Full text of Commercial and Financial Chronicle : November 14, 1963, Vol. 198, No. 6316

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Reg. U.S. Pat. Off.

Volume

198

Number

New York

6316

IN THE

PUBLICATION

INFORMATIVE

MOST

AND

LEADING

THE

FINANCIAL FIELD

ESTABLISHED

1839

Price

7, N. Y., Thursday, November 14, 1963

Cents

Copy

EDITORIAL

As We See It

During Market's Breakthrough

Apparently Mr. Khrushchev now believes, or at least he
now says, that his communist (or is it still socialist?) re¬
gime in Russia needs seven more years and only seven
more
years to overtake and pass us in production—of

He has been talking about
good while past, and today it would

just what he does not
burying

seven

Russia,

from

other finite number of

either

long

years so

country is in the shackles of Marx and Lenin.
so

far

determine, only

can

scant

dozen

products of ordinary usefulness in which
Khrushchev's empire matches or betters our own

Mr.

normal
more

output—and in

than

others which
than half

our

are

some

find

can

of these

we are

market for. There

producing
are

few

produced in Russia in amounts greater

output—crude petroleum, oats, crude steel,

for example. Some of
stimulated by armament pro¬

and leather >footwear,

pig iron

these rates of

output are

duction. Seven years
.

sure,

competition

years or any

There (are,
half

he is right than it did
will be unduly worried

that

are

productive

that

likely

No one,

first.

about

less

far

appear
at

for

say;

is evidently

long time in Moscow.

The truth is that there is evidence

enough that

cen¬

plain in Russia,

abroad for

grain and the various inefficiencies and short¬

comings throughout the
nist boss himself

economy

applied in recent

the "wisdom" Mr. Khrushchev

even

to start the Russian economy

years,

the road that he has been

itself. But

of which the commu¬

repeatedly has been complaining. It is

likewise evident that

attest the necessity of going

hardly need

planning, has not proved

far afield to find

go so

every¬

managements in

breaking stock market disclosed curtailed demand for com-

position,

Total

stocks.

mon

the

from

NET

June quarter

comparable

figures as fund

man¬

increasingly cautious buying policy was indicated.

Prime

Metal,

tronic,

Machinery,

Textile

and Tobacco.

Paper,

Most

back

Sold

rada,

assets

net
-

Ratio

dormant.

securities

■

Interest

the third

•

braces

factors

tax

widespread

certainty

reduction; record-breaking

which

inflation

also

increasing

in store.

belief

some

buying.

consumer

and

current

The

prospective,
:

for

gain

plants

new

and

models

this year's total.

over

buying,

the

c.oss

favorable

not

As
to

response

suggest

the economy from

lack of

any

that area.

708.22

Industrial Average,

Jones

July

subsequently

rose

surpassed the previous

set

ter

Dec. 31,

732.79

excellent

the

Sept.

30, slightly

its high

below

continuation Of its
earnings

quarter

response

reports,

and

year-end dividend action, the market in

post-September quarter continued to surge for-

ward to establish
Oct.

new

historic high of 760.50 on

(this to date has also
this

With

surpassed

third

record high of 734.91

The average closed the quar¬

1961.

period.

background

been

(Continued

high).

1963

on page

18)

State,

QUARTERLY INVESTMENT COMPANY ISSUE

U. S. Government,
Public

Housing,

MULLANEY.WELLS & COMPANY

Lester, Ryons & Co.

Securities
(7VHT

623

Underwriters
Distributors

•

Members
Members

NewYork

v.;

770-2541

•

American
Pacific

17,

Bonds and

Stock Exchange
Coast Exchange

Glen-

San

Diego,

Santa
"

FIRST NATIONAL CITY BANK

Ana,

Riverside,

Santa

135 So. La Salle Street

Bond Dept.

Teletype: 571-0830
New

York

Correspondent

—

f..

Canadian Securities

Orvis Brothers &G>
•|

Established 1872

Block Inquiries

eS<MtflU>€At

BROAD

STREET

CANADIAN

DEPARTMENT

3-7500

;

eflteci

■ires TO ^onrttAL

Dominion Securities

and rotowYt

Goodbooy & Co,

DALLAS.

AI1

NEW YORK 4, NEW YORK
WHitehall

COMPANY

SURGEON

BONDS & STOCKS

Teletype 212-571-1213
.

Human Resources

CANADIAN

Canadian Exchanges

;

THIRTY

Invited

Commission Orders Executed On

Members New York Stock Exchange

FIRST

MANHATTAN

Dealers, Banks and Brokers

UNDERWRITER

DEALiER

California's Diversified

Active Markets Maintained

Net

DISTRIBUTOR

THE

BANK

91st Year
m...

Division

Pershing & Co.

Chicago 3, III. FRanklin 2-1166

Municipal Bond,

Whittier

California Securities

TWX: 212-571-1414

•w. w W.V

Notes

Monica,

Inquiries Invited on Southern

£EJzrJ-

Agency

Stock Exchange

Pasadena, Pomona, Redlands,

jEz^MIDWEST STOCK EXCHANGE)^

770-2661

York

Housing

dale, Hollywood, Long Beach, Oceanside,

MEMBERS

BOM) DEPARTMENT

New

Offices in Corona del Mar, Encino,

Securities

CHEMICAL BANK NEW YORK TRUST COMPANY

Street, Los Angeles

Hope

Members

Corporate & Municipal

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

So.

California

Dealers

Chemical

phones:

Municipal
and Public

State and Municipal

MEMBERS NEW YORK STOCK

EXCHANGE

CORPORATION
40

NEW YORK

1 NORTH LA SALLE ST.

CHICAGO

ft I
Bank

Teletype 571-0880
Area Code 212

WHitehall 4-8161

America

N.T. 4S.A.

Exchange Place, New York 5, N. Y.

2 BROADWAY

high for the third quarter of 745.96 on Sept. 24.

At this point,

Dow

that the

was

favorable

centrally guided if not controlled

car

record

for the

1964

This

corporate

that

and

areas,

expenditures

the

profits; likelihood of dividend increases and extra
payments,

year,

which

prospects for continued improvement in

business;

general

that

consumer

broadened confidence in the vitality of the

include:

economy;

form

background

favorable

scene

Returning to our immediate theme, it is a matter

may

bination

economic

the
may

of business outlays, for example, the

case

support to

this breakthrough period, investor en¬
have been stimulated by a com¬

During

both

for

forged ahead to new historic high levels.,

thusiasm

has

equipment will attain a record high of $40.7 billion

period in which the popular stock market

the

forecast

■

quarter portfolio operations of the
predominant investment companies em¬

average

going

cycle

highly regarded McGraw-Hill study, dated Nov. 8,

hinds'

September
nation's

data

to be most promising.

appears

CHRONICLE'S comprehensive analysis of the

The

view

who

those

outlook

quarter.

'• '•

Based

capital expenditures

hreign

of share redemptions to

1.61%

was

Ford.

and

Caterpillar Tractor

24.]

prosperity

average

months.

Sept. 30, 1963

well determine
duration of the present cycle, namely, business

the

Most widely liquidated issues were Ame¬

Oil stocks.

were

the

1854,

However,

balance

United States.

the

closely cite two factors that

popular issue was [BM, with

Gulf Oil and American Airlines runners-up.

entering its 33rd month and has already

13)

lasted

Airline, Chemical, Elec¬
Railroad, Rubber, Steel,

Aircraft,

Equipment,

Agricultural

security holdings,

length of all business expansion pe¬

average

riods

emphasis remained centered on solid blue chip issues and
established secondaries. Preferred industry groups included

day evidence of the weaknesses of central planning and
on page

the

became more concentrated and

Stock selection

ket levels.

September quarter. For Funds portfolio

vs.

tmd June 30, 1963, see page

showed less enthusiasm for equities at current mar¬

agers

cash

considerably

buying was down

it might be. well to take cognizance
of the fact that the current economic upswing is

(Continued

19 for specific stocks purchased and sold by

portfolio operations during the September quarter's record

trally planned and controlled economies do not do well.
It

ISee pane

leading investment companies'

CHRONICLE'S analysis of 100

MUNICIPAL
SAN

BOND

FRANCISCO

•

DEPARTMENT
LOS ANGELES

„

The Commercial and Financial Chronicle

have

counter

points)

markets

are

NORMAN E.

helping

and 'dealers

best

the

everywhere.
to

proud

that

say

broadest

the

cover

it's

formed

HANSEATIC"

our

astronautic efforts

pleted, MAC'S

HANSEATIC

focused

are

Associate Member

60 Broad

contract (more than
Mercury Program) with NASA, for 13 Gemini
Spacecrafts.! The company has
also been awarded a contract to
$456,000,000

St., New York

triple

Telephone: 363-2000

212-571

1231, 32, 33, 34

—

Chicago
•
Los Angeles
Philadelphia
•
San Francisco

Boston

•

entire

its

;

Service

Wide Wire

World

MAC signed a

Earlier this year,

Stock Exchange

Gemini

two-man

ploration—the
Spacecraft.

1920

suitability as

vehicle

space

manned

space
Gemini be

Should

adopted as a terry space

Service Your Accounts

long-run

its

enormously enhanced

quotation

(Only

•

$45

and

earth.

(Single Copy

$4) ;

—

give

1970.

well

contractor

"Asset"

the

pro-

is a space research
designed to obtain en¬
gineering data on the effect of re¬
entry
into
the atmosphere by

Write

WILLIAM

Place

York

New

REctor

CO.

DANA

metals.

icance of this

line of research and

2-9570

.11

imc

nell

has

™,wi

what

|;d"itie®t0
overlooked

field, McDon-

ttonwaliw
rnn.
generallyj-con-

Phantoni'n Thi^Dlane'is
This plane is
Phantom II.

historv
nistory,

ion£?er

time in
branches
orancnes
are using the same
The
Phantom 11
II is
ine Fnantom

fighter
Hunter,

already in

•

h^njmndp'
being
made
has

which

T;:;'

t*-

MAJOR CITIES
We

are

pleased to announce
7

that the "Chronicle" is

available

also

Hnii xm™
tn

Ah
A11

tbc
the

now

news¬

the

throughout
K

■

cities

country.

"
and

FINANCIAL

/CHRONICLE

the

COMMERCIAL

The

major

Park

TING
Quality,
Reliability,

554

Co.,

computecj on a straight-line

utility

computed

deficiency of $4,353,-

depreciation

•

reserve

than

other

plant

computed

St., New York 6, N. Y.

Telephone: WOrth 4-3033
1889

—

Our 74th

facilities.

for

oil-gas

—

1963

■

of'Tts
ts

because ot

pany feels

New York

package

.nation center, which

indeed

is close at hand

to prosper.

the

Market, with

inA962/
«l-8°"$l-85 antid- Over-the-Counter
pated. for 19®3' Dividends have a $1.08 dividend,

nearly 75% of
^een increased for eight consecu- which is tax free, certainly ap-

it is vigor-

tlve years-

design, consulting services, programming, data processing and computing for commercial
clients. Substantial growth is exsystems

Northwest distributes natural
the prosperous Willamette
Valley of Western Oregon (pringas to

pears to be sitting on the bargain
+ohiP in nnr nnininn tho cpmritv

individuals
taD^' )n °U1 °Pml0n'ine.security
suited

your

circumstances to

solicitation of

offer to sell, or
security referred to hereinJ

be construed

offer to buy,

any

as an

mail box: each

16, N. Y., delivers

Price

these chanSes favorably

Expansion is the keynote of the

•

near

$1 sent to CARE Food Crusade,

the

hungry

gift

overseas*

for

estinvestment

whose

Range

Over

The Monday Issue of the

mercial

and

Com¬

Financial Chronicle

contains the price range on more
than

5,500 stocks traded

Counter

Market.

the

Over-the-

exchanges and in the

Other features

include

the

most

record

dividend

ments,

redemption

comprehensive
announce¬

calls,

and

sinking fund notices.
The

COMMERCIAL

and

FINANCIAL

CHRONICLE
25

Park

Place, New York 7, N. Y.

National

Quotation
Bureau
Established 1913

Incorporated

Over-the-Counter Quotations
Services for 50 Years

objectives re¬

quire quality,, modest

persistent growth.

5,500 Stocks

affect the oualitv of its earnings.

for bere i4ec, what mav

^ tdve
Well

*
As

North-

popula- 10 am aiveisnication. Ana as tne
Fobc tion gr°wth
of 30%-38% for
the economic
the area
Foice,
f
■
enrich theendeavors
population,of northwest
,

Census Bureau predicts

ic nmv

ously expanding in the areas

Year

pr°mptly trairsfcrred $1,215,-

as
1

CO., INC.

PRINTING
130 Cedar

the reserve
This study

accumulated.

manufacturing
west

New York 7, N. Y.

APPEAL

46 Front Street,

Place,

Speed..

1963, MAC signed

(This is under
l*1

devei0Dment

McDonnell has a growing auto-

stands

were

plans to

announced

Sept. 30,

and

entrenched in the bur- 19(52, gas heat was installed in
geoning economy of Oregon is 56%' 0f the new homes in the
a
$625,000,000 Phantom II con- Northwest Natural Gas Co., whose Northwest's service area
while
tract
with
the
Navy
and Air recent growth is symbolic of the ,total heating customers increasedForce,
under
the government's great potential of the entire re- 12% f0r the year.
We estimate
1963
appropriations. The com- S'iom Since changing over to nat- compound earnings growth for the
pany
expects
an
even
larger ural gas in November,
1956, company of over 7% annually.' In
Phantom II contract from the fis- Northwest
has seen revenues fact, by 1967 earnings may well
cal 1964 budget.
Indications are grow from $10,186,000 in 1956 to approach $2.50 per! share,
that
volume
production of the $28,631,000 in 1962. Earnings per
Northwest Natural
Gas Co
Phantom II will continue at least share of common
have likewise
Z
I* 1
n
through the late 1960s.
jumped from $1.19 in 1956 to $1.76 common, recently 33 bid in
On

,1^ ftp

Columbia

f.ey p
7 11 a
7 °
tourism
electronics snortswear
tistics already
exceed the national tourism,
electronics leap
sportswear
averages
For example the U S
and metalworking
. forward
and averages, jjor example xne u.cj.
diversification - And as the

purchase over 1,000 planes.

IN;

t- -j

;

by the Navy

use

fnrn-

TvTnr;,^

SPECIALISTS

British

northern

***Northwest;
its an electric
be tingle you feel in the air.
Once
ger' *or he e ies
a
y
nrimarilv an area of timber npri
the next great area otgrowth
economic
Pr"liarily an alea timber, agrista- culture and associated industries,

so su

three aerial
aerial
tnree

of the service
basic
basic

•

all
ail

branch offices

our

New Mexico and southwest_

doming;

^y'oTcal forn'a

perior, that, for the first

NEWSSTANDS

Colorado- Rockv Mountain re¬
Colorado Utah and
Peace RiverfieMs

Areas of rapid growth have long
from Capital Surplus and
been sought by investors because $3133,121 from Earned Surplus
*he special investment oppoi- tQ meet tbe deficiency. The com-

world's finest and

ceded to be the

wires

San Juan Basin in northwest-

indicated

Northwest Natural
naiiiiai Gas
uao Co.
v««

contract.

set"

PAULSON

nuruiweai

lar

are:
ern

212 571-1425

♦,

opinion,
the stock offers ex- age_life
b gi
th
capital gains potential.
®®*;l"5 would
.J)as!s'
the
amount
exceed

Analyst, Jane S. Jones
Portland, Oregon

The signif¬

of refractory

In the aeronautics

P.-*

balance

development far exceeds the dolvalue of MAC> present "As-

Exchange

Mobile, Ala.
Direct

,p
g
thf+ st"d-y ol. art independent conDow-Jones
i^dem&tfon

CHESTER L. F.

winged space vehicles. "Asset" is
the first- vehicle with a structure

call:

Park

quotations.

Exchange

HAnover 2-0700

cellent

project,

Over-the-Counter

Stock
Stock

New Orleans, La. - Birmingham, Ala.

price-earnings ratio only about

one-half that of the
Industrial Average. Therefore, in

prime

the

also

for

This

gram.

find"

"hard to

those

York.

the

and

v,-

McDonnell
securities

listed

all

American

the

between

flights

New

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

Mercury non-government business should pacific Northwest Pipeline Corp
'Apollo improve.
The company's comPaso's predecessor
Project, designed to carry three mon stock listed on the New York
comnanv through
men
to the moon and back by Stock Exchange,'currently sells at
f
- ,
, .

prices

monthly

the

you

flights,

Members
Members

and its future potential in the Alberta. El Paso has never'inspace-defense field appear ex- creasecj the rate of gas and only
cellent. Possibilities of growth in one rate jncrease wag effected by

controlled re-entry,

land on
Gemini is the vital bridg-

step

ing

will

publication

bound

(Page 2)

$4.74

later

orbital

This

opinion,

has already been

The

bit, to achieve

year)

per

Steiner, Rouse & Co.

Ore.

com-

Gemini Spacecraft is would compare with, sales
designed to remain in orbit up $565,000,000 and earnings of
to two weeks, to rendezvous and
per share in fiscal 1963,
dock with another vehicle in orMcDonnell's present position

fe record

pxrellent.
deUverd"to"'<NAs'X# tuuMsr tenta-Saies'could well reach the $850tively scheduled for use in un- $875 000,000 area, and
Thi
manned orbital flight early next $6.25 per share appear likely. This
year.

Portland,

Co.,

vehicle,

could

potential

Gemini No, 1

Quickly By Using Our

Jones

between residential 41.2/o, mdustrial 42.5/<,, and commercial
lb£ /o_
El Paso Natuiai Gas Company
years.
^
With a Sept. 30, 1963 backlog of
+Hr
over $950,000,000 (compared with firm
r"qufre, mlS Inte"i'U)t1
less than $300,000,000 in Septemgas requirements inteuupther, 1962) MAC's results for theac^d
year ending next June 30 in m/ SOSTSLS^Z

ferry

Bought—Sold—Quoted

quadrupled. Equally impressive
is the company's return on net
worth, which has averaged almost
of 25% annually during the past 10

study

feasibility

perform
Gemini's

stations.

bank &

America's

in manned space ex-

major step

CORPORATION

American

Natural Gas Co.—Chester L. F. Paulson, Analyst, June

into the

research under specific ======================
and development con:
■;
. tracts and basic inquiry into such
cipal cities — Portland, Salem,
areas as plasma physics, electro- Eugene), Camas and Washougal
optics and micro-electronics. >
on the Washington side of the
;
McDonnell's record has been Columbia River and the Dalles
one of outstanding growth. Indi- area °f 'North
Central Oregon,
cations are that its fine growth total population of which is estirecord will be extended well into mated at 1,100,000. Northwest is
the future. Within the past deconly utility which services
ade, MAC's sales have expanded the e"tire Willamette Valley,
over 350%, and its earnings have The 1962 revenues were divided

flights., With the Mercury
Program now successfully com-

NEW YORK

Partner, Yates,

Heitner & Woods, St. Louis, Mo.
(Page 2)

Spacecraft per- applied
initial manned research

space

Established

eventually diversifying

•'

.•'

Corp.—Nor-

Aircraft

man E. Heitner,

:' \

Louisiana Securities

~—

.
McDonnell

this department in
ahead.
Furthermore,

years

Alabama &

Participants and

company's Electronic Equipment Division holds the potential Northwest

which its Mercury

Over-the-Counter :
"Call

security.

the commercial
electronics f i e Id.
trademark, "First Free Man in MAC also has a fine research deSpace," vividly portrays the part partment, which performs both

scope

Remember, when

Teletype:

Thursday, November 14, 1963

Their Selections

adoption

McDonnell's

service,

OTC

experts
country

the

Corporation

McDonnell Aircraft

European

& W oods,

fj'ouis, Missouri^

\ St.

...

coast-to-coast wire
teletypes and
international contacts, we

other

This Week's
Forum

from

pected

IIEITNER

Yates, Heitner

Partner,

through our
system,

for favoring a particular

participate and give their reasons

over-thebanks,
find the

the

covered
field,

brokers

in the

forty years we

for over

fact,

each week, a different group of
investment and advisory field from all sections of the
forum in which,

A continuous

(one of our
strongest

Like Best...

The Security I

"Coverage"
In

(1894)

income and

CHICAGO

New York 4, N. Y.
SAN FRANCISCO

Volume

6316

Number

198

The Commercial and Financial Chronicle

(13.95)

CONTENTS

Income Tax Pointers in the

tions

brush

Such

into

capital

gains,

investor do

latest
is

not

apply to the incorporated one.

end

;

play

important part

investor's

picture.
tion

profit

ties

loss

month

held

ap¬

transac¬

tions

can

minimize

tax

before it
Some

now.

effect

curity
bill

the
is

se¬

Since the outcome of the

certain,

has

content

been

not

ered in this article/

the
of

25%

regular

Emphasized

word

The

tax

rates

porate rates
with

can

capital

taxes.

91%.

Cor¬

to 52%.

gain, Uncle

Sam's

what

securities

other

than

business.

what

in
is

the

merchandise

Eveything

described
but

the

By and

anything

terms

said

o r e

The

rules for

for

rules

buying

the

those

and

"trader"

investor

will

who

"dealer."

from,

there
in

the

taken

enough

Only

1963

ing

can

the

for

the

net

any

years.

$1,000

and

the

individual

then the corporate

investor,

each

How

INDIVIDUAL INVESTOR

Does The

25% Rule Work?

Security profits and losses
one

of two

baskets, based

done about the other

carried

carrying

the

length of time the securities

are

forward
As

this

forward

only,
rule

Notes

losses for

Securities....

means

1958

that

can

losses

be used in

Continued

far

1963

page

PREFERRED STOCKS

Spencer Trask & Co.
25

BROAD

York

1868

Stock

Corner.—:

Salesman's

Albany

Boston
Newark

TELETYPE 212-571-0785
Chicago

Schenectady

—

State of Trade and Industry

Tax-Exempt

(The)__

Market

Bond

Washington

You..

and

tSee article starting on cover page encompassing

analysis of portfolio transactions by investment
companies in the September quarter.
our

May's column was not available this week.

*Mr.

For Banks, Brokers and Dealers
The

Park

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and

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Published

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GEORGE

November

Thursday,

14,

MORRISSEY,

Editor

1963

and advertising issue) and every
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(complete
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SEIBERT, President

CLAUDE D.

Quotation Record

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Security I Like Best

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.__

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without

have

Governments

Utility

Securities

All

For many years we

—____

Bankers

Banks and

five

time,

owned. Six months is the dividing

__i._

____,

Reporter

not

has been in effect for some
as

Activity

about

years

back

Business

(The)

and You

Funds

Public

backward.

Washington

of the five

Security losses of any year can
be

I. THE

Los Angeles

$4,000.

investor.

Ahead of the News

San Francisco

St. Louis

regular reduction from

Philadelphia

Profit

Wires

Cleveland

Current

of
.

WILLIAM

—first

Observations

profits
can

That absorbs $5,000. Noth¬

can

NSTA

1968 to apply

security

years,
a

years.

the

net

return.

goes

net

other income

here

considered

are

Direct

Chicago

$10,000

basket

1964

those

Recommendations

Formula"

From Washington

Exchange Place, N. Y.

Teletype 212 571-0610

Coming Events in the Investment Field
Investment

the

against the first $9,000 of

the

///', .//%'■' Z-

$9,000

years

Stocks

Our

over-

regardless

1963

other

(Editorial)

Insurance

News About
/

together

security profits in those

some

the

Suppose

under-six-month

ex¬

from

selling
be

and

Singer, Bean

losses

Only $1,000 of this loss

five

security "in¬

different

are

illustrate:'

The

of the under-

•

deducted

HA 2-9000

It..

Control

transac-

allows

comes

of all trades for

change, real estate, etc.

vestor"

loss.

apply

i g

,'.///-/

Corp.

deductible, within certain

else

securities,
also

sale

here will

will

commodities,

See

Indications

show

law

then

basket

limits.

capital gain?

will

results

loss,

Great America
27

sMackie, Inc.

Einzig: "Britain's Problem: Finding

and

Paper Market Enjoying New Lease

Dealer-Broker

or/

profit

taken

big push is for capital gains.
large, it is the profit

the

basket

show

Bookshelf

flat

profit,

basket

loss

the

six-month

maximum take is 25%. Hence, the

What is

whichever/
(1)

six-month

But

Dymo Industries

regular
profit

security

tax

If the net

Security Losses?

1963

The

Rules for National

Spending in 1964______

Businessman's

benefits to offset that situation.

Individual

liens.

magic

income

Bank

re¬

basket, there.

tax:

people

their

So Much?

simple.

can

As We

Mutual

Federal

reason

way.

What About

Sanders Assoc.

W. T. Hyde, Jr.

Life, According to National Bureau-Cornell
University Study

Market

Many
It

the
net

half

Regular Features

under-six-

profit

play,
of

Larson

consid¬

What Is A Capital Gain, And WThy
Is

other,

Disclosure

Commercial
1

bas¬

one

leaves

lower

reporting

the

CAPITAL-GAIN

full,

— ....

the

leaves

differently.

that

two-way

(2)

un¬

Jr,.

(here

If this

over-six-month

gives

Seidman

loss

netted.

basket,

If it

tax

to time and

...Richard

Announced

Capital

profits)

profit in

net

are

ABA Favors Bill Authorizing Banks to Select
Own Meeting Dates.

basket.

second

profit

/net

way.

trans-

actions.

two

portable

the

major

and

the

month

proposals will
have

the

six

securities
less

Cobleigh

Dept.

STREET, NEW YORK
Telephone: WHitehall 4-6551

McGraw-Hill Survey Indicates Record High

basket.

one

months

WALL

over-six-

under-six-month

ket

bill

losses

If there is a net

his

Congress
a

six

Each basket is taxed

taxes.

has

and

into

help

investor

Bank__Ira

Wilson

possibly!

Obsolete Securities
99

Short-Term Paper Stocks
...Frederick S. Coffman

than

lost,

securi¬

called

profits)

called

secu¬

for

(here

Profits

tax

plied to

held

months

This simplified explana¬

the

rity

net

question and answer form

rules

National

Opportunities.

Corporate
losses

and

Seidman

Utility Earnings Outlook and Market Evaluation

1963.

line. Profits

The

day to take profits for 1963 returns, Mr. Seidman points out,
the

but the shoes

Management

back

you

shirt you

Unpredictableness Creates Stock Market

Banks

Portfolio

Tuesday, December 24, and losses on sales can be made right up
to

Taxes

Purchases

;

ply only to corporate investors and cites when rules applicable vo
the individual

...—J.

Dimensions

Case for Long and

Mr. Seidman also discusses special provisions which ap-

that

Pointers in the Present Security

Crocker-Citizens

wash

We can't get

invest-

James

sales, identification of securities, and rules on commissions and other
expanses.

stocks

common

losses, importance of the six-

interest

and

Market—
New

to take losses and to employ short sales,

dvidends

convert

Income Tax

clearly presented by Mr, Seidman.

of security

months line, when it pays

sales

and

WALL STREET

7 ment companies in September quarter)

explanations take in such vital areas as: the

"25% rule," treatment
to

benefit from a brief rifresher on the

review is

His checklist with brief

how

chases

profits and/or losses for most favorable

with the subtleties involved, can

Selling During Market's
(CHRONICLE'S analysis of pur¬

Breakthrough

Usually the individual investor, not too familiar

portfolio results.

COMPANY

BAREFOOT IN
Funds' Buying Matched

and all special tax considera¬

any

Articles and News

out, and it is too late, it is standard practice

affecting after tax

tax facts of life.

CHKMflU
N '

ork City

By J. S. Seidman, C.P. A., Seidman & Seidman, New V

for the investor ot

14, 1963

Market

Present Security
Before the year runs

Thursday, November

for

in New

the

foreign

York

fluctuations

subscriptions

and

the rate
of exchange,
advertisements must be

WHitehall

Teletype

funds.

Glens Falls

3-6633

212-571-0500
212-571-0501

Worcester

•*',

J'■

W,v". I V

The Commercial and Financial Chronicle

(1896)

Position

ll
YVJ £±Y\ Q1 Oil S
,X/llIl VllkJ4-v/xlU

ATTT

V/VV

ITt

,
i

wr..

17.

By Jaines G. Wi son,

The National Shawmut Bank of

ass.

fication of bankers should

Ifam^nfstration'" Todav^.8

manager,

"points

to forecast theidirec

tn
Twist and Nudge in order to

check

advised to keep a daily

are

yi'ld
yi

4%
»/0

todav's
todays

their excess

return

miie

;

deviations

tion

tJrret out bargains Small banks
turretoub«Bai^ns. Sma I banks
on their reserve pos

Thev
rhsnJ i<T
of

and
i

the

remain

same

the

relative

c!«n rpvnfii-

BF 1
JBiLg^'v

v t
nu
Ronaryto
you

evolutionary

J»JR'

reactionary to
then

become

impor-

tant to both issuer and investor.

substantially

creased

HBl

it.

position

recent

as aggressive

Personal savings

ing
h

Thnir

amounts

ripciro

believe

smaller

many

banks

®',°v
salary

the

The

thi«

^ ^ S ^ "" t0
embrace

dimensions

new

following:

(2) Money Position Refinements,
(3) Restructuring of the Investment Reserve.

Pay-

problems.

Yield Curve Twist.

(5)

Composition
vary

time

deposits

personal

savings

and'the thrift account takes
its rightful place in a "Full Service" commercial bank, A realistic

approach to being competitive on

Balance

dealers, thereby

an
investments than 4%

short-

importantly

creased

in v recent

investment

income

substantiallv

JulinTbrthruling oy tn.

recent"

Comn:

national banks to underwrite

cer-

Thi*

JJ
and will

•

continue to

found effect

'S
have

•

pro-

the level of short-

term interest rates and

ultimately

a^Lnt
assistant,

tbe

Problems

bal-

The

U the old Chinese philosopher
assisting the investment officer to was correct—that one Picture is
keep abreast of new dimensions ^or
en
ousand words, then
their

Such

potential.

profit

employee could eventually be-

CQme

funior

tribute-to
gion

officer

and

management's

con.

suedes/

program
addition

vestment

increasing

addition

from

income

handling

in-

increasing

the

Reserve

nities to profit from market action,

By studying Canadian and United
Kingdom Treasury Bill rates some

forecast may be made about the
market probabilities in our own
Treasury Bill Market. A knowledge of international affairs is

the best way to dramatize the de- becoming a
prerequisite for flextenorating balance of payments ible D0rtf0ij0 manaopmpnt in tw
problem is to look at a chart comtodav
S

^rld

paring "U. S. Gold Stocks" and
."Liabilities to Foreigners'."
^he sharply rising trend
wmt-xi

Yield Curve Twist

line

''Liabilities

represents

stocks"

1960

divergent

4(TT

and
nath

lcpresenis
j-.iaDinties to
Foreigners," crossed the rapidly
■

W°rld t0day*

has
ever

statistics show that

]ndjca+ed

10R1

he central bank

nDpn

nnp"a-

jnaicwa lis open .maiket ope. a

tions would be less concerned with

the Treasury

anci Certificate

segment of the market and more

interested in operating in

a broad

Deposit Mix. grow

(1) The Changing

ments

may

(4) Emerging

developed

ames .

coneCTned

the

Available This Week

years and is currently about 30%

01 tne
ine oai
ance of his time could be spent

they might
ehtain

Position, there are collateral opPortunitles to trade in Federal
FurnJs, develop profitable ^Repr-

af-

fecting

•

and
longer
term
These changes offer,
sound- the aggressive investor opportu-

after the United States Treasury's
Magic 5's demonstrated that the
management of bank investment rate paid for savings was Indeed

changes

could employ an alert admin- tain types of Revenue bonds but intermediate
istrative assistant to keep daily this has stirred some controversy rates as well.

enicient nananng or me rteseive

account

•

By A. Wilfred May

Revenue bond financing has in_ term money market instruments

soon

Some states per-

to approved bond

The

attract-

fave. Then desire to obtain this
type

recent

Sec-

to half percent.

than

involve

Trades

shared in this growth, but have
not been

dime nsions

the

find It more increasing their net return by

reserve

and

Commercial banks have

years

the

are

increasingly

has

What

others.

personal savings nave,also

some,

dynamic,

was

appear.

may

for

they

check on the reserve position. The in Washington about the
savings from efficient operation of ness of the approach.
with a «50 million bank^'s res<erve poEmergi„g BaIance of Payments

within the past several years and

available

ondary Reserve.

active secondary market emerged

truly

securities

'
int recent
cornp
On the basis of my experience, trailer of the Currency, permits

bllbon outstanding.

some $9

are

Observations

free-up

Growth'

limitations.

interest rate

S; Treasury

trust

Of C/D's as a new Money Market

instrument

•

ex-

What

sum

knowl-

our

edge

change-the

thines

responsible

public

possible

trust

mit banks to lend their securities

-the

the

because

secure

nuhlie

and mortgages and cannot

further amended
by increasing the

central
bank
Regulation Q

intermittent

seeure

officer becomes involved in loans

with

and the tendency awards
tempting
investors to sell longer
'

saying

French

old

given

only

attention

i,ap!;i

There' is

tn
to

here and abroad. A resurgence of
foreign desire to invest in our imFederal Funds does exist in Bos- of the total. Commercial bank in- proving business climate could
ton and and country banks in New vestment in seasoned projects of lcad to an inflow of gold which
England shou]d become famlUar ^
^ ^
^ could be help(ul.

reserves,

is seen

curve

purities
curities

funds,

bi-weekly schedule of settlements,
A good two way market in

0_sri|.

mark,
mark,

struggle with the rigid weekly or

bdl^rates^i^order

excess

Perhaps the country bank's posi-

portfolio

Mr/' Wilson
out, should know such balance of
manager,
mr. wHson po
Treasury hill rate* in order
payment detas as Canadian*id U. K. Treasury
of

By
ay

se-

nercent
percent

one
one

handlhag

laid down by Mr. Wilson for the edi-

Portfolio management lessons

os on,

Excess

Thursday, November 14, 1963

corporate tax
tax cut
cut in
corporate
in prospect.
prospect,

result

spare
time needed to effect efficient

„,f

ostnn,

result

snouia

one-half

Portfolio Management
T

should

Reserves being kept below the pledging eligible tax-exempt

position

•

-p>. •

spondent banks, bond dealers and
™''P°rf e customer^ By keeping

MaS^^e^tment^eSS
'

„

Gold

meet

Stocks"

abl ?o

avai

havrdecnned

these claims

to about $15.6 billion. The picture
looks

discouraging
eXDfer?encI
benefit when n is realized that the major
?• b nk■ ^»''p0rti0n of our Gold Stock is re_

and

dge

tb^ultimate

even

1710re

PurP°se was to "nudge"
lo"ger-tel™ rates downward so

The

the domestic business picture
would be benefitted by lowerfcorrowing costs'
,

During previous periods of busi-'

rate, as well as economical hand- °V;
r
quired to back Federal Reserve ness recession; abundant excess
ling of accounts through automa- Restructuring, of. the Investment notes and Federal Reserve de- reserves and very low interest
tion, may result in substantial
Reserve '
'
•
posits of member banks.
rates were counted upon to stimu_

Chans.ng
A little

time

deposits

total

banks.

commercial

deposits

20%

but

were

Today they represent twice

that

percentage and if we project

the

recent

rate

growth

the next decades, we

into

will be

become the principal

of commercial bank

Since

source

deposits.

time

mid-1951,

rapidly

would

demand deposits.

that

seem

the

wi?n

ih™
mese

oeiween

Treasury-

tt^cpntral'8
me

central

JYPes
°i
the re-estab-

nanK

mechanism

price

1™,

»
two

By aiding

the
ine

restorea

well

can

cm-

able commercial banks to develop,
a

reliable

for

source

conversion

order

time deposits which
smaller

reserve

tion,; the
demand

sole arbiter of

require much

backing.

deposits is

not

reduced

likely to
liquidity

and

'34%

recent

vears

there

total

this

ratio

ton

ten

holding tj

mniniv

the

year

i0or

of total assets.

Other

c;tntp

nm^nted

two

Government obliga-

tions eaual to 9%

Holdings

least

banks

and

among

were

Securities

iq.2

ratid

had

caused by Foreign Aid and Milltary Assistance payments to foreigners. In recent years our annual balance of payments deficits
have exceeded $3 biHion per year.
In the secon^ quarter of 1963 our
Payments position reached crisis
Pr°P°rtions when the deficit was

Mnnirinal' running at

and

about

Our exports have not provided late the business recovery and relarge enough trade surplus to duce- the
high unemployment
overcome
the
annual
deficits ratio.; The large outflow of gold
.

rm/<arnrr>pnf

,
Th

In addi-

lower level

present

nnt

wa<5

deriiried to less than 20<7

the

certainly

....

liquidity requirements become.

profitable

reappraisal of asset allocation

techniques

1in

nnrf-

materials

raw

into

loans and investments.
A

dppnHp

^decade ago -twsnrtm

savings>

Certificates of Deposit,

further

posits.

personal

smaller in view of the increase in

deposits

have grown more than three tirfies
as

institutional time deposits

sur-

prised to learn that time deposits
may

mix

proper

decade ago,

A V

benefit to alert institutions,

M.x

than

total

this

increased

for all member banks

and

annual rate of $5.1

billion.
Temporary

measures

have

in the Fall of 1960 had focused
attention on the rapidly deteriorating balance of payments situation and it was hoped that shorttei"m rates could be kept high
enough to discourage investment
in foreign money markets. At the
same time it was hoped that intermediate and longer-term purchases by the central bank would
"nudge" interest rates lower for

slowed down the Gold outflow but the benefit of domestic business,

these

are

time

palliatives and only buy

and

comprehensive

,priate
ciose

study

the

d?poait mjx and aPP"»asset allocation
may

substantial

profit

dis-

potential.

ma1or

01jrrpnt

rates

had

banks

heine

naid

Certificates of Deposit, the role

ot-

Munieinal

Bonds

J.tor

will

continue

tferest

correct

The

Federal

Reserve

System

imbalance, expanded credit from $25 billion
n!f s m thls arca can be proIlt_ than 25% of total assets invested Concerted action by fiscal and in 1958 to $34 billion in 1963.
ably re-examined. A; thorough jn tax-exempt securities. With monetary authorities has kept in- Open market- operations have
least

rate

the

differentials

between

reduced,

holdings

within

one

U. S. and Foreign short-term in- maturing
vestments

at ' the

minimum

Securities

year

about $3 billion while increasing

' order to discourage an outflow of holdings in the 1-5 year area by
the forces of Supply and Demand.
The
in emDbasjs from s0_ gold.
In the area of international $9 billion and in the 5-1 year
The rise in interest rates in the
Money Position Refinements
called
«riskiess» u
s
Treasury finance,
currency swaps aggre- category by $2 billion. The presyears following, did
not go unin recent years
an
increasing securities to tax-exempt obliga^^gating
about $1.8 billion ohave ent yield curve is tending toward
noticed by a new generation of number
of
banks
have
placed tions of state and municipal gov- been arranged with foreign cen- a flat 4% line and as the demand
corporate
treasury
men.
They supervision of the Money Position
emments, was accelerated in re- tral banks.
for credit increases due to imquickly mastered the techniques under the investment officer. The
cent year's by the ever-increasing
The increase in the discount proving business conditions, more
of improving cash flow, trimming
high rate of return available in expense
ratios
of
commercial rate hi July was principally to investors may wish to sell longer
bank balances and developing in- recent
from
short-term banks, as well as by profitable op- assist with balance of payments term
years
securities to the central
vesthient
income
as
another
money
market instruments,
reportunities to acquire time de- problems. The Interest Equaliza- bank.
^"rce
ofreturn
corporate
revenues, quires close coordination between posits and invest in Municipals, tion Tax now pending before
This situation is reminiscent of
While
a
of
td be

one

3/2%

compared
can

with

the

usually be earned

improvemen s,
signmcant
isca

minds

1961,

the

Federal

serve

authorities

Q, thus permitting
banks
on

time

amended

pay

Regu-

competitive

deposits.

The

was

time

deposits, particularly in

gotiable
in

vigorous

Certificates

July

growth
of

this

Re-

commer-

suit

Again

some

re-

in
ne-

Deposit,
year,

the

areas

Qne

bank

better

might

jXs

its

cdy

the

Money Posi-

COusin

with

Apparently this is

the Federal
chart

Reserve

indicate

which

they

Bank

prepared

reserves

and 19%

ranged between 3%

of Required Reserves.

An efficiently managed Reserve

the

somewhat

artificial

municipal prices resulting

from commercial bank buying, the

net

after-tax

spread

Government

between

bond

and

"AAA" municipal bond having
15

year

maturity,

three-quarters of
Whether

otherwise.

showed that in smaller banks, excess

Despite
level of

because statistics published

Minneapolis
A

can

bank would have

branch system.

not

that

assume

control

xban

which

important function.

smaller country

XXon

lation
cial

all

-affect this

capital

leers.

Dec.

rates

which

continues to

the

low

15%

is
one

better

a
a

than

percent.

bank is selling a 4%

Treasury

bond

into, tax-exempts,

switch

paying

for time deposits to invest in taxexempts, the after tax
three-quarters
is

most

attractive

one

spread

percent

with

even

is another attempt to
slow down the rate of attrition,
In the final analysis we must reappraise our foreign
spending
programs with a view to obtaining a permanent solution.
It is hoped the proposed income
tax reduction for 1964 may stimulate consumer spending as well as
corporate
investment
in
new
plant and equipment.
If profit
margins can be improved, then
perhaps
corporate
treasurers
would become more interested in
Congress

earning

15%

return on capital

late 1950 and early

the

"Accord,"

transferred
bonds

folio

and

their

the

1951

when

2V2%

central

then

Treasury

bank

port-

reinvested

higher earning assets.
.interesting

prior to

institutions

see

how

It will be
long

the

central bank will keep bidding for

longer-term
months

securities

ahead.

and

when

the

discontinues operations Nudge and
Twist, interest rates may move

sharply
breadth,

higher
depth

because

and

]

resiliency

the

in
today's Government Bond Market

classroom.

the

yield

which

The Commercial and Financial Chronicle

which

and

ance

companies

loan

associations

By Dr. Ira U. Cobleigh, Economist

new

Op¬

Twist

eration

market

controlled

resulted

with

arti¬

has

that makes de¬

ficial yield curve

salute to the

largest

huge

bargains is to

yield

two

prepare

charts; one for 1-10 year maturi¬
ties

and

market,

each

then
the

from

out

Citizens

and

it will
neglect

This

helpful

fices

created

tion.

California

artificial market.

the

portfolio
istration.
mix

managers

flexible

The

and

third

America.

has

from

ceived

and

vehicles

call

The
of

investment

and

investment

today,

utilize

challenge

profit

potential of change, for the bene¬
fit

his

*An

■

institution.

address

Maine

Bankers

Mr.

Wilson

the

Port¬

Meeting,

1963.

Anglo

if. IBA

and

Traditionally
National

corporation

Calif .-r-At the

annu.al meeting of the California

Group, Investment Bankers Asso¬
ciation

America, held

San

Northern

Central

and

institution

resulting

ating income

59%.

completed,

would

Francis

McComb

Schwabacher, Jr.

the

serve

1890

Francisco,

Francis

Executive
seller

McComb,

Vice-President, Wagen-

Durst, Los Angeles,

elected

Chairman.

was

Albert

Schwabacher, Jr., partner, Schwa¬
bacher &
elected
ald

Co.,

Co., San Francisco,

Vice-Chairman

Brush,

Inc.,

was

Ger¬

and

Brush, Slocumb
elected

was

Secretary-

Los

and

had

rounded
downtown

greater

serving

geles,
and

and

share,

individual,

network

banks.

At the

izens

National;

over

the

branches and over

Named

serve

tive''Committee

the

Execu¬

Gerald

were:

Davis,

Skaggs & Co., San Fran¬
cisco;, Edmund M. Adams, Crow-

ell, Weedon
and

Donald

Webber,

Co., Los Angeles,

Wright,

Jackson

Paine,

Curtis,

Los

Angeles.

merging

GOLDEN, Colo.—Robert
has

become

Securities

associated

tion

Golden,

Jackson St. He

was

Paul

First

Inc.,

1800

formerly with

Peters, Writer & Christensen, Inc.

uniquely
branch

that

state, and

about

Pay son

Maine—Willard

Co., 93 Exchange St.
Vv

UL ;

Southern

quite

panded

.'i
;/

•

tract

industrial,
stature
and

of
the

area

state

The

among

broad
and

indivi¬
and
size

the

bank

will

increase

the

idence

Boston Branch
investment

members of

St.

and

size

re¬

market

yield,

Co.

was

Louis

1900.

offices

New

are

Hartford,

Water-

Bridgeport.
is

fice

bankers

York

The
45

firm's main

Wall

Street,

of¬

New

City.

and

other leading

ex-

Ilioway Joins
NY Hanseatic
Lawrence Ilioway has become as¬
sociated with New York Hanseatic

Corporation, 60 Broad Street, New
York

City,

Manager of the Cor¬

porate Bond Department. Mr. Ilio¬
way was

formerly in charge of the

Corporate

Department

Bond

Penington, Colket & Co. in Phila¬
delphia.

David

McKnight Gordon E. Cadwgan

changes
a

announce

Hayden, Stone Co.

the opening of

Boston office, Dec. 2, at 10 Post

Office

will

The

Square.

David W.

office

new

direction

the

under

McKnight,

Appoints Mgrs.

Director

Research

their

York

been

the

Research

and

has

Partner

New

joining
was

office.

Walker

(N.

Y.),

New

York

Stock

appointed John
Parker, Sales Manager.. Albert

Exchange,

have

-named

1946

Prior

Operations Manager of the 80 Pine

Co.,

since

partner of Argus

Corporation

of the

members

McKnight

Research

and

earlier

has

Eisenberg

been

Street sales office, and Jack

Manager

the

1350

Harris,

Broadway

sales office.

increases

and

years

Ironing out peaks and valleys

price/earn-

ALL business must expect

of 24 to one.~

merger

beneficiary

40%

the

believed

was

these

holdings

has

business we've learned

If you

have thought thai machine tools

(which

was a

months

years,

entitled

have

are

postwar

profit

every year except

strike. And in the

past 10 years

share of the machine tool market

Warner & Swasey has increased its

by 100%.

limited to

dispose of substantially all of its

31, 1966.
Conclusions
Because California ranks among

in the growth rate of

population and per capita income;

and

state

automobile

has

climate

investors

In
'

the

adopt numerical control.

the

attractive
in

growth

financial
'

Automatic

Chucker makes it easy for shops

YOU

CAN

MACHINE

equities.

Swasey convertible

tape system on

spending

registration,

presented

for

Warner &

income, residen¬

tial construction, defense

field

California banks,

insur¬

PRODUCE

TOOLS,

1921

recession) and 1949, when the plant was closed for six

interests in the new bank by Dec.

and leads in farm

every

cyclical, consider this—except for the

Warner & Swasey has shown

and Transamerica must agree

the top states

profit in

the Board of the con¬

solidated bank, shall be
one;

our

ruled that Transamer¬

although

directors

month of the year.

transfer
merg¬

sudden slack changes, but in

perhaps, than most. In the poorest year we have had in a

decade, sales dropped, yet by rolling with the punch we made a

depression

the Cur¬

take it better,

Citizens

the

the Comptroller

ica,

indirectly, around

National. With respect to
of

is Transamerica Cor¬

which

the New York Stock

Exchange, and

(Citizens National

important

at¬

correspondent

banks; and the larger capital
will

The

benefit

Walker

ex¬

commercial

accounts/
of

the

offers

before merging.) Present

bank

American

Controls, Inc., and Vir¬

com¬

Northern

accounts

spreading of risks

dual,

The

parts

service

network
resources

important.

diversification

sources

both

serve

the second

total

advantages

are

banking

serve

re¬

institu¬

billion.

and

Larrabee is with H. M. Payson &

$3.2

two

organizations,

equipped

largest

agricultural

With H. M.
PORTLAND,

banking

all of California, with

able

with

these

just described, creates

petitive

With First Sees.

Director

bury, Pawtucket, Springfield, and

paid continuous dividends for

rency

The

nowned

six

stock.

new

er,

Brush, Brush, Slocumb & Co., Inc.,
San Francisco; Richard M. Davis,

also

England besides Boston and Prov¬

National

dividend

hold directly or

Crocker-Citizens National Bank

Hospital,

dividend, of 2.6%. The

past

poration

$800 million in

Treasurer.

ginia Dare Corp.

Walker to Open

higher dividends, over time, on

this

•

Memorial

reasonable to look forward

1962 year-end, Cit¬

resources.

counter

Inc.,

Director

Companies,

Principal

XX how

ex¬

had

providing

54,

ings ratio

correspondent

Bank

the

main¬

trading in

now

quotations indicates

An¬

Also

namely

Crocker-Citizens

69 years

small

large corporations and

tensive

would

stock is

Tube and

General Partner.

assumed

$1.40

new

Bank.

man¬

Island,

and

Trustee of Citizens Savings

founded

firm's

National Bank,

per

Rhode

County

Lowe's

bright fu¬

Managing Hayden, Stone & Co.
Incorporated,,
share for Partner, and Gordon E. Cadwgan,
25 Broad Street, New York City,

er-Anglo

had

well

Los

par¬

well

Kent
and

ture.

previous dividend rate of Crock¬

the

facilities

power

impressive past and

Mr.

developed

banking

and

banking institution with

the

substantial

area

banking,

Service

Vice-President

predecessor banks had records of

National

Angeles

been

cents

been

the present

125

started

earning

that

has

over

National

share.

per

have

and

seems

Citizens

aged

per

around

banking offices.
Citizens

branch

ticipation in the expanding trend

$2;26

the

with

and

new

forma basis, earnings for

pro

tained.

Crocker-

resources

$21.03

University, President and

2,807,725

Crocker

was

Bank

oper¬

institution

billion

Anglo brought to the merger just
$2.4

share,

its de¬

posits by 55%, and its net

California, the benefits of sophis¬
ticated

the

become

29.85%

the first quarter of 1963.

six

the

forma book value of the

1962

Crocker-Anglo National Bank, the
following years, increased

growth

70.15%

Na¬

the

6,599,395

1963,

California,

1956,

shareholders

stock

Combined

Crocker-

Citizens

a.large well managed foreign de¬

representation

excellent

tional Bank. As of March 31,
pro

exten¬

majored in retail banking and had
partment.*

offers

National is

owners

stock

new

branches

network

; stock

bank. Putting this to¬

become

the

tional

activities.

department

member

and

Committee

one

trustee

Executive

Director of Children's Friend and

Crocker Citizens

BOSTON, Mass.—G. H. Walker &

1-9/10

the

com¬

quality,

bank;' and

shareholders

owners

big

Anglo California had developed
sizable

"FRANCISCO,

and

receive

graduate,

He is

pared with bank equities of

share '' of

each

long-time associate and

general partner since 1957.
a

from

office, has

Brown

shares; while former Citizens Na¬

the

stressing

accounts

trust

Crocker

was

bank

new

Anglo

Na¬

area

facil¬

comes

Providence

com¬

capital

consolidated

gether,

banking

began

Francisco

San

the

entitled

distinguished in¬

which

stitutions

sive

terms,

mer¬

California

consisting

each share of Citizens

in the

earlier

Anglo

"wholesale"

Elects Officers

duplicated

outstanding

merger

of the Crocker First National

1870's.

Cadwgan, who

firm's

been

planned

combination

capitalization

9,407,120

Crocker-Citizens National Bank

the

for

shares of $10 par value. Under the

Bank

National

represents, itself,

Bank

and

Mr.

the>

ex¬

Crocker-Citizens National Bank

ger

handling

Crocker-Anglo becomes

Crocker

First

SAN

interest

manage¬

magnitude always introduces

has

Cali¬

soundly con¬

are

major

tional Bank, two

Regional

land, Maine, Oct. 23,

it,

tal¬

Selling at

and Finance fac¬

price level, when

Co.,

banking system that

and

Terms of Merger

The

state.

statewide

business,

im¬

The joining

for

newly

ulty of New York University.

the shop¬

the

the Banking

ex¬

ities.

over

fre¬

for

the

both

com¬

with

stronger

elimination

over

which,

opportunities for cost savings and

investors.

techniques.

man's

this

ad¬

similar

use

reasonable

capital

operating

operated

expansion; and

size

banks

assets

populous

and

fornia branch

quent re-examination of liquidity
needs

most

results

added to

investors,

parable
also

competences

team

isting

burgeoning' financial needs of

merger,

corpo¬

kind

banks

creates

ment

number

billion, and capital funds of

deposit

importance

ents

this

systems

can

executive

popula¬

twelfth

and

of¬

institution

commercial

among

portfolio admin¬
changing

shifting

investment

become

The

computer

commu¬

state's

combined

branches

our

These "new dimensions" require

substantial

vantages.

containing

counties,

The

ranks

200 banking

the

brings

Bank,

$200 million with which to serve

have created

Consolidation

Crocker-Anglo

National

118

big

Operating Advantages

Crocker-

Bank,

over

American

official

may

and

been

constituted shares of Crocker-Cit¬

bank,

borrowers.

proved efficiency.

90%

rate

loans

business with

about

average.

permissible

new

prior to Treasury refundings when

buying

oldest; national

bined,

the

popularity.

tutional

nation's twelfth

Los Angeles. The new bank began

plot

particularly

the

California's

Bank, of San Francisco,

note issues that are

market

method

and

California

the

—

merger

National

1963,
the

National

nities

either from

line,

scene,

the

study these deviations

be possible to

entered

segment

can

deviations
we

ma¬

year

By finding the daily av¬

for

erage

10-35

for

one

turities.

bank

impressive

institution

financial

of ferreting out

Nov.

and

what hazardous.
means

institution which ranks

new

commercial

Friday,

Citizens

Another

has been

izens National Bank.
On

pendence upon this method some¬
:

savings

have

ping list for individual and insti¬
A

is¬

between

relationships

and

ceedingly popular. Now something

are

with similar maturities.

sues

(1897)

Crocker-Citizens Nat'l Bank

over-valued; and to study historic

spread

determine

curve

cheap

are

issues

outstanding

yields

plot

traditional

been

has

read

something

generally

about in the
It

Number 6316

198

Volume

BETTER, FASTER, FOR LESS WITH V/ARNER & SWASEY

TEXTILE

MACHINERY,

CONSTRUCTION

EQUIPMENT

The Commercial

;(1898)

Metropolitan

Tax-Exempt Bond Market

off

confused

has been

market

obviously

state

ramifications, it seems ,fair to generalize
that a 30-day agreement should
ject

bond

municipal

the

during

its

and

manifold

routine enough develop-

become standard regardless of
sales. This circumstance would
result in more realistic pricing
and
effective
distribution
no
matter what the current level of

ment and

appeared to be sloughed

the market,

past week than has been the case
since the July

shakeout, Although

the increase in

50%

seemed

off

such

margin rate, from

70%

weeks

two

ago,

stock market,

by the

Dealers

The

municipal bond market more by
association

come

Dollar

Affected

Bonds

the

last

has

Inventory

term

broader

much

couple of

years

corn-

issues

extent

bond

Commercial

the

that

Chronicle's

Financial

yield Index

3.574.%

of the past week.
an

actively

the

Course

This represents

loss of close to three-

average

quarters

and

revenue

increased from

3.600%

quoted

directly

were

point-for

the

specific

The

be.

can

Blue

This has been about normal over
the past few months.
Business

Prospect

The

current

issue
G. O.s Off Moderately

State and municipal bonds gen-

calendar

offerings

has

new

averaged

the $500,000,000

area

several, weeks.

This

for the past
level

same

have

during

this

fared

not

period,

...

badly

although

the

We wish to note again that this
Index

well

other

yield

Indexes, does not precisely
the market

ure

ward trend.

months,
blocks

tent

have

quently

for

much

bids

level' of average
j

•

business

least.

the

blocks

serial bonds has become

ephemeral

highly

Tol,

Road

bonds

wjl]

the

say

Road

continuum

expected

year.

the

and

roads

bonds

V '

...

total

throe

were

'•

backed
a

eral

past

weeks

commercial

down

that

level

Noy

■■'/ $70,000,000

County, Port Authority, Ohio is¬
sue

being readied by the Blyth

Co.

for

group
j

offering

attract

gen¬

fair start

Last

revenue

3,000,000

1968-1994

70,000,000

1969-2002

Center

East

Par.

La
Cons.

Bank

La.—

—

[Negotiated purchase to be underwritten
Co., Jchn Nuveen <& Co.; B. J. Van Ingen
Fcnner

Smith

Francis

Inc.;

Bank.

ings
Co.'.

St.

Etc., CSD No. 1, N. Y
Belleville

Clair Co.

tional

headed

First

and

National
the

mitted

Northern

Trust

City

District

2.962%

best

bid,

made by the

account

2.981%
from

cost,

the

net

third

interest

cost,

came

Chase Manhattan

the

syndicate.

Other

major

winning

group

■

members

include

the

Morgan

Guaranty Trust Co., Kuhn, Loeb
&

Co.,

First

Oregon,

National

White,

Bank

Weld

Ky.

Co.,

Flood

Co.

Monterey

Cons.

Water

Pressprich & Co., American

City

and

Co.

National

Co.,

Kansas

Trust

Bank

City

Co.,

Georgia,

and

Trust

Fidelity

2.95%

for

group

press

430,000.

Control

balance

time

was

Columbus,

C—

Co.,

the

$9,-

Mover

p.m.

1,060,000

1964-1983

8:30 p.m.

12,900,000

1966-2004

1:30 p.m.

2,000,000

1965-1984

8:00 p.m.

(Tuesday)

—

1,100,000

1965-198.9

3:00

p.m.

3,000,000

1966-1993

11:00

a.m.

1,000,000

1965-1988

11:00 a.m.

Modesto
New

City S. D., Calif

Hope, Minn.

1965-1976
•

Ky.—_

Rev.,

—

$9,-

(1964-1988)

bonds

managed

1,000,000
1,100,000

1965-1989

10:15 a.m.

1964-1982

7:30 p.m.

32.950,000

1964-2003

Noon

1,360,000

1964-1980

11:00 a.m.

Rochester Spec. S. D. No. 4. Minn.

1.200,000

1967-1980

7,700,000

1966-1993

Authority,

St.

Paul,

Minn.—

Santa Cruz,

Calif—

Weber

St. Coll.

1971-1989

7:30

1964-1977

6:30 p.m.

2,365,000

1964-2003

10:00 a.m.

Ogden City, Utah
20

Calif—

30,000,000

1964-1993

Dist., Conn—

5,800,000

1964-2003

King Co. RentonS. D. No. 403, Utah

2,560,000

1965-1983

11:00 a.m.

24,000,000

1964-1993

11:00 a.m.

62,765,000

1964-1965

Bay Municipal Dist.,

Hartford Co.

Los
New

Metro

Calif—

Angeles,

State

York

—

Revenues
&

Worcester, Mass

8,600,000

.____

Co.

1964-1983

5,000,000

1964-1983

3,500,000

Fla._

Cedar Rapids, Jowa

Coventry School, R. I

________

1,450,000

1964-1980

10:00

winning

quarters;

MARKET
,

off

Kansas

Turnpike

three-quarters;

3%s

Angeles

Los

the

Rate

California, State
_______

-New Jersey Hwy. Auth., Gtd._
New York, State

Maturity

net

compared

Rid

Asked

1982

3.30%

3.20%

3%%

1981-1982

3.25%

3.15%

and

Trust

National

This
very

members

account

Brothers, 4Phelps,
C. J.

and

Chi¬

-4 ;;4

major

successful

Co.

Bank

group.

Other

31/->%

Bank

First

cago

REPRESENTATIVE SERIAL ISSUES

♦Connecticut, State

bid

Holyoke,

New

11:00 a.m.

Devine &

Fenn

1964-1994

2:00 p.m.

Troy, N. Y.

1,300,000

1964-1977

2:00 p.m.

Watertown, N. Y—

1,449,000

1964-1988

2:00 p.m.

November 25

the

Lehman

are

;

1,000,000

Co.,

East

Brunswick

Co., Eastman Dil¬

1981-1982

3.15%

3.05%

lon, Union Securities & Co., R, W.

Bowling

1981-1982

3.05%

2.95%

Pressprich

Burbank,

3%%

1974-1975

3.00%

2.85%

Delaware, State
2.90%
New Housing Auth.
(N. Y., N. Y.) 3^>%
Los Angeles, California
3%%
♦Baltimore, Maryland
314%
♦Cincinnati, Ohio
314%
Philadelphia, Pennsylvania
31/->%
♦Chicago, llinois
314%

Trust

1981-1982

3.20%

3.10%

Dickson &

1981-1982

3.15%

3.05%

1981-1982

3.30%

3.20%

1981

3.25%

3.15%

3.20%

3.10%

______

____________

___^_.

______

„__

City______

1981

7
1980
fovember 13, 1963 Index — 3.114%

3.25%
O.oD

Of
.0

3,22%

3.16'

Corp.,

apparent/availability

;■

St.

Mercantile

Louis,

Co., First of Michigan

Hayden,

Hornblower

Stone

Weeks.

Co.;

Good body

Green,

Co..

issue

for

Hutton

yield
various

attracted

Co.

I
Scaled

Kean, Taylor &

big

from

School

State

coupons,

demand

(Tuesday)
10.000,000 /1965-2003

Refunding

Unif.

this
with

10:00 a.m.
7:00

1964-1983

1,600,000

1964-1934

11:00 a.m.

5,400,000

1966-1988

11:00

a.m.

53,400,000

1965-1982

10:00

a.m.

10,500,000

1964-1993

11:00 a.m.

3,000.000

1965-1984

9:00

a.m.

1,600,000

1964-1983

11:00

a.m.

11:00

a.m.

Md
D., Calif—

November 27

p.m.

(Wednesday)

Paterson, N. J
Pittsylvania Co. School, Va

a.m.

5,000,000

West Hartford, Conn—

8:00 p.m.
10:00

Loans

2.00%

November 26

Mecklenburg Co. Sch. Bldg., N. C.
Minnesota,

Pasadena

and

1964-1988

Fayetteville, N. C—

hall, Falicn
Co.

1964-1980

1,500,000

Montgomery Co.,

1,200,000

Calif—

& Co., W. H. Morton & Co., Bram-

3.35%/
*

Co.,

Co.

(Monday)

Dist., Calif—

Tp.,

Palo Alto Unif. Sch.

31/4%

York

a.m.

2:00 p.m.

1,000,000

_____

New

2:00 p.m.
11:00

Temple Ind. Sch. Dist., Texas

___—_____

Pennsylvania, State

Mass

Maysville, Ky—

tional

Without discoursing on the sub-

Co.

3.2461%.

a.m.

opinion, is long overdue. New

duration.

&
of

2:00 p.m.

1,000,000

1965-1985

cost

12:30 p.m.

1965-1986

3,430,000

Stuart

Noon

2,000,000

Penn Tp. Sch. Bldg. Corp., Ind.
e past week. The issues favorably with the second bid, a
issue syndicate agreements have
directly effected have been 3.2464% net interest cost; made Standley Lake Water & Sanitary
by the Continental Illinois Na¬
District, Colo._
as a general rule been of too
long Indiana Toll Road 3 V2s off threeour

development,

Halsey,
interest

Fenn

(Thursday)

City Imp., Va.___

Bloomington, Minn._.
Broward

p.m.

—

[Negotiated purchase to be underwritten by syndicate headed by: Phelps,
Co., Lehman Brothers, Smith, Barney & Co., and W. H. Morton & Co.]

1969-1980

the

particularly

2:00

-----

17,000,000

and

issues have been

under some pressure

10:00 a.m.

Housing Finance

York State Power Auth., N. Y.

loose

cut

p.m.

(Wednesday)

1964-1983

and

p.m.

1,175,000

November
East

1:00

10:00 a.m.

—6,635,000

Washington Co., S. D., Utah

1964-1998

issue

hew

p.m.

Raleigh Utility G. O..,- N. C—

1,570,000

state

1965-1976

1,500,000

2:00

2,234,000

— _

volume

municipal balances has been

—

«.

Pennsylvania State P. S. Building

Alexandria

(Hagers-

awarded

account

p.m.

8:00

Fayette Co., Ky.._—2,234,000

year.

public

8:00

1964-1990

Auth., Ga.

November 21

Maryland

1965-1982

1,125,000

November 19

2,05%

3s,

County

1,887,000

Miss

Fast

———

7:30 p.m.

Agency, Univ.. Const. & Expans.

yield from
all

1964-1983

North Brunswick Tp., N. J.

Union Trust Co., Newark,
Reoffered

10:00 a.m.

1966-2003

—

Dist., Calif—

Paine, Webber, Jackson & Curtis,
R. W.

1963-1988

1,068,000

—

Livingston Tp., N. J.__

Bank

11:00 a.m.

November 18 (Monday)

was

bid;

1964-1975

16,000,000

bid; Fayette Co. Sch. Bldg., Refunding

Halsey, Stuart & Co.

and

Wis

Cobb Co-Marietta Water

2.9094%

interest

net

No.

and

.net interest cost. The second

8:15 p.m.

11:00 a.m.

Grafton & Cedarburg Joint School

Clarksdale,

Bank1 sub¬

1965-1983

1964-1984

2,265,000

Na¬

Co.

2:00 p.m.

November 15 (Friday)/:

Trust

llinois

1964-1993

Calif.

Arapahoe County Sch. Dist., Colo.

(1964-1973)

1964-1977

1,800,000

1,860,000

_____

Court House Bldg.,

Refunding,

3,000,000

1,040,000

Y...__

County,

—

H. S.¬

Flatwoods,

The

Bank

Tp.

Mr. Coll. Dist. 201, 111.—7,300,000

Schenectady,

2:00 p.m.

by syndicate managed by Allf»n &
& Co., Inc.; Merrill Lynch, Pierce,
Co.; Equitable Securities Corp. and
-

Iowa State University.

$20,000,-

group

Oklahoma-—

No. 89,
Parma

duPont

District

offered

Continental

the

The Kentucky Company 1
Oklahoma Co. Ind. School

the docket, Cook

the

and

750,000 School

utility

2:00 p.m.

jointly by the First National Bank

Previously indicated the toll
and

1965-1984

Comm!

three

were

000 Expressway serial

bonds

gen¬

reoffering.

upon

Illinois

County,

town);

bridge

1,000,000

off only

are

Thursday there

"Tolling Downward'*

toll

8:00 p.m.

Unfor¬

has not been

most issues

Washington

road,

1964-1979 4

and

banks

interest.

demand

some-

time around the end of the

3,780,000

Par.

Yuba

investor

retail

$60,000,000

Lucas

Twp./N. J

Jefferson

Syracuse,

Trust

Hamilton

would

Chicago,

Toledo

8:00 p.m.
8:00 p.m.

prices to try to find

and $62

Fenn & Cg
A

1964-1978 *

tunately, to date this prospective
erated

in-

net

1964-1989

im¬

loans.

fractionally-

were

and

large

obligation

levels

than

lower

3.21%

1,375,000

Sewerage Dist.,

„■

■

included

and

portant general

dealers

(Thursday)

City, N. J

Jefferson

issue calendar for the

new

Bidding

bid,

2,150,000

Awards
J.1'"'- f

Bank

various

Playground Dist. No. 4,

completed

past week totaled $158,098,000 of
this

Breitung Tp. Sch. Dist., Mich.____

Chicago

: -

Recent

various

bid.

high

runner-up

Massachusetts

Boston,

November 14

part of

toll

•

The

the

submitted

Boston

Atlantic

First

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

;

Under

now

York

National

Corp.

The

Larger Issues Scheduled For Sale

the

and

salient

New

This

bonds

otfered by the pM

sizable

seria|

shortl

st£e

30-Days Long Enough
a

■

w
York eN
1
Housing
Finance

During the past week

term

o(£ered

the AUen & Co

than

-u

tuck

ex-

fre¬

transactions. Ap¬

secondary

the
are

lower

Turnpike Authority, Central Ken-

(town-

secondary

widened

actual

praising

During the past few

markets

that

„

level in

meas-

presently, "of.Chicago. Harris Trust and Sav¬

of offerings obtains
The calendar continues to inprice
trend, continues
to
be volve only moderately sized ofmoderately down. Margin con- ferings. Between now and the
siderations are usually not -a di- first of the year the largest schedrect factor, in this sphere but the
uled issue is $53,400,000 State Cf
municipal market's technical iae- Minnesota bonds up' for sale Nov.
tors have been negative enough 26.: Next in order of volume is
for the past many weeks to invite $32,950,000
Pennsylvania
State'
further ease under any associative School Building Authority bonds
influence such as the dollar bond f°r sale Nov. "19; $30,000,000 East
sell-off.
The
Chronicle's
high Bay Municipal Utility District,
grade 20-year bond yield Index California bonds selling Nov. 20
(general
obligations)
increased and
$24,000,000
Los
Angeles,
from
3.103%
to 3.114%
in the;'California DWAP bonds also on
course of last week. This quarter
Nov. 20.
point sell-off reflects the change
In
the
proposed
negotiated
in top grade offerings.
sphere, $70,000,000 Kentucky
erally

im-

Authority

Toll

sales of note

Index.

our

that's

and

List of
State
and
Municipal offerings
totals $519,781,000 as of Nov. 13.
onc

bends utilized

traded

loaded

sale

led

The

bends.

(1964-1983)

purpose

group

Kentucky Turnpike Auth., Ky.____

be¬
over

ac-

3.2017% net interest cost, and the

Virginia

York

Tollway

within

mercial banks have become a
dominating factor in the bond
depreciated by the margin change business and as dealers have to
as a large volume of these bonds ' a
degree become investors, ternare
regularly margined by large porarily
at least,
either contrading accounts. * This . circum- sciously or unwittingly. However,
stance has been reflected to the the
Street acts as though it's
dollar

the

Several

long-term

•

final

important linkage between

construction.
the

the

and

1963

Thursday, November 14,

portance involved $8,650,000 City

three-quarters

one.

Indiana

Illinois

closed.

marked

Thursday's

State

subject of Street inventory

controversy.

by direction.

off

The

continues to be a matter of mild

chain reaction than

of New

Port

the

West

3:us. off

between

Wearing Two Hats

triggered some trouble for the

quarters;

3.40s

York

Ohio Turnpike 31/4s off

Turnpike
and

New

sold

the bonds

count

Authority 430s off three-

Power

three

and

state

all

Authority

Maine Turnpike

one-half,

quarters:

The

Transit

Mackinac Bridge 4s

one:

cne-half;

off

D. MACKEY

DONALD

"53,4S off

and Financial Chronicle

7,183,000
;

3,250,000

1965-1989
1964-1983

Noon

-MWMIX+Ui*%xi\*U WW*

Volume 198

Number 6316

•i

■

...

The Commercial and
1

•

Financial Chronicle
"

»>

•

(1899)

•-*

■'
.

terest cost, was made by Salomon

Brothers

Hutzler

sociates.

eight

addition,

other

mitted

groups

interest

from

3.22%

cost

and

there

were

which

sub¬

bids

In summary
been

as¬

and

sold. The bonds
1,994

were

sold

ton

Bank

for

^this

First

Bos¬

Bank

Coi,

•

Interest

terested

any

dealers

while

observers,
pricing

new

issues

aca¬

demically.

y.--.A'

V'!

•

<i.

ft''*

" t

Exempt, in the opinion of counsel named below from
Federal Income'TaxeS under Existing

Statutes
ii.

Legal Investments, in

National

Estabrook

Company

lack

..ill

National

First

Memphis,

Trust

that the ! buyers, long conditioned to back-

appears

| ing away from current offerings,
broad, solid support. Institutional j remain for the most part as in-

-Shawmut

First

Dallas,

continues

major under¬

National

Boston,

Bankin

market

with The

are

1965

ranging

3.32%

Corp. group

writers

pre-sale.

popular issue.
Associated

due

Trust Funds in

opinion, for Savings Banks and

our

Pennsylvania and New York

Georgia

and the Wachovia Bank and Trust
=

Winston-Salem..

Co.,

Reoffered. to
to

3.50%

yield

for 3%

New Issuei

;

2.10% <

from

314%

and

initial demand

pons,

;

•*

cou¬

$31,800,000

modest,

was

with the present balance in group

$4,315,000.
Current
On

Week's

Friday,
of

sues

note

and

affair.

largest

were

Holiday,

Tuesday

loan

is¬

Monday, due to

the Veteran's Day
dull

City of Philadelphia,

Action

there

the

was a

Various

the

saw

week,

270,000 State of Maryland various

(1966-1978)

purpose

fered

for

public

Boston

Corp.

bidder

for

volved,

the

bid,

cost,

count

jointly

Harris

Trust

Co.,

only and exchangeable for fully

taw of the

managed

the

Savings

purposes,

in the opinion of counsel named below will, when executed and delivered, constitute

legally binding general obligations of the City of Philadelphia, and the City is obligated to levy ad valorem taxes upon the taxable
property therein, without limitation as to rate or amount, sufficient to pay the principal of said Bonds and the interest thereon. The authorizing
ordinances provide that the principal of and the interest on the Bonds will be payable without deduction for any tax or taxes
except gift, succession

The

net

inheritance taxes,

which the City of Philadelphia may be required to

Commonwealth of

pay

Pennsylvania, all of which taxes, except

thereon

retain therefrom under

pursuant to any present or future

above provided, the City of Philadelphia

and

assumes

agrees

to pay.

Bank

.illllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllilllllllllilllllllllllllllillllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllillllllllllllllllllllllllllllli..
of

The

group

are

members

Corp.

National

to principal

Philadelphia National Bank, Fiscal Agent for the City of Philadelphia.

Bonds, authorized for various municipal

in¬

America

and

ac¬

National

Mellon

2.888%.

valid

the

major

These

in¬

loans

Co.

Boston

Bank

-r;.-The

from

and

shown below. Coupon Bonds in denomination of $1,000, registrable

First

successful

2.923%

came

Drexcl

Other

January 1,

registered Bonds. Principal and interest (July 1, 1964 and semi-annually thereafter) payable at the office of

The

$32,270,000

cost

terest

First

the

Dated December 27, 1963. Due

of¬

The

totaling

runner-up

and

was

ten

interest

net

bonds,

bidding.

managed

group

Purpose Bonds

$38,-

Bank

and

Bank

AMOUNTS,

MATURITIES, COUPONS AND

YIELDS OR PRICE

A.,

$13,500,000 Issue Number I

Trust

$18,300,000 Issue Number 2

$540,000 due each January 1, 1965-89, inclusive

Detroit,

$610,000 due each January 1, 1965-94, inclusive

American Fletcher National Bank
Prices

and Trust Co. of

Union

First

the

National

Bank

Prices

Yield

Due

Coupon

1965

4 Vi %

2.10%

1966

4 Va

2.40

1967

4 Vi

2.60

Yields

Due

Coupon

1972

4%%

3.00%

Yield

Due

Coupon

for

yield

from
initial

3s,

all

2.25%

demand

Price

3V7&"3V4

1979-80

Carolina.

North

Pealed

3.00%,

Indianapolis and

3.25%

1973

4Va

3.05

1981-82

3.40 & 3.30

3.30

1974

4V2

3.10

1983

3.40 & 3.30

3.35

1968

4^2

2.70
1975
2.80

'3.15

1969

4V2 '

4Va

1984-86

3.40

100

present balance in group totaling

$18,825,000.

1970

4V2

2.90

1976

3 Va & 3.60

3.15

1987-88

3.40

3.45

1971

4V2

2.95

1977-78

3Va & 3.20

3.20

1989-93

3 Va

has

been

disappointing, with the

Missing the Boat

100

(Accrued interest to be added)

The
of

remaining $6,000,000

Maryland

tion

General

(1966-1978)

State
$540,000 1/10%

Construc¬

Bonds due January 1, 1989 and $610,000 1/10% Bonds due January 1, 1994
;

bonds

were

are

not

being reoffered.

Where the coupon and yield are identical, the price is par.

bought by the Pittsburgh National
Bank. bidding alone, at

27/«s.

reoffering

made.

was

Bank

did

not

too

just

bidder

second

have had

and
The above Bonds

from

needed

are

and received

might

they

the

back

3% coupon at

bonds

that

bad

sit

buy the bonds they
the

Miiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiriiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii*

100.03 for
the

offered, subject to prior sale before

and Messrs.

after

appearance

of this advertisement, for delivery when,

Dilworth, Paxson, Kalish, Kohn & Dilks, Philadelphia, Pennsylvania.

better

and if issued

and subject to the unqualified approving joint legal opinion of Messrs. Townsend, Elliott & Munson
i

yield.
Going

Philadelphia's

Wednesday's

only

Well

sale

im-

First National

involved

porta nee

Philadelphia,
limited

Pennsylvania

Tax

The

account

the

First:

(1965-1994)

jointly

Halsey, Stuart
delphia
with

the

Lehman
Co.
a

Brothers

the

submit

3.33%

3.38%

interest

Blair & Co.,

Savings Bank

Phelps, Fenn & Co.

and

3.41%

bid.

for

Stroud & Company

Oregon

.'.J''

and

Chase

Manhattan

Bank

Weeden & Co.
Incorporated

...

L. F. Rothschild & Co.

■

•

major

Trust
Fenn
-

and

Lazard

members

include

account

Co.,

Northern

Trust

the

and

as¬

this

Glore,

The
For-

8c Co.. Goldman, Sachs & Co.

and

Salomon, Brothers & Hutzler.
bonds

yield

from

3.50%

1993

were

2.40%
and

reoffered
in

'7,,

J. C. Bradford & Co.

Bache & Co.

"■

Industrial National Bank

National State Bank

of Rhode Island

Roosevelt & Cross

Newark

Bacon, Whipple & Co.

Butcher & Sherrerd

Incorporated

Schmidt, Roberts & Parke

Singer, Deane & Scribner
H

Adams, McEntee & Co., Inc.

Mercantile National Bank

Fahnestock & Co.

field, Richards & Co.

Gregory & Sons

J. R. Williston & Beane, Inc.

Braun, Bosworth & Co.

Dallas

The Firstof National Bank
Memphis

Mackey, Dunn & Co.

Co.,

gan

The

v"■

Estabrook & Co.

E. F. Hutton &

Incorporated

G. H. Walker & Co.

Republic National Bank

of Dallas

Lyons, Hannahs & Lee, Inc.

'v'Vl

Hattier & Sanford

Company Inc.

Moore, Leonard & Lynch

i-'

DfeHaven & Townsend, Crouter & Bodine

Harris-

Company,

Co..

Hornblower & Weeks

J. Devine &
&

Michigan Corporation

B. J. Van Ingen & Co. Inc.

• •

Fidelity-Philadelphia Trust Company

First of

•

New York Hanseatic Corporation

F. S. Smithers & Co.

interest

Savings Bank, Phelps,^

Freres

■: ;V" '7y

Incorporated

=55

Other

R. W. Pressprich & Co.

Dean Witter & Co.

Wood, Struthers & Co., Inc.

sociates.

merged

Goldman, Sachs & Co.

the

involved

submitted

was

VV'V"-'

> >

cost

Lazard Freres & Co.

Incorporated

.<■,.?

The First National Bank

and

cost

net

The Philadelphia National Bank
'

Stone & Webster Securities Corporation

Granbery, Marache

bid

runner-un

3.36%

Blyth & Co., Inc.

C. J. Devine & Co.

Solomon Brothers & Hutzler

Incorporated " "

short and long loans respectively.
The

Lehman Brothers
' 'V'-"

Phila¬

Blyth

cost

Halsey, Stuart & Co. Inc.

,•

Glore, Forgan & Co.

merged,,

winning

interest

net

managed
and

Bank.

and

Bank

syndicate

Harris Trust and

bonds.

City

Co.

.National

Un¬

managed

National

City Bank

New York

$31,800,000

1966

estimated

B
55=

Incorporated

Chapman, Howe & Co.

Stranahan, Harris & Company

C. C. Codings & Company

Pohl & Company, Inc.

Robinson & Co., Inc.

Dolphin & Bradbury

November 14, 1963

Ball, Burge & Kraus
■

;

Bioren & Co.

McKelvy & Company

C. S. McKee & Company
Incorporated

•

M. M. Freeman & Co., Inc.

Allan Blpir & Company

Incorporated

Glover & MacGregor, Inc.

Cunningham, Schmertz & Co., Inc.
'

The Commercial and Financial Chronicle
o

Also

Western Europe—Economic Study

DEALER-BROKER

comments

with

PARTIES

INTERESTED

SEND

Bro¬

briefly itemizing dividends,

—

industrials

205

ings

yielding 2%

utilities

grances

compared with Dow-Jones Indus¬

options

of call

1, Ont., Canada.

Provinces,

Canadian

and

Canada

Outstanding, March

Funded Debts

1963, with addenda to June 1963
booklet
Investment
Deal¬

Canada,

Association

ers''

Ont., Can.

Yonge Street, Toronto,

Common Stocks—Com¬

Canadian

parisons arranged by industries-

Limited,
60
Toronto 1, Ont.,

Brokers

Equitable

Street,

Yonge

Co., 206 F Colon-

Comments' on
industries — Harris,

Review

Industry

selected

—

New

Upham & Co., 120 Broadway,

stocks

available is

portfolio of

review

Stocks—An objec¬

Services,

Planning

Capital

—

Street,

Union

211

Inc.,

Nashville, Tenn. 37203.
Market

Revie

—

w—

149

Daiwa Securities Co. Limited,

Canada.

Economy

Canadian

Study

—

Broadway, New York, N. Y. 10006.
Also available are reviews of Koyo

current issue of "Investornews"—

—Francis I. duPont & Co., 1 Wall

10005.

York,

New

Street,

Mitsubishi Heavy

Oji Paper, Shin

Yawata

and

Industries

investors)

Also

Jackson

Seventh

Gray,

Street,

Inc.,

Angeles,

Los

Calif. 90017.

issue are

same

an¬

Iron

Also available is detailed report

Manufacturing

and

Leasing Corp.

cal

analysis

alyses of the Steel Industry, F. W.

Metals and

Woclworth, Reynolds
Burlington Industries.

Malaysia

Economic brochure-

—

City Bank, 55 Wall

First National

Products

Canadian

Stocks

land-Osier Securities

Limited,

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

Over-the-Counter Index

showing

tions to

1970

—

Analysis

—

Service

Company

P.O. Box

840, Denver, Colo. 80201.

Fundscope

Colorado,

Magazine on mutual

—

and

funds

investment

material—four

ence

market

and refer¬

months

trial

Bureau,

com¬

bining Mutual funds and life in¬
and

article

Load

financial

for

surance

Funds

securities;

entitled

"Are

Scope Magazine, Dept. CVC, 5455
Wilshire
Calif.
Fire
on

Boulevard, Los Angeles,

90036.

sell &

results—Laird,

Bis-

Meeds, 120 Broadway^ New

tions

articles

tries,

Scott

Index

Industries
on

and

of
—

Corpora¬
Index

corporations,
over

sub¬

200 financial

publications, 350 broker's reports,
and

speeches

societies —1962

over

Review

—

before

analysts

Annual

Cumula¬

Fruehauf

Rubber,

comments

are

International

Corp.,

Harvester Company, International

Telephone & Telegraph Corp. and
F. W. Woolworth Co.

Bathurst Power

Ltd.,

and

Paper

Street,

Bay

320

N. Y.

New York,

Selected

Stocks—Bulletin—Ralph

Samuel

New

Co.,

Broadway,

Com¬

Co.,

Toronto

pamphlet

Ont., Canada.
a

York, N. Y. 10004.

Company—Analysis—

Parrish

Co.,

Wall

York, N. Y. 10005.
available is

Federal

Mortgage

As¬

Report

—

Goodbody
New

10004.

available

Also

the

Bond

Co.,

Broadway,

York,
is

Market,

N.
a

2
Y.

report

and

Fahnestock
New

Graham &

1961-63

Courts
N.

W.,

highs
&

well
—

Co.,

Atlanta,

below

their

Tabulation

Marietta

Ga.

Supermarket

Chains

—Thomson &

McKinnon, 2 Broad¬

Comments

New York, N. Y. 10004.

Analysis—Purcell,

Co., 50 Broadway, New

available

Minneapolis

Perkin

tor,

analyses

are

Honeywell

Siegler

and

Com¬

Tractor

Also

Walston

Corp.—Analysis—

74 Wall St.,

Co., Inc.,

York, N. Y. 10005.
available

lected

securities.

FMC

Corporation

se¬

Louisville
•-!' .V,..

i-M

briefly itemizes the dividends, yields of 3% or better, and
earnings of 205; industrials and 47 utilities yielding 2% or
better which we trade over-the-counter.
It compares these, as
the

Dow-Jones Industrials which

yield of 3.18% and the Dow-Jones Utilities of 3.35%.

► of
the 205 197over-the-counter
industrials
considered,
yield better than
3.18%

► , of
thebetter
47 over-the-counter
utilities, 22
yield
than 3.35%.

Analysis—

York,

are

Dickinson &

Macy &

>7 ■

For

Hutton &

York,

Company,

Clark

Moore

Schley,

York,

available

1994,;

western

bonds,
for

setting

and

Mohawk Rubber Company—Anal¬

Los

reviews

Co.,

and

Request

CFC—Bache

York,

available

■

comments

are

Pneumatic

Tool

St.,

Teletype 212 571-1780; 1781; 1782

from

1/10%

3.45%

coupon

not

were

reof¬

/ ".

•.,,

Trust

this

..7.

offering

;^ "■

Savings

Bank;

Sachs & Co.; Glore, Forgan

Co.; Salomon Brothers & HutzStroud

Link

Inc.;

Co.,

Pressprich

J: Van In-

Co.; B.

geri & Co., Inc.; Blair & Co., Gran-

Plastics

Corp.

—

Analysis

S. Graham, Dept.

Reynolds

New

Co.,

York,

available

analysis

Virginia Pulp

Plough Inc.

Analysis

—

Simonson &

of West

* N.
an

Rico

ark;
&

Sugar—Com¬

New

Broadway,

York,

Sperry

;■'•

■

Rand

Broad

Street,

Corp.—Analysis—

York,

New

Indus¬

Inc.;

Co.,

Rhode

Bank

S. Smithers &

Hanseatic

Cross

erts

10004.,
-V

Co.;

Corp.;

Bacon,

Inc.;

Co.; New
Roosevelt

Whipple &

Co.; Butcher &~Sherrerd; Singer,
Deane & Scribner; Schmidt, Rob¬

ments—Winslow, Cohu & Stetson,
N. Y.

Bache

Co.;

National

York

Broadway, New York, N. Y. 10004.
Puerto

of Michigan /Corp.;

Island; National State Bank, New¬

Co.,

Oregon;

Co., Inc.; Dean Witter

Bradford

trial

Schweickart

Rothschild & Co.;

The

Weeks;

Bank

Woodv Struthers & Co., Inc.; J.

Also

analysis of Cluett,

Peabody & Co.

—

First

Co.;

Estabrook

Cohen,

10004.

National

Weeden

Paper.
—

Hornblower

First

Co., 25 Broad Street,

York,

available is

Corp.; Fidelity-Philadelphia Trust
Co.;

Also

10005.

Securities

Webster

Stone
*

Broadway,

120

CFC,

Mercantile Nation¬

& Parke;

Bank at Dallas;

Bosworth

Braun,
E.

N, Y.

10004.

Hutton

Co., Inc.;
Fahne¬

Co., Inc.;

First National

The

stock

Co.;

Bank

Memphis; Republic Na¬

Dallas;

Bank:

tional

Sunset

Walker

Coggeshall & Hicks, 50 Broadway,

—Kleiner, Bell & Co., 315 South

New York, N. Y.

Beverly
Drive,
Calif. '7:-v'-; 7;' :

Lynch; Field, Richards & Co.; J.
R. Williston & Beane, Inc.; Lyons,

10004.

Gimbel Brothers, Inc.—Analysis—

Petroleum

International

Beverly

Hills,

.%/;

Texas

Street, New York, N. Y. 10005.

Housing System Revenue: Bonds-

General

Analysis—Orvis

Corporation—

Brothers

Co.,

Street, New York, N. Y.
v

Also available

■

are

Coast

Line

Inc., Milam Building, San Antonio,
Texas 78205.

Seaboard

Air

Merger, and United Biscuit.

Inc.—Analysis

Salle

Street,

Union

Tank

Car

International Business Machines—

Analysis—Freehling

Review—Hirsch

South

Co., 25

Broad

Street, New York, N. Y. 10004.

111.

60603.

Salle

Chicago,
' ,

111.

Co.,

120

Blair

Ball,

Co.;

Chapman,-Howe

Co.; Pohl & Co., Inc.;
Co.,

Inc.;

•

Dolphin

Bradbury; Bioren & Co.;-C. S.

man

„

Crouter

& Kraus;

McKee

Company-^-

Street, Chicago,
f
V

-Robinson

Inc.;

Sanford; DeHaven &

Bodine;
Dunn &
Co., Inc.; C. C. Collings & Co.,

—Glore, Forgan & Co., 135 South
60603.

Gregory & Sons; Mackey,

Burge

& Lee,

Inc.Allan

Hannahs

Townsend,

Circular—Rauscher, Pierce & Co.,"

Thomas Industries,

comments

First Charter Financial Corp., At¬
lantic

Technological

Co.; Moore, Leonard &

Hattier

College

Shearson, Hammill & Co., 14 Wall

Line

Trinity Place, New York 6, N. Y.

reof¬

out

1989

was

yield

bery, Marache Inc.;

Pioneer

Co.; Lazard Freres & Co.; Gold¬

ler;

Chi¬

and

—Richard

1965

//,

man,

Fiber-

1/10%,

Phelps, Fenn & Co.;, C. J. Devine

Also

10005.

board; Minnesota & Ontario,

ysis

issue

scale

associated

Also
were:

Dept.

36 Wall

Co.,

3.60%,

and

fered.

Aviation—Bulle¬

Gellermann,

Henry

1989,

100.0008

Corporation—Analytical Brochure

10004.

Security Dealers Association

Angeles, Calif. 90014.

—

to.

bid

41A%,

This

Harris

tin

1965

Company—Analysis—

30 Broad

Troster, Singer & Co,

due

)

$13,500,000

3.30%

1988. Bonds with

Stocks.

1933.

due in

annual net interest cost

3.3296%.

2.10%

Bank

31/4%,

fered

in-

coupon,

group

coupons

Broadway,

Mid¬

Lsecurities

3.50%

due. Jan; 1,

120

annual net

these

inclusive, -the

Also

for

3.40%

3.3865%.

issue

3.20%,

Financial

3V2 %,

not reoffered.

Analysis—

out

were

For

•

Kimberly

analysis

$18,300,000

1965, through

41/2%,

Bonds with 1/10%

Also

10005.

Co.

priced to yield from ;2.10%

1965

—

reoffering,

were

;—

Corp., and Dravo Corp.

Ray McDermott

1/10%, setting

International

Fragrances,

issue

interest cost of

reviews of American

Seating

and

V'T'"'Vr.-:.v

10005.

Lehman

Stuart

1994, the group bid 100.015%

Co., 14 Wall St.,

are

York,

due Jan.

coupons

and

;

New

Halsey,

Bonds,

Review

joint¬

adelphia National Bank.

Railroad.

■

—

$31,800,000
group

Co.

Ford Motor

Indiana

'•

Casualty

totalling

Inc., Blyth & Co., Inc., and Phil¬

Brand, Grumet & S'eigel, Inc., 67

available

Also

New

■

HAnover 2-2400

Flavors

analyses

Nashville

•••■'

Brothers,

53201.

Company

available

Wis.

are

Johnson

Maryland

Inc.,
—

Loeb, Rhoades & Co., 42

Street,

Becton,

Bank

Co., 731 North Water

available

South

list

"Yield Over The Counter''

Members New York

Nov.

ly managed by First National City

Analysis—-

—

bonds

principal amount to

York,

New
y

Industries

City of Philadelphia

pose

St. Joseph Lead Company—Anal¬
Electrographic

Dept.

-V,

—

Supply.

10005.

Street,

Milwaukee,

Regula¬ -New

Norton

Elmer,

Lear

pany,

way,

—

analysis of

—

30301;
—:

Club

Also

St.,

Broadway,

York, N. Y. 10004.

Wall

Copy

Bell.

Corp.

Survey—

Pharmaceutical.

Lambert

Diners'

selling

Co., 65

available is

Also

Warner

System.
Stocks

—

York, N. Y. 10006.

analysis of the Monarch Marking

brochure:

1, 1963, with

Wall

Baird

Packard

Equipment

Street, Chicago, 111. 60603.

cago

Company

issue

Transcript,

13 sold two issues of various pur¬

Belt.
Borden

Carl

November

and

The

and

Tegtmeyer & Co., 39 So.

New

analysis of

National

Street,

sociation.

and the Economy—

Banks, Brokers, and Financial Institutions only

showed

Merchants

North American

Street, New York, N. Y. 10005.

reprinted and

Publicly Offered

re¬

porated, 621 South Spring Street,

Blaw Knox

Also

are

Wm. H.

sis—Gude, Winmill & Co., 1 Wall

New

Our latest

issues

same

ysis—Hill Richards & Co., Incor¬

F|oods Company—Analy¬

com¬

Philadelphia Bonds

and

Canadian Stocks.

reports

Street

Full

—

brokers:

Incorpo¬

•

Also available is

Also

issue

Hill, Thompson & Co.,

—

New

pany—Bulletin—Gairdner

New

tive Volume $30. Further informa¬

For

Tire

General

discus¬

—

Broadway,

United

Pool

New

report is

available

Also

10005.

N. Y.

indus¬

business

general

jects taken from

and
25-

particular reference to Ginn
Co.
L. F. Rothschild & Co.,

120

York, N. Y. 10005.
Funk

Bureau

Front * Street

Inc.,

Stock Market

Stocks—Bulletin

Casualty

midyear

Bargain?"—Fund-

the-

used

yield

Publishing Industry

Fund

article

over

Jones

Company,

same

Beatrice

with

National Quotation

—

New York 4,

subscription $5 (including Mutual

Guide);

stocks

performance

period

year

Dow

Quotation

both

Averages,

companies,

with performance data

the

and

National

the

industrial

counter

Public

used

stocks

Folder

—

up-to-date compari¬
the listed industrial

between

son

Averages
with projec¬

Colorado's Economy

sion

Comparative

—

data, arranged by industry—Mid¬

Street,

Report—Arthur

—

($2.50 per copy).
the

current

Co.,

the

Howard

Broadway, New York, N. Y. 10006
In

Street, New York, N. Y. 10015.

Tele¬

La Salle

McDonnell & Co.,

—

York, N. Y. 10005.
Avon

—Wall

Manpower,, Inc.—Analysis—Robt.

American Crystal Sugar—Techni¬

Wiesenberger

Steel.

Stone

Mandrel

Roadcraft

N. Y. 10005.

••

in the

Also

Telephone

Report

West

811

Inc.,

(for- Major

Rutner,

and

cross-indexed—Current

De¬

—

Transcript

texts

•

10005.

New

,—

brochure

—■

115

Inc.,

928, 54 Wall St., New York, N. Y.

views

Company

Analysis

Co.,

Hanly, 100 North Franklin Street,

Manufacturers

Culver

analytical

tailed

Street

ments

Fra¬

Chart

—

Rose

original

N. Y. 10004.

Oil, Incorporated, 120 Broadway, New

Nippon

Seika,

Meiji

Seiko,

Broadway,

Wall

Edwards

—

Steel

Broadway, New York, N. Y. 10006.

rated, 25 Broad Street, New York,

York, N. Y. 10004.

Japanese

Co.,

fus

Analysis

Hempstead, N. Y.

Hayden,

sjs

Reuben

of monthly "Investment Letter"—

Corp.—Analysis—Drey¬

Aeroquip

—

graph—Review

York, N. Y. 10006.

institutional

selling under 30.

Life Insurance

tive

New

Alberto

York, N. Y. 10005.
Also

yields—Tros¬

monthly ter, Singer & Co., 74 Trinity PL,

request—In¬

Delta

Electric

Flavors

International

Cleveland 6, Ohio.

lade Building,

Toron¬

Street West,

Adelaide

available

vestment Index

Ltd.,

& Company

Draper^ Dobie
25

investment—

as an

weekly

the

.ssues

Utilities

and

trials
tion

Options—Analysis of the use

Call

com¬

Co.,

Virginia

International

and 47
better—

Gas

Power, Building Industry.

yields of 3 % or better and earn¬

WILL BE PLEASED
THE FOLLOWING LITERATURE:

FIRMS MENTIONED

THE

THAT

UNDERSTOOD

Counter

the

Over

chure

Kansas

Motor

Ford

Lines,

Yield

reviews

are

Chemical,

ments
Air

10004.

RECOMMENDATIONS

AND
IS

Thursday, November 14, 1963

Electric, Western Union, and

Company,

and

available

Allied

com¬

Street, New York, N. Y.

60 Broad

INVESTMENT LITERATURE

eleven

panies—Burnham

c:oo)

Co., Inc.;

Gregor, / Inc.;

C u n n i ng.h a m,

Co.; Inc.; McKe'lvy &
■•-/ '
'

Schmertz &
Co.

M.-M. Free¬

Co., Inc.; Glover & Mac-

Volume

Number 6316

198

The Commercial and Financial Chronicle

the

While

Britain's Problem: Finding

tion

(1901)

limitation

Profit Control Formula

n/llirtinn

+Vin

the

only
of

rtnj

attempt to find a formula fixing profits to
to

Dr. Einzig
remindfully points out that profits are a residual and cannot be sub
Morejected to the same arguments levied against excessive wages
over, the economist ^notes' how; hopeless it has been to translate

the

cost

to
to

believed

satisfy

the

not

their

inflation,

have

profits

raised.

are

that

But

ing

LONDON,

National

The

—

faced by

Commission

Incomes
a

Eng.

problem for which there appears
no solution. It is
trying to

to be

since they share

plain,

benefits

derived

profits.

the

higher

from

far

additional

as;.

the

and

wide

any

was

their

the

progressive
also

for

•

formula

for

order

profits,

controlling

the

satisfy

Any

whieh

have

finding

certain

but

districts

in industrial

election year.

during

Absurdity
It

wages

could

profits

the

same

salaries

not

are

absurd

fixed

residual

items,
of

sales

im-

re-

There
of

can

profits,

that

but

amount

•

_1_

rCr\

x*rr>

IIP

the

for

much
wage

able to
it

arithmetic

profits

aware

controversy.

economics,

for its

even

trade unionist

that rising profits

rising Stock Echange prices,

which again stimulate capital ex-

penditure by industry, leading to
more

work

and

higher

modern

wages,

lower

were

5%, it

equipment,

must

direct

limitation

the

but
a

have to

and

cut

soon

fluctuate

know

what

frofrT'time

This

rising

are

ruption.
which

man

department

new

Club

and

Club of San

the

C. Wainwright &

Boston Stock Ex¬

now

Stevens,

formerly

immense

advantage

48th

St., New York City,

no circumstances to he construed as an
offer to sell or as a solicitation
of these securities. The offering is made only by the Prospectus.

November 14,1963

$80,962,000 6V2% Subordinated Income Debentures Due June 1, 1978
with Warrants

Purchase 2,185,974 Shares of Common Stock

being immune from wage cuts.
Trade unions also refuse to
mit

the

view

fect.

difference

♦Offered

ad¬

only in Units, each consisting of $1,000 principal amount of Debentures and Warrants
purchase 27 shares of Common Stock. Such securities may be transferred separately immedi¬
ately upon purchase. The Warrants entitle the holders thereof to purchase shares of Common
Stock to and including June 1, 1965 at $20
per share, and thereafter to and including December

between

and profits from the point

wages
of

basic

their

Profits

and

which,

when,

ditional

and

they

the

give

part of

profits is taken

ef¬

to
A

ad¬
very

in additional

taxation. Another substantial part
is saved. Of the
it is

cause

production

rise in the cost

the

cost

liv¬

the

additional

demand

affect the prices
enter

into

into the
It

lead

only

goods

the

cost

does

not

of anything that
cost

living

of production.

additional

services

Copies of the Prospectus may be obtained in any State in which this announcement is circulated from
only such of the undersigned or other dealers or brokers as may lawfully offer these securities in such State.

antique furniture,

$1,230 per Unit

that

way

ing. For instance if it is spent
objects of art

Price

remainder, much

spent in such

it does not

case subject to adjustment, payable in cash or by surrender
principal amount. The Warrants expire on December 1, 1973.

each

increase in

away

1, 1973 at $22 per share, in
of Debentures taken at their

extent

rise

payments.

wage

substantial

inflationary

only inflationary

are

Merrill

profits

spending

which

call

Lynch, Pierce, Fenner & Smith

Incorporated

:■/

for

Eastman

Blyth 8C Co., Inc.

Dillon, Union Securities & Co.

additional labor that they tend to
raise

the

the cost

cost

production

additional automobiles

additional

this
pay,

ditional
tuate

the

shortage

built,

overtime

may

ad¬

accen¬

labor

and

gives rise to additional wage de¬
mands.
To

sum

up,

far

latter

organized

have

Incorporated

labor.

ground

;

Salomon Brothers 8C Hutzler
S,'

■

_L-

■

Paine, Webber, Jackson 8C Curtis

•

Smith, Barney 8C Co.
Incorporated

White, Weld 3C Co.

■

•'

Stone 8C Webster Securities Corporation
_■

Dean Witter 8C Co.

; ;

■'

Paribas

Corporation

addi¬

tional
profits are inflationary,
they tend to increase also the in¬
comes

•!

Carl M. Loeb, Rhoades 8C Co.

Kidder, Peabody dC Co.

Glore, Forgan 8C Co.
Hornblower 8C Weeks

Ripley 8C Co.

Incorporated

Harriman

Goldman, Sachs 8C Co.

bought

are

employment

hands,

the

are

houses

necessitates
or

and

living. If, for instance,

Drexel 8C Co.

The
corn-

sole proprietor of the firm.

80,962 Units*

in Financial Designs Co.,

18 East
is

;

partner

NOT A NEW ISSUE

appre¬

Municipal

Now Proprietor

V
Frank

inter¬

manager

Francisco.

fall

overlooked

sales

member of the San Francisco

consideration

entirely

the

The
is

under
any

Co.

while wages

trade unions. They fail
ciate

and

wide

almost, without
is

and

changes.

offer to buy

Wainwright

is with H.

New York

syndication

municipal securities.;

the increase

Co., 60 State St., members of the

advertise

after

the

apt to

very

time,

This

in¬

industries

BOSTON, Mass.—Robert H. Cush-

increase.

announcement is

recently

duPont

their

are

likely

are

behind

wage

productivity.

With H. C.

profits

within

they

range,

Much of that time has been spent

Bond

it would be anything

helpful to

Arizona

years,

Francis

Bond

prices of its goods are widely

advertised,

and

simple reason
possibly

can

case,

expanding

remain

posi¬

force it to raise them again. Since

likely to be during the

any

of their

inflation,

wage

creases

5%. If

prices

find itself in

may

avoid

tion in which higher wages would

months.

firm

its

business

California

Oil

costs by

its

reduce

ment

for the past 12

William E. Gormley

with

invest¬

less pace with those

Gormley
been

the

are

produced.

approximately

even

Now,

Mr.
has

difference

goods

for the

nobody

Mills,

manager.

services, for instance-

more or

Jr., resident

Profits

could.

the

So
the

mean

between costs and the proceeds

the

Ignored

must be

way

advance

Economics of Profits Often

the most illiterate

...

Profits

Fixing

course

that

agine

strained

iri-

order to

its popularity

crease

of wage

degree

also in

Jt'

1 •'

induce them to

only in order to
restraint

not

unions,

trade

acceptable

Ogden

lus

flationary.

solution which would be

been

nounced by

in¬

sur

William

Gormley in

charge, it has

give away. Unless the wage de-

keep

cannot be applied against higher wage demands. Let us suppose
that, as a result of the installation
to profits,

taches considerable importance

bound to spread over

are

municipal

with

wage

bond department in its San Francisco office, 120 Montgomery St.,

granted in progressive in¬

transport

at-

government

The

restraining.

& Co. has established

payments, they are not in-

wage

;

SAN FRANCISCO, Calif.—Bache

firms

the

induce employers to agree to a conceded in progressive industries,
This being so, the reduction of prices unless they
manpower, in
essential but
trade unions that wages are not same argument which is applied can be sure that they will not be stagnant
or
declining industries
the only incomes which it aims at against excessive wage payments stabbed in the back by additional will soon
become inadequate. To
/-I
r»n/4n
T aI
find

With Bache & Co.

pro¬

mands jn such industries—such

difficult .to

Gormley Now

stagnant and declin¬

industries.

industries

unemployment.

case,

of
pay

dustries

world-

leading

recession

increase

profits do not lead to. additional

result

increases

creases

was

precisely what happened in 196162

They feel they have

increases in

means

wages

increase

Wm.

increases to the

wage

the

trade ductivity

could

restrain

themselves

done their duty to the community.
In reality, in order to avoid wage

by the

Commission

employers

extent

usually

are

with

productivity.

of lowering their prices
failing' to raise them when

productivity
pleased

very

restraining

consideration

Incomes

Whether,
induced

to be the same.

wages are

under

unions,

productivity gains into, lower, prices in: view of labor's success; in
obtaining higher wages.- Further he maintains that wages in expand¬
ing industries must be' kept behind productivity gains if overall

«.

their

output.

suggestion which is

National
Vr

satisfaction; they can get out they restrict

it,

Productivity

and

employees of
fjrms which succeed in increasing
°

nnUn

and spite

envy

and

Employers

Socialism, that is about the

the expansion of the

placate labor is said to offer a striking lesson in futility.

Wages

some

brought

religion of

that is

reduc-

give

satisfaction to, people
in

Britain's current, fruitless

and

profits;, may

Wertheim 8C Co.

The Commercial (iiTcl Financial Chronicle

(1902)

bleached

Short Term

Case for Long &

sulfate

pulps

lends credence to
The

projected

capacity

for the next year and a

Paper Stock Purchases
& Company,

By Frederic S. Coffman, Jr.,* Security Analyst, Laird
Corporation, New York City

It's been

institutional type commitments.

fertile field for new

; ;

long time since I dis¬

industry and its

cussed the paper

these

increases

they

The

impact

earnings

due, to

seen*

business.

However,

begin

•

re¬

word

order, about

capacity, projections, on

great

deal

the

which

per

less

than

China

consumed. M;

growth

the

nage.'

based

pointments, that it would be un-

wise

de¬

buy

stocks

paper

the

five or six
to review them and attempt to pends. The APPA does a superb theory that management has
years have been pretty bleak for
job of collecting and categoriz¬ learned its lesson regarding overthe paper analyst. The only at¬ put, them in perspective. The firm¬
ing the expansion plans of the in¬ capacity and that such a situation
ing
began
during
The
first
quarter
tractive investments have been on
past

The

equities.

they

and

fringes

industry's

the

required precise timing

have

been Tew

and

situation today is
showing distinct signs of change
the

for the better.
The

big

*■;:,■/

„

in the paper in¬

news

made

were

dustry.

However,

merely-

mirrors

producers—U. S. and
thinking
far between. Canadian, and Scandinavian—that

have

However,

announcements

when

by all major

sulfate prices would be

bleached

raised from $3 to $8 per ton or an

of
the

case

most

receftt' survey,

pricing

proving

operations
the

grades, and.
relatively small

many

prospect' of

During

half to two years.

week

last

the

Au¬

of
product, the board sector of the
gust, in producing 381,000 tons

operated

industry

rate

better

While this pe¬
influenced

least five years.

riod

was

achieved in

been

has

undoubtedly

anticipation

by advance buying in

which became
effective Sept. 1, backlogs in re¬
of

price increases

been, and> are

have

weeks

cent

and

levels,

on
a

will

During

which

produced,

were

measured

machine-time basis produced

Board

capacity

projections still
I do not

change.

ply,

that

however,

quired

for

subject
to im¬

lead

con¬

the end

will be 2.7% higher, with

However,

ity outlook is good for/ the next
months at least, and that sig-

the

prices set

new

stage for subsequent increases

the

finished products.

that

late

July, it

the

prices

tainers

shipping con¬
Rockies

the

east

announced

was

:*'} '•

■

companies,

Container

vehicle

available

for

itself

into

capacity

pricing

can

effective

com¬

well beyond

containers/

shipping

ponents

and

corrugating

medium,

raised $5 per ton or between

be made for

the

economy.

million

the U./S.

quarter

industry's basic production.

board

the

about

kraft

time',

same

prices were raised $10 per

paper

ton

and

paper

7%. This product area ac¬

paper

term

basis, although the latter is

lished

attraction

;

problematical.

at this date

building

stocks because I

dations

the

for

accounted

of; paper foreign

dominant

producer

Vene-

and

for

85%

profits

the

1962.

firm's

The

re¬

\yant to point out maining 15% came from behind

current recommen-

that while my

the

comanies. It is well estab-

could be zuela which together with Mexico

case

purchase

term

over-i

any

briefly on cartons in Colombia

I have touched very

few of the factors that
in

of shipping containers and folding

the tariff barriers of the Common

next Market. The fact that

the

only

cover

ultimate

the

months or so,

case

ing

I hasten

add that I

past

grown
per

than

rather

the

years

versus

National

Gross

has'

paper

4.4%

Product

rate

for

meas¬

dollars.

constant

profits. Dur¬

compound rate of 5%

year

ured

mediate

purposes/and

term;

well

them

longer.

During

to be

even

very

interesting plus in the Con-

Based
1964 of

earnings,

Opportunities
the

stocks

paper

multiple of the Dow-Jones Indus-

able to

above

container

1964

and

feel

probably

use

you are

the smaller shipping

companies such

In*

land Container and Hoerner Box,

type commitments.;
about

share, this stock

priced at fifteen times

After Container, unless

in most cases
average. They represent a
field for new institutional

trials and yields are

What

per

the most attractive of the paper
stocks at the present time-

are

currently selling at or below the

fertile

early estimate for

$2.15

is currently

Favorable Investment

Most

approached, provides

tainer picture,

you

hold

later

decide

may

long time

speaking in terms of physical

volume

words, buy them for inter-

other

The growth rate of
a

term.

longer

well

could

above that of the U. S.

well

one-

over¬

good

projecting above

industry has for

been

categories together total about
about

and
a

the coming 18 months

two years.

two

participation

seas

•• •/ /

growth for this industry

4% and 5% effective Oct. 1. These

tons

may

longer

the- eighteen

moment

problems,

average

two

•

have

used

■■

and

operations. Container of-

overseas

18 fers probably the greatest

12%,

The

the

for

were

•

basis

recovery

paper
an

well

long

attraction

if things potential of the facilities in-place
possibility that management may go well and managements use m West German, Dutch,' Italian
some
restraint, the
attraction anci Austrian operations has yet
again at some future date work
Ignoring

to be raised between 7% and

Sept.

,:k

month

selected

short,

have

stocks

re¬

saying that there is little risk

•ments.

I *am

time

capacity,

new

bad

•

Quite the

the

trary—due

are
mean

there

in the offing.

news

'O'

98% operating rate.

this year

-both

increases

pulp

tive. However,

were

be
the
Sept. 28, 379,000 tons

week ended

1965

the cajacity side of the equation
pulp capacity is cap-, before mid-1965 at the earliest.

most >Uv S.

high

fall.

this

achieved

with

varieties

these

fect

probable that

weeks

100%

mere

grades

line

sulfate and sulfite. The direct ef¬

liner

currently at or near all time

brought

bleached

the

semi-

unbleached

and

also

were

the

Several

quarter.

of earnings has. not been, large since

100%

reported..by the Na¬
tional
Paperboard" Association.
This is the first time a 100% or
capacity

third

beginning

the

with

tive

the bleached

during

expansion

capacity

next year and a

again.

occur

major

average of about 4%
at the be¬ the time was roughly the third nificantly higher earnings will aPPai'cnt early next wear,
ginning of the second quarter. The quarter of 1962. Since that period, result during this period from the > Domestic operations account for
impact of this increase was sub¬ prices have firmed modestly and. already announced and expected about 80% of Container's business/
price improve- with the remainder coming from
stantial since it brought to a halt most industry people are more op¬ further / product

its im¬
conditions. 'The
timistic
regarding
the
future/
strengthening has been brought a two year period of steady price
erosion. Bleached sulfite, dissolv¬ Since the lead time involved in
about by many factors, but un¬
ordering new capacity is in some
questionably the two major ones ing and soda pulps were raised
between $3 and $5 per ton effec¬ cases as short as 18 months, the
are the very high current level of

dustry today is,, of course,

not

;

given time;.in the

will

survey

collective because of the lead time involved,
industry's man¬ I do feel strongly that the capac-

the

agement at

their
the

distinct possibility.

Smce September first, price increases have been made in prodwhich account for about 70%
Container's domestic sales. The
bulk of ~ the .remaining Volume
consists of boxboard and fibre
cans which are closely related to
both the folding carton and shipP*n£ container fields and may rea*
sonably be expected to move up
in the not too far distant future,
Due to the contract nature of the
business, it takes time for the
higher quotations to become effective on all tonnage; however,
-be impact on profits will become
aPPar,cnt; on all tonnage; however,
the impact on profits will become

disap-

past

of increases

quarter

rep-

of ton-

think,

round

first

attractive

resents a fantastic amount

the

participating in this improvement,
1
• :
•
'*

100

level

for

The

about

our

adjusted

and

pounds

and

and,

Corporation appears to be the most

consumes
paper
year.

1963

factors, I expect that it

second

year

Bringing these rates

just halfway

the

argument

peison

strong

during

453 pounds, per person were

y.ear

Capacity Data

will,

Some

pounds in Japan/In the U. S. last

this

and early in 1964.1

currently
of

India'and

profit's

rapid-

potential

pounds

per

figure

con¬

benefit late

board

of
has

the

140

mains

seasonal

ex-

in the fact that West-

seen

Europe

only

have

tract nature of many segments

year

and I would like

and furious pace

successful.

should

have come at a fast

cent weeks

been

! the

;

announcements

Pricing

ern

generally

Thursday, November 14

foreign

the

measure

reasonably .be

than those in

steps in raising prices have been

yet

favorable outlook for the industry and for some of its stocks. He notes that most paper stocks are
currently selling at or below P/E of the DJ»A and holds they offer

figures

The first

and

can

pected to grow much

half to two

terms of future pricing.

facilities

overseas

markets

can

taken

experience are over and he projects

look good and bode well in

years

•./,

Improved prices and capacity operations have placed the paper in¬
dustry on the threshold of worthwhile investment performance. Mr.
Coffman believes that the days of past five and six years bleak

tion-of

certainly

these reports,

not suitable for most
institutional portfolios due to the

which are
earnings? My

the limited capitalizations, you must
turn to the big, broad line cornI
include Crown, IP, panies. In doing so you must acIn view of this con¬ category
During 1964 and 1965, according to have been announced reflecting for GNP.'
and
the most recent American Paper the kraft paper increase. Early in sistent
long
standing / past Mead, St. Regis, Union Bag, and cept, jn virtually all cases and
folding
carton
prices relationship, the risks
involved West Virginia, will show an aver- in varying degrees, direct par¬
and
Pulp
Association
survey, October
major gains to be recorded in

the

year.

capacity will be increased

board

in each year.

2.2%

additional

months

closing

The increases in each of

1964,

1963,

years,

the

below

well

and

5.8%

1965
per

are
year

of the last 30 years
and the 4.3% rate of the past five

Higher operating rates and
substantially improved pricing

years.

month

period

August,

the

and I expect that it will

least that

recognized

better

well, operating rates

present time,

term

end

continues the 3.3%/per

should improve

of capacity. Pro¬

growth rate of the past ;five

years,
at

operations

1962
end of 1965 total 4.9%.

from

paper

year

A very
was

8%, effective

pricing

materially. At the

however,
that

it should

substantially

appears

nearer

probability in board than in

white paper.

the

important price increase

over

papers

$10

Since

5%.

about

per

ton

per

13%,

has

taken

three
in

place

low end of the white paper

the

line-

namely in offset, mimeo and en¬

t i ng
the

and

new

result,

materially
been

These

papers

Sticking

closely

those who

know,

best difficult to keep track of list

prices and

next to

the

prices

impossible

which

to
the

product actually changes hands. I
have

seen

ments

report is
creases

good

products and

new

earnings

have

effort is

Research

certainly bricks and
it.

measure

mor¬

However, it

considerably

today

least

the many new research

facilities

expanded

three years.

Warren

gis,

is suggested at

which

have

been

built

last two

the

Scott, Mead, St. Re¬
and

Great

Northern

examples of companies which

have

substantially

cilities in

weeks

expanded

fa¬

the recent past.

manage¬
,

and

that the announced

sticking. The Sept. 11

announcement

the
in¬

the

second

very

round

important

Overseas markets

are

currently

getting increasing attention
many
way

S. producers.

U.
of

exports

ticipation

age

and

through

direct

the

from

Both

par¬

construc¬

and in this

line companies,

in newsprint,- lumber,
multiwall or grocery bags. For the

this in-

long pull, these grades are among

ticipation

year-to-year gain of approxi-

industry

The

20%.

mately

whole should about match

the least attractive in the indusrealized
try although pricing should not
substantial participation! in ship- be
particularly troublesome in
ping containers and their com- 1964.
•
/
larger gains to be
by those companies with

with

Smaller

and

liner

ponents,

gains, will

nine-point.

Of the broad line stocks* and I

shown by

think they all have above average

heavily weighted

those

in news-

attraction at current levels, Mead

print and sanitary grades.

industry

20%

The

predicated

increase

million

predicated
year

on a

industrial

gain

the

FRB

production.

reflects

only

index

The

price

ton

producer, and quite correctly so, since in terms of dollar
sales, white paper accounts for
slightly above 60% of sales. However, in terms of tonnage, board
products account for 59%, With
the recent folding carton price
announcements, virtually the
paper

profit

actions
this

ex-

tent I think the estimate is on

the

announced to date, and to

conservative side.

top choice. The company is

most often thought of as a white

127 or thereabouts

for the general economy

production year, which in turn is

this measured

Overseas Markets
recent

are

increase

many

has

past

function

are

the

emphasis is being placed

at least four years.

aided

that

early projections suggest that

broad

crease,

difficult if not impossible to meas¬

don't

industry,

years

which might have

lacking.

appears

this

five

prpcesses

tar

average

industry

price firming in white

Prices Are

above
paper

spent relatively little on research

actions represent the first sign of

grades.

for

More Research Minded

This

and

converting

the

say

ure

velope

rate

ton

November,

1961, this grade had been reduced
$25

e c

for

small.

seem

the

years,

has been 3.8% versus 2.9%

p r o

early September. It raised coated
magazine

past

paper

growth

posted by Kimberly-Clark in

capacity additions fpr the

through the

firming

averaged 93.9%

jected

immediately.

section of the indus¬

months of
this
year
operated at 91.7% of
capacity, one point higher than
in the year earlier period. During
the

steps. Within the past two weeks

for the first eight

try

probable, as a result.

structure are
The paper

10%

about

for

raised

were

the three

growth rate

counts

production/Increases in bag prices

/••

whole
'

board

sector

Mead's

business will benefit in 1964 from

higher prices. A substantial porits white paper segment
linerboard and
corrugating me- will aiso benefit from improved
dium
apoear
best positioned in prices. Of the broad line producers
terms
of
bricing /improvement. only Mead avoids all of the fields
The September first increase ap- of newsprint, lumber and bags,
pears
to have been successful.
The stock Ms priced/ at fifteen
Now, to specific

mentioned,

The

which

companies. As I

shipping

increase

despite
July

was

containers, rion

accomplished

inventory
decumulation
has been
going on since

of this

year.

If volume re-

times
per

$2.35 this year, Based
the current $1.70 dividend rate,

estimated
on

1964 estimate of $2.90

share—which is up from an

the stock

yields

Number 6316

198

Volume

There

The Commercial and Financial Chronicle

FROM WASHINGTON

Container

and

Ahead of the News

...

two,

which is

it,

see

later

long term basis.

prove

has
to

found

Board

Two

appears

ht hi

The

Jil

Advertisers

the

Club

(59th

floor of

the

Chase

Mr.

and

recognized

the

with

40 years,

over

ning in 1922

market,

stock

been

has

Loeb

His

the years

statistician, the

as a

the

interest:

primary

over

of securities

departments

been

have

completed,

appropriated

the

Adminis¬

and

have

have not

Appropriation

Com¬

mittee, who has been in Congress
still a -force 4n

would

then

have

This is

the second

ating

that

large

\/:]' A.

thority.

the

detect

you

pride

clares

;"We

his

voice

are

note

when

de¬

not planned

"A very

as an econ-

attractive feature."

that

the

government depart¬

Last

year

only

tion

bill—for

Post

Office

become

the
13

law

House

one

the

appropria¬ ments,: having to operate under
and the continuing resolution, cannot

Treasury

Departments—h

July

and

Senate

1. ' It

spend

took

priation for last

Oct.

until

any more

ations

to finish the others.

The

State,

Hutton

supervision

the

ones

that the

"Has

Appropri¬

requested this year would

Ralph De Paola
Joins Mabon Co.
Mabon

Cor,

115

Broadway,

Yorkk'City, members of the
Stock
that

Exchange, have
Ralph

partments this period of stop-gap

has

authority must be anything but

a s s o c

not

simple

the

firm

monthly rate of last year's appro¬

ager

matter

priation.
The

the

include

firm.

programs, for the

This announcement is neither

stages

distinction,

market

The

is<• author

book

on a

resolution

contains

"The

entitled,

first
in

bill had advanced when the

been in

continuing resolution passed

June.

example,

foreign

Funds

aid

appropriation bill has not passed
either branch because the

the

Aid

pend¬

In this situa¬

agencies

can

spend

only at the rate of last year's

propriation

If
but

appropriation item.
a

bill

has

not;, the

must be

ap¬

the budget estimate

whichever is lower in the
each

case
•

the

tel &

agency

guided by the House fig¬

in Wall Street with Mabon

Co. in

with

1941

them

and

for

associated

was

some

time

He is

graduate of New York

University
the

and

Finance

Chamber

member

Arthur

Levitt,

Jr.,

former

the

Commerce

the

United States.

offer to sell nor a solicitation of an offer to buy any of these Shares.
offer is made only by the Prospectus.

Vice-

President of Oppenheimer Indus¬

tries,

Inc.,/has

general

ment

been

New

& Weill,

York

the

invest¬

Carter,

firm

banking

Berlind

admitted

partner

Price $32V2 a Share

60 Broad Street,

City, members

the

New York Stock Exchange.
A

former

Inc.,

Mr.

charge of
business
chase

executive

Levitt

Time,

been

investment advisory

with the pur¬

concerned

and

has

financing

agricul¬

Copies of the Prospectus may be obtained in any State from only such of the
undersigned as may legally offer these Shares in compliance
with the securities laws of such State.
A
.

tural

enterprises

United

Williams

recently

was

the

Mr. Levitt, who is

States.

graduate

throughout

named

College,
special

consultant for education to Mavor

Robert F. Wagner.
of

the

Poly

He is

trustee

Country

Prep

Day

MORGAN STANLEY &

School in Brooklyn, and a trustee
of

the

BLYTH& CO., INC.
member

the

New

real estate field

been active in the

throughout

the

16 states covered

Oppenheimer

erations.
Atlas

op¬

director

the

Co.,

Business

Mayro

Properties

the

Industries'

Acceptance

Small

Motor

the

Investment

Hotels

HORNBLOWER &
-

■

(

WEEKS

GOLDMAN, SACHS & CO.

MERRILL LYNCH, PIERCE, FENNER & SMITH

•'

' '/

N-

Incorporated '

■

DEAN WITTER
&
CO.

V';.

Incorporated

BLUNT ELLIS & SIMMONS

Co.,
November H, 1963.

•

"■*

SMITH, BARNEY & CO.

PAINE, WEBBER, JACKSON & CURTIS

Atlas

Associates and
Development

Corporation, Ltd.

THE FIRST BOSTON CORPORATION

York

Real Estate Board,, Mr. Levitt has

CO.

Albany College of Educa¬

tion.

Committee

Weyerhaeuser Company

Admits Levitt, Jr.

before

joining the Air Corps.

(par value $7.50 per share)

Carter, Berlind

Ban-

Co., although he started his

career

with

firm

Garvin,

passed the House,

Senate

the

Paola

foreign

aid authorization bill is still

tion

Ralph

has

charge

Federal

the

Mr. :

Paola

400,000 Shares

for

De¬

far

stock

Battle

the

ten years,

New Issue

Investment Survival."

man¬

For the last

alterna¬

the

tive yardsticks depending on how
a

ted

partment.

and

lecturer and writer

best-selling

A; A,

Funds

at dif¬

are

enactment

Not
Mr. Loeb,

■

Federal

remaining bills

ferent

Paola

become

with their

A continuing resolution is

can

continuing resolution.

announced

picnic.

the

doubt¬

must

fall

have to continue indefinitely

under

New York

those who

the

and

con¬

projects,
are

stumbling block

mar¬

advertising

Justice,

has

big

process

the

than their appro¬
year.

bills

new

ing in the Senate.

The money saving comes iri the

fact

Unless

New

For

p'my move but Mr. Cannon calls it

was

lower

be removed the Legislative branch

bookkeeping in the executive de¬

saving money."

The evidence indicates that the

sue-;;

part of

continuing resolution.

fact

delay

year

many

for: 40 years and is

before

days

resolution

But for

and

Cannon

ap¬

bill.

the

ful."

Clarence

from

come.

delayed

the

-A;■; A'

al¬

has

advisability of which

yet started in the

billion

tinuing

in confer¬

Senate

$4.7

House

Mr. Cannon argues

the

passed

the

not

House

tied

the

appropriation

still to

Welfare.

this

that category.

passed, with three

Labor,

still

cut

nine

covering

and

addition, his responsibili¬

ties Nat

ready

item

each

and

forecasting of the stock

ket.

will

figures

has continued to be the

appraisal

daily

only

by early Decembef

remaining

few

begin¬

title research analysts were given
then.

the

government has been left .to op;erate on stop-gap spending ; au-

Gerald M. Loeb

Hutton for

leaves

that

but

Chairman

agreed

bills have been

eight

are

House.

the

since

priation bills.
A

eminent

and,

choice between devoting;

cession

authority

break A will:

•

Manh at tan

stockbroker

the

Three

three

Congress to that issue or the ap-

Building).
An

20,

leaders

make

Wall.

the

Dec.

the

Nov. 21,

Street

ence. '

House

already,

to the Senate

Thursday

recently

for

may

days in December for Legislative .the House at the age of 84, does
action.
If Congress should man-; not see
any disadvantages in hav¬
age to get a civil rights bill over ing part of the government oper¬

York

noon,

while

quit for Christmas and New Years

F i nancia 1'

part

hand.

Dec.

leaders-have

meeting of the
e w

have

requested

only

months

President,

Education

with

July 1.

Defense

houses but

of the'

budget

great

Thanksgiving

until

run

lun che o n

1964

the

budget

address-; thek
o

cer¬

year's

whichever

Agriculture

depart¬

ones

establishment

legislative mill have passed both

meets next January it will

1963

the

that when Con¬

now

W. E. Hutton &

will

bills,

the

Health

only

remaining

Interior

having

gress

Exchange,

four

sent

hopeless tangle

appropriation

having

Stock

York

the

passed bills for only five agencies.

still

members

Company Inc.,
New

the

were

three other money

receive

the

ments

Prac¬

partrtients are operating on the
same
appropriations that were
granted last year. This is because

Chairman

Vice

This year the same two

un¬

way

money.

save

completed budget

Loeb,

Cannon

the

Commerce,

Congress

tically all Of the government de-

Address^:

Fin. Advertisers
M.

any

ure

propriation,

Congress
wittingly

the Senate is in

Gerald

with

say

Mr;

tration.

by Mr. Coffman at the
Fifth
Regional Conference of the New
York Society of Security Analysts, Oct. 7,
1963. '..• •' v-X,-:''. ■'
'A /N,; /i x "<■'
-V"" -xh

Loeb to

$5.4 billion less than the $98 bil¬

address

•*An

highest

Legislative

may

to be attractive

well

but

bills

lion

which

and

basis,

recovery

"can

one

the

peacetime history.

ular

CARLISLE

in an industry
currently attractive on a5

budget

estimated that when all of the reg¬

at current levels rank one-

Mead

tainty,

institu¬

for

however,

the

the Nation's

other companies with

are

tional^ purposes,

,(1903)

make

above average

3.8%.

attraction,

The Commercial and Financial Chronicle
12

capital productively.

unpredictability

Thursday, November 14, 1963

"National's" Annual Report Cited

market

the

represents its opportunity as well
as

Stock

its

challenge.

■■■

;

Savings Deposits

Larson, President of Independent Advisors to
Investment Council, New York City A.*-'

By Richard C.

But they

also remind clients that the

must

Unpredictableness Creates
f

(1904)

Investors, Inc.,

By Corporations

their techniques, may
predicting market or stock performance
is still an elusive will-of-the-wisp goal according to Mr. Larson. His
short but enlightening commentary should prove helpful in explaining
what investment advice can and cannot do-particularly since
predictability's poor performance creates investment opportunities
predictors, and the variety of

The number of
have grown

but success in

of science is the

goal

The. ultimate

well as risks.

The Board

f Directors of th„

Federal Deposit Insurance Coron¬
ration on Nov. 7 called for a study

;

AAA '^""ee Federal banking
7pre^nt r?..g, a~
1111 s on, the availabill.ts"'^scom"
™A,A A to different classes

investing public would tend to

predictability.
Predictability is discount (and invalidate thereby) t;nnc
the power to control. Science uses any
predictions derived from if.
f
knowledge to attain predictabil- them. ,- Secondly,
insiders have mptvii,i
special knowledge of a very 11m-

Magic

ity.

worse

accept the inevitaOle.
interesting theories and
techniques of market forecasting
analysts to

exists

course

popular

de¬

have been devised

tent instances.

ported by a

lot

public seeking
In¬

wonders.

Richard C. Larson

Dow theory, odd-

ternal

market

measurement,
other

and

analysis

in-

u
d

frequently dictates

petition

other¬

that commerciaI banks

permjtted

deposit
firms

ijshments,
from

an(j

savings

funds

and

corporate

from

estab-

business

other

municipalities,

from
other

profit

Henry J. Simonson, Jr. (left), President of National Securities &

Research Corporation, accepting Oscar-of-Industry trophy for

1963 Annual Report of National Securities Series, judged best in
V
the mutual fund industry,

making

bodies.

,/AA

National Security

Present regulations forbid com™erclal banks regulated by either
A Federal Reserve System or
A FDIC on s£>vings funds (inC?u, "g al1 but some 300 commerbanks in the nation) from
other savings
than individuals
and
accepting
deposits from
.

—-.r-

any

other non-

Corporation 120
* search their associates, wives and friendc
York City AsAAA^AT f—through°"t the United States
place award for th n /
Canada
witnessed
presents
holder report of the
! I and
ti
o
n
of the troDhy
by
Ri
company indusAAn JbVestmey. Anderson, editor andannual
publcihard
sher of
n/j

vvi.

austry m this vears th~

r.nc.U'/iLT'U't

w Uriel

More than 5,000

ine

tion's oldest business and financial
weekly.

organizations.

The

New

The
'63

award

were

the

ago

nayrnur

j"
}

v-vv^

reports
^

reviewed in 97 categories in

Annual

was

T?onbri

the

for

made

+i—

1963
the

Chairman

competition.

awards

jury which made

1VT-

vymci (

iiitrxiiDers

are

commercial banks be placed on a bolizim?

thT3? tropby /ym- Analysts, Inc.: Ivan ChermavWf

basis
of competitive equality. vear>_
Jcbieye^ent at this President, American Institute of
The FDIC Board's resolution The themp Awards Banquet. Graphic Arts; Ruddick C Law
professional investempowered Director Jesse P. tion Jth^S6C" rence, Vice-President New York
virtually no must be synthesized with eco-/ Wokott to call for a conference ing Your Invefw 7 n n "ag~ Stock Exchange, and'Charles M
results achieved by nomic data, "Even if the conse- of staff members of the Federal prLntod Zl
t D°llar/
11 Sievert,
methods.* Exceptions to quences of economic conditions Reserve System, the Comptroller L thp
?Jprehe"sl
v
e
story
verdict
few. But, were understood perfectly non- of the Currency, and the FDIC to ^ M
" and functions umnist,„ New Yorkthe period studied which economic influences can change study the Problems and formu01}al s investment manage- vestment
'
great crash was not the course of general prosperity late rec°mmendations to the FRS
T atlstatt.
"typical." A
;
the level of the market, or the and FDIC' the two agencies with
1,000 business> York Society also served on
in
similar vein success of a Particular security." 2 Primary jurisdiction. Such a con-A
usi
n
al
and
fi
n
anci
al leaders, panel.
the forecastmg inFor example, it is said on the erence will be called in the near
negatively.
The authors Street that political factors may U urJy ? conslder the New Jer- Electric Power From
to be
"in the short run the affect short term trends in the SG^
ankers Association request
municipal utility
price changes cannot market, but economic factors de- a
r asPecfs °f the matter, Nuclear Energy
predicted."1 They confirmed Ermine long term trends. A case -p. ''
':A. '■'■u
extent and direction of c,an occasionally be made for the _H 9,1" mPT*
Son
Produced for First Time
liquid, transfers
movements were generally ?PP°site. It is probable that BoekJUil
fission
that
fluctuation ing's ^ey role in this country's
TTiT»of lV/fi l-i
from
previous defense posture is a basic deter- w Ulil P II bu iVllCIl,
Also revealing were mmant 0f its longer term poten- A . A' A\A;/':' A.
'
that denied any sea- fials whereas the general course -rerfram, Sinclair
. .
ando his
son,
pnAro. .
. ~'L:- "
ioa„+nr
or "heart*
ofsteam
the re-is
"- m
ctCLUithetofnl(.)core
stock price move- °f business activity is not. UnemUncm- Barnes,
1.am1f.s' have
Y,e joined
J°lned The U7-11
First niof ^0V&J4
AT gy m,
wheii^^fpn^v
^bio
was
generated
genera^a
actor
a
boiler
where
correlation be- Ployment rates in Wichita and Mich,gan Corporation, 2 Wall St.,
4
^eam f om the generated. It aIsQ
and volume.
;
Seattle may well provide clues
w or lty' members of the ciear plant at Pi'oua wac in rUJ "slows down." neutrons in the
:
to the company's future dividend New
in the c^ear plant
qua wasgenerating
supplied A- t h , sustain Bssion Fuel
qualifications to the above policy
firm'sYork
NewStock
YorkExchange,
City over-thee Cltysat Pipower
in this study were p
y'
- r
counter department deXe in P,artt''
« for
tt,euranireactor
^loyedsligwihtlthy moenPrice move°r industrv
take the Su'htlA
cosmeticnhanffoe
and toicfn;, Bertram
D % dealJng
1 ^ , ThP
^ a con- nched
u
m
al
^rice
move,•« 1iniicfp^
""listed stocks.
Sinclair
lhe Pitv
City nfPim.o
of
Piqua,
under
lvbdenum
and
aluminum
periods of five
gnHceffasyaa^
wklhaS
oi bee" "amed manag^ of the tract with the AEC, provided the
Much of the technical informa

rity price indexes and forecasting,
Their conclusions indicated that

.Henry J. Simonson, Jr., Presi- Gerald L. Wilstead, President,
profit-mak- dent of National, received the New York Society of Security
urged
that Oscar-of-Industry
trophy
—iiscar-or
, sym- Analysts, Inc.: Ivan rhprmavpff
«inrinctpv +

rudimentary

years
;

•

Forecasting Today

many to arrive at the few con--;— 411
^ p^mulfa
s
trolling factors, if any. To "beat ?° ac.cep!\ funds from
the
A
^
rethe averages " he must go beyond in^ institutions, and
Commission conducted pioneer re- tno
nC
■-—> hp nbnP^ nn o
me averages,limitn
ne iuusi
must go uyyunu
ueyonu commercial
banks
search in the evaluation of secu- the narrow limits of conventional

five

•

October 3.

.cichj.

gests a

profit

Still Counts

State

charitable and certain

Intuitive Interpretation

wise.

-ocuiKers

had urged

have been

gauges

helpful on many ,occasions. The
visors, too, must contend with the lack
of predictability of such
popular penchant for prophecy, systems infers no criticism of their
We all practice but rarely profess intellectual construction.
This is
prediction. The facts suggest that simpiy a function of the extreme
it is a wise man who concedes his complexity of the data and conlimitations. Unfortunately, com- texts thev deal with.
'

vcauncni
vestment

e,
V

LTk^flss°ocia^n.^
Association.
ThatJerS6y
body

and^found ie-

studies, volume

technical

and

" y. ^as tak>
resolution ap°+f -?
.o1~
i\f eJutlve

+h„
H

warding—in limited and inconsis-

avidly sup-

signs

So many

naturally

vanity

difficult for investment

makes it

magi¬

mand.

than none

Professional

knowledge.

cian

all know, a
sometimes
at all.
; - V

as we

little knowledge is

without

The

And,

ited sort.

aspires to predictab ility

the efforts

security and market analysis. Political and sociological forces (and
psychological reactions to them)

fin^ci^budnes
World-Tele'
analyInstsaddi
fromtion,the27Newin-

ment managers were

better

than

random

were

this bleak

perhaps,

the

included the

study

A recent

again answers

will

quiry

plant

power

direction of

operated

company.

and

random

first

any

nuclear

type

coolant,

high boil¬

ing point organic

price
can

The reactor

the

that

the

also

stated that

heat

inferred

The first electricity from

any

produced by nuclear

nuclear

fluctuation.

the findings

—^

...v.

•

ments

and

tween

price

»
^ 1n 1 ™-

l\/T i r>Vi i rfo v->

•

sonal trend

any

The

developed

interesting
interesting,

eouallv
equany

ments
years

letrv

covering

dS^SA^tSe'p^
dictable—cycles

stock

room^ ha
n®
L7nt f,eS grrth

P«f
with

...

p e

appeared
moreto be

the

Sinclairs father and son
fof ^ ^ ™
were'^
pe^ent
The^OMRE.'i

—Action

profitably sold on
(short term price
v
Two obvious

predictions of

movements)."

natural science deals

short,

—

ev nts and p enomena de- Yafpq HpitriPT
finable
by predictable causesSocial
and lateS, iieitner
invariable
consequences.

points seem in order. First, if de- the stars before the course of the
finable, long term market cycles market can be consistently fore|i
111 t*"
were discovered, the reactions of
told. Advisors must continue
the
quest for new tools in employing
by Drs. Oskar Morgenstem
j. Granger.

and ciive w.

iection'"

uses

AdlHlt

c00led and

by Atomics International, a divi-

sion of North American Aviation,
Inc.

It will generate

watts

11,400 kilo-

electricity when

watts of electric

at full

fluid

an or-

Bum
-

an,

operated

Commission by Atomics
International, it began operation
in 1957.

It is located at the NaReactor

Testing
* VUVJ.1JJ3

Station
v/vwtiv/ll

ST. LOUIS, Mo.—Yates, Heitner power later this ear The lant tional
wvaUj U x nj X HI C KJ1/A CLt. illtJH !■" r
c
■ >
■
. ,
> §
& Woods,
819 Pine Street, members of the New York and Mid- was °Perated at low power Nov. 4. near Idaho Falls,
is now
west Stock Exchanges, on Nov. 21
The Ohio plant is the first nu- being
comCowies^Foundation foTEconomic wil1 admit Robert C. Newman to clear facility to use an organic pletion of the experimental pror

-TTT

the Piqua

organic-cooled and
nuclear reactor designed and built

comments on these science does not. Man may reach

nu£t'l8nM£u'S^««

^
^,®!raus'
BIossy & Mfowell,
«ram. . ;£, :£;.miles
(OMREh
plant
ity of
nuclear
reactor
curities
over-the-counter
se- ^ Located about 28 moderated
north of was
designed
to testpower
the feasibilmoderated by
Dayton,

excluded insiders with service industries

special knowledge fi;om the con¬
clusion that
"stocks cannot be

sHe and the conventional tion used in de^nlT the Haua

al department, and his son will assist

4«,

ii i» (.ill

Research, John Wiley, 1959,

ik.

*-^x/

* *

Ohio, and
dismantled following

limited partnership.

reactor to produce electricity. It

gram.

(1905)

sort of

As We See It

Continued from page

misunderstanding had
this

occurred

country

How About Other Areas?

respects the advancement of

"In

industry and trade. We need program, leaving much else industry,
agriculture
and
that should be done wholly trade in the Soviet Union.
no more than take note of

the

impasse in Washington at

this

get an

idea

not

well

with

moment

that

all

those

who

the routes

into

guidethem
where

they should go. At this

writing, the word seems to be
President's program

that the
is

likely to make much

not

substantial

that

year,

this

Congress

headway

part must await its fate next

when the voting is much

year

closer at hand. His tax plans
modified

—as

have

they

the

with

become

passage

unlikely to be

time—appear

realized, at least this year—a
which

fact
be in

may

even

tion

from

not

may

part at least a result of

civil

istration's
ure

-which,

fied

and

the Admin¬

rights

meas¬

in its modi¬

even

somewhat

less

form, tries to legis¬

extreme

hope, to the better

so we

bers

get what it wants

Congress at this time—
of

sense

—

even

effort

done which

adds

the
our

things

get

for attention

conviction
be

not

can

that
or

run

effectively

guided

Khrushchev's

Mr.

socialism—even
—is

proving
for

ment

costly experi¬

which

another

hesitantly

shall

time

one

have

in full.

pay

So far

know,

notions

either

Marx

Karl

of the milder would-be

builders

re-

have

yet any record which

evident that

But it is

modified

the

tax

proposals

Administration

the

viewed

doubt.

with

Congress

which President Truman
too

were

Congress
others

far

—

but

to curtail

that

drastically

high and

Other¬

expenditures.

wise, it would appear doubt¬
ful

normally

notion

that

viously

popular

taxes would find the

rough

case

would

ment—or

nomic affairs

manage¬

national

our

can

eco¬

respect.

improvement from virtual
measured

zero

ages,

has been higher than in

countries

the

and

earlier

faster

long

ago

course.

percent¬

places
and

rates

where,

naturally
had

growth

the

have

The

trouble,

New Dealism of the

special

favors

our

otherwise.

basic
and

the

for

what to

tion

hardly

This

ex¬

earlier

industry

peoples left little
in

errors

choosing

produce. As the situa¬

develops
of

course

that

the

usual

consumers

pay

the

price

public

mechanism

quickly

new

whose

cooperation

and

have

nomic Advisors.

Council of

throw

Some of

Neglected

getting

ideas, which

seem

to make sense were

addressed to the Joint Economic Committee of Con-

Quality Stabilization Bill

Warner,

condemn

clearly

quite

and

gress,

What

puzzles

now

proposed

the

before Congress.

is this: Why would not essen¬

Broadway, New York City, mem¬
bers

change,

Nov.

partnership
14

Nov.
to

will

limited

our

existing agricultural

and

titude

Jack Warsaw

admit

line, of reasoning condemn much of

same

program,

official at¬

our

general

firm,

the

admit

will

Fabrikant

William

tially thq

S'tock Ex¬

of the New York

other

partnership.

with

union

monopoly, and various

to replace

the market mechanism

labor

toward

attempts

governmental

official omnipotence?

E. S. O'Connor With

Cleveland

CLEVELAND, Ohio—Mrs. Evelyn
S.

O'Connor

ated

with

has

associ¬

become

Disbro & Co., Superior

Midwest Exchange

merly

■'

Clark

Seeley

bers

;

has

been

also

added to the staff of Disbro &
in Cleveland.

John

are

have

—

Midwest

and

his

Brett

been

Mr.

Two staff mem¬
Stock

Exchange

position
F.

For

part,

our

all

NEW

Mr.

Weithers

Moore

and

1961

in the

joined

was

joined

Mohawk Airlines, Inc.

Size

the

hope,

habit

51/2% Convertible Subordinated Debentures

as:

evolved

tration would be

and

country

Adminis¬ industry

the

good for the

are

encouraged

field.
to

Due November 1, 1978

There

wisdom,

scared

view it, in

in
is

the

every
now

Interes

Dated November 1, 1963

Payable May 1 and November 1

military
reason

that

few years ago we

Russians

tall, whether in

understand

to find that there is sufficient
or

all

that

feet

only
Price 100% and

had been

politicians

accrued interest

into

Congress to make it difficult thinking that the Soviets had
to

move

statute

the

program

books.

controversial
gram

is not

having

travel in
are

the

are

heartened

push

to the' performed

the

less

foreign aid

pro¬

Administration
an easy

road to

field
so

admit, though,

not very

mere

greatly

refusal to

with this unfortunate

that

left

legislative halls. We sile

forced

that

Even

the

been

clearer

supposedly

the

announcement

mis¬
are

frightening.
clearer

much

the

and
same

offer

sell

solicitation of an offer to buy

nor a

offering is made only by the Prospectus, copies oj which
be obtained from the undersigned in any State in which the
undersigned may lawfully offer these securities.

may

Those

constitutes neither

these securities. The

were

past year, it has

growing
that

Ibis

much

and all the rest

now

Within

the

less at the mercy

Kremlin.

gaps

not

miracles

armament—-so

•

•
•

....

Smith, Barney & Co.
incorporateu

•

analyst

Auditing Department.

$6,000,000

ma¬

the, Ex¬

Midwest

formerly

can

the

are, so we

over

ten

are

appointed
"

November 8, 1963

ISSUE

monkey

Normal

do not be¬ supposing

Secretary,

Moore,

change in 1958.

elevated to higher po¬

Co. sitions, it has been announced by
James E. Day, Midwest President.

Weithers,

Manager of Research.

officer of Morrow & Co., CHICAGO, 111.

Inc.

They

newly elected Vice-President who
retains

Promotes Two

Building. Mrs. O'Connor was for¬

lieve either that the program

Eco¬

produce,

decisions

wrong

Russians

Much Is

less

marketing ideas would be

new

tov develop."—President's

likely

some

essential.

con¬

merchan¬

support of officials and legis¬ chinery.
lators

place

possible,

for—and it is then

made about what to

easily

frequently

are

would be slower to learn of

riskier,

To Admit Partners
&

free market

our

dising techniques; therefore innovation would be

Hertz, Neumark
Neumark

im¬

are now

through lower prices. In the absence of

Without

These

Hertz,

and

distribution system. This

selecting and rewarding the successful in¬

sumers

favored element in it.

events

decisions

and

for

consumers

our

developments in marketing

ideas before the

merits as
entire popula¬

than

rather

tion

by.

unwilling

were

marketing innovations

is essential to

process

novator.

their

was

shortages

room

tive An

get

will

they

where

consumers

many

price flexibility the market is slower and less effec¬

ground

judged

their costs. But

"New

policies back on
and to a

public

great variety of goods and services and

introduced

monopolistic

be found to

must

this

economy,

economy.

labor unions. Yet somehow a
way

competition has produced for the American

selection

element in the
—
such, for ex-^
ample, the farmers and the

members of the

re¬

flexible

portant elements in

this, that,
politically

other

the

demand. In

consumer

in other sectors of the

have been accepted

past few

ing, rested upon subsidies or
and

satisfy

ot pay

has politically speak¬

years,

goods and services (including retailing,

ing have failed because

■

them, is that so much of our

made the easier Disbro in
by the fact that the very

too

one

pressures

marketing techniques. Some experiments in retail¬

countries.

socialist

the

uses

tailing,

consumer

emulate

normal

their

run

One could

get the wrenches

not

would

who

the

some

pleas of those

it is true that the rate

course,

ob¬ ing to

here

where the ever-wise manage¬

ment— of

them

reducing begin to develop ideas about
going so what they want and are will¬

Congress.

have

entitles

question progress

phrt of wisdom

revenues

the face of very

rising

number of pect

convinced

from

once

numerous

without

are

would be the

are

substantial degree of
Not only the Byrds—

very

said

even

take

ought ~ to

force from the

market system

our

services) that best

good. And it

things that have

contradiction to

subject about which
emotional reactions are high.

the

general,

price Competition to weed, out the inefficient and

to select the

robust realism we

place in the world where the useful for the

through the centuries

on a

all

have point

been able to learn, there is no

evolved

ing

find

sounder

late certain behavior in direct

popular feel¬

politicians. In other words powerful
wandering off in the di¬ population

rection

mem¬

foot any

cry

our

business
even

its

This

the circumstance that

sort

certain

there is not

entanglement with what has
become known

The

not

can

trade and due,

and

industry

our

to revitalize

were

fact is that
though the Administra¬

neglected.

The Commercial and Financial Chronicle

(1906)

however,

Our Reporter on

some

inflation

chology, long bond yields
to

advance

CHIPPENDALE, JR.

JOHN T.

Narrowing

;/^//

The

markets 4%%

capital

and

money

and down swings of excess re¬
serves of the member banks of the
up

Federal

fall

the

that

the

outstanding

this bond

is not likely

though

to in the foreseeable

added

Succinct and

might * : become VV;

spreads

tions.

The

the

rated

highest

Government

might

again

which

all

bonds

are

And

the

for

interest

Long-term

advancing
cause

come

into

to the
as

from X-

ward

seek

may

interest

expected to rise

long-term

taking

changes from other types of in¬
vestments
into
the
4Vs %
of

of funds

because the trend of prices of the

Nevertheless,

most; distant Government securi¬

that

ties,
tax

well

long corporates and

exempt

bonds,

modestly

Government

the

this

much.

too

believed

not

the

haven

bonds Vis

going

bpWai^ftr^hd which

the

to be going on now.
r.xv'k-*;--'
X •

It will,
t-

and,

with

the passage

spread

the

from

into

bonds

the

Treasury

there
of

the

limit of about 4.25%

sec¬

how

long-term
that

the

Treasury

bond.

non-Federal

these

ings

for

Also,

oniy

fall in line, with the yield spread

the

investment

field,

bonds. It should

that

the

issues of

new

to come to

will

bonds

rates

quite

hasten this along.

ably

in-

likely

industry

tainly V

not

ting
of

.nffc

fnnonnrpH th^

5 to 179 Years

nrnmntinn
p
omotions

Donald

BOOKLET

dent.

of
,

„

ComPany'
?
f
appointments.

fniin

nH
and

President,
■

they

—

^i ^ v;r

;

number

are

been

paid, cash

June

28,

consecutive

years

dividends

paid during the

dividends

twelve

analysis

the

difference

between

the

also

„

Schell,

200

THESE

BOOKLETS
50

——^

199

—

cents

;

cents

each

cents

each

Robert T.

cover

more,

included without

Bruce

ant

three-line imprint

extra

the front

investors

Second

Vice-

Hunt,

Tressurer,^

Benedict,

shouid

not

We had that

far

Edward

cost.

20's

Park

Please

enter

ant

Co., Publishers

Place, New York

and

Skele-

worse

in the long run

..j

Gowe, Assistant Vice-

on.

lay the cards
the tdblc dnd let the chips fsll'.

;X'*,.5'
J.

than

going to

they

may.

' But

let's

back

•

Jennings,

Doubts Continued Improved

Assistant

Vice-President.

our

Harold

7, N. Y.

order for-

—

...

booklets

Counter Common Stocks" and
accompanying

"Over-the-

dividend tables.

„_Date

____

ate increase in earnings.

stocks

these

value,

meet

the

Trust

are

almost doubled

The

market

price-earnings

ratio

to 20.4

based

increased from

14.8

Com-ron year-end prices.

(The current

price is about 22 times earnings),

ming from expansion of its

Only about 40% of the advance in

savings

account

months

ahead.

banks,

officer

take, prices

retirements

commence

They

serv-'

and

are

made

the
as

between

therefore,

earnings

was

and

1957

year

which is about double

number

Lpt ■

11c

added

further

assume

year.'

last

esch

thst

one

of these

ers

increases his consumption by

20,000

kwh

pany's

new

per

new

heating custom-

year

heating

the

rate

com¬

due

60%

1.20

The additional revenues

kwh.

company

will

•.«

receive

from

each

of these customers would be

$240

have

year

against which it will

to charge

the cost of gener-

cost

be $40.

come

per

kwh,

fuel

would

This would leave an in-

cremental
would

mills

profit

$200

which

reduced to $96 by in-

taxes. Ten thousand of these

customers, therefore, would pro-

1962,

additional costs other than
Utility profit margins which
period the net have been widening while those
was

due to

higher price-earnings ratio.

Dur-

the Trust Company marks its 30th

ing this five year

electric plant of the Class A and

the

duce incremental net earnings of
$960,000 or approximately 20 a
improved share. This, does not allow for

and

anniversary this

year.

ers

Moody's utility average increased ating 20,000 kwh which, at a

Assistant ,39dividends increased 25% and

that

stated

adds i0)000 house heating custom-

the

Utility Earnings

pany's growth requirements stem-

scheduled

By—

promotions and appointments

into

___

Meyer,

Ihlefeld

Mr.

ices
Address

Treasurer.

made

Firm Name...

cations.

tional business with a minimum of
capital expenditures. This, howpaid ever, does not mean a proportion-

.."b.uP a Aiinute and take a look at
Assist-.the cards that have already been

Donnelly,

Wm. B. Dana

and I believe they will make further inroads in the heating appli-

ignore

V. A''In the five years 1957 to 1962
Anthony J. Monteverdi, Assist-.,
utility earnings on the basis of

Chronicle

position they have ever

best

unhappy

Vice-President

Financial

not

are

been; in to meet this competition,

sober appraisal of the facts. I am,

Vice-President.

Edward

-•' V

Their rate of return is
adequate and they have sufficient
utility industry/ P^nt capacity to; take on addi-

for it in the 30's and 40's.

Assistant; where

President.

Commercial

utilities

electric

The

the

regulatory

'experience in the

Phildius, Secretary;/ therefore,

Wmthrop
On orders of 100

;

Gas
-

only anxious but are probably in

get-?.

with something because

ignorance

Meet

Can

Joseph

each

arid

are

Electricity

President

utilities

„

over-the-counter

and listed markets.

COST

away

the

secrets

think

•

to; residential
cus¬
••'XV:'; ; /'

/-"Ar-■-Apns have a habit of coming out of....... since American Electric Power
Philip O. Roberts, V
ice-Presi-"theny closets and haunting for has been one of the most active
■Sr'n*
v
years. .The dangers of having re-; promoters of electric heating, we
v.
i^am H. Fairchild,' Second "ality fail to live up to overly-op- might use this system as a guinea
vice-president.^
vv- . v^;^;^fflistic hopes and expectations is pig> Let's assume that this system
J? rank C.

have

months

1963, percentage yield, and June 28 quotation,

do.

sales

increasing

for

XAAAAv Competition

agencies, they are not facing the
true facts., Secondly, there is no>
but

Theodore W. Lowen, Vice-PresIncluded

•

regulate than

have

Carlson, Vice-Presi-* basic facts.

their

tomers.

cer-

revealing
any
I in any position

weakness in the

utilities

electric

the

counting

are

great deal more about the com¬

investors

Ass'n Appoints

all,

which

fields

The Commissions know

so.

panies

Have Been Paid From
Ihlefeld,

competition

h°use heating are the principal

prob-

the
disservice by

First

Utilities

August

the

the electric; industry.OiSaturation

revealing what some may consider

N. Y. Savs. Banks
DIVIDENDS

earnings

heating applications which uhold
the greatest hopes-for,, growth in

doing

weaknesses.

On Which

secretsi\hpT am

will

Others

that

say

utility

later,

contributed

that

with other forms of energy is becoming keener particularly in the

be criticized

may

Commissions.

have

period of slightly rising

effect in the past

replacing the rate

are

indicated

revealin^ trade secrets of most other appliances is relagiving
tips &to
regulatory lively high and water heating and

and

re¬

over-pricing

endsooner,

return

rate reductions that

-Furthermore,

years.

dif-

to wide

opinion I can give you

are

sorbg; for

Govern¬

also

know

which

increase

contro-

each

subject

leading to my conclusions.

probably between 25 and 30 basis

increases

the

capsule digest of the facts

wishful
al¬

Managements

rate

year

Hyde

capitalized

Since

ferences of

will

bonds

even

increase

only

are

have been put in
Truslow

and

versial

but expectations

continue

will

by the many

earn-

may

market.

high

years

the

probably

re¬

The

ready cognizant of the historically

and

highest

since 1949.

year,

thinking.

util¬

ond

will

the

was

year

any

indefinitely

earnings

few

way

that

the

and

electric

net

higher this

mav

ity

opinions around to indicate

and

Common Stocks

1957

return

The

COvers

the

plant ac¬
compared with only 5.85%

count

turn

Yields

considerable

about 38%/

6.41%

return

year-end

separate

way

forded

but

swing in long term interest rates,

terest

PAGE

50.%,.y As a .result, electric
operating earnings in 1962 af-

reiated

expect

Along with the current upward

ment

1963 EDITION

OVER-THE-COUNTER

item which

over

According

study.

covering

wvia+

non-

V\ % Seen Upper Limit

Treasury

—

confident that

utilities increased

over

win

^w0

f jrst

membered

findings.

own

paper

subjects

Fed-

to widen because

were

switching

Federal

between

non-

tbe

points above that of the best bond

his

stimulate

interesting

further

gome

only at-

not

are

yield

eral issues

—

Two long-run studies are cited to

Hyde sees slowing" down.

ciently

bonds,

intermediate

Government bonds and

upper

seems

CONSECUTIVE CASH

upward course

justify present

friends or iniluence many people, and electric- operating earnings,•
but I hope that it will be suffi- aided by^rate^mcreases increased

—

REVISED

What X have to say may not
a

of time, it would not be unexpect-

money

investment

long-term

reverse

become

not ex¬

large amount of

looking for

lower.- The bellwether of;the cap¬

ital^ market

issues,

likely

are

will stay

earnings

confirm

tractive now, but will most likely

outlet in cap¬

pected that long-term bond prices

look

the
ones

amount

sizable

the

seeking

ital fharket

market

cautious

Because

Attractive

bond

especially
long-term

obligations.

1989-94.

since

evidence of ex¬

with its
there

investors

favorable yield

continues

not

Key Treasury Bond

Becoming
The

tracting
very

much from

very

There

but what this very

high grade long-term bond is at¬

Nonetheless,
are

came

refunding operation.

is nb question

outlet

rates

present levels.
Yield

which

bonds

has

in the money market*

long-term

the

roughly

into the market in the latest for¬

the fear that long term

size

future

Mr.

Because the Government

digest tho¬

are

which

H* does

predict a decline in price and,; moreover, finds it possible; for

opinions,

not yet

has

be¬

the capital market clue

enough

rates

caution

the

there

because

time

moderately

uptrend in short term rates

well

funds

very

while

/•■"'' A .A been

Conse¬

increase in the past five years.

except

future,

higher short-term

annua!

price to stay at current Ihyels until increased earnings
prices on a lower P/E ratio so long as investors are

quality.

investors'

most

not
,

non-Federal X

measured

.frank analysis of utility earmngs foresees their increas¬

4% to 4(/2% rate over the next five years compared to

6</2% compound

issues,

for an occasional
\viii continue to decline, so that
advance refunding' operation; the
the-loaning ability of these insti¬ floating supply of this issue is
vested
especially those 'with
tutions will be curtailed. This in
quite likely to be adequate for a fiduciary
relationship.
time will mean
rates.

ing at

quently, Mr. Hyde finds current P/E ratio hard to justify,

bonds,

ones

other

And Market Evaluation

By W. T. Hyde, Jr.,* Partner, F:S. Smithers & Co., New York City

moderately high rates of return
fixed income bearing obliga-

going to make the

Spreads

■

amount of

reserves

attractive to long-term;
''"'yy viy
r',;

Even

System give in¬

Reserve

dications

bond
di¬

prominent during this period ; •

to be heading in the

investors.

The

ly with the passing of time.

and this

1989-94

rection which is

yield

will advance modest¬

terest rates

appears

to be adjusting to the opin¬
ions that near and long-term in¬

":V

To Be Expected

Yield

appear

not

much

;

Yield

psy

are

very

from current levels.

Thursday, November 14, 1963

Utility Earnings Outlook

that unles

revival of the

expected

to contain the rise

servo

extent

any

fuel.

of industrial companies have been

', ■',

Volume

narrowing
is

ness

will

squeeze

198

6316

begin

and

busi¬

lower

and

lower

done

Number

feel

Slower Growth

One

comment

for earnings.

pects
read

this

the

that

have

utility

stock

be¬

additional

re¬

financing.

equity
true

not

dillution

the

from

would

will

company

absorb

sulting
This

the

earnings

for

stock sold for many years

common

and

that

all

have

stressing

there will be

cause

the pros¬

prospects

■

under

only

divisor

the

ratio

utilities

price-earnings

the

and

variable

that

industrials

Forgetting

yardstick.

stocks whose price-

glamour

earnings

case

volatile

ratio is

misleading

in the

stable

but

case

the

fairly

ratios

100

are

the

their book

tricity in the last

long
These
are

year's

an¬

The obvious answer is

earnings?

20%

while

boot

issuing

the

sort

book

value

high price.

period

additional

little

will

but,
and

Board

use

decade

only

than

increase

50%

the

the
the

Index

elec¬

47%

even

prospects

Re¬

thought

Production.

the

use

and

this

expected

had

not

the

less than the increase in the Fed¬

New

Analysts,

but

interested

sobering
merely

study
as

the

Mr.

the

the cake.

talk

Forum

might

submit

frosting

electricity between

2000

Index

said, I

somewhat

which

high projections, the increase

1990

utilities

for

you

the basis of the low

Board

intended to go into the long term

the medium projections

are

Reserve

Production.

anticipated

Federal

eral

this

Hyde to the Utility
Regional Convention
Society
of
Security
York City, Oct. 7, 1963.

Fifth
Ycrk

New

stock by taking in

common

partners at

new

only

increase

particularly

Steel's

operation that enables

very

companies

shares.

strap

record

while

the

increase their equity base as much

that General Motors is enjoying a
year

century

slightly less

These

of the

1963

course,

serve

enable

about

probable

premiums, of

they have to raise equity capital.

ticipated earnings and U. S. Steel
times

1957.

and

increase

They

them

1952

come a

helpful to utilities when

very

additional

this

have

since

high

instance, does General Motors sell
times

value,

way

(1907)

rently selling double to quadruple

completely meaningless; why, for
around

^*7

•

•♦wrr* -www iw

and Financial Chronicle

The Commercial

resulting

reports

many

favorable
of

the

rates.

I ■'
.

ii«iwfi (Tim**

But

when

common

stock will be sold, there is some
conditions; (1) where the rate- earnings are believed to be de-,
question as to whether this is a
inadequate and could pressed. Investors, therefore, are
sound investment appraisal. Some
be improved by earnings increas¬ willing to pay a higher multiple,
for: the depressed earnings, of UbS. .might infer that this indicates that
ing at a faster rate than the plant

two

•

of return, is

account and
has

ratio

(2) where the utility

exceptionally

could

and

debt

low

with

expand

senior capital which would impart

greater leverage
stock.

the

Arithmetically, if

and

which

;

one-third

earnings will'increase
tained

the

retains,

its

10%

It it earns

ally.

12%

earn

The sale

stock in excess of book

common

value has been

pal

re¬

earnings, its earnings will

increase 3¥3%-'annually.

annu¬

the

one

of the princi¬

contributing

factors

the

rapid increase in utility earnings
years.

With

construction

pro¬

during the past five

the

reduced

and other non-cash

electric

utility

next five
crease

depreciation

higher

and

grams

items, the net

plant

the

over

is unlikely to in¬
than 25%
or ,4¥>%

years

more,

the

tween

1962

three

years

Further¬

annually.

"^compounded

plant account

net

1965

and

the

this

be¬

five

with

rate

increase

With

the

two-thirds

almost

■construction
vided

equity

cash,

equity

less than 41/2%
five

nies

will,

the

in income

desire

and
re¬

reduction

taxes, I believe that the

reduce

rates

much

possible and the necessity of

keeping

the

realistic

levels

the

rate

will

five

the

restrict

the

between

annual

compound

the

earnings

Moody's Utility Average
past five

over

annually compared

6¥z%

increase

return

years

and 4V2%

with

increase in earnings

average

probably will be able to

some

compa¬

grow

course,

than

tain the benefits of any

the

over

individual

some

rapidly
,

somewhat

years.

While

years.

of
the

over

this

the

capsule

second

part

report—the

market

earnings

dustrial

stocks

during

there

distinct

tween

times

20.4

the

past

mind, however,
difference

be¬

utility and industrial stocks.

Utilities

are

stability

characterized

their

believe

earnings

that

prospects

the

In fact,

should

would

3%.

worth

earnings
be

20-20

1957

and

that

utilities

year

times

the

yield

2% %

in¬

earnings

between

annually

1962, it

and

hindsight

that

6 ¥2 %

creased

in¬

than

With

though

even

knowing

now

whose

expected to

can

utility

even

at the rate of 6 ¥2%

crease

easy

should

have

see

1957

sight, in

earnings
will

times.

14.8

not

and

increase

years

rate

4 ¥2%,

the

As investors

their ideas

only

earnings
the

by the

earnings

and

tween

1957

and

increased

rate

when

earn¬

rapid

than

had

been

does

not

necessarily

that

the

will

decline.

they

will

levels

until

stocks

possible

earnings

sufficiently
prices

earnings

mean

utility

that

remain around current

creased

present

anticipated.

basis.

in¬

have

justify
lower priceto

utility stock

currently selling 21 times
ings and earnings increase

earn¬

25%

the next five years, or at

over

the

rate of 4¥2%

annually, the present

price would

fiye

hence.

years

whether, investors will
to

hold

stock

be willing

yielding

justify the present price.

I think

they

probably
they

will,

will

obtain,

equal

years,

60%

that

but

the

of which

maintain

trend

earnings,

the

supply relationship
versed

and

the

value

book

demand-

would be

premium

would

PHILADELPHIA

are

having their annual Dinner and Dance at the German-

Cricket Club.

HOUSTON

SECURITY

TRADERS

ASSOCIATION

re¬

the Annual Meeting of the Houston

Security Traders Associa¬

tion, held Nov. 5, the following new officers were elected for the
ensuing year:

over

reduced

disappear.

ade¬

increasing

•

Long

Growth

Term

I had not

the longer

utilities.

Outlook

anticipated going into
term prospects for the

However,

projections

believe

the

bd*

recently .pub¬

Future"

may

than passing interest.

of
was

published by Johns Hopkins Press
for Resources For the Future,

which is

Inc.

While

any

future

are

appears

projections
hazardous,

into
this

to be well done and its

projections soundly conceived.
contrast to

increase
of

7.9%

and
its

the

compound

electricity

between

1940

between

1950

medium

an..annual

and
and

1950

rate

only

between 1970 and
in

each

decades.

the

Secretary:

Rudy

Harry Ratliff, A. G. Edwards & Sons.

Blattel,

Merrill

Lynch,

following

two

Pierce,

due

Treasurer:

Governors:

William

John

High Premium

Over

Book

One further remark

uation
years

of
ago

Boston
a

Holden, Underwood, Neuhaus & Co., Inc.

Gearner, First Southwest Company.
;

Richard

Bradley, Equitable Securities

appointed Chairman of the OTC Education
Gearner

has

been

named

National

Corporation, has been

Committee, and George

Committeeman.

This announcement appears

only

as a

matter oj record.

NEW ISSUE

the val¬

Several

stocks.

$25,000,000 v" .1 X'.-¥

Air Products and Chemicals,
5V2% Promissory Notes

Inc.

due October 1, 1983

official of the First

Corporation talking before
of analysts

group

believed
sell

utility

Value

that

premium appreciably in

excess

said

utility stocks should

book

value

finance

success¬

give his

other

idea

busi¬

mentioned

fluc¬

average

not

Pursuant to loan agreements

Corporation has sold to

arranged through the undersigned, the

a group

of institutional investors $16,000,000
agreed to sell to such investors

of the above-described Notes and has

assure

did

prior to June 30, 1963,

up to an

additional $9,000,000 of such Notes.

appropriate figure, he

hand,

and

ness

tuate

are

their

widely

depending
mate.

can

both

directions

the business

upon

increase

they
a

earnings

cli¬

Under favorable conditions

.earnings
v

competitive

can

industrial

25%,
go

35%

from

black figure.

companies

red

50%,
figure

In other words,

electric
above
In

that

1952 the

Aug.,

market value of

utility

their

1957

stocks

average

the

some

value
was

above its book value.

It is

most

book

times

With individual

its

Kuhn, Loeb & Co.

book, value.

market

Moody's Utility Average
2¥2

37%

was

35%

now

al¬

value.

utility stocks

Incorporated

cur¬

November 14,1963

Bayne, Rotan, Mosle & Co., and George W.

higher price-earnings ratios.

Fenner

Smith Incorporated.

1980, and 3.8%

fact, is estimates that

Second Vice-President:

1960,

5.2% between 1960 and 1970, 4.8%

Pollok & Fosdick, Inc.

First Vice-President: A. Gordon Crockett, Dempsey-Tegeler

Company, Incorporated,

indicate

projections
growth

annual
use

President: Daniel C. Hahn, Eddleman,

the
book

Harry Ratliff

A. Gordqn Crockett

Daniel C. Hahn

five

past

was

the

quate

ability

return

town

ASSOCIATION

will

in the

have
earn

delphia

appreciation

While

Industrials,

which

confidence^,

TRADERS

16, 1963, The Investment Traders Association of Phila¬

don't

ability

olies.

investors

the

Nov.

31/2 % for five years until earnings

fully.

monop¬

undermine

utilities

If, however,

happen

times earnings

their

regulated

should

INVESTMENT

The question is

that

are

closer to book value.

that

operation of the Ford Foundation.

would

This

price

thq

anything

steady demand
supply at levels
a

1962

ings

prospective

happened be¬

their growth is limited by the fact

they

exceeding

would

price

non-profit corporation
established in 1952 with the co¬

which

of what

and

in¬

that

This is the result

America's

recognize that the

ratios

reverse

indicates

current

NSTA

price-' lished book entitled "Resources in

current

to the proper price-

too

believe

paying too high

free market with

But,

projection that

been

the next five

over

equity

However,

merely
are

earnings.

selling 22 to 25 times earnings in

happened to in¬

five years.

earnings

sufficiently favorable.

are

The

increase in utility prices from 14.8
times

times

expect/

appraisal of utility earnings.

in line with what

utilities

think

Capitalizing Earnings
Now

izing

ing down they may well moderate

pro¬

the

for

quarrel with capital¬

growth in utility earnings is slow¬

will
be
stock

annually

present P/E Ratio Too High
I have

the

- on

capital.

vestors

common

increase

may

that

earnings ratio is hard to justify.

generated

return

high in relation to the actual cost

of General Motors.

the

first

financing
the

and

rapid

requirements
internally

small

two

possibility.,

increase

years.

last

the

might

year

period will probably increase at
slower

they

sharply than the record earnings

utility

out two-thirds of its earnings

because

that

common

pays

able

Steel

The Commercial and Financial Chronicle

Production

Steel

Electric

INDUSTRY

TRADE and

ings

Price

Auto

Production

Our

Commodity Price Index

most

word

the

com¬

monly used by Purchasing Execu¬
tives
in
their latest report to

competitive necessity brought

the

technological devel¬

by rapid

and year-end opment.

describe the current

Employment

Their

picture.

business

incentive, along with

much of the

Last
month's
report
advised
that they
remain so for the against over-enthusiasm, based
balance of ^963. In July, for ex¬ on September's improved employ¬
ample,
52%
of their members ment-figures. Employment con¬
were
"optimistic" about the out¬ tinues to show improvement this

remarks would indicate

third-quarter per¬

the

and

look

hoipn&Cput

has

formance

current

The

their

optimism.

composite opinion of
purchasing agents who comprise
Association of Pur¬

National

the

Survey

Business

Agents

chasing

production fig¬

order and

this

Neverthe¬
straight

eighth

the

month that those reporting

month, with almost 4 to 1 report¬
ing better when compared to those
reporting worse. Except for two
occasions,
the
10%
showing a
worse new order situation is the
lowest number so

indicating since

Month

assault

The

fourth

con¬

October statistics

secutive month.
a

stability

sharp gain in the number

encountering

higher

From

tags.

has

figure

24%, the

Industry,^ is leaped to 56%, which is the larg¬
unquestioned leader est number so reporting in five
present advance, pulling years. It surpasses by two points

said to be the
in

the

steel and others in its wake. How¬

the

steep rise of mid-1958 which

study of the figures.indicates followed the last across-the-board
Only 8% men¬
the broader base noted in steel price hike.
earlier reports i$ still very much tion lower prices.
ever,

that

There

strikes,

Scattered

evidence.

petition all
and

in for mention
as
members

come

consideration,

continued

point

elusive

The

over

their views

business

good

month's

slowing

21%

the rate

increased,

levels,

prices,

scattered

cific

the

price increases in two
October

our

last month,

in light

inventory

Conjecture

tend -to raise

Carbon

suggest

would

that

higher rate of liquida¬

unplanned

considerablyinfluenced

new

order

and
the

and

produc¬

tion figures noted last month.

The

Purchasing Agents Will attempt to
find the

answer

month.

list

steel,

Paper and
ciated

neither

special

ques¬

also

strong.

with

weakness

nor

statistics for

our

this

can

period

ex¬

serious

drought, which received comment
from

several

members,

have

included rain in the short supply
classification.
'<•'/.
up

side

are:

Aluminum,

895,398

+10.2

500,441

+12.6

Oil, sugar, phthalic anhydride and

Eleven

the down size

steel and

American

the

Nov.

ended

short

Only

(*104.4%)

tion

noted

Bank

with

regard to for¬

ward commitments in October.

general, these

were

bit

shorter

than in September.
Several

bers
of

comments

indicate

capital

able

tax

fairly

spending

and

mem¬

good

with

expectation ,-of

improvement.
lief

from

fractional

weekly

continuing

Depreciation

anticipation of

load next year

are

re¬

lighter

supplying

output

non-spectacular
in

advance

weeks, and

rise

tenth J

the

past

the highest week¬

was

ly output since the 2,077,000'tons
of ingots and castings

produced in

the

week.

July

13-ending

steady ^output,

This

continues

million

112.7

1963 low of

tons

high

The

1957.

ended

Aug.

of 2,626,000

Much

been

good

May

which

25,

unequalled in the past two
last

and

1960.

equalled

there

and

market,

gain, there

was

Week's

uninter¬

this

the

hold

some

out

wedks

the

marking

those

weeks.

hoped for

Then

24.

Aug.

eleven

past

15.1%. rise

The

for

industry

had

able

70%

was

sign

last quarter bullish expectations.
Last week's

output

centage points

little

was

base

period's

put and

anything

Volume

lowest

tons)

5.1 per¬
1957-59

that

output

the

for

week

the

off

ending Aug.

The latest

17.

statement week's output was 8.5%
the

above

1,804,000 tons produced

cumulative

and

ingots

total

castings

the

topped

Jan.

tion

output of

since

94,960,000

which is

1-Nov.

Jan.

period

year-ago

(*113.3%)
the

total

with

net

tons

11.2%
1962

10,

above

produc¬

85,363,000 net tons. In the

comparison

with

index

week's

113.3%

last
total

tally

Ingot

North

and
,K-

Nov. 9

Coast—

East

Buffalo

11.2%

—

_—

Chicago

101

105

149

154

Louis_

—

sign

little

ing

the

with

too,

list

show¬

pushing ahead

inevitably

there

reduction in trading interest

without

even

credit

tightened

So the eviednce was not at

clearings

statement

gained

dollar

volume

week.

They

for

Nov.

the

year-ago

however, below

were,

$34,397,524,141.

figures

advices

cties of the

the

complied

based
from

upon

the

tele¬

definite effect.

the

Some

ended

9, clearings for all

———_

Total

••'Index

weekly

industry—

the

were

trading

in¬

secondary, lower-

priced issues because of the high¬
margin requirement but it

from

merely

clear

whether

guess

American

ing.
tinued

item

into
in

action

this

was

con¬

the active¬

but

had

production

Steel

for

based

Production
To

Inch

fact,

there
to

was

much

clear

trading

than

million shares

only four trading sessions. The

office

machinery

formidable

other makers

from

few

were

overly

American

Photo¬

analysts
about

chances
with

scene

breaking

into

radical.

anything

Saturday,
cities

level in

Continued

five
on

years

page

note

new

Pennsylvania

trouble

beset

rail

was

traverse

has

high.

would

utility
section

did

be the spark to

section
.was

anew.

even

the

bit

before it

yet

come

carriers.

Eastern

average

could stage any test of

Steel production is at the high¬
est November

its

profit

that ended

the

been

picture

fiscal

September. In part,

results

the start¬
facil¬

abroad which have been

The

out

relatively

both

with

offers

blies for

including
The

broad

this year's
to

military

out,
and

where

assem¬

wide spectrum

of uses

range

work.

aerospace

company's earnings results
fiscal year

last

the

pected

aren't

startling;

dip from the previous

year

final

the

But

ex¬

fact

ex¬

quarter

large improvement over

period

same

earlier,

year

and

of its expenses

some

with

problems

foreign

the

operations had been solved.
jections

for

the

and

about

recent

the

price is less than 12-times■,

the

from

fourth

high.

for

earnings

expected

year

Pro¬

fiscal

current

that

indicate

year

market

this
down

are

>1-

life,

capital

spend¬

ing by business will push higher
well

year

ital

above

were

$40

much

investor

est.

Chicago

with

demonstrated

cap¬

and

earnings
dividend

out

range

much

good

inter¬

Pneumatic

Topi,

improvement
a

sufficiently

bright outlook to warrant
er

billion

favorable for the

goods companies but without,

stirring

has

not

for

this

high¬

yet carved
of

year

points through all the

news.

when average

time

are

only

for

the

yields

bit better than 3% and

market

high-flyers, even

less, the shares of Chicago Pneu¬
matic

have

return that
bracket

earnings

been
runs

with

record

available

favorable

and

Sheltered

electronic

have

item

recent

future
'

Tax
The

well into the 4%

look.

utility
laggard

that

1961

their

High Yield Ignored

set off the

The

narrow

products

new

es¬

two years.

started

company

maker

for

the
year

manufacturing

ap¬

significant

depressed by

costs

ities

detachable

its

company's

had

largest

one,

of.

made

quarter

play in certain of the rails, in-

cluding

ground

field

have

final

Laggard Components

The

Continues

the

fittings and couplings,
to

turn

from

far

was

this issue which, for one week,

Something

average

the market research¬

Indications

ing little pricewise.

;

1957-59.

for¬

noted

hike

margins and, actually, was do¬

copy's

104.4

Significant Turn"

maker

gone

the

before

even

was

wishful think¬

Photocopy

stand out

ly-traded

116.-1

105.1

cases

spectators

shift

into

terest

.111

—

the

Limelight

market

expecting

a
!

quickly

their

ers.

hinting that

the

chief

country, indicate that

week

Western

changes

ordinarily would

pected.

118

tunes

has

the secondary issues

showed

104

122

pacing the

even

the

had had any

strident

in
-

Chronicle,

graphic

Southern

latest

substantially

over

last week's total of

the

been

concentration

definitely neglected

all clear that the margin increase

Bank

have

This

where

would

109

Ill

that

Then

and

top grade

missing.

investment community is

100

115

——

Cincinnati

St.

—

107

—

Pittsburgh

and

chips—which have been the

diversification, to

competition

Nov. 2

'103

105

makers

industry

through

Production for

auto

mostly

American

earn¬

Day when much of the

ran

^Index of

concentrated

are

giants

blue

and

catering

why

(1957-59 = 100).

' •;

dividends

it has'branched

113.5%,
at

stockhold¬

But

faltered

for

line

Veterans

earn¬

aircraft.

cu¬

week's

year

product

far

in the year-ago week.

holiday

year-

expected to make

are

reading

good

—the

But the evi¬

clouded

was

full

of tablished in the last

requirement

cash

higher

buoyant

ings

the

after

sen¬

shutdowns, and the slow pace of
the trading that goes on during

year's

(1,742,000

announcement

Day

weekly out¬

average

than

tapered

Election

approximately 12.4%

was

than

larger

was

ers. .*

indica¬

50%

from

carrying securities.

rein.

above the

Stride

possible abuses of credit in

excellent

the

would

declarations

Aeroquip Corp., for

governmental/ concern

make

disappoint¬

forg¬

recently

least

many

ings reports

favor¬

Taken

requirement

gin

weeks

living

Also

come.

pears

strongly,

any

level

while1

was

through the rash of

dividend

house

unhappy if the succeeding
up

end

there

far

past several weeks but will

far while

high

impetus,

highs

favors

left many of

tion that the increase in the mar¬

not be

timent
market

scale
at

average

elsewhere

market.

ex¬

signifi¬

August

plus, since general

issues

able to

was

new

Margins

Higher

life

added

Con¬

sign.

in the

ment felt

New

miti¬

market

generally considered

was

vigorous upturn

a more

To the

relatively

the

over

general

the market

pending

major

some

particular time.

tent that

had

advance,

broad

any

the

weekly advances in

already

taxes,

dence

ending

the

whether

reduce

securities purchases.

ten

much

historic

The

still

rupted decline from May 25 until
week

Co¬

there

hanging

notably

surge

was

years

and

well in

were

uncertainties

mid-March,

Except for July

1.6%

and

tons in the

anx¬

Amer¬

how

will

news

discounted

over

ended

week

7,142,000 tons occurred

week

the

highest since the

—•

late

late October.

year-end approaches.

still expected to garner a 110 mil¬

lion ton year

a
'

and

clear

there

against

1962 Week's Volume

level Preliminary

reason¬

Jump

selling

gate

a row.

Week Ending

■

Clearings

Above

Nov.

those

duPont

weekly increase jn

Youngstown

of posi¬

the

call

caution around until it

some

will

Detroit

change

tons

1,944,000

Broadcasting,

gress

Buying Policy
a - minor

against

lumbia

In¬

week

ing

being watched

were

including

ending week. It marked the third

Cleveland
'

Steel

1,958,000

was

District-

supply: Cadmium
■

(*105.1%)
tons

and

Iron

phase.

Telephone,

tax

production for the

stitute,

meetings

iously,
ican

industrial

important dividend

becomes

According to data compiled by

Several

was

11.2%

Period's

Stainless

are:

butyl acetate.

rain.

Output

1962

Above

Year's

Leaving

Weeks,

Cumulative

and tires.

paper,

Last

for Tenth Rise Out of Past

Week

mulative

plasticizers, coal,

0.7 % Above

and

Week

Ago

8.5% Ahead of Year

the

563,386

Steel Output

'986,505

City

technicians

Boston
Kansas

anything

picture

since

neither having

one,

cant

lolling

"consolidation"

rail

con¬

list,

what

the

market

stalled

+12.6

this

soybean

generally

+11.1
+13.4

mium,

motors,

paint

1,259,215
1,047,000

lead, carbon steel, Jin, zinc, cad¬
electric

$15,168,326

The

note

stock

1,399,014
1,187,000

category.

waggish

cused

re¬

mention.

mixed,

' were

strength

bars,

structural,

were

predominating in

larger.

even

week's

$17,085,247

years,

broad range of asso¬

Chemicals

spe¬

particularly

items

On the

„

largely

was

disputes,

labor

levels.

the current

re¬

firming

largest tally

prominent

lengthening lead time,

all of which usually

tion

claimed

report

month's

most

reported lower

members,

and talk of

jump

last

ceived

optimistic tone in the
of

tion

Though

the over-all

marks

Changes

liquidation.

This is most interesting

the

Commodity

and

tember.

Specific

pipe,

indicating such in Sep¬

17%

of steel

increases.

plates,

14% note higher stocks, down

from

cases

some

reflect

of liquidation

31%

from 26%

ex¬

looked

they expect
to

rate

strong business

this

York

New

output

strategy may have developed

adjust¬

considering

Thus,
figures

ap¬

than

accomplished

Philadelphia

ket

they foresaw

activity:

However,

and

month

Selective strength and profit-tak¬

ing among the recent favorites in

Chicago__

followed

riding aftermath

the continuation of

decreases.

this

It is

known.

now

how

-—

1962

1963

Ncv. 9—

parent that a "now or never" mar¬

and

last

popular

just

tempo;

increases and 21%

pected
for

selec-

choose

coattail

the next 60 days,

over

take part

and

ultimately

Inventories

what

ments in inventories

will

in reflection of the

question

members

the

re¬

many

the horizon.

Materials

special

asked

sixties"

"golden

main somewhere
Purchased

the

that

out

pace" is not a boom.

present "£ood

chance

game

that

doubt

little

can

price pressures, profits, tax cuts, testing of the market on
weather, lead time, and stiff com¬ tiye basis has become a

for

summary

(000s Omitted)

Week End.

was

price

continued through the

reflect

comparative

This

Row

WALLACE STREETE-

$28,492,-

tinued

for 4th

Commodity Prices Rise

September's

May, 1959.
The
Automotive

higher

those re¬

porting lower.

show improve¬
about the same rate as last

ment

employees,

stating last month.

less,

continue

ures

they have
from 12%

levels have outnumbered

Committee.
New

14%

say

against

were

of the principal money cen¬

September: 20%

down from

totals

follows:

ters

higher levels,

and

fewer
so

expected,

slower rate than

based 23%,

the

upon

but,

report

survey

month

793,777 for the same week in 1962.
Our

expect

Thursday, November 14, 1963

The Market.,. And You

clear¬

those

above

preliminary

$31,692,965,812

Failures

Business

weekly

11.2%

were

some

quarter

it is

which

for

obtain

the corresponding week last year.

Index

Food

States

possible

Trade

Retail

United

the

Output

Carloadings

The State of

"Good"

(1908)

out¬
V

Issue

that seems

skipped much of the re-

■

cent

for

favor

Number 6316

198

Volume

issues

such

Packard

Bell,

coast TV,

high-fi and radio maker

also

that

puter

field.

made

its

active

The

high,

since

and

leading

the

stock

1959
had

has

west

future

ago

STOCKS

,In part, the decline in Packard
Bell shares stemmed from unprof¬

crippled
until

could

Estimates

low

slid

of less

that

are

years

for

1962>

March,

the

year

share,

thereby

Marsh

last

ex¬

for

shelter

tax

could

ahead,

future.

the

tantly

could

million.

$30
first

the

sold

the

$44%-

per

This

public

was

For

underwriting

McLennan

operates

one

the

largest

90%

addition, the

ning

the

company's

income

services,

actuarial

performs

company

furnishes

advisory

and

pension

tions.

the

its

The

company

McLennan

formed

which became

1871,

Delaware

ance

tor

of its

sidiary

had

estimated

fifth

its

dip in per-share

re¬

industrial,

plan¬

mercantile,

it is

The

operation.
with

was

000

cash-rich

now a

heavy
its

this

utility,

to 300,-

obviously

offer,

results

per-share

sion,

which it

Ses

plunged just when
market fell apart.

year's results

crease

those

reported: last, year," and

[The views expressed in
do

not.

necessarily at

They

presented

are

author

any

acts

both

officers

and

$48% and $33 V2.

this

present price

price the

of $33%

stock

according

vary

which

the

are

type

insurance

portion

equally between

per¬

These prices

bid

provides

through

able

provide

the

gone

establishing

contributed

2%-3%

times projected

with

respect to granting or ex¬
tending options, warrants or rights

ments

standards

became

1963,

effective

will

and

apply
for

security,

with

banks

have

52-page

"Shareholders'
tions."

been

The

;

ing

deposits

Meeting

Instruc¬

Which

insurance
u

are

There

over.;

nearly

the -company's

shareholders will consider

insurance

brokerage and

Boiler-Clark

acquired

well

Griswold & Co.,

California.

were

Agency,

agency

Inc.

Rochester,

were

stock.

It is the

Voting

The proxy statement, according
the

Comptroller's instructions,

furnish

substantially
Mr.

acquired through

ample,
with

action

respect

sharing

taken

profit-

bonus,

pension plans, the

ma¬

//-•

that

their

covered,

that

will

continue

informa¬

same

said

that

point had indicated

the

company's

This

solicitation

STATISTICAL

Gross Inc.
Year

Net Earns.

$35.2

The

Earnings

Per Share

——(000,1)00)

1957___

DATA

$3.2

$1.43

1958

36.9

2.9

1.27

1959_

41.4

4.0

1.58

Dividends

offering

Such

the

could

purpose

tions.

■7'offering has been

made

neither

only' bv

offer

the

of these

registered

sell

nor

Prospectus.

with

these securities.

the

This

the -Securities

7 Exchange Commission, Washington, D.C.

Price Range

$0.40

•

3aine, Webber,-Jackson & Curtis,
Street, New York

Broad

New York

of the

nembers

)artner.
Mr.

43.5

4.6

1.83

0.40

48.7

4.87

1.90

0.48

'52.0

Mos.

Mason,
senior

nember

the

Foster

will

business

0.98

1.42

0.68

48%-371/2

4.1

1.62

0.90

41%-3 3%

and

from

Officers

Treasurer;

BANK

U BISHOPSGATE,

and

BrilMmj Fund
7
;S I
of
& co., inc.

LONDON, B.CJ

Telegraphic Address

BENJAMJN/X

MINERVA LONDON

Telex Nos.

STOCKS

Bankers

Laird, Bissell S Meeds

ADEN

KENYA

22368-9

the Government in
-

UGANDA

•

Members

New

Members

American

120

York

Exchange
Exchange

BROADWAY, NEW YORK 5, N. Y.
Telephone:

Stock

Bell

Teletype

212

571-1170

INDIA

•

PAKISTAN
•

•

CEYLON

SOMALIA

•

ISIDENT
PRESIDE!

•! 7

Individuals

the

higher tax brackets may write for our bro¬

chure "The Tax Shelter in Gas and Oil."

BURMA

EAST AFRICA

AND THE RHODESIAS
.

BERTMAN, JR.
JAMES G. BER

Branches in '
ADEN

BArclay 7-3500

.-7

GO.0D4FE

CHAIKMANvbr'TH^/h^illV'

ZANZIBAR
"

Hugh K. Foster,

Rockwcod H. Foster,
and John S. Howland

the 1963/1964

gooda$jeI,Ibertman

INSURANCE

offices at 53 State

Clerk.

600-f^M:hi

Head Office

policy committee.

are

$481/8-33%

Primary Markets in

Foster Formed

President;

1.95

3.5

succeed

BOSTON, Mass.—Foster & Foster,
Inc.
is
conducting
a
securities

St.

5.0:

Bank Limited

who will conpartner

__________

National and Grindlays

Minneapolis office
firm's branch

committee,

__________

/■/ a:

of the

Aoyd W.
inue

1963

ind Chairman of the

>ffice

1962

Davant, resident partner in

diarge

0.40
0.40

1961

appointed James
V. Davarit managing partner and
fohn H. Schwieger administrative

1960

1962

City,
Stock

have

Exchange,

•

GOOD ALE,
111

BERTMAN & CO., INC

Devonshire St.,

Houston, Texas

Boston, Mass.

Liberty 2-9646
Liberty. Texas

re¬

simplified.

cut¬

disclosure

compliance

simplification

tended

offer to buy any of

many

willing¬

It is likely that acquisi- >■,

important factor

such

stockholders

where Marsh

areas

while

banks under the $25 million
off

:7—;

deposits

not

are

the

quirements

ex¬

savings

Currency

urged

Saxon

ing

For

said

"strongly

requirements,

shareholder."

the-

under $25 million

ness

all

Saxon

"must include all of the informa¬

assets

stock

national banks with total

tion."

all

the

■'/■■■'-(4'

tion necessary for intelligent vot¬

company's policy in acquisi¬

acquire strong brokerage firms in

Owners'

York

New

Inc. of New York, and Griswold & Farley
were

Intelligent

assets

53.8%

and

Thus far

the businesses of Griswold & Co., Inc. and

Virtually all of these firms

common

concerns

acquired in 1962.

Assist

national

They have

and

Comptroller
James

to¬

and

total

billion

$300

commercial

other corporate actions.

annual

654

are

banks

banks.

million

category.

the

$25

in¬

which

elected

banks in this

81.2%

entitled,

shareholders

directors

under

disclosure regulations

new

tal

structions applicable to any meet¬

broadened its

the

banks'

and

Association.

mandatory for banks with

provided

forms

are

booklet

It contains

amendment

bank's Articles

national

business.

purchase the bank's stock; the
or
issuance of any

authorization

state¬

proxy

shareholders

in¬

meetings early in 1964.

The

long

national

income

aggressive acquisition j

rily handling large commercial accounts.

Advances

the

3.6%,

Full disclosure also is called for

the

shareholders

meeting notices and
-■

connections 7

area.

requiring

furnish

minimum

Feb.

pen¬

and

with

prop¬

has

company

single coordinated

have

Regulations

annual

of total

policy, Marsh & McLennan

Five additional firms

tions

new

near

yield

i5.7

terial features of the
plan must be
described.
7

new

Comptroller of the Currency
I '*
:
;>

formation

12.5%

revenues,

facilities

with

corporate practices

disclosure

banks

approximately two thirds

years

complying

just announced.

percentage

and the services

company,

In recent

consists' of its

Xhe remainder is1 derived from life,

that

has

the

1962,

year.

4,589 national banks, the Office of
the

compensation

companies

regulations

Although foreign operations outside of Canada

low.

March,

reflecting the" wide price swings of

The

year.

stockholders, the

McLennan does not have adequate representation which is'prima¬

those of the
,

that

1962,

leading insurance brokerage firm of Brussels,

which

1963

tions

time coin¬

.-v-;

has ranged between
in

673.215

Detailed instructions to assist bank

facilities in 1962 by an arrangement with J. Henrijean & 7

issuance of

this article

principal

insurance

world-wide

acquired.

only.]

property

growth rate of 8%,in recent years. From 1957 through 1961 the

of the "Chronicle.

those

with

cide

single transaction.

minor

businesses

was

rather

Disclosure Rules for National Banks

company

review,

often

company

operations have contributed

it will

policy

over

Better prices in

estimates.

favorable

sold for the benefit of

were

banks

which
Olin operations could call for an
upward revision in even the pres¬
ent

The

Marsh & McLennan has maintained

of the many fields in

any

requirements,

brokerage service throughout the Common Market

point to another increase in earn¬
ings next year.

basis.

and

year§.

Fils,

which

good chance for a respectable in¬
this

the

leading insurance firms wherever its clients have

overseas

par¬

projections give Olin a

Earnings

from

furtherance

venture

aluminum

the

acquisitions,

its

the

ticularly

recent

provided

di¬

that it had troubles
all

gesting

broker,

reinsurance, adjusting fees, co-brokerage commissions,

with

fluctuate

cor¬

behalf of various insurance companies

McLennan's

premiums

constitute

back was so busy ex¬

years

panding

inot

which

Mathieson

Olin

some

appears

steady earnings improve¬

ment

Canadian

what

transportation

others, in order of declining importance.

Prognosis

Bright

its $1.20 annual dividend and is
selling at

corpo¬

also acts aS/ an agent and, in that

company

erty and casualty laws.
all

newcomer

and

of the company's income has been divided

will have to be revised.

The

formed by the company.

the

public offering

stock

all-time

addition to placing the insurance,

written, the particular insurance

future

the

stock

common

tend

Virtually all types of property

carried.: As

are

insurance

non-exclusive

commissions

If it is successful in

tender

services.

Marsh

which is nearly 16% of the shares
outstanding.'

advice

broker and agent in

cash larder

retire up

offer to

offer

results

the

reached

issues

first

company's

its

coverages

capacity, writes policies
on

share.

were

valuations, assist in the preparation of claims for losses and render/

expected for the last fis¬

cal year. But

casualty

other

interim

earnings for the present

represents the insured and, in
may

company's principal customers for whom it places insur¬

are

and

G. R. Kinney sub¬

produced

profits. So

move

which

which : is

having
sults

Shoe

Brown

get rid

unknown fac¬

aix

1962.

two-thirds of which

ration in 1923.

Cash

While

common

to the partnership of March

successor

period

Since

self-insurance programs, and performs certain other related func¬

porations and financial institutions.
Something of

all

1963 the
company has reported
share compared with $1.42 in the comparable

per

services for

management

the first nine months

earnings of $1.62

million

$51.9

represented by commissions from insurance premiums.

was

The

With

increasing competitiveness

expected that this rate of expansion will be maintained over the
remainder of the year with full year
earnings amounting to $2.20

insurance

capitalization is small.
Burdened

the

widely due to the nature of insurance accounting procedures, it is

becoming increasingly active in other parts of the world.

in 1962

any

since

volatile

it marks

that

Inc.,

in the insurance agency and brokerage business.

Approximately

years

results,

steady growth in gross income and earnings has been ex¬
over the past five years.
In 1962 commissions and fees
increased to an all-time high qf
$52 million, up 6.5% over the
previous year, while eariiings advanced
moderately from $1.90 to
$1.95 per share.
Last year's earnings were penalized
$0.05 per
share through an exchange loss of
$205,000, reflecting a decline
in the
currency value of the Canadian dollar during the
year.

Stocks

brokerage and agency businesses in the United States and Canada

impor¬

With

its

turnabout

issue

several

boosted

successfully

McLennan,

approximately

raising

offering

company

the

company

view

perienced

—;

673,215 shares of Marsh &

from

than

in its profits which, with

surge

Insurance

—

underwriting group

public

pected to show a comfortable up¬

real

Mclennan, inc.—

and

fiscal

Week

marsh &

unique

terminated.

this the shares

During
above

fop two

earnings

they

that

contracts

This

exact,

growth

phases of the insurance field.

lon^ down¬

government

(1909),

BANK AND INSURANCE

hill slide.

itable

The Commercial and Financial Chronicle

com¬

long

in¬

instruc¬

The Commercial and Financial Chronicle

(1910)

either

OWN

Funds' Buying Matched

direction

volumes.

The

Industry

Get the Facts about

Selling

Continued from page

AMERICAN

in mind, we now

direct our atten¬

tion to what was

the basic think¬

fund

ing

SHARES-inc.
diversified

mutual

Sep¬

the

during

quarter. Based on our ex¬

tensive

fund usually investing in

fund

study,

managers

slowed down their securities pur¬

stocks chosen for

possibility

chases

the stock market pushed

send this to

Fund

riod.

million

purchases

million

Chicago 3, 111.

SELECTED AMERICAN SHARES, Inc.

margin of buying narrowed
siderably from the preceding

7.0%
June

' ^

' j
) i

City

the

per

earned

share from net

income and

tribution from net

gain of 30£

per

dis¬

capital

share, both

June

1, 1963

120 S. La Salle Street,

the

ago,

growth

rate

trends^

our

Productivity

line

major

$35.5
of

million

72%

reflected

the

stepped-up

this)

perienced

buying
and

(only

ing the second quarter.

million

spite

new

any

great to

in¬

rising world

for

econ¬

effort to

inflation,

of govern¬
insure

high

employment while

nec¬

is feared

and

restraints

knowingly

made.

are

than

in¬

will

fall

assuming

risks of recession. Balance of pay¬
ments

problems

diminish,

and

rising

likely

should

$45.3 million in the previous

quar¬

with

viewed

Latin
areas.

The

the

United

essentially

industry

may

the

high

1963.

for

volumes

There

1962

present

Harold

anticipating wide

changes

248.0

285.6.

263.3

$1,122.7
^Historic
Net

(Millions)
1963

far, no great

549.8

$1,575.4

$1,790.5

____

inter¬

continue

living

in U. S.
must

*Historic

Net Assets

(Millions)

conditions

Qr.
I

other

many

for

{

$23,048

$19,439

23,692

' 18,436

20,002

19,088

21,008

—21,271

22,789

24,496;

Ratio

both

for

"By

Redemptions to

Net

Assets

1962

1961

1.54%

1963

1.23%

1.81%

1.64

1.54

1.61

1.61,

1.25

1.21

1.42

-1.20

Qr.

fur¬

President,

In¬
is

but there are,

evident

Ratio

Note:

past

cycle

excesses

1961

$22,639

respect

present

1962

1963

ever-

Inc.:

high.

re¬

background

$388.8

position,

mature stage,

.1961

224.3

Bradford, Chairman

1962

Federal

III

the

(Sales Less

Redemptions)

;•

with

and

number

the

and

Mutual,

high,

Sales

$1,160.3

377.5

strong

Board

standards

and

317.9

234.7

474.4

opportunities

basis

320.0

388.7

260.3

and

the

381.0

*$331.1

229.1

currently

1961

$282.4

III

continues

economy

long-term

motor

1962

$347.9

de¬

5.5%,

allowance

ther growth."

Recovery

III

present difficulties, the American

are

'"V

451.1

Your management believes that

increase.

(Millions)
1963

Qr.

III

due

high.

Redemptions

ef¬

....

with

$2,950.8

210.9

political

America

$2,699.1

the

813.1

Unemployment

Russia

against

disturbed

722.4

510.9

*$639.7

peaceful atmosphere
lations

695.4

495.0
'

*Historic

A ; somewhat

approach but is unlikely to equal
Total sales
with

highs.

new

771.1

617.8
-

$252.8

cost

$719.9

591.9

1961

*$922.1

payments
The

vestors

States.

dur¬

compared

deficit.

1962

$600.7

seem

and the balance of

national

course,

Both

unlikely

countries,

continue

budget

are,

near

highs

employed.

difficulties

are

the

underdeveloped

the

with $41.6 million in buying

$49.4

flation,

quar¬

President

Fund
in

the imme¬

adjustments

essary

ex¬

purchases during

stubbornly

change

intervention

Deflation

group

was

period of $47.2 million contrasted

the

levels

companies,

selling

stays

subjected to continued strains

(

end

during the third

Total

to
for

ments in

quar¬

Jr.,

policy must be based
subject

short
-

too

assume

closed

and

decline

million in the June

error

due to pressures of cost

buying

forecast

diate future

from the equivalent total

■

portion

Lazard

premise

cause.

stock funds

quarter

The

degree of

Qr.

problems.

Hettinger,

1963

historic

improved

always, there

(Millions)
Qr.

ap¬

growth.
"As

very

COMPARATIVE
RELATIVE

"Two

increases

with

Gross Sales

economy

long-term

wage

activity.

for

INDUSTRY

the rate of growth is much
with

from

feared

slowing down. Today it
line

rather

the

over

months

President,

observers

some

strong

MUTUAL FUND

re¬

granting

Rubin,

American

eight

YEAR

THE

Edward

further

STATISTICS

reasonable expectation."

Selected

economy

outlook

ex¬

consumer

volumes.

some

high confidence, yet

vestment

the

"The

warrant

net group purchases of

stemmed,

Albert

economic

Mansfield, President,

the

six

THREE

purchasing,

assure,

accom¬

the third quarter of 1963 ended.,

Inc:

$76.5

during

the future to shareholders

The

III

as com¬

this

there

the present high level of

construction.

confidence, well main¬

trade

in the

September quarter

rise

Continued

recorded

al¬

underlying support

projecting

penalty^ next

undramatic recovery is not an un¬

tained

pears

sales

the

for

hope

should

continued

assets, gross and net

Chairman

On a

Tripp

Chicago 3, Illinois

sources

etc.

The data shows

force

new

Ample

rapidly;

omy

September

ter.

November

sell¬

with

compared
purchases

the

where

doing

Chester D.

net

and

sharply

dipped

As for the open-end

1963.

1, 1963.

losses.

gain of approximately $20 million

end

quarter.

ter.

date: November

again experienced

once

period

1963 to shareholders of

reinvestment

total

and

efficient

base

for { inventory
profits displaces fear of inventory

was

Richard H.

basis, sales of $20.3 million in

of $123.6

Dividend

open

stepped-up

funds,

buying

payable November 29,

record November 1,

statistics,

that

mutual fund industry with respect

million from $275 million

million

dividend

tent

years

June, and was off 21%.

net

the

FUND, INC.

the

case

was

to $214
in

ELECTRONICS

other defensive

and

comparative

share sales,

basis

aggressive

ideas

trend in

particular direction.

any

itantly,

indication

during the third quarter. Concom¬

TELEVISION-

found

same

sound

conceivably reinforced to the

In the accompanying table will
be

By the

panied by less inventory restraint
and

average

This

5.1%.
in

1961

and

redemptions

assets

net

1962

BY 89 INVESTMENT

;

compared with 5.8%

5.1% in 1960.

COMPANIES SURVEYED

($ Millions)

Life Fund
A balanced mutual fund

providing
for distribution of income and prin¬
cipal in accordance with an individ¬
ual trust

account

Cfeorge

Purchases

Sales

Purchases

$557

$671

$495

$644

815

619

*811

483

723

561

702

689

458

516

657

518

543

462

703

603

PUTNAM FUND

Historic

Sales

$737

Purchases

Qr.

1961

1962-

1 !><»8—

The

$484

high.

of ^Boston

for each investor.

"A BALANCED FUND"

GROUP
THE

MUTUAL

COMMONWEALTH

%Mh&Oac/tCffos/iMaf
Vfoftt/uuty, Trustee
!

A balanced

Prospectus from

your

Investment Dealer

AND GENERAL FUND

Prospectuses

State Steeet, Boston

INCOME FUND

for current income
COMMONWEALTH INTERNATIONAL

DISTRIBUTORS

for long-term groivth possibilities
COMMONWEALTH

MASSACHUSETTS LIFE FUND

fund

COMMONWEALTH STOCK FUND

FUND

Founded rSi8

Emphasizing possible long-term Capital Growth
;

FUNDS

INVESTMENT CO.

ESTABLISHED 1932.

GROWTH

PUTNAM

Request

Putnam Fund Distributors, Inc.
10

Mais.
New York

Los Angeles

POST OFFICE
Chicago
San Francisco

Cleveland
Washington

for international investing
Free

prospectus

from your

SQUARE, BOSTON
St. Louis

Pompano Beach, Fla.

was

THREE YEAR COMPARATIVE COMMON STOCK TRANSACTIONS

Massachusetts

token,

overtime at

in many broad areas.

of less efficient standby

use

there

should

production

than the pared with the June quarter. The ficiency. Profit margins in many
$619 million liquidated in the June total
net
assets
of
the
funds areas have stabilized or are im¬
quarter and indicate the increased showed a
quarter-to-quarter in¬ proving.
'.Vv'tempo of selling that took place. crease about one billion dollars.
:
"The Administration is vigor¬
Moreover, it marked the fourth
ously endeavoring to reduce per-'
successive quarterly increase in
SOME ECONOMIC
sonal and corporate income
taxes;
sales.
In short, the overall port¬
FORECASTS
effective next Jan. 1. If tax re¬
folio operations of the funds in
Fund managers, in the follow¬ duction is enacted, it could be an
the September quarter resulted in
important stimulus
to future
something of a stalemate, rather ing {commentaries, expressed their

ing

have declared

the third quarter of

stocks during

balanced

The Directors of

30;

INDUSTRY STATISTICS

that

Sales of common

quarter.

rates,

facilities

and

economy,

business

utilize

facilities

ternatives of

the

firm

$689 million were higher

AND YEAR-END CAPITAL
GAIN DISTRIBUTION

buying during the

in net

million

than

60™ CONSECUTIVE DIVIDEND

slightly

rose

of Sept. 30 from 6.9%

plant

capital

rising

fully

com¬

quarters in the years
1963,
con-, 1962 and
1961, of the status of the

three
month span. Net buying dropped
sharply to $13 million from $183
June

j Address

sales;

■

$689
however, the
against

,,\

Name

investment

securities to 8.7% from 8.6%. The

quarter,

135 S. LaSalle St.,

assets

panies, liquid assets
to

volumes

Thursday, November 14, 1963

Characteristically,

during the

managers,

Selected Investments Co*

quarters

June

proportion of total port¬

folio

continued to buy
stocks than they sold, $702

third

;
Please mail me a free prospectus of

and

$2.2 million and $3.7 million,

Similarly, common stock sector of their bal¬
it
develops that security sales
ance
sheet
value
registered
a
stepped-up during the same pe¬
slight drop to 84.3% from 84.5%.

For information and free copy

basis, sales for the

its old high.

through

growth of capital and for income.

of prospectus,

net

respectively.

on
common

were

toward

managers

stocks

common

tember
a

ter.

September

SELECTED

...

Market Soared

construction

increase

expenditures
accelerate

in American

investment dealer or

SECURITIES CO.

NORTH AMERICAN
615

RUSS

BUILDING

•

SAN

FRANCISCO 4

Volume

Number

198/

6316

The Commercial and Financial Chronicle

(1911)
modest'

gain

fund

business

general

through year-end and

activity

general flattening of the upward
trend to mid-1964.

that

have

tained

rise

sectors

the

solidation
as

areas

the

tax

cut.

decline

economy

for

prospect
is

there

strength

the

current

the

minimize

balance

sound

as pro¬

in business
levels,

boom

which
cyclical ad¬

economy

any

justment."

groups

The

increasingly

cau¬

policy, remained con¬

fident in the immediate future by

favoring 20 industry groups while

disfavoring 1 during the Septem¬

four

quarter.

the

quarter,

industry

were

groups

predominately bought: agricultur¬
al

aircraft

equipment,

craft:

managements,

Aluminum

bank,

airline,

equipment,

air¬

and

building and construction, chemi¬

Copper;

McLouth

Pacific

not

utility

public
radio,

tele-

Vision, railroad, rubber, steel, tex¬
and

tobacco.

following

•••*.; The

industries

were

mildly favored by managements in
this
tive
and
In

automative, automo¬

survey:

equipment,
natural
the

container,

gas.

mixed

International

year;

Telegraph;

Monsanto

Motorola;
nolds

glass

and

category

Caterpillar Tractor;

rank

90,000

Chemical;

Royal

"DEBUTANTS
This

man¬

expressed giving

are

Co._

International

Aircraft and

Good¬

American;

Deere &

securities

Airlines

Gillette;
ISSUES

splits, dividends, etc.

prior to stock splits

favored

during the September quarter

Top

153,500

troleum; and Standard Oil (N. J.).

find

The lone group sold on balance

POPULAR

900

4(3)

gas), and retail trade.

MOST

2(1)
1

pur-,

Telephone

12400

INCOflPOflATIO

Chrysler;

Broadcasting;

Agricultural Equipment

heav¬

were

Industries;

Columbia

beverages, cosmetic, drug, finance,
insurance,

Mont¬

unanimously

equipment,

publishing,

Steel;

issues which

but

Computer Control

tile

Mgts.

4,(3)

portfolios

and

No. of

Power; and Westinghouse

Other

offices

-S old-

No. of

Electric.

quarter

ing

Ward; Pfizer & Co.; Sierra

gomery

cal, electronic, food product, ma¬

paper,

sold

,with

Dow Chemical; Emhart Man¬

chinery and industrial equipment,
metal
(aluminum-copper), office
(telephone and telegraph), print¬

—Bought—

met

Co.

bought

effect to the split.)

pecially for issues with relatively

September

following

of shares

ufacturing; General Telephone &

ably with the 23 industries being

the

exclude shares received through stock

FAVORITES

America; Avco; Consolidated Edi¬
son;

bought and 1 sold during the June
In

selling:

This compares favor¬

ber quarter.

following issues, bought by

Burlington

although

managements

displaying

went

Form Investment Co,

MIAMI, Fla.—Mutual Funds Sales
& Planning, Inc. has been
formed
Sixty-third Ave.

parentheses
indicate number of managements
making entirely new purchases or
completely eliminating the stock from their portfolios. (Purchases

chased, included Aluminum Ltd.;
American Telephone & Telegraph;

toward

industry

tious buving

position

UNANIMOUS

ily,

policy

Fund

third

Management Groups

(July-September, 1963)

The following transactions include
only those issues in which
than one management
group participated. Issues in which more
agements sold than bought are in italics. Numerals in

there

from

activity

widely

;

longer-term. Electronics; International Harvest¬
is
little er; Jones & Laughlin; Kennecott

the

although

Thus,

any

sectors

well

stimulus

increased

shou)d,

volatile

these

most

American Airlines with 12 buyers.

along

offset

in the near-term, as

these

further

move

materially'

course,

will

con¬

the

was/

;

The

only

some

issue

sought.

cycle. The stimulus of the

expected

vide

demand

and

75 Investment

This

acquired by 14 manage¬

was

against ?3 during June, when

the

private

expect

ter

major

economy,

and

construction.

reasonable

the

Changes in Common Stock Holdings of

Gulf Oil,

was

ments during the September quar¬

long-sus¬

some

automobiles

public

had

issue

remember

position

large crude oil producer.

com¬

/•

In second

;

important

managements making

mitments.

Nationally distributed through
investment dealers
by

Deiaware

Management
co

inc

3 Penn Center Plaza

Philadelphia 2,

Pa.

The Commercial and Financial Chronicle

American,

Matched

Funds' Buying

case

Selling

into

Continued jrom page

which

with

managements,

sold by four

were

Smelt¬
ing & Refining; Norwich Pharmacal;
Owens
Corning
Fiberglas;
buyers, included American

Davis; Penny J. C.; Stand¬

Parke
ard

Oil

California; and Standard
Indiana.
;

•v./.^v-sk

latter, with six buyers,

The

terest.
LK

Among

THE

and

GROUPS

was

Sentiment

indicated. The is¬

were

newly

acquired

(125,000);' S

Wellington

Guardian:; Mutual;
found

Co.

Overseas

was

c u

d .d

Common.., (20,000);

Stevens

block of

and

issue, four buyers

was

the

quarter.

sellers

sue

group

of International Harvester, a

case

unanimous
no

this

toward

June

the

over

tion

decided- improvement

showed

(3,500)

and

newV buyer,

one

Securities

(500).

big

Masses-Ferguson.(90,000)

bought

Madison.

Aircrafts Continued Lift-Up

Despite

talk

craft

and

made

other

the

war

air¬

products

aerospace

industry

continue

bought

by
T-V

American

continued to remain

target.

selling

Avia¬
heavy

huge block of
eliminated by

Other ^eliminations were

Dreyfus.
made

Pine

Street

(5,000);

Fund

Energy

Dominick

(2,000);

(2,300), and Dodge & Cox (1,600).

Climbing profits and the super¬

sonic plane
vestors'

keeping in¬

are

race

eyes

directed toward-the

airline stocks. Operating revenues
domestic

(10,000).

lines

trunk

rose

through

above

sharp

the

$11
same

Best

well

million

tion.

(16,600);

Institutional

(20,000);

Vegh

(12,700).

which remained
lar

issues,

Fidelity

.and

continues

eliminated

Growth

large

(20,000);

good

and

suffered

period.

bought industry issue

„

was

greater extent than
the

during

bought bank
acquired
(500).

issue

unanimous

sue,

sold

case

(4,600).

Co.;

was

(16,500);

Dreyfus

eliminated
and

;

Wall

ing

the

span,

issue

ac¬

Street

(27,700);
Investing. Giant

sold

was

balance

the

mammoth

num

Wellington

;

during the September

tinuing.

once

Best
Fund

newly.

A) big

the emphasis being primar¬

rola

acquired
buyer

Street

electronic
and

actively

during

the

quarter.

The

latter

-and

ers.

sought by

Fidelity

Foods

MUTUAL FUNDS

this

group

dation

during the September

ter, after
tion

the June

continued

the

A Balanced Fund?

top

Howard

buyers.

newly

(4,000)

American

acquired

Sugar

ment

balanced fund with

item,

was

objectives of reasonable return, preservation of capital, and
long-term appreciation possibilities through diversified hold¬
ings of more than 600 common and preferred stocks and
investment quality bonds.

rated

Investors

Mutual, Inc. is

eliminated by
Securities

Dominick

(4,000).
and

the

Rand

(2,600);
.

*rm '>/

machinery

and

ment issues

the

bought

Selective Fu*idr the, is a mcfottd fundwltiv I
primary objectives qfpfovldmga reasonably
fate q ua rteply-l
v interne and of conserving the vaiue of the iuveitmeui
I
It;

-;;'

•

....................

...v...

i*. ✓.*.

...

•

I---

was

and

facturing

included

America

newly

the

Issues

Equip-

The

(4,200); and

acquired
did

Sperry

Fidelity
sold

were

recent

greater

demand

quarter.
Emhart

;

interest

attracted

during

than

the

national

Paper

stand-out,
quring

Best

The

Manu¬

total

four
of

buyers

Continued

.were

foreign investments?

mut u
sional

%j; ty-v:

page

supervision of diversi¬

common

•

Objectiveflong-term capita I ;grbwth possibil¬
through investment in substantial proportions on each

of two

mdre continents.

WHY

objectives of long-term capi¬
tal appreciation possibilities

LIFE

and reasonable income.

•

emphasizing

stocks. Securities

for this fund are chosen with

the Free World.
ities

end

I lu n d; wit h profes¬

fied securities,

Inier-Continerital Fund, Ltd. is a mutual
fund Investing in business activities and industry throughout

open

NOT

CONSIDER

INSURANCE

INVESTORS

INC

A Mutual Fund which invests its assets in the
common

A VARIABLE

For

III

prospectus-booklet,

PAYMENT FUND?
Variable

Fund, Inc. is
with

Payment

call your

primarily

in the United States.

tive

than

current income.

INVESTORS

Investment

objec¬

contact your

Send for free Prospectus

securities dealer.

BUILDING, MINNEAPOLIS 2, MINN.

SPON SO R
RAND
AND

DISTRIBUTOR

CA PI TA L
211

Union Street

en¬

possible capital appreciation rather

DIVERSIFIED SERVICES, INC.

common stocks,

emphasizing growth possibilities.

ance

man

professional supervision of diversi¬

fied securities,

selected companies

gaged primarily in the business of Life Insur¬

OR WRITE:

mutual investment fund

stocks

•

Nashville 3,

Tennessee

ac-

shares'.

55,500

largest acquisitions

Stock
Inc.

case

Inter¬

continued to be

with

including

Sep¬

the

was

in the earlier three months.

for

equip¬

sector

Fund,

quarter.

Demand

paper

tember quarter

purchasers

Invest¬

(12,000);

(2,000). Institutional

past favorites,

Paper

again in evidence

was

mixed

industrial

September
issue

(100,000);

balance

good

afaiV

•

(86,700). Control Data and Xerox,
both

incorpo¬

Industrial

menU Popular
Continued

IBM

Street

Growth,

was

after

United Accumulative

■

Machinery

elicited

(8,100); American

European

of
Co.

State

(2,300). Campbell Soup, a casualty

buying during the Sep'--

quarter,

buyers

Ridge

Blue

Foun¬

the most widely bought issue

better

being

Howard

during the September period. Top

reac¬

buying, with Putnam (66,000) and
Eaton

showing in the June quarter/IBM

de¬

quarter, Armour

attract

Eaton

group

tember

quar-

somewhat mixed

bought

Institutional

(5,000).

This

was

mand
'.

Sulphur,

was

Fund,
and

Bullock

Office Equipment'"Elicit BiVyihg

•

(6,000);
Dividend

metal,

(22,700);

found

sell¬

was

Freeport

Balanced

was

(T,-

sector, both Ana¬

(10,000).
Chemical

Sep¬

elim¬

one

Kennecott had

amount of

Favored

newly

Wide..

mixed

(81,000).

Issues

purchased
also

■:

and

newly acquired-by United Accu¬

Interested In

Alumi¬

Securities

(10,000);

best

Overseas

Anaconda

Nation

Lazard (2,100). Motorola was

mulative

newly acquired
by Fidelity (64,100); Kennecott by

were-

bought

Dividend

was'

In the copper,

was

tember

the

issue,

conda and

Moto-

concerns,

Ltd.,

v,'-.-;

000).

(19,900). Two

Westinghouse,

likewise

was

issues.

Co., with 22,000 shares. Alu¬

ination,

(3,200)

latter

by Delaware Fund (50,000). There Were seven additional

General Electric; Wis-

was

sonsin

other

bought issue

buyer

bought

quar¬

con¬

favor¬

Investment

buyers of the issue and

ter, with wide-spread buying

Co.

the

top buyer

was

category,

was

newly.

both

is¬

and

occur was very

taking

Boston

display exceptionally good de¬

best

buyer

dur¬

One William

ily centered around cement issues.

(2,500)

Trust

industry

mand

Favored

three

newly

was

William

This "glamour group" continued

balance,

unanimous

issues,

alu¬

Aluminum

were

both

minum

months

recent

an¬

being

Lazard

aluminum

and

America

Electronics Remained Popular

showed better buy¬

group

Reynolds

ing the quarter, a large liquidator

again
Construction

One
Street

(15,800).

(10,000).
Building,

Monsanto,

issue,

duPont

Best'

.was

the

period

the

sectors,

selling that, did
In

the

both

copper

sold

were

mild.

best

(50,000); United Income

Bankers

was

the

and

ites. Value Line Fund

and

(15,000). The only is¬
balance

sues

The lat¬
was

during

minum

Car¬

issue,

good

newly acquired by Investment. Co.
of America

tionally

the
indi¬

issues

ment, with overall demand excep¬
under ^review.

was

metal

000); Price (T. Rowe) (7,480); and

Securities

America

toward

Lazard

newly

was

and

continued to experience
improve¬

bought by One William Street (9,-

Chemical

was

Overseas

Bank

the

quarter.

Trust, and

Nation

was bought by
Shareholders Trust of Boston.

the

Union

losses,

Delaware

was

June

buying

bide; and Dow Chemical.

bought

(12,000);

(13,700). A block of

Sentiment

with

ter,

quired
were

Securities

Singer Co. (4,000)

chemical

displayed

Monsanto;

other active

stocks

the

which

Bought

Bank

purchased

Broad Street

ac¬

Buying

keeping

Better

cated

(40,000).
Banks

newly

Wide

preceding quarter,

earnings

group.

Institutional

Good

toward

the

over

probably

Electronics

Eastern,

show

ment

Delaware

T-V

(15,000).

and

best

Securi¬

was

issues continued to show improve¬

American,

acquired

was

Elicit

Sentiment

of the popu¬

one

(39,200);

(16,000);
Fund

(8,000);

National

(8,600); and Adams
Express (1,287) Clark Equipment

atten¬

newly

was

(5,400);

Stock

Metals Well Liked

Growth

Pan

latter

Chemicals

Street

Broad

The

amount

ties

(17,600).

Continental

fair

Bullock

quired by Overseas Securities (1,500); and alsp by Loomis-Sayles

the following

contrast

loss

year ago

attracted

buyers,

(30,000);

This
to

Cement and Bestwall Gypsum also

(44,600); Investment Company of

Dreyfus

Star

exceptionally

had

Tri

Lone

was

Thursday, November 14, 1963

con¬

commitments

Best

bought issue

Cement; Johnston Mutual bought
(5,000) newly. General Portland

America

the

for the first nine months

million—a

$30

Best

Johnston ' Mutual

—

managements:

Trust

September

issue

Bank N. Y.

Take-Off

Airlines

the

AMR were^made by

(25,000); and Madison

comparable 1962 figure. The gain
in traffic helped to lift industry

defense

destined

seem

cold

missiles,

thaw;-spending for

another

(140,000);

North

earnings
'

second

was

Avco,

102,900 shares was

e r

Deere

bought

newly

American

buying

remain

newly

was

(20,000).

Sought

Agricultural Equipment

Street

Income

Electronics

FAVORED

Accumulative

Income

buyer.

United

buyers in

United
and

con¬

greatest in¬

new

State

(70,000).

favorite,

TRANSACTIONS

the

United

were

(1.10,000);
12,000

the

attract

tinued

biggest

better

indicated once again
Avco, Gruman, and Lockheed.

buying was

COMPLETELY FRIENDLESS
Issues

one

future. Continued

the

heavy;

Market

Pan

American,;

tinued

with

and Northwest runners-up. In the

198... Number 6316

Volume

The Commercial and Financial Chronicle

-Sold-

—Bought—
No. of

Mgts.

No. of

Mgts.

No. of

Mgts.

Beverages

2,000

3,000

5,700

Anheuser-Busch
Pepsi-Cola
Coca-Cola
—

Brewing

Pabst

None

—

——

53,700
6,000
6,100

1(1)

65,000

2(1)

10(3)

2(1)

Building Construction and Equipment

3(1)

20,215

11,000

Bestwall

Carrier Corp.——

Star

Lone

13,500

4(1)

Portland Cement.._____

General

3,500

2(1)

Cement.—

58,100

Marquette Cement—

16,000

U. S. Gypsum.

32,000

Owens Corning

None

29,000

Allied

8,200

FMC

Grace & Co._i.__

5(1)

115,700

2(1)

46,000

8(4)

146,640

Chemical.

Monsanto

Mathieson

6,036

Rohm & Haas___

5(2)

8,700

Union Carbide

None

Bayer (F. M.)

None

3,000

32,600

5,800

4(2)

70,900

44,500

3(2)

Works

42,210

2(1)

53,100

Texas Instruments

600

3(1)

5,000

1(1)

None

239,500

2(2)

>110,500

2,000

90,900

Siemans&HalskeADR—-

17,000

2(1)

Varian Associates--

35,000

2(1)

Great Western Financial

7,520

Household Finanee_________

4,100

Beneficial Finance

29,300

American

49,800

Armour & Co.—
California Packing
Kellogg

2,400

24,500

United Fruit____l

17,300

Commercial Solvents—________

78,1,05

2(1)

42,700

3(1)

40,956

4(1)

1,700

3(1)

13,000

18,200

—

None

r:
v

11,500

3(1)

146,000

5(3)

——__

—__

1(1)

2,700

American

3,800

Bristol-Myers

) 13,300

;

Home

Products,.
—

Merck

Laboratories

Miles

2,300

26,500

2,100

Richardson-Merrell

3(1)

1,400

Searle

2(2)
3
1

Pfizer

2,500

Syntex

38,800

Abbott

1,600

Carter Products
Mead,

2,000

Norwich

None

Parke:, Davis &■ Co

Pharmacol

None

1(1)

-'■>

Owens-Illinois

None

Glass

Firemans Fund Insurance——
Home

2,000-

'2,600

Travelers Insuran ce

Clark

7,200

DREYFUS

None

l(i) x ZS,lQ'0rl

Equipment—.

1,000

1(1)

3,200

300

■

FUNDAMENTAL
7,000

------

INVESTORS,

12,000

1(1)

Investing in

U.!Sx'Vi$amin,& Pharmaceutical
'_—___

Warner-Lambert

f'100.

16,673

Emhart Mfg

None

selected for possibilities of growth

6,500

Halliburton

None

in income and capital

None

None ,j

5,500

United
Warner

30,000

None

—

Shoe

Machinery

None

Swasey

None

Caterpillar Tractor

85,700

8-'

Dresser

21,000

Industries

over

■

79.900

Metals and Mining—Aluminum
8(1)

5(3)

71,200

4(1)

105,700

J—

" Aluminum Ltd.

90,300 -* Aluminum: Co;- of America

;

5(1)

94,800

Reynolds" Metals*

——1—

_.—l

1,000

- -

1 (-1)

DIVERSIFIED

None-

None

None,

INVESTMENT FUND/K

.-■4(1).

/*••'";

■3(1)

19,100

8,000'; 72

3(1)

Metals and Mining—Copper
67,600

;

5,000,

.;;

6(3)

35,400

__l-

Cerro

___

5,000

2(1)
3

Stock Series

Phelps

Dividend Series
% Income Series

Preferred Stock Series

•

Established 1930
r

120

None

8,800

51,000

International
National

None

Nickel

Lead

American

—

Refining

Broadway, New York 5, N. Y.

•;"

55,500

American Natural

3(1)

44,500

Panhandle

1,000

5,000

"
-

'
:

Eastern

■

•

;*:•

Office

■

•

1,000

2(1)

28,700

4(1)

DIVERSIFIED GROWTH
■:

None

...

4,600
'

87,400
'.'

•

None

in many fields of scientific and

*;■*."•

•'

'•/

■

4,050

Minneapolis-Honeywell

1,200

1(1)

5,500

National Cash Register.

66,900

2(1)

Sperry

Rand

46,534

2(2)

Control

Data

10,000

.2(1)

None

•

-v

Equipment

186,700

development.

4(3)

3,000

1(1)

economic

41,850

None

None
1

STOCK FUND,

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

2(2)

Addressograph
I. B.

;

4(1)

None ;

Pipe Line—

Arkansas Louisiana
Gas—
'
-

Gas

Southern Natural Gas__^.
.

stocks.r

None

common

1-y

25,800

Smelting

A balanced investment

■

Sulphur

Natural Gas

Request

NATIONAL SECURITIES & RESEARCH CORPORATION
•

Mining—Other

and

None

—!__6,500

Dodge-

None

1
•

Bond Series

-----

None

Freeport

Balanced Series

Prospectus

;

None,.

American Metal Climax

Information Folder and

^None••

Growth Stocks Series
";i.-

--X—

10,800

None

•

'None

17,000

137,000*''

Corp';*-L-

J^ennecott

;

in bonds, preferred stocks and

Anaconda r—-1

•

:4(i)

92,100

Mutual Investment Funds

the years.

2(1)
■'■2(1)

32,500

Metals

stocks

•

common

4,500

Corp., 2 B'way, New York 4, N.Y*.

2(1)

25,331

J— _——_•

Combustion Engineering

2(1)

— --

Decker———.—

and-;

grow

Prospectus free from your securities dealer
or write Department c

Industrial Equipment

and

Black &

35,700
;

money

your

hopes

Insurance—Life

Singer Co.

2(1)

None

Connecticut General Life

3(1)

; * •

.1(1)

15,900

Insurance------J

Franklin Life Insurance-

mutual fund

''•"I*

10,500

Marsh & McLennan—

risks in that direction.

Continental Casualty—1,000

Dreyfus Fund is

takes what it considers sensible

30,000

Casualty

>"':C 1,000
.

None

...

7,000

6,400

' •46,300

Sterling Druq

59,600

Society Hill to illustrate

make

(Mr.
set

new

talk.)

The

Corning Glass Works—3,000

4(1)

■[ Sobering Corp.-

have

in which the management

39,500

None

4(3)

Ingersoll-Rand

13,000

None

2(1)

9,400

—

will

None

16,200

11,400

—

1,000

1(1)

;

1,000

Deputy

9,800

Campbell Soup

Machinery

None

5,000

Alhart,

None

17,133

Johnson

None

3.000

None

8,000

Clarence

the

Hill"

3(1)

None

& Co

feature

Beatrice Foods

Laboratories

None

None-

___

3(2)

—

3,600

—_____

None
-

French

——

None

10,000

(G. D.) & Co.___

Smith, Kline &

Upjohn

None

14,100

,—

2(1)

Pittsburgh Plate Glass

20,000

None

8,500

15,000

——-

Co._

23,150

2(1)

8,500

/<;:/

None

_———'

Gillette

2,900

Inc.

Products

Avon

None

5,000

2,900

117,900*

Insurance—Fire

__—

Wilson

None

his

Glass

;

16,000

Mr.

slide

None

12,500

Can

will

program

Alhart

None

109,000

Sugar

12,000

3(1)

12,000

Financial

Charter

2(1)

None

Revlon

17,900

None

First

Dinner

and

p.m.

Food Products

3(1)1

CIT Financial

2,500

5:30

1(1)

31,250

7,600

Counselors

Financial Federation..

None

Phil¬

second

5,500

.None

None

21,000

None

1(1)

Corp.

—____

2(1)

2(2)

Can__

None

McGraw Edison

1,000

Container

None

—

None

13,000

their

Director of Redevelopment.

3(2)

American

2(1)

Companies

None

70,400

1,900

hold

6:30 p.m.
The

18,500

3(1)

Beauty

8,000

Beckman

43,454

700

(E. I.)————

Radio

will

The In-

—

Club

"Redevelopment of Society

7,219
—

adelphia

tails

Instruments

2(1)

N one

Electric

Women's

Monday, Nov. 18, 1963 with cock¬
,

General Precision Equipment—_

Cosmetics
1

__1__None

vestment

dinner meeting at the Barclay on

None

6,400

Continental

Finance

...

—None

None

900

______

;.R.

Lamp

Zenith

—

Philips

24,900

ADR————

Pont

—

28,500

Rayonier

None

—

Motorola

2(1)
i

—

____

Containers

2(1)

92,800

2(1)

Chemical

Hooker

Olin

7(1)

7,200

31,900
___

Hercules Powder.—_—

2(1)

43,100

—

Corp._____

5,500

19,000

46,700
16,000

Kodak.,

67,000

4(1)

25,000

Magnavox

Westinghouse

Chemical

5(1)

46,780

Litton Industries

10,000

Square

None

Chemical

Eastman

250

11,300

2(1)

32,300 "

American Potash & Chemical.—

23,380

4,900

2(1)

1(1)

59,000

—

24,500

4(3)

1,200

Glass-Tite Industries

2,600

1(1)

General Electric

Dinner Meeting
PHILADELPHIA, Pa.

50,000

Phila. Inv. Women's

;

45,000

18,700

Mgts.

46,300

None

2(2)

No. of

2,600

20,000

Air Products & Chemicals.

Dow

Cenco Instruments

None

No. of

Corp.

19.800

Reduction.—

Air

3,000

12,400

19,100

3(1)

Ampex

Chemicals
1

11,000

.—

Fiberglas

Electricals

and

None'

Gypsum-

„

10,600

Plywood.

1(1)

Elevator

Otis

100

None

National

None

—.—

Sold

None

Gypsum

Electronics

—Bought—

Continued from page 19

No. of

(1913)

.__

25,000

1(1)

34,500

28,000

Friden

27,300

Hugh W. Long and Company'

Xerox

33,500

WrttminWer it Parker

Incorporated

33,600

Continued

page

•

Eliubeth, N»w J«rj*y

"VWjHypNWPtH" '

(1914)

The Commercial and Financial
Chronicle

cash,

PUBLIC UTILITY

have

1962

OWEN

the

ELY

The

1-,

-r,

nual

•.

one

utilities in
u.™

-4u

quate

labor

the

South.

Kwh

prospered

89%.

Earnings

increased

mated

per

without

the

have

interruption

$2.70 or more

1963;

about

into

the

located

(com-

The

area

"to 7

1953

increased

«,»

ww 01 " 10 a

bo.

relatively quite low, ayerag-

ing

only

1.950

kwh.

per

1962

comparecj with a national average
2.410.

resulti residential

used

cusjomers

m0^

re-

mal

the

rrmcipai

Gastonia, N.

temporary

earnings
eainings

in
in

inin

(after
(alter

roe

,i,:

~-e

Carolina

about

over

months

ended

and

laws

other

rea-

the

life

increase

ar>d those who attain the coveted

credit

interest

for

;

;fo

„

w a

lent to about 30£

share for the

r<wnt'

with

Dare<j

12 "months

190

the

tkls yea[* Construction of a large
Hill and Anderson.
stea^ P
f p^'
The
three
largest industries;> Pacity
! Jf ? (and
served by Duke Power are tcxthel ^rst 350,000 kw. unit is exw

is rigorous

s'Tquiva- designation

neriod

of C. L.U. are" proud
to attach it to their-name.

L
"r.tv salesman.hfn In ?

later

nni

will

nmfP

-n

*±*

earnings from the flow-through out nf selling securities. There
might be are too many uninformed, poorly

:,ucuu

111

.•

York

65K.

around

66_53i/2;'it

being

Exchange
this

60"% Q.f all tobacco prod-

nortc

1ori/q

designed1 aUn? manul'ac: tages*
there

tured

However,

in local plants.

recreational

or
are

already

purposes'

such

areas

and 10 more are to be added. One
including those used in national s"
a^ea ;on',aln1'1® ' ? acres
defense and the space age pro- of wooded land with nearly nine
wide

variety

products,

other

gram,

being

also

are

miles of waterfront is being pre-

manufac¬
-A

tured in the area.

linas

its

for

noted

dustrial

growth,

rapid

in¬

The

considerable

migrated

this

area

^Carolina
mi

from

which is

Industrial
...

The

area

iar'gely

the

rural

public park, be-

has

The equity ratio at the
was

43%,

having

54%

1955

without

are

Reports (rPnwfh
Growth

irom

ppjiLAQKLpiHA.

Newburger, Newburger & Co.,

president

were

"J/nof

employees).

Bonds

and

bank

loans,

along

with

internal

T?/YD

FOR

ATTPTXT

fTT,nri/ir»T'r»r*'rk<s

NEW

SUBSCRIBERS

ferred,
third

including
first

COMMERCIAL

and FINANCIAL

;

CHRONICLE
25 Park Place
Fill

out

•

New

York, N. Y. 10007

the

coupon below and we will send
you complete
information regarding our
special trial subscription offer to
the Commercial

Name

and

Financial Chronicle without
obligation.
a-

Firm

■

firms

fices

en-

indirectly,

the

that

Richard Newburger

and

New

York

11,142,616 shares of 12
tions
and

authorized

were

63,354,000

porations

trading

brings

the

000.000

and

listing
12

admitted

were

listed

corpora-

for

cor-

countries

changes

policy under

with

laws

many

are

the

their

the

and

deflation-

Federal

privileges. ' This

year's

totals

90,737,000

38,re-

the

given set of

inheritance

tax

state?.; How

own

under

taxes

such

become

variable

those

which

effective

under

trusts, (non-revocable) and

living trusts (revocable)?

to be returned to him for life and
principal to go to charity

the

upon

457,321
increase

shares
of

nine
were

dollar volume of

over

months

How

yield

1962

maturity

discount
on

can

bonds;

explain

how

figured

yield

call

premium bonds?
many

can

municipal

bonds

marketed,

and

for

that

learning
be

engaged

row

the

put more stress

vye

tickers instead of

high speed

are

supposed, to

the

investment

Did anyone in the back

say,I "Ho Hum"? That's OK
...

that's what we have
fifty years.

been saying for

I John Dxitton is the pert, name
a registered representative employed by a large member jnvi
of the N. Y. S. E.].
(
°.f

;

explain

are

the

how

bought

methods

stands

Broker.

for

Certified

;

JJ W Meeting

■.

The

will

meeting

Customers'

Association

Brokers

educational

"Special

Situations"

hold

Wednesday, Nov. 27. at 4 p.m.,

15. William

will

Speakers

Street.

Hay-

Jarvis,

Leonard

den, Stone & Co. Incorporated; J/
Harold Smith, Hirsch & Co.; and
Dr. William I. La
son,

Tourette, Shear-

Hammill & Co.

Bosworth, Sullivan Adds
Archibold

Colo.

and

—

Robert

Spencer

Cox

have become associated with Bosworth,

Sullivan

New

York

Co.,

Inc.,

660

St., members

of the

Midwest

Stock

and

and
used

Exchanges.
with

ment

Qugt0merS
Brokers
v"

Seventeenth

*C.

$493,530,696.

many

11,-

traded,

long

minds

and it will stay with

DENVER,

his death?

How

first

image we have ;

the

Re-

familiar with the effect

estate

would

un-

public
us

balance of paynients

inflationary

living

Texas

would

worship, >someone

This is quite an

produced

public.

results that would take place

....

people

State
outside
New
York
City:
How many could figure the inBrown* Allen & Co., Dallas, Texas come tax liability of an individand
Billings' Associates,
Inc.,: ual who made a gift to charity,
Syracuse, New York.
at a certain age, with the income

For
Olty

our

foreign

conditions

spectively.
Address

opportunity

How many are thoroughly con-

the

been

have been

to the many facilities

house

with me

versant

the

haye

and stated that I was with,a «raber firm of _the. New York Stock
Exchange. Sure enpugh, even i

Quire them to correctly explain
the relationship between our gold
suPPly> Federal Reserve bank de-

serve

quarter,

business.

due

current

trans¬

re-

overall

ixTb ershipl

so.

and tbe individual citizen, that it
a dis§race that with all the talk
about "service to the public" that
^
all many
people think about
™LllT"
when

the

examination

ary

with home of-

The.

securities

WSE Newsm e

»ent business is so complex,

piped up, "What look's good?"

circumstances?

With

Special Trial Subscription Offer a
'

sold

great

directly

areas.

pages

it came my turn I gave my name

selling

with

the

with

been

and

arise,- introduce ourselves and
state how we make a living. When

Generalization

gaged,

deposits,

Exchange in

issue of P-B-

has

pages

oosits. commercial bank demand
posits,a
commercial bank demand

1961

stock

Stock Ex-

the

some

Philadelphia-

re-

P°rted

the

and

the

change,

substantial

(there

Baltimore-Washington

were

education

Richard

Pa.

Broad

How many people in the security
business do you think could pass

fill

of listening
UI
11

business.
business.

the

expanding the knowledge and

the

why

ot^^isq.
^nflualjfied
from
the

Not

There

Phila. Exchange
T? p-rvrx Y»fo
f

But

with such Questions? The invest-

belated,

for

small "rights" issues in 1956 and

but

non-farm

financing

Clients.

is held by the various
^uke fam.ly mterests.

growth

equity

72%

Nearly
*

fek^k

^..

1962

21).
'

record and present oper¬

But there are literally thousands that were at the disposal of new
of people handling investment members,, we weie all asked to

is one of

,v-

financial

southeast,
and

been allowed to "run down" from

any similar-sized

greatly congested

„

end

Crescent."
.

company

the

use

problems.

has the greatest popula-

|ion density of

the North

known

care!

ing named after the company.

number of textile companies havk„r*frm-n
tho
Tsjnvth
tn

ing

orlh

sented to the State of North Caro-

lina for

The Piedmont area of the Caro¬

around
aiuu

^Sp^llch^ CW0L

JL_

the past
,h„

xwnv

Exchange

individuals
individuals

vear's

the few utility stocks seliing near
the year's high. The-yield based on
^ $1 gQ diyidend of ^.7% and

substantia
add
whiph
will

acquired

.has

rfLi

ating procedures)?

accounts today who have only a
surface understanding of taxation,
tiles, tobacco and furniture. Near- Pected to g0
^neetfoT wRh ^ts the price-earnings ratio based on estate planning, , and even the.
ly half, of all textile spindles in
the latest earnings report is. 24 securities they are asked to recthe U. S. are located in the serv-' kydro developments the company
(compared with an industry aver_ ommend and analyze for their
t,

produced, along with about ten
but worthwhile step forward, in other couples, to a religious group
eliminating (dilettantes, opportu- with which we had just made an

•

Stock

income, in
lUn

i.1

asked what 1 do for a living and

educated, and unqualified people

•WCiC

New

range

§uch

use

Xl™e and again

of tax savings which
the

t°

imnorLi

8 1° I

for

vital to the welfare of the nation-

aro

standards
se

«'

\xm

pom-

earlier

* 190 " ^

rpppntlv

Rock

constructi:on"wYich

earnings

behind the fig-

obtain

course

three

TV.nu m'aking a determination
?f whl<? stock apPeared to be the

and

Those

wmj.uuv.Ci

who complete this

each year, and

most

insurance

take

operating

'com-

life

could

many

c?mpa°,es ?-"d analyze their
operatlons
back ten years, check
out their

of the

technical aspects of personal

business

Sept.

How

subjects

panies,

and 40 in 1961.

•

derwriter. The

the

are:

Spartanburg,

Qreenville.

nor-

C._Their coun-

South

about 3.6 million kwh., of whicf equivalent charges to
'? ^
Inn
u"
]
the reported earnings.
hydro/ A 263,000 kw. hydro plant ;
,
,
V
,

Burlington, High Point,

Salisbury

teroarts

bei veu

Durham,

Winston-Salem,

lotte,
and

cuies

include: Char-

Carolina

North

adjust-

regis-

such

this gain was accounted for by an

generated

stomers.

for

agents ..covering

15%: Hy- ulations, investments of

excess

accounted for

For

this

was

production in

average

the

usage

1reduction
eduction

after

5,636 kwh„ or 38%> more than the

contributing

ricity is
Electricity

1 %.

other

and

by different types of accounts i
pricipg
and distributing their
bonds?

lonnn

19,000

arc

comprising 50

service

transit

and

edUr^f^6
education

and

eSS

•

life insurance industry

The company's residential rates

Duke Power serves electricity

tbe

increase

additional exployees?

through the Piedmont sections of

area

with

funds,

tered

and

portant

non.

;

inc„runnQ
an

$215 million of indus-

North and South Carolina, a con-|
solidated

m due to the

y / e in' 1962 earnings

f? (tot K

including those for nearly

again

lite

$63* mllVion to""annua*rp^ol^ 30 earnings per share were $2.71 a certification Popularlj,^ known
vs. $2.51; however, over half ol as C.L.U., or Chartered Life Un-

$1.80

Mllnwert

The stock has advanced

January

trial

precedent is followed the

may

ir.°™
nig-p

rate

current

-and if
rate

TtAnfivi Ani

larger gain—from 770 in

even

ciUaiitm

'The

nl ariohtpri
neJtraining
per share training

mnnthiv

ning, taxes, the mechanics

above

JOHN
BUTTON

Why Not A "C.I.B."* For
Qualified Security Salesmen ?

lwurrlng bfllthg charge referred

^ro

Pied-

companies

$2.27 in 1961;. 1961

vs.

ment the net gain

service

economy of the

$2.51

were

served by Duke Power; and

area

CORNER

thl" Zndh

Thursday, November 14, 1963

excellent

Earnings
Earnings

had illcluded

the

textile

SECURITY SALESMAN'S

five

had

Hi-mnnthlv

tomer billing.

t„

Carolinas

tomer billing

a"lState, a7?ra**- .In

company s

hotTA

nitTldnv»/lc«

the

1962 half of the industries coming

P0U!"
fnl rat? .? 5T al ex" m°?tS waS,LencetltMid.
ceeded7%. Dividends have shown vestment of
*7 Of.

fro

an, c^ti- of those making additions, 59%
calendar were in the

annual

average

than

the

$318 million.

aftpr~^iiiQtfn^"fnv

good

for

over

1962, with kwh. sales

Sales

facilities

8% and those to other
industrial customers were up 9%

Piedmonts

gamed

revenues

and

about

gained

the

market,

have

sales

than doU.bled S'nc!

m?re

and

transportation

™

1953

the

spent

total

company

11%.

„*£" ade?ua,te and ?haa? Power, ade-

of about $200 mil-

of the "rapid growth"

revenues

lion, is

Company

the

years.

plant

1958-62 to

year

most

recent

company

bringing

million

years

Duke Power

financed

construction

$61

SECURITIES

Peters,

Invest¬

sen,

Inc.

Both

were

formerly

Writer & Christen-

Volume

Number 6316

198

The Commercial and Financial Chronicle

top

was

Funds' Buying Matched

(1915)

buyer

(20,500).

;

•.[! '

tjt

Market Soared

Investors

Fundamental

(40,000);

issues

Eaton

included:

Automotives and Auto Equipment

Dreyfus,

Massachusetts

Howard,

Boston- Investors, and Shareholders Trust
of Boston. Pennsylvania Railroad

Trust

Investment

arid

rail

(13,500). Both funds also acquired

heavily bought by the United

was

St. Regis.

Organization
Public

Utilities

(Tel.

Tel.)

newly.

Continued

demand

strong

communication

quarter.

during

was

ex¬

exceptionally

The

for

good

our

survey

continued in the following

issues:

ATT;

General Telephone;

International

Telephone

tors

was

big buyer in both ATT

(20,000); and
ever

a '

huge

"Mother

Bell"

Telephone,

General

unanimous issue, was newly pur¬
chased

(6,000).

Additional

Fund

Mutual

Johnston

in the issue

made by Texas

were

Wisconsin

and

(10,000);

(3,000).
and

Pointing

been

Bought

Publishing

three

slight,; only

two

bought

(1,000);
(300).

companies

Ginn

the

Co.

Price

Rowe

ap¬

for

analysis

our

quarter.

September
was,

Sovereign Investors

and

Hill

McGraw

best

was

bought by Incorporated Investors

(33,200);

and

Investors

National

(14,800).

sue,

ter

Investment

American;

September

(12,000);

attraction

•,

during the September

Securities

European

purchasing (30,000) newly.

the

quar¬

buying

heavy

acquired

(10,000).

was

also

was

Fund

(20,000).
Corp.

liked

best

Madison,

newly

bought

(3,700).

Fund

coupled
ings

possible

rail

temporarily
with

outlook,

group

has

strike

earn¬

within

this

experience

recently

second

stock

hand,

selling

ler

announced

split.

the

predominated

in¬

Western,

Louisville & Nashville and Union
Managements

favoring

Growth

Gen¬

(15,000);

Electronics

Fund

and

(10,000).

Other buyers in the issuer include'

Dreyfus

(17,500);

(19,400);

and

have

now

successive quarters. Prior

attitude

Strengthehing
ing

endless

seemingly

prices

had

taken.

been

demand

have

improved prospects in the period
ahead. Exceptionally good

Armco;

sues:

Inland;

Laughlin; I and
one

buying

indicated in the following is¬

was

Jones

McLouth.

balance

during the

favor

included

steel

Dreyfus, Selected
Value Line.

Textiles Well Liked

This

continued [I to

group

perience

good

ex¬

buying during the
Burlington

quarter.

September

during,

Fidelity

the

this

quarter,

Continental

Corp.

bough t

Cluett Peabody,

and

Reeves

rare,

buying side.

also

Once

sold.

;

the

somewhat

cancer,scare

thin,

actively

issue,

tobacco

sought

quarter.

Reynolds,

was

wearing

issues

during

Best

issues

insurance

during

September quarter.
Public

Utilities

Service

This

the

(3,000).

during

Ward,

Mixed
Within the

electric

and

gas

June

issue

dis¬

issue

quarter.

issue.
made

were

State

Best

Montgomery

was

unanimous

commitments

in-

mixed pattern during the
September quarter was indicated.

sues,

the

bought

Gas

continued

group

play the mixed reaction exhibited

;

Electric

Can

Street

Continued

New
in

sold.

page

newly

was

N. A. S. D. MEMBERS

Fund

;

Corning Glass

UNDER SEC'S STATEMENT

was

buyer

new

OF POLICY

Corning

Fidelity (5,000); while Drey¬
fus bought (7,000).
was

After
tion

experiencing

COMPLYING

Natural Gas Improved

sold posi¬

during the previous quarter,
gas
equities
met
mild

STATEMENT

THE

WITH

POLICY WHICH GOVERNS USE OF LITERATURE WITH
THE PUBLIC, FUNDSCOPE WILL

RETAIN EXCLUSIVE

natural

buying during the current
Best

bought issue

was

survey.

company,

Panhandle Eastern. The

issue

newly bought by Eaton

was

Howard

Louisiana

(8,000).

FEATURES NOT AVAILABLE ELSEWHERE.

pipeline

TO MAKE THESE UNIQUE

Arkansas

Gas remained in

sold

position.

WITH

STATEMENT

THE

GREATLY

WILL

FEATURES CONFORM

ENLARGE

POLICY,,

FUNDSCOPE

COVERAGE

ITS

PER¬

FORMANCE DATA AND REFERENCE MATERIAL.

INDUSTRIES MEETING
MIXED REACTION
Beverages Turn Mixed
In

the

drink

remained

Coca-Cola-

latter

issue

American

the

while

field,

was

and

buy

side,

sold.

The

eliminated

was

European

,(4,000);

Pepsi-

sold

Securities

Dreyfus

Cosmetics

This

Present

Mixed

presented

group

FundScope is packed with exclusive features on mutual,
available elsewhere . . .

funds and investment companies not

invaluable aid to brokers, dealers, and investors.

Picture

the

during

June

Avon

sold,

of the DIGEST,

says:

BIG dollar's worth in FundScope. Long

and you can quote mc

you

"You

cer¬

may you wave,

wish."

at¬

Madison

(15,000).

during the

same

eliminated by Madi¬

(5,000).

son

was

Revlon

serve up a

buying, being newly

Products,

period,

tainly

September

period.

tracted good

acquired

the

John Straley, Mutual Fund Editor

mixed

quarter, after being mildly bought

Gillette

and

Fidelity

(2,100).

ac¬

(10,000). Dreyfus

FIDUCIARY

>
FundScope becomes the first, and the only, periodical of
general circulation cleared for use as sales literature under
the SEC's Statement of Policy.

the

bought

newly

soft

Adams

continues

eliminated

was

(75,000);

Trust of Boston

SEND JUST $5 for a 4

month subscription and receive

as a

special bonus:

MUTUAL FUND GUIDE

1.
'

Investment

Featuring performance data

on over

200 mutual funds

(13,000); and Put¬

<-3

INVESTING

-*-•

ixra.-s

nam

(8,000). Dreyfus remained
in

seller

this

issue

COMBINING MUTUAL FUNDS AND
LIFE

(25,100).

COMPANY, INC.

Drugs Turn Mixed
A

A mutual fund

specializing in

carefully selected

diversified investment portfolio.

this

(10,000);

MAY NOW BE USED BY

bought,

was

drop

the

popularity

FOR

FINANCIAL SECURITY

hard hitting special article

ARE NO LOAD
24 pages

FUNDS A BARGAIN?

of fact filled data that help dispel

myth.

drug issues during the September
quarter

was

mixed

reaction

Good

evident,

buying

Pfizer and

as an

was

indicated

was

Syntex,

newly

acquired

Funds

market

Mutual

MAIL YOUR $5 TODAY

(Available

new

trial

subscribers only.)

being sold.

favorite,

Incorporated

Johnston

overall

displayed.

Upjohn, while Norwich

and Parke Davis were

Prospectus available from

INSURANCE

reprint of

was

Managed

(1,500);

and

FundScope Magazine
5455 Wilshire

Los Angeles

Dept. CPC

Please
bonus

Boulevard

send

booklets.

month

trial

Enclosed is

plus

$5.

36, Calif.

(1,000).
Name

MERCER MANAGEMENT CORPORATION

Finance Issues in Balance

115 Broadway, New York 6, N. Y.

Address

Finance

Telephone; WOrth 4-2042
a

issues

were

lesser extent than

during

the

June

bought to

was

the

quarter,

case

and

City

Retailers Mixed

FUNDSC0PE MAGAZINE

showing

MUTUAL

life

casualty

Power,

in¬

quired by Value Line (2,500); and

Express

Pacific

was

Can

Delaware

again

The

Cola

Tobacco Issues Favored
With

Public

evinced

was

and

bought during the quarter,, while
Pittsburgh Plate Glass was being

the

favorite,

initially bought
by Madison (27,000); Mutual In¬
vestment
(12,000); and General

Slight

Very little interest
in either the fire

and Florida Power &

Sierra

Kaysor

Brothers

appearances

Edison, Southern Califor¬

new

;

Attracted

Detroit

Interest

,Glass Issues Remain. Selective

Investors

Incorporated

Insurance

buying.

pressure was witnessed

Light.

com¬

good

Selling

nia Edison,

Diner's

with

Y.),

Pacific

was

American

group,

Container

bought by United Income (75,000);
by,

Dreyfus

credit card

and

met

(N.

Sierra

Dominick ,(2,500).

remained popular, and was newly

and

(23,800),

pany.

(2,000).

purchase in

new

Containers Mildly Bought;

was

quar¬

favoring

Managements

Only

issue, Granite City Steel,

sold

Fund

(100,000);

Edison

and

Co.,

Ford, which met with heavy dis¬

firm¬

and

increases),

(also

Club

Funda¬

Consolidated
Southern
Power

pressure

Chrys¬

(11,000).

two

thereto

September

issues

newly acquired by Insti¬

tutional
T-V

other

and, profit taking in

was

Wisconsin

Chrysler,

for

were

bought

Norfolk

•

postponed,

improved

issues

continued

Best

case

(50,000); and Institutional Growth

good buying during the September

Pacific.

which

the

and Container Corp. were

managers

quarter.
cluded

except

Investors

in CIT

continued

not too

was

favored equities within this group

made

threat

equities in this sector

Good¬

Steels Again in Demand

Roth

Rails Continued in Demand
a

high levels, demand for

strong in the September quarter,

while

(26,300).

With

buyer

new

rich7 (125,000).

was

Fund

Texas

also

by Fidelity (44,200) and Delaware
MCA

con¬

evident
issue

eliminated

was

Well¬

this

Columbia Broadcasting. CBS

newly

and

ington, during its recent quarter,

Liked

was

the

continued

the

American Shares, and

group

during

newly acquired by State

was

issues

Primary

had

months,

popular

Street

ter.

Radio-TV

sought

which

quarter. Goodyear, best bought is¬

bearish

Interest in this group remained

pearing

tires,

actively

earlier
to

and

commitments

(15,000); Selected American

production

(i9,000). How-, (5,500). Goodrich was also in sold
by eight managements,
Dollar Fund" sold
demand, Diversified Investment cluding Wellington.

block

(32,500).

auto

eral Motors was indicated.

Rubber

and

was

This

heavy liquidating

made

ITT

"Billion

Inves¬

Telegraph, r Massachusetts

Although
tinues at

Ford,

Rubber Issues Roll

September

the

buying indicated

and

Selected American Shares (40,000)

Acquired

perienced

(250,000);

selling

Financial.

mental

Bought Mildly

Continued from page

under

GROUPS MILDLY BOUGHT

Selling

much

Reynolds

,..r,

'•

■

State

Zip

your

,26

The Commercial and Financial Chronicle

(1916)

Liquid Assets

Investment Bonds
Net Cash & Governmentst
•

Jet Cash & Governmentst

Thousands of Dollars

Percent of Net Assets

Common Stocks
Percent of Net Assets

Shares-^

Business

American

Sept.

b4,572

b4,940

Sept.

bl6.6

bl7.7

June

Sept.

June

b21 3

bl 9 5

b62.2

b62.8

.32.0

.31,2

66.6

65.1

27.2

32.9

7 65.8

64.9

Sept.

Purchases*

,■

902,

Fund

Axe

Commonwealth

Diversified
Eaton

Investment—

791

1,162

3,018

Investors

.A
'

2.5 Av;

■■

103

86.7

697

i-r 28.8

A 63.2

:::

,32.7

.7.3

•;

;

32.5:

-b33.7

•

b32.4

-A A

64.1

91.4

91.8

65.1

65.0

b64.3

b63.4

25.6

26.3"

70.9

70.3

■

20.3

15.0

14.7

64.5

330

116

6.8

2.4

11.5

*1.3

81.7

-2,847

J., 2,942

;-.2,850

84,315
2,809

103,438

269

.102

•15.6 ^

3,066

Foundation Fund—
Mutual,,,-A—--—
Mutual Fund,II—

Institutional

Knickerbocker Fund

9.916

16.6

20.8

•

AC.;.,.:.9.1 A

1.4

1,650-

22.9

.,30.3

Loomis-Sayles

65.0

60.5

.68.3

Fund

Investment

National Securities—Income

1*265

61.6

-*262

•

4.2.

•r

•

4.8

A 26.6
-A
A .A 34.2

7.8

" "A

0.9

^•Avw4.0:

A"
8.4 :AA C

4.0

;•

2,663

26.5

69.2

32.3

61.8

16.9

15.5

74.7

6.0

AA;' 4.5

91.9

•

69.5

A" 2.1' A

23.6'

31,790

: '".12.1;!

28.3

"A 6.2"

7.1""."C

5,927

7,170"

3,515

4,527

9.2

11.8

2,832

1,464

3.2

1.6

6,437

8,267

12.0

A; 30.4 A

A 11.8

AA 30.2'

•

.8.6

8.2'

40.5

40.4

Fund Inc

59.9

63.4v

62.7

82.2

80.0

56.3

58.0

Scudder, Stevens & Clark Fund,,

12,434
5,449

12,246

12.4

3,636

7.6

15,474

10,078

Trust

Boston

Value

Line

Fund

Value

Line

Income

Sub-Total

(:•-•

4.7

7.398

60.6

2,569

28.2

24.4

59.8

20.1

20.6'

74.9

9.6

62.7

62.9

24.4,

67.0

70.7

8.3

27.0

SCAA12.2

30.2
2.7

173,817

2,660
254,416

11.3

15.9

'23.5

962

298

6.4

1.9

43.4

7 A

.36.2

A A

3.0

'■

A-': 16.8-

A A 16.8,

2.7

2.5

44.8

42.0

;

67.7

64.0

65.6

67.1

61.3

52.5'

55.0

23.7

65.2

60.4

45.9

50.4

52.2

9.0

565,148

9.2

21.8

22.1

30,850
6,481

Affiliated

Fund

Blue Ridge

Bullock

4.3
a9.8

1,159

2,904

3.2

Mutual Fund

Fund

Delaware Fund
de

1,234
a88,023

Fund,,

Chemical
■\

1,085
a84,517

Vegh Mutual Fund

Dividend

None

>4.6

1,069

1,297

515

1,129
1,018

816

.'1,127

None

8.0

6.8

Eaton

Howard

Energy

Fund,,

Fidelity

Fund

Fundamental

"Group

Stock

Fund

Securities—Com.

Guardian

1 ,J-

Investors

Mutual

Stock

-54,139

10,238

;

'2,226

2,944
4,492

;

A-A

-1,952
115

18,696

Investment

Co.

Trust of Boston,

Lazard

America

Fund—____

Massachusetts

Investors Trust

Massachusetts Investors Growth Stock

National

Investors,

National

Securities—Stock__.

One

William

Pine

Street

Fund

Street

Pioneer

Fund

(T, Rowe) Growth Stock
Scudder, Stevens & Clark—Com. Stk.

American

Selected

Sovereign
State

Investors

Street

Stein Roe

Investment

Fund,,

Texas

Fund

United

Accumulative

Fund

United Income Fund
United

Science\Fund____

______

Wall

Nil

2,373

7,381

5,080

66,301

119,853

919

245

441

425,265

407,513

213,941

234,217

1,849

1,469

1,849

1,469

16,717

27,589

16,717

891

846

891

7 92.4

483

None

92.1

96.9

95.8

5,399
1,340

4,476

1.8

5,399

4,476

7,206

93.8

27.874

25,191

93.0

1,340
27,391

24,858

3,669

7.9

None

1.3

6,259

5,938

4.3

4.0

2.7

2.2

93.0

359

1,263

2.2

'6.3

None

0.7

98.8

7,260

23,147

6.8

6.9

None

93.2

;»93.1

2,693

4.1

5.2

0.6

0.5

95.3

94.3

45,000

12,260

7.4

6.1

None

92.6

93.9

766

12,893

1,393

2.4

4.3

0.1

97.5

95.6

2,884

7,717

16,784
9,518

2.5

3.6

5,804
3,415
30,000
13,542
3,541

2.2

2.8

95.3

93.6

2,884

44,352

3,541

48,608

44,352

23,693

18,091

23,693

48,608
18,091

4,680
3,152
5,645
7,105
21,219
3,988
4,593

1.6

1.3

None

98.4

98.7

2,896

0.9

1.5

None

99.1

98.5

4,680

1,869

2,145

9.3

-10.1

3,522

0.9

0.8

88.2

89.1

3,152

13,014

17,276

4.9

6.5

None

2,284

None

95.1

93.5

5,645

3,603

2,805

3.8

2.8

None

96.2;

97.2

40,061
1,331

29,313

12.5

10.3

1.9

1.8

85.6

87.9

7,105
21,672

565

1.8

0.8

15,989
2,903
15,829

None

98.2

99.2

3,988

■;

•

13,148

12,653

12.2

11.5

None

87.8

86.8

32,875

/A 34,012

1.9

2.0

None

98.1

98.0'

16,316

3,550

25,637

0.6

4.4

None

99.4

95.6

4,546

5,130

1.4

None

98.6

2,617

'.V 3,582

9,906
11,882

1.2

1.6

None

98.8

98.4

23,602
3,889

16,517
2,064

9.4

6.6

1.6

89.0 C

12.5

6.7

4.8

4.5

82.7

87.9

854

2.4

1.5

10.7

11.3

86.9

87.2

5,122

5.0

5.3

1.7

0.5

A 93.3

94.2

832

2.7

1.3

None

97.3

98.7

9,142

9,801

7.5

7.9

0.7

0.6

;

33,180

9.6

14.4

1,497
43,682

5.3

3.8

10.4

11.7

4,819

6.4

7.2

44.007

5.5

6.1

14,574

3.1

18,019

7.4

None
A
:

None

92.5

92.1

3.4

3.2

95.9

96.2

0.6

None

'■

3.2
7.8

0.5

16,824

22,919

8,769

21,584
1,404
23,831

17,050

1,698

•A

4.6

414;

;

86.0

83.8

0.5

93.4

92.3

1.404

A 2,001

3.1

91.2-

90.8

68,945

50,813

35,468

92.5

45,038
35,366

26,155
43,467

1,303

1,669

27,559
23,861
1,303

A; 2.001

414

4.2

92.2
92.6

9.5

87.1

90.1

82.8

81.2

260

583

260

583

95.2

97.9

1,602

1,121

1,602

1,013

1.5

1.3

Sub-Total Open-End Stock Funds

475,005

532,647

5.1

5.2

(1.8

1.8

93.1

Total

946,514

1,097,795

7.1

7.2

11.8

11.9

81.1

None

0.5

0.8

15.7

•.

92.2

14.8

2,408

None

3.5

4.0

169

4,374
1,698

4,374

282

14,046

155

85.0

541

2,527

13,459

96.2

187

6,312
4,956

169

89.8

12.4

15,486

14,046

2.4

5,885

19,790

4,766

94,7

4.6

4,332

4,766

155

11,576

2,903
13,458

3,856

0.6

2,284
15,989

3,493
8,506

2,408

3.3

None

0.4

;

3,522

16,316
9,906
11,882
7,067
13,984

3,542

13,654
2,314

None

4.1

;

2,527
13,459

5,797
3,415
30,000

5,963

15,486
6,332
4,956
13,654
2,414

7,067
13,985
4,156
3,493
8,506

3,524
2,693
45,000

4,332
5,885
19,790

4,593

91.7

1,333
5,659
1,622

Funds,,,

989

1.601

24,743

Fund

Open-End

729

2,612

1,458

95.4

18.696

■

90.0

731

Wisconsin

90.0

2.4

Value Line

Special Situations
Street Investing,,^

310

2.0

1.6

1,981
39,046
3,700
38,398
12,982
14,202

Television Electronics Fund

115

675

5,261

127,622

981

1,952

27,589

7.6

21,608

Stock

AA
1

A 350

2,659
A

1,468

a89.8

6,720

Farnham

2,944

95.7

6,826

Price

1,810'

30,850
1,960

7,347

•

8.407

3,379

3,014
2,373

7,634 A
73,268

240

3,330 A '
2,836
3,271
2,569

310

859

279

18,291
14,731

Institutional Investors Mutual Fund,,
Investment

30,790

1,705

240

22,167'

Fund

Incorporated Investors

3,111

a90.2

6,109

11,505
1,576

Fund

914

None

Fund

Dreyfus

163

3,342

None

3,950

1,491

5,261

al0.2

8.698
200

Open-End Stock Funds:
Aberdeen Fund,,

3,728

1,818

5,616
1,601

68.7

69.2

3,569

5,861

3,111
156,224

675

471,509

Nil

4,427
2,576 A

1,239

350

71.0'

64.7

,1,228

14,829

1,883

79.4

68.0

27.3

17.9 *

4,611

-27.7

17.6 7A'

;

A 19.6

5.0,;.

18.1" A

2,366

Bal. Funds

Open-End

27.57'

6.0-

13,961

3,378
Fund,

Wellington Fund
Whitehall Fund

'•">AAA-

29.1

6,155
17,989

Stein Roe & Farnham Balanced Fund

5", 681

New England Fund
Putnam
(George) Fund
Shareholders'

15.0> A.

5.0

511

1,836

Nil

' A 164

4,746

204

7,156

103

697

325

Securities—

Nation-Wide
Nelson

5,937,

4,808

' 279
7,638

r
-

791

2,393

94.6

64.3

Sales**

•

1,836

9,878

372

167

10,647

204,439
2,020

76.7

;

546

Is: 3,342

62.9

25,259

Fund

Mutual

Massachusetts Life Fund^.
Mutual

7,051
•
-409
16,020
1,297

96.3

62.4 •C

29.3

6,084

•

Purchases*
*

8,267
.....

1,446

3.4 '"A

3.5

79.9

84.1

•20.5

234

Johnston

334

82.0

7.1

29.7

; bl.8 'AAA,A b4.2

b4,667.

Group Securities—Fully Admin. Fund
Investors

15.3

i-.-A AAA .7.5

As:-;.- 0.9

;2.2

A 16.2
A-

17.5
A

44,^51

Trust,

1.1. :

■

4,212.

General

3.9

6.2

44,777

America

Fund

11,673

Fund—

Balanced

Howard

•

7.1';:AAA:AA7.1t>C

2,547

■> bl,973
347

Investment .Fund,-:

0.5

23,1351

1.2

■A 0.6":

•

3,676A

Cox Fund

Dodge
.

;u 3,075

Investing—

Street

Broad

7.0

A."

1,305 :

22,874

Fund__

Boston

123

,—

3.7

A.'
'

355

Electronics

Science

2,568

13,798

Axe-Houghton Fund B—
Axe-Houghton Stock Fund

2.0

1,644

Sales**

372

•'

Axe-Houghton

Thousands of Dollars)-

Portfolio Securities
Other than Governments
Total
Total

End of
June

June

Thursday, November 14, 1963

< In

and Pfd. Stocks

Percent of Net Assets

End of-

Open-End Balanced Funds:

Security Transactions by the 89
Investment Companies
During
July-September, 1963

Security Holdings of 89 Investment Companies
6-30-63)

vs.

•

1.3:

0.8

11,022
27,029
1,250

93.0

514.576

498.919

440,996

405,509

C 80.9

939,841

906,432

~ 654,937

639,726

97.0

96.5

1,577

1,176

1,577

93.5

92.5

706

None

85.3

86.0

1,185

1,749
1,063

1,185

1,176
1,744
1,063

749

1,227

Closed-End Companies:
Fund

Abacus

Adams

c 1,512

Express

American

Securities

European

American

International

1,017

3.0

2.5

6,155

6,867,.

6.0

6.7

3,003

3,078

14.4

14.0

None

4,703

4,876

10.4 ;•

•

10.7

0.9

1.5

88.7

87.8

749

1,810

2,231

9.4

11.2

1.1

89.5

87.7

214

1,238
1,734

1,432

1.7

1.9

2,391

4.2

5.7

1.6

4,617
11,900
21,431

5,392

7.7

8.1

4.1

4.4

14.6

12.6

1.6

6.4

6.2

Madison Fund

10,472
21,441

0.7

9,348

10,200

6.5

0.4

0.3

Niagara Share

93.5

3,813 A

2,409'

3.2

0.2

94.6

10.3

14.3

89.7

2,296

5,009

0.5

1.5

9.1

8.1

90.4

9,011

9,285

7.5

None

92.5

Carriers &

General

Consolidated
Dominick

Investment

Trust

Fund

General

American

General

Public

Investors

Service

Lehman

Corp

Overseas

Securities

U. S.

& Foreign

Total

Securities,,—

Closed-End Companies

82,571

Grand Total
t Includes
«ludes

Television

short-term

Electronics

LIQUID

ASSET

6.1

Fund

notes

Inc.

CHANGES

Sept.

30.

excludes

1963

where

vs.

A;.A 5.2
•

None

98.3
A

'94.2

Funds

CLOSED-END

COMPANIES

Totals

2,220

1,552

1,316

1,830
2.235

1,316
4,104

2.220

1,830

1.5

83.8

85.9

92.9

93.2

3,992

3,878

3,992

'3,878

93.2

23,432

23,340

23.238

23.218

96.6

2,084

1,330

2,235

2,084

1,330

85.7

892

950

892

90.9

8,191

A 5,279

6,472

92.5

204

10,142
1,119

204

1,119

950

;

6.5

6.6

2.2

91.3

91.1

50,074

53,367

47,173

49,379

7.0

8.6

8.7

84.5

84.3

989,915

959,799

702,110

689,105

For

April

merged

30-July

with

United

period,
Science &

b For

May

31-Aug.

Electronics Fund

31
period.
* Cost
during the quarter.
PERCENTAGE

Approx.
Unchngd.

** Proceeds

purchases.

ALLOCATION

INVESTMENT

from

sale.

Liquid Assets
Defensive
Risk

(Cash,

Securities

Totals

Governments,
(Bonds

(Common

and

—

Sept. 30, 1963

6.9%

etc.)

Preferreds).

Stocks),:

data

Y-~

June 30,1963

SUMMARY

Above

ASSETS

NET

COMPANIES

Total

11,...

1,552
4.104

0.6

Stock

304

•

INVESTMENT COMPANIES
1963

QPEN-END COMPANIES:. Balanced Funds ...17.,..

613

6.9

by reporting fund
Continental Fund which

Minus

500

214

37.5

92.8

90.2

June 30,

Plus

276

98.1
•'

613

!§

included

United

-•

None

1,227
A

1,183,895

CO ed t-H

1,029,085

coroorafe

•

—

Tri-Continental

706

7.0%

8.6

8.7

84.5

.84,3

100.0%

newly

in4

Continued from page

The

Number 8316

198

Volume

-Sold-

-Bought—
No. of

Mgts.

-S old-

—Bought—

Mgts.

No. of

Mgts.

Ginn

Getty Oil

1,000

Phillips Petroleum

2,300

Royal Dutch

91,400

2(1)

245,500

2(2)

10,500

Socony-Mobil

5,600

1(1)
10

156,330

17,000

4,500

None

7,100

1(1)

None

—

63,000
18,400

ACF

Industries

2(2)

40,100

Atlantic Coast Line RR

2(1)

2(2)

18,000

Chesapeake & Ohio—_

8,000

Denver

21,500

Illinois

4,000

1
2

York

City,

York

Stock

Nashville——/—

10,000

.2,000

50,900

Louisville

20,000

N. Y.

20,000

N. Y. Chicago &

83,700

Norfolk

5,500

3(1)

50.800

7,200

•

168,300

4(3)

Oil—California-—,— 204,200

5(1)

164.700

5(2)

None

Standard

None

Standard Oil—Indiana-

50,000

Sunray DX Oil

72,700

20,000'

Texaco

17,800

2(1)

5,500

3(2)

350,000

Central_____-_-

1(1)

17,500

I——

Northern Pacific

Airline

10,000

Seaboard

27,600

Union Pacific

None

90,000

16,600

Pennsylvania Railroad

4 '

None

Paper Products

...

55,500

4,200

International

2(1)

16,000

4(1)

1*55,100

2(2)

65,000

Scott Paper

St. Regis Paper—
West

——

5(1)

X
.1(1)/

Tel.

3(1)
6(4)

A mutual fund

143,800

5(2)

stocks. Sold

—

Railway

Public

None

Gas

Baltimore

2(1)

60,000

Commonwealth

4(2)

37,033

Consolidated Edison

2(1)

15,200

Florida

2(1)

18,500

General

None

/ KD

Edison

Power / Corp._

None

Gulf

2(1)

12,100

Kansas Power & Light

12,500

Oklahoma

10,000

Pacific

/12,000

2(1)

43,200

San

42,000

Sierra

;

2(D

3(1)

16,500

Utah

49,500
8,000

Light.

Cleveland

Elec.

Duke

Power

/___

—

_____

10,100

Carpenter Steel

Jones

McLouth

None

None
None

104,500

A Name to Remember

3(2)

23,000

National

Republic Steel

4(1)
None

46,500.

7,700
None

When Investing

41,800

...

Granite

None

FUND

None
None

7(2)

None

3(1)

16,300

Celanese Corp.—/

12,500

Cluett

1
None

None
2

2(1)

58,000

5(2)

3(1)

12,000

1(1)

2(2)

possibilities.

42,800

Ask your investment

2(2)
2

■

Tobacco

35,000

2(2)

25,000

None

Tobacco

—

Consolidated Cigar__—

2,000

Wellington Company, Inc.

None

—!

write to

None

4,500

Philadelphia 3, Pa.

;

•American

4,000
None

Stevens J. P. & Co

51,800

3(1)

1—.--

(or prospectus

None

———

Reeves Bros..,-,

47,500

2(1)

None

64,200

dealer.

l—

Lorillard P..

12,200

Philip Morris—

10,000

1(1)

125,000

1(1)

2,500

1(1)

3,000

5,000

None

N. Y. State Elec. & Gas

None

Potomac Electric

34,200

2(2)

Public

4,300

Peabody__—

Kayser Roth____

159,800

Fund

capital, reasonable cur¬
income, and profit

rent

Industries.——...—

Burlington

Balanced

1(1)

American Enka——

11,700

239,300/

seeking conservation of

3(1)

3(2)

104,200

WELLINGTON

2(2)
None

49,900

Steel

City

—

None

Steel-i—

None

——

Youngstown Sheet & Tube

32.000

28,000

2(1)

None

YORK 5

NEW

ADDRESS.

Textile and Rayon

None

Steel

"54,600

2
__

STREET,

21,000

12,400

Lighting & Potoeri—_

WALL

NAME.

Kl)

31,000

Houston

Steel__—

> 2,000 :

None

27,100
23,700

—

Laughlin

6(1)

None

18,900

65,740

r-—

——

3(1)

2(1)

None

Florida Power & Light

2(2)

_____

Steel

45,100

None

Illuminating

Steel

Armco

4(2)

16,900

—

——.

55,200

None

ONE

4(2)

33,000

F.)

(B.

5(3)

None

5,000

Power &

mail this ad to

None

20,300

—_r__

Sv Rubber——

27,000

4,000

49,000

None

Power

4(1)

None

Gas__

Detroit Edison

6,500

Goodyear "

5,000

Virginia Elec. & Power

None

159,300

None

780

American Electric Power

None

Pacific

Southern

Electric..

Diego Gas & Electric..

27,500

15,000

None

Lighting

Public Service Elec &

3(3)
5

& Electric.

Gas

Pacific Gas

7,600

7(2)

None

4,800

Utilities

States

2(1)

Goodrich

Inland

None

Service

Public

None

-None

(N. Y.)____

r_—

General Tire

165,500
None

BULLOCK, LTD.

Established 1894

—

—-

prospectus

CALVIN

Tire

and

4(3)
None

1(1)

investing in "growth"
only through registered in¬
dealers. Ask your dealer for

Steel and Iron

None

—

: >

133,800

—

Firestone

17,000

5,000
5,000
None

—____-

Spiegel

16,000

•

Sears Roebuck

Rubber

•

Penney (J. C.) Co..

6,500

6,900

—

Electric—___

5,700

1,000

None

•

Service——

Public

2(1)

Montgomery Ward

30,000

10,000
y

(E. J.)..

40,000

__—

Bros.

Korvette

None

30,000

6(3)

Gimble

1,000

Goods.

Dry

78,000

2(1)

48,500

—_

Utilities—Electric and Gas

Arizona

3,100

free

Associated

5,600

3(2)

& Telegraph

Tel.-

International Tel. & Tel

103,500

1,030

'6,100

General Tel. & Electronics.

45,000

9;ooo

24,900

Products_____

American

34,400

6,800

Virginia Pulp & Paper-—

Fibreboard Paper

Public Utilities—Telephone
7

1,500

—

Mead Corp.

None

6,900

____

23,600

Paper

Kimberly Clark____—

26,300

3(1)

1(1)

7,800

Board.

Federal Paper

2,000

New

Assist¬

16,500

Retail Trade

Champion Papers—

36,500

2(1)

13,000

RR._

Atchison, Topeka & Santa Fe— 149,000
123,200
Southern Pacific
Southern

2,300

3(1)

St. Louis

Western

None

—

vestment

Exchange,

21,700

3(1)

3(2)

None

Paper and

of the

members

None

—

25,700

2(1)

Skelly Oil

as¬

Grumet" &

ant Director of Research.!

35,500

40,000

;--

become

Western

—

Oil-

has

Brand,

None

36,000

_—

Grande

Rio

Oil & Gas__„—.—

Signal Oil & Gas—

Central Industries--—_

3(1)

with

Railroads

8(1)
2(1)

Exploration--

Schimmel

Seigel, Inc., 67 Broad Street, New

25,000

—

Pullman

None

3(1)

Oil--

None

——

—

30,800

Louisiana Land &

None
4,700
None

Erwin

sociated

1(1)

Rail Equipment

None

138,100

—-

None
106,000

System

Broadcasting

Columbia

MCA Corp.

59,200

Marathon

16,500

2(1)

——_—_—_—

3(1)

Delhi Taylor Oil----—

Richfield

25,000

None

19,700

1,000

None

20,000

KD
None

105,000

3(1)

1(1)

Oil-

Hudson Bay

10(1)

2(1)

California.!-—A.„—

Continental

14,000

Standard Oil—N. J.__

..-—A.-

American Broadcast.-Paramount

23,000

24,700

Ashland Oil & Refining—_

Kl)

20,000

Co.

Radio, Television and Movies

—-—-

Amerada Petroleum

3,100

2(1)

120,000

Oil—Ohio—

Standard

Union Oil

22,700

2(1)

282,000

Oil-

Shell

___

Sinclair Oil—

50,200

4(1)

2(1)

—

Gulf Oil

162,920

14(2)

65,000
30,000

—

E. Schimmel Joins

/;•' :

McGraw-Hill Publishing

50,100

Cities Service-

Mgts.

Brand, Grumet, Siegel

1,300
11,000

No. of

/,/

Publishing

and

Printing

Oil

No. of

(1917)

Commercial and Financial Chronicle

6(3)

—-

Reynolds

50,500

—

30,000

32,100

2(1)

2,900

Southern California Edison

63,900

5(2)

2,000

Texas Utilities

60,000

None

Toledo

None

Service

of Colorado__

Edison

—_

:,'2(1)
/

•

" y,r
\

;-V,

Fund
An

for
of
V

company
seeking
possibilities
growth of capital
reasonable current income.

75,700

A. V.

Colgate

C. Corp._

Palmolive

Gevaert Photo

30,000

16,500

International

55,100

Minnesota

7,100

27,500

4,000

47,200

—

Flavors &

Frag.__

Mining & Mfg

Unilever N. V.
S.

Freight-

its

shareholders

Prospectus

upon

request

A.;

3,700
13 400

Whirlpool

—1

General

Cable

500

3,600

A mutual investment fund offer-

j
|

diversified, managed investment in securities selected
for possible long-term growth

|
|
|
j

■

and income.

55,900

j
j

Prospectus

None

.28.000

23,400

2
s

foregoing tabulation also includes transactions by 11 investment com¬
panies (under 7 additional managements) in addition to those shown in our,
tabulation "Balance Between Cash and Investments."
Purchases and sales by Affiliated Fund included above and in our article
are
for the July Quarter 1963;
those of American Business Shares, Fidelity
Capital Fund, and Wellington are for the August 1963 quarter.

request

from

investment dealer, or from

I
1

FUND RESEARCH &

None

'12,000

your

y j

upon

MANAGEMENT, INC.
|

22 East 40th St. • N. Y. 16, N.

please

send

Name :

_——.1——

i
,

ing

__—13,700

—

5,100

None

Corp.-—i

Polaroid Corp

None

Roadway Express.—

12,500

Hertz Corp.-—

4(1)

—.—

—~

investment

lopg-term

and

Automatic Retailer of America,

40,300
9,650

• • •

A Common Stock Investment Fund

■■

1,000-

5(4)

24,000

| PIONEER FUND |
|
INC.
|

Miscellaneous
1

prospectus.

s./VT: '

The

■■(',
i
,

New York

Lord, Abbett & Co.
—

Atlanta

—

Chicago

—

Los Angeles

San Francisco

Address :

city;

—

State;

*—

The Commercial and Financial Chronicle

(1918)

and

•

Pattern Varies

Non-Manufacturing

Continued from page 23
Federal

Street

Fund

Wall Street Investing
*

(3,000).

industries.
spent

Interest

DISFAVORED
nn f
Oil
Issues

THE ■' classified

foreign

This

Petroleum issues had been

ket
so

leaders for well

over

mar-

year,

the profit taking that took place

the

September

hardly

surprising.

mestic
more

oil

issues

quarter

was

However,

do-

liquidated

were

determinedly than

the

were

international companies.

the

Best bought issue was Gulf

sues

during

commitments

were

made

and

Nation

(12,000).
chases

the

recent

this

Oil,

made

were

Delaware

pur-

buying;

also

was

fact

Amerada,
Sunrav

rise

and

year

transportation

levels

are

Ciments Lafarge V.

—L4_;_

Germany

—

Italy

Netherlands

its

color

new

Corp.,

enthusiasm

shown

for

Polaroid

camera,

under selling pressure.

was

^^"'6-fo

Spain

15.1

26.1

24.5

17.3

18.8

16.2

17.1

4.4

Switzerland
United Kingdom

0.5

0.6

7.1

11.2

_____

shipping and

ports

non-metallic

Iron

cut

miners

and

ore

spending

McGraw-Hill
crease

annual

finds industry

survey

duction

8% rise and

were

industry

for

4% increase
ness now

year

1963.

over

Also, busi¬

plans to spend $39.3 bil¬

are

annual

ness'

1965.

These

the

billion

plants and equipment—a

new

lion in

plans to spend

now

$40.7

for

survey

New

Busi¬

Plants

and

manufacturers'

the

Publishing

survey,

mist, Publications Division, stated:
level

currently

capital

indicated

markable

the

to the

capi.al

will

spending

indicating
be

boom,

drag

since

the

economy, as some have feared.

indicates

also

that

despite

ex¬

pected record profits and depreci¬
ation

allowances, American indus¬

try at present is moving forward
with

caution

planning.
menting
cated
if

its

investment

Some companies,
on

their

figures,

com¬

indi¬

they would lift investment

tax cut were passed."

The
U. S.

manufacturing segment

industry,

as a

would

put

spending

It would
that

also

manufac¬

amount

for

1963, and

considerably

whole, expects

whole

Manu¬

were

oper¬

capacity during

points

above

the

rate and the high¬

these

was

seven

its

crease

manufacturers

the

that

whole expect

rate

same

they did

50%

plans

good

was a

the

by most

one

measures.

whole, they expect their

physical volume to rise' 5%
With

year.

would

some

the

creases,

modest price in¬

rise

even

dollar

sales

Pace

all

major

much

1964

Company,

will

with the

Investment

steel

industry plans to in¬
investment

and

already has

$1.15

billion

substantial increase in in¬

amounting to 22%

the

14)

will

top

the

investment

completion of its major expansion

other

the

must

gains

industries

increase

loss

line

month

o;f

sure

taxed

■

suppose

under-six-

He also has

$2,000
until

reported

has

the

been

the

had

$2,000

profits.

with

six-

passed,

apply it against the
him

That

$2,000

report.

his

loss

before

six-month period

had

run,

would
the

taken

have

been

$2,000

reported
of

tax

guest

speaker

meeting of

the

held

today

(Nov.

at the Bismarck Hotel.

are

indicated

ranging

from

chemicals

in
a
no

with

(with

around

tax

maximum

$1,820).
this

means

year.

1963,

done,

may

line

date

market

ldt

fre¬

the

Spread Trades

the

Years?

Between

there

over-six-

under-six-

month

profits and

month

profits, it_ is

to take

from

losses

the

advantage

different year

profits.

For

Jones has $2,000 of

suppose

meeting and Aluminum Com¬

Dec.

1963
If

losses,. If

open

net

the

and

result

Epstein V.-P. of

$2,000

profits

$500 deduction. It is figured this

.way:

For

1963

give him

Golkin, Bomback & Co.;

$1,000
1964.

to
This

the

losses

$2,000

deduction

and

carry.

forward

into

second

$1,000

ap¬

Alvin B. Epstein has been elected

plied against the

$2,000

Vice-President of Golkin, Bom¬

six-month profits

in 1964 making

New

Co., Inc., 67 Broad Street,

York

City, members of the

New York Stock

Exchange.

short

net

profit

one-half

portable.

the

position is

profit.

Dividends

Are

Dividends

Treated?

treated

are

regu¬

income, but also get two spe¬
benefits.

The first

(1)

They

$50

American

from

are:

dividends

companies

are

completely exempt from tax.
husband

stock

wife

and

their

for

total

own,

each

have

own

stock

That

both,

1964

for

of which,

Jones,

$100

means

they

whether

file separate or combined returns,

(2)

the

remainder

the

dividends

tion

received

from

companies. This reduc¬
cannot

tax

the

is then

by 4% of the amount of

American

come.

year's net

than

taxable in¬

of overof

$1,000,

$500, is

therefore,

What

v"':\'

re¬

has

About

Dividends

From

Mutuals?

Regulated
nies

zero.

$2,000 losses in

1964, he is ahead of the game by

back &

stock

the

over-six-month

How

both

takes

takes the

1963

If when he went

the

he
less

for

months, the profit

close-out

open

meeting.

profit,

example,

Nov.

the

stock

same

owned

than six

all

are

the

covers,

short

went

than six months.

reduced

America

Jones

dividends, after the tax is figured

subject

when

owned

six-

slip by.

Pay To

Where

takes

and puts it

return

over-six-month profits and $2,000

pany

That

under-six-month

because

until

sale

short
1964.

matter

short

ibis

He holds off.

1964.

and

short t^erstock wit}},

goes

about

market

broker in December.

the

later,

leery

the $2,500 profit.

to each of them.

Chemical

the

freeze

the

future

wants

85.

alertness

accom¬

In December,

months

four

To wait until

of the year, as

end

jointly, the $50 exemption applies

Potash

will

■

maximum

compared

$2,000 of regular income the other
way

actually

that he bought in

of stock

August, 1963 at 60.

applied against

(with

of over-six-month

>$500),

short sale until

position

Here is how the shift

profits, of which only $1,000 need
be

loss need

plished: Jones has in his box 100

under-six-month

because

gain

short

This

indefenitely.

newly

after

over-six-month

Chemical

billion

1964, after having spent

in 1957.—

losses from

for that matter

in the regular way, the tax

over

less than $1 billion
annually since

program

heaviest

bought securities. If he waits to

The auto industry's
in

1964,

loss

open

quently

this year.

finally

1963

All

Analysts 'Society
be

American

luncheon

Chicago

pects

mark

1963

short sale it is possi¬

shift profits or

out of his

CHICAGO, 111.—Justin Dart, Pres¬

The paper industry also ex¬

Through
ble

six-month profits.

Does It

1965.

vestment

needs

ident of Rexall Drug &

To Advantage

;

the

plan to spend

spend

also

eample,

throughout the

many

year,

maxi¬

to 91%.

line

$2,000

Used

Sales

Short

Can

How

;■

■

greater.

To Hear

merely a

was

year

covering

the

found

and losses

same

sometime

has

resulted

taking the profits

the

ranges

under-six-month profits to

whole prefer to operate.

also

For

first

losses

month profits and $2,000 of over-

transportation

capital

20%

the

whereas

deduction

stand-off.

advantage

losses, to make

offset

$1,000,

only $500,

the

six-month

10%

six-month

But it 'leaves

points below the rate

survey

obvious

the range is from

sur¬

industry far outpacing all others.
The steel

years

closed out.

holding. The tax. rate then

Jones

sur¬

spent

Set

industry,

spend at least

Smaller

the

taking profits after

profits.

Chicago Analysts

Industry

equipment

re¬

stability which has char¬

1959. While not
neither

spending

for

two years again points

acterized

plans

manufacturing industries plan to
in

There

The

losses.

three

the

the rule that no

to 91%.

Why Is The Six-Month Line So

month

Steel

and

losses. In

cial tax

;

Except

Douglas Greenwald, Chief Econo¬

"The

bene¬

can

for

the

net

with the $2,000

1964

record

1957.

taking'
in

$1,000.

deduction

$2,000

the

deduction

about

1959.

Company's

the

on •

the

pass

provision

losses

investor up

1963 and to
1964. By

deduct the remaining

can

effect

net

has

operating

this

time

respect to

they

rates, the

way
over-

losses

of the $2,000

$1,000

the

pro¬

is to

other

the

$2,000 profits,

hie

1965

com¬

25%. Before six months,

for

thing

the

not

This

the

1964

$1,000

de¬

originally issued

was

income.

$500.

doing this, he reports in 1963 onehalf

lar

turers will have managed

Economics Department.

Commenting

first

mum

since the end of 1959.

which

loss is

investment

investor.

net deduc¬

bet, however,

$2,000

profits. That would have left him

If these

nearly $17 billion.

Equipment conducted by the Mc¬
Graw-Hill

out,

with

take

to increase unit sales next year at

its capital investment

by 8%.

year

married

are

the major findings of
Fall

Plans

to increase

stock.

the

gain

whether

in¬

special

gets

ordinary

business

pany

business

Although

from

$910.

indicate

veys

The

small

loss

$1,000

company

The

figure reported

the

in tax,

capital gain,

small

fit

six-month prbfits in

manufacturers

85% capacity last September —the highest since end of

record

take

vear-end

$1,000

little

plans

two

the

they have moved

ating at 85%

that

from

this year, and this year's increase
U. S.

treatment.

best

the

Manufac¬

1963.

over

non-ferrous

since the end of last year.

facturers

offset

words,

Stock

same

now

operating

found

vey

under,

Jones 91%

watching

whole plans to in¬

plant-equipment spending 4% in 1964

turers, in particular, have schaduled
at

;

Capital Spending in 1964

•

Important?

Operating Rates Rise

1962

■

other

ex¬

Turning to manufacturing

est

will

securities* whether

exactly

vestment

year.

This

will

switch

September.

Industry Plans Record

$1,000

dip.

8.3

17.9

in¬

are

this, the coal industry re¬
significant rise in invest¬

ment.

"*10.5

France

that

profit.

$9i0. However, if he also takes

That

Higher

mining, while oil-well drill¬

year as

FOREIGN

♦+>'«•"

nesota

the

plan¬

pect to spend about the

August Thyssen-Hutte

experienced in Hertz Corp., Minspite

again

Only the trucking industry

and

ers

INVESTMENTS

Mining and Whirlpool. De-

than

of investment also

indicated

Skelly,

was

other

rail, the airlines

Belgium

91%. Suppose,

under-six-month

tax

sale

Hoechst

buying

remain

ning to boost investment.

country

$1,000

ductible

high

bracket, and that in 1963 he takes

■

inappropriate to categorize inbetter

Invest¬

patience.

Among the companies which it

dustry-wise,

invest¬

year.

by the utilities will top $6

billion

mining companies

expect

Neckermann

MISCELLANEOUS ISSUES

run

saves

both

A.E.G.

spending

R.W.E.

DISTRIBUTION

utilities

Taylor,

de¬

On the other hand, electric and

pos-

D-X

example, Jones is in the 91%

His

1964,

The tax savings from losses ? around and take the $2,000

over.

Jones'

figured An

whether under-six-month

can

income

tion for both years of

profit, and wipe out the $910 tax,

buses.

com¬

year.

Philips

Delhi

plans for next

capital

influ-

All major

ab¬

always

are

over-six-month

many

been

have

Losses

full

previously

profits.

$1,000 loss

dicated for pipelines,

following sold issues:

may

ential in the

sorbed by

$1,000 deduction in 1963 and $500

page

not

indicate

Zwanenberg-Organon

candidates," where

This

their

ment

Siemens & Halske

lower

chain and. der

—

Farben-Bayer

"sell

lost

cline

market

large

stores

were

have

panies and
partment

this level in 1965.

indicates

year.

liquidated

out

in 1964 than this

Royal

Oil

Heavily

sibly holders

business

.Rr.FST

returns,

for

that investment will be 2%

Company

•

industries,

Plans for 1965 are

(N. J.).

seen

other

down from the 1964 level.

Commercial

Continued from

HOLDINGS BY MARKET

Dreyfus

economic condi¬

most

drop off 14%.

gas

^n?miwrS

(25,000); and

Standard

and

Rank

billion

expect their expenditures to

now

ment

One William Street (20,000). Good

Dutch

...

pITRnFrINn,o

issue

block

than

tions

Iatl°n of lnterest as of Sept 30■
-

categories—banks, insurance

EUROFUND, the closed-end investment company limited by its
chartter to cash or European Se-

Securities

bid

Blyvooruitzicht Gold,

„TT„_„TT_TT>

(20,000);

Wide

case

Present Security Market

railroads,

The

over

changing

evident

Cyprus Mines and Giant Yellow-

quarter.

by Bullock

Other

(37,000);

particularly

was

knife Mines,

the second most popular of all is-

New

"dormant."

curities issued the following tabu-

■

may

However, some attention continued t0 be directed t0 g°ld shares.

GROUPS

clA
Sold

dur¬

issues

largely

Industries

investment

1963, and which react more sharp¬

varied in the non-manufac¬

which

ing the September quarter

TRANSACTIONS

turing

pattern

ISSUES DORMANT

;

in 'r

(

The

;

INTEREST IN FOREIGN

(5,000); and

Thursday, November, 14, 1963

Income Tax Pointers in the

glass.
i

Market Soared

change in rubber and stone, clay

Funds' Buying Matched

Selling

(mutuals)

their
The

stockholders

fully taxable
hold

gains

them
and

dividends.
back

all

pay

dividends.

report

capital

companies

compa¬

freguentl^

capital r gains

long-term

investment

the

not

Some

capital

gains physically and pay the tax
on

them.

They make

theoretical

distribution at the end of the year.

This

means

report

distributed

the stockholders have

their share
long-term

the

gains.

the other hand the stockholder
duces

his

tax

25%

un¬

On
re¬

the

amount

the

addition,
cost

Dividends And Interest

Because i of

natural for

ets to

-tax

The

broker

people in high bracks

of over-six-month

charge

share.

for

him

securities

The stock is

now

cash

worths $16.0 a share because of an

cash

interest/dividends, and
of

the

are

customer's,

the

paid by the customer.

short

and

sales

about to be cleaned up.; recent

premiums

deductible.

are

however,

decision,

held that the deduction

91%

ties

$5,460, less $240

able

(4,%

selling

However,

the

business;

that

trader

deductions

stock

was

avail-

was

dealer

securities.

include

Other

(that is, at least four full business

scriptions to investment literature,

days before the dividend "record"

rent

date), he gets the

dian

the

sale

now

the

stock.

His

•

therefore

form

the

services

defending

taken at the New York office of the Government

submitted by

Development Bank for Puerto Rico, Fiscal Agent
Municipalities of Puerto Rico.

for the

Ahorro Pon-

Haupt & Co.

Phelps, Fenn & Co., and Ira

ceno;

for

tax

headed by Banco Credito

group

Photo

Carolina, Guaynabo, Mayaguez and Ponce.

The

$9,530,000.

winning bid for all six issues was
a

municipalities included Aguadilla, Bayamon,

The

which

groups

6 for six Puerto Rican

re¬

i
...

...

THE CORPORATE INVESTOR

II.

$5,220—a savings of $3,-

out

turn

If he still wants to maintain

What

his position in the preferred stock,

Only

720.

professional

banking

totaling

issues

bond

municipal

and

expenses,

turns.

$6,000

office

three

sub¬

deposit boxes, custo¬

fees,

preparing

$1,500, in¬

of safe

cost

profit

over-six-month

only 25%

stead

tax

$6,000, but

services,

bids November

submitted

vestment

advisory

Representatives

in¬

cost

at 160 before the ex-dividend date

same

only to those in the securi¬

active

$6,000), or $5,220.

much

same as

If he receives the $6,000 of dlvi-.
dends, he will have to part with

from

makes/
of

basis

the

Dividends

•

dividends*1

accuniulatidn of $60 of

who

anyone

proceeds

costs

stock /that

are

credits to the customer's ac¬

ever,

sales

Which

regular income. Here/ coming in and going out/ How¬

return

his

lias

$100

•

enough to give the

is not

deduction

•

count

preferred

fc./Zy

paid to the broker.

interest

mere

pose Jones, in the 91% 'bracket,
100

■ML*

deductible,

account

brokerage

to accomplish this: Sup¬

way

applies to the

limit

profits,

Bid for Puerto Rico Bond Issues

benefit is measured

if it is actually

try to get that soi$ of profit

rather: than
is

the/25 %

over-six-month

loss, generally only 25%.
Interest on a debit balance in a

profit

Converted Into Capital Gains?

(1919)

Chronicle

reduction

by the tax rate that

remaining 75% of the capital gain.
How Can

tax.

sale, the tax

the

increased ,by the

The Commercial and Financial

profit or an increase in loss on a

figures

investment in

his

ings

gain included.

stockholder

the

company

Number 6316

198

Volume

Special

Provisions

Corporate

Apply

vice-versa.

Investors?

the

1964

The

item, and
this

for

reason

interesting rule that to

Bill Would Allow Banks to

;

a
'

step

can

market
and

right

back

the

after

the

into

dividend

buy 100 shares.

That puts him

the
the

by $3,720

game

tax-wise.

profit

investor sells

",;r If an

profit,' and

right

Sales Treated? v

then

back,the
with

Not

rule

that says

lowed

days

stock

buys

the

profit

after

substantially the

same

sale. : The

tax

sale

took

never

effect

the

isL

such

losses.

of stock in 1961 at

70, and another

100 in 1962 at 80.

In 1963 he sells

100

75.

point profit
is

costing

80,

loss.

all

'certificate

has

five

delivers the

-point1

1961

profit,

half

out

each

selection of'
control

profit,
sult.

to0' have

■whether

loss,

break-even

or a

instructs
the

wants

the

1962

can

his

broker

sale
sell

the

1961 .block

will

control, but

written

acknowl¬

edgement.;';^'''/
If he

says

tificates

nothing and the

cer¬

identified, the

rule is that the 1961

block

first, because it

bought first.

was

is sold

What

Are

The

Commissions

Rules

And

stock
and

Purchase commissions

are

commissions

from

their

sions

sales

therefore

profit

loss

price.

taxes

regular

deduction.

can

vantage to have
tion because it

and

before

buying it

the

case

advantage in buying

selling

the

dividend

date

it afterwards.

and

profits

way

lished

still

can

regular

the

1963.

for

that-

estab¬
of

case

right up to the end

'quick

New School

and

out

investment counsel and

economic

consultants,

than

stock
over

52%;

paying
a

dividends

back

also

long

stock

the

rate

preferred

dividends

days.

long
is

With

rate

the holding must be

year,

least

days to get the 8%

dividends, otherwise

rate

52%

and

short

on
cor¬

dividend

and

all

The

TIMING

HI.

the

date.

different

right.
OF

Director

Business

Research,

Social

for

12th

has

been

ulty member at The New
since

teaching

1962,

and

investment

courses

prob¬

former

zine of Wall
served

faculty

the

York

Maga¬

Fair-

University.
degree

'his.B.S.

received

Commis¬

only

sale.

the

from

University.

Are

Sales

Year-end

State

tax

Securilies At

Be Reported?

selling,

whether

ad¬

regular deduc¬

taken

can mean

91%

sav¬

familiar

important,

occurrence.

else

Timing

transaction

intended to affect 1963 taxes may

Form Fin. Services

;

offices

has

engage

Partners

Flavy R.

the
a

are

been

formed

Ward

Groover.

with

Building

securities
Emil

banks'

the

articles of association. This change
in

the

requirement as to the time of
annual stockholders meeting

appears

to be needed.
faced

are

load

work

and

data

upon

until

available

late

in the

month; this makes it diffi¬
banks

for

plywood,

hardwood

veneer

doors,
6%;
manufactured
panel products, 3%; pulp, paperboard and paper, 25%; shipping

and'

and

containers

folding ,cartons,

21%; milk cartons, 5%, and logs
and other products, 4%.

company's

The

been approved for listing

have
by the

Pacific Coast Stock Exchange, and

cult

7%;

frequently

reports are

based

not

lumber, 29%; Softwood plywood,

Boards of Governors of the New
York Stock Exchange and the

„

which

Consolidated net sales
as follows:

1962 were derived

heavy

In January,

with

quite

the

furnish

holders with the annual
time for

with

will

to trading .on
after the offel.ing

admitted

these exchanges

has been completed,

stock¬

report in

Brasel

and

January meeting.

regard

Hugh McGuire Joins

The

solicitation

PORTLAND, Oreg.—Hugh B. McGuire has become associated with

even

before

the
\

suggesting

that

national

banks, like other corporations, be
given

Atkinson and Company, U. S. Na-

information

■

banks in furnishing re-

"We, therefore, join the Treasury

regulations

heavier

place
on

new

January meeting.

business.

Comptroller's

quired

TULSA, Okla.—Financial Services
Company

rather

their bylaws

specified

January

burden

The Year-End To

products.

required by law, to a day in

now

proxies

SALES
When

Asso-

stockholders

annual

ture, distribution and sale of wood

which

confining such meetings,

than

en-

He has also

Street."

Dickinson

leigh

"The

editor

and

firm,

leading- brokerage

the

School

portfolio

2228

national banks

permit
their

bankers

fac¬

He is trainee consultant for

lems.
a

Manhattan.

Street,

Edelstein

Mr.

New

YEAR-END

the

been

Administration Center at the New
School

owned

Edelstein, Vice-Presi¬

has

Bankers

meeting on any day of the year

Bernstein-Macauley, Inc.,

princjpally

timber and in the manufac*

supports

would
hold

New York

West

of Mr. Schlechte s let-

American

specified
M.

Harold

The

must

Zm/Wash

gaged in the growing and harvest-

follows:

"The

its

executive office3 in Ta_

inci

Jl.

ciation

Names Director

turns by corporations won't work.
stock

toper

of the

The text

dent

Committee

has

which

Weyerhaeuser,

-+f

Senator Robertson s

approved the Bill, S. 2228, on Oe-

;

named

take profits or establish losses,

delivery,

ad¬

stock

date

case

four-day

be sold

deductions

are

affect

transfer

of the

less

pay

addi¬

tions to the cost of securities, and
sales

there

selling

However,

stocks

Expenses? t;
/

instead

"cash"

ter

before

-Being

Other

31, securities can

dividend

generally

dividend

same

26
for

group, has announced the public
offering of 400,000 Weyerhaeuser

Co. shares at $32 Vz per share.
The shares are being sold for
ity in timing their meetings and the. Estate of Mary Frances Penwould relieve some of the burdens dleton, deceased, and no part of
imposed upon banks by the pres- IHe proceeds will be received by
ent requirement.
the company.
./•- ••

fore be

however, is better

individuals

poration
,

ident of the ABA's National Bank

/"■

desir¬

Accordingly,*while in the

goes

cannot be

mittee, Walter A. Schlechte, Pres-

1964 item. Between Dec.

Morgan Stanley & Co., New York,
as Manager of an underwriting

and Currency Com-

Banking

26, will not

year..

they

letter to Senator A. Willis

Division, said the proposal would

and

COITLHlOn OliereCl

Robertson, Chairman of the Senate

vU.

r\no

of January.

give national banks more flexibil-

be delivered

Oil

VV yjr CindCUuoI

during the

the next business

Dec.

cluding capital gains. That is be-'

that

His instructions

oral'and

get

time-

the

specifying

block. ;

must

good if he

the

annual
banks'

the

until Thursday, Jan.

capital gains.

^ back
afterwards, in

•

result holds

■

24. Se¬

Dec.

enacted."

national

the

set

association

articles
month

that

laws
be

the

requirement

2, 1964, and the profit will there¬

individual,

minimizing

—there is
same

Tuesday,

and recommend that S. 2228 be

legislation which would eliminate

the

^corporation it is just the opposite

•

The

•

returns

their annual stockholders meeting

its endorsement, to

Bankers

tion has given

day to ;

latest

the

profits for inclusion in 1963

made

the

re¬

from

take

curities sold

favor

rule,

delivery

in New

business-day

four

day, Thursday,

made

have

security

period*

regard-,1

Associa-

American

The

meeting

security

;t
of

York

the

As the various exchanges

meeting dates to suit thair needs.

select annual

of certificate de-; banking

the time

year

made

exchange,

are

derived

case

the

losses, they can be taken by sales

vantage

five

sale

the

type .of taxable income, even in¬

come

certificates^ and

for

deemed to be sustained

bill which would psrmit national banks to

Federal

supports

other

the

off with dividends than any other

v
-

purchase ;'and

corpora¬

delivered

are

Losses,

ABA

until the

than 8 % -tax on dividend income:

fivd'

deliver

can

cause,

He cari make his" 6'wii

even.

can

•

income

cer¬

was

sold

are

floor

taken

forward

there

ability

income;
be

can

A corporation,

depends, If

1962

tificate icostimg* 70, he ' has

point

five

the

.mention

f iv<& spoint /loss?'

even?

delivers

haive

Does

the>

hand,

livery.

other

considered

not

are

buyer.

less of

All that

benefit

securities

se¬

profits in th^ five
tax

profits

the

Select Own Meeting Dates

basis

the

coming in and going out,

realized for tax purposes

immediately

case

absorbed

the

when

with the net losses; is

until

cash

to $1,000 of net
can

them,

carry

the

in¬

from

profits..

100

the

reporting

taxpayer

deduction

years

the*

Identified?

tion gap do

wash

choice

reporting

corporations.

sale,

place.*• *-

Suppose Jones buys

while

deducted

IIow Can Seuirifics Be
.

paying 25%

dividuals,

security is

This is known

regular income. Cor¬

taxed.\ curity losses

sale, if, within thirty

one-half

investors have the

Also,

stock

loss will be al¬

paying 25%

full profit as regular income.

There vis

losses.

before

bought.

investors

reporting

profit

porate

Are Wash

How

over-six-month

individual

have the choice of

but

the

case

securities,

back where he started stock-wise,
ahead of

the

date

flexibility in

timing

tional

Bank Building.

Mr, Mc-

Guire, who has been in the in-

vestment business in Portland for
the past 40 years, was

proprietor
& Co.

of Hugh

formerly

B. McGuire

The Commercial and Financial Chronicle

(1920)

by Emmett G.

NEWS ABOUT

of the
Continued

former Crocker-Anglo Bank and

BANKS AND BANKERS
Consolidations

New Branches

•

New Officers, etc.

•

Revised Capitalizations

•

President

William G. Milburn

elected

dent in

Manufactur¬

Vice-President

merly

Assistant

Mr.

dent,

bank's Region One.
the

ities in the
cent

Mr.

branch

boards

advisory

Company,

obtained

State

York

Department

acquisitions of the

National

Bensonhurst

Bank

Black

Warren

elected

Md.,

Md., opened its 72nd office

8730

Fenwick

Md.,

Balti¬

Bank,

National

Georgia

Avenue,

corner

Spring,

Silver

Lane,

Board

announced its

the

Governors

Reserve

Federal

Nov.

System

pending

are

Laurel, Iowa, and the

its

deposit

liabil¬

Security

Savings

Bank,

the

assumption

before

the

ities

Applications for approval

suit

the

special

Jr.,

Manning

Director

Brown,

Morgan

The

Comptroller of the Currency,
J.

James
he

York

conservatorship

announced by

was

Alexander,

Henry C.

Chairman

the

Board.

Irving Trust Company, New York,

had

Okla.

Mr.

has opened a resident representa¬

because of

tive

tion,

office

Paris

the

serve

company's expanding relations
the

European

This

office

the

under

direc¬

stated, that

action

unavoidable

highly unusual situa¬

resulting

denied

the

from
all

handle

over¬

so-called

accounts free of service

"charter"

full

three

for

halt

thus paving the

banks

Los

Angeles,

charges

been

counts.

appointed

sentative for
M.

Bresett,

tative.
at 9

The

resident

Europe, and Elward
office

is located

facilities of this

new

New

in Paris.

Landon
named

has

Bachert, Treas¬

Peters,

Davis

have

and

also

been

Assistant Vice-Presidents.

overtaxed

In these

essential
a

ac¬

Steel reported.

Aug.

business

circumstances, it is
this

allow

Bank, which

new

Officer

Kirk

Stanford

The

Bank,

Nov.

and

for

procedures

this

resign

position

Jeffrey

Senior Vice-Presi¬

October

Their

vision

First

Trust

Western

Company,

Bank

Francisco.

San

The
Stanford
Bank,
newly
chartered by the state, is a com¬
mercial

and

savings

Mr.

Vice-

of the Manchester Bank, St. Louis,

Missouri.

elected

Mercantile

Rank

been

Director

handling

therefore

business. It is

Commercial

America,

New

approval

stock from

North

was

given

Bank

that

necessary

YTork,

increase

its

capital

$3,877,415 consisting of

775,483 shares of the

value of

par

temporarily

Canada,

the

million

1957...

elected

States

Perkin

Trustee

Trust

has

Metal working
to

pointed

charge

Dallas,

been

Dallas,

appointed

United

National Bank, effective as of the

New

sit

Benestad

Senior

the

close of business November
1963.

Torleaf H.

Greenfield,

Conservator of the Southern Hills

York.
s»

been

Company

' ' ././A,. 7,7

has been

•

ap¬

Vice-President

American Trust Co., New York.

Mr.

servator,
direction
the

Greenfield,

will
of

act
the

Currency,

direction,

Con¬

under

the

sole

Comptroller

and

under

responsible

such

for

the

conduct of the affairs of the Bank.

The

Board

cester

Directors

County

National

Worcester, Mass. voted

seven

new

adyisory directors for the Clinton
offices.

They

brecht,
M.

Erich

Goodwin,

Willis J.
and

Erich

Fritsch,
David

Al-

Raymond
F.

Gould,

Hackett, Donald L. Smith

Nicholas

The

are

The

First

>i:

National

mittee
K.

the

and

Director.

Maiden, Jr.

Matawan,

named

Tyrrell

Assistant

title

the

latter
*

The

Trust

Mellon

Co.,

Freehold,

charter

National

:J:

The

Pittsburgh,

of California's Head

and

bank.

Bank

made

San

Citizens
Nov.

sis

Crocker

Bank,

Pa.,

has

Cashier

San Francisco, Calif.

under

1, it

also

was

been

Company, Inc., In¬

Bankers,

best

since

ctontinue

1946

and

since

has

that

the

been

date.

Lee

its

president

has

Jonathan L. Peeler, who

his

headquarters

Charlotte

office

Building, is 32
has

been

making

for

scrap

rose

makes

the

firm's

Johnston

the

of age

years

associated

and

cents

reflected

buying

have

been

nies

making

advancements

announced

wheels

compa¬

and

rings,

producer reduced prices

one

thin tin plate to bring them to
_•

and

large
wire

raise

rivets

base

Lnills

"Rod

rods.

prices

but
rod

didn't

did

hike

sizes

over¬

and

Mrs.

Lee

previously

raised.

were

Fastener makers fear they'll have

hard

time

passing

Bank

announced

and

merged

jointly

along to customers.
Tin
cents

climbed

mid-October,

3even

indicat¬

ing the long predicted tin short¬
is here.

age

Behind the1 shortage:

Output in Indonesia is down.

cut

could

mand
of
-

this

Durham,

Durham

City

graduate

attended

schools

of 7 The

Academy

the

and
of

ternity.

the

He
at

Institute

also

the

was

Chi

Fra¬

completed

Alexander

and

University

Sigma

has

the

and

Mercersburg

Carolina, where he

member

the

into

Hamil¬

New

York

of Finance.

are

The

Detroit

could

hikes.

U. S.

eral stockpile.

manager

fice,

Kaplan

Co.

pose

50,000

being
of

Fontainbleau.

age

long

tons

last

400

tons

weekly.

Be¬

Currently,

September.

released

the

user

stockpile and

stocks, the short¬

probably won't get any

Autos

Pace

sales

of the Miami Beach of¬

Hotel

The General Serv¬

worse.

Evans has become associated with
H.

A-v

ices Administration started to dis¬

substantial

John

have been living off

users

[■J The

Year-End

Sprint

mill
well

steel market

may

sales

office

reports

2,0%

November

October.

over

that

extent

but

nevertheless.

Three of the biggest automotive

divisions

have

production

revised

supplemented
buys

large

contrast

steels

Another

had

suppliers to expect
to

there

tonnage.

the

automotive

the

expected

steel business

the

flat-/

coming from

automakers.

Auto

Output

13.1%

From

Year-Ago For Record 8-Year

Weekly High

/
Auto

output

the

week will rise to its

for

any

week

this

highest level

history,

Automotive Reports

Ward's

said.

The statistical agency fixed the

industry's

for

program

the

week

ended Nov. 9 at 187,896 passenger
cars,

increasing 7.0% from 175,560
made last

cars

above

166,112

week.

Also, 13.1%

assemblies

corresponding week of
—last
to

top

be getting
reported.

week's

the

184,277,

The

record

slump from construction

counteracting

rolled

the

December

December orders and

orders for additional

seasonal

have

and

their

accordingly.

December

schedules

output is

record

the

expected

weekly

dating

year ago

count

April

1955.

Steelmaking

its second wind Iron Age

de¬

quarter

of the indicators:

some

substantial

stocks and releases from the Fed¬

are

Fla.—Ralph

/AA':—

first

Others report, some gains for No¬

of of tin try¬

ing to curb the recent round of
price

cause

BEACH,

run

the

further,
steel

1964.
Here

And the International

Tin Council has

step

strong

mean

well

major

Strikes in Bolivia have

output.

economy

Red

dried up.

Peeler

overall

Carrying

buildup,

prices have
since

the

year,

production will de¬

the

levels.

mum

increases

Chinese exports to the West have

J. H. Kaplan Appoints

Calif,

first of the

tendency for steel users to cut
thdir steel stocks to mini¬

concerned

are

price increases

the

Office,

National

the

of steel

vember—not

Producers of high strength bolts

holiday influ¬

back

this

price

are

December

remains strong, there will be little

export.

about

pend; on Auto sales and inventory

The

son

with

November

will be felt.

level

steel-

last week.

gross ton

Selective

1938.

since 1951. He is the

company
Mr.

been

the securities business since
a

company

less

do not

visibly, but not

when year-end and

last week told

MIAMI

Anglo

feelings

factors.

Steel's price composite

re¬

and

while

now,

orders will be up

prices

President.

founded

mills

feeling.

stands

been

elected

conflicting

steel centers

same

Detroit is the center

placed

Peeler

But
steel

moving

optimism,

new

auto-oriented

ences

prices

Build-: extra charges for

Trust

The

sis

Francisco,

National

the

lapping small carbon bars whose

ton

Richard

Company,

merged

were

elected Vice-Presidents.

and

Trust

Maurice

Carr, William Franklin Ritchie,

Bank

J.,

Dallas,

Executive Com¬

N. J. and the Central Jersey Bank
N.

vestment

studies

Bank,

Peeler

North

and

Vice-President

can't

keep

individual

from

sales offices.

Bank,

Texas, elected W. Dewey Presley,
Chairman

and

strong.
to

production

ing, and Jonathan L. Peeler, has

Wagner.

Matawan

❖

Wor¬

Bank,

total, 76

churn.

has

the

Board

■

shipments

is,

consuming in¬

enough

and

ports

in¬

A.7"V-L.

about last month's

Vice-President

Texas,

tons—and
:

has been elected Chairman of the

yearend

levels of competing makers.

Peeler,

business

strong

sales

curtail¬

year's

DURHAM,

of operations of the Republic Na¬
Bank

the

and

the

Lee

industry

without strong auto demand.

tons, the fourth

for

C-—J.

dustries
not

After

auto

mixed

tons

But

J. Lee Peeler Co.

the

share the

and

established

William

Mr.

tional

Bank

fall

from

comes

assure a con¬

radically, from October. There

base to

carry an uptrend on its own. Else¬

axles, metal clad switchgear, poly¬
ethylene resins, and copper tubes.

Officers At

optimism

new

This accounts for

will

com¬

lion

the

Montreal.

Lee
,

value.

Richard

this

suspended

this purpose;

Senior

conservatorship

$5 each, to $4,105,500 consisting of
821,100 shares of the same par
:J:

business

normal

way

are

quarter's figure will be 17.5 mil¬

The

much

tinued broad recovery. Important

holidays 'and taxes

million

increase
has

There

closely into line.

narrow a

they did in

December

5.5

$26.67
Palmer

their

levy

reach

President and Senior Loan Officer

Churning Metalworking Prices

was

coming at the bottom

where among steel

ship

can

(because

due Ao

But

Jeffrey, prior to his associa¬

Kenneth

1957,

ventories).

capitalization of $2,200,000.
tion with First Western

are

with new, larger
A
' increased
auto

the

too

are

and

inventory cycle.

The

with

bank

the

ing

quarter.

states

some

may

those

shipments

December

ments

dent in charge of the northern di¬

automakers

schedules

still excess steel to be worked off.

(about six million tons),

successful

this huge volume of

since

they'll be well

the

organizing committee.

accepting
will

Executive

Calif., effective Dec.

announced

bank's

Jeffrey

Chief

and

reasonable period of time within

ties

largest

If steelmakers

Bank

which to establish adequate facili¬

industrial

tonnage this month

Appointment

ma¬

continuing

shipments

Macfie,

accounts

processing

the

new

for

opened

1963.

![:

York,

Shelbv

had

the

deposit

greatly

elected William E.
urer,

such

represen¬

Sis

ber

life

the

for

The unprecedented num¬

Jr., deputy

Rue Tronchet

Bank

repre¬

year's

the

President

their

business

are

;

build

and

year.

life

new

production./Even after

and

Further,

give the market strong support.
The

tion of Henri W. Emmet, who has

builders,

equipment makers

Committee.

the

orders for steel.

rec¬

manufacturers,

decent

But orders and chewup

chinery

Los

Chairman of the Execu¬

assure

record October;

backing them

De¬

they assembled in November,

Angeles, Calif, elected Charles A7

tive

aiming

this month—8%

cars

But the fresh feel¬

up.

Age said

upping

extra

production

Appliance

and

sales
a

sea¬

and

doesn't

coming, directly from record, auto

1962.

way

ahead

Iron

they continue

this

drive to break all records

sprint through the end of the

doesn't

ordering

metalworking

cautioned

building

ear¬

offsetting

November

They're

than

Department's

temporary

Bank

judges

stronger
it

and

are

delivery

assault

ords.

anticipated

for

cember

their

mean a

giving

expected to be

was

national

Op¬

63.5%

fresh feeling at

ing is enough to

year,

factors

740,000

Justice

the

en¬

when

The

be weakening.

tonnage

the

sonal

the

asked

court

the'

the merger,

whelming acceptance of the Bank's
offer

area.

Southern

orders

new

recovery

weekly

week.

market

Automakers

suit.

Nov.

of "iTulsa,

Bank

.Saxon

this

8,.. the

National

deemed

the

Nov.

Hills

temporarily

placed

business

that

announced

Saxon,

Guaranty Trust Company of New

surge

esti¬

capacity.

steel

seem

anti-trust

pending

merger,

request
for

Clayton

department

three-judge

the

San

violate

would

and

The

Court

last

steelmakers

lier

the

banks

Oct. 8, charging that

merger

join

the

District

Francisco

was

Election

against

than

magazine

were

unofficial
The

the

made

were

erations

are

•.

that

tons

mates

said

banks

both

got

Crocker-Citizens

Bank.

Palo Alto,

Marshalltown, Iowa.

Federal Reserve Board.

inch higher than the 1,950,000 in¬

approval of the ac¬

ings Bank,

N. Y.

Vernon,

Output this week is expected to

and

The Department of Justice filed

The

consolidate.

Nov. 13.

tional

mergers

National

Maryland

the

of 1961, Steel

now

Board

Executive Com¬

trial of the

Director.

Brooklyn, N. Y. and the First Na¬
of Mt.

offices

acts.

quisition of assets of Peoples Sav¬

Bank

that all offices
now

Sherman

National

Maryland

Baltimore,

New

the

Banking

f or its planned

has

York,

New

approval

York

New

Bank

Chemical

Trust

The

Allen

Vice-President.

a
*

more,

in Region One.

The

elected

Del.,

Wil¬

the

mittee of the combined bank,

Co.,

page

gasping for strength.

charge

development and liai¬

of business

with

for E. Vin¬

Vice-President.

will

Curtayne

son

responsible

area

same

Curtayne,

Cresap, Jr.

Wilmington Trust

Frear, Jr.,

additional

was

from

exception

the former Citizens Bank and

Federal

The

time the bank an¬

same

nounced

Mark W.

late

Burnham,

the

time

Director succeeding the

comprising the mington,

of Brooklyn

part

supervise

will

Innes

offices in the northern

branch

For¬
Vice-Presi¬

metropolitan division.

York

elected

Vice-Presi¬

operating department

Donald

and

Hanover Trust Company, New

ers

the

with

merged

bank, and Mr. Britt, President of magazine reported.

Chairman of the

the

Vice-Chairman

Gordon W. Innes has been

Thursday, November 14, 1S63

STATE of TRADE and INDUSTRY
President

Solomon,

now

Solomon and Roy

A/Britt.
Mr.

irpustry set
in

monthly

an' all-time
production

trucks

140,398

'and

cars

198,719

when

October,

during

Number 6316

193

Volume

were

mak¬

made. Previous high in car

ing

794,015 in March of 1955,

was

Ward's

al¬

that

out

pointed

though November volume will not

that of October, produc¬

surpass

tion this month may
the basis of

reach

peak

daily output.
two
biggest

industry's

The

General

producers,

year.

late

time

fourth

volume

shown

trailing the 1962 level. In all cases
decline

the

sistent

These

Ford, slated record counts for last

findings

•,

total
plants; had sched¬

of 33 assembly

overtime
production

uled;
This

workers
out

■

plants

plant

walk

October—

during

Chevrolet

the

caused

demand

two

strike

Saturday.

last

(Ohio) still idle late last week.;
Since

•

union

have

locals

votes

model

'64

the

at Ford's Kansas
(Mo.)! assembly plant came

week

last

protest to "produc¬

tion standards."
GM

13.5,

American

0.7%

Studebaker

and

6.2

Motors

Ford

50.7,

programmed
Chrysler

28.9,

of last week's record schedule.

Carloadings Are Up 2.3 % and Ton
Miles

7.3% Ahead of Last Year

Loading
the

ended

week

622,566
This

Nov.

preceding

and

week,

third

successive

total

carloadings

the

was

week

which

and 0.5% over the

year-ago week

showed

cars

increasb

and 3,131

13,970

for the latter

cars

during the week ended Nov.

the

of 2,889

increase

2—an

week,

preceding

the peak up

increase
1962

over

which

was

to that time, and an

2,247

the

over

cars

loadings

grain

cars

which

peak,

occurred in the comparable week
a

year ago.

generated

Ton-miles

car-

loadings in the week ended Nov.

approxi¬

2, 1963, are estimated at

mately 13.8 billion, an increase of
7.3%

the corresponding week

over

The

11.7%

and

1962

class

railroad

U.' S.

traffic

one

revenue

(piggyback)

in the week

26, 1963

(which Were
over-all

Oct.

This

total).

week's

that

included

was

increase

11.9% above the
corresponding week of 1962 and
3,485 cars or 25.9%
above the
1,806

cars

week.

1961

for

the

totaled

first

creaseof
above

1961.

cars

78,081

cars

1963

for

period

176,475 cars or 36.4%

corresponding period in

From

Off

Year-Ago Week

week

ended

even

with

the

volume

corresponding week

the

1962—off

only 0.2%, the American

Truck¬

Sales

4-6;

trades

Department

their last

ment

re¬

week

2.0%

full

ended

Nov.

7.2%

rose

and

daily

level

Monday; re¬

quotations

that

news

Congress

orders

new

rose

in world

and

side of the

that

sup¬

slipped

corn

basic

agree¬
sales

wheat

licensing

and

reached

been

sugar

imminent caused

upswing

prices. Similarly,

pros¬

somewhat,

from

down

Nov.: 11,

day,

268.32

last
of

month

when it stood at

ago,

last

and

269.14,

that

The index trailed

week.

when' it

year

figures

the

are

rise

___

Shipments
orders

New

...1962

1963

Production

Nov. 3

233,009

230,878

232,220

244,061

239,172

227,624

255,520

24;1,651

231,485

dex

ling the high for the year set on
July 23. This record which pushed
0.3%

Electric Output Shows 6.6% Gain
1962

Over

and

the

energy

Edison Electric
Output was 129,000,000
the

the

than

week's total of 17,457,000,000

kwh.

kwh. above the
16,491,000,000 kwh,

1,095,000,000

total output of

1962 week
year-to-year gain,of 6.6%.

corresponding

Dip

slipped
Nov.

ended

casualties

the

year-ago

sharply from the
of 336. Approximately

off

fell
level

1961

number ; of

same

failed

as.

pre-war

involving

both

and
of

function

losses

of $100,000

256
1962.

the prior

under

in
-

the

246

week

failures
$ljQO,000
a

week

comparable

is not

Its chief
show the general

prices at the whole¬

sale level.

JDebens. Offered

gain

com¬

the

out

index

without

seasonal

ment

reveals

sales

6.2%

year-

the

Temperatures

Cooler

turn

Give

adjust¬

were

Wednesday,

ended

week

1963,

period

the

2),

lethargy lingered in apparel pur¬
chases. Despite

creased

dis¬

volume

(adjusted)

ago.

year

According

fast

week
in

goods

serve

District for the week ended

Nov.

New

total

the

spot
&

year

and

were

riod.'^They

mates
1962

varied

re¬

statement

higher

according

from

levels by the

5% since tho

vvere up

tan area,

Nov.

store

2-ending

Metropoli¬

the

for

sales

week

ago,

year

3.0%

were

total

from

the year-ago

York

New

City's sales for the Nov. 9-ending
week revealed

sales

can

one

minus 4%

higher the New York

much

how

however,

surmise,

City sales might have been in the
absence of the sales tax rise from
4%

week

vealed

decline

For the

plus

put

merce,

above that for

sales 2.0%

last

week

comparable

The

year-to-year contrast for the

Dun
esti¬

comparable

following per¬

centages: New England—2 to +2;

adjusted for
'

any

time

from

105.5%

crued

interest.

100%,

the

sale

net

the

proceeds

the

from

the

approxi¬

will be applied
in

prepayment

outstanding

bank

full

note.

finance in

the

from

The

of the proceeds will

ance

ac¬

debentures,

mately $2,000,000
to

plus

bal¬

be used

part the acquisition

British

Aircraft

Ltd. of four BAC

1-11

Corp,,

jet aircraft

engines

spare

and

equipment, the total cost of which
is estimated at

ing

import

Airlines

Mohawk

provides

$13,150,000, includ¬

duty.
principally

short-haul

air

trans¬

portation of persons, property and
mail

serves

its

over

route

airports located
New

system

cities

which

through

the

States

33
of

York, New Jersey, Pennsyl¬

Connecticut,

Rhode

Island,

Hampshire, and

Toronto, Canada.

Phila. Sees. Ass'n
To Hear at Meeting
PHILADELPHIA,

Over

Year-Ago Month
of

sales

Total
October

retail

recently.

figure,

after

stores

meeting
curities

and

Office

Rubin
ton

Hardy of The First Bos¬

Corporation

charge

in
-

Milton

Eisenberg
Own

and

trading

above October

that

Business

V ;

•

Firm

after

Eisenberg and Company, Inc.

F.
has

the

SAVANNAH,

been

formed

Liberty

adjust¬

trading day

durable goods sales
record as most

higher sales. Non¬
stores also reached

Officers

Ga.

—

with

National

to engage

Eco¬

a new

durable goods

Se¬

Wednes¬

Forms

ment for seasonal and

trades reported

Philadelphia

Association

;

differences,

of the

will

luncheon

Commerce

1962.

advanced to

the

not for price
2% above Septem¬

noted

adjustment, for

variations

1963

speaker

guest

This advance

Department

announced

—

Company,

Battery

age

arrangements.

billion,

$21.6

were

Pa.

Dwyer, President of Electric Stor¬

day, Nov. 20 at the Barclay Hotel.

5.0%

Gain

Sales

October

nomics

also

option

regular redemption prices ranging

The

100%

the

at,

company

They

year.

Commerce's over-all re¬

seasonal variations.

ber

interest.

redeemable

the

period showed a

tail sales data are not

fund

annual

2-ending

Nov.

the

redeemable

Vermont and New
encom¬

retail sales, com¬
piled
by
the
Bureau
of the
Census, U. S. Department of Com¬

ment

total

passing

week's

com¬

last vania, Ohio, Michigan, Massachu¬

from

data

set

1970,

sinking fund the deben¬

accrued

re¬

broader

sinking

equal

tures will be

setts,

year's period
A

figure

flash

l.; The four-

June

last

and

mandatory sinking fund payments.

compared to the year-ago week.
No

Nov.

maturity. The

annual

payments

and

period.

for

figure

be¬

volume

dollar

retail

low

flash

pe¬

and sales in the

latest four weeks

commencing

additional

down

were

from the corresponding

3.0%
riod

Nov.

through

compared

year

however, New York City

department

through

also has the option to make

pany

cumulative period in

same

changes, was

estimates collected

com¬

pared to last year's four-week pe¬

day differences, but

Bradstreet, Inc. Regional

com¬

however, 1.0%

up,

seasonal

ago,

Re¬

figure

week's

year-ago

convertible

are

of the company

designed to retire 50% of the

issue prior to

are

parable

autos

latest

the

above

along

dollar volume

Federal

York

rose

interest.

Mandatory annual sinking fund

store

new

weeki ranged from 2 to 6%
than

same

1962 levels.

tail trade

Re¬

Federal

department

rolling

and

volume

total

The

the

However, for the
whole, continuing gains

year.

home

kept

set

they

pace

day last

sales

exceptionally

could not match the

that

over

the

System,

serve

priced

are

accrued

thereafter

payments,

in¬

for corresponding period

rung up

debentures

/"■;

(Jan. 1 to Nov.

dollar

retail

con¬

debentures

1973, at
$5.50
per- share;
thenceforth at $6.25 a share.

are

tricts'

bustling traffic on

Day,outerwear

Election

1968;

dis¬

department store

com¬

•

So far this year

The

100%, plus

into capital stock

country's

the

for

subordinated

The debentures

gained

leading department store

tricts.

period ended

sales

year's level for the

but some of the October

$6,000,000

being made by
underwriting group headed by
Smith, Barney & Co. Inc., New

ment

the temperature

due Nov. 1, 1978 is

York.

gain of 3.0%. Unlike the depart¬
store statistics, the Depart¬

Buying

buying took a brisker

along with

the

Nov.

Lift

offering

week.

four-week

parable
12

last

from

latest four-week

the week's cas¬

from

trend of food

ahead of

Smaller

year.

declined to 236

week

when

edging below the 39 of

size'in
last

liabilities

had

more,

and

businesses

1939

stood at 269.

the toll

ago

Inc.

of 295 in the similar week,

pace

re¬

down only

were

from

moderately

the

Bradstreet,

Dun

ported

week,

foodstuffs

raw

index.

cost-of-living

Consumer

after

preceding

the

285

Moderate

270 in the week
an upturn to

to
7

of 31

and meat in general use. It

1*%

•:

Public

in¬

past 24 weeks. The weekly sales

Index rep¬

total of the price

sum

pound

per

Week

Election

Food Price

the

resents

Inc.

Bradstreet,

Dun

The

Wholesale

Business Failures,

Commercial and industrial fail¬
ures

behind

light $6.17, and came nowhere near,th6
$6.90 index reached in 1950.

electric

Saturday, Nov. 9, was es¬
timated at 17,586,000,000 kwh. ac¬

in/ the

neverthe¬

the 1962
high of $6.11, the 1961 record of

ended

Institute.

and

pace

year ago,

industry for the week

power

cording

week's

last

pa^t

0.2% above

less,, remained

electric

amount

The

Week

this week equal¬

to $5.98

rose

In¬

August.

Nov.

Board's

above

weekly

to-year

Price

Food

Wholesale

The
Oct. 26

Index

Sep¬

about

Mohawk Airlines

week marked the 23rd year-

ago

Equals Year's High

weeks indicated:
Nov. 2

Price

Food

Wholesale

the

feet for

board

stores

were

Above

1962. Within the N. Y.

this Mon¬

at 268.16

Index settled

retail

1963

vertible

week's

to the

Daily Wholesale Commodity

all

The

and Western Europe pushed cotton

The

for the state¬

ending

beginning of this

Following

the

taken from

2.0%

pects of bigger exports to Japan

reached 270.03.

thousands

Based

seasonally .adjusted

Mohawk Airlines, Inc. 5 V2%

In the

shipments,

0.3%,

lower

pared with the like period in 1962.

last

fell

quotations

current

the

climbed

increased.

sample,

sales

Pacific

sales

store

Reserve

week

over

Lower

South

and

-J-7;

country-wide basis

past two weeks, the
this

Decline

with Russia

wheat

the

Compared with 1962 levels, pro¬
duction

had

Last Year's Level

Nov.

reports

ment

was

change.

week-to-week

this

tonnage in the
Nov. 2 was almost

Intercity truck

the

Rye

scale,

Last Week

rose' 0.9%

put

Thirty-four

Fractionally

4-2

stores

sales, but most other nondurable

below

fractionally. On the

regional lumber associations. Out¬

Tonnage

plies.

had

week

the

feet

ualties
Truck

+5;

Nationwide Department Store

advanced

commodity price

scarcities

city,

233,009,000 board

country totaled

in- ; they

13.4%

corresponding

the

of 1962, and
above the

weeks

661,383

high. Apparel and general

new

tember

Federal

gyrate

index.

the

dex

'Friday exerted the sharpest effect

change

production

Lumber

While

loadings

Cumulative piggyback

while

Rate and Up

0.9% From

highway trailers or highway con¬
ended

1962

Above

tainers

-f 1

+8.

the

ported Dun & Bradstreet, Inc. A
downward
plunge in
sugar
on

showed

+4 to

Last Week

From

268.16

eased

Output 0.3%

Week's Lumber

with

merchandise

Central

casualties

similar

the

wholesale

week.

the previous

from

and

originating
piggyback
reported
loading
16,934

systems

cars

reflected

Cincinnati,

kwh.

1961.

over

Cen¬

Central

wholesale

the

below

ran

it has for the

Angeles,

terminal

One

decreases.

distributed

last January.

construction

but

reflected

1963 total registered

the low

over

1962

immedi¬
will
be
asked
to
expand
the
ately preceding week, 23 metro¬
domestic producers share'of the
politan areas registered increased
United States market in 1964 due
tonnage, while 10 areas reported

58% increase

was a

West

con¬

below

both

However,

Continuing

de¬

Atlantic

service,

except

the

with

Compared

Carloadings of grain and grain

products, however, totalled 68,625

+4;

hand,

among

remained

Eases

level. One

more,

Wholesale Commodity Price Index

only one terminal area reflected
decline in excess of this amount.

10.3%.

change.

comparable 1961 week,, the former
constituted

and

close to equalling

tonnage

centers

of 10%

increases

off

retailers increased

114

all.lines

corded' in

change from last year.

North

contractors held even at

and

ago,

last

for

Los

trucking

Three

West South

Mountain

South

changed at 50, the same as a week

reflecting
1962

a r e a,

and

East

Canadian failures remained un¬

re¬

of revenue
2.3% over the

increased

freight

terminal

tral

East

other

the

34.

at 15 localities,

the

Atlantic

Central,

dips

year's marks:

freight

increased

points

from

came

according to reports received from

declined.

carloadings

Total

Middle
North

against

1962.

survey

ago

year

creases

below the

three-tenths of

of 2,015 cars

decrease

showed

week

announced.

Railroads

was

general

totaled

Association

the

cars,

American

freight

revenue

terminal

The

with

pending strike
City

carriers

mon

'strike

plants. A five-day notice of im¬

handled

tonnage

Slight

wholesaling,

from

124

trade

throughout the country.

startup,

industry

report

The

from

levels.

than 400 truck terminals of com¬

from

taken

total

flects

Norwood

Economics.

40.

partment of Research and Trans¬
port

this

35, and in service, off to

mortality

week.. V-vv?.V weekly survey of 34 metropolitan
areas conducted by the ATA De¬
With
the
industry
being

prodded by record sales,

earlier.

based on the

are

from

struction

periods

years,.......,

con¬

experienced

that

comparable

during

dovvnin

concerns

the toll among

The

increase

with

marginal.

was

week-to-week

week's

succumbing

week

appeared

yearly

the

that

has

for

accounted

the

June

with

turn,

of this

all

operation

only

comparison

and, past

Motors

This

nearly

2.0% above the vol¬

for the previous week

ume

(1921)

Manufacturing

announced. Truck

ing Associations

since

units in May, 1951.

Chronicle

The Commercial and Financial

tonnage was

140,125

building,

truck

and

Milton

offices

Bank Building,

in a securities business.
Milton F. Eisenberg,

are

I. Eisen¬
Milton Eisenberg
was
formerly
an
officer
of
Clement A. Evans & Co., Inc.-and
more
recently was with J. R.

President, and Everette
berg, Secretary.

Williston &

Beane, Inc.

The Commercial and Financial Chronicle

The following statistical tabulations

Indications of Current
Business Activity

latest week
week

Latest

8& X—T?£&

•

Thursday, November 14, 1963

iMFRlfAN

late in 1960
PETROLEUM

"Sni

Ago

1,804,000

1,915,000

AMERICAN

andcondensate output-daily average

•

105.1

104.4

102.8

99.0

0.64

0.635

0.625

63-0

Slab

ZINC

INSTITUTE:

(bbls.).

attend

7,608,260

7,578,410

7.332,100

8,630,000

8,663,000

8.860,000

8,326,000

SERVE

31,075,000

30,889.000

30,978,000

29,913,000

3,456,000
14,771,000
4,853,000

3,009,000

2,815,000

2,961,000

14,416,000

14,659.000
4,625,000

13,219,000
5,366,000

7,571.010

lov. 1

~~Nov

—7

smelter

output

4,579,000

'in

2,000

Year

Month

Ago

short

period

gasoline (bbls.) at—_
(bbls.) at-——-—
Distillate fuel oil
(bbls.) at
Residual fuel oil (bbls.,) at
Unfinished oils
(bbls.) at
Finished

•

——

;—•

Kerosene

'
—-—~"m0v'
N

,
i

—

176,256,000

181,077,000

Other

177,407,000
38,110,000

178,089,000

37,102,000

34,845,000

37,326,000

189,162,000
53,590,000

*185,386,000

175,175,000

180,762,000

THE

FEDERAL

77,866

87,103

87,434

53,897

55,356

159,448'

Sept.

$66,343

$66,137

51,627
21,396

51,421

12,889

12.804

RE¬

SERIES—Esti¬

intermediate
30:5

term

credit

•

credit_____:^_?£._i '
Credit,-

52,941,000

52,060.000

53,152,000

/<j

85,204,000

83,801,000

83,367,000

84,679,000

;

622,566

624,581

632,049

NoV. 2

Single

Nov

of cars)—

coal and lignite (tons)—
Pennsylvania
anthracite (tons)————
Bituminous

CONSTRUCTION ADVANCE PLANNING — ENGINEERING
NEWS-RECORD—NEW SERIES (000's omitted):

PUState

and Municipal

INC.

9,555,000

*9,715,000

9,700,000

8,847,000

327,000

406,000

393,000

314,000

DUN &

INDUSTRIAL)

397,600

.328,100

132,000

296,600

292,100

377,500

\ 262,400

281,500

77,200

10,600

300,300

112

122

117

17,457,000

17,255,000

Nov, 7

401,100

Nov. 7

615,300

Nov. 7

176,200

Nov. 7

439,100

34,200

119

Nov. 9

17,586,000

6.368c

$63.11

(St.

---

"II-———---------

6.196c

;

Group.

28.400c

28.350c

28.400c

28.450c

11.751c
11.551c

9.800c

12.000c
11.500c

13.000c

12.500c

23.000c

24.000c

'.M.tl24.375c

124.625c

117.750c

110.000c

88.47

88.40

METAL

88.40

88.54

91.19

91.34

91.48

89.78

89.64

—*

y—

'89.78

•

82.77

86.38

86.51

89.51

.Nov.

89.09

>4.05

89.64

12
12

4.54

Nov.

4.33

4.32

Nov/ 12

4.44

Nov.

Nov/
—

Group

Industrials
MOODY'S

——

Group

INDEX

COMMODITY

ttThree

NATIONAL PAPERBOARD

-Nov. 8

—

sales„

Other

sales-

Total

——

initiated

purchases

the floor—

sales

EXCHANGE

AND

—Oct.
Oct.
''

—

Number
Short

Round-lot
TOTAL

sales

FOR

STOCK

SALES

N. Y.

MEMBERS

commodities

Farm

DEPT.

2,417,320

1,623,250

2,974,510

3,020,270

2,089,410

;
:

562,000

commodities

delivered

other

™_~
farm

and

tNumber of orders

basis

than

centers

foods.

not

Laredo,

bulk

Laredo,
Platinum,
(Per

£234.975

£2-32.77Z

••'11.628C

0.500c

99%

(per

long

62,800

86,400

737,270

545,490

423,820

849,170

608,290

510,220

'•

(per

long

ton)

(per

99%

'Bismuth

Number

PERSONAL

Total

36.250c

lots

•

33.000c

33.000c"

$80,000

$82,000.

$2.57500

$2.45500

$1.75000

$2.62500

$2.50500

$1.80000

$1.50000

22.978c

22.500c

24.000c

22.978c

22.500c

79.000c

$2.25

32.500c

33.000c
$80,000

;

SALES

AUTOMOBILE

FROM
MANU¬

Oct:.

cars

and

___^

motor

coaches

939.529

620,761

799.371

505.228

724 273

140,158

115,533

848,510

124,237

UNITED

STATES

COMMERCE)—Month

(in billions):

personal

income

6,084,865

5,150,665

4,850,629

3,371,524

1,019,990

823,350

807,640

665,174
2,779,355
3,444,529

labor

—

1,523,434

1,309,378

$82,905,305

$56,032,113

2,046,641

1,817,530

1,959,698

1,552,559

27,558

29,290

13,828

83.210

2,019,083

1,788,240

1,945,870

1,469,349

$91,681,548

$98,816,593

$67', 152,202
616,890

70U60

8T0.I66

616~890

395,140

355,220

322,980

1.404.230

1,478,240

Oct.
Oct.

1,405,350

26,188,680

1,279,620
22,463,400

23.353,200

16,035.510

—Oct.

27,594,030

23,743,020

24,393,430

17,513,750

100.7

100.2

100.4

94.4

*94.6

96.2

98.1

Nov.

101.7

101.6

101.9

Nov.
Nov-

90.8

90.1

93.5

99.9

100.7

100.8

100.7

12.7

13.3

33.0
>

12.0

12.1

36.8

*17 r

16.6

32.1;

30.6

36 7

34.7

social

for

insurance
nonagricultural incomes

11.9

*11.9

10.2

449.4

*448.0

428.1

$309,000,000

$308,000,000

306,442,143

306,635,039

302.067.039

693,071

486,387

$307,328,110

$302,553,426

——

—

GOVT. STATUTORY DEBT LIMITATION
of Oct.' 31 (000's omitted):

face

amount

any

time

that

may

outstanding

Outstanding—
Total

Guaranteed
•;

;

public ' debt_^

gross

obligations

not

:—_—4

owned

by. the

■

705,008

Treasury

Total gross public debt & guaranteed
obligations
Deduct—Other outstanding public debt obli-

subject to debt limitation—^-:

gations not

outstanding
amount of obligations

total

face

above

•'

$307,147,152

365,819

366.332

372,483

$306,781,332

$306,961,779

$302,180,942

2,218,667

2,038,220

5,819,057

$307,147,152
4,510,389

$307,328,111

issuable

authority—

DEBT DIRECT AND
GUARANTEED—(000's omitted):

UNITED

STATES

Oct.

General

Nov.
_Nov.

36.6

17.7'

_____—

GROSS

31—

funds

debt

Computed

balance—i

♦Revised

$302,636,763

—

annual

figure.

average——

ilDomestic

five tons

$302,553,426

6,518,017

$297,£44,733

$293,035,403

3.460%

9.783,378

3.277%

3.428%

lots

but less than carl-

JPrime Western Zinc

/ '12.2.

12.7

32.9

12.1

payments
employees' contributions

55.9
■■■:■

12.7
37.9

12.7

.____—^

77.646.8

51.5

im¬

Transfer

59.8

persons

income

95.0

*80.2

—

____—

interest

personal

Total

$111,336,886

income

119.5

98.7

50 0

—

299.8

•

*124.7

50.1

professional—

*314.4

—'

——

Rental

income—.

and

•Dividends

Less

$86,189,204

80.5

Farm

1,668,753
$99,136,004

315.4
124.9
99.0

$445.5

*$465.1

$466.4

'__
.___

industries

troduction of Monthly Investment Plan,
Louis exceeds one-half cent a pound.

$35,000
$192,000

32.500c

Wages and salary receipts, total
Commodity producing industries--.
Manufacturing only
__;
Distributing industries

*101.7

$35,000
$187,000

$2.25

INCOME IN THE

Business

$35,000

vehicles

(DEPARTMENT

Other

810,100

108.750c'

116.088c

119.902c

$192,217

•

ASSN.—Month

trucks

844,899

701,160

$2.80133

pound)

passenger

732,285

•

120.614c

I02.674d,

$2.79767

;

delivered ton

FACTORY

1,040,315

1,555,136

129.260c

111.488d

lots

(per

number

1,182,205

4,003,125

£66.644

129.300c

•

VEHICLE

MOTOR

1,297,190

4,810,765

£76.393

(per pound)

1,091,960

4,297,520

£80.226

;

1,254,625
1,487,275

5,120,870

'£66.030

pound)

**Nickel

5,798,935

12.000c

£76.643

$2.79778

pounds)

pound)

small
^

13 000c

111.674d

price)

of 76

11.500c

13.000c

ingot weighted average (per lb.)
primary pig export—

4,778,945

£52;948

grade

Government

9.300C

£52.954•

£80.136

pound)

ton)

grade

under

East St.

452,570

111,900

11.428c

11,735c

ton)_

;

flask

pound)

(per

97%

112,614

£234.250

£234.495

(check)

(per

pound)

973,254

426,800

30.600C
28.529c-

2R.?90c

£234.125

'11:935c

boxed (per pound)
refined (per pound )_

Cadmium

Balance

reported since in

where freight from

(per

boxed

141,890

783,746

•

Straits

of September

832,200
-

(per. long

months

ounce

York,

!!New

Net

foods

♦Revised figure.
•sold

Meats
All

products

Processed

—

York

(per

1,112,979

783,740

44,458

30.600c

28.389c
£234.125

pound)

(per

Quicksilver (per
Antimony—

205,230

*40,204

16,646.

466,160

(SHARES):

PRICES, NEW SERIES
LABOR—(1957-59=100):
Commodity Group—
All

Gold

Grand

Total sales

New

Tin,

1,334,265

44,930

9°2'
93 774

•:

'/ '

Exchange

232,650

: *23.611;

ton)'"_'2'-'

1,600,205

Oct. 18

Other sales

long

(per

Sterling Exchange—
New York (per ounce)_,
London (per ounce)

°ct-

25 078

ton)____ii^ljrr ^

and

Sterling

1,945,700
:/•;■

2,468,290

Total

WHOLESALE

Louis

XC;

87,713

;

153 302

*86.099

•

■

Western, delivered

Silver,

STOCK

round-lot sales—
Short sales

long

London

three

Silver

98.89

STOCK TRANSACTIONS

ROUND-LOT

THE

(per

.";/

months,

Service

Oct. 18
Oct. 18

AND

947,010

Oct. J8

f—

purchases by dealers—Number of shares

ACCOUNT

602,950

sales

ROUND-LOT

prompt

ttLondon.

506,220

3,455,330

...

*2,865 6^4

Z1-

12.500c

dealers—

shares—Total

EXCHANGE

Oct. ,18
Oct. J8
°ct- 18

sales

Other

381,406

3,175,650

2,984,200

2,763,990

*103 698

3,038.664

12.500c

Total

""rw

Dollar value

Round-lot sales by

392,349
353,962

99.44

*99.54

691,340

18 '

i}'-119.784

M.E X-.Q UOT.ATiONS $•

prompt

ACCOUNT OF ODD-

other

435,786

622,302

856,330

Oct.
°ct-

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

363.6

;

short

(E.

ttLondon,

ON N. Y. STOCK
EXCHANGE COMMISSION

Number of shares
/'■ Dollar value

Customers'

369.6

380,562

3.537,650

dealers (customers' purchases)—t

Odd-lot sales by

374.1

492,527

96,000

Oct.

of members—

£67.818

SPECIALISTS

SECURITIES

—

4.40

760,330

DEALERS

4.42

4.46

668,552

—..—

STOCK TRANSACTIONS FOR ODD-LOT
LOT

4.85

4.44

4.47

-—

sales—

Other

Total

purchases

4.67

4.45

383,964

——

Total round-lot transactions for account

the

£67.670

4.96

Oct.

—

£69.666

East

4.60

4.67

■

sales

383,961

Oct.

sales—

Other

Total

-:—

———

_—___

sales

Other transactions

Total

4.84

;

off the floor—

initiated

purchases.

Short

Total

;—

—

sales

transactions

Total

—Oct.
——-<3cfc——.—:—■—--- Oct.

$6,018.

Number

—

573-,
1.273

•4V.

metals

tons)__l___r_EE-EEE EE"
tons)_^„__;/.__j.___j__E~r~
'shprtv.'tons)"

FACTURERS'

$6,804

£69.519

Total

°ct-

—

$7,055

$4,172

short

PLANTS

ACCOUNT OF MEM¬
AND SPECIALISTS
which registered-

purchases

Short

Other

.4.83

99.60

BERS, EXCEPT ODD-LOT DEALERS
Transactions of specialists in stocks in
Total

ounces)

•

SSPrime

4.83

616,178

REPORTER PRICE INDEX—

1,177

Zinc—

4.55

4.54

383,170

now

.—

113

://•'.

•

ounces)____:

Aluminum—

of treriod

months, London

Cobalt,

,579

ttThree

3.67

3.99

4.52

4.51

374.2

*
£;°r' %

FOR

4.53

4.45

—

TRANSACTIONS

■

4.40

4.48

(tons)

OIL, PAINT AND DRUG
1959 AVERAGE—100

4.53

4.25

—N°v- 2

Percentage of activity
Unfilled orders (tons) at end

ROUND-LOT

4.43

ASSOCIATION:

(tons)

Orders received

Production

•>"

4.68

;

4.43

Nov.

558

1,468

Common,,East St. Louis (per pound)_.__
ttLondon, prompt (per long ton)

90.20

4.31

Nov.

—Nov. 12

—

short

Lead—

89.92

89.37

4.07

Nov.

—

Group—

Utilities

Public

refinery (per pound)•_____!
refinery (per. pound)—
"""""v

ttLondon,

84.17

86.51
/

89.23

•

Nov.

$5,048

•

of Sept.

MINES)

of recoverable

fine

PRICES

Export

90.20
87.45

.Nov.

84.30

.Nov.

Railroad

Domestic

92.35

88.67

.Nov,

—

Baa

fine

(in

Copper—

88.13

84.43

88.27
84.43

88.40

•

.Nov.

,—

$5,029

110

October.^?

88.27

————

_1_

August:L ,/.4,t

.Lead (in
Zinc':1 ((n

87.99

88.86

•

AVERAGES:

*121

'"""nov!

corporate

Aaa
Aa

Bonds

Government

Average

Month

""v-~EEEEEEEE^Ey,

(BUREAU

States:.

(in

Copper

Group

BOND YIELD DAILY

*121

116

___E_EEEEEEE~~^

(in

Silver

10.000c

12.000c
11.800c

13.000c

113

INSTITUTE,

—

■

Silver,
MOODY'S

YORK—1957-59

—

Gold

•

$23.50

30.600c

11.800c'

3,840

October:

Mine production

$63.33

30.600c

12.000c

—Nov.

Group

Utilities

Public

30.600c

4,495

4,147

FEDERAL

Common, New York (per pound)

—-f:

Baa

Industrials

INSURANCE

omitted):

Month- of

'295

30.600c

-IIIIII

Railroad

i."*' °

——■

Aaa

—

corporate—.

Average

PURCHASES

METAL' OUTPUT

Nov'
Nov"
N
•
Nov"

AVERAGES:

BOND PRICES DAILY
Government Bonds—

MOODY'S

LIFE

(000's

•!

Group

•

York) at
—
Louis) at
tZinc
(delivered at)
—
Zinc (East St. Louis) at_
Aluminum (primary pig, 99.5%) at
Straits tin (New York) at
(New

Lead

4,150

16,491,000

$26.83

$26.50

Export refinery at
Lead

INSUPANCE

OF
.

'•

Nov. 4'

NEW

Ordinary

refinery

LIFE

•*>—

Electrolytic copper—
Domestic

6.368c

Nov. 4

QUOTATIONS):

M. J.

Nov. 4

<-•—

DISTRICT

Industrial

257 ~

285

270

4,770

SfcCOND' FED-

SALES

5.481

5,799

5,853

Total

.Nov. 7

—

ton)

(E.

PRICES

METAL

BANK

United

(per gross ton)—

steel

Scrap

','•14,716

13.816

$509,500

$620,200

;

Pig iron (per gross

3,277
12.291

14,716

(average daily) unadjusted
(average seasonally adjusted)

Sales

$694,200

$1,016,400

STORE

Average—10()—Month

——

steel

Finished

3,383

13,766

■

4,713

____<-___EE

11,861

-.13.938

___.

RESERVE

—

COMPOSITE PRICES:
(per lb.)_

AGE

IRON

DEPARTMENT
ERAL

Nov. 7

(COMMERCIAL AND

accounts
credit

——

Electric

BRAD STREET,

526,803

Nov

SALES INDEX—FEDERAL RESERVE Nov.
SYSTEM—1957-59 AVERAGE = 100
—

FAILURES

519,776

519,130

Nov

——

ELECTRIC INSTITUTE:
output (in 000 kwh.)

520,991

DEPARTMENT STORE
EDISON

loans___EEEEEEEEEEE_~

payment

46,310
,18,881
;

credit•>•

Charge

$60,126

21,468

3,404

____

Service

Sales

planning by ownership

loansIIIII~_I

modernization

•

MINES):

(U. S. BUREAU OF

*608,587

loans

Noninstalment

ASSOCIATION OF AMERICAN RAILROADS:
Revenue freight loaded (number of cars)
___
Revenue freight received from connections (no.

and

Personal
.

credit

consumer

Repairs

'77,939

84,093
85.552

(tons)

consumer

Instalment

___v

OUTSTANDING—BOARb

and
as

(tons

Automobile

Total advance

of that date:

Latest

pounds)

SYSTEM—REVISED

millions

Total

grades
-

GOVERNORS

mated
f

all

___

CONSUMER CREDIT

(bbia, . ot. -

zinc

Stocks

...

SSffi Co..

COAL OUTPUT

either for the

are

are as

INSTITUTE, INC.—Month of

2,000 pounds)
Shipments
(tons

"""

Ciudeg0ru°M tTstma^iiirf'average (bbls.ioutput

that date, or, in cases of quotations,

October:

data

Gasoline

production and other figures for the

cover

Dates shown in first column

Year

Month

Week

1,944,000

1,958,000

month available.

month ended

Week

INSTITUTE:

AND STEEE

AMERICAN IKON

this

(1922)

§§Delivered
duty

where

freight

included. ' tt Average

morning

from

East

St. Louis

of daily mean and bid

session cf Lqndon Metal Exchange.

exceeds

0.5c.

**Porl

and ask quotations >'
•

'rn,

boxed.

ton

Number 6316

198

Volume

(1923)

Financial Chronicle

The Commercial and

* INDICATES

Now in

Registration

Fund, Inc.
^
lu,000 $1 par capital shares to be
offered in exchange for certain acceptable securities on
the basis of one share for each $25 of deposited securi¬
ties. Exchange is believed by counsel for the Fund to
be tax-free for Federal income tax purposes. Business—A
closed-end investment company seeking long-term
Bay State Exchange

May

NOTE

—

icle"

[

Registration statements filed with
of the "Chron-

since the last issue

the SEC

Registra¬
shown in parentheses alongside

section "Securities Now in

of this

tion," Dates
the
*

index, reexpectations of the underwriter but
in general, firm offering dates.

not,

shown under the

Also

Registrations"
this

effective

licly.

capition "Effective

25,

1963 filed $1,250,000

working capital.
Office—138-160 Johnson Ave., Hackensack, N. J. Under¬
writer—F. Eberstadt & Co., New York.

Businesscontrols to

igovern ithe speed of electric powored tools. Proceeds—
For additional equipment, leased facilities, advertising
and working capital. Address — 1275 Route 23, Wayne,
Underwriter—Chase Securities Corp., New York.

N. J.

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

Office—901 Fuhrmann Blvd.,

purposes.

Underwriter—None. %.
Allen Electric &

Buffalo, N. Y.

(11/18-22)

Equipment Co.

$1,200,000 of 6% convertible subordi¬
nated debentures due 1976; also 100,000 common to be
.offered by a stockholder. Price—By amendment (max.
for stock; $12). Business—Manufacture of equipment and
Stools used in servicing automobiles. Proceeds—For debt
repayment. Office—2101 N. Pitcher St., Kalamazoo, Mich.
Underwriter—Dempsey-Tegeler & Co., Inc., St. Louis.-

(11/20)
Sept./24, 1963 filed $2,000,000 of 6% sinking fund sub¬
Allright Auto Parks,. Inc.
due

debentures

ordinated

5-year

to be

common,

Operation of 558 parking lots in 40
cities. Proceeds—For debt repayment and working capi¬
tal. Office—825 Esperson Bldg., Houston. UnderwriterEquitable Securities Corp., Nashville.
>
unit). Business

—

1961

Proceeds—For diamond drilling,
construction,
exploration and general"/corporate ex¬
penses.
Office—80 Richmond St., W., Toronto. Under¬
writer—Et A. Manning, Ltd., Toronto.
r /:
velopment and mining.

(12/2)
29, 1963 filed 132,300 shares of beneficial interest
-to be offered for subscription by stockholders on the
basis of one new share for each four held of record Nov.
27, 1963. Price—By amendment (max. $11). Business—
A real estate investment trust. Proceeds—For invest¬
ment. Office—608
Thirteenth St., N. W., Washington,
D. C. Underwriter—Stifel, Nicolaus & Co., Inc., St. Louis.
American

Realty

Trust

Oct.

Ampai-American Israel Corp.
Oct.
tures

14, 1963 filed $3,000,000 of 6% sinking fund deben¬
due 1973. Price—At par. Business—investment in

companies participating in the economic development of
Israel. Proceeds—For investment. Office—17 E. 71st St.,
New York. Underwriter—Israel Securities Corp. (same

address)."

•

,V/;\

amendment
(max. $9). Business—Manufacture of various types of
electronic systems for national defense. Proceeds—For
selling stockholders. Office — 930 Industrial Ave., Palo
.Alto, Calif. Underwriter—Mitchum, Jones & Templeton,
•

Atlantis

■

International

Brewer

Price—$60.
Business — Growing and
processing of sugar in Hawaii and Puerto Rico, market¬
ing of black strap molasses and other activities. Proceeds
—For debt repayment. Office — 827 Fort St. Honolulu.
Underwriters—Blyth & Co., Inc., New York, and Butcher
& Sherrerd, Philadelphia.
^
.
Bridges Investment Fund, Inc.

Corp.

repayment, property improvement, and working
Office—700 Park Ave., Plainfield, N. J. Underwriters—S. Schramm & Co., Inc., New York. OfferingExpected in late December.
7, 1963 filed 2,000,000 common. Price — Net asset
value (max. $8.72 > plus 8*4%. Business—A new mutual
fund. Proceeds—For investment. Office—120 S. LaSalle

Bank

Investors Serv¬
'

500

Leumi

le-lsrael B. M.

1,793,750 ordinary shares and 5,147,"A" ordinary shares being offered for subscription
16.

1963 filed

by stockholders on the basis of one new share for
two like
shares held of record Now 7.
Rights

each

will
expire Nov. 25. Price—$1.22. Business—A general com¬
mercial bank.
Proceeds — To increase capital funds.
Address—Tel-Aviv, Israel. Underwriter—Kuhn, Loeb &
Co., Inc., New York.
;
;

:Vi.N

■

Citadel

Life

Insurance

V.:'/ w-.;.A

y
Co.

York

New

March 26, 1963 filed 40,000 capital shares being

offered

for

subscription

stockholders

basis

the

two

shares for each three held of record Oct. 25. Rights

new

will

expire Nov. 20.
Price—$26.
Business—Writing of
life, accident, health and disability insurance, and an¬
nuities. Proceeds—For expansion. Office—444 Madison
,

Ave., New York. Underwriter

—

Alex. Brown & Sons,

Baltimore.

Sept.

Imperial Mining Co.
20, 1962 filed 200,000 common.

ness—General

mining.

Busi¬

Price—$1.

exploration

Proceeds—For

Office—Creede, Colo.

operating expenses.

and

Underwriter

'—None.

Market

Common
March
asset

Fund,

Inc.

7, 1963 filed 2,000,000 capital shares.

value

Business—A

plus 8.5%.

new

Price—Net

mutual fund

specializing in securities of, foreign and American com¬
panies operating in the European Common Market.
Proceeds—For

Office—9465

investment.

Wilshire Blvd.,

Hills, Calif. Underwriter—Kennedy, Cabot 8c
(same address). Offering—Indefinite.

Beverly
Co.

Community Health Associations, Inc.

of which 100,000
50,000 by Harry E.
Wilson, President. Price—$15. Business—Sale of hospital
and surgical insurance contracts. Proceeds—For invest¬
ment, sales promotion, and other corporate purposes.
Office—4000 Aurora Ave., Seattle, Wash. Underwriter—
None.
/>. '/'•
'7*
April

1963

12,

150,000

filed

offered

are

common,

and

company

Inc.

May 10, 1962 filed 100,000 common. Price—$5. Business
—Company was .' formed to own and operate a country
club
near

course, swimming pool and cabana club,
Canaveral, Fla., and develop real estate,
apartment houses, motels, etc. Proceeds—
repayment and expansion. Office—309 Ainsley

and

golf

Cape

erect homes,
For debt

Underwriter—Willis E. Burnside &
Offering—Indefinite.

Bldg., Miami,, Fla.

Co., Inc., New York.

Products Corp.

1963 filed 304,293 common to be offered for sub¬
scription by stockholders on the basis of three new shares
for each five held.
Price—By amendment (max. $3.50).
Business
Manufacture of extruded plastic pipe, and
molded and fabricated plastic pipe fittings. Proceeds—
For debt repayment, working capital, and other corpo¬
rate purposes. Address—P. O. Box 133, Aurora, Ohio.
Oct. 9,

—

Underwriter—None.
Castle

Hospitality Services, Inc.

1962 filed $500,000 of 8% debentures due 1969.
($1,000). Business—Company plans to
offer management and consultant services to motels and
furnish them with equipment.
Proceeds—For general
Dec.

14,

Price—At par

corporate purposes. Office—1068 S. Ocean
pano Beach, Fla.
Underwriter—None.
•

Mutual

Central

Telephone Co.,

Blvd., Pom-

Inc.

11, 1963 filed 38,564 common to be offered for sub¬
scription by stockholders on the basis of one new share
for each three held. Price—$23.50. Business—Company

Inc.

1963 filed 1,000 common. Price—By amendment

(max. $1,004).
Business — A new mutual fund which
plans to specialize in insurance securities. Proceeds—For
investment. Office—One Atlantic St., Stamford, Conn.
Underwriter—Philo Smith & Co., Inc. (same address).
•

; •*;

/•; *

...

Consumers

Cooperative Association

subordinated certi¬
shares of 514%
preferred stock; 40,000 shares of 4% second preferred
stock; and 400 common. Price—By amendment. Busiuess—A cooperative wholesale purchasing and manufac¬
turing association for local farmers' coop's in the mid¬
west. Proceeds—For general corporate purposes. Office
—3315 N. Oak Trafficway, Kansas City. Underwriter—
None. '
'
•
'
"
<•
1963 filed $9,000,000 of 514%

Now 4,

ficates of indebtedness due 1988; 120,000

;

Continental Reserve Corp.

May

13, 1963 filed 45,000 class B common.
Price —$40.
Company plans to acquire, organize, and

Business

—

manage

life,

accident

and; health insurance concerns.
in subsidiaries.
Office—114

investment

Proceeds—For

Underwriter—None/

St., New York.

East 40th

(11/18-22)
Sept. 30, 1963 filed $1,000,000 of 6% convertible sub¬
•

Craft

Master Corp.

1973; also 125,000 common to

ordinated debentures due
be offered

by stockholders. Price—By

amendment (max.

$11 for common). Business—Manufacture of paint-bynumber sets, crushed marble mosaic kits, hobby kits and
wooden picture frames. Proceeds—For debt repayment.
Office—328 N. Westwood Ave., Toledo. Underwriters—•
Fulton, Reid & Co., Inc., and

Inc.,

Defenders

William T. Robbins & Co.,

'y'y

Cleveland.

Insurance Co.

filed 100,000 common. Price—$12.50. Busi¬
y plans to write automobile insurance.
Proceeds—For general corporate purposes/ Office—146

Jan. 30, 1963

ness—C

Oct.

Mutual Fund,

Connecticut Western
Oct. 22,

■

Hills Enterprises,

Canaveral

o m p a n

Old County

Underwriter—None.

Rd., Mineola, N. Y.

Continued

page

service in Prince William, Stafford
and Fairfax Counties, Virginia. Proceeds—For construc¬

furnishes telephone

Un¬
Co., Inc., Wash¬

Address—Manassas, Va.

Nolan,

derwriter—Folger,

Fleming &

Offering—Indefinite.

ington, D. C.

;

•A

Charvos-Carsen Corp.

100,000 common. Price—$5.50. Busi¬
ness—Distribution of engineering, surveying and draft¬
Oct.

1963 filed

29,

Proceeds—For debt repay¬
Clifton, N. J. Underwriter

over-the-counter securities

Wilkens

—Arnold,

Inc.,

Co.,

New

York. Offering-

Expected in mid-January.
Chemair

28,

debenture and two
Business—Production and
to control odors, bacterial

offered in units consisting of one $10

sale

growth
tion

and

air

sale

designed

pollutants;
an

and

Salle

Street,

air Electronics Corp.

SOLD

QUOTED

development, produc¬

Underwriter—To be
formerly was named Chem¬

Chicago.

named. Note—This company

for Banks, Brokers, Institutions

electronic vaporizing unit for dis¬

pensing such chemicals. Proceeds—For debt repayment,
equipment, sales promotion and working capital. Office
N.

BOUGHT

Price—$12 per unit.

chemicals

specializing in

a«NEW.
ISSUES

Corp.

1962 filed $150,000 of 6% subordinated income
debentures due 1973 and 30,000 common shares to be
Dec.

—221

Oct.

drawn.

filed

1963

25,

common.

Fund, Inc.

Oct.

ISSUE

equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla.
Underwriter—Clayton Securities
Corp., Boston, Mass. Note — This statement was with¬

....

capital.

Chicago. Underwriter—Supervised
(same address).

(11/20)

200,000 capital shares. Price—Net
asset value (max. $10). Business—A new mutual fund.
Proceeds—For investment. Office—8401 W. Dodge Rd.,
Omaha. Underwriter—None.,'
.A;:',v; -:
y • •
July

debt

St.,

& Co., Ltd.

ing instruments and supplies.

April 30, 1963 filed 100,000 common. Price—$4. Business
real estate development company.
Proceeds—For

ices, Inc.

(C.)

ment. Office—50 Colfax Ave.,

—A

Balanced Income

Sept. 30, 1963 filed 146,735 common being offered for
subscription by stockholders on the basis of one share
for each five shares held of record Oct. 28. Rights will

tion and loan repayment.

Apolied Technology, Inc. (12/2-6)
Oct. 28, 1963 filed 54,200 common. Price—By

Inc., San Francisco.

repayment and

debt

July 23, 1963 filed 588,780 common to be offered for
subscription by stockholders on the basis of three new
shares for each share held. Price—50 cents. Business—
Production of a light two-place helicopter. Proceeds—•
For
debt
repayment, product development, working
capital, and other corporate purposes. Office—1129 Club
House Road, Gladwyne, Pa. Underwriter—None.

Carlon

filed 400,000 common shares. Price 50(*.
Business—The company is engaged in exploration, de¬
31,

For

—

Brantly Helicopter Corp.

Mining Co. Ltd.

Amerel

July

/■

1978, 240,000 common shares

warrants to purchase an additional 80,000
offered in units consisting of one $100
debenture, 12 shares and warrants to purchase an addi¬
tional 4 shares; Price—By amendment (max. $230 per

and

REVISED

expire Nov. 15.

Sept. 27, 1963 filed

•

(12/2-6)
of 5V2%

convertible sub¬
ordinated debentures' due Oct. 31,
1978; also 125,000
outstanding class A shares to be sold by certain stock¬
holders. Ihlce—By amendment.
Business
Wholesale
distribution of ethical drugs, chemicals, cosqietics, etc.
Oct.

Proceeds

Aerosystems Technology Corp.
'Oct. 4, 1963 filed 165,000 common. Price—$3.
Manufacture of a new line of motor speed

ITEMS

Colorado

Bergen Drug Co., Inc.

those issues which became
week and were offered pubA

—

shares. Offering—Indefinite.

are

•

For invest¬
Underwriter—
Kidder, Peabody & Co., New York. Note—The exchange
will not be consummated unless $25,000,000 of securi¬
ties are deposited and accepted. This means that the
Fund expects to issue a minimum of 1,000,000 capital
growth of capital and income. Proceeds
ment. Office—35
Congress St., Boston.

company's ; name, and in the

fleet the
are

end

carried separately at the

now

are

1963 filed

29,

ADDITIONS

SINCE
•

S/Unew s4.
V

SIEGE!< if
ESTABLISHED

Members of New York Security
39 Broadway,

Offering—Indefinite.

1942

Jfc.

Dealers Association

New York 6, N. Y.

•

Chestnut

Hill

Industries,

Inc.

class A common, of which
225,000 are to be offered by the company and 75,000 bv
stockholders.
Price—$5.
Business—Design and -manu¬

Nov.

29,

facture

1961

filed 300.000

women's,

misses'

ordinates, and dresses.

and

junior sportswear, co¬

Proceeds—For debt repayment.

TWX: 212-571-0320

Dlgby 4-2370

■

Direct Vires to
R. /. HENDERSON

& CO., INC., Los Angeles

WOODCOCK. MOYER. FRICKE & FRENCH.

INC.. Philadelphia

The Commercial and Financial Chronicle

Continued from page

Ave., N. Y.

Helicopters, Inc.

Doman

■

„

to be offered for
basis of two new
amendment (max.
$1.25). Business—Research, development and construc¬
tion of experimental helicopters. Proceeds—To obtain
certification of models, train service personnel, repay
debt, etc. Address—Municipal Airport, Danbury, Conn.
: Underwriter—Nbne.
Note—The SEC has issued a stop
order suspending this registration statement.
Sept.
ness—Manufacture

Price—$1. Busi¬
electro-mechanical vehicles and

for medical
Proceeds—For working capital,
devices

electronic

and marine purposes.
equipment and debt re¬

Office—2222 S. Centinela Ave.,

Underwriter—None.

$4.

—

develop

Business—Company plans to

corporate purposes. Office—2042 S. Atlantic Ave.,
tona Beach, Fla. Underwriter—Alpha Investment
rities, Inc., Atlanta.
,
'
Eberstadt Income Fund,

seeking current income. Proceeds—For investment. Of¬
fice—65 Broadway, New York. Distributor—F. Eberstadt
Electronic Dispenser Corp.

June

—To

•

Productions Ltd.

Elite Theatrical

(11/25-29)

St.

$5.

Underwriter—Linder, Bilotti

York.

& Co., Inc.,

•

Equity Funding Corp. of America
filed 240,000 common. Price—By

ment

(Max.

—For

capital,

working

advances

offices,

sales

new

to subsidiaries

Fedco Corp.

1962 filed 20,000 common, of which, 17,500 are to
be offered by company and 2,500 by a shareholder. Price
,■—By amendment (max. $15).
Business—Design and
manufacture of tools, dies, molds, beryllium castings and :
the distribution of plastic, metal and glass products for.
reduction of accounts payable.

and

ers

First

stockhold¬
Office—3600 W.

Proceeds—For a recession offer to

Pratt Ave., Chicago.

Western

Underwriter—None.

Real

;

due

debentures

convertible subordi¬

Dec.

1973,

■

/••// ;

:/•

Estate Investment Trust

■/

■

(11/25-29)

1962 filed 300,000 common. Price—$5. Busi¬
Operation of Jai Alai games and pari-mutue]

poses.

tors

•

Nov.

of life, accident and
Proceeds—For general corporate pur¬

Office—216 E.Monroe St., Springfield, 111. Under¬
(same address).
/

Imperial '409' National Inc. (12/9-13)
Oct. 29, 1963 filed $1,150,000 of 6%% convertible sub¬
ordinated debentures due 1978 and 69,000 common to be
offered in units, each

ment.

1, 1963 filed 4,000,000 common. Price—By amend¬
Proceeds—For the selling stockholder, The Ford

Address—American Road, Dearborn, Mich.
Underwriters—First Boston Corp.; Blyth & Co., Inc.;

Goldman, Sachs & Co.; Kuhn, Loeb & Co. Inc.; Lazard >
Freres

Co.; Lehman Brothers; Merrill Lynch, Pierce,
Fenner & Smith Inc.; White, Weld & Co., Inc.; Dean
&

Witter & Co.

Hull.

Frazure.

Aug. 21, 1963
ppnof>

citm.

$trPrf>

•

Inc.

("Reg. A") 133,333 common. Price—$2.25.
growing
publishing of a farm newsar»d operation of a retail
•
of the newspaper work¬

Business—Fruit

Cliffs, N. J. Underwriter—P. W. Brooks & Co., Inc.,
-J

New York.

Foundation.

Underwriter—Inves¬

Planning Corp. of America, New York.
Investors Corp.

'• //"

vesting in private industries located in Israel. Proceeds
—For investment. Office — 850 Third Ave., New York.

"Isras"

•

Israel-Raasco

;// /

Investment Co.,

Ltd.

28, 1963 filed 60,000 ordinary shares. Price—$55.
Business—A
real estate development company which
June

also

owns

citrus plantations.

Proceeds—For general cor¬

purposes.
Address—Tel-Aviv, Israel.
writer—Rassco of Delaware Inc., New York.

porate

Under¬

•

wood

(11/20)

Proceeds—For investment. Office

Ave., Baltimore.

Underwriter—None.

opment and operation of a chain of motels. Proceeds—
For working capital.
Office—460 Sylvan Ave., Engle-

Ford Motor Co.

Inc.,

Hay ward

Israel

Underwriter—Consolidated Securities Corp.,
Pompano Beach, Fla.
^ark, Fla.

Fund,

Sept. 26, 1963 filed 100,000 common. Price—$104. Busi¬
ness—A closed-end investment company engaged in in¬

betting. Proceeds—For rent, purchase of leased quarters,
building improvements, working capital. Office — Fern

—

deben¬

debentures, $100; for stock

invest in Israeli firms.
—4200

consisting of $100 of debentures to
be offered by the company and six common by the
stockholders. Price—By amendment. Business—Devel¬

ness

(11/25-29)

/
//'/// ''///'••
July 18, 1963 filed 500,000 common. Price—$12.50. Busi¬
ness—A closed-end investment company which plans to
Israel

Business—Writing

health insurance.

(same address).

Diversified Fund, Inc.

Baby Food Co. Ltd.

Co., New York.

1, 1963 filed 200,000 common, of which 80,000 are
to be offered by company and 120,000 by stockholders.

writer—Horace Mann Investors Inc.,

Thirteenth

Inc.

Price—$10. Business

shares.
$10. BusinessCompany plans to prepare and market baby food in
Israel and abroad. Proceeds—For loan repayment, con¬
struction, equipment, and other corporate purposes. Ad¬
dress—Givat
Brenner, Israel. Underwriter—Brager &

Feb.

St., Boulder, Colo. Underwriter—Grondrezick
Securities Corp., Boulder, Colo.
; ;

—

28,

;

Israel

Price—For

Inc. '
filed $1,250,000 of 6'%% conv. subord. de¬
bentures due 1978, and 75,000 common to be offered in
units consisting of $50 of debentures and 3 shares. Price
—$68 per unit. Business—Development and operation of
mobile home resorts throughout U. S.
Proceeds—For
debt repayment, construction, and other corporate pur¬
poses.
O f f i c e—4344 East Indian School Rd., Phoenix.
Underwriters—Boettcher & Co., Denver, and J. R. Williston & Beane, New York.
Note—This statement will
not be withdrawn as previously reported, but will be

Price—$12.50.

Florida Jai Alai,

and

Horace Mann Life Insurance Co.

;

Underwriter—None.

Inc.

Sept. 12, 1963 filed $190,000 of 8% subordinated
tures due 1975 and 14,000 8% preferred ordinary

industries. Proceeds—For working capital, and

amended.

25,

June

•

4, 1963 filed $850,000 of 6%

1963 filed 200,000 shares of beneficial interest.
Price
$5.
Business — A real estate investment trust.
Proceeds—For development of real estate. Office—2037
Oct.

(12/9)

Inc.

Business

For con¬
3315; Connecticut

izing in Israeli and American securities. Proceeds—For
/.investment. Office—54 Wall St., New York. Distributor
r-Isfael Fund Distributors, Inc. (same address). Offering
—Expected in late November.
v
'

Holiday Mobile Home Resorts,

registra¬

—

April 22, 1963 filed 550,000 common. Price—Net asset
value plus 8%%. Business—A new mutual fund special¬

March 27, 1963

Oct. 29,

home use.

Israel American

repayment. Office—1720 Military Rd., Tonawanda,
N. Y. Underwriter—Doolittle & Co., Buffalo, N. Y.

and

Office

investment.

writer—Israel Securities Corp.,

loan

Office—5150 Wilshire Blvd., Los An¬

geles. Underwriter—To be named. Note—This
tion will be withdrawn and then refiled.

Hobam,

and drug

amend¬
$6.50). Business—A holding company for
life insurance and mutual funds. Proceeds

firms selling

Underwriter—

25,500 class
A shares to be offered in units consisting of $500 of de¬
bentures and 15 shares. Price—$510 per unit. Business—
Manufacture of new equipment principally for the food

March 29, 1962

and

plans to own stock of companies which will in¬
vest in securities of Israeli enterprises.
Proceeds—For
investment. Office—17 East 71st S't., New York. Under¬

12,

nated

(same

Inter-Continental Fund, Inc.

1963

Israfund-lsrael Fund,

1963 refiled 180,000 class A common. Price—
Business—Operation of discount stores. Proceeds
provide fixtures and inventory for a new store, and
working capital. Officfc—6400 MacCorkle Ave., S. W.,
Albans,' W. Va. Underwriter—Charles Plohn & Co.,

Nov.

address).

Note—This statement has
/■■ ;
' /•/

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

(11/18-22)

Inc.

New York.

fi¬
nance
various types of ventures in the theatrical and
entertainment fields. Proceeds—For working capital, and
other corporate purposes. Office — 50 Broadway, New

struction

facilities of
government agencies,, private in¬
governments. Proceeds—For debt

Heck's

for

Sept. 26, 1963 filed 400,000 class A common. Price —
Business—Company plans to operate, produce and

Office—100 North Cherry St., Gales-

purposes.

Investors Realty Trust

$2.50.

fering—Postponed.

Business—Company, 36.8% owned

July 29, 1963 filed 300,000 common.

New
Of¬

ventory and advertising. Office—118 E. 28th St.,
Underwriter—L. D. Brown & Co., New York.

York.

Telephone Co,/

—Fund

processing of tray-forming and chip-covering mate¬
rials. Proceeds—For operating expenses, equipment, in¬
and

Office/— 120

Y. Underwriter—None.

May 31, 1962 filed 200,000 shares. Price — $10.
real estate investment trust. Proceeds —

amendment. Business—

and foreign
repayment. Address — Stanton/Calif.
Hemphill, Noyes & Co., New York.

Chipping machine,

expansion of operations.

cilities for the Armed Forces, and complex

dustry,

Price—$2. Business

Jan. 29, 1963, filed 50,000 common.
—Manufacture of the SAFER Butter

annuities.;'::Proceeds—For

and

various types for other

the basis of one new
Rights will

—A

launching bases and related fa¬

of missile

Construction

Distributors, Inc., New York.

Co., Managers &

Busi¬
fields

convertible subordinated

4, 1963 filed $7,000,000 of

filed 3,000,000 capital shares. Price—Net
asset value plus lVz%.
Business—A new mutual fund
which will succeed to business of Investors Group
Canadian Fund Ltd., and invest in securities throughout
the Free World.
Proceeds—For investment. Address—
1000 Roanoke Bldg., Minneapolis. Distributor—Investors
Diversified Services, Inc. (same address).

,v,

debentures due 1978. Price—By

State

Investors

Proceeds—For gen¬
Office—1107 Federal Securities
Building, Lincoln, Neb. Underwriter—None. /
:.v/
Hardeman
(Paul) Inc. (12/9-13) ;

Nov.

insurance

and

16. Price—$100.

July

eral corporate purposes.

Inc.

Business—Sale of various

Price—$21.

life

burg, 111. Underwriter—None.
become effective.

banking, insurance, finance, etc.

by Illinois Bell Telephone, furnishes telephone service
in Illinois. Proceeds—For loan repayment, and other cor¬

estate.

20, 1963, filed 3,000,000 common. Price—$2.
ness—Company plans to operate subsidiaries in the

May 31, 1963 filed 2,000,000 capital shares. Price—Net
asset value plus 8V2%.
Business—A new mutual fund

Nov.

porate

Feb.

DaySecu¬

Intra

Park, Inc.

Nebraska Corp.

Greater

year-round amusement resort. Proceeds—For
construction, debt repayment, working capital and other

land for a

Life Insurance Co. of Buffalo

Sept. 5, 1963 filed 8,983 common being offered for sub¬
scription by stockholders on the basis of two new shares
for each five held of record Oct. 21. Rights will expire

Proceeds—For
general corporate purposes. Office—811 du Pont Plaza
Center, Miami, Fla. Underwriter—None.

Eagle's Nest Mountain Estates, Inc.
1963 filed 360,000 common, of which 300,000
are to be offered by company and 60,000 by stockhold¬

Merrell Rd., Dallas.
Sons, St. Louis. Offering
/-/ ■'
;'
v '

Delaware Ave., Buffalo, N.

(11/25-29)

of real

development

and

sition

Sept. 26,

Price

expire Dec.
investment

25, 1963, filed 136,094 common to be offered for
subscription by stockholders on the basis of one share
for each 4%' shares held. Price—$5.50. Business—Acqui¬

/%//;,7;'//<;>■

Office^-2925

subscription by stockholders

forms

Feb.

Los Angeles.

stockholder.

International

for

Co., Milwaukee, Wis.
Greater Miami Industrial

Services, Inc. (same address).

in¬
Un¬

share for each four held of record Nov. 12.

1963 filed 160,000 common, of which 100,000
and 60,000 for stockhold¬
ers. Price—By amendment (max. $10). Business—Manu¬
facture of custom-designed, factory built homes. Proceeds—For debt repayment and working capital. Address
—Sheboygan Falls, Wis. Underwriter—The Milwaukee

subsidiary and

Sept. 26, 1963 field 125,300 capital shares being offered

will be sold for the company,

Systems Corp.
28, 1962 filed 750,000 common.

Dynapower

Molton St., Montgomery, Ala.

Aug. 2, 1963 ("Reg. A") 11,000 common to be offered
subscription by stockholders on a pro-rata basis.
Business—Development, design

•

27,

Sept.

repayment, advances to

—Indefinitely postponed.

Inc.

Proceeds—

Underwriter—A. G. Edwards &

Underwriter—None.

corporate purposes/Office—112 Powers
Bldg., Rochester, N. Y. Underwriter—None.
Great Lakes Homes,

organize life,

subsidiaries.

and manufacture of electronic devices. Proceeds—For a

ment, and other
•

insurance

for

selling

$2,113,748 of 7% subordinated con¬
vertible debentures due 1974 to be offered for subscrip¬
tion by stockholders on the basis of $700 face amount
for each 100 common shares held. Price—By amendment.
Business—General real estate. Proceeds—For debt repay¬

April 19, 1962 filed 418,680 common
subscription by stockholders on the
shares for each three held. Price—By

health

Price—At-the-market.

Sept. 27, 1963 filed

Underwriter—None.

Realty Corp.

(I.)

Gordon

debt

919 N.

Price—$5.

common.

Company plans to acquire

International Data Systems. Inc.

Proceeds—For

Second;St., Laramie, Wyo.

and

derwriter—Investor

New York. Underwriter—Bache & Co.,
'
//;>/

Business

ket.

accident
For

filed 2,574,772 common. Price—At-the-mar—
Company plans to mine for uranium.
selling stockholders. Office—202-V2 So.

Oct. 28, 1963

oxide, and to

Office—360 Lexington

St.,

—

Securities, Inc.

24, 1963 filed 1,000,000 class A

Business

vestment. Office—19

Hills Uranium Co.

Gas

establish and equip a geh-,
laboratory.-Proceeds—For working capital,
equipment and other corporate purposes.

construction

34th

New York.

will offer the securities to the public. PriceTo subscribers, $20; to public, $22.25.
Business—Com¬
pany plans to erect a small size production and experi¬
mental plant for the limited manufacture of deuterium
eral research

Oct

Inc.

Garan,

West

company

and deuterium

Insurance

(11/25-29)
Nov. *6, 1963 filed 140,000 common, of which 100,000
shares will be sold for the company and 40,000 for cer¬
tain stockholders.
Price—By amendment.
BusinessManufacture of men's and boy's sport shirts. Proceeds—
For plant expansion and working capital. Office—112
•

120,000 common with attached war¬
rants to purchase an additional 120,000 shares to be! of¬
fered tor subscription by holders of its stock and deben¬
tures in units
(of one share and one warrant) on the
basis of 3 units for each 5% prior preferred share held,
one
unit for each 5% preferred A stock held and 40
units for each $1,200 face amount of non-interest bear¬
ing subordinated debentures held. At the same time, the

ers.

Thursday, November 14, 1963

—

Miami.

ment Corp.,

lb62 fiiea

payment.

insurance.
Proceeds
For expansion.
Office
Michigan Ave., Chicago. Underwriter—None.

ing capital and debt repayment. Address—West Highway
50-Winter Garden, Fla. Underwriter—Prudential Invest¬

Deuterium Corp.
Sept. 28,

(1924)

Industrial

(

Electronetics

loan repayment, equipment, sales

Insurance City

(with

6V2% convertible sub¬

warrants). Price—At par.
primarily in Cali¬

Louisiana. Proceeds—For debt repay¬

ment, exploration and development, working capital and
other corporate purposes. Office—9107 Wilshire Blvd.,

Beverly Hills, Calif. Underwriter—Hannaford & Talbot,
San Francisco. Offering—Expected in mid-December.
Janus

promotion, new prod¬

ucts, inventory and working capital. Address—Third &
B St., Melbourne, Fla. Underwriter—Hampstead Invest¬
,

Life Co.

filed 494,100 capital shares to be offered for
subscription by stockholders of record Feb. 26, 1963 on
a share-for-share basis.
Price—$3.25. Business—General
Oct. 29, 1963

debentures

fornia, Texas and

Corp.

25, .1963

ing Corp., New York.

28, 1963 filed $2,500,000 of

ordinated

Business—Production of oil and gas

("Reg. A") 25,000 common. Price — $12.
Business—Design, manufacture and sale of specialized
electronic instruments and devices.
Proceeds — For
Oct.

Jade Oil & Gas Co.
Oct.

Fund,

Inc.

Prico — Net
mutual fund
appreciation. Proceeds—For investment.

April 10, 1963 filed 500,000 capital shares.
asset value plus 8x/2 %. Business—A new

seeking capital
Office—467 Hamilton Ave., Palo Alto, Calif.
—Mutual Fund Distributors, Inc.

Underwriter

(same address).

(11/25-29)
300,000 common. Price — $1.
Business—Construction of a gasoline and diesel oil fill¬
ing station, a restaurant and allied facilities. Proceeds—
For general corporate purposes. Underwriter — V. E.
Anderson & Co., Newhouse Bldg., Salt Lake City.
•

Juniper Spur Ranch,

May 27, 1963 '("Reg. A")

Inc.

Number 6316

198

Volume

production and working capital. Office—
Ave., New York. Underwriter — Ingram,
Stephen, Inc., ,50 Broad St., New York.

filming and

Kentucky Fried Chicken, Inc.

Madison

27, 1963 filed 25,000 class A voting, and 25,000
class B non-voting common. Price—$10. Business—Com¬

543

franchises certain restaurants in the U. S. to pre¬
pare and sell Kentucky Fried Chicken. It also sells or
leases equipment used in preparation of this item. Pro¬
ceeds
For the selling stockholder, Harland Sanders,
Chairman. Address—Box 67, Shelbyville, Shelby County,

Offering—Indefinite.

Sept.

pany

—

Ky. Underwriter—None.

—

Key Finance Corp.

7, 1963 filed 80,000 common. Price—By amend¬
(max. $5). Business—Operation of a small loan
business in Puerto Rico. Proceeds—For loan repayment,
ment

expansion and other corporate purposes. Address—Rio
Piedras, Puerto Rico. Underwriter—Myron A. Lomasney
& Co., New York. Offering—Imminent.
Corp.

Oct. 29,

1963 filed 50,000 common. Price—$6.50. Business
—Design, manufacture and sale of deposited metal bel¬
lows and basic assemblies therefor. Proceeds—For equip¬
ment, sales promotion, and working capital. Office — 2
Engineers Lane, Farmingdale, N. Y;. Underwriter—Andresen & Co., New York.

staff

Macco

•

geles.

ment

(max. $6). Business

1, 1963 filed 200,000 common. Price—By amend¬
ment (max. $20). Business—Manufacture of plumbing
valves and fittings, automotive p&rts, and pre-shool-age
toys. Proceeds—For selling stockholders. Office—2400
Buhl Bldg., Detroit. Underwriter—Smith, Barney & Co.
Inc., New York.
•

and

accident

health insurance

Oct.

—

Pierce, Wulbern, Murphey, Inc., Jacksonville.

Y. Underwriter—Filor, Bullard &

Smyth, N. Y. Note—This company formerly was named
Logos Financial, Ltd. Offering—Indefinite.
Lunar Films,

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

■■.■..v.-

Midwest Technical Development Corp.

26, 1962 filed 561,500 common to be offered for
subscription by stockholders on the basis of one share
for each two shares held. Price—By amendment (max.

repayment, operating
expenses, and investment in other insurance concerns.
Address—714 Medical Arts Bldg., Oklahoma City.
Un¬
derwriter—Lincoln Securities Corp. (same address).
Medical Industries Fund, Inc.
Oct. 23, 1961 filed 25,000 common. Price—$10. Business
—A
closed-end investment company
which plans to,

acquisition and working capital. Office — 1006 Grand
Ave., Kansas City, Mo. Underwriter—Sterling, Grace &
Co., New York.
'
•' -

open

filed 1,250,000 common. Price—$2.50. Busi¬
ness—Company plans to develop mobile homes, parks
and residential and commercial real estate. Proceeds—•
For

(Dempsey-Tegeler

Allen Electric &

Proceeds

end.

System, Inc

(Offering

Co.,

Seville, Spain.
Mott's

•

$1,200,000

Equipment Co.—

(Dempsey-Tegeler

,)>■.

Elite

Municipal Investment Trust Fund, Series B

municipalities and territories of the U. S. Proceeds—For
Investment. Sponsor — Ira Haupt & Co., Ill Broadway,
New York. Offering—Expected in early 1964.

Florida Jai

Clark

Blyth

(Blyth

(Fuiton,

Reid

...^...Common
$1,500,000

Corp.V

Hardeman (Paul)
/
(Hemphill,

Hobam,

$1,000,000

Heck's, Inc.
.

,-H

Plohn

(Charles

(First Philadelphia Corp.)
Mid-Continent Telephone Corp
Ohio

Co.)

____i_Common

150,000

(Offering

underwriting)

stockholders—no

$32,363,750,

Co.)

(Brager

$140,000

••

(V.

Anderson

Inc.
—._—
-...Debentures
(First Nebraska Securiies Corp.) $2,000,000/
Ultronic Systems Corp
.Common
.if.;.v.;/f(Bache & Co.) 150,000 shares
■:/.">

(Peter Morgan

November
Masco

(Tuesday)

(Offering

Corp.;

200,000 shares

Inc.)

Common

Grace

New

noon

EST)

$10,000,000

Okliana

Underwriters,

November 20

Auto

(Equitable

;

Atlantic

Securities

Coast Line RR.___
(Bids

noon

20.000

Corp)

(First
&

(No

•->

Motor
Boston

Co.;

Lehman

Blyth

Corp.;

Capital Shares

Inc.;

Weld

Witter

(Pierce,

Wulbern, ;Murphey,

(Merrill
-

„

(Kidder,

&
&

Co.)

Inc.,

and

Middlesex

and

New York

Tennessee

Sachs

(Stone
...

and

J. C.

(Bids

January 20,
Musicaro

Common

(Stone
.

a.m.

EST)

Transmission
Corp.;

Debentures

received)

Bonds

$5,000,000

Bonds

(Monday)

1964

Common

Inc

Brothers,

(Fleetwood

Securities

Corp.

of America)

February 25, 1964
Southern

8:30

a.m.

$300,000
.

(Tuesday)

California Edison
(Bids

PST)

Bonds

Co
$60,000,000

White, Weld & Co. and

$35,000,000

Gas/jfflsrnission Co.—

March

Preferred

and White, Wteld & Co.)
shares

Webster Securities Corp.

150,000

$50,000,000

Halsey^ Stpart & Co. Inc.)

--Bonds
$130,000,000

received)

January 14, 1964 (Tuesday)
Narragansett Electric Co

Bradford & Co., Inc.)

Mosley Co.; Inc.) $4,375,000

Webster Securities

Tennessee

Bonds
$30,000,000

(Bids

Gas

$6,600,000

CST)

noon

Telephone Co
(Bids

(Tuesday)

Water

Equip. Trust Ctfs-

.Common

/ -(Kidder, Peabody & Co., Inc.) 35,000 shares

Preferred

EST)

275,000 shares

$35,000,000

Union Electric Co
a.m.

(Bids

Units

Yeatman,

(Tuesday)

January 7, 1964

_____

Inc.,

(Monday)

Missouri Pacific RR

Common

Co.)

—Common

50,000

Morcol Pipeline, Inc.__
—_:
Units
Cochran & Co., Inc., and Midland Securities

Inc

December 3

/(Rids 12 noon -EST) 200,000 shares
11

125,000

Co., Inc.) $300,000

Class A

—

Co.)

Pacific Northwest Bell Tel. Co

Goldman,

Union Electric Co.__._^_

'(Bids

Downs,

underwriting)

Corp.—

Loeb & Co.,

Debentures
Co.,

Forgan

Corp.

(Suplee,

Inc.,

Peabody

$1,250,000

Co.)

1,750,000

Bonds

Lynch, Pierce, Fenner & Smith
'.Blyth & Co., Inc.) $40,000,000

Purina

54,200

(Tuesday)

Gas Transmission

(Milburn,

Common

Inc.) -200,000

Puget Sound Power & Light Co...

Ralston

(Kuhn,

Pocono

Co.)

;

Life Insurance Co. of Florida
'...

San

$2,700,000

CST)

noon

Debentures

Eberstadt

Southwest

Great

Nationwide

Sachs

Goldman,

Equip. Trust Ctfs.

December 23

Stifel,

___—Common
Inc.)

Templeton,

Eberstadt

(Glore,

.Common

Co., Inc., and Dean
4,000,000 shares > '

Jones

Bergen Drug Co., Inc.—

200,000 shares

Co.,

Ben. Int.

—

Inc

Technology,

(F.

_.I_

stockholders—underwritten by
Inc.) 132,300 shares

(F.

Kuhn, Loeb
Co., Inc.; Lazard Freres & Co.;
Brothers; Merrill Lynch, Pierce, Fenner & Smith

White,

Inc.;

underwriting)

units

$3,390,000

Co..

(Thursday)

December 17

(No

Bergen Drug Co., Inc

..Equip. Trust Ctfs.

EST)

Bridges Investment Fund, Inc.
Ford

Units

—

150,000 shares

Nicolaus & Co.,

(Mitchum;

.__

Inc.)

(Monday)

Realty Trust

.(Offering

;

Applied

(Wednesday)
Inc

Parks,

..Common

C. Allyn,

duPont, A.

December 2
American

$3,500,000

Inc.)

(Bids

Midwestern

__Units

Corp.
(Equity

Allright

a.m.

(Francis I.

Bonds

$75,000,000

EST)

a.m.

York

..Preferred

England Power Co,
(Bids

(Wednesday)
11

December 12

Shippers Dispatch Co.—

Bonds
$10,000,000

New

(Wednesday)

November 27

103,500

Co.)

EST)

125,000

Corp.)

.Bonds

$30,000,000

EST)

a.m.

Texas & Pacific Ry

New England Power Co
(Bids

stockholders—underwritten

Hanseatlc

Equip. Trust Ctfs.
$6,840,000

Edison Co. of New York—

(Bids

Missouri National Life Insur. Co.___Capital
(Sterling,

Common

___^

(Smith, Barney & Co.,

units

11,500

Inc.)

EST)

noon

(Bids -11

Consolidated

P""-

Security Title & Guaranty Co

December 11

_____Common

$900,000

Co.)

Co.,

Virginia Electric & Power Co

Jones &

Natural Gas & Oil Producing Co

Units

(Tuesday)

(Bids

Peabody & Co., Inc., and Mitchum,
Templeton Inc.) $4,000,000

(Kidder,

Brooks

December 10

.—_________—Debentures

Macco Realty Co.—...

Ramo,

$867,000

Co.)

Northern Pacific Ry

Common

$300,000

& -Co.)

Units

—

(Doolittle

(P.

Juniper Spur Ranch, Inc.__,—_______

Pacific Northwest Bell Telephone Co.i__.Common
.

Debentures

$7,000,000

Imperial '400' National Inc

_—Ordinary Shares

Food Co., Ltd

Israel Baby

.J
Co.)

Noyes

Inc.
;• /

160,000 shares

Israel Baby Food Co., Ltd..
-/ /' (Brager & Co.) $190,000

$275,000

Common

Milwaukee Co.)

Common

(The

$450,000

Co.)

Life Affiliates Corp.
-

Inc

Great Lakes Homes,

^Common

$3,600,000

EST)

noon

Inc..—

...

100,000 shares

Co.)

Equip. Trust Ctfs»

(Monday)

December 9

.Common
(Bache

Bonds
/.

$10,000,000

received)

______

$2,000,000

Securities

Electric

(Bids

Common

Ltd.
Inc.)

Co.,

Alai, Inc....

Inc.)

cu.,

Bilotti

page

$20,000,000

Lehman Brothers)

and

Inc.,

Co.,

New York Central RR.—^

Garan, Inc.

.Debentures

Inc., and William T. Robbins &

& Co.,

.Debentures

Equipment Credit Corp

Massachusetts

(Monday)

(Consolidated

Corp..

Continued

(Wednesday)

December 4

April 28, 1963 filed $10,000,000 (10,000 units) of interests.
Price—To be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of states, counties

Debentures

....

Productions

Theatrical

Master

(Linder,

.Common

(Fulton, Reid & Co., Inc., and William T. Robbins & Co., Inc.)
125,000 shares

Craft

Inc.

For investment in the

—

stockholders—underwritten
Co., Inc.) $5,500,000

November

Common

1963 filed

(Bids

100,000 shares

Co., Inc.)

Craft Master Corp

;
Markets,

Super

100,000 common. Price—By amend¬
ment (max. $15). Business—Operation of super markets
and liquor package stores in Conn. Proceeds—For work¬
ing capital. Office—59 Leggett St., East Hartford, Conn.
Underwriter
W. C. Langley & Co., New York. Offer¬
ing—In early December.
/ /
Nov.

—.Debentures

Inc.)

general corporate purposes. Office—82 Baker St.,
Underwriter—Overseas
Investment
Service,

Atlanta.

November 22 /(Friday)

Ryder

(Monday)

Equipment Co

Development Corp.

Home Parks

Mobile

Jan. 28, 1963

become

(11/19)

National Life Insurance Co.

Missouri

•

Sept- 27, 1963 filed 103,500 capital shares. Price — By
amendment (max. $6). Business—Writing of life, acci¬
dent and health insurance policies. Proceeds—For an

loan

Proceeds—For

firms.

Bu sines s—A closed-end management investment
Proceeds—For general corporate purposes.
First National Bank Bldg., Minneapolis.

Underwriter—None.

Allen Electric &

repayment.

—

1,000,000 class B common. Price—
Business—A holding company for three life insur¬

$1.25.
ance

NEW ISSUE CALENDAR
November 18

Medic Corp.
Feb. 28, 1963, filed
.

Logos Options, Ltd.
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max. $10). Business—A diversified closedend investment company. Proceeds—For investment. Of¬
fice—26 Broadway, N/

H, due Dec.

address.

Underwriter—

pansion. Office—2960 Coral Way, Miami.

(12/4)

1963~filed $10,000,000 of first mortgage bonds,
1, 1993J/Proceeds—For loan repay¬
ment. OffIce-«*441 Stuarlk St., Boston. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.; Merrill Lynch, Pierce, Fenner,
& Smith Inc.; Eastman Dillon, Union Securities & Co.;
Kidder, Peabody & Co.; Blyth & Co.-White, Weld & Co.
(jointly). Bids—Dec. 4 (11 a.m. EST) at above address.
Information Meeting—Nov. 27 (11 a.m. EST) at above

well as ordinary life
and eventual ex¬

Co.

21,

series

investment

Proceeds—For

insurance.

Electric

Massachusetts

By amend¬
Writing of industrial life,

—

(11/19)

Corp.

Nov.

(11/20)

Co. of Florida

Life Insurance

Office—52 Main St., Woodbridge, N.J.
Underwriter—Kidder, Peabody & Co., Inc., New York.

debt

repayment. Office—7844 E. Rosencrans Ave., Paramount,
Calif. Underwriters—Kidder, Peabody & Co., Inc., New
York and Mitchum, Jones & Templeton Inc., Los An¬

(11/18-22)

Proceeds—For

water7jn certain areas of New Jersey.

Office—2615

Oct. 14, 1963

Aug. 16, 1963 filed 200,000 common. Price

ment

(12/3)

Feb.

Realty Co.

Masco

(11/18)

Corp.

5, 1963 filed 35,000 common.; Price—By amend¬
(max. $36). Business—Collecting and distributing

company.

Offering—Indefinite.

("Reg. A") 55,000 class A common. Price—
$5. Business—Company is an operating, holding and man¬
agement company specializing in the life insurance in¬
dustry. Proceeds—For working capital. Office—40 Ex¬
change Place, N. Y. Underwriter — First Philadelphia
Corp., New York.
'

Middlesex Water Co.

$7).

Office—33-00 Northern Blvd., Long
Y. Underwriter—T. W. Lewis & Co., Inc.,

Life Affiliates Corp.

•

Residential real estate development. Proceeds—For debt

•

Telephone

17, 1963 filed 150,000 common. Price—By amend¬
ment. Business—Through subsidiaries, the company pro¬
vides telephone service to 104 communities in Ohio. Pro¬
ceeds—For loan repayment. Office—363 Third St., Elyria,
O. Underwriter—The Ohio Co., Columbus.

Offering—Indef¬

named.

Mid-Continent

(11/25-29)
Oct. 30, 1963 filed $4,000,000 of convertible subordinated
debentures due 1978. Price—By amendment. Business—

purposes.

New York.

Underwriter—To

initely postponed.

28, 1963 filed 125,000 common. Price—By amend¬
ment (max. $5). Business—Volume manufacture of in¬
expensively priced men's and children's belts. Proceeds
—For debt repayment, sales promotion, and other cor¬
porate

and

sales catalogue, developing a national sales
working capital. Office—812 Greenwich St.,

—677

June

,'4-,

Press,. Inc.

May 29, 1962 filed 60,000 common. Price—$3.75. Busi¬
ness—Graphic design and printing. Proceeds—For pub¬
lishing

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

medical

•

velopment of Canadian mineral profierties. Proceeds—
For general corporate purposes. Address—402 Central
Tower Bldg., Youngstown, Ohio. Underwriter—None.
Marshall

Oct.

July 26, 1963 filed 200,000 common. Price—$3. Business
—Company plans to engage in the exploration and de¬

June

Island City, N.

Mahoning Corp.

Inc.

Industries,

Krasnow

Lambert

June

Kinemotive

(1925)

The Commercial and Financial Chronicle

Potomac

10, 1964
Edison
(Bids

(Tuesday)

1
Bonds

Co
a.m.

EST)

$12,000,000

The Commercial and Financial Chronicle

(1926)
v.

.•

Continued

•

•/•«//

Oct.

frozen foods. Proceeds—For

Italian style

Production of

repayment,

debt

store

will be withdrawn.

welded

100.000 common.

•

. .

•

Price—$8.75. Busi¬

chain link fence;
fabric, gates and /related

Proceeds—For construction of a plant in Ire¬
and working capital.
Office—4301 46th i St.,~

products.

land,

...

Underwriter—Netherlands Securities
Co., New York. Note—This registration will be with¬
Md.

Bladensburg,
drawn.

11,

ness

—

1962 filed 4,750,000 common.-Price

—

Busi¬

$1.

Company plans to engage in cemetery develop¬
and to establish and operate a life and disability

ment

Office—13 S. Broadway, Red Lodge, Mont.
derwriter-rrrSecuxity Brokerage. Co., Billings, Mont.
Dec.

face amount certificates

$8,000,000

refiled

1962

28.

;

Inc.

(series 20) and 300,000 common shares. Price—For cer¬
$762; for stock, $1.15.
Business—A mortgage

loan

company.

Office

poses.

—

Proceeds — For general corporate pur¬
113 S. Hydraulic, Wichita, Kan, Under¬

offering' will be made only in

Kansas.
Nationwide

Business—Production

drilling

Pacific

Northwest Bell

porate

gas

oil.

and

purposes.

Underwriter—Peter Morgan & Co., N. Y.
■

New

Proceeds

Campbell

Island

Mines

holder. Price—50 cents.

'n/r

;////

for

each

held

common
on

the

to be

basis

Business—Exploration, develop¬

England Power Co.

1993, Proceeds

—

Nov.

record

18.

offered

con¬

Stuart St., Boston. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Lehman Brothers-Equitable Securities Corp. (joint¬
ly); Kuhn, Loeb & Co.-Eastman Dillon, Union Securities
& Co.-Salomon Brothers & Hutzler-Paribas

Rights

will

repay

address.

Meeting—Nov.
..;/,

<•

14
-

(11
:

/„■;/

EST)

a.m.
.

above

■

For

First

Boston

Corp.;

Dean

Witter

New

Underwriter

(same address).

1963

gas

natural

shares.

Price

—

(max. $3.25). Business—Acquisition of oil
properties, and the production of crude oil and

gas.

Blvd., Los Angeles. Underwriter—Gregory-Massari, Inc., Los Angeles. Offering—-Indefinite.
Northwest

Hydrofoil,

Inc.

/
-

1963

—

White-Henry-Stuart Bldg.,

Seattle; Wash.
—Henry D. Tallmadge Co., Seattle.
;

Olive

Proceeds—For

St., St. Louis.. Under¬

Co., St. Louis. Offering—Indefi-

/,;/; -z;/*^/;/Z;Z/vy/>/:^

•.

Retirement

Foundation, ln<^.
April 8, 1963 filed 100,000 memberships in the Founda¬
tion.
Priicer—$10 per membership. Business—Company
will operate retirement centers for the use of rent-free
private homes and apartments by members upon their
retirement. Proceeds—For working capital, construction
and other corporate purposes^
Office—^235 Lockerman
St., Dover. Del. Underwriter—John D. Ferguson, Dover,
Del. Offering—Indefinite.
r.
y
.

•

Riviere Realty Trust
Oct; 22, 1963 filed 2,000

;

shares of beneficial interest.
Price—$1,000. Business—Company plans to operate as a

real

estate

investment tru^t.

Proceeds—For investment.

Underwrit¬
er—Riviere, Marsh & Berens Securities Corp., Washington, D. C.

improved land.

Proceeds—For debt repayment, and

real

San Morcol

Pipeline, Inc. ('12 23-27)
Sept. 27, 1963 ("Reg,: A") $300,000 of 6^% subordinated
debentures due Nov. 1, 1983, and 45;000 common to be
offered in units of $500 face amount of debentures and
75 shares. Price
$500. Business—-Construction of an
eight inch natural gas transmission pipeline for the
cities of Las Vegas, Wagon Mount, Springer, and Maxwell, N. M. Proceeds — For construction. Office z-r- 219

Shelby St., Santa Fe/ N. M; Underwriters --.Milburn,
Cochran & Co., Inc., Wichita, Kan., and Midland SecuriCity, Mo.

:.ties Co.,' Inc., Kansas
Saul

Oct.
.

property,

chiefly

real

F.)

(B.

1963

estate

Office—925

Real

filed

Estate

Investment Trust
of beneficial interest.

30,000 shares

investment trust.
Fifteenth

Proceeds---For investment.

St., N. WT./Washington;-D. C. Un¬

derwriter—B. F. Saul Co,

(same address).

•.

Security Title & Guaranty Co* (11 25-29)
Oct. 7,
1963 filed 125,000 common to be offered for
subscription by stockholders on a sharerfor-shate basis.
Price—By amendment (max: $7.50). Busihess-r-Gompany
examines and insures titles to real property. Proceeds—

ac¬

Nassai
'

Stock

ceeds—For investment. Office—316 North Fifth St, Bis¬
marck, N. D. Underwriter — Provident Management Co

25,

Price^—$100. Business-^Company . plans to? operate. as a

For

general corporate purposes. Office^ 17 E. 45th St.,
Underwriter •— New York Hanseatlc Corp.,

•New York;

New

York./;

Selective

/•

/,/ \

r;.

Financial Corp.

scribed shares will be offered

publicly.

•

■

Engineering Corp.
common. Price—By amend¬
ment (max. $15). Business—Research and
development
©n
contracts using radioactive tracers; precision radio¬
activity measurement; production of radioactive isotopes

•

100,000

—

♦

Price—To public

$6; to stockholders, $5. Business—Company plans to en¬
dress—Bellevue, Wash. UnderwTiters — Merrill Lynch.Pierce, Fenner & Smith Inc., and Blyth & Co., Inc., New Z gage in the consumer finance,-mortgage, general fi¬
York.
y,;y -/.wyy *.,./.yy/\
// ;■//. jyy.y.y
yyy/>; • nance and related businesses. ^ Proceeds—F o r general
.corporate purposes. Office—83() N. Central Ave., Phoe¬
Quality National Corp.
/
nix.- Underwriter—None.
Sept v 16, 1963 filed 200,000 class A common. Price — $5
Southwestern Electric Service Co. /./-v/-'.
Business—Company plans to form a subsidiary life in¬
surance company. Proceeds—For
Oct. 24, 1963 filed 24,428 common to be offered for sub¬
general corporate pur¬
poses. Office—2904 Georgian Court, Lincoln, Neb. Un¬
scription by stockholders on the basis of one new share
derwriter—None.
for each 17 held. Price—By amendment. Proceeds—For
repayment of bank loans. Office—1012 Mercantile Bank
Racon Inc. '
y
■ :y-'' -.
/
r// ,/ /
Bldg., Dallas. Underwriter—None.,
*
/
/ vV
Oct. 3, 1963 filed 1,250,000 common. Price—$1. Business
Stein Roe & Farnham Foreign Fund, Inc.
•
—Company plans to manufacture fluorocarbons for sale
to refrigerant wholesalers, the aerosol
July 1, 1963 filed 1,000,000 capital shares-. Price—Net as¬
industry and other
users.
Proceeds
For construction of a new plant and
set value. Business—Company was recently formed and
will succeed to New York Capital Fund, Ltd^ a Canadian
working capital. Office—11 North Jackson St., Houston.
-

Underwriter

Nuclear Science &

of land for home sites.

Office—3615

("Reg. A") 60,000 common. Price
$5.
Business
Design, construction, sale and operation of
hydrofoil vessels. Proceeds—For working capital, office
expansion and other corporate purposes. Office — 428

March 29,1962 filed

nite.

standing 5M>% bonds due 1989 and the 5%s of 1990. Ad¬

Proceeds—For selling stockholders/Office

—5455 Wilshire

Sept.. 3,

acres

R. L. Warren

capital

amendment
and

—

,/y./.y/fy.-'// y
-• /•: //
•
Feb. 28, 1962 filed 500,000 common, of-which 405,000
are to
be offered for subscription by holders of the A,
Puget Sound Power & Light Co. (11/20)
.Oct. 25, 1963 filed $40,000,000 of first mortgage bondsy B and C stock of Selective Life Insui^nee Co.v (an affili¬
due Nov. 1, 1993. Price—By amendment. Business—Fur¬
ate, on the basis of 4 company shares for each class A or
B share, and two-thirds share for, each class C share of
nishing of electric service in the Puget Sound-Cascade
Selective Life held.
Remaining; 94.822 and any unsub¬
region of Washington. Proceeds — To redeem the out¬

Nordon Corp.

29,

and

(same address), y/ .y/;./v

sell 80

July

ness—Purchase

units consisting of four shares and one war¬
Price—$32 per unit;
Business—Company will
operate a luxury hotel and resort facilities,

and

writer

Research Lands, Inc.
1963 filed 40,000 common. Price—$25. Busi¬
sale

business investment company. Proceeds—
Office—2909 Bay-to-rBay/, Tampa,. Un-/

Corp. of Missouri

construction.

repayment.

Fund, Inc.
April 11, 1963 filed 1,000,000 common. Price—Net asset
value plus 8%%. Business—A new mutual fund. Pro-

28,

Provident

Office—4680 Wilshire Blvd., Los
—
New World Distributing Co

Ltd.
filed 60,085

loan

and working capital.. Office—
Angeles. Underwriter—Costello,

—

quisition of additional properties.
Office—195
St., Princeton, N. J. Underwriter—None;
y

Fund/ Inc.
Feb.,.21,- 1963, filed 250,000 common. Price—Net asset
value plus 81^%. Business—A new mutual fund. Pro¬
ceeds—For investment.

and

Princeton

March

World

Angeles.

and

Los

Office—1832 M St., N. W„ Washington,* E>. C.

Address — 504
Bldg., Wilkes-Barre, Pa. Underwriter—Suplee, Yeatman, Mosley Co., Inc., Philadelphia.

Co.-

Smith, Barney & Co.- Wertheim & Co. (jointly); Equi¬
table
Securities
Corp. - Kidder, Peabody
& Co. - Lee
Higginson Corp.-White, Weld & Co. (jointly);'Lehman
Brothers; Merrill Lynch; Pierce, Fenner &
Smith Inc.Eastman Dillon, Union Securities & Co. (jointly). Bids
—Nov. 19 (11 a.m. EST) at above address.-Information
Meeting—Nov, 14 (11 a.m. EST) at above address.

construction,

St.,

$2.

—

entertainment. Proceeds—

and

1962 filed 125,000 class A common and threewarrants to purchase 1,250 class A shares'-'to be

rant.

(12/2-6)

Downs, Inc.

Industries, Inc.
v ,•
,
("Reg. A") 75,000 common./Price

27,

erect

First National Bank

repayment and construction. Office — 441
Stuart St., Boston. Underwriters—(Competitive). Prob¬
bidders:

Pocono

Is¬

investment.

year

harness racing track in Luzerne County, Pa. Proceeds—

loan

stockholder.' Address—Tel-Aviv,

offered in

and warrants to purchase an additional 10 shares. Price
—$175 per unit. Business—Company plans to operate a

England Power Co. (11/19)
Oct.,7,,1963 filed 100,000 preferred (par $100). Proceeds

able

Co.

Company culti¬

—

markets citrus fruits in Israel; Pro¬

investment,

7th

Resort

advances from parent, A. T. & T. Of¬

Insurance

West

Nov.

Sept. 10, 1963 filed $2,500,000 of 6J/2% subordinated sinking fund debentures due 1978, 375,000 common and 250.006 warrants to purchase additional common,/to be of¬
fered in units consisting of one $100 debenture, 15 shares

New

—For

Peerless

shares/ Price:—By

derwriter—Hensberry & Co., St. Petersburg, Fla.

for
new

1962

ness—A small

ly); Merrill Lynch, Pierce, Fenner & Smith Inc.-Kidder,
Peabody & Co.-White, Weld & Co. (jointly); First Bos¬
ton Corp. Bids—Nov. 19 (12 noon EST), at above address.
Information

■

•

Corp. (joint¬

Research Capital Corp.
Sept. 3, 1963 Tiled 400,000 common. /Price-^-$12.50. Busi¬

1963 filed 100,000 common. Price-^$10. Business
—Company plans to engage in the writing of general
liability insurance, including automobile, property dam¬
age and personal injury, Proceeds—To increase capital
and surplus. Office—307 Lenox Ave., New York. Under¬
writer—None.
/
-

struction. Office—441

selling

capital

411

For

one

new

Russotto & Co., Beverly Hills, Calif; Offering-^-Indefinite.

People's Insurance Co.

(11/19)

For loan repayment and

Ltd.

filed 400,000 ordinary
(max. $3,166).
Business

processes and

23,

For

Oct. 3,

Oct. 7, 1963 filed $10,000,000 of first mortgage bonds due

Plantations

Recreation

(11/18)
of

Underwriter—Rassco of Delaware, Inc., New York.

Nov.

damage insurance. Proceeds—For investment. Office—62
Maple Ave., Keene, N. H. Underwriter-^-None.

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

Nov.

rael.

ance/ wdrkriien's compensatoin insurance and property

ment and

New

vates,

1963 filed 565,218 capital shares to be offered
subscription by stockholders on the basis of one new
share for each share held of record Oct. 3.
Price—$8.
Business—Company writes various types of insurance in¬
cluding accident and health insurance, automobile insur¬

Ltd.

Proceeds—For construction Of

1963

ceeds—For

for

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

27,

amendment

Oct. .18,

working capital and other cor¬
Office—Tekoil Bldg., Oklahoma City

outlets.

Rassco

Aug.

fice—1200 Third Ave., Seattle. Underwriter—None.

natural

domestic and imported nutmeats for
distributors; supermarket chains and other

processes

food

plant, and working capital. AddressV-84th St., and West
Dodge Rd., Omaha, Nebr. Underwriter—First Nebraska
Securities Corp., Lincoln, Nebr.''"
/vyy'/y'-y/y/1.

Underwriter—None.

Telephone Co.

..v;

Business—Sale of travel

Address—Creede, Colo.

ceeds—To

expenses,

„'

tal.

Ndv/T;-1963 filed 1,250,000 class A and 500,000 class B
• Pacific Power &
common. Price—By amendment (max. $17.50). Business
Light Co.
—A holding company, primarily for life insurance con¬ ^Sept. 27, 1963 filed 718,354 common being offered for
cerns. Proceeds— For prepayment of bank loans, and
subscription by stockholders on the basis of one share
for each 20 shares held of record Oct. 30, 1963. Rights
expansion. Office — 246 North High St., Columbus, O.
will
expire Dec. 5, 1963. Price—$23.75. Proceeds—For
Underwriters—Kuhn, Loeb & Co.; Inc., and J. C. Brad¬
debt repayment. Office—920 S. W. Sixth Ave., Portland,
ford & Co., Inc., Nashville.
Ore. Underwriters—Blyth & Co.; Merrill Lynch, Pierce,
: Natural Gas & Oil Producing Co.
(11/25-29)
Fenner & Smith Inc.; and Paribas Corp., New York.
Sept. 7, 1962 filed 180,000 class A common. Price—$5.
—For

wholesale

phone

(12/2-6)

Corp.

Company
sale

expire Dec. 16. Price—$17. Business—Furnishing of teleservice in Washington,. Oregon and Idaho. Pro¬

the State of

'•>'/>'

(11/18-22)

Offering—Expected in December.

Oct. 28, 1963 filed 1,903,750
subscription by stockholders

Inc.

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

/ share

writer—National Mortgage Agency, Inc., (same address).
Note—This

"•/,

Okliana

•

tificates,

Ramo

Sept; 16 1963 filed $2,000,000 of 6^4% subord. sinking
fund debensi Dub: Oct/1, .1975; Price^At par, Business—

•>

Un-

National Mortgage Corp.,

•

Chicago.
.

debentures

JKysiiiesis^Prpductioii

Kidder, Peabody & Co., Inc., and Goldmdri, Sachs & Co./

Pacific Mines, Inc.
July 24, 1963 filed 100,000 common. Price—$1.50. Busi¬
ness—Company plans to explore iron deposits on its
property. Proceeds—For mining operations, debt repay¬
ment and/operating expenses./ Office—1218 N. Central
Ave., Phoenix, Underwriter—None.

general corporate pur¬

insurance concern. Proceeds—For
poses.

St,

(11/20)" -yTy'y ?'>.•>

1988.; Priee^By' amendment.

New York.

Outlet

National Memorial Estates
Oct.

LaSalle

Co.

1, 1963 filed $35,600,000 of sinking fund

bean oil, and grain merchandising. Proceeds—FoU equip¬
ment, additional inventonries and working capital. Ad¬
dress—Checkerboard Square, St. Louis. Underwriters—

Corp. (11/19) •
/
Sept. 12, 1963 filed 500,000 common and 500,000 pre¬
ferred ($6 par); to be offered in units of five preferred
and five common shares. Price—$35 per unit. Business—,
Company plans to engage in the life insurance business
through the formation of two subsidiaries, or through
the purchase of stock in an existing insurance company.
Proceeds—For acquisition of above stock, loan repay¬
ment and working capital. Office—2201 Northwest 41st
St., Oklahoma City. Underwriter—Equity Underwriters,
Inc. (same address).

galvanized

reinforcing

concrete

■

So.

Sponsor—John Nuveen & Co. (same address).:

Co., Inc.

National Fence Manufacturing

Office—135

Thursday, November 14, 1963

of commercial animal and poultry feeds/ the sale of soy¬

investment."

For

ex¬

pansion and" working capital.
Address—Portage, Pa.
Underwriter—Cortlandt Investing Corp., N.-'Y. Note—

Nov. 29, 1962 filed
ness—Manufacture

due

invest in government and municipal obligations believed
to be exempted from Federal income taxes. Proceeds—

Price—$5. Business
cleaning and pressing plant and affili¬

This registration

Nov.

Tax-Exempt Bond Fund, Series 6
1, 1963 filed 150,000 units of interest in the Fund.1
Price—By amendment. Business—The Fund plans to

Sept. 28, 1961 filed 105,000 common.

Ralston Purina

Proceeds—For

Nuveen

Equipment & Plastics Corp.

Nov.

Corp. of America, New York.

—Operation of a
ated stores.
Proceeds—For

services/

withdrawn.

general corporate purposes. Office—40 Brooklyn Ave.,
Massapequa, N. Y. Underwriter — Fleetwood Securities
hacionai

consulting and radiation measureequipment, debt repay-/
ment, expansion and working capital.; Address—P., O.
Box 10901, Pittsburgh. Underwriter—Johnston, Lemon &/
Co., Washington, D. C. Note—This registration will be
ment

Inc.

Brothers,

:",T

and the furnishing of

' ,.;)/

(1/20-24/64)
V
29, 1963 filed 50,000 common. Price—$6. Business-

• Musicaro

;/ /

from pane 33

'■ v*

'■

Underwriter—None.

A/bw:*y

:,y.

Volume

vesting in

Number

198

6316

other foreign

Western Europe and

Canada,

Office—135 S. La^ailt

Proceeus—For investment.

areas.

St., Chicago. Underwriter—None.
Insurance Co. of America

Supreme Life

Sept. 30,' 1963 filed 42,089 common to be offered for
subscription by stockholders on the basis of one share
for each three shares held. Price—$30. Business—Sale of

writers—

working capital. Office—3501 S. Parkway,
Underwriter—--None. -.V:

1, 1963. iilgd 30,000

Price—$100. Business
Proceeds—For
Los Angeles.

—

shares of beneficial interest
A real estate investment trust
Wilshire Blvd.;

Office—4900

investment.

Underwriter—None.

;

vTeaching Machines, Inc.

;

April 1, 1963 filed 150,000 common. Price—$5 BusinessCompany '.develops and sells teaching machines ex¬
clusively for Grolier Inc. Proceeds—For loan repayment
and other corporate purposes. Office—221 San Pedro,
N. E. Albuquerque. Underwriter—S. D. Fuller & CO.,
New York. Offering—Expected in March, 1964.

EST), same address.

Inc.

Co.,

•

./\

(same address).

Amosand Inc.

Texas Plastics,

Inc.

July 27, 1962 filed 313,108 common.; Price—$3.50. Busi¬
ness—Operation of a plant producing plastic film and

packaging products.
Address—Elsa, Texas.

Proceeds—For working capital.
Underwriter-r-To be named. Of¬

fering—Indefinite.
Tidmarsh

•

Ventures, Inc.

("Reg. A") 42,850 common.
Price — $7.
Business.—General construction, equipment leasing and
Oct.

hydraulic systems. Pro¬
ceeds—For new construction projects, debt repayment,
and working capital. Office—15618 Broadway, Gardena,
Calif. Underwriter—Quinn & Co., Albuquerque, N. M.
installation

cryogenic

and

Top Dollar Stores, Inc.
May ly 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.

Business—Operation of a chain of self-serv¬
ice retail stores selling clothing, housewares, etc.
Pro¬
ceeds—For expansion* equipment and working capital.
Office—2220 Florida Ave., Jasper, Ala.
UnderwriterPrice—$6.

Van Alstyne. Noel &
I porarily postponed.

Transarizona

•

Offering—Tem/;//■
^
'

New York.

Co.,

'■■"/.•■/

Resources,

,/•.

stockholders
on
an
unlimited basis.
Price — At par.
Business—
A holding company for United Investors Fund Corp. (a
broker-dealer which sells mutual funds) and United.
Capital Life Insurance Co. of Minnesota. Proceeds—To
increase
capital and surplus' of United Capital Life
Insurance Co. of Minnesota. Address—1300 First National

production

deposit near Casa Grande, Ariz
Proceeds—For equipment, exploration and working cap¬
Lake Shore copper

4th St:, Casa Grande,

Office—201 E.

ital.

writer—None.

•:y

:;v

Under¬

Ariz.
",v,"

: •

Transpacific Group, Inc.
July 26, 1963 filed 155,000 common. Price—By amend¬
ment (max. $15). Business—-An insurance holding com¬
pany. Proceeds—For expansion. Office—520 S. W. 6th
Ave., Portland, Ore. Underwriter—None.
Life

World

Trans

Co.

Insurance

crease

capital and

surplus.

Office—609

Francisco. Underwriter—Alex. Brown

Sutter St.. San
Sons. Baltimore

Offering—Expected sometime in November.
Ultronic Systems Corp.

(11/18-22)
150.000 common. Price—By amend¬
ment (max. $12). Business—Manufacture of electronic
securities and commodities quotation systems. Proceeds
—For loan^repavment. and other corporate purposes
Office—7300

Crescent

Pennsauken, N.

Blvd.,

J. Un¬

derwriter—Bache & Co., New York.

Unified Mutual

Shares,

Inc.

Indianapolis. Distributor

—

(same address).
Unimed,

Inc.

warrants to purchase

City, Mo.

drugs and pharmaceu¬
of existing products, and
research and development on new preparations. Address
—Route 202, Morristown, N. J. Underwriter—None.

ticals. Proceeds—For marketing

Union

Electric

Co.

(11/20)

21, 1963 filed $30,000,000 of first mortgage bonds due
Proceeds—For

debt

repayment,

construction,

and

other corporate purposes. Office—315 N. 12th Blvd., St.
Louis. Underwriters — (Competitive). Probable bidders:

Halsey,

Stuart

& Co. Inc.: Lehman Brothers-Blyth &
Co., Inc.-Eastman Dillon, Union Securities & Co.-Bear,
Stearns

Co.

(jointly): Salomon Brothers & Hutzler;
White, Weld & Co.-Shields & Co. (jointly): First Boston
Corp. Bids—Nov. 20 (11 a.m. EST) at Bankers Trust Co.,
16 Wall St., New York. Information Meeting—Nov. 18
EST),

Union

same

Electric

address.

Co.

(11/20)

Oct.

21, 1963 filed 200,000 preferred ($100 par). Proceeds
—For debt repayment, construction and other corporate
purposes. Office—315 N. 12th Blvd., St. Louis. Under¬

Ky.

Under-

This Week

31,500 shares to be offered

for

public sale in units of one $100 debentures and 15 war¬
unit. Business—Development and
manufacture of heating equipment and automatic control

it Clark

Equipment

rants. Price—$100 per

Nov.

1963

systems/ Proceeds—For inventory, sales promotion, note
prepayment and working capital. Office — 410 Fourth
Ave., Brooklyn, N, Y. Underwriter—To be named.

Clark

of Texas,

City, Mo.

Inc.

Mont.

—

Nov.

;y..y

(12/10)

Power Co.

repayment and construction. Office—700 East Franklin.
St./ Richmond, Va. Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart & Co. Inc.; Salomon Broth¬
ers & Hutzler-Goldman, Sachs & Co. (jointly); Eastman

Securities

Union

Dillon,
&

EST)

a.m.

Chase

One

Waterman

White.

Steamship Corp.

writer—Shields

working cap¬
Under¬
Note—This registra¬

purchase of vessels, and
Co.,

Inc., N. Y.

Western

17,

Steel,

filed 50,000

1963

common.

Gas Transmission

of Tennessee

the ^proceeds

rata

pro

sharehold¬

Co., parent, ahd dis¬

latter's stockholders.
Underwriter-—None.

2000.

(12/3)

1963 filed $50,000,000 of debentures due Dec. 1,

amendment., Proceeds—To

repay $48,Pacific Telephone & Telegraph Co.,
former parent, as well as certain advances from A. T.
& T. Office—1200 Third Ave., Seattle. Underwriters—

Price—By

702,702

debt

due

Mobile. Ala.

it Pan-Alaska Fisheries,

Inc.

1963

29,

Price-$1

held

produce cer¬

Dec.

26.

of iron by the new "Taylor Process." Proceeds
plant construction and general corporate pur¬

Inc.

("Reg. A") 104.584 common to be offered
for subscription by stockholders and warrant holders on
the basis of one-third share for each share or warrant
Oct.

("Reg. A") 245,000 common.
Business—Company plans to erect a mill to

Jan.

(Competitive). Probable bidders: Morgan Stanley & Co.;
Halsey, Stuart & Co. Inc. Bids—Dec. 3 (11 a.m. EST) at
195 Broadway, New York. Information Meeting—Nov. 26
(2:30 p.m.), same address.

will be withdrawn/

tion

$25).

it Pacific Northwest Bell Telephone Co.

Meeting—Dec. 5
Manhattan Plaza, (30th
-■/v.//'.//>/

Office—71 Saint Joseph St.,

By amend¬

—

Business—Development of industrial
real estate in Texas. Proceeds—For selling stockholders.
Address—P. O. Box 191, Arlington, Tex. Underwriter—
Glore, Forgan & Co., New York.
>

Nov.

Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
B u s i n e s s—The carrying of liner-type cargoes
Proceeds—For the

Fisheries Corp. Of¬

(12 2-8)

Corp.

Address—Tennessee Bldg.. Houston.

Webster Securities Corp. BidsEST) at One Chase Manhattan Plaza.

a.m.

opera¬

Salle

Southwest

(max.

tribute

2414), New York. Information

(Room

/(ll

(11

Brothers (jointly);

of Booth

the

retail drug store.

7, 1963 filed 275.000 common. Price

ment

ers

Stone &

Co.;

South La

one

these shares arising from a stock dividend to

Lynch, Pierce.

& Co.-Merrill

Fenner & Smith Inc.-Lehman

Weld

Dec.

items, and

(12/17)
Price — By amend¬
ment. Business—Company owns and operates pipe line
systems for transmission of natural gas from Tennessee
to Illinois, and from Manitoba to Wisconsin. Proceeds—
Tennessee Bank & Trust Co., as transfer agent, will sell

filed

1963

various food

★ Midwestern Gas Transmission Co.

Underwriter—To be named.

$30,000,000 of first and refunding
mortgage bonds due Dec. 1, 1993. Proceeds—For debt
25,

135

★ Great

Nov.

Oct.

Dewey Ave.,

St., Chicago. Underwriters—
Kuhn, Loeb & Co., Inc., and Lehman Brothers, New
York. Offering—Expected after Jan. 15, 1964.

Jan. 23, 1963, filed 328,858 common. Price—$1. Busines>
—A new mutual fund.
Proceeds—For investment. Ad¬
dress—Sidney,

Proceeds—For acquisition

fice

Business—Manufacture of urethane
foams.
Proceeds—For equpiment, working capital
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank Bldg., D a 1 l a s.
Under¬
writer—First Nebraska Securities Corp., Lincoln, Neb
y

;

tion of three retail food chains and

Offering—Indefinitely postponed.

324

—

Underwriters—Blyth & Co., Inc., and

distribution

and

Inc..

unit.

Valley Investors,

Mich.

it Consolidated Foods Corp.
Nov. 12, 1963 filed 350,000 common. Price—By amend¬
ment (max. $48,875 per share). Business — Processing

1962 filed 250,000 class A and 250,000 common to
rbe offered in units of one share of each class.
Price—
per

(12/4)

and dealers. Proceeds—To

Office

debt.

Lehman Brothers, New York.

Feb. 14,

$5.05

Corp.

consumers

short-term

Buchanan.

Underwriter—Waddell & Reed, Inc., Kansas

Credit

filed

products to

reduce

April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
investment.
Office—20 W. 9th Street, Kansas; City, Mo

Urethane

12,

$20,000,000 of series B debentures
due 1983, Price—By amendment. Business—Company, a
subsidiary of Clark Equipment Co., finances sales of

United Variable Annuities Fund, Inc.

record

Nov.

25,

1963. Rights will expire about
Business—Catching, packing

Price—50 cents.

crab. Proceeds--For work¬

tain types

and distributing Alaska King

—For

ing capital and other corporate purposes. Office—1808
Westlake North, Seattle. Underwriter—None.

Address—Suite 412-413 Hynds Bldg., Cheyenne
Underwriter—C. B. Hoke Agency, Cheyenne, Wyo;
Note—The SEC has issued an order temporarily sus¬
Wyo.

Research Corp.

it Planning

pending this issue.

capital shares to be offered

stock and 6°/c
1977 of U. S
share of Western

subscription by holders of the capital
convertible subordinated debentures due

Corp., on the basis of one
Transmission for each U. S. Natural share
Natural Gas

held/Price—
natural gas
gathering system in the south central part of Wyoming
The gas to be sold initially * will be purchased from U. S
Natural, which has agreed to guarantee the payment of
all expenses approved by U. S. Natural for the company's
organization, financing and other start-up costs/Proceeds
—For construction^ working capital, and other corporate
purposes. Office — 1907 Chamber of Commerce Bldg..
Business—Company

$1.

Houston.

plans to operate

Underwriter—None.

William

has

been

mutuel

Price—$220 pea* unit. Business—Company
to conduct harness racing with pari-

licensed

betting.

working capital.
phia.

Proceeds—For

debt

and
Philadel¬
Philadelphia

repayment

Office—3 Penn Center Plaza,

Underwriter—Stroud

Co.,

it Tennessee Gas Transmission

1963

Nov./7,
line

bonds

filed $35,000,000

due Dec.

1983.

Co. (12 3)

of first
Price

—

mortgage pipe
By amendment.

Business—Operation of pipe line systems for the trans¬
mission and sale or delivery of natural gas. Proceeds—
For

loan

repayment and other corporate purposes. Ad¬
Bldg.. Houston.Underwriters—Stone

dress—Tennesee
&

Webster

Securities

White, Weld & Co., and
New York.y

Corp.,

Transmission Co. (12/3)
shares ($100 par).
Price—By amendment (max. $102). Business—Operation
of pipe line systems for the transmission and sale or
delivery of natural gas. Proceeds—For loan repayment
and other corporate purposes. Address—Tennessee Bldg.,
Houston. Underwriters — Stone & Webster Securities
Corp., and White, Weld &r Co., New York.

Inc„

Nov.

1963

filed $150,000 preferred

„

Offering—Indefinite.

it Tennessee Gas

8, 1963 filed $1,000,000 of 6V2% sinking fund de¬
bentures due 1978 and 100,000 class A non-voting com¬
mon shares to
be offered in units of one $100 debenture
March

and 10 shares.

;

Price — By amend¬
analytical, technical
and
economic services to commercial,, industrial and
governmental clients. Proceeds —For debt repayment,
working capital, and nossible acquisitions. Office—1333
Westwood
Blvd., Los' Angeles. Underwriter^Laird &
Co. Corp., New York.
'
•
; •

Halsey, Stuart & Co. Inc.,

Racing Association

Penn

6, 1963 filed 100,000 common.
ment. Business—Company provides
Nov.

Transmission Corp.

Western

ment and manufacture of ethical

Louisville.

St.,

6%% debentures due 1973

Aug. 8, 1963 filed $210,000 of
and

Sept. 16, 1963 filed 1,162,537

par/Business—Develop¬

Jefferson

Issues Filed With SEC

Controls, Inc.

;

•

nated notes due 1973. Price—At

West

writer—None,

Address—Kansas

for

a.m.

Office—508

$7.

Unified Underwriters, Inc..

Sept. 3, 1963.filed $300,000 of 5M>% convertible subordi¬

(11

—

poses.

Aug.'22, ,1963 filed 750.000 capital shares. Price — Net
asset value plus 8^2%. Business—A new mutual fund
Proceeds—For investment. Address—207 Guaranty Bldg..

1993.

primarily shopping:

centers, in Kentucky, Indiana, Ohio and Tennessee. Pro¬
ceeds—For debt repayment and property acquisitions-

accessories. Proceeds—For selling stock¬
City, Mo. Underwriter—Bar¬

uniforms, and
holders.

ital.

Sept. 25, 1963 filed

Oct.

chase 25 shares. Price—$501.25 per unit. Business—Com¬
mercial development of real estate,

distribution of industrial

and

Manufacture

—:

Price

("Reg. A") 42,750 common.

21, 1963

Business

floor). New York.

July 31, 1963 filed 465.000 common. Price—Bv amend¬
ment (max. $5). Business—Company plans to sell genera]
life and disability insurance policies. Proceeds—To in¬

war¬

A shares,
offered in units of 50 shares and warrants to pur¬

to be

Unitog Co.

Oct.

Virginia Electric &

Price—$1.50.

and

Minneapolis. Underwriter—None.

Bank Bldg.,

Inc.

May 28, 1962 filed 500,000 capital shares.
Business—Exploration, development and

Stne

Young Industries, Inc.
Sept. 30, 1963 filed 100,000 class A common
rants to purchase an additional 50,000 class

convertible debentures

1963

28,

Business

debt repayment and other corporate pur¬
Office—1005
First
Ave., Asbury Park, N. J.
Underwriter—To be named.

Price—$100. Business
to organize a life in¬
surance company.
Proceeds—For investment in U. S.
Government Bonds and in new subsidiary. >,, Office—801
Lafayette LifeyBldg.,'Lafayette, Ind.
Underwriter—
Jan. 21, 1963 filed 48,500 common.
—A holding company which plans

Price—$4.

manufacture of precision electrical and
measuring devices and test equipment. Pro¬

and

poses.

be offered for subscription by

1973

ceeds—For

(Minn.)

July 29, 1963 filed $500,000 of 6%

United Investors Corp.

ret, Fitch, North & Co., Inc., Kansas
Investment

Tecumseh

—Design
electronic

Trust Co., 16 Wall
New York. Information Meeting—Nov. 18 /(11 a.m.

St.,

Electronics, Inc.

Dec. 28, 1961 filed 125,000 common.

20,(12 noon EST) at Bankers

—Nov.

due

Mortgage Investment Trust

Sutro

Feb;

Chicago.

Winslow

First Boston

(Competitive). Probable bidders:

Corp.-White, Weld & Co.-Shields & Co. (jointly); Mer¬
rill Lynch, Pierce, Fenner & Smith Inc.-Lehman Broth¬
ers
(jointly); Blyth & Co.-Eastman Dillon, Union Secu¬
rities & Co.-Salomon Brothers & Hutzler (jointly). Bids

life, health and accident insurance in 12 states and the
District of Columbia. Proceeds — For debt repayment,
and

(1927)

Financial Chronicle

The Commercial and

...

Continued on page 36

;

The Commercial and Financial Chronicle

(1928)

Jan.

Continued from page 35

1964.

Price—$45. Proceeds—To increase capital
St., Houston, Tex. Underwriter
'
•
XX 'X X r•''

funds. Office—900 Travis
—None.

■

Bethlehem Steel Co.

Effective

Feb.

de¬
Off ering

details, where available, will be carried in the

improvement program to be completed by 1965.
He
said that approximately two-thirds of the
financing for
the program will be generated' internally and the bal¬

Hartford Electric Light Co.
April 30, 1963 the ccpmpany announced plans to sell $15,$20,000,000 of securities in 1964 to help finance its $26,-

secured

ance

externally.
Mr. Homer added that this
until at least 1964. O f f i c e—25

000,000

would not be required

inc.

•150,000 common offered at $18 per share by Laird & Co.
Corp., Wilmington, Del.*
7 /
•"

Russ

Togs,

Inc.

;..

Illinois

Public

Service

Co.

offering of common stock. The sale will include both a
primary and a secondary distribution. Business—Com¬

Office—607 East Adams St.,

pany

pire Nov. 25. Francis I. duPont, A. C. Allyn, Inc., New

& c°.

5140,036 class A shares offered at $17 per share by Shearson, Hammill Co., New York.
Commercial Bank of North America

York, is the principal underwriter.
from SEC registration.)
Donaldson

Co.,

(Issue
X

exempt

was

;

Inc,

145,000 common offered at $17.50 per share by Paine,
Webber, Jackson & Curtis, Boston.
,

Co.

70,000 shares of $4.60 preferred stock (no par) offered
at $101.32 per share, plus accrued dividends, by Lehman
Brothers and Merrill Lynch, Pierce, Fenner & Smith
Inc., New York.
Co. of Buffalo

Life Insurance

International

125,900 capital shares being offered for subscription by
stockholders at $21 per share,, on the basis of one new
share for each four held of record Nov.

12.

Rights will

expire Dec. 5. No underwriting is involved.
IVIohawk

Airlines, Inc.
$6,000,000 of 5M>% convertible subordinated debentures
due Nov. 1, 1978, offered at par plus accrued interest by
Smith, Barney & Co., Inc., New York.
, 'X

•

xx?Xx'xxxX- XX.X;:'""

Bank of North America
(N. Y.)
Oct. 30, 1963 it was reported that stockholders voted to
increase the authorized $5 par capital stock to provide

for

sale

the

basis

additional shares

45,617

one

new

for

stockholders

each

held

Satellite

Corp.
Oct. 7, 1963 it was reported that a registration statement
will be filed in December covering about $200,000,000
of

this firm's

Series

common

will

sold

stock to

be issued

two

series.

the public, firms that

produce
space exploration equipment and other non-communi¬
cations concerns.
Series II will be issued to FCC-ap¬
proved communications common carriers. Price—Maxi¬
mum

ized

the

$100 per share. Business—Congress has author¬
company
to provide satellites and ground
facilities for the international transmission of telephone,
telegraph, television and other communications. Office
—3029 Klingle Rd., N. W., Washington, D. C.
Under¬
writers—To be named.

Offering—Expected in early 1964.

Connecticut Yankee Atomic Power Co.

at $23

350,000 common offered
Co., Inc., New York.
Pacific

Power

share by Blyth

per

Light Co.

X 718,354 common being offered for subscription by stockholders at $23.75 per share, on the basis of one new

'■

share for each 20 held of record Oct. 30.

Rights will

ex¬

pire Dec. 5. Blyth & Co., Inc., Merrill Lynch, Pierce,
Fenner & Smith Inc., and Paribas Corp., New York, are
the principal underwriters.
'
;

due

1988

of-

-fered at 99.632%, to yield
vNew York.

(Issue

was

4.65%, by First Boston Corp.,
exempted from SEC registration.)

Trans World

Airlines, Inc.
6V2% subordinated income debentures
due June 1, 1978, with warrants to purchase 2,185,974
common, offered in units consisting of $1,000 principal
amount
of
debentures, and warrants to purchase 27
shares of common, at $1,230 per unit by Merrill Lynch,
Pierce, Fenner & Smith Inc., New York. XX
$80,692,000

Weyerhaeuser Co.
400,000 common offered at $32.50 per share by Morgan
Stanley & Co., New York.
^
r
X.X-;X" •XX

ton. Underwriters—To be named.

Edison

Co.

York

(12/11)

Oct.

31, 1963 the company stated that it plans to sell
$75,000,000 of first and refunding mortgage bonds, due
Dec. 1, 1993. Proceeds—For construction. Address — 4
Irving Place, New York. Underwriters—(Competitive).
Probable bidders: Halsey, Stuart & Co. Inc.; Morgan
Stanley & Co.; First Boston Corp. Bids—Expected Dec.
11 (11 a.m. EST), at above address.
X >VX
Consumers

Oct.

Power

Co.

stated that it had postponed
plans to raise additional capital.
Earlier, the company said that it planned to sell $20,000,000 of debentures. No decision has been reached on
the type or amount of securities to be sold in 1964.
Office
212 West Michigan Ave., Jackson, Mich.
Un¬
derwriters
(Competitive). Probable bidders: Halsey,
7,

until

the

1963

Mid-1964

company

its

—

ATTENTION

Stuart

& Co. Inc.; White, Weld & Co.-Shields & Co.
(jointly); Harriman Ripley & Co. Inc.-First Boston Corp
(jointly); Morgan Stanley & Co., Salomon Brothers &
Hutzler-Blyth & Co.-Lehman Brothers-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly).

UNDERWRITERS!

Do you have an issue you're planning to register?
Our
Corporation News Department would like
know

similar
Would
write

about it
to

those

that

you'll

telephone

you

at 25

Park

can

find

item

Control

hereunder.

prepare

REctor

2-9570

Sept.

Data

the

Place, New York 7, N. Y.

Underwriter—To be named.

of Associated

reported that 110,000

was

common

will be sold

publicly, of which 40,000 will
be sold for the company and
70,000 for certain stock¬
holders.
Business
Company is a short haul motor
common
carrier operating in Michigan, Ohio, Indiana
-and Illinois. Proceeds—To retire
outstanding 6% cumu¬
—

lative

Grand

preferred

Rapids,

stock.

Mich.

"Weeks. New York.

Office

—

Underwriter

Andre
—

St., S. E.,

Hornblower

Offering—Indefinitely postponed.

Atlantic Coast Line RR. (11/20)
Nov. 4, 1963 it was reported that this
road plans to sell
$3,390,000 of equipment trust certificates due Dec.
1,
1964-78. Office—220 East 42nd
Street, New York. Under¬
writers

(Competitive). Probable bidders: Salomon
Brothers & Hutzler;
Halsey, Stuart & Co. Inc. Bids—
Nov. 20 (12 noon
EST), at above address.
—

Bank of the
Oct.

16, 1963 it

proved

Southwest N.

(Houston)

was

2-for-l

reported that stockholders had ap¬
split and the offering of 100,000 $10

par

shares to stockholders

for

each

held

record

the basis of

Oct.

15.

one

Rights

new

•

■

.5'

will expire
r

"<y.

Co.; Lehman Brothers; Blyth & Co.

Irving Air Chute Co., Inc.
Sept. 11, 1963 it was reported that the
to file

company plans
registration statement shortly covering $1,810,-

000 of 6% convertible debentures due 1975 to be offered
for subscription by stockholders. Business—Manufacture
of

seat

belts,

business

machine

parts

and

parachutes.

Proceeds—For expansion, loan repayment and
working
capital.
Office — 1315 Versailles Rd., Lexington, Ky.

Underwriter—S. D.

Fuller Co., New York.

Japan (Government of)
May 1, 1963 it was reported that the Government plans
to sell an additional $35,000,000 of external loan bonds
in the U. S. during the fiscal year
ending March 31, 1964.
It is expected that the majority would be sold
by Dec.
31, 1963. Underwriter—First Boston Corp., New York.

& Co.

Co.

(jointly); White, Weld & Co.-Shields

(jointly).

Kentucky Utilities Co.
2, 1963, it was reported that the company plans
to sell $8-10,000,000 of bonds in the third quarter"of
1964. Office
20 South Limestone St., Lexington, Ky.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Kidder, Peabody & Co.-White, Weld
& Co., Inc. (jointly); Eastman Dillon, Union Securities
Corp.-Merrill Lynch, Pierce,
Fenner & Smith
Inc.
(jointly)...
'X^X • ' ;•, XXX X
XX
On Oct.

—

Lanvin-Charles of the Ritz, Inc.

Sept.

30,

posed

1963 it

merger

reported that following the pro¬
Lanvin-Parfums and Charles of the

was

Ritz, to be voted on by stockholders Nov. 14, E. L. Cournand, President, and certain other Lanvin stockholders
plan to offer publicly 800,000 common shares. Business

—Company is the U. S. distributor of Lanvin perfumes
and other fragrances, as well as cosmetic and toiletry
products. Office—767 Fifth Ave., New York. Underwrit¬
ers—Goldman, Sachs & Co., and White, Weld & Co., Inc.,
New York. Offering—Exoected in late December.

The last sale of debentures

Nov.

file

closed number of
and

XXxXXXX

6, 1963 it was reported that the company plans to
registration statement shortly covering an undis¬
common

development of oil

shares. Business—Exploration

and

gas

properties. Proceeds—

For

expansion. Office—210 Mid-Continent Bldg., Tulsa,
Okla. Underwriters
Hayden, Stone & Co., Inc., and
Shearson, Hammill & Co., New York.
•,
—

on
Aug. 28,
Chicago.

Associated Truck Lines, Inc.

Sept. 18, 1963 it

Union Securities &

Livingston Oil Co.

16,

sale

—

Prospective Offerings

Corp.

1963 it was reported that the company plans
$25,000,000 or more of securities sometime
in 1964. A company spokesman stated that the timing
and type of issue, will depend on market conditions at
the time. Office
8100 34th Ave., South, Minneapolis.

Light Co.
16, 1963 it was reported that the company plans
$10,000,000 of bonds in the last half of 1964.
Of¬
fice—823 Walnut St., Des Moines. Underwriters—(Com¬
petitive). Probable bidders: First Boston Corp.; White,
Weld & Co.; Halsey, Stuart & Co.
Inc.; Equitable Securi¬
ties Corp.; Kidder, Peabody & Co.;
Eastman Dillon,
to sel

Securities
New

—

Iowa Power &

—

Consolidated

first mortgage bonds

April 23, 1963 it was reported that the 12 utilities which
own this new firm, have petitioned the SEC for
exemption from the Public Utility Holding Company Act
Kansas City Power & Light Co.
to permit the negotiated sale bf $55,000,000 of the firm's
Oct. 16, 1963 it was reported that the
company plans to
bonds. The request has been opposed by a major under¬
sell $18-$20,000,000 of first mortgage bonds in
January
writer who wants the bonds to be sold at competitive
^1965. Address
1330 Baltimore Ave;,-Kansas City, Mo.
bidding. Business—Company was formed in December*
Underwriters—(Competitive). Probable bidders: Halsey,
1962, to own and operate a 500,000 kw. atomic power
Stuart & Co. Inc.; Blyth & Co., Inc.-First Boston Corp.
plant at Haddam Neck, Conn. Proceeds—For construction
(jointly); Lehman Brothers-Bear, Stearns & Co. (joint¬
of the $70-$80,1)00,000 iflaht." Office-—441 Stuart St., Bos¬
ly); Equitable Securities Corp. - Eastman Dillon, Union

jointly

Seaboard Air Line RR.

$22,(K)0,000 of 4%%

Peabody

Jan.

—

Communications

Kidder,

and other communications media. Office—750 Third
Ave.,
New York. Underwriter—To be named.
XXX

record

Rights will expire Nov. 25. Price —• $31. Pro¬
ceeds
To increase capital funds.
Office — 116 Fifth
Ave., New York, Underwriter—Francis I. duPont, A. C.
Allyn, Inc., New York.

—

Interpublic Inc.
Oct. 30, 1963 it was reported that this
company is plan¬
ning its first public stock offering. Business—A holding
company for advertising agencies, public relations firms

Commercial

Mosler Safe Co.

Bldg., Minneapolis. Underwriter
Co., Inc., New York.

Oct. 30.

$30,000,000 of 4Vz% first mortgage bonds due Nov. 1,
1993, offered at par plus accrued interest by Equitable
Securities Corp., Nashville, and Eastman Dillon, Union
Securities & Co., New York.
; ^ Georgia Power

is one of the world's largest flour millers with op¬
erations in five countries. Proceeds—For
expansion, re¬
search and debt repayment. Address —1200 Investors

;

Georgia Power Co.

Cumberland

On Oct. 2, 1963, it was reported that the
company plans
to sell $20,000,000 of bonds in the third quarter of 1964.

45,617 capital shares being offered for subscription by
stockholders at $31 per share, on the basis of one new
share for each 17 held of record Oct. 30. Rights will ex¬

Office—176

file

Springfield, 111. Underwrit¬
ers—(Competitive). Probable bidders: Salomon Brothers
& Hutzler; Blyth & Co.-Kidder, Peabody & Co.-Merrill
Lynch, Pierce, Fenner & Smith Inc. (jointly); Halsey,
Stuart & Co. Inc.; Eastman Dillon, Union Securities &
Co.
Equitable
Securities
Corp.
(jointly);
Lehman
Brothers-Bear, Stearns & Co. (jointly); White, Weld

program.

International Milling Co.
July 8, 1963 the company announced that it expects to
a
registration statement covering its first public

v\^;-/xXX;;'• v■:X''X •/■XX-"'; •>; ■' ^

Central

construction

Ave., Wethersfieldj Conn. Underwriters — First Boston
Corp., New York; Putnam & Co., Hartford; Chas. W.
Scranton & Co., New Haven.

Underwriters—To be named. The
last public sale of securities in May, 1955, was handled
York.

Techniques,

a leading domestic
chemicals and photographic ma¬
St., New York. Underwriters
Probable bidders: Blyth & Co.-First

terials. Office—111 W. 50th

(jointly); Lehman Brothers-Kuhn, Loeb &
Co.-Glore, Forgan & Co. (jointly); Bache & Co.

by Kuhn, Loeb & Co., and Smith, Barney & Co., New
Aerosol

ington, D. C. Business—Company is
producer of dyestuffs,

Boston Corp.

Broadway, New York.

Thursday, November 14, 1963

—(Competitive).

:XxX;

B. Homer,

that the company will embark

Thh following registration statements were

Monday issue of the "Chronicle."

1963, Arthur

Chairman, announced
a $750,000,000 capital

Registrations

clared effective this week by the SEC,

26,

1962

was

handled

by Dean Witter

Co.,

Duke Power Co.
•
Xx
X.;
Sept. 17, 1963 it was reported that the company has ten¬
tative plans to issue $50,000,000 of first mortgage bonds
In the second quarter of 1964. Office — 30 Rockefeller
Plaza, New York. Underwriters—(Competitive). Prob¬
,

able

bidders: Halsey, Stuart & Co. Inc.; First Boston
Corp.; Morgan Stanley & Co.; Stone & Webster Secu¬

rities Corp.

>
April 3, 1963 Attorney General Robert F. Kennedy
that

the

Justice

ing

company,

Department

had

an¬

reached

designed to settle the 20-year old dispute

control of the 540,894 class A and 2,050,000 class B
of General Aniline seized by the U. S. Govern¬
in

1942

German

asset.

The

stock

represents
98% of the voting control of the company. Mr. Kennedy
said that if General Aniline should be sold for $200 mil¬
lion, the Government would receive about $140 million
and Interhandel about
$60 million. The settlement terms,

recently

approved -by Interhandelstockholders, also
must be approved
by the U. S. District C6urt at Wash■

.lib.*

M..?

■
^

shares
ment

Co., Inc.-First Boston Corp.

Corp.

out-of-court agreement with Interhandel, a Swiss hold¬
over

& Co.

General Aniline & Film

nounced

Long Island Lighting Co.
Aug. 29, 1963 the company announced plans to issue
$25-to-$30,000,000 of first mortgage bonds in each of the
years 1964 to 1968 inclusive, to help finance its $285,000,000 5-year construction program. Office — 250 Old
Country Rd., Mineola, N. Y. Underwriters—(Competi¬
tive). Probable bidders: Halsey, Stuart & Co, Inc.; Blyth

--aiuiw

•.?<

i":

-;>■

Louisiana
Oct.

16,

1963

Power &

(joihtly); W. C. Langley

' X

was

•'
Light Co.

reported

that

this

subsidiary

Middle South Utilities, Inc., plans to issue $25,000,000 of
bonds in second quarter of 1964. Proceeds—For construc¬
tion.

Office—142

Delaronde

St.,

New

Orleans.

Under¬

writers—(Competitive). Probable bidders: Merrill Lynch,
Pierce, Fenner & Smith Inc.-Kidder, Peabody & Co.-Har¬
riman Ripley & Co., Inc. (jointly); White, Weld & Co.Blyth & Co., Inc.-Shields & Co. (jointly); Halsey, Stuart
& Co.- Inc.; First Boston Corp.-Glore,
Forgan & Co.

(jointly); Salomon Brothers & Hutzler-Eastman Dillon,
Securities
&
Co. - Equitable
Securities
Corp.

Union

(jointly).' ,./ j.~V,,

•

••■XXX

Volume

198

Number 6316

The Commercial and Financial

Smith Inc.
Aug. 19, 1963, Michael W. McCarthy, Chairman, stated
that the company has held informal discussions with the
staff of the New York Stock Exchange as to the feasibil¬
ity of "going public." He added that, "when the time is
appropriate," Merrill Lynch will request the governors
Lynch, Pierce, Fenner &

Merrill

in the U. S. with 139 domestic offices and over
count executives.

Inc.; Equitable
Co.-Shields & Co.
(jointly); Lehman Brothers-Eastman Dillon, Union Se¬
curities & Co.-Harriman Ripley & Xo.-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly). Bids—March 10,
1964 (10 a.m. EST) at 320 Park Ave., New York.
Securities

Office—70 Pine St., New York.
«

of bonds in the U.

Missouri

Pacific RR

(1/7/64)

dress—Missouri Pacific Bldg., St. Louis.

Underwriters—

(1/14/64)

22, 1962 it was reported that this subsidiary of New
England Electric System plans to issue $5,000,000 of
first, mortgage bonds, series F, due 1994. Office—15 West¬
minster St., Providence, R. I. Underwriters—(Competi¬
Oct.

bidders: White, Weld & Co.; HalSey,
Salomon Brothers & Hutzler-Lehman
Brothers-Goldman, Sachs & Co. (jointly). Bids—Ex¬
Probable

tive).

(12/4)

—

working capital.

loan repayment, and

For

D. Fuller

Conn.. Underwriter—S.

Service Co. of Colorado

;

4, 1963 it was reported that the company plans to
$35,000,000 of 30-year first mortgage bonds in April,
1964. Proceeds—For construction. Office—900 15th St.,

sell

Electric & Gas Corp.

for 1964 and 1965.

Denver, Colo. Underwriters — (Competitive).
bidders: Halsey, Stuart & Co. Inc.; Harriman,
Co., Inc.-Eastman Dillon, Union Securities &

Office—108 East Green
— (Competitive).

St.; Ithaca, New York. Underwriters
bidders: Kidder, Peabody

& Co. - Salomon
Brothers & Hutzler (jointly); First Boston Corp.-Glore,
■'

Probable

Ripley &
Co.-Mer¬
rill Lynch, Pierce, Fenner & Smith Inc.-Dean Witter &
Co. >(jointly); First Boston
Corp.; Lehman BrothersKidder, Peabody & Co.-White, Weld & Co. (jointly):
Blyth & Co., Inc.-Smith, Barney & Co. (jointly).

Halsey, Stuart & Co.; Harriman
Ripley & Co.; Blyth & Co.
'
/ /
■
Rayette, Inc.
New York Telephone Co.
Oct. 7, 1963 it was reported that this firm plans to sell
(1/7/64)-i
v
about $10,000,000 of securities in January. The type or
Oct. 28, 1963 it was reported that this A. T. & T, sub¬
terms of the offering have not yet been decided.
Busi¬
sidiary plans to sell $130,000,000 of first mortgage bonds
ness—Manufacture of cosmetics, supplies and equipment
in January. Proceeds—To repay bank loans, refund $75,for beauty salons. Office —> 261 East Fifth St., St. Paul,
000,000 of outstanding 3% bonds maturing Oct. 15, 1964,
Minn. Underwriter—Allen & Co., New York.
'and finance .construction.^ Office — 140 West St., New
York.
Underwriters-—(Competitive); Probable bidders:
Rochester Telephone Co.
Halsey, Stuart & Co. Inc.; .Morgan Stanley & Co. Bids— Z May
7, 1963 the company announced plans to sell $16,Expected Jan. 7, 1964.
000,000 of debentures in the first, quarter of 1964, but
• Northern Pacific Ry.
(12/10)
may do so earlier if market conditions are favorable,
Proceeds
For construction. Office
10 Franklin St.,
Nov. 7, 1963 it was reported that this road plans to sell
Rochester, N. Y. Underwriters—(Competitive). Probable
$6,840,000
of
equipment trust
certificates in De¬
bidders: First Boston Corp.; Eastman Dillon, Union Se¬
cember. Office—120 Broadway, New York. Underwrit¬
curities & Co.-Kidder, Peabody & Co. (jointly); Kuhn
ers—(Competitive). Probable bidders: Halsey, Stuart &
Loeb & Co.; Halsey, Stuart & Co. Inc.
Co., Inc.; Salomon Brothers & Hutzler. Bids—Dec. 10 (12
Forgan & Co. (jointly);

—

EST).

Northern States

Power Co.

(Minn.)

that the company plans to
additional shares to stockholders on

May 14, 1963 it was reported
offer about 771,110

estimated $25,000,000
Office—15 South Fifth St., Minneapolis. Underwriter—
To be named. The last rights offering in July 1959 was
•underwritten by Merrill Lynch, Pierce, Fenner & Smith
a

l-for-20 basis in 1964, to raise an

Inc., New York.

Power Co.

it was reported that the company plans
to sell 30,000 shares of $100 par preferred stock in the
first quarter of 1964. Office—215 So. Cascade St., Fergus
Falls, Minn. Underwriter—To be named. The last sale of
preferred on March 8, 1950 was handled by Glore, For¬
gan & Co., New York and Kalman & Co., Inc., St. Paul.
16,

1963

Pacific Telephone

& Telegraph Co.

1963 the company stated that it will need $650
million of new money in the years 1964 through 1966 to

billion construction program. This
sell about $217 million of
stated. Office—140 New Mont¬
gomery St., San Francisco. Underwriters—To be named
The last issue of debentures on Feb. 16, 1960 was under¬
written by Halsey, Stuart & Co. Inc. One other bid on
help finance its $1.3
means

that the company must

the issue

year,

was

tendered by Morgan Stanley &

Co.

Pennsylvania Power & Light Co.
March 18, 1963 the company

stated that it expects to sell

in the period 1963 through 1967.
retirement of $8,000,000 of maturing bonds.
Office—9th and Hamilton
Sts., Allentown, Pa. Underwriters—To be named. The
last sale of bonds on Nov. 29, 1961 was won at com¬
petitive bidding by White, Weld & Co., and Kidder
Peabody & Co. - Other bidders were Halsey, Stuart &
Co. Inc.; First Boston Corp.-Drexel & Co. (jointly).
$75,000,000 of bonds
Proceeds

—

For construction and the

Philadelphia Electric Co.
Sept. 18, 1963 it was reported that the company is con¬
sidering the sale of $50,000,000 of first mortgage bonds
in mid-1964. Office —- 1000 Chestnut St., Philadelphia,

for

tures

each

common

Nov. 22. Rights will expire Dec.
ness—A

holding

due

1983

the basis of $100

held

of debenof record

6. Price—At par. Busi-

engaged in the fields of motor

company

writer—Blyth & Co., Inc., New York.

Diego Gas & Electric Co.

San

Sept. 10, 1963 it was reported that the company is con¬
sidering the sale of about $20,000,000 of debt securities
in mid-1964. Office—861 Sixth Ave., San Diego, Calif.

Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Blyth & Co.; First Boston Corp.Eastman Dillon, Union Securities & Co.-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly); Lehman BrothersSalomon Brothers & Hutzler (jointly).
Sears, Roebuck & Co.
19, 1963, Allstate Enterprises, Inc., subsidiary, an¬
that it had delayed its plans to form a new
fund until it received clarification of an SEC

Feb.

nounced

mutual

June 19,

securities

stockholders

debentures

subordinated

convertible
offered

-—

Sept. 25, 1963 the company announced tentative plans
to sell 50,000 shares of preferred in early 1964. Proceeds
—To refund 50,000 shares of outstanding 5.75%
pre¬
ferred. Office—735 S. W. Morrison, Portland, Ore.
Un¬
derwriter—Lehman Brothers, New York.
Otter Tail

(11/22)
Oct. 30, 1963 it was reported that the ICC had authorized the company to issue a maximum of $5,500,000 of

freight carrying, equipment leasing and manufacturing.
Office
2701 So. Bayshore Drive, Miami, Fla.
Under¬

Northwest Natural Gas Co.

Oct.

Office

bank loans and finance
St., Los Angeles.
Probable bidders: Hal¬

repay

West Fifth

601

—

Underwriters—(Competitive).
Stuart & Co, Inc.; First Boston Corp.-Dean Witter
& Co. (jointly); Blyth & Co.-Lehman Brothers-Merrill
Lynch, Pierce, Fenner & Smith Inc.-Salomon Brothers,
& Hutzler (jointly). Bids—Expected Feb. 25, 1964 (8:30
a.m. PST), at above address.
Southern Co.

Aug. 12, 1963 the company stated that it is considering
the sale of $35 to $40,000,000 of common stock early in
1964 to help finance its $570,000,000 construction pro¬
Office—1330 West Peachtree St., N. W., Atlanta,
be named. The last sale of com¬

ruling which "has been construed by some to mean that
registered investment companies could not purchase
Sears' stock or would be required to divest themselves
of

it, if Sears' itself owned

state
1963
a

that

said

the

fund

mutual fund." Earlier, All¬

would

operation late in

"very small scale," and would be started on
state-by-state basis as approval was granted. Office—
on

925 So. Homan Ave.,

terprises, Inc.,
Shippers
Oct. 30,

Chicago. Distributor—Allstate En¬
Chicago. /
'

Dispatch Co.

1963 it

was

(11/27)

reported that the company had' ap¬

plied to the ICC for permission to issue 150,000 out¬
standing common. Price—By amendment. Business—A
motor carrier operating in Ohio, Illinois, Michigan and
Indiana.
Proceeds
For selling stockholder.
Office— '
—

1216

West

Francis I.

Sample St., South Bend, Ind. UnderwriterduPont, A. C. Allyn, Inc., New York.

it Sinclair
Nov.

Corp.

12, 1963 the company announced that it plans to
registration statement shortly covering $150,000,-

file

000

repay

Oil

25-year

sinking; fund: debentures. Proceeds—To
loans, and finance the aqcjuisition of
properties. Office—600 Fifth Ave.,

short-term

additional oil and gas

Underwriters—To

Ga.
mon

Feb.

Eastman

1961

15,

was

Dillon, Union

Fenner & Smith Inc.
Southern

(jointly).

Counties

Co.

Gas

Calif.

Jan. 2, 1963 it was reported that this subsidiary of
fic Lighting Corp., plans to sell $27,000,000 of first

Paci¬
mort¬
gage bonds in the fourth quarter. Address—P. O. Box
2736, Terminal Annex, Los Angeles -54, Calif. Under¬
writers—(Competitive) Probable bidders: White, Weld
& Co.; Blyth & Co. Inc.; Merrill Lynch, Pierce, Fenner
& Smith Inc.; Halsey, Stuart & Co. Inc.; First Boston
Corp..

-v. \

Southwestern
Oct.

6, 1963

issue

V-/7

Public Service Co.

reported that the company plans to

was

approximately $15,000,000 of first mortgage bonds
Office—720 Mercantile Dal¬

in the first quarter of 1964.

Texas

Oct. 28,

Pacific

Underwriter—Dillon,

Read

(12/12)

Ry.

reported that this road plans to sell
$2,700,000 of 1-15 year equipment trust certificates. Ad¬
1963 it

was

dress—916
—

Fidelity Union Tower, Dallas. Underwriters
(Competitive). Probable bidders: Salomon Brothers &

Hutzler; Halsey, Stuart & Co. Inc.; First National Bank
Dallas; Mercantile' National Bank, Dallas. Bids—Ex¬
pected Dec. 1-2 (12 noon CST) at above address.
;
;
in

(City of)

Tokyo

May 1, 1963 it was reported that the Diet had authorized!
the sale of $20,000,000 City of Tokyo bonds in the U. S.
during the fiscal year ending March 31, 1964.
Under¬
writer—To be named. The last issue of Tokyo bonds in

March, 1927,

handled by Kuhn, Loeb & Co. Offer¬

was

ing—Indefinite.
Trans
Oct.

V-

World

Airlines,

Inc.

the company.announced that it may offer
stockholders, sometime after mid-January 19(54, the right
to

21, 1963

for

subordinated

$8,500,000

debentures due Oct.

of 5%%,' convertible;
i; 1983. Hughes Tool

of the company's outstanding stock
subscribe for these debentures, but would

Co., holder of 78%
would

not

purchase
the

additional

$30,000,000 principal

amount of

issue. Proceeds—To

help finance the purchase of 12
Boeing jet aircraft. Office—380 Madison Ave,, New York.
Underwriter—None.
Transcontinental

Inc.

Ryder Systems,

(2/25/64)

sey,

June

Probable

noon

construction.

las Bldg., Dallas,; Tex.
Co., Inc., New York.

J-

Co., New York. '
Public

April 3, 1963 it was reported that the company plans to
sell $20,000,000 of debt securities to finance its construc¬
tion program

Address—Bridgeport,
.

Probable bidders: Salomon Brothers &
Halsey, Stuart & Co., Inc.
Bids—Dec. 4 (12

York State

4, 1963 it was reported that

Proceeds

EST), at above address.

New

Inc.

the company plans to
registration statement covering 1,000,000 of convertible debentures. At the same time, certain stock¬

(Competitive).

year.

plan to sell 125,000 outstanding common. Busi¬
ness—Manufacture of various types of aerosol products.

1963 the company announced plans to offer
$3,600,000 of 1-15 year equipment trust certificates.
Office—466 Lexington Ave., New York. Underwriters—

noon

R, due 1989. Proceeds—To

holders

York Central

Co.

made to a group headed by
Securities & Co., Blyth & Co.,
and Equitable Securities Corp. Other bidders were: First
Bpston Corp.-Lehman Brothers (jointly);^ Morgan Stan¬
ley & Co.-Kidder, Peabody & Co.-Merrill Lynch, Pierce,

file

Hutzler;

that it will need $50,-

type of security

Powr-Pak,

Edison

13, 1963 the company announced plans to sell $60,000,000 of first and refunding mortgage bonds, series

However, it has not determined the
to be offered. Office—929
E St., N. W., Washington, D. C.
Underwriters—To be
named.
On Feb. 19, 1963 the company sold $50,000,000
of bonds to Dillon, Read & Co., Inc.; Lehman Bros.,
Eastman Dillon, Union Securities & Co., Stone & Web¬
ster Securities Corp., and Johnston, Lemon & Co. Other
bidders on the issue were Kidder, Peabody & Co.—Mer¬
rill Lynch, Pierce, Fenner & Smith, Inc.—White, Weld
& Co.—Salomon Bros. & Hutzler (jointly); First Boston
of the

Nov.

pected Jan. 14, 1964.
New

Co.

Corp.; Halsey, Stuart & Co. '
'

Stuart & Co. Inc.;

Oct.

Pierce,

gram;

amount

(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Expected Jan. 7,
1964 (12 noon CST), at above address.
Narragansett Electric Co.

Weld

California

Southern

Lynch,

Inc.^ New York.

000,000 of new money in 1964 for its construction pro¬
gram and expects to do permanent financing in the early

part

sell
equipment trust certificates. Ad¬

1963 it was reported that this road plans to

$6,600,000 Of 1-15 year

Stuart

White,

Electric Power Co.

Potomac

Co., Inc., and First Boston Corp., N. Y.

Oct. 22,

Corp.;

July 30, 1963 the company stated

Underwriters—Kuhn,

S. and abroad.

Halsey,

(jointly);

Corp.

•

Underwriter—Merrill

York, N. Y.

Nov.

(3/10/64)

Co.

Edison

Patrick St., Frederick, Md. Underwriters—(Competitive).
Probable bidders: W. C. Langley & Co.-FirsU Boston

July 16, 1963 following the public offering of $40,000,000 of external bonds, it was reported that the Govern¬
ment
is authorized to sell an
additional $65,000,000
Loeb &

Fenner & Smith

Oct. 16, 1963 it was reported that this subsidiary of Al¬
legheny Power System, Inc., plans to sell $12-$15,000,000 of first mortgage bonds due 1994. Office—200 East

2,300 ac¬

(Government of)

Mexico

New

& Co.-Drexel & Co. (jointly); Halsey, Stuart
& Co. Inc.; First Boston Corp.; White, Weld & Co.
Potomac

that member firms approve the

recommend

Underwriters—(Competitive). Probable bidders: Morgan
Stanley

required
changes in the Exchange's constitution to permit this.
Industry sources believe that the move is several years
away. Business—Company is the largest brokerage house

(1929)

Chronicle

Gas

Line

Pipe

Corp.

announced that it plans to
sell $50-$55,000,000 of first mortgage bonds and possibly
Sept.

25,

1963 the

company

half of 1964.
Business—•
Proceeds—For loan repay¬
Office—3100 Travis St., Houston, Texas. Under¬

preferred

some

ment.

the

of natural

Transmission

first
gas.

writers—White, Weld & Co., and Stone & Webster Se¬

curities Corp., New York.
•

Union

Planters

National

Bank

? ■, ■
(Memphis)

reported that stockholders voted to
increase the authorized $10 par capital stock to provide
for sale of 150,000 additional shares to stockholders on
the basis of one new share for each 7V3 shares held of!
Oct.

23, 1963 it

was

■"

Rights will expire Nov. 27. Price—$40.
Proceeds—To increase capital funds. Office—61 Madison
Nov.

record

Ave., Memphis. Underwriter

—

M. A. Saunders & Co.,

Inc., Memphis.
Utah

Power &

July 2, 1963 it

was

Light Co.

reported that this utility plans to

sell

$20,000,000 of bonds and $10,000,000 of preferred
stock in the second quarter of 1964.
Office—1407 West
about

North Temple

St., Salt Lake City. Underwriters—(Com¬

&
&
Co.;
Merrill
Lynch,
Pierce, Fenner & Smith Inc.
(jointly); White, Weld & Co.-Stone & Webster Securi¬
ties Corp.
(jointly); First Boston Corp.-Blyth & Co.
(jointly); Eastman Dillon, Union Securities & Co.Smith, Barney & Co. (jointly); Lehman Brothers-Bear,
Stearns & Co. (jointly).
(Preferred Stock) White, Weld ;

petitive). Probable bidders (bonds): Salomon Bros.
Hutzler; Halsey, Stuart & Co., Inc.; Kidder, Peabody

& Co.-Stone
Boston

& Webster Securities Corp.

Co.; Eastman Dillon, Union Securities &
ney & Co.-Salomon Brothers & Hutzler
man

•

(jointly); First<

Peabody &,
Co.-Smith, Bar¬
(jointly); Leh¬

Corp.-Blyth & Co. (jointly); Kidder,

Brothers.

Valley Gas Co.

Nov.

13, 1963 it was reported that the

SEC is studying

plan under which Blackstone Valley Gas & Electric
Co., would sell its entire 400,000 shares holdings of r
Valley Gas to stockholders of Blackstone and Eastern
Utilities Associates, the latter's parent Price—At book
a

value

($11.15

per

April 30, 1963Business—

Company was formed by Blackstone to tdke over its
gas properties. Proceeds — To the selling stockholder,
Blackstone Valley " Gas.
Address — Pawtucket, R. I.
Underwriters—(Competitive). Probable bidders: Kidder
Peabody & Co.; Stone & Webster

Securities Corp.

Financial Chronicle

The Commercial and

regulations,
treasury rulings, court decisions
and related matters pertaining to
the Federal
income taxation of
tax law,

cant income

Businessman's

BOOKSHELF

Malcolm

School,

Division

Field,

02163

Mass.

Re¬

Boston,
annual

State—1963

Stability and
Growth—Committee on Federal Planning for Company G r o vv t h:
Balance on Foreign Transactions: Tax Policy, 34 West 51st Street, The Executive's Guide to Effective
Problems of Definition and Meas- New York, N. Y. (paper), $1.
Long
Range
Planning—Bruce
uremerit—Walther ' Lederer—In¬
Financial Public Relations: Tested Payne—McGraw-Hill Book Com¬
ternational Finance Section, De¬
Techniques for Communicating pany, Inc., 330 West 42nd Street,
partment of Economics, Princeton with Financial Publics—Oscar M. New York, N. Y. 10036, $8.50.
J.

Princeton,

University,

(paper), $1. :'

Economic

ness—Verne

Beveridge

Small Busi¬

Bunn

Curtis

and

McGraw Hill Book

—

330

Guide

Practical

New

West 42nd Street,
York, N.. ;Y. 10036, $9.50.
Co.,

Buying and Selling a

Concepts

Can New Transportation

Contribute
11

Economic Growth?

Memorial Institute,

Services,

Publication-Public

43201

Power
P.

figure

vestor

Profits From

Dividends—A
help the in¬
way
through

and
to

his

rights,j splits, stock dividends, tax¬
able profits and; other adjuncts to
West!—The Evolution of stock ownership—Pilot Books, 42^
on
the Burlington—David West 33rd Street, New York, N. Y.

(paper).

Diesels

505

Ohio

Columbus,

Avenue,

King

Guide to

Splits

designed

book

Morgan—A history of the de¬

motive

modern

velopment

(paper), $2.

10001

of Polital Economy, Oc¬
Bur¬
tober, 1963 — Containing articles
lington line from 1850 to date— on New Methods in Statistical
Kalmbach
Publishing Co., Mil¬

power

Economic Integration

into

the

Journal

Soviet

of Hungary

Bloc
of

—

Laszlo

Business

Re¬

Forward Exchange

University (cloth), $5.

tics for

Ellis

Growth
E.

1939-62

States and Areas

—Superintendent

Washington,

2040200

(paper), $3.50.

Life Insurance

tistics

for

845 Third Ave¬

10022

York,

United

Sta¬

States,

Re-examination

Printing Office,

Washington, D. C. 20402 (paper),
$3.50.

;

Federal Income Taxation of Banks
and

well

Financial
A.

Institutions—Max¬

Wakely,. Francis

ing
to

Role

Avenue, New

cedure

Melvin

—

Associa¬

Banks

Park

York, N. Y., (paper)/

revised

Edition,

Pro¬

Rappaport

Louis

—

Second

and

—

ex¬

guidebook

panded,

financial

filing

management personnel

cial Libraries

Association, 31 East

10th

New

Street,

The

House:

Frederic B. Tolles—W. W. Norton

Summa—A

Weiss
detailed

Don

and
and

compre¬

hensive explanation of the

& Company,

Forms

duced

the

than 750 forms

—

Policy
Its

Economy:

Finance

ment

(paper).

Section,

Depart¬

Princeton,
.■■■—■
!

Director

National

and

Association

./.■.>
S.

Guide—

Mutual

Savings Banks, 200 Park Avenue,
New York,
New York

N. Y. 10017, $5.

•

State—1963 annual re¬

port of the Comptroller—Office of
the Comptroller,

one

Albany, N. Y.

Press,

States

Chirelstein,

—

Langdon

Elisabeth A. Owens in
collaboration with Stanley S. Sur¬

Day

and

Secretary

Assistant

rey,

with

1S78,

warrants

volume

all levels of

ing

government, explain¬

analyzing

and

federal

in detail with major

taxes

emphasis on

ing House, Inc., 4025 West Peter¬

60646,

111.

Chicago,

Avenue,

warrants

and

priced at $1,230:

purchase

$20

■

and

expiration

at $22

slock 10 f

common

the

through June 1, 1965 at

share,

their

thereafter

until

1973,

Dec.

share, in each

sub¬

case

ject to adjustment.
The debentures

redeemable

are

at redemption prices

ranging from

106.125% to par, according to ma¬

turity, and for the sinking fund at

plus accrued interest in each

par,

//'//

case.

The

securities

TWA

fered

owned

are

being

of¬

by Hughes Tool

Co., beneficial owner of 5,221.301
shares

u/r//:

pur¬

stock,

The warrants entitle holders to

Clear¬

taxes—Commerce

income

stock. Each unit, consist¬

debentures

Department—A singlestudy of U. S. taxation at

Treasury

reductions
take—New
.

Industrial
Cornell

the /problem

Selden—National

with

discussion

government, man¬

working time

York

Relations,

Labor

and

may

School

State

for all out-of-state

orders and all

orders for two or more

(approximately 78.23%

Some Aspects of Wage

tions

study

copies.

and

Theory and

of problems

in¬

price level,
share and their implica¬

wage

and wage

Bureau

Research,

10016

New York,

Avenue,

Madison

261

(paper), $1.75.

level,

ramifications

University of Chi¬

—

111. (paper), $1.35.

cago,

States

United

1968—Walter

ments
Emile

Lawrence

Despres,

Salant and Lorie Tarshis—The

Brookings Institution, 1775 Massa¬

Washington,D.C.

chusetts Avenue,

Companies

Boo k—Electric

Fact

Information

Public
Park

Avenue,

10017

(paper).

York,

financial

and

community—Ivan Obol-

East 62nd Street,

ensky, Inc., 341
New

of the

phrases

York,

(cloth),

10021

•'■'///;>'■'

■

What Every Retailer

and

Law

the

About

—

The Psy¬

Why You Win or Lose:

C.
Com¬

Speculation—Fred

Publishing

Kelly—Fraser
pany,

Street,

East' 12th

N. Y. 10003 (cloth), $5.

New York,

chology

Lewis

Lewis—Fairchild

Norman

Publications,

Should Know

R. Duffy

Wells, Vt.

(paper), $2.95.

sumer

Behavior—A

seminar

re¬

connect

trans¬

transatlantic

domestic
Coast

TWA's

major East

mid-continent cities and

Los

Angeles and San Francisco. Inter¬

TWA

nationally,

16 cities

serves

North Africa and Asia.

Goodale, Bertman

Mr.

Competition

Report

States

Administration,

Defense
United

Department of Commerce—
Institute,

East

42nd

N. Y. 10017

Street, New York,

1963-64

its

The

oil

and

gas

Gulf Coast

will

invest

number

leases located in
area

the

of Texas, and in

the development
any

■_

unit

in the acquisition

exploration

and

participant

the

co-owner

purchase

enable
as

Drilling Fund Pro¬

at $5,000 per unit.

gram

and operation of

of the properties upon which

discovery

oil,

gas

other

minerals is made.

Goodale, Bertman & Co. has its

main office at

111 Devonshire St.,

Boston, Mass., with Texas offices
in Houston and Liberty.

located

Other officers
J.

Bertman,

and directors are

Jr.,

Liberty,

Treasurer;
Fisher, Jr., of Liberty,

President

Texas,

(paper).

Co.,

is offering publicly 600 units

pany

American Iron and Steel
150

Goodale, Bertman &

Inc., has announced that the com¬

Steel—A

Business and

Benjamin A. Goodale, Chair¬

man

World

Charles W.

and

Secre¬
J. Vittrup. of
Houston, Texas, Chief Geologist.

Texas, Vice-President and

has

Con¬

system.

routes

both

and

route

RALEIGH, N. C.—Milton S.

continental

the

comprehensive dictionary

terms

the

Pa. 19106,

Aspects

carrier
provide service on
air

States

Units Offered

Washington Square, Philadelphia,
$7.

United

Wall Street Thesaurus—Paul Sar-

—

Some'Dynamic

230

Program,

New

Airlines,

scheduled basis

and

the current offer¬

Trans " World

stock, substantially all of

ing of units.
only

warrants

2,185,976.7

Projects—

Power

Nuclear

common

and

purchase

in Europe,

(paper), $2.95; cloth, $5.

20006

Joins Carolina Inv.

traub

Rivlin, William

Krause, Alice M.
A.

Salant,

of $80,962,100

owner

aggregate principal amount of de¬

authorized

Pay¬

Balance

eco¬

beneficial

which comprise^

phenomena—Sidney WeinChilton
Books,
East

nomic

In addition, Hughes Tool

share.

bentures

Economic

Services

volving

Com¬

the

Market—Richard

Paper

University, Ithaca, N. Y.

Policy—A

Cycles

and

mercial

of $6.50,

York State residents; 50c per copy

Mutual Savings Banks of the U.
—1963-64

re¬

Dilemmas

Economics,. '^Princeton

University,

answers

hours

.(paper), single copies free to New

—Marius W. H o 11 r o p—Interna¬
tional

Instru¬

Objectives,

ments, Limitations, and

Open

Marcial

—

agement, and labor, and a specu¬
lative consideration of what forms

situa¬
tion— Banking Law Journal, 89
Beach Street, Boston, Mass. 02111,

Monetary

working

of the views of

covering vir¬

•

noff—A

probability

and

unemployment,

Contains

Workweek

ticability

tually every trust and estate

$25.

York,

New

(cloth), $20.

Greenbaum—A study of the prac¬

Y. 10003.

Trust

Modern

Street,

Shorter

1682-1783—

signifi¬

June

subor¬

purchase 2,185,974 shares of TWA

company

United

the

Taxation

Marvin

Inc., 55 Fifth Avenue,

New York, N.

Arizona

Ariz—$6.00.

Tucson,

15 East

a n

Colonial Philadelphia

c o m-

points of procedure, etc.

10010

d
Counting
Quaker Merchants of

House;

Ernest

26th

10003, $4.25.
Meeting

Jasper, Wallace M. Jensen, Louis
MacKenzie, Kenneth J. Mutzel,

ments

interpretive

—Ronald Press Company,

York,

—University

Kalven, Jr.

SEC Accounting Practice and

488

material of value
quirements,
— Spe¬

source

Strategy for Survival—Thomas L.

—

U. S. Government

World Airlines, Inc. 6 V2 %

Martin, Jr. and Donald C. Latham

York

tion of New York State, 200

Refer¬

Selected Books and

ment:

of Trans

chase 27 shares^ of common

ation—Walter J. Blum and Harry

New

Banking

Eggers—Savings

Manage¬

of Executive

Literature

Uneasy Case for Progressive Tax¬

Traditional

Composition—Nestor

New

State—A

New York, N. Y.

(paper).

10022

Earnings

and

the

offering,

secondary

$80,692,000

dinated^jricome

Its

for those
statements with
1909-62—Based on the 1957 Stand¬
the SEC; focusing on the latest de¬
ence Sources for the International
ard
Industrial
Classification
velopments in the field it supplies
Businessman, with annotated list¬
Superintendent
of
systematic coverage of SEC re¬
Documents,

Employment

(cloth), $5.95.

Trends

and

Savings

Fact Book for 1963

Madison Avenue,

for

(paper), $15.

5750

of Life Insurance,

—Institute

units,

ing of $1,000 principal amoupt of

Terleckyj—National Industrial

nue,

$1.75 per copy.

year;

per

Documents,

U. S. Government Printing Office,

the

common

Development:

and

Conference Board,

Chicago, 111. 60637,

Avenue,

Insurance

nounced

day& Company, Inc., 575 Madison

(cloth), $10.
Research

Market; etc.—

University of Chicago Press,
Employment and Earnings Statis¬

the

as manager

inte¬ Taxes, Loopholes & Morals—Jer¬ the company's outstanding stock).
grating modern accounting tech¬ ome pellerstein—A presentation Hughes Tool is also the beneficial
aggregate
niques and insuring the consist¬ key income tax issues for the in¬ owner of $30,000,000
ency of data used for profit plan* telligent layman, with suggestions principal amount of convertible
debentures
which
ning, performance
control, and as to their resolutions—McGraw- subordinated
are
convertible into a maximum
managerial decisions — Ronald Hill Book
Company, 330/West
Press
Company,
15
East
26th 42nd Street, New York, N. Y. of 1,363,636 shares of common
stock at a conversion price of $22
Street, New York, N. Y. 10010 10036, $5.95.

Business

during

New'York,

underwriting group, has an¬

agement information system

Cycle Contrac¬
search, College of Commerce and tions; Economics of Discrimina¬
Administration, The Ohio State tion; Counter-Speculation in the
Zsoldos—Bureau

(Fireman's Fund

pany

$27.50.

—

;

Nailed

and

(cloth),

Lynch, Pierce, Fenner &

Smith Inc.,

America's Boldest Insurance Com¬

son

Di¬
of Consumption

rection of Change

Flying

Still

Merrill

Mast—The Extraordinary Story of

Presentation of a man¬

Earmarked Taxes;

and Contro 1—Robert

Function; Eco¬

Social Investment
nomics

and

Printing Office,

C. 20402

Washington,
$3.75.

Planning

Microfoundations

Economics;

waukee, Wis. 53203 (cloth).

Debentures Sold

the U.
book

data

U. S. Government

Beyer

11,000-mile

the

Abstract

National

—

Co.)—William ^Bronson—Double-

Accounting

Profitability

Rights,

Airlines, Inc.

Arbor,

(paper), $3.

E d i t i o n— Avenue, New York, N,. Y. 10022

Employers—Revised

(paper).
Investor's

1963

East

1141

Ann

Street,

Catherine
Mich,

Trans World /'

Research

Behavior,

Human

Lin-

for

York

Look Like

How

Charles

inger—Foundation

Unemploy¬
New

for

Insurance

ment

Somebody in Commerce & Industry Association
D. Terflinger—Research r e p o r t Business Without Being Anybody Institute, Inc., 99 Church Street,
prepared for the Small Business —Stephen
Baker—A pictorial New York, N. Y. (paper), $2.
Administration describing and ex¬ tome on "one-upsmanship"—Pren¬
Practical Plan for the Effective
plaining the fundamental decision tice-Hall, Inc., Englewood Cliffs,
Use of Outside Research Facilities
—making steps to be considered N. J., $2.95.
—Battelle Memorial Institute Co¬
in buying and selling small busi¬ Impact of Technological Change
nesses—University of W i c h i t a, —•William Haber, Louis A. Fer- lumbus, Ohio 43216 (paper).
Wichita, Kan. 67206 (paper), $2. man and James R. Hudson—The Price Warfare in Business Com¬
petition: A Study of Abnormal
Brazil's Developing Northeast: A Upjohn Institute for Employment
Research, 709 South Westnedge Competitive B e h a v i o r—Ralph
Study of Regional Planning and
Avenue,
Kalamazoo,
Mich, Cassady, Jr.—Bureau of Business
Foreign Aid—Stefan H. Robock—
and Economic Research, Graduate
(paper).
a_A'-/.
f
The
Brookings Institution, 1775
School
of Business
Administra¬
Instalment
Loans
to
Small
Busi¬
Massachusetts
Avenue,
N.
W.,
State University
ness—American Bankers Associa¬ tion, Michigan
Washington, D. C. 20006 (paper),
(paper), $1.
.; ; v%•
tion, New
York, N. Y. 10016
$2; (cloth), $3.50.

Thursday, November 14, 1963';

guide to sources—84th edition—
America's Future: report of the Comptroller—Office
of Documents,
of the Comptroller, Albany, N. Y. Superintendent

Financing

Taxes,

edited

port

Statistical

(paper), $6.

York

New

Harvard

—

Soldiers

Business

Boston, Mass.

Street

McNair

1962—

Stores

Specialty

search,

Journal, 89 Beach
02111, $35.

Law

Banking

Results of Department

Operating
and

financial institutions

banks and

—B

(1930)

joined

Investors
Johnson

the staff of
Corporation,

Street.

tary;

Siihs

Carolina
741

West

Lawrence

Former

Texas

Governor

Price

Daniel will act as

Counsel for the

firm. '

^iVoiulne* 198

-Number 6316

The Commercial wid Financial Chronicle

Commercial Paper Market

pansions, when commercial paper

made

rates

are

tion with the

high,

and

likely

market— market is the remarkable postwar
country s
oldest growth of finance companies. To

commercial

The

this

one

enjoying
the

since

lease on life

a new

II,

War

World

end

developments suggest

recent

and

funds—has

business

sources

been

paper

profitably,

operate

panies

must

Though they

these

borrow

continue to

one

under

now

National

series

broad study of

credit

consumer

Bureau

way

large long-term amounts from, the

support
four

finance

The

general

with

grant

the

from

companies.

National

Bureau

nomic Research is

Eco¬

private,

that

possibility

conclusion reached in a

major

study, "Trends and Cycles in

new

Commercial

the

Market,"

Paper

cut

borrowing

loans

economics

University.
The

•

study

•

(y ■

Cornell

,•.

undertaken

was

non¬

flow

funds

into

of the

one

dramatic

postwar growth in con¬

account for the bulk of com¬

now

mercial paper

Businesses

•

companies

these

credit,

sumer

the

With

consumers.

national

public

import¬

borrowings.
borrow commercial

has been 41/2%,

while rates
the

The

study is No. 85 in the Na¬

tional

Bureau's/series

Occa¬

same

Pacific Power &

Cyclical Fluctuations Found in

dealer or by plac¬

paper

lenders.

ultimate,

directly with

them

ing

Only about 350 borrow¬

mostly large firms with ex¬
cellent credit standing, have used
ers,

study reveals that there

fairly

pronounced

terns

the

market.

cyclical

placed

are

pat¬

commercial

Paper

paper

through

dealers tends to expand most rap¬

during

idly

business

while

directly placed

now

accounts

for

its

expansion.
tributes

recessions,

which

paper,

three-

about

ferences

market.

The

funds
over

twice

isted

three

than

which

neighborhood

the

pillion,

the

that changes in

and more
$600 million

loans,

are

quite

commercial
to

Light

Co.

than 240

(Allentown,
distributor

phone and
tions

for

territory.

with

associated
&

El'yria

Co.,

Building.

with

V-> %

Co.

and

Inc.

Pierre

1983 with

the

30,

arranged

notes

investors.

due

group

Of such

amount,

1965,

has agreed to sell to

investors, prior to June

same

additional $9,-

Proceeds

be used by

bank

Joseph, Mellen & Miller,

loans

tional

Cleveland.

the

financing

Pointed

V;':-y

Out

and

funds

for

provide addi¬

capital expendi¬

Pacific

Power

Light Co. is of¬

fering holders of its
the

rates

With First Nebraska

stock

common

right to subscribe for 718,354

additional

$23.75
one

common

share,

per

the

share for each

new

basis

expire Dec.

The

ten

Blyth

jointly

group

Co.,

Pierce,

Lynch,

Fenner

ing

proceeds

will

from

applied

retirement

bank

DIVIDEND

other

hand,

the

National

Securities,
Bank

With Continental Sees.

Alfred L. Fox
with

Gould

Inc., Omaha

Building. He

Minn.—Anthony

MINNEAPOLIS,

First

has

Continental

was

joined the staff of

Securities,

Inc.,

been

cial

for

scene

and

the American finan¬

least

century

half, but today's commercial

different

quite

market

paper

from the market of

place their
demand
hence

NOTICE

DIVIDEND

Household & Industrial

Sewing Machines - Household Appliances

Merrill
Smith

the

Electrical and Electronic Instrumentation

financ¬

toward

the

borrowings

SINGER

NOTICE

CONSECUTIVE

381st

dozen

(Marking

DIVIDEND

Century of Payments)

almost

tured

ingly,

exclusively

for

way

tend

A WIDE WORLD

"Our

qUAHfEKLf aiVlBEHD
PHELPS

DODGE

oii.

Board

declared
dend of

Directors

has

fourth-quarter divi¬

Seventy-five Cents (75$)

per

the capital stock of

this

financial

cember 10, 1963 to stockholders

Corpora¬

found

profitable

put temporarily idle cash to work
this

cant

manner.

lenders

vestment *

are

companies,

in¬

funds,

record November 22,

three

$12.60

dollars

par

1963,

($3.00)

governments, and individuals.

According to
a

major

gence

reason

and

BARNHART,

for

this

are

payable

payable Janu¬
dividends
to shareholders

of record at the close of busi¬

C. W. Dithrich, Secretary
October 23,1963

;

the

habit of
are

a sense

and

success

;

valuable assets.

However, loo great a concentration upon

antiquity

lead to complacency and

can

stagnation and to the failure of

organization to realize that, regardless of

history, it must justify its future
basis of what it does

the

today and tomorrow'

rather than what its predecessors may have
done

November 15, 1963.

ness

yesterday

The current

in the distant past.

phase in

our

Company is

one

■v

rapid change and active expansion. No small
part of my task and that of other officers has
CURRENT OPERATIONS
and

5% in sales

with

1962

were

been to inculcate in all

profit

compared

achieved

the first nine months at 1963.

$236,116,154 and
net profit was $13,566,722.
Based upon the expectation
of continued
high levels of
production in markets served,
earnings for the year are ex¬
pected to be in the area of
$3.75 per share.

November 6, 1963.

resur¬

Both

Increases of 11% in net

Treasurer.

...

Professor Selden,

transformation

:(964.

Sales

■

(963. and

stuck dividend
ary

per

value share.

insurance

companies, colleges, state and lo¬
cal

De¬

December 10

making total dividends for 1963

signifi¬

Other

trust

payable

Corporation,

share
outstanding common
the company payable

ciio

stock

The

Furthermore, the study

have

dividend of 50l' per

ca.ai

market, ranking far beyond nontions

long history, has engendered

stability and

survival, and these

ictm mw mtwm
Tho Board of Directors today
declared a regular quarterly

CORPORATION

assets.

finds, banks are now only minor
lenders in the commercial paper

corporations,

OF,INDUSTRY

within

in accordance with the lend¬

er's wish.

1AN1JMHING SPECIALISTS FOR

NOTICES

from three days to a year or

more,

100 YEARS OF CONTINUOUS DIVIDENDS

to
ex-

air the

maturities extend

Today

companies

Accord¬

and was held

diversification

Record Dale: Nov; 22, 1963

•

for

demand

during business

DIVIDEND

banks,
Which valued it both for liquidity
and

own

Declared: Nov. 7, 1963

•

credit, and

consumer

their

these

borrow

commercial

for

Payable; Dec. 13, 1963

few decades

four to six months,

mainly

42'i cents per

directly are sub¬

commercial paper funds.

In the 1920's this paper ma¬

ago.

paper

our

managerial

people around the world the fundamental
attitude that

must

be entrepreneurs who

welcome and embrace and

even

force

were

change,

rather than-mere, conservators of the
assets and

business built by our

forebears,

and to convince them also that the

entrepreneurial role is vastly

interesting and challenging and demanding/'

Cities Service Company
ROCKWELL-STANDARD
DIVIDEND

NOTICE

PRODUCES...

The Board of Directors has authorized the payment

•

of the

BUMPERS

following quarterly dividends:

COMMON

STOCK-$.65

$4.40 CUMULATIVE
STOCK

—

$1.10

GRATING
per

CONVERTIBLE
per

ARDS

PREFERRED

$2.25 CUMULATIVE CONVERTIBLE PREFERENCE

STOCK—$.56/4
The above dividends

per

AXLES

•

<»

•

LIGHTING STAND¬

SEATING (automotive)

SPECIAL

DONALD P. kIRCHER. President

BRAKES

FILTERS" FORCINGS*

DRIVES

THE

SINGER COMPANY

•

SPRINGS (all

Thirty Rockefellor Plaza, New York 20, N. Y.

types)* STAMPINGS o TRANSMIS¬
SIONS* UNIVERSAL JOINTS

Office

are

Franklin K. Foster,

payable December 16,1963
stockholders of record November 18, 1963

November'7, 1963.

AIRPLANES

Vice President &

Secretary

ROCKWELL-STANDARD

mmmmm

Equipment

•

Textile Machinery

CORPORATION

Coraopolis,, Pennsylvania
——
•

1 1

607

Marquette Avenue.

formerly with H. O. Peet & Co.

managed

Inc.,

Inc. and Paribas Corp., New York.

Net

Nebraska

—

affiliated

1963.

offering will be underwrit¬

borrowed.

amounts

Neb.

become

Rights

paper

;at

OMAHA,
has

20 shares

ject to wide cyclical swings in the

Open-market commercial paper
has

will

Air Products to repay

large sales finance companies that

\- New Uses t)f Commercial Paper

Oct.

institu¬

000,000 of such notes.

was

Caunter

has

and

principal amount of

promissory

corporation

be¬

Savings

Kostrub

Mr.

equipment,

gases

$16,000,000 has been sold and the

S. Kolbe

Kostrub have

medical

line

tpe private placement through

tional

Two With Pierre Smith'
Ohio—Joseph

and

complete

and

of $25,000,000

por¬

its

Inc.

producer

Kuhn, Loeb & Co., Inc., New York

heating, tele¬

water service

industrial
related

Chemicals,

Pa.),

com¬

and Idaho. The company

also furnishes steam

Wyoming, Washington, California,

Rights Offering

largely responsible for

changes
the

dealer

for

appears

relative

borrowed 15 years ago.

was

bor¬

time, with the result

rates,

ago

years

times

demand

exT-

much

at¬

dif¬

major

the

among

stable

was

Selden

disparities ,to

in the two divisions of the

rowers

paper

years.

growth

greatest

Professor

these

recent

market

Power

Financing

Products

tures.

early 1963 their outstanding paper

the

Air

principally in supplying

Montana

Trust

Light Company

during periods of general business

mercial

Private

31,

munities in the states of Oregon,

Market

market—either

com¬

Pacific

engaged

formerly

tern^ promissory notes on the open
a'

had

through Aug.

;y-"'

come

will

through

1963.

Chemicals, Inc.;

currently

are

$27,975,000

expended

Smith

experiences

short-

1963

and Stevens M.

held of record Oct. 30, 1963.

offering

been

Air Products &

ex¬

$52,500,000, of which

approximately

ELYRIA,

sional Papers.

fourths of total paper outstanding,

funds

paper

in
at

connec¬

Construction

program.

penditures

lower.

which finance com¬

panies obtain the funds they pro¬
vide

business

commercial paper of

important chan¬

most

nels through

1960,

August,

.; quality and maturity have been at
to least a full percentage point

market is

paper

Since

prime bank rate

place

credit.

consumer

commercial

The

lems

prob¬

which

shed light oh the manner in

funds

paper

credit.

author is Richard T.

the

made

company's construc¬

ance.

mercial
bank

fessor'

bearing

by turning more and more to com¬

published recently by the National
Bureau of Economic Research. The
Selden, pro¬

significantly

costs

electricity in

commercial capital markets, as well as shortprofit organization devoted to the
term funds from the banks, the fi¬
paper
will become increasingly
scientific study and interpretation
nance companies have been able to
important in the future. This is
of economic facts
the

tion

estimated

report

the

be com¬

low.

emanating from
at

recessions,

com¬

debtors.

heavy

The

relatively

likely to

are

paratively

during

less

when they

1 Enjoys New Lease on Life

(1931) - 39

"'I'

World-Wide

Manufacture,:;Sales & Distribution
•.

•

The Commercial atid Financial Chronicle

(1932)

Thursday, November 14, 1963

Federal

WASHINGTON AND YOU

Government

out

get

competition with private business.
"They

say

they wished

a man

he had not said what he did about

BEHIND-THE-SCENES INTERPRETATIONS

TVA,"

said

CAPITAL

people

FROM THE NA TION'S

admire
and

his

the

Wilson, "but

Mr.

and

respect

Tennessee

straight

forwardness
.*'■>■'

conviction."
r

Republican

WASHINGTON, D. C.—No Demo¬
has

crat

White
majority

choice.

Yet it is

feller's forces came to the

the

won

ever

House without carrying a

Southern States.

of the

possible of course from a matter
of

arithmetic.

simple

half of

than

538

votes—144

and,

visitors;

the

with

ticket,

Kennedy
he lost

President

and

won

although

1960

Florida, Kentucky, Tennessee and
Virginia.
the

Because

vote

Southern

;

historically has been so important

Democrats, the

to the cause of the

was

Democratic

the

while

votes for

(including 285,820

unpledged electors)
for

signifi¬

States

Southern

5,722,355,
vote

6,434,576

was

total of 12,156,931.

few

Committee,
that

days

S.'

Charleston,

C.,

Republican

Confederate

the

from

leaders

Kentucky and

States, along with
Wrest

Virginia,

conference

had

workshop

Rest

GOP chieftains

The

red

States

ern

the

for

old

Francis

Marion Hotel with staff members
of the

Republican National Com¬
in

assistance.
heels

Coming

might

recent

the

general elec¬

tions, including the governorship
in Kentucky and

races

the

pow-wow

anything else.

said

President

political

"Goldwater

The

shadowed

the

but

South

sincerely

believe

over¬

the

Senator

they

can,

Arizona

must

and

believe

that

Goldwater

Barry

standard

their

John E.

Grenier,

attorney,

Birmingham

appointed

recently

re¬

gional director of the Goldwaterfor-President Committee,in the 11

Confederate

S t

Convention

Francisco

all' 280

summer,

those

will

states

delegates
be

the

from
Gold-

will

under
San

take

the

655

delegate votes
nominate

Republican candidate to

pose

President Kennedy's re-elec¬
bid.

Mr.

Charleston

the South
close

he is
can

op¬

said

confident that if

number,

will

then

the

Alternate

the
does

Mr.

nominee

Choice?

fail

Republicans from

Southland

run

get

is:

the

over

Goldwater

should

and

run

nomination,

who

would their second choice be.

Senator

now

appears

Thruston

Morton,

There

Governor's Corner

the

who

man

National

Committee¬

favor

the

nomination

feller. He is

Winthrop Rockefeller

Rocke¬

Governor

Morrelton, Ark., brother of the
York

warmly

who

Governor,

received

when he made

was

toastmaster

in¬

microphone

not

the

course

know

changed
York

it,

party workers.
In

but

'Happy
'

did

now

delegate

fact,

brother

Winthrop

votes

State.
/

Southern

election. However,

matter

his
in

win

time

state

Mr.

Rockefeller

Formula

Rubel

Are

nonetheless
for

his

will
to

that

major

tion

candidate
a

■;

for

Victory

who

what

can

Georgia

view

Democrat

presi¬

votes in

of its

majority

cratic

Mississippi

prediction.

for

word

told

the

fellow

Dixie

party

doesn't

candidate

the

be in the

had

come

with

than

John

Ken¬

platform that is better

nedy and

Democrats,

the

not

are

going to win in the south and
won't
a

deserve

better

to win.

candidate

and

platform,
in

the

do it

will

carry

presidential

race.

by saying 'me too'

issue."

a/'

Representative

and

raises

Talmadge

efforts

Snodgrass said he did

Richard

well

1964

when

would

Nixon
as

did

George

was
an

cattle

the

was

Republican

introduced

Wilson,

Jr.,

state

Tennessee

owned

that

despite

the

former Republican National

thought

"the

Attention

Brokers and Dealers

TRADING
Botany
Maxson

MARKETS
Industries
Electronics

aS-'.' Official Films

Our

New

Fruit

Waste King
York

telephone

number

CAnal 6-4592

Tennessee

his

ad¬

LERNER & CO., Inc.
Investment

government-

Valley Author¬

ity (TVA) should be sold and the

10 Post Office

Securities

Square. Boston 9, Mass.
Teletype

Telephone
HUbbard

617

2-11)90

451-3438

Equipment

34,000

others when

17th Mid-Year

meeting at the Commodore Hotel.

Standard

the

Corporation

Carl Marks & Co. Inc.
FOREIGN

and

Arkansas delegation

interview,

Mutual

Assqciation

Savings Banks

opinion that Goldwater could

vocacy

applauded by fellow Repub¬
the

1963 (New York City)

National

and

orchestra struck up "Dixie" at the

Supplement Dec. 19.

1960

chairman of Tennessee, expressed

carry

Beach Hotel.

CHRONICLE'S Special Pictorial

Goldwater and TVA

the

emphasized

Convention

at the Hollywood

We can't

Wilson

Association

Annual

run

presidential nominee.

every

Bankers

effort

dinner meeting, and he stood
was

America

would
Republican column next

Arkansas, actively

like many

Investment
of

(Hollywood Beach,

A •

Georgia

participated in the conference. He
stood

1-6, 1963

Fla.);V

Major Pool

Rockefeller,

of land in

get him nominated.

farms

and

Dinner

Senator Morton is the standard

have

the South

Robert

California—he

officers

new

University Club.

...

of members

Governors'

governors;

not believe former Vice-President

better

their

bearer. Mr.

Republican

made

if either Senator Goldwater

year
or

Richard

Herman

thought

closing

Republicans:

than

election

Exchange

Stock

Senators

passive

are

1964,

leaders.

the

better

for

Dec. 2-3,

and

Russell

Na¬

and

businessman,
\

said

Demo¬

campaign,
party

1964-

"In

the

professional

politicians

weeks

Committeeman,

prominent

race

Republican

Georgia

grass,

all-out efforts

of the

Mississippi

(New York City)
of

Firms Annual Meeting

Dec.

given,

never

other than

guber¬

remarkable

Association

definitely

brother's nomination,

having

tional

the

was

Republican

candidate

who, made

New

Here

song

Phillips,

and

Germantown

clear

made

seats.

dential elections. Robert R. Snod-

he thought the

picture might change.

goal

the

Cricket Club. >

Georgia has the dubious distinc¬

single

believe

not
at this

could

single

did

think

not

the majority

South's

did

recently

Days

•

Mr.

Democrats.

the
be

solid

once

dinner

annual

Nov. 20,1963

the

readily acknowledged

his brother could get

interview,

Rockefeller
that

■

the

said

should

1964

this

the

for

Wilson

South for

the

dance

•'

Orchestra

theme

our

Again'.".

applauded

and

total

sector

and

seats

Prospects in
"Of

dinner.

told

20 BROAD STREET

South

has

•

had

Bought—Sold—Quoted

SPECIALISTS

NEW YORK 5, N. Y.

Memorandum available

request

TELETYPE 212-571-1685

HILL, THOMPSON & CO.,

newsmen

belly full of the Kennedy's."

SECURITIES

TEL: HANOVER 2-0050

Mr. Miller

facetiously remarked:

little talk at the

executive workshop session of

senior Senator from Kentucky and
com¬

additional

York"

and

natorial

at least one Southern

was

Republican

licans

that

dinner

that in 1962 Republicans won five

played

New

ler of New York,

President Kennedy.

Winthrop

big question in the minds of

not

different

campaign committee, pointed out

since the Reconstruction Era, and

acres

numerous

this

insisting

are

question

the next President.

Who's

not discussing

are

orchestra

Chairman Mil¬

first

supply 280 votes

that

Goldwater
and

Grenier

in \ Southern

part

that

from

the

tion

playing

the

that Governor Rockefeller's stand

issue

angle. Some of them

Republican formula at

Francisco

question that the

chairman of the House Republican

smiled,

troduced National

strode

Republican politics, but many

Southern

water camp.
It

was

substantial

expressed

strong hope and belief that at the
San

when
cam¬

Rockefeller's

Rockefeller

"Sidewalks

the

Southern California—•

hails from

other people, when the

maroon-coated

New

bearer to do it.
'

■■...a";■ ', v-.'V1-)-

rights

this

New Battle Song?

Winthrop

in Ore¬

was

Con¬

16, 1963 Philadelphia, Pa.)

Philadelphia
'

like many

1964.

national committeemen

committeewomen

who

Automation

National

Investment Traders Association of

George

Governor's

the

Association

Bankers

ference at the La Salle Hotel.
Nov.

visited

(Chicago, 111.)

13-15, 1965

First

Gleason!"

Jackie

his

represent

support.

hopeful
in

all of the state chair¬

nearly

men,

lining

There

Nov.

Their early 1964 model

jump.

seller—a 52 inch screen to g^t in all

much

Governor

said

manager,

civil

company

American

spokesman

York

pow-wow,

paign

Kennedy

Gillies,

New

Hinman,

this

will really be a

philosophy.

The

events.

strongly

are

carrying

They

other

all

Republicans

story"

"Watch

ap¬

Republicans

(Rockefeller)

Archibald

on
":

Rockefeller. Why?

was

"Goldwater" story than

but

enthusiasm to sup¬

the leaders

^Republican

Mississippi,

INVESTMENT FIELD

may

Republican

time,

first

Some of the Southern

the

close, on

EVENTS
IN

lending

Washington

COMING

this

Miller

port Governor

gon

mittee

the
that

year

parent, if not obvious, at this time

the

met in

brick

views.]/

vast
region
Republican party stands

Charleston

Charleston's

may

right—the majority of the South¬

for

Goldwater

Hopes

reflect

interpretation

coincide with the "Chronicle's"

conservative

Congressman

preparatory

year's presidential election.

south.

Na¬

conservatism.

for

Republican in

York,

Republican.
He
it
was
going

because

the

and

when it is

come

thought

Republican
region

Rocky

from the tuition's Capital and
may not

expressed

1964 is the

going

they have

historic

ago

said

In 1960 the total Republican

cance.

vote

of marked

vote

Dixie

tional

let

the "behind the scene"

1964."

Republican

belief
Dixie
\

the

day has

old

own

chairman

it,

[This column is intended

proclaimed:

William E. Miller of NeW

Rights

States

the

lobby

Hotel

sell

respectible to be

No Love for Rockefeller

South

and

Louisiana

The

pow¬

they entered

Marion

(Governor Rockefeller) buy it."

1948

President Truman won in

Carolina

greeted

wants

other

the

Charleston

big banner that

facetiously about TVA: "If Barry
Rocke¬

regional

"Retire the Kennedy's in

although he lost Alabama, Missis¬
sippi,

Francis

the

majority.

conference

Thomas

Leader

Stagg of Shreveport, La., cracked

Nelson

Governor

wow, were

one-fourth of the

The South has

electoral

mitteeman, is the apparent second

'A'
A A

:
-V

70 Wall Street, New
Tel. WH 4-4540

INC.'

York 5, N. Y.

Tele. 212 571-1708

Full text of Commercial and Financial Chronicle : November 14, 1963, Vol. 198, No. 6316

FRASER