersburg
J. E. MADIGAN &
FORMERLY
W.
E.
FOX &
BRADY, EUGENE P.
Thomson &
St.
Unlisted
Listed
Petersburg
C.
BELL, DOUGLAS M.
BIEDER,
Vice-President:
SECURITIES
Company,
Petersburg
Members
McKinnon, Miami
Stock
Cincinnati
CO.,
CO.,
inc.
INC.
Exchange
18 E. 4th Street, Cincinnati 2, Ohio
DONALD B.
Lord, Abbett & Co., Atlanta, Ga.
BRAYSHAW,
Teletype CI 494
Telephone Main 1627
BRUNDAGE, CHARLES F.
A. M. Kidder & Co., Sarasota
JOHN
Lynch, pierce,
CARDEGNA,
National Committeemen: George M.
McCleary, Florida Securities
Company, H. George Carrison, Pierce-Carrison Corporation,
Jacksonville; F. Boice Miller, B. J. Van Ingen & Co., Inc.,
Merrill
Palm
HENRY
CARRERE,
Merrill
Miami.
Fenner & Beane,
Beach
Lynch.
M.
Pierce,
Fenner & Beane,
Jacksonville
Elected: October 21, 1952;
Took Office: November 1, 1952; Term
Expires: October 31, 1953.
CARRISON,
H.
GEORGE
Corporation, Jacksonville
WALTER, WOODY and HEIMERDINGER
Pierce-Carrison
Specializing in the purchase and
sale of
municipal tax and revenue
securities of all states.
403 Dixie Terminal
Building
THE BINGHAM-HERBRAND CORPORATION
CINCINNATI 2, OHIO
Phone Main 5072 and Main 7794
Bell
System
Teletype CI
188
Toledo and Fremont Ohio
THE E. KAHN'S SONS COMPANY
Manufacturers of automotive brake lever
blies, precision
stampings,
assem¬
CINCINNATI, OHIO
drop forgings,
Producers of "AMERICAN BEAUTY"
"Van-Chrome"
drop
forged
hand
tools
and component parts for jet aircraft engines.
Hams-Bacon-Shortening
A Full Line
of Meat
Food Products
Preferred Stock and Common Stock
Traded on the
Cincinnati Stock Exchange
THE COMMERCIAL and FINANCIAL CHRONICLE
54
Thursday, November 13,
1952
81
'
'
Mike
J.
Stanko,
White, Noble & Co., Detroit, Mich.; Mr. & Mrs. Edward V. Vallely, John Nuveen
Chicago; Donald B. Stephens, Cruttenden & Co., Chicago; Mr. & Mrs. Donald Fisher,
Baker, Simonds & Co., Detroit; Thomas E. King, Dempsey-Tegeler & Co., Chicago
Co.,
Florida
from
DUELL,
Thomson &
& Beane,
Jacksonville
Atlantic
Thomson
National
Bank
of
Jackson-
Atwill &
&
McKinnon, Palm Beach
DeLANO, OSCAR L.
Palm
A.
M.
Kidder
&
Co.,
E.
Dooly & Co., Miami
Beane,
H.
W.
Freeman
Beane,
M.
Kidder
GAISER,
Axe
FREDERIC
Securities
Sarasota
Oakes
&
CHARLES
ENGLISH.
E.
EDWARD
L.
Gordon Graves & Co., Miami
Company, Miami Beach
T. RAY
Goodbody & Co., St. Petersburg
GARNER, J. FRANKLIN
HALEY,
A.
A.
HASZ,
B.
&
J. Van
St.
Ingen & Co., Inc., Miami
THE FIRST CLEVELAND CORPORATION
MEMBER
MIDWEST STOCK
NATIONAL CITY E.
CLEVELAND
EXCHANGE
6th BLDG.
14
Telephone
Teletype
PRospect 1-1571
Bell System CV 443 & 444
Kidder
&
Kidder &
Thomson
Co., St. Petersburg
&
Jr.,
Oakes
St.
Petersburg
Lakeland
&
McKinnon, Miami Beach
GILBERT
F.
Miami Beach
Company,
Calvin Bullock,
Graves
&
Beane,
VAN
Co., Miami
ROGERO, A. C.
Thomson &
McKinnon,
HOLT, WILSON C.
Goodbody & Co., St. Petersburg
HOPPER, HARRISON
Goodbody & Co., St. Petersburg
HOUGH, WILLIAM R.
Beil & Hough, St. Petersburg
HOWARD, WILLIAM R.
Thomson & McKinnon, St. Petersburg
HUEY, GRANT S.
Paul A. Davis & Co., Miami
HUGHES, THOMAS
Thomson & McKinnon, Tampa
HUKLE, JOSEPH F.
Merrill Lynch, Pierce, Fenner & Beane,
Miami Beach
RYAN,
THEODORE
Shaver
SADLER,
&
Co.,
VAN
RYN, JOHN
Merrill
C.
WHEELER,
U.
Shaver
Lynch,
Merrill
Fenner
&
Beane,
Jacksonville
M.
&
Lynch, Pierce, Fenner
&
& Beane,
WILEY, JAMES K.
Shaver &
Kidder
JR., JOSEPH N.
Co., St. Petersburg
Miami
Pierce,
SEABER, ALFRED M.
A.
Fenner & Beane,
C.
WHITEHEAD, CLINTON S.
Coral Gables
SALKAY, ZOLTAN
Merrill
Pierce,
Lynch,
Beach
Pierce-Carrison Corporation, Jacksonville
Petersburg
Ranson-Davidson Co.,
Dooly & Co., Miami
WHEELER, HOWARD S.
Leedy, Wheeler & Alleman, Inc., Orlando
Beach
W.
St.
Boston
HUSAN, HAROLD M.
WELLBORN, H.
Miami
ROGERS, ROBERT C.
Atwill & Company, Miami
Deland
Ponte Vedra
VALENTINE, KIMBALL
Vance, Sanders & Company,
Orlando
D.
& Co.,
,
Kidder & Co.,
TUFFLI,
E. D.
M.
Ft. Myers
THROM, HAROLD J.
Co., Tampa
Palm
RALPH
Kidder
A. M.
ROBINSON, HUGH B.
Merrill Lynch,
Pierce, Fenner & Beane,
Petersburg
M.
Jacksonville
S.
& Co.,
TERRY, LINTON H.
Oscar E.
Ingen & Co. Inc., Miami
HOLLOWELL,
A.
M.
Gordon
Pierce, Fenner &
& Co.,
ERNEST
Kidder
M.
A.
W. Palm Beach
ROBERTSON, LEWIS B.
Orlando
A.
HOLDER, O. J.
Merrill Lynch,
NORMAN E.
Kidder
M.
UFFORD, HENRY M.
HODGE, EDWARD C.
B. J. Van
A.
SYMONS, GEORGE K.
W. H. Heagerty & Co.,
Goodbody & Co., St. Petersburg
W.
Co.,
GEORGE
Jacksonville
ROBERTS, Jr., ALBERT
DeLand
Co.,
SIDNEY
Grimm
SECURITIES
&
Jacksonville
PRESCOTT, BARNARD
Thomson & McKinnon, Miami
Kidder
Heagerty & Co., St. Petersburg
STERLING,
Corporation,
Florida Securities Company,
St. Petersburg
READ,
M.
C.
Beane,
GUNBY, D. KIRK
A.
W. H.
SULLIVAN, JAMES B.
Sullivan, Nelson & Goss, Inc.,
GOGGIN, ROBERT W.
MUNICIPAL and CORPORATION
SMITH, DERWIN B.
SOBODA, Jr., EDWARD M.
Gordon Graves & Co., Miami
Co., Miami
POWELL, MORGAN P.
Shaver & Co., St. Petersburg
Miami
Underwriters and Dealers
Beane,
STEVENS,
Tarrytown, N. Y.
Welsh, Davis & Co., Lakeland
GIVENS, JOSEPH J.
Merrill Lynch, Pierce, Fenner &
&
PIERCE, THOMAS S.
GAITHER,
DOWNES,
C.
Co., St. Petersburg
PIERCE, PAUL L.
Leedy, Wheeler & Alleman, Inc., Orlando
R.
Corp.,
Fenner
Miami Beach
Graves &
STANLEY
JR.,
SHAW, HERBERT I.
Vance, Sanders & Company, Boston
PETERS, JOHN N.
Merrill Lynch, Pierce,
CLYDE
Co., St. Petersburg
Shaver &
McKinnon, Miami
N.
FLOYD
Shaver &
PIERCE, ROBERT J.
Pierce-Carrison Corporation,
Ft. Meyers
& Co.,
& Co.,
Beane,
SHAVER,
&
Pierce-Carrison
FREEMAN, ROBERT T.
A.
&
PEPPER, CECIL B.
PIERCE,
Beane,
FREEMAN. HOWARD W.
&
Beach
Fenner
PHELPS, ORIN M.
Beach
Pierce, Fenner &
SHAVER,
Pierce,
Lynch,
Gordon
Lynch,
St. Petersburg
Co., Miami Beach
EMERSON, W. A.
Merrill Lynch, Pierce, Fenner &
St. Petersburg
Clearwater
Oscar
.
Beach
Thomson
Ft. Lauderdale
FISHMAN, HENRY M.
Atwill & Company, Miami
Merrill
Goodbody & Co., St. Petersburg
DICKSON, WILLIAM R.
O.
FOISY, M. L.
ELLIOTT, RAYMOND J.
Merrill Lynch, Pierce, Fenner
McKinnon, Jacksonville
Merrill
FLINN, EMERY
EDWARDS, W. RAY
Jijlle, Jacksonville
OUCH, LEO P.
Thomson &
McKinnon, St. Petersburg
Parsons <fc Cc„ Inc., Cleveand; Mr. & Mrs. Walter F. Saunders,
Corporation, New York City; Mr. & Mrs. George McCIeary,
*
Securities Company, St. Petersburg
PEARSON, JAMES
Palm
Inc., Daytona Beach
EWING, CLAUDE M.
A. M. Kidder & Co.,
J.
E. Parsons, Jr.,
Securities
Florida
T. Nelson O'Rourke,
DUSKIN, JOSEPH H.
CRANFORD, JAMES A.
Edward
EVANS, J. HERBERT
Beil & Hough, St. Petersburg
-
CLAUDE
Mrs.
Dominion
CARLTON
ERICKSEN,
53)
ROSTER OF MEMBERS
-
COURTNEY, WILLIAM M.
Merrill Lynch, Pierce, Fenner
The
page
&
ERICKSEN, ARTHUR C.
T. Nelson O'Rourke, Inc., Daytona Beach
Security Dealers Association
(Continued
Mr.
&
V?
Co., St. Petersburg
WINTERS, JONATHAN H.
Co.,
SHARP, NATHAN S.
Harris, Upham & Co.,
Miami
Gordon Graves & Co.,
WRIGHT
Delray
Beach
GARLAND
A. M. Kidder
&
Miami
P.
Co., Ft. Lauderdale
HULETT, WILLIAM B.
Thomson & McKinnon, Daytona Beach
JACKSON, EDGAR W.
TRADING MARKETS
Thomas
W.
Cook
M.
Palm
&
Company
Beach
JESTER,
DeWITT T.
Thomson & McKinnon, Tampa
EATON MANUFACTURING COMPANY
KEEFE, KENNETH M.
Grimm
&
Co.,
Jacksonville
KUHN, OLIVER W.
A.
RUSSELL&
UNION
COMMERCE
CLEVELAND
Kidder & Co.,
M.
Tampa
LEEDY, LOOMIS C.
Leedy,
Wheeler & Alleman,
&
Inc.,
Orlando, Fla.
Irving the automotive, aircraft,
LEWIS, NATHANIEL L.
BLDG.
TELETYPE -CV
14
CHerry
OHIO
L
D
565
1-5050
Trust
500
Open Wire to
Troster, Singer & Co., New York
Thomson
&
MATHEWS,
McKinnon, Orlando
Jr.,
marine and other
C.
R.
McNICHOL, HERBERT
A.
M.
Kidder
MILLER,
B.
motor
Company of Georgia, Atlanta
truck axles and axle
parts;
MeCFFiEDY, CLINTON T.
McCreedy & Company, Inc., Miami
City
important industries, including
J.
F.
Paul
MOORE.
Miami
Beach
iron
G.
Davis
&
Co.,
rotor pumps;
spring washers;
rings, cold drawn steel; sodium cooled,
Miami
PEGGY
King Merritt & Co.,
heater-defroster units; leaf
springs; stampings; permanent mold
castings;
Ingen & Co., Inc., Miami
BUDD
A.
Co.,
BOICE
Van
MOORE,
&
and coil
T.
Inc.,
Miami
Free
Inc.,
Miami
valve
gray
snap
poppet,
and
valves; turbo-jet engine blades, tappets, hydraulic
MOORE. VICTOR
Hawk
King Merritt & Co.,
&Co.
ms
MORGAN.
Merrill
STOCK
MORLEY,
EXCHANGE
A.
M.
JOHN
Kidder
MORRISON,
T.
UNDERWRITERS
-
BROKERS
-
Pierce, Fenner &
brakes and
Beane,
Miami
MEMBER
MIDWEST
DISTRIBUTORS
Nelson
NELSON,
&
SECURITIES
NEWMAN,
M.
NOEL.
BUILDING
TELETYPE CV-4
dynamometers; and other similar products.
R.
General Offices:
L.
Cleveland, Ohio
Sullivan, Nelson & Goss, Inc.
A.
LEADER
inserts; Dynamatic drives,
Co., Jacksonville
ARCHIBALD
O'Rourke, Inc., Daytona Beach
CARL
seat
J.
PLANTS:
W. Palm Beach
INVESTMENT
lifters, valve
KNEALE
Lynch,
ROBERT
Kidder
W.
&
E.
Co.,
Cleveland, Massillon, Ohio
J.
OHIO
TELEPHONE—TOWER 1-3494
NOWELL,
Thomson
ROBERT
&
Kenosha, Wisconsin • London, Ontario
E.
McKinnon, Ft.
Lauderdale
OLDFIELD, JOHN W.
Oscar
E.
Battle
PLANTS OPERATED BY SUBSIDIARY COMPANIES:
The Crummer ComDany, Inc., Orlando
CLEVELAND 14,
•
Creek, Lawton, Detroit, Marshall, Saginaw, Vassar, Michigan
Coral Gables
Dooly & Co., Miami
I
t
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Mr.
&
Mrs.
Shields
A.
&
Gordon Crockett,
Crockett & Co., Houston; Mr. & Mrs. Richard
Company, New York City; Mr. & Mrs. Harry F. Reed, Dallas Rupe
Dallas; Corwin L. Liston, Prescott & Co., Cleveland
Mr.
H. Goodman,
& Son,
&
Mrs.
55
George H. Earnest, Fewel & Co., Los Angeles; Henry G. Isaacs, Virginia Securities
Norfolk, Va.; Mrs. Edward E. Parsons, Jr., Cleveland; Mr. & Mrs.
Orville G. Allen, Lynch, Allen & Company, Inc., Dallas
Company,
FRANEY,
Third Vice-President: William J. Blake, Fusz-Schmelzle & Co.
Security Traders Club of St. Louis
FRANK
Newhard,
Secretary: Walter A. Beckers, Paul Brown & Co.
Treasurer; Ernest D. Wilier, Boatmen's
National
Richard
Committeemen:
H.
National Bank of St. Louis.
Co.
&
FUSZ, Jr.. FIRMIN D.
Walsh, Newhard, Cook &
Fusz-Schmelzle
Co.; John W. Bunn, Stifel, Nicolaus & Company, Incorporated;
Earl Hagensieker, Reinholdt & Gardner; Edward H. Morfeld,
Morfeld, Moss & Hartnett.
Elected:
Cook
FRIEDMAN, WM. STIX
Friedman, Brokaw & Co.
GABLE.
&
Co.
L.
JOHN
Stifel, Nicolaus & Company, Incorporated
V
GARDNER, FRED W.
Reinholdt & Gardner
October 30,
1952; Take Office: October 30, 1952; Term
Expires: October, 1953.
GERSTUNG,
WILLIAM
B.
Dempsey-Tegeler & Co.
ROSTER OF MEMBERS
ARNSTEIN, Jr.,
ASHER,
A.
FELSTEIN, SAM
Henry, Franc & Co.
SIDNEY I.
Edwards
G.
ATEBS
Lynch,
BAKEWF.LL,
Haworth F. Hoch
Richard H. Walsh
Ralph M. Moberly
FISCHER, JOSEPH S.
Goldman, Sachs & Co.
Sons
&
Pierce,
Fenner
HAROLD
Rollins & Co., Inc.
GLASER,
Glaser,
&
Beane
FRAHM, HERBERT
(Continued
Mercantile Trust Company
EDWARD
EDWIN
Vogel & Co.
GLYNN, Jr., JOSEPH
Blewer, Heltner & Glynn
C. T.
Merrfll
Stix
&
GIGER,
Blair,
FREDERIC A.
Stix & Co.
on page
56)
Co.
BARKAU,
ELMER
Taussig, Day & Co., Inc.
LOUIS
BARKLAGE,
I.
Simon
M.
& Co.
BAUCOM, CHARLES
Paul
Securities
American
North
BECKER,
WALTER
Brown
&
INDIANAPOLIS BOND AND SHARE
Co.
A.
CORPORATION
•
Co.
KENNETH H.
Merrill Lynch, Pierce, Fenner
129
BITTING,
&
Beane
EAST
INDIANAPOLIS
4
•
BUILDING
MARKET
»
,
INDIANA
BLAKE, WILLIAM J.
Fusz-Schmelzle &
Co.
★
BLEWER, CLARENCE F.
Blewer, Heltner & Glynn
C.
J.
Devine
★
••
.
in issues of Indiana Tax
BOSCHERT, DANIEL C.
Morfeld. Moss & Hartnett
Ernest
D.
Wilier
BOYD, Jr.. A.
Albert Tneis
SHAPLEIGH
& Sons,
Haworth
Hoch,
F.
^
Telephone MA-4321
MIDWEST
MEMBER
STOCK
EXCHANGE
Bramman-Schmldt-Busch, Inc.
President: Richard H. Walsh, Newhard, Cook & Co.
Vice-President:
•
Exempt and Corporate
Teletype IP-298
Inc.
BRAMMAN, EDWARD O.
First
•-
Specialists
Securities.
Bankers Bond & Securities Co.
Walter A. Beckers
•
& Co.
BOND, RAYMOND C.
William J. Blake
★
"
Investment Dealers and Underwriters.
BOHAN, WILLIAM
McCourtney-Brecken-
ridge & Co.
BRECKENRIDGE, HUNTER
McCourtney-Breckenrldge & Co.
BRENNAN, EMMET J.
Brennan &
Second Vice-President: Ralph M.
Moberly, I. M. Simon & Co.
Company
BROCKMEYER, E. H.
Goldman, Sachs & Co.
BRO
OFFERINGS WANTED
CKSMITH, H. L.
Scherck, Ricnter Company
BRONEMEIER,
MEDUSA
PRODUCTS
JOSEPH
Scherck, Richter Company
SPECIAL SITUATIONS
BUNN, JOHN W.
Stifel, Nicolaus & Company, Incorporated
EUGENE T.
Morfeld, Moss & Hartnett
BURNS,
BURTCH, B.
W.
PARSONS
Henry, Franc & Co.
BYRNE. R. EMMET
Morfeld, Moss & Hartnett
CADLE, CHESTER J.
Central Republic Company
MEDUSA
GRAY
MEDUSA
PORTLAND
WATERPROOFED
PORTLAND
MEDUSA
GRAY
CEMENT
Teletype:
CONDIE, Jr., HERBERT
Newhard. Cook & Co.
CEMENT
COOK
AIR-ENTRAINING CEMENT
CV 652
Assn. Securities Dealers
Members Natl.
CLOONEY. LEO R.
Reinholdt & Gardner
D.
HENRY M.
Newnard, Cook & Co.
MEDUSA WHITE PORTLAND CEMENT
CORLEY, C.
C.
MEDUSA WATERPROOFED WHITE
PORTLAND
TOwer 1-0313
CARPENTER, JR., GEORGE R.
Moody's Investors Service
MEDUSA "MEDCO" HIGH EARLY
STRENGTH
Telephone:
Cleveland 14, Ohio
CANAVAN, JAMES M.
Smith, Moore & Co.
CEMENT
CO., INC.
&
Union Commerce Bldg.,
J.
F.
Devine
&
Co.
CREELY, WALTER J.
Goldman, Sachs & Co.
CEMENT
IN CLEVELAND
CUMMINGS, JOHN P.
Newhard, Cook & Co.
MEDUSA WHITE TILE GROUT CEMENT
MEDUSA STONESET CEMENT
IT'S
CORB LISTON
DARMSTATTER, E. W.
Stifel, Nicolaus & Company, Incorporated
MEDUSA BRIKSET CEMENT
OVER THE
COUNTER SPECIALIST
DEMPSEY, DUMONT G.
Newhard,
MEDUSA PORTLAND CEMENT PAINT
MEDUSA RUBBER
MEDUSA
MEDUSA
WATERPROOFING
FOR OVER 20
Edward D. Jones & Co.
DOWDALL, WM. F.
Wm. F. Dowdall &
PASTE
Co.
Prescott & Co.
DRUMMOND. KENNETH
Calvin Bullock
Members
MEDUSA PORTLAND
1000 Midland
Building
(Listed
•
on
CEMENT CO.
Cleveland 15, Ohio
Midwest Exchange)
YEARS
DEPPE, RALPH
BASE PAINT
WATERPROOFING POWDER
CONCENTRATED
Cook & Co.
ERKER, GEORGE
Hill
New
York,
H.
Midwest and Other Principal
Stock
Exchanges
-•
Brothers
900 National
ESSERT, EARL
Midwest Stock Exchange
EVANS, CHARLES D.
Redden and Company
FARROW, FRED F.
Albert Thels b Sons,
Inc.
City Bank Building
CLEVELAND
Telephone:
PRospect 1-6300
14
BeU Teletype
CV 97
THE COMMERCIAL and FINANCIAL CHRONICLE
56
Lewis
H.
Serlen,
Jones
&
Josephthal
Co.,
St.
& Co., New York City; Mr. & Mrs.
Louis;
Martin I. King, Sutro Bros. &
Ralph C. Deppe,
Co., New York
Security Traders Club of St. Louis
(Continued from
page
Reinholdt
8c
G.
RUDOLPH
H. Walker 8c Co.
Mercantile Trust
ROBERT H.
A.
Newhard, Cook & Co.
G.
Edwards
HEITNER, NORMAN E.
Blewer, Heltner & Glynn
E.
Dempsey-Tegeler & Co.
HELLER, IRVIN A.
WALTER C.
& Co.
Newhard,
Cook &
SCHIRP
KAUFFMANN, JOHN R.
Semple, Jacobs & Co.
Stlfel, Nicolaus & Company, Incorporated
We
generally have buying and selling orders in the
following list of
over
the counter securities:
*
Edwards
G.
8c Sons 7
KINSELLA, J. REID
McCaskey Register
Ohio Leather
Bessemer Securities
Ohio Water Service
G.
Peerless Cement
Federal Machine & Welder
Valley Mould & Iron
Industrial Silica
Youngstown Steel Car
Co.
&
Mercantile Trust
U.
Newhard, Cook & Co.
National
Bank
of
St.
LOTTMAN, CHAS. S.
Kerwln, Fotherlngham & Co., Inc.
UNION
NATIONAL BANK BUILDING
Herrlck
G.
Walker
H.
MALONE,
Telephone 4-4351
C.
V.
8c
&
&
Weber
C.
Co.
Co.
Co.
&
EDWARD
White
&
A.
Company
WHITE, F. HOWARD
Goldman, Sachs 8c Co.
Co.
&
Devine
WHITE,
Co.
&
J.
WEBER, VINCENT C.
J.
WHITE, Jr., JULIAN
White 8c Company
Inc.
Sons,
HOVEY E.
WIBBING, RAY H.
Inc.
Redden
C.
and
Company
WICKMANN, W. JACK
Division
Stifel, Nicolaus & Company, Incorporated
WILLER, ERNEST
The
Mills & Company
D.
National
Boatmen's
Bank
of
St.
Louis
YATES, Jr.. JAMES A.
Elliot H. Stein & Co.
Hill Brothers
STUEBE, EDWARD
Newhard, Cook & Co.
Co., Inc.
ZAEGEL, JOHN F.
Bramman-Schmidt-Busch,
SUECK, ROBERT J.
MAENDER, CLARENCE J.
YOUNGSTOWN 1, OHIO
Co.
Savings Bond
G.
H.
WALSH, ROBERT A.
Dempsey-Tegeler 8c
STAY, WALTER A.
R.
RICHARD
WEBB, FRANK X.
STEIN, ELLIOT H.
McKEE, LOGAN
Barrett
&
ELMER
S.
Co.
Newhard, Cook & Co.
Federal Reserve Bank
LEWIS, HUGH W.
Louis
BUTLER, WICK & CO.
WALSH,
M.
Slayton & Company,
Company
SMITH,
Boatmen's
8c
Jones
Thels
SLAYTON,
LEVIS, EDWIN
The
J.
MICHAEL
Brown
Albert
8c
L.
Fusz-Schmelzle
Paul
KNIGHT, NEWELL S.
Commrcial Shearing & Stamping
B.
Tibbe
A.
VOGEL, LEONARD
Glaser, Vogel 8c Co.
SHUEY, LEE G.
LESTER W.
Walker
H.
A.
SHAPIRO. SUMNER
Harvey. Klein & Co., Inc.
KNICKMEYER,
TIBBE, ANTON A.
Co.
Newhard, Cook & Co.
Edward D.
KLEIN, ELMER B.
Bessemer Limestone & Cement
GREGORY
SESTRIC,
Brennan & Company
Aetna Standard Engineering
8c
SENTURIA, EDWARD
Newhard, Cook 8c Co.
KERR, KENNETH
A.
Sanders
SCHMELZLE, ALBERT
Stlfel, Nicolaus & Company, Incorporated
Co.
JAY
THOMAS, JOHN R.
H.
Taussig, Day & Co.. Inc.
KELLY, FRED S.
L.
Blair, Rollins & Co., Inc.
DONALD
SCHLUETER.
Beane
THEIS, IH. ALBERT
Albert Thels & Sons, Inc.
SPENCER H.
C.
&
Peltason, Tenenbaum Co.
SCHERCK, GORDON
Scherck, Rlchter Company
JORDAN, ROY W.'
G. H. Walker 8c Co.
KEANEY, FRANK X.
Co.
TENENBAUM,
Brothers
Edwin
Edward D. Jones & Co.
TENENBAUM, HARRY
Peltason, Tenenbaum
Company
Wlbbing 8c Co.
SANDERS.
EDWARD D.
Inc.
Co.,
TEGELER, JEROME F.
Dempsey-Tegeler 8c Co.
Co.
HERBERT M.
H.
Hill
Edward D. Jones & Co.
& Sons
8c
HENRY J.
Rlchter Company
ROBINSON,
MojTeld, Moss 8c Hartnett
IIARVEY, JOSHUA A.
GUMMERSBACH, ALBERT
O.
Midwest Stock Exchange
JONES,
RICHTER,
Scherck,
ROACH,
HUEBNER, CHARLES
JANSEN, KENNETH J.
HARTNETT, WM. H.
D. Jones
Edward
REIS, GEORGE J.
Stlfel, Nicolaus & Company, Incorporated
HARRIS, IRWIN R.
Scherck, Rlchter Company
& Co.
Boatmen's National Bank of St. Louis
Brown
REIMAN, WM. L.
Fenner
TAYLOR, MEL M.
Semple, Jacobs 8c
Edwards 8c Sons
G.
A.
Dempsey-Tegeler & Co.
Gardner
TAUSSIG, WILLIAM H.
Merrill Lynch, Pierce,
and Company
REDMAN, W. G.
Walker & Co.
H.
G.
TARLETON
Redden
HULSTEIN, EDWARD
—
HAHN, JOSEPH F.
GREEN, JR., ARTHUR W.
Paul
REDDEN,
Franc 8c Co.
Henry,
HORNING, BERT
GOODING, RUSSELL H.
O. H. Wlbbing & Co.
HAEUSSLER,
Everett W. Snyder, E. W. Snyder & Co., Syracuse; Mr. & Mrs. George J. Elder,
Straus,
McDowell, Detroit; Mr. & Mrs. Harry J. Hudepohl, Westheimer and Company, Cincinnati
Mrs.
HENRY, OLIVER B.
HAGENSIEKER, EARL
Dempsey-Tegeler & Co.
GUION,
&
Blosser &
HONIG, THEODORE C.
GODBOLD, EARL
G. H. Walker
Mr.
D.
HOCH, HAWORTH F.
McCourtney-Breckenridge 8c Co.
55)
ROSTER OF MEMBERS
GRAF.
Edward
City
Thursday, November 13, 1952
The
Co.
National
Boatmen's
Bank
of
St.
Louis
VINCENT
Inc.
ZINZER, HERMAN J.
Dempsey-Tegeler 8c Co.
Paul Brown & Co,
MATTHEW, DAVID S.
White & Company
A DIVERSIFIED BUSINESS
MATYE, JOHN F.
Dempsey-Tegeler <te Co.
MAYER, WALTER
Eckhardt, Petersen & Co.,
SELLING TO
Inc.
ESSENTIAL
MEYER, EUGENE J.
Municipal
Bond
INDUSTRIES
Corp.
MILLS, ANDREW S.
Newhard,
Cook & Co.
Based upon the processing of many kinds of
transparent films,
MILLS, R. G.
R.
G. Mills & Company
foils and other materials, The Dobeckmun
in 24 years, from the
Company has grown,
original creators of cellophane cigar
MOBERLY, RALPH
I.
M. Simon
&
Co.
MOREY, Jr., RICHARD
A.
G.
Edwards
&
wrappers to a national business
Sons
with
MORFELD, EDWARD H.
Morfeld, Moss 8c Hartnett
For
MOSS, MORRIS
Morfeld, Moss 8c Hartnett
Foods,
ceuticals,
confections,
chemicals,
pharma¬
tobacco,
NEUWOEHNER, HIRAM
White
8c
metal
Company
NEWCOMB, LOWELL
St. Louis
NEWELL.
A.
products
.
.
bags, pack¬
.
material, labels, package
age
Union Trust Co.
JAMES E.
box
wraps,
covers;
G. Edwards 8c Sons
in flexible
films, foils, laminated combi¬
NEWHARD, CHAPIN S.
Newhard. Cook & Co.
nations.
NIEMOELLER, JOHN J.
Stlfel, Nicolaus & Company, Incorporated
Collin, Norton
Associate
Members
&
Co
New York Curb
New
JAMES
Mercantile Trust
OHLREN.
IRVING
Unlisted
Trading Department
PAPIN.
Petersen
Lynch,
&
Co.,
LOISEL
Pierce,
Fenner
Bell System
FOBPER.
tape
and
ELVIN K.
I. M. Simon 8c Co.
for
wire,
cable
more
.
.
•
sheet
and
about us,
film-
stock, label
For
textiles
.
.
non-tarnish¬
.
fabrics.
any
industry
.
films,
other materials
.
.
custom-
foils and
for utilitarian
decorative purposes.
are
manu¬
would
write for brochure "A Typical
you
American Industry". The Dobeckmun
Company, Cleveland 1,0.
at
Atlanta, Berkeley, Boston,
Portland, St. Louis, St. Paul and
Co.,
high-
ing, Lurex metallic yartyi, for
garments, draperies, uphol¬
or
apolis, Los Angeles, Milwaukee,
New York, Philadelphia,
Pittsburgh,
PETERSEN. JOSEPH G.
&
.
Chicago, Cincinnati, Detroit, Indian¬
PELTASON, PAUL E.
Eckhardt-Petersen
Beane
Branches
Peltason, Tenenbaum Co.
Teletype TO 190
8c
.
paper.
laminated
in
like to know
Inc.,
Scherck, Rlchter Company
6131
cover
Berkeley, Calif. If
PAULI, ROBERT A.
TOLEDO, OHIO
laminated
These diversified products for essential industries
factured in Cleveland, Ohio, and
THOMAS
PIERRE
Merrill
industry
motors.
SON, WILLIAM T.
.
hard-wearing,
For
form,
Elliot H. Stein & Co.
Eckhardt
GARDNER BLDG„ 506 MADISON AVE.
Telephone ADams
electrical
R.
Olson, Donnerberg 8c Co., Inc.
Manager
graphic arts
sulation,
Company
OLDENDORPH. EDWARD
Smith, Moore & Co.
O'NEILL.
the
finish,
light-weight, space-saving in¬
O'BRIEN,
01
RUSS KEIER,
the
Nordman & Co.
Exchange
York Stock Exchange
Members Midwest Stock Exchange
Members Chicago Board of Trade
Members
For instance:
For
steries, fine decorative textile
For
NORDMAN, JOHN
serving essential industries
diversified products.
many
Inc.
Seattle. Representatives everywhere.
i
DOBECKMUN
Convention Number
Mr.
&
Mrs.
John
THE COMMERCIAL and FINANCIAL
F.
Harry
McLaughlin,
L. Arnold,
McLaughlin, Reuss
Goldman, Sachs &
Bond Club of
&
Co., New York City;
Co., New York City
Mr.
&
CHRONICLE
Mr. & Mrs. George McAleer, Dominick & Dominick, New York City; Mr. & Mrs. Ralph C. Deppe,
Edward D. Jones & Co., St. Louis; Mr. & Mrs. Fred G. Morton, The Milwaukee Company, Milwaukee
Mrs.
Treasurer: Francis Q. Coulter, Syracuse Trust Company.
Syracuse, N. Y.
Secretary: Charles T. Heaton, William N. Pope, Inc.
Board of Governors:
Carl M.
N ST A
Clarence A. Goodelle; William G. Lapham,
Loeb, Rhoades & Co.; Pearne W. Billings, Cohu & Co.;
D. B. Bonbright & Co.
Elected: January 21,
AFFILIATES
31
Harry C. Copeland, Reynolds & Co.; Delwin H. Gidley, Geo.
MEMBERS
4000
1952; Took Office: January 21, 1952; Term
Expires: February 1, 1953.
ROSTER OF MEMBERS
BICKELHAUP; ALBERT
Cohu
&
Co.
'
BILLINGS, PEARNE W.
Cohu & Co.
BISHOP,
WESLEY
Smith,
Bishop & Co.
BULLOCK.
Warren R. Wallace
Francis
Charles T. Heaton
Q. Coulter
The Milwaukee Company
EDWARD J.
Reid-Bullock Co.
CANDEE, HORACE F.
Cari M. Loeb, Rhoades & Co.
President: Warren R. Wallace.
Vice-President: Edward J. Smith, Smith, Bishop & Co.
Investment
CARY, DANIEL W.
Reynolds & Co.
207
COPELAND, HARRY C.
Reynolds & Co.
East
Securities
Michigan Street
Milwaukee
Wisconsin
::
COULTER, FRANCIS Q.
Syracuse Trust Co.
UNDERWRITING
DISTRIBUTING
•
TRADING
•
CUMMINGS, ERNEST M.
George D. B. Bonbrlght & Co.
DAY, MARSHALL W.
George D. B. Bonbrlght
EASTMAN,
Co.
8a
Chicago Office
EMMONS. EDWARD L.
135
Reynolds 6s Co.
SECURITIES
ENGREN,
Exchange
Co.
DREW G.
Eastman
LISTED & UNLISTED
&
Member Midwest Stock
South
LaSalle
Saint Paul Office
Street
144 Endicott
Building
GEORGE M.
FELDMAN, RICHARD
Through
our
distribution
the
retail
own
GEHM, GEORGE W.
First Trust 6s Deposit Co.
wholesale
and
GIDLEY, DELWIN H.
George D. B. Bonbrlght & Co.
offer unusual facilities for
we
placement
blocks
of
Securities
of
Madison Office
First
National
Wausau Office
Bank
First
State
American
Building
Bank
Building
GOODELLE, CLARENCE A.
GRABAU, ALVIN J.
Grabau-Buchman
Members
New York
New
York
Curb
Stock
GRAVES, J. LLOYD
Exchange
William N.
(Associate)
Exchange
Pope, Inc.
GRIMES, WILLIAM H. C.
Midwest Stock Exchange
Barrett
Herrick & Co.,
HEATON,
CHARLES
Inc.
T.
William N. Pope, Inc.
Crnttenden
&
Co.
JOHNSON, ORLIE D.
George D. B. Bonbrlght & Co.
SERVING
SOUTH
LA
SALLE
TELEPHONE
STREET
CHICAGO 4,
DE
2-0500
ILLINOIS
LAPHAM, BEVERLEY H.
B. H. Lapham & Company
LAPHAM,
LINCOLN
OMAHA
DENVER
Weartland
THE
KASBERGER, THOMAS S.
209
WILLIAM
Jr.,
Carl M.
G.
Loeb, Rhoades & Co.
LeVEILLIE, G. N.
OF IOWA'S RICHEST SOIL
WILLIAM
MARSH,
Carl M.
Loeb, Rhoades & Co.
McGURK,
ROBERT T.
Stone & Webster Securities Corp.
MILES, JOHN P.
L.
D.
23
Sherman & Co.'
of the 32 counties served by Iowa
MULCOCK, ERNEST R.
Sills, Fairman
&
Harris
William N.
Members Midwest Stock Exchange
Chicago
New York
Peoria, 111.
Kalamazoo, Mich.
Gary, Ind.
Emporia,
Direct
Private
Wichita,
Wire
to
W.
Salina,
E.
Electric
E. R. Mulcock 8s Co.
Light and Power Company
&
Inc.
among
POZZI, FRANK
Solvay, N. Y.
ROBERTS. JAMES
K. B. Rollins 6s Co.
Co., N.
Y.
SCHELLENBERG, LeROY H.
William N. Pope, Inc.
Clarence
SMITH.
Underwriters and Distributors of
SMITH,
Industrial Securities
Leo
Goodelle
A.
LEO V.
200 counties in the nation. Iowa Electric Light and
Company operates in 32 counties
...
23 of these
ROY
Ever
for
the
industrial
increasing
renewals offers
H.
National
agricultural income group. Plenty of power is avail¬
in the top
able
V. Smith & Co.
SNYDER. EVERETT W.
E. W. Snyder and Co.
STOKES,
expansion being attracted to the area.
revenues
an
and
an
enviable record of franchise
investment you can
recommend confidently.
Bank
SUITS, GILBERT
Teletype
top
Power
Bishop 6s Co.
Merchants
Telephone
SALES MANAGEMENT surveys credit Iowa with 42 of the
EDWARD J.
Smith,
Municipal, Public Utility, Railroad and
DEarborn 2-1421
U. S. Agriculture's 200 Richest
ROLLINS, KARL B.
Kans.
Hutton
Pope,
SCHMIDT, NORMAN 0.
THORNE, WILLIAM J.
Syracuse Trust Co.
CG 864
Write for
a
copy
of
our
Annual Report for
your
files.
IOWA ELECTRIC LIGHTS POWER
TICKNER, RULAND L.
COMPLETE
SPECIALISTS
TRADING
IN
LOCAL
are
POPE. WILLIAM N.
INCORPORATED
FACILITIES
MARKETS
Foster 8s Adams
WALLACE, WARREN R.
Fayettevllie, N. Y.
WELLES, FRANK M.
Reynolds 6s Co.
GENERAL OFFICES: Cedar
Rapids, Iowa
58
THE COMMERCIAL and FINANCIAL CHRONICLE
Alabama
Thursday, November 13, 1952
Pierce, Fenner & Beane, Birmingham; Fred A. Hayley, Mer¬
Security Dealers Association
Mobile; James R. Hendrix, Hendrix &
Mayes,
Montgomery
Inc.,
LOUIS
Odess, Martin
mingham
Co., Birmingham; W. Berney Perry, Berney Perry & Company,
Inc.,
Herzberg,
&
Bir¬
SELLERS, PHILLIP
Sellers, Doe & Company, Montgomery
Inc., Birmingham; Leo C. Turner, Marx & Co., Birmingham;
George M. Wood, George M. Wood & Co., Montgomery.
SHROPSHIRE, OGDEN
Shropshire & Company, Mobile
Lee, Sterne, Agee & Leach,
SMITH, HENRY M.
Birmingham; Miles A. Watkins, Jr., Stubbs, Smith & Lombardo,
Stubbs,
Smith
Lombardo,
&
Inc.,
Bir¬
mingham
Inc., Birmingham.
Elected:
&
SCHULHAFER.
Mayes, Inc., Birmingham; Hugh Morrow, Jr., Watkins, Morrow &
National Committeemen: Alonzo H.
C. J.
PERRYMAN,
Hendrix
chants National Bank,
December,
Office:
Took
1951;
January
STANSEL, ARTHUR
1,
1952;
Term
Courts
Expires, December 31, 1952.
&t
STERNE,
Birmingham
Company,
H.
MERVYN
Leach, Birmingha
Sterne, Agee &
\
ROSTER OF MEMBERS
STUBBS,
ADAMS,
RALPH
E.
Berney
Perry
mingham
Eddins
John
Mortimer A. Cohen
Clyde Ulmer
AGEE,
Vice-Presidents:
Mortimer
Sterne,
Agee
Agee
&
Leach,
Mo¬
&
V.
Marx
Company,
THORNTON,
Company,
Marx
Company,
&
Birmingham
Bank,
Merrill Lynch,
Birmingham
Pierce,
Fenner
St
Marx
Beane,
Treasurer: Joseph P. Lombardo, Stubhs, Smith &
Birmingham.
Lombardo, Inc.,
Mobile, Mobile
Baxley, Merrill Lynch, Pierce,
Milton S. Boyce, Merrill Lynch,
Fenner & Beane, Montgomery;
Pierce, Fenner St Beane,
Markets
Trading
Cumberland
Southern
Utilities
Common and
Securities
Corporation,
Bir¬
CARLISLE,
Co.
C.
JUDSON
&
Birmingham
Company,
WATKINS, Jr., MILES A.
Stubbs, Smith & Lombardo,
DRAYTON
Inc.,
Bir¬
WARNER S.
WATKINS,
Bank, Birmingham
ODESS,
LEWIS
Watkins,
St Company, Birming¬
Morrow
J.
Martin
St
Herzberg,
Inc.,
WATKINS, Jr., WARNER S.
Bir-
mingham
Watkins.
PERRY, W. BERNEY
Berney
Perry St Company,
mingham
Sterne, Agee & Leach, Birmingham
Beane,
ham
Odess,
mingham
Preferreds
Iowa
Marx
Hugh
First National
Knight, Inc., Birmingham
Fenner St
mingham
NABERS,
BROWN, C. BLYTHE
Power Co.
Jr.,
Pierce,
WALKER, JOSEPH
ham
Birmingham
Iowa Electric Light &
JR., SIDNEY J.
Thornton, Mohr & Company, Montgomery
MORROW,
Lynch,
WALKER, CULLOM
Marx & Company, Birmingham
Pierce, Fennere & Beane,
BRODNAX, MARION J.
St
SIDNEY J.
Watkins, Morrow St Company, Birming¬
BOYCE, MILTON S.
Brodnax
Birmingham
Company,
Montgomery
Thornton, Mohr St Company, Montgomery
MOHR,
BONHAM, JOHN A.
Sellers, Doe & Company, Montgomery
Merrill Lynch,
St
Merrill
Carlson St Co., Birmingham
MOHR,
Lynch,
Montgomery
Executive Committee: Marion E.
Courts
VINCENTELLI, JOHN
BAXLEY, MARION
Merrill
*
of
Birmingham
Hendrix & Mayes, Inc., Birmingham
S.
Bank
Company,
&
ULMER, CLYDE
McREE, S. A.
First National
MILLS
J.
Thornton, Mohr & Company, Montgomery
Montgomery
ARMSTRONG, ERNEST
Sterne, Agee St Leach, Montgomery
BACON, ROBERT
Birmingham.
Bir¬
TURNER, LEO C.
MAYES, HAROLD B.
bile.
Secretary: John Eddins, Merrill Lynch, Pierce, Fenner & Beane,
Inc.,
THORNTON, Jr., J. MILLS
MASTERS, ERNEST
National
Lombardo,
St
Thornton, Mohr & Company, Montgomery
Birmingham
WILLIAM
Hugo
Smith
H.
mingham
Birmingham
HUGO
&
Bir¬
ANDREWS, J. WARREN
First
Jr..
MARX,
,
Stubbs,
HUGO
Marx
Hugo
Birmingham
mingham
Montgomery; Ogden Shropshire, Shropshire & Company,
V.
Hugo
MARX,
Leach,
St
ALLISON. Jr., CHARLES J.
Equitable
Securities
Corporation,
Birmingham.
Cohen,
A.
Bir¬
RUCKER
Sierne,
President: Clyde Ulmer, Courts & Co.,
MARX,
Inc.,
Company,
&
GEORGE
Jr.,
St Co.,
Morrow
Birmingham
WOOD, GEORGE M.
Inc.,
Wood
M.
George
Bir-
Mont-
Company,
&
gomery
CARLSON, ROBERT H.
Carlson
SINCERE
AND
COMPANY
MEMBERS
New
and
York
all
Stock
OF
Co., Birmingham
Underwriters,
COHEN, MORTIMER A.
Sterne, Agee St Leach, Montgomery
Exchange
Principal Stock and
Commodity
St
CARLSON, Jr., Robert H.
Carlson St Co., Birmingham
Brokers
Listed
of
Distributors
and
Unlisted
and
CONVILLE, KNOX A.
Conville
Exchanges
COX,
CHICAGO
St
Company, Birmingham
JOHN B.,
Investment Securities
Jr.
Birmingham Trust National Bank,
Birmingham
Teletype
Telephone
STate
CG 252-656
2-2400
&
657
CROW, Jr., JAMES S.
Hendrix & Mayes, Inc.
Birmingham
CRUMPTON, TOM U.
T.
U.
Crumpton & Co., Inc. Birmingham
STRAUS, BLOSSER i McDOWELL
Members
New
DARBY, Jr., NOLAN C.
Merrill
Lynch,
Birmingham
.DOE,
Pierce, Fenner St Beane,
York
Stock
Stock
Exchange—Midwest
Exchange—New York
Curb
Stock Exchange
Exchange (Associate)
135 South La Salle Street, Chicago 3,
WELDON
Sellers, Doe & Company,
CHICAGO
Detroit
Montgomery
New York
EDDINS, JOHN
Merrill
Lynch,
Birmingham
Detroit
Pierce, Fenner St Beane,
Kansas City
Private
Illinois
Teletype CG 650-651
Telephone ANdover 3-5700
Wire
Grand Rapids
Milwaukee
System
Coast
to
Mt. Clemens
Coast
ELIASBERG, JULIEN
Selma
OVER-THE-COUNTER
SPECIALISTS
SINCE
FORE, ROBERT B.
First
National
Bank
of
Birmingham,
Birmingham
FRAZER, FRANK B.
Shropshire St Company, Mobile
1926
Underwriters and Distributors
HAWORTH, HOWARD
Merrill
Lynch, Pierce, Fenner St Beane,
Birmingham
Corporate and Municipal Securities
HAYLEY, FRED
Merchants
SWIFT, HENKE & CO.
MEMBERS MIDWEST STOCK EXCHANGE
National
Bank,
Mobile
HECHT, GEORGE
Merrill
Lynch,
Birmingham
Pierce, Fenner St Beane,
HENDRIX, JAMES R.
Hendrix
St
Mayes,
Birmingham
Inc.,
HERZBERG, BERNARD F.
Odess, Martin
mingham
HOLLEMAN. S.
&
Herzberg,
BROOKS
St
Chicago 3
1800
314
N. Broadway, St. Louis 2
Tel. Garfield 1980
Tel. STate 2-5770
HUBBARD, CHARLES C.
Hendrix
Founded
105 W. Adams Street,
Hugo Marx & Co., Montgomery
Trading markets maintained in Chicago
Stifel, Nicolaus & Co., Inc.
Bir¬
Inc.,
Mayes, Inc., Montgomery
HYDINGER, EB S.
Carlson St Co., Birmingham
JEMISON, Jr., JOHN S.
Marx St Company, Birmingham
UNLISTED SECURITIES
JOYANT, A. W.
American
National
Bank
St
Trust
Com¬
pany, Mobile
LEACH, EDMUND C.
Sterne, Agee St Leach, Montgomery
Republic Investment Company, Inc.
CONTINENTAL ILLINOIS NATIONAL BANK BUILDING
231
SOUTH
LA
SALLE
STREET
CHICAGO 4, ILLINOIS
FRanklin 2-1150
Teletype: CG 2197 & CG 1614
LEE,
ALONZO
LESLIE, OWEN C.
Odess, Martin St
Direct Wires
Inc.,
Stubbs, Smith
mingham
PROMPT
St
Lombardo,
Inc.,
Pittsburgh
Chicago
-
Cleveland.
Loans
and
Securities
MO U. 1 PAT on.
Birmingham
HENRY S.
Agee St Leach,
Sterne,
partment. Teletype:
i
Birmingham
Ohio's
MARTIN, ELBERT H.
Odess, Martin
mingham
-
Bir¬
Address
Co.,
dealers in New York
We clear for
-
KENNETH
St
-
CLEARINGS
Tus¬
caloosa
LYNN,
to
City, Missouri and Milwaukee, Wisconsin
Herzberg,
LOMBARDO, JOSEPH P.
Carlson
New York, Kansas
SPECIALIZED
H.
Sterne, Agee St Leach, Birmingham
LONG,
DEALERS
SECURITY
KNIGHT, Jr., ROY W.
Brodnax St Knight, Inc., Birmingham
&
Herzberg,
Inc.,
Bir¬
Largest
•i
Bank
CV 240.
'
De¬
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
.'J:-':•?
59
'
*
w
,
w
Mr.
&
Mrs.
Kermit
Mr.
B.
Mrs.
&
Sorum,
Howard
J.
A lison-Williams
Eble,
Wm.
J.
Company,
Mericha
&
Minneapolis;
Karen
Inc., Cleveland
Wi
A1
George R. McAleer, Dominick & Dominick, New York City; Mr. & Mrs. Richard H. Walsh,
Newhard, Cook <ft Co., St. Louis; Mr. & Mrs. Phillip J. Clark, Amos C. Sudler & Co., Denver
Mr. & Mrs.
Sorum;
Co.,
Vice-President: Ernest H. Pringle, E. H. Pringle & Co.,
Securities Dealers of the Carolinas
Charleston, S. C.
,Secretary: Edgar M. Norris, Greenville, S. C.
Treasurer: Robert S. Hays, R. S. Hays & Company, Inc.,
Durham, N. C.
ROSTER OF MEMBERS
TRUST
AMERICAN
Charlotte,
N.
WACHOVIA
COMPANY
Asheville.
C.
E.
BANK
TRUST
&
CO.
C.
N.
C.
BEMAN
Laurinburg,
BRANCH
Wilson,
ALEX
N.
N.
BROWN
TRUST
CO.
&
COVINGTON
Spartanburg,
S.
C.
SONS
&
N.
BURNETT
Greensboro,
CALHOUN
&
C.
Winston-Salem,
OSCAR
WARD
C.
BANKING
N.
C.
CO.
&
H. M. Byllesby and Company
C.
CO.
&
(Incorporated)
Spartanburg, S. C.
J. Lee Peeler
Ernest H.
President: J. Lee
Peeler,
Robert S. Hays
Pringle
CITIZENS
TRUST
Greenwood,
J. Lee Peeler & Company, Inc.,
JAMES
Durham, N. C.
S.
Charleston,
&
S.
INC.
'n<nwei>
C.
N.
CRAWFORD
Columbia,
DARGAN
CO.,
C.
CO.
&
Durham,
H.
C.
CONNER
COURTS
G.
CO.
S.
&
CO.,
INC.
C.
CO.
&
Spartanburg, S. C.
Brokers and Dealers in
R.
S.
N.
EQUITABLE
N.
Durham,
ALESTER G.
S.
HAMILTON
New York Curb Exchange
(Assoc.)
135 South La Salle Street,
Chicago 3
C.
Telephone Financial 6-4600
COMPANY
&
Railroad
Philadelphia-Baltimore Stock Exchange
FURMAN CO.
Greenville,
—
Members Midwest Slock Exchange
CORP.
N. C.
FROST, READ & SIMONS, INC.
Charleston, S. C.
Since 1924
Industrial
Municipal Bonds
CORP.
C.
SECURITIES
FIRST
—
C.
SECURITIES
Greensboro,
Over the Counter Securities
Public Utility
DICKSON & CO.
Charlotte,
Teletypes CG 273 and 2860
Chester, S. C.
New York
E.
L.
HARDIN
Salisbury,
Rogers
R.
& Tbacy
S.
&
N.
HAYS
CO.,
—
INC.
Philadelphia
—
Pittsburgh
—
Minneapolis
C.
&
CO.,
INC.
Durham, N. C.
INC.
BARNWELL
HUGER,
120 So. La Salle
Charleston,
Street, Chicago 3, Illinois
INTERSTATE
Telephone STate 2-4151
Direct
wires
to
our
Charlotte,
DILLON &
JACKSON
Correspondents
CO.
SMITH, HAGUE &
NEW YORK
CO.
SECURITIES
CORP.
C.
N.
OU1 40th YEAE
SMITH
&
Gastonia,
EASTMAN,
&
S. C.
N. C.
CO.
DETROIT
KIRCHOFER
ARNOLD
&
ASSOCIATES,
INC.
Raleigh,
A.
M.
N.
LAW
C.
CO.
&
ACM7I and CoiflpClTW
LEWIS
A CMun & Co.
MANNING
M.
Greenville,
WE MAINTAIN
S.
C.
JOE McALISTER CO.
A
Vf
r
Members ot
1
Greenville, S. C.
ACTIVE TRADING MARKETS IN
McCARLEY &
CA
CO.
&
Greensboro, N. C.
VIVIAN
'
Incorporated
Spartanburg, S. C.
McDANIEL
New York Stock
CO.
Midwest Stock Exchange
Exchange
New York Curb
Asheville, N. C.
Exchange (Associate)
HENRY T. MILLS
Greenville,
UNLISTED SECURITIES
EDGAR M.
S.
Greenville,
J.
Your
Inquiries Invited
LEE
H.
S.
N.
Paal HLDavls & G'o.
Established 1916
S.
Exchanges
FRANK
S.
CO.
s.
&
CO.
S.
Rockford
Peoria
VANCE
S.
&
CO.,
Rockford
Spokane
,
Nantucket
Sturgis (Mich.)
Peoria
Wausau
Kansas
City
CO.
Lexington
C.
C.
N. C.
Minneapolis
Moline
INC.
C.
SECURITIES
Greensboro,
Portland (Me.)
Decatur
TOWNSEND, WESTON & CO.
Charleston,
Trading Dept. Teletype CG-405
N.
Philadelphia
Milwaukee
Flint
INVESTMENT
Charlotte,
Madison
Concord
c.
SMITH
SOUTHERN
3
30 Federal St.
Boston, Mass.
Aurora
C.
South La Salle Street
CHICAGO
Chi<a«#
City
C.
INVESTMENTS
Columbia,
44 Wall Slree,
New York
Wilmington, N. C.
Chicago Board of Trade
10
&
Winston-Salem, N.
Columbia,
*
CO.
&
ROBINSON-HUMPHREY
SELECTED
Members Principal Stock
CO.
&
C.
PRINGLE
Charleston,
REYNOLDS
100 W. Monroe Street
C.
PEELER
Durham,
E.
C.
NORRIS
CORP.
THE COMMERCIAL and FINANCIAL CHRONICLE
60
BAKER
Georgia Security Dealers Association
The
H.
Beer
Courts
& Co.
J.
W.
Tindall
Courts
Company
&
PHILIP
Thomson
CRAIG
Lane, Space
Johnson,
v
8c Co., Inc.
Savannah
BATTEY,
Trust
Evans
A.
&
Inc.,
Company,
BLACKSTOCK, JERRY G.
Hancock. Blackstock & Co.
Citizens and Southern National
Bank.
■
iji
J
Brown
RICHARD
Thomson
ROSTER OF MEMBERS
SCOTT
& Co.
Goodbody
BOGGS,
located
ALLEN,
Atlanta unless
In
L., JR.
French
otherwise Indicated)
APPLEBY,
ADAMS, ALLISON
Beer
Thomson & McKinnon
A.
Evans
& Company,
Courts
&
Inc.
AUSTIN,
F.
ALEXANDER, CAROLINE
&
Crawiord,
WILLIAM
BOYD,
Inc.
Johnson, Lane, Space 8c Co.,
C.
J.
Co.
W.
J.
Inc.
THOMAS J.
Lynch, Pierce,
Fenner
&
Beane,
&
M.
BRAY, ROBERT M.
Co.
Trust
BRAYSHAW,
B.
DONALD
HOFFMAN,
Abbett & Co.
Lord,
Courts
executed
Orders
N.A.S.D.
Stock
Detroit
on
at
members
regular
Exchange for
rates
less
&
Thomson -8c
Courts
F.
McKinnon
Eorooke
BROOME,
MICHIGAN
Courts
&
&
Company, Inc.
Co.
&
Inc.
Company,
LESTER
Varnedoe, Chisholm & Co., Inc.
Savannah
Grange
KILPATRICK,
Company
& Co.,
C.
R.
La
Space
Evans
A.
ANDREW J.
Jr.,
Augusta
MARION
KISER,
Inc.
Courts
D. W.
&
W.
Co.
KNOX, WILLIAM S.
Space & Co., Inc.
JOHN T.
KONTZ,
Merrill
LAY,
CULLEN J.
The
Columbus
Pierce,
Lynch,
Fenner
JOSEPH E.
Robinson-Humphrey
&
Beane
Company,
8c
LAYTON, BUXTON L.
Goodbody & Co.
L.
Co.
LEE, R. E.
CABELL
W.
Wyatt, Neal 8c Waggoner
Co., Columbus
HULL, J. G.
Merrill Lynch, Pierce, Fenner & Beane
Groover,
LESSER, NORMAN
Trust Company of
HUME, E. STOCKTON
JR., JAMES F.
Brown
UNLISTED MARKETS
8c
KAROW,
Co.
&
STOCKTON
Jr.,
&
HOPKINS,
Stockton Broome 8s Co.
BROWN,
Evans
A.
Clement
VIRGINIA
HOLMES,
BROOKE, BYRON
Byron
E.
Co.
WILLIAM F.
Co.
HENRY
BROCK,
40%.
&
Courts
Cullen J. Hoffman Company,
BROADWELL,
Beane.
KABLE, JOHN R.
Co.
Lane,
&
RICHARD K.
Clement
HIRSHBERG, JULIAN R.
Norris & Hirshberg, Inc.
Company of Georgia
Fenner
JORDAN, LUDLOW
KEY,
HILL, CARL
Johnson, Lane,
Johnson,
MOLLIS
Tindall
Courts
JONES,
J.
&
Co., Inc.
O.
Pierce,
Macon
RICHARD
HINDSMAN.
Savannah
JAMES
JONES,
DENMARK
T.
HEID, Jr., H. P.
The Robinson-Humphrey
BRADLEY,
Merrill
Inc.
Columbus
Augusta
Company
Co.,
La Grange
DIXON
Courts
HUDSON
D.
R.
Lynch,
Hugh W. Long and Company, Inc.
HEAD,
Courts 8c Co.
ARMSBY, J. W.
Wyatt, Neal & Waggoner
ADAMS, EDWARD R.
Clement
&
Pierce, Fenner & Beane
JONES, JR., FRANK
Company
HATCHER, LLOYD B.
Trust Company of Georgia
—
LEONARD
G.
Inc.
RALPH
Goodbody & Co.
BOUNDS, JAMES W.
(Members
In-.'.,
Co.
JOLLEY, LEX
Johnson, Lane, Space 8c
HANCOCK, ROY W.
Hancock, Blackstock & Co.
HARRIS,
McKinnon
&
&
JOHNSON, THOMAS M.
Johnson, Lane, Space &
National Bank
McKinnon,
& Groover,
GROVES,
Inc.
BLACKWOOD, Jr., W. HUGH
BLANCHARD,
Secretary-Treasurer: James W. Means, Courts & Co.
&
GROOVER,
LESTER J.
Clement A. Evans & Company,
The Citizens and Southern National Bank
Vice-President: Jack C. Morris, Norris & Hirshberg, Inc.
Co.,
A.
HARRY N.
Merrill Lynch,
GRADY, Jr., HENRY W.
The Robinson-Humphrey
Thomson
BLACKSTONE,
President: James S. Eudd, Jr., The
Martin
JOHNSON.
GRIGGS, Jr.. JAMES
Co.
&
Space 8c
Lane,
GARNER
Milhous,
Inc.
Co.,
Merrill
BLACK, Jr., GRADY H.
James W. Means
8c
Co.
8c
Inc.
Savannah
Augusta
Jack C. Morris
Hilsman
H.
Co.,
Savannah
JOHNSON,
GOl'F, CHARLES II.
Frinch & Crawford,
BEESON, JAMES T.
Jzmes S. Budd, Jr.
J.
&
T.
DAVID
Johnson,
Inc.
GLENN, JOHN F.
Citizens and Southern
KARY
J.
Company of Georgia
Courts
JOHNSON,
JAY D.
FROST,
Courts
M.
ALFRED
Clement
Co.
GAY, Jr., EDWARD
Augusta
BEAVERS.
G.
&
FRENCH, J. McCREA
French
& Crawford,
Jr.,
JELKS, FREEMAN N.
Johnson, Lane, Space
Savannah
P.
Goodbody
BARRETT, JULIAN N.
Beer 8c Company
BARROW,
ROGER M.
Hancock, Blackstock & Co.
JACOBS,
Ga.
Co.
&
FONVILLE,
E.
McKinnon
&
HUNERKOPH, CLOVIS
Trust Company of Georgia
Company
FLOURNOY, ELIZABETH M.
E.
CARROLL
BARFORD,
&
FLEMING, WILLIAM S.
Courts
8c
Co., Albany,
BANK, DONALD
BANKS,
STROTHER
FLEMING,
E.
Robinson-Humphrey Company
Thursday, November 13, 1952
LEWIS,
Courts
Courts & Co.
Macon
BROYLES, NORRIS ARNOLD
Beer 8s Company
HUMPHREYS,
Courts
&
Co.
LUTTRELL, W. R.
WARREN
Co.,
&
Georgia
W.
WILLIAM
Columbus
LaGrange
BRUCKNER, JACK I.
Merrill
WM. C. RONEY & CO.
MEMBERS
NEW YORK
STOCK
Lynch,
Rapids
Courts & Co.,
DETROIT, MICH.
Battle
Saginaw
Beane,
Newnan
MANLEY, BENNETT & CO.
BRYANT, Jr., O. S.
&
Muskegon
Creek
Crawford,
BUCHANAN, C.
Thomson
Grand
&
Augusta
French
•
Fenner
BRYANT, EVERETT C.
EXCHANGE
Teletype DE 100-101
BUHL BLDG.
Pierce,
Inc.
■'<
SHELTON
•
McKinnon
&
BUDD, Jr., JAMES S.
Retail and Trading Interest in
The Citizens and Southern National Bank
BURT,
FRANK
Brooke
Byron
&
Detroit and
Company
Michigan Bank Stocks
ALBERT
BUTLER,
V.
Athens
Courts & Co.,
CARTER, Jr., HUGH D.
Markets In Michigan Securities
Courts 8c Co.
CASELL,
UNDERWRITERS and DISTRIBUTORS
H.
Members
N.
Goodbody &
Co.
New York Stock Exchange
CASWELL, IRA H.
J. H.
Hilsman
CATER,
(Associate)
New York Curb
&
Co.,
Inc.
Detroit Stock
W. B.
Exchange
Goodbody & Co.
White, Noble & Company
Members Midwest Stock Exchange
New
York
Curb
Exchange
PRIVATE
YORK—J.
NEW
Detroit Stock Exchange
(Associate)
WARNER
&
Michigan
Phone 9-4336
Ann Arbor
-
Trust
-
CO.
Battle Creek
26
-
WOodward 2-8992
Lansing
-
Muskegon
&
-
-
Buhl Building
Detroit 26,
Teletype DE-92
Co.
Michigan
CHISHOLM, FRANK A.
Varnedoe, Chlsholm 8c Co., Inc.
DEALERS
DISTRIBUTORS
UNDERWRITERS
CLISBY, JOSEPH R.
Courts 8c Co., Macon
Buhl Building
Building
Tindall
CLARKE. HARRISON
Johnson, Lane, Space 8c Co., Inc.
DETROIT
Teletype GR 184
W.
Savannah
CHICAGO—DANIEL F. RICE & CO.
GRAND RAPIDS 2
J.
CLARKE, HAGOOD
Johnson, Lane, Space 8c Co., Inc.
WIRES
ARTHUR
1100
WOodward 5-1122
CHESTNUT, J. D.
Teletype DE 7
Traverse City
CONANT,
JOHN
Clement
A.
CORPORATE AND MUNICIPAL
Evans &
A.
Company,
Inc.
COOPER, HOMER G.
Courts 8c
COOPER,
SECURITIES
Co., Athens
WILLIAM
Merrill Lynch,
F.
Pierce, Fenner & Beane
ACTIVE TRADING MARKETS
COURTS. MALON C.
Courts 8c Co.
IN
COURTS, RICHARD W.
Courts 8c Co.
WATLING, LERCHEN & CO.
MIDWESTERN UNLISTED STOCKS
COX, ERNEST P.
Courts 8s Co.
CRAWFORD, ALLEN
Johnson, Lane, Space 8c Co., Inc.
Investment Bankers
Savannah
CRAWFORD, Jr., ALLEN C.
French & Crawford, Inc.
CRAWFORD, WILLIAM C.
Merrill Lynch, Pierce, Fenner & Beane
Members
New York
Stock
New York Curb
CROFT,
Exchange
The
Jr.,
ED.
S. R- LIVINGSTONE, CROUSE & CO*
Members
S.
Robinson-Humphrey Company
Stock
Detroit
Exchange
PENOBSCOT
BUILDING
DETROIT 26,
MICHIGAN
DAVIS, LLOYD
(Associate)
Courts 8c Co.
DEAN,
Detroit Stock Exchange
JAMES
B.
i
J.
Midwest Stock Exchange
W.
Tindall 8c
Courts 8c Co.
■'r
W.
Clement A.
Teletype
to
J. F. REILLY
W.
Evans & Company,
NEW
&
CO., INC.
YORK
Inc.
DuBOSE, SAM I.
ARTHUR
John F. Shields & Company
L.
WRIGHT
&
CO.,
INC.
PHILADELPHIA
Ford
Building, Detroit 26
Ann Arbor Trust
Bldg., Ann Arbor
120 W. Michigan Ave., Jackson, Michigan
DULANEY,
The
J.
LANDON C.
Robinson-Humphrey
DURRETT.
H.
DYKES,
Courts
J.
Company
FRAZER
Hilsman
8c
Co., Inc.
EUGENE T.
8c Co., Columbus
F.
S. YANTIS
&
CO., INC.
CHICAGO
CONRAD, BRUCE & CO.
of LOS ANGELES
EVANS,
CLEMENT A.
Clement A.
Evans 8c
DE-336
DIRECT PRIVATE WIRES
DICK, Jr., JACKSON P.
Beer 8c Company
DOUGHTY,
5-6202
Co.
DENNY, RICHARD A.
MUNICIPAL AND CORPORATE SECURITIES
WOodward
Company, Inc.
Inc.
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Mrs. Edward E.
Mrs.
Parsons, Jr., Cleveland; George McCleary, Florida Securities Company, St. Petersburg;
Landon A. Freear, Ft. Worth; Edward E. Parsons, Jr., Parsons & Co., Inc., Cleveland; Landon
Freear, William N. Edwards & Co., Ft. Worth; Mrs. George McCleary; Mr. & Mrs. R. Emmet
Bradley, John C. Legg & Company, Baltimore; Mr. & Mrs. John F. McLaughlin,
McLaughlin, Reuss & Co., New York City
Dayton P. Haigney, Boston; Charles Wallingford, H. M. Byllesby & Company, Incorporated,
Pniladelphia; Mr. & Mrs. Richard H. Goodman, Shields & Company, New York City; Mrs. H. D. Knox,
New York City; John F. Reilly, J. F. Reilly & Co., Inc., New York City; Mr. & Mrs. Gustave J.
Schlosser, Union Securities Corporation, New York City; Mrs. Charles De Locek; Lewis H. Serlen,
Josephthal & Co., New York City; Mrs. Ely Batkin, New York City
Mrs.
A.
MALLORY,
Clement
MALLORY,
R.
S.
Evans
&
JR., WALDO
Dickson
&
Inc.
Company,
Co.,
Courts
First
National
Courts
Lynch,
Pierce,
&
Fenner
Beane,
Columbus
Courts
MARTIN, Jr., JUSTUS C.
The Robinson-Humphrey Company,
Inc.
&
Courts
Norris
J.
&
Co., Decatur
M.
J.
&
E.
Bank
TILLMAN, THOMAS M.
Tillman-Whitaker
Co., Inc.
Athens
Co.,
TINDALL, JULIAN W.
CHAPPELL
J.
Johnson, Lane, Space & Co., Inc.
JR., W. BARNARD
Hlrshberg, Inc.
W.
Ttndall & Co.
(Continued
Savannah
on page
62)
FRANK J.
H.
Hilsman
8c
Co.,
Inc.
Charles A. Parcells & Co.
Trust Company of Georgia
Co.
NELSON, ED. H.
MEILL, EDWARD
French & Crawford,
& Co., Inc.
Augusta
E.
Hilsman
SUMMERS,
NEAL, ROY D.
/
W.
H.
FRANK
JR.,
National
Fulton
NEAL, J. ROBERT
Wyatt, Neal & Waggoner
Co.
JAMES
Courts
8c
MYERS,
FONVILLE
Co.
&
MEANS,
Space
MURPHY,
Inc.
McWILLIAMS, Jr., OSCAR H.
MARTIN, WAYNE
Milhous, Martin 8c Co.
J.
TAYLOR,
Hlrshberg, Inc.
STEWART.
Robinson-Humphrey Company
King Murphy &
Co.
McWHORTER,
MASON, JAMES
Johnson, Lane,
The
MURPHY, KING
McRAE, D. FINLAY
Blair, Rollins & Co.,
MARTIN, J. W.
Merrill
&
Norris 8c
MORRIS, JOSEPH L.
& Co.
McNAIR, HOWARD S.
Bank
STEINIIAUER, R. EUGENE
Norris & Hlrshberg Inc.
ELLENE M.
McGEHEE,
W.
Inc.
MANNERS. PAUL E.
JACK 0.
MORRIS,
McGAUGHEY, PAUL W.
Equitable Securities Corp.
WALDO W.
A.
61
Clement
Inc.
Co.,
&
of
Members
Inc.
of
Detroit
Stock
Exchange
Midwest
Members
Evans
A.
Stock
Exchange
NEWTON, CHARLES E.
MILHOUS, JAMES
MATHEWS, Jr., ROBERT C.
Trust
F.
Milhous, Martin 8c Co.
Company of Georgia
MILLER,
MATTHEWS, ROBERT L.
Merrill Lynch,
French
Pierce, Fenner & Beane
Courts
&
Courts 8c Co.
OBERRY,
GEORGE
Merrill
Merrill
Inc.
Macon
NUNNALLY, McKEE
PHILIP L.
Crawford, Inc.
&
Lynch, Pierce, Fenner & Beane
OLSEN,
Investment Securities
G.
Lynch, Pierce, Fenner & Bean*
MILSTEAD, ANDREW J.
McClelland, john e.
J. H. Hilsman & Co.,
Co.,
OWEN K.
Merrill Lynch, Pierce, Fenner & Beane
McCORD,
Jr.,
MONK, GEORGE W.
JOSEPH A.
Pierce, Fenner & Beane
Clement
Merrill Lynch,
&
Evans
A.
Inc.
Company,
PARKER, LAWRENCE C.
French
& Crawford,
639
Inc.
PAULSEN,
GROVER
Johnson, Lane, Space &
Co.,
DETROIT 26,
Inc.
DEALERS
-
BROKERS
•
•
DISTRIBUTORS
PEEPLES,
A.
Evans
&
Co.,
Inc.,
PRIVATE WIRES
WOODWARD 2-5625
FRANK
Clement
MICH.
TELEPHONE
Savannah
UNDERWRITERS
PENOBSCOT BUILDING
TO ALL MARKETS
Macon
Teletype
DE
206
PENDERGRAST, T. J.
Courts
BAKER, SIMONDS & CO.
DETROIT
BUHL BUILDING
—
WOodward
1-3670
ESTABLISHED
DETROIT
MEMBER
1920
DE
26
189
PERKINSON, TOM
French
&
Crawford,
Inc.
PRESTON, Jr., SAM W.
Hancock, Blackstock & Co.
PRUETT,
GERTRUDE M.
Pruett
WIRES TO
DIRECT
—
Co.
PRUETT, CARL A.
Pruett and Company, Inc.
EXCHANGE
STOCK
&
and
(Mrs.)
McDONALD-MOORE & CO.
Company, Inc.
PRUITT, GEORGE
—
Byron Brook & Co.
CRUTTENDEN
CO.
&
RAGSDALE. IRVIN T.
The Robinson-Humphrey
—Chicago-
Municipal and Corporate Securities
Company
BEES, III, A. F.
Trust
Members
YORK
NEW
MIDWEST STOCK
ASSOCIATE MEMBER NEW
With
Wires
to
Lincoln, Neb.
and
Sioux
-
EXCHANGE
STOCK
Courts
EXCHANGE
YORK
New York
City, Iowa
-
-
Company
1566
Georgia
of
PENOBSCOT
REEVES, H. GRADY
CURB EXCHANGE
Baltimore
-
Des Moines
Denver
8c
WO
REVSON, Jr., ALFRED F.
8c
Courts
3-9565
Co.
REYNOLDS, JOHN C.
Goodbody & Co.
MEMBERS
DETROIT
MEMBERS MIDWEST
REYNOLDS, A. ZAHNER
Courts
BUILDING
DETROIT
Co.
STOCK
EXCHANGE
STOCK EXCHANGE
Co.
&
V
TROSTER, SINGER & CO.
—New York
With Wires to Cleveland
-
Denver
-
Youngstown
RICHARDSON.
Philadelphia
FLINT
410 National
ROBINSON, H. ENGLISH
-
Pittsburgh
-
St. Louis
Courts
&
LANSING
Bldg.
Phone 4-8044
Co.
Bank
RAPIDS
GRAND
of Lansing Bldg.
Phone
810
Michigan National
Bank Bldg.
5-7289
Phone
8-1507
ROBINSON. ROBY
Detroit
-
W. ARTHUR
Griggs 8c Richardson, La Grange
City—
The
Robinson-Humphrey
Company,
Inc.
SASSER, HORACE O.
Courts
&
Co.,
Athens
SAUSSY. WILLIAM H.
Varnedoe,
Chlsholm
&
Co.,
Inc.
Savannah
SETTLE, J. FLEMING
Active Markets Maintained in
J.
H.
Hilsman
8c
BUHL BUILDING
Co., Inc.
SETTLE,
ROYSTON R.
J. H. Hilsman 8c Co., Inc.
Detroit
SHIELDS, JOHN F.
municipal bonds
Shields
&
An Address of Distinction
Company
SHOUN,
corporate securities
MURRAY C.
«
Merrill Lynch, Pierce, Fenner & Beane
SIMKINS, ARTHUR B.
Clement
A.
Evans
8c
Company,
Inc.,
Savannah
FINANCIAL TENANTS
SITES, CRAWFORD N.
Specialists in
Courts
IN THE BUHL BUILDING
Co.
&
SITES, FRANK B.
Michigan Bonds and Stocks
Augusta
Pirst
of Michigan
Corporation
Member Detroit & Midwest Stock Exchanges
Lane.
Space &
Blyth & Co., Inc.
Campbell, McCarty & Co., Inc.
Ferriss,
SMITH, HERSHEL F.
Johnson.
& Co.
Baker, Simonds
Courts 8c Co.
SLATTERY, JOSEPH
Johnson, Lane, Space 8c Co., Inc.
Co. Inc.
First
of
H.
SMITH,
SIDNEY M.
Clement A. Evans & Company,
Inc.
SMITH. WALTER
Carlton
Hentz
M.
Corporation
Co.
&
Corporation
Higbie
Manley,
Miller
&
Wagner
Michigan
Bennett
Co.
&
Courts 8c Co.
McDonnell
BUHL BUILDING, DETROIT
NEW
CHICAGO
YORK
CLEVELAND
Battle Creek
Grand Rapids
Lansing
Port Huron
SMITH, WILEY J.
Johnson, Lane, Space 8c
Augusta
SPACE, Jr., JULIAN A.
Johnson, Lane, Space 8c Co., Inc.
SPEAS,
J.
W.
First national Bank
Bank
of
National
Co.
Detroit
Co., Inc.
Bay City
Savannah
&
Wm. C.
Shannon
Roney
&
&
Co.
Company
.
White, Noble & Company
THE COMMERCIAL and FINANCIAL
62
Thursday, November 13, 1952
Ellis
Merrill
TRAYWICK,
H.
R.
Inc.
WHELCHEL,
C.
Interstate
Securities
Charlotte,
N.
Courts
Corp.,
C.
Varnedoe.
&
SAMUEL
Chisholm
Savannah
WILLIAMS,
Inc.
J.
Hilsman
&
Co.,
Tindall
W.
Inc.
WEAVER, EARL M.
&
WEIGAND,
Co.,
JR.,
Courts
<fc
WELLBORN,
Courts
&
&
A.
&
Courts
MARSHALL
Rome
J.
Clement
SAM
,
Co.,
&
Inc.
H.
G.
LAWRENCE
Brockhaus
W.
Corporation,
Harry J. Hudepohl
Richard
Chas. A. Richards
Thayer
Gradlson
D.
GRADY,
&
WILLIS
GRADISON,
Co.,
Inc.
D.
&
Co.
GEORGE T.
Eustis
& Co.
ANDREW
Middendorf
Evans
&
Company,
GRAY,
&
Co.
WALTER U.
Standard
Inc.
M.
GORDON
GRAHAM,
Co.
A.
Heimerdinger
&
H.
PAUL W.
Edward
Fenner & Beane
Poor's
&
Corp.
GREENE, HARRY T.
Greene
Inc.,
Greene
Dayton
Ladd,
&
B.
JOHN
GREENE,
Columbus
Co.
Co.
Prescott & Co.
GLENN,
HENRY
Wyatt, Neal & Waggoner
YEARLEY, IV. ALEXANDER
The Robinson-Humphrey Company,
ZIMMERMAN, WILLIAM H.
Co.,
Beane
Frank Co.
J.
&
&
EDW.
GESSING,
WYATT,
WESTBROOK, LEONA
Courts
Inc.
Geo.
WOODWARD,
F.
A.
CHARLES F.
Co., Athens
&
ALFRED
Brockhaus
GERTZMAN,
Savannah
Courts & Co.
WEIRAUCH,
H.
Co.
&
Securities
Southern
Macon
Beane
JOHN
Woody
GERDING,
Edward
& Company,
Pierce,
Bartlett
D.
Walter,
S.
O. B.
WOOD. Jr.,
Courts
Evans
WILLIS, FRANCIS D,
Merrill Lynch, Pierce,
WALKER, SAMUEL G.
H.
JOSEPH
JR.,
Athens
JAMES J.
Lynch, Pierce, Fenner & Beane
EUGENE F.
WILLIS,
WAGGONER. T. REUBEN
Wyatt, Neal & Waggoner
J.
BenJ.
FUERBACHER,
WILLIAMSON,
Merrill
&
BYRON
FRIEDLANDER,
L.
Co.,
S.
Fenner
Westheimer & Company
Albany
JAMES
A.
Clement
Co.,
Savannah
Fenner
Pierce,
Lynch,
FOSTER,
PINCKNEY
W.
Co.,
WHITTLESEY. GEORGE
Courts <fe Co., Albany
Co.,
L.
&
F.
Co., Inc.
&
Tlllman-Whltaker
OWEN C.
Chkholm
VARNEDOE,
Varnedoe,
&
WHITAKER,
UNDERWOOD. L. DEAN
Norrls & Hirshberg, Inc.
VARDAMAN,
Dickson
S.
Lynch,
Merrill
GEORGE
WEYMAN.
Company.
J.
JOHN
JR.,
FITZGERALD, LAWRENCE
ROSTER OF MEMBERS
TOMPKINS, HENRY B.
The Robinson-Humphrey
A.
Co.
&
FISCHER,
61)
page
Jr., HARRY
FILDER,
Cincinnati Stock and Bond Club
Georgia Security Dealers Association
(Continued from
CHRONICLE
Dayton
Ladd,
&
GRISCHY, CLIFFORD H.
Field, Richards & Co.
GUCKENBERGER.
markets
louis
st.
HALL,
Clair
Our
Trading Department Is Active In All
And Invites Your
"If there it
We
Market
a
Harrison
find it"
Jones & Co.
First Vice-President: Charles A. Richards, Field,
1871
Second Vice-President: Richard Thayer, Thayer,
MEMBERS
New
York Stock Exchange
Nelson,
N<$io York Curb Exchange, Associate
Chicago Board of Trade
300 North Fourth St.
Central
Bell
7600
Direct
Private
Josephthal & Co., New
Wire
Connections
Trustees:
Walter,
Woodward & Co.
with
York, and James E. Bennett & Co., Chicago
Co.
&
Company
Heimerdinger
Woody &
HEIMERDINGER, JOHN M.
Walter,
John J.
Armbrust, Pohl & Company, Inc.; John J.
Fischer, Jr., Merrill Lynch, Pierce, Fenner & Beane; Gordon
M. Graham, Middendorf &
Co.; Cletus H. Oilier, Edward Brockhaus & Co., Inc.; Lee R. Staib, Geo. Eustis & Co.; Gilbert A.
Davis, Harrison & Company.
Teletype SL 593
&
HEIMERDINGER, JOHN G.
Woody
&
HINSCH,
CHAS.
Heimerdinger
A.
Treasurer: James Moriarty, W. E. Hutton & Co.
Saint Louis 2, Mo.
Browning
Harrison
Richards & Co.
Secretary: George F. Oswald, Smart, Clowes & Phillips, Inc.
Midwest Stock Exchange
&
HEAD, Jr., HUGH
President: Harry J. Hudepohl, Westheimer and Company.
ESTABLISHED
R.
HARTMAN, W. STEWART
James Moriarty
George F. Oswald
Specialize In Orders For Banks And Dealers
Edward D.
S.
Company
E. WEBSTER
Company
HARRISON,
Inquiries
we can
&
HAPPLEY,
GEORGE
C. H. Reiter & Co.
Local Listed And Unlisted Securities
v
Hall
S.
EDGAR F.
CLAIR
Jr.,
Chas. A. Hinsch &
Co., Inc.
HIRSCHFELD, OSCAR W.
Stranahan, Harris & Company
HITZLER,
JOHN G.
Westheimer
and
Company
—ROSTER OF MEMBERS—
(Members located in Cincinnati unless
otherwise
PRIMARY MARKETS IN
indicated)
ARMBRUST, JOHN J.
Pohl
&
Company,
Inc.
ARNOLD, HENRY J.
H.
Bank, Insurance and
Cohle
B.
AUB,
Co.
A. EDGAR
E.
A.
&
Aub & Co.
We
BARNARD, REGINALD
Public Utilities Stocks
W.
Hutton
E.
Co.
&
are
Proud of the Markets We Make
BARTH, JOHN L.
The
of the Nation
J.
L.
Barth
Co.
BECKER, FRED H.
Field, Richards &
and
Co.
BENNETT, JEAN E.
J.
All Midwestern and Local Issues
E.
Bennett &
BENNETT,
J.
E.
Jr.,
Westheimer
BRINK,
The
and
Stock
Exchange
W.
C.
BROWN,
New York Curb Exchange (Associate)
Mississippi Valley Trust Bldg.,
BUTZ,
&
Private wires
to:
Teletypes—SL 25 & SL 26
Branch:
&
Benj.
D.
J.
Chicago
First Securities Co.
WILLIAM
&
JAMES
Chambers
D.
O.
A.
Bartlett
CHAMBERS,
Tulsa, Oklahoma
Middletowi.\,
Company
CART WRIGHT,
Chicago, Kansas City, Los Angeles and New York
Rauscher, Pierce & Company
Co.
J.
Ladd,
CHARLES
Harrison
Telephone—Central 0282
Eastman, Dillon & Company
Dallas
Thornburgh
ROBERT
Greene
Saint Louis 1, Mo.
New York
ROBERT
Members
Midwest
T.
Company
JACK C.
Eustis & Co.
Geo.
White & Company
Correspondents
Co., Inc.
BERLAGE, WILLIAM
BOYCE,
Proud of our Wire
Co., Inc.
JEANE
Bennett &
A.
«r
Co.
D.
Clark, Landstreet & Kirkpatrick
Rauscher, Pierce & Company
Kansas City
H. O. Peet & Co.
Los Angeles
Inc.
J. Barth & Co.
Houston
Co.,
San Francisco
Nashville
&
J. Barth & Co.
CLANCEY, W. POWER
W.
P.
Clancey & Co.
COHLE, HERMAN B.
H.
Cohle & Co.
B.
COMPTON,
R.
L.
Field, Richards & Co.
CONNERS, CHARLES F.
Pohl & Co., Inc.
COOPER,
STANLEY
Stanley Cooper Co., Inc.
COULSON,
L. W.
UNDERWRITERS
DISTRIBUTORS
CHARLES
G.
Hoefinghoff & Co., Inc.
CRUM, JAMES F.
The
Samuel
& Engler
Company
Columbus
CUNNINGHAM,
Prescott
DAVIS,
&
SPENCER
Harrison &
DAVIS,
&
Co.
All of the above
Company
STANLEY
Clair S. Hall &
Newhard, Cook
W.
Co.
GILBERT A.
;■
unlisted trading specialists
with good retail distribution
DEHNER, WALTER J.
•
are
O.
Company
^ Merrill Lynch, Pierce, Fenner & Beane
DITTUS,
HERBERT
R.
'
—
Members
New York Stock
New York Curb
Exchange (Associate)
Fox,
—
Harrison
Midwest Stock Exchange
t
Company
WILLIAM
Einhorn &
Ellis
Jr.,
&
! ELLIS,
L. D. St. Louis 340, 341 & 342
Correspondent and Private Wire System
Clark, Dodge & Co., 61 Wall St., New York 5, N. Y.
Co.
Co.
& OLIVE
ST. LOUIS 2, MO.
Teletype—SL 151 & SL 152
&
EINHORN,
ELLIS,
Bell
&
DOHRMANN, WILLIAM F.
Exchange
>
FOURTH
Reusch
WILLIAM
Greene
&
ENGLER,
The
W.
SCHERCK, RICHTER COMPANY
V.
N.
Ladd,
Dayton
HERMAN
Samuel
lumbus,
EUSTIS.
Geo.
DAVID
Co.
&
Engler
O.
GEORGE
Eustis
&
ST.
J.
Co.
Company,
Co¬
LOUIS
\
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Morton A.
Cayne, Cayne &
Co., Cleveland;
HOEFINGHOFF. LEE W.
L.
W.
KREIMER, HERBERT F.
Hoefinghoff & Co.,
HOOD, PAUL
Seasongood &
HOWES,
H.
Inc.
W.
Mayer
Geo.
Browning 8c Co.
HUGHES,
and
J.
HUTTON,
Jr.,
JAMES
W.
Inc.
Co.
M.
&
ROBERT
Charles
MATTHEW
Hutton
Middendorf
&
MONTAGUE,
ISPHORDING,
LOVELAND, FRANKLIN O.
MORGAN,
JAMESON, ROBERT A.
LYNCH,
E.
Hutton
&
Co.
ROBERT B.
Doll & Isphordlng, Inc.
Pohl
&
Company, Inc.
JOHNSON,
Breed
Jr.,
&
E.
T.
CAMPBELL
KATZ,
S.
MADIGAN,
J.
Cincinnati
KLEIN,
KORROS,
V.
Municipal
Bond
First
Merrill
Corporation
and
JAMES
Co.,
Hall
THAYER,
Inc.
W.
The
WEIL, JOSEPH B.
Westheimer
ROBERT
W.
W.
Thornburgh Co.
C.
WESLEY
E.,
i
Eustis
Geo.
&
Westheimer
N.
and Company
Middendorf
Columbus
W.
Nelson,
Pierce,
NEWBURGH,
Harrison
Co.
WESSLER,
RICHARD
Fenner
8s
Beane
&
WESTHEIMER,
Company
J.
E.
Company
C.
C.
McCune
&
Geo.
Eustis
&
WHEELWRIGHT,
Co.
C.
Company,
W.
Dayton,
O.
E.
Ellis
Greene
&
Ladd,
&
P.
Co.
Dayton
D.
VONDERHAAR,
HARRY
and
DONALD
S.
White
Company
WHITE,
S.
8c
C.
(Continued
Company
on page
64)
LEO
J.
8c Co.,
Hutton
M.
Established
HERBERT
&
CLETUS
Co.
Brockhaus & Co.,
Edward
OSWALD, GEORGE
Smart, Clowes &
—MEMBERS—
Inc.
New
Specializing in
PHILLIPS, GEORGE
Gradison
W. D.
8c
Co.
Missouri and Illinois Issues
PHILLIPS, HOWARD E.
Prescott
Co.
&
COMPLETE
POOR, HENRY
Merrill
Lynch, Pierce, Fenner & Beane
Chas.
Bache
Carl M.
Hinsch
A.
J.
8c
Hill &
Co.,
Inc.
NO.
409
Telephone
Co.
ROBERT
REED,
8c
DONALD
Wire to
ST.,
ST.
LOUIS
Bell
4744
1, MO.
Teletype—SL
New York, N. Y.
Houston, Texas
Clayton, Mo.
L.
Private
Loeb, Rhoades & Co., New York
EIGHTH
Central
FACILITIES
TRADING
Direct
RANSICK, NEIL
RAYMOND,
New
Exchange
Municipal and Corporate Securities
Co.
&
Stock
Inc.
Jr., R. CORWIN
Harrison
York Curb Exchange
Chicago Board of Trade
York Stock Exchange
Midwest
Phillips,
1887
A. G. EDWARDS & SONS
H.
OLLIER,
PAULY.
DEALERS
DISTRIBUTORS
UNDERWRITERS
Co.
&
Gradison
D.
Inc.
HARRY C.
OETTINGER,
W.
Peltason, Tenenbaum Co.
Company
RICHARD
VOLZ, EARL E.
LOTH
Madigan
O'BRIEN,
CHARLES
ROBERT
and
W. D. Gradison 8c Co.
NUSSLOCH,
T.
S.
VASEY, JOSEPH H.
Co.
M.
T.
Geo. Eustis 8c Co.
Westheimer
Browning 8c Co.
McCUNE,
8c
RICHARD
TRITTON, THOMAS
F.
NEUMARK, J. H.
Corp.,
Co.
WELLINGHOFF,
Co.
CHARLES
TOBIAS,
V.
MUETHING, CARL A.
Walter, Woody & Heimerdinger
Inc.
Company
Co.
WEISS, WILLARD C.
C.
Thornburgh
C.
&
C. J. Devine & Co.
C.
JAMES
8c
and
ROBERT
Eustis
Geo.
Co.
GEORGE
City
WANNER, LOUIS C.
Seasongood & Mayer
T.
Company
RICHARD
THORNBURGH,
F.
York
New
WAGNER, ROBERT L.
The W. C. Thornburgh Co.
WEISS,
The W.
&
Hutton
E.
8c
J.
Hanley,
G.
Woodward 8c Co.
Thayer,
MUEHLENKAMP, JOHN C.
Doll & Isphordlng, Inc.
Company
Cleveland
Lynch,
McCOY.
and Company
and
ALFRED
MATRE, EDWARD E.
FRED
Westheimer
S.
THORNBURGH,
ARCH
MORIARTY,
E. Madigan 8c Co.,
The
IRWIN B.
Westheimer
&
Co.
Hutton
Clair
Laura
City;
York
Co.
&
CHESTER
TERRELL,
New
JUSTIN
JR.,
Hutton
Geo. Eustis 8c Co.
J.
MAHON, Jr., HOYT B.
Joseph & Co., Inc.
ARTHUR
M.
Westheimer
Hutton & Co.
E.
Company
FRANCIS
E.
E.
Inc.,
Mackie,
Westheimer
MACK,
Inc.
JOSEPH, JOHN E.
John
&
W.
Cincinnati Municipal Bond Corporation
B.
Harrison,
JOHNSTON,
W.
Harrison
W.
MILLER, LLOYD
A. Lepper 8c Co.
(
Co.
&
R.
Hinsch
A.
Bean
STEVENSON,
MIDDENDORF, WM. B.
LEPPER, MILTON
A.
Lepper & Co.
W.
Singer,
Braun, Bosworth 8c Co., Incorporated
MEYER,
Eustis & Co.
E.
Bean,
MEINERS, EDMUND B.
FREDERIC F.
LENHOFF,
Brockhaus & Co.,
&
Jules,
McKIE, STANLEY G.
The Weil, Roth 8c Irving Co.
Company
LAUFERSWEILER, MAURICE
Greene 8c Ladd, Dayton
Company
THOMAS
Edward
&
Gradison
D.
LATSCHA,
HUDEPOHL, HARRY J.
Westheimer
Kreimer
F.
KUEMMERLING, DON D.
RICHARD
Nelson,
Harry L. Arnold, Goldman, Sachs & Co., New York City
63
475
Springfield, 111.
Co.
REIS, Jr. GORDON
St. Louis, Mo.
Seasongood
REIS,
Mayer
&
W.
ROBERT
Seasongood
Mayer
8c
REIS, THOMAS
Seasongood &
REITER,
C.
SIXTY-TWO YEARS
Mayer
JACK
Reiter
H.
&
OF
Co.
REUSCH, CARL H.
Fox, Reusch & Co.
INVESTMENT
REYNOLDS, JOS.
BenJ.
B.
Bartlett & Co.
D.
RICHARDS,
CHARLES
BANKING
A.
Field, Richards & Co.
GEORGE
RILEY,
C.
Brockhaus
Edward
&
Co.,
Inc.
ROBERTS, HAROLD
John
E.
Joseph & Co., Inc
Stifel, Nicolaus & Company
ROECKNER, OTTO F.
&
Greene
Ladd,
INCORPORATED
Daytcn
MEMBERS
ROSSBACH, KURT
J.
Specialists in Unlisted Securities
White
A.
&
ST.
RUTLEDGE, JOHN M.
Greene
&
Ladd,
SCHIRMER
D.
W.
Dayton
314
CARL
Eustis
Geo.
SCHWARTZ,
MIDWEST
STOCK
EXCHANGE
Company
&
LOUIS
MOLINE, ILL.
N. BROADWAY
Bell
Teletype
CHICAGO 3
First Natl. Bank Bldg.
105 W. ADAMS ST.
2
Bell Teletype CG 697
SL 392
Co.
DANIEL
Gradison
&
D.
Co.
SCHWINDT, PETER
Seasongood 8c Mayer
SEUFFERLE, WM. C.
Seufferle & Co.
Wm. C.
SHAFFER,
LATSHAW
EARL
Charles
A.
INVESTMENT SECURITIES
R.
Hinsch
&
Co.,
Inc.
SHEPLER, LLOYD W.
Merrill
Lynch,
SHERHERD,
BenJ.
SIEGMAN,
Members
NEW YORK
NEW
YORK
MIDWEST
STOCK EXCHANGE
CURB
STOCK
D.
ASSOCIATE
Kansas City 6, Missouri
our
&
LOCAL
Beane
LISTED
—
UNLISTED
Bought—Sold—Quoted
C.
Reinhart 8c
Co.
Merrill Lynch,
C.
Pierce, Fenner 8c Beane
branch office:
KENNETH
Hutton
E.
SNYDER,
&
Co.
CHAS. H.
E.
Bennett
STAIB,
LEE R.
Geo.
Eustis
8c
8c
Co.,
Inc.
Prugh, Combest & Land, Inc.
1016
7
Co.
*
14 Wall
—
SMALLEY, ROBERT
J.
wires to correspondents in principal
cities and to
Fenner
P.
EXCHANGE
W.
Direct private
JACK
Bohmer,
SMITH,
111 West 10th Street
Pierce,
ALFRED
Bartlett & Co.
St., New York
STEFFENS, Jr., CHAS. H.
The Cincinnati Stock Exchange
STENGER,
Nelson,
ALBERT J.
Browning
8c Co.
BALTIMORE AVENUE
KANSAS CITY 6. MO.
"
*
'
•
Teletype KC 191
*
Telephone Victor 2841
Mr.
&
Mrs.
Haigney & Co., Boston;
Mr. &
Mrs
&
Ralph F. Carr & Co., Inc., Boston; Mr. & Mrs. James B. Maguire, J. B. Maguire & Co.,
Mrs. H. D. Knox, New York City; Mr. & Mrs. Frank T. Harrington, H. D. Knox &
Boston;
Mr.
&
Mrs.
Phillips, Pacific Northwest Company, Seattle; Hugh R. Schlicting, Wm. P.
Seattle; Mrs. L. Warren Foster, Cleveland; James Kelly, Kidder, Peabody
Frank J. Cunningham, Kidder, Peabody & Co., New York City
Mr. & Mrs. Josef C.
William S. Thompson,
Inc., Boston;
Co., Inc.,
William J. Burke, Jr., May & Gannon, Inc., Boston
Dayton P. Haigney, Dayton
Thursday, November 13, 1952
FINANCIAL CHRONICLE
THE COMMERCIAL and
64
Son
&
Co.,
Harper
& Co.,
New York City;
McCLUNG, CLINTON C.
Cincinnati Stock and Bond Club
(Continued from page
Investment Dealers Association of Houston
McClung
&
Knickerbocker
Mcdonald, john a.
63)
J.
R.
Company,
Investment
Phillips
Incorporated
ROSTER OF MEMBERS
—
MILLAR, ESTELLE A.
WHITE,
J.
WHITING,
Field,
CHARLES
Richards
WIDMANN,
Widmann
B.
WARREN
Thayer, Woodward & Co.
WOODWARD,
AUSTIN
J. A. White & Company
WOODY, MARION H.
A.
Eustis
WORTH,
WILLIS, FRANCIS B.
&
Westheimer
Field, Richards & Co.
and
LUDWIG
and Moreland
Mosle
Rotan,
Co.
WILLIAM
Co.
Mosle and Moreland
J.
MOSLE,
WORK, JOSEPH R.
Geo.
Christie &
Rotan,
Woody & Heimerdinger
Walter,
& Co.
ALBERT C.
& Company
V.
moreland, j. marvin ,
PAYNE, JACK CREIGHTON
P.
Eddleman-Pollok
Company
J.
R.
Co.
JESSE
PHILLIPS,
R.
Investment
Phillips
Company,
Incorporated
PHILLIPS,
J.
R.
JR.,
JESSE R.
Investment
Phillips
Company,
Incorporated
POLLOK,
W.
LEWIS
Eddleman-Pollok
J. Ludwig
John DeC. Scott
Jesse R.
Mosle
Co.
Phillips, Jr.
ROTAN,
EDWARD
Rotan, Mosle and Moreland
ROWLES,
President: John DeC.
Municipal Bonds and Corporate
RUSSELL R.
Rowles,
Vice-President: J. Ludwig Mosle, Rotan, Mosle and
Moreland.
Winston & Co.
SCHMITT, ANTHONY L.
Schmitt
Securities
Secretary & Treasurer: Jesse R.
Utility Stocks
Phillips, Jr., J. R. Phillips Invest¬
SCOTT,
Company, Incorporated.
ment
Local Industrial &
Scott, John D. Scott and Co.
Elected: November, 1951; Took
John
Office: January, 1952; Term Ex¬
TODD,
(The following members of the
are
Retail Distribution
also
Investment Dealers Association of Houston
members
of
the
B.
N.S.T.A.)
V.
Inc.
DeC.
Scott
Co
and
WILLIAM J.
Shawell-Ellsworth
pires: December 31, 1952.
Trading Markets
D.
SHAWELL,
Co.,
&
Berry
JOHN
Co.
WALTER
Christie
Co.
&
WARE, NATHANIEL
ROSTER OF MEMBERS
Abercrombie
Lovett
BAYLESS, JAMES
STRADER, TAYLOR & CO., INC.
Co.
&
Chas.
L.
LD 39 TWX LY 77
B,
White
&
Rauscher, Pierce & Co., Inc.
McAllister,
Merrill
jr.,
Lynch,
Edwards
B.
WIGGIN,
Merrill
Rauscher, Pierce & Co., Inc.
BAYNE, JOHN M.
G.
Chas.
Co.
matcek, w. H.
Underwood, Neuliaus & Co.
LYNCHBURG, VIRGINIA
A.
a.
Fenner
&
Beane
Dunn
White
&
Co.
JR., JACK
Lynch,
WILLS, R.
j.
Pierce.
& Sons
WHITE, CHAS. B.
masterson, jr., neill t.
ABERCROMBIE, I.OVETT
&
Pierce,
Fenner
&
Beane
GLOVER
Wills
THOMAS A.
BERRY,
Schmitt, Berry & Co., Inc.
CAMPBELL, EDWARD H.
V.
B.
Christie
& Co.
CHRISTIE, BYRON V.
B.
V.
Christie &
Co.
CORDTS, EDWIN G.
Mosle and Moreland
Rotan,
CROCKETT,
CLAUDE T.
Crockett & Co.
Wi
DAVIS,
1*52
LAWRENCE
McClung & Knickerbocker
EDDLEMAN, RICHARD
TELEPHONE 8-2821
Eddleman-Pollok
N.
Co.
ELLSWORTH, C. BRUCE
TELETYPES;
VIRGINIA
N. CAR.
W. VA.
Shawell-Ellsworth
Co.
.
FREDERKING, WILBUR II.
CORPORATE LY62 & S3
\, MUNICIPAL LY82
CORPORATE STOCKS 8 BONDS
Fridley
&
FRIDLEY,
Fridley
Hess
EARL
&
GEORGE,
COLONIC
G.
Hess
GEO.
STORJl
E.
Rauscher, Pierce & Co., Inc.
'''
MUNICIPAL BONDS
UNLISTED SECURITIES
GOODWIN, JR., ARTHUR E.
Rowles,
Winston
&
Co
With
HAIIN,
CHAS.
Rauscher, Pierce & Co., Inc.
HARRIS,
Harris-Heath
LYNCHBURG.
VIRGINIA
stores
modern
concentrated
supermarkets and
in
eight
states
food
in
the
J. WYLIE
rapidly expanding Southeast, Colonial Stores
Co.
HAWKINS, E. CLYDE
SCOTT, HORNER & MASON, Inc
350
W.
ranks
among
the top ten food chains in the
Rauscher, Pierce & Co., Inc.
HESS,
nation, with
WILBUR E.
over
$200,000,000 annual volume.
Fridley & Hess
UNDERWRITERS
and
DISTRIBUTORS
JOHNSTON,
DOUGLAS
E.
Fridley & Hess
KNICKERBOCKER,
McClung
La
WALDO
E.
& Knickerbocker
COLONIAL
STORES
MASTER, LEWIS M.
La
Master & Co.
MAGILL,
ALBERT E.
Rauscher,
Pierce & Co., Inc,
'A Southern Institution For More Than
Fifty Years"
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
65
Edward
H. Welch, Sincere and Company, Chicago; 0. H. Strong, First National Bank of Chicago;
D. Walsh, Doyle, O'Connor & Co., Chicago;
Charles Fisher, National Quotation Bureau,
Chicago; Morey D. Sachnoff, Straus, Blosser & McDowell, Chicago; Elmer Hammell, Shillinglaw,
Bolger & Co., Chicago; Richard A, Wernecke, Paul H. Davis & Co., Chicago; Arthur C. Sacco,
Cruttenden & Co., Chicago; Leonard J. Wolf, A. G. Becker & Co., Incorporated, Chicago;
Lester J. Thorsen, Glare, Forgan & Co., Chicago;
Thompson M. Wakeley,
A. C. Allyn & Company, Incorporated, Chicago
Thomas
Arries, Tampa; Mrs. F. Boice Miller, Miami; Robert H. Cook, B. J. Van Ingen & Co., Inc.,
Miami; William Atwill, Jr., Atwill and Company, Miami Beach
Seattle
President: Paul Johnson, Blytli & Co., Inc.
Security Traders Association
TAYLOR, C. ARNOLD
Wm. P. Harper & Son & Co.
Vice-President: H. Clyde Berryman, Merrill Lynch, Pierce, Fen-
TOWNSEND, CHARLES R.
& Beane.
ner
Bank
ipt§i!ip?
of
California,
N.
JOSLYN
H.
A.
Secretary: William H. Oper, Walston, Hoffman & Goodwin.
WATERMAN,
Treasurer: Sidney J. Sanders, Foster & Marshall.
National Committeeman: John I.
Alternate: Homer J. Bateman,
—
Earl F.
Rohde, John R. Lewis, Inc.
YEADON,
Pacific Northwest Company.
Bark
Waterman &
Co.
GORDON
of
California
ROSTER OF MEMBERS
ATKINSON, Jr., REILLY
H.
P. Pratt & Co.
UNDERWRITERS
BARNET, GEORGE
Foster &
DEALERS
DISTRIBUTORS
Marshall
BATEMAN, HOMER J.
Pacific Northwest Company
BERRYMAN, H. CLYDE
Merrill Lynch, Pierce, Fenner & Beane
Paul Johnson
h.
Clyde Berryman
William h. Oper
Sidney J. Sanders
BISSELL, M. LAWRENCE
Securities Exchange, Inc.
Iohnson, Lane, Space and Co.
INCORPORATED
DANIEL, ROBERT E.
Pacific Northwest Company
Georgia and South Carolina
EASTER, EDWARD K.
Witter
Dean
1902
Co.
Municipal Bonds
EASTER, F. KENNETH
1952
Fifty Years in Georgia
&
Witter
Dean
&
Co.
FOULDS, CLINTON
Foster
GEORGIA
MUNICIPAL
BONDS
Harold H.
SOUTHERN CORPORATE ISSUES
ALL
LOCAL
CORPORATE BONDS & STOCKS
Marshall
&
GARRETSON, RON
HARTLEY,
Pacific
& LOCAL SECURITIES
Huston &
Co.
DAVID
Northwest
Company
ATLANTA
HARTLEY, TALBOT
SECURITIES
SAVANNAH
AUGUSTA
Wm. P. Harper & Son & Co.
HEMMEN,
TEXTILE STOCKS
George
VICTOR
Hemmen
S.
Investment
BELL
TELETYPES
Co.
AT
182
SV
AU
16
68
HEMPHILL, WALDO
Waldo Hemphill & Co.
★
★
★
ESTABLISHED
JOHNSON, PAUL G.
Blyth & Co., Inc.
JONES, HOWARD W.
1902
National Securities Corp.
J. H. HILSMAN <r
CITIZENS
AND
(P.
SOUTHERN
O.
Box
JONES, JACK E.
Walston, Hoffman & Goodwin
CO., INC.
JORDAN,
BUILDING
Dean
ANDREW A.
Witter &
Co.
1578)
KEEN, BRUCE
ATLANTA
Dean
Witter
RICHARD
LANGTON,
Bell
Teletype—AT
Co.
&
1, GA.
296
Telephone—Walnut
Conrad,
0433
Bruce & Co.
LEE, J. BARNEY
Hughbanks Incorporated
LEWIS, JOHN S.
John R. Lewis, Inc.
ESTABLISHED 1894
MACLEOD, EDGAR B.
MacLeod
MacRAE,
Georgia South Carolina
Co.
&
ROBERT M.
MEYER, DONALD A.
Foster & Marshall
Tennessee, North Carolina,
MOREHEAD. ERWIN
The
Pacific
NATHANE,
Alabama, Louisiana & Florida
National
Bank
of
Seattle
ROBERT A.
Merrill Lynch,
Pierce, Fenner & Beane
OPER, WILLIAM H.
Walston, Hoffman & Goodwin
STATE AND MUNICIPAL BONDS
PATTEN, Jr., WILLIAM T.
Blyth & Co., Ino.
CORPORATE BONDS AND LOCAL STOCKS
PHILLIPS, JOSEF C.
Pacific Northwest Company
The
investment
PERRY, LEONARD
arande & Co., Inc.
ROHDE, JOHN
Robinson-Humphrey Company,Inc
John
R.
Members New York Siock
I.
IN SOUTHEASTERN AND NATIONAL SECURITIES
Marshall
Teletypes—AT 288 and AT 142
SCHLICTENG, HUGH R.
Wm. P. Harper & Son & Co.
ATLANTA 1, GEORGIA
Long Distance 421 and 422
HAVERTY
MARKETS
Lewis, Inc.
PRIVATE
BLDG.
RHODES
Exchange and Other National Exchanges
PRIMARY
SANDERS, SIDNEY J.
Foster &
bankers
Established 1925
WIRE
CONNECTIONS
PRINCIPAL SOUTHEASTERN
CITIES
SOHA, Jr., ANDREW
Seattle Trust and Savings Bank
I
STEIN, WALDEMAR L.
New York
Atlanta
Bramhall & Stein
&
SWANTNER,
Dean
OSCAR
Witter
&
Co.
THE COMMERCIAL and FINANCIAL CHRONICLE
66
Wichita Bond Traders Club
President: Duane T.
Thursday, November 13, 1952
G.
Merrill Lynch, Pierce, Fenner & Beane
Alldritt, Mid-Continent Securities Com¬
PERRINE, K. I.
Inc.
pany,
JOHN
OWEN,
Smith, The Small-Milburn Company Inc.
Vice-President: Don H.
E. F.
Hutton &
Company
Secretary: Warren Cortner, The Ranson-Davidson Company, Inc.
Treasurer: Everett Stephenson,
Assistant
Treasurer:
Ted
REFSNES,
Refsnes,
Jr., Harris, Upham & Co.
Kiefer,
Securities Company
First
Refsnes,
Kirby
SENA,
ALLDRITT, DON II.
Mid-Continent Securities
Brooks
&
CLINGER,
The
K.
Warren Cortner
Don H. Alldritt
WARREN
CORTNER,
ELLIOTT,
Company,
Inc.
JAY
W.
Israel
J.
W.
The
CLYDE
of Kansas, Inc.
Ed
A.
TRIPP,
Company,
E.
Inc.
THOMAS,
Thomas
Company of Kansas,
First Securities
Inc.
A.
WILLIAM
The
A.
&
Hutton &
Stephenson, Jr.
Ted Kiefer
Company
ROBERT W.
Investment
Harris,
Company,
Inc.
Cruisse
WEBSTER, ARTHUR
Company,
Merrill Lynch,
Inc.
HOWARD
Upham
&
Security
Ed Murray
Dealers Association
OVENS,
E.
F.
Company
I.
Pierce, Fenner
& Beane
WHITACRE, ROBERT H.
Co.
National
First
Bank
of
Arizona
(Associate)
Woodward
MURRAY, ED
Arizona
&
Co.
WOODBURY, T. BOWRING
Sills, Fairman & Harris, Incorporated
L.
Small-Milburn
C.
Ver
PETER
VIDRINE, KIRBY L.
Kirby L. Vidrine Company
WOODWARD,
E.
Co.
L.
CRUISSE,
Peter
WILLIAM P.
Inc.
Company,
Ranson-Davidson
WILKINS,
McKinney Ohmart Co.
GLEN
Upham & Co.
VINK, DIRK W.
The
MILBURN,
F.
VER
T.
VERNON
McKINNEY,
Murray
Corp.
JAMES R.
SULLIVAN,
Sullivan
White & Co.
Wahler,
F.
Beck & Co.
TRUAX, VICK
A.
Securities
Ranson-Davidson
Harris,
TED
MARSHALL,
Company
Investment Co.
First Securities Company
McCOMBS,
&
Refsnes, Ely,
STEPHENSON, Jr. EVERETT
KIEFER,
Hutton
TOMPANE, EUGENE
Company
MELVIN
Columbian
The
& Co.
Bennett
STAMPS,
ISRAEL,
Investment Co.
KENNETH E.
and
P.
T.
DUANE
Zahner
Company
SORANSON, RANDOLPH E.
Merrill Lynch, Pierce, Fenner & Beane
Small-Milburn Company Inc.
SMITH,
PAUL V.
E.
James
The
SMITH,
Ranson-Davidson
The
LAWRENCE W.
Rittenoure
SMITH,
Company, Inc.
E.
Vidrine
L.
& Co.
C.
J. P.
Investment Co.
Harold Null
The
RITTENOURE,
Lathrop-Hawk-Herrick
Duane T.Smith
Inc.
Company
D.
HAROLD
NULL,
Company,
O.
Beck
Ely,
ROGERS, FRANCIS
ROSTER OF MEMBERS
WAR
Co.
&
REFSNES, JOE L.
Expires: December 31, 1952.
BROOKS,
E.
Beck
Ely,
of
Kansas, Inc.
Term
JOSEPH
MALCOLM
&
C.
Zuber, Tucson
& Co.
JAMES
Hutton
ZUBER,
M.
&
J.
ARTHUR
Woodward
Company
&
Zuber, Tucson
MINNESOTA
SPECIALISTS IN
MONTANA
Cinerama
MUNICIPAL AND
—
Reeves Soundcraft
STATE BONDS
ACTIVE MARKETS
MAINTAINED
IN
OVER-THE-COUNTER SECURITIES
TWIN CITY STOCKS
Allison -Williams Company
INVESTMENT
MINNEAPOLIS, MINNESOTA
Phone:
ATlantic 3475
TWX MP 163
210 W. 7th St., TR-2505
Kirby L. Vidrine
Henry E. Dahlberg
L.
Vidrine
Company,
\J!7
LOS ANGELES 14
President: Kirby L. Vidrine, Kirby
SECURIT I E S
(\j7\
9-2265
530 Broadway, FR-<
SAN DIEGO 1
Teletype LA 99
Phoenix
MEMBER LOS ANGELES STOCK EXCHANGE
(inactive).
Vice-President:
Henry E. Dahl¬
berg, Henry Dahlberg & Com¬
pany, Tucson.
—ROSTER
Kalman & Company, Inc.
MEMBERS
MIDWEST
STOCK
OF MEMBERS—
otherwise
EXCHANGE
ANDERSON,
Ed
CORPORATE & MUNICIPAL SECURITIES
—
Distributors
indicated)
Corporate
JAMES
Murray & Co.
ANDLAUER, FRED
UNDERWRITERS & DISTRIBUTORS
Dealers
(Members located In Phoenix unless
C.
Bonds & Stocks
Merrill Lynch, Pierce, Fenner & Beane
BECK, PAUL D.
Refsnes, Ely, Beck & Co.
CHAPPELL, JOHN W.
E. F. Hutton &
MCKNIGHT BUILDING
ENDICOTT BLDG.
MINNEAPOLIS 1, MINN.
ST. PAUL t, MINN.
TELETYPE—
MP
TELETYPES—
120
ST
P
Company, Tucson
CUTHBERTSON, FRED A.
Refsnes, Ely, Beck & Co.
J. F. Perkins &
DAHLBERG, HENRY E.
Henry Dahlberg and Co., Tucson
93
(Corporate Dept.)
ST P 117 (Municipal Dept.)
DOUGLAS, JAMES
Southern
Arizona
Tucson
Bank
&
Trust
ELLIS,
Bldg.
DALLAS 1, TEXAS
Co.,
(Associate)
R.
Teletype—DL 481
Telephone—STerling 4531
DUNBAR, KIRK C.
William
Company
1508 First National Bank
STUART
Staats & Co.
KENNETH A.
Kenneth
Ellis
&
Co.
ELY, Jr., SIMS
Refsnes, Ely, Beck & Co.
ACTIVE MARKETS MAINTAINED
FICKS, Jr., ALBERT
Dean
Witter
GALLOWAY,
Piper, Jaffray & Hopwood
ESTABLISHED
1895
&
Co.
ALVIN
W.
Henry Dahlberg and Co., Tucson
HANCHETT, HAROLD G.
'Refsnes,
Ely,
Beck
&
Co.
HAY, Jr., JOHN L.
Shields Si Company, Tucson
HICKS,
UNDERWRITERS & DISTRIBUTORS
ROLAND J.
Shields & Company, Tucson
JONES, LEONARD E.
CORPORATE & MUNICIPAL SECURITIES
E. F. Hutton & Company
Securities
KAUFMAN, HENRY J.
Shields Sc Company, Tucson
MEMBERS
NEW
YORK STOCK
NEW YORK CURB
MIDWEST
STOCK
LAUVER, HAROLD J.
EXCHANGE
(ASSOCIATE)
EXCHANGE
LEE,
Witter
Si
DEALERS
Co.
LEE, EUGENE S.
ST. PAUL
DISTRIBUTORS
BENTON M.
Dean
MINNEAPOLIS
UNDERWRITERS
Valley National Bank of Phoenix, Tucson
(Associate)
Valley National Bank
(Associate)
FIRST
LOPER, ANDREW B.
GREAT FALLS
BILLINGS
Valley National Bank of Phoenix
COMPANY
INVESTMENT BANKERS
TELEPHONE
(Associate)
RAndolph
McGINNIS, JAMES F.
Merrill Lynch, Pierce, Fenner & Beane
^Otcthwedt
6461
TELETYPE
DALLAS
DL-346-347
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention ttumbeP
67
HUDGINS, JACK L.
Memphis Security Dealers Club
Merrill
Lynch, Pierce, Fenner & Beane
JORDAN, ROBERT H.
Mid-South
Securities
Security Traders Assn. of Portland, Oregon
Co.
LANCASTER, JAMES C.
Union Planters Nat'l Bank
LEFTWICH. WILLIAM
GROOM
Leftwich & Ross
LIMERICK, AYLETT B.
Goodbody & Co.
MITCHELL, EARLY F.
The
First
National
Bank
REDDOCH, JAMES N.
Meeks,
BISON,
Reddoch
&
Company
SAM
Standard Securities Co.
ROBERTS, JACK D.
Bullington-Schas & Co.
ROSS, HOWARD C.
Leftwich
Brown
Burch
Howard Ross
Walter
Foster
President: Brown Burch, Merrill Lynch, Pierce, Fenner & Beane.
Vice-President: Howard C. Ross, Leftwich & Ross.
Secretary: Walter Foster, Carl M. Loeb, Rhoades & Co,
ds
Ross
SAUNDERS, M. A.
M.
A.
Saunders & Co.,
Dan V.
Inc.
President: Dan V.
SCHAS, FRANCIS D.
Bullington-Schas & Co.
Secretary: Paul A. Ludlam, Merrill Lynch, Pierce, Fenner & Beane.
National Committeeman: Dan V. Bailey, Foster & Marshall.
Elected: December 15,
1951; Took Office: January 1, 1952; Term
Expires: December 31, 1952.
ROSTER OF MEMBERS
THOMPSON, EDWARD F.
Merrill
Union Planters Nat'l Bank
CURD, H. PRICE
Lynch, Pierce, Fenner & Beane
Federal
Securities Co.,
Inc.
TREXLER,
FOSTER. WALTER T.
BURCH.
FREDERIC, FRANK D.
Equitable Securities Corporation
Merrill
Carl
BROWN
Lynch,
Pierce,
Fenner
&
Beane
CROSSETT, E. GORDON
The
First
National
M.
ROSTER OF MEMBERS
FRED
ADAMS, RICHARD H.
Donald C.
Loeb, Rhoades & Co.
WARD, B. FRANK
J.
C.
Bradford
&
Foster
RICHARD S.
M. A. Saunders & Co., Inc.
Bullington-Schas
B.
Wooten
&
BOHRER, LESLIE J.
Walston, Hoffman & Goodwin
Co.
&
BRADLEY,
Marshall
U.
BALFOUR,
&
DAVID A.
Russell, Hoppe, Stewart
Co.
Blankenshlp,
Company
Gould
& Balfour
NORMAN
National
S.
BROWN,
BLAKELY, WILLIS H.
WOOTEN. ROGER
R.
Sloan &
BAILEY, DAN V.
Co.
WHITMAN, A. L.
HARRIS,
Bank
R.
J. C. Bradford & Co.
BANKSTON, Jr., W. L.
Carl M. Loeb, Rhoades & Co.
Bailey, Foster & Marshall.
Vice-President: Preston L. Phipps, E. M. Adams & Co.
THOMAS, Jr., J. NICK
Memphis Securities Company
ALLEN, HARRY
Paul A. Ludlam
Phipps
SAUNDERS, ROBERT
M. A. Saunders & Co., Inc.
SPRAGINS, R. WENDELL
R. W. Spragins & Company
Treasurer: James N. Reddoch, Meeks, Reddoch & Company.
Preston L.
Bailey
Bank
Portland
of
RALPH
Pacific
Northwest
Company
CAMPBELL, RICHARD M.
&
Blakeley,
Inc.
First
National
Bank
of
COLE, VERGIL R.
Daugherty, Butchart
Portland
Cole
&
Inc.
COLLINS, WILLIAM J.
J.
William
Collins
&
Co.
COLTON, E. L.
Canadian Bank
D'AMICO,
Witter &
Dean
• ••
W.
FIELD
Field
ALL
PHASES
oj
Commerce
Co.
GLEN
&
Co., Inc.
'
GALBRAITH, JOHN G.
Camp & Co.
Investment Bankers
M
of
NEIL
HESS,
JOHN
Hess
INVESTMENT BUSINESS
HILL,
U.
&
J.
McFaul
VIRGIL
L.
National Bank of
S.
JOHNSON,
Bank
JONES,
June
G.
of
J.
S.
Portland
H.
California
SHELDON
Jones
Co.
&
KOSTERMAN, PIERRE A.
Conrad, Bruce & Co.
OIL
FINANCING
•UNDERWRITING
•
LUDLAM. PAUL A.
Merrill Lynch, Pierce,
TRADING
Fenner
&
Beane
LUNDBORG, HUGO
Handel, Lundborg & Co.
PATTEN,
Jr., GEORGE F.
Patten Investment
George
Southwestern Securities Cohrant
E.
'
Riverside 5471
Dallas, Texas
Teletype DL-334
Adams
M.
Co.
&
PITT, ROBERT
Blyth & Co., Inc.
MERCANTILE COMMERCE BLDG.
~,
Co.
PRESTON
PHIPPS,
RAGLAND, JAMES M.
|
Merrill Lynch,
Pierce, Fenner & Beane
ROBBINS, J. GILBERT
Campbell & Robblns, Incorporated
SLOAN,
DONALD
Donald
C.
Conrad,
ACTIVE TRADING MARKETS
Longhorn Portland Cement Co.
Slick
Bruce
& Co.
Rauscher, Pierce
&
Co.
VAN
BOSKIRK, DON R.
Atkinson
&
Co.
Underwriters and Distributors
Tennessee Gas & Tran. Co.
Houston Light & Power, $4 Pfd.
Airways, Inc.
El Paso Electric Co.
Lone Star Brewing
Co.
TRIPP, Jr., CHAS. N.
Chas. N. Tripp & Company
Kirby Lumber Corp.
Houston Natural Gas, Com. & Pfd.
&
DERELE
SWAILS,
TEXAS,,SECURITIES
C.
Sloan
Southwest Natural Gas Co.
Welex Jet
Co.
Sommers Drug Stores,
& Pfd.
Com.
Central Power & Light Co
RAILROAD
Services, Inc.
INDUSTRIAL
Duncan Coffee Co., Class A
4% Pfd.
San Antonio Transit Co.
Johnston Testers, Inc.
PUBLIC UTILITY
River Brand Rice Mills, Inc.
Garrett Oil Tools, Inc.
BANK & INSURANCE
Yuba Cons. Gold Fields
TEXAS
MUNICIPAL
All San Antonio and Houston Bank Stocks
3 1
SECURITIES
Quick Firm Bids On All
Texas Municipal Bonds
Russ
Active
Mercantile Bank
& Gompany
Members Midwest
OFFICES:
W. G. HOBBS, Jr.
MUIR
SAN ANTONIO
E. D.
5
A. M. RUSS
Connecting Wires to:
Dallas, Houston, Galveston, New
TWX:
HOUSTON
SA 23
&
53
Bell
Telephone:
Teletype:
DL 186 and DL 197
Riverside 9033
AUSTIN
FT. WORTH
Direct and
4000
Stock Exchange
Alamo National Building:
C. L. WEST
Building
DALLAS 1, TEXAS
INCORPORATED
OFFICERS
AFFILIATES
Trading Markets
BRANCH
„
York <ft Los Angeles
Fannin 4324
OFFICES:
HOUSTON, SAN ANTONIO and
Direct Wires to New York, St. Louis and other
Principal Markets
AUSTIN
MEMBERS
THE COMMERCIAL and
Mr.
&
Mrs.
Allison
Mr^
Continued
from
&
W.
Mrs.
Marsland, Wood, Gundy & Co., Inc., New
Sidney J. Sanders, Foster & Marshall, Seattle
York
indeed
powerful
been
economic
year.
nearly
and they will continue con¬
siderably longer than originally
anticipated.
props,
1951.
Probably the most unfavorable
factor in the long-term outlook is
Long-Term Outlook
On
the
powerful
unfavorable
forces are
side,
In fact, the 1952 rate is
$5 billion under that of
Private
expenditures are,
thus, not only failing to keep up,
they are actually declining!
Factors in the
Unfavorable
expenditures
has also
declining for more than a
ernment
two
our
in evidence.
national policy of ever
higher
regardless of productivity
costs. It is elementary that a
wages,
One of these is the decline in non¬
or
governmental spending. Gross na¬
tional product has increased in
each
of
the
last
10
quarterly
wage
increase which exceeds the
productivity inevitably
increase in
forces
an
increase in prices, or a
Hatz, Arnhold & S. Bleichroeder,
D. Sachnoff, Straus, Blosser &
Arthur
The resulting
better than
increases in
favorable
which
forces
right public housing.
The most serious aspect of all,
Stocks
for
be
indeed
presump¬
(1)
Life
holdings of
within
within
one
and
year;
fall
im¬
90%
five year limit. The
a
involved
been
against
the
in
selling
inflation"
"hedge
appeal
recent
is the forced substitu¬ plications are clear and unmis¬
Brookings Study shows that of
tion of capital for labor. Faced takable.
To increase holdings or extend the 6,490,000 persons in the United
with
keener
competition
and'
States holding stock in publicly
higher costs, the industrialist has maturities, these agencies, as a
corporations,
only
1%
no
choice — he is forced to in¬ practical matter, will have to rely owned
The
stocks.
labor-saving devices or on Treasury refundings or cash
out of business. The effects of issues. Obviously, the time when
this substitution are not particu¬ they will have to act is getting
bought the stock as an inflation
hedge! This indicates that the
current market is not an "infla¬
troduce
go
In
particular,
MITTON, INVESTMENTS
pushed above
the
reach of too many people.
Such large-scale unemployment
from
prices
in
cline
cause
commercial
effort
on
been
so
commodities, such
and
will
to
try
consequential
their part to do this will
increase
in
trend,
now may
a
supported
ger
of inflation. It follows that the
on a firmer foundation
market is
than is
generally thought.
development
other
The
is
the
ever-shrinking net profit margin.
Ownership is steadily getting less,
relatively.
and
absolutely
effort to lick this trend,
In
an
caused by
higher taxes,
and
is
higher
wages,
downward
keener
competition, industry has
loans
commercial
currently obscuring
largely
market,
by those hedging against the dan¬
lengthen
off fireworks. As the seasonal
be the last oppor¬
made
perfectly fantastic expend¬
for
plant
tunity to pick up governments be¬
itures
fore the rush!
in recent years.
could, through ever more govern¬
ment intervention, force contin¬
uous
inflation. It certainly will
cause
wide shifts in the use of
various
loans
banks
increase
their portfolio. Any
set
small de¬
a
even
commercial
to
both
common
tion"
closer each day.
—
Specializing in Western Stocks
Outlook
would
It
however,
periods, but in almost all of them, decline in profits, or efforts by
the total repre¬ industry
to
reduce
production larly noticeable in a boom; but
sented by non-governmental ex¬ costs through labor-saving devices when the demand for capital goods
construction
slackens,
the
penditures has declined. This, of
or,
varying combinations of and
serious consequences of such an
course, is due to the increasing these consequences.
unwise wage policy will become
government expenditures for de¬
As the wage increases of recent
painfully apparent in a great in¬
fense, but, paradoxically, the ac¬ years have not been
uniform,
crease in technological unemploy¬
tual dollar total of the non-gov- workers in the strongly organized
ment, which may last for quite a
long time. And this technological
unemployment will be added to
the unemployment caused by the
down-swing of the business cycle
as well as that caused by the re¬
duction in sales volume flowing
Municipal—SECURITIES—Corporate
The
de¬
are
veloping:
Mr. & Mrs.
York City;
Chicago
for
the percentage of
ROBERT L.
Inc., New
McDowell,
insurance
company tuous to try to tell this gathering
governments are a of experts the market outlook fpr
smaller percentage of total assets common stocks. If I knew what
people. This has been particularly today than they were in 1940. In stocks were going to do, and had
true of the goods for which there fact, they are at such a low point the 75% cash down-payment, I'd
is
an
elastic
demand, such as that it would seem reasonable to go'into the market and, in short
clothing and semi-luxuries. It is conclude that they have reached order, would own a large part of
and goods of the
also true bf housing, which re¬ rockbottom on the minimum dol¬ the facilities
quires increasing government sub¬ lar amount they will hold, and western world!
There are, however, two things
sidization of one sort or another, that any future change will be
about stocks which I should like
if the rank and file of our people upward.
are to be able to buy them. This,
(2) Fifty percent of commercial to mention. One of these is the
of course, also means more out¬ bank portfolios are due or callable great waste of effort which has
prices, coupled with higher taxes,
have placed many things beyond
the reach of large numbers of our
Outlook
ing will drop only 10% in 1954-55,
and around 15% in 1955-56. These
Mrs.
&
Morey
others.
The Economic and
are
Mr.
City;
industries have fared
7
page
fhursday, November 13, 1952
FINANCIAL CHRONICLE
and
equipment
Thus, in the seven
RETAILING & TRADING
has
as
obvious in the case of coal
PACIFIC NORTHWEST ISSUES
in recent years.
338 U. S. National Bank
DENVER
The Financial Outlook
Building
The
financial
outlook
is better
than the economic outlook. In fact,
2, COLORADO
I
see
on
little to
very
worry
about
George Patten Investment Co.
the financial side of the econ¬
SECURITIES
omy.
In
particular,
dollar
our
Underwriters &. Distributors
the
better
is
since before
been
outlook
for
it
AMERICAN BANK BUILDING
has
than
World
Its money management
War
PORTLAND 5,
OREGON
II.
position is
stronger; its political position will
be stronger,
1 \
_
of
Mon.
INVESTMENTS
JidahoT
despite the recent trend
rates, I still feel that
longer trend is downward.
money
tures,
Colo-
Municipal & Corporation
Securities
jUriz.-
later, capital expendi¬
government
expenditures
a
MMex.
Specialty
activity will decline,
bringing lower interest rates.
In
view
prevailing un¬
word or two about
a
outlook
curities
the
of
certainties,
the
We
are
or
and business
Local
PD 229
Also,
in
Sooner
1
AT & T TELETYPE
TELEPHONE AT WATER 4389
economic position is far stronger.
the
jDeniter
regardless of who is
its
elected to the Presidency; and
for
and
for
government
stocks
se¬
be
interested in baying or
selling the securities of :
Cement Company
Bay Petroleum
Ideal
Black Hills Power & Light
Colorado Central Power Co.
Kutz Canon
Milling & Elevator Co.
Cresson Consolidated Gold
Daniels
& Fisher Stores
Supply Co.
Tel. & Tel. Co.
Co., Inc.
Potash Company of America
Mountain
Colorado Interstate Gas
Colorado
Kinney Coastal Oil Co.
Co.
Denver-Chicago Trucking
Fuel
Mountain
States
Oklahoma Oil
Sierra Petroleum
worthwhile.
Co.
The Outlook for
Government
Denver National Bank
Sioux Oil
Denver
may
Tri-State Oil & Refining
Tramway Corporation
Equity Oil Co.
Frontier Refining Co.
Golden Cycle Corp.
United
States
National Bank
Company
United States Potash
Woodward Oil, Inc.
Securities
Peters, Writer & Christensen, Inc.
724
SEVENTEENTH STREET
DENVER
Telephone Main 6281
2,
COLORADO
Bell Teletypes DN 290 & DN 369
LOVELAND, COLO.
The erratic
performance
and generally
of
poor
government
se¬
curities in the thin markets of the
past three months should not be
allowed to blind you to the posi¬
building
To mention but two of the
Amos ۥ Sudler & Co.
First National Bank Bldg., Denver
DN 490
KEYstone 0101
tion of strength which is
up.
mmmmmmmmmmSpecialists Rocky Mountain Region Securities—*—
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
69
i
Corwin L. Liston, Prescott <fi Co., Cleveland;
1946-52, about $133 billion,
$19 billion each year, was spent
Continued
years
or
Don
Miles A. Watkins, Jr., Stubbs, Smith & Lombardo, Inc.,
Theodore E. Plumridge, J. Arthur Warner & Co., Incorporated, New York City; Fred
Ball, Burge & Kraus, Cleveland; Reginald Knapp, Wertheim & Co., New York City
Birmingham;
Shorsher,
A.
for this purpose.
from
page
Lillis, Bear, Stearns & Co., New York City; Jerry Tegeler, Dempsey-Tegeler & Co., St. Louis;
Gregory, Bonner & Gregory, New York City; Clarence H. Adams, Securities <ft Exchange
Commission, Washington, D. C.
1
Bill
6
to
appears
be
financially
sound,
work is begun
(This is in sharp
sel
contrast to the
of Turnpikes
"I"!!£
$65 billion, or $5.7
billion spent each year in the 11
■
IIV
by the bond coun¬
agreement which se¬
the
on
cures
the bond
ment
is
known
This docu¬
issue.
as
the
Trust
In¬
duties of the
commission, its
em¬
ployees and agents.
From the
legal standpoint all of
the
procedures affecting the fi-*
nancing of the project must be in
denture and in it are included accordance with established
1935-45.)
Despite
prin¬
Enabling
legislation must
be provisions under which bonds are
these Herculean efforts, business pattern initially established
cociples of revenue bond financing.
such that it will permit the com¬ to be
seems
to be moving toward
an incident with planning and financissued, matters affecting in¬
Continued on page 70
ever
lower level of profit. Ex- ing of the Pennsylvania Turnpike mission or authority charged with terest
rates,
redemptions,
and
the responsibility of creating the
pense ratios are crowding break- in 1937.
Since that time, "refineyear
period,
even
points in
a
many
have been made in these turnpike to proceed in a clear-cut
fashion.
Experience
in
many
steps; however, their
is contrary manner of execution and impor- States has shown that unless this
tance remain the same. The three is the case, construction can be
-Jbi-principal functions required in the delayed and/or result in uneco¬
lines. This is ments
dangerous situation which labor procedural
be made to
must
to its
see
interests.
own
Conclusions
Great changes are
development of toll roads are:
afoot in
our
economy.
A
is
large measure of optimism
justified
for the
next
six
months.
increase
Stevenson
nor
government
tion
be
adequately
spending
planned,
econom-
developing business cycle
is
at
the
earliest time
unrealistic to expect a con¬
tinuation of the market
of recent
expansion
Enabling Legislation
mission
is
trend
authority and these ap¬
are confirmed by the
Legislature in those States where
appointments
of
the
executive
branch of government must follow
this
recent tightness in money struction and operation; lists the
available
notwithstanding, the basic powers of this authority or comauthority
Government
securities
are
technical
developing
a
stronger
position. The bargain
sale will
soon
steadily
be
^
...
,
^erms
.
method
an(J
,
financing and summarizes
funds
to
funds
on
regularly
Highway
State
legislative authorizations relating
utilize for such purposes.
UNDERWRITERS
DISTRIBUTORS
DEALERS
Municipal and Corporate Securities
executive
the
Teletype
—
NO
weil investment company
NATIONAL
BANK
OF
COMMERCE
NEW ORLEANS
BLDG.
12, LA.
TELETYPE NO 428
TULANE 6583
Exchange
465
Telephone
Morris W. Newman
branch
Win.
—
Canal
9321
Often
Kerrigan
LOUISIANA, MISSISSIPPI,
an
ALABAMA, GEORGIA and
OTHER SOUTHERN MUNICIPALS
newman, brown & co.
INC.
321 Hibernia Bank
first
employment that the
or
authority usually
considers is the hiring of its con¬
John E.
Perry Brown
Dealers in
can
NEW
commission
Institutional and Real Estate Bonds
Stock
or
appropriation to cover the cost of
the preliminary work is author¬
ized in the enabling law. However,
regardless of the method, in all
instances these moneys are reim¬
bursed to the loaning agency from
the proceeds of the bond issue sold
to finance the project.
The
DANE
Orleans
made
Department; in
loan is made from
funds
Neio
NEW ORLEANS 12, LA.
loan basis from
allocated to the
a
other States, a
are
commission
the
to the project.
over.
Mississippi Municipals
JOHN
Members
procedure.
years.
missi
Jr.
or
the replacement
in rates is downward.
Dane,
pointments
several ' States
The
rates
John
Northrop
New Orleans Bank Stocks
The hope of the
initially there is enabling legis¬
The
commission
or
authority
market, iation which details
the
legal
once in office should have suffi¬
which, fortunately, will be large precedent
and
establishes
the
cient funds on hand to carry out
by any historical standard.
scope of the toll road project; crethe preliminary planning required
The outlook for our dollar is ates the quasi-governmental unit
before the project is financed. In
better than it has been since 1940. responsible for its planning, conlature
K.
Southern Corporate Issues
the
existing State statutes. Following
icapy financed and constructed,
enough to offset the effects of the and assures
opening to traffic
It
Louisiana and
enabling legisla¬
available the next step is to
test its constitutionality under
Abner
Dane
The
integration of these this, the Governor usually ap¬
neither Iunctions
permits the turnpike to points the members of the com¬
will
thereafter,
But,
Eisenhower
H.
nomical development.
With adequate
(i) The Engineering,
(2) The Legal.
(3) The Fiscal
Harold
Building
ORLEANS, 12
Long Distance 345 & 389
Teletypes NO 189 & NO 190
Very little of
none of the
financing work can be accom¬
plished until and unless the en¬
gineering and economic feasibility
engineers.
sulting
the
of
legal
the
work
and
turnpike
has
established
been
by
previously
the consult¬
IKE D. SCHARFF
JAMES E
RODDY
JOHN J. ZOLLINGER, JR.
ing engineers.
The preparation of the Engin¬
eering and Traffic and Earnings
Reports are the principal duties of
Active
Trading Markets
the consulting engineers.
The En¬
gineering Report includes a loca¬
tion study of the toll road route,
derivation of design criteria, pre¬
Specialists in
LOUISIANA AND
BANK
liminary structural and roadway
designs, estimates of construction,
louisiana municipals
in
right-of-way, and other costs, and
determination of possible stages
MISSISSIPPI
STOCKS AND
LOCAL CORPORATE ISSUES
priorities of construction. The
companion report, on traffic and
or
Dealers in
earnings, includes
a
traffic justifi¬
cation of the location of the turn¬
Municipal and Corporation Securities
estimates
pike,
of
amounts
types of traffic anticipated to
and
use
the route, derivation of a schedule
of tolls and estimates of gross rev¬
Barrow, Leary & Co.
SHREVEPORT 80,
LOUISIANA
enue
from tolls and other
—
L. D. 64 & 65
Bell Teletype SH 82 & 83
S charIT L Jones
INCORPORATED
TELETYPE
NO
The
Once
Telephone 2-8351
sources.
180
&
219
CARONDELET
(Ground
181
ST.
Floor)
L.
D.
235
Tulane 0161
Turnpike Financing
the
engineering and
eco¬
nomic
feasibility of the turnpike
have been determined by the con¬
sulting engineers and the proj~"A
NEW ORLEANS 12
SHREVEPORT, LA.
JACKSON, MISS.
70
THE COMMERCIAL and FINANCIAL CHRONICLE
Standing: Lester J. Thorsen, Gtore, Forgan & Co., Chicago; John J. Hack, Jr., F. S. Moseley & Co.,
Chicago; Thompson M. Wakeley, A. C. Allyn & Company, Incorporated, Chicago; Elmer W. Hammell,
Shillinglaw, Bolger & Co., Chicago; Arthur Sacco, Cruttenden & Co., Chicago; O. H. Strong, First
National Bank of Chicago; Thomas D. Walsh,
Doyle, O'Connor & Co., Chicago; seated: Edward H.
Welch, Sincere and Company, Chicago; Samuel Sachnoff, First National Bank of Chicago; Edward
V. Vallely, John Nuveen & Co., Chicago; Fred T.
Rahn, The Illinois Company, Chicago
Continued
from
suming
The Rebirth oi
The
Turnpikes
responsibility of the financ¬ being prepared, the financial ad¬
ing group is to determine whether visor reviews with the consulting
or not the project is
economically engineers the engineering report
feasible and
assurhe all finan¬
to
cial negotiations and related work
incidental
to
the
preparation
the bond issue which work is
summated
in
of
con¬
successful under¬
a
writing.
While
the
Indenture
Trust
(Speakers' Table): Edward H. Welch, Sincere and Company, Chicago; John W. Bunn, Stifel, Nicolaus
& Company, Incorporated, St. Louis; Cecil B.
Pepper, Thomson & McKinnon, Miami; McGregor Smith,
Florida Power & Light Company; Tom Smith, director of Miami Beach Convention
Bureau; H. Russell
Hastings, S. R. Livingstone, Crouse & Co., Detroit; Winton A. Jackson, First Southwest
Company, Dallas;
is
tions
favorable market condi¬
an
availability of re¬
materials, the project is
and
quired
financed.
using the
facility and paying tolls to
i8}8
SUTRO
adequate to
o
cipal and
to
provide
CO.
assure
meet
prin¬
interest payments and
liberal
a
of
margin
safety.
Investment Dealers and Brokers
Distributors of Primary and
The Traffic and
Secondary Offerings
Earnings Report
attains special significance as the
estimates
of
revenue
presented
therein together with the cost es¬
timates as set forth in the En¬
Industrial Brokers
gineering Report form
MEMBERS
San Francisco Stock
New York Curb
Los Angeles Stock
Exchange
Exchange
(Associate)
407
FRANCISCO
40
YORK
4'
LOS
VAN
5
Exchange
Exchange
ANGELES
determines
cation of
the
the
the
financial
economic
the project
basis
group
justifi¬
and the po¬
NUYS
14
BUILDING
SAN JOSE 4
WALL STREET
with
a
minimum of construction mary sources. The first source is
traffic presently using one or more
right-of-way costs.
purpose an analysis is of the existing highways travers¬
conducted of all dominant traffic ing the project area. Portions of
movements that are presently be¬ this
traffic, because of their origin
ing made on existing highways and destination, will be better
For this
location must, of course,
fied as necessary so that
be modi¬
the route
is feasible of development from
a
construction
and
engineering
viewpoint as well as from the
traffic aspect.
Once the turnpike has been fi¬
nally located it is necessary to de¬
NORTH
HILLS
CANON
DRIVE
and
MANILA,
this
for
reason
and
P.
I.
(1) A description and traffic
justification of the proposed turn¬
pike location.
Advantages and disadvan¬
tages of the turnpike over other
competitive routes.
(3) Determination of the loca¬
tion
the
for interchanges to connect
turnpike with existing high¬
conditions
prior to
the
types of traffic anticipated to
use
the turnpike.
turnpike, would not be
expected; and
Third,
a
mode from
change in the travel
transportation or
mass
points along the route other means of travel to motor
interchanges will be pro¬ vehicle transport.
be carefully
In order to estimate the volume
selected to serve the important of traffic that can be
expected to
existing roads intersecting the use a turnpike facility, it is first
route that can be expected to carry necessary to determine: the
quan¬
traffic between it and the major titative and
qualitative flow of
traffic generating centers.
traffic within the
tributary area,
vided.
,
These should
the physical characteristics of
The
Traffic
amount
Estimate
of traffic
anticipated to
use
a
that
revenues
from
tolls
sources
and
be
can
from
expected
such
other
as
leases,
permits
and
for
rentals
service
stations,
res¬
taurants
other concessionaire
and
facilities.
(7)
A
projection of the first
year's estimate of traffic and earn¬
ings for each year throughout the
duration
of
the bond
issue.
Engineering Problems
First California Company
Wire
Los Angeles Stock Exchange
Exchange
Montgomery Street
to
Netc York,
a
for
the
specific
In most
cases
Members
Private
work
engineer is to determine
location for the turnpike.
the termini of a project
Incorporated
Midwest Stock
The first item of
•
San Francisco
Chicago and other leading Eastern cities
well
as
the
established
general location
either by law or
direction. of
the
as
are
commission
by
or
authority. The job of the engineer
is
to
limits
locate
a
within
route
maximum
of
that
these
will
traffic
general
serve
a
compatible
ex¬
isting routes from which certain
that
volumes
can
proposed
will
be
diverted
turnpike, the travel times
turnpike is derived from two pri¬
tances
between
various
Dean Witter
Inquiries
&
on
Hawaiian Securities
invited
Members:
San
and
New
York
Francisco
Angeles
other
Stock Exchange
Stock
Stock
Exchange
Exchange
leading
security and
commodity exchanges
SAN FRANCISCO
to
the
and dis¬
points of
Co.
Pacific Coast and
Los
(5) A schedule of tolls to be
charged each classification of ve¬
hicle for trips of varying
lengths.
(6) An estimate of the gross
300
construc¬
tion of the
ways.
(4) Estimates of the amount and
com¬
volume of
(2)
San Francisco Stock Exchange
of
industry resulting in a
traffic which, based on
at which
be
usually in¬
information:
cludes the following
CORRESPONDENT OFFICES
:
traffic
stimulation
a
and
earnings report is to measure the
revenue potentialities of a
project
Direct Private Wires
HONOLULU, T. H.
The purpose of the
Second,
merce
termine the
The
Purpose of Traffic and Earnings
Report
246 SOUTH FIRST STREET
BEVERLY
275
York;
and
tential investor judges the attrac¬
tiveness of the bonds.
MONTGOMERY STREET
NEW
which
upon
New York Stock
SAN
New
of revenue bond which carry traffic in the tribu¬ served by transferring from these
These highways to the turnpike.
makes it
mandatory tary area of the project.
The second source is newly gen¬
that the project be feasible from traffic movements are then com¬
and the traffic and' earnings re¬
the engineering, legal and fiscal piled and graphically shown on a erated traffic which most traffic
port to develop with them the jus¬
The desired engineers believe is derived from
aspects. As you know, the funds map of the region.
tification he requires,
both en¬
required for debt service of rev¬ lines thus produced clearly indi¬ the following sources:
gineering-wise and financially, to enue
bonds
are
derived
First, a greater frequency of
solely cate the relative volume and di¬
prepare the bond issue.
from the revenues of the project rection of all important move¬ trips made because of the added
When the Trust Indenture has
after deducting maintenance and ments. The resultant of these lines ease and economy of travel be¬
been completed and approved by
operating expenses. Therefore, it represents an optimum location tween any two points accomplished
must be demonstrated prior to fi¬ for the turnpike.
This optimum by use of the new facility.
revenues
—
Fischer, Knappen-Tippetts-Abbett-McCarthy,
Roberts, Florida Power & Light Co.
The character
nancing that there will be suffi¬
Underwriters
M.
financing
cient volumes of traffic
Since
Jerome
Richard
the financial group, the Commis¬
sion and the bond counsel, and as¬
69
page
Thursday, November 13, 1952
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Earl
Hagensieker, Reinholdt & Gardner, St. Louis; Mrs. R. Emmet Bradley, Baltimore;
Reilly, Commercial & Financial Chronicle, New York City; R. Emmet Bradley,
John C. Legg & Company, Baltimore
Mr.
F. Vincent
& Mrs.
York
George V. Hunt, Starkweather & Co., New York City; Mrs. Gustave J. Schlosser, New
City; Mrs. Reginald Knapp, New York City; John J. Meyers, Jr., Gordon Graves & Co.,
New York City
origin and destination by means of is entered on interview sheets and
the present highways and the pro¬ eventually transferred to business
posed turnpike and the unit cost machine cards to be collated and
per mile of vehicular operation on summarized.
Concurrently with
grades,
deteri¬
orated pavements and restrictive
bridges are listed as to number
the
and location
existing
routes
and
turnpike.
For
on
the
the
of
purpose
obtaining
data concerning the amount, clas¬
sifications and origin and desti¬
nation of
traffic, extensive traffic
surveys are conducted.
vey
interview
work
established
In the
stations
sur¬
are
various
at
these
surveys,
manual and auto¬
matic traffic counts
t
are
made
so
travel
way
excessive
as
alignment,
poor
narrow or
each
on
considered
way
existing high¬
competitive to
as
origin and destination the proposed route.
Since savings in time will in¬
be projected from the
day or days of the survey to the fluence many motorists to transfer
from
annual average condition of the
present
highways to the
base year.
turnpike, it is necessary to obtain
factual
information
Data pertaining to the physical
concerning
characteristics of existing high¬ the average speeds that can be
that
the
results
can
key points
highways consid¬ ways is used to measure the effect maintained and the delays that
encountered
on
each
ofcarry volumes of traffic of highway discrepancies on the are
routes.
For
that could find some advantage economic costs of motor vehicle such
this
purpose
through use of the turnpike. The operation and thereby provide a crews, consisting of a driver and
survey
procedure includes halt¬ guide in estimating diversions of a recorder, are dispatched to tra¬
ing all traffic passing the station traffic. This information is ob¬ verse these highways at different
and interviewing the driver to de¬ tained from field inspection and times of the day and under vary¬
termine the City and State of ori¬ from the records compiled by the ing conditions of congestion to se¬
cure speed and delay information.
gin and destination and to record respective state highway depart¬
After conducting the traffic sur¬
the vehicle type. This information ments. Such impediments to highveys,
investigations of physical
along
ered
the turnpike in the base 70% for present turnpikes. In the
case of passenger vehicles and gen¬
This estimate must be projected erated traffic is experienced al¬
from the base period to the first most immediately upon the open¬
full year of operation of the facil¬ ing of the turnpike; truck traffic,
ity. To develop projection factors however, because of its commer¬
an
analysis is made of all data cial nature and the necessity of
usage of
year.
indicative of traffic trends in the
affected
on
oline
time
and
and
franchises, takes
consumption, population and
can employ to
prede¬
exactly the amount of
a
new
facility will
generate. He must rely upon the
experience gained in other areas
on similar projects and relate such
engineer
termine
that
traffic
Attracting New Traffic
Besides the volumes of traffic
diverted
to
the
turnpike from
highways, it has been
that the opening of a new
turnpike attracts substantial vol¬
present
In addition to the determination
of traffic which prior to the
of
amounted
to
from
20
expansion factors for projecting
estimates
traffic
This newly generated traf¬
has
on
which he is working.
construction of the facility did not
fic
facility
the
to
experience
proven
exist.
longer period
statistics of time to generate new volumes.
registration, gas¬ There are no formulae that the
vehicular density.
umes
a
including
area
motor vehicle
existing
to
characteristics
71
from
Continued
to
on
the
base
page
72
de¬
lay studies, the engineer has de¬
veloped complete comparative
data
ways
concerning the present high¬
and the proposed turnpike.
With this information he
DEALERS IN
McAndrew & Co.
de¬
can
termine the tangible items of sav¬
ings that
OVER THE COUNTER
travel
are
realized in turnpike
Incorporated
including savings through
travel time, by reduc¬
decreased
SECURITIES
UNDERWRITERS
8c
DISTRIBUTORS
tions in distances and grades
and
by improved alignment and pave¬
ment conditions. These savings as
well as the intangible benefits of
turnpike use such as safer, con¬
UNDERWRITERS and DISTRIBUTORS
venient
travel,
and
the factors that motor¬
choosing one route
are
J. S. Strauss & Co.
155
MONTGOMERY
Telephone
Bell
—
Teletypes
step in estimating traffic
diversion to the turnpike, all of
the tangible benefits can be re¬
duced to a common monetary base,
STREET
SAN FRANCISCO
(4)
the
cost
travel.
of
in
OVER-THE-COUNTER
SECURITIES
is
It
probably true that few motorists
actually compute in dollars and
cents the value of each trip they
EXbrook 2-8515
—
a
user
make.
SF 61 & SF 62
However, they do have
Direct Private Wires to
a
G. A. Saxton
of value which goverhs their
sense
of this
occasions.
tions
sense
the
and
sible
to
merit
distributors
rating
which
BRUSH, SLOCUMB & CO. INC.
MONTGOMERY STREET
SAN FRANCISCO
Stock
STOCK EXCHANGE
•
SAN FRANCISCO
establish
would
of
the
toll
Before
all
BELL
SYSTEM
TELETYPE
SF70
wire systems
GOLDMAN, SACHS & CO.
DEMPSEY-TEGELER & CO.
from
its
factors
a
LA 24
23
MEMBER
are
em¬
movements
to
dis¬
the
INC.
TO:
LOS ANGELES STOCK EXCHANGE
Co., Inc.,
SAN FRANCISCO STOCK EXCHANGE
WIRES
PRIVATE
G. A. Saxton &
New York
Established
City
1921
Dominion
Trading Markets in
Securities Corp.
Toronto
—
INVESTMENT TRUST SHARES
—
Montreal
review is made
McAndrew
&
Co.,
Inc.,
Henry F. Swift & Co.
San
Francisco
LOS ANGELES
Phone
Vandike
1071
PACIFIC
COAST UTILITIES
CALIFORNIA OIL
STOCKS
EASTERN & MIDWESTERN
UTILITY, WATER AND NATURAL
GAS
SECURITIES
CANADIAN SECURITIES
the traffic diversion factors
assigned to the route at the
appropriate interchange of entry
and
TELETYPES
LA
relative
analysis
those
trips which by reason of their
origin or destination would not be
served by the turnpike.
The re¬
maining movements after apply¬
ing
BELL SYSTEM
New York
these
traffic
for
Communication
relative
highway
any
reflect
ployed, however,
of
are
Exchange
of
movements.
card
San Francisco
amount
patronage. In this way factors can
be
developed indicative of the
percent of traffic that can be di¬
verted from each of the competi¬
tive highways to the turnpike for
various
origin
and
destination
brokers
Los Angeles
basis
charge to each other. By reason
of this cost relationship, it is pos¬
underwriters
member
the
Inc., New York
of value,
motorists in
the
aggregate evaluate running
time and waiting time, distance,
fuel consumption, roadway condi¬
trading markets
1
On
& Co.,
Akin-Lambert & Co., Inc.,
choice of possible routes between
their origin
and destination on
different
370
TRADING MARKETS
another.
As
4, CAL
Bell Teletype SF
comfortable
more
ists evaluate in
or
SAN FRANCISCO
1900 RUSS BUILDING
Telephone EXbrook 2-7900
departure.
traffic
point
A
movements
represents
summary
made
at
of
this
the estimated
639 South
Spring Street, Los Angeles 14, California
,
THE COMMERCIAL and FINANCIAL CHRONICLE
72
James
Jones,
Laura
Courts
G.
<fi
Hanley,
Mr.
Co., Atlanta; Jules Bean, Singer, Bean & Mackie, Inc., New York City;
Richard H. Goodman, Shields & Company, New York City;
J. Clark, Amos C. Sudler & Co., Denver
Mrs.
&
William
F.
Thompson, Greene and Company,
Lynch, Allen
volume of traffic that
ticipated to
use
be
can
an¬
Turnpikes
establish
of
rates
equitable for
that
toll
all classes
are
vehi¬
of
to
from
4
to
7%
&
the
of
annual
cedures
of
revenue
existing turnpike's. lowed
bond issue rather than an estimate
to the first year of operation,
are
will still benefit after the toll
user
is
applied to other user costs. If
this
is
not
exceeds
Serving Southern California since 1921
the
the
case
Wagenseller 6 Durst, Inc.
Investment Securities
to
14
TELETYPE: LA 66—LA 35
ANGELES
CURB
NEW' YORK
CLAREMONT
-
PASADENA
-
EXCHANGE
(ASSOC.)
REDLANDS
-
SANTA MONICA
^WWWWWWWWWVWWWWWWWHWWWWWWWW|
of
saving,
the
toll may be said
lay within a range of values
highest point would be
somewhat less than the monetary
amount of the savings and whose
amount
for travel
on present
turnpikes that provide
similar
advantages as will the
users
Stone <Sl Youngberg
data
with
lief
from
distance,
and
then
are
responsibility
economic
for
to
present
growth
of
ern
than
area
in
cate
the
of
San Francisco
Telephone SUtter 1-5460
one
for
their
upon
PACIFIC COAST
cents
to
almost
timated to
first
is
to
of
added
other
will
eight
facilities
trading centers
insufficint funds make
construction
these
strumentality
justifiable.
through
areas
of
SAN
be
provided
and
necessary
promptly
bond
would
take
Y.
S.
E.
&
Exchange
Co.
1883
San Francisco Stock Exchange
New York Curb Exchange (Associate)
leases
for
combination
movement
subsequent
the
be
Montgomery
210 W. 7th St.
or
with
reputable
rentals
14 Wall St.
Telephone DIgby 9-3780
•
WIRE
CONNECTIONS
BETWEEN ALL
OFFICES
TRADING MARKETS
Specializing in
IN
OVER-THE-COUNTER
►
^
PACIFIC C0AST
ISSUE?
SECURITIES
years
income
from
authority
facilities
operation.
these
NEW YORK:
Teletype NY 1-3466
es¬
Oicar 3.
per¬
that the turnpike
case
Street
Teletype SF 230X
revenue
estimated
received
these
their
from
404
one
its
companies
The
530 WEST SIXTH STREET •
con¬
with
funds and arranges long-term
own
FRANCISCO:
income
has amounted
Kraft
Co.
&
LOS ANGELES 14,
CALIFORNIA
TELETYPES
OIL
&
MINING STOCKS
LA 675
INDUSTRIAL STOCKS
LA
PHONE
TRINITY
2529
678
the
that
years
develop.
pro¬
can
with
highways
modern
turnpike otherwise
Telephone MAdison 6-4681
PRIVATE
in¬
the
revenue
light
and
To this toll
commission
structs
to
wire
and
year
erally the
COOKE FAULKNER
their
and
turnpike
depending
and restaurant facilities. It is
gen¬
BUILDING, SAN FRANCISCO
use
ways
Municipal Securities
mits and leases for service station
WULFF, HANSEN-» CO.
With
traffic
Underwriters, Distributors, Dealers in Corporate and
the turnpike in the
use
of operation.
N.
heavy
classification
tractor-trailer
that
Members
needs.
numerous
mile and
per
weight
interchange traffic
/MARKETS
C.,
where
are
mile to three
categories for each interchange to
Y.
solution
sole
highway
financing, the motoring public
Los Angeles Stock Exchange
cars
The established toll charges are
then applied to the various vehicle
N.
advocates
Members
vehicles.
CO.,
existing
to relate the
LOS ANGELES:
from two cents per mile for
est
&
to
arrange
background
New York Stock
de¬
rates
half cents per mile for the heavi¬
HUTTON
the
that the
say
the
nation's
locations
endeavored
are
passenger
cent per
one-half
trucks
*
provide
there
determine In
to
I have
the
me
turnpike
However,
ESTABLISHED
southern
toll
for commercial vehicles
E.
is
present turnpikes indi¬
on
charges
and
W.
the
Telephone DOuglas 2-6400
pattern
of from
Wire
not
to
J. Barth
motor
expenses
Toll Rates
Investment Securities
Private
do
to¬
available
feasibility and
this talk
of
realizes that these facilities alone
underwriting the project.
In
on
substantiating densities, sorely inadequate high¬
made
it
closing let
considerably greater in the north¬
veloped
RUSS
therein
judgment
a
savings
and
time
operating
The
COLLINS MACRAE, V.-P.
In
the financial group whose ultimate
movement and
congestion
EXCHANGE
Russ Building
the
before
staunchest
Earnings Re¬
presented
revenue
gether
portion.
MEMBERS
STOCK
and
viewpoint
is
engineering
an
feasibility is reached.
port. The estimates of traffic and
Usually the toll rate per mile
throughout the length
of the facility,
however, on the
New Jersey Turnpike rates on the
northern-most
thirty-five
miles
are
substantially higher than on
the southern eighty-three miles.
Some engineers believe that this
is justifiable as the benefits in re¬
vehicle
Teletype SF 492
Traffic
turnpike
proposed
a
pay
project under study.
in
SAN FRANCISCO
that
subjected to from
is constant
EXCHANGE
STOCK
toll
the
on
low point is reflected by the aver¬
MEMBERS
LOS
the
whose
age
626 S. SPRING ST., LOS ANGELES
and
the advan¬
turnpike will be
largely negated.
tages
The optimum
■
sis
of each
estimated for
TRinity 5761
to
The
cles, feasible to collect and of
maximum
revenue
productivity. from this amount the estimated
year's use.
The
toll
structure
is
therefore
annual costs of maintenance and
An important phase of the Traf¬ based
the anticipated traffic growth of
primarily upon the tangible
the facility for each ensuing year fic and Earnings Report concerns
savings that result from turnpike operation to determine the sum
of the bond issue.
The estimates the formulation of a schedule of travel. These
savings, that have that will be available for paying
This work is accomplished been
of traffic that result after applica¬ tolls.
previously mentioned do not principal and interest charges on
tion of the expansion factors rep¬ concurrently with the preparation include the toll
charge motorists the bonds. The
compilation
of
resent the engineer's best judg¬ of estimates of traffic diversion. and truckers will be
required to
these
estimates of net revenue
ment of the average usage of the This is a logical procedure as the
pay for turnpike use. The estab¬
facility over the period of the amount of toll directly affects the lished toll should be such that the completes the final phase of work
year
annual increases
that
are
commonly fol¬
bring about their suc¬
total of toll revenue and cessful development. I have gone
non-operating revenues equals the into detail concerning the Traffic
gross revenues of the project. It and Earnings Report so that you
is necessary however to deduct will understand the critical analy¬
toll
the turnpike.
The problem in this work is to
The Rebirth oi
New York City; Miss Barbara Thompson;
Mr. & Mrs. Orville G. Allen, Jr.,
Company, Inc., Dallas
William F. Lynch, Lynch, Allen & Company, Inc., Dallas;
guest;
Phillip
Continued from page 71
Thursday, November 13, 1952
to
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
Mrs. & Mrs. Dayton P. Haigney, Dayton
Haigney & Co., Boston; Mrs. Walter F. Saunders,
City; Mrs. William J. Burke, Jr., Boston; Mrs. James B. Maguire, Boston
Continued
from
1938
11
page
ing effect of lower
prices
"bargain"
or
which
(4) The
could
develop as
increases at the
being
manufacturing and import levels.
work
(2) The Government will prob¬
ably
its
expand
activities,
public
including
slum
clear¬
be
Some
of
these
sponsored
types of armaments,
to
This
thanks
accelerate
obsoles¬
could
bring about a
for new equip¬
demand
ment than might
pected
normally be ex¬
the two or three
during
immediately ahead.
years
(5) The stock market, whose
quickly,
fluctuations influence the effective
announcement of
demand for goods to a greater ex¬
majof projects of this type
into
put
and
the
any
effect
in
the
very
very
would tend to be
tor
plans could
progress
research,
Government
new
tending
cence.
greater
public housing, on any
signs of an increase in unemploy¬
ment.
is
to
on
works
and
ance
partly
in
business.
1937
tent than is true in reverse, is cur¬
sustaining fac¬
a
(As
result
a
experience,
of rently in
recalled
as
in the memoirs of the head of the
Federal
Reserve
Board
at
that
time, government action will al¬
certainly be more prompt
than it was in 1937-1938.)
most
(3)
The
to
pressure
substitute
labor-saving equipment for high-
ularly since there is little chance
of any substantial decline in wage
rates. This will help support one
segment of the economy, which
very frequently in the past has
helped to make for a business re¬
cession spiral because of the re¬
labor-saving
equipment when wages and prices
were
for
pressure
stronger technical posi¬
in the
was
to
case
an
greater
even
following the
degree
advance.
1926-1929
In view of the substantial declines
the
years
already witnessed in
stated at the beginning of
review, the outlook for prof¬
its is not necessarily synonymous
with the
highs
of
the
outlook for
two
past
large
a
accelerated
volume.
called
that
are
business
current
reaction
that4 the
not
be
of
to
be
sooner
nessed
ner
(between
1926,
25%
1934,
and
or
in
40%
1946
in
the
prices of the majority of issues).
would
be
less
than
economy
damaging to
was
the
1937-
CrowelLWeecfon
& Co.
Members Los Angeles Stock Exchange
of
•
TRinity 0281
38
San Diego
•
Sam
Mgrs. Trading Dept.
was
of
one
PLEDGER &
MEMBER LOS
the
Bob
Green, Pres.
Green, V.-P.
COMPANY, INC.
ANGELES
STOCK
EXCHANGE
210 W. 7th STREET
LOS ANGELES 14, CALIFORNIA
Phone MUtual
S231
Bell System
Teletype LA 382
to
on
consumers
later, in the same man¬
are higher wages.
The re¬
is
equally true when taxes
now
being in
seem
a
of
excess
mal requirements in most
little
REVEL MILLER & CO
Members
Los
Angeles Stock Exchange
nor¬
lines, it
dangerous to
that reductions in
taxes, except in
corpo¬
Investment Securities
minority
would automatically in¬
profits
by the
the tax reduction. (If
a
amount
of
reduction
a
in corporate taxes will not benefit
people
many
the
on
wrong
track
corporate
Trader
have
in
taxes
ar¬
guing
that
650 S.
hidden consumer levies.)
(Mac)
McOmber
SPRING ST., LOS ANGELES 14
are
Bell System
Teletype LA 155
SANTA
MONICA
will work back to around prewar
levels, after taxes.
a
This would be
natural sequence of the normal
laws of survival in
•
Laguna Beach
result
in
period of
wire to
in
school
Unlisted Securities
Over the longer-term, the prob¬
abilities are that profit margins
LGS ANGELES 14
TELETYPE LA
Private
decline
one
really
DISTRIBUTORS
•
as
costs, tax increases tend
consumers,
PLACEMENTS
compared
$11 billion,
Brokers & Dealers in
declining during periods of in¬
tense competition. With plant ca¬
been
PRIVATE
1949
of about
ac¬
are
pacity
possibly to around the
or
as
verse
check debt expansion next year—
part and parcel of
passed
greater proportions than that wit¬
in
wake up
in the
to the
year, even
any
is
this
are
were
some com¬
principal
supporting
arguments
for the purchase of drug stocks in
1951, at 50% or more above cur¬
rent prices.)
Inasmuch as corpo¬
crease
Long Beach
with
There
chances
quite good
they
we
Spencer Trask & Co., New York
business, which
margins over a
being merely equal
profit
years
to the difference between the costs
of the efficient producers
tributors)
MARKETS MAINTAINED
(or dis¬
and those of the mar¬
ginal companies. The process of
weeding out sub-marginal pro¬
JT
v
r
IN
MORE THAN 300
ducers, however, frequently en¬
tails uncomfortably long periods
of sub-normal profits for even the
Edcerton. Wykoff & Co
ACTIVELY TRADED SECURITIES
most efficient business
the
units, until
higher cost surplus capacity
has been rendered ineffective. The
—•—
fact that this
type of normal com¬
petition has not been witnessed
during the war and postwar years
Trading Markets
PACIFIC COAST SECURITIES
FOREST W.
SHIPLEY
hardly justifies the conclusion that
we are again in a "new era." We
should not forget that we have
been enjoying a boom based on
pent-up demands, inflation scares,
and
Ground Floor, 618 South
Spring St., Los Angeles 14
redistribution
comes,
of current
Morgan S Co,
Members Los Angeles Stock
634 S. SPRING ST.
•
Exchange
LOS ANGELES 14
•
Ml 6421
in¬
Teletype LA 146
aided and abetted by a sub¬
increase in
public and
stantial
Telephone TRinity 1694
Bell Teletype LA 107
Bell
Direct Wire
to
Teletype LA 20
Troster, Singer & Co., New Yerk, N. Y.
private
borrowing,
and
>
limited
foreign competition. We only hope
that
we
are
not too
optimistic in
believing that basic conditions will
rate
necessity of limiting the with the 1950 total of $39 billion,
expansion of private as well as and the 1951 net increase of $33
public debt. With the elections billion. This aspect of our eco¬
out of the way, there should be nomic "progress" will bear
very
less reluctance on the part of our close
watching during the period
monetary authorities to try to immediately ahead.
moderately.
At the same time, the declining
trend of pre-tax profit margins
noted in some reports for the first
three
quarters of this year, in
spite of increased sales, could be
of cases,
UNDERWRITERS
late 20's before
if sales shold decline
rate
•
business
tivity. The earnings of
panies could rise next
rate taxes
will
allowed to get out of hand
to the extent that
Cleveland;
eventual
As
would
Pasadena
by
this
assume
•
declined
Profit Versus Business Activity
segment of the stock market, the
our
650 S. SPRING ST.
securities
not be
thought that is quite complacent
1937. At that time we had had the
about the profit outlook because
equivalent of three intermediate of expectations of some tax
relief,
bull
markets
superimposed
on particularly in the realm of ex¬
each other, just as had been the
cess-profits taxes. (It may be re¬
This
declining.
largest
spring of
from
priced labor will continue, partic¬
duced
a
than it
tion
second
than 50%.
more
tremendous
made
decline—the
listed
of
competition
Benjamin McPolin, McDonald & Company, Cleveland; Daniel M.
Hawkins, Hawkins & Co.,
John J. Hack, Jr., F. S. Moseley &
Co., Chicago
record—when the market value
on
The Business Outlook
York
New
73
BEVERLY HILLS
-
SANTA MARIA
-
LONG BEACH
DIRECT PRIVATE WIRE TO NEW YORK
Continued
from
Exchange
factors.
enjoy, the
ordinarily
take
the
initiative
in
finding
contra-orders and/or assuming in¬
Counter Trading
stocks
the
in
positions
ventory
In
And
appraising value
usually take in
must
dealer
counter
vs.
may
he
business
9
page
Thursday, November 13, 1952
FINANCIAL CHRONICLE
THE COMMERCIAL and
74
be
may
of academic significance
if
the
corporation is going to
inactive securities
continue
in existence.
The an¬
far
so
as
concerned, the over-the-
are
value
liquidating
largely
future
ticipated
counter market is in no way de¬
annual
average
net
income
may
be capitalized
furnish anything ap¬
must
characterize
his
activities proximating true auction market¬ numerically, but not without ref¬
erence
to
many
non-numerical
when
no
unsolicited orders are ing. It is competitive, but not auc¬
forthcoming. A major character¬ tion, in character. Auction mar¬ concepts. These include the acu¬
of orders which istic of counter markets is nego¬ keting in a security can not be men, initiative, imagination and
forcefulness of the
officers and
the trading pub¬ tiation. Prospects are sought out, maintained unless there is suffi¬
the
And
involved.
volition
same
to
signed
In Inactive Securities
Counter
desires.
execution
the
though,
dealers,
with
originate
point to the limitation (one trad¬
unit) mentioned above, im¬ lic, counter dealers are concerned,
plying that this seriously re¬ to a great extent at least, with
stricts
any
contribution of the
seeking out buyers and sellers,
exchange specialist system to
is
something,
generally
better markets.
Although the which
physical
in price
exists after the prospect is found,
the transaction does not die. In¬
specialist may act of his own voli¬ speaking, entirely foreign to
tion (for his own account) as long
stock specialist on an exchange.
mere
ing
as
his
do
orders
cedence
"making
cus¬
solicited
It
flow un-
is true that many orders
in
over-the-counter
to
for dealers, and in some cases the mere
matching of buy and sell requests
called
is
markets"
his
activity
his
of
pre¬
of
those
over
much
tomers,
take
not
a
by exchange regulations or com¬
mittee
is
decisions.
stock
Whereas
designed
exchanges
primarily
to
involved,
ception,
are
but such is
facilitate bring to fruition
any
the ex¬
rule.
the
not
and
To
having
markets
the
If
limitations.
no
gap
a
The
negotiation ensues.
stead,
of
existence
buy
a
sell
or
to find the
opposite.
ing thousands of corporations in
raising activities, and
unsolicited providing
for the liq¬
resource
a
cost
moderate
at
and
in
which are funda¬
mentally of local importance, or
in
any event
not widely held.
investments
of
ease,
corporations
dealers
Counter
provide
home
a
market for securities native to an
But such markets
area.
R. Lewis, Inc.
a
serve
dealers
in "making a
unlisted
Bell
Teletype: SE 105
market for"
buy or
a
They
security.
to
ready
themselves
interest
may
SEATTLE 4
Telephone: Eliot 3040
most
One, five, ten or more counter
SECOND AVENUE
given
stand
sell substantial
quantities of the security
or
se¬
the
of
ices
fact
narrow,
because
is
quite
competition.
of
over-the-counter
These
are
ordinarily
figures
dealers
definitely interested in seek¬
of
their
inventory
CONTINUOUS SERVICE
stressed by
operations,
positions.
taking
This
the proponents of
is
un¬
listed trading. They hold that the
THE PACIFIC NORTHWEST
IN
trading
from
public
stands
definite
the
the dealer to take
PRIVATE WIRE TO DEMPSEY-TEGELER &
CONNECTIONS
WITH
TO
Co., LOS ANGELES
PRINCIPAL TRADING CENTERS
to benefit
willingnes
of
inventory posi¬
tions; and from the fact that he
the
takes
markets
buyers
of the
by
and
initiative
in
unearthing
sellers;
making
potenial
is
is
capi¬
with
due
time
his
after
so
exhausted.
it
So
in¬ from the
frequently
dealers
counter
must
inactive
an
of
cognizant
the
curities
is unlisted,
stock
taking
is
he
which
in
inventory positions.
His prices
good many counter dealers may
interest themselves in "making a cannot consistently be out of line
a
initiative
the
take
in
of
the
in
as¬
Although
suming such positions.
which
ments
They
this task.
part of
integral
must
values.
real
which
foibles
cannot
is
he
positioning
unless
function
have
their
of
without
who
they
take
be
as a
of
results
from
market
influenced
dealers
inventory
the
pricing
(more so than the
specialist with equal
somewhat elusive, but they exchange
none the less real.
They con¬ knowledge) definitely by intrinsic
are
of
numerical
and
merical
elements.!
Some
sist
as
may
real
the
to
value
corporate value factors. They must
non-nu¬
of
insight stress
a
It
be gained by checking such
things
dend
its
as
and
book
But
value.
these
of
accounting is
is
divi¬ counter
in
no
way
dealers
implied
render
a
are
and itous service to investors and the
first trading public by making their
in
line with
basic
to the quotations
tied
an
economic
values.
inexact science. matter that,
It
is
merely
California
Oregon Power Co
H arLor
Plywood Corporation
Ligkt
Pope & TalLot
Pacific Power &
Portland Gas & CoLe
Growing with the Pacific Northwest since 1913,
the
entire
through
region
Portland General Electric
offices in
we
serve
ten
principal cities of Oregon and Washington.
UNDERWRITERS
•
DISTRIBUTORS
Puget Sound Power & Liglit
DEALERS
•
FOSTER & MARSHALL
B
ACIFIC
tAittiuctfui/ €vnd %D&tfayuzfam SB&ncfa
IvJoRTHWEST COMPANY
NEW
tjtiemSeM
&cauhe4
YORK
STOCK
NEW
YORK
CURB
CHICAGO
SEATTLE
PORTLAND
EUGENE
•
•
SPOKANE
YAKIMA
•
14, WASHINGTON
•
ABERDEEN
TACOMA
•
•
WENATCHEE
Teletype SE. 482-483
BOARD
820 SECOND AVENUE
EXCHANGE
(Associate)
OF
TRADE
SEATTLE 4
BELLINGHAM
•
MEDPORD
Portland
•
Spokane
•
Eugene
a
in time, the dealers
SECURITIES
PACIFIC NORTHWEST SECURITIES
that
gratu¬
the
WASHINGTON a„I OREGON
PRIMARY MARKETS IN
over
value
records,
liquidating
three
earnings
consciousness
value
quotation consciousness.
stock
Seattle I Mask
Yakima
fact
must
pear
Investment Securities
Wenatchee
po¬
One important
counter
H2>RHarper&Soii&Co.
Tacoma
a
general rule,
important
their
that
Basic economic values may ap¬
security
a
assume
lay trader.
cognizance of basic economic positions
values.
of
to
knowledge superior to that
the
inventory contribution
their
execute
hazard
of
the
they
to
into the making
go
value
real
they must be aware of and re¬ sition, he must,
take
Particularly in
inventory positions is an regard to the non-numerical ele¬
of
tion
with
And the assump¬
market" for it.
founded 1892
150* Third Ave*
he
ele¬
or
potential buyers
If
For survival
scene.
be
in
capital and drive him
offers from ments, listed above, which con¬
stitute the real value of the se¬
and sellers.
bids
matching
will
forces
exhaust his
and because past, and subject to the fact that
great care the dealers must
do
cannot
nomic
is
services of the
that the
clude the extensive searching for
ing business, and, as an integral
part
for this
important reason
the
customers,
offer
he
may
tal
An
sponsive
their bid and
dealers
counter
profit
curities which they are "quoting."
Years
a
rates somewhat
the
over-the-counter dealer.
If
higher than exchange commission
he habitually assumes inventory
rates, they may afford investors
"better" prices than the less ex¬ positions at prices out of line with
pensive services of the exchanges. basic economic values, the eco¬
involve
The spread between
60
be handled numerically
certain extent.
may
obliged to exact is true. But
only to
which is less costly is not
necessarily
designed
the
of
needs
links
investor.
remote
1006
the
are
chain
wide
nation
in
to
SECURITIES
that
for
their fund
relative
INVESTMENT
corporation will fare on the mar¬
kets
are
how
possible future products of a
and
profit
the
than
lower
over-the-counter dealers
rates
to
as
When an individual consistently
"better." A worker,
example, may find it to his purchases stocks without regard
to basic economic values, he may
The
primary economic func¬ advantage to engage the services
at times make money, but sooner
tion of over-the-counter markets of an expensive employment
or later he will book losses.
And
is to create marketability for se¬ agency rather than a less costly
curities
which
are
not widely one, or none. So it is with un¬ although he may remain "in the
market" for an extended period,
known or traded—thereby assist¬ listed securities. Though the serv¬
order is incentive for the counter
dealer
uidation
John
much
are
ulation
often than not
more
corporation. Spec¬
the present,
directors of the
activity in it. That exchange
cient
commissions
Telephone MU. 1900
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
75
&
'<&*
R.
Emmet
Bradley, John C. Legg &
Incorporated, Philadelphia;
Company, Baltimore; R. Victor Mosley, Stroud <ft
Everett W. Snyder, E. W. Snyder & Co., Syracuse
eliminated by
economic forces supply of which was very limited,
were
to
be
listed, the investor
When a security is taken from could
depend
neither
on
the
auction principle upon which ex¬
the over-the-counter market, and
changes are based, nor on the
listed on a stock exchange, coun¬
competition
which characterizes
are
if
they do not.
ter
dealers
they
interest
lose
cannot make
ing
it
at
rates
Too,
comparable
the
the
exchange
his
inventory
tion
are
for
at
specialist
those
to
in
do not take
his
economic
the point in
so
performance
rowing
Thus,
values
far
of
a
B. W.
may
Eugene Stark, M. S. Wien <ft Co., New York City; Mr. & Mrs. Ely Batkin, Batkin & Co., New York City
For
such
reasons,
mutual
the
be
to
all
concerned
ties
which
standards
and
would
listed
securi¬
meet
proper
over-the-counter
Such
de-listing
not
of
tightening
-
up
unsuitable
long
as
a
of sufficiently broad exchange trad¬
activity be delisted,
of
traded
stead.
that
do
it could well listings to those issues promising
advantage
in¬
of
issues
supplement the exchanges'
In
any
prove
event, the studies
being
rently
changes
as
members
to
the
made
by
can
well
activity
listing
or
not
amenable
to
auction
trad¬
ex¬
tage of all concerned that it not
may
im¬
be
it
delisting
the
relates
of is¬
exchange
develop
It
traded.
might
that member firms with
unlisted departments would share
the
over-the-counter
those
market
issues.
his orders
as
precedence
those
over
of his customers—as distinct from
his
beside
obligatory assumption of such
positions
—
(perhaps
rumors
ARTFORDC^
to¬
tally unfounded) concerning price
concerned.
the
culate
floating
to
a
much
greater degree
than would otherwise be the
Clark
Edward L.
III
UNDERWRITERS
DISTRIBUTORS
—
—
case.
Kirkpatrick, Jr.
William
Nelson
II
DEALERS
Insurance and Bank Stocks
Public Utilities
—
Industrials
Municipal Bonds
ACTIVE
TRADING
MARKETS
Clark, Landstreet
WITH
&
RETAIL
OUTLETS
Kirkpatrick, Inc.
Members Midwest Stock Exchange
407B UNION
TELETYPE—NV
Direct
wire
STREET, NASHVILLE 3, TENN.
353
to
TELEPHONE—4-3312
Scherck, Richter Company, St. Louis, Mo.
Underwriters
SPECIALIZING
H
ARK
PRIVATE WIRE
Bids
Firm
IN
SERVING
/
Firm
Distributors
H|
Equitable's extensive direct wire system gives instant
1
MUNICIPAL
Quotations
communication
BONDS
Immediate
United
States
Government
Securities
•
General
Market
Municipals
3^58
all
M teir Mmmi i™
OF
MEMPHIS
MEMPHIS 1,
•
LD-311
WIRE
•
SYSTEM
—
THE
KNOXVILLE
NEW
ORLEANS
MEMPHIS
TELETYPES ME-283
BANK
quotations and executions
are
available to
Equitable customers.
NEW
EQUITABLE
Securities
H. Frank Burkholder, Vice
•
Herbert Pettey, Assistant
ME-284
YORK
HARTFORD
ATLANTA
GREENSBORO
BIRMINGHAM
TENNESSEE
LD-312
throughout the Southeast and Southwest.
NASHVILLE
DALLAS
TELEPHONES 8-5193
SOUTHERN
Offerings
) MIS*.
Dealers
Corporation
AND
JACKSON,
President and Manager Municipal Department
Vice President and Manager Municipal Trading Department
WIRE
322
UNION STREET,
NASHVILLE 3, TENN.
of
enough
great
stock
include
as
be
is
ing, it may well be to the advan¬
to how they
of
security
cur¬
the economic status of their
subject
a
to
ing market.
When the floating supply
sues.
manipulation would publicly cir¬
is
Landstreet
specialist
market-nar¬
security,
Harold W.
eco¬
the effective
as
his
function
if
is
with
Company,
inventory positions of his present regulations confining new
volition
own
func¬
to
value.
assume
executes
market
line
price in
And because the
book. Whether these prices reflect
basic
a
nomic
to
which
positioning
related
effect
by exchange
prices
over-the-counter
the
profit trad¬
a
commissions charged
firms.
in it
!
TWO WALL STREET,
NEW YORK 5, N. Y.
MISS
in
I
THE COMMERCIAL and FINANCIAL CHRONICLE
76
Continued
from page 13
In Attendance at NSTA Convention
LUDMAN CORPORATION
SMITH, HAROLD B. *
Auto-Lok Wood Windows
Power
Windo-Tite Jalousies
Schapiro & Co., Inc.
&
Co.
Co.
M. Marks &
Laurence
New York
A. G. Edwards & Sons
New York
Beach
CHARLES M.¬
ZINGRAF,
WITTERMANN, JOSEPH
Light
Incorpo¬
Chicago
rated,
New York
SMITH, TOM
Miami
-
M. A.
.
SMITH, MCGREGOR
Florida
A. G. Becker & Co.,
Petersburg
WILLIS, EDWARD T*
Newburger & Co.
Philadelphia
Type Windows
Ludman K
Shaver & Co., St.
SMITH, JOSEPH E.
Awning
WOLF, LEE
WILEY, JAMES *
Pershing & Co., New York
MANUFACTURERS OF PATENTED:
Auto Lok Aluminum
Thursday, November 13, 1952
♦Denotes
Mr.
and
Mrs.
Convention
Bureau
SNYDER, EVERETT W*
D Jalousies
E. W.
Snyder & Co., Syracuse
Ludman Window & Jalousie Hardware
SORUM, KAREN
Minneapolis
Ludman Jalousie Doors, Screens &
State—County—City
SORUM, KERM1TB*
&
Allison-Williams Co.
Storm Windows
A?*
Minneapolis
Geo. Eustis &
Fabricators, Erectors, Warehousing &
Co.,
Corporation
Securities
STERNE, AGEE & LEACH
New York
MEMBER
STEPHENS, DONALD
Distributed everywhere outside the Iron Curtain
Cruttenden & Co.,
B.
MIDWEST
Chicago
EXCHANGE
STOCK
BIRMINGHAM
3,
ALA.
Teletype BH 97
STRADER, LUDWELL A.
Strader, Taylor & Co., Inc.
Lynchburg, Va.
—
Warrants
Detroit
STARK, EUGENE
General Offices
Local
Co., Cincinnati
STANKO, MIKE
White, Noble &
Sale of Structural Steel
—
—
STAIB, LEE R*
Bar-Lok Storm Shutters
Post Office Box
Bonds
Long Distance 9983
Branch—Montgomery 2, Alabama
STRONG, O. H.
First National Bank of
4541, Miami, Florida
Chicago, Chicago
STUART, MARK
Cowen & Co., New York
1. A.
Zthnlbaatr, President ol Jantien Knitting Mills, Int., Portland,
says,,,
SWENSON, CARL *
G.
WE'VE DISCOVERED
A WONDERFUL NEW SERVICE-
Walker
&
BUSINESS ESTABLISHED
Co.
TEGELER, JEROME F.
Dempsey-Tegeler & Co.
St.
the i/u\
H.
1924
New York
'7SuDGl ffidKBOQ
municipal bonds
Louis
THOMPSON, WM. F* and
BARBARA
Greene
and
corporate securities
Company
New York
.
*• •»,/>,/a'/;
'
'
/r
*
'f,
THOMPSON, WM. S*
Ralph F. Carr & Co., Inc.
Boston
THORSEN, LESTER J.
Glore, Forgan & Co., Chicago
THROM, HAROLD
Thomson
& McKinnon
Miami Beach
LEEDY, WHEELER 6- ALLEMAN
Incorporated
TOM ASIC, A. E*
Thomas & Company
FLORIDA
Pittsburgh
BANK BUILDING
ORLANDO, FLORIDA
TOPOL, ROBERT *
Greene and Company
BELL
TELETYPE OR
DISTANCE 27
LONG
10
New York
UFFORD, HENRY
Calvin Bullock
Ponte
Vedra, Fla.
VALLELY, EDWARD V.*
John Nuveen & Co., Chicago
VASEY, JOS. H*
Geo. Eustis & Co., Cincinnati
WAGNER, ROBERT
W. C.
Thornburgh Company
Cincinnati
WAKELEY, THOMPSON M*
A. C. Allyn and Company,
Incorporated, Chicago
WALKER, GRAHAM M*
Joseph McManus & Co.
New
York
WALKER, LOUIS
National
Quotation Bureau,
Inc., New York
p/eaWe-.
WALLINGFORD, CHARLES
H. M. Byllesby and Company,
Inc., Philadelphia
There's the Florida
of
"Super Colossal"
vacations where
while you are
looking, aggressive
and
more
on
WALSH,
RICHARD *
Newhard, Cook & Co.
St.
Louis
people have
sic
more
fun-in-the-sun...all
year'round...than anywhere else
WALSH, THOMAS
Doyle, O'Connor & Co.
Chicago
WATKINS, MILES, Jr.*
Stubbs, Smith & Lombardo,
earth. So any
on
time the spirit moves
state
with
livestock
growth...on
increasing trade and
commerce,
especially
by air...on rapid
development
to serve
fast-growing markets. So when
Cot*e oft doubt...
sound
a
expanding economy...based
amazing agricultural and
industrial
you..
here
There's another Florida...a forward-
come
a
for
a
lifetime
you
vacation...look for
opportunity...
Inc., Birmingham
WELCH, EDWARD *
Sincere & Co.,
Chicago
^N MEETS
WERNECKE, RICHARD
Paul H. Davis &
Co., Chicago
^fl&MORETO
THEfye/
WHITE, EDWARD A*
White & Company, St. Louis
WHITEHEAD, CLINTON
OFFICES IH PRINCIPAL CITIES
•
GENERAL OFFICES: LOCKHEED AIR TERMINAL, BURBANK 8, CALIFORNIA
•
CABLE: FLTTiGER
Merrill
Lynch, Pierce, Fenner
& Beane,
Miami
FLORIDA
POWER &
LIGHT COMPANY
Vir
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Mr.
& Mrs. George L. Collins, Geyer & Co. Incorporated, New York
City; Mr. & Mrs. H. Sheldon
Parker, Kay, Richards & Co., Pittsburgh; standing: Ree Bolognini, Lasser Bros., New York City;
Clifford K. Channell,
First Boston Corporation, New York City
Continued,
from
The Miami
10
page
Henry
fastest
10
Metropolitan Area
Development
haven't
yet,
finished
cream 20
ice
my
just go ahead
so you
little
a
Mr.
All
right. Now,
of the most important facets
one
of any economy
is the number of
buyers and the development of the
number
of
buyers,
here
and
we
Florida,
population
20 years,
with
has
Florida is first. If it weren't first,
to
wouldn't
show
Florida
was
period,
1930 to
her
20-year
pretty
the
tenth
So
can
so
we
But
20-year
She almost
1950.
only
ask
state
determine
continue
And
that,
comparison
in
we
with
is
as
California had
on
of
have made
a
years
follow
a
be¬
head start
about 30 years.
30
to
She had
before
we
the
So
we
growth
She doubled her population every
our
greater
California
rapid
continue to
a
dur¬
growth.
grow,
we
population doubling
Miami
All
we
come
to the Miami
increased
242%.
by
So
state.
now
her
three
area.
population
of Florida's
large metropolitan areas—Miami,
Jacksonville,
Petersburg
fastest
Tampa-St.
in the 10
area—were
growing metropolitan
in that
areas
20-year period.
believe
I
the
and
that Miami
population reaches
and
half,
a
which
not later than
should
be
Now, people
afraid of
past five
that this is
a
population,
San
United
next
States
dwelling
in
units
when
you're
come
up
the
number
the
chart.
Mr.
next
I think
with
31
we
you
to
get the relative
is
Yes.
have
you
Incidentally,
the
among
on
the
charts
table.
raise your hand and we'll be glad
highest
to
deliver
you
a
set of charts.
on
Expansion Program
to.
Now, the impact of this build¬
in
1947
ing, the impact of this increasing
per
be
1,000
glad
Miami
dwelling units
Continued
on
page
They say, "Aren't
tourist economy?
a
to equal California, and at
nomic
horizon, you'll be the first
of
30
least
at
years
we
should
population of approximate¬
will
continue
to
grow,
for at least 30
Now
years
we
or
40
here
show
.i
.
Do you
want to take
over now,
No, you're doing all
when
the
UNDERWRITERS
the
on
DISTRIBUTORS
up?"
Florida Bonds
Well, the record shows whether
that's the fact
here
to
not. We go back
or
1933, and we show here
business activity in the
general
MUNICIPAL
COUNTY
DISTRICTS
United
States, in Florida as a
whole, and in the Miami area, the
center
of
this
wonderful
business. Here
we come
Firm Bids
tourist
Firm Offerings
—
—
Quotations
from 1933
the country as a whole and
reach 1937, and then go down
—general business activity
UNLISTED
meas¬
ured in terms of bank debits goes
down 13V2%. In that year—called
right.
DEALERS
eco¬
go down, will stay down the
longest and be the last to come
we
Mr. Smith:
gather
to
for
Boss?
that
know
ALL
CORPORATE
LOCAL
ISSUES
SECURITIES
the recession in order to minimize
thinking of its effect
our
second
deepest
visited
this
year—there
then
And
Underwriters and Distributors
country
that's
any
one
Pierce-Carrison Corporation
13V2% decrease.
was a
it
in
the
as
depression
didn't
re-attain
Barnett National
its
The
State, General Market, and Public Revenue
line
center
increases
is
Florida.
It
rapidly, and then
more
Bank
Building
JACKSONVILLE 1, FLORIDA
1937 level until 1941.
Long Distance 47; 3-8621
Bell Teletype JK 181
in 1937 goes off only 3%, evidenc¬
ing
a
the
stable
more
country
again has been
MUNICIPAL
The top line is
of
tourist
business
point
of
this
rapidly
very
instead
does
the
the
second
ever
one
visited
its 1937
inc.
it,
or
in
Pont Bldg.
chicago
new york
Miami
32,
Fla.
the
corporate bonds & stocks
as
did
as
florida municipals
go
actually
face
of
Inquiries Invited
the
Florida
that's
country in
country had re-attained
level,
is really
economy
This
we were
as
far
as
more
75% above
I'm
our
con¬
econ¬
Florida S<ecurities c,
Uompany
Not
stable than is
of the country
as
Members
a
601
Incorporated
Philadelphia-Baltimore
FLORIDA
NATIONAL
ST. PETERSBURG
economy
isn't only stable;
it's getting more stable year after
year.
on
Corporate Issues and
Local Securities
any
whole.
telephone 3-3311
Dealers
And by 1941, when the
showing,
omy
and
don't
we
depression
this
Distributors
up
1937,
13^2%
the
Underwriters
stand¬
going off 3%
cerned, definitely that
du
very
come
hit
and
deepest
year.
the
we go up, we
10%
rest of the
Co.
was
maligned
We
country,
off, instead
Direct Wire to New York and Chicago
Miami, the
from
of
state,
whole
increase
&
it
as
greatly
stability.
then
Ingen
low
never
in 1937.
BONDS
center
B. J. Van
as
than
economy
whole and
as a
TELEPHONE:
7-5131
If
don't have those charts, please
it's revealing.
I'll
have
chart
which
Dick, read the Miami
Roberts:
The
first again
.
.
Mr. Roberts:
this
account for her growth.
that
fourth.
was
significance.
con¬
stability of the things which
the
.
them
wanted
posi¬
your
consist¬
and
was
That's all right. You
don't have to read them all. I just
measure
figures
was
20,
Mr. Smith:
very
of the
Angeles
than
Miami
with 31, and
to challenge
And
year
1,000
per
of her growth is the
ency
Francisco
champion! And
a
tion, but fall by the wayside
sistently.
of
Los
less
Balti¬
third with less than 10, and
more
champion, others
a
with
second
one,
—
built
population. What
Where
say
of
two,
three, four, five years—Miami led
all
metropolitan
areas
in
the
years
by
1965.
tourist economy.
you
million
a
the
con¬
tinue to grow as rapidly as it has
continued to grow, certainly until
her
Company, Norfolk; Mrs. Miles A. Watkins, Jr., Birmingham;
Freear, William N. Edwards & Co., Ft. Worth; Winton A. Jackson,
First Southwest Company, Dallas
Mr. Smith:
will
clouds
years more.
.
growing
to
the fast¬
as
you
for
years
doubling her population every 20
.
increase
of
storm
Florida
10
rate
whole,
as
Don't
a
years
the state
in
down here
ly four million. We believe that
the top line here for 90 years.
California's
is
It
of
center
was
remember
30
20
end
have
did.
on
every
too, will continue
period of
we
years,
order
the
should have
state.
grow
we,
than
every
California,
cause
wealth
for
to
that
done
rapidly. We're nearer to
of
population
and
to
nearer
So,
89%, you see here.
ourselves, "How long
years
center
her
percent of increase, the
was
grow
the
ing
36%
growing
opinion that
that
in
California
fastest
rapidly?"
us
that
population
down to
this
railroads
all.
at
equal, and it drops all
near
way
highest,
in
period.
the
Florida's
first
it
her
for 90
doubled
million.
three-quarters
doubled
yet
and here we are in 1950,
population of two and
a
show the 10 fastest growing states
in the United States. Of course,
we
hasn't
20
every
She
years.
has
too,
89%
est
and she
started to plateau.
The bottom line here is Florida.
Roberts:
Florida,
metropolitan
lead the United States
years,
bit longer.
that
Virginia Securities
Here's another Miami "first": In
show the
we
will
you
was
I
Here
growing
Now,
areas.
Isaacs,
Landon A.
Mr. Roberts:
Florida—Its Industrial
G.
77
L
D-32
Stock
BANK
Exchange
BUILDING
1, FLORIDA
TELETYPE:
ST
PBG 89
78
THE COMMERCIAL and FINANCIAL CHRONICLE
78
Continued
from
politan area in the country, per¬ leans with
Oklahoma
haps.
Now, this shows the influence Houston, a
on the number of
buyers in this itself, with
area, electric buyers or any buyers year.
Florida—Its Industrial Development
population,
and
the utility industry
on
Florida
the
on
and
Power
Light Company, is illustrated here.
Back on V-J Day, the total capa¬
interconnected sys¬
tem was 210,000 kw.
By the end
of
1951, we had increased that
capability to 503,000, with an ex¬
penditure for construction of ap¬
proximately
$113,000,000.
Now,
our engineers advise us that if we
continue to grow as we believe
bility of
our
shall
we
will
grow,
have
bility to
that by
increase
to
with
1,405,000,
mated expenditure of
What
capa¬
esti¬
an
$332,000,000.
terrific program of ex¬
a
pansion,
1961 we
our
made
the
by
necessary
terrific increase in the growth
the
area!
of
Here is something that's adding ing to this economy approximately
terrifically to the stability of this $135,000,000 in that year measured
terms of wages and salaries
area.
An economy already stable in
has become more stable because and local purchases and local stop¬
influence
in
a
stable
of the aviation Industry. Florida overs—an
is the hub of all the Americas. It's economy being made more stable
the natural aerial gateway of all year after year.
Now, our summer business is
the Americas, and through this
area,
the greatest international growing more rapidly than is our
airport in the United States, 37% winter business, again increasing
people going in and out
of all the
country by air pass through
Miami. New York, with her four
international airports, was second
of this
the
20
stability of our economy. Back
years ago the ratio of summer
business to winter business
ured
in
terms
of
meas¬
kilowatt
hours
in the area,
and we have the same
business
summer
28%.
kilowatt
This is most important, and
dur¬
ing that year, 1951, during it 41%
more
people went in and out of
this country by air than did by
sea.
It's
the most important
method
of
international
travel,
and we
was
sales
in
this
area
Ten years later it had
67%.
moved
it
hour
Our
business is growing
rapidly than is our winter
business, and our winter business
have 37% of all of it, add-. is growing more rapidly than is
more
rapidly than the winter bus¬ from Georgia, and all from north
illustrated again by bank of Valdosta are from Atlanta—
debits, a good index of general and they say Atlanta is a summer
business activity. The same thing heaven. I was anxious to see what
appears.
heaven
Now, why is our summer busi¬
growing
ness
our
summers
the
mild.
are
number
of
reaches
90
so
degrees
when
year
90
degrees
maximum
95 degrees.
the
but
temperature of only
Our
one
mild.
northeast
Chicago has 11.
summers are
has
New York, 1,350 miles
has seven.
Pittsburgh, one
Rummers Are M'ld
iami
for still greater
great
industrial
They
say
the
of
summers
world's
are
too
that
hot,
great
90* F.
Annual
growing
Daijs
a
Over
and
year as
against
Pittsburgh
Avenge
a
our
Industrial
And
Houston
that
finally he paid
of the fastest
80.
And
a
with
has
tourist
days
with
degrees
maximum
And
Arizona,
such
a year
areas,
88.
summer
152
un6th of
above,
or
on
any
a
degrees.
basis of comparison.
People
is
me
the
checked
we come
"I don't mind the
say,
the
thing
that
humidity."
that,
too,
and
So
we
gets
we
found
77
66
38
76
78
78
71
74
68
95'
102'
104'
105*
109-
103*
100*
78
77
57
75
71
105*
106"
HO'
113'
106*
102'
59
39
35
54
113'
108'
II0'
118'
13
record yea m
of
Construction
on
some
current
|
has
temp
record
108'
103*
Florida
Florida Power & Light Co.
SOuBCE us WEAfMCa BUBMU
begun
"FIRST
MIAMI
ANOTHER
ex¬
of
remainder
NEW
this
RESIDENTIAL
H
proval
is awaiting
ap¬
Leoding
THE
OF
BUILDING
TWO
1000 Populotion in Four
FASTEST
U.S. Metropoliton Areas.
governmental
of
I
IS
37
Dwelling Units per
program
.
.
portions of our
$76,000,000
pansion program.
The
.
GROWING
STATES
regulatory authorities.
IN
30
This
expansion will in¬
-30
30•
FIRST
crease our
r- FIRST
h~ FIRST
•
NATION.
FIRST
system's daily
delivery capacity by
more
THE
than
55
per
Florida has
27
cent
no
state income tax
'FIRST
and will extend
our
lines
*
no
-20
inheritance tax
state
ad valorem tax
*
SOUTHERN
■
state
*
*
■
bonded debt
no
20-
state
no
into South Carolina.
r-' *
NATURAL
PARTNERS
IN
FLORIDA'S PROGRESS
10-
FOR 53 YEARS
GAS
COMPANY
Birmingham, Alabama
FLORIDA POWER
1949
1948
1947
Sourcer Dwelling
Units
Populotion
-
F.W. Dodge Corp. and
-
Federal
Census
Roy Wenzlick 8 Co.
interpolated
1950
1951
a
tem¬
a
South
highest
a
Houston,
up.
growing
Phoenix,
bid for
with
80,
me
wrong,
was
Dallas
have
we
temperature,
a year.
in
not
Atlanta,
Now, our summers are mild
only 6, and
maximum tempera¬
Denver, the mile-high city, has
days
in
of
118
degrees.
22 such
you're
just
temperature
and
ture of 103 degrees as against our
95
quarter
perature of 90
of
industry, has had 16 such hot days
Number of
maximum
boss, he bet
year—152 days
yet
and
there's
bet my
I
business,
our
center
a
degrees, and
you're in Atlanta
you're
making
has 16.
become im¬
we
Pittsburgh,
here
centers,
won't
industrially because
portant
service to the
Fast
us,
103
summer,
whole
with
over,
of
figured if
And
and
temperature
or
and
year,
that's all.
over,
reached
of
the
having
and from this
they have 57 such
see
a
heaven,
the annual average over
the entire temperature record. In
Miami, we have had only six days
a
I
in
the
when
days
days
without
like
so soon,
temperature
show
We
we
hot
hun¬
in
there
chart,
It's because
discovering
are
was
to go
rapidly than
more
winter business?
people
a
Expanding
so
iness,
or
summer
Atlanta—I have
fine friends who come here
many
more
to 72%, and last year temperature
up
92%.
was
Explain about At¬
Mr. Roberts:
grows
eight off-season months dreds and hundreds of. thousands
and all the rest of the
international airports in the coun¬ divided by the average of the four that our summers are mild. Now,
on-season
months, that ratio - of we show here1 that our Miami
try combined accounted for but
with 35%,
with
64.
And
rapidly growing area
80 of those hot days a
City
lanta.
Summer Business Grows
Our
hit New Or¬
we
And 57 in Atlanta.
53.
Smith:
Mr.
general trend upward.
the
for
and
here
down
business in any other metro¬
the
77
page
Thursday, November 13, 1952
CORPORATION
Convention Number
that the relative
about the
same
THE COMMERCIAL and FINANCIAL? CHRONICLE
v„i
humidity here is j in any place along the Atlantic or
comparison, our summers
it is in August Gulf Coast.
So on any basis of
The greatest asset that
are
mild,
is
we
have
an
FLORIDA
HUB
...
of
the
wonderful climate, and it's
our
as
79
inexhaustible
climate
—
more
the
you take from it, the
have left.
you
more
AMERICAS
HOW FAST AND
HOW BIG CAN
DADE COUNTY (MIAMI)
GROW?
Comparison Population
Growth Trends
Los Angeles
!r
Dade
County and
County
1940 -V
1.6
-
1950
Growth Rate Trend
Year'pre-War
Changes
Trend
Population Development
TO UMA.
Parallel? That Of World War O
SANHWjgj
4
_
ESTABLISHED AIRLINES SERVING FLORIDA
PASSENGERS TO & FROM
ft
War
D
37%
35%
ALL
FOREIGN
:,,
.
YEAR
FLORIDA POWH ft LIGHT COM#*ANT'S
•Aginafffog
$117,000,000 potfwor ctmUrvctlon
program
-
i
LANDS
j-
ENOING
:.i
'
BY AIR
'
■
JUNE
28%
of oxpamioit fqolwwwifi cfworfi if* compoft/t
which hot already
mor§
than 4ovbM It! V-J Day
2
SOURCE: U.S.
Dept.luitice
40
50
.IS
60
70
UJ CVJ
I w
t- fO
5 O
z
<8
ffl
°ro
<t N
*
>
&
1
1934
£
Ife
wppfy.
powor
IDADE COUNTSI
.1
a:
1951
>
_|fO
^
<
Florid? Power &
10/19/51
Lljjht Co.
Foreign Air Travel Exceeded Foreign Sea Travel By 41%
»:W
FLORIDA AND CALIFORNIA
TEN
GROWTH TRENDS
FASTEST
GROWING
PERCENT
Populations Double
1930
Every Twenty Years
89
STATES
TEN
INCREASE
-
1950
FEDERAL
FASTEST
300,000
POPULATION
CENSUS
PERCENT
FLORIDA'S
GROWING
METROPOLITAN
242
OR
OVER
IN
CENTER
POPULATION
IS
MOVING
SOUTHEAST
1680 -1950
AREAS
1950
INCREASE
86
1930
■
g
S2
.8
%
8
St
-
1950
FEBERAL
50.0
CENSUS
76
15.0
72
,
10.0
156
r
8.0
'V
6.0
61
60
0-
/
5.0
\>£
4.0
CA LIF( DRN1
123
52
i«
in
■y
[A^
Up per Sc of#
44
95
fJ
9.0
—
—FL OREDA
15
«
88
88
86
82
37
36
tower Scab
[/
1.0
in
_i
/'/
O
//
cr>
(
y
z
<
>
<
_J
in
r
<
O
Q
-J
sub-tropical
total
„
g
g
^
s>
SOURCEt
5
8
u.s.a.
S
U.S.Ccniu.
Florida Power
&
Light Co.
10/20/51
Florida Power &
Light Co.
3-6-si
FLORIDA'S ECONOMY
MIAMI'S
SUMMER
SUMMER
BUSINESS
BUSINESS IS GROWING
Trend In
FASTER
General Business Activity
MIAMI'S
MIAMI'S
SUMMER
IS SOUND AND EXPANDING
THAN
ITS
BUSINESS
IS GROWING
FASTER THAN
FASTER
ITS
IT S
WINTER *
WINTER*
WINTER*
IS GROWING
THAN
Bank Debits
851%
92 4%
1933
INDEX
=
100
Index
96 3%
3ooo
Bonk DeMte
Electric Cuttomert
3
W
2000
i5oo
87.7%
'L
1000
Aj
66.8%
900
8oo
3
700
n
64 9%
600
79.7%
u
j
5oo
71 7%
j
c<
U. S. A
400
674%
3oo
\,
I
200
L_A^J
W ar
j
L-V-J
□
L-Ar-1
'
ZjXZ
m
1939-40
1949-60
1929-30
1939-40
1949-50
m
1939-40
1949-50
i:,*s
fVcentogee
100
(933 4 5
m
1929-30
mm
1929-30
6 7
8 9 40
i
2
3 4, 5 6 7
8 9 50 «
* Percent
oqes
ore
(4 Preceding Dec ond 4 Following Morch) to
for the
Winter Month*
Flondo Power
Florida Power &
Light Co.
9-3-52
Rotios of Averoge KWH Sole* for 8 Summer Month*
Averoge KWH Sole*
(Dec.-Morch Incl.J.
6 Light
Compony
Miomt Area
-*
Percentage* or* Rotio* of Average Electric Cu*lomer* for 8 Summer Month*
(4 Preceding Dec. ond 4 Following Morch) to Averoge Cu*tomtrs for the
Winter Month* ( Dec.
Miomi
Area.
-
Morcb Incl.). Florida Power 8 Light Compony
'
'
.4
c
(4
ore Rotioe of Averoge Bonk Oebiti for 8. Summer Month*.
Preceding Oec ond 4 Following Morch) to Averoge Bank Debit* for
Winter
Month* (Dec.
-
Source: Greater Miomi
Morch Incl.).
Cleoring House.
N
-V
^
v
THE COMMERCIAL and FINANCIAL CHRONICLE
80
Thursday, November 13, 1952
Roster of Advertisers
Courts
Stores
65
Hilsman (J. H.) & Co., Inc.
Johnson, Lane, Space & Co., Inc.
61
—61
First of Michigan Corporation
65
65
Robinson-Humphrey (The) Co
2, 61
Building
65
Livingstone (S. R.) Crouse & Co.
Man ley, Bennett &
Co
61
Co.
McDonald-Moore &
61
Parcells-(Charles A.) & Co.
BALTIMORE, MD.
60
60
—60
Roney (Wm. C.) & Co
Watling, Lerchen & Co
45
45
Baker, Watts & Co
(John C.) & Company
Legg
Stein Bros. &
White, Noble & Company
Boyce
Incorporated_41
Bioren & Co
48
39
Boenning & C
46
Brooke
49
Co.
&
Blyth
& Co., Inc
Burns
Bros.
INDIANAPOLIS, IND.
78
—76
Devine
(C. J.)
Dominion
Ernst
First
Indianapolis Bond and Share
55
du
43
44
Kidder, Peabody &
77
Corporation
KANSAS CITY,
44
-43
42
44
42
42
Co.__
& Co
Maguire (J. B.) & Co., Inc.
May & Gannon, Inc
F. S. Moseley & Co
Townsend, Dabney & Tyson
MO.
63
LOS
63
^
Fox
ANGELES, CALIF.
Holton, Hull &
76
—71
73
2, 73
66
72
73
CAMBRIDGE, MASS.
Co
(Oscar F.) & Co___
Miller (Revel)
Morgan
& Co
73
Co__
&
Pledger & Company, Inc
43
Association
73
Wagenseller & Durst, Inc
New England Gas & Electric
71
Hardy
&
Haupt
(Ira)
7
Byllesby (H. M.) and Company,
Co
Ingalls
&
Israel
Snyder
39
Joseph thai
Kidder
Co
&
(A.
M.)
30
&
Co
25
Kidder, Peabody & Co
King (Charles) & Co
22
Ladin
38
(Edward S.)
(Joseph J.)
19
Company..
&
Davis (Paul H.) & Co._
_15
Securities, Inc
Rogers & Tracy, Inc
57
Sincere and Company
National Bank
58
75
Abbett
9
Co
&
'
MIAMI, FLA.
Masterson
(Frank
Stifel, Nicolaus & Co., Inc
58
Florida Power & Light Company
Ludman Corporation
76
58
Swift, Henke & Co
58
Van Ingen
77
(B. J.)
Co. Inc
&
76
McDonnell
&
Co
52
Sons Company
Madigan (J. E.) & Co., Inc
Milwaukee
&
(The)
Company
57
53
Allison-Williams Company
Piper, Jaffray & Hopwood
27
Beane
Cayne & Co
Savard
56
Company
54
Gottron, Russell & Co
Hawkins &
—55
Mericka (Wm. J.) & Co., Inc.
NEW
55
Prescott & Co.
55
Scranton
(J. F.)
& Company
1
Co
Tellier
41
L.)
69
66
Newman, Brown & Co., Inc
67
Scharff &
Rupe (Dallas) & Son
67
Southwestern
67
Jones, Inc
Investment
—69
—L—1—69
Company
69
Singer
Co
&
ST.
S.)
Gundy
PETERSBURG, FLA.
Florida Power Corporation
Florida Securities Company
SAN
Russ &
78
77
ANTONIO, TEXAS
Company, Inc.______
SAN
67
Barth (J.)
FRANCISCO, CALIF.
& Co
72
Brush, Slocumb & Co., Inc._
__71
First California Company
70
McAndrew & Company, Incorporated 71
Stone & Youngberg
Strauss (J. S.) & Co..
Sutro &
72
71
Co.
70
10
70
Wulff, Hansen
&
Co
__72
29
SAVANNAH, GA.
17
Johnson, Lane, Spare
& Co., Inc
__65
6
SEATTLE, WASH.
30
...35
Foster
&
Marshall
Lewis
Pacific
74
j.
Harper (Wm. P.) & Son
37
34
18
& Co
74
(John R.), Inc
74
Northwest Company
74
SHREVEPORT, LA.
Barrow, Leary & Co
_69
& Co., Inc
Co.
&
SYRACUSE, N. Y.
.Snyder (E. W.)
& Company
TOLEDO, .OHIO
Bingham-Herbrand Corp.
Collin, Norton & Co
53
56
24
TORONTO, ONT., CANADA
39
7
Co
41
\
15
27
31
Wertheim & Co
(M.
66
2
Hickey
Weber-Millican
Wood,
ST. PAUL, MINN.
Kalman & Company, Inc
...20
Alstyne, Noel & Co
Wien
62
38
Securities Corporation
&
63
_
White & Company
28
Co
&
62
33
Company
Warner (J. Arthur)
Dane, John
Weil
Co
Co
&
63
Incorporated
30
& Co
(Spencer) & Co....
Union
Vilas
ORLEANS, LA.
Mackie, Inc.i_,
&
.—62
Scherck, Richter Company
Stifel, Nicolaus & Company,
34
__36
Thomson & McKinnon
Van
Rauscher, Pierce & Co.__
Securities Company
(Edwin
Troster,
'
NEW
66
&
•
DALLAS, TEXAS
Perkins
HAVEN, CONN.
(Chas. W.)
f
First Southwest Company
Bros.
Trask
52
Parsons & Co., Inc
(A. L.)
Sutro
Clark, Landstreet & Kirkpatrick, lnc_75
Equitable Securities Corporation
75
54
Medusa-Portland Cement Co
Stamm
Tatro
NASHVILLE, TENN.
2, 54
Co
12
63
62
& Co
36
&
Sons....
& Co...
Witter (Dean)
.33
Co
Singer, Beane
Starkweather
52
First (The)
(W. C.) & Co., Inc.____
Registrar & Transfer Company
Reilly (J. F.) & Co., Inc
Reynolds & Co
&
38
23
Saxton (G. A.) & Co., Inc
Shields & Company
54
Field, Richards & Co
Cleveland Corp
Hart
&
_38
National City Bank of New York... 9
National Quotation Bureau
2
O'Connell (Homer) & Co
34
Siegel
&
(Edward D.)
.
34
66
Cleveland (The) Trust Company__35, 58
Dobeckmun (The) Company
*—41
LOUIS, MO.
(A. G.)
34
+
Salomon Bros. & Hutzler
MONTREAL, QUE., CANADA
56
& Co
Newhard, Cook & Co
Peltason, Tenenbaum Co
_____..17
66
CLEVELAND, OHIO
Jones
37
Rice, Jr. (J. K.) & Co
Roggenburg & Co
MINNEAPOLIS, MINN.
Edwards
31
Co
Pitfield
53
53
& Heimerdinger
13
...
Pershing & Co
MILWAUKEE, WIS.
ST.
18
26
O'Kane, Jr. (John J.) & Co
CINCINNATI, OHIO
PROVIDENCE, R. I.
Walker (G. H.)
36
:
Co.__.___,
C.)
Morgan (Peter) & Co
Straus, Blosser & McDowell
68
40
(Carl) & Co., Inc
(Laurence M.) & Co._
Mitchell & Company
Moore (Frank C.) & Co
59
Sills, Fairman & Harris, Inc
(The)
(George) Investment Co._
___19
Merrill Lynch, Pierce, Fenner &\
First
2
PORTLAND, 0REG.
Patten
33
Corporation
McManus (Joseph) & Co
—59
Republic Investment Company, Inc.__58
& Co.l_
37
Co
(Carl M.), Rhoades & Co
Marks
;
50
33
Co
&
McLaughlin. Reuss
MEMPHIS, TENN.
Company...
Young & Co., Inc
38
McGinnis & Company
57
Cruttenden & Co
50
.
Thomas &
20
Loeb
59
—
50
Reed, Lear & Co.
__37
33
Lee Higginson
64
50
24
(W. E.) & Co
51
64
-
50
2
McKee (C. S.) & Company
Moore, Leonard & Lynch
35
40
Co
Lebenthal
Scott, Horner & Mason, Inc
Strader, Taylor & Co., Inc.
32
•*
___32
Co.
&
Hourwich &
22
Hutton
Lord,
59
PITTSBURGH, PA.
Johnson & Johnson
38
& Co
Co.
&
47
32
13
Lann
LYNCHBURG, VA.
& Co
Eaton Manufacturing
46
Goldman, Sachs & Co
Goodbody & Co
51
CHICAGO, ILL.
Walter, Woody
49
Warner (Henry B.) & Co., Inc
Yam all & Co...
31
Marks
(The E.)
47
Taggart (Charles A.)& Co., Inc
16
:
Co., Incorporated
(O. D.)
2
48
32
Griffin
& Co., Inc
Schaffer, Necker & Co
36
&
Wagner, Reid & Ebinger, Inc
67
Company
(H. A.)
49
Stroud & Company, Incorporated
Gersten & Frenkel
Bankers (The) Bond Co., Inc.
Iowa Electric Light & Power
Riecke
46
21
Laird, Bissell & Meeds
LOUISVILLE, KY.
CEDAR RAPIDS, IOWA
Kahn's
49
Co.
&
25
Co
(The) Boston Corp
(P. F.) & Co
Hirsch
Kraft
(Geo.)
Phillips (Samuel K.) & Co
Rambo, Close & Kerner, Inc
—28
.*
Heaney (Michael J.J & Co
Hill, Thompson & Co., Inc
Crowell, Weedon & Co
Edgcrton, Wykoff & Co.
Flying Tiger Lines, Inc
Eustis
48
8
Greene & Company
Prugh, Combest & Land, Inc
Uhlmann & Latshaw
BURBANK, CALIF.
Incorporated
Newburger & Company
Penington, Colket & Co
30
Grace National Bank of New York
Graves (Gordon) & Co
Akin-Lambert Co., Inc.-
Allyn (A. C.)
49
Glore, Forgan & Co.-
44
Hotchkin & Co
(H. D.)
Pierce-Carrison
42
Co
Haigney (Dayton) & Co
Knox
JACKSONVILLE, FLA.
& Co., Inc.————-44
Pont, Homsey & Company
Estabrook &
& Co.___
Co
&
47
...
48
27
(Joseph)
& Co
Janney
11
&
49
Co
23
Co.__
&
(E. W.)
&
Hendricks & Eastwood
Securities
(Francis I.)
48
(Edward J.)
28
& Co
(The)
Clark
_10
of
Geyer
BOSTON, MASS.
(Ralph)
Denton, Inc
Sherrerd
&
Caughlin
16
National Bank of the City
New York
Faroll
Corporation
Carr
&
Co
&
Butcher
—29
Chase
Fahnestock
& Leach
6
Boland, Saffin & Co
Bonner & Gregory
Estabrook & Co
BIRMINGHAM, ALA.
Sterne, Agee
40
26
Batkin
Eastman, Dillon & Co
Coburn & Middlebrook,
Southern Natural Gas Company
Corporation
PHILADELPHIA, PA.
Bacon, Stevens & Co
du Pont
HARTFORD, CONN.
Page
14
Corporation
45
48
Mead, Miller & Co
60
60
Page
S. Bleichroeder, Inc
Securities
Axe
Baker, Simonds & Co
Buhl
___64
_____
Co
&
Arnhold &
DETROIT, MICH.
ATLANTA, GA.
Colonial
:
Page
Page
,
39
Equitable Securities of Canada
12
McLeod, Young, Weir & Company
Ltd
&
Co.,
Inc
35
Watt &
12
Watt
12
NEW YORK CITY
DENVER, COLO.
Mittoh (Robert L.) Investments
Simpson
(B. E.) & Company__
Sudler (Amos C.) & Co.__
68
68
2
68
&
Adler,
Peters, Writer & Christensen, Inc.
Adams
Coleman
Aetna
26
Peck
&
Co
Securities Corp
8
NEWPORT, KY.
Newport Steel Corporation
WASHINGTON, D. C.
51
21
Allen & Company
11
&
Co
Jones, Kreeger & Hewitt
:
45
45
14
Ames
Johnston, Lemon
(A. E.) & Co., Inc
Amott, Baker
&
Co., Incorporated-_26
ORLANDO, FLA.
Leedy, Wheeler & Alleman, Inc
YOUNGSTOWN, OHIO
76
Butler, Wick & Co
56
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