Full text of Commercial and Financial Chronicle : November 15, 1956 : National Security Traders Association Convention, Vol. 184, No. 5586, Section 2

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ESTABLISHED 1S39

the Commercial

Financial

In 2 Sections

an

—

Section 2

JL

Chronicle

Reg. U. S. Pat. Office

Convention Number

New York 7,

Price

N. Y., Thursday, November 15, 1956

31

40

Cents

AFFILIATES

4500 MEMBERS

CONVENTION
OCTOBER 24 271956




a

Copy

THE

2

Thursday, November 15, 1956

COMMERCIAL and FINANCIAL CHRONICLE

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THE COMMERCIAL and FINANCIAL CHRONICLE

Convention Number

v#

..v#

V
#

19 5 6

19 5 7
i K'i:
V .■

V:

; 'i
FIRST
PRESIDENT

PRESIDENT

FIRST

VICE-PRESIDENT

SECRETARY

Wm

VICE-PRESIDENT

SECRETARY

oMv:-

•H-

Wm. J. Burke,

Jr.

May & Gannon, Inc.
Boston, Mass.

Lex Jolley

Robert D. Diehl

William Nelson II

Paine, Webber,

Clark, Landstreet &
Kirkpatrick, Inc.,

Jackson & Curtis

Los Angeles,

Calif.

The

Robinson-

Humphrey Company,
Inc., Atlanta, Ga.

Nashville

Wm. J. Burke, Jr.
May & Gannon, Inc.
Boston, Mass.

John M. Hudson
Thayer, Bak^er & Co.,
Philadelphia

SECOND
VICE-PRESIDENT

TREASURER

N. S. T. A.

SECOND
VICE-PRESIDENT

TREASURER

Officers
||fc and illii

Executive
John M. Hudson

George J. Elder

Thayer, Baker <& Co.,

Philadelphia

Robert D. Diehl

Straus, Blosser &
McDowell,

Detroit, Mich.

Paine, Webber,
& Curtis

Council

Jackson
Los

John W. Bunn
John W. Bunn
Stifel, Nicolaus &
Co., Incorporated
St.

Louis

Walter G. Mason
Scoff,
Mason,

Horner &
Inc., Lynch¬

burg,

Va.




Lex Jolley
The

Robinson-

Humphrey Company.
Inc., Atlanta, Ga.

Joseph E. Smith
Newburger & Co.,
Philadelphia

C. Rader McCulley
First

Southwest

Company, Dallas

Lester J. Thorsen
Glore, Forgan &
Chicago

Co.

Stifel, Nicolaus &

Co.,

Incorporated
St.

M.

Loeb,

Rhoades & Co.,
New

John L. Canavan
Rauscher,

Co.,

Pierce &

Inc., Dallas

Detroit, Mich.

Phillip J.Clark
Amos

C. Sudler

&

Co., Denver

Louis

Edward J. Kelly
Carl

Angeles, Calif.

George J. Elder
Straus, Blosser &
McDowell,

York City

Joseph E. Smith
& Co.,
Philadelphia, Pa.

Newburger

Lester J. Thorsen
Glore, Forgan & Co.,
Chicago, III.

J
4

Thursday, November 15, 1956

THE COMMERCIAL and FINANCIAL CHRONICLE

1956-1957

Lex Jolley
The

Robinson-

Humphrey Company,
Inc., Atlanta, Ga.

1955-1956

John W. Bunn
Stifel, Nicolaus &
Company, Incorpo¬

1952-1953

1953-1954

1954-1955

Phillip J. Clark

H. Russell

Harry L. Arnold

Amos

C. Sudley &
Co., Denver

rated, St. Louis

John F. Egan

H. Frank Burkholder

First California Com¬

Equitable Securities
Corp., Nashville

Hastings

Baxter, Williams
Co., Detroit

Sachs &
Co., New York

Goldman,

1950-1951

1951-1952

&

San

pany,

Francisco

1949-1950

Edward H. Welch
Sincere
pany,

and

Com¬

1946-1948

R. Victor

Mosley

Philadelphia

Chicago

1945-1946

Contents of This Issue
Articles and News
Officers

NSTA

and

Index to Affiliates

p*ge

Council

Executive

Page

3
Alabama

of

Presidents

Past

NSTA

Arizona

Presidential
Thanks

Greetings—William Burke Jr.-

Million to Everyone!

a

NSTA

Advertising

——Harold

B.

Little

Three

6

—Rilea

W.

63

Boston

(on behalf of

*

and

36

Securities

Carolinas,

Chicago,

How

They

Grew

—Clarence

Power

D.

the

and

Thomas Graham

The

Bond Co.,
Louisville

Role

Oliver

New

J.

F. Hastings

11

Horizons

Industry

—Marlin G. Geiger—

1944-1945

—W.

R.

G.

Those

in

*

Attendance

of

at

17

and

1957

Report

of

and

Dates

for

Association

_

Committee

17

Club

NSTA

Report

of Special

NSTA

Edw. E. Parsons, Jr.

Affiliates

Golf

Rights
and

Assn.

of

32

21

Security Traders Association

Dealers

Club

67

51

Security Traders Association-

72

York, Security Traders Association of

25

Philadelphia, Investment Traders Assn. of_

33
62

Portland

St.

(Oregon), Security Traders

Louis,

21
21

Committee

23

Members

25

of

72

Security

Francisco

Traders

Club

of

54

Security Traders Association

Security Traders

Association

65
31

Syracuse, N. Y., Bond Club of

43

Twin

City Bond Traders Club
(Minneapolis-St. Paul)

Constitution

Tournament

1941-1942

66

Orleans

Seattle

of

Traders
of

New

19

Winners

Club

Security

20

20th Anniversary of NSTA
Commemorated

69

Security

Bond

Memphis

Report of the Public Relations Committee

Publicity Committee

Utah

Securities

Wichita Bond

Members
Local

of

Dealers

Traders
the

64

Association

.

Club

NSTA

67
73

Unaffiliated

with

Organizations

Joseph W. Sener

61

John

Parsons <ft Co., Inc.

Herbert H. Blizzard
u. s. A. F,




C.

Legg &

Company, Baltimore

Cleveland

1941-1942

Orleans

City (Missouri), Bond Traders
of

Angeles,

Winners in

NSTA Tennis Round Robin

New

59
56

San

of

Security Dealers

Perry Brown

Newman, Brown &

41

Georgia Security Dealers Association

18

Report

Wm.

Traders

of

Association

1958

Municipal

Securities

Pittsburgh Securities Traders Association

the

Committee
Convention Sites

49

Michigan,

New

10

Legislative

and

of.

Nashville

15

16

Corporate

Club

Association

Louisville,

*

Convention

Report

and

14

Nominating Committee for 1957

of

70

Los

Baker

*

List

53

58

Club

Bond

Kansas

13

;

Receiver Industry

Southern California Municipal Bond Outlook
—James L. Beebe

NSTA

Club

Bond

47

Bond

Denver,

Florida

12

Chemical

in

39
44

Co.,

Banker

Glassmeyer

Outlook for TV

the

Connecticut, Security Traders Assn. of

Detroit

10

Troester

Investment

the

of

—Edward

of

of

Dallas

9

Industry

Market

Over-the-Counter

—Col.

and

Club

Security Traders Association

Prospects

Phillips

Securities

—Commissinoner Earl

Bankers

Dealers

Traders

Stock

Association

8

Cleveland

SEC

Traders

The Security
Bond

Cincinnati

Doe

Northwest

Pacific

7.1

Baltimore, Security Traders Association of_

Committee)
*

Adages

40

Security Dealers Association-

5

Smith
•

Security Dealers Association

4

1940-1941

Thomas A. Akin
Deceased

1939-1940

Edward D.Jones
Edward

D. Jones & '•

Co., St, Louis

1938-1939

Willis M. Summers
Deceased

1936-1938

1936-1937

Arthur E. Farrell

J. Gentry Daggy

H.

M.

Co.,

Byllesby A
Inc., Chicago

Deceased

1935-1936

Henry J. Arnold
Geo.

Eustis & Co.,
Cincinnati

1934-1935

W. W. Cruttenden
Cruttenden

&

Chicago

%

Co.,

Convention Number

5

THE COMMERCIAL and FINANCIAL CHRONICLE

fiteliden tial
It

is with

Before closing the books on the highly successful
meeting just concluded, an expression of thanks and
appreciation should be extended to the Security
Traders Association of Los Angeles and the Security
Traders Association of San Francisco for the splen¬

of gratitude and an acute
responsibility involved that I
accept the Presidency of the National Security
Traders Association, Inc., for the coming year.
I pledge you my boundless in¬
terest in the Presidency of our
organization. I intend to work
hard—and consistently for you
—for our organization, and for
our
industry.
a

awareness

deep

of

sense

the

The

current

convention

did

We

was

at

the

an

even

in

the

convention

and

its

aftermath.

in

the

less indebted, of course, to the Com¬
Chronicle which, as in the

no

and

past, did

Financial

great deal to stimulate interest not only
itself, but also with respect to

a

convention

organization. This "Convention" issue of the
is in keeping with the high standards
which marked its previous efforts.
our

Chronicle

pres¬

Finally, given the guidance and counsel of all of
members, my associate Officers as well as the

ent

Homestead

part of

our

are

mercial

largest ever held by our or¬
ganization and is just another
indication of the increasing rec¬
ognition of the vital importance
of the security trader in the
modern mechanism of

of

course

Certainly their efforts contributed importantly to
a
highly memorable occasion.

the

William J. Burke, Jr.

hospitality and friendship they exhibited during

the

day capital markets.
Next year when we assemble
Virginia, I hope we will be

our

members

of

Executive

our

Council

that the year ahead will be one
ments for the National Security

greater turn out than the record

attendance in Palm

Springs—gathered together not
just socially—but gathered together to plan greater

are

confident

of further attain¬

Traders Associa¬

tion, Inc., and for all segments of our industry.

achievements—greater purposes for our existence—
and for our industry so that the financial world and
the public at large will come to appreciate us all

Sincerely,

the

National

WILLIAM

more.

SPEED

-

DEPENDABILITY

-

J.

BURKE, Jr., President

Security Traders Association, Inc.

NATIONWIDE COVERAGE
Private Wires to:

Glore, Forgan & Co.

Chicago
Cleveland

Specialists

__Gottron, Russell & Co.
Dallas Union Securities Company

Dallas

Detroit

Grand

in

Baker, Simonds & Co.

King and Company

Rapids

Hartford

Coburn and Middlebrook Inc.

Houston

Over the Counter




Los

Angeles

Philadelphia
Pittsburgh

Securities

St.

Louis

San Francisco

Troster, Singer & Co.
Members: New York

74

TRINITY

PLACE

Telephone HAnovcr 2-2400

Security Dealers Association

NEW YORK 6, N. Y.

Teletype NY 1-376; 377; 378

Underwood, Neuhaus & Co.

Harbison & Henderson
H. A. Riecke & Co. Inc.

Arthurs, Lestrange & Co.
Fusz-Schmelzle & Co.
Carl W. Stern & Co., Inc.

<!)

6

Thursday, November 15, 1956

THE COMMERCIAL and FINANCIAL CHRONICLE

THANKS

MILLION

A

EVERYONE!

TO

By HAROLD B. SMITH, Chairman, NSTA Advertising Committee

The

forts of all of

MEMBERS:

4,500 members of the National Security

Traders Association
Convention in Palm
nated Oct. 28.

hand,

many

ably represented at the
Springs, Calif., which termi¬

were

Well

of

over

them

500

members

were

on

Co.,

Jackson

&

Weedon

was

many
others whose
easily recognized.
Harold B. Smith
At this writing, your NSTA
Advertising Committee is not in
a
position to give final figures on the amount of
advertising revenue obtained for our Convention
Issue of the Commercial and Financial Chronicle,

but

that

we

informed by Mr. Seibert's office
$37,000 has been confirmed and, with

accounts

being received, I feel most con¬
In fact, your Com¬
place before you a report second only

fident of another banner year.
mittee may

to the 1946 "Picture Issue."

The

results

indicate

growing interest among
of the Advertising
Committee, which in turn means greater finan¬
cial support for the NSTA Treasury, its primary

our

members

source

as

advertising

in

the

work

of income.

The gross receipts from the
Financial Chronicle since the

May I suggest you earnestly compare our final
with previous ones. You will thus be
readily able to see just how effective added ef¬




Vince

Reilly
for

our

better henceforth.

in

success

And

of

our

again

it is

most

appropriate that we give
grateful acknowledgement, of
thoughtful praise to bur fellow member, Herb
Seibert, Editor and Publisher of the Commercial
and Financial Chronicle, for the part he has
now

measure

of

Peterson,

fine

job, and

staff who have

offering complete

I

may

say

Ad

1956

our

libbingly
B.

John

W.

Va.;

ADVERTISING

Buhn,

J. Clark, Amos C. Sudler & Co., Denver, Colo.; John L.
Rauscher, Pierce & Co., Inc., Dallas, Texas, and Edward J.
Kelly, Carl M. Loeb, Rhoades St Co., New York.
Mo.;

Phillip

Local

Affiliate

Chairmen—Arthur Stansel, Courts St Co., Birming¬
Benton M. Lee, Dean Witter & Co., Phoenix, Ariz.; John C.
Dempsey-Tegeler & Co., Los Angeles, Calif.; Walter C.
Walter C. Gorey Co., San Francisco, Calif.; Philip J. Clark,

ham, Ala.;

Jr.,

Amos C. Sudler St Co., Denver, Colo.; William H. Rybeck, William II.
Rybeck St Company, Meriden, Conn.; William R. Hough, Beil & Hough,
Inc.. St. Petersburg, Fla.; James B. Dean, J. W. Tindall St
Company,
Atlanta, Ga.; Lester J. Thorsen, Glore, Forgan St Co., Chicago, 111.;
Don
H.
Alldritt, Mid-Continent Securities Company, Inc., Wichita!
Kan.; Hector W. Bochnert, The Bankers Bond Co., Inc., Louisville, Ky.;
Robert D. Alexander, Howard, Weil, Laboulsse, Friedrichs St
Company,
New Orleans, La.; Charles A. Bodie, Stein Bros. St Boyce,
Batimore,
Md.; James R. Duffy, Reynolds & Co., Boston, Mass.; William P. Brown,
Baker, Simonds St Co., Detroit, Mich.; Oscar M. Bergman, AllisonWilliams
Company, Minneapolis, Minn.; William J. Dyer, Burke St
MacDonald, Inc., Kansas City, Mo.; Vincent C. Weber, Weber, Mitchell
St
Co., St. Louis, Mo.; Harold B. Smith, New York City; John P.
Miles, L. D. Sherman St Co., Syracuse, N. Y.; McDaniel Lewis, McDaniel Lewis & Co., Greensboro, N. C.; Henry J. Hudepohl, Westheimer
and Company, Cincinnati, Ohio; Frederick M. Asbeck, Wm. J. Mericka
& Company, Cleveland, Ohio; Dan V. Bailey, Foster St Marshall, Port¬
land, Ore.; Clifford G. Remington, Woodcock, Hess St Co., Inc., Phila¬
delphia, Pa.; Kenneth Moir, Chaplin and Company, Pittsburgh, Pa.;
A. L. Whitman, Bullington-Schas St Co., Memphis, Tenn.; Kenneth B.
Schoen, J. C. Bradford & Co., Nashville, Tenn.; John L. Canavan,
Rauscher, Pierce St Co., Inc., Dallas, Texas; A. Payne Kibbe, A. P.
Kibbe
St
Co., Salt Lake City, Utah;
Howard Jones, Jr., National
Securities Corp., Seattle, Wash.

in:

EAST ORANGE

MORRISTOWN
RIDGEWOOD

yholcls & Co.

VINELAND

SAN FRANCISCO

BERKELEY
CARMEL
OAKLAND

SACRAMENTO

Broadway, New York 5, N- Y.

SALINAS
SAN MATEO

SANTA CRUZ
SANTA ROSA
STOCKTON

PHILADELPHIA
ALLENTOWN

LANCASTER
SCRANTON
YORK

WINSTON-SALEM
CHARLOTTE
DURHAM

RALEIGH
SALISBURY

MINNEAPOLIS

Correspondents in:
ALEXANDRIA
BUFFALO

CHICAGO
DENVER
DES MOINES
DETROIT

INDIANAPOLIS
KANSAS CITY
LINCOLN
OMAHA

Principal Exchanges

job well

Canavan,

CHICAGO HEIGHTS

and Other

a

entire Committee.

COMMITTEE

ATLANTIC CITY

Members New York Stock Exchange, American Stock Exchange,

the

G.
Mason, Scott, Horner St Mason, Inc.,
Gordon Crockett, Crockett & Co., Houston, Texas;
Stifel, Nicolaus & Company, Incorporated, St. Louis,

CHICAGO

Investment Advisory Service

faltered

assure

A.

ROCHESTER

Brokers in Securities and Commodities

never

Vice-Chalrmen—Walter

Lynchburg,

SYRACUSE

Primary Markets in Many Unlisted Securities

sincere

all other

SMITH

BROOKLYN

Underwriters and Distributors of State, Municipal
and Revenue Bonds

Please

yours,

BOSTON

Underwriters and Distributors of Corporate Securities

our

thanks for

NEW YORK

I20

"Herb,

Convention Issues.

Offices

main office:

unable

say

to

cooperation to

done to all concerned from

Gorey,

And

Ted

and

members of your

Hecht,

Certainly, I am an optimist and very enthusi¬
astic regarding the wisdom, and resultant value,
in placing an advertisement in our Convention
Issue. This applies not only to those in the securi¬
ties business, but also to Banks and Corporations.
So I say, let's continue with a sincere interest in
the work of our Association by supporting the
efforts of your Advertising Committee.

am

I

so may

salesmen, Ed Beck, Hal Murphy,

another

Commercial and
inception of

Convention
Supplement Issue in 1939 exceed
$166,000. May we ask ourselves to what extent
we
helped to make these results possible and, at
the same time, resolve that we will do even

full

report

extend to your

HAROLD

were

over

later

opportunities insofar

His support I

in words,

you

great big thanks and God bless you."

a

May I surprise you?

&

and

work

have limited

prospects are concerned.

Executive Council having in mind
stability of all of the Affiliates, it
is a source of gratification when advertising re¬
sults continue to increase, thus reflecting more
and more general acceptance of the work of the
National Advertising Committee. So, let's lend a
bigger hand to the Chronicle and show them we
are worthy of their cooperation.

Curtis; Don Summerell, of Wagenseller & Durst, Inc.: Campbell
of Crowell,

some

With your

ate, represented by Bob Diehl,

Armor,

that

the financial

credit for this feat is due to the!

Webber,

should not

our success.

place before

thanks

efforts of the Los Angeles affili¬

Paine,

to

us can be in making these Conven¬
increasingly successful. These remarks
be misunderstood, as I fully appreciate
of our smaller Affiliates necessarily

accom¬

panied by their wives. All will
agree it was our most outstand¬
ing Convention. Much of the

of

played in

tion Issues

FELLOW

PITTSBURGH
ST.

LOUIS

SIOUX CITY

TORONTO

Convention Number

7

THE COMMERCIAL and FINANCIAL CHRONICLE

5

wmm
W'&4
mm

m

PENN-TEXAS
family
Through the consolidation of various important indus¬
trial

enterprises and their subsequent prudent

manage¬

Vigorous policies have enabled the various Penn-Texas
units to draw new strength from each other. Growth

ment, the Penn-Texas family has achieved national

meanwhile has been well planned,

importance. Assets have risen from less than $5,000,000

with the result that

the

in 1950 to
were

more

$140,000,000

are now

which

at the rate of

PRATT &

family

A leading producer of the
gauges

production. Established

that

more

BROWNHOIST CORPORATION:

basic to

mass

CHANDLER-EVANS DIVISION:

ELYRIA FOUNDRY:

for

COMPANY, INC.:

Packaging Products

Electronics and Communications

Equipment

jet aircraft.

"QUICK-WAY" TRUCK

COLT'S PATENT FIREARMS

SHOVEL COMPANY:

Manufacturer of truck-mounted power

and Custom Moldings

COMPANY:

THE HALLICR

Manufacturer of component parts

iron foundry which produces
heavy castings for industry.

Plastic

Important manufacturer of aircraft parts.

the manufacture of heavy
materials-handling equipment.

than 90 years ago.

A gray

COLT'S PLASTICS

CORPORATION:

Nearly 80 years the undisputed leader in

machine tools
are

LIBERTY AIRCRAFT PRODUCTS

INDUSTRIAL

WHITNEY CO., INC.:

cutting tools and

communities and to the

benefits to employees, to

shareholders.

per annum.

is the

here




than $108,000,000 today. Sales,

only $6,000,000 in 1950,

multiple activities of the organization supplement
and balance each other. This has brought multiple

MANUFACTURING CO.:

shovels for

Famous

road building, etc. First in its field, and a
leader for more than 20 years.

producer of Colt's revolvers.

BAYWAY TERMINAL

TEX-PENN OIL

SEABORNE

DIVISION:

AND GAS CORPORATION:

A SEASPLENDOR

STEAMSHIP

Operates important facilities in the

Owns 119

Port of New York.

CORPORATIONS:

Owners and operators of inter-continental
merchant ships.

producing oil and gas wells

in six Texas counties.

mm®**''

PENNSYLVANIA COAL
& COKE

POTTER &

:

JOHNSTON

CO.:

Automatic Turret Lathes. Gilda Filling
and

Operator of bituminous coal mines
in Pennsylvania.

Seaming Machines, Newark Gear
Cutters.

THE CRESCENT CO. INC.:
cable
industries.

Manufacturer of insulated wire and
for the automotive and electronics

CAROL CABLE CO. DIVISION:
and
Industrial

Manufacturer of Insulated Wire
Cable for Electrical and
Markets.

Further

may

Penn-Texas

information about the

Penn-Texas family of

companies

be obtained by writing
Secretary.

to the company

CORPORATION

A

Ill

BROADWAY

NEW YORK 6, N.

Y.

8

Three Little

Adages and How They Grew

adage is an old saying which
has acquired credence by habitual
address

I want to

use.

three such

show

Vice-President, Safeway Stores, Inc., Oakland, Calif.

myself to

Safeway executive examines three well known adages for their valuable les¬

them

to

be

ac¬

about big business

potently s i gnificant, even
though each

plight Advises calling
threat

gener¬

to

a

I

of

the
capitalistic system
(if you
please) to those less thoughtful
persons who have been accepting

appalled

am

our

W.

Rilea

think

I

Doe

untruthful

poten¬

tials if the "Do It Yourself" craze

saying, by Alex¬
ander Pope — in the 1700s — "A
little
learning i s
a
dangerous
thing."
The second is the title to an old
The first old

statements about busi¬

if

they were facts — be¬
an
old Josh Billings
statement expressed it, "It ain't
ignorance that causes so much
so
trouble, it's folks knowing
ness

as

as

cause,

included thinking!

ever

much that ain't so."

spotlight some
one I picked
song: "Don't bite the hand that's
up in an editiorial in "Collier's."
feeding you."
Having
become
somewhat cal¬
The third is of more recent
loused to all manner of charges
origin
and
challenges us that
against the institution of business,
"Real patriotism means standing
I was astounded (in a very pleas¬
up for the Star Spangled Banner
ant way) to read "The hope of the
even
when
it
is
NOT being
free world today is that much
played."
maligned
institution
known
as
A Little Learning on Big Business 'big business'."
Taking them in order: the first
can
dispose of quickly — "A
little
learnings
is a dangerous

let's

Therefore,

Item number

facts.

agree, but add a
note that, at least, it
than no learning at all,
we

—

cautionary
better

for

no

better than his
plus his judgment.

is any

man

information,

Our

Business

Incentive

So, I want to emphasize an ex¬
planation of business, because for
some years the businessman was
the whipping boy for those who
would obscure the real culprit in
our

economy.

have

been

The plan

seems

to

to

it be¬

keep the "heat" on
business so the public would for¬
get the wastes and the political
maneuvering of the real culprit—
which was seeming Federal prof¬
ligacy through a socialistic type of

apparent that we business¬

presentation and the trend toward

Therefore

we

should

to

add

our

supply of accurate knowledge and
govern

our

facts.

by

utterances

millions

Many are uninformed but

will

be

our

lessened

ousiness

to

we can

percent

for

up

until 1954 profit had been very
The

customer,

a
result, got more
products at less in-

as

better

and

correct,

are

we'd better take

a

lated about businessmen.

First,

let

us

grant

as

ably

.

basic

a

premise that business is often mis¬

understood,
business

less

dollar

cents

10

sales.

alarmed

a

better job

of

on

each

on

should,

You

to

the dollar.

ment

story

knew

should

tell

its

and
frequently.
Such
well-know facts as the following
frankly

continuing mention and
emphasis.
For
instance, business has
changed astoundingly in the con¬
ditions under which it operates.
deserve

could understand

that

know

be

18%

it in

"Look's"

improved

'54

survey

profits

better,

NET!

and

preach

high

are

fact

that

on

all

6%

not

were

or

Those who think
that profits are too
caught telling the
average net profit

never

the

business from

less

was

much:

only 20%

—

than

two

1930

to

cents

1950

the

on

sales dollar.

the 1800s because it was small and

sold

simple.
Our
nostalgia for
the
"good old days," however, must
not obscure the fact that business

cents,

dollar

each

lost

if

the

Safeway

money

sales

of

company
every

had
at

98

would have
year
for 20

Yet when the U. S. Cham¬

years.

to

This trend is indicated in the fact

sell business—our incentive econ¬

that in '29 about 14% of corpora¬
tion

price of products.

comes
men
our

misinformed,

so

the

should marshal our facts and
friends

omy,
♦An

and

then

go

system,

the free enterprise
address

National

by

Mr.

Securities

Doe

Traders

out

before

the

Association

Convention, Palm Springs, Calif., Oct. 25,
1956.

crippling of private business.

profits

taxes.

In

were

paid

out

in

'54, about 49%—in '55,

then was very

business

Today,

business

is

large.

Its

50.3% and in first half '56, 50.6%.

dollars-and-cents profit therefore

If this trend is not

seems

stopped, there

large but, percentage-wise,

system

This is

work.

a

serious matter.

Another
stance

that

about

who

own

circum¬

trouble
the

ftiakers

"privileged

stocks.

Such

a

charge, if believed, is loaded with
dynamite. Stock ownership actu¬
ally is within reach of all — not
just a privileged few. In July 1956
some
8V2 million people owned
publicily held stocks, and 1V2 mil¬
lion

shares

owned

in

untraded

stocks.

Up to the end of 1955, if
all the dividend-paying stocks had

& Co.

been

in

would

ESTABLISHED 1869

Sixty-six

wealthy.

all

of

stockholders

earn

and

of

one

have

would

$1.89

can

corporations

(Women take
it

not

was

what

Good

advise

find

year

are

have done with Ben

women

Franklin's
new

taking

—

you a

advice,

but

it

"Let every
better man."
few

too

it

men

too

and

—

think

women

are women.

where possibly
intended.
Just think
over

many

for

meant

was

them!)
As

clincher

a

to

that

prove

stockholders are not all wealthy
people: 53% of the stockholders of
U.

S.

per

Steel

of

the

in

1953

who

men

less

earned

than the average

year

wages

worked

in

the

steel mills.

Let

us

not

forget that

corpo¬

a

ration is
a

actually a piece of paper,
creature of government. As
such,

it

be

can

manipulated

ernment,
harassed
business

it

but

by

should

by its "parent."
is to

now

gov¬

be

not

And if

deserve

fairer

treatment, businessmen must sup¬
port the Administration and tell
their
of

employees

all

the

the
facts,
for
industry collect 75%

ment.

taxes

paid

to

govern¬

This

spotlight our second
adage—"Don't bite the hand that's

feeding you."

Perhaps

should

we

remined government not to

it.

We

steps

the

taken

Administration

The Truths About

much

let

Now

has

this matter.

on

So

forget

vastly encouraged at

are

for

turn

us

Small Business

business

profits.

attention

our

to

another phobia which needs clari¬

misleading

is

scream

few"

Goldman, Sachs

in¬

tnan

business and

Specifically,

inefficient and very ber polled 1,200 high school
costly, percentage-wise. Profits seniors in 86 high schools fourseemed small because capitaliza¬ fifths (80%) thought the average
tion was small, but the expense company
makes over
10% net.
of doing business reflected a high Three-fifths (60%) felt that prof¬
percentage of the final selling its were unnecessary to make the

have been

whose

000.)
Fifty-two
percent
of
the
stockholders of 1,000 major Ameri¬

The ill-advised seg¬

hasn't

selling its products than it has of
selling itself; so the institution of

Everyone

than

of

probably because thought profits exceeded 50 cents

has done

all

not

are

perhaps between cost.
searching look
Business Profits Misunderstood
at business. Everybody talks about
it.
Paid propagandists are dam¬
Apparently everyone does not
ning it. A few timid voices praise understand this. For instance, in
it. The better thing might be just 1945, the Psychological Corpora¬
to EXPLAIN it, and then let full tion
survey
revealed that only
of
thousands
interviewed
truth be the floodlight which ex¬ 15%
that
corporation
profits
poses the inconsistencies and the knew
untruths which have been circu¬ averaged, nation-wide, consider¬
statements

stockholders

savings make possible the
large payrolls? These stockholders

$7,500 per year. (About
32% of them earn less than $5,-

these

make

members—

rights—-but how
rights of America's 10

vested

much smaller than formerly.

who

union

has

the

million

less

grow.

economists

million

labor

about

freedoms.
incentive

lb

and

learn from foreigners who

If the experts, tne scholars, and

the

business
Preserve

we

thing"

finds much

appreciate

to pro¬
thinking.

when

of

halt to increasing corporate profits tax trend for its

business incentive, and

underes¬
timated, if not
ignored. I
hope

Also, we hear and read confus¬
ing headlines about the "rights"

(1) inconsistencies and untruths

we expose:

and corporate earnings; (2) myths about stock ownership

ally

voke

that

privileges and wealth; and (3) distortions regarding claimed small business

been

has

pretty

Mr. Doe suggests

sons.

and

curate

exorbitant.

or

How About Stockholder Rights?

has proved it¬

self

leged"

sayings—and I hope to

that

of

each

4.6% return is modest enough, anf
does not reflect anything "privi¬

By RILEA W. DOE*

An

is

Thursday, November 15, 1956

THE COMMERCIAL and FINANCIAL CHRONICLE

composite
cost

have

during

$41.09
paid
the

a

issue,
a

it

share,

dividend

year.

fying.

It

is

also

based

on

"a

little

learning."
I refer to the
charge that little business has no
chance in

wartime economy. In
place, we should not
speak of little business or big busi¬
ness
but, ,rather, little business
the

and

big business.
the

sary to

I

a

first

direct

your

provocative

they do.

attention

headline

corporations
v/ar-work

Both are neces¬
of the other.

success

get most

contracts.

No

one

of

else

Continued

the
big

the big

Of

course

can

handle

such enormous contracts.

That

to

that

on

The top

page

24

NEW YORK

30 PINE STREET

WHITEHALL 4-2300

The

FIRST

NATIONAL

CITY BANK

ofNew York

State and
BOSTON
75

CHICAGO

FEDERAL STREET
LIBERTY

208 SOUTH LA SALLE STREET

2-5430

FINANCIAL

PHILADELPHIA
PHILADELPHIA

6-3800

ST. LOUIS
314

NORTH




100 STATE STREET

1-9070

4-3151

BUFFALO
RAND BUILDING
MADISON 4514

BANK

7-2062

ALBANY

BROADWAY

CHESTNUT

NATL.

LOCUST

DETROIT
1420

FORD

BUILDING

WOODWARD 2-6175

BUILDING

Municipal
Bonds
Municipal Bond
Department
Teletype NY 1-708
Head Office:

55 Wall Street, New York
75 Branches in
Greater New York
Member Federal

Deposit Insurance Corporation

Convention Number

9

COMMERCIAL and FINANCIAL CHRONICLE

THE

Pacific Northwest Power Prospects
The

Power

Pacific

situation

Northwest

has

in

the

felt

the

have

of

will

a

multiplicity of
factors,
some
of

which

physical
to

t

t

e n

vate

of

might

be

classed

a

Phillips

of much
confusion and sometimes resulting
in delays which otherwise would
not accompany the normal economic growth.
the

being

^

whole

problem

of

the

area,

met, despite prediction present load
energy

will compete for

History

electric

one
—

River

carrying

the

eastern Mt. Hood

region, and the Willamette River
several
major
tributaries
such as the McKenzie, North Sanwith

tiam, South Santiam and Clackamas

the

its

River

Columbia

waters from
in

In

Rivers.

lower
also

course

gathers

other major streams

Washington

such

as

the

o?t"U27, ^ 956!ntl°n'

Palm Spnngs' Callf*'

was

States

of

principally
Wisconsin

settlement

basic
gon

groups

less persisted

Ore¬
more

through the years

and often show

ence

in

Washington have

and

marked differ-

a

in development of economics,

Makes

kets in

What is your

The region had the honor of
pioneering in the electric industry, including the first long-distance transmission line in the
United States) if not in the world),
being a distance of 14 miles from
the falls in the Willamette River
at Oregon City, to Portland, Ore.,
in order to light the streets of
Portland. Through the years the
people in the region have more
and more realized that one of their
basic resources was the energy
contained in falling water and
plants were built, as necessity of
load

required,

primary

an

of all types

mar¬

extended list

of corporate

streams of the

which power may be purchased
from the Bonneville project.

Subsequently, through the Reclamation Department, the Congress authorized the construction
of the Grande Coulee project
which backs water up the Columbia Valley for approximately
100 miles almost to the Canadian
border. The constitutional basis
general desire to improve navi- of this project was reclamation,
gation on the Columbia River which has had a most beneficial
which was exceedingly difficult effect in central Washington. Alby reason of swift rapids and though the Columbia River was
channel obstructions, particularly kept in its natural channel, use
east of the Cascade Mountains. was made of the Grand Coulee,

This river at times has extreme
fluctuations, its maximum being
1,000,000 cubic feet per second,
its normal flow approximately
100,000 second-feet, and its flow
has been as low as approximately
32,000 second-feet. This variation
of flow has created difficulties in
navigation, particularly during

on which plants the generation of

Actice

Trading Markets

American-Marietta

the old ancient river channel, by
constructing a dam in its lower
reaches for impounding water in
a reservoir to be regulated for irrigation use and into which water
{

pumped from behind the Coulee

p *
^am on me mam stem oi tne
Columbia River and is now being

Continued on page 73

electric energy,

lh
Oklahoma-Mississippi River Products Line, Inc.

Company

Arizona Public Service

Colorado Oil and Gas

Pacific Northwest

Company

Colorado Interstate Gas

Pipeline Corporation

Peace River Natural Gas Co., Ltd.

Company

Republic Natural Gas Company

Corporation

Commonwealth Oil Refining

Southern Nevada Power

Company, Inc.

Southern Union Gas

Suburban

Properties, Inc.

The Gas Service

institutional

Propane Gas Corporation

Tennessee Gas Transmission

Company

International Refineries, Inc.

Texas Eastern Transmission

Corporation

LeCuno Oil

Texas Gas Transmission

Company

Corporation

Mountain Fuel

Transcontinental Gas

Supply Company

Nevada Southern Gas

broad

Company

Company

Suntide Refining Company

Company

Nevada Natural Gas

Through a nation-wide
wire system provides

large and experienced

Volunteer Natural Gas

Pipe Line Company

Company

Westcoast Transmission

Company

Western Natural Gas

Northwest Nitro-Chemicals, Ltd.

Corporation

Pipe Line Corp.

Company Limited

Company

and

dealer

may

costs

Why

•

coverage—and
you less.

Provides facilities for

skillful

know your

trading requirements?

Eastman Dillon, Union Securities & Co.
NEW

MEMBERS

handling of large

blocks

us

respectively

many

•

trading problem?

let

accrue

the low flow periods and has ere- used for irrigation. The power
region, principally ated uncertainty with respect to from the Grand Coulee project, as

the

on

securities.

not

YORK

STOCK

EXCHANGE

without disturb¬
15

ing existing street mar¬

YORK 5, N. Y.

BROAD STREET, NEW

kets.
PHILADELPHIA-

Address

Mr. Alfred

J. Stalker,

Department.




•

CARLISLE

Kidder, Peabody & Co.
FOUNDED

CHICAGO

•

BUFFALO

HARTFORD

Mgr., Dealer Relations

•

17 Wall Stref.t,

Chicago

LOS ANGELES

CLEVELAND
SOUTHERN

•

•

PINES

BALTIMORE

•

READING
•

•

BOSTON

EASTON

PATERSON

LAS VEGAS

1865

Correspondents in

Members New York and American Stock Exchanges

Boston

by¬

project was allocated to naviga-

tially born of other factors such
as the depression years requiring
as much additional employment
as possible, a general philosophy
western section the fishing indus- of Federal development and pubtry has been a sizable part of lie ownership of power generation
the economy in addition to the and distribution, the desire of the
cultivation of the fertile valleys people of the State of Washington
in the western part of the two to irrigate much of their arid land
states.
in Central Washington, and the

C. G. Glasscock-Tidelands Oil

to you.

might

Scandinavian origin, The differ¬
ences in philosophy in these two

•

helpful

a

decidedly accelerated phase tion and the other half to the dein the development of hydroelec- velopment of power. The latter
trie energy was reached subse- was to be amortized eventually
quent to 1930. This was not en- by the sale of electric energy. This
tirely a result of a desire or need allocation accounts, to some exfor electric energy, but was par- tent, for the very low rate for

Food Fair

be

as

Minne¬

and

KIDDER, PEABODY & CO....

Trading Departments

a

a

Delhi-Taylor Oil Corporation

Our

electric energy

the

from

sota, and predominantly by those
who were interested in
logging
and lumbering and largely of

♦An address by
National

of

ment

of Puget Sound, the migra¬

area
tion

or

Mr. Phillips before the
Security
Traders
Association

as

product. Having no yardstick with
Which to determine the benefits

serving the region.

With this background we find
that the populations of both states
have grown for the most part until
recent years with a basic agrarian
economy. In eastern Washington
and Oregon the activity has been
mostly farming of various sorts;
timber has been a primary basic
resource in both states; and in the

JohnthLTRivSbtheriDesJhutes m'Sit'was'the smaU Yearns
Hood

than

and shows steam generation and storage needs.

Hydroelectric After 1930

_

This area, composed of Monmajor physi- tana, Idaho, Oregon and Washingcal characteristic
the Columbia ton, became the subject of bitter
River and its tributaries. This recontroversy between Great Britmarkable river system consists of ain
and the United States and
the main stem of the Columbia by a very close decision war with
River arising in Canada, flowing Great Britain was averted and the
around the northerly end of the present
international
boundary
Selkirk Range in Alberta, Canada, was determined.
Into this region
down through British Columbia, came Lewis and Clark with their
entirely across the State of Wash- historically famous expedition
ington and for the last 200 or 300 from 1803 to 1806 in an effort to
miles
of its course forming the find suitable access to the region
boundary
between
Oregon and for
settlement
purposes.
They
Washington. Into this vast river could have made an easier joursystem drains such tributaries as ney to the West if they had left
the Kootenai River, also arising the
Missouri River at a lower
in Alberta, Canada, crossing the point and moved into the upper
American border, again returning reaches of the Snake River. Howto Canada before it joins the Co- ever, they did reach the Columbia
lumbia River; the Spokane River, through
a
very difficult route
a
relatively short stream arising from the headwaters of the Misin
the
lake
region of northern souri through the difficult mounIdaho; the Snake River arising tains
of central Idaho, finally
in
Wyoming,
crossing southern coming
down
the
Clearwater
Idaho, roaring through Hells Can- River and the Columbia River to
yon, picking up the waters of its
its mouth. Thereafter settlement
major
tributaries,
the
Imnaha, followed but for the most part
Salmon
and
Clearwater
Rivers going to the Willamette Valley
before
it joins the Columbia in in Oregon which was settled prethe State of Washington. In Ore- idominantly by conservative New

from the

more

Dam

project, using as its
constitutional authority, the im¬
provement of navigation in the
Columbia River and the develop¬

which

in the Pacific Northwest is

River,

will

Bonneville

the

"make-work"

time with hydro¬

some

Development

Methow, Wenatchee, Yakima, social progress and political pref- could be built within the economic to power and navigation, approxiKlickitat,
Salmon,
Lewis
and erences between the two states.
possibilities of 11 the companies mately one-half of the cost of the

Cowlitz Rivers.

....

Characteristics

centered around

are

Doubts atomic

electric energy in

cause

'

Physical

capital needs

double by 1965.

divergent

water

of

prerequisite to financing. Expects shortages to develop by 1960 and rise there¬

after unless
Clarence D.

with

The

Federal

1932, after many years of
study, the Congress of the United
States authorized the construction

as

social and po¬

power

in the

In

transmission, cooperative public-private interconnected pool extending to

Utah, Montana and Idaho, and complexities in arriving at purchase agreements,

Others

views

serious damage en¬

such as was caused
Vanport flood of 1948.

sues,

Mr. Phillips describes, except for Washington, preference for pri¬

financing.

ex-

beyond

litical

At times very

market for various

money

where

inclined

under the strain of rapid economic development,

and send licensees continuously in the

other

the

particularly in the lower
people have been
to
encroach
upon
the
stream bed as much as possible.
river

require, according to West Coast Attorney, $300,000,000 annually for the

next ten years

and

control

man.

area

On

are

some

the

hungry

uncertainty

extent

tions,

development needs, shortages and future projects, to satisfy the Pacific

Northwest power

by

years

reason

some

irrigation.

hand, the maximum flows at times
have created serious flood condi¬

been

Power

to
to

as

compounded
within the last
few

p and

By CLARENCE D. PHILLIPS*

Phillips, Coughlin, Buell & Phillips, Portland, Oregon

impact of growing pains for sev¬
eral decades. These
growing pains

New York 5, N. Y.

Philadelphia

San Francisco

chicago
norfolk

st

louis

new

haven

san

francisco

pittsburgh

dallas
toronto

houston

richmond

ithaca

shamokin

•

-

Thursday, November 15, 1956

THE COMMERCIAL and FINANCIAL CHRONICLE

10

SEC and Securities Industry
By EARL F. HASTINGS

Member, Securities and Exchange Commission

Commissioner Hastings,
securities

Nominating Committee

industry in the Commission's efforts to protect investing public from

those elements in the business whose

operations

of the entire financial community.

terests

NSTA

speaking extemporaneously, appeals for support of

eliminating

are

the best in¬

contrary to

For 1957

Says Commission is interested in

of its existing rules and regulations applicable to dealers

some

in securities.

rules

and

regulations for

ad¬ ceived from

The principal purpose of my

Associations,

dressing

here is to ask you,

you

who are in that complex industry,
of
to help us in the Commission to
getting a feeling of the carry out our obligations to the
the purpose

bottom

investing public.

the

problems,

that

problems

with

curities indus¬

those

and

try

other

in

the

of

that

F.

Hastings

The

fully
healthy financial

a

of

nance

that

fore,

attempting

high

level

and

is

commu¬

in

doing

been

recently

deeply

over

the boiler
has

and

just

concerned

room ac¬

here

you

firms do have

a

get

can

the

in

are

of your

many

great deal of con¬

public and

tact with the investing

With

across.

our message

eration. We feel that those opera¬

there¬

tions

a

detrimental to the pub¬

are

real¬

a

So again, I

simply ask for

your

cooperation and urge you to make

recommendations

your

whether
various

destroy the public confidence.

you

individually

or

to

us,

through

associations, and to

assure

that the Securities and Ex¬

change Commission is extremely

all of you and other associations,

interested

recognize that securities transac¬

to cooperate with the Commission

attitude, your comments, and that

in

they will be given

tions

of

all

kinds

into

get

very

complex situations, and it is im¬
possible to write

a

simplified

publicizing

*

Transcript
of
Mr. Hastings

deal

They

talk
Annual
Convention
of
the
National
Security
Traders Association, Palm Springs, Calif.,
Oct. 25,

the

your

clientele the fact that they

extemporaneous

at

among

own

should

eration

in your

the

in

with

should

unknown

look

people. plification

with

and,

great elimination of

a

position,

consid¬

every

if

some

possible,

the

of these exist¬

23rd

deal of doubt upon the

tations

1956.

which

represen¬

ing

rules

regulations

and

I

made

are

John F.

Donald E. Summerell

McLaughlin

William S.

Thompson

your

clarification, sim¬

ver¬
not

by

Garnett 0. Lee, Jr.

simple sort of

would behoove all of us, I believe,

restrictions.

and

Bernard F. Kennedy

way.

lic, and, therefore, will eventually
It

be resolved in

can

istic and relatively

We

regulations

Landon A. Freear

situation, but the myriad of other

the industry exorbitant rules,

upon

Lex Jolley

help I am sure not only that

your

its

accelerated

activities to stem this type of op¬

impose

to

public directly. Although I

problems that come up from time

tivities

confidence

not

so

hardly get that across

can

recognize

and

maintain

to

public

of

a

to time

has

aware

are,

to

The Commission, as you know,

depends upon

We

confidence.

distance

stake in the business.

a

great deal of the nation's

a

welfare and growth

that

from all of those groups who have

are

SEC

confidence,

public

We
to the

lines

the mainte¬

nity is necessary to

if we

approach

have the ideas and the comments

same

industry
facing.
Earl

realistic

a

some

achieve Trading Division,

may

ing the public interest and do so

in the se¬

you

We

primary objective of protect¬

our

down-to-earth

the telephone and

local office of the SEC.

etc. This is for

rock

or over

report telephone conversations re¬

face.

in the industry, Bar

verbally

all that they should, in all instances,

such a complex problem as we

tour of the Western

states and listening and talking to
many groups

of

sion

During the past month I have
been making a

in

the

Lex

Jolley,

The

Robinson-Humphrey

Company,

Inc.,

Atlanta,

Chairman.
Landon A.

Freear, William N. Edwards & Co., Ft. Worth, Texas.

Bernard F. Kennedy, Bosworth,

Garnett O.

Sullivan & Company, Inc., Denver.

Lee, Jr., Scott, Horner & Mason, Inc., Richmond, Va.

John F. McLaughlin, McLaughlin, Cryan & Co., New York.

them business.

to

Donald

E.

Summerell, Wagenseller & Durst, Inc., Los Angeles,

Calif.

William S. Thompson, Carr & Thompson, Inc., Boston.

Carl M.

Loeb, Rhoades & Co.

Members J^lew
42 WALL

Tor\ Stoc\ Exchange and other leading Exchanges

STREET

NEW YORK

PRIVATE

Providing

immediate

to

access

WIRE

Primary

Correspondents and their connections in
HOTEL

ST.

REGIS, NEW YORK CITY

AUBURN

ELMIRA

GENEVA

SYSTEM

Markets

90 Cities
MEMPHIS,

NEW

HORNELL

YORK

ITHACA

5, N. Y.

through

Branch

Offices,

throughout the United States

TENN.

LONDON,

ENGLAND

STATE

MIDDLETOWN

SYRACUSE

UTICA

Co.

Blair

WATERTOWN

■

IN

C O R RE S P O N D E N T S
Anderson

Betts,

&

Strudwick

*

Co

J. C. Bradford &

Chaplin
E.

W.

Richmond, Charlottesville

Borland & Co.

Boettcher

&

Clark

&

<$>

Co.-l¥fasflviMe'
[Memphis,

Hardy & Co.

Chicago
Charleston, Parkersburg

Johnston, Lemon & Co._

[^exam^r/a"'

Clarksville,

JaACJfso?
Atlanta

Loewi & Co., Inc.

Janesville, LaCrosse, Madison,
London, Racine, Wausau,
West Bend, Wisconsin Rapids

New

Pittsburgh
W. L. Lyons

__.

[W illimantic,

Norwich

Prescott
Russ &
e-7—~o

;

Chattanooga

FOREIGN
Creenshields & Co
T. A. Richardson

Paulo A. Bromberg




Co.

<j>

Sutro

&

&

CB

Wf

-dSfaSSS,

Company...
r_
Co

SclZZ

Bank and Insurance Stock

Department

<$>'

Toronto, Canada

1

Sao Paulo, Brazil

<$>

44 Wall

Street, New York 5, N. Y.

Telephone DIgby 4-4000

Teletype NY 1-1109

San Antonio, Ft. Worth

[San Francisco, Los Angeles.

jSa/j

Jose

BeVgrly HiUs

CORRESPONDENTS

Montreal, Canada
&

Equipment Trust Certificates

•

Baltimore

Piper, Jaffray i

Springfield, Houston,
Little Rock, Belleville,
| Ft. Smith, Jacksonville.
[Keokuk, Quincy

Co.

and Railroad Securities

Waterbury•,

(St. Louis, Clayton,
&

Underwriters and Distributors of Municipal, Utility, Industrial

& Co.—Louisville, Danville, Lexington

Mead, Miller & Co.

Elder

^

Beaver Dam, Green Bay,

{Philadelphia, Lancaster,
[York, Germantown

Cooley & Co

since 1890

Milwaukee, Applet on,

;

Co

Farwell, Chapman & Co.
Waller C.

Chicago

{gST'j££K? SS

Co.

CORPORA.TED

Business continuous

Julio C. & Diego Roldos
Mercantil De Inversiones S. A.

Yamaichi Securities Co., Ltd.

Private Wires to

our own

H. O. PEET &
Montevideo, Uruguay

Caracas, Venezuela
Tokyo, Japan

CO.,

Branches and to

Kansas City

and

DOHERTY ROADHOUSE &

CO., Toronto

Convention Number4

n

THE COMMERCIAL and FINANCIAL CHRONICLE

The Over-the-Counter Market
The
is

Over-the-Counter
vast

a

market

Market

place.

If

have

of

only

Thirty-seven

busy

one

Market

trading center

provides Colonel Troster with

the facilities which make up

that
the
offices, the equip¬
ment,
the corpmunications, the
people, the activities, the proce¬
dures
all these make
up
that
cbmplex apparatus known as the

armful of information to relate from

an

market:

where millions
of
s

dollars

the first hunting of

in

ecurities

change

to its

hands
day —

every

then-'I

ferent

size
and
you
will
then begin to
comprehend

Over-the-Counter

tered

will have

representatives.

Market

localized

to the
trade of the country.
.

in

Name

How

object to it

Originated

way

a

retail

store

negative in character. It was

was

the

called

Dealers

"Is^there

Securities
We decided

UNLISTED

Association.

a long counter or table
that we did not want to be UN
place where you gather to
anything, so we looked for a posi¬
buy
and sell Over-the-Counter
tive name.
I do not remember
securities?" In almost those exact
whether that was before or after
words
a
United States
Senator
the slogan "Every day in every
asked
me
that question
during
way I'm getting better and bet¬
the hearings on the various secu¬
ter"—but anyway we went look¬
rities acts in the middle nineteen
ing for a better name. The late
thirties. The answer is, of course,
Frederick H. Hatch, a Governor
There
is
no
such counter. of the
no.
Association, remarked at
some

Most of the Over-the-Counter se¬

over

business

the

salesmen

by

or

is

telephone,

teletype

making ; calls

in

person.

what

Now,
called

about

technic

12,

address

Institute,

Troy,

1956.

meeting that back in the good

&

Hatch transacted most of their

Calibre

and

stocks

the

over

counter.

''Over-the-Counter"

being cumbersome.

Among the

acceptable name has been pro¬
posed and public acceptance of it
is practically universal.
There
handle
this

two

are

the

country

listed

markets

securities

the

—

market

and

which

business

of

Exchange

or

the

flow of bids and offers.
stant flow

because

the

Over-the-

Counter Market creates through
and
underwritings
develops
through merchandising, issues
The

may eventually be listed.
Exchange Market has as its

main feature

floor

where

execute

centralized trading

a

brokers

customers

meet

orders

and

trans¬

mitted to them by other brokers.
As a general rule, the stocks

traded

on

the

Stock

Exchange

act

Hudson's
and

the Over-the-

regards

as

com¬

to say

Market, it is quite correct
that it handles all the secu¬

betical
offers

This

is

purposes,
number

of

limited
only
publicly held

by

so

on

the

ent

the

corpora¬

compilation

is

of

Each

day

this

stocks

"Over-the-

PUBLIC

quoted.

are

Continued

It

on

UTILITIES

INDUSTRIALS

RAILROADS

TRADING FACILITIES
AND

INSURANCE

since 1886

BONDS

•

STOCKS

PREFERRED

•

COMMON

STOCKS

W. E. HUTTON & CO.
Members New York Stock
and other

Blyth L. Co.. Inc.

Exchange

leading exchanges

CINCINNATI

NEW YORK

NEW YORK

BOSTON

Baltimore

Philadelphia

Burlington, Vt.

Columbus, O.

Boston

Easton, Pa.

Dayton, O.

•

•

SAN FRANCISCO

PHILADELPHIA

•

•

CHICAGO

PITTSBURGH

Biddeford, Me.


* •'
http://fraser.stlouisfed.org/
'
famu.-L..
Federal Reserve Bank of St. Louis
"

Portland, Me,

;

•

•

SEATTLE

LOUISVILLE

•

PORTLAND

•

SACRAMENTO

MINNEAPOLIS

♦

•*.

.

SPOKANE i'

.

r»-

&W
"•{' kt\
PASADENAV^^ SAN DIEGOr>^
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OAKLAND
SAN JOSE

••

.

EUREKAFRESNO

£'$
1 VT
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CLEVELAND

INDIANAPOLIS
DETROIT

*

Lexington,

•

Lewiston,Me.

Hartford, Conn.

'

LOS ANGELES

•

_

'

..

.

i

is

page

WITH COMPLETE

BANK

service

Over the period

PRIMARY MARKETS

distributing

and
secu¬

of

a

approximately 20,000 differ¬

and

UNDERWRITERS, BROKERS and DEALERS

alpha¬

bids

that

CORPORATE and MUNICIPAL SECURITIES

ad

trade

a

an

Over-the-Counter

stocks.

year,
ent

phrase

subscribers

which

"negative" word "Un¬
listed" was dropped for the "posi¬
New York, Oct.
tive"
Over-the-Counter.
Many
soon

Revlon,

almost

quotes approximately 5,000 differ¬

tions in existence!
Even

to

on

rities.

Exchanges. Thus it is quite evident

necessarily

stockholders.

Company;

and

publication

that the field is to all intents and

the

Bay

on

tributes
Now

Counter

porations.

are

so

listing a security
infinitum!
These securities and
on an Exchange does not of itself
hundreds of others present invest¬
guarantee a good active market
ment
and/or speculative oppor¬
in the security. Evidence of this
tunities for discerning investors.
fact is contained in the list pub¬
Probably most people have lit¬
lished
every
day in the "Wall
tle idea of the scope of the OverStreet Journal's" column, "Closing
the-Counter Market. Here is some
bid and asked prices of stocks not
help. Each day the National Quo¬
traded."
In
this
column
is
an
tation Bureau, a privately owned
average of about
400 stocks in
service to securities dealers, dis¬
which there were no trades.

rities business not handled by the

They

well

Anheuser-

Magazine; Weyerhaeuser Timber;
Fargo;
Brinks
Armored
O'Sullivan Rubber Heels;

of

represent ownership in America's
larger and more widely held cor¬

right

clicked

the

as

Cars;

Good Market

However, it must be recognized
that

names

Over-thesuch

Wells

Listing Not Synonymous With

not handled by one is handled
by
the other.
And they are supple¬

which

a

panies whose stocks enjoy peri¬
odic speculative attractiveness.

These two markets are comple¬
mentary because all the business

the
are

Busch; Dictaphone; Dun & Bradstreet; Grinnell Sprinklers; M. A.
Hanna; Long Bell Lumber; Marlin
Rockwell; Plymouth Cordage;
Oshkosh B'Gosh Overalls; Time

con¬

Over-thea

that come to
professional stock

of

Markets

known

large capitalization or from com¬

Counter Market.

mentary

This

suc¬

only from

come

can

a

Traded

names
a

thinks

Counter

cessful auction requires a constant

auction market and

an

when

trader

because the Exchange market

so,

is

phrase

bonds
The

as

Securities

of

in Counter Market

But up to now, no better or more

panies, more or less nationally
known, with the large capital
structures, and the long lists of

securities business by having cus¬
tomers walk into their offices and

this market buying

Over-the-Counter?

by Colonel Troster before
the Industrial Council of Rensselaer Poly¬
♦An

one

either old days before telephones came
along, his father's firm of Fisk

done

the

the Exchanges.

on

dealers in securities

among

United

the

and other issues not traded

source

mind

possibly just as im¬
Where did the term Over-theportant in the things it does at
Counter—as it applies to security
the
grass
roots level for small
transactions—originate? It was in
business and the small investor as
1928.
A group
of us who had
it is for the huge publicly owned
been instrumental in forming the
corporations and the multitude of
first association designed to pro¬
municipal and governmental agen¬
mote just and equitable princi¬
cies
which
it also serves.
For,
ples of trading among dealers in
although much of the Over-thesecurities not traded on the Ex¬
Counter activity
is centered in
change—came up with the idea
the big cities, a goodly share is
that the name of our association

curities

han¬

Cites advantages to buyers and sellers and describes

and finance is

comparable

are

securities

Over-the-Counter
been

agency's bonds, notes and bills;
state, municipal and public author¬
ity bonds; guaranteed railroad and
equipment issues;
bank and in¬
surance stocks;
and those indus¬
trial, public utility, natural re¬

50,000 regis¬

over

the

the

have

States Government and its various

traded in the Over-the-Counter Market.

tion it makes to business, industry

and

Traditionally,

5,000 dif¬

and

years,

firms with 2,6001 branch offices and

stringent self-policing, code of conduct, maintained

For the
should
not be measured by volume alone.
As a matter of fact, the contribu¬
picture.

Over-the-Counter

diffused

on

Calls attention to fact that Over-the-Counter stocks

uninterrupted dividend paying records exceeding 170

dled by over 4,000

Even then you

imperfect

made daily

are

trdded' in

Oliver J. Troster

physical
activity repre¬

an

Over-the-Counter Market.

In describing the growth and service

economy.

small local enterprises, with share values from $65,000 to

"cats and dogs."

penny

have

the

Market.

the U. S.

stocks, ranging from the biggest, oldest, most conservative companies

in the country to

existing

the

—

Market

large the focus
on that image
many times its

by

the inception of this vast market,

name, at

provided, the author points out that quotations

that you en¬

sented

meaningful

present development and equally important functions it provides, with

the Exchanges, in

ask

a

of

term

a

traded in that market but also all

of active participation in the Over-the-Counter Securities

years

is

connotations. It means not
the
securities which are

many

Partner, Troster, Singer & Co., New York City

a
concept of a Stock Ex¬
change in mind—a mental picture

Market"

Counter

By COLONEL OLIVER J. TROSTER*

you

'

va-

85

12

THE

Thursday, November 15, 1956

COMMERCIAL and FINANCIAL CHRONICLE

Role of the Investment Banker
of

Nine years ago
Justice
sued

17

years

Vice-President, Blyth & Co., Inc., New York City

Blyth official reviews investment banking functions,

this
month, Judge

and

Harold

and increased

Medina

a

decision

which
these

not

but

securities laws.

billion

such
spiracy,

also

scribed

operations

of raising capital,

(1) amazing growth of non-banking financial institutions,

competition in private placements which, in 1955, took

in

New

1955,

half

underwriting of corporate security issues exceeded $6

according to Mr. Glassmeyer, who expects they will be

statement

remain

must

file

on

prior to offering. During this time,
security prices may change sub¬

stantially

and

miss

its

tion

under

company

a

Since

market.
the

may

registra¬
required

is

Act

the

the

f

important, though com¬
pletely unintentional effect upon
our
business.
Registration of se¬
curities is expensive, what with
legal and printing expenses, but
more
important, it requires an
over-all minimum of 60 days to
prepare documents and another 20
days during which the registration

only for security issues offered to
public but not required for
the placement of issues directly
with
insurance
companies
and

higher in 1956.

de-

o

up

(2) changed channeling of private savings; (3) extent of

firms

from any
con

ways

regulation in the industry; and (4) the still pressing need for uniform state

absolved

only

points out:

of the bond issues;

down

an¬

other

ago

handed

The Securities Act has had

EDWARD GLASSMEYER *

investment

banking firms for conspiring to
monopolize the investment banking business.
»
Three

By

the Department

accounts tion on the prime function of pro¬ profound changes in our method
other institutions, the latter form
paid off viding capital for industry, and of doing business.
of financing, called private place¬
ment banker
Our daily operations are super¬
our discussion will be confined to
through sales during the year.
ments, has become increasingly
in
a
highly
readable style.
I
financing
as
distin¬ vised by the Securities & Ex¬ attractive to
The investment banker,-on the corporate
companies that wish
commend
it
to you for
your
Commission
under
a
other hand, provides permanent guished from municipal financing. change
to issue bonds. Private placements
reading.
investment banking firms myriad of statutes and regulations save the issuer time and the ex¬
dollars in the form of common Most
In his opinion, Judge Medina
enacted by Congress between 1933
stock
and
preferred stock, and condV^jKrnunicipal business but
pense
of registration
with the
wrote:
"Adequate financing for
long term dollars in the form of municipal transactions are exempt and 1940.
SEC. In 1955, approximately half
the needs of industry is the life
from
Prior
to
1933
the
so-called
governmental regulation,
mortgage bonds and debentures
of
all
bond
issues
were
sold
blood without which many, if not
for use generally in the construc¬ and the methods of underwriting prospectus, the document used to
through
the private
placement
most, of the parts of the great tion of additional
and distribution are substantially sell the securities, consisted usu¬
plants, the in¬
method without being offered to
machine of business, would cease
stallation of new productive fa¬ different. You will hear all about ally J of
a
single-fold brochure the public.
to function in a healthy normal
cilities and for additional working the municipal business shortly.
signed by the company's Presi¬
The Public Utility Holding Act
fashion."
To get a feel of our industry it dent, setting forth the more op¬
capital to carry on a projected
of 1935 was passed which required
What Judge Medina is saving is
might be helpful to go back 25 timistic aspects of the company's
permanent increase in sales.
competitive bidding for all utility
simply that it takes capital to
years, see what we were like then, business, together with the skim¬
security issues under its jurisdic¬
make industry grow. Let me say
Investment Banking Functions
and cover briefly the significant piest of balance sheets and income
tion, affecting 85% of all utility
that
the
word capital has
the
Primarily to correct issues.
changes that affected our methods statements.
It is the investment banker who
identical meaning
as money
or
of doing business since that time. this lack of responsible informa¬
furnishes capital to industry by
In 1942 the Interstate Commerce
dollars—they are all the same.
tion available to the investor, the
Commission ruled for compulsory
purchasing with his own dollars
Steadily Increasing Regulation
Securities Act of 1933 was enacted
the bonds, preferred stocks and
Raising Capital
competitive bidding on all rail¬
The Banking Act of 1933 sepa¬ by Congress.
This act required road bond issues.
common
stocks from the issuing
There are two ways for a com¬
rated
commercial banking from specific descriptive information to
companies and distributing these
pany to raise capital.
One way is
investment banking by prohibit¬ be included in the prospectus.
I
Savings Character Greatly
securities by tapping the accumu¬
through internal sources—that is,
trust
each
of
Changed
you
will glance
lated savings of the country ing national banks, such as the
amounts
generated from within
Chase National Bank the The Na¬ through the Ford Motor Company
In the
last 25
years
notable
the company:
retained earnings through sale of all classes of in¬ tional City Bank from engaging
prospectus, which will be fur¬ changes were brought about in the
in excess of dividends paid and vestors—banks, insurance compa¬
in the underwriting and distribut¬ nished you, and you can see that
depreciation
charges
which
in nies, trust funds, estates, corpora¬ ing of securities—and, conversely, it carries a full description of the savings habits of the private in¬
vestor. After the first World War
tions, pension funds and ordinary
effect generate cash.
and
property
of
the he was educated through Liberty
individuals.
This is the original prohibiting investment banking business
The other way to raise capi¬
firms from accepting deposits. Up company in addition to a complete
Loan Drives to save and invest,
function of investment banking.
tal is through external sources—
to
that
time,
the
commercial set of financial statements.
and in the 1920's he was the back¬
More recently a second function
loans from commercial banks or
banks had dominated the invest¬
bone of the capital markets, buy¬
has developed in importance—the
Private Placement Encouraged
insurance companies, and the pro¬
ment banking industry and this
ing bonds and preferred and com¬
transfer of ownership of existing
ceeds from the sale to investment
act was designed to eliminate the
The Securities Act imposed sub¬ mon stocks from investment
wealth—the purchase by invest¬
bankers
of
securities
such
as
abuses
arising
from
the
dual stantial civil liabilities upon un¬ bankers to finance the great in¬
ment bankers of already outstand¬
bonds or preferred stock or com¬
function
of
investment banking derwriters if statements made in dustrial
growth of that era. Un¬
ing securities and their distribu¬ and commercial
mon stock.
banking. This had the prospectus were untrue or fortunately, many of the securities
tion in turn to the public. These
the immediate effect of diminish¬ misleading.
There is a distinction between
The burden thus issued at that time were unsound
are
known as secondary transac¬
commercial banking dollars and
ing the supply of capital available rested squarely on the investment and depreciated substantially in
tions. The distribution early this
for investment banking. However,
investment banking dollars.
banking firm to perform "due value
The
during the early
1930's,
year of 10,200,000
shares of the in the
commercial banker lends his dol¬
past 20 years this supply diligence" to satisfy himself that resulting in considerable loss of
common
stock
of
Ford
Motor
has gradually risen to its present the properties were actually there faith in the investment banker.
lars for a short term, usually to
Company
held
by
the
Ford
and in good operating condition,
be repaid within one year, to per¬
figure of over $900,000,000.
Since then, the savings of mil¬
Foundation is an example of this
mit the company to carry larger
Perhaps the most significant to discuss the business of the com¬ lions of individual investors have
type of transaction and we will
trend during this period has been pany with various officers and to been placed in increasing amounts
discuss
this
particular
♦An
address
offering
by Mr. Glassmeyer be¬
in the hands of institutions such
fore the Industrial Council of Rensselaer
more fully later.
the steadily increasing regulation assist in the
preoaration of the
as
life insurance companies, sav¬
Polytechnic Institute, Troy, N. Y., Oct;
Today, we will focus our atten¬ of our industry which has caused form of prospectus.
12, 1956.
ings and loan associations, mutual
savings banks, trust funds and
pension funds. These institutions
have
consequently shown an
amazing growth over the past 25
years.
Over this period the pri¬

the invest¬

inventories

Edward

Glassmeyer

receivable

or

larger

which will

be

,

.

WIDE




RETAIL

DISTRIBUTION

ceased

investor has

vate

buyer

for

stocks

of

to

be

a

preferred

and

bonds

iq^estment

al¬

grade

though he still comprises an ex¬

tremely large and receptive mar¬
ket for common stock issues.

since

Thus,
the

of

the status

1932

banker

investment

has

changed profoundly.

He is highly
regulated, he can no longer ac¬
cept deposits, he is in sharp com¬
petition with the private place¬
ment

have

method
become

and

his

customers

institutionalized.

How does the investment banker

operate?
Investment Banking Methods

investment

No

banking

firm

employs the same method at all
times. Every transaction is tailormade

as

ever

the

no

banker

financial problems are

same.

The

recommends

program

after

a

future

ent

and

the

investment
a

financing

study of the pres¬
requirements of

company.

What will do for
utility
company
will
not
necessarily do for another. What
may
be sound financing for a
pharmaceutical company may be
unwise for a steel producer.

one

During the past

Continued

my firm
offerings for

year

has managed security

on

page

22

Convention Number

13

THE COMMERCIAL and FINANCIAL CHRONICLE

New Horizons in Chemical
When

Air

describe

to

Force's

old

ceiling
visibility

creased suit of

it

with

—

CAVU

Executive

the

W.

r

—

ana

limited.

term

In-

Grace

R.

&

Co.,

about

products to

that

like Icarus,

may

soar

high

that

the

end

so

the

wings

my

on

nowadays
chemical

the

G.

M.

in¬

Geiger

sound examination
what I believe to be the indus¬
you

a

try's future.
subject matter is at once
advantage and a disadvantage.
It's an advantage because any in¬
My

h i gh

the

enjoys

that

dustry

growth rate of the chemical in¬
dustry presents an abundance of
evidence about its future. It's a

disadvantage because the industry
in the past 25 years has produced
so
many
"miracles" that people
may have become generally blase
about it—much as they would if
Don Larsen pitched a perfect nohit game every time he took his
turn

on

industry is

complex as

so

defy precise description; but it
be
characterized
by
three

words: basic,

is

basic

ubiquitous, dynamic.
it supplies

because

products to every other industry
There

States.

United

in

the

72

industrial classifications in the

Department

of

are

statis¬

Commerce

tical tables. The chemical industry

every]other classification. It is

ubiquitous because, at some stage
of

production, chemistry is em¬
ployed in the manufacture of al¬
most every end product whether
it be destined for industry or the
home. And it is dynamic because
♦An

address

Business
New

by

Executives

School

managerial scientists who

for

Mr.

Geiger

Round

Social

Table

before
at

the

plastic,

are
•

with

lawns

chemical

a

will

children

Heave

para¬

the

are

vapor,

know

never

development of those

thoughts

imaginations.

tdVyour

^Perhaps, like mine,
ories reach back

to

your

the

very long ago, when
dreamers amused their

with

incredulous

mem¬

days, not

fanciful

so

coordinate efforts of specialists.

can

fellows

accounts of

un¬

it

generating

constantly

is

new

products, and it is constantly gen¬
erating whole new industries. Did

know that some 50,000 new
compounds are prepared and
studied by chemists every year?
Naturally, most of them are use¬
less, but many become the raw
material of
new
products; they
create new markets; they are the
cornerstones of whole new indus-

polyethylene plas¬
tics, for example. Ten years ago
they were unknown to the con¬
suming
public.
Now
we
have
squeezable bottles, noiseless gar¬
bage cans, improved piping and
tries.

at

Look

electrical

radio

insulation,

and

hous¬

many

Thousands of

our

fellow

are

men

this new and ex¬
panding
field
of
polyethylene
plastics. And it is only one ex¬
ample of many which might be
employed

in

cited.
Of

The rest of industry,

tained

ahead

can

we

we

is

a

con¬

of the past and
project ourselves

product

tinuing
before

future

the

must examine what has

already been achieved.
Faster

Future

United

The

Growth

will

substan¬

increase

times
The

basic

of

source

these

all

healthy statistics is, of course, the
laboratory. As the Armour Re¬
Foundation

search

"Half of the nation's
be

can

search

ular

Rate

States chemical in¬

traced

points
out,
employment

directly to the re¬
Teams of sci¬

laboratory.

entists

and
engineers are today
creating tomorrow's jobs, tomorrow's industrial profits
and to-

morrow's comforts."

about

chemical

industry

million

350

research.

As

dollars

spends
a

year

result, we not
only have a host of new products
on
the market * every year,
but
also

we

drugs

are

and

a

blessed

with

like

medicines

that

winning

performances

athlete,

often

of

tend

a

to

make things look easy. In the eyes

(

down to business and

some

of

which

in

areas

the

the

our

the lives of

economy and

children.

for

Since

about

1952,

800,000

average

grown

rate of about 10%

First,

it

will

prqbably
io the

small 4 satisfaction

reasonably expect. Yet he has
the satisfaction of seeing this bur¬
geoning industry growing in direct proportion to his success, for

be of
politi¬

•

cians wrestling with the problem
but we in the chemical industry
.

confess that we are, jn great

dollar

measure, responsible for the farm

spent on research is later followed
by $10 in capital invested for the

surplus problem.
Our radically
improved fertilizers have made it
possible to raise more crops on

it

estimated

is

manufacture

that

of

each

im-

and

new

the

Proved products
of
1 m remmded
which

one

in

"Where

nurse

the cartoon
addresses

maternity

a

will

it

end?"

ever

for

she

•'

Smith

in

-

1975

in

house.
a

In

liquid

all-plastic

an

the

on

fireproof

morning he

acreage.

protected

crops and made is possible
to
reach
temporarily
markets;
Many new and

them

ready for market. They will make
it possible to increase production

Maybe in 1975, Joe Smith will
live

less,

have

imProved agricultural chemicals
now.,, either in the advanced
laboratory stage or practically

equally uncertain.
Joe

even

glutted

chemical industry and the answer

is

or

insecticides

those

an-

wafd.

^sk ^hat question about the

sayS

same,

Out-

in

sprays

his face, wipes it off

still

farther.

Fortunately

we

at

to keep our eyes so closely glued

to

the

ballot

boxes

as

do

politicians.

afford

the

is

luxury of looking at the long

run.

followed

by

a

carbonated

shower, and then he dresses in

We

can

Continued

a

on

page

BANK & INSURANCE STOCKS

OVER-THE-COUNTER

SECURITIES

Specialists in

CHRISTIANA SECURITIES CO.
Preferred

Common

DEALERS

Inquiries invited in all Unlisted Issues
Industrial, Public Utility-

Trading Department, LOUIS A. GIBBS, Manager
Railroad

and

Municipal

Securities

LAIRD, BISSELL & MEEDS
MEMBERS: NEW YORK

AMERICAN

120

Members New York Stock

SCHIRMER, ATHERTON & CO.
50

ALBANY

ALTOONA

HARRISBURG

INDIANAPOLIS
PITTSBURGH

PHILADELPHIA

TRENTON

BEVERLY HILLS

TUCSON




BOSTON

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WASHINGTON, D.C.

Congress St., Boston, Mass.

CONNECTIONS

TO

WOODCOCK, HESS & CO., INC.
123 S. Broad

SCHIRMER, ATHERTON & CO.
49 Pearl St., Hartford, Conn.

St., Philadelphia, Pa.

CHICAGO

LOS ANGELES

READING

Bell Teletype NY 1-1248-49

DIRECT WIRE

5, N. Y.

EXCHANGE

BROADWAY, NEW YORK 5, N. Y.

Exchange

15 BROAD STREET, NEW YORK

STOCK EXCHANGE
STOCK

Telephone BArclay 7-3500

Hemphill, Noyes C&, Co.

SYRACUSE

YORK

WHITE

L0CKW00D, PECK & CO.
Keyser Bldg., Baltimore, Md.
DU PONT BUILDING

WILMINGTON, DEL.

the

and the whiskers go with it. This

an

UNDERWRITERS—DISTRIBUTORS

in

the chemical industry do not have

people.

a year.

our

Chemistry Creates More Food

production of indus¬

chemicals has

trial

in¬

«

part of the country. They provide

jobs

specific

chemical

dustry is certain to revolutionize

can

are

glowing results of research,

champion

Let's get

examine

isolated instance; it is, rather, an

new

increasing the individ¬
ual's life expectancy and easing
his pains.
The

threat to life.

ample, more than 5,000 pain-re¬
lieving compounds have been de¬
veloped, each with great care and
difficulty
and
at
considerable
cost.
Only eight types of these
compounds are commercially and
medically feasible. Now this is no

other
The

—

—

history beneath the historic

moment is often obscured. For ex¬

indication of what the researcher

fast.

as

of the beholder, the less spectac¬

steadily

that is, manufacturers
of chemicals and allied products
consists today of some 12,000
plants. They are located in every
dustry

but

tially in the years ahead. Instead
of growing three times as fast as
the average for the rest of industry, we'll grow four, possibly five

on

course

through the

period, has grown at an
average rate of 3%. Our projec¬
tions and our plans for expansion
indicate that this margin of dif¬
ference will not only be; main¬

same

phonograph
records,
textiles created in test tubes, and
the end of pneumonia as a major

Research, Oct. 25,

1956.

to

from

breakable

is, for all practical purposes, the
only one which supplies products
to

accompa¬

research expenditures, and discusses the

cent increase in

housewares, all
made of this tough versatile resin.

can

It

other industry for 1956-1959,

any

fiber

whooping cough, cavities or colds.
But my
name
is Geiger, not
Orwell or Nostradamus, so I must

and future possible chemical accomplishments, and stresses need for

super

ings

the hill.

Basic, Dynamic and Ubiquitous
The

per

you

an

to

and

products and industries. Mr. Geiger reports

problem of obtaining sufficient "trained manpower." Reviews past,

present,

could
surely provide Icarus with a plas¬
tic hinge that not even the sun
could melt. Nonetheless, I'll try

give

by 16

mount

dustry

of

new

Cars
mowed

used in manufacture of almost every

are

synthetic

a

made.

—

although

to

other industry which

product, and in generating

nied

wax

every

bacon

which Mrs. Smith's winter coat is

industry deriving from strategic position in supplying

planned greater expansion than

a

melt

will

sun

the strength in the

chemical

con¬

eggs

younger,
milk is too valuable. It is used

ahead, W. R. Grace official

years

three-year-old

shells,

plastic

■';

breakfast

in
just a bit
and synthetic milk. Real

of

make

sees

I,

'■

\

Predicting that the chemical industry's faster rate of growth than the rest of

talking

is

V,-,.

'

industry should increase substantially in the

future

sists

synthetic fibers.

flavorful

Joe's

York

New

/■'

un¬

Group

Chemical

Vice-President,

aeed, the
danger
of
the

permanently

and

perfectly

By MARLIN G. GEIGER*

discussing "New Horizons

in the Chemical Industry," one is

tempted

Industry

&

CO.

Mississippi Valley Bldg., St. Louis, Mo.

M1TCHUM, JONES & TEMPLETON

650 South Spring St., Los Angeles, Calif.

44 WHITNEY AVE.

PHILADELPHIA NAT'L BANK BLDG.

10 WALDMANNSTRASSE

NEW HAVEN, CONN.

PHILADELPHIA, PA.

ZURICH, SWITZERLAND

94

i

Thursday, November 15, 1956

THE COMMERCIAL and FINANCIAL CHRONICLE

14

Outlook lor T V Receiver
Crystal ball gazing is not my
specialty but it has been my ob¬
that

servation

characterized the monochrome

costs

Offering

optimistic
been

excellent outlook for all phases of the television industry, despite

an

slackened TV receiver sales during

enough. There
has

Electric Vice-President pictures:

no

first nine months of this

sales

making 1956

recovery

growth of
electronics.
in¬

firming

dustrial infant
a n

d

n o w

of UHF market segment and

through

W. R. G. Baker

Dr.

a

quarters million Americans which
represents one person in every 40
I
1
in our total work force. And the there are many other facets of the
amazing thing is that 75% of these industry that must be examined,
jobs didn't even
exist just 10 such as industrial, educational
years ago.
and military television. And such

,

,

.

.

e

*irAA

field,
,

„

w

market starts

pensive

For many

a

terest recently that in the United
States we now have more televi-

What the

sion sets than bathtubs.

has

by Dr. W. R. G. Baker,
delivered by Arthur V. Loughran, Presi¬
dent of Institute of Radio Engineers, at
the IRE-RETMA Radio Fall Meeting at
Hotel

used

been

any

sort

as

of

in¬

an

formal measurement of the stand¬
ard of

Syracuse, Syracuse, N. Y., Oct. 16,

1956.

in

•

living of that country.

Just

why the bathtub was chosen I do

thousand
now

we

amounts
ceiver

-☆

have
to

country and

television

re¬

industry,

estimated that

a

sets,

Television

ing

of

have

set

of

sets

and

ceiver

industry

period

a

now

of

it is

will equal

or

period of

the television

re¬

going through

is

transition

"portable''

is reflected

will
provide
unprecedented

season
an

beginning

1957,

in 1960

the

ad

read¬

should be selling about

we

sets

seven

a

to

year,
seven

in contrast
and

a
of

the

technical

the

both

the

price have reached

where

reasonable
As

color

crystal ball to
transistors

Once we have un¬
chained the portable from its wall
plug we will have provided the
public with a more flexible set
power source.

that

gives them

to

will

price
we

much greater

a

:'

utility.
There
cal

still

are

some

problems to

become

sweep and

cuits.

In

transistors

voltage

the high frequency cir¬
the

picture

tube

operating from

battery

do

not

enough picture drive for full con¬

However, research and develop¬

I

that

expect

transistorized,
on

the

true

hard at work

there will be
portable sets

market within two

Boiton

•

Cleveland

the

Turning to

will probably be
the

all likeli-

broadcast

the manufacture of

equipment,

Cincinnati

Washington

•

St. Louis

•

maintained at about the
ume

in 1957.

marketing

trend

Continued

on

☆-

it may
to

Pershing

&

avail

Go.

be

to your

yourself of

our

advantage
long experience

MEMBERS
NEW

YORK

AMERICAN

CHICAGO

STOCK
STOCK

BOARD

EXCHANGE

and

&

EXCHANGE
OP

knowledge in this field

TRADE

BROKERS
m

STOCKS

<•

Spencer Trask & Co.

BONDS

Founded

25 BROAD
120
.

1868

STREET, NEW YORK 4

BROADWAY, NEW YORK 5, N. Y.

Teletype NY 1-750

WOrth 4-4300

Members New York Stock

Exchange

•

American Stock Exchange

Private Wires
Atlanta Beverly Hills Boston Buffalo Chicago Detroit Hartford Los Angeles

Pittsburgh

Providence

San Francisco




St. Louis

Wheeling

Youngstown

ALBANY

•

BOSTON

•

CHICAGO

•

GLENS FALLS

-

NASHVILLE •

ex¬

SCHENECTADY •

same

vol¬

anticipated

STOCKS

PREFERRED

is

The most significant

interested in

Pittsburgh

•

San Francisco

•

it

pected that the 1956 level will be

HAnover 2-2727

Philadelphia

•

•

you are

years.

UHF and Industrial TV

of hood there will not be the drastic

If

low

provide

trast pictures.

i

Street, New York 5

itself,
a

the

better

must impress

in the

set, particularly in
development of the horizontal

the

gained

progress,

technologi¬

overcome

transistorized

i

C. J. DEVINE & CO.

a

a

i

48 Wall

see

and

shooting for, of
transistorized true
portable set that will operate any¬
where on its own battery-supplied

acceptability.

consumer

image
the

and

have

they

continue

we

performance

public that in

spite

|

the in¬

are

we

is

course,

and

buying

In

half

the field of color television,

In

main until the replacement market
hold.

use

ment engineers are

But

take

a

million sets now.

lower.

to

In

television.

of

we

justment which will probably re-

starts

in

opportunity to sell portables. In
fact, the portable set offers the
best Christmas gift service since

ing

Right

time,

industry¬

We expect that the

with

dealers

to

sales,

same

first

true

fact

figures.

level

1955.

this

Christmas

and

three months

the

a

so-called

the

tion
sales

predicted that sales in the remain¬

exceed those in the

been

wide participation in the produc¬

slacken¬

a

for

year,

has

10 million

Sales

seen

television

This
there

Looking farther into the future,

Although the first nine months
of this year

this, 1956 will still be one of the
best years for receiver sales.

hours

pursuits.

ex¬

deeper

and

connected with

one

dustry needs

Nielson

spent watching television than

in all economic

so we can

wider angle picture tube will re¬
sult in lighter and more compact

expect that 25% of total
sales should be in portables, up to
and including the 17-inch size.

more

However,

portable receivers.

the

As for

of the, television

importance

survey

This

million.

39

one

for about every four per¬

broadcasting

are

the

in

in the United States.

sons

the

sets

expensive

Transistorized TV Portables
No

going

now

more

white.

color

What

not know but I did note with in-

the number of
The important thing is that 10
given country years ago there were only a few

years

bathtubs

address

Chicago

much

market penetration.

take hold.

to

as

"

cussing the outlook for television
♦An

be
and

fit color set production

higher industry volume in sales to

a

slow scan, ultra high sociological implications of this
the frequency, color, and scatter tech- fact are, I will not venture to
niques cannot be overlooked.
guess.

greatest aspects

the public's

interest in television concerns
entertai

as

eventually expect better, less

transition-readjustment period which will remain until replacement

and three

Although

and

years;

black

that

provides em¬
ployment for
one

up

by 1960, true transistorized portables in two

existing stations. Dr. Baker opines television receiver industry is

it

*

industrial closed circuit television growing from current $6 million to

about $24 million

Ten years ago
an

basically

times

any progress that is made in the
monochrome field will also bene-

for receiver sets; 10 million sales in 1960, compared to 7.5 million sold

now;

always

than

of the best

one

years

tory for the

was

Color

three

will

General

year,

precedent in
industrial his¬

it

future.

about

monochrome and, unless an un¬
foreseen miracle occurs, color sets
as

been

have

to
not

mediate

proved,

later years,

in

re¬

ceiver market—at least in the im¬

Vice-President, General Electric Company

industry

electronics

about " the
have

price reductions in color sets that

President, Radio-Electronics-Television Manufacturers Association

predictions

many

Industry

By DR. W. R. G. BAKER*

WORCESTER

page

in

97

15

Southern California
shall try

to present to

ber

Bond volume to emanate from Southern California in next

the Los
Angeles City
City,

ty Flood Con¬
trol

Metropol-

itan

Water

that its bonded debt ratio to assessed valuation

expected

in

the

what

supports

California

ern

since

the

and

what

the

are

econ¬

principal

adverse factors in its economy.

This

like

sounds

short.

Some

ments I shall make

they

may seem

the

of
are

California

state¬

amazing

so

to be exaggerated.

surprised

people

no

who

the

the

and

out

The New
bad

May

probably
under

big

a

Southern

World War

10 gives

These'bonds,

of

all

are

course,

general obligations and most (except Flood Control) will be sold
in

the

The

next

two

to

Department

Power of The

three

of

years,

and

Water

City of Los Angeles

also

issue

Revenue

Waterworks

some

probably

Bonds,

about

$40 to $45,000,000 annually.
Exclusive of the above
total

amount

of

units, the

authorized

but

bonds in

have been

fornia is

approximately $400 000-

you

to

yourselves.
not

a

see

a

big parade, and
football game, as

a

one

of the

annual trim¬

our

figures,

round

unissued

are

us

of

$299,-

remained

urge

P.C.C. rules

our

the

can

poor

in

or,

total

will

You

good horse race,

850,000

District

Water

Californiia

Revenue Bonds and Electric Works

holidays

come.

Southern

the

population

for

see

Year

time to

I

Metropolitan

The

and

than

it.

since

upsurge

District,

has

expected

end of

Control

war

number who

unexpected.
come

in

employed

war

and the

the

more

leaders

to leave at

and

one

live

California

surplus

since

Flood

$300 000 000.

The tremendous growth of South¬
ern

ming.

At

but

the

000.

Most

keted in
After
Los

these

of

the

Southern

next

wfll

two

the

Cali-

present

and

School

been

tional

issued

bonds

also

may

and

bonds

the

time
of

Los

Districts

have

Angeles

City
County bonds.

authorized

Los

Angeles

Angeles

(high

and

City
ele¬

What

the

Oct.

18,

uations
values

You

of

course

School

District,

Mr.

Municipal
1956.

Beebe

at

of

Forum,

meeting
New York,
a

have

been

Los

School District.

The Los Angeles

County

Control

Los

know

xvnww

Angeles

Flood
of

most

of

Los

as',, market
It is well
do

so.

One

the market prices of

like decrease in assessed valua¬
The

assessor's

rates

should

slowly than market
values. If I were to guess on the
ratio of the assessed valuation to
the actual value of property in the
County of Los Angeles I would
guess about 35%. I approve of this
low percentage for two reasons,
first, increased assessed valuations
seldom result in a reduction in the
tax rate politically the rate seems
go up more

more important than

the valuation

so if the assessed valuations increase rates remain steady or even

increase and expenditures increase. A relatively low assessed

makes; for economy,
Second, as I stated before, if valuation is kept relatively low a re-

valuation

adjustment under adverse c.ondi-

excluding

the

the
me

prinj. in

by that department
to

such

an

Angeles Citv

andTLos

Angeles City and Los

kas keen

UpSUrge

a

jn bonded

indebtedness. I suppose California
qi

™

Continued on page: 81

Angeies County each has more

District
Angeles
northern

areas.

It has

real property assessed valuation

a

theDenartmpnt

circulated

increased.

property will drop and when
they do it is desirable not tot have

siderably niore importance than

Los

and Power 5 The Citv
Angles ThfofficS state-

extent among

1

the

and

additional

sold, addi-

of Water
of Los

rapidly

as

have

real

counties and has an assessed valuation of $9,674,000,560.
The assessed valuation of the
County of Los Angeles in 1953-54
was greater than the assessed valuation of any of 39 states—only
nine states (including California)
exceeded it in assessed value. As
of Jan. 1, 1955, with 5,186,000 inhabitants (estimate, July 1, 1956,
5,515,000), only eight states (inproperty
in
the
City
of
Los eluding California) exceeded it in
Angeles for the current fiscal yea*' population. Los Angeles City in
is $3,495,980,120. The Los Angeles 1955 was exceeded in population
City School District is an ele- by only 27 states and in assessed
mentary school district, consisting valuation by only 21 states. In
of the City of Los Angeles and retail sales only seven states (insome additional territory, which eluding California) exceeded Los
gives it a higher valuation than Angeles County in 1954.

consists

ciDal"facts"about

has not advanced his val¬

of these days

a

4PJffAes Jumor C?ilege the High Ltuallv^Los
5lstri^ ^ actually Los
slightly larger than

and

Los

that he should not to

and Chicago.
in airplane and

We

be

Supports These Bonds

ments put out
of

assessor

with population rise,

voted.

will

taxable

Angeles'County
is generally supposed to be about
50% of the market value, at the
present time I am sure that the
valuation is not up to 50%/ The
in

property

'mar- the City of Los Angeles. The Los
1 make thls comparison with tions creates less dislocation in the
years.
Angeles City High School Dis- states because people generally public business.
authorized trict is still larger than the City tbjnk of a state as being of conSince the war, of course, there

presently
Angeles School District bonds

have

history of

of

valuation

assessed

that few buyers are unfamiliar
with the Los Angeles City utilities, the waterworks system and
the electric works system, and
their financial position.
All of the other bonds which I
mentioned
are
paid
from
ad
valorem taxes upon all property
or, in Case of the Flood Control
District, upon all real property,
The assessed valuation of taxable

desert and the island

mentary), the Los Angeles County
^Remarks

pace

conserva¬

are

long

a

conservative assessment While the

Shows

14%.

County

Los Angeles

have

be

Financing Potential

unsold

City

less than

rapid transportation, possible cut

County,
Bond

--

varies both in states

valuations

We

tion.

formidable

a

list but I hope to make it reason¬

ably

tive.

Construction, and water supply.

has

war

cipal favorable factors in its
omy;

assessed

these

bonds; what
the growth problems of South¬

are

Discusses weak factors of

two

next

three years;

or

of "a'plum¬

\-ct

and counties.

by manufacturing is just behind New York

and that value added

be

Becbe

growth has kept

diversified business and industry

Power

which may
lu.

is

Depart¬

ment of Water

James

taxable

more
one

any

of states.

actual value

re¬

Angeles county's as¬
valuation, conservatively assessed, is only exceeded by nine states, and

sessed

District, and

and

and

aid, which results in increased costs. Points out that Los

District,

The

years

them are presented by Mr.
Beebe, who also relates to this bond outlook the national picture of real and
terrible inflation danger, and adoption of unsound proposals, such as Federal

Dis¬

School

2-3

gional favorable and unfavorable factors affecting

tricts, Los
Angeles Coun¬

the

and

than

wealth

Calif.

The relation of assessed value to

Generally, the volume of bonds
of Los Angeles

of

population

Partner, O'Melveny & Myers, Los Angeles,

|

the following points:

you

II

Municipal Bond Outlook

By JAMES L. BEEBE, Esq.*

My remarks will be reasonably
brief but I

CHRONICLE

THE COMMERCIAL and FINANCIAL

Convention Number

$6,730,847,770.
Los Angeles
County itself has a ^otal assessed
valuation of all taxable property

Underwriter

•

Distributor

Dealer

•

of $8,405,734,925. The Metropoli-

tan Wafer District of Southern
California

the bond fraternity municipal

consists
water

of

cities

districts

in

and
five

Securities of the United States
Government and its Instrumentalities

State, Municipal, Revenue and Housing
Securities

""

"

Bonds, Preferred and Common Stocks j
of

Industrial, Public Utility and

Railroad

INDUSTRIAL, RAILROAD, PUBLIC UTILITY,

Bank Stocks

\

Casualty, Fire and Life Insurance

MUNICIPAL AND FOREIGN SECURITIES




Corporations

Company Stocks
v

Bankers'

Acceptances

r.

*

Securities of the International Bank fot
Reconstruction and
*

Development
i

Canadiani Bonds

UNLISTED TRADING DEPARTMENT

1

Foreign Dollar Bonds

Wertheim
Members R[ew

NEW

&

Co.

Stock Exchange

•

The

York

first

YORK

boston

CORPORATION
New York
Philadelphia

Boston

Pittsburgh

Cleveland

Chicago;

San Francisco

;

Thursday, November 15, 1956

THE COMMERCIAL and FINANCIAL CHRONICLE

16

In Attendance at NSTA Convention
Clement A. Evans &

Kerr &

Chronicle,

Y

New York

New York

*■'

Cincinnati, Ohio
aronson, milton r*
Aronson & Co.

Calif.

aschkar, paul h.
Dempsey-Tegeler & Co.Los Angeles, Calif.
bailey, dan v*
Foster & Marshall

Los

City

Allen &

New York

Dallas Union Securities Co.

Denver, Colo.

CLEAVER, JAMES P.
Goodbody & Co.
New York City

BROWN, MAXFIELD E*
Hemphill, Noyes & Co.
Los Angeles, Calif.

barker, john s*
Lee Higginson Corporation
New York City

CLOYES, FRED O*
Denman Oil & Drilling Corp.

BROWN, RALPH E.
Stone & Youngberg

bateman, homer j*
Co.

San

Seattle,1 Washington

Albuquerque, New Mexico

Francisco, Calif.

COLE, LESTER*

BROWN, WM. E.
E.

bates, robert f*

Los

First California Co.1

Hutton

F.

&

New York

Angeles, Calif.

New York

beal; verne c.

W.

Incorporated,

St.

Crockett &

Company,
Louis, Mo.

Philadelphia, Pa.
Mr. and Mrs.

&

Co.

Houston, Texas
Cruttenden &

Co.

FILKINS, WALTER L*
Troster, Singer & Co.
New York City
F1NNEGAN, J. F*

Louis, Mo.

DeSHONG, HAROLD E.
Dallas Rupe & Son, Inc.

Hannaford &

Dallas, Texas

San

DIEHL, ROBERT D.
Paine, Webber, Jackson &
Curtis, Los Angeles, Calif.

Detroit, Mich.

DOAN, JAMES C.
Co.

FOOTE, GORDON R.
Francis I. duPont & Co.

Calif.

New York

DOCKHAM, GEORGE A.
Hincks Bros. & Co., Inc.

Union Pacific Railroad

Bridgeport, Conn.

Chicago, 111.

DOE, RILEA W.
Safeway Stores, Inc.
Oakland, Calif.

FRANKEL, WILLIAM V.
Wm. V. Frankel & Co., Inc.
New York City

,

DORROH, WM. W*
Shearson, Hammill & Co.
Los Angeles, Calif.

FRASER, JAMES G*
Stern, Frank, Meyer & Fox
Los Angeles, Calif.

FREEAR, LANDON, A*

Bache & Co.

William

Forth

City

CUMMINGS, FRANK X.
Bear, Stearns Co.
Chicago, 111.

Gersten

•

.

■

'

,

'

.

Underwriters

1

*

.

.

St.

California

FULLER, JOSEPH T*

GANNON, JOSPEH
May & Gannon, Inc.
Boston, Mass.
GLASS, CHESTER M, Jr.
William R. Staats & Co.
Los

Co.

Angeles, Calif.

Continued

Francisco, Calif.

FOUNDED

1885

listed, unlisted securities
r

NEW

CHICAGO

YORK

SANTA

LA JOLLA

BARBARA

SPRINGFIELD

PITTSFIELD

Advisory Service
LOS

MONTREAL

>;

NEWPORT BEACH

BUFFALO
LA

'

York Stock

Canadian

Stock

American

Stock

HARTFORD

BASLE

EXCHANGE

New

-

Stock

Exchange

Midwest

Exchange

Liverpool Cotton Association, Ltd.

Chicago Board of Trade

Los

Chicago

New Orleans Cotton Exchange

Mercantile




Exchange

PASADENA

United States and Canada

NEW BRITAIN

HOUSTON

SAN

ANTONIO

(Switzerland)

Commodity Exchange, Inc.

Angeles Stock Exchange

.

and commodities in the

THOMSON & MSKINNON
11

MEMBERSHIPS

Exchange
Exchange

HILLS

MIDDLETOWN

DALLAS

ROCHESTER

CROSSE

BEVERLY

ANGELES

page

BROKERS
in

and

on

•

Investment Securities

Research

x-

Louis, Mo.

Chicago, Inc.

Distributors of

and

Fusz Schmelzle Co.

William A. Fuller & Co.

EGAN, JOHN F*

:

I-

Co.

FUSZ, FIRMIN D*

Angeles, Calif.

San

Frankel

Newark, N. J.

EBNER, CHAS. L., Jr.*
Bateman, Eichler & Co.

Shearson, Hammill & Co.

&

J. B. Hanauer &

City, Mo.

Angeles, Calif.

First

New

York Cocoa Exchange,

New

York Coffee &

Exchange

Inc.

Wall Street, New

York 5

INDIANAPOLIS

CHICAGO

TORONTO

Sugar

46

Inc.

New

York

offices in the United States and Canada

York Cotton Exchange

New

Produce

Exchange

Co.

FRIEDMAN, BERT

Fewel & Co.

Los

&

New York City

DYER, WILLIAM J*
Burke & MacDonald, Inc.

Los

Edwards

FRENKEL, LESTER

DOYLE, LARRY T*
Hardy & Co.
New York City

Kansas

N.

Worth, Texas

FRENCH, JOHN S*
A. C. Allyn & Co., Inc.
New York City

DOYLE, J. ROBERT*
Doyle, O'Connor & Co.

EARNEST, GEORGE H.

'

City

FORAL, WM. S.

DYER, SANDRA JO
Burke & MacDonald, Inc.
Kansas City, Mo.

•

1

Talbot

Francisco, Calif.

FISHER, DONALD B*
D. B. Fisher Company

Chicago, 111.

Co.

Chicago, 111.

H A /fy

■

Angeles, Calif.

FELDMAN, GRANT A*
Piper, Jaffray & Hopwood
Minneapolis, Minn.

Edward D. Jones &

Los Angeles,

Detroit, Mich.

Beckley, West Va.

City

J. Barth &

Hornblower & Weeks

FELDMAN, ALBERT W*
Goldman, Sachs Co.
New York City

DEPPE, RALPH C*
St.

Co.

FAZIO, JOSEPH X.
Josep.x X. Fazio & Co.

Company

Walker

&

&

Eastman Dillon Union See. Co.

Atlanta, Ga.

New York

Parcells

FARR, ALICE (Miss)

Los

DENNEY, WILLIAM B.
Manley, Bennett & Co.
Detroit, Mich.
DEDRICK, GEORGE*
McManus

A.

FASTNOW, MARION J.

City

Tindall

5"

„

Detroit, Mich.

New York

CRUTTENDEN, WALTER W. Jr.*

BURNS, WALTER L*
Baumgartner, Downing & Co.
Baltimore, Md.

Charles

Cruttenden & Co.

W.

Co.

EXLEY, CHARLES E.

Co.

Francisco, Calif.

DAVIES, WM. H., Jr.*
Dempsey-Tegeler & Co.
Los Angeles, Calif.
DAWSON-SMITH, E. EDVSARD *

J.

&

DORSEY, JOSEPH R*

CROCKETT, A. GORDON*

WILLIAM J., Jr.
May & Gannon, Inc.
Boston, Mass.

beattie, herbert e.
H. A. Riecke & Co., Inc.

Y

CRAWFORD, MALCOLM D.
Allen Investment Company

BURKE,

New York City

City

Denver, Colo.

BUNN, JOHN W.
Stifel, Nicolaus &

bean, jules
Singer, Bean & Mackie

Co.

E. Hutton &

New York

City

Chicago, 111.

Quinn & Co.

Albuquerque, New Mexico

City

COLWELL, SAMUEL F.

BULLER, FRANK H.
Hickey & Co.

Houston, Texas

Dealers Digest

Investment

Company

BUCKLEY, LEWIS R.
The First Boston Corporation

Francisco, Calif.

bayne, john m.
Rgtan, Mosle & Co.

City

Amos C. Sudler & Co.

Bailey & Co.
Fresno, Calif.

Dallas, Texas

Pacific Northwest

New York

CLARK, PHILLIP J*

BROWN, ALEX*

bambenek, j. ries

City

CHRISTIAN, EDGAR A*
Stroud & Co., Inc.
Philadelphia, Pa.
CHRISTOPHER, WILLIAM H.
R. W. Pressprich & Co.

City

Loewi

Tenn.

New York

Arizona

Milwaukee, Wis.
ERGOOD, RUSSELL M., Jr.
Stroud & Co., Inc.
Philadelphia, Pa.

C. E.

Jack M. Bass & Co.

Davidson &

& Co.

Ellis

i

ELWELL, WILLIAM C.

DEAN, JAMES B.

CHANNELL, CLIFFORD K.
The First Boston Corporation

Company

New York

Calif.

Angeles, Calif.

CAYNE, MORTON A.
Gottron, Russell & Co., Inc.
Cleveland, Ohio

BROCHU, PETER W.

Dean Witter & Co.

& Henderson

Philadelphia, Pa.

Baltimore, Md.

>

City

CAUGHLIN, EDWARD J*
Edward J. Caughlin & Co.

Stein Bros. & Boyce

Oregon

BAKER, FRED A., Jr.*

Denotes

Harbison

Kennet

Denver, Colo.

Nashville

ELLIS, KENNETH*
Pho. nix,

CURRIE, TREVOR*
Trevor Currie Securities

San

CARLSEN, TED D*

BETZ, HERMAN C*
California Bank, Bond Dept.
Los Angeles, Calif.
BISHOP, WESLEY*
Smith Bishop Co.
Syracuse, New York
BLIZZARD, HERBERT H*
BLUM, ERNEST*
Brush, Slocumb & Co., Inc.
San Francisco, Calif.
BODIE, CHARLES A., Jr.*

City

arnold, henry j *

*

New York

J>

Candee, Moser Co.

BERTSCH, ARTHUR W *
G. A. Saxton & Co., Inc.

Goldman Sachs Co.

Geo. Eustis & Co.

CANDEE, WILLIAM

M.

(Mrs.)

DAVIDSON, H. HODGE

Minneapolis, Minnesota

Los Angeles, Calif.
arnold, harry l*

San

CANAVAN, JOHN L*
Rauscher, Pierce & Co., Inc.

Co.

ELDER, GEORGE J.¬
Straus, Blosser & McDowell

Detroit, Mich.

CURRIDEN, EMILIE M.
Collingwood, N. J.

DAVENPORT,

Allison-Williams Company

Crowell-Wcedon & Co.

San Francisco,

&

Co.

Dallas, Texas

BERGMAN, OSCAR

.

E *

Chicago, 111.

Francisco, Calif.

New York City

City

Portland 4,

John Nuveen &

Granbery, Marache

Co.

Los Angeles,

CAGLE, JACKSON

BENZING, WAYNE R.

campbell, armour

New York

Denton, Inc.

City

San

Orleans, La.

Hentz &

York

Wm. R. Staats & Co.

altman, moses K. s*
H.

New

Angeles, Calif.

BELKNAP, WM. F.

Co.

&

Burns Bros. &

Los

•

CUNNINGHAM, GEORGE W.
Geo. W. Cunningham & Co.
Westfield, N. J.

City

CABBLE, JOSEPH C.¬

Wm. R. Staats & Co.

~

•

alexander, robert D.
Howard, Weil, Labouisse,
New

New York

City

York

New

BEEBE, JAMES L.

Bell

Angeles, Calif.

Friedrichs

Byrne & Phelps, Inc.

Commercial & Financial

Co., Inc.

Atlanta, Georgia
alexander, jack h*
Los

BYRNE, WM. D.

BECK, EDWIN L*

adams, edward r*

MEMBERS
>

NEW YORK

STOCK

EXCHANGE AND OTHER

SECURITY AND COMMODITY

PRINCIPAL

EXCHANGES

5

89

Convention Number

17

THE COMMERCIAL and FINANCIAL CHRONICLE

Report of Corporate and Legislative Committee
In

presenting the report of the
Corporate and Legislative

Committee Chairman Robert W. Haack stresses the role

NSTA

Committee
23rd

the

at

Annual

in

Association's

Convention,
W.

Haack,

covering the gifts of securities to minors which

of

Robert
Baird

York Stock

W.

&

Co.,

e m

waukee,
p hasized

the part

the

State legislatures.

Com-

Report includes

mittee
b

jectives and

local support in States which have

urges

Robert W. Haack, Chairman

other

Robert W. Baird & Co.,

Milwaukee, Wis.
William P. Brown

acted favorably

not yet

the legislation.

on

State
tures

of

mo

e

the

saue

concerning the

gifts of stocks

Robert W. Haack

to minors. The

Detroit, Mich.
Edgar A. Christian

Exchange Firms and its every, securities originally given, has the already owned by the donor. Comfacility was put at our disposal."
right of reinvestment, can collect pletion of the gift occurs when the
Our

Committee

contacted

the

President of every NSTA Affiliate
in those states in which the law
had

been

not

The text of the Report follows:
oppor¬

tunity for Committee action at the
national level was negligible, the
bulk

the

of

ppntorpH

our

level Mrticularfv

state

thp
uie

cerning

mattpr
iiidiiei

of
oi

"A^i

conApf
aci

-

the

status

and

as
getting reputable and responsible
sponsorship
was
The ^response
and

conceived

concerned.

cooperation
was

most

of

y

torn=.

portumty of doing business under

Affiliates

many

gratifying.

At present

who have had the op-

us

the

child

r„ 1

0

the 13 states of Call„.

J.fwS
<l0'
Npw

Because

bodies

this

legislation

relatively

a

new

worthwhile

well

.District

cause.

problem'of^in?r\ransaSfons
an
.

industry matter and
.

-

..

.

transcended

....

the

.

as
-..

"listed"

"unlisted" concepts
too

Virginia and Wisconsin

this

espouse

which

Wspv

Secondly,

we

that

4-...! 11

cept, it is recommended that the
donor adhere
state

the

to

which

in

he

law

or

of

the

the

prohibitions, the
in normal

engage

may

investment and reinvestment pro¬
cedures

under

the

"prudent

Edward D. Jones &
St.

-

Co.,

Louis, Mo.

John N. Fuerbacher

man

rule."

minor

given. Of interest is the fact that
very recently a uniform bill was
unanimously approved by the National Conference of the Commit°" Uniform State Laws, and

not a panacea and will never provide the flexibility of a properly

created trust. Notwithstanding the
risks and limitations,
th

benefits

are

feel that

we

great

and

urge

bJ tbe American Bar, Asso-

ciation- " is likely that in the y°"r local support where legislafuture legislation will be designed tion has not yet been enacted.
!? Permit §ifts other tha" securiWe of the committee wish to

p

Because

securities

oi

theat-only

the

fact

be

can

given,

the

KSTA Convention

Sites and Dales
For 1957 and 1958
The

Lv

/\

w\

n

a|

of

For those of you not familiar
with the Act, it might be appropriate to highlight it briefly. We
all

are

certainly familiar with the

difficulties
matter

which

of making

ties to minors,

stronger in¬

inhere

in

the

gifts of securi¬

and we are aware

fluence

of the potential liabilities therein.

stock exchange representatives.

l» I

a

be made by

the

the

did cooperation of Mr. Keith Fun-

Traders

ston, President of the New York

pur-

of

a

the

same

J

i*L

—

Uu.1.

supplied with the

and
is

the

the

C

as

of

in-

i.

Statutes."
are

if

experience

effort,

we

believe

The

utilized

_

n

t%

of

t

and

While

us.

Hotel, Hot Springs,
Va., Nov. 3-6, according to

Ex-

announcement

is

have definite

that

localities been
ence,

nave
have

we

and it is

an

in

Convention Committee.

our

The Convention

to

hope that

in

1958

will be held at the Broad¬

some

Colorado Springs,
Colo., Sept. 29-Oct. 3.

moor,

effective influ¬

our

Edward

Welch, Sincere and Co.,
Chicago, Chairman of the

dif-

reason

of

H.

facilities
it

SecurityAssociation, Inc.,

stead

•*-«

■»

Stock

ficult to evaluate the* effect of

minor under Section 319.60
Wisconsin

-

Association

available to

e.,

custodian for Jane

procedures

A

^

the

their

whose

invoked,

iL

National

will be held at the Home¬

change Firms, both of whom made

name

child

state

being

"John Doe,

Doe,

am

him, and the broker

custodian,

volved,
statute

ma

1957 Convention of

publicly acknowledge the splen-

donors account, payment should R. M. Charters, General Counsel
should be

Purposes of the Law

of the committee

even

other

next year,

all

many

an

nave

.

will conform.

states

of

exert

uoiumoia,

oi

^ures convene

such '

versus

deep community roots,
long standing reputations, and
unique contacts, might in some
cases

legal Con¬

certain

custodian

_

non-member
firms in their particular area, by
reason

em¬

to

chase should be made in the Stock Exchange, and that of Mr.

prevalent in the trade today.

believed

plus the

was

are

.^From that time on, sub¬ Ralph C. Deppe

todian.

21

ject

ulSew YoVk NorfrCarolTna Ohio
tages Stha?PweSSfeltWour 'organiza- Rhode
Island, South Carolina', prwisfoVw^
tion
might

becomes

cus¬

.

by the New York Stock Exchange
and sponsored by the Association
of
Stock
Exchange Firms, and
those of

of

far

Minors."
was

until

certificate is delivered to the

.

at

Concerning Gifts of Securities to
The model statute

them

suggested procedures and supplied
the names of interested parties,

securities business.

or

ment

years of age.

those

In

enacted.

dividends, and manage the invest¬

Walter, Woody
Heimerdinger,
Cincinnati, Ohio
Taxwise, it has been ruled that
resides, lest legal difficulties airse. a gift made under this enabling Bernard F. Kennedy
legislation is a completed gift for
with the idea in mind that, in
Bosworth, Sullivan & Company,
Endorsed by Bar Association
Federal tax
purposes,
and that
concert, they might bring addi¬
Denver, Colo.
i
It should be noted that at present such a
tional favorable influence to bear.
gift qualifies for the annual
Walter G. Mason
In those states where legislation any
type of securities can be gift exclusion of $3,000.
Scott, Horner & Mason, Inc.,
had not ^et been introduced we given, but not cash or any other
"Not a Panacea"
Lynchburg, Va.
supplied a sample copy of the Act, type of property and that the
Obviously, and admittedly, the
descriptive literature, and recom- statute does not place any limitamended SDecifiC nrocedures inso- tion on the amount which may be statute is new and untried.
It is
apprized

fied support of all segments of the

occasion

Stroud & Company, Inc.,
Philadelphia, Pa.

.

issue, the report states, is an industry matter j^tes
whiShu legislation had
and. as sunh
and, as such, merits the i.nm.ali- been introduced but not passed, we
merits the unquali

Because the

—

Baker, Simonds & Co.,

adoption

by
legisla-

LEGISLA¬

AND

TIVE COMMITTEE

in

adening

ro

CORPORATE

capsule description of the statute's ob¬

a

played

by

Respectfully submitted,

conceived by the New

was

effective.

become

Exchange. Observes that 13 States and the District of Columbia

have already adopted the statute and feels confident of its enactment by

M i 1

which the legislation has not yet

group

seeking enactment by the various State legislatures of the model statute

Chair¬
Robert

man

played by the

we

pense

for
sponsorship of this
type of legislation than the local

Hence,

our

Because of the trouble and exof setting
up
trusts or

make

tion generally

and of the various
specifically, with the
thought that we might, in those
states where legislation had al¬

in

the

states

in

enable

gift

a

of

securities

to

a

child.

Affiliates

Under the statute
make

been instigated, augment
those efforts, and that in those
areas
where nothing had as yet
been done, we might responsibly
initiate legislation. This offer was

ready

graciously received and welthe Association of Stock

be of help

simple method
a
parent to

will

which

Firms, the services of our Associa¬

corned by

may

guardianships for children, there^is
clear need of
a

committee offered to

the Association of Stock Exchange

most

the gift involves transfer of stock

a

ties

in

adult may

outright gift of stock to

an

child

an

by registering the securi¬
the

name

of

an

adult

as

"custodian" for the child, the cus-

todian being a close relative or,
with the exception of one state,
_

the donor himself. The designated
custodian has the right to sell any

LEE HIGGINSON

We invite inquiries

on

the following

CORPORATION
Avon

Members:

New York, Boston and

Midwest Stock
American Stock

Exchanges

Exchange (associate)

Products, Inc.

Brown &

Sharpe Manufacturing Company

Bryant Chucking Grinder Co.
Cameo

Incorporated

Cary Chemicals Inc.
Investment

Banking Service Since 1848

Consolidated
Controls

Rendering Company

Company of America

Dixon Chemical &

Research, Inc.

The Duriron Company, Inc.

NEW YORK 5

The Fort Neck National Bank of
Hudson

40

INDUSTRIAL, PUBLIC UTILITY,

WALL

STREET

HAnover 2-2700

Teletype NY 1-917

RAILROAD

AND

MUNICIPAL

Ionics, Incorporated
Jones & Lamson Machine

Company

The Kerite Company

Keystone Portland Cement Company
P. R.

SECURITIES

BOSTON 7

Mallory & Co., Inc.

The Meadow Brook National Bank
National Aluminate

50

FEDERAL

STREET
National Blankbook

Liberty 2-5000

Teletype BS 452

River Brand Rice

Corporation

Company

Mills, Inc.

Rock of Ages Corporation
Shea Chemical

Corporation

Shulton, Inc.

CHICAGO 4

Laurence M. Marks & Co.
MEMBERS

AMERICAN

NEW

YORK

STOCK

STOCK

EXCHANGE

231

S. LA SALLE

STREET

FRanklin 2-4500

EXCHANGE (ASSOCIATE)

Teletype CG 175
48

WALL STREET, NEW YORK

TELEPHONE HANOVER




2-9500

5. N. Y.

TELETYPE N. Y. 1-344

Seaford

Pulp & Paper Corp.

*

Speer Carbon Company
United States Borax & Chemical

Williams and Company, Inc.
Woodward Governor Company

Corporation

18

THE COMMERCIAL and FINANCIAL CHRONICLE

Thursday, November 15, 1956

Report of Municipal Committee
The

Municipal Securities Com¬

states

mittee of the

NSTA, whose Chair¬
man
is Byron J. Sayre, of John
Nuveen
&
Co., Chicago, in its

Byron J. Sayre, of John Nuveen & Co., Chairman of the NSTA Municipal
Securities Committee, cites impact of extremely tight money on municipal

annual report to the 23rd Conven¬
tion
of
the
National
Security
Traders

Association

Los

at

prices during most of 1956 and

An¬

geles, commented, among other
things, on the weakness in the
municipal bond price structure,

are

and

to

the

the

on

probable

The

text

Municipal

last

lowest point since 1953, but defends "hard money" policy

at

long-range effect of Federal highway

of the report follows:

c o n v e n

t i

Report

on

fiitnrp
l

n

1

w

hut

p'r

p

Fall

Thp

nf

and

at

nrirp

|

toll road bonds cannot be

1955

earlv 1956

did

nroduce

L>ood

hn^inpsq

lower

with

levels

the

Dow

u? inufueaj

iP?

0

never

The

ancj

as

a

cjifficuit

in which to operate, due to
llle violent swings in the market,
Tile carrying cost to dealers went
to 4% in Marcb and to 4J/2% in
August. The bill yield of 2.81 in
August represented a 23 year
Ipl&h, and the Dow Jones MuniciPal Average of 2.98% on Sept. 6
rePresented the lowest level of
Prices since 1953. The government
bond market at this time was in
chaotic condition with no marke* actually existent for any
Quantity of bonds and with several
*ssues setting record new lows,
Durin& this period the tightness
of money was evident in the coryear

The

$100,000,000 Connwticiits in
ebruary, came at a level too high

to

move

and, added to congested

inventories, resulted in

a very

bad

Better
earnings
reports,
like
those of the Ohio and West Virginia
Turnpikes,
followed
by
those of projects in other states,
can
quickly restore confidence
and higher prices, and given favorable publicity, will result in
better dollar markets for the outstanding Turnpike issues. It ap-

were

an

immediate sellout

pears

gram

enacted

as

threat

prolonged

period

of

tight

money has resulted in a general
weakness
in
the
entire
price

structure, gaining momentum in
August and September and all

of

bonds

for
few

Federal
this

issuance

purpose

state

the

removes

of

although

issues

(financing
the local participation in the program) may come to market,
some

and

April market with the

vpar? W,+h 7?ve ^
\n £e<ur even some sophisticated buyers
TT+ni+vnic+Hr?n«ifift
nnnU+i!C to *ose coura£e> confidence, and
nniv
nthar
l
$ioo,uuu,uuu tne perspective, bringing considerable
.

nnn

ro

««««/lsfae la addl~ liquidation

above, lower in

thP
p! -"I !°n
Floral wtoTiL0#

With
thp

5

nJvSiPnt

inpomp

feeling
some

prevailed

recovery,

Nineteen
remembered

Fraternity

and

but

*

kJfiS

not

for

was

long

fifty-six will long be
by the Investment

as

a

year

of extremely

Roads,

by

that "Upon

says

the

that

Section

Secretary

such

action

development
Interstate

of

of
will

in¬

an

the

System,

and

forcing

prices

part

of

toll

any

the

the

standards

improvement

cated

the

on

whenever

is

adopted

for

projects

of

lo¬

Interstate

such

tunnel

or

for

to dampening inflation and maintaining dollar value. Volume during 1956 will come close to 1955
levels, of which the Municipal
Bond
Fraternity
may
well
be
proud
considering
the
lower
level
of
the
market
and
the
shelving of many planned issues.
*
*
*

The

Federal-Aid

Highway

the

tion,
toll

toll

System,

road,

located

on

bridge,
route

a

construction, reconstruc¬
improvement of any such

or

bridge

extent

tunnel except to the

or

now

hereafter permitted

or

by law."
In

Section

Commerce

114

is

the

Secretary of

directed

to

make

a

study, and have it available for
Congress by Jan. 12, 1958, to de¬
termine policy with respect to re¬
imbursement of any state for
tain
highways,
free, which are

Act

of 1956 declares it to be essential

to the national interest to provide
for the completion of the 41,000mile

tends

whether

cer¬

toll

or

the

Interstate

opinion

generally

on

System.

"National

of

System

Informed

Inter-

to

cheaper

authorizes Federal aid to

of

have

tunr\£$

or

meets

the

Federal

would

bridge,

hereafter constructed which

state and Defense Highways" as
nearly as practicable over a 13year
period.
To
that
end,
it

they

the

road,

now or

Price levels are at the lowest
point since 1953 and many types
of issues are coming to market
than

to approve
Interstate Systena

the

that

mean

view

that

highway
the

states

Washington for 90%

ex-

building

this

will

interstate

new

go

the

of

new

will

program

to

costs

super¬

already tired and sold in 1953. The volume of Mu- tent of 90% of the cost of such highways, rather than relying on
Illinois Turn- nicipal financing should still con- highways, provided they meet the the toll method which has been,
pikes during this period hit a low tinue 3t a high leve1' with 311 standards authorized by the Act to popular during the last 15 years..

sensitive

there

"Toll

to

policy is sometimes bitter medi- heretofore or hereafter
designated
cine, as witness its recent _effect as a
part of the Interstate System;
on our business.
But we in the
provided,
that
no
Federal-aid
bond business have a permanent
highway funds shall be expended
stake in the purchasing power for the
construction, reconstruc¬
of the U. S. dollar, i.e., fixed in¬
tion, or improvement of any such
come securities are good investtoll
road
except to the extent
ments, if the value of the dollar
hereafter permitted by law; pro¬
can
be maintained.
And hard
vided further, that no Federal-aid
money policies, as and when nechighway funds shall be expended
essary, obviously are fundamental

New Federal Highway Program

j

tirvrf

loanable funds, which may develop only as a result of a substantial downturn in business or
a decided change by the government in its attitude toward easier
money
(which appears unlikely
and unwise).
A "hard money"

"Dollar Bonds,"

including all the
Conclusion
various Toll Road Projects lost
As 1956 moves toward the close
dow Jones
Average going to 2.78.
many points.
This, plus repeated of its third quarter, many dealers
•v?r^o*«SSUeS were
i?n headlines and articles attacking will heave a sigh of relief that
m
190b
as
compared
with
the Toll
Road
Projects, has caused this hectic year is almost over,
March

primary,

Tunnels,"

(a) of the Act

finding

as

u6ar' a* the price.
been

^ven as of now.

will

Secretary is authorized

which

although the deal has

and

tegrated

obvious that the new Federal Highway Program will still
leave deficiencies in our interJones Average
state highway system and will in
going
from
no
way
compete with existing
2 52 to 2 59 bv
Turnpike projects. While we may
December
have seen the end of Turnpike
Byron J. Sayre
That
lower
financing, at least for a while,
price levels
there is no reason to believe that
arp
with nc now ic miitp annarpnt
porate market as well, with AAA existing Turnpike bonds won't be
t0 an
Consumers Power selling at 101 strengthened, rather than weakTh '
Tn.
.
.';
for 4s and AA Pacific Telephones ened, by the Federal Road Proine
Illinois
turnpike deal fia
premium for 4%, neither of gram. The Federal Highway pronaiiy
came
to
market
and
was
sliehtlv

at

of

promote

a

!th"

f

There

improvements

worth

respect

Commerce

other than bullish.
money

:

program on

a

the

for

ended

o n

With

Bridges,

Contends

power.

road

split equally between the Federal
Government and the states.

essential

as

remainder.

other

billion

secondary, and urban roads over
the next three years, with the cost

Says present price levels

dampening inflation and maintaining dollar's purchasing

Federal

Our

over.

bond

dealers will heave

many

the

be

113

bullish impact
highway program
outstanding toll road bonds.

of

view that

expresses

sigh of relief that this "hectic year" is almost

also

—$5.1

an

market.

°f 84" Pnces 3uoted durin,g this indications pointing to a period be set down by the Secretary of
Per*od ignored completely the in- of high yields for Municipal Bond Commerce, and that they are contrinsic soundness of essential toll buyers until such time as the |tr^tefft ^o^U eenerafrattern
project bonds and the tremendous

over-all

value of their tax exemption.

and

money

there

again

market
is

a

changes

surplus

of

of

suc]j

interstate

nated

by

Roads

of the U. S.

the

desig-, instead

System

Bureau

It is not contemplated that du¬
plicating free roads will be con¬
structed parallel to
existing toll
roads, or those already started:

of

those states, having pro¬
vided such limited-access facilities

Public

in

Department of

Commerce.

those

use

Government officials and indus¬

will

areas

Federal aid

tions

of

the

undoubtedly

to construct

Interstate

por¬

System

in

try experts expect the program to other parts of the state. It is dif¬
spur the national economy, bring¬ ficult at this time to foresee the

ing jobs to

many

to

pockets.

various

and

more

exact

funds

At the

same

be

recommendations

contained

in

time, it will bring greater road
safety by easing traffic jams, speed

viewed

traffic,

SERVICING

the

the flow of auto travel and truck

would

appear

System is
estimated to cost $27.5 billion of

sense

that

which

approved

lives.

BROKERS AND DEALERS

will

and
The

the

pay

save

thousands

Federal

of

and

Secretary of Commerce is to
to Congress by 1958, but

roads

Government

billion

meet

the

in

fit

its

the

long perspective it
to be only

where

into

the

Interstate

System,

construction

Investment Securities
•

Brokers in

Commodities

•

Rights—Scrip—Warrants

asiel & co.
Members New

Members

11 WALL STREET

Telephone HAnover 2-5000




York

American

Stock
Stock

Exchange
Exchange

J|JC PONNELL & fo.
Established

NEW YORK 5, N. Y.

& NY 1-1111

1905

Members
New York Stock Exchange

Teletype NY 1-1110

120

—

American Stock Exchange

Broadway, New York 5, N. Y.
Telephone: REctor 2-7800

Detroit

*

Asbury Park

*

Chicago

and

standards,

Underwriters-Distributors-Dealers

and

common

exisitng
toll
of the

pattern

SINCE 1878

Securities

will

submit

Interstate

$24.8

that

the report which

<3.

Convention Number

!

some

be

of compensation will

means

devised

and turn

The

to

effect on toll
roads, and toll road bonds, of this
long-term

Federal program cannot

new

against the

help

bullish; the Interstate Sys¬
will serve to generate addi¬

tional traffic and
for toll roads.

however,
cases

It

serve
can

be expected,

only

that

will additional

feeders

as

in

ap¬

unusual

fields,,

and auditoriums

(A

ages

expenses.

or

Rapidly growing

Michigan:

school

Michigan

the

with

pace

districts,

for

need

new

and that

levies for bonds issued to finance

financing

improvements.
Michigan school districts

may

Existing toll-road bonds, when now issue serial bonds secured by
properly conceived and and payable from property taxes
projects, should con¬ unlimited as to rate or amount,
tinue to be excellent investments. providing that the last maturity

Report of the Public

ex¬

the

of

Relations Committee
Chairman William Nelson, II,

Provision is made for the estab¬
lishment of
Bond

Loan

publicize nationally the functions of se¬
curity traders and their contributions to nation's

Fund

by the State,
by the
bonds, as needed, by the
State of Michigan to meet the de¬

which would be established
sale

economic life.

of

Michigan

that

dicate

Estimates by

Advisory

Council
under

even

II, of Clark, Landstreet & Kirkpatrick,
Nashville, Chairman of Relations Committee de¬
livered the following statement to the NSTA Convention:
William Nelson,

the
in¬

Inc.,

severe

issued for

economic

well-located

ized $100 million fund will be far

conditions

which

to deal in

but

bonds died in

revenue

committee

renewed

vigilance

is necessary if we are to see
banks are not permitted to

that

deal
bonds which
wedge to their

requirements

than

Federal Legislation
The Bricker Bill to permit banks

under the program. It is estimated
that borrowing will not average

30

and

years,

may

qualify

bond issues in order to be eligible
to

from

borrow

the

state fund to aid in

$100 million
servicing debt

requirements.
The Constitutional

$1 million

over

four

or

five

a year

amendment

the

accrue

Jolley has told you about the idea
having members of the press as hon¬
orary members, of the committee. And
that can be made into quite a helpful

of

for the next
will de¬

Actual loans for

thing, but only with the cooperation of
the people in the individual affiliates.

June 30,
1956,
only $46,058 to three
school districts versus $87,190,000
ended

year

and

implementing legislation en¬
acted in 1955 require the State of

amounted

re-entering the corporate field.
At the National Legislative

Michigan to make funds available

bonds actually sold.

Committee

est

in

municipal

revenue

think is also

we

a

to

the bonded indebtedness of

Association) meeting in Washing¬
ton on Feb. 16-17, it was voted

school

districts, regardless of the
of debt of a given school

unanimously to oppose Bricker
Bill allowing banks to enter un¬
derwriting of revenue bonds. This
is an interesting development in¬

qualifies its debt
under the provisions of this law.
The state, in substance, agrees to
loan all necessary funds which are

Chairman of the Committee

deed!
is

Lee

zens

P.

Miller, President, Citi¬

Bank &

Fidelity

Trust Co.,

Louisville.
Federal School Assistance

This

did

bill

not

get

through

Copgress this session but it is in¬
teresting
for
as

to deal in bonds issued

banks
a

note that permission

to

result

denied

of

the

program

was

being removed in early

—

consideration.

committee

Legislation Affecting
Municipal
Bonds

State

with

the

facsimile

of

use

signa¬

adopted this year in
Colorado, applicable to all public
securities in a principal amount of

tures

was

$3,000,000

or

of

the

one

at

provided

more,

least

quired

signatures

re¬

permitted to be placed
shall be manually sub¬

or

thereon

scribed.

rate of tax
their

debts.

required to be levied by dis¬
tricts for debt service on qualified

rate

bonds
(including probable taxdelinquencies), exceeds 13 mills
on each
dollar of state equalized
valuation, the State of Michigan

request,

upon

Legislature enacted Chap¬

1955.

It

of the General Laws of

applies to nuisance suits

brought by individuals in connec¬
tion with validation proceedings.
This has been a controversial sub¬

ject

all

for

any

amount of the

district the

purpose.

repaid. Principal and interest
on any
school bonds issued prior
to May 4, 1955 have been auto¬
matically qualified for State loans
and are included in computing the
are

to

bond

to

the

Supreme

subdivision to be posted. The

allows

sion

to

fied bonds
mills

on the State equalized valu¬
ation, and under normal circum¬
stances will not be eligible nor

need

State

Other

loans.

loaned.

State

order

Loans,

to

be

new

qualified for
issues are ap¬

/

as

fast

as

school

Traders consists of.

the

business to the

their needs

an

amendment

au¬

this

bonds

until

termination

July

date

in

1,
no

1962,

to

a

school district

may choose not to
its debt: (1) the school
district might prefer to issue its
unlimited tax bonds and not qual¬

up

qualify

outline of

article

an

on

what

a

to

maturity) which would have

the political

make

claims

of

current and probable fu¬

on

humorous stories to sort of spice

that

trying to tell and he has put

it.

say

two national maga¬

a

a

lot of words into the

little human interest to add

So, if you think of anything along that line that

interesting and would fit into that type of story,

I wish you

would send it

the easiest

20

I

as

they liked his outline of the story

thing."

on

to me direct. That would be

Clearance Facilities

(2) The cost of new

ards

law
subdivi¬

Board

damages

and necessary

vide

f°r

the State
of Equalization, and pro¬

established
for

by

New York and Out

furnishings
facilities, including

classrooms,

of Town

OVER-THE-COUNTER

and dealers

brokers

STOCK 6- BOND

BROKERAGE SERVICE
Inquiries
use

for Banks, Brokers and Dealers

Hardy & Co.
Members
Members

New

York

American

30 Broad St.
Telephone DIgby 4-7800

Stock

Exchange

Stock

New York 4

of

invited regarding

our

facilities.

'

115

Securities Clearance Division

Broadway, New York 15

w

BArclay 7-1300

Teletype NY 1-733

MAIN ST. & MEETINGHOUSE LANE

SOUTHAMPTON, L. I., N. Y.




are

Trust Company of North America

Exchange

Trader

at this time to tell each of you

me

some

(1) It must be shown that there
a
need
for the project,

ture enrollment.

ac¬

will(

his article. Spice is not the right word. There is another

would be

tp be limited tax bonds (limited
page

word for

thing, but he still needs

assistance; (2) the school
might
prefer
to
issue
(less than 25-

on

a

please send him

he is

shorter term bonds

Continued

much

zines have said

district

year

so

word, I can't think of it, but

ify them if it felt it would main¬
tain its credit position just as well
without reference to possible
State

him

"Tom has asked

program.

circumstances

an

magazines and received

does and what his function is in the economic world.

to assist school districts under the

certain

point where he has sent in

article to several national

pay

way

affects the obligation of the State

Under

We have secured the help of a man

ceptances from two of them. In other words, they

thorizes issuance of unlimited tax
school

William Nelson, II

by the name of Tom Stewart, who has had several articles
published in national magazines from time to time, and
Tom has become, I think, very much interested in our

school facilities.

Although

directed

been

getting a free lance writer in¬
terested in explaining
to the general
public what we do, what our work as

choose to

grown

pub¬

toward

of 13 mills for

for

has

Committee

lations

districts needing a

not

your

lic relations program.
"The main efforts of the Public Re¬

able to pay debt

schools and
Court improvements to be financed must
cause reasonably conform to the stand¬

Court can
indemnify the political

also

will be
service on quali¬
by levying less than 13

districts

of those in the press

names

helpful and help with

are

proved by the State Superintend¬
ent
of
Public
Instruction, and
must meet certain requirements.

based

and the Supreme
a

In

this Act requires that

country,

questioning the lower
validation can only appeal

directly

who

exists

the

person

court's

the

from the State fund

that

and

over

in

Florida

loan

created
The money is
loaned by the State upon annual
applications by the school dis¬
tricts; and the i3 mill levy is to be
continued until the State loans
excess

Florida: The 1955 Session of the

ter 29691

to pay in¬
the quali¬

levy required to meet
When the minimum

amount to be

Florida

Send in the

levy in excess
qualified debt may
levy the entire amount
fied
bonds
issues,
if local tax needed and not apply for State
loans. The program is designated
levies are insufficient.
School districts are eligible for particularly to assist school dis¬
state loans in accordance with the tricts whose bonding powers have
needed by the districts
terest and principal of

school

izing execution of public securities

which

district

must,

A model law author¬

Colorado:

amount

to

school

Many

help pay principal and inter¬
on

Bankers

(American

request for help than a report.

a

Lex

and

years,

cline thereafter.

of

more

is not less than 25 years nor more

may

Report of the Public Relations Committee is

"The

to meet all

than sufficient

more

author¬

the

reveals steps being

taken to

$100 million School

a

mand for loans.

necessary

has been passed.

portion

t

gym¬

are

bond
issue may qualify for State aid if
the proposed project includes, as
a part of
the financing, purposes
not covered under the program.)

whose

valuations have not kept

assessed

toll-road fi¬

the crest of the toll-road

athletic

but

cluded.

schools and additions, can now ob¬
tain
state
loans
to
reduce
tax

nancing be undertaken,

sites;

nasiums

filed, for various types of dam¬
ages — including attorneys' fees,
Court costs and other losses, dam¬

but be
tem

filing the

person

peal and against the bond, if one
is

off the bonds

pay

them into free roads.

/

Complete Domestic and Foreign Banking Facilities
Member Federal

-

19

THE COMMERCIAL and FINANCIAL CHRONICLE

Deposit Insurance Corporation

20

THE COMMERCIAL and FINANCIAL CHRONICLE

Continued

from

After

19

page

Report of Municipal Committee
tax bonds issued after

ment

may not be

tion

or

May 4, 1955
qualified); and (3) all
portion of bond
proceeds

a

might

be

ming

pools,

diums

athletic

other

or

swim¬

fields,

under

sta¬

which

purposes

allowed

not

are

finance

to

used

the

pro¬

In the latter situation, the

gram.

school district may
tion of the issue.

qualify

a

por¬

333

10,

1950,

"In all

of

of

to

any

pay

or

school district
provide for the

of any rental

payment

rentals

or

municipality authority
or
nonprofit corporation for any
period
in
accordance
with
the
any

terms

of

under

the

tion

the

Public

such
its
out

lease

entered

into

provisions of this

sec¬

any

State

Superintendent

Instruction

board

shall

school

of

of

notify

directors of

obligation and shall withhold
of any State appropriation due

such

school

district

amount

an

equal to the amount of rental or
rentals owing by such school to
the municipality authority or non¬
profit corporation and shall pay
the

over

amount

Department has requested ar
advisory opinion from the At¬
torney General covering several
features of the Act. This opinion,
and
possible
subsequent
court
decisions, will clarify some points
at
issue. Tentatively,
there fol¬
lows

withheld

so

to

the

municipality authority or non¬
profit corporation in payment of
This Act

means

of

that upon noti¬

a

non-payment
State Department

rental

the

Public

Instruction

from

due
to

the

must

the

District
rentals

and that the

this

of

of

withhold

type
equal

any

amount

an

the

District

owes;

Department must pay

to the Authority to
the requirements of the
Lease. In effect, the intent of this
Act is to give added protection to
money

satisfy

Bondholders,
Texas:

Texas

recently enacted
known

as

the

Legislature
law, currently

a

School

Rate Bill Number 116,

school districts
sions

(1)

to

Bond

Tax-

authorizing

adopting its provi¬

levy

tax

a

for

cur¬

rent expenses within revised lim¬

itations,
unlimited

and
as

(2)
to

to

levy

rate for

taxes

the pay¬

a

has

two sections which

interest

to

holders.

will be of

prospective

The first

bond¬

authorizes

dis¬

tricts which have adopted its pro¬
visions to

levy a maintenance tax
$1.50 per $100 of assessed values

of

unless

total

exceeds
total

bonded

the

it exceed
rent

of 7%

valuation.

cur¬

shall be reduced in

following

For each
1% of increase or major fraction
thereof in bonded debt exceeding
7%
of
assessed
valuation,
the
maximum

manner:

for

rate

shall

penses

cents

until

be

current

decreased

debt

10
or

of assessed values, at

more

point

$1.20

a

ex¬

by

10%

reaches

which

maximum

rate

would be reached.
of

the Act authorizes

districts whose voters have elected
to

its

adopt

unlimited

provisions
bonds

tax

to

to

issue

finance

acquisition,

construction, re¬
pair
and
equipment
of
school
buildings, provided that total debt
not exceed
values.
may

10%

the

have

which

decided

have

S.

those

voting

so

they

by a levy not ex¬
cents per $100.
Or

50

limited

tax
class

either

may

issue the

variety.
will

un¬

long
bonds

So

outstanding,

are

continue

to

as

of
en¬

be limited to

the taxing
available to them at the

joy and
of

time

issue

to

continue

secured

ceeding

their

authorization, issu¬

and sale.

ance

One
that

once

a

to

of the Act is
school district has de¬

under

proceed

issue

may

Bill

116

unlimited tax

longer

no

bonds, it
to the is¬

revert

of limited tax bonds except

suance

to I refund

limited

bonds

tax

al¬

ready outstanding. To date over
$75 million of bonds have been
issued under this

new

bill.

bonds

bonds

that

their

date

assessed

values;

the district

will

present status

tax bonds.

With

some

the present taxing
dependent school
The

as

limited

exceptions,
"in¬

powers of

districts"

are:

total

$1.50

issued

continue

per

rate may
not exceed
$100 of assessed values;
the
debt
service
rate
may
not
exceed $0.50, and rate for current
expense is $1.50 less the amount
required for debt service.

Court held

for

District, whereupon
plaintiffs appealed
to
the
preme Court of Texas.
The
heard

of

be needed) to service
limited tax bonds plus any rate
required to service unlimited tax
as

may

bonds.

the

be

no

this

Su¬

W.

of school

tricts

fore

Texas school
be sold as required.

to

single issue

a

voted

ever

lows: Carlton Independent School
District in Hamilton
and Erath
Counties
bonds
new

issued
Jan.

on

bill.

$60,000

7,

After

of school

1956, under the

issuance

a

group

of

disgruntled taxpayers filed a
petition for permanent injunction
and

declaratory

the

52nd

District

judgment with
attacking

Court

the

validity of the bonds on the
ground
that
(1)
non-property

owners

were

allowed

to

vote

on

simile
all

of

of

Be¬

State into
all /

validity of the
cedural

conference

a

questions
Act

to

as

and

pro¬

dis¬

of

Bill

are

116

Bonds

under

Senate

of

admittedly

which

adopted

were

of

of

in

not

from

the

parties

defense

Council's
amicus

without

be

all

curiae

well

unlimted

tax

broaden

The

worst

than

circumstances

Byron

from

issued

should

the

that

single

owner

through

in

the

Co., Inc.,

Schlicting

Strater

A.

Winners in the NSTA

Tennis Round Robin
Winners

the

in

Tennis

Round

Robin held

during the NSTA Con¬
vention at Palm Springs, Calif.,
were
James Doan, Sutro & Co,
Los Angeles, first and Phillip J.
Clark, Amos C. Sudler & Co.,
Denver,

second

out

of

seven

entries.

the

Mrs. Thomas Walker (Equitable

Securities

of bonds of this class

holdings

Miller

J. Van Ingen &

William P. Harper & Son
& Co., Seattle, Wash.

State of Texas itself is the largest

FOR

Jr.

Haupt & Co., New York City

Hugh R.

ad¬

reassurance

knowledge

Co., Chicago, 111.

Carrington,

Inc.,
Lynchburg, Va.

Senate

under

gain

Chairman

Strater & Co.,

Any investor who might have
slightest uneasiness concern¬

116

G.

Ludwell

the

bonds

Say re,

Miami, Fla.

authority of school districts which

ing

J.

Boice

opinion could do no more
nullify the unlimted taxing

Bill

COM¬

William N. Edwards & Co.,
Fort Worth, Texas

B.

have adopted the Act and render
their bonds limited tax bonds.

MARKET PLACE

MUNICIPAL
MITTEE

Coun¬

an

the country and to
tax-exempt market.

Respectfully Submitted,

cil's attorney, Mr. Gaynor Ken¬
dall, is of the opinion that under
the

of

the

NATIONAL

larger issues of

bonds.

most

engineered bond issues

parts

ous

F.

brief,

the

of

some

the

to solve similar problems in vari¬

an

of the school districts which have

sold

of

scale.

The

file

State.

One

Landon A. Freear

interest

case.

will

this

construction program on
There will be
more

a

this

William

and briefs
will also be filed by several of
the municipal bond attorneys as
well as attorneys for a number

verse

THE

in

up

such

assist¬

at

this

of

attorney

in

John Nuveen &

Attorney General, whose
already been filed, will

certainly

Perma¬

was

the

Corporation,

sole

distaff

Dallas)

contender.

LIFE STOCKS
DEALERS' SERVICE DEPARTMENT
DIRECT PRIVATE WIRES TO

Capitalize

MONTREAL AND TORONTO

Special Over-the-Counter Studies

on

Prepared for Dealers
DIRECT PRIVATE WIRES TO
Our

CORRESPONDENTS IN FOLLOWING CITIES
Los

Angeles

Hartford

Boston
Worcester

Philadelphia
Providence

Chicago

San Francisco

New Haven

Meriden

Dealers'

important
the

Service

country.

ESTABLISHED

OUR

Exchange and other




Mr. Lewis E. Stone.

YEAR

New

York

Stock Exchange

GO.
and, other

leading stock and commodity exchanges

BEAVER

60

STREET, New York 4, N. Y.

BOwling Green 9-8420

New York 5

DIgby 4-2525

or

H. HENTZ &

leading Domestic and Canadian Exchanges
1 Wall Street

developing
throughout

lOOth

1865
Members

Members New York Stock

is

dealers

For complete details write to

Mr. William P. Green

AJlUGSa&C).

Plan

for

business

Chicago

•

Detroit

Beverly Hills, Cal.

•

•

Pittsburgh

•

Geneva, Switzerland

Miami Beach
•

the

entered into a cooperative
to
develop this low
Hydroelectric project mark¬
ing the first time that a munici¬
pally owned utility and private
power
corporations had teamed

has

ance

cf

manually

agreement

of

ambiguous language in the

be

cost

Ira

The

certificate

must

tricts

Act.

brief

the

offerings
in
Municipal
Financing History occurred in the
Grant County PUD Priest Rapids
issue totaling $166,000,000.
Four
private
power
companies,
six
cities, and the three utility dis¬

an

because

that

bonds

clumsy,

out

caution

office

unique

had

hoped that the present
litigation would result in simpli¬
fication of the issuing procedures,

State

the

Comptroller, and this bill

Washington:

and those who have to work with
them

this

in

executed; under this law, this is
only manually executed sig¬
now required on
any issue

in

its

in

registered

nature

the

were

requirements

the

the

was

quirements, invited all the rec¬
ognized municipal bond attorneys
the

Article

As in the past,

issued

Comptroller

Act, which
became effective Sept. 6, 1955, the
Attorney General of Texas, rec¬
ognizing there were certain am¬
biguities in the procedural re¬

which

signatures.
be

recites

dis¬

bonds

is

(heretofore

securities

must

the

under

Statute

effect

using fac¬
and
the
bond
forms
themselves are
legal with fac¬

issued

by

legislation

Vernon's
Civil
Statutes,
provides that bond

in

coupons

116, and a good
millions have been

more

authorized

of

similes)

concerning
Some $75 million

bonds have been

System.

item

this

on

717-J,
and

under Senate Bill

certain

E.

ence

case

for alarm

reason

litigation.

other

Statute
authorizing the
use
of
facsimile signatures on
municipal
bonds in this State.
The refer¬

the

Oct.

on

abundance

Litigation

One

which occurred in the 54th Texas
Session
was
the
adoption of a

17, 1956.
Litigation in the Supreme Court
which
attacks
the
validity - of
bonds of any class is not to be
taken lightly, but there appears to

was

issuance

may

levy $1.20 for current expense
plus 50 cents (or so much there¬

of assessed

and/or

The District
School

School Fund and the Teach¬

Retirement

ers

improperly

was

outstanding; it is cussed.
There
was
no
question
currently restricted to a total tax
raised by any of these attorneys
rate of $1.50 per $100; it is levy¬
as to the
Constitutionality of the
ing the full amount,
$1.00 for
Act, and it is significant that each
current expense and 50 cents for
issue of the $75 million of these
debt service. Early in 1956, voters
bonds now outstanding carries the
adopted the provisions of S. B. 116
unqualified approving opinion of
and authorized a bond issue.
In
a
market
attorney.
The
pro¬
the
following fiscal year, total
cedures for the authorization and
debt is the equivalent of 9.5% of

Mr.

authorized

to

116

nent

drawn.

in

Perhaps a bit of clarification
be gained through an ex¬
ample. A school district has $5
may

million

Bill

Senate

many

peculiarity

cided
and

will

116

B.

bonds

Tinsley, Executive
The Act became
effective on Director of the Municipal Advi¬
Sept. 6, 1955. It has no retroactive sory Council of Texas, has com¬
aspects.
Therefore,
all
school mented on this litigation as fol¬
prior

the proposition of the
District's
adoption of the provisions of the
Act, and that (2) the caption of

to sell bonds either without seek¬

ing or after failing to gain the
approval of the electorate under

of

Should

7%, the tax rate for

expenses

the

indebtedness

equivalent

assessed

districts

by

powers

district to operate

its provisions must
adopted by a majority of the
qualified voters owning property
in the district. Ostensibly, the Act

in

The

the

under the Act,

site

District out of any fur¬

subsidy payment of

the

of

date, Texas

will

option of issuing either of two
types of bonds. All bonds issued

be

Section 2

fication

discussion

In order for

rental."

ther

brief

a

their connotations.

March

where the board of

cases

directors

due

act

relating to the public
system to provide that:

school

fails

the

amends

The State Educa¬

principal features of the Act and

Pennsylvania: Pennsylvania Act
No.

of bonds.

effective

the

districts

school

Thursday, November 15, 1956

•

Coral Gables

Amsterdam, Holland

•

•

Hollywood, Fla.

Buenos Aires, Argentina

21

of

stocks

As Co-Chairmen of the NSTA

Publicity Com¬

published since its founding

January, 1955, and stress the desire for con¬

the trading fra¬

20th Anniversary of

Wall

Those

Street

provided
ticles for publication will be

preciated, and
have

been

non,

ap¬

join in presenting their news and
views
to
over
4,000
interested
members.
Your
editors
request

Hardy

Rubin

Joseph E. Smith

presenting to the 23rd Annual
Convention the annual report of

Since

the

of the
the 23rd of Janu¬

establishment

the

"BULLETIN"

Philadelphia,
the

progress

"TRADERS

the

hopes

for

BULLETIN"

ored

the

future

publication in emphasizing the ac¬
tivities of the trading fraternity
and

the

issues

mism of New

The "TRADERS BULLETIN" is

its

ists;

anniversary.

second

written

article

another

by

President-elect featured the

the report follows:

caution

Palm
Blue

who

1936,

to

attending

vention

and

the
the

the

present

Trophy

Low

Dallas, with

Roald A.

Gross:

& Com¬

of 80.

score

a

Tie between

Morton, Blue List Pub¬

lishing Company, New York and
Herbert

Angeles,

81.

score

Low Net: Roald A.

List

Publishing

York

& WALKER

UNDERWRITERS

Irish, Fairman & Co., Los

City,

DISTRIBUTORS

Morton, Blue

Company,

New

of 71.

score

DEALERS

Second Low Net:—Donald Sum-

NEW YORK 6, N. Y^

merell, Wagenseller & Durst, Inc.,
Los
members

/,

'

Angeles,

National

Ntw YORK STOCK EXCHAHCE

Trophy

AMIRfCAN STOCK EXCHANGE

of 72.

score

Quotation

for

winning

Bureau

citv

team:

'

MIDWEST STOCK EXCHANGE

Won

,

by Philadelphia team,

of Russell

posed
&

Harold

Mosley;

R.

Scatter-

cAllen & Company

Boenning & Co.; and Her¬

good,
bert

com¬

Stroud

Incorporated:

Comnanv,

Victor

Ergood,

Blizzard.

H.

Low

total

ball

ESTABLISHED

of 74.
Low Gross: Tied for fourth

'

StATTU

'

1922

and

-

fifth

L'/?////

T

Os'-V.

TORONTO

&

H

with

places,

Robert

Philadelphia;
Brush,
SMI FRANCISCO

YORK

NEW

Russell

4,

NEW YORK

Ergood,

Detroit;

Co.,

82.

Bennett

Stroud & Company,

Moomit;;

of

score

Manley,

Moons,

Incorporated,
Ernest

and

Blum,

& Co., Inc., San

Slocumb

Francisco.
Kaon'

Net:—Tied for fourth and

Low
"iuiSKmr

fifth

SCCTTSMU

places,

m

score

Dallas;

pany,

Josef

Seattle;

Wesley

Com¬

Phillips,

C.

Northwest

Pacific

Securities of

of 73: Winton

Southwest

First

Jackson,

OtUWWOO /■

INDUSTRIAL

CORPORATIONS

Company,

Smith,

Bishop.

INSURANCE

COMPANIES and BANKS

Bishop & Co., Syracuse, N. Y.
; VICTORIA

High Gross: Tie between Walter
W. Cruttenden,

UTILITIES

PUBLIC

Jr., Cruttenden &

RAILROADS

Co., Chicago and John Hecht, Jr.,

Dempsey-Tegeler

&

Co.,

Los

•

V

Angeles.
Second High

nedy,

THE
FOR

PRIVATE

NATIONAL




: O V E R A G I

Of

WIRE
LISTED

AND

Sullivan

MARKETS
,

ance:

Jack

Alexander,

Perform

Kerr

-

£*

Bell, Los Angeles, with a score of
-

108.

Prizes
bell

were

Armor,

I

PUBLIC

Disanoointing

Most

MUNICIPALITIES

& Co.,

Inc., Denver.

SYSTEM
UNLISTED

Gross: B. F. Ken¬

Bosworth,

awarded by Camp¬

Crowell, Weedon

&

Co., Los Angeles, Chairman of the
Golf Committee.

REVENUE

of

executive

council.

stitution.

con¬

members

Springs, Calif.
List

Second Low Gross:

39 BROADWAY

in

guests at the break¬
all past Presi¬

were

dents

the Association's

was

signers of the original con¬

Allen Oliver, Jr., Sanders
pany,

McMANUS

Also
fast

were

NSTA Golf Tournament

our

of

Plaques

Thornton.

presented by Mr. Arnold,

Winners in the

opti¬

buying

the

Cincinnati.

grow

England industrial¬

in

desire of the

President

the growth
the West Coast

Angeles

Aug. 4,1936, a breakfast
was
given by Henry J.
Arnold, Geo. Eustis & Co.,
on

not only in
stature but in importance in the
financial industry.
to

continue

depicted

have

vention held in Los

editors that the "BULLETIN" will

in the Delaware Valley area;

and

the-Counter Markets.

nearing

the

obtain

to

of the industry on

importance of the Over-

Text of

endeav¬
best articles

It is the hope and

Associa¬

tion at its first annual Con¬

BULLETIN."

ERS

possible pertaining to the trading
fraternity and the Over-the-Coun¬
ter markets. Articles in this year's

and

of

the

publication

ing and arranging the

of the "BULLETIN" have

called attention to
already achieved by

the

on

1955, seven editions have been
published.
I
The personnel engaged in edit¬

Publicity Committee,
Co-Chairmen Joseph E. Smith, of
Newburger Co., and Rubin Hardy,
of
First
Boston
Corp., both of
NSTA

the

original

Traders

Security

Dealers'

Investment

Digest for their continued inter¬
est in the progress of the "TRAD¬

ary,

In

the

the

of

constitution of the National

Commercial and Financial Chron¬

and

commemorate

adoption

adaptable for editing.
Thanks again to the editors of the
icle

Glass,

William R. Staats &
Co., Los Angeles; Anton E.
Homsey, du Pont, Homsey
& Co., Boston; R. Victor
Mosley; Edward E. Par¬
sons, Jr., Parsons
& Co.,
Inc., Cleveland; W. T. Pat¬
ten, Jr., Blyth & Co., Inc.,
Seattle; Henry J. Richter,
Scherck, Richter Company,
St. Louis; and Charles J.

Henry J. Arnold

To

pub¬
style

lication they be tendered in a

May & Gannon, Inc.,

Jr.,

the missing to

that in submitting articles for

Sudler &

Boston; Chester M.

ar¬

those who

we urge

among

Mr.

Co., Denver; Joseph Gan¬

cooperation of those

affiliates which have

were

Clark, Amos C.

Ray Kenny of New York, respec¬

tively.
Continued

signers at

Herbert H. Bliz¬
zard; Ernest E. Blum,
Brush, Slocumb & Co. Inc.,
San Francisco; Phillip
J.

by

presented

were

of the

breakfast

Arnold;

Herman J. Zinser of St. Louis and

ternity and the Over-the-Counter Market.

NSTA Constitution
the

from within the confines~of

news

tribution of articles pertaining to

in

engaged

mining industry and
atomic development was covered
in
an
article published
in the
March issue; and presentations by
important committees, namely:
Advertising, Convention, Corpo¬
rate
and
Legislative, Municipal
and Rights Compensation.
Contributions
featuring
the
everyday chatter of traders and

mittee, Messrs. Smith and Hardy call attention
to the fact that seven editions of the "Traders
Bulletin" have been

companies

the uranium

Report of Publicity Committee

in

CHRONICLE

THE COMMERCIAL and FINANCIAL

Convention Number

AUTHORITIES

22

THE COMMERCIAL and FINANCIAL CHRONICLE

Continued

from

about

more

12

page

than

pany

particular

any

to

its

read

com¬

prospectus

iiled with the SEC.

Role of the Investment Banker
the following companies—selected
to illustrate the diversity of type.

provisions—i.

Caterpillar Tractor Co.

What

will

Pacific Gas & Electric Co.

covenants

Jamaica

or

Water

Lockheed
The

Supply

Aircraft

Budd

Co.

Company.

Company—a

the

in

protective(
indenture

bond

approved by

bodies—such

tory
tive

Each of the above companies is

State

You

different industry affected by
different economic circumstances.

the Federal

as

Commission

Power

the respec¬

or

that

see

can

all

of

these

a

Each

had

company

factors

in almost un¬
limited combination naturally ac¬
count
for
a
wide
diversity of

different
a dif¬

a

problem and each required

operating

approach, but all to the
same
objective — the raising of
the nature of the services ren¬
capital.
dered.
Once a
financing program is
Time Consumed
decided, the methods of handling
any particular issue vary accord¬
The company makes its selec¬
ing to a variety of given factors— tion of an investment banker at
some of these may be a bit con¬
an
early stage, and after study,
fusing, but here they are anyway: the
investment
banker
recom¬
What is the financial rating of mends a
plan of financing. After
the company?
this plan is approved by the com¬
Does the company have other
pany, the actual work commences
securities
outstanding—so as to on readying the security for mar¬
Is

the

market

acceptability?

to be raised for
expansion of production facilities
or
merely to refund outstanding
money

securities?

or

unsecured—or

or

common

preferred stock

takes

months'

two

approximately

a

period.

During this period the managing
underwriter and his counsel work

What will

dividend

what

will

the

interest

rate

rate?

Will it be

convertible

into

an¬

security?

What will

be

the

be

Because

with

filed

of

the

liabilities

the

1933

30 years?

be

to

prospectus

imposed by the Securities Act of
upon both the issuing com¬
pany and underwriter, these docu¬
ments are painstakingly accurate,
and their preparation is a
spe¬
cialized, exacting and time con¬
suming task.
There is no better way to learn

the

be

or

on the preparation
registration statement and

of the

SEC.

stock?

If a bond,
maturity—10

other

capital

sinking fund

have

to

underwriter,

as

more

single

a

distribution resources,

nor

he

would

nor

consider

it

the

distribute the entire issue
by him¬
self.
Of course, there are excep¬

of

case

small

issues.

one-third

issue

large. So, after
negotiation
the

for

Uniform

Foundation and the

Securities
The

f^r

State

$64.50

The next item to be

writer

and

his

agreed

the investment bankers'

in

all

be

the

same

48

states, but inasmuch
several states pride themselves
the originality and
difficulty
their

own

been

as

statutes, this has

mission

of

never

(1)

file

on

The

with

real

the

SEC.
of

essence

must

be

called

the

trans¬

the

spread—
between the

negotiated

manager and the

issuing

company.

This final negotiation takes place
a
day before the offering date

and,

at the same time, the few
still unfinished details are settled.
The determination of the offer¬

ing price and the spread involves
skill derived by the invest¬
ment banker from experience and
intimate daily contact with the
markets.
a

Obviously,

four

How

The

registration

becomes

effective

offer

the

state¬

and

pate in the distribution.
tion

and

various

to

the

the Ford

dealers

722

issue,

some 1300

dealers spread all

over

—

than

15%

world

purchased

were

stitutions.

com¬

evidence that there is

individuals.

such
printing, telegrams, long-dis¬
tance phone calls, advertising the
expenses

as

and

of

transfer

For

was

capital

dramatic

no

shortage

available

60

a

day period beginning

prised

page

that

they

would

handle

the

is

in

ment

Bonds 1

the

alternatives.

two

Seldom

securities

are

Founded 1851

DISTRIBUTORS

-

DEALERS

-

identical, and

differences in the comparison
the new security with similar

the

issue

will

is

price

new

offering

Distributors

UNDERWRITERS

at

assure

to

establish

State and

figure which

a

the

Industrial, Public Utility and Railroad Securities

the

satisfactory

Municipal Bonds

dis¬

tribution of the entire issue. If the
m

of

price is set too high, the
ment bankers

Corporate

and

to

way

Municipal

are

unstick

reduce

invest¬

stuck—the only
is to

ESTABROOK

themselves

Securities

has

CO.

&

the

price, and this price
reduction comes right out of their
capital. Believe me, our industry
had

issues.

its

If,

share

of

on

danger of losing the issuing
pany as a client.
Issue

YORK

AND

Associate

BOSTON

Member

STOCK

American

EXCHANGES

Stock

Exchange

unsuccessful

the other hand, the
price is set too low, the after mar¬
ket may carry the price
up several
points in which case we are in

Ford

MEMBERS
NEW

As An

40

Wall St., NEW YORK 5

HARTFORD

-

15 State St., BOSTON 9, MASS.

POUGHKEEPSIE

•

PROVIDENCE

.

SPRINGFIELD

•

com¬

Example

Our example today is the Ford
stock issue.
The
shares
repre¬
sented by this

offering

al¬

were

ready outstanding and owned by
the Ford Foundation. None of
the
proceeds

Foundation

Exchange

billion

IzP/ree/

Z&

t.

■

i/Pew*

-

internal

s
Telephone WHitehall 3-7600
Corporate Teletype: NY 1-865

<
%

the

u
Wf

as

§
Sg

the

were

of

in

eggs

Asheville^IBaltMore^Beaumont
Charlotte

Chicago

Cleveland

St. Louis

St. Paul




San Francisco

Seattle

A/}oc&

reclassification.

As

reached,

was

(oxc/tun^e and o//ic* /eadtny <£>x<dany4&

soon

Stocks

Bonds

•

Commodities

•

-

i

possible and hence the sale of
very substantial amount of
stock.

Now

represented

offering of
security issue in
never

this

a
no

a

the

any

there

came

Ford

shares.

to determine

for this issue, there was
existing market for Ford stock,
there

parisons

were

two

already

^/.

6,

direct

com¬

outstanding

in

&Ac/iefe//e* AAfa^a, ^ACat

490A

Yet,

price

but

30

largest

history.

for

was

<jVew

65

I

corporate

emotional demand

an

When the time
is

was

two direc¬

before had there been wit¬

nessed such

Pittsburgh
Utica

It

dollar

as

Philadelphia

vdlenderA ^Aeta

basket

one

trustees

tions.
Boston
Columbia

Dallas
Denver
Detroit
Fullerton
Galveston
Grand Rapids
Greenville Houston Indianapolis Joplin Kansas City Los
Angeles

Louisville ^Nashville -New Orleans

$3

agreement

common

Beverly Hills

Adad/ti/ted 4SSI

Ford
on

this

following cities:

Cincinnati

Com¬

the

sitting

path-breaking issue in
Burlington

gi

to

the Ford

naturally wished to
diversify their holdings as rapidly

Municipal Teletype: NY 1-1691

•

<

We have direct wires

this

as

«

%>

of

to

trustees

awaiting a final agreement with
the Treasury
Department on an

Q/.

A,

v

went

The

pany.

Members New York Stock

Illinois,

Chicago,

Bethlehem

•

20,

AAuane A/lnee/, lAbn
Dixon,

Connecticut,

Kankakee

•

43,

*AA
*Al

Pennsylvania,

Hartford, 'Danbury,

Meriden,

Philadelphia
New Haven,

Torrington, Waterbury • Florida, Ft. Lauderdale • Indiana, Kentland
Michigan, Battle Creek, Bay City, Flint, Grand Rapids, Kalamazoo
Wisconsin, Madison • Ohio, Toledo • Tennessee, Memphis (Cotton)
London,

England

Buenos

•

for

with the time when the
managers
of the Ford issue first were
ap¬

the example

issue, the facing

This

equity

purchased by

was

business expansion.

taxes.
more

by in¬

Far and away the
pre¬

cover

of the Ford

the

included in the selling group.
10,200,000 shares of Ford
stock offered to the
public, less

ponderant part

once

of

security

were

monly called the management fee.
(4) The amount necessary to

newspaper

addi¬

Of the

services

out-of-pocket

In

underwriters

issue evaluated?

new

the

securities

throughout the country to partici¬

insur¬

an

(3) The amount
necessary
to
provide for the managing under¬

Taking

deter¬

Agree¬

the public. The
managing un¬
derwriters invite security dealers

to

necessary

underwriters

in

is

issue of securities must be offered
in competition with other invest¬

of

and

commission

to

amount

throughout the country to sell the

issue

$1.50

managing underwriter

underwriters

a

outstanding issues must be
weighed. The objective in pricing

Underwriters

ment

underwriters to risk their

writers'

total of

a

"Underwriting

mitted.

The amount necessary to in¬

duce

the
the

an

com¬

premium.

(2)

.10

tracting to pay the company a
certain price on the
closing date.
The underwriters are then com¬

of

issue to their clients.

action, namely, the price to the
public,
and
the
underwriters'
commission

of

sum

capital—comparable to

All of these

is

the

The

induce

ance

steps take place in
the 20-day incubation period in
which the registration statement

is

expenses

ment" with the
company on behalf
of
the
other
underwriters con¬

ponents.

on

done.

any

and

Once
mined

his functions, known as the un¬
our industry for years
unsuccessfully campaigned for derwriting commission. This com¬

study of comparable
outstanding issues is made. A new

Stocks

Making

cidentally,

to

.10

fees

Arranging Distribution

com¬

was

statute

legal

a

accounted for

upon

pensation for the performance

uniform

taxes,

incidental

signs

In¬

securities

Brokers

and

un¬

the

a

1.00

Transfer

Ford

under

has

$ .30

of

many

various State Securities Laws.

counsel

down

underwriting risk,

7 managers received
fee for their services of

Composition of Commission

security must be qualified
by the managing under¬

sale

broken

received

ers

^

Laws

un¬

even

managing

share.

per

be

can

The

derwriters agreed upon a price of
Need

market for

i

on one

as

of

the
w/bm

stock

common

a

the

We gave a selling concession
to underwriters and deal¬

potential
stockholders

become

the

we

on

hours

the

of

For

mendous

write

in

clamor

to

shows

follows:

as

the other hand, the tre¬
weight
of
10,200,000
shares.
Our industry had never
been called upon before to under¬
and,,

and

tions

stock, considering

common

prospectus

This amount

actual

The

stock.

the

derwriting commission to be $1.50.

Chrysler

was

buyers

pru¬

to

of

the

and

Corporation
price
by negotiation,
but obviously the two outstanding
investment alternatives were help¬
ful yardsticks of value for Ford

a

risk,

General

was

stock

determined

was

underwrite

with the issuer

Is the issue to be debt—secured

or

This

ket.

one

usual

investment banker neither has the

techniques in the conduct of the
investment banking business and

ferent

measure

than

most

One

common

common

hand

is

dent

Utility Commission?

participate in the

issue.
It

various Federal and State regula¬

railway cars and auto¬
motive equipment.
The Bank of America.

writers who will

preferred articles?

Must the issue be

manu¬

facturer of

in

the

the

be

During the time the registration
is being prepared, the
managing underwriter,
in con¬
junction with the issuing com¬
pany,
selects
additional
under¬
statement

how many bonds
will be retired by maturity?

market.

Motors
other

!i

e.,

the

Thursday, November 15, 1956

Caracas,

Aires, Argentina,

Venezuela
•

•

Paris,

France

Beirut, Lebanon

Convention Number

this

THE COMMERCIAL and FINANCIAL CHRONICLE

undertaking until the offering take distribution. This underwriter the company in readying the
a
staggering
amount
of usually has a large capital, one curity for market.

I? .'<*?>■'

se¬

date,

mechanical work had to

be com¬ office and well staffed buying and
(2) He distributes the issue to
importantly the syndicate departments. Examples investors.
underwriting and selling syndi¬ of this type are Morgan Stanley,
(3) He contracts to pay the is¬
cates had to be formed to ready Dillon Read and Kuhn Loeb.
suer
the required money on the
this issue for market.
The most
closing date and, therefore, as¬
The second type of investment
sumes the risk of what the issue
significant fact of the entire of¬
banker is both an originator and
fering is simply that the combined
may bring in the market. In other
a
distributor.
This underwriter
efforts of the entire investment
words he pays the issuing com¬
also has a large capital, offices in
pany his own money and takes
banking industry increased the
principal
cities
throughout
the in return the
number of Ford stockholders by
bonds, or preferred
country, well-staffed buying and stock or common
over
stock of the
320,000, the fourth largest
syndicate departments, and a sales
number
of
stockholders
of
company.
any
force and trading facilities in each
industrial corporation.
In the past 15 years new under¬
office. Examples of this type are
written corporate security issues
The First Boston Corporation,
Underwriters and Dealers
totalled in excess of $60 billion,
Kidder
Peabody, Smith Barney
an average of $4 billion annually.
Some underwriters and dealers and
my own firm:
In 1955, this figure exceeded $6
profess to handle all types of se¬
The third type
of investment billion and so far the 1956 rate
curities.
This is certainly true
banker is the one who on occasion
is even higher.
with the larger firms. Out of the
originates an
issue but whose
Conclusion
1,000 underwriters and dealers
prime function is underwriting
with whom my firm does busi¬
To
conclude,
the
investment
and distribution. He may or may
ness, I would say that more than
not have a large capital, but he banker is the very essence of capi¬
one-third have specialties. Some
He supplies the
maintains a well-staffed sales de¬ talism.
capital
will deal only in bond issues, some
partment. Examples of these firms that enables industry to grow. His
only in common stocks, some only are
Hayden Stone, Hornblower & experience must be a composite
in
banks and insurance stocks,
He must have some
Weeks and Paine, Webber, Jack¬ of several.
some only in water company se¬
son & Curtis.
legal knowledge to understand

pleted and

more

curities and

so

forth.

fourth

The

The make-up of an underwrit¬

type really

is

not

the

gories

investment

of

bankers—

(1) He advises the company for commercial generation of elec¬
best to
raise money after tricity. On that occasion Admiral
principally
to making a study of the company Rickover said: the real signifi¬
and does not under¬ and market conditions, and assists cance of Atomic energy is: Man is
how

himself

confines

originations

now

able

to

his

create

Ponder that!

vironment.

tremendous

additional

own

en¬

And the

need

for

capital in the future to fulfill this
new
ability.

Adams

Peck

&

stances

points that while circum¬

have limited activities in that direction,

he is convinced that

ultimately

progress

will be

made in securing

compensation for work entailed
by firms in handling subscription rights.

In

Rights
Baker

remarks

his

as

NSTA

the

of

Chairman

Special^

Committee, Chairman John Hudson, of Thayer,
& Co., Philadelphia, noted as follows:

The duties

of the

Secretary through the year have
quite time-consuming and there has

been
been

*

'

formal work done with the so-

no

called

Special

Rights

was

set up

was

what is known

some years

committee. That

as

Committee that
ago when there
a

cross

-

industry

composed of repre¬

was

all

of

sentatives

segments of the busi¬
ness. I
might just say at this time that
we have
reprints available of an editorialv
that appeared in the "Investment Dealers
Digest" which set forth the whole pic¬
ture as well as it could be done.
ii
Shortly following publication of that:
editorial, you gentlemen probably read a

fect

-

first, the investment banker who

Chairman John Hudson

the laws and the statutes that af¬

his
business; he must be
ing group requires intimate dealer who does not underwrite familiar with enough accounting
to interpret financial statements;
knowledge of the experience and but
merely distributes as a mem¬
he must have a general knowl¬
specialties of the individual un¬ ber of the
selling group without
derwriters, their performance in
edge of securities so as to be able
assuming any risk. The dealer's
to analyze and compare relative
various syndicate distributions of
capital is usually small, and his
the past, and the size
of their
values; he must have the vision
operations are confined to a single
to observe and interpret economic
capital.
city or a section of a state. His
The same intimate knowledge function is nonetheless of great trends; and, not the least impor¬
of security dealers throughout the importance to the successful dis¬ tant, he must be able to impart
his knowledge and assurances to
country is required of an origi¬ tribution of an issue.
others which,
simply, is sales¬
nating underwriter.
manship.
Summary
Two weeks ago I was present
Kinds
of
Investment
Hankers
To summarize the operations of
at the dedication in Chattanooga
There are four principal cate¬ the investment banker—
of the first Atomic Reactor vessel
He is

investment banker.

an

Report oi Special
Rights Committee

John M. Hudson

front page article in the "Wall Street
along the same lines. I don't think it is any
secret that Harold Young of Eastman Dillon, Union Secu¬
rities & Company has been this year's prime mover on
the subject. His main efforts, of course, have been in con¬
^

Journal"

nection with

his

role

IB A

an

as

Committee

Chairman,

Harold is

j

carrying the work along. I have been in close V
contact with what he has been doing.
I would like to, possibly next
year, move into a little
different spot in this as I feel it is a very worthwhile
organization. I would like to undertake to do a little more '
in that direction and try to
keep it alive and going. We
do think that one of these days we can get paid for the
work that

we

do.

Orchids to You
Samuel

Members New York Stock

Exchange
and American Stock Exchange

E.

■T'v

Magid, President of

Hill, Thompson & Co., Inc., New
York City, presented all the ladies

;

the

on

DEALERS IN

buying side

RAILROAD SECURITIES
Guaranteed

Leased Line

Bonds

Preferred

Common

\

and

Our interest in

Unlisted Investment Stocks

that

New York 5, N. Y.

120 Broadway

bidding

of institutional size

on

blocks of securities

springs from the fact

provide primary markets

we

for the placement of such investments.

"

Telephone REctor 24949

Teletype NY 1-724
Private voire

r

to

Samuel

Philadelphia

I

attending

the

E.

National

Traders Association

<0.

Palm

Springs

This willingness on our part to buy

Magid

with

well

as

Security

Convention in

high-grade bonds and

preferred stocks in volume is of

orchids, fol¬

lowing his annual custom.

utmost importance to
in

Delegates at Large
Underwriters and Distributors

It has been

State, General Market, and Public Revenue

portfolio managers

arranging their programs.

for

of

to sell

as

over

our

steadfast policy

45 years to

crdate

the closest markets in

.-i

and maintain

high-grade securities

suitable for meeting the specific objectives
of all financial institutions

BONDS

MUNICIPAL

enjoying
•>

the advantages of our services.

Inquiries

Direct Wire to New York and Chicago

are

invited

Salomon Bros. & IH tzler
Geo. W.

Cunningham

A. Gordon Crockett

J. Van

Ingen

& Co.

inc

Dealers and Underwriters

George W. Cunningham, George

Cunningham & Co., Westfield,
J.; A. Gordon Crockett, Crockett
& Co., Houston, Tex.

W.

of High-Grade Securities

Members New York Stock

N.

Municipal

Bonds

Alternates:
57

William
New

Street

York

5




DU

Pont

MIAMI

Bldg.

32,

FlA.

135

So.

La

Chicago

Salle
3.

III.

St.

SIXTY WALL

Garnett O. Lee, Jr.,

Scott,
Horner
&
Mason,
Inc.,
Richmond, Va.; Ludwell A.
Strader, Strader and Company,

Inc., Lynchburg, Pa.

SAN

FRANCISCO

jj

Exchange

*

|

STREET, NEW YORK 5, N. Y.

PHILADELPHIA

BOSTON

i

rr

.

B.

,J

DALLAS

CLEVELAND

CHICAGO

WEST PALM BEACH

?!

24

THE COMMERCIAL and FINANCIAL CHRONICLE

Continued

jrom

page

cellophane, but 10,000 are em¬
ployed converting it and selling

8

whole

it—a

Three Little Adages
And How They Grew
five

manufactureres with

contracts

defense

General

were

Motors,
General
Electric,
General
Dy¬
namics, Boeing, and United Air¬

contractors
500

"small"

are

employees),

1931

Think

ration

(less than

craft.

Whom else would you have

only 18%
have more than 500 employees.
The Air Force in '51 said its prime
contractors for aircraft used 60,-

given

the

000

contracts

to?

Yet

to¬

gether they had only 19% of the
top 100 contracts. But, this does
not

mean

that

smaller

companies

jobs from all

new

and

subcontractors, 87% of whom
had less than 500 employees.

Little Business Is Doing All Right

has

Pont

du

industry.

new

created

35,650

products.

new

of the Aluminum

of

Since

Corpo¬

America.

Only three
companies make primary alumi¬
num,
but there are 21,949 inde¬
pendently owned manufacturing
plants who work wita the basic
This is

product.

business.

new

a

Du Pont

ary

bombs fell
ness

saved

on

Pearl Harbor.

Big¬

them.

us

How do smaller firms get in on

Well, for instance,
General Electric had $3% billion
in

du

So

has

Pont

invest

(24%

that

says

million

$50

sea ch

the President of
reported that they

backlog orders, but GE subcon¬
tracts
with
more
than
33,000
smaller
suppliers and manufac¬
turers
to
produce the
supple¬

Only

a

mental

take

of

a

net

their

year

in

re-

profits), and

unsuccessful

re¬

such

items

their

on

contracts.

search

the

experiments

successful

Of the contract dollars paid to GE,

search

the

ucts.

company

takes

40

cents

for

research, engineering, salaries,

ones

outnumber

by

19

to

1.

big business can afford to
chances, and it is re¬
that develops new prod¬

Think

of

the

items

from

du Pont that increase national

jobs

new

Has

in

their

du

original

their subcontractors and suppliers.

sales is powder. Only 5,000 people

Eighty-two percent of their sub¬

are

employed

in

manufacturing

business!

of

There

are

economic facts

some

And what is

the

their contribution to

For the

economy?

this, let's look at
sons;

our

answer

compari¬

some

for instance:

S. Steel

General

*Taxes

$13 %

i.,

$29

370

*In Millions

of

463

1,189

Motors

2,562

Dollars

The RCA 10-year ratio of taxes
to
5

dividends
to

on

1—they
for

ness

the

stock

common

is

to be in busi¬

seem

The

government!

voting privileges.

Now

we

adage:

too

come

patroitism
means
for the Star Spangled

standing up
Banner

somehow

us

appreciation of

cap¬

our

own

increasing at

as

rate well above $1 billion

corpora¬

the

Department

of

Defense,

including the Joint Chiefs
—twice

in¬

In
the words of the U. S. Survey of Current Business,
"The great postwar expansion of United States
enterprise abroad through foreign branches and
subsidiaries, with the total investment now reach¬
a

one

Safeway's '55 taxes would
the '54 budget for the Office

pay

are

a year.

ing three times [$29 billion] the investment at the
war, has been one of the most dynamic
aspects of postwar international economic re¬
lationships."

end of the

of Staff

over.

Steel in

the

moment, U. S.

a

worry-free

1953

year

moment.

What about us?

done

That

paid taxes

and

dockside in every port.

own

our

not

about

scream

work

our

America

kids feel proud

of how their

In

night in New York I

saw

several hundred of them in Grand

Central

Terminal.

They were en
prairies, having just
Poland, Latvia, etc.
Bristling officials were hurriedly
route

the

to

arrived

from

for tagging. In¬
terpreters were shouting instruc¬
tions.
Stoically, patiently, accus¬
tomed to being told what to do
next, with

up

tired

minds and

tired

bodies, the confused newcomers
dragged their travel-scarred crude
luggage beside them — broken
wicker

baskets,

manteaux,
Some

battered
fabric

conclusion, since "a little
learning"
can
be
a
dangerous
thing, let us here resolve to en¬
large

industrial

our

knowledge
faction

and,
that

of

guided

by

words,

"The

time
not

we

each

cost

the

that

would

money
of

this

amount

the

cover

of

entire

running Congress and all

Federal

rolls.

SEE YOU

veloped.

Wonderment,
fear

disbelief,

reflected

was

almost

from

those

faces, but the children—ah,
they were not afraid! Impatiently,

grave

but

NEXT YEAR

exuberantly, they tugged their

parents

counters

to

miracles

and

displayed.

body could buy them!
fresh

fruit

of

gum,

taries, clerks, assistants, and ste¬

rules,

no

nographers,

guards,

no

bills,

and

would

Judges,

plus

their

their

all

travel

secre¬

office

expense,

undoubtedly

be

pay

you

shocked.

of

shops

one

said,

all of that

band

still

little

varieties,
toys!

No
no

restrictions!

there

—

the

HOMESTEAD,

Suddently

music,

Why, it is
in

AT THE

the

coupons,

ration

"Listen

new

But

Imagine—

many

trinklets,

from where?

the

bui

Army

an

seven

some

words,

that

times

left

is

—

over!"

just

and
In

one

other

corpora¬

girl

asked,

gallery."

terpreter,

"are

listen?

it

Is

through

A

VIRGINIA

in¬

allowed

we

free?"

an

to

They

were

vsoo -

tion's contribution towards the

not

used

to

such

freedom.

No

6
m

i
w

Source:
U. S. Department of Commerce, Office of Business Economics

Survey of Current Business, August, 1 956.

figures indicate the magnitude of the inter¬
business has built

up

through¬

out the Free World.

Our

Foreign Investment Department will be glad
dealers in the raising
of capital both here and abroad to initiate or
expand
the foreign operations of their
corporate clients.
to assist banks and investment

Model, Roland
Members New York Slock

120

&

Stone

Exchange

BROADWAY, NEW YORK

LONDON




5

prompt and efficient service

SUTRO BROS. & CO.

PARIS

Members

New York Stock Exchange

y's

has

by the stars, and

passing ship."

to buy whatever they
Here, real drama de¬

be
e

astray be the lights of

gave each adult a
American money, and

in

d 1

States

agency

dollar

satis¬

leadership; it is

port¬

ragged

candy,

have

These

r a

greatest miracle of all was—any¬

expense

ests which American

B

United

steered

be led

the

objective,

General

matured to world

of

stock

with

2,000 -

p

our

Conclusion

Freedoris

One

I

you

our

duties,
prime duty is to keep
strong, and make our
on

dads worked at it.

were

told

we'

gratitude

Foreigners Appreciate Our

world

then Presi¬

"little

confidence?

Let's

toaay in every metropolitan rail¬
road station in America, and at

dent, Benjamin Fairless, said, "If

The

be

What have

lately to show

rights—let's

the

$412 million.

how
to

learning" to them is priceless.

country reflected in the bursting
joy of those displaced persons

where

of

Actually, it would

ttiiiKMl or 00iA»»»

know

how

and

each

tiny privilege,
friendly gesture, for each

from other countries whom

wanted.

tion!

the chart below shows,

it,

your

newcomers

lands

the guardians turned them lose in

Referring back

abroad,

for

—our

we see

exercise

the station

of

vestment

appreciate

for each

Procurement—from

Annual additions to United States corporate

oppressed

grateful

Let

the

to

That means—do the

ing played."

ture

from

when it is NOT be¬

even

always

you

America—yes, these

third

our

"Real

Air Force for Aircraft and Related

Investment Atroad

America.
My
freedom too

our

sure

General Motors taxes equaled 14%
of the fiscal
'54 budget of the

United States

love

take

granted. Let's remember
that it had to be earned, and we
must be diligent to maintain it.
Yes, "Freedom is not free," so be

ing and broadcasting!

lining them

♦1955 Net

Safeway
U.

to

they
we

much for

of life which deserve understand¬

that corporations are

see

incen¬
tive economy system today—but
do they make too much money?

curity—less than 5% of their total

The larger

we

vital and necessary to

se¬

60 cents goes to

etc.

restricted, if not actually put out

spotlight.

13,000

alone.

Pont

about

instance,

think

created

to experiment.

age

For

big contracts?

in

friends,

little things yourself that reflect
patriotism
without
needing the

Little business is

—taking

wonder

there are people who
such companies should be

yet

developed dacron, a $6
million experiment — also nylon,
a
10-year $27 million gamble that

monopoly
hurt either
their
doing all right
smaller competitors or the buying
35
cents
of
public? No. Do you deplore the
every retail sales dollar.
But big
that small firms handled 56% of business is needed too. Thousands pleasing nylon hosiery seen on a
windy day?
No.
It's worth $27
the
Army
procurement
dollar. of
products
are
now
available
million!
Don't be against bigness, as such. which might not have been, but
Nobody criticized General Motors, for the strength of large concerns Do Corporations Earn Too Much?
du
Pont,
Boeing,
etc.,
after who had the money and the cour¬
ignored—far from it. A Janu¬
'54 report of the Specialists'
Council in the Pentagon showed

are

of American government.

expense

And

Thursday, November 15, 1956

and other Principal Exchanges

Convention Number

THE COMMERCIAL and FINANCIAL

■25

CHRONICLE

NSTA Affiliates and Members
ARONSON,

Security Traders Association of New York

GERALD

Bernard

Aronson

BOGGS,

Peter Barken

WILLIAM

Jacobs

Sidney

Burke

BOND,

I.

Gilliland

St

A.

Kidder

M.

J.

Co.

St

J.

C.

Bradford

Nathan A.Krumholz

Eastman

Henry Oetjen

Dillon,

BARTON, D.
Eastman

BARYSH,
Ernst

&

Securities

Union

&

A.

,

Inc.

Inc.

First Vice-President: Nathan A.

Second Vice-President: Henry

Loeb, Rhoades & Co.

Oetjen (Norfolk & Southern Rail¬

Company) (Honorary).

way

Treasurer: Daniel G.

Hanseatio

Conlon, P. F. Fox & Co., Inc.; George V.

Directors: Bernard J.

Hunt, A. T. Geyer & Hunt; Daniel D. McCarthy, Eastman Dil¬

Michels, Allen & Com¬
pany; William F. Thompson, Greene and Company; Alfred F.
Tisch, Fitzgerald & Company, Incorporated; Edward A. Horn,
Kuhn, Loeb & Co.; Reginald J. Knapp, Ira Haupt & Co.; Wilbur
Krisam, John C. Legg & Company; Lewis, H. Serlen, Josephthal
lon, Union Securities & Co.; Harry A.

Co.; Samuel Magid, Hill, Thompson &

Rhoades

Co., Inc.; John J.
Smith, Al¬

O'Kane, Jr., John J. O'Kane, Jr. & Co.; Harold B.

Fitzgerald & Company, Incorporated.

fred T. Tisch,

Colwell, W. E. Hutton & Co.; Stanley E.
Dawson-Smith, Cruttenden & Co.; John D. Ohlandt, New York
Hanseatic Corporation; Stanley M. Waldron, Merrill Lynch,

St

A.
St

Walker, McManus & Walker.

York

Hornblower

R. W. Pressprich St Co.

Hanseatic Corporation

ALVIN

C.

Merrill Lynch,

&

Goodbody

P.

Co.

COLEMAN,
Allen

St

]

C.

MERRITT

Company

BRUGGEMAN, CHARLES

COLTHUP, JAMES F.
Freeman

HENRY G.

W.

E.

SAMUEL

Hutton

CONCAGH,

Nesbitt,

BRYSON, JAMES F.

Stone

Securities

St

F.

Co.

JAMES

C.

Thomson

and

CONLON, BERNARD

St

Co.

(Associate)

P.

Fox

F.

Corporation

St Company

COLWELL,

Watson & Co.

Hayden,

GEORGE L.

American

Spencer Trask St Co.
i

Co.

St

White, Weld St Co.

COLLINS,

j

St

Co.,

Company, Inc.

J.

Inc.

BURCHARD, GERARD L.
Charles King St Co.
(Associate)

CONLON.

BURIAN,

CONLON, Jr., JOSEPH F.
Grace Canadian Securities,

Daniel

.

Co.

BURKE.

ARTHUR
F.

Rice

Merrill

J.

and

HAROLD

Company

J.

Auchlncloss, Parker & Redpatn
BUSCHMAN,

Blrnbaum St Co.

BLAIR, FRANK H.

First

STEPHEN

Corporation

CORKEY.

F.

CORLEY,

Corp.

New

CABBLE,
Burns

Inc.

DONALD

Hutton

St

B.

Co.

HENRY W.

The Fenner

L.

BLANK, ANDREW

JOSEPH
Bros.

St

EDWARD M.

York

Hanseatic

C.

Denton,

(Continued

Inc.

Corporation

on

page

ROSTER OF MEMBERS
AAL,

ALBERTI, JOSEPH S.
Walston St Co. (Associate)

C. JEEOME

Bache

ABBE,

St

Co.

ALBERTS, CHESTER A.

RICHARD F.

Shearson,

Hammill

St

C. A. Alberts St Co.

Co.

ALBERTS, GERARD H.

ABELE. EDWIN A.
L.

D.

Sherman

ABELOW.

Mitchell

St

C.

Co.

St

A.

Alberts

Company

Co.

Brokers and Dealers in

HERBERT
St Company

ACKERT, PHILIP H.
Freeman St Company

ALLEN,

AIELLO, MARK T.
Spencer Trask & Co.

ALTMAN,

Allen

H.

AIGELTINGER, FRANK
Vickers Brothers

St

ALEXANDER, DOUGLAS C.
Joseph J. Lann Securities, Inc. (Associate)

ALFRED L

Listed and Unlisted Securities

MOJES K. S.

Hentz

&TCo.

(Associate)

ARNOLD, HARRY L.
Goldman, Sachs St Co.

W.

We maintain markets in

AND DISTRIBUTORS

UNDERWRITERS

Convertible Preferreds

Convertible Bonds

MUNICIPAL

Rights

AND CORPORATE

SECURITIES

Reorganization and "When Issued" Securities

•

PRIVATE PLACEMENTS

Inquiries from Banks, Brokers and Dealers are invited
CORPORATE FINANCING

LEVIEN,

GREENWALD

Members New York Stock

Members:
New

York

Stock

Exchange

52 WALL

American

50

Broadway

WHitehall 3-4924
Philadelphia Office
Room 831, "Western

Saving Fund Bnilding, Broad & Chestnut Sts.




Stock

& CO.

Exchange

Exchange (Assoc.)

American Stock Exchange

STREET, NEW YORK 5

St Beane

Inc.

COPPLE, LIVEY E.
Smith, Barney St Co.

E.
BYRNE,

Fenner

JOSEPH J.
Allen St Company

Boston

r

Allen St Company

A.

Pierce,

CORBY,

BUTLER, JOHN
The

JOHN
Lynch,

HERBERT

Newborg St Co.

BIRNBAUM, NAHUM

Co.,

St

Joseph Faroll

Co.

BRYAN, CHARLES F.

St Co.

St

Pierce, Fenner St Beano

CLEAVER, JAMES

(Associate)

Browne & Reilly

BROWNE, HOWARD S.
Tweedy, Browne St Reilly

T. L.

Gude, Winmill St Co.

Fox

Co.

&

Weeks

St

COLANDRO, JOSEPH N.

BIRD, JAMES F.

F.

EDWARD L.

Trask

COHEN. EUGENE M.

BRUNS,

Co.

Alternates: Samuel F.

Pierce, Fenner & Beane; Graham

Spencer

CHAVE, WILLIAM F.

W. E. Hutton St Co.

(Associate)

BILLINGS. JOSEPH H.

P.

(Associate)

Corp.

BROWN, HAROLD L.
Winslow, Cohu & Stetson

BEZER, CHARLES A.

BLANCHARD,

Robinson

Boston

CHAPMAN,

Dean Witter & Co.

BIES, SYLVESTER J.
Edward S. Ladin Co.

St

First

The

BROWN, THOMAS J.

Laird, Bi8sell St Meeds
Sutro Bros.

Co.

&

CHANNELL, CLIFFORD K.

ALLEN

Oppenheimer

Co., Inc.

OTTO

Berwald

BESWICK, SAMUEL F.

Cowen

& Co.

National Committeemen: Edward J. Kelly, Carl M. Loeb,
&

Grady,

(Associate)

Co.

Jr.

CARLO

CERU,

Vanderhoef St

Inc.

&

CLEMENCE, EDWIN G.
Cosgrove, Miller & Whitehead

ARTHUR W.

A. Saxton

BERWALD,

(Associate)

Jr.

O'Kane,

BROWN, JULIUS D.

of New York

Corporation

BERNHEIMER, KERMIT L.
D. F. Bernheimer & Co., Inc. (Associate)
G.

Mullin, Tucker, Anthony & R. L. Day.

Rice,
J.

John

BROWN, D. HOWARD
Ingalls St Snyder

BERNEBURG, RANSOM A.
Wood, Gundy St Co., Inc.

BERTSCH,

Secretary: Barney Nieman, Carl Marks & Co. Inc.

K.

CASPER, HARRY D.

Company

Tweedy,

Abbott, Proctor St Paine

Krumholz, Siegel & Co.

St

BROWN,

BENTLEY, HAROLD W.

President: Edward J. Kelly, Carl M.

(Associate)

Co.

CHRISTOPHER, WILLIAM H.

I.

E.

York

St

WILLIAM G.

Haupt St Co.

CLANCY, Jr., BERNARD J.

New

Mackie,

EDWARD

HANS

New

G.

BROOMHALL,

Reynolds St Co.

BEN,

Co.

Carey

BROOKS, GEORGE F.
Paine, Webber, Jackson St Curtis

Co.

St

St

WILLIAM

CARUCCI, JOSEPH P.
J.

Cryan

BROCHU, PETER W,

BECKER, FRANK H.
Guaranty Trust Company

Daniel G. Mullin

Barney Nieman

(Associate)

BRIGGS, STANLEY BRUCE

WILLIAM J.

BEAN. JULE8
Singer, Bean
BECKER,

McLaughlin,

Allen

BA8TIAN, WILLARD
J. F. Reilly & Co.,
&

Walker

St

FRANK J.

BREWER, III, JAMES R.
John C. Legg St Company

Co.

Lebenthal

McManus

Ira

J.

BRENNAN, JAMES I.
J. G. White St Co.,

BASS, SOL
Bear, Stearns & Co.

BEAHAN,

Capper
CAREY.

BRAND, HARRY L.
Zuckerman, Smith St Co.

Co.

St

Co.

iCARRINGTON, Jr.,

Co.

BARYSH, MURRAY L.
Ernst

St

Week &

EUGENE

BRADY.

Co.

St

Talmage

Co.

CARROLL, JOHN J.

Securities St Co.

BARYSH, MAX
Ernst

B. Boucher St

BRADLEY, WALTER V.
B. W. Pizzini St Co., Inc.

Union

BURTON

&

(Associate)

BRADY,

Co.

FREDERICK

Dillon,

Co.

CAPPER, MILTON

Murphy & Co.

HENRY 8.

(Associate)

JOEL

&

CAPPA, MICHAEL

Moser St Co.

BOUTON, HOWARD R.
Co.

BARTH, PETER L.
BARTOLD,

JOSEPH V.

Candee,

Co.

A.

Sartorius

BOUCHER, JOHN B.

BARRETT, FRANK D.
H. C. Wainwright St

J.Kelly

CANTER,

Lasser Bros.

BARNES, RICHARD M.

Co.

St

CANDEE, WILLIAM J.
Candee, Moser & Co.

BOLOGNINI, RINALDO A.

PHILIP

CALLAWAY, Jr., DAVID H.
First of Michigan Corporation

Co.

Boland, Saffin St Co.

Co.

Securities Corporation

CANAVAN, JOHN J.

BARMONDE,

Edward

(Associate)

Corp.

H.

BARKER, JOHN S.
Lee Higginson Corporation

Barmonde,

C.

The Dominion

BOLAND, WILLIAM H.

PETER

BARKEN.

Continental

United

Corporation

LESLIE
G. A. Saxton St Co., Inc.

Co.

St

CALEF, JOHN

BLOOM, SOL M.

W.

Securities

Carolina

Cahen

Harris, Uphair St Co.

BARBIER,

K.

S.

Corp.

BLOCKLEY, JOHN C.

AVERELL. ALFRED B.
Bache St Co.

BAIR, JOHN

Securities

Sinclair

Co.

SAMUEL K.

CAHEN,

BLAUNER, SEYMOUR

R.

St

New York 4

Teletype NY 1-3733

26)

26

THE COMMERCIAL and FINANCIAL CHRONICLE

MNSSMi

Thursday, November 15, 1956

I

Past

presidents of the N. S. T. A. in attendance at the convention (back) Lex Jolley, The RobinsonHumphrey Company, Inc., Atlanta;
John
W.
Bunn, Stifel, Nicolaus & Company,
Incorporated,
St. Louis; Phillip J. Clark, Amos C. Sudler & Co., Denver;
Harry L. Arnold, Goldman, Sachs & Co.,
New York; John F. Egan, The First California
Company, San Francisco; (front) Edward H. Welch^
Sincere and Company, Chicago; R. Victor Mosley,
Philadelphia; Edward F. Parsons, Jr., Parsons &
Co., Inc., Cleveland; Herbert H. Blizzard; Henry J. Arnold, Geo. Eustis &
Co., Cincinnati

A plaque presented
to all the signers
of the original constitution of the N. S. T. A.
Joseph Gannon, May & Gannon, Inc., Boston; Henry J. Arnold, Geo. Eustis & Co., Cincinnati

DOLAN,

Security Traders Association of New York
ROSTER

J.

Wm.

(Continued from page 25)
A.

Van

M.

Noel

Alstyne,

Co.

&

Cruttenden

McManus

CROWLEY, JOHN B.

Hirsch
DE

(Honorary)

CURRY, THOMAS L.

Hayden,

Stone &

Baker

DAHLGREN,

&

Inc.

Cowen
De

Co.

(Associate)

Co.

L.

C.

A.

ERNEST

H.

E.

&

THEODORE

Dunne

Co., Newark, N. J.

H. D.

DANEMEYER, JOHN J.
Blair

DAVIS,
Sutro

&

Cutter

JOHN HENRY
&

Bros.

D.

Puller

Co.

&

B.

(Associate)

A.

C.

Allyn and

Fahnestock

&

FRANK

Co.

6c

G.

S.

W.

8c

JOSEPH

6c

Merrill

Pierce,

Fenner

6c

Englander
I

•

■ysA-v.v.:^

ENGLE,
L.

I

D.

6c

S.

B.

Jersey

City,

&

(Associate)

American

Warren

W. York & Co.,

Frederick

L.

Free

&

Inc.

Co.

FRENCH, JOHN S.
A. C. Allyn and Company, Inc.
FRENKEL,

(Associate)

Gersten

LESTER

_

Frenkel

&

FRINGS, J. GEORGE
Sterling, Grace & Co.

FUCHS, AUGUST G.
George

B.

Wallace

Jersey City,

& Co.

&

Co.,

N. J.

GAHAN. JOHN P.

Schoellkopf,

Hutton

6c

Pomeroy,

>#

Peter

Co.

(Associate)

Morgan

& Co.

GANSER, EDWARD N.
First of Michigan Corporation
GAREISS,

Securities Corporation

Carl

&

Co., Inc.

(Associate)

the Distribution of

MCLAUGHLIN, CRY AN

&

CO

II
«&

MEMBERS

:

:

Investment Securities

I

NEW YORK STOCK EXCHANGE

AMERICAN STOCK EXCHANGE (ASSOC.)

|

With 64 offices from

I

COMMODITY EXCHANGE, INC.

coast to

coast, and more than
representatives, Francis I. duPont & Co. offers
effective, nationwide organization for the distri¬

400

II
i

an

bution

of both

corporate

and municipal securities.

Francis I. duPont & Co.

M

INVESTMENT ADVISORY SERVICE

Members New York Stock Exchange
Principal Security & Commodity Exchanges

i

I
§

INVESTMENT DEALERS
BROKERS

I
Main office

•

UNDERWRITERS

•

DISTRIBUTORS

7

BOND BROKERAGE SERVICE

IN SECURITIES AND COMMODITIES

One Wall Street, New York

Telephone Dlgby 4-2000

5, N. Y

Teletype NY 1-1181

Specializing in Public & Stockholders Relations

i

I
I

I
i

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Chicago, III.

Fresno, Cal.

Peoria, III.

Wilmington, Del.

Gdlesburg, III.
Indianapolis, Ind.
Kankakee, III.

Akron, Ohio

Kansas

Philadelphia, Pa,
Quincy, III.
Rochester, N. Y.
Sacramento, Cal.

City, Mo.

Bakersfield, Cal.

Kewanee, III.

St.

Beverly Hills, Cal.

Los Angeles, Cal.
Memphis, Tenn.
Miami, Fla.
Miami Beach, Fla.

Rapids, Iowa

Charlotte, N. C.
Cleveland, Ohio
Dallas, Texas
Danville, III.
Decatur, III.

Milwaukee, Wis.

Joseph, Mo,

San Francisco, Cal.

ONE WALL STREET

Sikeston, Mo.
Sioux City, Iowa
Springfield, III.

Minneapolis, Minn.
Newark, N. J.

Storm Lake, Iowa

Elmira, N. Y.
Enid, Okla.

New

Terre

Fort

I

/";*r

St. Louis, Mo.

Cedar

Oklahoma

Washington, D. C.
West Palm Beach, Fla.

Dodge, Iowa

Fort Lauderdale, Fla.
Fort

Worth, Texas

Orleans, La,
Oakland, Cal.

City, Okla.
Omaha, Neb.
Pasadena, Cal.

Haute, lnd.




Teletype —NY 1-2155

White Plains, N- Y.

Wichita, Kansas

mMmmmmMMffimmmmMMMMMMMmmmyM mmm<

wm, —i -,

NEW YORK 5

TELEPHONE HANOVER 2-1355

Streator, III.

§

■-

HERBERT

Marks

Nationwide Facilities for

fl

Inc

PAUL A.

Bradley, Gammons & Co., Inc. (Associate)

Inc.

Thalmann &

J.

Co.

«

II

N.

FREE, FREDERICK L.

FRANK, HAROLD W.
Co.

Co.,

FREDERICKS, Jr., PAUL C.

BARTON

Ladenburg,

R.
6c

Co.,

&

Frazler

GAMMONS,

&

Inc.

Incorporated

GANNON. LESTER F.

Co.

TRACY

du Pont

Fox

Mackie,

FREDERICK, PAUL O.
Baxter, Williams & Co.

FRANK, ALBERT F.

SAMUEL

Sherman

F.

FOX,

Company

ENGLANDER.

Walker

Wien

S.

Laurence

A.

Co.

FORBES, RAYMOND CLEMENT
Shearson, Hammill & Co.
P.

EISELE, FREDERICK R.
6c

Beane

&

FRAZIER, LAURENCE S.

FOX, P. FRED

Goodbody & Co.

mm

Francis I.

Bean

(Associate)

FLECKNER, WILLIAM L.
Merrill
Lynch, Pierce, Fenner 6c Beane

1

WILLIAM

Freeman

M.

FOOTE, GORDON R.

Corporation

A.

Co.

WILLIAM V.
V. Frankel & Co.,

Wm.

FLANAGAN, JOSEPH E.
John J. O'Kane, Jr., & Co.

duBOIS

&

FRANKEL,

JAMES F.
Canady 6c Co., Inc.

&

ADRIAN

FRANKLIN, ROBERT

EDWARD

McManus

Qulncey 6c Co.

Lynch,

Singer,

Company

Company

FITZPATRICK, FRANCIS J.

Lichtenstein & Co.

PETER

L.

Company

Ungerleider

ARNOLD

Walker &

(Associate)

FRANKEL, HERMAN

FITZPATRICK, DOMINICK A.
Van Alstyne, Noel 6c Co.

Co.

EGENES, BERGER

EIGER,

FRANKEL.

FitzGERALD, JOHN M.
W. C. Pitfield & Co., Inc.

Co., Inc.

Interstate Securities

Co.

H.

Corp.

ROBERT R.
Reinholdt 6c Gardner

& Sons

6c

&

FRANK,
Co.

FitzGERALD,

Co.

Knox

JOHN J.

FILKINS, WALTER L.
Troster, Singer & Co.
FISCHER.

(Honorary)

ECKSTEIN, J. FRANCIS
Inc.

Frank

Spiegelberg, Feuer 6c Co.

Lynch, Pierce, Penner 6c Beane

Chas. E.

Company,

Inc.

Co.,

FEUER, ABRAM J.

(Associate)

S.

ECKLER,

DOHERTY, WILLIAM H.
Co.

Mitchell

Investors

FRANK, ISADORE

FELTMAN, IRVING L.

EBBITT, KENNETH COOPER
Shelby Cullom Davis 6c Co.

Dixon

As

6c

Securities

FELDMAN,

EATON, STANLEY C.

DOHERTY, JOHN J.

DAVIS, MARTIN
S.

T.

Lubetkin & Co.

DIXON, WILLIAM G.

Incorporated

Co.,

Pollock

HARRY

Frank

SEYMOUR

Arnold Feldman

C.
Frank C. Masterson

Dreyfus 6c Co.

Adams & Peck

E.

Gregory

DURNIN, JAMES B.

DITTELL, LEONARD

DALE, CALVIN D.

(Associate)

Co.

& Rollins

EAGAN,

RALPH

Co.

DUNNE, FRANK

Co.

Paine, Webber, Jackson 6c Curtis

Sellgman,

&

GAMBOL J.

Dunn

H.

&

&

DUNN,

(Associate)

SAMUEL F.

D. Robbins

&

Merrill

&

B.

Sachs

LESTER T.

DUGA, J.

Co.

Co.

LEON

DRUCKER,
Aslel

ALBERT

DIMPEL.

Wm.

Farrell

Hardy 6c Co.

(Associate)

DAINES, FRANCIS M.
Hayden, stone & Co. (Associate)

Co., Incorporated

FRANK,

Company

FARRELL, JOSEPH V.

Bache

E.

Ingraham

DIMPEL,

Incorporated

Co.

&

6c

FARRELL,

DOYLE,

Walker

JOHN

&

SOCIO,

Frankel

V.

DORSEY, JOSEPH R.

Co.

Bros.

DENOBLE,

Securities Corporation

P.

CUSACK, JOHN T.

Amott,

&

MAYE,

Sutro

#

CHARLES

Co.,

DeFINE, ROBERT

Reed, Lear & Co.

Stone 6c Webster

&

&

Shields

DORFMAN,
Goldman,

JOSEPH

&

DEDRICK, GEORGE E.

Marks & Co.

CURRIE, Jr., JAMES

CURTI,

Allyn

DAWSON-SMITH, STANLEY E.

CRONE, EDWARD A.
Laurence M.

C.

ERICKSON, WILLIAM T.

FABRICANT,

DONNELLY, Jr.. JAMES A.
Reynolds 6c Co.

DAVI8, THOMAS

Goodbody & Co.
CRANE, JAMES

P.

DONADIO, JOSEPH F.

OF MEMBERS

CRAIG, JOSEPH J.

LAWRENCE

Boucher 6c Co.

B.

27
Convention Number

Harold B. Smith, Pershing &

Co., New York; Mildred Smith, New
Edward

Stamrowe

GAVIN. JAMES
Merrill

GEABHABT.

FBEDEBICK

D.

Carl

M.

Oscar

Andrews,

Gregory St

Barr

GHEGAN,
Edwin

Tatro

LOUIS

Co.

P.

GOLD,
A.

and

G.

New

Co.

GUTTAG,

SAMUEL
Lapham St Co.

■

and

W.

(Associate) !

Vanden Broeck

GOLDSCHMEDT,

B.

]

Hanseatlc

Homer

Jr., ASA C.

St

RICHARD

Eastman

KAHL, CHARLES A.
Charles A. Kahl St

,

KAIDY,

AIBERT

Winslow, Cohu St

King

Co.

Bros.

&

F.

Hutton St

Delafield

St

Delafield

(Continued on page 28)

Co., Inc.

Inc

(Associate)

Canadian Securities,

HEANEY,

Inc.

Michael

FRANK C.
Purcell

St

We Maintain

MICHAEL J.
J. Heaney St Co.

HECHT, JOSEPH T.

Co.

Mabon

ALAN C.

St

<

Co.

HECK, JOHN

Stearns & Co.

Active

Secondary Markets

In Our

Underwritings

Shields & Company

Underwriters

Distributors

of

Gearhart & Otis, Inc.
Industrial and




Municipal
74

Securities

Trinity Place, New

WHitehall 3-2900

(Associate)

SAMUEL H.
St King Securities Corp.

Company

HAYES, JOSEPH J.

Co.

St Co.

KIRK, JOSEPH J.

Inc.

DAVIS

Wood, Gundy St

King

MARTIN I.

KING,

Stetson

Grady, Berwald St Co.,

GEORGE B.
St

Charles

KING,

KING, ROBERT H.
Charles King & Co.

Co.

Co.

Gregory St Sons

Bear,

& Co.

RAYMOND A.

HAYES, JAMES J.
Murphy St Durleu

Hill St Co.

A.

Union Securities

Sutro

HUNT, E. JANSEN
White, Weld St Co.

Arnhold St 8. BJeichroeder,

E.

TRVING P.

Edward

Dillon,

HAWKEY, ROBERT D.

GOWAN, VINCENT M.
Goldman, Sachs St Co.

GREENBERG,

KING, CHARLES

CHARLES M.

HATZ, ARTHUR

H.

COURSE, WILLARD 8.

Grace

Hardy St Co.

KAISER, CHARLES M.

D'Assern

(Associate)

KIMBERLY, OLIVER A.

O'Connell St Co., Inc.

Godnick St Son

HUNT,

(Associate)

KILMER, HUGH

(Associate)

HARVEY, EDWARD A.
L. A. Mathey St Co.

Co.

Ashplant St

GRAHAM,

Co.

W. E. Burnet St Co.

Shields St Company

GRACE,

St

*

CLINTON G.

Georgeson

Inc.

Securities,

IRVIN W.

KERR,

ALLAN

KADELL,

A.

Loeb St Co.

HULSEBOSCH, GERARD F.

WILLIAM

Incorporated

Burr,

KENNEY, JAMES F.

& Walker

Long St Meaney

HUFF,

Sons

Starkweather St Co.

HORN. EDWARD

HOUGH,

&

KENNEY, D. RAYMOND
D. Raymond Kenney St Co.

JOYCE, WILLIAM H.
William H. Joyce Co.

Corporation

KAEPPEL,

ARTHUR T.

HARTIGAN,

Co.

Benjamin,

York

(Associate)
Kuhn,

L.

HART, MAURICE
New York Hanseatlc Corporation

SAUL

GOODMAN,

New

KALES,

DAVID

Coffin

JOSSEM, JACK A.
Mitchell

Co.

ROBERT J. J.

Gregory St

Vanderhoef & Robinson

Walker

&

McManus

St

KENNEDY, WALTER V.

JONES, JAMES E.
McManus

&

KELLY, JOSEPH M.
Starkweather & Co.
KELLY,

JOHNSON, WALTER R.
G. A. Saxton St Co., Inc.

(Associate)

HONIG, JACK

I

HARDY, HARRY J.
Hardy St Hardy

SAM'L

GOODEVE, CHARLES W.
F.

Curtis

Hutton St Co.

F.

Inc. (Associate)

Eastern

St Co.

Allen St Company

& Co

Newburger, Loeb St Co.

St

E.

HARDER,

GOLDMAN, EDWARD PRINCE

Golkin

St

W. GURDEN
Plzzinl St Co., Inc.

W.

HA MILL,

Company

Oppenheimer,
(Associate)

B.

Brothers

J.

HOLTZMAN, SYDNEY

Co.

JOHN

HALSEY,

GOLDEN, JULIUS

GOLKIN,

Co.

Tucker, Anthony & R. L. Day

Corporation

I.

GOLD,

GOLDSTEIN,

Barr

Securities

Peabody St Co.

Kidder,

JOHNSON, STANLEY J.
Battles & Company, Inc.

HOLLAN, JOHN J.

Co.

St

KELLY, EDWARD J.
Carl M. Loeb. Rhoades

Hickey

St

Co.

KELLEY, EUGENE F.
Shelby Cullom Davis & Co.

JANN, CHARLES H.
Estabrook St Co.

HOBLITZELL, BRUCE C.
Wm. L. Burton St Co.

Co., Inc.

HANS

St

Kane

KELLY, JAMES FRANCIS

G. Becker & Co.,

Vilas

HINES, JOHN D.
Dean Witter St Co.

F.

Alsberg St Co.

Reynolds &
HALK,

A.

X.

KEATING, LAURENCE C.
Eastman Dillon, Union

JACOBUS. ROYDEN E.

St Co.

Ira Haupt

IRWIN

Kaufmann,

(Associate)

SAMUEL
York Hanseatlc

Greene

St

Ernst

IRVING

JACOBSON,

Co.

GEORGE FARRELL

HINCHMAN, ROBERT M.

HAIG, JR., AL A.

GOLD. DAVID

&

A. Saxton

I.

F.

KANE, WALTER
Shearson, Hammill & Co.

D. Sherman St Co.

L.

X.

GERALD F.

Gerald

KANE, THOMAS FRANCIS

JACOBS, SIDNEY
Sidney Jacobs Co.

Clark, Dodge St Co.

Co.

GUTBERLET, EDWIN S.
Paine, Webber, Jackson

Company

BENJAMIN
& Co. (Associate)

Lapham

&

HARRY R.

Glore, Forgan St

(Associate)

Trent

GOLD,

Herzog St

GURLEY, H. FRASER

K.

CARL

Boettcher

HERZOG, ROBERT

HIGGINS,

Sunstein

KANE,

EDWIN A.

JACOBS.

IRVING
Townsend, Graff & Co. (Associate)

HERZENBERG,

Cralgmyle, Pinney St Co.

GUMM,

GINBEEG, FEANK
Strauss, Ginsberg St Co., Inc.

GISH,

WM. H.

Sons

GUITON, JOSEPH

A.

Laird, Bissell St Meeds
GILL. THOMAS
Gill & Co.

ROBERT D.
Harris, Upham & Co.

Tula

Jr., Parsons & Co., Inc., _ Cleveland;
Co., San Francisco

Witter &

Ginberg & Co., Inc.

Strauss,

HENDERSON, Jr.,

GROWNEY, E. MICHAEL
McManus & Walker

KINGSTON

A.

L.

Gerstley,

& Co., Inc.

Dean

Stryker & Brown

Walker St Co.

H.

Baker,

City, N. J.

ITTLEMAN,

(Associate)

Kuhn, Loeb St Co.

GRONICK, SAMUEL

HEBBEET E.

Kugel, Stone

GIBBS,

G.

Co.

St

Bros.

GESELL,

Ted

ISAAC, IRVING H.

HELFGOTT, LAWRENCE

GRIMSHAW, FREDERICK M.

GEBTLEB, JOHN H.

E. Parsons,

Edward

Francisco;

Jersey

Helblg St Co.

Baron G.

Rothschild

&

(Associate)

St Co.

Ira Haupt

HELBIG, BARON G.

GREGORY, m. WILLIAM H.
Gregory St Sons

Son

&

Posner

GREGORY, Jr.

JOHN P.
Rhoades St Co.

San

HUNTER, WELLINGTON
Wellington Hunter Associates,

JESSE

HEIDINGSFELD,

ALLEN

Company

HARRY K.
Greenfield St Co., Inc. (Associate)

Loeb,

Gruss

IRVING
and

GREENFIELD,

GEBSTEN, HENEY B.

Ohio;

Cleveland,

HUNT, GEORGE V.
A. T. Geyer & Hunt

THOMAS J.

Hardy St Co.

Towbin Co.

GREENE, NATHANIEL S.

Gearhart & Otis, Inc.

Parsons,

Baker,

HEFFERNAN,

THOMAS

Unterberg,

Greene

Fenner St Beane

GELLEB, AAEON ALTEE
Allen & Company

GEBMAIN,

E.

GREENE,

Pierce,

Jr.,

C.

(Associate)

C.

E.

Lynch,

Inc.

Myrtle

York; Grace L. Smith;

Smith

P.

GREENBERG.

JOSEPH H.
Trading Co.,

GASSOUN,

FINANCIAL CHRONICLE

THE COMMERCIAL and

'

York 6, N. Y.

Teletype: NY 1-576

Co.

28

THE COMMERCIAL and FINANCIAL CHRONICLE

Betty

Lay Muir, San Antonio;
Edward D. Muir, Muir Investment Corp., San
Antonio;
Margaret
Arnold, New York; Harry L. Arnold, Goldman, Sachs & Co., New York; Julia E. McLaughlin,
New York; John F.
McLaughlin, McLaughlin, Cryan & Co., New York

Thursday, November 15, 1956

Mrs. Nelda

Los

O'Neil, Los Angeles; Richard R. O'Neil, Fairman & Co., Los Angeles; Mrs. Lucy Alexander,
Angeles; Jack Alexander, Kerr & Bell, Los Angeles; Monica Summerell, Los Angeles; Don
Summerell, Wagenseller & Durst, Inc., Los Angeles; Peggy O'Neil, Denver; Den O'Neil,
Columbia

Security Traders Association of New York

LARSON,

ROSTER OF MEMBERS

Fllor,

GEORGE

Bullard

&

W.

Lord,

Co.

KNAPP.

Ira

John J.

J.

KUMM,

Co.

H.

D.

Knox

&

KUX,

Co.,

Inc.

Bros.

Allen

&

M.

(Associate)

The

-

Walter

Legg

&

WALTER
C.

Co.,

H.

Corp.

S.

Ladln

Ellis

PAUL

J.

Company

&

Anderson

J.

V.

PHILLIP

(Associate)

Inc.

Siegel

&

JOSEPH J.
Joseph J. Lann Securities, Inc.

Co.

LANZA. P. PAUL
McManus

HANNS
&

E.

New

Walker

York

Co.

Hanseatlc

Corporation

(Associate)

W.

Co., Incorporated
BENJAMIN
&

S.

Co.

.

Carl Marks & Co., Inc.

LOPATO, ALLAN

Cosgrove,

Adams

LUKOW, NAT
Co.

(Associate)

john

Corp.

G.

McKinnon

&

JAMES T.

Hornblower

m.

Weeks

&

McGOVERN, WILLIAM J.

Securities

FRANK

robert b.

FRANK

Thomson

Corporation

Gregory & Sons

v

J.

McGOWAN,
Hayden,

frank

ALFRED

Stone

<Sc

Co.

McKEEVER, WILLIAM DONALD
Reynolds & Co. (Associate)

Abbott, Proctor & Paine
mackie, robert a.
Singer, Bean & Mackle, Inc.

McKENNA, FRANK V.

maddox, Jr., william t.
Goldman, Sachs & Co.

Mclaughlin,

Mclaughlin,

Inc.

r.

Company,

MEISENBERG,
Ira

(Associate)

Bear,

Bache

H. C.

mendel,
Peter

Co.

MEYER,

Cohu

WALTER

&

Co.

HERMAN D.

MEYER,

MILTON

Shufro,

S.

&

Co.

philip

Paine,

& Stetson

Rose

randolph
Webber, Jackson & Curtis

meyer,

irving

Lynch.

Co.

S.

Joseph Faroll & Co.

(Associate)

MAYER, JOHN M.
Merrill

&

ANTHONY
Co.

&

D'Assern

joseph
& Co.

Winslow,

MeDermott

MEWING, H.

Ira Haupt

mayfteld, n.

edwin jefferson

P.

Laidlaw

george
Cohu & Stetson

martinelli, angelo
Josephthal & Co.

mathes,

(Associate)

Wainwright & Co.

MERCOVICH,

ralph

&

WALTER E.
Co.

&

mellin, william t.

Co.

Stearns

SHELDON

Haupt & Co.

MEISLOHN,

markham. edwin j.

martens.
Winslow,

Inc.
V.

Walker

&

GEORGE M.
Lehman Brothers

Inc.

manson, john n.
Hardy & Co.

martin,

JOSEPH

McVEY,

Trading

&

s.

john

Securities,

M'cManus

Inc.

malone, thomas michael

Werthelm

john f.

DONALD

Eastern

McMANUS.

(Associate)

Co.

Co.

McLaughlin, Cryan & Co.

McLEOD,
Co.,

magid. 8amuel e.
Hill, Thompson & Co.,
john

&

White, Weld & Co.

magid, david h.
Hill, Thompson &

Stamrowe

Grimm

marsland, allison W.
Wood, Gundy & Co., Inc.

MEYERS, Jr., JOHN J.
Pierce;

Fenner

&

Beane

Gordon

Graves

& Co.,

Inc.

McCABE, MATTHEW J.
Singer, Bean & Mackle, Inc.

tremendous

in

business-building

MEYERS. WILLIAM T.

McCALL. FRANK j.
Hayden, Stone & Co.

There is

&

Peck

&

McGIVNEY,

LUBETKIN,

LLOYD E.
Seligman, Lubetkin & Co.

Fenner
r.

Co.

Miller & Whitehead

McGIVNEY,

Securities

mackessy, t.

Gill &

&

&

(Associate)

Ingalls & Snyder

MAHER,

Company

FELIX M.
Thomson & McKinnon

Birnbaum

Burnet

mader, henry j.
White, Weld & Co.

Co.

LITZEL. CHARLES M.
White, Weld & Co.

E.

F.

Pierce,

Stephen

Mcdowell,

lytle, john vincent

MacKAIN,

JAMES

Lynch,

Mcdowell, harold m.

j.

The Dominion

CORNELIUS

&

j.

Co.

Equitable

LIENHARD. ERNEST
Troster, Singer & Co.

Allen

Merrill

MacCULLEY, ira b.

LIEBENFROST, CONRAD H.
Stern, Lauer & Co. (Associate)

&

McCLUSKEY,

Shields & Company

&

LOPEZ,

LANN,

KUEHNER,

(Associate)

C.

Weeden & Co.

A.

Corp.

LOELIGER, FRED V.

Lang & Co.

&

Denver

Mcdonald,

morris

macdonald

Burnham

Wyoming,

lyons. laurence h.
Allen & Company

E.

Lichtenstein

LIP8KY,

E.

JAMES

B.

LANGDON,

C.

Co.

S.

of

Rhoades & Co.

charles

Rlter

F.

Becker &

Inc.

Boston

EARLE

LANG,

Company

NATHAN

G.

B.

EDWARD

S.

lye,

*

Co.

MILTON

Company

& Co.

Birnbaum

V.

L.

Sachs

LICHTENSTEIN,

J.

Kidder, Peabody & Co.

Kruge &

KRUMHOLZ,

GUSTAVE

Goldman,
Lee

ELMER

Green,

LANE,

WILBUR

C.

&

lutterman

Company

Corporation

EDWIN

LAND,
Inc.

Gregory & Sons

John

Inc.

Pollack

Hayden, Stone & Co.

KRASOWICH, JOSEPH D.

KRISAM.

&

LEPOW, MONROE
Lepow Securities

A.

Nile

First

LALLY,
Corpn.

KRANZ, GEORGE
Putnam Fund Distributors,

KRUGE,

Co.,

KENNETH

&

LEWIS,

3rd,

Edward

Securities

M. Loeb,
(Associate)

Hicks

&

HERBERT

LA.DIN,

Co.

HORN, WILLIAM J.
Dominion

Carl

LEVY, MARTIN L.

WILLIAM

Walston

FRANK H.

N.

LACY

LADD,

Company
Jr..

Relter

J.

J.

LACY,

KOERNER, IRVING
KOLLER.

C.

Pierce, Fenner & Beane

ROBERT

American

GEORGE J.

Lasser

Leone

O'Kane, Jr. & Co.

Coggeshall

KNOX, HERBERT D.

KOCH,

G.

LEVY,

&

&

Securities

lund, anthon

R.

Co.

STANLEY

Lynch,

KULLMAN,

REGINALD

Haupt

Abbett &

Merrill

Co.

&

Knox

Mitchell

KCIPERS, HENRY

KLEIN, LEROY
Lebenthal

27)

page

KULAKOWSKI,
&

D.

A.

LEONE, GEORGE V.

Smyth

KLEIN, CHARLES E.
Granbery, Marache

H.

ROY

LEIBERT,

(Continued from
KIRTLAND,

LARKIN, THOMAS
Goodbody & Co.

MICHELS,

McCarthy, daniel d.

MILLER, HARRY D.
Nugent & Igoe, East Orange,

Wertheim

Allen

Eastman Dillon, Union Securities & Co.

&

&

Co.

HARRY

A.

Company

N. J.

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8c

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C».

O'KANE, Jr., JOHN J.
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MULLIGAN, FRANK E.
Goodbody

Co.

&

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John

ORLANDO,

ORLOFF, HARRY
Troster, Singer 8c

Legg 8c

Goodbody

Company

G.

Goldman,

Gregory & Sons

Haas

RUBIEN,
Dean

&

Co.

EVERETT R.

Witter 8c

Vilas

Co.

8c

Co.

REUTER,

RUSKIN, EDWARD

Hickey

Singer,

WILLIAM C.
(Associate)

Mabon 8c Co.

A.

Carl Marks

V

GEORGE

8c Co., Inc.

Henry

A.

(Associate)

Mackie, Inc.

Edelmann

8c

Co.
SCOTT

RUSSELL. Jr., PARIS

RUTBERG, SAM J.
Rutberg & Co., Inc.

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(Associate)
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Paine, Webber,

8c

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Beane

RUSSELL. EDWARD WILLIAM

(Continued

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on page

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Boston Corporation

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Wm. L. Burton 8c Co.

OWEN,

MURPHY. Jr., WALTER
H. C. Wainwright <fe Co.

Oils

—

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The

White, Weld 8c Co.

Murphy 8c Durieu
MURPHY.
Merrill

Mining

Troster,

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-

MILTON

PAULEY,

WALTER J.

Lvnch,

First

PATTERSON, HOWARD G.
Freeman & Company

WALTER A.

MURPHY,

Singer

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III, CHARLES O'BRIEN
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PRELLER,

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A.

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RALPH

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POWER,

Co.

O'MARA, JOHN J.
Goodbody 8c Co.

MULLIN, DANIEL G.

White.

8c

Gersten & Frenkel

&

J.

ROSENBAUM, HARRY

Corporation

Securities,

RICHARDSON,

VINCENT

POWELL,

N.

ROTH,

Eastern

POWELL, ALFRED L.
Alfred L. Powell Company

Thomson & McKinnon

Newark,

ROSENZWEIG, EDWARD A.
Ladenburg, Thalmann & Co.

|

&

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REILLY, THOMAS J.

Inc.

8c Pollack

Noyes

&

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A.

REILLY, JOHN F.
J. F. Reilly & Co., Inc.

POOLE, HORACE I.
Eisele & King, Libalre, Stout 8c Co.
Hemphill,

HERBERT T.

Equitable Securities

PORTER. WILLIAM K.

O'HARA, WALTER T.

C.

WILLIAM R.
Cryan

(Honorary)

Ogden. Wechsler & Co.

Upham & Co.

Harris,

Southern Railway

OGDEN, CHARLES D.

HERCULES JOHN

MOTTINO,

&

Hardy

ROOS, J. WILLIAM

REILLY, JOHN A.

A.

Securities,

ROOME, KENNETH A.

Frederick S. Robinson 8c Co., Inc.

Lauer & Co.

Corporation

(Associate)

Sachs & Co.

REDMOND,

POLLACK. HAROLD J.

Shelby Cullom Davis 8c. Co.

Roggenburg & Co.

W.

WINTHROP

EDWARD

ROGGENBURG, STANLEY L.

REARDON, WARREN V.
H. Hentz & Co.

Pizzini 8c Co., Inc.

CASPAR A.

ROGGENBURG, HARRY F.
Roggenburg & Co.

RONAN, FRANK J.
New York Hanseatic

RASCHKIND, SOLOMON

PLUMRIDGE, THEODORE E.

O'CONNOR, WILLIAM D.

MORTON, PAUL S.
Peter P. McDermott 8c Co.

W.

PLOTKIN,

O'CONNELL, HOMER J. >
Homer O'Connell 8c Co., Inc.

MORRISSEY, JOSEPH P.
Richard J. Buck 8c Co.

B.

PIZZINI,
B.

EDWARD J.
G. White 8c Co., Inc.

(Associate)

Co.

8c

Casper Rogers Co.

Co.

Goldman,

Ashplant

B.

ROGERS,

(Associate)

RAPPA, SALVATORE J.
F. 8. Moseley 8c Co.

PIKE, BERTRAND F.
Troster, Singer 8c Co.

Whitehead

&

Bache &

Co.

ROBSON, HENRY E.
Eastman Dillon, Union Securities 8c Co.

(Associate)

KEVIN

QUINN,

Pflugfelder 8c Rust

ANTHONY J.
John C. Legg & Compan*

O'CONNELL,

Stieglitz

RAYMOND WILLIAM
Schoellkopf, Hutton & Pomeroy, Inc.

PICON,

8c Co.

F.

PYLE,

PHELPS, ROGER S.
Byrne and Phelps, Inc.

S.

Miller

Cosgrove,

Co.

&

FRANCIS

MORAN,

,

8c

PURDY, EARL
Hardy & Co.

Garvin, Bantel 8c Co.

Inc.

Co.

8c

NYE, JOSEPH

MELVILLE L.

MOORE,

Halle

R. C. Roberts &

ROBSON, FREMONT W.

WILLIAM D.

PROSNITZ,

Inc.

PFLUGFELDER, WILLIAM H.

du Pont

Francis I.

(Associate)

Denton,

Co.

Ira Haupt 8c

NOKE, G. HAROLD

F.

Co. (Associate)

Co.

PETKE, RUDOLPH J.

BARNEY

Carl Marks

8c

PEISER, HARRY J.

Tucker, Anthony & R. L. Day
NIEM AN,

&

Bros.

(Associate)

Diehl,
Jr.,

ROBERTS, RICHARD C.

ROBINSON, S. CHARLES
Blair & Co., Incorporated

PULIS, CHARLES D.
C. D. Pulls & Co. (Associate)

HOWARD

EDWIN F.

Burns

& Co.

Newborg
MOORE,

PEET,

MILTON A.
Stanley Heller 8c Co.

PRINCE,

Co.

Witter

Dean

(Associate)

E.

NIELSEN, SOREN D.

EDWARD

MONTE,

Corp.

NESTER, WALTER C.
M. A. Schapiro & Co., Inc.

Co.

8c

&

EDWARD

PEENE,

FRED W.
Union Securities & Co.

Eastman Dillon,

ROBERT W.

Bache

>

(Associate)

B.

RICHARD

MONTANYE,

Inc.

Co.,

GEORGE

NETBURN, AARON
New York Hanseatic Corporation

Co.

&

&

Co,, Inc., Boston; Margaret Maguire, Boston; Robert D.
Curtis, Los Angeles; Helen D. Burke, Boston; William J. Burke,
May & Gannon, Inc., Boston

J. B. Maguire &

PRELLER,

Quincey & Co.

E.

PAYNE,

NELSON, GEORGE
Gregory & Sons

MITCHELL,

Edward

Chas.

Inc.

Lepow Securities

MITCHELL, DAVID R.
Hill, Thompson & Co., Inc.

MONAHAN,

Pizzini

W.

NELSON,

Corporation

Hanseatic

York

Maguire,

Webber, Jackson &

'

MYERS, ELMER E.

V.

RICHARD

MILLER,

Byrne and Phelps,

Incorporated

Co.

&

B.

Paine,

PAVIS, FRANK A.

MUSSON, JAMES F.

JOHN

Amott,

James

&

Jones, McManus
Graham Walker,

CHRONICLE

Philadelphia

Washington, D, C.

Denver

Salt Lake City

30)

30

THE COMMERCIAL and FINANCIAL CHRONICLE

John

Latshaw, £. F. Hutton
Sanders, Seattle; Sidney J.

& Company, Kansas City, Mo.; Claire
Sanders, Foster & Marshall, Seattle

Malinda

Jolley, Atlanta; Lex Jclley, The Robinson-Humphrey
pany, Inc., Atlanta;
LeoDelle Jolley, Atlanta

Shaskan

WILLIAM J.

J.

ARTHUR B.
Corporation

De
&

RUSSELL

SAFFERSON,

Russell & Saxe

Eastman

Torpie

J.

O'Kane,

&

FILIPPO,

Gersten

SASSA.

FRANK

SAUNDERS,

SAXE,

&

SCHAEFER,
H.

D.

Saxe

M.

SCHMIDT,

&

Corporation

SHERIDAN,

W.

Mitchell

L. D.

&

Salomon

&

&

Co.

CORNELIUS

(Associate)

Merrill

G.

K.

Lynch, Pierce, Fenner & Beane

SPRINGER, WILLIAM P.

Company

Carl

Marks

STANFORD,

Sherman & Co.

Shields & Co.

&

Co.,

SHIPMAN.

Co.

Leslie

(Associate)

C.

Co.

STARK, EUGENE

(Associate)

Bruns, Nordeman & Co.
STATTER, EUGENE G.
Holt, Rose & Company

.

RICHARD

Securities

&

Spencer Trask & Co.
UNTERBERG,
C. E.

Co.

&

STEIN,

Corp.

IRVING

Capper &

S.

Co,

H.

SWORDS.

VANDER

J.

VAN

WILLIAM

Tatro

Kalb, Voorhls & Co.

Merrill Lynch, Pierce. Fenner & Beane

Company

TENENBAUM, L. JAY
Goldman, Sachs & Co.

VERMILYE, G. LATHROP
Vermilye Brothers

TERRY, FREDERICK A.

VOCCOLI, Jr.. MICHAEL A.

Hamlin

&

Lunt

TETMEYER,
Dominick

Greene

(Associate)

WILLIAM
&

Savard

J.

and

Hemphill, Noyes & Co.
VOLKOMER.
Stone

Company

VON

Inc.

WALDRON, STANLEY M.
Merrill Lynch, Pierce, Fenner

McManus

WALKER, LOUIS
National

BROADWAY

WHitehall 3-3960

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W* V. FRANKEL & CO.
39

& Beane

WALKER, GRAHAM

TITUS. Jr., WILLIAM A.

★

Corporation

SCHAUMBERG, GERALD

WALDRON, D. KINGSLEY
DeHaven & Townsend, Crouter & Bodine

Harris, Upham & Co.

★

LOUIS

Webster Securities

Merrill Lynch, Pierce, Fenner & Beane

Fitzgerald & Company,

★

&

(Associate)

TITOLO, JOAQUIN

—

Hill & Co.

VOLK, WILLIAM

(Associate!

TISCH, ALFRED F.

&

Hart

Benjamin,

Tucker, Anthony & R. L. Day

Werthelm

&

VOGRIN, JOHN J.

Dominlck

TINI. HENRY R.

Public Utilities

Co.

VERIAN, FRANK R.

THOMPSON, WILLIAM F.

Securities

&

VARE, ARTHUR

J.

THOMPSON, EDWARD I.
Smith, Barney & Co.

Unlisted

RIPER, MILTON

TUYL, E. EVERETT

Van Tuyl & George

Co.

&

THISTLETON, JOHN F.
Newburger, Loeb & Co.

Dealers In

Co.

NOOT, HARRY

Cruttenden

EDWIN L.
L.

E.

Pell As Co.
VAN

Zuckerman, Smith & Co.
Edwin

CLARENCE

Unterberg, Towbin Co.

VALENTINE, JOHN H.
Shearson, Hammill &

Co.

Walker

TATRO,

Corporation

TYSON, Jr., ALBERT
Inc.

Co.,

Hayden, Stone & Co.
G.

Inc.

KENNETH

F. S. Smithers &

SIIIPMAN, C. E.
Halsey, Stuart & Co. Inc.

Co.

Co.

Ginberg

&

Troster, Singer & Co.
Union Service

SULLIVAN, WALTER E.

F.

Digest"

OLIVER J.

TUZO, LAMAR K.

F.

SWENSON, CARL

B.

SHIELDS, GARVIN R.

WILLIAM T.

"The Investment Dealers'

Pierce, Fenner & Bean#

MARK

Cowen

Hutzler

WILLIAM

Dixon
RAYMOND

TROSTER,

CHARLES L.

Moore, Leonard & Lynch

STUART,

&

(Honorary)

Co.

Kidder

M.

Co.

Lynch, Pierce, Fenner & Bean#

TRIGGER.

STRYKER, EDWARD V.

E.
&

A.

&

Unterberg, Towbin Co.

TREFCER, GEORGE D.

Co., Inc.

GEORGE

&

Bradford

Merrill

STROTHMANN, NELSON A.

Son

Co.

Bros.

SORENSON,

Pont

Co wen

Strauss,

E.

TRAGER, THOMAS J.

STRAUSS, ABRAHAM

H.

&

SMYTH, JOSEPH

Co.

SCHWARTZ. ARTHUR E.
Bache &

Gruss

&

Merrill Lynch,

STRATTON,

SMITH, WILLIAM HART
Hart Smith

du

(Associate)

Brown

SIDNEY

Oscar

Digest"

SHERMAN, LEE D.

Laird, Bissell & Meeds
&

&

&

E. Stoltz

C.

Cutter

A. Saxton

STONEBRIDGE,

Inc.

IRWIN
Loeb, Rhoades

SCHWADRON, J. JAY
Burke

SMITH,

Co.

SHERGER, JOHN W.

(Associate)

Co.,

&

Investment Dealers'

Francis I.

EDWARD

Knox

SCHLOSS,
Carl

Securities

SIGMUND

Russell

Stryker

SHAW, STANLEY R.
Josephthal & Co.

WALTER F.

The Dominion

Walker

Co.

G.

C.

TRAPANI, RALPH T.

MURRY W.
& Co.
(Associate)

Abraham

C.

du Pont & Co.

Smith

(Associate)

STOLTZ, CHARLES E.

CLIFTON B.

E.

Inc.

STOLLE, CARL

SMITH, HAROLD B.
Pershing & Co.

(Honorary)

H.
Frenkel

&

H.

"The

FRANK

Gersten

G.

(Associate)

SMITH, EDWARD E.
E.

SHARP, ELIOT H.

Frenkel

&

Co.

Mackie, Inc.

SMITH, ELBRIDGE H.

SHANLEY, RICHARD T.

Eastman Dillon, Union Securities & Co.
SAN

Fenner & Beane

J.

TOWBIN, BELMONT

H.

& Mackie,

and Company

Greene

Company

TORPIE, ROBERT A.

STILLMAN, HARRY A.

(Associate)

and

TORPIE, JAMES V.

Torpie & Saltzmann

STEVENSON, JOHN

STILLMAN,
&

&

Bean

Francis I.

L.

Merrill Lynch, Pierce,

Co., Inc.

ROBERT M.

Greene

Co|., Incorporated

Co.

&

Singer, Bean

HERBERT

Singer,
SMITH.

HERBERT

|

J.

WALTER

&

&

STEVEN, Jr., ANDREW R.
A. C. Allyn &
Co., Inc.

HARRY

Simmons

Harry

SERLEN, LEWIS H.
Josephthal & Co.

Co.

A.

Fox

SINGER.

D.

Straus, Blosser & McDowell

Jr.,

JAMES

Crouters

SELIGMAN, BERTRAM

SAMMON, JOHN F.
John

Townsend,

(Honorary)

,

I.

DAVID

P. F.

Bodine

SEIJAS,

Saltzman

SANDBACII.

&

IRVING

SILVERMAN,

SIMMONS,

"The Commercial & Financial Chronicle"

Dillon, Union Securities & Co.

&

Haven

SEIBERT, HERBERT
H.

WILLIAM

SALMAN, BERNARD
Singer, Bean & Mackie, Inc.
SALTZMAN,

Jr. & Co.

SEAVER, CHARLES H.

(Associate)

SALISBURY.

K. Rice,

TOPOL,

Frankel

V.

Gruntal

Co.

Hay, Fales & Co.

SEARIGHT, GEORGE A.

Securities

American

Wm.

SILVERHERZ,

SCRIMGEOUR, JOHN

Cohu & Stetson

Winslow,

SACHTLEBEN,

&

Dockham, Hincks Bros. & Co., Inc., Bridgeport, Conn.;
Lester J. Thorsen, Glore, Forgan & Co., Chicago

A.

Virginia Dockham;

STERN, FREDERICK M.

SILLS, LOUIS
Gartman, Rose & Co.

(Continued from page 29)

George

Com¬

STEIN, JOHN R.

A.

Siegel & Co.

SIEPSER, JAMES

ROSTER OF MEMBERS

SABAH,

SIDNEY

SIEGEL,

Security Traders Association of New York

Thursday, November 15, 1956

TELEPHONE

BARCLAY

7-6440

5
TELETYPE
NY 1-17

31

THE COMMERCIAL and FINANCIAL CHRONICLE

Convention Number

Edward

J.

Cosgrove,

&

Company

YAGER,

ZACK, ALBERT
&

Carl

Inc.

Co.,

'

r

Carl

Lauer

M.
& Co. (Associate)
THEODORE R
York Hanseatic Corporation

Marks

&

Inc.

Co.,

(Associate)

New

YUNKER,

(Associate)

HARRY

Jr.,

Marks

&

Co.,

L.
Inc.

A.

WEBSTER, W. FOSTER

M.

ROSWELL J.

Kidder

smith.

Co.

&

EDWARD

■'/"•■"t

Co.

&

Barney

Traders Association

Seattle Security

The

ALBERT H.
& Carey

II.

Merrill

John

Co.,

Inc.

JOHN I.
Lewis,

R.

&

Foster

Inc.

"

.

SIDNEY J.

SANDERS,

Co.

Marshall

SCHLICTING, HUGH R.
Wm. P. Harper & Son & Co.

Seattle

ANDREW

Jr.,

SOHA,

a.

&

Stein

TAYLOR. C. ARNOLD
Wm. P. Harper & Son
YEADON,

martin
Nelson, Scoville & Co., Inc.

kelson,

Bank

WALDEMAR L.

Bramhall

Lynch, Pierce, Fenner & Beane

M.

Seattle, Trust and Savings
STEIN,

Incorporated

robert

&

Bank

& Co.

GORDON

of

California

Brothers

Lehman

ANTHONY

WILLIAM

WEILANiD,

(Associate)

Wainwright & Co.

C.

Inc.

ROHDE,

Pacific National Bank of

nathane,

(Associate)

Co.

&

WEIGNER, ARTHUR

H.

Emery,

ERW1N

Hughbanks,

CHARLES A.
Hutton

Grande

PHILLIPS, JOSEF C.
Pacific Northwest Company

morford, h. james

White, Weld & Co.

E.

&

LEONARD

PERRY,

Inc.

ROBERT M.

moreiiead

WEHMANN, GILBERT

W.

Glaser,

Pierce, Fenner & Beane

PATTEN, Jr., WILLIAM T.
Blyth Si Co., Inc.

Lewis, Inc.

MacLeod

MacRAE,

Haas & Co.

WEIGEL,

Inc.

Emery,

Inc.

Co.,

Merrill Lynch,

macleod, edgar b.

Ogden, Wechsler & Co.

Week

Larson,

R.

&

DAVID

PADEN,

National Securities Corp.

Cayias,

WILLIAM

Walston

JOHNSON, WALTER C.
Cayias, Larson, Glaser,

John

WECHSLER, THEODORE
WECK,

OPER.

*

LEWIS, JOHN ft.

& Co.

C.

johnson, PAUL g.
Blyth & Co., Inc.

JONES, JACK E.
Blanchett, Hinton & Jones,

WECHSLER, ARNOLD J.

G.

Emma Kirk Beck

kroenung, paul c.
ZINNA,

York City;

Commercial & Financial Chronicle, New

Jones, Jr., howard w.
(Associate)

ZINGRAF, CHARLES M.
Laurence M. Marks & Co.

YOUNG,

WASSERMAN, JOHN
Co.

L. Beck,

Edwin

Angeles,

LEON

Stern,

Richman & Co.

&

Co., Inc., Los

ZEEMAN,

Allen

Witter & Co.

Hardy

&

ZEBERTOVICH, ALEXANDER C.
New York Hanseatic Corporation

WASSERMAN. IRVING

Asiel

Daniel D. Weston

Boo,

WREN, LAWRENCE

G. A. Saxton & Co., Inc.

WASHER, HERBERT R.

Bond,

and

WORTHINGTON, THOMAS F.
C. Herbert Onderdonk Co.

WARNER, FRANK W.

Dean

Russell

California

WITTMAN, DAVID
Arthur M. Krensky

JR., FRANK J.
Miller & Whitehead

WALTERS,

Ken

Philadelphia;

Caughlin, Edward J. Caughlin
&
Co.,
Carolyn Caughlin, Philadelphia

WEINBERG, SAMUEL
S. Weinberg & Co.

^

WEINGARTEN, LOUIS

H.

MALCOLM
Benkert

W.

A.

.

"

Co.

Herzog &

WEISS,

Inc.

Co.,

&

(Associate)

WEISS, MORTON N.
Singer, Bean & Mackie, Inc.
BERNARD

WEISSMAN,

David Paden

Trent & Co.

A.

WELCH, FRANK H.
R. S. Dickson & Co., Inc.

President: David Paden, Merrill

WELLS, HORACE W.
C. Legg &

John

Company

Vice-President: Edgar B.

WELSH, JOHN JOSEPH
J.

W. Seligman

&

(Associate)

& Co.

Mitchell &

Seattle.
Marshall.
Alternates: Homer J. Bateman, Pacific Northwest Company; Hugh
R. Schlicting, Wm. P. Harper & Son & Co.; William T. Patten,
Jr., Blyth & Co., Inc.; Josef C. Phillips, Pacific Northwest Com¬
pany; Frank Granat, Jr., Blanchett, Hinton & Jones, Inc.
Elected: January, 1956; Took Office: January, 1956; Term Ex¬

Company

Hickey

WESEMAN, RALPH H.
Frank

& Company

Carl

A.
Rhoades

EDMUND

WHITING,

Loeb,

M.

&

Co.

WHITLEY, J. B.

JACK

Starkweather

Sidney J. Sanders, Foster &

Incorporated

B.
&

Co.

v

ROSTER OF

\

WIEN, MELVILLE S.
Wien & Co.,

S.

M.

Jersey City, N. J.

abeita,
Pacific

WIEN,
M.

arthur
Northwest

Wien &

S.

Co.,

Jersey City,

N. J.

(Associate)

Laird. Bissell & Meeds
&

Company

&

Co.

BOHRER,

1

WITKOWSKI, JOHN
John Witkowski

&

&

& Co.,

DOUGLAS,
Donald

Co.

DONALD C.
Douglas &

C.

&

Co.

FRANK
Hinton &

GRANAT,
«•

Teletype: N.Y. 1-1822

Co.

FOULDS, CLINTON
Foster & Marshall

Blanchett,

Jone'

HARTLEY, TALBOT

& Beane

Wm.

Harper & Son &

P.

HEMPHILL,

J.
Inc.

HENSHAW,
Bank

Co.

DEALERS

DISTRIBUTORS

UNDERWRITERS

WALDO

Hemphill & Co.

Waldo

DANIEL, ROBERT E.
Pacific Northwest Company

Co.

WITTICH, WILBUR R.
Grimm

LESLIE

Walston

i

&

Telephone: WHitehall 3-2050

K.

KENNETH

F.

Witter

Dean

BERRYMAN, H. CLYDE
Merrill Lynch, Pierce, Fenner

WIRTH, HOMER
Mabon

ATKINSON, Jr., REILLY
H. P. Pratt & Co.

BATEMAN, HOMER J.
Pacific Northwest Company

WINSTON, LOUIS
Frank

EASTER,

BAIRD, WILLIAM
Blanchett. Hinton & Jones, Inc.

CARROLL W.

EDWARD

Witter

Dean

Company

New York 4, N. Y.

30 Broad Street

MEMBERS

EASTER,

PERCY J.

WILLIAMS,

Kugel, Stone & Co.

pires: January, 1957.

Halsey, Stuart & Co. Inc.
WIELAR,

Foulds, Foster & Marshall,

National Committeeman:

WERKMEI8TER, JR., JOHN O.
Vilas &

Lynch, Pierce, Fenner & Beane.

MacLeod, MacLeod & Co.

Henshaw, Bank of California, N. A.

Treasurer: Robert F.

Secretary: Clinton E.

EVERETT F.

WENDLER,

Clinton E. Foulds

Robert F. Henshaw

Edgar B. MacLeod

ROBERT F.
California,

of

N. A.

FERGUS
Post-Intelligencer

HOFFMAN,

Co.

Seattle

(Honorary)

Corporate and Municipal
Securities
PRIVATE

WIRES

TO

Schneider, Bernet
& Hickman,

G. A. Saxton

&

Co., Inc.

Inc.

Dallas

Hendricks

&

Established

R. S. Dickson &_ Company
INCORPORATED

Teletype NY 1-609-NY 1-610

Members Midwest Stock Exchange

Eastwood, Inc.

Philadelphia

70 Pine St., New

York 5, N. Y.
CHARLOTTE

McAndrew & Co., Inc.
San

Atlanta

Greenville

Direct




CHICAGO

NEW YORK

WHitehall 4-4970

Francisco

Trading Markets in Public Utility,

1919

Natural Gas and Industrial Securities

Asheville
Wire to

Raleigh

all Offices

Richmond

32

THE COMMERCIAL and FINANCIAL CHRONICLE

BETZ,

Security Traders Association of Los Angeles

HERMAN C.

California

Daniel

METZA,

Bank

BOURBEAU,

Reeves

Si

Co.,

Beverly

MILLER,

Hills

Los

ALAN D.
Merchants National

Si

MAXFIELD

Hemphill,

Noyes

Co.

&

E.

Bank

of

Weedon

Co.

Paine,

JOHN

R.

Ryons

Wagenseller Si Durst, Inc.

NOBLE,

TOBOCO,
Daniel

CHESTER L.

Noble,'Tulk Si Co.

CASS,

N. B. Van Arsdale

John R. Nevins

RICHARD
Si

CLAUDE,

T.

ARTHUR

Crowell, Weedon

President: Nieland B. Van Arsdale, Blyth & Co., Inc.

COCKBURN,

Vice-President: John R. Nevins, Lester, Ryons & Co.

DAHL,

Secretary: Clemens T. Lueker, Hill Richards & Co.
Treasurer: James L. Beebe,

&

Paine,
E.

Committeemen: Nieland B. Van Arsdale, Blyth & Co.,

Inc.; Donald E. Summerell, Wagenseller & Durst, Inc.; William
J.

Inc.; John C. Hecht,

in Los

otherwise

ALEXANDER,

Aronson

Angeles unless

BARSAMIAN,

JACK II.

J.

First

HENRY

Co.

:

Co.
U.

WILLIAM

California

First

Company

Inc.

ROLAND
California

.

,

Company

WALSH, JOHN
H.

Hentz

Si

R.

Staats

Si

Merrill

Co.

Co.,

FRANK

Beverly Hills

J.

Lynch, Pierce, Fenner

& Beane

WARNES, ROY C.
Inc.

Shearson, Hammill & Co.
WEBSTER, WILLIAM

RICHARDS, JOHN S.

WELLER,

Bateman, Eichler Si Co.

Co.

&

Harker

CHARLES

Jr.,

WARD

ROY

REYNOLDS, ED.
Blyth Si Co., Inc.

L.

Si

JOHN S.
Wagenseller St Durst, Inc.

Co.

RUSSELL,

KENNETH

Daniel

Weston

D.

WESSENDORF, JR., HOMER

&

Co.,

Inc.

Mitchum,

Jones

Si

WHEELER,

RYONS, JOSEPH L.

JOHN

E.

Templeton

The

Co.

Inc.

Fairman

SERINA,

C.

Samuel

Company

Franklin

B.

FRASER, JAMES

L.

Si

Hill

Co.

Richards

&

Co.

WRIGHT, WILLIAM L.
Lester, Ryons Si Co.

"Times" (Honorary)

Si

SHEEDY,

v

WRITER, JOSEPH

Company

&

CHARLES

Fairman

&

Walston

Co.

&

Co.

A.

YOUNG,

H.

ZIMMERMAN,

Co.

GRAHAM

Weeden

&

Co.

G.

Stern, Frank, Meyer & Fox

& Co.

JACK

Dempsey-Tegeler

Co.

Si

FRANKLIN, SAMUEL B.

Staats

Ryons

SANDIFER, ROBERT
Los Angeles

FRANKEL, HAROLD

SHEEDY.

PATRICK

Fairman

FREEMAN, AL\IN R.

EARL

First

Lester,

J.

Co.,

Jones, Cosgrove & Miller, Pasadena

Curtis

Co.

JAMES

THOMAS

FETTERS, JOHN J.
&

KENNETH O.

California

BERRY,
&

Si

William R.

Dempsey-Tegeler Si Co.

Rogers

Barth

BEEBE,

H.

Durst,

REEVES, JAMES A.
Akin-Lambert Co.,

Bateman, Eichler Si Co.

Akin-Lambert

BATES, ROBERT

Co.

PAUL

EBNER,

William

Curtis

Co.

Si

EUPER,

BAKERINK, DEL
Paine, Webber, Jackson

Indicated)

MILTON
Si

ASCHKAR.

Gross,

&

Company

Fewel & Co.

Bell

&

ARONSON,

Fewel

&

&

ENGLE, EDWARD P.

ROSTER OF MEMBERS

BAKER,

Jackson

Si

EARNEST, GEORGE H.

1955; Took Office: January 1, 1956; Term

Expires: December 31, 1956.

Kerr

REDMOND,

JOHN

Dempsey-Tegeler

Jr., Dempsey-Tegeler & Co.; Richard R. O'Neil, Fairman & Co.

(Members

First

WACK,

RAMPLEY, CHARLES
Dempsey-Tegeler & Co.

DOUGLAS, GORDON

Elected: November 7,

Meyer & Fox

Wagenseller &

WILLIAM II.

Hutton

F.

Inc.

B.

ARSDALE, NIELAND
Blyth Si Co., Inc.

Hills

Inc.

VAL

Ryons

VICARY,

Frank,

Co.,

C.

VAN

Co., Beverly

ED.

Stern,

DORROH, WILLIAM W.
Shearson, Hammill Si Co.

Zimmerman, Bingham, Walter & Hurry, Inc.

Alternates: Sam Green, Pledger & Company,

Lester,

POINDEXTER, CLIFFORD E.

Teinpleton

M.

Webber,

DORMAN,

National

Si

Si

D.

Si

DIEHL, ROBERT D.

Co.; Donald E. Summerell, Wagenseller & Durst,

Inc.

Inc.

Durst,

Rogers

VALHOFF,

Dempsey-Tegeler Si Co.

R. O'Neil,

Curtis

Co.

&

DAVIES, JR.,

William R. Staats & Co.

Governors: William A. Johnson, Sutro & Co.; Richard
Fairman

RALPH

Fewel

Si Co.

Jones

Pelrsol

PLATT,

JAMES

Mitchum,

R.

Si

TUTTLE, GORDON

PEIRSOL, THOMAS R.

G.

Co.

&

Weston

R.

Co.

OWEN, RICHARD E.
Crowell, Weedon & Co.

D.

&

E.

MILTON
D.

Gross,

Co.

Durst,

TURNER, STEPHEN

Henderson

ROBERT

Fewel

James L.Beebe

Clemens T. Lueker

&

THEODORE
Si

Si

Wagenseller
O'NEIL,

Co.

Fairman

Ryons

J.

Daniel Reeves & Co.,
Beverly Hills

B.

CALL, J. RICHARD

Harbison

JACK

Webber, Jackson

Co.

DAVID

CAMERON, DONALD M.
Lester,

W.

TIGHE, WILLIAM
NICHOLSON,

CALIN, EDWARD
Calin-Seiey & Co.

CARLSEN,

D.

Company

Co.

Wagenseiler

Si

4

JAMES
Shearson, Hammill & Co.

&

&

SILLICK,

MODRELL, PALL
Blyth Si Co., Inc.
NEVINS,
Lester,

BRUM,

Miller

&

SUMMERELL, DONALD

BROWN, WILLIAM E.
E. F. Hutton & Co.

Revel

Hutton

Morgan

Co.

Si

E.

Si

F.

SHIPLEY, FOREST

WILLIAM A.

Crowell,

Angeles

BROWN,

SHIPLEY, CLIFFORD

Staats

R.

J.

BRASSINGTON,
Farmers

PAUL

William

EDWARD

Thursday, November 15, 1956

Si

Co.

Bingham,

WILLIAM

Walter &

J.

Hurry, Inn.

Dempsey-Tegeler & Co.

California Company

SHERWOOD, ALLAN F.

GARROWAY, DAVID
Francis I.

du

Walston

Pont

&

ZINK,

Co.

&

JAMES

Eastman

Co.

Dillon,

Union

Securities

&

Co.

GENTLE, ANTHONY
Los

Angeles

GINN,

Specialists in

Herald Express

Witter

&

Co.

Foreign Securities

GREEN,

Co.

Si

Pledger

HADEN,
First

Foreign Investments

Co..

&

FOREIGN
Inc.

SECURITIES

THOMAS
California

Trading Markets

>

Inc.

Company

HALL, MAX
Dean Witter & Co.

HANAUER, JACK
J.

B.

Hanauer

HECHT,

tP&mAoldand8P. cdl/eec/i'wedek

JOHN

B.

&

Co., Beverly Hills

C.

DE PONTET &

Dempsey-Tegeler & Co.
HECHT, JR., JOHN C.

Members New York Stock

Dempsey-Tegeler & Co.

due.
INVESTMENT

;

ROBERT M.

GREEN, SAM
Pledger & Company,

"'Wout

HENDERSON, ROBERT J.

HUDSON,

NORMAN
R. L. Colburn & Co.

Exchange

Telephone

Teletype

3-9200

40 WALL STREET, NEW YORK 5

HUNTER, GLEN D.
Lester, Ryons & Co.

Street, New York 4, N. Y.
NY

IMBLER,

A.

William

Telephone:

O.

R.

&

Teletype:

NY 1-326

Palais St. James, Monte Carlo, Monaco

Co.

1,
Fairman &

DIgby 4-1640

7, Avenue George V, Paris, France

Staats

1-315
IRISH, HERBERT

CO., INC.
Exchange

3£otne and *jd/tload"

Holton, Hull & Co.

SECURITIES

Associate Members American Stock

WHitehall

Active

GOODFELLOW, RICHARD
J. A. Hogle & Co.
GREEN, NORMAN
Dempsey-Tegeler

30 Broad

(Honorary)

WILLIAM E.

Dean

rue

de la Cite, Geneva, Switzerland

Hotel Carlton,

Cannes, France

C.

Co.

JAMESON, CLAUDE
J.

Logan &

Co.

JOHNSON, WILLIAM A.
Sutro

Si

Co.

Over

a

Half Century of

Efficient and Economical Service

KEENAN, JOHN J.
.

John

J.

Keenan

&

Co.,

Incorporated

KIRWAN, NICHOLAS P.
Dean

Witter

&

AS TRANSFER AGENT

Co.

KNOBLOCK, SIDNEY
Crowell, Weedon & Co.
KRAFT,

OSCAR

Oscar

Adler, Coleman & Co

F.

Members New York Stock

Exchange

Members

Exchange

American

Stock

Kraft

«te

Oscar

F.

Kraft

NEW

Co.

Si

VERNER

Oscar

F.

LESTER,
Lester,
LINK,

B.

Ryons

We

&

Street, New York 5




2-9780

economies

and

other

advantages

to

underwriters, distributors, corporations

Co.

P.
&

Co.

and their

1

stockholders.

FRANK

Harris, Upham & Co.

HAnover

YORK, N. Y. AND JERSEY CITY, N. J.

afford

HARRIS

Kraft

Jr.,

Co.

LIVINGSTONE, CHARLES R.
Marache, Dofflemyre & Co.

15 Broad

in

KRAFT, OSCAR F., JR.
KRAFT,

ii

F.

Write for our
and

State

free booklet setting forth the Current Federal

Stock

Original Issue and Transfer

Tax

Rates.

LUEKER, CLEMENS T.
Hill Richards &

Co.

MACINTYRE, PATRICK
J. Logan

& Co.

REGISTRAR and TRANSFER COMPANY
50 CHURCH STREET

Estabiuhed

IS EXCHANGE PLACE

New York 7, N. Y.

less

Jersey City 2, N. J.

MANWARING, JOSEPH R.
First California

Company

McCREADY, A. WILLIAM
Revel Miller & Co.

McOMBER, A. SHANE
Revel

Miller

&

Co.

BEekman 3-2170

HEnderson 4-8525

Convention Number

33

THE COMMERCIAL and FINANCIAL CHRONICLE

-

Investment Traders Association

Treasurer: Willard F. Rice, Eastman
Co.

DICK,

Dillon, Union Securities &

CRAIG

L.

JR.,

C. Dick Co.

Lewis

WILLIAM

DOERR.

American Securities

Governors: Herbert E. Beatties, Jr., H. A.

Corp.

Riecke & Co., Inc.; Ed¬
Christian, Stroud & Company, Incorporated; Jack Chris¬
tian, Janney, Dulles & Co., Inc.; Spencer L. Corson, Elkins,
Morris, Stokes & Co.; L. Craig Dick, Jr., Lewis C. Dick & Co.;
William Doerr, American Securities Corporation; Robert F.
Donovan, Blyth & Co., Inc.; Albert H. Fenstermacher, M. M.

Co., Inc.; Frank Gorman, H. G. Kuch and Company;
Harry F. Green, Jr., Merrill Lynch, Pierce, Fenner & Beane;
John M. Hudson, Thayer, Baker & Co.; J. Edward Knob, Drexel
& Co.; Thomas J. Love, Geo. E. Snyder & Co.; William R. Raditzky, New York Hanseatic Corporation; Clifford G. Reming¬
ton, Woodcock, Hess & Co., Inc.; Rudolph C. Sander, Butcher,
Sherrerd & Co.; Joseph E. Smith, Newburger & Co.; John F.
Weller, Goldman, Sachs & Co.; Wallace H. Runyan, Hemphill,

DOTTS,

Noyes & Co.

Philadelphia

DONOVAN, ROBERT

Freeman &

Of

ERGOOD, Jr., RUSSELI.

DOLPHIN, LEO M.

gar A.

Dolphin

Blyth

J. B. McFarland, III

Mundy

CHARLES

DOWNS,
Swain

&

Delaware

&

&

Euler

FANT,

JOHN

M.

M.

J.

W.

E.

DACKERMAN.

ARMSTRONG, J. LEWIS
J.

Lewis

Harrison

Armstrong & Co.

ARNOLD, EUGENE T.
Haniman

AYRES,

Willard F. Rice

Hardy

JR.,

George

Biddle & Co.
Company, In¬

Bailey

A.

&

Beane

A.
Co.

&

F.

&

Clark

W.

Son

ALLAN

BEATTIE,

&

Co.

Peabody

DENNEY,

B.

Company,
FRANK

J.

Incorporated

J.

Fogarty

& Co.

C.

Wood

Jr.

&

Co.

|
Claymont,

Inc.,

GABLE, ALBERT G.

&

Burton,

Co.

Dana

&

Co.

GALLAGHER, JOSEPH F.
Elkins, Morris, Stokes &

Inc.

GAUGHAN, PHILIP

&

WILLIAM

Dillon,

Eastman,

DeHaven &

GEMENDEN,

Co.

P.

Townsend,

Co.

Butcher

Inc.

DERRICK60N,
Blair &

Jr.,

H. A. Riecke & Co.,

WALTER

Crouter &

JOHN

&

Sherrerd

&

GESSING, CHARLES
Winslow, Cohu & Stetson

Co.

H.
GOODMAN,

Co., Incorporated

M.

WM.

Harper & Turner,
E.

Bache

Jr.,
&

E.

B.

Union Securities

Co.

HERBERT

Jr.,

&

M.

Co.

Wellington Fund,

DAVIS, ALBERT J.
H. A. Riecke & Co.,

DEVOLL,

Secretary: Rubin Hardy,First Boston Corporation.

A.

Rambo, Close & Kerner, Inc.

G.
&

&

Bodlne

Company,

JOHN

Rlstine

P.

D.

JOHN

DEMPSEY, JOHN P.

JOSEPH O.

Battles

BARTON,

Co.

FRENCH, JAMES C.

Co.

&

II.

Inc.

S.

FOX, IIOLSTEIN DcIIAVEN
Co.
E.

NEWTON

B.

Newbold's

H.

&

DARBY, DONALD W.
Hallowell, Sulzberger

Kidder,
W.

C.

ROBERT

DAVIS, EDMUND J.

Weld

BARNES,

corporated.
Second Vice-President: James B. McFarland, III, Hecker & Co.

Fenner

GEORGE

LEONARD
& Co.

White,

BARBER,

First Vice-President: James G. Mundy, Stroud &

Pierce,

Lynch,

BAILEY,

BAILEY,

President: Samuel M. Kennedy, Yarnall,

Incorporated

Co.,

&

PERCY

Merrill

Rubin

Ripley

HARRY

JR.

&

2nd.

Frank

Dackerman

Harry C.
DAFFRON,

Co.

Co..

Sparks & Co.

FOGARTY,

H. N. Nash & Co.

Co.

&

&

At BERT

WALTER

FOARD,

B.

II.

FREDERICK

Stroud

Bioren

Colket

Nash

N.

FLYNN.

ROSTER OF MEMBERS

ANDERSON, TOWNSEND C.

J.

Freeman

FISCHER,
H.

M.

FIT/SIMON'S

Penington,

Took Office: October 1, 1956; Term
Expires: September 30, 1957.

Hutzler

Inc.t>

Hart

&

FENSTERMACHER.

Elected: September 25, 1956;

&

H.

Incorporated

FAIIRIG, Jr.. HARRY
Reynolds & Co

FIXTER,

Bros.

Company,

CHARLES

EULER,

rated.

Salomon

CHARLES

Distributors,

Camden, N. J.

Willard F. Rice, East¬
Dillon, Union Securities & Co.; Clifford G. Remington,
Woodcock, Hess & Co.; John M. Hudson, Thayer, Baker & Co.;
Charles Wallingford, H. M. Byllesby and Company, Incorpo¬

HAROLD

Co.

DUDICHUM,

man

CUNNINGHAM,

Inc.

H.

FORREST

Parrish

Alternates: J. Edward Knob, Drexel & Co.;

ALFGREN, LEE J.

E.

& Company,

DUBLE,

Co.; Joseph E. Smith, Newburger & Co.; William J. McCullen,
Inc.; Edgar A. Christian, Stroud & Com¬
pany, Incorporated; Wallace H. Runyan, Hemphill, Noyes & Co.
James G.

Corp.

RUSSELL M.
Hallowell, Sulzberger & Co.

Hendricks & Eastwood,

M.Kennedy

A.
Boston

First

Stroud

National Committmen: Samuel M. Kennedy, Yarnall, Biddle

Samuel

C.

F.

Inc.

Co.,

&

DORSEY,
The

Co.

&

Inc.

FREDERICK V.

(Continued

Co.

on page

Inc.

34)

BELL, WILLIAM
Montgomery, Scott & Co.
HERBERT

BLIZZARD,

II.

Armed Service

PAUL W.

BODINE,
Drexel

Specialists in

Co.

&

GRACE NATIONAL BANK

BOOTHBY, Jr., WILLARD S.
Eastman, Dillon, Union Securities & Co.
SAMUEL

BORTNER,

Hornblower

H.

Weeks

&

BANK and INSURANCE

STOCKS

OF

BRADBURY, JOHN L.
Dolphin & Co.

NEW YORK

BOWERS, THOMAS A.

Biddle

Yarnall,

& Co.

BRACHER,

JR., ALFRED F.
Miller <te Company

Jones,

COMPLETE CLEARANCE FACILITIES

BRADLY, CHARLES C.
E.

Clark

W.

&

Co.

FOR

BRENNAN, CHARLES
Blyth & Co., Inc.
WILLIAM

BRITTON,
Drexel

EDWIN L. TATRO COMPANY
50

BROADWAY, NEW YORK 4, N. Y.

Teletype: NY 1-3430

Direct

Telephone

BALTIMORE—BOSTON—HARTFORD { Enterprise 7846

LOCAL AND OUT-OF-TOWN

N.

Co.

BROCK, ALEXANDER B.
Stroud & Company, Incorporated
BROOKS,

G.

Schmidt, Poole, Roberts
Dorsey Brown & Co.,

BROWN, LLOYD B.
Arthur L. Wright
CALL, THOMAS
Lilley & Co.
CAMPBELL,

Janney,

Stroud

A.

&

Co.,

—

DISTRIBUTORS

Member

Walston

A.

J.

Federal

GRANT

&

Co.

Deposit

Inc.

Inc.

Established 1928

JOHN

&

Inc.

Co.,

ALBERT

Caplan

We

Blyth

&

Co.,

AND

DEALER SERVICE

Inc.
■

■

.-

AUTHORITY REVENUE OBLIGATIONS

Edward

EDWARD

J.

Stroud

&

P.
Crouter & Bodlne

including

J.

Caughlin & Co.

CHRISTIAN,

in

.

ALL CLASSES OF BONDS AND STOCKS

FREDERIC

Jr.,

DeHaven <fc Townsend,

CAUGHLIN,

PUBLIC UTILITY—RAILROAD—INDUSTRIAL

EDGAR A.

FOREIGN ISSUES

Company, Incorporated

CHRISTIAN,

JACK

We Are

Janney, Dulles & Co.

Particularly Adapted

Established

&

Co.

1920

&

COLWELL,
Merrill

WALL

ST.

NEW YORK 5, N. Y.i

WHITEHALL 3-3414

System Teletype—NY 1-535

GEORGE




&

P.

S.

120

CUMMINGS,
Brooke

&

&

Co.

JOSEPH
Co.

FOX

(

&

CO., INC.

BROADWAY, NEW YORK 5, N. Y.

Telephone

JAMES

Dulles

F.

Stetson

SPENCER L.
Elkins, Morris, Stokes & Co.
Janney,

-

P.

Lynch, Pierce, Fenner & Beane
Cohu

Inquiries Solicited

Inc.

CORSON,
CRAM.

Bell

Co.,

CHAUNCEY

COMPTON,

TELEPHONE

Your

JOHN PATRICK

Walston

Winslow.

35

Service Firms

Waples & Co.

COLLINS,

Roland, Saffin

to

With Retail Distribution

COLFER, LAWRENCE J.
Rufus

a

COMPREHENSIVE INVESTMENT

Co.

CARSON, JOSEPH R.
Hemphill, Noyes & Co.
CARTER,

Offer

J.

<&

CARROLL, THOMAS J.

AND

Corporation

J.

CAROTHERS, Jr., JOHN C.
H. M. Byllesby and Company,
Incorporated

NEW JERSEY MUNICIPAL

Insurance

»

R.
Taggart & Co.,

CANTWELL.

CAPLAN,

OF

SQUARE, NEW YORK 15, N. Y.

RICHARD

Charles A.

UNDERWRITERS

Inc.

Company, Incorporated

CAMPION.

—

Clearance Department

Baltimore

HANOVER

ROBERT

&

Dealers

D.

Dulles

CAMPBELL,

and

& Parke

CAMPBELL, CHARLES J.
Dawkins, Waters & Co.,

ORIGINATORS

Brokers

ROBERT

BROWN, J. DORSEY
J.

Telephone: DIgby 4-2420

&

J.

REctor 2-7760

Teletypes

NY 1-944

&

NY

1-945

Del.

34

A.

THE

A.

A.

ttarmet,

Fisher

Company,

A.

Harmet

Detroit;

&

COMMERCIAL and FINANCIAL CHRONICLE

'

Co.,

Chicago; Evelyn Hermet, Chicago; Dcnald B. Fisher, D. B.
Fisher; Martin J. Long, First Cleveland Corporation, Cleveland

Marion

HESS,

Investment Traders Association
Of

WILLIAM

Woodcock,

UEWARD,

Philadelphia

ROSTER OF MEMBERS

Butcher

(Continued from
GORMAN,
H.

G.

FRANK

Kuch

HARDY

Company

The

t|

JR., HARRY F.

Merrill

Lynch,

GREENE,

Pierce,

ROBERT

Stroud

de

Fenner

de

N.

DeHaven de Townsend,

MALVIN

HART,

Crouter de Bodine

W.

H.

FRANCIS J.
Newbold's

&

de

Co.

First

HAMMETT, Jr., WILLIAM H.
Boenning & Co.

E.

Hecker

Stroud

McLEAR,

Kidder,

WILLIAM

ALMON

Peabody

de

JEFFRIES,

Exchange

de

JOHN
Reynolds & Co.

JOHNSON,
F.

1956

P.

Ristine

JONES,
De

de

de

de

ROBERT p.
Miller de Company

Jones,

JAMES

Company,

DONALD

First

B.

mosley,

Victor

r.

MUNDY, JAMES G.
de

Company,

Incorporated

murphy, john a.
Reynolds

de

Co.

Corporation

WALTER

Hess

Stroud

Incorporated

M.

Boston

J.

MORRISSEY,

murphy, john W.

B.

de

Co.,

Hornblower de

Inc.

Weeks

NASH,

MEANEY, THOMAS J.

.

naylor, robert

Wellingtgon
MILBURN,
Hecker de

E.

Fund,

JOHN

h.

H.

Inc.

A.

HAROU)

N.

N.

Nash

Nash

NECKER,

Co.

de

de

N.
Co.

Co.

CARL

Schaffer,

Necker

de

Co.

R.

Co.

GEORGE

Haven

FRANK

Morrlssey de Co.

Co.

W.

WILLIAM

3rd,

J.

McNAMEE, JOSEPH A.
Hopper, Soliday de Co.

Co.

JENNINGS,

1923

L.

Co.

STANLEY

Newburger

de

Woodcock,

JACOBY, Jr., LEWIS P.
Thayer, Baker & Co.

HEPPE,

Stock

The

Co.

e.

Incorporated

F.

McGARVEY, Jr., JOHN N.

Weeks

E.

Townsend,

Crouter

de

Bodine

Brokers

for Brokers in Securities
listed

JOYCE,

THOMAS

Woodcock, Hess

de

JUSTICE,

the

on

STOCK

KEARTON,

JOHN B.
Quotation Bureau

EXCHANGE

Janney,

Dulles

KERSLAKE,
are

Members

Co.

Sheridan

also Dealers in Unlisted Securities

National

Bogan

Co.,

Dealers, Inc.

Specializing in

All

Foreign Bonds & Stocks
Foreign Bond Coupons

F.

Boston

Corporation

Foreign Bond Scrip

KNAUPP, WILLIAM C.
Winslow, Cohu de Stetson

Exchange

Securities

Inc.

KNAPP, ALFRED S.
Janney, Dulles & Co.

Established 1923

Members American Stock

JOHN

First

of

Co

Association

W.

de

KINSELLA, MICHAEL D.
Montgomery, Scott de Co.
The

Association

&

Dealers

CORPORATE SECURITIES

Co.

Paul

KIELY, Jr., JERRY J.
Baker, Weeks de Co.

Frank €. Masterson & Co.

Security

G.

&

FREDERICK

KLINGLER.

York

Brokers and Dealers

KETCHAM, WILLIAM S.
Wright, Wood de Co.

INQUIRIES INVITED

New

(Honorary)

KENNEDY, SAMUEL M.
Yarnall, Biddle de Co.

KENNEY, ROBERT

We

Co., Inc.

FLOYD E.
Peabody de

Kidder,
National

AMERICAN

Roggenburg

J.

German Dollar Bonds

KNOB, JOHN E.

64 WALL STREET

NEW YORK 5, N. Y.

Drexel

KRUG,

Telephone HAnover 2-9470

Teletype NY 1-1140

.

de

Co.

29

THOMAS

Bioren

de

BROADWAY

NEW YORK 6

B.

Co.

Telephone: WHitehall 3-3840

Bell

LACHMAN, Jr., CARL

Eastman,
LAIRD,

FRANK

Stroud

LAMB,

Dillon,

&

Union

Teletype: NY 1-1928

Co.

J.

Company,

JOHN

Securities &

Incorporated

M.

Penington, Colket

de

Co.

LAND, C. EDWARD
F.

P.

Ristine

de

Co.

LA

RASH, ALLYN R.
Paine, Webber, Jackson

LAUT,

JOSEPH

ST.

LAWRIE,

AFFILIATED

First

AMERICAN

LESCURE,
W.

FUND

BUSINESS SNARES

Investment
are

A

Balanced

Investment Fund

Company supervises

objectives of this
possible

H.

LOVE,
Geo.

balanced

long-term

preferred

capital and income growth for

between

stocks

stability, and

its shareholders.

a

portfolio

bonds

and

selected

common

for

stocks

selected for growth possibilities.

JAMES

E.

H.
Sons

de

FELIX

de

Purlic

Halsey,

Stuart

de

McATEE,

JAMES
de

CHICAGO




ATLANTA

angeles

Securities

J.

Co.
J.

McCOY,
los

Foreign

Sherrerd
R.

Sunsteln

de

A.

J.

JOHN
Sailer

P.
&

Co.

McCOOK, ROBERT
Hecker

de

Co.

Burnham

Co.

McCAULLY, ARMOUR W.
Hallowell, Sulzberger de Co.

63 Wall Street, New York

and

Co.

Co., Inc.

MARKMAN, JOSEPH
Newburger & Co.

Gerstley,

Lord, Abbett At Co.

Utility

Incorporated

MANN, NEVIN

McBRIDE, ALFRED
Wright, Wood de

request

Industrial, Railroad

Co.

E.

Company,

McCANN, THOMAS

on

de

Co.

MANEELY, HARRY 5.
Montgomery, Scott &

Butcher

Prospectuses

in

N.

J.

Snyder

MAGUIRE,

Underwriters, Brokers and Dealers

Curtis

Keir

Corporation

Newbold's

THOMAS

Stroud

A Common Stock Investment Fund

Fund

WILLIAM

Securities

&

de

C.

Jenks, Kirkland Grubbs

MEMBERS

|

Leo

Hammell,

RAYMOND A.
Stroud de Company,

m.

Lynch

McFARLAND,
Beane

McLEAN,

HUTCHINSON,

Securities Corporation

JOHN E.
Phila.-Baltimore

de

HUDSON, JOHN M.
Thayer, Baker &

F.

Hart

HENSHAW,

Son

MORRISSEY,

HOLMAN, ROBERT O.
Smith, Barney de Co.

HEFFELFINGER, HARRY L.
Samuel K. Phillips & Co.

Montgomery, Scott de Co.
HAINES,

ROBERT

Euler

R.

Corporation

de

joseph

Detroit;
W.

Bache de Co.

McFADDEN, JOHN P.
Smith, Barney de Co.

Lynch, Pierce, Fenner de

'

.

Weeks,
Elmer

MORRIS,

Paul

ARTHUR G.

Hornblower

morley,

Mcdonald, William

HOLDSWORTH, ROBERT M.

Co.

WILLIAM J.
de Eastwood

Hendricks

Sherrerd

Securities

Merrill

HARRISON, GEORGE R.
Laird, Bissell de Meeds

Company, Incorporated

Inc.

McCULLOUGH, JOHN J.
Wellington Fund, Inc.

HOERGER, CHARLES

Corp.

HARRIS, RUSSELL A.
Eastman, Dillon, Union Securities &

Beane

GRIFFITHS, W. LAWRENCE
IIAGER,

Boston

Co.,

RICHARD

RUBIN

First

McCULLEN,

de

Dulles de Co.

HISCOX,
First

J.

and

33)

page

M.

Hess

de

HEWARD,

•

•

Byrop J. Sayre, John Nuveen & Co., Chicago; Alice
Farr, Hornblower &
Smith, Leo V. Smith & Co., Syracuse, N. Y.; Vi
Hammell, Chicago;
First Securities Company of
Chicago, Chicago

JAMES

Janney,

GREEN,

Thursday, November 15, 1556

NEW

YORK

and
AND

AMERICAN

Company
STOCK

15 BROAD STREET, NEW YORK 5, N. Y.
CABLE:

COBURNHAM

EXCHANGES

•

TELETYPE

Dl 4-1400
NY

1-2262

V.

Convention Number

THE COMMERCIAL and FINANCIAL

Harry

L. Arnold,
Goldman, Sachs & Co.,
New York;
Margaret
Arnold, New York;
Zimmerman, Los Angeles; William J. Zimmerman, Bingham, Walter & Hurry, Inc., Los

NELSON, WALTER G.
Rambo, Close & Kerner,

PHILLIS,
Inc.

NOWLAN, LAWRENCE J.
C.

C.

Collings &

Co.,

Inc.

Harry

HENRY

Drexel

&

PAIRMAN,

Co.

Rambo,
PYLE,

Co.

Close

&

JOSEPH

T.

Morris,

Kerner,

Poole, Roberts & Parke

Inc.

PARKER, JOHN E.
H. A. Rlecke & Co.,

RADITZKY,
New

Inc.

PARKES, Jr., NEWTON

Gerstley,

Sunstein

&

RAFFEL,
Raffel

Co.

GORDON

Rache

&

PHILLIPS,
Samuel

PHILLIPS,
Samuel

Stroud

J.

L.

WISTER
Incorporated

Company,

REMINGTON,

SAMUEL K.

Woodcock,

Phillips & Co.

&

H.

& Co.

Noyes

Peabody & Co.

White,

WILLIAM

&

Nash

N.

Euler

&

Hart

WILLIS, ALFRED J.
H.
M. Byllesby and

ROBERT L.
York Hanseatic Corp.

New

HOWLE

C.

Wellington

Company

COIT

Schmidt, Poole, Roberts & Parke

SANFORD,

Co.

Jr., ALBERT

&

YOUNG,

Co.

E.

&

H.
The

Sherrerd

Weld

YEATTS,

Co.

GEO.

M.

YEATMAN, Jr., POPE
Suplee, Yeatman & Company, Inc.

J.

N.

WILLIAMSON,

RUDOLPH
&

Kidder,

WURTS, JOHN W.

ZELLER,

JOSEPH

Bankers

Company,

A.

Securities

ZERRINGER,

Corp.

WALTER

K.

Incorporated
SOATTERGOOD, HAROLD F.

CLIFFORD
Hess

Hemphill,
SANDER,
Butcher

REILLEY, JOSEPH S.
Jones, Miller & Co.

Phillips & Co.

Jr.,

&

Bioren

WILLIAMS,

H.

WALLACE

RUNYAN,

Schmidt, Pooie, Roberts & Parke

EDWARD

K.

Co.

REBAR, WALLACE A.

W.

Co.

K.

&

Incorporated

& Co.

Jr., WILLARD

Co.

WHITLEY, FRANK L.

J.

MICHAEL

RUDOLPH,

Camden,

Inc.

Distributors,

Stroud & Company,

WILLIAM

RANDOLPH,

PARSLY, L. FULLER
Parsly Bros, dc Co., Inc.
PFAU,

WILLIAM R.
Corporation

York Hanseatic

&

WHITEHEAD,

LOUIS J.

Delaware

Wright, Wood
WRIGHT,

Kidder, Peabody & Co.

Incorporated

Blair & Co.,

ROSS,

WOOD, 2nd, RICHARD D.

Jr., HENRY C.

WHITCRAFT, FRANK

LESLIE

J.

RODGERS,

Stokes & Co.

QUINTARD, ROMEYN B.
Suplee, Yeatman & Company,

ALFRED D.

Lilley

Colket & Co.

Penington,

Sue

WITTENWILER, JOHN J.
Smith, Barney & Co.

Co.

Lilley & Co.

WELSH,

ROBINSON, ELLWOOD S.

Inc.

WELLER, JOHN F.
Goldman, Sachs &
WELLS,

RICHTER, JOHN B.
Butcher & Sherrerd

L.

Elkins,

JOHN

Schmidt,

&

M.

First California Company, San Francisco; Velda Egan, San Francisco; Mrs.
Los Angeles; William E. Brown, E. F. Hutton & Company, Los Angeles

Securities & Co.

Eastman,

PRIGGEMEIER, CHARLES G.

Dackerman

C.

Egan,

Pulliam,

WILLARD F.
Dillon, Union

RICE,

C.
Co.

&

PIMLEY, ANDREW F.
Woodcock, Hess & Co.

,

O'BRIEN, JOSEPH F.

O'SHEA,

FRED

Fahnestock

F.

John

Lauretta
Angeles

35

CHRONICLE

Co.,

G.

Inc.

Boenning

WILLIS,

Co.

&

C.

C.

ZUBER, ETHAN

G.
Suplee, Yeatman & Company. Ina.

GEORGE C.
Collings

& Co.,

Inc.

SCHAFFER, RUSSELL W.

Necker & Co.

Schaffer,

SOHAUFLER, CHARLES A.
Schaffer, Necker & Co.
SCHREINER, WILLIAM McE.
F. J. Morrlssey
& Co.

RUSSELL

SCHULER,

A securities

and individual investors

based

Battles

research and

trading markets

Over A Quarter

Corp.

SELHEIMER, PERRY N.
First Securities Corporation

SERVICE,
on

Boston

First

The

firm serving dealers

i

C.

Inc.

Company,

&

Merrill

1930 -1956

ARNOLD

E.

CHARLES

SHAW,

Century

P.
Fenner

Pierce,

Lynch,

& Beane

SMITH, JOSEPH E.
Newburger & Co.

Specialists in
COUNTER SECURITIES

OVER THE

HARRY B.
Yarnall, Blddle & Co.

SNYDER,

SPEYER, HUGO

F.
Baker, Weeks & Co.

Strauss, Ginberg & Co., Inc.

STADTLER, GEORGE
Stone & Webster Securities

115

Broadway

New York 6, N. Y.

T elephone

Teletype

BArelay 7-7631

N Y 1-3636

Cashier:

BArelay 7^7630

The

Corp.

B.
First Boston Corporation
PHILLIPS

STREET,

SreeneanACompaiwj

SULZBERGER, GEORGE W.
Hallowell, Sulzberger & Co.

SUNSTEIN, JR., LEON
Oerstley, Sunstein &

ESTABLISHED

Co.

SUPLEE, WILLIAM Z.
Suplee, Yeatman & Company,

37

Inc.

Wall

St.,

1930

New York

5

SUSKI, THOMAS
Securities,

Eastern

Charles

PRIMARY MARKETS

A.

TALCOTT,

Inc.

CHARLES A.

TAGGART,

Taggart

& Co., Inc.

RAYMOND L.

& Co.

Drexel

TERRELL,

CLAYTON

Reynolds

<fc

H.

Co.

ROY C.
Ristine & Co.

THOMAS,

Complete Trading Facilities and Experience

F.

P.

GENERAL INVESTING

LEWIS H.
Hemphill, Noyes & Co.

TELGE,

For

Brokerage Service in all

TITTERMARY,
W. E. Hutton

Members American

EDWARD
& Co.

BERNARD H.
Gerstley, Sunstein & Co.

TOBIAS,

UNLISTED SECURITIES

TODD,

1

experience and

Underwriters
Harriman

Brothers

& Co.

BANKS

BROKERS and DEALERS

TORRENS,
Harriman

ROBERT A.
Ripley & Co.,

Incorporated

tor

are

of dealer and inves¬
sound stocks

suffering from thin

& Co., Incorporated

Boenning

FREDERICK

WE CAN

EIGHTY

39

BROADWAY

DIgby 4-2370




CO,

MARKETS OF

NEW YORK 6,

N. Y.

Teletype N.Y. M942

Incor¬

Teletype: NY

porated

YOUR
WARNER, ALFRED 8.
Swain & Company, Inc.

WARNER, HENRY B.
Arthur L. Wright & Co., Xno,

N. Y.
INACTIVE SECURITIES

Telephone: BOwling Green

WALLINGFORD, CHARLES L.
H.
M.
Byllesby
and Comply,

BROADEN

WALL ST.

NEW YORK 5,

WALLACE, DAVID W.
E. W. Smith Co.

&

markets

sponsorship.

& Co.

VEITH, FRANK H.
C. J. Devine & Co.

SIEGEL

service.

interest in

and lack of
UNDERWOOD, J.

at your

specialty is the devel¬

opment

Distributors

TREVINE, ROY
Harriman Ripley

contacts

Our

and

for

seasoned
national

Our.proven ability,

,

HAROLD

Brown

CORP.

Stock Exchange

9-1600

1-3390

INQUIRY IS 1NVJTED

OF

MERIT

F.

36

THE COMMERCIAL and FINANCIAL CHRONICLE

A

Thursday, November 15, 1956

Governors: Wilfred G. Conary, G. H. Walker &
Co., Providence;

Boston Securities Traders Association

tLWELX,

Cogghill, White, Weld & Co.; Raymond V. Coppens,
Blair & Co. Incorporated; Walter F.
Eagan, Harris, Upham &
Co.; James E. Moynihan, J. B. Maguire & Co., Inc.; Leo F. New¬
man, American Securities Corporation.
National

Committeemen: William J. Burke, Jr., May & Gannon,
Inc.; Wilfred G. Conary, G. H. Walker & Co., Providence; Gil¬
bert M. Lothrop, W. E. Hutton &
Co.; James B. Maguire, J. B.

EMERY, FORREST S.
F.

FERGUSON,
Moors

ROSTER
located

otherwise

Lothrop

Alexander W. Moore

Frederick V.

ADAMS,

C.

Goldman,

OF

unless

&

Co.

du

H.

Sachs

Co.

&

L.

Albee

&

ALEXANDER,
E.

W.

Chas.

ARTHUR
&

C.

DAY,

DENTON,

Hayden, Stone & Co.
ATHERTON,

Schirmer,
J.

Sr.,

Devine

&

Co.

JAMES

&

Stone

V.

Josephthal

Smith,

Barney

BARRETT,

& Co.

Barrett St Company,

BATCHELDER,

Providence,

JOSEPH

It,

1

Vice-President: Alexander W. Moore, New York Hanseatic Corp.

Draper, Sears & Co.

Recording Secretary: Carl V. Wells, Paine, Webber, Jackson &

BOSS,

CHARLES

Broad

Street

York

New

Corresponding Secretary: John A. McCue, May & Gannon, Inc.
wwwwvwwwwwvwvwwwwvww

►wwwwwwwwwwvw*

Bros.

Jr.,

St

&

Brown

A.

Corp.
C.

Hanseatic

Brothers, Harriman St Co.

St

Co.

Co., Worcester

HARKNESS. ROBERT B.
Harkness

HARRIS, HOWARD

&

Hill,

Incorporated

Inc.
S.

Baldwin, White & Co.
HARSON. FREDERICK L.
F.

Harris, Upham St Co.

R. W.

FRANK S.

Sachs

H. D. Knox St Co.,

L.

HART,

Harson & Co.,

HENRY

Providence,

R.

I.

G.

Schirmer, Atherton & Co.

El.DRACHER, THEODORE

Goldman, Sachs & Co.

Co.
F.

HARRINGTON, FRANK T.

BRAGDON, J. ROGER
BREEN,

St

Moseley St Co.

Dwinnell,

R.

Co.

EAGAN, WALTER F.

Corporation

Sachs

Hanrahan St

DYKES, ALVIN A.
duPont, Homsey & Company

B.

Sales

Worcester

HANRAHAN, PAUL B.

S.

Dudley Co., Inc., Manchester, N. H.
JAMES

A.

LEAMAN

Goldman,

F. S.

Hutzler

EARL

E.

HALLIWILL, BIRNEY S.

y

DUNCKLEE, WILLIAM S.

Upham & Co.

BRADLEY, WILLIAM

Curtis.

Goldman,
IIALLETT,

LESTER

T.

Inc.

HALEY, DAVID A.

Hutzler

WARREN

Reynolds

ROBERT

Harris,

S.

DUFFY,

BERNARD, Jr., HUBERT N.
Schirmer, Atherton St Co.
BLAIR,

Treasurer: Frederick V. McVey,
Childs, Jeffries & Thorndike, Inc.

DUDLEY,
E.

BATES, CURTIS S.

President: Gilbert M. Lothrop, W. E. Hutton & Co.

DOUCET,

IRVING

Hornblower & Weeks,

Haigney St Co., Inc.

Salomon

M.

Co.,
F.

HAIGNEY, DAYTON P.
Dayton Haigney St Co., Inc.

Donohue St Sullivan

Joseph M. Batchelder & Co., Inc.

Goddard &

GUTHRIE, ELWIN

Corp.

JOSEPH

Dayton

Inc.

Townsend, Dabney & Tyson

D.

Securities

JOHN J.

DONOVAN,

Co..

A. C. Allyn and Company, Inc.

GUNN,

St

St

GRIFFIN, HENRY

S.

WALLACE

Bros.

DONOHUE,

Long & Nash

John A. McCue

R.

Webster

Salomon

W.

BARRUS, Jr., CLIFFORD B.

Carl Y.Wells

N.

DONNELLY, JOHN P.

Co.

&

ALBERT

J. H.

Tcwnsend, Dabney St Tyson

BAILEY, WALTER R.

BAKER,

Co.

GODDARD, JAMES II.

DIAMOND, CLEMENT G.

Co.

&

Sherman Gleason

Co.

Jr.,

&

WALTER
Devine

GLEASON, SHERMAN

Day St Co., Inc.

&

DEXTER,

J.

GANNON, JOSEPH

Co.

GEORGE

Denton

HALE

Atherton

ATKINSON,
C.

H.

A.

II.

May St Gannon, Inc.

St

St Co., Inc.

WILFRED

Chas.

W.

L.

Weeks

KENNETH G.
Salomon Bros. St Hutzler

M.

LEON E.

A. Day

Co.

JOHN

C.

Homsey & Company

Davis

DAY, Jr.,

Co.

Hutton

ALTMEYER,

Pont,

Donald

&

FRENCH,

Co., Inc.

RODNEY

WILLIAM
Cabot

Lee Higginson Corporation

DAVIS, DONALD

ALBEE, ARTHUR L.
A.

&

Me.

FOSTER, Jr., HAT1IEKLY
Vance, Sanders St Comoanv
FRANK,

Putnam

DARLING,

&

Hornblower

MEMBERS

L.

Portland.

B.

FOSTER, FREDERICK

D'ARCV, JOHN J.
F.

C.

Auams

ROBERT

Boston

indicated*

FREDERICK

Frederick

McVey

tu

St Co.,

FERRARI, HERBERT

Schirmer, Atherton & Co.; James
Duffy, Reynolds & Co.; Anton E. Homsey, du Pont, Homsey
Cwnpany; Alexander Moore, New York Hanseatic Corpora¬
tion; Leo F. Newman, American Securities Corporation.
R.

Gilbert M.

Emery St Co., Inc.

White, Weld & Co.

&

ADAMS,

S.

Nathan C. Pay

Inc.

are

Co.

ENGDAHL, ARTHUR E.
Goldman, Sachs St Co.

FAZIOLI, CLIVE

Alternates: William E. Creamer,

members

B.

Buck St

FAY, NATHAN C.

Maguire & Co., Inc.; William S. Thompson, Carr & Thompson,

./ill

REGINALD

Richard J.

Francis R.

Pressprich St Co.

HASTINGS, FRANCIS

Schirmer, Atherton St Co.
BROWNE, JAMES D.
Lee Higginson Corporation

We

are

BRUGGEMANN, LESTER G.
Baldwin, White St Co.
BUONOMO, JOSEPH A.
F.

BUYERS OF BUSINESSES

L.

Putnam

Second

of

Company,

Inc.

S.WEINBERG & Co.

May & Gannon, Inc.

BURNETT,

and

&

BURKE, Jr., WILLIAM J.
PETER

Bank-State

Members N.Y. Security Dealers Ass'n

Street Trust Company

BURNS, WALTER T.
Burns,

Barron

St

Co.,

Portland,

Me.

We render

CANFIELD, LLOYD

BLOCKS OF STOCKS

New

England Trust

CANNELL, JOHN
John

Cannell

CAREW,

St Co.

JOSEPH

Hanrahan

for Banks and Dealers

&

E.

Co.,

Worcester

60 Wall

—-

CARR,

brokerage serv¬

ice in all Unlisted Securities

CANTELLA, VINCENT M.

Inquiries Invited from Brokers and Dealers

a

Co.

FREDERICK

R.

Tucker, Anthony & R. L. Day

Street, New York 5

Phone: WHitehall 3-7830

Teletype No

CARR, JOHN F.

NY

1-2762

—.

Hayden, Stone St Co.
CARR, RALPH F.
Carr

Hill, Thompson & Co., Inc.

St

W.

Telephone WHitehall 4-4540

HERBERT

INACTIVE

F.

FRANCIS

Mixter

CASEY,

&

Our

E.

Company

WALTER

Laidlaw

&

S.

numerous

enable

J.

us

to

contacts and excellent facilities

secure

top bids

closely held securities. For

Co.

CHAMBERLAIN, RAYMOND E.
F.

SECURITIES

E. Hutton & Co.

CASEY,

74|Wall Street, New York 5, N. Y.

Thompson, Inc.

CARTER

Emery & Co.,

may

we

respectfully

inactive and

on

our

solicit

mutual benefit
your

inquiry.

Inc.

CHAMBERLAIN, RICHARD F.
Nesbitt, Thomson & Co., Inc.
CHAPMAN,
Chapman

JOHN
&

V.

Co.,

Inc.

CLARK, ASA F.

Wise, Hobbs St Seaver, Inc.
CLAYTON, CALVIN W.
Clayton Securities Corp.

CLEARIHUE, LLOYD
A.

E.

Adams

&

Co.,

Inc.

COGGHILL, FRANCIS R.
White, Weld St Co.

CONARY, WILFRED

Aetna Securities Corporation

G.

H.

Walker

&

GOLKIN

6-

CO.

G.

Co.,

Providence, R. I.

CONNELL, LAWRENCE
Wellington Fund

CONWAY, JAMES J.
Moors

St Cabot

COPELAND,

RICHARD

UNDERWRITERS

Chas. A. Day & Co., Inc.

Underwriters and Distributors

Blair

Industrial Securities

St

CORBIN,
Blyth

RICHARD

&

Co.,

Weeden

Weeden

DISTRIBUTORS

J.

Inc.

RICHARD
&

Co.

CRAMPTON, ALFRED
St

R.

Co.

CREAMER, WILLIAM E.
Schirmer, Atherton St Co.

Broadway

CROCKETT

HARRY W.

61

Coffin St Burr, Incorporated

New York 6, N. Y.




DEALERS

Co., Incorporated

COWARD,

111

—

COPPENS, RAYMOND V.

BROADWAY, NEW YORK (6)

CROSBY, ALBERT
F.

S.

Tel.

Moseley St Co.

CURRIER,
Jackson

RICARD
&

Co.,

D.

;

Inc.

DALEY, JOHN L.
J.

B.

Maguire St Co.,

Inc.

WHitehall 4-4567

Teletype NY 1-1658

g

THE COMMERCIAL and FINANCIAL

Convention Number

Nieland

Arsdale, Blyth & Co., Inc., Los Angeles; Rebel
Pemberton Securities, Ltd., Vancouver, B. C.,
Vancouver, B. C., Canada

Van

B.

MacDonald,

HUTCHINSON,

JOSEPH

IIAVEY,

Hutchinson

(Honorary)

Traveler

Herald

Boston

Coffin &

Draper, Sears & Co.

Whiteside,

St Winslow,

West

1I1XON, REGINALD T.

LAWRENCE

Goodbody

&

Pont,

Homsey

Trust

A.

L.

Albee

&

Co.,

&

R.

Co.

JORDAN,

G.

R.

Inc.

HUGHES, FRANCIS J.

W.

JULIAN,

Clayton Securities Corp.

MURRAY, RAYMOND M.
Tucker, Anthony & R. L. Day

Company

MURRAY, RICHARD E.
May St Gannon, Inc.

W.

Pressprich & Co.

MORRISON, JAMES A.
Townsend, Dabney St Tyson

MYERS,

MOYNIHAN, JAMES E.
J. B. Maguire St Co., Inc.

Kirwan

A.

St

Barrett St Company,

Co.

GEORGE

MUNN,

kumin, emil
Estabrook St

P.

Jackson

Co.

M.

Josephthal & Co.

MOSSOP, WALLACE L.

Co.

&

St

NEEDHAM, CARLETON
Merrill Lynch, Pierce,

Providence, R. I.

NEWMAN,

LEO

American

JUDSON
Co., Inc.

(Continued

&

Fenner

Corporation

on page

38)

Lahtl

Matthew

Bank

Shawmut

St

Inc.

Co.,

LAMONT, NICHOLAS
WILLIAM

HUNT,
W.

E.

P.

Sibley &

KEALEY,

Co.

Second

HURLEY, EDMUND J.

HERBERT E.

Hornblower

St

KELLER,

Weeks

First

Boston

Street

Bank-State

KELLER,

Corp.

Keller

Trust

HERMAN

J.

Securities

LANG, HAROLD F.
Lang & Dadmun, Inc.

LARSON, N. HENRY
The First Boston Corp.

HARVEY L.

Brothers

Co.

Lamont St

Keller Brothers Securities Co.

nUSSEY. EUGENE R.
The

O.

KEANE, J. FRANK
Elmer H. Bright & Co.

Wise, Hobbs St Seaver, Inc.

HURLEY,

GEORGE

Co.

LAWRENCE, EDWARD W.
Hemphill, Noyes St Co.

Pflugfelder & Rust

CRANDON

LEAHY,

National Quotation Bureau

(Honorary)

LeBEAU, IRVING C.

of

Members

the

New

York

Stock Exchange

May St Gannon, Inc.

LELAND, ALAN
Coffin

C.
Burr, Incorporated

&

LERNER, LOUIS C.

61

Lerner St Co.

Underwriters and Distributors

LEVINE,

Richard

LEWIS,

1

Co.

&

FREDERICK
Inc.

Jr.,

Trusteed

LEWIS,

Over-the-Counter

Buck

J.

BROADWAY, NEW YORK 6, N. Y.

A.

CARL

T.

Funds,

A.

WARREN

Weeden

Telephone

BOwling

Green

9-4900

Co.

&

WILLARD R.
Boston Safe Deposit & Trust Co.

LOCKE,

Securities

JOSEPH P.
& Hutzler

LOMBARD,
Salomon

Bros.

Hutton

St

JAMES

E.

W.

M.

GILBERT

LOTHROP,

E.

LYNCH

Coburn

Co.

L. STAMM & CO.

Middlebrook, Incorporated

&

LYNCH, JAMES J.

120 Broadway, New York 5, N. Y.

Sheeline St Co.

Paul D.

MacDONALD, J. RENWICK

M. S. GERBER, Inc.

Webber, Jackson & Curtis

Paine,

Chapman & Co.,

Ill

New York 6, N. Y.

Broadway

MEMBERS

MacDONALD, WILLIAM G.

Baird

W.

Milwaukee,

Wis.

New

Incorporated,

Co.

&

(Honorary)

|

York

Stock

Exchange

Cotton

Exchange

Chicago Board of Trade

MAGUIRE, JAMES B.
J. B. Maguire

York Stock Exchange

American

HAROLD

MADARY,
Robert

New

Inc.

Commodity Exchange, Inc.

& Co., Inc.

New

MAGUIRE, john E.

New

York Produce

York

Exchange

Mercantile

Exchange

May St Gannon, Inc.
New

mann, Jr., geo. p.
Mann St Gould, Salem, Mass.
MARTENS,
F.

L.

GERALD

Putnam

Estabrook

York

& Sugar Exchange, Inc.

Cocoa

Exchange, Inc.

Chicago Mercantile Exchange

D.

Company,

Inc.

JOHN C.

MATHIS, Jr.,

METALLURGICAL RESOURCES, INC.

&

York Coffee
New

St

Tel.:

Co.

REctor 2-6800

Cables "STAMAL"

MAX, RICHARD L.
H. C. Wainwrlght St Co.

MAY,
May

BOUGHT

—

SOLD

—

QUOTED

MAY,

DAVID H.
St Gannon,

Inc.

WILLIAM F.

"

May St Gannon, Inc.

McAllister, Jr., henry p.
J. Clayton Flax St Co.

McCORMIOK, Jr., JAMES F.

Report

upon

request

A.

C.

Allyn

St Co.

McCUE, GERARD
Walker (G. H.) St Co., Providence, R. I.

Bacon, Stevenson & Co.
Members New York Stock Exchange
Members American Stock Exchange

McCUE, JOHN A.
May St Gannon, Inc.
Mcdonough, John l.
H.

C.

Wainwrlght St Co.

Mcdowell,
Chas.

G. K. Shields & Co.

A.

St., New York 5, N. Y.

MERRIGAN,

4-9755




Bell System Teletype NY 1-1632

H.

THOMAS F.
Bureau (Honorary)

News

MIRAGEAS,
J.

Tel. DIgby

BONDS

Day St Co., Inc.

McVEY, FREDERICK V.
Chllds, Jeffries St Thorndike, Inc.
Boston

15 William

MUNICIPAL

lewis d.

GEORGE

Goodard

MITCHELL,
Goodbody

&

39

G.

MONROE, PAUL B.
R.

W.

Pressprich

St

Broadway, New York 6, N* Y.

Inc.

Co.,

Jr., EMLYN
St Co.

Co.

Telephone DIgby 4-4100

St Beane

F.

Securities

LAHTI, W. HENRY

JAMES

National

R.

& Co.

Pressprich St Co.

Thomas

Jr., G. C.

Pressprich

W.

Chace, Whiteside, West St Winslow, Inc.

MOREY, GEORGE P.

KIRWAN, THOMAS A.

E.
(Honorary)

WILLIAM
Globe

Mixter

Inc.

MURPHY, TIMOTHY D.

Hanseatic Corporation

York

KILNER, GEORGE M.
Brown, Lisle St Marshall, Providence, R. I

BERT L.

Boston

CHARLES

HOUGHTON,

Hayden, Stone

MURPHY, ARTHUR C.
A.
C. Allyn and Company,

Hanseatic Corporation

MOORE, GEORGE E.

Spencer Trask & Co.

KENT, RODNEY P.

STANLEY

Halsey. Stuart St Co. Inc.
JONES,

Company

New

KENNEY, philip F.

Jr., JOHN L.

York

York; J. Robert Doyle, Doyle,
Strauss, Ginberg & Co., Inc.,

New York

MOORE, FREDERICK S.

Kennedy St Co.

IvENNEY, DONALD J.

JACOBS,

St Company

New

Co.

BRITTAIN

F.

Brittain

INGALLS, ROBERT U.
Tucker^ Anthony & R. L. Day

Estabrook

Co.

IIORMEL, EDWARD F.
Day

Inc.

JACKSON,

F.

IJOMSEY, ANTON E.
du

P.

Blyth & Co., Inc.

Hooper-Kimball, Inc.
HOHMANN,

KENNEDY,

Burr, Incorporated

Ethel Strauss,

York;

MOORE, ALEXANDER W.

Securities

Brothers

INGHAM

I1INES, EDWARD F.
Chace,

New

NORTON N.

Keller

Company

JEROME M.

INGALLS,

IIERLIHY, EDWARD

KELLER,

Jr., JAMES A.

&

Edwin J. Markham, Wertheim & Co., New York; Faith Markham, New
O'Connor & Co., Chicago;
Katie Doyle, Chicago; Abraham Strauss,

J. E.

Van Arsdale, Los Angeles;
Canada; Daisy MacDonald,

37

CHRONICLE

38

THE COMMERCIAL and FINANCIAL CHRONICLE

Maurice

Dorsey,
New

Hart, New York Hanseatic Corporation, New York; Alice
Dorsey, New York; Joseph R.
Bache & Co., New York; Stanley M. Waldron, Merrill Lynch,
Pierce, Fenner & Beane,
York; Sophie Green, Los Angeles; Sam Green, Pledger &
Company, Inc., Los Angeles

Boston Securities Traders Association

R.

W.

OPPER,
J. B.

PAUL

Stone

Stone

&

&

Buck

E.

TABER, RICHARD D.

&

Co.

New

Securities

ROBERT

Josephthal &

Corporation

&

Webster

Arthur

Securities

Co.

PATNODE,

EDWARD J.

WESLEY

Corporation

Co.

Tripp & Taber, New Bedford, Mass.

Boston

THOMPSON,
Carr

WILLIAM

&

TIRRELL,

S.

Star

PUTNAM, JOHN A.

Post

W.

E.

Hutton

&

C.

Corporation

Arthur

S.

Coburn

&

&

Co.

HAROLD
&

G.

ARTHUR

Wadsworth

G.
&

Co.

Mass.

White, Weld & Co.
WALSH, FRANCIS

Co.

A.

G.

Walsh

WARD,

Middlebrook,

F.

Co.

WALKER, HARRY R.

Inc.

H.

TOOHEY, CARROLL W.

Co.

Devine

Dartmouth,

Thompson,

N.

Co.

WADSWORTH,

WILLIAM

Printing

J.

Doremus

Inc.

JOHN

Si

VAUGHAN,

Taylor & Co., Inc.

POWERS, EDWARD F.

PRESCOTT,

Hanseatic

TAYLOR, Jr.. JOHN R.

Wood Company

William S. Prescott & Co.

PATTEN, TOM

PARDEE, MILTON I.

York

Hodgdon & Co.

P.

Townsend, Dabney & Tyson

Magulre & Co.. Inc.

W.

Weeden

TUCKER, LESLIE A.

TAYLOR, JOHN R.
Taylor & Co.,

V

L.

TOWNSEND, CURTICE

Tripp & Taber, Fall River, Mass.

TARANTINO, JAMES W.

PARKER

Webster

POLLEYS,

PARSLOE, GEORGE S.

J.

Pressprich

B.

POTTER, J. RUSSELL

NOONAN, THOMAS H.
O'LEARY,

J.

PILLSBURY,

PARENT, FREDERICK W.
Lee Hlgginson Corporation

P. Nichols, Inc.

WILFRED

Krumholz, Siegel & Co., New York; Bernadette M,
Kelly, New York; Edward J.
M. Loeb, Rhoades &
Co., New York; Lillian A. Elder, Detroit; Walter G.
Mason,
Scott, Horner & Mason, Inc., Lynchburg, Va.

Townsend, Dabney & Tyson
Richard

(Continued from page 37)
H.

A.

Carl

PIERCE, RALPH W.

ROSTER OF MEMBERS

NEWTON, DEXTER

PERHAM,

Nathan

Thursday, November 15, 1956

Inc.

H.

P.

&

Son

FRANCIS

C.

V.

Wainwright & Co.

QUINN, DANIEL L.
Schirmer, Atherton & Co.
REED,

Brokers

Dealers Are Invited

and

Blocks

of

Investment

Suitable

Offer Us

to

Quality Securities

F.

RICHARDSON,

Dealers and Brokers in

JOSEPH

A.

F. S. Moseley & Co.

Retail Distribution

for

LESTER

Preston, Moss & Co.
REILLY, ARTHUR H.
Josephthal & Co.

Railroad, Public Utility & Industrial

RICE, FRED
R.

W.

Pressprich &

Co.

Bonds & Stocks

RINALDI, JOSEPH M.
Lerner & Co.

Amott, Baker & Co.
AMERICAN

150

YORK

STOCK

STOCK

S.

Jay

EXCHANGE

EXCHANGE

BROADWAY

F.

NEW

Carl

Telephone BArclay 7-4880

CARL
K.

38,

N. Y.

Teletype NY 1-588

DETROIT

OFFICE:

OFFICE:

1420

1463

WALNUT

PENOBSCOT

STREET

BLDG.

D.
&

Co.

C.

J.

New

&

Co.,

Inc.,

Maine

Devine

&

Ingalls & Snyder

Co.

Members New

P.

Members

.

York

SANBORN,

Hanseatic

ROBERT
Bros.

&

Barney

York Stock

American

Corp.

100

B.

Stock

BROADWAY

Exchange
Exchange

NEW YORK 5,

N. Y.

Hutzler

COrtlandt

SCHUERHOFF, ROLAND
Smith,

Brown

MacKain

K.

Ross

VINCENT

Salomon

Howard

Frank

RYALL, EUGENE J.
RYAN,

PHILADELPHIA

Kaufmann

Portland,

YORK

Over-the-Counter Trading Dept.

F.

AL

W.

ROSS,

(ASSOC.)

JOSEPH

Moseley & Co.

ROSEN,

Incorporated
MEMBERS NEW

ROBBINS,

&

7-6800

—

H.

Bell

System

Teletype

NY

1-1459

Co.

SCRIBNER, PAUL A.
Scribner

&

Meredith,

Inc.

SHEELINE, PAUL D.

Southern States Oil

Company

Common Stock

We maintain

Paul D. Sheeline & Co.

a

continuing interest in

SIDES, W. RANDOLPH
Sides, Morse & Co., Inc.

Struthers Wells

SLIFER, ERNEST W.
American Securities Corp.

Corp.

SMITH, CHARLES H.
Moors

Quoted

Valley Mould & Iron Corp.

Cabot

SMITH, HERBERT

Sold

Bought

&

C.

Blyth <fc Co., Inc.

SOFORENKO, MYER M.
Michael

Investment

Providence,

Prospectus

on

SORTERUP,

request

Brown,

R.

ROBERT

Lisle

&

30 Broad

WH

B.

L. WATSON

T.

SPENCE,

W. FREDERICK
Townsend. Dabney & Tyson

New York Stock

Burgess & Leith

25

STAFF, WERNER W.

3-2840

Jackson

&

Company,

&

CO.

MEMBERS

SPORRONG, STANLEY

Street, New York 4

Phone

Inc.,

Marshall,
I.

Providence, R.

Gordon Graves & Co., Inc.

Inquiries invited

Co.,

I.

Inc.

Exchange

BROAD

•

American Stock Exchange

ST., NEW YORK 4, N. Y.

Telephone WHitehall

4-6500

Teletype

NY

1-1843

STANLEY, Jr., GEORGE A.
Schirmer, Atherton & Co.

STEMBRIDGE, ALFRED

Our

identity with the following stocks for

many

years

qualifies

us

as

specialists in:

Black Sivalls and
Bryson
Delta Airlines, Inc.

F.

Warren Bros.

E.

Hutton

&

Co.

L.

Putnam

SULLIVAN,
W.

E.

&

JOHN

Hutton

Smith,

Com. & 5% Conv. Pfd.
Company

J.

&

Barney

MUNICIPAL BONDS

Co., Inc.

SULLIVAN, JOHN

Giannini (G. M.) & Co., Inc.

P. R. Mallory & Co., Inc.

W.

R.

Inc.

W.

SULLIVAN, JAMES E.
Baldwin, White & Co.
SULLIVAN, Jr., JOHN E.

Dictaphone Corporation
Disney (Walt) Productions
N

Distributors Group,

STUMPP, DAVID

SPECIALIZING IN ODD LOTS

Co.

P.

&

Co.

SULLIVAN, ROBERT

(Amounts

W.

Donohue & Sullivan

SWENSON, CARL J.
Cummings & Co.
Providence,

Members
and

ERNST & CO.
New

York

other

120

Stock

Exchange

leading Security

and

American

SWIFT,

So. LaSalle

Private

Wires




to

Stock

Angeles

and

Chicago

T.

Exchange

Commodity Exchanges

St., Chicago 4, 111.

Los

I.

Kidder, Peabody & Co.

Broadway, New York 5, N. Y,

231

R.

WALTER

-

SWIFT, WILLIAM
Draper, Sears &

F.

Co.

TABB, Jr., HENRY E.
Townsend, Dabney & Tyson
TABER,

ELLIOT

up

to $10,000)

'

C.

Tripp & Taber, New Bedtord, Mass.

LEBEINTHAL& CO.
135

BROADW, NEW YORK etN.Y.

Oldest House la Amerka

•

REctor 2*1737

Specializing in\
BONDSj

ODD LOT MUNICIPAL
Bell

System Teletype NY 1-2272

M
il»ODC+0n

39

1

LLOYD B.

WARING,

S.

&

Moseley

CARL

WELLS,

Southern Investment Co.,

Securities

Jr., ROBERT

WEEKS,
F.

LOWELL A.
Corporation

Jr.,

Dominion

Charlotte,

S.

Co.

C.

N.

JOSEPH F.
McAlister Co., Greenville,

Joe

V.

C.

S.

R.

&

Dickson

S.

♦McCARLEY, JR., J.

Waddell

Asheville,

BURTON F.

WHITCOMB,

BENJAMIN
White

Baldwin,

LYNCH.

F.

H. J. Blackford, Jr.

McDaniel Lewis

William H. Coburn &

James E. Holmes, Jr.

Joseph H. Sanders

D.

DONALD

Greenville,

PHILIP D.

Secretary: James E.

Whiteside, West & Winslow, Inc.

Chace,

Securities Corporation

Clayton

WOLL, ALBERT J.

WOLLEY,

SUMNER R.
Burr,

Coburn

YOUNG,
Brown

Elected: October, 1955;

HERBERT W.
Brothers Harriman

Charlotte,

& Co.

First

ALFRED

G.

Charlotte,

COMPANY

LOUIS

Maguire & Co.

PRINGLE

C.

S.

JAMES G.
Securities Corporation
N.

Banking

Wilson,

N.

Charleston

Alex.

C.

♦READ,

Co.

E.

Frost,

I.

C.

S.

Sons

C.

N.

♦WITHERS, Jr., P. T.
R.

C.

Dickson & Co. Inc.,

S.

N.

C.

MAYO

Read

Charleston,

& Simons,
S. C.

members

♦Also

Incorporated

Traders

of

the

National Security

Association.

Laurinburg, N. C.
♦BLACKFORD, Jr., HENRY J.
A.

M.

Law

&

Securities

United

& Co.

George W. Cunningham
225

EAST BROAD

F.

Greensboro, N.

Co.,

C.

♦BREZGER, HOWARD

Statesville, N. C

United Securities Co.,
CALHOUN

STREET

C.

S.

RICHARD

♦BOYLES,

Inc.

Company,

Spartanburg,

COMPANY

&

Spartanburg, S. C.

WESTFIELD, NEW JERSEY

♦CANADY, LLOYD E.
Lloyd E. Canady & Company
Raleigh,

C.

N.

Greenwood,

Clanton

Smith,

Company,

&

N.

Greensboro,

TWX WSFD NJ 126

C.

S.

MELVIN

♦CLANTON,

Telephone Westfield 2-6322

COMPANY

TRUST

CITIZENS

C.

♦CONNER, JAMES
Conner

James

Charleston,

\

L.

Spartanburg,

Co.,

&

(THOMAS) AND
Southern Pines, N. C.

♦DICKSON, R. STUART
R. S. Dickson & Co.,

Charlotte,

Markets in

S.

C.

COMPANY

DARST

Active Trading

Inc.

C.

ROBERT

♦DARGAN,
Dargan

Company,

ana

S.

Inc.

C.

N.

♦DICKSON, W. D.
United Securities

Co.,

Greensboro,

N.

C

HERBERT J.
& Hartsfield,

Dietenhofer

ROBERT B.
Securities

United
ERWIN

Co.,

Greensboro, N.

C.

ONE

NEW

WALL STREET

YORK

EVERETT,

Tel. WOrth 4-3113

Bell System

Green 9-9250

*

NEW YORK 5, N. Y.
Bell Teletype N. Y. 1-1227

•

LAWRENCE S.
Wilmington, N. C.

Jr.,

Selected Investments,
FIRST

5

Tele. NY 1-4050

CORPORATION

SECURITIES

C.

Durham, N.

INACTIVES

GEORGE I.

♦GRIFFIN,
Tel. BOwling

120 BROADWAY

CO.

&

Durham, N. C.

Co.

Philadelphia-Baltimore Stock Exchange

Members

C.

N.

Pines,

Southern

♦DIXON,

Gerald F. X. Kane &

MitcMUCompaiU)

DIETENHOFER,

UNLISTED SECURITIES

Reynolds & Co., Raleigh, N. C.
(E.

HARDIN

Salisbury,

& CO., INC.

L.)

C.

N.

♦HAYS, ROBERT S.
R.

S.

& Company, Inc.

Hays

Durham,
HOLMES,

N.

Jr.,

C.
JAMES

Alex. Brown &

BENJAMIN GOLD

Sons,

E.
Winston-Salem, N. C.

We
♦HUNT,

ANNE TRENT

ROY

Jr.,

Alester

G.

are

F.

Furman Co.,

Inc.

that

we

have

pleased to announce
now

started

our

Greenville, S. C.

BERNARD WEISSMAN

MARSHALL H.
McDaniel Lewis & Co., Greensboro, N.

at

♦JOHNSON,

the

same

C.

35th

year

address with the same firm name
and the

same

business

SIMON S.
Banking & Trust Co.

♦LAWRENCE,
Branch

Wilson,

A. TRENT
Investment

(r CO.

Securities

♦LEE,

N.

United

♦LEWIS,

N.

SECURITIES

SPECIALISTS IN UNLISTED

C.

CLAYTON
Securities

Co.,

Greensboro, N. C.

McDANlEL

McDaniel Lewis &

Co., Greensboro, N. C.

RICHARDS C.
The Robinson-Humphrey Company, Inc.,
Charleston, S. C.

JOHN J. O'KANE JR. &
established

CO.

1922

♦LEWIS,

39

BROADWAY

NEW YORK 6, N.

Y.

♦LUCAS, D.
G.

WHitehall 4-1800




NY 1-3751

JENNINGS
Co., Inc., Columbia, S. C

H. Crawford

W. E. B.
R. S. Dickson & Co., Inc.,

♦LYON,

Charlotte,

N. C.

o.

S.
&

Brown

Winston-Salem,

Charlotte,

Trust

&

C.

♦BEMAN,

C.

♦WILLIS, BEN

H.) & C.

(E.

S.

Equitable Securities Corporation
Greensboro, N. C.

Fayetteville, N. C.

Dickson & Co., Inc.
N.

Spartanburg,

Covington,

♦WARMATH, JOHN T.

Huger, Barnwell & Company

Branch

Raleigh,

V.

S.

Charlotte,

♦BATTS, WALTER E.

C.

Carolina

♦BARNES,

B.

N.

R.

C.

N.

CHESTER D.
&

Ward

Inc.

LOGAN V.

♦PRATT,

♦BARNWELL, JR., WILLIAM II.

Charleston,

Boston Corporation

ZUCCHELLI,
J.

C.

N.

TRUST

AMERICAN

ZUCCARO,

S.
Corporation

Asheville,

♦WARD,

ROBERT J.

♦POWELL, Jr.,

ROSTER OF MEMBERS
♦ABERNETHY, Jr., R.
Interstate Securities

McCarley & Company, Inc.,

C.

N.

Corporation

C.

N.

Jr.; JOHN E.

♦WALLER,

& Company,

Peeler

Lee

Powell & Co.,

Inc.

Greensboro,

J. LEE

Durham,

'

October 25, 1956.

Middlebrook,

&

J.

Took Office: October, 1955; Term Expires:

Corporation

C.

N.

Securities

Vance

Inc.,

Co.,

Robinsoiji-Humphrey Company, Inc.,
C.

♦PEELER,

Incorporated

HAROLD

WOOLLARD,

Holmes, Jr., Alex. Brown & Sons,

& Co.

CHARLES R.

♦VANCE, Jr.,

l.

Columbia, S.

Winston-Salem, N. C.

I

Stone & Co.

&

McDaniel Lewis, McDaniel Lewis & Co.,

Greensboro, N. C.; James E.

T.

Hayden,

Coffin

The

National Committeemen:

Greensboro,

•PEARCE, PHIL E.

Salem, N. C.

G.

Inc.

S. C.

Securities

Vance

C.

Charlotte, N.

Holmes, Jr., Alex. Brown & Sons, Winston-

Co.,

♦VANCE, CHARLES R.

C.

a.

Weston

Charleston,

C.

Investment

Southern

Inc., Columbia, S. C.

WINSLOW, Jr.. A. N.

WOGLOM, ALBERT

♦o'shields,

Company,

Joseph H. Sanders, The Robinson-Humphrey

Treasurer:
Hutzler

Investment

N. C.

GRADY G.

Townsend,

Corporation

EDGAR M.

Greenville. S.

Inc., Spartanburg, S. C.

c

♦TOWNSEND, JOHN C.

OLIN

Securities

Charlotte, N.

♦NORRIS,

Blackford, Jr., A. M. Law & Company,

Vice-President: Henry J.

Inc.

Salomon Bros. &

Lewis, McDaniel Lewis & Co., Greensboro,

W.

Inc.

Charlotte, N. C.

C.

S.

JR.,

Interstate

N.C.

EDMUND

Hooper-Kimball,
WINN,

President: McDaniel

& Co.

Whittemore

H.

WILLIAMS, T.

H

Company,

Southern

T.

Co.
♦NISBET,

WHITTEMORE,

C.

Smith, Clanton & Co., Greensboro,

Co.

&

B.

&

JOHN CLAYTON

♦SMITH,

•

PIERCE, FENNER

C.

mills, henry

EDWIN

WHITE,

Smith

S.

♦THOMAS,

Columbia, S.

N.

Columbia, S. C.

BEANE

&

WHITE,

Frank

E.

C.

Charleston, S.
MERRILL

Spencer Trask & Co.

Gastonia,

Smith,

FRANK S.

SMITH,

Robinson-Humphrey Co., Inc.,

The

REGINALD M.

WHITCOMB,

C.

CHARLES

♦MENAFEE,

Ripley & Co., Inc.

Harriman

N.

&

Inc.

McCarley & Company,

&

C.

W.

♦SMITH, DAVID

NATHAN

Jackson

DENTON
Reed, Inc.

F.

WERTZ,

-

.

♦SMITH, ALLEN H.
Jackson & Smith, Gastonla, N.

Inc.

Co.,

C.

Charlotte, N.

E.

Mount, N. C.

SIMONS, KEATING L.
Huger, Barnwell & Company
Charleston, S. C.

"

.

S. C.

harry l.

♦McAllister,

WELLS, RAYMOND
Bishop-Wells Co.

Robinson-Humphrey Company, Inc.,

♦SHRAGO, WILLIAM S.
United Securities Co., Rocky

Inc.

♦McALISTER,

Webber, Jackson & Curtis
¥*r_

Paine,

The

Columbia,

A.

DAVID

♦MATTHEWS,
WARREN,

♦SANDERS, Jr., JOSEPH H.

MANNING, VIVIAN M.
Greenville, S. C.

Securities Dealers of the Carolinas

Co.

Kidder, Peabody &

CHRONICLE

COMMERCIAL and FINANCIAL

THE

Convention Number

Members New

DIgby 4-6320

York Security Dealers

Association

42 Broadway, N. Y.

THE COMMERCIAL and FINANCIAL CHRONICLE

40

Alabama

Thursday, November 15, 1956

Elected: January

1, 1956; Took Office: January, 1956; Term Ex¬
pires: January, 1957.

Security Dealers Association

SCOTT,

JOHN

B.

Scott and Company,

Birmingham

SELLERS, PHILLIP

ROSTER OF MEMBERS
RALPH

ADAMS,
Berney

LESLIE,

E.

Perry

Company,

St

Lynch, Pierce, Fenner St Beane
Birmingham

RUCKER

Sterne,

Agee

Birmingham

JOSEPH P.
Stubbs, Smith St Lombardo,
Birmingham

LONG,

LYNN.

Sterne,

JAMES C.
National Bank

of

Mobile, Mobile

First

National

Bank,

Montgomery

Agee

SMITH,
Leach,

St

Birmingham

ANDREWS,
Merrill

C. J.

Allison, Jr.

Robert B. Fore

John B. Cox, Jr.

O.

Pierce,

Fenner

St

Beane,

Carlson

MARX,

V.

St

President: Arthur Stansel, Courts & Co.,

AVERYT,

Birmingham.

Allison, Jr., Equitable Securities

Corporation, Birmingham.
Vice-President:

Second

John

R.

Pierce, Fenner & Beane

MARION

Merrill

B.

Trust

Birmingham

Jr.,

Cox,

Lynch,
Montgomery

Birmingham.

Pierce, Fenner & Beane,

Odess,

Martin

St

National Bank of Birmingham.

Committee:

C.

Blythe Brown, Cumberland Securities

Corporation, Birmingham; Robert H. Carlson, Jr., Carlson &
Co., Inc., Birmingham; James S. Crow, First National Bank of
Birmingham; Nolan C. Darby, Jr., Merrill Lynch, Pierce, Fenner & Beane, Birmingham; Joseph P. Lombardo, Stubbs, Smith,
&

Lombardo, Inc., Birmingham; Sidney J. Mohr, Jr., Thornton,
Mohr and Farish, Montgomery; Lewis J. Odess, Odess, Martin
&
Herzberg, Incorporated, Birmingham; Ogden Shropshire,
Shropshire & Company, Mobile.
National Committeemen: Harold B. Mayes,

Hendrix & Mayes, Inc.,
Birmingham; Alonzo H. Lee, Sterne, Agee & Leach, Birmingham.

Herzberg,

Hendrix St Mayes, Inc., Birmingham

Beane,

Fenner

&

Lynch,
Birmingham

MOHR,

BRODNAX,
Brodnax

BROWN,

Pierce,

C.

BLYTHE
Securities

Corporation,

Montgomery

YARDLEY P.
St Co., Birmingham

Company,

Co.,

Birmingham

COX, JOHN B., Jr.

CROW, JAMES

Bank, Birmingham

Merrill

Nolting Investments,

T. U.

and

commissions

Bank

of

Birmingham,

profit sharing
estates

for

—

yourself

while

—

you are

through

building

for satisfied clients with

Lynch,
Birmingham

Fenner

St Beane,

Fenner

Pierce,

St

DOE, JR., WELDON W.
Sellers, Doe & Bonham,
EDDINS, JOHN

Mutual Funds.

©

Beane.

Fenner St Beane,

Jr.,

JOSEPH

JAMES

P.

Corporation,

W.

Lynch, Pierce, Fenner & Bean'

MARVIN

RICHARD

B.

Lynch, Pierce, Fenner St Beane,
Birmingham
WATKINS,

G.

Jr.,

MILES

A.

Stubbs, Smith St Lombardo, Inc.,
Birmingham
>

WATKINS, Jr., WARNER S.

PERRY

III, TUNSTALL B.
Berney Perry St Company, Inc.,
Birmingham

Watkins, Morrow & Co., Birmingham

George M.

WOOD,

PILL,

HOWARD

Wood &

Company,

Montgomery
JR.,

GEORGE

M.

E.
George

M.

Wood

&

Company,

SCHULHAFER.

LOUIS

Odess, Martin
Birmingham

St

Herzberg,

YARDLEY,

Inc.

Hendrix

THOMAS
St

Mayes,

K.

Inc.,

Birmingham

HARRY

Merrill

estate

an

&

Birmingham
DENSON,

Build

Fenner

Montgomery

Pierce,

Lynch.

Pierce,

Merrill

Montgomery

Crumpton St Co., Inc. Birmingham

Merrill

Birmingham

Birmingham

Berney Perry & Company, Inc.,
Birmingham

DARBY, Jr., NOLAN C.

profit sharing

Montgomeiy

Fla.

PERRY, W. BERNEY

Birmingham

top

Farish,

W.

F.

WALKER,

CRUMPTON, TOM U.
on

Montgomery

WOOD, GEORGE M.

S.

National

St

Equitable Securities
Birmingham

Berney Perry St Company, Inc.
Birmingham

COHEN, MORTIMER A.
Sterne, Agee St Leach, Montgomery

Farish,

Company,

Lynch,
Montgomery

WALKER,

Birmingham

ODESS, LEWIS J.
Odess, Martin St Herzberg, Inc.,
Birmingham
PERRY,

ROGER

St

Mohr

&

WASSON,

Birmingham Trust National Bank,
Birmingham

Based

Mohr

Merrill Lynch, pierce,

CARL W.

Pensacola,

CARLSON, Jr., Robert H.
Carlson & Co., Birmingham
&

W.

Inc.,

MILLS

THORNTON, Jr., J. MILLS

VINES,

DRAYTON

NOLTING,
Carl

Marx

Thornton,

J.

Birmingham

First National

Incorporated,

Tuscaloosa

First

Farish,

MORROW, HUGH, III
Watkins, Morrow St Co.,
NABERS,

BRYANT, HOMER
,
Odess, Martin St Herzberg,

Hugo

STUBBS, Jr., GEORGE H.
Stubbs, Smith St Lombardo,
Birmingham

Merrill

J,

St

Birmingham

Birmingham

R.

VINCENTELLI, JOHN

Knight, Inc., Birmingham

Cumberland

CANBY,

Mohr

MORROW, Jr., HUGH
Watklns, Morrow St

MARION J.
St

SIDNEY

Jr.,

Birmingham

Birmingham

Courts

Carlson & Co., Birmingham

Thornton,

Merrill

Leach,

ULMER, T. CLYDE

Beane,

MILTON

BOYCE,

Birmingham

H.

STRAUGIIAN, Jr., HOWARD

McREE, S. A.
&

Birmingham

Company,

Thornton,

Fenner

Inc..

L.

MERVYN

THORNTON,

Sellers, Doe St Bonham, Montgomery

CLAYTON,

For Salesmen

Birmingham

McHENRY, Jr., WILLIAM K.
Sterne, Agee St Leach, Birmingham

CARLISLE, C. JUDSON
Sterne, Agee & Leach, Birmingham

And Security

Company,

St

McDONALD, JOHN G.
Merrill Lynch, Pierce, Fenner & Beane
Montgomery

Inc.

A.

BOSWELL, GRADY
Merrill Lynch, Pierce,
Montgomery

Courts

Better Opportunity

Marx

Birmingham

Birmingham

BONHAM, JOHN

Treasurer: Robert B. Fore, First

Hugo

Mobile

Birmingham Trust National Bank

Company,

St

MAYES, HAROLD B.

E.

DWIGHT

BLAIR,

I

Secretary: Tunstall B. Perry, III, Berney Perry & Company, Inc.,

Executive

A.

Lynch,

Marx

Birmingham
BAXLEY,

National Bank.

Birmingham

MARX, WILLIAM

Merrill

Co.,

Sterne, Agee St
Company,

MARX, Jr., V. HUGO
Hugo

&

STERNE,

HUGO

Marx

ARMSTRONG, ERNEST E.
Sterne, Agee St Leach, Montgomery

First Vice-President: Charles J.

St

Courts

Martin St Herzberg, Inc.,

Hugo

!

Beane.

STANSEL, ARTHUR

L.

Lynch,

Birmingham

MURRAY

ARTHUR

Birmingham

Arthur Stansel

&

Birmingham

S.

Sterne, Agee St Leach, Birmingham

Odess,

Montgomery

JOHN R.
Merrill Lynch, Pierce,
Fenner
Birmingham

HENRY M.
Stubbs, Smith & Lombardo,

MARTIN, ELBERT H.

ANDREWS, J. WARREN

St

SMITH,

Birmingham

Co.,

HENRY

LYONS,

ANDRESS,
First

St

J.

Corporation,

Inc.,

KENNETH

Carlson

CHARLES

Equitable Securities
Birmingham

Doe

SHROPSHIRE, OGDEN
Shropshire St Company,

LOMBARDO,
Leach,

St

ALEXANDER, GEORGE B.
Conville St Company, Birmingham
ALLISON,

Sellers,

SHRIVER, JR.,

E.

Merrill

Inc.,

Birmingham
AGEE,

R.

A.
Bonham,

Merrill

Beane,

Montgomery

O.

Pierce,

Lynch,

UNDERWRITERS AND DEALERS

Fenner St Beane,

Birmingham
ELIASBERG, JULIEN
Selma

You will receive

top commissions.

Odess,

Martin St Herzberg

Incorporated

Birmingham

You will

participate in our profit-sharing plan.

FORE, ROBERT B.
First

You

Municipal and Corporate Securities

FLETCHER, J. G. B.

will

★

Bank

National

of

★

★

★

Birmingham,

Birmingham

get

from

help

profitable business in

our

your

Area

Manager

building

in

a

FRAZER, FRANK B.
Shropshire St Company, Mobile

community, plus continuous

own

Rippel 6? Co.

GAUNTT, WILLIAM L.
Thornton, Mohr and Farish, Montgomery

support with tested sales-getting ideas and material.

GENTRY, EDWIN A.

You

can

devote

all

handle all routine,

First

time to productive selling, as we

your

non-productive

paper

National

Bank

of Birmingham

Newark, N.J.

Birmingham

work.

HAWORTH, HOWARD H.
Merrill

Lynch, Pierce, Fenner St Beane,

Birmingham

If you

are

qualified to organize and direct other salesmen,

you can net more with our
as

organization than if

you

HAYLEY, FRED A.
Merchants

operated

National

Bank,

Mobile

HECHT, GEORGE

independent dealer.

an

Merrill

Lynch,
Birmingham

Pierce,

Fenner

&

Beane,

HENDRIX, JAMES R.

We deal in Mutual Funds

progressive organization
and four
very
more

top

exclusively under policies that have built

now

foreign countries. Some of

our

representatives

producers—and earners—in the business.

than they ever did before.

All

are

building

have

out

how you can have this

more.

Call

or

write

same

are among

Most

are

the

earning

personal estates

up

St

HODGES, Jr., C. O.
Merrill Lynch, Pierce,
Birmingham

opportunity to

earn

more

and

Hendrix St Mayes, Inc.,

KING MERRITT &
INTERNATIONAL

SPECIALIZING

IN

CO., INC.

Beane,

&

INDUSTRIAL SECURITIES

Montgomery

E.

Birmingham

Co.,

JEMISON, Jr., JOHN S.
Jemison Securities Company
Birmingham

.

S. WlEN & Co.

MUTUAL

FUNDS

Courts

Merrill

New Jersey

EST.

JETER, Jr., MARK
&

JOHNSO^,

Englewood,

FOREIGN SECURITIES

ORGANIZATION

OFFICES IN PRINCIPAL CITIES

Avenue,

&

HYDINGER, EB S.
Carlson St Co., Birmingham
Courts

Grand

PHILIPPINE SECURITIES

Inc.,

Fenner

URANIUM, MINING & OIL STOCKS

HUBBARD, CHARLES C.

INMAN, W.

391

Birmingham

BROOKS
Hugo Marx St Co., Montgomery

i

King Merritt, President.

AN

Mayes, Inc.,

HERZBERG, BERNARD F.
Odess, Martin St Herzberg,
Birmingham

HOLLEMAN. S.

through monthly profit-sharing bonuses.
Find

Hendrix

a

represented in 41 states, two territories

Co.,

Members New York Security Dealers Association

LYNWOOD

S.

Lynch, Pierce, Fenner & Beane

Montgomery
KNOWLES, BEN B.
Merrill Lynch, Pierce, Fenner & Beane
Montgomery

1

EXCHANGE

LOwell 7-0100




New York: MUrray Hill 8-8840

LEACH, EDMUND C.
Sterne, Agee St Leach,

Montgomery

LEE, ALONZO H.

Sterne, Agee St Leach, Birmingham

PLACE

JERSEY CITY 2, N. J.
N. Y. Phones BA 7-0044-0050

New Jersey:

1919

Birmingham

Teletype

Jersey City Phones HE 5-9400-9402
JCY 783

41

THE COMMERCIAL and FINANCIAL CHRONICLE

Convention Number

ALDINGER,

Security Traders Association of Detroit
And Michigan, Inc.

ALBERT

H.

Fordon, Aldlnger & Co.

ALLARDYCE,
H.

Hentz

GEORGE

S.

Co.

&

ALLEN, ALONZO C.
Blyth & Co., Inc.
ALLMAN,
Wm.

N.

C.

J.

Roney

ARMSTRONG,
Carr

&

&

Co.

THEODORE E.

Company

AUCH, WALTER E.
Bache

&

Co.

AXTELL, WILLIAM J.
C.

BAIRD, MACKENZIE

Straus, Blosser & McDowell

BALLENTINE, R.

Goodbody

&

K.

Co.

BAUBIE, WILLIAM E.
Baker, Simonds & Co.
WALTER

BAYER,
F.

Winckler

J.

CHARLES C.
Lerchen & Co.

BECHTEL,

Watling,

WM. A.

BENJAMIN,

Robert J. Moons

C. A. Parcells, Jr.

George McDowell, Jr.

Harold J. Burrows

Baker. Simonds & Co.

RAT P.

BERNARDI,

Nauman,

President: Robert J. Moons, Manley, Bennett & Go.
Vice-President: Charles A. Parcells, Jr., Charles A. Parcells &

Treasurer: Harold J. Burrows, Watling, Lerchen & Co.

Secretary: George A. McDowell, Jr., Straus, Blosser & McDowell.,
Governors: The officers and Victor A. Williams, Paine,

Webber,
Curtis; Anthony Calice, R. C. O'Donnell & Company;
Roy F. Delaney, Smith, Hague, Noble & Co.
Jackson &

National Committeemen: George J. Elder, Straus,

Blosser & Mc¬
Dowell; Charles E. Exley, Charles A. Parcells & Co.; Paul J.
Moreland, Moreland & Co.; William B. Denney, Manley, Ben¬
nett & Co.; Clarence Horn, First of Michigan Corporation.

Alternates: William P. Brown,

Baker, Simonds & Co.; Harry A.
McDonald, Jr., McDonald, Moore & Co.; H. Russell Hastings,
Baxter, Williams & Co.; Don W. Miller, Don W. Miller & Co.;

Frank P. Meyer,

October

Elected:

October

Office:

1956; Took
Expires; September 30, 1957.

DUANE

H.

Jackson

Webber,

KENNETH

G. L.
Bennett

BOLGER,

Manley,
BOLTON,
Muir

Curtis

Willard

Co.

&

FREDERICK

Investment

Texas

&

B.

Jackson & Curtis

Paine, Webber,

Corp.,

San

&

Baker,

J.

HEBERT,
A.

J.

1956; Term

O'Donnell

C.

&

ACKERMAN,
Wm.

C.

M.

Carr

Braun, Bosworth & Co. Incorporated
ALBERS,

JOHN C.

E. P.

&

CAVAN,

HTTBER, FRED
Andrew

PETER

HIGBIE,
Andrew

C.

Reid

&

HUBER, JACK C.

Company

Reid &

Company

GORDON

(Continued

Co.

Watling, Lerchen &

Company

W.

Reid As Company

C.

B.
Andrew C.

HILL, J.

CARR, HOWARD F.

WILLIAM

ADAMS,

HORN. CLARENCE A.

Co.

B.

Company

DOUGLAS H.
First of Michigan Corporation

ROSTER OF MEMBERS

WM.

Baker, Simonds & Co.

CAMPBELL,

(All members located In Detroit unless
otherwise indicated)

C.

L.

Kidder &

IIIBBARD,

CALICE, ANTHONY
R.

NORRIS

Kenower, MacArthur As Company
HOLLKSTER, GEORGE R.
Hudson White & Co., Grand Rapids

First of Michigan Corporation

Watling, Lerchen <te Co.

1,

M.

Co.

T.

HITCHMAN,

Co.

&

PIERCE A.
Simonds & Co.

HASTINGS,

Co.

HAROLD

Philadelphia;

Watling, Lerchen As Co.

RUSSELL

II.

Williams

Baxter,

Co.

RALPH

Bennett

Manley,

Co.,

JOSEPH

HINSHAW,

JOSEPH

HASTINGS,

&

&

HOWARD

Goodbody As

Smith, Hague, Noble & Co.
HARTNER,

Paine, Webber, Jackson & Curtis

BRABSON, JOHN
Goodbody & Co.

BRUEGGEMAN,

HINDES,

HAGUE, SAMUEL

BROIVN, WILLIAM P.
Simonds

Eastman Dillon, Union Securities
Carolyn K. Rice, Philadelphia

Rice,

Antonio,

BOWYER, MERLE J.
Braun, Bosworth & Co., Incorporated

Baker,

F.

J.

(Associate)

BURROWS,

First of Michigan Corporation.
1,

Paine,

BINKLEY,

Company

&

McFawn

BILLMEYER,

Co.

A.

Co.

42)

on page

L.

F.

Don W. Miller & Co.

Chas. A. Parcells & Co.

Roney & Co.

CHADDOCK,
Baker,

VOSPER
& Co.

J.

Simonds

J. Bradley Streit & Co.

CHAPEL, HAROLD R.
McDonald-Moore & Co.

COMPANY

6-

MATTHEWS

LIMITED

LIMITED

CLARK, WILLIAM E.
Straus, Blosser & McDowell

♦

CLUTE, MINTON M.
Straus, Blosser & McDowell
COEN.

Established 1909

Members:

JOSEPH T.

Bache

Co.

&

The Toronto Stock Exchange

a

COLE.

★

ROBERT A.

Goodbody

PETER

CORDEN,

Royal

Co.,

&

Canadian Stock Exchange

Oak

Calgary Stock Exchange

S.

Paine, Webber, Jackson & Curtis

Members:

CRANE,

Toronto Stock Exchange

L.

C.

McDonnell

Edmonton Stock

Exchange

i

Winnipeg Grain Exchange

Co.

&

CREECH, DONALD L

The Investment Dealers' Association of Canada

Manley, Bennett & Co.

CROOKSTON, RALF A.
Hornblower
de

220

Private

EMpire 4-5191

Toronto, Ontario

Bay Street

Direct

Wire Connections
United

with

States

of

thirty principal cities in the
America

&

80

Weeks

&

Company

EMpire 84831

I

RICHMOND ST., W.

G.

VICTOR

KUBINYI,

Carr

TORONTO, CANADA

,

DELANEY, ROY F.
Smith, Hague, Noble

& Co.

DENNEY, WILLIAM B.
Manley,
DE

&

Bennett

Co.

YOUNG, NEIL

De

Young-Tornga Co.,

DILLMAN, GEO. C.
Harriman, Ripley

&

Grand Rapids

Co.,

A

LAWRENCE H.
Company

DELWORTH,

PENNY EARNED

PENNY SAVED IS A

Incorporated

You Save

R. C. O'Donnell &

DISTLER, ARTHUR P.

Paine, Webber, Jackson & Curtis

Midland Securities

corpn.

limited

DOHERTY, Jr., JOHN E.
Smith, Hague, Noble & Co.
DOKE,

H.

First

of

Michigan

THE N. Y. STATE TAX
When You Trade With

RICHARD

Corporation

member:

DRUKER, MAURICE
Baker, Simonds & Co.

The Investment Dealers' Association
of Canada

EARLE, HENRY
First of Michigan

Canadian Government,
and Corporation

Municipal

Corporation

EIS, VALLETTE R.
Moreland & Co.

15

Direct

Straus, Blosser & McDowell

AARON A.

ELLWOOD,

Smith, Hague,
A.

limited

Fisher

Co.

Established
Members New York Stock

Co.

UNDERWRITERS

GATZ, JOSEPH F.

Stock orders executed on

McDonald-Moore

DON

GENDRON,

all Exchanges

&

DOOLITTLE

Company

FLOYD, Jr.. C. A.
Wm. C. Roney &

Exchange

Dial WOrth 2-4578

& Co.

&

Bennett & Co.

Manley,

B.

—

HEnderson 5-6005

E.

Parcells

FISHER, DONALD B.
D.

member:

—

JOHN J.

FALLON,

The Midland Company

Noble

CHARLES

Charles

Wire

Y. Private

EDWIN M.

EVERHAM,

EXLEY.

N.

Jersey City Phone

Charles A. Parcells & Co.

IP

EXCHANGE PLACE, JERSEY CITY 2, N. J.

ELDER, GEORGE J.

Securities

The Toronto Stock

WELLINGTON HUNTER ASSOCIATES

American Stock Exchange (Assoc.)

Exchange
—

CO.

1919

DISTRIBUTORS

—

DEALERS

Co.

&

G.

Primary markets in all securities

Hornblower <fc Weeks

of Buffalo and Western New York

GILBERT,

NELSON R.

Gilbert Ac Co., Lansing

Donovan,

Toronto, Ontario: 50 King Street West
London, Ontario: Huron & Erie Building
Sault Ste. Marie,

Ontario: 116 March Street

Montreal, Que.: 215 St. James Street
St. Thomas, Ont.: 354 Talbot Street

West

GILBREATH, Jr., W.
First of Michigan

GIRARDOT,
Wm.

Smith,

S.
LIBERTY

J.

Co.

RUSSELL

Hague,

Noble

Branches and

Eastman, Dillon, Union Securities




Co., New York City

MacDougall & MacDougall, Montreal

GORDON,
F.

J.

MAIN

& Co.

70

Winckler

&

PINE

NIAGARA

BUFFALO

•

GOLDMAN,
TUCKER,

H.

STS.,

Co.

LOCKPORT, N. Y.

BUFFALO

Private

SACHS

ANTHONY

2,

N.

Bell Teletype BU 46

ST.,

Direct

Co.

SAMUEL
MacNaughton-Greenawalt Si
Rapids

DEPARTMENT

BRADT

BUILDING

WILLIAM H.

GREENAWALT,
Grand

BANK

A.

Telephone Washington 4970
H.

Jackson

Private Wires to

JOHN

Corporation

ALFRED

C. Roney &

GOODRICH.

MANAGER TRADING

&
&

Wires

CO.,
CO.,

2,

N.

Y.

to

NEW
NEW

YORK

CITY

YORK

CITY

Y.

42

THE

COMMERCIAL and FINANCIAL CHRONICLE

Security Traders Association of Detroit

WM. G.
Watting, Lerchen

LERCHEN,

NEWMAN, PERCY P.
Hornblower 8c Weeks

Michigan, Inc.

LIEBEB,

VICTOR M.

Watllng,

Lerchen

&

HUME, JR., JOHN

Fordon,

KING,

Aldinger

8c Co.

Smith,
INCH,

KING,

C.

KEITH

G.

Kenower.

Paine,

A.

H.

KISSEL,
&

Co.

KREIDLER,

Webber, Jackson & Curtis
RAYMOND

Moreland

KANNEY, CHARLES J.
Baker, Simonds 8c Co.
KAUHL,

KUHNLEIN,

Goodbody

HERMAN A.

KUPFER,

Goodbody 8c Co.
KEANE,

Baker,

JOSEPH
Simonds

G.

8c

PARCELLS, Jr., CHARLES A.

RUSSELL

MacARTHUR, REGINALD

R. C.

Co.

LANTERMAN,

8c

Co.

Wayne

LAWRENCE

Winckler

McCLARY,

Company

Collin,

LARSON,

Norton & Co., Toledo (Associate)

Merrill

ELMER

Lynch,

Pierce,

KEMP, FRANK H.
Campbell, McCarty 8c Co.

LAUDE,

KERSTEN,

Fenner

&

Beam

LEPPEL, BERTRAND

R.

RAYMOND

J.

Goodbody & Co.

W.

Chas. A.

Nauman, McFawn 8c Co.

Webber, Jackson

Andrew

C.

>

REUTER,

WISENER

AND

COMPANY

george a.
george

King Street West

Toronto 1, Canada

Members of The Investment Dealers' Association of Canada

S.

R.

ARTHUR

B.

McCarty & Co., Inc.

Direct

Members of the

EMpire 3-7218

Toronto Stock

8c

Co.

WALLACE, RICHARD J.
Braun, Bosworth & Co.,

NICHOLAS

Winckler

Co.

&

Co.

8c Co., Inc.

SCHAFER,
F.

J.

HARRY

Winckler

Co.

R.

WEED,

WILLIAM F.

First

SCHNEIDER,

E. H. Schneider 8c Co., Kalamazoo

Co.

A.

ROBERT

Manley,

of

8c

MOORE, WILLIAM

SEELBACH,

J.

MOYE,
S.

R.

HAROLD

E.

Andrew

GORDON

of

Michigan

Crouse

&

McFawn

C.

O'Donnell

&

C.

Paine,

Reid

&

Company

8c

Webber,

Smith,
WOOD,

Hague,

NEPHLER, Jr., CLARENCE J.
C. J. Nephler Co., Pontiac

SMITH,
Carr

&

Baker,
ZINN,

RICHARD
&

Noble

WARREN

&

Co.,

Jackson

A.

WRIGHT, JOHN C.

Carr

Bennett &

Curti»

Lynch, Pierce, Fenner & Beane

ZIELKE,

Manley,

8c

F.

Baker, Simonds 8c Co.

Smith, Hague, Noble 8c Co.

Company

A.

Jackson

WOCHHOLZ, ROBERT A.

YOUNGS. LEO

Co.

Co.

THOMAS

SLOANE, WADE
Carr & Company

Company

&

VICTOR

WILLMORE,

SMITH, PHIL H.

Reid

Simonds

SMITH, Jr., HAL H.

&

neil, roy w.
Andrew

Baker,

WILLIAMS,

SIMONDS, RALPH W.
Baker, Simonds 8c Co.

Corporation

NAUMES, JOHN R.
R.

C.

P.

Company

WILLIAMS, JOHN M.

O.

SIMMOND8, CHARLES M.
Manley, Bennett 8c Co.

Co.

nauman, arthur p.
Nauman,

WILLIAM

SHOEMAKER, WILLIAM E.

MUSCHETTE, LESLIE C.
First

Jr.,

CHARLES
&

Merrill

Co.

Livingstone,

WHITE,

SHAPIRO, IRWIN
Straus, Blosser 8c McDowell

Co.

Winckler

Co.

Baker, Simonds & Co.

Exchange
8c

&

SCHOLLENBERGER, HERBERT
Campbell, McCarty 8c Co., Inc.

Co.

Corporation

EDWARD L.
Baker, Simonds 8c Co.

OTHMER

Kidder

Michigan

WELCH,

Carr

J.

Bennett

M.

Co.

STANLEY M.

Livingstone, Crouse 8c Co.

L.

Co.

SCHNEIDER, ELWOOD H.

8c

-

WASS, CLARENCE J.
Straus, Blosser 8c McDowell

S.

MILLER, GEORGE A.

Incorporated

WALLACE, ROBERT
Wm. C. Roney 8c Co.

WEAVER,

F.

Pitfield's

Co.

&

MORRIS,

centers

Goodbody
&

WATLING, PALMER
Watling, Lerchen &

Moreland

financial

VOORHIES, FRANK E.

Inc.

moreland, paul l

Reach the Dominion's

McDowell

miller, edward j.
Smith, Hague, Noble

McDonald-Moore 8c Co.

(Zaaactci /

8c

Co.

8c

SATTLEY, HALE V.
H. V. Sattley & Co.,

MOONS,

St., Toronto

Vogel

SAWYER, ROBERT N.
Smith, Hague, Noble

8c

Co.

WAKEMAN, WYNN F.
Baker, Simonds 8c Co.

Weeks

Miller

McDonnell

25 Melinda

H.

Co.

W.

8c

D.

Co.

LOUIS P.

H. V. Sattley

MACKELLAR, WISENER LTD.

Telephones

JOSEPH

Straus, Blossser
A.

montgomery, harold g.

Affiliated with

E.

Livingstone, Crouse

VIVIANO, PETER S.

SANCRANT, MUREL J.

G.

R.

VOGEL, ARMIN H.

Co.

Livingstone-Crouse

J.

Co.

Co.

Manley, Bennett 8c

i>.

miottel, raymond w.
Paine, Webber, Jackson 8c Curtis
•

S.

Hudson White & Co.

Corporation

8c

VERRAL, CLIFFORD

VETTRAINO,

ROTSTED, WILLIAM

Ferris, Wagner & Miller

Trading Department

Nauman, McFawn

VERNIER, JOHN E.
Manley, Bennett 8c

Co.

ROSASCO, Jr., VICTOR P.
Baker, Simonds & Co.

a.

miller, don w.
Don

73

VANDERVOORT, HENRY

Company
W.

8c

RONEY, JOHN K.
Wm. C. Roney &

F.

&

O.

TORNGA, HERMAN
De Young-Tornga
Co., Grand Rapids

Goodbody 8c Co.

a.,

ROWADY,

Hornblower

LIMITED

Curtis

Nauman, McFawn 8c Co.

C.

ARNOLD

Co.

8c

GEORGE A.

RUCAREAN,

MILLER,

8c

Baker, Simonds 8c Co.

meyer, frank p.
First ol Michigan
R.

8c

Bennett

MERCIER, EDWIN C.
Straus, Blosser 8c McDowell

Campbell,

Reid

REILLY, RAYMOND

Straus, Blosser 8c McDowell

MILL,

R.

ROSS W.
McFawn & Co.

GEORGE M.
Hornblower & Weeks

Rapids

RODECKER,

sr.,

MELVIN

Nauman,

RICHARDSON, DONALD L.

jr. harry
McDonald-Moore & Co.

Mcdowell,
Co.

H

Weeks

SUTTON, GORDON

Grand

Straus, Blosser 8c McDowell

Parcells 8c

8c

Kenower, MacArthur

REID, ANDREW C.

G.

Mcdonald,

Mcdowell, jr..

Co.

STRINGER, MAX J.
WaUlng, Lerchen 8c Co.

G.

Paine,

Goodbody & Co.

KEIER, RUSS E.

8c

TIEDECK,

Co.

DAVID

Co.

SUTHERLAND.

CLAUDE

Manley,

LESTER C.

Management

W.

Baker, Simonds 8c Co.

O'Donnell 8c Company

J.

J.

8c

Kidder

STUIT,

james

MATESA,

M.

Hornblower

PORTER,

MANLEY, Sr., MILTON A.
Manley, Bennett 8c Co.

&

A.

White

PARKER, HOWARD L.
Manley, Bennett 8c Co.

Charles a. Parcells 8c Co.

A.

Noble

Inc.

STOETZER, Jr., ROBERT

Chas. A. Parcells 8c Co.

Company

8c Co.

Jr., MILTON A.
Manley, Bennett 8c Co.

A.

Curtis

8c

Co.

RAUCH, MONTGOMERY K.

F.

P.

8c

8c

Hudson

POWELL, BYRON L.
A. M. Kidder 8c Co.

martin,

RAYMOND

MacArthur

Parcells

A.

PARCELLS, EARLE

MANLEY,
F.

Co.

Smith, Hague,

Chas.

MacPHERSON, PETER

A.

Co.

8c

Co.,

STANKO, MARION

MacKENZIE, DON E.
Baker, Simonds 8c Co.

CHARLES

KRISTENSEN, EDMUND

Vogel & Co.

&

STEIN, MYRON D.

Manley, Bennett 8c Co.

Baker, Simonds 8c Co.

A.

Sattley

Paine, Webber, Jackson & Curtis

O'DONNELL, RAYMOND C.
R. C. O'Donnell 8c Company

Company

MacFARLANE, JOHN O.

Goodbody & Co.

O.

V.

SPLANE, GEORGE W.

Smith, Hague, Noble 8c Co., Ann Arbor

PETERS

&

Kenower,

ROBERT

H.

Co., Incorporated

OSBORN, MILO O.
Paine,
Webber, Jackson

Carr

MACE, ROBIN G.
Goldman, Sscha

Pontiac

National Bank of Detroit

PARKER
MacArthur

W.

Co.

8c

8c

LUCHTMAN, LOUIS J.
F. J. Winckler Co.

S.

KISCH. JOSEPH J.

JARVIS, LEROY

JOHNSON,

Lynch, Pierce, Fenner & Beane

ROBERT
Nephler & Co.,

J.

THADDEUS

McDonald-Moore

ODDY, R. K.

Straus, Blosser & McDowell

B.

KINGSBURY,

Noble & Co.

Paine, Webber. Jackson 8c Curtis
INMAN,

Co.

8c

Blair

LUDINGTON, BERT F.

W.

RICHARD

Merrill

HAROLD

Hague,

LEO

Goodbody

HURLEY, WILLIAM L.
Baker, Simonds & Co.
HYDE, R.

LOGAN,

KING, CYRU8 H.
Merrill Lynoh, Pierce, Fenner 8c Beane

Co.

SPAULDING, RICHARD C.

Aldinger 8c Co.

livingstone, seabourn r.
S. R. Livingstone, Crouse & Co.

(Continued from page 41)
HUGHES,

GEORGE H.

Fordon,

ROSTER OF MEMBERS

SPADE, WAYNE M.
Watllng, Lerchen 8c Co.

OBUCHOWSKI,

Hornblower 8c Weeks

SNOWDAY, H. TERRY

NOVIKOFF, WALTER N.
Straus, Blosser 8c McDowell

Co.

<te

LICHTENSTEIN, H. F.

And

Thursday, November 15, 1956

Co.

HAROLD

Simonds

W.
&

Co.

JACK

Goodbody

D.

ZO ELLIN,

Company

N.

Company

8c

Co.

FRED

Manley,

»

J.

Bennett

8c Co.

key

faster via

coast-to-coast

private wire system.
Traders know that
in

BONDS
we

STOCKS

specialize

speed, service and prompt

execution.
-

r

W. C. Pitfield &
30 Broad

Markets maintained

Co., Inc.

in all classes of

and internal bond issues.

Street, New York

Stock orders executed

HAnover 2-92 50

Exchanges,

or

•

Members

markets

quoted

on

.

Co., Ltd.

DIRECT

Associates—

Hugh Mackay & Company




Exchanges

WIRES

CALGARY,

BELL

Investment Dealers' Association
of Canada

Members of all Canadian Stock

PRIVATE

WINNIPEG,

of the

.

.

ihe Montreal and Toronto Stock

on

net New York

•

Canadian Affiliate—

W. C. Pitfield &

Canadian exiernal

SYSTEM

TO

TORONTO,

TELETYPE

NY

request. 1

MONTREAL,

AND

VANCOUVER,

\i

VICTORIA

1-702-3

Dominion Securities Corporation
Boston

Philadelphia

London, Eng.
Calgary
Ottawa

Associate Member American Stock Exchange
40

EXCHANGE

PLACE, NEW

YORK

5

Telephone WHitehall 4-8161
Canadian Affiliate

—

and Canadian

Member

Toronto, Montreal

Stock Exchanges

Toronto
Montreal

Winnipeg
Vancouver

Halifax

43
Convention Number'

THE COMMERCIAL and FINANCIAL

Clemens

Wayne Stead, H. Wayne Stead Co., Salt Lake City; Jr.none Stead, Salt Lake City; A. Shane McOmber, Revel Miller & Co., Los Angeles; Louise Mulcock, Syracuse; Ernest Mulcock, E. R. Mulcoch
&
Co., Syracuse, N. Y.; Ariel McGuire, E. R. Mulcock & Co., Syracuse, N. Y.

H.

BICKELHAUP,

Bond Club of

Syracuse, N. Y.

CHRONICLE

James

GOODELLE, CLARENCE A.

Cohu & Stetson

Lee

J.

HEATON,
William

Onondaga County Savings Bank

A. C. Bickelhaup, Jr.

Q.

Copeland, Reynolds & Co.

C.

ROLLINS,
B.

KARL B.

Rollins St Co.

of

&

L.

D.

JOHN

P.

Sherman

Ar

LeROY
Pope, Inc.

SCHELLENBERG,

Co.

William

MILES.

N.

(Continued

Co.

H.

on page

44)

& Co.

Canadian

RICHARD

Marache

Granbery,
GEHM,

Marine

Midland

Central

Took Office: January, 1956; Term Expires:

New

GLUSHKO,

January, 1957.

Winslow,

Limited

St Deposit Co.

WILLIAM H.

GLEAZEN,

Leo V. Smith & Co.

A. E. Ames & Co.

& Co.

GEORGE W.

First Trust

Bishop, Smith, Bishop & Co.; Leo V. Smith,

G.

Co.

&

FELDMAN,

Snyder, E. W. Snyder and

Investment Securities

GEORGE

ENGREN,

Co.; Ernest M. Mulcock, E. R. Mulcock & Co.

Elected: January, 1956;

Company

York

DREW

Eastman

Alternates: Wesley M.

Trust

WILLIAM L.
Carl M. Loeb, Rhoades

MARSH,

Herald

EASTMAN,

W.

G. NORBERT
Cohu & Stetson

Langley & Co.

Syracuse

tral New York.

Everett

Inc.

EARLY, FRANK J.

Q. Coulter, Marine Midland Company of Cen¬

Committeemen:

Pope,

N.

FRANK

Smith, Bishop & Co.

DIETZER, DONALD D.

Secretary: Albert C. Bickelhaup, Jr., Hemphill, Noyes & Co.
National

Wiliiam

POZZI.

k.

FRANCIS

DAY, MARSHALL W.
George D. B. Bonbrlght

W.

Treasurer: Francis

Winslow,

CUMMINGS, ERNEST M.
George D. B. Bonbrlght & Co.

President: John P. Miles, L. D. Sherman & Co.

Vice-President: Harry C.

Reynolds & Co.

POPE, WILLIAM N.

ROBERTS, JAMES

C.

COULTER.

Francis Q. Coulter

MORTON

OLIVER,

CHARLES T.
N. Pope, Inc.

LeVEILLIE,

COPELAND, HARRY
Reynolds & Co.

Harry C. Copeland

BERNARD

Post-Standard

LAPHAM, BEVERLEY H.
B. H. Lapham & Company

CARY, DANIEL W.
Reynolds St Co.

John P. Miles

E. R. Mulcock St Co.

NEWER,

JOHNSON, ORLIE D.
George D. B. Bonbrlght St Co.

C.

RUSSELL

Midland

D.

MULCOCK, ERNEST R.

Savings Bank

Syracuse

Co.

HORACE F.
Carl M. Loeb, Rhoades & Co.

Central New

JAMES

S.

Cohu & Stetson

HAYDEN, LUKE

CANDEE,

Marine

A.
Pope, Inc.

WILLIAM II. C.
Higglnson Corporation

GRIMES.

BULLOCK, JR., EDWARD

CARLSON,

N.

William

DON

Winslow,

DONALD

GRAY,

WESLEY M.
Bishop & Co.

Reid-Bullock

MORE.

Grabau-Buchman

VV.

BULLOCK EDWARD
Reid-Bullock Co.

MONTGOMERY,

GRABAU, ALVIN J.

ALBERT C.

Jr.,

Hemphill, Noyes & Co.
Wlnslow,

L. Beebe,

Wagenseller

BILLINGS, PEARNE

BISHOP,
Smith,

Los Angeles; Richard E. Owen, Crowell, Weedon & Co., Los
William R. Staats & Co., Los Angeles; David B. Nicholson,
& Durst, Los Angeles

T. Lueker, Hill Richards & Co.,

Angeles;

Trust

Company

UNDERWRITERS AND DISTRIBUTORS

of

York

JOHN R.

Cohu

&

A.

Stetson

E. Ames & Co.

Members Toronto and Montreal Stock Exchanges

nit

OFFICES IN 14 CITIES IN CANADA AND ENGLAND

A. E. Ames & Co.

Burns Bros. & Denton. Inc.
37 Wall Street, New York 5, N.

Incorporated

Boston

New York

Y.

BUSINESS ESTABLISHED 1889

Underwriters

Distributors

—

—

Dealers
I

Canadian Securities

W ood,

BONDS

Provincial,

Corporation

External and Internal

Direct wire

and

STOCKS

—

Orders Executed
at

on

Street, New York 5

105 West Adams

Municipal

Government,
—

Gundy & Go., Inc.

14 Wall

connections between

through

our

New York, Toronto, Montreal and Ottawa

Canadian affiliate

Stock orders executed

—

Street, Chicago 3

on

to

other principal Canadian cities.

all Exchanges in Canada.

affiliated with

Canadian Exchanges

Wood, Gundy & Company

regular commission rates

LIMITED

and
Affiliated with:

Burns Bros. & Denton,

Ltd.

u

,

5

Toronto Stock Exchange
Canadian Stock

Toronto

Members of

Toronto, Canada

Toronto, Canada
1

Wood, Gundy & Company

Burns Bros. & Company, Ltd.

Montreal

Ottawa

•

Exchange
Winnipeg

The Toronto Stock

Hamilton

§
§
|

SiiiiiiiiiiiiiiiiiiiiiiiiiiiMiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiitiiiiiiiiiuiiiiiiiiiuiiiiiiiiiiiuuiuiiiiuiiuuiuuiiiuiiiiiiiiiiiiuiiiiiuiiiipiiiuiitiuiiiiiuiuiiiuiiiiiiiiiiiitiiiiiiiitiiitiiiiiiiiitiiiiiiiiiiiiiiiitiHiiiittiiiiiiiiiiiiiiinniiiiiiiiiuitiiiiKt?




Montreal Stock Exchange

Exchange

Canadian Stock Exchange
TORONTO

QUEBEC
HALIFAX

MONTREAL

WINNIPEG

VANCOUVER

LONDON, ENG.

SAINT JOHN

OTTAWA

HAMILTON

LONDON, ONT.

KITCHENER

REGINA

EDMONTON

CALGARY

VICTORIA

14

THE COMMERCIAL and FINANCIAL CHRONICLE

Directors:

Fred T. Rahn, The Illinois
Company, Incorporated;
Ungeher, Rogers & Tracy, Inc.; Robert C. Williams,
Weeden & Co.; William J. Sennott, H„ M.
Byllesby and Com¬
pany, Incorporated.

Bond Club of Syracuse, N. Y.

Fred

ROSTER OF MEMBERS

(Continued from page 43)
SCHMIDT,
Clarence

SMITH.

A

Bishop
LEO

SMITH.

V.

C.

TICKNER,

Goodclle

EDWARD

Smith,

Leo

NOKMAN

&

Co,

&

JAMES

WARREN

Fayettevllie, N.

Bache
Marine

R.

Central

Trust

Company of

&

Co.

Bond Traders Club

of

in

Chicago
indicated)

otherwise

Chicago, Inc.

March

1,

1956;

Term

unless

CLEAVER,
Lehman

Salomon

Bros.

&

D.

JOHN W.
,C. Allyn and

ALM,

WALTER

David

A.

C.

DAVIDSON, HOWARD L.
McDougal 6c Condon, Inc.

du

Pont

&

Co.

William

CONDIT.

Link,

ANDERSON, WILLIAM A.
Lee Higginson Corporation
The

First

HAZEN

Boston

A.

BACHAR,
Betts,

B.

Corporation

8TEPHAN
&

A.
Co.

COOK.
H.

Harris,

Treasurer: John J. Colnitis, A. A. Harmet & Co.

&

Co.

Doyle,

V.

Ingen & Co.,

BAUM,

J.

NORMAN

Cruttenden

Brown

C.

J.

6c

Co.

6c

Co.

J.

ADOLPH

6c

Co.

C.

Loewi

&

WILLIAM C.
Co., Milwaukee,

Wis.

(Associate)

RICHARD

R.

ENYART,

McKinnon

6c

WM.

A.

G.

Wis.

&

JOHN

Walston &

R.

H.

Co.,

W.

Incorporated

W.

Co., Inc.

ARTHUR E.

M.

Byllesby
Incorporated

and

FAUST, JOHN N.
Kidder. Peabody 6c

Co.

W.

JAMES

Becker &

EUSTICE,

HARVEY

E.

ERZBERGER, ELMER
Smith, Burrls 6c Co.
ETSHORIN,

Brothers, Harriman & Co.

Devine

CHARLE8

Francis L du Pont & Co.

H.

JOSEPH

CORNELIUS,

B.

Co.

&

O'Connor

FARRELL,

GARY

P.

Company

ROBERT

O'Connor

ELWELL,

Co., Milwaukee,
(Associate)

upham 6c Co.

(Associate)

Shearson, Hammill & Co.

J.

&

CORBUS,

and

LEO

EGNER,

Weeks

COOPER, PETER

-

JOHN

DUNNE, FINLEY P.
Shillinglaw. Bolger

Inc.

COONEY, WALTER E.
Kidder, Peabody 6c Co.
Loewi

R.

JOHN

DOYLE,
Doyle,

Co.

Dempsey-Tegeler 6c Co.
BARTHELL.

Secretary: Norman B. Baum, Cruttenden & Co.

N.

&

Television Shares Management Co.

Co.

Union Securities

EDWARD

Co.

,V

BARROWCLOUGH, GEORGE L.
First of Michigan Corporation
BARTH,

William A. Fuller & Co.

Dillon,

&

DOYLE,

O.

FREDERICK

Thomson

Mich

Boettcher

,

T.

M. Byllesby and Company

COOLEY,

Rapids,
WILLIAM

DONOVAN,

Co.

Incorporated
-

BARNHART, WILLIAM S.
Eastman,

President: Edward A. Roob, Salomon Bros. & Hutzler.

Grand

Co.

Co.

Goldman, Sachs & Co.

Peck

6c

&

NEIL

Young-Tornga

DIXON,
.

J.

Fuller

Noyes

YOUNG,

De

T.

RAYMOND

Van

COOLEY,

BARCLAY, HAROLD
Barclay Investment

A.

JOHN F.

Hemphill,
De

WALLACE

Hornblower

BALLISCH, J08EPH O.
A. C. Allyn and Company, Inc.

John J. Colnitis

JOHN

Gorman,

J.

ANTHONY

Stein, Roe & Farnham

CONLAN, PETER J.

Noyes 6c Co.

Borland

E.

Co.

CECIL

CONDON,

S.

ARTHUR, JOHN
David

&

COMBITHS,

Anderson, Plots 6c Company, Inc.

Jr.,

PHILIP

Cruttenden

A. A. Harmet &

E.

ANDERSON, JOHN A.

ARNOLD,

GEORGE

COLNITIS,

Co.

Noyes 61

I.

r'rancis

Incorporated

Co.

Brothers

COLLINS.

Company,

J.

Simmons

GLEN A.
6c Co.

Kneeland

COCHRAN, LOREN A.
William Blair & Company

Hutzler

&

6c

DARFLER,

CLINE, THOMAS J.
Kneeland As Co.

ANDERSON, ALFRED

Vice-President: Jerome F. Marquardt,

Reynolds

DETMER.

ALDWORTH, RICHARD

A.

Norman B. Baum

Ellis

dePERSIO.
located

ALLYN,

Jerome F. Marquardt

Blunt

ROSTER OF MEMBERS
(Members

\JiE, WILLIAM J.
Uallgarten 6c Co.

Edward A. Roob

J.

DAHLIN, GEORGE E.
Goodbody 6c Co.

December 12, 1955; Took Office:
Expires: February 28, 1957.

WILSON, J. HOLDEN
Hemphill, Noyes 6c Cn.

York

New

J.

CUNNINGHAM, JAMES W.

S.

WILLIAM J.
Midland

W.

Co.

CUMMING8, PATRICK
Bear, Stearns 6c Co.

Co.; Morey D. Sachnoff, Arthur M. Krensky & Co., Inc.;

Elected:

y.

DON

&

nor

Bank

WILLOUGHBY,

THORNE,

Langill

Frank H. Buller, Hickey & Co., Inc.

4

II

National

&

CHARLES
& Co.

CUMMINGS, FRANK X.
Bear, Stearns & Co.

Alternates: Milton J. Isaacs, Straus, Blosser & McDowell; Alfred
A. Harmet, A. A. Harmet &
Co.; J. Robert Doyle, Doyle, O'Con¬

C.

Noyes & Co.

TURCOT, CHARLES J.
Reynolds & Co.
WALLACE.

ROY

Merchants

Tiffany, Inc.

Jr.,

Hemphill,

Co,

SNYDER. EVERETT W.
E. W. Snyder and Co.
STOKES.

Cruttenden

CUNNINGHAM, BERNARD
TORMEY,

V.

Smith

CRUTTENDEN, Jr., WALTER
CULLEN.

Roob, Salomon Bros. & Hutz¬
ler; Fred T. Rahn, The Illinois Company, Incorporated; Lester
J. Thorsen, Glore, Forgan &
Co.; Edward H. Welch, Sincere
and Company; Elmer W.
Hammtll, First Securities Company 0/
Chicago.

L.

Poster Ac Adams

Donald L.

CRUTTENDEN. WALTER W.
Cruttenden 6c Co.

E.

National Committeemen: Edward A.

BULAND

TIFFANY, DONALD L.

J.

Thursday, November 15, 1956

Company,

Co.

BAX, PAUL J.
First

Boston

Corporation

BECKER, WILLIAM J.

NESBITT, THOMSON AND COMPANY, INC.
25 Broad

Street, New York City 4

140 Federal

Telephone HAnover 2-8875

Street, Boston 10

Telephone HAncock 6-335S

Teletype NY 1-4358

Government, Municipal

executed

Exchanges

at

or

all

on

RODNEY

Betts,

J.

B.

SAVARD & HART

M.

Borland

&

Co.

Members:

P.

JAMES

P.

7

Blaney 6c Co.

Toronto Stock
A.

Thomson

6c

Limited

Dean

EXCHANGE

TORONTO

KITCHENER

STOCK

EXCHANGE

OTTAWA

REGINA

VICTORIA

FREDERICTON

JOHN

Doyle,

HAMILTON

SASKATOON

VANCOUVER

Witter

BOYD,

EXCHANGE

STOCK

WINNIPEG

LETHBRIDGE

Hutzler

6c

65

West

44th

St., New York

City

Telephone MUrray Hill 2-4545

I

11

BOWKER, HERBERT H.

MEMBERS

TORONTO

Bros.

BOEDEKER, ROBERT F.
Central Republic Company

NESBITT, THOMSON & CO.

QUEBEC

Salomon

Shearson, Hammill 6c Co.

CANADIAN

Offices:

BOBLETER, HENRY T.
BODEN. JOHN L.

AND

MONTREAL

St., W., Montreal

McKinnon

Branch

STOCK

Exchange

BLUMENTHAL. HAROLD
Swift, Henke & Co.

with

NESBITT, THOMSON AND COMPANY,

MONTREAL

Exchange

Exchange

Head Office: 230 Notre Dame

BLOMBERG, CARL X.

prices

Montreal Stock

Canadian Stock

BLOHM, MILTON R.
Glore, Forgan & Co.

Canadian

net New York

Affiliated

Co.

BLECHSCHMIDT, EDWARD
Stein, Roe 6c Farnham

Utility & Industrial Issues

Orders
Stock

BERG,

BLANEY,

Canadian

6c

GEORGE

Swift, Henke & Co.

BINZ, A. A.
Shearson, Hammill 6c Co.

Dealers in

Public

Fahnestock

BEN8ON,

LONDON, ONT.

CALGARY

EDMONTON

SAINT JOHN, N. B.

MONCTON

Street West,

Toronto

H.

O'Connor

&

BOYLE, WALLACE
Glore, Forgan &

QUEBEC

Co.

J.

Securities

—

TROIS-RIVIERES
ST.

Co.

BRADY, EDMUND G.
First

King

Co.

&

JOHNS,

P. Q.

THETFORD

—

SHERBROOKE

—

DRUMMONDVILLE

MINES

—

MIAMI

—

CHICOUTIMI

BEACH

Company of Chicago

BREWER, G. FABIAN
William

Blair

6c

Company

BROWN, CARMAN 8.
C.

S.

Brown

&

Co.

BROWN, HARRY M.
Salomon Bros. 6c Hutzler

BUHLE, Jr., PHILIP C.
Bache

&

Co.

BULLER, FRANK H.
Hickey 6c Co., Inc.
BURCH,

FRANK

G.

Kneeland 6c Co.

BURKE,

McLeod,Young, Weir & Compahy
LIMITED

Members of The Investment Dealers' Association of Canada

DAVID

Blunt

Ellis

J.

&

Simmons

BURKE, HERBERT J.
Rogers 6c Tracy, Inc.
CAMPBELL,

EDWARD
Illinois

J.

Continental
Trust

National

Bank

Co.

&

Greenshields & Co (N.Y.) Inc

CANN, JULES F.

DEALERS IN ALL

Lehman

CANADIAN SECURITIES

CANN,
A.

Brothers

MAURICE

G.

Becker

Specializing in Canadian Government,

J.

6c

Co.

Incorporated

Provincial, Municipal and Corporate Securities

CARLTON, FRANK A.
Direct private wires to Montreal,
Ottawa, Hamilton,
London, Kitchener, Winnipeg, Calgary, Vancouver,
and The First Boston
Corporation, New York
Stock orders executed
Head

50 King Street

F.

A.

Carlton

all

A.

VANCOUVER

CALGARY

KITCHENER




NEW

6c

J.

LONDON

QUEBEC

Telephone: WHitehall 3-9525

Teletype: NY 1-3708

Co.

Canadian Affiliate

&

Greenshields & Co Inc

Co.

Business established 1910

HAMILTON

CHERRY,
SHERBROOKE

Street

CHAPEN. RALPH
Reynolds

WINNIPEG

Fuller

CERF, Jr., FLOYD D.
Floyd D. Cerf, Jr. Company,
Incorporated

West, Toronto, Canada

OTTAWA

64 Wall

Exchanges

Office

MONTREAL

Co.

CAVANAUGH, AUDRAN
William

on

&

CASEY, FRED J.
Doyle, O'Connor & Co.

Harris

MICHAEL
Trust

&

P.

Savings Bank

YORK

CLARKE. JOHN W.
John

W.

Clarke

Incorporated

6c

Co.

Montreal

Toronto

Quebec

Sherbrooke

Ottawa

John
W.

Jack

Mitchell, Caldwell, Marshall, Trimble & Mitchell, New York City; Walter D. Kingston, Jr.,
& Co., New Orleans; Emma Kingston, New Orleans; Russell M. Ergood, Stroud &

N.

D.

FINANCIAL CHRONICLE

THE COMMERCIAL and

Convention Number

B.

Incorporated,

Company,

Philadelphia;

FEEL, PETER V.
Langtll As Co.

FULLER,

William

Farwell, Chapman As Co.

Rodman

Stone

Co.

FRED O.

E.

DAVID

Continental
Trust

National Bank

Illinois

The

As

The

First

GEORGE

of

Chicago

GIESEN, ELMER J.
David

A.

M.

ROBERT
Nuveen

As

& MoKlnnon

Thomson

GOLDEN,
John

Noyes As Co.

GLOSSER, EARL C.

E.
Trust Company

Northern

FLYNN.

GEORGE T.
Securities

American

Bache

SIDNEY

Weis

As

Hornblower

GREEN,
Bache

At

Co.

WILLIAM D.
Freehllng, Meyerhoff At Co.

GOODMAN,

Co.

Boettcher

LEONARD
and

JAMES

GOODWIN,

J.

Inc.

RICHARD

JOHNSON,

J.

C.

Co.

At

Co.

As

Russ

Bache

Company

&

Inc.

F.

8.

JOHN J.
Moseley Ac Co.

Farwell,
HAMMELL,
First

Canadian and

Foreign

A.

First

At Co.

Chapman

ALFRED

.

-

Link,

oorman.

Imperial

Building, Edmonton

Bank

Alberta, Canada

•

Cruttenden

As

C.

KEGLEY.

KEHOE,

Chicago

JOHN

C.

F.
As

Co.

H.

CLYDE

Co.

GEORGE

White,

Weld

As

F.

Co.

KING, THOMAS

E.
Dempsey-Tegeler As Co.

ISAACS, BOLTON J.
Straus, Blosser As McDowell

Co.

Company

WILLIAM

KERR. WILLIAM D.
Bacon, Whipple As Co.
KING.

Co.

JAY

and

Kegley, Inc.

Taylor As

of

T.

Securities Corporation

Brothers

KEITH.

8.

(Continued

on

page

CANADIAN STOCKS & BONDS

Cable: STAMILCO

Telephone: 47276

Orders Executed
Private wire

system—New York, Toronto, Calgary

on

all Canadian Exchanges at Regular

Commission Rates

or

Traded in New York in

United States Funds

runa
25

Broadway, New York 4, N. Y.
|
NY 14722

HAnover 2-0443

providing
to

a

service in

Members: The Investment
Toronto Stock

Exchange

Canadian Stock Exchange

Canadian Securities

r.HABI.ES KING & CO.

Brokers and Dealers only.

Calgary Stock Exchange
Winnipeg Grain Exchange

BRANCHES

AND

MEMBERS

Dealers' Association of Canada

Stock Exchange

Toronto

Montreal Stock Exchange
Vancouver Stock Exchange

Canadian

Stock Exchange

Hamilton, Ont.

Ottawa, Ont.

Kitchener, Ont.

Oshawa, Ont.)

Welland, Ont.

St. Clair Ave.

Oakville, Ont.

Toronto,

Niagara Falls, Ont.

Kingston, Ont.

Stratford, Ont.

Buffalo, N. Y.

Hanover, Ont.

St. Catharines, Ont.

New

Brockville, Ont.

London, England

455

Craig

St.

61

W.

St. Louis, Mo.

Woodstock, Ont.

Peterborough, Ont.

Trenton, Ont.

Montreal Stock Exchange

American Stock Exchange

CORRESPONDENTS

Montreal, Que.

York, N. Y.

UNiversity

1-5886

Broadway

Royal Bank Bldg,

NEW YORK

TORONTO

WHitehall 4-8974

EMpire 4-6407

MONTREAL

Owen Sound, Ont.

Affiliated Company

Direct .Wire

Grace Canadian Securities,
Members National Association of




Inc.

Security Dealers

Connections

-

Co.

H.

JOHN

Childs

F.

Stern

Inc.

HERBERT A.
Hutchinson At Co.

McMaster

Peck C" Co.

JR., RALPH R.

Bacon, Whipple At

Chicago

HUTCHINSON.

CARL A.

HAWXHURST,

WILLIAM

HUNTER,

Investment

HARVEY

Scott As

BERNARD J.
Investment Co.

Barclay

Reynolds At Co.

HARTWIG,

A.
Company of

HUMMEL, GEORGE F.
First Securities Company

HART, JOSEPH E.
Wm. H. Tegtmeyer At Co.

Investments

JEAN

Securities

HORMAN,

A.

Harmet At Co.

HARRELL, WILLIAM R.

Inc.

Allyn and Company, Incorporated

American

HORDER, EARL R.
Halsey, Stuart At Co.

ELMER W.

Securities Company of Chicago

HARMET.
A.

HORAOEK,

C.

KEATING,

HOLT, LESTER H.
Eastman, Dillon, Union Securities As Co.

L.

Co.,

T.

As Co.

KEARNS, HUGH

Ernst At Co.

(Associate)

J.

A.

HOFER, RAYMOND

Jr.,

HALLFORD,

KAPPA,

At Co.

Ernst

Burrii

Smith.

Oreenebaum

M.

Co.

As

CHARLES

HOFER,

HAACK, ROBERT W.
Robert W. Balrd As Co., Milwaukee,

VINCENT

KANE,

KANT, HERBERT H.

McCormlck

Co.

HACK,

G.
Antonio, Tex.

San

Co.,

THEODORE

HOELCK,

DONALD J.
C. Allyn and Company,

Wisconsin

As

Co.

C.
Lanston As

G.

Aubrey

(Associate)

GRIG8BY, WILLIAM A.
John Nuveen At Co.

A.

WILLIAM

HOBB8,

As

JONE8, WELLARD

HITCHCOCK, JAMES E.
Cruttenden

JOHN B.

Chllds

F.

JOHNSON. TOGE V.
The First Boston Corp.

Oreenebaum Investment Co.

Co.

ROBERT

Dean Witter As Co.

HIRSCHBERG, EDWARD A.

GREGORY, GORDON D.
Swift, Henke At Co.

E.

Inc.

W.

JOHNSON, FREDERICK F.
Barous, Kindred As Co.

Co.

As

Kneeland

Weeks

GUILD,
FRIEDMAN.

Stuart As Co.,

Halsey,

JAN8HOFF,

HICKEY,

LEONARD
As

of Chicago

First National Bank

Hickey

As

JAMES, WILLIAM E.

HICKEY, III, MATTHEW

Louisville, Ky.

J.

GREEN, ARTHUR A.
Shearson, Hammill At Co.

Corp.

EDWARD

GOODMAN,

Irving

Co.,

WILLIAM

GRATZA,

JACOBSON, R. DONALD
Smith, Burrls As Co.

B.

FRANK

Co.

FOLLMER, FRED J.
FREEMAN,

GRAHAM, THOMAS
The Bankers Bond

(Associate)

Co.

CORNELIUS

FLYNN,

P.

Reynolds As Co.

FLETCHER. DONALD T.
William Blair As Company

The

GALLAGHER, JAMES

A.

E.
Bank

HICKEY, Jr., MATTHEW J.
Hlokey At Co., Inc.

Company

FITZGERALD.

FITZSIMONS.
H. Hentz As

Fieldman,

National

Mercantile

Co.

Webber-Simpson As Company
HERMAN,

FRANK

JACOBSON,

Republic

WILLIAM

HEALY.

GOTT, EARLE C.
Goodbody At Co.

Halsey, Stuart & Co. Inc.

GERALD E.
National Bank

Central

Corporation

Hanauer & Co.,

B. Hanauer & Co., Beverly Hills, Calif; Irving Stern, J. B.
J.; Bert Friedman, /. B. Hanauer & Co., Newark, N. J.; Bill
J. B. Hanauer & Co., Beverly Hills, N. J.

J.

HAYS, EDDE K.

HENRY A.

At Webster Securities

GRAHAM,
GALE.

Renshaw

As

GORDER.

Fuller Ac

A.

N.

New York

Fuller Ac Co.

A.

WILLIAM A.

William

ARTHUR W.

FENTON,

Blue List,

JOSEPH T.

FULLER,

FELLEGI. JULES

The

Morton,

Rollie

Hanauer,

Newark,

Kingston

TORONTO, NEW YORK,

MONTREAL

46)

46

THE

Bond Traders Club of
ROSTER

•

•'

COMMERCIAL and FINANCIAL CHRONICLE

McCOTTER, DONALD C.
Lee Higginson Corporation

•

,

'

A.

G.

Becker

KOCH.

OTTO

The

LIENING,
Co..

ft

J..

Marshall

C.

KOERNER,
F.

8.

Milwaukee,
:

_

and

Moseley

Company

KRELL.

ROBEKT

Arthur

LANE,
A.

Jr..

M.

Harris

Trust

LANG ILL.

ft

Savings

MADDEN,

LaPAK,

H.

PATRICK

Kneeland

ft

Ellis

Blunt

&

ROCCO,

H.

F.

William

LEA

SON,

Leason

HARVEY
ft

Leason

ft

Co..

D-inlel

G.

Fuller

A.

Kneeland

MATZ.

Inc.

ft

L.

Company

HENRY

and

RUSSELL

The

F.

Boston

ft

ft

Elunt

L.

Company,

Carter H.

SKEPNEK,

Rogers

Almost
on

the

Cextvr

a

Expemueixce

v.v

and service

to

SMITH,
The

NEWELL, EDWARD
L^ngill ft Co.

W.

A.

C.

Allyn

Salle

M.

Industrial Brokers

J.

New York Stock

Exchange
San Francisco Stock Exchange
Exchange (Associate)
Los Angeles Stock Exchange

P.

Incorporated

Hammill

Jr.,

PAUL

ft Tracy,

LLOYD

First

LESTER

J.

Glore. Forgan ft Co.
Co.

&

TORGERSON, FRANK 8.
Link, Gorman, Peck ft Co.

J,

Inc,

H.

HERMAN

DeYoung-Tornga

National Bank

of

Chicago

Grand

Rapids,

Co.

Mich.

(Associate)

H.
Co.

•

EXbrook 2-0900

PAMPEL,

F.

G.

San Jose, Cal.

55 N. First Street

275 N. Canon Dr.

1079 B. Street

WHitehall 2-4000

CYpress 2-2442

CRestvicw 4-5121

JEfferson 7-6811

Hutton

Cal.

W.

EDGAR

C.

Inc.

Co.,

Underwriters and Distributors...

Company

In the West's greatest market

A.

Gibson

PELLER,

ft

Shearson,

First California Company

Co.

JEROME

D.

INCORPORATED

Hammill

ft

CHARLES

Hornblower

Honolulu, T. H.

ft

W.

&

DONALD C.
Gibson ft Co.

PERRIGO,

CORRESPONDENT OFFICES

L.

Lanston

ARTHUR

C.

PECK,

New York 5

40 Wall Street

Hayward

Co.

HOWARD

Aubrey,

W.

Beverly Ilills

P.

ft

PEARSON,

OTHER OFFICES
%

JOHN

O'ROURKE, Jr., JOHN P.
J. P. O'Rourke & Co.

E.

Montgomery St. -SAN FRANCISCO 4

Michigan 7711

Company,

Pierce, Fenner & Beane

O'Rourke

PARKER.

BIdg.

and

Harris, Upham ft Co.

F.

Securities

O'ROURKE,

MEMBERS

Los Angeles 14

II.

Co.

J.

OLDERSHAW, HALLOCK B.
Blyth ft Co., Inc.

Investment Dealers and Brokers

Van Nuys

WILLIAM

O'CONNOR, HUGH J.
Betts, Borland & Co.

SUTRO V CO.

460

ft Co.

O'BRIEN, EDWIN P.
Sincere and Company

Since 1858

American Stock

G.

J.

NORTON, LAWRENCE
La

Underwriters

CHRIS

Merrill Lynch,

industry and investors.

Company

NELSON, WILLIAM A.
Bear, Stearns ft Co.

NEWPART,

expanding Pacific Coast in securities distribution

ft

ROBERT

L.
Inc.

Co.,

Company

Wm. H. Tegtmeyer ft

TORNGA,

Inc.

Minneapolis, Minn.
ft

and

Harrison

TEGTMEYER,

TERO.

NELSON, HARRY
Blyth

'•'■;•'•

SWIECH, STANLEY I.
Stanley Swiech and Company, Inc.

TIIORSEN,

A.
Diversified Services,

Rice

Julien Collins

SJOSTROM, ROBERT A.

ROBERT

Investors

F.

SWANSON, KNUTE

Simmons

ft

SINCLAIR, RICHARD
White, Weld & Co.

DONALD R.
Upham & Co.

MURPHY,

Inc.

SUNDELL, ROY B.

Co.

Co.

RICHARD

Ellis

Corporation

TIIOMA, GLEN J.

Milwakee,

Shearson,

Co.

A'

W.

NATHAN M.
Blosser ft McDowell

SIMMONS.

(Associate)

MULLER,

Co.

Daniel

SILBERMAN,

Co.

W.

STRAUSS, ROBERT

C.

Hutchinson

MURPHY, JAMES H.
Dempsey-Tegeler Co.

ERNEST A.

Cruttenden

Harri'on

ft

Co.

Boston

The First National Bank of
Chicago

BRADFORD

Reynolds

Corporation

HOWARD

Milwaukee

Harris,
ft

Co,

ft

JOHN

First

STRONG, ORVILLE H.

SHERWOOD. DONALD B.

Co.

T.

Company

WILLIAM J.

Byllesby and Company,

Carter H.

BIIAW,

Co.

STRAUS, FREDERICK W.
Straus, Blosser & McDowell

Incorporated

It.

K.

STRAIT, WALTER L.
Swift, Henke & Co.

M.

Co.

ft

Illinois

Straus,

Wis.

Incorporated

Swift, Henke ft Co.

ft

Inc.

&

STONER, HARLEY n.
Halsey, Stuart ft Co.

ORION

McMaster

The

Inc.

SHALES, GLENN S.

Hammill

First

MORTON,

F.

Inc.

Co.

Incorpo-.nted

T.

Rothschild

F.

The

Company

ft

Co.,

Cruttenden

The

PAUL A.

SENNOTT,
H. M.

THOMAS

Forgan

Sliearson,

Co.

ft

CHARLES

MAYER,
and

MOON,

ft

MATHEWS,

M.

Rice

F.

JEROME

m.

Wells ft Company

Chllds

Co.,

Hallgarten

MOSHER, THOMAS
Blair

Co., Inc.

JOSEPH

L.

LAWRENCE N.
Co., Incorporated

MARR.

LEASON, JR., HARVEY GLEN

LEE.

F.

&

Carlton

STEWART,

V,

;

RICHARD

SELLERS,

MOFFAT, DONALD L.
C,

ft

SEARLE,

Company

charles

*

H.

A.

STEPHENS, DONALD B,

I1L

Inc., rAurora.

Company,

Scott ft Kegley,

Co

G.

MONTGOMERY,

M.

MARQUARDT,

Co.

Weeks

&

Co., Incorporated,
(Associate)
ft

F.

SCOTT, MORTIMER W.

P.

MILLER, SAUL R.
Miller, Spink ft Co.,

Glore,

MARTIN

Blyth

ft

Leason

Company

F. DAVID
ft

SCOTT, JAMES

Hutzler

Chicago

Co.

SPANIER, WILLIAM A.

and

(Associate)

ft

ft

STEFFES, JAMES W.
Swift, Henke & Co.

SCHWANZ,

Co.

ft

Fahnestock

SPARKS, ALLEN

Schwanz

ft

Blair

Mullaney,

MAHER, RAYMOND A.
A. C. Allyn ft Company,

C.

LAWLOR, Jr., WILLIAM J.
Hornblower

DON

miller,

Company

Co.

ft

JOSEPH

G.

Bros,

Rice

of

SORENSON, OLAF A.

Tegtmeyer ft Co.

F.

A.

SCHUBERT, DONALD D.
Bacon, Whipple & Co.

Inc.

Co.

II.

Wis.

Daniel

Co.

MEYERS, HENRY
Goldman, Sachs

MORRIS,

Simmons

ft

Salomon

ft

Trust

&

H.

JOSEPH

The First National Bank

G.

SCHOETTLER, F. GIRARD
Wayne Hummer ft Co.

MEYER, JULIEN L.

Byllesby and Company,
Incorporated

LAWRENCE

Bros,

Lamson

V.

ROBERT T.

Hentz

MAGEE,

Co.

RAYMOND

WILLIS

Cruttenden

MELL, HERMAN
8mith, Barney

William

Balrd

Milwaukee,

B.

ngill ft Co.

J.

MEE1IAN,

SMOLE,
Co.

ft

CHARLES

SCHMITZ, JOHN F.

j.

ft Curtis

HARRY
W.

W.

Incorporated

william

McNulty St Company

Co.

ft

Pont

JAMES

MAI3ARY,

Bank

du

GEORGE

Co.,

Nuveen

Wm.

Co.

&

James J.

LEONARD
Company

Northern

Robert

BANFORD

LANNAN.

LA

Incorporated

WILLIAM II

LANE.

La

MacLEAN,
The

Company,

I.

Co.

ft

ft

John

B.

McHUGU. JOHN D.

PHILIP A.

Francis

W.

and

Jr.,

Yantls

MIEIILm,

LYNCH,
M.

Krensky. Jr. St Co., Inc.

Allyn

S.

Taylor

Inc.

A.

LORING, FRANK E.
Aubrey G. Lanston ft Co.,

B.

ARTHUR

ROBERT

C.

Co.

r

LONG8TAFF. RALPH S.
Rogers ft Tracy, Inc.

Whipple ft Co.

Bacon,

Illinois

The

KOMAR, JR., JOSEPH
Paine, Webber, Jackson ft Curtis

KRENSKY.

ft

II.

Harrison

LOCKIIART,

Co.

<st

EDWARD

H.

Moseley

McGregor,

LINDER, EVAR L.
Paine, Webber, Jackson

C.

STAR

F.

EDWARD

Carter

Wis

,.

F.

S.

McGIilE.

Spink

LILLIG,

Company,

PHILIP

Chllds

F.

Miller,

Jr.

(Associate)

KOENIG.

Incorporated

SCHEUER,

F.

(Ccntinued from page 45)
KIPP, JOHN D

SAYRE, BYRON J.

McFARLANE, LAURENCE

Chicago, Inc.

OF MEMBERS-

•'

Thursday, November 15, 1956

&

Co.
MEMBERS:

R.

SAN

MIDWEST

Weeks

FRANCISCO

STOCK

STOCK

EXCHANGE

•

EXCHANGE

AMERICAN

•

L05

STOCK

AKTELES

STOCK

DIRECT PRIVATE WIRES TO ALL PRINCIPAL MARKETS

PETERSON, Jr., GEORGE
Kidder, Peabody & Co.
PETRIEf GEORGE
Brown

Brothers

rODESTA,

&

SAN FRANCISCO
300

Harriman

ROBERT

Cruttenden

A.

W.
ft

Co.

LOS ANGELES

Montgomery Street
Teletype SF 885

A.

EXCHANGE

(ASSOCIATE)

EXCHANGE

Manila, P. I.

647 South Spring Street

Teletype LA 533

Private Wires to New York and All Division Offices

Co.

POLLICK, JOHN P.
Swift, Henke ft Co.
PULVER,

Specialists in Western Securities

The
.

•

.

Underwriting and
Private

placements

financing

corporate

and reorganizations

ft

Co.

T.

Illinois

Company

RALPH

ROY

Bache

|

Co.,

Milwaukee,

EDWARD

contributing

Co.

REVELL, RAYMOND
White, Weld & Co.
Reynolds

T.
ft

to...

Wis.

P.

Securities

REYNOLDS,

CALIFORNIA

F.

R.

M.

Rice

RILEY,

Since

Co.

ft

& Co.,
(Associate)

SCHWABACHER

&

Co.

New York Stock

San Francisco Stock Exchange

&

Chicago Board of Trade

Exchange

New York Produce Exchange

Commodity Exchange, Inc.

Fresno Cotton Exchange
(Associate)

Salt Lake

Bache

ft

SAN FRANCISCO 4

resno

City

our

•*

•

*

•

•

.*

recent

Company, Hoffman Electronics, California Interstate

Salomon

Bros,

Halsey,

Stuart

Jr.,

William

Tel. SUtter 1-5600

•

Private wires

to

principal offices

Monterey

San Jose




Oakland

Santa Barbara

Sacramento
Santa Rosa

A.
ft

Hutzler

RUSSELL, MERTON

Co.

GERALD

A.

Fuller

Marsh

ration, Norris-Thermador, Northrop Aircraft, etc., etc.—is

A,

ft

ARTHUR

SACHNOFF.

of well

Inc,

M.

ft

over

ft

those

half

seven

a

so) of
Co.

our

a

decades. We're proud, too (and

we

think justly

contribution to California's progress... through public

offerings and private placement of securities. Our experience

D.

be

Krensky 8t Co.

span

century. We're proud of California's growth

Co.

C.

MOREY

over

can

helpful to you!

SACHNOFF, SAMUEL
The

Salt Lake

of

Telephone, The Siegler Corporation, Solar Aircraft, Fluor Corpo¬

RYAN.

City Stock Exchange

Sjstejn I elctype S1-319

I*

"»#

Company of
some

underwritings: Brunswig Drug, The Stuart

Co.

Arthur M.

New York

California —to

EDWARD

Webster,

Bell

and Union Oil

J.

ROGERS, JOHN C.
HIckey & Co.. Inc.

SACCO,

Montgomery St.

CLARKE

Co.

ROOB,

Exchange

(Associate)

100

as

Southern California Edison

ROBINSON, ELDRIDGE

Exchange

American Stock
New York Cotton

financed such enterprises

A.

Thomson ft McKinnon

ROBERTSON.
Bache

Members

early

William R. Staats & Co.

T.

Milwaukee, Wise.

RING, HERBERT

our

days—when

Co.

WILLIAM

Loewi

PROGRESS

LEO

RICE, ROBERT M.

e^c)

of

F.

&

Salle

70th year

our

G.

Taylor ft Co.
REED,

La

municipalities

to

RANDALL,

RENIER.

Municipal underwritings

Advisory service

P.

Hutchinson

FRED

RAMING, H. PHILIP
Glore, Forgan ft Co.

mergers

...

HENRI

McMaster

RAHN,

First

National

SADLER, FRED
Sadler

&

SANDBERG,
Norris

ft

Bank

of

William li, Staats

Chicago

JD.

established 1887

Co.

LAWRENCE

640

Kenly

SAWERS, ARTHUR R.
Chesley & Co.

j
;r

"

SOUTH SPRING STREET,

&

investment

LOS ANGELES 14. CALIFORNIA

•

Co.

securities

TRINITY 4211

47

THE COMMERCIAL and FINANCIAL

Convention Number

TORKEY, GEORGE
McCormick

&

CHRONICLE

CROWE,

R.

Dallas

Co.

Security Dealers Association

McCall,

TRITSCHLER, ALEXANDER M.
Reynolds

TRUE,

&

Co.

Ft.

CHARLES

First

Rogers

E.

JAMES

Leason

C.

VALLEAU,

HARRY

Ver

JOHN

MEULEN,

Ver

Meulen

&

Dallas
1>

Co.

&

i

W.

Weeden

&

A.

C.

WALKER,

FRED

Dal'as

T. B.
J.

RICHARD

Cruttenden

Walker, Jr.

WALSH.

THOMAS

U.

Doyle,

O'Connor

&

President: Thomas B. Walker, Jr.,
Co.

Equitable Securities Corpora¬

tion.

WAUCHOP, RAYMOND C.

O'Connor

Doyle,

&

EDWARD

WELCH,
Sincere

Burton

RICHARD
Vincent

J.

WIERENGA,

RICHARD

Salomon

Bank

Texas

Weeden

WILSON,
Harry

A.

Dallas

Rauscher,

AUSTIN,

&

Pierce

Austin

&

Co.

Kneeland

&

G.

R.

Aurora.

111.

BAMBENEK,

THEODORE E.

The First

National

RAYMOND

La Salle

Union

Dallas

Chicago

BASS.
Keith

Co., Inc.

Nicolaus &

Stifel,
YOUNG,

of

N.

CHAPIN

WRIGHT,

Bank

J.

Reed

Sanders

Securities Co.

Company

&

A.

Company

Co.,

Inc.

Securities

&

Inc.

M.

B.

&

(Associate)

Crowe

FRANKLIN

B.

Union

Securities

JOHN

Company

Inc.

William

of Texas

Ft.

Worth,

Inc.

Stayart

Co.,

&

Inc.

Dumas, Huguenin & Boothman
(Associate)

&

Fenner

Beane

W.

Co..

&

WILLIAM

C.

Company

JACKSON, WINTON A.
First Southwest ComDany

A.

Edwards

Jr.,

Southwest

First

Company

N.

Co.,

IIUGUF.NIN, A. B.

K.

LANDON

&

HUDSON, ROBERT S.

Co.

FREEAR,

K.

Stayart

Hudson,

Hudson,

Pierce,

EDGAR

FRANKLIN,

BOOTHMAN, CLAUD O.
Dumas,
Jluguenin & Boothman

(Continued

Texas

on page

48)

(Associate)
yw^vw.

TOM B.

BOSTON,

Securities

Boston

Company

HUGH

BRADFORD,

Y

Securities

Southwestern

Company

BROWN, E. KELLY
E. Kelly Brown Investment

Stone & Y oungberg

Company

EARLE E.

Corporation

Management
JOHN

BRYCE,

F.

B.

BUCHANAN,

:^rr;:r

C.

Company, Inc.

Garrett and

Austin & Waggener

Walker,

San Francisco in 1883 —From an

J. D.
Hagberg & Co.

BUCHANAN,
M.

Securities

Union

BRUCK,

Investment Securities

A.

JOHN

CANAVAN,

Underwriters, Distributors and Dealers in

R.

L.

Inc.

Co.,

Underwood &

A.

Unlisted Securities

J. Barth & Co.

ROBERT E.

Established

SAN

BUILDING

FRANCISCO

Carothers

Bell

Telephone SUtter 1-5460

System

SF 492

—

Teletypes
SF 1139

CHARLES

CAROTHERS,

Co.

&

CAROTHERS,
Carothers

Co.,

1883

B.

Inc.

Sr.,

&

Cor-

c

porate9 Municipal and

Pierce & Co., Inc.

Rauscher,
CARLSON,

old print

Jr.,

BURT, C. NESOM
Burt, Hamilton & Co., Inc.

Municipal Financing Consultants

serv\cE|

Inc.

JACK P.

BROWN,

FIF

73

Co.

L.

and Company,

Garrett

Dallas

STOCK EXCHANGE

SAN FRANCISCO

EDMOND

BROWN,

MEMBERS

RUSS

PAUL

HUDSON,

Turner,

ROBERT

Lynch,

Dlttmar &

Funds

Son,

&

Parkhurst

JACKSON.

P.

O.

Mutual

Company
K.

Company

Company

Columbian Securities Corp.

Merrill

&

Company

Pierce & Co., Inc.

Rauscher,

HOUSTON,

Worth

L.

Black

DERRY

McCall,

Inc.

Guerin &

FOSTER,

L.

Stayart

Texas

Ft.

SCANLAND

A.

Rupe

IIORTON,

FICKES, Jr., RALPH L.

WILLIAM

BOHNEY,
&

Dallas

IIILGER,

C.

Hudson,

Co.

&

Eppler,

Seay & Black

Henry,
BOIIAN,

HUGH

BEACH, JAMES

W.

IIILGER,

FEUERBACHER, ALVIN L.

The

RIES
Securities

Ferris

Goodbody & Co.
BLACK.

Securities

Southwestern

(Associate)

WOUK,

Co.,

JOE

BINFORD,

KENNETH

BAKER,

of

Co.,

B.
&

Seay

Henry,

&

FERRIS, JOHN D.

Inc.

BILHEIMER, Jr., WILLIAM E.
Shearson, Hammill & Co.

Waggener

Rauscher, Pierce & Co., Inc.

R.
Wortman & Co.,

E.

ALBERT

Bernet & Hickman,

Schneider,

T.

Compuny

Securities

LOUIS

IIENRY,

Dallas

JAMES

BAILEY,

Co.

GLEN

Inc.

Rupe & Son,

E.
N.

YV.

Southwest

PHILIP

Union

Dallas

Texas

ESTES, B. II.
R. J. Edwards,

GEORGE

Edwards

N.

IIF.NDRIX.

EPPLER, WILLIAM B.
Eppler, Guerin & Turner

Inc.

Co.

&

Ft. Worth, Tex.

Company

Edwards &

N.

Worth,

First

W. D.

BERNET, Jr.,

Dallas

WOOLARD, FRANCIS C.

WORTMAN,

Pierce

P.
& Co.,

WILLIAM

ELLIS, JOE

Corporation

Securities

Rauscher,

Dallas

FRANK E.

Jr.,

Walker.

J.

SAMUEL

Equitable

BENNETT,

ARNSPIGER, S. DAVID
First National Bank in

Incorporated

Ft.

BEATTIE, MARION A.

Pierce, Fenner & Beane

J.

Co.

&

of

TAYLOR B.

ALMON,

LEROY F.

LEONARD

Becker

G.

Co.

A.

Merrill Lynch,

The. First National Bank of Chicago

Jr.,

R.

ALMON,

Co.

WINTERHALTER,

WOLF,

Trust

&

Jr.,

William

& Son

Rupt

BEARD,

R.

C.

ROBERT

&

HARRY J.
J. Wilson & Co.

Dallas

Bros.

ALEXANDER, T.

Langill & Co.

JAMES

BEARD,

EDWARD M.
& Hutzler

ACKERMAN,

P.

&

Inc.

& Son,

investment

William

SHERRILL

Reed

Inc.

M.

HENDRICKS, CLARENCE R.

Edwards

EDWARDS,

GEORGE

WILLIAMS,

Keith

ROSTER OF MEMBERS

JOHN N.
Walsh <fc Co.

Baker,

WILLIAMS,

Central

ROBERT

N.

EDWARDS,

H.

Smith, Barney & Co.
WILKIN,

Wm.

Company.

Secretary: R. Brud Smith, Keith Reed &

R.

Rupe

HEMMING SON,

HUGH

DUPREE,

A.
Co.

&

Dallas

Dallas

in

MYRON

HAWKINS,

Goodbody & Co.

Securities Company.

Treasurer: Robert Sledge, Southwestern

Bank

National

Perkins & Co.,

Dallas

A.

Rauscher, Pierce & Co., Inc.
DUXLAP,

Inc.

Rl. M.

HATCHER,
First

in

Inc.

a.

Co.,

&

Goodbody & Co.

IIAUSER,

Bank

MORRTS

Fenner & Beane

Co.,

lfARTMAN, MERRILL

H.

First National

McPherson, Merrill Lynch, Pierce, Fen-

& Beane.

ner

H.

Company

and

WERNECKE.

Vice-President: W. Perry

Co.

JACK

DICKSON,

DUDLEY,

Inc.

M.

&

Hamilton

Burt,

E.
Inc.

HAROLD

A.
Co..

WILLIAM

IKMIJ.I'O.V,

DICKEY, ERNEST E.
R. J. Edwards,
Inc.

<& Co.

Hamilton

Burt,

Rupe & Son,

R. Brud Smith

Robert Sledge

W. Perry McPherson

&

JOHN

HAMILTON,

Rupe & Son, Inc.

DeSllONG,

M.

Chesley & Co.
WALLACE,

Co.

STEVE
Garrett and Company, Inc.

M.

& Turner

MANLEY

Hagberg

A.

HALL, ROBERT F.
Merrill Lynch, Pierce,

DENNING,

Company, Inc.

and

Company

E.

R.

DEAN
Guerin

Eppler,

M.

Hutzler

DORIAN

Company

HAGBERG,

R.

&

Hutton

F.

Dallas

Co.

Allyn

E.

DENNARD,

GEORGE R.

THOMPSON

WAKELEY,

FRED

EATON,

&

GUERIN,

Rupe & Son, Inc.

DEATON, Jr.. FRED. R.
Dallas Union Securities

Wis.

Racine,

Co.,

(Associate)
WAHLQUIST,

Bank of Dallas

DAVISON, OLIVER E.

V.

C.
&

Bros.

GRANOWSKI.
Dorian

Republic National

O.

EDWARD

Nuveen

Salomon

t

R.

Company

&

JOSEPH

GRAFF,

DAVIS, JOHN S.

Harry O. Valleau & Co.

John

of Ttxaa

Company

Dallas

Inc.

ROBERT

JR.,

Sanders

Inc.

D. I.

& Son,

Rupe

GILBERT,

Davis & Company,

& Co., Inc.

VALLELY,

Dallas

W.

DAVIS, JAMES

Inc.

GEORGE
Pierce & Co.,

GEORGEVITCH,

Worth, Texas

DAVIS, J. EDWARD
Central Investment

of Chicago

Company

FRED

& Tracy,

VACHA,

Rauscher,

(Associate)

Crowe

P.

Securities

UNGEHER,

GEARNER,

CLARENCE E.
Parkhurst &

CUTTER, FRED C.
William N. Edwards & Co.

New

Members:
Loa

EARLE, T.
Inc.

Angeles

York

Stock

Stock

Exchange

Exchange

San

Francisco

Stock

American Stock Exchange

a

SAN FRANCISCO • LOS

CARROLL, JAMES
Rauscher, Pierce & Co., Inc.

•

ANGELES

PRIVATE WIRE CONNECTIONS BETWEEN

•

Exchange

(Associate)

NEW YORK

ALL OFFICES

Direct Leased Wires to:

CART WRIGHT,

Direct Wire to Fairman

Merrill

& Co., Los Angeles

O.

EDWIN

Lynch, Pierce, Fenner & Beane

SHEARSON. HAMMILL & CO., NEW YORK .

SCHERCK. RICHTER CO.. ST. LOUIS

CARTWRIGHT, W. E.
Merrill Lynch, Pierce, Fenner & Beane
LEWIS

CHANDLER,

Eppler, Guerin & Turner
ALGIE

CHOATE,

Burt,

K.

Hamilton

&

Inc.

Co.,

CLARK, ARTHUR J.
Perkins & Co., Inc.
DICK

Jr.,

CLARK,
Dallas

Securities

Union

DEALERS IN

.

OVER THE COUNTER

Goodbody

First

Co.

&

III,

CLAYTON,

B.

JOHN

Complete

Bank

National

CLIFTON,
Republic

M.
National Bank

COBB, Jr.,

SECURITIES

ROBERT H.

R.

and DISTRIBUTORS

UNDERWRITERS

H.

RAE

Cobb

&

Dallas

MONTGOMERY

STREET

Jr., JOHN

FRANCISCO

(4)

B.

,

Inc.

Group,

Cotter

&

PRIVATE LEASED WIRE SYSTEM

Company

COWDREY, J. H.
Merrill Lynch, Pierce,
CRESON,

DISTRIBUTORS

R.

W.

Fenner

Dean Witter

& Beane

&

P.

R:

Southwestern

SAN

DEALERS

Inc.

& Son,

Distributors

R.

BROKERS
Inc.

GEORGE

CORNELL,

COTTER,

J. S. Strauss & Co.

UNDERWRITERS

Company

& Son,

Rupe

Dallas Rupe

W.

INVESTMENT SERVICE

(Associate)

JOHN J.

COLE,

COOPER,

155

Company

CLARK, JOHN

Cromwell

W.

&

REX

New York Stock Exchange •

Co.
Los Angeles

Telephone
Bell Teletypes




—

—

EXbrook 2-8515

SF 61, SF 62 & SF 621

Members-

■

CROMWELL,

CROSSLEY, E. LYNN
City Auditor, City of
CROSSON,

American
Ft.

National

ARCHIBALD

Worth,

(Associate)

Texas

and other leading
•——'

Bank

at

Dallas

Private leased

SAN FRANCISCO •

E.

Investment

Son Francisco Stock Exchange

Stock Exchange • Midwest Stock

Exchange • American Stock Exchange

Honolulu Stock Exchange • Chicago

Dallas

CHARLES J.

Mercantile

CROW,

Co.

Securities Company

Securities,

Inc.

PORTLAND

radiotelegraph circuit to Honolulu

LOS ANGELES •
•

Board of Trade

commodity exchanges

HONOLULU

•

NEW YORK • CHICAGO • BOSTON •
AND OTHER

PACIFIC COAST CITIES

SEATTLE

48

THE COMMERCIAL and FINANCIAL CHRONICLE

Verner

H. Kraft, Oscar F. Kraft &
Co., Los Angeles; Jennie Lou Kraft, Los Angeles; William H.
Christopher, R. W. Pressprich & Co., New York; James G. Fraser, Stern, Frank, Meyer & Fox,
Los Angeles;
Zora H. Fraser, Los Angeles

Dallas

Security Dealers Association
ROSTER OF MEMBERS

Fort

JACQUES, JAMES
Southwest

First

1

F.

KENT,

Company

JAMES, Jr., JUDSON S.

KIRK.

Judson S. James & Co.

JILEK,

EDWARD

SAMUEL

Southwestern

JONES,
Dallas

Union

KAUMEYER,
Southwest

HEELER,

Lord,
KEIL,

LEWIS

Inc.

National

MANLEY,

Bank

P.

KLINE,

Company

Securities

WALTER

Garrett

and

National Bank

of Dallas

Lasseter &

THOMAS

E.

VINCENT

J.

Inc.

Company

ERVIN

LOBDELL, DAVID

Henry Keller & Son, Fort Worth
KELLY, ROSS

National

Bank

In

Keith

Co.,

&

Dallas

Carlson &

RUPE, Jr.,

Company

D.

GORDON

Rupe & Son, Inc.
SANBERG, GEORGE W.

H.

Garrett and

SANDERS,

Company

Jr.,

Sanders

&

JESSE

SCOTT, WALTER R.

HARRY

Perkins

&

Company

Co.

&

F.

Co.,

Schneider,
Inc.

RIPPEY,

(Associate)

First

T. A.

Perkins

&

SEAY,

Inc.

National

&

Hickman,

Inc.

RALPH

E.

National

and

Bank

in

Dallas

Company

WILLIAM

H.

Henry, Seay & Black

ROBERTS, NICHOLAS F.
Republic

Rupe & Son,

Co.,

Bernet

SCOTT, CHARLES
Hugh Long & Co., Inc.

Garrett

Bank

MAYES, HARLAND
Rauscher, Pierce & Co., Inc.

SHARP,

Bank

R.

LUTHER

A.

Underwood

&

Co.,

Inc.

Inc.

McCALL, HOBBY H.
Parkhurst

&

Crowe

(Associate)

&

Crowe

(Associate)

Ft.

S.

McCulloch

&

Company,

(

Worth, Texas

McCLURE,
Penick

Jr., FRED

&

L.

McClure,

McCONNELL, HARRY
Central

Company

CLAYTON

First Southwest

McCULLOCH,
Barron
Ft.

of

E.

F.

information on

Texas

r

■

,

R.

BARRON
&

Company

pacific coast

Texas

HAROLD

Hutton

McFARLAND,
Central

and

trading markets

Company

McCulloch

Worth,

McEWEN,

J

N.

Investment

McCULLEY,

Calljns for

V

Incorporated

McCORMICK, JAMES C.
Eppler, Guerin & Turner, Inc.

WEST COAST SECURITIES

A.

Co.

SCOTT,

Barron

BANK STOCKS

Texas

Dallas

RELYEA, P. F.
P. F. Relyea & Co.

McCLANE, JOHN

Wholesale and Retail Distributor

of

SCHNEIDER, JULES E.

Shearson, Hammill

Dallas

(Associate)

Company

Company

ROUNSAVILLE, GUS

Inc.

JOHN

Reed

REED, KEITH B.
Keith Reed & Company

McCall,

•

Company

REED,

McCALL, JOHN D.
McCall, Parkhurst

INSURANCE STOCKS

Securities

Rauscher, Pierce & Co., Inc.

McADAMS, V. C.

LOCKE, EUGENE M.
Locke, Locke & Purnell

Underwood & Co., Inc.

F.

MANNING, W. K.
Wood, Struthers & Co.

MASON, A. J.
Republic National

First

LEWIS

Investment

MARGRAF, JOE
Southwestern Securities

Company.

Waddell & Reed, Inc.

Inc.

&

RAUSCHER,

MARTIN, J. T.

J.

Central

ROOKER, GEORGE S.

RAUSCHER, Jr., JOHN H.
Rauscher, Pierce & Co., Inc.

LEVENSON,

Abbett & Co.

Inc.

Jr., JACK F.

Perkins

LESLEY, Jr., STUARD C.
Hudson, Stayart & Co., Inc.

D. ACHESON

RODGERS,

Son,

PIERCE, CHARLES C.
Rauscher, Pierce & Co., Inc.

IRVING
Manney & Co.

LASSETER, H. DAVID

Company

&

Union

PERKINS,

MANNEY,

8.

HOWARD

Rupe

Dallas

Rauscher, Pierce & Co., Inc.

First Southwest Company

M.

Schneider, Bernet & Hickman,
KELLER, HENRY

R. A.

F.

Republic National Bank of Dallas

DANIEL C.
Securities Company

MORRIS

Co.,

J.

Dallas

PAYNE, JACK
III.

MALONEY,

KLECKA, JOE E.

Securities

HERBERT

Bank,

Rauscher, Pierce & Co., Inc.

PAUL

First

J.

Municipal Securities Company
JOHNSON,

&

National

MAJDDEN, WM. L.

GEORGE A.

Perkins

PAYNE,

Worth

LYNE,

47)

page

D. Alexander, Howard,
Weil, Labouisse, Friedrichs & Company, New Orleans, La.;
Joseph
Fazio, Joseph X. Fazio & Co., Beckley, W. Va.; Ethel Thompson, Boston; Bill
Thompson, Carr &
Thompson, Inc., Boston; John M. Bayne, Rotan, Mosle & Co., Houston.

Worth

Mercantile

(Continued from

Robert
X.

LUCAS, B. W.
Fort

Thursday, November 15, 1956

6c

D.

Company

WILLIAM

Investment

McGINNIS, J. H.
Republic National

securities

E.

Company

Bank

of Texas

(Associate)

McMAHON, FRANK B.
Henry, Seay & Black
McPHAIL,

WALTER C. GOREY CO.
Ru8s

Building, San Francisco

4

E.

F.

W.

Merrill

6-2332

•

Teletype SF 1011

&

Lynch.

morqan & co.

Company

Pierce,

,

Fenner

6c

Beane

MEER, JULIAN M.

Turner,

YUkon

H.

Hutton

Mcpherson, w. perry

%

White, Atwood,
(Associate)

Francis

MILLER,

Members: Ij)8 Angeles Stock Exchange
I

McLane

&

J
-

"

wgL

V .T ^

634 SO. SPRING ST.

(<; J

J

iPBKr

LOS ANGELES

14

•

MA. 5-1611

TELETYPE LA 146

FRANK

Frank Miller 6c Co.

MOORE, ADDISON P.
Southern

MOORE,

MURRAY

Murray

W.

and

beverly hilts

fullerton

*

'

corona

del

mar

Co.

W.

Moore

MOORE, WILMER
Garrett

"SHIP"

Brokerage

&

Company

L.

Company

morris, JACK
R.

McAndrew & Co.
Incorporated

A.

MOSS,

Underwood
JACK

&

Co.,

Inc.

G.

The Columbian Securities
Corp.

of Texas

MOUNTS, JACK

trading markets
underwriters

Dallas Rupe & Son, Inc.

MUNGER, JACK R.

UNDERWRITERS

8c

DISTRIBUTORS

Keith

Reed

&

Company

distributors

MURDOCH, B. R.
Perkins

1900 RUSS BUILDING

SAN FRANCISCO 4, CAL.

Telephone EXbrook 2-7900

Bell

Teletype SF 370

&

Co., Inc.

MURPHY, R. P.
First National
NATHAN H.

Salomon

Bank

in

brokers

Dallas

GERALD
Bros

&

Hutzler

*

NAZRO,

ARTHUR P.
The Parker Corporation

.

TRADING MARKETS

NEIL,

WILLIAM

North

in

Union

Francis

Akin-Lambert Co., Inc.

—

I.

du

&

to:

New York

Los Angeles

Cruttenden & Co.—Chicago




Company

H.

Pont

&

Co.

OTTO,

member

ED

STREET

BELL

.

SAN

SYSTEM

FRANCISCO

TELETYPE

SF70

wire systems

GOLDMAN, SACHS & CO.

S.

Stock

S.

Exchange

Dallas Rupe & Son. Inc.

JAMES

C.
Dallas Union Securities

Company

PARKHURST, MILLARD
McCall,

465 CALIFORNIA

San Francisco

Company

EDWIN

Dallas Rupe & Son, Inc.

OWENS,

BRUSH, SLOCITMB & CO. INC.

ALLEN L.

Sanders

OLSMITH,
—

Securities

OBENCHAIN. THOMAS

OLIVER,

Direct Private Wires

Co..

Dallas Union Securities
Company
OLIVAS, ALBERT

SECURITIES

G. A. Saxton & Co., Inc.

Securities

ROBERT

Dallas

OVER-THE-COUNTER

H.

American

NICOUD,

Parkhurst

&

Crowe

(Associate;

DEMPSEY-TEGELER fc CO.

Convention Number

SHEA,
E.

JOSEPH

THWEATT, JEAN E.

Hutton

p.

6c

Company

Sanders

SHELTON, LOCKETT
Republic National

Bank

of

SHIELDS, Jr., E. A.
Merrill Lynch, Pierce,
SHIELDS.

J.

Dallas

TOMANEK,
Fenner

&

Beane

Company

Henry,

Company

Southwestern

R.

Company

Dittmar

Southwestern Securities Company

Dallas

Eppler, Guerin & Turner

Southwestern

WILLIAM

Southwest

R.

P.

Company

Reed

&

STAYART. LOUIS

W.

JOHN

Inc.

in

WARD,

Inc.

Co.,

Dallas

Ft.

STEVENSON, O. ROY
Fort

Worth

Fort

National

Bank,

STORIE, WILLIAM STEWART
Southwest

6c

Southwestern

Keith

Company

E.

President: Howard P. Carroll, Carroll & Co.

Secretary:

B.

Securities

Company

6c

The

Committeemen: John H. Alff, Amos C. Sudler & Co.;

E. W.
&

&

Company

R.

J.

In

Denver

unless

CLENNON,

1956; Term

ADAMS,

Company

Carroll

THOMAS. Jr., R.

ZWASKA,

J.

R.

J.

CARL

&

M.

L.

Co.

&

Company

Co.,

Inc.

-

CHARLES

Co.

Trust

Co.

National

COHIG, JAMES

JOHN

Amos

H.

G.

Stone,

Moore

ARGALL,

Boettcher

and

Securities

Columbia

Incorporated
Co.

DONALD

FERRELL,

National

Denver

Founders

Mutual

Co.

WILLIAM

'<

R.

Bank

.

COLLINS, LOWELL O.

F.

&

'

B.
Company

WILLIAM

FEINBERG,

Garrett-Bromfield &

EDWARD

/■'>

THOMAS B.
Dawson, Nagel, Sherman & Howard

C. Sudler 6c Co.

ALTMAN,

,

K.? >.

KENNETH

and" Company

FAXON,

COLE, C. L.

of Texas

G.

Edwards, Inc.

Co.

&

Boettcher

Bosworth, Sullivan & Company, Inc.
Bank

Beane

VERN

R.

FAIRCHILD,

RAYMOND P.
Colorado National Bank

GEORGE H.

Denver

Investment Company

&

DOOLITTLE,

CODY,

international

The

ALFF,
BRUCE

Rupe & Son, Inc.

EUGENE

ADAMS, FREDERIC A.
ALFF,

Central

and

IVAN

Walston

EDGAR,

ROBERT

of

Bank

PHILLIP

Boettcher

Carroll

located

Edwards, Inc.

WRIGHT.

Howard

National

States

Dempsey-Tegeler
DISPENSE,

ROSTER OF MEMBERS
iMembers

WILSON, JACK W.

Company

&

G.

Merrill Lynch, Pierce, Fenner 6c

Company

Hutton

United

C.

Sherman

DENNISON, FRANK

DOLLAR,

Took Office: January 1,
Expires: December 31, 1956.

CLYDE

Nagel,

Denver

Company; Donald
Company; Robert L. Mitton, Rob¬
ert L. Mitton
Investments; Bernard F. Kennedy, Bosworth,
Sullivan & Company, Inc.

Elected: December 8, 1955;

Inc.

Co.,

Jr.,

DECKER, MARTIN

WILLIAMS, G. E.
P.

&

Dawson,

DEWEY

THOMAS, RODERICK B.
Dallas Rupe & Son, Inc.

Dallas

Walston

Roscoe Ayers, The J. K. Mullen Investment
L. Patterson, Boettcher and

>

Company

NORMAN

DAVIS,

National

Securities

Incorporated

DAWSON,

otherwise Indicated)
E.

JOSEPH

Columbia

Leon A. Lascor, The J. K. Mullen Investment Company.

Gerald P.
Peters, Jr., Peters, Writer & Christensen, Inc.; Paul W. Gorham,
Garrett, Bromfield & Co.; Glen B. Clark, Colorado State Bank.

H.

and

GEORGE

Harris, Upham 6c Co.
DAVIS,

Treasurer: George B. Fisher, Bosworth, Sullivan & Company, Inc.

Rupe & Son, Inc.

Wiles

TREVOR

Directors: William W. Argall, Boettcher and Company;

Company

Investment Co.

Mullen

K.

J,

& Co.

P.

B,

DAVIS.

Vice-President: Orville C. Neely, Merrill Lynch, Pierce, Fenner
& Beane, Inc.

LEON

P. Hutton

WILES,

Securities

D.

Reed

The

WIGLEY, Jr., ROBERT

Walker, Austin 6c Waggener
THOMAS, J.

I.

Dallas

TEMPLE, ROBERT F.

TEMPLE, T.

Union

CRIST

George B. Fisher

Neely

CURRIE,
of Texas

Worth, Texas

WEIL,

Company

TAYLOR, W. ALLEN
Hutton

Orville C.

D.

WATTS, O'HARA
Goodbody & Co.

Southwestern Securities Company

P.

Cruttenden

Howard P. Carroll

Goodbody 6c Co.

STEWART, T. FRITZ

E.

Besine

&

L.

WASSALL,

Worth

First

R.

LAWRENCE

CRILEY,
Fenner

THOMAS

JOHN C.
Sullivan & Co.

Bosworth,

Equitable Securities Corporation

Dallas

C.

Company

Bosworth, Sullivan 6c Co.
CRAWFORD,

Inc.

WALKER, WILLARD E.
Walker, Austin & Waggener

STEPHENS, JOHN W.
&

Pierce,

EUGENE

WALKER, Jr.,

D.

National Bank

Perkins

Co..

WAGGENER, NELSON
Walker, Austin 6c Waggener

Municipal Securities Co.

First

6c

A.

GLAHN, WALTER
Harris, Upham 6c Co.

STAYART, Jr., LOUIS W.
Hudson, Stayart & Co.,
STEPHENS,

Turner

ROBERT

VON

R.

and

COXHEAD, J. WALLACE
Bosworth, Sullivan & Co.

Central Investment Company

Company

■

WALTER J.

BERNARD

Boettcher

Shearson, Hammill 6c Co.

VINYARD,

-

Coughlln and Company
COWSERT,

PAUL

Lynch,

Company

COXHEAD, Jr., J. WALLACE
&

Jr.,

Underwood

Merrill

Company

STANLEY, JAMES
Keith

A

&

COUGHLIN,

VAUGHN, JACK

Inc.

&

Inc.

A.

Guerin

UTLEY,

B.

Reed

Co.,

FRANK

EARL

Eppler,

SMITH, MARION L.
Co.,

&

Company

UNDERWOOD,

Securities Company

SMALLWOOD,

-Walter

COUGHLIN, EDWARD B.
Coughlln and Company

Rupe & Son, Inc.

TYSON,

SLEDGE, ROBERT

R.

&

TURRELLA,

SITZENSTATTER, N. J.

Keith

underwood

„

.

JOHN F.

JR.,

COUGHENOUR,

Black

TURNER, JOHN W.
Eppler. Guerin & Turner

Shumate & Company

SMITH,

A.

"'

Peters, Writer 6c Christensen, Inc.

TUCKER, W. ROY

Securities

SIEGEL, BERT

&

Ir\

TUCKER, R. G.

SHUMATE, GASTON A.

First

Company,

>

,

B.

A.

COPELAND.

Investment

&

J.

Robert

GERALD

Seay

ROBERT J.
Connell, Inc.

CONNELL,

TRIGGS, Jr., A. J.
Securities

SHIRKY, WILLIAM D.

Perkins

A.
Bosworth, Sullivan 6c Company, Inc.

CONKLIN, W.

Bond Club of Denver

&

Company

Mid-Texas

J.

i30u.m.,es.,eru

and

&

TITMAS, JOHN H.
Dallas Rupe & Son, Inc.

8HILQ, J. ERVEN
Garrett

49

THE COMMERCIAL and FINANCIAL CHRONICLE

Depositor

(Continued

Corp.

on page

50)

H.

Company

ASHCRAFT, CLARENCE
Merrill Lynch,

BROAD TRADING COVERAGE

Pierce, Fenner 6c Beane

AYERS, ROSCOE
The

J.

Mullen

K.

Investment

Co.

Underwriters and Distributors

BACHAR, GARALD D.

OF SOUTHERN

CALIFORNIA

J.

A.

Hogle

Co.

&

BAKER, DUDLEY F.
Bosworth, Sullivan 6c Co.
BAKER,
Don

ROBERT

A.

•

R.

COMPREHENSIVE

Chapin Co., Port Collins

COVERAGE

OF

THE

BARKER, FREDERICK F.
Garrett-Bromfleld 6c Co.
NORMAN

BARWISE.

FEWEL
Member Los

6»

Merrill

CO.

BATCUELDER,
Amos

Angeles Stock Exchange

Bakersfield

•

Costa Mesa

•

Hogle

•

Co.

Members New York Stock Exchange

Mountain States Securities

Hemet

•

Long Beach

San Diego

BERGER,

WILLIAM

M.

National

ST.

WILSON

•

•

American Stock Exchange (Assoc.)

LOS ANGELES 17

CORNER

C.

•

MADISON 5-7111

WILSHIRE AND HOPE

1565

and 1566

BLICKENSDERFER, J. C.
Boettcher and

Singer, Bean & Mackie, Inc., New York
Los Angeles,

Company

NEW

BORLAND, EUGENE W.
Peters, Writer 6c Chistensen, Inc.
Loveland, Colo.

Calif.

YORK CORRESPONDENT: PERSHING & CO.

Corona del Mar

Claremont

Redlands

Encino

Long Beach

Hollywood

BOSWORTH, ARTHUR F.
Bosworth, Sullivan 6c Co.

Teletype LA 24 and 456

TRinity 4191

623 S. HOPE

BELL SYSTEM TELETYPE LA

Direct Private Wire to

Spring St.

Angeles Stock Exchange

B.

Bank

BIRKENMAYER, JR.,
Birkenmayer & Co.

453 South

Los

Corporation

Vista

•

MARKET

Lester, Ryons & Co.

Co.

&

"

Colorado

North Hollywood

6c

BENWELL, OSWALD F.

Branch Offices:
•

A.

CALIFORNIA

HERMAN

Sudler

C.

BEASLEY, ANDREW C.
J.

Arcadia

SOUTHERN

C.

Lynch, Pierce, Fenner 6c Beane

Riverside

Glendale

Pasadena

San Diego

Pomona

Santa Ana

Santa Monica

BOUCHER, ROBERT
United

American

Life

Co.

BRERETON, WM. H.
Brereton, Rice 6c Co.,
BRIDGEWATER,
Central

BROWN,

Trust

A. W.
National

American

BROWN,

DONALD

Boettcher

TRADING

WE

MARKETS

and

Colorado

INTERESTED

National

►

YOUR

REVEL MILLER & CO.

E.
Bank

,

Harris, Upham 6c Co.

SPECIAL

BUXTON,

WILFORD

Cruttenden

SITUATIONS
CAMP,

L.

& Co.

RICHARD

Merrill

FOR RETAIL

SECURITIES

✓

Founded 1926

BULKLEY, RALPH

OVER-THE-COUNTER

\

F.

HARRY

IN

IN

Company

B^nk

Company

ARE
BUCHENAU,

Inc.

ARTHUR
&

Bank

Members Los

V.

Angeles Stock Exchange

Lynch, Pierce, Fenner & Beane

CANNON.

JIM

Carroll & Co.

CARROLL,

EDWIN

Dealers

F.

—

Distributors

—

Brokers

Carroll & Co.

CARROLL, HOWARD
Carroll

Oicar 3.
530 WEST SIXTH STREET




/(m/f
•

&

LOS ANGELES 14, CALIFORNIA

TELETYPE
PHONE

& Co.

CHAPIN, DON

LA

TRINITY

675
2529

Don
,

A.

Fort

650

Collins.

Colorado

RUSSELL
Bosworth, Sullivan &

Bell

Co.

CHRISTENSEN, E. W.
Peters, Writer & Christensen,
Colorado

Amos

Inc.

Direct wires to

B.

State

Bank

PHILLIP J.
C.

CLARKE,
Merrill

Sudler

Co.

6c

Gorey Co., San Francisco

John C. Legg & Co., of Baltimore, New York

GEORGB P.

Lynch, Pierce, Fenner & Beane

CLAYTON,

Harris,

ST.

System Teletype LA 155

Walter C.
CLARK,

SPRING

LOS ANGELES 14

f^HATLAIN,

CLARK, GLEN

SOUTH

A.

Chapin Co.

ROBERT

Upham

&

F.

Co.

:\

THE COMMERCIAL and FINANCIAL CHRONICLE

50

Walter

J.

Vicino, Blyth & Co., Inc., San Francisco; Lindy Vicino, San Francisco; Collins
Wulff, Hansen & Co., San Francisco; Grace, Candee, New York; William J. Candee,
Candee, Moser & Co., New York

KOSTER OF MEMBERS

—

Boettcher

HENRI,
—

J.

Amos

Rosworth, Sullivan Ac Co.
First

National

FLUGSTAD,

Bank

WILSON

Sudler

Co.

&

&

States

of

Securities

Corporation

Mountain States Securities Corporation

Company

FORSYTH. ALEXANDER
Calvin Bullock, Ltd.

HALL, LE ROY O.

FRALEY,

HAMMER, LLOYD

ROGER

Merrill Lynch,

Founders Mutual Depositor Corp.

G.

Pierce, Fenner Ac Beane

Amos

FREEMAN, CARL
Central

Denver

WILLIAM

National

J.

GOODE,

Continental

A.

Sudler

Co.

Amos

G.

R.

GEORGE R.
Harris

HAR^Y,

Ac Co.
LARRY

Jr.,

HAAG,

Hogle

Ac

Co.

Company

and

E.

Colorado

HAROLD

HEISLER,

Grain

Corporation

CALVIN

Boettcher

Corporation

and

HUNT,

HARRY

Founders

E.

Allen

Mutual Depositor Corp.

INMAN,

G.

Company

LARRY C.
J. A. Hogle Ac Co.

The

of

Ac

JEWELL,

1931

Peters,

Members
direct
to

N.

Y.

S.

KANE,

T.

O'NEIL,

Columbia

N.

and

Securities

Company,

Kirchner,

OWENS,

Ormsbee

United

States

National

JOHN

Ac

Wiesner

Peters,

Bank

Denver

C.

Writer

PARKER.

Ac

Chrlstensen,

Inc.

EVERETT

&

San Francisco 4

Telephone

|

Teletype

GArfield 1-8000

& Howard

Chrlstensen,

SF 231-234

Inc.

SPECIALISTS
Inc.

Inactive Over-the-Counter

W.

and

VERLYN

•

.

F.

&

Company
J.

Pacific Coast Securities

Co.

C.
Y.

KENNEDY, BERNARD F.
Bosworth, Sullivan Ac Co.

C.

KENNEDY,

E.

connecting wires

OTHER OFFICES

JOHN

Mountain States

other

Company,

ORMSBEE, JACK
Company

519 California St.
Co.

5

J. D.
Writer & Christensen,

Carroll

N. Y.

Securities

WILLIAM

Incorporated

ARCH

E.

Investment

FLOY

Writer

JOHN

KANE,

WALKER,

HERBERT

Mullen

Boettcher

HANSEN

Private Wires to
&

K.

JOHNSTON,

JONES,

COOKE FAULKNER

W. E. HUTTON Ac CO.,

McMANUS

J.

Jr.,

JOHNSON, ROBERT M.
Dawson, Nagel, Sherman

Peters,

BUILDING, SAN FRANCISCO 4
D.

DONALD

Incorporated

HANNAFORD & TALBOT

WAYNE

JOHNSON,

WULFF, HANSEN * CO.

JAMES

T.

Columbia

Co.

Wayne Jewell, Inc.
The

With

FRANK

WALTER

JACKSON, Jr., WILLIAM S.
Hamilton Management Corporation

MARKETS

COLLINS MACRAE, V.-P.

Col.

MAX

Carroll

EST.

Colorado Springs,

International Trust Co.

IVEY,

PACIFIC COAST

Co.,

BERN

Colo.

METZNER,
The

&

Garrett-Bromfield Ac Co.

O'NEIL,

and Company

Investment

Boulder,

IRION, WILBER H.

j„

OLIN,

McKINLEY, CARL D.
Greeley, Col.

Co.

M.

Co.

Bosworth, Sullivan & Co.

Cruttenden & Co.

W.

&

&

Newman

Springs, Col.
ROBERT

Inc.

C.

ROBERT

NORPOTH,

WILLIAM E.
Hanifen Ac Co.

McCONNELL,

Company

Co.

Ac

NEWMAN, ROBERT

Corporation

City

Boettcher

and

Lynch, Pierce, Fenner Ac Beane

Carroll

MENK, MERLIN H.

HASSELGREN, OSCAR

RUSS

A.

ORVILLE

Merrill

NELSON,

McCONNELL, FRANK A.

Huey Co.

HUGHES,

NEELY,

McCABE,

Corporation

A.

Sullivan

J. HAROLD
Bosworth, Sullivan

H.

Sales

F.

HUDSON

MYERS,

MAYER, KARL L.
J. A. Hogle Ac Co.

Company

Amos C. Sudler

Inc.

Co.

Mountain States Securities

W.

Co.

Investments

Co.

Ac

III,

Bosworth,

M.

WOODFORD A.

Street

Trust

Mitton

JOHN

Carroll

Co.

York

New

Company

Management

Colorado

LLOYD
Securities

MOHAR,

Exchange

WILLARD

MATLOCK,

HUGHES, MRS. ARLEEN W.
E. W. Hughes Ac Co.

Incorporated

GRIFFIN, LYNNE
A.

&

Pueblo, Colo.

HUBER, HAROLD

A.

Grain

Ac

FRED

L.

MOORE,

CHARLES

Carroll

MARSH,

Broad

and

LEE

Ill

U. S. National Bank

FRANK

HUEY,

H.,

Robert

Bank

PRESTON

MARION,

JAMES

Boettcher

IIIRTII,

National

Col.

ROBERT

Colorado

Co.

Hill Ac Company,

Hamilton

PAUL

Bank

HILL, DALE R.
HILL,

Pueblo,

Co.,

D.
Earl M. Scanlan Ac Co.

Company

Boettcher

C. Sudler Ac Co.

HARRIS.

Inc.

Ac

IIILDT, THOMAS
Bosworth, Sullivan &

L.

M.

Investments,

Peters, Writer & Chrlstensen,
J.

Company

HOWARD

Columbia

GREENLEE,

A.

Stone, Moore Ac Company

i

GERALD

Co.

&

and

is

MANNIX,

R.

C.

International

MITTON, ROBERT L.

MARBLE,

ALLAN

MEYER,

LEON

Colorado

JR.,

G.

Company

MacDONALD, RANALD

L.

Denver

R.

ELMER
and

Macart-Jones

Co.

HICKERSON,

Dale

EDWARD

Hanifen

HANNON.

RICHARD

Hogle

A.

HARDEY,
Ac

GREENBERG,

J.

J.

Bank

H.

Cruttenden

GREENE,

E.

Republic Company

GARRISON,

C.

HANIFEN.

MACART.

B.

STEWART
&

Walter

HALL, JOHN L.

P.

Sullivan

Bosworth,

C.

Mountain

Boettcher

HERSHNER. JOHN D.
The United States National

HAGGERTY, JOHN P.

CLAYTON O.

FLOYD,

LONGWELL,

E.

Company

Henri Co.

B.

Carroll

HACKSTAFF, RICHARD A.

E. King, Dempsey-Tegeler & Co., Chicago;
Dorothy King, Chicago; Anne Mason, Lynchburg,
Va.; Waller G. Mason, Scott, Horner & Mason, Inc., Lynchburg, Va.; Lora Mason; Robert M.
Topol,
Greene and Company, New York;
D'Vera Topol, New York

CHARLES

and

JAMES

HERMAN,

(Continued from page 49)
FISHER, GEORGE

Thomas

Macrae,

IIEMENWAY,

Bond Club of Denver

Thursday, November 15, 1956

Securities

Corporatiow

Santa Rosa
Ukiah

KIMMES, ARNOLD L.

trading centers

Columbia

Securities

Modesto

Lodi

Campbell

Stockton

Reno, Nevada

Company

Incorporated

KING,

NEIL

First

National

Bank

KIRCHNER, ROBERT M.
Kirchner, Ormsbee & Wiesner
KLINE,

Ac

KNIGHT,
U.

Inc.

LEONARD

Carroll

S.

Co.

ROGER

National

PRIVATE WIRES

D.

KONOPKA, BRUNO
Peters, Writer Ac Christensen, Inc.

KUGELER,

HENRY

Denver National

Colorado State
L.

L.

M.

McAndrew & Co., Inc.

Bank

M.

The

K.

Mullen

and

Trading Markets in

Investment

LOS ANGELES

Co.

Phone Vandike 1071

SPECIALIZING

IN

THE WHOLESALE

DISTRIBUTION

OF

J.

K.

Mullen

Inv.

ALLEN

J.

Allen Investment
Company,

639

SOUTH

SPRING

STREET

•

SUITE

510

Walston

ANGELES

TRINITY 7761




•

14. CALIFORNIA

TELETYPE

LA 1534

TELETYPE
Boulder, Colo.

LEOPOLD, ROBERT

PACIFIC COAST UTILITIES

KENNETH

LA 23

&

Co.,

INDUSTRIALS

CALIFORNIA
EASTERN

&

OIL

STOCKS

MIDWESTERN

UTILITY, WATER AND NATURAL
GAS

LINSCOTT,
LOS

BELL SYSTEM

Co.

SECURITIES

LEFFERDINK,

INVESTMENT TRUST SHARES

AND

Company

LAYTON, ROBERT
The

1921

San Francisco

E.

DAVID

Boettcher

Established
J

Lynch, Pierce, Fenner & Beane

J.

LAWRENCE,

NCORPORATED

SAN FRANCISCO STOCK EXCHANGE

Henry F. Swift & Co.,

LASCOR, L. A.
•

INC.

LOS ANGELES STOCK EXCHANGE

M.

Ladet Ac Co.

Merrill

cm

MEMBER

Bank

LANGLEY, DONALD

fcn

Asiel & Co.

New York City

A.

KULLGREN, ELWOOD
LADET,

T0:

Bank

SECURITIES

E.

Inc.

LINVILLE, LORENZO W.
Stockton, Linville & Lewis
LIPSEY,
Allen

O.

LLOYD.

E.

639 South

Investment Company,

Boulder,

Jr..

Walston

*

Colo.

&

KENNETH

Co.,

Inc.

•

Spring Street, Los Angeles 14, California

Convention Number

PATTERSON,

DONALD

L.

SCHAEFER,

Boettcher and Company

PEARSON,

PENNY,

R.

Carroll

Co.

Peters,

Writer

:

Peters,

Writer

M.

Scanlan

St

Inc.

SCOTT.
FIF

Co.

The International Trust

Co.

J.

RAMSEY,
J.

A.

Jr.,

JOHN

Hogle

REECE,

&

Bank

Inc.

T.

&

Co.

HENRY

Jr.,

and

C.

CHARLES

FIF

Brereton, Rice St Co., Inc.
Garrett-Bromfield

The
of

NEIL

United

SODEN,

F.

States

L.

O.

Boulder, Colo.

Garrett-Bromfield

M.

Boettcher

and

ROLAND

&

Company

Columbia

Stone,

Co.

FRED

Earl

M.

Walter &

St

Company

Co.

WARNER,

NEIL
Co.

&

R.

&

C.

Sudler

Co.

i

ARNING,
•,

'

'

-

1955; Took Office: January 28, 1956; Term

J.

Pierce, Fenner St Beane

Securities

Jack

Bass

M.

JR.,

BASS,
Jack

Company,

Bradford

&

M.

BENEDICT, E. B.

Co.

Spencer Trask

JACK M.

BASS.

WEAKLY, W. HOWARD
Columbia

C.

Equitable Securities Corporation

Pierce, Fenner St Beane

MELVILLE

BARNES,

Co.

St

BELL, WALTER E.

ROBERT

Merrill Lynch,

A.

WARREN, CHARLES L.
Merrill Lynch,

Carroll

Co.

*

Bass &

M.

Kirkpatrick,
". ! ' "'lii.

ROSTER OF MEMBERS

Sullivan

GEORGE

HENRY

Denver

SWEENEY,

St

Jack

Expires: December 31, 1956.

Company

Bosworth,

Sullivan St

The United States National Bank of

Company,

Davenport,

Evan

1

Inc.

Co.

St

C.

Committeemen:

Company; William Nelson II, Clark, Landstreet &

Elected: December 16,

M.

WARDMAN, WM. E.

Amos

SWAN,

C.

EARL M.
Scanlan

Fenner & Beane

WALTER, FREDERICK D.

St Co.

M^ore

Bosworth,

Incorporated

SCANLAN,

Inc.; David W. Wiley, Jr., Wiley Bros., Inc.
National

C.

F. II.
Harris, Upham St Co.

Upham

Corporation;

Inc.

Beverly W. Landstreet III, Clark, Landstreet & Kirkpatrick,

Pierce.

JOSEPH

v

National Bank.

Governors: Gus G. Halliburton, Equitable Securities

C.

Bank

OGDEN

Merrill Lynch.

WALSH,

SULLIVAN, JOHN J.

L.

Securities

GEORGE

Jr.,

VINEY,
Inc.

STONE, ERNEST E.

E.

Bradford & Co.

Cumberland Securities Corpo¬

Secretary-Treasurer: John R. Zeitler, Third

DERVORT, R. G.

VERNER,

E.

Hogle

John R. Zeitler

Peyton Evans

Vice-President: N. Peyton Evans,

Christensen, Inc.

Denver National

Co.

D.

Allen Investment Company, Boulder, Colo.

SCADDING,

VEER,

Harris,
A.

H.

Schoen

B.

President: Kenneth B. Schoen, J. C.

Peters, Writer St Christensen,

WILLIAMS

Carroll

Harris, Upham St Co.
LESLIE

Kenneth

STITT, CARL E.
J.

RAYMOND

H.

Co.

&

FRED C.
Writer &

VANDER

JR.

Mullen Investment

E.

ROY

SARGEANT.

ROBERT

ration.

J.

K.

STEELE,
Inc.

L.

Co.

Ladet

Peters,

Bosworth, Sullivan and Company

Co.

&

ROSEWARNE, PAUL D.
Peters, Writer <£ Christensen,
SANDBERG,

SAYRE,

B.

STANLEY,

ROBINSON. RAYMOND L.

H.

Lynch, Pierce, Fenner & Eeane

ULRICH,
F.

Allen Investment Company, Boulder, Colo.

Allen Investment Company,

WILLIAM

Co.

STANDISH,

ROBINSON, J.

Co.

TSCHUDI, FRANK

TUPPER,

St

The J.

Bank

National

Investment

Co.

TRUGLIO, NICHOLAS F.
Bosworth, Sullivan St Co.

EATON

F.

Carroll

Denver

St

NORMAN

TOWNE,

VAN

ROBERTS,

M'ullen

JACK

Merrill

Management Corporation

SMITH,

Co.

&

K.

Bosworth, Sullivan & Co.

SMITH,

ROBERTS. MALCOLM F

C.

L.

HARRY

TOWER.

Co.

SMITH,

Ariz.

P.

ROBERT

FRANK

Merrltt

Carroll &

J.

Company

RUSSELL
&

Security Traders Association

Talhnadge

Simpson St Company

Carroll

CHARLES J.

Nashville

Ine.

Mountain States Securities Corporation

THOMAS

SLADE,

Company

J.

King

TICE,

Hogle St Co.

E.

MYI.ES

St

THOMPSON,

Co.

&

Harris, Upham & Co.

Trust

REFSNES, JOSEPH E.
Refsnes, Ely, Beck St Co., Phoenix.
RICE,

The

TIIARP,
Inc.

SIPLE, H. W.

T.

&

A.

B.

Christensen.

Co.

St

TAILMADGE.

TETTEMER,

SIMPSON, BRYAN E.

Co.

VERNON

Central

Christensen,

St

St

L.

I.

Roberts

Boettcher

SIGLER,

Company

Writer

M.

JOSEPH

SHIRLEY,

L.

RALSTON, JOHN
Peters,

J.

Tallmadge & Tallmadge

F.

Christensen,

&

Roberts

SHIELDS,

Quinn & Co., Albuquerque, N. Mex.

and

Beane

GEORGE

Shelley,

JOSEPH

Writer

Harris

TALLMADGE,

IMELVIN

SHELLEY, E.

Company

QUINN, ARTHUR

Boettcher

R.

R.

RICHARD

Writer

Shelley,

and

&

Management Corporation

Peters,

POWELL, JAMES

RAICHLE,

JR.,

SEEM AN,

PLEASANTS. AARON W.

Boettcher

Fcnn u

(jo.

&

SCIIROEDER,

PETT1BONE, Jr.. C. ARTHUR
Earl

G.

5.-v:

CLARENCE

Carroll

Inci

Chrictensen,

Peters,

Corporation

G.

Lyncn, Pierre,

SCHOLZ,

P.

&

i.

Securities

SWEET, WILLIAM

TALBOTT,

Tallmadge

.v

<

Christensen,

&

GERALD

Merrill

>

.

PETERS, JR., GERALD P.
PETERS,

Stlates

SCIILENZIG,

GERALD

&

LOUj

Mountain

Mountain States Securities Corporation

* ' ~
Bank

F. W.
National

American

SCHAUB,

HAROLD

G.

51

THE COMMERCIAL and FINANCIAL CHRONICLE

M.

St

&

Co.

BERRY, WILLIAM I.
Clark, Landstreet & Kirkpatrick,

Company

JACK M.
St Company

(Continued

Bass

Inc.

52)

on page

Incorporated

WELLER, HIRAM D.
Peters, Writer St Christensen,

Underwriters & Distributors of

WHITAKER,
Mountain

and CORPORATE

MUNICIPAL

SECURITIES

WHITE,

ROBERT
States

DONALD

Inc.

C.

Securities

Corporation

R. L. COLBURN COMPANY

E.

Peters, Writer & Christensen, Inc.
WHITE, DOUGLAS
Founders

ESTABLISHED

L.

Mutual

1890

MEMBER

Depositor

Corp.

FRANCISCO

SAN

EXCHANGE

MINING

WHITE, HERBERT P.
Coughlin and Company
WHITE,

sterne, agee & leach
Members

New

York

A.

PAUL

Huey

Kirchner,

Midwest

Members

M.
&

Co.

WIESNER, ALFRED A.

Exchange

Stock

L.

SAN

Montgomery

Private

Private

Offices

Between

Wires

Wire

Goldman, Sachs &

to

York

CALIF.

ROBERT

WINTER,

DALE

W.

Kirchner,

215

7TH

STREET

ANGELES,

CALIF.

WEST

LOS

2-2580

DOUGLAS

2-3173

TELETYPE

>

Co., New

FRANCISCO,
EXBROOK

Boettcher and Company

WILSON,
Direct

STREET

Inc.

WILLARD, E. WARREN

Birmingham

CALIFORNIA

527

St Wiesner,

Ormsbee

Exchange

Stock

SF

712

H.

St

RICHARD
Bosworth, Sullivan

Wiesner,

St

Ormsbee

Inc.

Co.

WOULFE,

WRITER.

Peters,
WRITER,

GEORGE

Writer

St

HAROLD

DIRECT PRIVATE

S.

Christensen,
D.

& Co.

YEANOS,

members: Midwest Stock

CHRIS

Walston

St

SOUTH LA SALLE STREET, CHICAGO 4, ILLINOIS

209

PAUL E.
Bosworth, Sullivan & Co.

YOUMANS,

DISTRIBUTORS

•

PRIVATE

YOUNG, RALPH S.
Colorado Springs, Colo.

PLACEMENTS

For fast and reliable service
Middle Western

YOUNG. WILLIAM A.
Merrill

650 S. SPRING ST.

LOS ANGELES 14 • TRinity 0281

•

TELETYPE LA

Pasadena

•

Long Beach

•

Exchange

Co., Inc.

Members Los Angeles Stock Exchange

UNDERWRITERS

TO

WILLIAM A. FILLER & CO.

Peters, Writer St Christensen, Inc.

Croweff ,Weecfon

WIRE

Inc.

Lynch, Pierce, Fenner & Beane

38

San Diego

•

securities

and

securities

securities

we

solicit inquiries in unlisted

and Midwest

traded

in

Stock Exchange

Southern

California.

STERN, FRANK, MEYER & FOX

Laguna Beach

members:

New

BANK

UNION

York Stock Exchange, American Stock Exchange

BUILDING

direct

private

•

wire

LOS

ANGELES

to New

14

•

(Assoc.)

VANDIKE

York—TWX—LA 271

}

.

2123
.

1}

Serving Southern California since 1927

SAM

ROBERT M. GREEN

GREEN

(Trading Since 1917)

WagensellerS

,

Inc.

Investment Securities
626 S. SPRING ST.,

Pledger & Company,
Direct

LOS ANGELES 14

Wire to N.
120

TRinity 5761

•

Inc.

Y. Hanseatic Corp.

Broadway, New York

TELETYPE: LA 68—LA 35
MEMBERS:

LOS

ANGELES

AMERICAN

STOCK EXCHANGE

STOCK EXCHANGE

210 W. 7th ST.

LOS
DIRECT PRIVATE WIRE—KIDDER, PEABODY
PASADENA

REDLANDS




CLAREMONT

Mu 5231

(ASSOCIATE)

& CO., NEW YORK

SANTA MONICA

SAN DIEGO

William

J.

McCuIlen,

Hendricks

Eastwood, Inc., Philadelphia

&

ANGELES, CALIF.

LA 382

Teletype

52

John

Thursday, November 15, 1956

THE COMMERCIAL and FINANCIAL CHRONICLE

S. Barker,
Lee Higginson Corporation, New York; Jeanne B. Barker; William W. Dorroh,
Shearson, Hammill & Co., Los Angeles; Helen Dorroh, Los Angeles; Lincoln R. Ure, Jr.,
A. P. Kibbe & Co., Salt Lake
City; Betty Ure, Salt Lake City

Nashville

S.

LARKINS,

Security Traders Association

J.

Mid-South

STEPHENSON,

Securities

Co.

American National

First

Mid-South

ENOCH B.

Securities

STERN,

Bank

QUITMAN
Equitable Securities

LUSKY.

BURKHOLDER,

H. FRANK
Securities Corporation

Equitable

CLARK, HAROLD W.
Clark, Landstreet &

CLAYTON,

&

Webster

M.

WARTERFIELD, CHARLES W.

Wiley Bros.,

HALLIBURTON, GUS G.

Wiley Bros.,

Inc.

HILL,

Clark, Landstreet As Kirkpatrick, Inc.

J.

Company

W.

Cumberland

Securities

EVE, PAUL
Paul

Corporation

Eve

Securities

Jack

Estes

M.

Ac

Bass

M.

Company

NELSON,
First

Inc.

buying

American

Secuirties

Co.

or

J.
Inc.

C.

Central

Power

Co.

M.

Uranium

Freightways
Denver-Chicago Trucking

Sioux Oil

Denver

United States Borax

Tramway Corporation

Federal

Uranium

United

J.

States

Merrill

Jr.,

MARION

National

Bank

Utco Uranium

Wyoming Uranium

TUCKER,

Jack

JAMES

Bass Ac

G.
Company

Jr., LEWIS F.
Clark, Landstreet & Kirkpatrick, Inc.

ZEITLER,

VOSS, Jr., RONALD

Corporation

M.

WOOD,

W.

J. C. Bradford Ac Co.

Securities

Third

Corporation

National

JOHN

National

R.
Bank

Bank

Underwriters and Distributors

Inc.

OIL AND MINING STOCKS

Ac

Co.

&

Company

HENRY

hi

Ac

Company

Securities

Corporation
Active

Securities

Trading Markets

Corporation

MATTHEW.

B.

of th*

ROCKY MOUNTAIN REGION

C.

KENNTH

Bradford

SHARP,

&

B.

•-x-'niri

Co.

ALFRED

SHILLINGLAW, RICHARD
Mid-South

c

daviofl Ej

P.

Securities Co.

SIMPKINS, OTTO
Merrill

Lynch,

Pierce,

Fenner

Ac

INVESTMENT SECURITIES

Beane

SMITH, H. LAIRD

Amos C. Sadler & Co.

Equitable Securities Corporation
smith,

Specialists Rocky Mountain Region

L.

WILSON, BUFORD

F.

Lynch, Pierce, Fenner Ac Beane

H.

D.
Alfred D. Sharp Ac Company

White Canyon Mining Corp.

First National Bank Bldg., Denver 2 DN 490

J.

J. C. Bradford Ac Co.

Company, Inc.

herbert

SCHOEN,

& Chem. Co.

Golden
Ideal

Ac

PORTER, ALEX. J.
Mid-South Securities Co.

Co.

Frontier

Refining Co.
Cycle Corp.
Cement Company

WILLIAMS,

MARION F.

Estei

Mid-South Securities Co.

Uranium

Mountain Fuel Supply Co.
Mountain States Tel. & Tel. Co.
Potash Company of America

Denver

N.

ALL LOCAL SECURITIES

Mid Continent

Bank

W.

Inc.

CARR

PILCHER.

Colorado Interstate Gas

National

Bass

Equitable

Canon

Lisbon

Bros.,

L.

Sanders

PETTEY

Colorado Milling & Elevator Co.
Colorado Oil & Gas
Consolidated

W.

e.

Securities

Bradford

Cumberland

selling the securities of:

Kutz

Colorado

Sr., DAVID

Wiley

OLSEN, PALMER

King Oil Co.
Kinney Coastal Oil Co.

Trust Co.

THOMAS,

EINER

PARKMAN,

Central Bank

T.

FINIS

NIELSEN,

Year

Hospital Supply
Big Horn Powder River
&

Company

American

PAYNE.

interested in

Gibson

&

Wiley Bros., Inc.
WILEY,

THOMAS H.
Securities Corporation

Temple

NELSON, II, WILLIAM
Clark, Landstreet 8c Kirkpatrick,

Vance,

are

TEMPLE,

Corporation

NELSON, ED.
Clark, Landstreet Ac Kirkpatrick Inc.

Jack

26th

Webster

Trask & Co.

Cumberland

Inc.

LANDSTREET, iii, BEVERLY W.
Clark, Landstreet Ac Kirkpatrick,

Temple Securities Corporation

We

Ac

MITCHELL, Sr.,
Cumberland

Company,
As

Bass

Mid-South

Our

Spencer

Cumberland Securities Corporation

Corporation

kirtland. fred k.

Co.

WILEY, Jr., DAVID W.

JOHN D.

THOMAS,

<

FARRAR, RUDOLPH S.

Bank

C.

Beane

Co.

Mclaughlin, thos.
Wiley Bros.. Inc.

S.

KIRKPATRICK, Jr., EDWARD L.
dstreet Ac Kirkpatrick,
Clark, Landst

Corporation

F.
As

Ac

ROBERT

Webster Ac Gibson

KINGINS, MERVYN J.

PEYTON

Cumberland

i

McDANIEL, MATTHEW F.

PORTER

N.

National

WEBSTER,

Bradford As Co.

KEITH,

Securities

EVANS, JESSE H.
EVANS,

Jack

HUTTON, JOE E.
Equitable Securities

Company

ELKINS, OVERTON C.
Mid-South

ALBERT

C.

BERT
Securities

Fenner

MITCHELL, Jr., T. H.

EARLY, MORRIS
Bass &

WALTER

Bradford As Co.

Equitable Securities Corporation

DOUGLAS, N. JAMES

Jack M.

R.

C.

American

STEVENSON, ALEC B.
Vance, Sanders Ac Company

McDANIEL, EVERETT

HALE,
J.

First

Co.

STORY,

Pierce,

martin, ray g.
Temple Securities

Inc.

DAVENPORT, C. EVAN
Jack M. Bass & Company
J.

Corporation

Mid-South

DAVIS,

FRANK

Ac

Gibson

As

GREENWALT, BUFORD W.

Co.

C.

JAMES

R.

L.

Lynch,

MADDEN,

GIBSON, Jr., JO
Inc.

IRA

Merrill

Spencer Trask & Co.

Kirkpatrick,

EVERETT

Spencer Trask

FINCH, NORMAN D.

AMherst 6-2416

jr.,

Merrill

Pierce,

Fenner

Ac

Beane

Spencer

Trask

Ac

TELETYPE DN 27

MAIN 3-6156

STEMPFEL, ROBERT S.

Securities

DENVER, COLORADO

DENVER CLUB BUILDING

Mcdowell

Lynch,

ALBUQUERQUE

f

BILLINGS

Co.

COG MINERALS CORPORATION

Primary Markets in Securities
of the Rocky Mountain West

KINNEY-COASTAL OIL COMPANY
EMPIRE

PETROLEUM

COMPANY

GREAT BASINS PETROLEUM CO.

Underwriters, Dealers

For

Speculative Funds

Distributors in:
Municipal and
and

common

stocks.

Direct Private Wire
...to

New

cago,

San

Members of:

corpora¬

bonds... Preferred

tion

York,

NEW YORK STOCK EXCHANGE
MIDWEST

STOCK

EXCHANGE

AMERICAN STOCK EXCHANGE

(ASSOCIATE)

We

31

Chi¬

are

interested in Oil and Mining

Securities in the Denver Market Area.

Francisco,

AFFILIATES

Houston, and other im¬
portant

trading

centers.

B0SW0RTH, SULLIVAN & €0.
660 -17th

ST., DENVER 2, COLORADO




N.

Third National Bank

SOL

Spencer Trask
LEDYARD,

(Continued from page 51)

WARD,

Co.

RUDOLPH

LAUPER,

ROSTER OF MEMBERS

Hugh R. Schlicting, Wm. P. Harper & Son & Co., Seattle; Adrienne Schlicting, Seattle; James
Russell, Gottron, Russell & Co., Inc., Cleveland, Ohio; Rita Russell, Cleveland; Star Koerner,
F. S.
Moseley & Co., Chicago; Martha Koerner, Chicago

•

KEysfone 4-6241

4500

TREVOR CIIRRIE
Securities

MEMBERS

Guaranty Trust Bldg.
Denver 2,

KEystone 4-4870
Colorado

53

THE COMMERCIAL and FINANCIAL

Convention Number

CHRONICLE

Eustis

Geo.

&

A.

Co.

FILDER, Jr., HARRY A.
Einhorn &

Putnam

Distributors,

W.

Chicago
Merrill

Lynch,

Pierce,

Chas.

Hinsch &

A.

FRIEDLANDER,

Benj.

W.

GARRARD,

Devine

J.

GEIGER,

St

Middendorf

Heimerdinger

W.

Hutton

E.

G.

St

St

HALL,

C.

L. Harrison

Co.

•

President: Harold Roberts, John E. Joseph & Co.

Jr., Cincinnati Stock

Exchange.

Hill

E.

Harrison

Trustees: The officers and Arthur W. Korte, C. H. Reiter & Co.;
Robert W. Reis, Seasongood &

Mayer; Justin J. Stevenson, Jr.,
Co.; Harry C. Vonderhaar, Westheimer and
Company; Richard Wellinghoff, C. J. Devine & Co.
&

National Committeemen: Harold Roberts, John E. Joseph &

Co.;

Charles L. Harrison III, Harrison & Company;

Robert W. Reis,
Seasongood & Mayer; James F. Moriarty, W. E. Hutton & Co.;
John G. Heimerdinger, Walter, Woody & Heimerdinger.
Alternates:

Henry J. Arnold,

Geo. Eustis &

Geo.

Eustis & Co.; Lee

R. Staib,

Co.; Clair S. Hall, Jr., Clair S. Hall & Company;

Office: January, 1956; Term Ex¬

St

Jr.,

HICKEY,

Fahey,

J.

HIGBEE, DON

&

Hutton &

E.

HIRSCHFELD,

L.

W.

Inc.

ARMBRUST, JOHN J.
Pohl

St

ARNOLD,

Company,

W.

John

W.

&

HENRY J.

Eustis

Geo.

St

Inc.

BECKER, FRED H.
Field, Richards St

Co.

Bennett St Co.,

E.

BERLAGE,

and

Company

ROBERT
W. C. Thornburgh

W.

Harrison

BROWN,

St

DRYDEN,

J.
Middletown,

ROBERT

Greene

BUSE,

Co.

Ladd,

BUTZ,

and

CHARLES

Harrison

St

O.

D.

Eaton

P.

ELLIS,
Ellis

WILLIAM A.
Bartlett St Co.

The

F.

Schwarm

M.

W.

ROBERT

WOODY, MARION H.

Walter, Woody & Heimerdinger

Co.

WORK, JOSEPH R.

and Company, Hamilton,

DANIEL

D. Gradison

Inc.

Seasongood St

C.

Thayer, Woodward St Co.

St Co.

D.

St Co.

Ohio

Geo.

Eustis

St

Co.

WORTH, WILLIAM P.
Westheimer

and

Company

ZIEGLER, ALLEN

SCHWINDT, PETER

B.

ALBERT

St Company

WOODWARD, WARREN

M.

JAMES

AUSTIN

Sanders St Co.

Vance,

St

P.

WILSON, JOHN D.

VIRGIL

SCHWARTZ,

J.

Widmann

CARL

Eustis

Company

RICHARD

Co.

WIDMANN,

Company

Co.

Hutton

ROBERT

and

Mayer

Merrill

Lynch, Pierce, Fenner St Beane

Inc.

Harrison,
Jr.,

St

T.

Ino.

B.

Harrison.

Inc.

John E. Joseph

PUGET SOUND

St Co.

GEORGE

KALER,

Eustis

Geo.

&

Co.

PULP

Cincinnati

Municipal

Corporation

Bond

KEYS, RICHARD H.
The Reserve Investment

Co.

DAVID

ARTHUR V.

KATZ,

Incorporated, Chicago

AND TIMBER'CO.

Company

KORROS, FRED

W.

Westheimer and Company

Co.

KORTE, ARTHUR W.

HERMAN J.

Samuel

lumbus,

St Co.

JOSEPH, JOHN E.

WILLIAM
St

8.

CAMPBELL

E. Hutton

Company

Howard,

Jr.,
St

ENGLER,

& Co.

E.

Geo.

Company

St

St

Einhorn

A.

Company

Clancey

St

JOHNSON,

W.

R.

Co.

ALLISON

J.

EINHORN,

CLANCEY, W. POWER
W.

St

EBERHART, A. DRYDEN

Company

CARTWRIGHT,
BenJ.

Beane

WILLIAM F.

St

Harrison

ROBERT O.

Westheimer

RICHARD

J. A. White St Company

WILLIAM W.

St

St

WHITE,

HAROLD

SCHWARM,

Co.

Co.

Company,

JOHNSTON,

HERBERT

Reusch

DOHRMANN

BRINK,
The

Breed

Fenner &

Lepper St Co.
DITTUS,
Fox,

Co.

RICHARD

DIETZ,

Inc.

WILLIAM T.

Westheimer

St

Breed

BENNETT, JEAN E.
J.

WALTER J.
Lynch, Pierce,

Merrill

Co.

JOHNSON, MARK T.

Harrison St Company

DEHNER,

Ellis

Company

Joseph St Co.

SCHIRMER,

St

Isphording,

St

Pohl

DAVIS, GILBERT A.

L. Barth Co.

The J.

St

J.

&

Company

JAMESON, ROBERT A.

Columbus

WILLIAM L.

BARTH,

Doll

St

WHEELWRIGHT,

C.

White St

A.

Bache

W. E. Hutton St Co.

CRUM, JAMES F.
The Samuel St Engler Company

Aub St Co.

A. E.

BARNARD, REGINALD
W. E. Hutton St Co.

E.

RUXTON,

Company

JAMES

III,

Eustis

Westheimer

SCHNEIDER, PHILIP

and

ISPHORDING,

and

C. J. Devine St Co.

ROSSBACH, KURT

Inc.

Co.,

i

Hutton

E.

HUTTON,

COULSON, CHARLES G.
L. W. Hoeflnghoff St Co., Inc.

Co.

EDGAR

AUB, A.

W.

Stanley Cooper Co., Inc.

Geo.

Mayer

Hughes

St

Engler

Company,

O.

Co¬

C.

H. Reiter

Greene St

BELLINGHAM, WASHINGTON

St Co.

LAUFERSWEILER,

II.

MAURICE

Ladd, Dayton

LENHOFF, MATTHEW
W. E. Hutton St Co.

«%•

LEPPER, MILTON
A. Lepper St Co.

STONE, MOORE & COMPANY
■

z

:

z

INCORPORATED

LOVELAND, FRANKLIN O.
St

Harrison

J.
Municipal Bond Corporation

FRANCIS

Cincinnati

BANKERS
JAMES

MADIGAN,
817

17th

DENVER

Company

:
LYNCH,

INVESTMENT

J.

STREET

2, COLORADO

Teletype DN 580

Telephone KEystone 4-2395

Active Retail Outlets

Inc.

First

Cleveland

Columnus

Corp.,

Industrial Alcohol

McCLOY, 0. JAMES
Fahey, Clark St Co.
McCUNE,
C.

C.

C.

CHARLES

McCune

&

Company,

Dayton,

McKIE, STANLEY G.
The Weil,

EDWARD F. ALTMAN

MEYER,
Charles

Roth St Irving Co.

ROBERT
A.

R.

Hinsch

St

HOWARD J. HANNON




Sulphite Pulp—Paperboard

HOYT B.

MAHON, Jr.,

MIDDENDORF,
Middendorf

St

High Grade Bleached

E.

E. Madigan St Co.,

The

ERNEST E. STONE

Ohio

C.
Mayer

WELLINGHOFF,

Co.

St

ROBERTS,

Company

THOMAS

S.

ROBERT

WEISS,

A.

CHARLES

Harrison

RICHARD

HUTTON, Jr.,

STANLEY

COOPER,

Inc.

Co.

II, ARTHUR H.

RILEY, GEORGE

G.

L.

Hoefinghoff

J.

St

WESTHEIMER,

and

Westheimer

LOUIS

Richards St

Field,

B.

Richards St Co.

Bache

HOEFINGHOFF, LEE W.
L. W. Hoefinghoff St Co.,

Thomas

ROBERT

Ladd, Middletown,

Seasongood

RIFE, ROY E.

JOHN

HUGHES,

W.

CONNERS, Jr., CHARLES
Pohl & Company, Inc.

&

C.

Company

Field, Richards St Co.

OSCAR

Westheimer

and

Jr.,

Greene

Mayer

Bartlett St

RICHARDS,

Co.

A.

HOEFINGHOFF,

Co.

HARRY

WEINIG, DAVID

Stranahan, Harris & Company
HITZLER,

St

WEIL, JOSEPH B.

Field,

HUDEPOHL, HARRY J.

CONNERS, CHARLES F.
Pohl St Co., Inc.

Co.

Westheimer

Mayer

St

Eustis

WANNER,

RICHARDS

Richard G. Howes & Co.

W.

Geo.

VONDERHAAR,

WALTON,

BenJ. D.

Heimerdinger

Hinsch St Co.,

Chas. A.

HOWES,

ROSTER OF MEMBERS

ALTER, T.

L.

Co.

REYNOLDS, JOS.

M.

CHAS.

HINSCH,

Cincinnati

Company,

Company

Westheimer

RAYMOND

Clark

St

REUSCH, CARL H.
Fox, Reusch St Co.

>

Company

&

and

REITER, JACK L.
C. H. Reiter St Co.

WEBSTER

Woody

Company

Inc.

REIS, THOMAS
Seasongood St

R.

HEIMERDINGER, JOHN M.
Walter,

Westheimer

REIS, ROBERT W.
Seasongood St Mayer

Company

Company

HOOD, PAUL
Seasongood St

pires: December, 1956.

(Members located in Cincinnati unlets
otherwise Indicated)

St

Seasongood

Inc.

J.

Harry J. Hudepohl, Westheimer and Company.
Elected: December, 1955; Took

St Co.,

REIS, Jr. GORDON

Company

&

and

TRITTON, THOMAS
Harrison

Hinsch

ROBERT

REED,

S.

&

Co.

VASEY, JOSEPH H.

HEIMERDINGER, JOHN G.
Walter, Woody St Heimerdinger

Treasurer: Arthur H. Richards II, Field, Richards & Co.

E. Hutton

A.

C.

Thornburgh

C.

TOBIAS, JOHN E.

RANSICK, NEIL

HEAD, Jr., HUGH

Glenn, W. D. Gradison & Co.

Secretary: Charles L. Harrison III, Harrison & Company.

W.

HARRISON,
Harrison

Second Vice-President: Paul W.

Co.

HARRISON; III, CHARLES L.
Harrison St

Vice-President: Charles H. Steffens,

&

Dayton

CLAIR

W.

TOBIAS, CHARLES H.

POOR, HENRY E.
Merrill Lynch, Pierce, Fenner St Beane

Chas.

WESLEY

THORNBURGH,

M.

GEORGE

Gradison

D.

W.

ROBERT

The W. C. Thornburgh Co.

Dayton

HAPPLEY,
GEORGE
C. H. Reiter St Co.

First

Thayer, Woodward St Co.
THORNBURGH,

Westheimer
W.

B.

Hall

S.

y

H.

Company

Wellington Fund

Co.

Ladd,

Jr.,

St

CLIFFORD

PHILLIPS,

Hoeflnghoff St Co.,

Clair

Arthur H. Richards II

III

T.

Bache St Co.

Smart, Clowes St Oswald, Inc.

GUCKENBERGER. EDGAR F.
W.

J.

Co.

St

CHESTER

THAYER, RICHARD

PEALE,

GRISCHY, CLIFFORD H.
Field, Richards St Co.
L.

JUSTIN

JR.,

Hutton

E.

The

Ladd,

JOHN

Greene

W.

Co.

OSWALD, GEORGE

GREENE, HARRY T.
GREENE,

STEVENSON,

C.

St

TERRELL,

narrison

GORDON M.

&

Co., Inc.

LEE R.
Eustis St Co.

STEFFENS, Jr., CHAS. H.
The Cincinnati Stock Exchange

Co.

OLLIER, CLETUS

H.

Company

Gradison &

Middendorf

Bennett &

E.

Geo.

O'HARA, JOHN J.
Seasongood St Mayer

Richard G. Howes & Co.

Greene

J.

STAIB,

Inc.

GRADY, GEORGE T.

GRAHAM,

Lynch, Pierce, Fenner St Beane

Merrill

O'BRIEN, Jr., HARRY
W. E. Hutton & Co.

GLENN, PAUL W.
D.

St

HARRY

O'BRIEN,

PATRICK

GESSING, LAWRENCE
A. Lepper St Co.
W.

Company

SNYDER, CHAS. H.

& Co.

and

Beane

C.

and

SMALLEY, ROBERT

J. II.

NEUMARK,

Heimerdinger

&

SAM

Westheimer

Inc.

Co.,

E.

&

Reed,

GERTZMAN,

Co.

JOHN B.

Company

RUFUS W.
The W. C. Thornburgh Co.

GERHARDT, FRANK E.
J. E. Madigan St Co., Inc.

Paul W. Glenn

JACK

Westheimer

MURPHY,

Co.

RUSSELL

Waddell

St

III,

St

.Harrison

St

W.
Pierce, Fenner St

Lynch,

Merrill

SIEGMAN,

MUET1IING, CARL A.
Walter, Woody St Heimcrdincvr

JOHN

Woody

Walter,

Chas. H. Steffens, Jr.

Beane

Co., Inc.
&

JOHN

Woody

Walter,

FUEKBACHER,

Harold Robarts

St

ALFRED

Bartlett

D.

FROEHLICH,

C.

Fenner

ROBERT

FOGEL,

Hutton

E.

MORLIDGE,

FITZGERALD, LAWRENCE S.

V.

JAMES F.

MORIARTY,

Inc.,

C.

GEORGE

Hinsch

A.

Charles

SHEPLER, LLOYD

Eustis St Co.

Geo.

ROSS

Fund

EARL R.

SHAFFER,

,

Lepper

MORGAN,

Co.

H.

FINNEY,

LLOYD
St Co.

MILLER,

EUSTIS, GEORGE

Cincinnati Stock and Bond Club

WM. A.
Co.

Co.,

Inc.

O.

Lignosite

54

THE COMMERCIAL and FINANCIAL CHRONICLE

Thursday, November 15, 1956

National Committeemen: Ralph C. Deppe, Edward D. Jones
Kenneth Kerr, A. G. Edwards & Sons; Richard H. Walsh,

Security Traders Club of St. Louis

& Co.;

GODBOLD, EARL
Dempsey-Tegeler

Newhard, Cook & Co.; Vincent C. Weber, Weher-Mitchell & Co.

GOODWIN,
Goldman,

Alternates:

Earl Hagensieker, Reinholdt & Gardner; Firmin D.
Fusz, Fusz-Schmelzle & Co., Inc.; John W. Bunn, Stifel, Nico¬
laus & Company, Incorporated; Herman J. Zinzer, DempseyTegeler & Co.

k-;'\

GRAF,
G.

Sachs

ROBERT

GUMMERSBACH, ALBERT E.

Dempsey-Tegeler & Co.

HAGENSIEKER, EARL
Reinholdt

DEMPSEY.

A.

Stix it Co.

ASHER,
A.

DEPPE,

Lynch,

BAKER,

E. R.

Leo R.

VV. Jack Wickmann

Oldendorph

Clooney

it

A.

FARROW,

Co.

Day

& Co.

&

A.

Inc.

FITES,
&

Sons

Edwards

Inc.

&

FRANK

Newhard,

FUSZ.

Jr.s FIRMIN
Fusz-Schmelzle &

Sons

BLEWER. CLARENCE F.
Blewer, Glynn & Co.

E.
Woods

JERRY

Sachs

it

Co.

it

&

Co.

Co.

IIOPP, JOHN K.
Taussig, Day it

Co., Inc.

HORNING,

H.

Co.

it

it

Dempsey-Tegeler

V.

Cook

Heitner

IIONIG, THEODORE C.

VERNON

RANEY,

Sons

NORMAN

Goldman,

Sons

&

Hartnett

it

HOCII, HAWORTH F.
McCourtney-Breckenridge

Stifel, Nicolaus & Company, Incorporated
I

WALTER A.
Heitner it Woods

G.

Edwards

G.

Edwards

G.

HIPPENMEYER,

Sons,

FISCHER, JOSEPH 8.
Goldman, Sachs it Co.

Sons

FLOYD
Edwards

it

II.

HILLE, WILLIAM M.
Metropolitan St. Louis Co.

1

F.

WM.

Moss it

HEITNER,

H.

FRED

Albert Theis

BLAKE, WILLIAM J.
A.

A.

FELSTEIN, SAM

BECKERS,
Yates,

Co.

Midwest Stock Exchange

it

JACK

G.

Morfeld,

Yates.

EARL

Gardner

HARVEY, JOSHUA A.

Calvin Bullock

Louis

LOUIS

Edwards

G.

BEATTY,
A.

St.

ELMER

Taussig,
BAYER,

of

Co.

BARKAU,

HARTNETT,

KENNETH

DRUMMOND.
Bank

ESSERT,

Simon

M.

Beane

DOWDALL, WM. F.
Wm. P. Dowdall it

it

HARRIS, IRWIN R.
Scherck, Richter Company

Co.

RALPH

EDWARD

BARKLAGE,
I.

it

Fenner

II.

National

BAKKWF.LL,
Stix

Pierce,

WILLIAM

Boatmen's

it

G.

Edward D. Jones it Co.

Sons

AYERS, C. T.
Merrill

DUMONT

Newhard, Cook

SIDNEY I.
Edwards it

G.

k

II.

HAEUSSLER, WALTER C.
Yates, Heitner it Woods

ROSTER OF MEMBERS
FREDERIC

Co.

&

Co.

Newhard, Cook it Co.

Expires: October, 1957.

Jr.,

Co.

RUDOLPH

H. Walker &

GUION.

Elected: September 16, 1956; Took Office: October 17, 1956; Term

ARNSTEIN,

it

CHARLES

BERT

Stifel, Nicolaus it Company, Incorporated

HUEBNER, CHARLES
Midwest Stock Exchange

D.

Inc.

Co.,

GARDNER, FRED W.

JANSEN,

Reinholdt it Gardner

KENNETH J.

Edward D.

Jones it Co.

BOND, RAYMOND C.
Bankers

Bond it Securities

BOOGIIER,

Kenneth J. Jansen

Elmer Jarrett

it

Sons

Inc.

First Vice-President: W. Jack
pany,

Smith, Moore & Co.

Incorporated.

Clooney, Reinholdt & Gardner.

Eugene T. Burns, Fusz-Schmelzle

&

Co.,

&

Sons

JONES,

Co.

EDWIN
Vogel it

EDWARD

Edward D.

JORDAN,
Co.

D.

Jones

ROY

&

Co.

W.

H. Walker &

G.

Co.

Inc.
Co.

J.

EMMET

Company

BROCKMEYER, E. H.
Goldman, Sachs it Co.
BROCKSMITH

Inc.

GLASER,
Glaser,

McCourtney-Breckenrldge it
Brennan it

Vice-President:

Third

JARRETT, ELMER
Newhard, Cook it Co.

BRECKENRIDGE, HUNTER
BRENNAN,

Second Vice-President: Leo R.

it

B.

HAROLD

Cruttenden

,

Bramman-Schmidt-Busch,

Wickmann, Stifel, Nicolaus & Com¬

WILLIAM

Edwards

G.

GIGER,

BOSCHERT, DANIEL C.
Morfeld, Moss & Hartnett

BRAMMAN, EDWARD O.

President: Edward R. Oldendorph,

GERSTUNG,
A.

LELAND

Albert Thels

Eugene T. Burns

Co.

Scherck,

H.

Firm Markets In

L.

Richter

Company

Secretary: Kenneth J. Jansen, Edward D. Jones & Co.

BRONEMEIER, JOSEPH
Scherck, Richter Company

Treasurer: Elmer Jarrett,

BUNN, JOHN W.
Stifel, Nicolaus it Company, Incorporates

Newhard, Cook & Co.

BURNS,

EUGENE

Fusz-Schmelzle

4
,,,

....

u

BURTCII,
'
'

/'

Henry,

J

Co.,

Inc.

V.

Carl M.

it Co.
our

R.

Scherck,

SECURITIES

Direct Private Wire to

T.
&

BURDICK
Franc

BYRNE,

Primary Markets in

.

WASHINGTON

EMMET

Loeb, Rhoades & Co.,

New York

Correspondent

Richter Company

CADLE, CHESTER J.
Cruttenden

CONNECTICUT^

CARLTON,

&

ESTABLISHED

Co.

JAMES

Johnston, Lemon & Co.

CLOONEY, LEO R.

SECURITIES

Reinholdt

it

MEMBERS

Gardner

PHILADELPHIA-BALTIMORE

CREELY, WALTER J.
Goldman, Sachs it Co.

UNDERWRITERS
CUMMINGS, JOHN P.
Newhard, Cook it Co.
DARMSTATTER, E. W.
Stifel, Nicolaus it Company, Incorporated

Inquiries Invited

1920

J.

| Harris Trust it Savings Bank

DAVIS, CHARLES P.
Slayton it Company,

Southern

-

STOCK

EXCHANGE

DISTRIBUTORS

-

DEALERS

Building, Washington 5, D. C.

Telephone: STerling 3-3130

Bell Teletype: WA 28, WA 95 & WA 509

Branch Office: Alexandria, Va.

Inc.

Chas. W. Scranton & Co.
MEMBERS

NEW

YORK

STOCK

FIF MANAGEMENT

EXCHANGE

NEW HAVEN

CORPORATION

Telephone: MAin 4-0171
New York: REctor 2-9377

950

Hartford: JAckson 7-2669

Connecticut

Broadway

Denver 3,

Teletype NH 194

Colorado

Principal Underwriter for

Securities...

Financial

Primary

CONNECTICUT

Industrial Fund

MARKETS for Dealers everywhere

Capital
Accumulation Plan

We

Industrial-Utility

particularly
inquiries

your

CONN.

Insurance

-

Bank

POWER

State

&

Municipal

MFG.

&

NEW BRITAIN

SOUTH'N NEW
STANLEY

with confidence that

our

We solicit

your

inquiries

specialized experience will be helpful.

Investment Plans
(Optional with

group

life insurance)

GEORGE

A.

DOCKHAM,

in

HARTFORD NAT'L BANK
F.

long and pleasant relationship with brokers

Systematic (Monthly)

CO.

HARTFORD ELECT. LIGHT
LANDERS

Securities

FIF

CONNECTICUT POWER
EMHART

our

dealers throughout the country.

in:

SPRING

&

the basis of

invite

ASSOCIATED
LT.

are

and

charge

C.

MACHINE
ENG.

and

Sales.

FULLY-PAID

TEL.

WORKS

Vice President and Treasurer

of Trading

CUMULATIVE PLAN

TORRINGTON CO.
VEEDER-ROOT

(Automatic

COBURN &
100

MlDDLEBROOK,

Trumbull

Hartford Tel. JAckson 7-3261
Bell

inc.

Teletype HF 464
NEW HAVEN

PROVIDENCE

BOSTON

London, Conn.
Norwich, Conn.
Manchester, Conn.
Bristol, Conn.
Waterbury, Conn.
Springfield, Mass.
Worcester, Mass.
Manchester, N. H.
W. Wardsboro, Vt.
Yarmouth, Me.
Wire

to

Troster, Singer & Co., New




like

to

receive

Hincks Bros. &
a

ESTABLISHED

Co., Inc.

1907

FIF Investment Plans.

872 MAIN

STREET

•

BRIDGEPORT

3, CONN.

Name

York

BRIDGEPORT

City
State

Members

Telephone

Address.

New

Direct

would

Reinvestment)

Booklet-Prospectus about

N. Y. Tel. DIgby 4-6713*
Boston Tel. HUbbard 2-3780*

*Direct Hartford-New York-Boston
'Phones

NEW YORK

I

Street, Hartford 1, Conn.

Dividend

FROM

NEW

EDison

5-5141

YORK, CALL WHitehall

Midwest Stock
4-8221

Exchange

Teletype BPT 489

Convention Number

Frank

Granat,
E.

Jr., Blanchett, Hint on & Jones, Inc., Seattle;
June Grant;
Everett
W.
Snyder & Co., Syracuse, N. Y.; Elena Snyder, Syracuse, N. Y.; Rex Merrick,
Rex Merrick &
Co., San Mateo, Calif.; Josephine Merrick

W.

JFFML
KAUFFMAN,

JOHN

R.

MAYFIELD,

Scherck,

KELLY, FRED S.
Stifel, Nicolaus & Company, Incorporated
A.

Edwards

Scherck,
LAYTON,

LOTTMAN.

Cook

Company

R.

G.

Mills

St.

& Company

MOBERLY,
&

Co.,

I.

Inc.

G.

H.

CLARENCE

Walker

MATTHEW,
White &

J.

MOREY,

Co.

DAVID

A.

S.

Reinholdt

ROBERT

Richter

Jr.,

Sons

Devine

HARRY

&

Co.

The

ERNEST

D.
National

Boatmen's

Bank

of

S*

Louis

&

Co.

YATES,

Co.

&

HARRY

J.

Glynn

Blewer,

VINCENT C.

Jr.,

&

Co.

JAMES

Heitner

Yates,

A.
Woods

&

Gardner

&

WEINRICH.

WHITE,

EDWARD

White

Richter Company

WHITE,

&

JOnN

Yates.

Co.

ZAMEN,

A.

ZINZER,

F.

Heitner

Woods

&

ROBERT

Semple,

Company

F. HOWARD

Jacobs

Co.

&

HERMAN

Dempsey-Tegeler

Goldman, Sachs & Co.

PELTASON, CHARLES M.
Peltason, Tenenbaum Co.

PELTASON, PAUL E.

&

ZAEGEL,

JOSEPH

Dempsey-Tegeler

Smith, Moore & Co.

Morfeld. Moss & Hartnett

WILLER,

Co.

&

KENNETH

X.

Weber-Mitchell

PAULI, ROBERT A.

Scherck,

Simon

A.

WUEST,
J.

WEBER,

PATKE, JAMES B.

MOSS, MORRIS

H.

Company

FRANK

C.

Company

Smith, Moore & Co.

RICHARD

Edwards &

G.

I.

WICKMANN, W. JACK
Stifel, Nicolaus & Company, Incorporated

H.

ROBERT A.

WEBB,

Company

Mercantile Trust

MORFELD, EDWARD H.
Morfeld, Moss & Hartnett

Company

MATTHEWS,

Scherck,

&

Jr., JULIAN
& Company

White

WIIITEHEA.D,

RICHARD

Dempsey-Tegeler

OLDENDORPH, EDWARD
MAENDER,

WHITE,

LEONARD

WALSH,

O'BRIEN, JAMES

RALPH

R.

Incorporated

Newhard, Cook & Co.

Union Trust Co.

Louis

Simon & Co.

M.

Co.,

Glaser, Vogel & Co.
WALSH,

LOWELL

O'CONNELL,

S.

JOHN

&

VOGEL,

Stlfel, Nicolaus & Company, Incorporated

MITCHELL, THOMAS
Weber-Mitchell & Co.

Co.

Kerwin, Fotheringham

Blair

Company

MILLS, R. G.

&

CIIAS.

&

NOR.DMAN, JOHN
Scherck, Richter

C.

Richter

Bank

NIEMOELLER, JOHN J.

VINCENT

Newhard,

White

MEYER, EUGENE J.
Municipal Bond Corp.

Harvey, Klein & Co., Inc.
GUY

THOMAS.

National

NEUWOEHNER, HIRAM

Company

Co., Inc., St. Louis; Kate Fusz, St. Louis; Walter L. Filkins,
Ruth Filkins, New York; Harry J. Hudepchl, Westheimer and
Cincinnati, Ohio;
Betty
Hudepohl, Cincinnati

Louis

St.

NEWCOMB,

KLEIN, ELMER B.

LAMSON,

Fusz, Fusz-Schmelzle &
Singer <6 Co., New York;
Company,

Mclaughlin, v/illiam
Scherck, Richter- Company

& Sons

D.

Troster,

Boatmen's

of

McKEE, LOGAN

KENNETH

G.

The

HARRY

Richter

Firmin

Snyder,

NELSON, CLARENCE

MATYE, JOHN F.
Dempsey-Tegeler <te Co.

LNEY,
Stlfel, Nicolaus & Company, Incorporated

KERR,

55

THE COMMERCIAL and FINANCIAL CHRONICLE

Inc.

J.

&

Co.

,

Peltason, Tenenbaum Co.
PETERSON,
Hill

UNDERWRITERS

DISTRIBUTORS

DEALERS

Jr.,

JOSEPH

Brothers

PITT,

Jr., ROY
Scherck, Richter Company

POPPER, ELVIN K.
I.

Johnson, Lane, Space

and

Co.

Yates,

TARLETON
Heitner

REDMAN, W.
A.

We Cover The Southeast!

M. Simon & Co.

REDDEN,

Woods

&

G.

Edwards &

G.

c

Sons

Check with

INCORPORATED

REESE,

EUGENE

Newhard,
Edward

D.

REIMER,
G.

Municipal Bonds

ROACH,

& STOCKS

HENRY
Richter

M.

Woods

Edwin

National

AU

&

of

St.

Louis

Richter

New York

Other

Co.

Stock Exchange

National

LD-159

Company

BO

AT-187

and

Exchanges

NEW

ATLANTA, GA.

GORDON

Jr.,

Scherck,

68

Members

H.

Sanders

C.

SCHERCK,

4016

Bank

DONALD

SCHERCK, GORDON
Scherck, Richter Company

BELL TELETYPES

SV

H.

WARREN

Boatmen's

182

&

SPENCER

Brothers

SANDERS.

AT

Securities

J.
Company

Heitner

RUEDIGER,

AUGUSTA

Co.

HERBERT

Yates,

ROBINSON.
Hill

SAVANNAH

Southern and General Market
&

Jones

Walker & Co.

H.

us on

Co.

IRVIN E.

RICHTER,
Scherck,

& LOCAL SECURITIES

ATLANTA

&

REIMAN, WM. L.

Georgia and South Carolina

CORPORATE BONDS

Cook

YORK,

9-9227

N.

NY

Y.

1-2370

SCHIRP, GREGORY J.
Taussig, Day & Co.. Inc.
SCHLUETER.

B.

L.

Newhard, Cook & Co.
SCHMELZLE, ALBERT M.
Fusz-Schmelzle & Co., Inc.

SCHMELZLE, RICHARD A.
underwriters

distributors

dealers

Fusz-Schmelzle

&

Co.,

Inc.

Co.,

Inc.

UNDERWRITERS

SEGASTURE, JAMES
Fusz-Schmelzle

MUNICIPAL

CORPORATE

BONDS

BONDS

&

SENTURIA, EDWARJ)
Newhard, Cook & Co.

OUR

SHAPIRO, SUMNER
Yates,

Heitner

SLAYTON,

STOCKS

HOVEY

Slayton &

SMITH,
U.

S.

&

DISTRIBUTORS

—

DS

TWENTY-SIXTH YEAR

Woods
E.

^Company, Inc.

ELMER

—

Southern & General Market

C.

Savings Bond Division

Federal Reserve Bank

COCA

COLA

COMMON

COMPANY

GEORGE
Moody's Investors

Municipal Securities

SORY,

Service

STOCK

STAY, WALTER A.
BOUGHT

-

SOLD

R.

G. Mills & Company

STEELE,

Specializing in Florida Issues

DON

Semple,

Jacobs

&

Co.,

Inc.

STEIN, ELLIOT H.
Scherck, Richter Company

Clement A. Evans 8c Company
INCORPORATED

TAUSSIG,

Member Midwest Stock
I

Exchange

Merrill

First National Bank Building

WILLIAM H.
Lynch, Pierce,

Bell Teletype

Augusta

AT 596
Macon

private wire to kidder,




3,

TAYLOR. MEL M.
Semple, Jacobs &

GEORGIA
Tel.

MU

8-1921

Savannah

&

L.

D.

384

Orlando

Co.,

TEGELER,

ATLANTA

ALL
Fenner

F.

JEROME

Inc.

Co.

new york

THEIS,

in. ALBERT

Albert Thels

&

Bean*

Barnett Nat. Bank

L. D. 47;

HARRY

Tenenbaum

&

CORPORATE ISSUES

LOCAL SECURITIES

Bldg.

Jacksonville 1, Florida

Dempsey-Tegeler & Co.
TENENBAUM.

Peltason,
peabody & co..

UNLISTED

STUEBE, EDWARD
Newhard, Cook & Co.

Sons, Inc.

ELgin 3-8621

Bell Teletype

PIERCE,

CAKKISIIM.

JK 181

W II EIIE KM.

IMC.

THE COMMERCIAL and FINANCIAL

56

Jr„

BARROW,

Georgia Security Dealers Association

HARRIS,

ELLIS, J. B.

CRAIG

Johnson, Lane,

Thursday, November 15, 1956

CHRONICLE

Space

Se

Co.,

Courts

Inc.

Savannah

LEONARD T.
Se Crawford, Inc.

French

Co.

Se

HARRIS,

EVANS, CLEMENT A.

RICHARD

~~

A.

ALFRED
Company of Georgia

BASTIN,
Trust

Norrls

BEAVERS, J. KARY
Trust Company of Georgia
Evans

Se

Company,

Inc.

E.

BLACK, Jr., H. GRADY
The

Courts

G.

Clement A.

LESTER

Evans

Se

FORD,

Company,

Inc.

Clement

The Citizens and Southern National Bank

Goodbody

Se

Jr.,

BOOTH,

Equitable

James B. Dean

Robert E. Lee

Edward R. Adams

Justus C. Martin, Jr.

SCOTT D.
Co.

HENRY

BOYD,

President: James B. Dean, J. W. Tindall & Company.

Justus

C. Martin,

Jr., The

Corporation

Edward

R. lAdams,

Clement

A.

Evans

Merrill

Lynch,

Wyatt, Neal & Waggoner;

Hugh Blackwood, Citizens & Southern National Bank; Frank

Taylor, Fulton National Bank, Atlanta; Frank A. Chisholm,
Varnedoe, Chisholm & Co., Inc., Savannah.
E.

Co.,

Inc.

Beane,

Corporation

Courts

A. Evans &

J.

ALBRIGHT

Company, Inc.

Jr., EDWARD

G.

French

Se

Tindall

Se

Co.

The

HENRY

Byron

Eirooke

Southern

G.
Securities

Inc.

Corp.

JACOBS. ROGER M.
Interstate

Co.

Wyatt,
Co.

Se

F.

Co.,

JELKS, Jr., FREEMAN N.
Johnson, Lane, Space Se

Company

Neal

JOHNSON, DAVID T.
Johnson, Lane, Space

Waggoner

&

Se

Inc.

Co.,

Inc.,

HAINES,

French

Company,

NORBIS

Se

GARNER

&

J.

ARNOLD

E. F. Hutton & Company
BRUCKNER, JACK L.
Merrill Lynch, Pierce, Fenner

H.

Hilsman

HARRIS,

J.

Goodbody
Se

&

O.

Crawford,

HARRY

Merrill Lynch,

Crawford,

RICHARD

Inc.,

Inc.

Inc.

WALDO

C.

French

HANNER,

Co.,

La Grange

JOHNSON,

E.

Se

Savannah

McKinnon.

JOHNSON,

NORRIS ARNOLD
Hutton & Company

F.

Se

Savannah

GROVES, RICHARD
Hugh W. Long and

BROYLES,
E.

Corporation

RANDOLPH P.

Thomson

& Co.

BROYLES, Jr.,

Securities

JELKS, FREEMAN N.
Johnson, Lane, Space

GRIGGS, Jr.. JAMES R.

STOCKTON

JOSEPH

BROWN,

BARRETT, JULIAN N.
E. F. Hutton & Company

Wyatt, Neal & Waggoner

Inc.

Savannah

Stockton Broome Se Co.

BANKS, Jr., DONALD
Courts Se Co.

ARMSBY, JOHN W.

Company,

Pruett and Company, Inc.

BANKS, CARROLL E.
French Se Crawford, Inc.

ROSS

&

R.

Co.

GRIFFIN,

BROWN, ARRY L.

Courts

ALLEN,

Jr.,

HUNERKOPF, CLOVIS
Trust Company of Georgia

ELLIS

H.

Se

Bank

F.

BROOKE. BYRON

Robinson-Humphrey Company

National

GRADY, HENRY W.
The Robinson-Humphrey

Goodbody Se Co.

BAKES. H. E.

A.

LEONARD
Crawford,

HOLLIS

BROOME,

^Interstate Securities Corporation
ALLEN,

W.

J.

Co.

HUME, E. STOCKTON

Evans

GOW, WM.
Courts &

BRAYSHAW, DONALD B.
Lord, Abbett Se Co.

&

Courts Se Co.

R.

Clement A.

Courts Se Co.

BAGGERLY, EARL W., Jr.
French & Crawford, Inc.

ADAMS, EDWARD R.
Clement

AUSTIN,

Courts

HULL, J. G.
Merrill Lynch, Pierce. Fenner & Beane

Co.

GOULD, WM.

Columbus

Hopkins Se Co., Columbus

HOWELL, Jr., CLARK
Trust Company of Georgia

GLENN, JACK
GODSHALL,

J.

Company,

CABELL

W.

HUGER, WM. E.

Crawford, Inc.

Courts Se

Se

BRAY, ROBERT M.
Trust Company of Georgia

BROCK,
unless

Cabell

Co.

&

CULLEN

HOPKINS.

H.

Citizens and Southern

ROSTER OF MEMBERS
Atlanta
otherwise Indicated)
located In

Inc.

Co.,

GAY, Jr., EDWARD
Fenner

BROADWELL, WILLIAM F.

(Members

HOFFMAN.

ERSKINE

French

J.

Pierce,

BRANNAN. SAM T.
Interstate Securities

Executive Committee: Robert E. Lee,

&

GASTON,
Se

Space

Savannah

&

Company, Inc.

Se

WM.

Inc.

Co.,

HIRSHBERG, JULIAN R.
Norris Se Hirshberg, Inc.

Inc.

FUNSTEN, JAS. C.
Johnson, Lane, Space & Co., Inc.

HUDSON

BRADLEY, THOMAS
,

Secretary-Treasurer:

Inc.

Company,

&

Hoffman-Walker

Hilsman

Courts

Space &

HINDSMAN, Jr., D. W.
Johnson, Lane, space Se Co., Inc.

Auguata

Robinson-Humphrey

Company, Inc.

W.

Jr., D.

H.

FULWILER,

W.

Johnson, Lane,

HILL, CARL
Johnson, Lane,

C.

FRENCH, J. McCREA
French Se Crawford,
J.

Courts Se Co.

Vice-President:

Ga.

G.

Evans

A.

C6., Inc.

R.

FRANK J.

Courts & Co.

Albany,

FROST, JAY D.

O.

Securities

BOUNDS. JAMES

HEAD, DIXON
IIENRY,

Co.

6i

ADRIAN

S.

Jr., WM. G.
Johnson, Lane, Space Se

Company

PERCY

Goodbody

J.

BLACKWOOD, Jr., W. HUGH
BLANCHARD,

&

Co.,

&

FONVILLE,

Interstate Securities Corporation

BLACKSTONE,

Hutton

F.

Co.

HAYS,

FLEMING, WILLIAM S.

Robinson-Humphrey Co.
JERRY

&

Se

HAY, Jr., WALTER
Goodbody & Co.

FLEMING, Jr., STROTHER C.

Augusta

BLACKSTOCK,

Courts

Inc.

FELKER, RICHARD R.
The Robinson, Humphrey Company, Inc

BEESON, JAMES T.
Clement A.

Company,

Se

Evans

STEVE W.
Hirschberg, Inc.

FARGASON,

H.

Pierce, Fenner & Beane

Inc.,

JOHNSON, THOMAS M.
Johnson, Lane, Space &

E.

Co.,

Co.,

Inc.

Savannah

Inc.

RALPH
& Co.

JOHNSTONE,
J. W.

RAY

W.

Tindall Se Co.

Beane,

Augusta

BRUMBACH,

WILLIAM

Pruett and

BAUMGARTNER, DOWNING & CO.

Courts Se Co., Newnan

BRYANT, FRED

Members

.

The

Alex. Brown & Sons

|

M.

Established

Robinson-Humphrey Company,

1800

Inc.

BUDD, Jr„ JAMES S.

Philadelphia-Baltimore Stock Exchange

j

R.

and

Philadelphia-Baltimore Stock Exchanges

Members American Stock Exchange (Associate)

TOWNSHEND
Dickson Se Co.

S.

BURT, FRANK
Byron Brooke

Building, Baltimore 2, Md.

Members New York

The Citizens and Southern National Bank

BUDD,

Mercantile Trust

H.

Company, Inc.

BRYANT. EVERETT C.

CALLAWAY,

&

BALTIMORE

Company
New York

M.

Securities

CANDLER, C.
Courts

Se

THOS.

Interstate

Washington
Winston-Salem

Corporation

HOWARD,

III

Co.

BROKERS AND DEALERS

CARTER, Jr.. HUGH D.
Courts Se Co.

Telephones: Baltimore—PLaza 2-4911

New York—HAnover 2-0310

Teletype—BA-599

CHESNUT, J. D.
J.

W.

Tindall

Se

Municipal and General Market Bonds

Co.

Baltimore Bank Stocks and Local Securities

CHISHOLM, FRANK A.
Varnedoe, Chisholm Se Co., Inc.
Savannah

CLARKE, HAGOOD
Johnson, Lane, Space Se Co., Inc.

CLARKE. HARRISON
Johnson, Lane,

TRADING MARKETS

CLARY,

IN SECURITIES OF

Direct

and

Connecting Wires

& Co., Baltimore and New York
Crawford, Inc., Atlanta, Ga.
Clisby & Co., Macon, Ga.
Odess, Martin & Herzberg, Birmingham
Louis C. McClure & Co., Tampa
Revel Miller & Co., Los Angeles
Walter C. Gorey Co., San Francisco
&

.

RYBURN
Evans

Company,

Inc.

Government

Sellers, Doe & Bonham, Montgomery

inc.

Dealers

—

NORMAN A.

COOPER, HOMER G.
Courts Se

F.

1899

#

American Stock Exchange (Assoc.)
Philadelphia-Baltimore Stock Exchange
Direct

Wires

to

Co., New York
Gregory A Sons, New York
Co., Los Angeles
Walter C. Gorey Co., San Francisco
French A Crawford, Inc., Atlanta, Ga.
Louis C. McClure & Co., Tampa, Fla.
Beil & Hough, St. Petersburg, Fla.
,
Sellers, Doe & Bonham, Montgomery, Ala.
Odess, Martin & Herzberg, Inc., Birmingham and Tuscaloosa, Ala.
Clisby A Company, Macon, Ga.

Courts Se Co.

F.

S.

Revel

Teletype ST PBG 82094

Brokers

Members

Courts Se Co.

Telephone 5-4601

Corporate

New York Stock Exchange

COURTS. RICHARD W.

North, St. Petersburg 1, Fla.

Underwriters

Established

Pierce, Fenner Se Beane

COURTS, MALON C.

350 First Avenue

-

JOHN €. LEGG & COMPANY

Co., Athens

Merrill Lynoh,

Exchange

Municipal

Courts & Co.

COOPER, WILLIAM

Member Midwest Stock

-

Securities

COLLINS, CHARLES THOMAS
The Robinson-Humphrey Company,
COOLEDGE,

YORK

INSURANCE STOCKS

G.
Se

CLISBY, JOSEPH R.
Clisby Se Co., Macon

John C. Legg

French

Jr.,

Clement A.

NEW

BALTIMORE

Se

CLAY,

FLORIDA

Space & Co., Inc.

KENNETH
Co., Incorporated

Blair

CRAWFORD, ALLEN
Johnson, Lane, Space Se Co., Inc.
Savannah

CRAWFORD, Jr., ALLEN C.
French Se Crawford, Inc.

Moseley
Miller

A

&

Jones,

Kreeger

&

Hewitt, Washington,

D.

C.

and

Lake Wales,

Fla.

CRAWFORD, Jr., CHAS.
Courts

&

Co.,

CRAWFORD,

BUSINESS ESTABLISHED

CROFT.

1924

The

Athens

WILLIAM

Merrill Lynch,

C.

Jr., EDWARD S.

Mead, Miller & Co.

Roclnson-Humphrey Company

CROWLEY, CARL A.
Merrill Lynch, Pierce,

MUNICIPAL BONDS

•

Pierce, Fenner Se Beane

DAVIS,

Fenner

&

New

LLOYD

DEAN,
J.

JAMES

W.

DENNY.

York

Stock Exchange

Exchange (Associate)
Philadelphia-Baltimore Stock Exchange
American

Courts Se Co.

CORPORATE SECURITIES

—Members—

Beane

8tock

B.

Tindall Se

Co.

RICHARD

A.

Courts & Go.

Active Markets in Local Issues

DICK.
E.

LEEDY, WHEELER & ALLEMAN

Jr.. JACKSON P.
F. Hutton & Company

DREW,

J.

*

OLIN

Clement A.

Evans

&

Company,

Inc.

Incorporated
FLORIDA

NATIONAL

BANK

BUILDING"

The

ORLANDO, FLORIDA
BELL

TELETYPE

OR

84010




Direct Private
CARL

DULANEY,

TELEPHONE

2-5161

LANDON

Robinson-Humphrey Company

DURRETT. J. FRAZER
J. H. HQsman Se Co.,

Inc.

EISENBERG, MILTON F.
Clement A. Evans & Company, Inc.,
Savannah

Wire to New York Correspondent

M. LOEB,

RHOADES & CO.

C.

Charles & Chase Sts.,
Telephones: Baltimore

—

LExington 9-0210
Bell Teletype

—

Baltimore 1, Md.
New York
BA 270

—

WHitehall 3-4000

Convention Number

Wayne R. Benzine, Granbery,
Feldman, Goldman, Sachs

Marache & Co., New York; Caryl Feldman, New York; Albert
Co., New York; Eda Saltzman, New York; David Saltzman,
Torpie & Saltzman, New York City

The

J.

Company,

Inc.

GUY R.

LEE, R. E.
Wyatt, Neal Ac Waggoner

MATTHEWS,

McClelland,

C. Bradford & Co.

Trust

KABLE, JOHN R.
Clement

KEY,

A.

LEWIS.

Evans

ft

Company,

Inc.

La

Ga.

KILPATRICK.

ANDREW

Jr.,

J,

A.

&

KNELLER,

W.

CYLER

Crawford,

GEORGE

C.

Lynch,

ft

Beane

Company,

Inc.

The

Norris

COY R.

Company,

Inc.

&

Blair

Co.

&

MASON,

D.
ft

Company,

Trust

Inc.

F.

Company,

Inc.

The Robinson-Humphrey Company,

Hirschberg,

Inc.

Savannah
v

Co.,

Inc.

C.

ARTHUR

Clement

A.

Evans

B.
ft

Company,

Inc.,

ROPER,

SITES, CRAWFORD N.
Courts

8c

Co.

CHARLES
and

Company,

SITES, FRANK B.
Courts 8c Co.

Inc.

SAUNDERS, JACK H.
Varnedoe, Chisholm & Co., Inc.

SLATTERY, JOSEPH
Johnson, Lane, Space 8c Co., Inc.
Augusta

L.

SCHAINKER,

Savannah

& Co.,

Courts

&

CHAS.

(Continued

Co.

on

page

58)

W.

Co.

National

First

&

Lynch, Pierce, Fenner 8c Beane

SIMKINS,
Inc.

Co.,
E.

Lane, Space

GEORGE

MENDE,

Lane, Space ft Co., Inc.

Inc.

Company,

&

ROBERT

MURRAY

Merrill

Savannah

CARL

ft

SHOUN.

WILLIS

ROESEL, JOHN C.
Pruett and Company, Inc.

FONYILLE

JAMES

Courts

A.

Inc.

F.

Chisholm

Johnson,

Co.

Inc.

R.

Savannah

S.

Varnedoe Chisholm

I.

MEWBORN,

Bank

MILHOUS,

lAJe J)nvile

JOHN PAUL

Byron Brooke

IJour ^9nquiried

ft Company

JAMES

F.
First National Bank

Company of Georgia

MATTHEWS, (Mrs.) JIMMIE NELL S.
Clisby ft Co., Macon

Equitable Securities Corporation

Courts &

Co.,

ft Co.,

DON

Varnedoe

ROBINSON, ROBY
The Robinson-Humphrey

FINLAY
Co., Incorporated

MEADOWS,

JAMES

Johnson,
Augusta

Beane

Courts ft Co.

Bank

ROBERT

&

Co.

McWHORTER.

MATHEWS. Jr., ROBERT C.

Robinson-Humphrey
WM.

Space

MEANS.

JOSEPH E.

The

McRAE,

JR., WALDO W.

Robinson-Humphrey

MARTIN,

Varnedoe, Chisholm & Co. Inc„ Savannah

LeCLAIR,

ft

SHERWOOD,

Pruett

M.

Lynch, Pierce, Fenner ft Beane

Fenner

McNEEL, JR., EUGENE E.
J. W. Tindall ft Co.

MARTIN, Jr., JUSTUS C.

LATTIMORE, HARRY W.

LAY,

Courts

SHARPLEY,

E.

ROBERTSON, Jr.,

Pierce,

McNAIR, HOWARD

Co.

F.

First National

Lynch,

J. H. Hilsman

BEN

8c

ROYSTON

REYNOLDS, JOHN C.
Goodbody & Co.

A.

C.

PHIL

Hilsman

SETTLE,

Co.

&

H.

J.

Co.

ROBERTS,

Georgia

McGAUGHY, PAUL W.
Equitable Securities Corp.

MANNERS, PAUL E.

Fenner

Jr.,

8c

Courts

Inc.

ROWLAND

of

Courts

REYNOLDS, A. ZAHNER

Co.,

JOSEPH

SETTLE, J. FLEMING

REVSON, Jr., ALFRED F.

e.

Lynch, Pierce, Fenner & Beane

McDUFFIE,

Reed, Inc.

Johnson, Lane,

Pierce,

RICHARD

Pruett and

&

MALLORY,

KUHLMAN, ALFRED D.
The
Robinson-Humphrey

LANDER,

A.

Waddell

&

Jr.,

Jr..

Merrill

In-.,

ft

Company

Merrill

Abbett

MADEIRA,

JOHN T.

Merrill

Company,

Jr., W. R.
Luttrell, Columbus

R.

Lord,

KNOX, WILLIAM S.
Wellington Fund, Inc.

LAMB,

ft

MADDOX, JOSEPH J.
Inc.

Johnson, Lane, Space ft Co., Savannah

Merrill

Evans

LUTTRELL,

Co.

Jr.,

KONTZ,

Trust

L.

Pierce, Fenner & Beane

john

Hilsman

McCORD,

H.

Columbus

ft

French

A.

H.

McCLELLAN,

W.

LUTTRELL, W. R.

MARION

KLINE,

J.

Co.

EDWARD

Clement

Augusta
Courts

dc

LINDSEY,

Grange,

KISER,

WILLIAM

Courts

R. C.

ROBERT

Merrill Lynch,

Company of Georgia

Company, New York City; Alex Brown, Bailey & Company, Fresno, Calif.;
Calif.; John J. Keenan, John J. Keenan & Co., Inc., Los Angeles;
Josephine Keenan, Los Angeles

Kay Brown, Fresno,

LESSER, NORMAN

Robinson-Humphrey

Peter W. Brochu, Allen &

W.

&

JOLLEY, LEX
JONES,

57

THE COMMERCIAL and FINANCIAL CHRONICLE

MILLER,
•

PHILIP

Miller

L.

Securities

Corporation

MILSTEAD, ANDREW J.
Merrill Lynch, Pierce, Fenner & Beane

BALTIMORE

RYLAND

A

MONK, GEORGE W.
Clement

Clement

C. T. Williams & Co.

The

Inc.
Inc.

Evans

JOSEPH

Norris

Stein Bros.&Boyce

Company

KING

MURPHY,

Municipal Bonds

L.

Robinson-Humphrey

MURPHY,

King Murphy

United States Government and

SECU

C.
Hirshberg Inc.

Norris &

MORRIS.

INVESTMENT BANKERS

Company,

MAURICE J.
ft Company,

A.

JACK

MORRIS.

INCORPORATED

Evans ft

A.

III,

MOORE,

N.

Jr..

&

Co.,

&

Decatur

A Baltimore Institution since 1853

BARNARD

Hirshberg,

Inc.

6 South Calvert Street,

MYERS, FRANK J.

Railroad, Public Utility and Industrial Issues

J.

H. Hilsman & Co., Inc.

J. ROBERT
Wyatt, Neal ft Waggoner

NEAL.

FIDELITY BUILDING

Telephone:
Private

PLaza 2-2484

Telephones

Branch

BALTIMORE

Office
Bell

to

—

—

Bell Teletype:

1, MD.

Courts

Bldg.,

Teletype—ESTN

Easton,

MD

&

NICHOLS,

New York and Philadelphia

Grymes

III,

NEWTON,

BA 499

NICOLSON,
E.

264

J.

Clement

LOUISVILLE, KY.

ROBERT E.
ft Company, Inc.
A.
Company

ft

Evans

and other leading

&

Company,

NEW YORK, N. Y.

PADUCALI, KY.

EASTON, MD.

MEMBERS OF NEW YORK STOCK EXCHANGE

FLEMING

A.

TOWSON, MD.

CUMBERLAND, MD.

GEORGE

Hutton

F.

NORVELL,

-

E.

Evans

Jr.,

Teletype: BA 393

OTHER OFFICES

Macon

JR.,

Clement A.

Md.

CHARLES

Co.,

Baltimore 2, Maryland

Telephone: SAratoga 7-8400

exchanges

Inc.,

Augusta

NUNNALLY,

McKEE

ESTABLISHED

-

1900

Courts & Co.

OBERRY,

GEORGE

Merrill Lynch,

oglesby.
The

ROBERT GARRETT & SONS

Robinson-Humphrey

PEEPLES.

for the Future by Investing in America"

A.

ft

PHIL YAW,

POWELL,

Exchange

Miller

Exchange (Associate)

South Sts.

BALTIMORE

MU

3, MD.

5-7600

115

Broadway

NEW YORK

6,

N. Y.

BArclay 7-1919

Private Wire Between Baltimore and New York Offices




Inc.

U.

Public

Zimmerman,

and

rees,

Stock

American

Exchange

Stock

Exchange

S.

Government

Bonds

Pound & Co.,

Inc.

Listed

Authority

and

Unlisted

and

Revenue

Stocks

and

Bonds
Bonds

E.

Corporation

Company,

GERTRUDE
and

RANKIN,
W.

Members

State, County and Municipal Bonds

Active

Trading

Markets

in

Local

Securities

Inc.

M.

Company,

III,

J.

Tindall

(Mrs.)

BALTIMORE 3, MD.
Company

ROBERT
8c

Company

eh, arthur F.

Clement

A. Evans

8c Company, Inc.

RFEV1S, H. GRADY
Courts ft Co.

CALVERT & REDWOOD STREETS

Inc.

RAG8DALE. IRVTN T.
The Roblnson-Hmnphrey

J.

York

Philadelphia-Baltimore Stock Exchange

Associate

CARL A.

PRUETT,
Pruett

Members

Co.

Securities

Pruett

&

Inc., Macon

CARLTON

WILLIAM

PRUETT,

Redwood

Co.,

PRESTON, Jr., SAMUEL W.
Wyatt, Neal ft Waggoner

Philadelphia-Baltimore Stock Exchange

BAKER, WATTS & CO.

Co.

ft

Spencer,

American Stock

&

T. J.

POUND, JERE M.

MEMBERS

New York Stock

Inc.

Members New

Evans

PERKINSON, TOM g.
French & Crawford,
Courts

Company,

Co., Inc.

&

FRANK

PENDERGRAST,
Courts

"Build

Pierce, Fenner ft Bean*

lamar

PAULSEN, GROVER C.
Johnson. Lane, Space
Savannah

Clement

ESTABLISHED 1840

G.

Representative:

Clarksburg, W. Va.

Telephones: New York—CAnal 6-7162
Bell

Baltimore—MUlberry 5-2600

System Teletype—-BA 395

58

WELCH,

Georgia Security Dealers Association

Miller

JACK

Securities

WELLBORN,

ROSTER

OF

Courts

MEMBERS

&

WEYMAN,

Johnson.

Lane.

Space

Clement

Evans

A.

Co.

&

Company,

Courts

&

IR.,

Fulton

Inc.

J.

SMITH, WILEY J.
Johnson, Lane, Space

&

Co.,

Tillman-Whitaker

Inc.

J.

Co..

Norris

&

Spencer,

Interstate

Zimmerman, Pound & Co.,

Inc.

STAFFORD,

&

W.

STEADMAN,
Norris

&

Norris

&

STEWART,
J.

H.

Trust

Co.,

O.

Clement

Courts

ChlMiolm

&

Co.,

Inc.

T. REUBEN
Wyatt, Neal & Waggoner

WALKER,
J.

•

JOSEPH

Evans

&

EUGENE

W.

Columbus

&

WALL,

W.

Hilsman

H.

J.

Jr.,

Merrill

Co., Inc.

Co.,

Treasurer: John P. McGinty, McDonald & Company.

The

Inc.

Merrill

THOMAS

Pructt and

Cook

Lawrence

&

Co.; John

-

Inc.; Lawrence Cook,

Donahue, Joseph, Mellen &

Weeks; Ernest

Miller, Inc.; Stanley M. Eilers, Hornblower &

Lynch,

A.

WRAY,

Company,

Inc.

The

IV.

Spencer,

ALEXANDER

WILLIAM

Zimmerman,

Company,

ROSTER OF MEMBERS

H.

Pound

& Co.,

Inc.

in Cleveland
otherwise indicated)
located

(Members

Marietta

BAKER,

unless

BAXTER,

Gottron,

Co.

DRNEK,

CHARLES McGHEE

BURK,

DONALD

M.

RICHARD

Erb

Green,

FLEEGLE,
Salomon

Cunningham, Gunn & Carey, Inc.

42%

Field,

Richards

E.

L.

A.

Caunter

&

Co.

r

HERBERT

Ripley

&

DAVIS, CLARENCE F.
The First Cleveland
DE

GARMO.

Hayden.

Nine

Inc.

& Kraus

HARRY J.

GRACE. ARTHUR V.
Gottron, Russell & Co.

GRAY, WILLIAM S.

C.

Co..

Incorporated

Wm.

J.

GREEN,

Mericka & Co.,

Inc.

WILLIAM

Green, Erb & Co.. Inc.

Corp.

GRIFFITH,

A. W.

Miller

Burge

Merrill, Turben & Co.

Inc.

Cook & Co.

Harriman

Ball,

GAWNE.

A.

COOK, LAWRENCE

COVINGTON.

WARREN
Russell & Co.,

PAUL H.

GAITHER,

MORTON

Inc.

L.

Gottron,

Gottron, Russell & Co.,

Lawrence

FOSTER,

& Co.,

CHARLES
Bros. & Hutzler

Co.

LEE

CAUNTER,

CAYNE.

&

Inc.

ERB. ROBERT L.

,

WALTER J.

CARMEL, WILLARD

Co.

&

EILERS. STANLEY M.
Hornblower Se Weeks

A.

Bache & Co.

CAREY.

P.

House

EIIRHARDT. EDWIN F.
The First Cleveland Corp.

Co.

&

JOHN

HOWARD J.
Gottron, Russell & Co.,

EBLE,

BOCK, ROY E.
Dodge Securities Corp.

House

Prescott & Co.

Curtiss,

BELLE, CLAUDE W.
McDonald & Company

Curtiss,

RAYMOND C.
Russell & Co., Inc.

JAMES J.

DUDAS,

WILLIAM E.
Beadling & Co., Youngstown

BEADLING,

BUCHANAN.

JOHN R.
Mellen & Miller. Inc.

Joseph,

Baxter, Williams & Co.

Climb...

Co

Saunders, Stiver

DOTTORE,

&

Turben

JR..

JACK O.

DOERGE.

DONAHUE,

DAVID

Merrill,

pltOflTS

L.

& Co.

B.

JAMES

Schwinn

&

L.
Co.

»*onth*

ended

Aufl"*131'

FOR A RICHER, FULLER,

tOBO

)^PaIiy
rietta,

HEALTHIER LIFE

19,237 Shareowners
are

benefiting from

a

record breaking 9 months

American-Marietta joined

the nation's top ten group of
producers through its recent acquisition of Dragon
Cement Company. The Nine Months Report contains in¬
cement

FREE

formation

Sent

about

A-M's

diversified

product lines and its
participation in the national road building program.

Copy of Report
on

Write

SPORTING GOODS CO.

Request.

Dept. 11
NOW

AMERICAN-MARIETTA COMPANY
fOI

EAST

ONTARIO

STREET,

Revelations In Progress
PAINTS

•

RESINS

•

CHEMICALS




•

METAL

POWDERS

•

CHICAGO

II, ILLINOIS

Through Modern Research

HOUSEHOLD

PRODUCTS

•

Co.;

January 1, 1956; Term

November 25, 1955; Took Office:

Expires: December 31, 1956.

Inc.

Columbus

Continues Upward

&

Gawne, Merrill, Turben & Co.

Robinson-Humphrey

ZIMMERMAN,

Inc.

Hawkins

Co.

C. Hardony, Ball, Burge & Kraus; Harry J.

Alternates: Michael

Bank

Elected:
YEA RLE Y,

Beane

C.

Company,

National

Hawkins,

Daniel M.

Corwin L. Liston, Prescott &

&

CHARLES

Fulton

Committeemen:

National

Pierce, Fenner & Beane

Evans

ASBECK, FREDERICK M.
Wm. J. Mericka & Co.,
Inc.

American

R.

W.

H.

Lynch, Pierce, Fenner & Bqane

Robinson-Humphrey Company, Inc.

WATSON,

Fenner & Beane

Lynch, Pierce, Fenner & Beane

ALLEN

Clement

WALLS, JAMES WALLACE
CHAPPELL

Governors: Robert L. Erb, Green, Erb & Co.,

I).

WOOLFOLK, JOHN C.

Inc.

WALLACE.
Jr.,
ROY W.
Merrill Lynch, Pierce, Fenner &

Savannah

Co.

Secretary: Edmund J. Rung, C. J. Devine &

Lazin, Blyth & Co., Inc.
WOOD,

Inc.

Co.,

&

JOHN

Inc.

Co.

Vice-President: Daniel M. Hawkins, Hawkins &

LAMAR M.

Jr.,

John P. McGinty

President: Frederick M. Asbeck, Wm. J. Mericka & Co.,

,

Lynch, Pierce,

Merrill

HAROLD

Hilsman

H.

WISE.

Edmund J. Rung

F.
Co.

&

FRANCIS

Merrill

Daniel M. Hawkins

Frederick M. Asbeck

II.

Company, Inc.

Co.

Tindall

W.

WILLIS

WALKER, SAMUEL G.

Co.,

C.
:

JR.,

A.

&

WILLIS,

A. CURTIS
Hoffman-Walker
Company,

Johnson, Lane, Space &

W.

WILLIAMSON, II, JAMES J.
Merrill Lynch, Pierce, l imner & Beane

L.

WALKER,

EUGENE

&

II,

WAGGONER.

A'hen-

FRANK

J.

B.

WILLIAMS, Jr., RALPH

C.

SAMUEL

Company of Georgia

SUMMERS,

FRANK
Athens

A.

Co.,

Co.

&

WILLIAMS,

R.

Bank

R.

Hilsman

STOCKS,

Jr.,

&

S.

Albany

WENDELL

Courts

J.

Hirshberg, Inc.
T.

GEORGE

Co.,

WILKINSON,

'

Corporation

Savannah

Jr., C. ELLIOTT
Hirshberg, Inc.

STEINIIAUER,

Athens

O.

Company

Hoffman-Walker Wright Company,

Inc.

Tindall & Co.

W.

Varnedoe,

Co.

THOMAS

National

First

Company,

C.

HOWARD

A.

Tillman-Whitaker

STANBURY,

J.

VARNEDOE.

H.

THOMAS

Bradford

C.

Courts

Securities

VARDAMAN,

SPENCER, JOHN CR. S. Dickson & Co., Inc.

J.

WIEGAND,

UNDERWOOD. L. DEAN
Norris &
Hirshberg, Inc.

Columbus

STAFFORD.

<St

Courts

KYLE

J.

&

Albany
TRAYWICK,

Hirshberg, Inc.

SPENCER,

Tindall

W.

WIGHT,

HENRY B.
Robinson-Humpnrey

The

L.

Co.,

MARIE

WHITTLESEY.

Athens

W.
Co.

&

JAMES

MRS.

P.

Albany

WHITTINGTON, HENRY O.
Varnedoe, Chisholm & Co., Inc., Savannah

M.

TOMPKINS,

W.

J.

E.

Inc.

Savannah

SPEAS,

Tindall

W.

J,

Co.,

JULIAN

TINDALL,

Co.

&

WILLIAM

Co.,

Tillman-Whitaker
WHITE,

Company

THOMAS

Augusta
SPACE, jr., JULIAN A.
Johnson, Lane, Space &

&

&

WHITAKER,

E.

Bank

RICHARD

TILLMAN,

Columbus

Co.,

&

FRANK

Tindall

W.

Courts

National

THOMAS,

Co

H.

Hopkins

TAYLOR,
&

WALTER

SMITH.

JOHN

Cabell

Inc

SI.

SIDNEY

SMITH,

SWIFT,

F.

HERSHEL

Security Traders Association

J.

GEORGE F.

WHELCHEL,
Jr.,

Cleveland

Corporation

MARSHALL

Co.

Bradford

C.

J.

(Continued from page 57)
SMITH,

Thursday, November 15, 1956

COMMERCIAL and FINANCIAL CHRONICLE

THE

BUILDING

MATERIALS

BEING

TRADED

ON

AMERICAN STOCK EXCHANGE

Convention Number

HANSON, DAVID G.
C.

J.

Devine

&

SMITH,

Co.

C.

P.

DANIEL M.

Hawkins

8c

Will S.

Wm.

Smith

8c

E.
Mericka & Co., Inc.
Boston

ULLMAN, RUFUS M.
Ullman 8c Co., Inc.

Ohio

R.

&

WALTON,

Co.,

Elyria, Ohio

Bache

IRVING

Russell

SWANSON,

Miller

Pierce,

&

WOEHRMANN,

CHILDRESS,

Jackson

&

Childress

Curtis

CHRYST,

GEORGE
Goodbody 8c Co.

HUDSON,

CEYLON

Wooster,

Thomson

Florida

Ohio

GEORGE

8c

J.

B.

Van

COLEY,

KEIER, RUSSEL E.
Collin, Norton 8c Co., Toledo

FERRIS,

&

LAFFERTY, ALAN E.

West

Hornblower

LAUB,

Pierce,

8c

Co.

H.
The First Cleveland

W. H. Caies

George Carrison

LONG, MARTIN J.

H.

George Carrison,

Pierce,

First

Boston

Carrison, Wulbern, Inc.,

MASTERS, OLAN B.
Butler, Wick 8c Co.,

McPOLIN.

&

Secretary-Treasurer:

Youngstown

Loomis

C.

CROSSETT,

Leedy,

Jr.,

Leedy,

McClure, Louis C. McClure
Co., Tampa; Clifford U. Sadler, Davidson-Vink-Sadler, Inc.,
Petersburg; Alfred M. Seaber, Goodbody & Co., Miami;
Henry M. Ufford, Calvin Bullock, Ltd., Clearwater.

Kraus

House

Office: October, 1956; Term Expires:

T.

AHBE,

Russell & Co., Inc.

Ceylon E. Hudson.

Parsons

8c

PLASTERER,
Hornblower

Davis

A.

Atwill

JAY L.
Quigley 8c Co.. Inc.

C.

J.

JAMES

Devine

J.

Devine

RUSSELL,

&

T.

8c

&

Co.,

The

Co.,

Miami

8c

EDENFIELD,

Co.,

Inc.,

Atlanta

Frank

Palm

L.

ELLIOTT,
Tallahassee

Merrill
Palm

Fenner

8c

Beane.

A.

Sarasota

Beach

CARRERE, HENRY M.
Merrill Lynch. Pierce,

Fenner

8c

Beane,

John

H.

Co., DeLand

JOHN

H.

Harrison

Granbery,

8c

Co.,

Clearwater

&

Co.,

Leedy,

Nelson

O'Rourke,

FRANK

Beach

Gordon
HODGE

Edenfield

&

Jr.,

Beil

Co.

&

Alleman,

LILA
&

WAYNE

B. J. Van Ingen 8e Co.

St.

Inc.,

Granbery,
BIEDER,
Bieder

BLACK,

FRED A.
Akron, Ohio

SHORSHER,

Allen

BOYD,

EDWARD N.

and

Inc., Miami

J.

O.

Pierce, Fenner & Beane

Petersburg

Fenner

&

Beane,

IIOLLIS,
J.

ROY

Herbert Evans

&

Co., St. Petereburg

HOLLOWELL, RALPH D.
Fenner 8c

A.

Beane,

M.

Kidder

&

HOLT, WILSON C.
Goodbody & Co.,

L.

Co.,

C.

Co.,

St.

(Continued

Inc., Miami

Miami Beach

Petersburg

on page

8c

&

Co.,

N.

Y.

C.

j4.
C.j4l/un and Company
A/

L.

Company,

St.

Incorporated

M

v

Investment Bankers Since 1912

Petersburg

JAMES

I.
Company, Lakeland

Jr.,

Municipal

•

Public Utility

8c

A.
McKinnon, St. Petersburg

•

Industrial Securities

WALLACE

Thomson

Siegler 8c Co.

Marache

GANSON

Petersburg

Underwriter: Concord Fund

dl. Cdl/un & Co.

A* G* Becker & Co*

Member

INCORPORATED

New York Stock
Established 1893

Midwest Stock Exchange

Exchange

American Stock

Exchange (Associate)

Underwriters and Distributors
of

Corporate and Municipal Issues

44 Wall Street

122 S. LaSalle St.

30 Federal St.

NEW YORK CITY

CHICAGO

BOSTON

Brokers of Listed and Unlisted Securities
Commercial Paper

|,

Aurora, 111.

Milwaukee, Wis.

Portland, Me.

American Stock Exchange

Concord, N. H.

Minneapolis, Minn.

Rockford, 111.

San Francisco Stock Exchange

Decatur, 111.

Moline, 111.

South Bend, Ind.

Flint, Mich.

Nantucket, Mass.

Spokane, Wash.

Kansas

Omaha, Neb.

Tulsa, Okla.

Lexington, Ky.

Peoria, 111.

Waterloo, la.

Madison, Wis.

Philadelphia, Pa.

Wausau, Wis.

Members

New York

Stock Exchance

Midwest Stock Exchance

60

120 So. LaSalle St.

Broadway

Chicago 3

New York 4

Telephone: FRanklin 2-6100

Telephone: WHitehall 3-2800

Teletype:

CG

And




Teletype:

1089

Other

NY

Cities

1-3433

City, Mo.

Miami

.

Beach

R.

Inc.,

LEE

Co.,

C.

Inc.,

FREDERIC C.
Hough, Inc., St.

BENZING.

N. Y. City

J.

Pierce,

&

(Mrs.),
Graves

Merrill Lynch,

Miami

Co.,

8c

EDWARD

HOLDER,

L.

RAYMOND

EDWARD

Wheeler

Beach

Palm

BEIL,

Orlando

Miami

HILLBOM

Palm

Marache & Co.,

HIGLEY, JOHN P.

J.

McKinnon.

Graves

Chicago

Co.,

8c

Beane,

Beach

Gordon

&

Kidder

HAYDEN, HOWARD R.

EMERSON, W. A.
Merrill Lynch, Pierce,
St. Petersburg
ENGLISH.

M.

HARRISON,
&

McKinnon, St. Petersburg

Lynch,

Nuveen

GUNBY, D. KIRK

Orlando

TOWNSHEND

Robinson-Humphrey Company, Inc.,

GRIGSBY, WILLIAM A.

J. B.
Merrill Lynch, Pierce, Fenner 8c Beane,

Jacksonville

Bateman,

8c

Miami

Atlanta

St. Petersburg

John

CLAUDE

Thomson

CALDER, HUGH C.

Palm

Miami

Kidder

Hutzler,

GRADY, HENRY W.

Lauderdale

M.

8c

Beach

ROBERT W.
Thomson 8c McKinnon,

Hutzler,

Co.,

Bros.

Palm

GOGGIN,

DYER,

CARDEGNA, JOHN
Merrill Lynch, pierce,

JR., WILLIAM
Company, Miami Beach

B.

8c

Beane,

W.

BATEMAN, FRANK B.

R.
Co.

JAMES N.

N.

West

W.

8c

THOMAS

Salomon

CHARLES H.
Lynch, Pierce, Fenner

Thomson 8c

Lynch, Pierce, Fenner & Beane

Dickson

Lakeland

Daytona Beach

Inc.

Gottron, Russell 8c Co.

Edward

S.

Park

Farish,

TRACY B.

BARE,

8CHULTE, Jr., FRANK J.
Ledogar-Horner Company

SIEGLER,

Tampa

F.

IRA

Frank

RUNG, EDMUND J.
C.

Co.,

and

AYERS,

QUIGLEY,

Ofe

Miami

DUSKIN, JOSEPH H.

'

BRUCE S.

A. M. Kidder 8c Co.,

EDWIN

ATWILL,
GUY W.
Merrill Lynch, Pierce. Fenner & Beane

RUFFING,

Gables

E.
&

Coral

C.

A.

Orlando

R.

R.

McKinnon,

Paul

PROSSER.

ROSS. LEONARD O,
Ross, Borton & Co.,

GLEASON,

A.

Davis

LOCA,

Ft.

Weeks

8c

PAUL
A.

Merrill

Kreeger & Hewitt, Lake Wales

BUCHER,
Merrill

BENJAMIN
8c

FRANCIS

Winter

R.

Corp., New York City

GIVENS, JOSEPH J.
Merrill Lynch,
Pierce, Fenner &

A.

8c

DUELL,

BUDD,

ASHLEY,

W.

Inc., Orlando

Company, Inc.,

Arries

E.

D.

DON

Jackson¬

DICKSON, WILLIAM R.

Jones,

D.

T.

DON

ARRIES,

Co.

W.
Cook

Thomson

8c

Inc.,

Beach

ANTHONY,

Curtis

F.

Schultz

Alleman,

Wheeler & Alleman,

Anderson

Inc.

PLACKY, GEORGE
J.

of

Beach

BRUNDAGE, CHARLES F.
A. M. Kidder 8c Co., Sarasota

MONROE

8c

BRADY, EUGENE P.
Thomson & McKinnon, Little River

BUCHANAN,

ANDERSON,

J. F. Perko 8c Company

L.

F.

GEORGE

Leedy,

Palm

JOHN

Co.,

BRAYSHAW, DONALD B.
Lord, Abbett & Co., Atlanta, Ga.

Incorporated

Group,

Orlando

*~V\LLEN,

PATRICK, FRANCIS J.
Paine, Webber, Jackson &
PERKO,

L.

Wheeler

Leedy,

EDWARD E.

Co.,

JOHN

ALLEMAN,

Wooster

OPDYKE. GEORGE F.
Ledogar-Horner Company

Jr.,

O'Rourke, Inc., Daytona Beach

Distributors

NASH, CHARLES J.

PARSONS,

Nelson

FREDERIC

Securities

Thornton, Mohr &
Montgomery, Ala.

(Mrs.)

8c

JOE

Goodbody
De

CHARLES

Gottron,

Bros.

Jr.,

DAVIS,
Paul

WELLES

Sarasota
Inc.,

T. RAY
Goodbody 8c Co., St. Petersburg

Inc., Miami

Herbert Evans 8c Co.,

J.

ROSTER OF MEMBERS
ADAMS,

& Co.,

Associates,

GARNER, J. FRANKLIN
Mullaney, Wells 8c Co.,

DeLANO, OSCAR L.

Co.

Myers

Miami

JUNE

Palm

DAVIS,

October, 1957.

MUNDZAK, EDWARD
First Cleveland Corporation

NADEAU,

& Co.,

RALPH

West

Co.

&

CURRAN,
Salomon

Elected: October, 1956; Took

Co., Ft.

GAITHER,

J.

National Bank

Davis

St.

MORROW, FRANK W.
8c

A.

&

Company

MOLNAR, ALEXANDER E.
Curtiss,

Beane,

CROUCH, LEO P.
Thomson 8c McKinnon, Jacksonville

Governors: The officers and Louis C.

MILLER, GEORGE D.
Braun, Bosworth & Co.. Inc.

Morrow

Paul

Wheeler &

Alleman, Inc., Orlando.

Company

McVAY, SCOTT
Ball, Burge 8c

MYRON

The Atlantic

Vice-President: W. H. Cates, Tallahassee.

BENJAMIN J.

McDonald &

&

ville, Jacksonville

McGINTY, JOHN
McDonald

Axe

CRANFORD, JAMES A.

Jacksonville.

Corporation

8c

GAUNTT, WILLIAM L.

MARSHALL, FRANK L.
The

Kidder

GAISER,

Gordon Graves

Co.

M.

Security

Beach

CRANE,

President:

Williams &

Hutzler,

Pierce, Fenner 8c Beane.

W. Freeman

A.

Miami

Palm Beach

Palm

Loomis C. Leedy, Jr.

Corp.

LUCAS, WILLIAM
Baxter,

Inc.,

Company,

COX, HOUSTON
Merrill Lynch, Pierce, Fenner & Beane

LISTON, CORWIN L.
Prescott

Co.,

8c

Jacksonville

Lewis 8c Co.

J.

8c

Beach

GADE, HERMAN

Cook

COURTNEY, WILLIAM M.
Merrill Lynch, Pierce, Fenner

Inc.

Co.,

Ingen 8c

M.

Bros.

FREEMAN, ROBERT T.

i

LEWIS, MILTON B.
Jaffe,

Van

MARION

Palm

Petersburg

H.

Co., Orlando

Thomas

Beane

W.

LAZIN, ERNEST
Blyth &

&

Fenner

Jacksonville

B.

FOISY, M. L.
Merrill Lynch,
St.

(Mrs.), VINA B.

COOK, THOMAS M.

G.

Lynch,

J.

B.

Weeks

8c

HENRY

Merrill

8c

Co., St. Petersburg

Co.,

FREEMAN. HOWARD W.

COOK, ROBERT H.

Allen

8c

8c

Lynch, Pierce, Fenner & Beane

Salomon

STAN E.

KOESER, ORIN E.
Blyth 8c Co., Inc.

Petersburg

Company, Inc.,

C.

Ewing

DAKIN

FISHER,

Inc., Miami Beach

Co., Orlando

COMSTOCK

&

Pensacola

Miami

HAGOOD

MARION H.

Allen

ALLEN
C.

Merrill

Inc.,

St.

A.

Ga.

EWING,

McKinnon, Daytona Beach

Company,

Inc.,

Evans

Herbert Evans

Allen

Ingen & Co.,

COMSTOCK,
Whitehead

Hough,

CLEMENT
A.

J.

T. Nelson O'Rourke, Inc., Daytona Beach

KING,

&

EVANS, J. HERBERT

McKinnon, Orlando

JR.,

Atwill and

EVERETT A.
Cosgrove, Miller &

Jacksonville

JOHN M.

CLARKE,

E.

Jaffe, Lewis 8c Co.

O.

O'Rourke, Inc., Daytona Beach

Atlanta,

B.

J.

CLARK, FRED B.

Curtiss, House & Co.
JAFFE.

FRANCIS

Thomson 8c

Security Dealers Association

CARLTON

Clement

and Company,

CLAYTON

CHRYST,

E.

IRWIN, LeROY C.

Beil

EVANS,

Incorporated, Miami

HAROLD

Webber,

Paine,

ERICKSEN,

EUSTIS, JOHN E.

CERF, FLOYD D.
Floyd D. Cerf. Jr., Company

HUBERTY,

O'Rourke, Inc., Daytona Beach

ERICKSEN, ARTHUR C.
T. Nelson O'Rourke, Inc., Daytona Beach
T. Nelson

Tallahassee

Co.

Nelson

T.

Inc.,

Wulbern,

CATES, W. H.

Weeks

WITT, JOHN P.
John P. Witt 8c

Co.

ENTWISTLE, DWIGHT F.

GEORGE

CARSON, Jr., ROBERT B.
Thomson 8c McKinnon, West Palm Beach

ROBERT
&

H.

Carrison,

Jacksonville

Co.

Hornblower

T.

TAYLOR. JAMES N.
Ceylon E. Hudson, Wooster

Corporation

&

WEAVER,

Co.

&

RICHARD

Hayden,

CARRISON,

JAMES

WARDLEY, RUSSELL G.
Fulton, Reld & Co.

Co.

Gottron,

STEPHEN

First

Co., Elyria,

SUMMERGRADE.

HOTALING, A. STEPHEN
The

R.

Bache

Halle & Co.

J.

&

PIERRE

STRING, RALPH E.

Co.

HAYS, GEORGE H.
HLIVAK,

F.

Smith

SMITH,

Ball, Burge & Kraus
HAWKINS,

JOHN

P. R.

HARDONY, MICHAEL

59

THE COMMERCIAL and FINANCIAL CHRONICLE

60)

Thursday, November 15, 1956

THE COMMERCIAL and FINANCIAL CHRONICLE

60

'

I

Bodie,

Virginia

Jr., Stein

Baltimore, Md.; Charles A. Bodie,
& Boyce, Baltimore, Md.

George

Bros.

M.

Lehman

McVey,

Dorothy

KAUL,

EDWARD

A,

Florida Security Dealers Association

Kidder

M.

KENNEDY,
B.

ROSTER OF MEMBERS

Co.,

Lewis

City;

Ingen & Co.,

Miami

Inc.,

O'REILLY,

Bieder

KARL

MILLER, F.
Fenner & Beane

B.

Goodbody & Co.,
Bell

&

HOUSTON.

HUEY,
Paul

Davis

Co.,

Cook

M.

Company

&

Beaoh

Palm

LARKIN, JR., JOHN F.
Goodbody & Co., Coral
LAY,

GORDON A.
Roman & Johnson, Ft. Lauderdale

Miami

Inc.

Miami Beach

HULETT, WILLIAM B.

McKlnnon, Ft. Lauderdale

Beane,

MORRISON,
T. Nelson

Inc.,

Miami

Beach

KABLE,

JOHN

Clement

R.
Evans

A.

&

Company,

Inc.,

MADSEN,

MYLES,

KARL
&

Roman

Atlanta

A.

S.

Johnson, Ft. Lauderdale

M.

NEAL,
A.

MATHEWS, MURRAY C.
Goodbody & Co., Sarasota
MATHEWS,

Jr.,

Bieder

MAY,

J.

The

&

M.

Mclnnes

Mass.

Co.,

Tampa

M.

Kidder

&

Bradenton

Leedy,

Petersburg

St.

Co.,

RALPH

Wheeler

&

J,

Alleman,

Merrill

Lynch, Pierce, Fenner & Beane

PRESOOTT, BARNARD

D.

A.

Newman

&

ROBERT

Co.,

E.

Fort

M. Kidder & Co., Coral

&

NOEL,

W. J.

A.

EDMUND
Kidder

D.

6c

Co.j St. Petersburg

REDFIELD, STORY
NOWELL,

ROBERT

E.

Merrill

Goodbody & Co., Orlando
OLDAG,

Palm

CARL

Atlantic

K.
National

Bank

of

Jacksonville,

Jacksonville

Beach

Tampa

Lauderdale

M.

The Crummer Company, Inc., Orlando

Atlanta

Co.,

Gables

READ,

Miami

Miami

Kidder

M.

RAGATZ, CARL H.
Merrill Lynch', Pierce, Fenner & Beane

Miami

Lynch,

Fenner

&

Beane,

Fenner &

Beane,

Beach

REMILLARD, R.
Merrill Lynch,
Ft.

Pierce,

E.

Pierce,

Lauderdale

Industrial — Railroad

Exchange

Philadelphia-Baltimore Stock Exchange
American Stock Exchange

135 South La Salle

—

Underwriters

Street, Chicago 3

Telephone Financial 6-4600
New York

Distributors

(Assoc.)

Teletype CG 273-2860

Philadelphia

—

ARTHUR M. KRENSKY & CO.

Minneapolis

Members
New

The Illinois Company

York Stock

Exchange and other Principal Exchanges

141 West Jackson Blvd.

INCORPORATED

Chicago 4, Illinois

HArrison 7-7727
Members

New York Stock

39

Exchange

Midwest Stock Exchange

Broadway

Grand

Underwriters

-

Distributors

Preferred and Common Stocks

Equipment Trust Certificates

Dealers

-

-

Brokers

El

New York City, N. Y.

Quincy,

Rapids, Michigan

Paso, Texas

Odessa,

—

Texas

Washington,
Midland,

D.

C.

Texas

Illinois

Fort Wayne, Indiana
Monahans,

Texas

Corporate and Municipal Bonds

Chicago Bank Stocks

Complete Unlisted Trading Facilities
Teletype
CG

883

231

South La Salle Street

Chicago 4, Illinois




Telephone
Financial 6-3400

Inc.,

PRELLER, FREDERICK A.

Municipal Bonds
Members Midwest Stock

Inc.,

Jacksonville

POWELSON,

Co.,

Inc.,

L.

CARL L.

NEWMAN,

McNICHOL, HERBERT T.
A.

PAUL

NEWMAN, FRANK D.
Frank

RAYMOND
& Co., Inc.,

Beach

Leedy, Wheeler & Alleman, Inc., Orlando

A.

Boston,

McGAUGHY, PAUL W.
Equitable Securities Corporation,

McINNES,

R.

JOHN W.
Bache & Co., St. Petersburg

C.
6c

Miami

Hutzler,

Orlando

Corporation,

McClure

Palm

&

NEWEY,

DENNY

C.

McKlnnon,

PIERCE, ROBERT J.
Pierce, Carrison, Wulbern,

Co.,

&

Beane.

Jacksonville

HARRY J.

Kidder

West

PIERCE,

S.
&

6c

Bros.

PIERCE, CLYDE C.
Pierce, Carrison, Wulbern,

W. Palm Beach

St. Petersburg

Co.,

Parker

Louis

Public Utility—

Beane,

U.

McCREEDY, CLINTON T.
McCreedy 6c Company, Inc., Miami

stocks

&

Sullivan, Nelson & Goss, Inc.

off Georgia, Atlanta

ARTHUR

McCLURE, LOUIS

bonds

Fenner

ARCHIBALD

Kidder

&

Orlando

C.

R.

Trust Company

MATTSON,

(Incorporated)

Salomon

O'Rourke, Inc., Daytona Beach

JR.,

NELSON,

H. M. Byllesby and Company

Thomson

Pierce,

HARRY

Fenner

PETERSEN, HARRY E.

Co., Miami

MORLEY, JOHN J.
A. M. Kidder & Co., Jacksonville

LOMBARDO, JOSEPH P.
Stubbs, Smith & Lombardo,

Inc.

Fenner & Beane,

Palm Beach

Miami

Miami

Pierce,

PEPPER, CECIL B.

KNEAL

Lynch,

(Mrs.)

Lynch,

PEARSON, JAMES
Merrill Lynch, Pierce,

G.

A. Davis &

Merrill

LINK, JR., HARRY W.
A. M. Kidder & Co.,

Jacksonville

Orlando

Alleman,

&

Orlando, Fla.

Birmingham

ISAACSON, OSCAR
Merrill Lynch, Pierce, Fenner 6c Beane,

Paul

H.

Palm Beach

Ala.

MOORE, BUDD
MORGAN,

Robinson-Humphrey Company,
Atlanta, Ga.
JONES, RICHARD K.
Pierce, Carrison, Wulbern,

Wheeler

Montgomery,
&

LEEDY, Jr., LOOMIS C.
Leedy, Wheeler & Alleman, Inc.,

The

Merrill

Inc., Miami

MOHR, Jr., SIDNEY J.
Thornton, Mohr & Farish,

Gables

Fenner

,

E.

Pensacola

JOLLEY, LEX

HUKLE, JOSEPH F.
Merrill Lynch, Pierce, Fenner & Beane,

Thomson &

A.
Lynch, Pierce,

T.

JAMES

Jacksonville

PAUL, MARY

BOICE
Ingen & Co.,

Van

J.

Leedy,

JAMES

Merrill

JOHNSON,

S.
&

OLIVER W.
A. M. Kidder & Co., Tampa

JESTER, DeWITT T.
Thomson & McKlnnon, Tampa

Co., Tampa

GRANT
A.

W.

Petersburg

T.

HUBERT.

Goodbody &

Thomas

Clearwater

WILLIAM R.
Hough, Inc., St.

HOUGH,

KUHN,

JACKSON, EDGAR W.

K.

O'ROURKE, T. NELSON
V
T. Nelson O'Rourke, Inc., Daytona Beach

JAMES E.
& Co., St. Petersburg

MISCHUCK,
HOPPER, HARRISON

Bulkley, First Boston Corporation, New York; Clifford
Channel!, First Boston Corporation, New York

MIDKIFF,

Lauderdale

Fort

R.

MEANS, JAMES W.
Courts & Co., Atlanta, Ga.

Winter Park
E.

Merrill Lynch, Pierce,

(Continued from page 59)

York

F.

&

RICHARD

Van

J.

KLAUSE,

Brothers, New
New York

McVey,

Municipal Bonds

Commodities

Convention Number

ROBERTS, Jr., ALBERT
Goodbody & Co., St. Petersburg

THROM, HAROLD J.

ROBINSON,

TRIPP, JEROME C. L.
Tripp & Co., Inc., New York City

Grimm

Thomson

ALEX

&

Orlando

Co.,

ROBINSON, HUGH B.
Merrill

Lynch,

Pierce, Fenner

&

Beane,

Orlando

Roman

Arthur

&

Johnson,

Lauderdale

Ft.

Davidson-Vink-Sadler,
Petersburg

Inc.,

VALLELY,
John
VAN

Fenner

&

Beane,

C.

SCHUNCK,
T.

LOUISE

Nelson

SCABER,

Co., Tampa

Goodbody

&

Miami

HERBERT I.
Sanders &

New

H.

&

&

P.

Co.,

York

Inc.,

Buffalo,

Jr.,

J.

Brewer

Orlando

C.

F.

HENRY
Stubbs, Smith

Cassell &

H.

&

Inc.

"F.

Inc.

Co.,

Co.,

Birmingham
SMITH,
Ft.

Pierce,

Fenner

&

Allen

Beane,

S.

BURDETT
White, Ft.

V.

C.

S.

JOHN

Dickson

Atlanta,

The

C.
&, Company,

Inc.,

Fenner

& Beane

G.

Houston,

Parker

STEVENS,
Stevens

M.

V.

ERNEST
&

Stubbs,

Merrill

Birmingham,
SULLIVAN,
F.

Inc.,

Ala.

Lauderdale

WILLIAM P.

Eberstadt & Co.,

WOOD,

TERRY, LINTON H.
A.

M.

Thornton,

A.

Jr., J. MILLS
Mohr & Farish,

Montgomery,

KENNETH A.
& McKinnon,

Kidder

M.

WULBERN,

E.

&

Co.,

Miami

&

Richmond,

Co.,

Stewart

Quail

S.
&

El

Company,

Paso.

&

WILLIS,

HARRY

Va.

G.

Co., Davenport,

CHARLES

Iowa

E.

:

.

.

Willis,

Kenny & Ayers, Inc.,
Richmond, Va.
and

Lynchburg,

VVOODARD,

Incorporated

Company,
Va.

RONALD B.

Incorporated,

TAYLOR, CLARENCE
Wyllie

and

Hughes &

Raffensperger,

Co.,

Ind.

Indianapolis,

E.

V

YARROW, PAUL

Thornhill

Hooker

&

San

Fay,

Mateo,

Calif.

Va

&

Lanford,

Underwriters

Inc.

GORDON

Houston,

Texas

Participating Distributors

Texas

Dealers & Brokers

Crockett

&

Co.,

POWELL
Corp. of

G.

Norfolk,

Lauderdale

W.

Listed and Unlisted Issues

Co.,

&

Norfolk

Va.

&

DOHERTY,

Taylor & Co.

MARVIN

Member

Houston, Tex.

Co.,

B.

Wulbern,

Inc.,

Midwest

Stock

Exchange

105 South LaSalle Street

J.

THOMAS

Haute, Ind.

CHICAGO 3

DRINKARD, OSCAR B.
Scott,

Ft.

GEORGE

George W. Cunningham
Westfield, N. J.

Terre

Naples

Horner

Mason,

&

Leonard

J.

Financial 6-1030
Direct Wires:

& Co.

Fertig

Wayne,

Teletype

Telephone

Inc.

Lynchburg, Va.

Fort

Jacksonville

Ala.

HAROLD

S.

FERTIG, LEONARD J.

Carrison,

Pierce,

JAMES C.

Jr.,

Wheat

Rock, Ark.

Crockett

GARLAND P.

WRIGHT,

Kidder & Co., Lakeland

THORNTON,

H.
Graves & Co., Inc.,

Thomson

Inc., N. Y. City

Crawford

Little

DENMANZUK,

JONATHAN

Gordon

Company

WALTER W.

Investment

L.

GEORGE

Lynch, Pierce, Fenner & Beane,

WINTERS,

Hill,

DAVIS,

WILLIAMSON,

Ft. Myers

JR., GEORGE H.
Smith & Lombardo,

Inc.

Jacksonville

S.

White,

C.

WILLIAMS,

Craigie & Co., Richmond, Va.

W.

Strader

Craigie & Co., Richmond,

CUNNINGHAM,

Carrison, Wulbern,

Pierce,

Miami

Ft.

STUBBS,

Corporation

Va.

FREDERICK

WILLIAMS.

PHILIP

Peabody & Co.,

Kidder,

and

Miss.

CROCKETT, CLAUDE T.
Crockett & Co., Houston,

Ga.

STEARNS,

WHEAT,

Co., Amarillo, Texas

Texas

Co., Houston, Texas

&

CROCKETT, A.

Jacksonville

Ewing & Co.,

Lynchburg,

Walton

B.

CRAWFORD, IRA B.

CLINTON S.

Lynch, Pierce,

WILLIAMS, ERNEST
R.

&

Harold

BYRON

Christie

P. W.

Myers

Lauderdale

SPENCER,

Shaffer

L.

Texas

Claybaugh & Co.
Harrisburg, Pa.

WHITNEY, Jr., WHEELOCK

Lynch,

O.

STEWART,

Company, Inc.

Miami

L.

R.

Merrill

ALTON, OTIS B.

L.

HARRISON

Lynchburg, Va.

&

Merrill

W

Inc.

STRADER, LUDWELL A.

Evans &

WHITEHEAD,

Lombardo,

&

Corporation

J.

H.

NORMAN

Crockett

B.

HOWARD

A.

Stevens

M.

Share

&

B.

& Company,
Rock, Ark.

L.

Bond

GUS

Sons

SMITH, MARK A.

Charlottesville, Va.

CRAIGIE,
WHITE,

FRANK

Rapids. Iowa

Canada

Que.,

Walton

Jackson,

Orlando

SMITH,

WALTON,
,

CLAYBAUGH, BLAIR F.

WHEELER,

SMITH, Jr., F. BURTON
F. Burton Smith, Orlando

Curtis

and

Richardson

James

Montreal,

&

Y.

Becker

&

EUGENE

CHRISTIE,

Orlando

BURTON

F.

Y.

NEWTON

N.

SHAFFER,

BREWER,

CHERRY,
Inc.,

H. JAMES
a.

Co.,

Blair F.

SMITH,

N.

J.

HECTOR

VIDRICAIRE,

Utlca,

Company,

Indianapolis, Ind.

&

S.

John S. Vavra & Co., Cedar

Little

Indianapolis

JOHN A.

CASSELL,

Distributors,

Fund

REISSNER,

JOHN

VAVRA,

Kans.

MAX

and

Webber, Jackson
Milwaukee, Wis.

Washington, D. C.

City

York

Co., Fort Myers

Philipson

Paine,

Inc., New York City

GAVIN H.

Line

Clement

Freeman

Inc.,

Birmingham, Ala.

OREN

C.

W.

Alleman,

&

JR.,

WHEELER,
SMITH,

WILLIAM B.
Co., Inc., Topeka,

RADA, RALPH

Inc.

Company, Columbus, Ohio

Doolittle

MILES A.
Smith & Lombardo,

Stubbs,

New

Company,

—

Fenner & Beane,

L.

WILLIAM

Eberstadt

WATSON,

Vance,

Ohio

BRADT,

Wheeler

Value

SHAW,

Pierce,

ROBERT

WATKINS,

Beach

Wyllie and Thornhill,
Charlottesville, Va.

EWING T.

Rouse,
F.

SHARP, NATHAN S.
Merrill Lynch, Pierce, Fenner & Beane

Delray

The

Lynch,

WARNKE,

M.

Co.,

AYRES, JOHN W.
Willis, Kenny & Ayres,
Richmond, Va.
BOLES,

Orlando

M.

ROSTER OF MEMBERS

C.

Beach

Leedy,

O'Rourke, Inc., Daytona Beach

ALFRED

Y.

San Antonio,

Corp.,

&

Estes

G. ERNEST

THORNHILL,

D.

Investment

I'lIILIPSON,

N.

JOHN

WAGNER,

&

EDWARD

Mulr

TESELL.

C.
Co.,

EDWARD V.
& Co., Chicago

RYN,

Palm

M.

McClure

&

MUIR,

Nuveen

Merrill

Jacksonville

LOUIS

J.

ARTHUR

Any

Regional Group

Vance, Sanders & Co., Washington, D. C.

St.

SAXTON,

Affiliated With

Clearwater

Wiesenberger

NSTA Members Not

Texas

VALENTINE, KIMBALL

U.

SALKAY, ZOLTAN
Merrill Lynch, Pierce,

Miami Beach

McKinnon,

UFFORD, HENRY M.
Calvin Bullock, Ltd.,

GRANT

CLIFFORD

SADLER,

Louis

&

UNDERHILL,

U.

ROMAN,

61

THE COMMERCIAL and FINANCIAL CHRONICLE

CG 1429

New York

-

St. Louis

-

Kansas

City

Ind.

GOODMAN, KENNETH E.
Kenneth

Goodman

E.

Sheboygan,
GRAEFE,
First

Des

U nderwriters—Brokers

Listed &

Unlisted Securities

&

Co.

Wis.

DIRECT PRIVATE WIRES TO

HARRY B.

of

Iowa Corporation,

Moines, Iowa

San Francisco

HARRINGTON, FULLER A.
Harrington & Co., Jackson,
HARRISON,

Stone

Miss.

Straus, Blosser & McDowell
members new york stock exchange

detroit stock exchange

•

m 1 dwest stock exchange

american stock

•

exchange

(associate)

THEODORE

T. C. Henderson &
Des

Moines,

HEWITT,
Santa

C,,

SALLE

STREET

I

HONNOLD, PHILIP C.

3, ILLINOIS

and

Oklahoma

First Trust Co.

ANdover

KANSAS

GRAND RAPIDS

3-570#

MT.

TELETYPE

CITY

CG

CLEMENS

650

ISAACS,

of Lincoln,

HENRY

Lincoln, Neb.

Pan American

Kay &

T rading

Fairman

Securities, Miami, Fla.

&

Cincinnati
Westheimer & Co.

I
I

F. RICE AND

DANIEL

NEW
and other

I
I

Spokane, Wash.

YORK

STOCK

EXCHANGE

principal stock and commodity exchanges

141 W. JACKSON BLVD., CHICAGO 4

I
KENNY. GEORGE P.
Willis, Kenny & Ayres, Inc.,
Richmond, Va.

COMPANY

Members

I

Co., Houston, Texas

F.
Corporation

Co.

I

KELLEHER, WILLIAM

KNAPP,

St. Louis
A. G. Edwards & Sons

Los Angeles

I

G.

KARKOWSKI, MAURICE R.

Retail

Daniel F. Rice & Co.

I

MILWAUKEE

TELEPHONE

YORK

DETROIT

New York

Prescott & Co.

I

Okla.

HUNT, E. M.
NEW

Cleveland

I
I

Inc.

Company,

City,

DEPARTMENT

STRAUSS, Manager

I

Jr., WILLIAM G.

Honnold

CHICAGO

TRADING

BOB

I

Russ & Company, inc., San Antonio, Tex.

39 SOUTH LA

Thomson Kernaghan

CHICACO
UNLISTED

I

E.

Fe. New Mexico

HOBBS,

Schoff & Baxter

I

I

Co., Inc.,

Iowa

CHARLES

Toronto

Burlington, Iowa

Youngberg

I

G.

GEO.

Harrison & Austin, Inc., South Bend, Ind.

HENDERSON,

&

WEbster 9-4200

I
i-

RUSSELL

Securities

Iowa,

of

Cedar

Rapids, Iowa
ERNEST

KOSEK,

Kosek

Ernest

Cedar

SINCE 1890

Rapids,

of Investment

Banking

DEMPSEY-TEGELER

R.

Dempsey-Tegeler & Co.
Iowa

Burlington,

CO.

&

Established 1933

LANFORD, LOUIS A.
Hill, Crawford & Lanford,
Little

66 Years

Company,

Iowa

ALFRED

KRAMER,

Stifel, Nicolaus &. Co,, Inc.

&

Members of Principal Exchanges
Inc.

Rock, Ark.

GARNETT O.
Scott, Homer & Mason,
Richmond, Va.

LEE, Jr.,

LEVY,

ROBERT E.
E. Levy &

Robert

Inc.,

JAMES

Co.. Waco, Texas

MURPHY

H.

EDWARD

N. BARTH

THOMAS E.

KING

CHAS. P. WINTERS

Underwriters & Distributors
LEWIS,

Municipal Obligations

Lewis

Toll Road Facilities

&

Company,

Vancouver.

Securities

B.

C.,

G.

WALTER

Strader

LA

SALLE ST.

CHICAGO 4, ILL.

Teletypes
CG

1352

WILLIAM N.

and Company, Incorporated

ST. LOUIS Z
McGANN,




S.

Financial 6-2620

Scott, Horner & Mason, Inc.
Lynchburg, Va.
McCLINTICK, Jr.,

105 W. ADAMS STREET

209

Canada

Telephone
MASON,

Public Utilities

3

Miss.

J. E.
Pemberton Securities Limited

Bridge Revenue Bonds

CHICAGO

S.
Jackson,

MacDONALD,

Water & Sewer Revenue Bonds

Industrial & Corporate

EDWARD

Jr.,

314 No. BROADWAY

Albert
South

MORAGNE,
R. D.

NATIONWIDE WIRE

ALBERT

McGann

Securities

Co.,

Bend, Ind.
ROBERT

D.

Moragne & Co., Houston

Inc.

SERVICE

—

616

THE COMMERCIAL and FINANCIAL CHRONICLE

62

Pittsburgh Securities Traders Association

ROSTER OF MEMBERS
ACKERMAN,

WM.

J.

ANFANG,

JAMES

FRANKLIN
Blair St Co., Incorporated

J.

APPLEGATE, A LOWRIE
Hulme, Applegate & Humphrey,

Inc.

ARTHURS, ADDISON W.

C. S.

f

AUSTIN,

JAMES

Parrish

|m

St

SHIRLEY

BARBOUR,
Merrill

>1
Kenneth Moir

Singer,

Robert G. Deakins

BODELL,

Vice-President:

Joseph

Beane

♦

Lear

St

E.

Co.

Singer,

E.

Powell

Company.
Schmertz &

Co., Inc.

Teresi, Thompson and Taylor Co.

C. S.

McKee

CARTER,

ALBERT

Preston,

Richards

Co.

Burgwin St

&

St

SATLERl Jr.,

Day, Hulme, Applegate & Humphrey, Inc.;
Austin S. Umstead, A. E. Masten & Company; Frederick C.
Leech, Moore, Leonard & Lynch.

National

John

Committeemen:

Reed,

Klima,

R.

Lear

&

Co.;

George E. Lestrange, Arthurs, Lestrange & Co.

Elmer

Powell

CLAYTON,
C.

S.

&

Co.

ROBERT

McKee

A.

FRANK L.

C.

JAMES

WARD,

McKee

S.

&

Moore,

Chaplin

The

Inc.

Stroud

James

H.

Scott

St

Co.

Iowa Electric

SCRIBNER, JOSEPH M.

Singer,

Deane

and

Company

St

JOHN

Iowa Public

Singer,

'

Service Co.

MEMBERS

Mellon

Company,

Deane

&

Incorporated

A.

Scribner

JOHN

Inc.

P.

National

Bank

St

Trust

Co.

St Company

YOUNG,

SIMPSON, WILLIAM G.
Simpson, Emery & Co., Inc.
SMITH,

JOHN

Jr.,

FRED

Walston & Co.,

ZINGERMAN,

P.

Merrill

Cunningham, Schmertz & Co., Inc.

DeCOURSEY, JOHN A.
Chaplin and Company

COMPANY

AND

Incorporated

DEAKINS, ROBERT G.
Reed, Lear St Co.

Kentucky Utilities Co.

Corporation

W.

Walston & Co.,

WOODS,

A.

HUlme, Applegate & Humphrey, Inc.

Iowa Southern Utilities Co.

SINCERE

PAUL

&

Scribner
S.

SHERIDAN, GEORGE W.

McKelvy
DAY,

Boston

FRED

WOLFERS, PHILIP
SIIEPPARD,

Fauset, Steele & Co.

Light & Power Co.

B.

Co.

St

WOEBER, ROBERT

CUNNINGHAM, ROBERT J.
Blair St Co.,

First

WILLEY,

DANIEL J.

Trading Markets

Central Indiana Gas Co.

NORMAN

Ward

WETMORE. ROBERT C.

SCOTT, JAMES H.

Company

JAMES E.
Leonard St Lynch

CULLINAN,

Jr.,

Norman

SCHUGAR. MAX N.

W.

CREIIAN,

NORMAN B.

& Co.

Walston St Co.,

CRAIG,

AUSTIN
Masten & Co.

E.

Norman Ward St Co.

Cunningham, Schmertz St Co., Inc.

G.

Inc.

Company

UMSTEAD, S.

SCHMERTZ, ROBERT C.

SAMUEL C.

E.

&

Company

Moore, Leonard St Lynch

Watt St Schoyer

CARTER,

Paul A.

J.

Company

Secretary: Robert G. Deakins, Reed, Lear & Co.
Governors:

S.

WARD,

R.

Inc.

TOMASIC, ANTHONY E.

RICHARDS, JR., RALPH S.
HOWARD J.

Co.,

Cunningham, Schmertz & Co.,

Co.

Thomas

BUFFINGTON, Jr., JOSEPH
Arthurs, Lestrange St Co.

J.

Sweitzer

TITUS,

St

W. BRUCE

Howard

E.

TIERNAN, Jr., FRANK M.
Preston, Watt St Schoyer

POWELL, ELMER E.
Elmer

Inc.

TIERNAN, FRANK M.
Preston, Watt St Schoyer

Scribner

St

W.

Inc.

ROGER

Lynch,

J.

Pierce,

.

Fenner

&

DODWORTH, W. STANLEY
DONALDSON, JOHN P.

OP

Kay, Richards St Co.
York

New

all

and

Stock

Exchange

Principal Stock and

FREDERICK

DONNER,
/

COMPLETE UNLISTED

H.

Singer, Deane St Scribner

Commodity Exchanges
DORBRITZ, ERNEST O.
Moore, Leonard & Lynch

CHICAGO
Teletype

Telephone
STate

CG 656

2-2400

&

657

SERVICE FOR

DOYLE, ROBERT C.
C. F. Childs and Company

DEALERS

EMERY, JOHN L.
Simpson, Emery & Co., Inc.

EVERSON, RICHARD
Reed,

Lear St

★

★

Co.

'

★

»

FERRERO, ROBERT R.
C. S.

McKee & Company

FISHER,

CHARLES

N.

Doyle, O'Connor & Co.

Singer, Deane St Scribner

WEBSTER, MARSH & CO.
MEMBERS

MIDWEST

STOCK

FITZGERALD,

Singer,

EXCHANGE

JOHN

L.

135

S.

La

Salle

St.

CHICAGO

♦

3

Deane & Scribner

FOLEY, WILLIAM R.
Reed, Lear & Co.

SPECIALISTS & BROKERS

GENKINGER, JACK M.
J. M. Genkinger & Co., New Castle, Pa.

MIDWEST STOCK EXCHANGE

GLEESON, Jr.,

GEORGE H.

Walston & Co.,

ISSUES

ARTHUR

C.

Inc.

GRAHAM, E. W. STERLING
Graham

SACCO

JOSEPH

GERDY

St

Company

CHICAGO

GURCAK, FRANK J.
Thomas St Company
HAMSHER, ROY M.

Cunningham, Schmertz & Co., Inc.
120

SO.

LA

SALLE

PHONE

ST.

OVER-THE-COUNTER

HARRISON, JOHN T.

CHICAGO

3,

STATE

ILL.

2-8638

SPECIALISTS

Thomas & Company

HEFREN,

ARTHUR R.

SINCE

HOWLEY, WALTER L.
Chaplin and Company

1926

HOY, JOHN W.
Parrish

St

Co.

HULME, MILTON G.
Hulme, Applegate St Humphrey, Inc.

PHONE

or

WRITE

HUMPHREY, ARTHUR F.
Hulme, Applegate & Humphrey, Inc.

SWIFT, HENKE & CO.
MEMBERS MIDWEST STOCK EXCHANGE

HUNTER, FRANK H.
McKelvy

SO.

LA SALLE

CHICAGO 3,

I

Company

INGRAM, PAUL H.
Chaplin and Company

WM. H. TEGTMEYER & CO.
39

St

JOHNSON,
Johnson

WILBUR E.
&

For

Johnson

58

Years

JOHNSON, Jr., WILBUR E.

STKEET

Johnson

&

Johnson

MUNICIPAL BONDS

KEIR, HAROLD M.

ILLINOIS

Jenks,

Kirkland,

KIRKPATRICK,

Grubbs

T.

&

Keir

W.

Exclusively

KLIMA, JOHN R.
Reed, Lear & Co.

FOR

KOST,

MARKET AND MEMORANDUM ON

A. E.

EDWARD

C.

Masten St Company

LEAR, EUGENE H.

"FANNIE MAE"

Reed,

*

Lear St

Established 1898

Co.

CHICAGO

LEAR, JAMES C.

Boston

Reed, Lear St Co.
FEDERAL

NATIONAL

MORTGAGE

ASSOCIATION

COMMON

LEATHERBURY,
Reed,

GEORGE

Lear St Co.

LEECH, FREDERICK C.
Moore, Leonard St Lynch

Phone

Financial 6-2363




LESTRANGE, GEORGE

Teletype
CG

625

Arthurs,

Lestrange St Co.

LONSINGER,
Reed,

LOOS,

Lear

JOHN

Walston

St

Co.

TERESI, SAMUEL H.
Thompson St Taylor Co.

Co.

Deane

Trust

TAYLOR, RAYMOND M.

FONICALL, Jr., FRANK M.
&

St

SWEITZER, EARL E.

Kay, Richards St Co.

Reed,

Bank

Cunningham, Schmertz St Co.,
Co.

SHELDON

H.

National

SULLIVAN, JOSEPH H.

PARRY, HERBERT B.

& Scribner

Cunningham, Schmertz St Co., Inc.

BURGWIN,

Treasurer: Samuel H.

Company

REED, PAUL

Cunningham,

Sullivan,

H.

St

G. CLIFFORD

BROWER,

President: Kenneth Moir, Chaplin and

PARKER,

Fenner

LEE

Richards

Kay,

G.

Pierce,

Mellon

McKee St

Co.

St

STUREK,FRANK T.

MOIR, KENNETH
Chaplin and Company

Incorporated

L.

Deane

S.

BEAR,

Samuel H. Teresi

Joseph H. Sullivan

DUANE

Lynch,

THOMAS

BARE,

Stubner

Company

METZMAIER, Jr., ALBERT J.
Mellon National. Bank St Trust

Co.

BABBITT, WALTER H.
W. H. Babbitt St Co.,

and

CARL S.

McKEE,

Arthurs, Lestrange & Co.

I

STUBNER, CHRISTIAN J.

McGUINESS, FRANCIS J.
Chaplin

Co.

STOLACK, SYDNEY
McLaughlin, Cryan & Co.

McCONNELL, W. BRUCE
Singer, Deane St Scribner

Cunningham, Schmertz St Co., Inc.

mv

Fauset, Steele St

MARONEY,

Reed, Lear St Co.

ffc.,

Thursday, November 15, 1956

EUGENE
St

Co.

C.

Co., Inc.

R.

P.

Cincinnati

Cleveland
.

—

Incorporated 1953
NEW

YORK

St. Paul
Detroit

Los Angeles

Beana

Convention Number

Harold

De

Shong,

Southwestern

THE

Dallas Rupe & Son, Inc., Dallas; Sam Johnson,
Company, Dallas; Allen L. Oliver,
Jr.,
Sanders & Company, Dallas

H.

J. Zinzer, Dempsey-Tegeler & Co., St. Louis; Jerry
Tegeler,
Dempsey-Tegeler & Co., St. Louis; Jack Hecht, Dempsey-Tegeler
& Co., Los Angeles, Calif.

Securities

,

Baltimore

63

COMMERCIAL and FINANCIAL CHRONICLE

Security Traders Association

CHAMBERS, ROBERT P.
John C. Legg & Company
CHENOWETH,

JOHN

Malcolm
M.

D.

Crawford,

Bergman,
Lee,

Allen

Investment

Allison-Williams

Sterne,

&

Agee

Company, Denver; Oscar
Minneapolis; Alonzo H.
Birmingham, Ala.

Company,

Leach,

SHEELY,

WALLACE, JOHN J.

SNYDER, JACK
Mead, Miller &

WATTS, Jr., SEWELL S.

HARRY M.
Mead, Miller & Co.

G.

Baker, Watts & Co.
WILLIAM F.
Miller & Co.

Watts

Baker,

Co.

&

Co.

Baker, .Watts & Co.

COLEMAN,

Mead,

SOWERS. J. CLAIRE
Mead,

CRUNKLETON,

JOHN

STROHMER,

CHARLES

C.

Legg

A.

&

Brown

ENSOR,

JOSEPH

G.

John

C.

&

Bros.

JOHN

YEAGER,

Legg & Company

C.

Baker, Watts & Co.

TAYLOR. PRESTON A.
Mead, Miller & Co.

Sons

YEAGER,

Baker,

LAWRENCE E.

Stein

Lynch, Pierce, Fenner & Beane

WILBUR, LeROY A.
Stein Bros. & Boyce

E.

EBERWEIN, BERNARD
Alex.

Merrill

SUNDERLAND, EDWIN P.

Company

&

GEORGE

WHITE,

Co.

John C. Legg & Company

Company
John

&

R.

Mercantile-Safe Deposit and Trust

DUGENT,

Miller

G. THOMAS
Watts <fe cn.

Boyce

FRANK, J. CARL
John

C.

Legg

&

Company

FREEMAN, EDWARD B.
Lockwood, Peck & Co.
GAHAN, JOHN

G.

Watts

Baker,

Co.

&

GRAY, E. GUY

Charles A. Bodie

Joseph G. Strohmer

Edward H. Miller

JohnC.Yeager

President: Joseph G. Strohmer, John C. Legg & Company.

Lynch, Pierce, Fenner & Beane
LOUIS P.

GUNDLACH,
Brooke &

Treasurer: John C. Yeager, Baker, Watts & Co.

of Governors: William C. Roberts, Jr., C. T. Williams &
Company, Inc.; E. Clinton Bamberger, Baumgartner, Ddwning
"I'"'

National Comhiitteemen: Charles A.

Bodie, Stein Bros. & Boyce;
Burns, Baumgartner, Downing & Co.
1956; Term Expires: December 31, 1956.

Alex.

KEAGLE, O. JOSEPH
c/o Phil.-Balt. Stock
KELLERMANN,
Alex.

Bros.

BOYCE,

JR.,

C.

Stein Bros.

KIDD,

C.

Stein

Dillon,

Union

Securities

&

Co.

BARNICKOL, FRANK G.
Equitable Trust Company

BERRY,

ALLISON

Robert

Garrett

BLOCHER,

Maryland
BODIE,
Stein

&

THOMAS

Trust

Jr.,
Bros.

R. EMMET
Legg & Company

Stein

S.

Company

CHARLES

Bros.

BURNS,

Baumgartner,

A.

BUTLER,

& Boyce

BORIG, MILLARD
Philadelphia-Baltimore

<fc

Baker,

J.




Exchange

Co.,

Inc.

H.

& Boyce

>

WE

HENRY J.
Mercantile Safe Deposit

ARE

KRUG,

Trust

&

INTERESTED

GARY

Davies

Landon

RAILWAYS.

IN:

INC.

Co.
ONE

LIST,

La SALLE

BLOOMINGTON

&

Co.

WILMER

Watts & Co.

Bros.

208

Q.

ROBERT

Stein

L.

Downing

&

Boyce

MACE, FRANK
Baumgartner,

WABASH

Downing

COMPANY

&

UNION

Co.

Kidder, Peabody <fe Co.

LEONARD J.
Mead, Miller & Co.

McCLURE,
Stein

SOUTH

FIRE

LA

CORP.

INSURANCE
5%

$5

PAR PREF.

A. A. Harmet & Company
inc.

not

&

MILLER, EDWARD

ST.

MATERIALS

ELWOOD
Boyce

E.

Bros.

SALLE

CASUALTY

&

CHEMICAL &

LIMESTONE

N.

CHESTER

MARTIN,

BUTT,
Stock

A.

Stein Bros. & Boyce

Boyce

WALTER

JACK

Shriver &

G.

LANAHAN, Jr., WALLACE W.

BRUCK, H. MITCHELL

Sons

exchange

midwest stock

Boyce

KRIEGEL, LEO

BROWN, J. DORSEY
J. Dorsey Brown & Co.

M.

&

CG 1234

members

GUSTAV

Stein Bros.

BRADLEY,

BRADY, JOHN A.
White, Weld & Co., Philadelphia

Eastman,

RAndolph 6-8800

L.

KRATZER, DAVID

BANEY, ARTHUR L.

C.

Exchange

Sons

NEWTON

Bros.

George

PREVOST

& Boyce

BAMBERGER, E. CLINTON
Baumgartner, Downing & Co..

John

STREET

CHICAGO 3

HOWARD
&

Brown

KOLSCHER,
Stein

J.

LA SALLE

SOUTH

Mead, Miller & Co.

ROSTER OF MEMBERS^
EDWARD
& Boyce

135

& Sons

Brown

KLEIN,

ARMSTRONG,

HICKEY St CO.

Co.

WILLIAM J.

HERR,

Board

Took Office: January 1,

CHARLES

Merrill

Secretary: Edward H. Miller, George G. Shriver & Co., Inc.

Walter L.

Company

GRESSITT, MORDECAI B.
George G. Shriver & Co., Inc.
GROSS.

Vice-President: Charles A. Bodie, Stein Bros. & Boyce.

& CO.

Mercantile-Safe Deposit and Trust

H.

TELETYPE CG 301

George G. Shriver & Co., Inc.

BUHL BUILDING

MITCHELL,
Mitchell

DETROIT

Robert

HARRY

TENANTS

BUHL

BUILDING

Garrett

Jr.,

PIET,

THE

John

D.

&

& Co., Inc.

HARRY

First

of

Wagner

Miller

&

Corporation

Michigan

PLUMMER,
Stein

R.

BROKERS and DEALERS

POE,

PHILIP

Bank

of

National

Detroit

RIEPE,
Alex.

Wm.

C.

&

Roney
&

With Own Private Wires to

B.

Boyce

Los

L.

Poe

& Co.

Angeles, Cal.
Sheboygan,

J.

&

Company

Mead,

GEORGE

Sons

Miller

&

White

D. B. Fisher

&

Co.

Co.

Blair &

Co.

&

Milwaukee,

Wis.

\

Co.

ROBERTS, Jr.. WILLIAM C.
C.
T.
Williams & Company,

Co,

SADTLER.

C.

of Midwest Stock

Exchange

Inc.

209 S.
Ryan, Sutherland

-

William A. Fuller & Co.

W.

Members

Hudson

St. Paul, Minn.

■

Wis.

CREIGHTON

Brown

Co.
RING,

Shannon

&

REIN, HOWARD E.
Equitable Trust Co.

Co.

&

H.

& Co.

Co.

&

Bennett

McDonnell

CHARLES

DONALD

Bros.

Philip L.

Manley,

6-9744

J.

PINDELL, DAVID LEE
Lockwood, Peck & Co.

Baker, Watts

Campbell, McCarty & Co., Inc.

illinois

4,

Howard & Co.

PINKERTON,

Ferriss,

La Salle Street

Sons

Baker, Simonds & Co.
Blyth

South

chicago

MORGAN, Jr., C. GERARD
John C. Legg & Company
NIEMEYER,

IN

Inc.,

J.

N.

central

An Address of Distinction

FINANCIAL

208

BENJAMIN

C.

Securities,

City,

Jersey

LA SALLE ST.

CHICAGO

4

HERBERT

Union Trust Company

SENER, JOSEPH W.
John C. Legg & Company

Tel. DEarborn 2-5600

Teletype CG 146-147

THE COMMERCIAL and FINANCIAL

PRKSCOTT.

City Security Traders Association, Inc.

Twin

Harold

E.

Wood

&

Co., St.

Paul

BORIN,

National

<fc

Research

Corp.

Jamleson

&

CAMPBELL,

Juran

T.

Inc.

Co.,

J.

Daln

M.

First

Inc.

St

&

Company

Oscar M.

Dc

President: George

A. MacDonald, First National Bank of

MOSS,

Hazeltine,

Oscar M.

Vice-President:

Company,

Allison-Williams

Bergman,

Minneapolis.

Mach, Reynolds & Co., Minneapolis.

Treasurer: Robert

Minneapolis.

,|

Oscar

Company,

M.

FIELD,

Minneapolis; Fred S. Goth, Irving J. Rice & Company,

Incorporated, St. Paul.

Jaffray & Hopwood, Minne¬

apolis; Emil Klemond, Merrill Lynch, Pierce, Fenner & Beane,
Minneapolis.
Elected: October, 1955;

Took Office: January, 1956; Term Expires:

December 31, 1956.

M.

H.

in

OF MEMBERS

unless

Minneapolis

AUEL,

Smith,

ALDRICH,
Central

MALCOM

Republic

M.

Company

J. P.

Inc.

J.

P.

BERGLUND,
First

ALBERT

National

Inc.

J.

Bank

of

RAY

Ahison-Willlams

J.
National

Bank

WIKMAN, DALE R.

Reynolds

&

WITT,

W.

& Co.

Company,

JOHN

ROBERT M.
& Company

Jamieson

Inc.

WITTENBERG,

F.

Blyth &

& Co.

WILBUR

W.

Co., Inc.

Paul

St.

WRITE FOR

A.

& Co.

YOUR CONVENTION PRINTS

B.
Company

GEAR1NO, E. R.
Marquette National Bank
H.

I

At

Company

Only $1.50

WILLIS

Bishop & Co.
DONALD

I.

du

F.

Pont

Bob and Paul

Co.

St

inc.

St. Paul

ALPHONSE

GRUN,

HAMMEROT,

230 NO. PALM

J.

Bank

National

Reynolds
Minneapolis

BERGMAN, OSCAR M.

Arms, Incorporated

W.

Northwestern

Company

Co.

St

Dain &

M.

First

Johnson-McKendrick Co.,

St. Paul

HARRY

Kalman

STEELE.

FRED S.
A
Irving J. Rice & Company,

BECKER, CHARLES

First National Bank of St. Paul,

JAMES

Company,

WIGGINS,

B.

GOTH,

BABCOCK, Jr., CARROLL H.
Piper, Jaffray St Hopwood

ANDERSON, DONALD N.

ARMS,

&

E.

Bishop & Co.

'

JOHN

Barney

GARCIA,

GOODMAN,

DONALD

Kalman

otherwise Indicated)

H.

L.

K.
St Co.,

Bishop

Francis

located

of Minneapolis

EMIL

FLODIN,

M.

(Members

Lynch, Pierce, Fenner & Beane

WICHMAN,

Inc., St. Paul

WALTER P.

Reynolds

Co.

St

Nuveen

GIESEN,

ROSTER

Jackson & Curtis

J.

WALLACE

GALLAGHER,

Alternates: Grant A. Feldman, Piper,

STARN,

HUGH

HAROLD

Jamleson

FISK,

Allison-Williams

Bergman,

Wilson

&

FELDMAN, GRANT A.
Piper, Jaffray St Hopwood

John

Committeemen:

LEO

Blyth & Co., Inc.

Jr., Piper, J affray & Hopwood.

Secretary: William W. Koop,

KEF MIT

Allison-Williams

SPACE,

A.

Co.

Woodard-Elwood St Co.

Gilbert

FERGUSON,

National

SORUM.

of

Minneapolis

HOWARD

&

PALM

PHONE 5T64

Co.

CANYON DRIVE

(ACROSS FROM CHI CHI)

SPRINGS, CALIFORNIA

HARRIS, ROBERT E.
J. M. Dain & Company
HAW, FRED
Bank

National

First

of

Minneapolis

ROGER L.
Marquette National Bank

HEIRONIMUS,

IIENNINGS, HENRY B.
JOHN L.
T.

REGINALD MacARTHUR

KENOWER

JULIUS POCHELON
MELVIN R. STUIT

NORRIS HITCHMAN

Bank

National

Northwestern

of

Minneapolis
HUNT

W.

JOHN

S. R.

Midland National Bank

JACKISH,
Merrill

Underwriters, Distributors and Dealers in

GEORGE

V.

Livingstone, Crouse & Co.
Established

Lynch, Pierce, Fenner St Beane

JOAS, KENNETH C.
Smith, Barney St Co.

1922

MEMBERS

DETROIT STOCK EXCHANGE

Municipal and Corporation Securities

JOHNSON.

EMIL

Johnson-McKendrick

JOHNSON,
.

r.

: ''vSpecializing in
#

ROY

Jr.,

National

First

.

Co..

Inc.

of

Minneapolis

J.

Bank

Underwriters

Webber,

Paine,

KINNARD.
John

St

HENRY

KELLAR,

Michigan Municipals and Revenue Bonds

JOHN G.
Kinnard St

G.

Merrill

Lynch,

BUILDING, DETROIT

LARSON,

WOodward

Pierce.

&

Fenner

Beane

Trust

RONALD

GRAND

SAGINAW

RAPIDS

GLendale

W.

PLeasant

1-2231

Trading Facilities

LEJCHER, GEORGE F.

Bearinger Building

Building

Dealers

SECURITIES
Complete

du

I.

Pont

&

Co.

2-3262
LEWIS.

Michigan

—

Piper, Jaffray & Hopwood
Francis

I

Distributors

CORPORATE and MUNICIPAL

Company

KOOP, WILLIAM W.
Piper, Jaffray St Hopwood

Kenower, MacArthur & Co.

—

Jackson & Curtis

KLEMOND, EMIL J.

FORD

2-7128

Reynolds

-

Co.

&

MacDONALD,
First

DETROIT 26,

WARDWELL

W.

GEORGE A.

National

Reynolds

of

Bank

Minneapolis

CORNELIUS
Mahoney St Co.

D.

WOodward 5-6202

Teletype DE 336

Co.

&

MAHONEY,
C.

MICH.

Penobscot Building

MACH, ROBERT F.

Members Detroit and Midwest Stock Exchanges

D.

MAHONEY, JOSEPH C.
C.

D.

Mahoney & Co.

MASEK.
M.

JOSEPH

H.

Bishop

MATSCHE,

Active Markets Maintained in

St.

E.

&

PAUL

Webber,

Paine,

Co.
E.

Jackson

Curtis

St

Paul

McCRANEY,

ROBERT

WATLING, LERCHEN & CO.

A.

Piper, Jaffray & Hopwood

MUNICIPAL BONDS

Investment Bankers

McGANN, GLENN
Reynolds

&

Co.

McKENDRICK.

CORPORATE SECURITIES

EDWARD

Johnson-McKendrick

McNAGHTEN.
i

ROBT.

St

Co.,

Inc.

Members

8.

Willlams-McNaghten Co.
Kalman

St

MURPHY,

Company,

ROBERT

Investors

Michigan Bonds and Stocks

New York

Stock

Exchange

JOSEPH R.

MILLER,

Specialists in

Inc.

American Stock Exchange

(Associate)

A.
Services

Diversified

MYERS, THEODORE A.
Mannheimer-Egan, Inc., St.

Inc.

Detroit Stock

Paul

Exchange

Midwest Stock Exchange

NELSON, DALE
Northwestern

First of^Iiciiigan Corporation
Member Detroit &

John

BUHL

Central

BUILDING, DETROIT

Battle Creek

Lansing




Port Huron

COLUMBUS

Bay City

Saginaw

&

Republic

Co.

CORPORATE AND MUNICIPAL SECURITIES

Flint

Company

GEORGE

Central

PAPPAS,

Grand Rapids

D.

Kinnard

G.

Bank

O'CONNOR, WILLIAM G.

Midwest Stock Exchanges

CHICAGO

National

JOHN

NEWELL,

OSTROM,

NEW YORK

Minne¬

LLOYD

Company,

First National Bank

CHARLES

&

Webber,

WHITE,

SMITH, JACK P.

DEVINE, OWEN C.

Minneapolis.

Claire, Wis,

Merrill

H.

&

of

Co., Winona

FRANK

Weld

Paine,

Co., Eau

Bank

WHENES, KELLY

M.

Upham & Co.

Harris,

&

Tarras St

C.

WARNER,

Paul

Co.

BEN

Kalman

Duluth

DAYTON, LEONARD V.
Smith, Barney & Co.

Bergman

Company

National

(Associate)

(Associate)
SIVERSON,

Higgins & Co.,
(Associate)

&

JACK

O.

White,

PRESTON B.
Williams &

SIRIANN,

Inc.

Bardon

A.

of St.

Bank

National

Jamleson

Company,

Dain

TARRAS. ARTHUR C.

Paul

St.

Moody,

Baxter,

HOMER

COLLINS,

&

SHUTE,

LYMAN

Kalman

M.

apolis

SEMPF, WALTER J.

MERRILL M.

COHEN,
COLE,

Incor¬

Company,

PAUL A

TALBOT,

Curtis

D.

RICHARD

SANDAHL,

Clarey,

Inc.

H.

and

Byllesby

STONER,
J.

ROWND, CHESTER M.
Paine, Webber, Jackson &

CLAREY, JOHN M.
St

GEORGE

Northwestern

Co.

ROBERT

Inc., St. Paul

CHARLES J.
Lynch. Pierce. Fenner & Beane

Merrill

W.

Johnson-McKendrick

Keenan

Co.

M.

IRVING J.

Irving J. Rice & Company.
RIEGER,

HARMON

SAM

2t

H.

porated

Goldman, Sachs & Co., Chicago

CAMPBELL,

STII.LMAN.

II.

Woodard-Elwood

RICE,

Securities

W.

St Co.

RAND, ARTHUR

LEIGHTON

BROWN,

STEICHEN, ROMAN J.
R. J. Steichen St Co.,

W.

I.

E. J. Prescott

BISHOP, MORLAN H.
M. H. Bishop St Co.

G. A. MacDonald

Thursday, November 15, 1956

CHRONICLE

BERRY, RICHARD J.

64

Republic

Company

FORD

GEORGE

Blyth & Co.,

PHILLIPS, GUYBERT M.
Caldwell. Phillips Co., St.
PLUMLEY

ALFRED

Harris, Upham St Co.
St

Moody,

St.

DETROIT 26,

Paul

MICHIGAN

Paul
Ann Arbor

N.

PREESHL, F. WARREN
Juran

BUILDING

Inc.

Jackson

Kalamazoo

Pontiac

Convention Number

Alonzo

H.

San

65

THE COMMERCIAL and FINANCIAL CHRONICLE

Lee,

Sterne, Agee & Leach, Birmingham, Ala.; Allie Lee, Birmingham Peggy
Syracuse, N. Y.; Wesley Bishop, Smith, Bishop & Co., Syracuse, N. Y.

Francisco

Clifford

Bishop,

G.

Remington,

Woodcock, Hess

Ira

Haupt

&

Co.,

&

Co., Inc., Philadelphia;
York; Bert O'Neil

National Committeemen: Richard J. Payne, Walter C. Gorey Co.;
Elmer L. Weir, J. Barth & Co.; Collins L. Macrae, Jr., Wulff,

Security Traders Association

GOETZE,

Co.; Leslie
W. Morrill,

GUMBEL,
J.

Co., Inc.

San

in

Francisco

unless otherwise Indicated)

B.

Inc.

California

W.

GAMBARASI, ARTHUR
Sha*w, Hooker & Co.

Company

ALBERT A.

HEWITT,

California Company

HILL, Jr., HOUSTON
J.

ACIIARD.

CHARLES

HENNIG, DICK
First

RICHARD

G.

Co.

& Co.,

First

Strauss

S.

Se

Co.

GIANTI, RICHARD

Co.

&

Co.

PURCELL

Blyth

ROSTER OF MEMBERS

Weeden

S.

&

GEORGE

Barth &

HARKINS,

Office: December, 1955; Term Ex¬

pires: December, 1956.

located

EDWARD

Frank Knowlton

HALL,

Elected: December, 1955; Took

(Members

Knapp,

Walter C. Gorey Co.

Alternates: William F. Belknap, William R. Staats &
J. Howard, Jr., Brush, Slocumb & Co., Inc.; Clifton

ABRAHAMSON,

J.

GOREY, WALTER C.

Hansen & Co.

Walston &

Reginald

New

Francis

I.

du

Pont

&

(Continued

Co.

on

page 66)

ELIZABETH

Elworthy & Co.
(Honorary Member)

Richard J.

Rudolph T. Sandell

Everett D. Williams

Payne

ACKRIDGE, WILLIAM
Harris, Upham & Co.

CHARLES A. PARCELLS & CO.

BACIGALUPI, VICTOR
Schwabacher

President:

Rudolph T. Sandell, Shuman, Agnew & Co.

BAILEY,

Co.

&

Established

WILLIAM J.

1919

Wilson, Johnson & Higgins

Vice-President: Richard J. Payne, Walter C. Gorey Co.

BAKER,

Secretary-Treasurer: Everett D. Williams, Stone & Youngberg.
Directors: Henry Perenon,

Henry F. Swift & Co.; William F. Dondero, J. Barth & Co.; Albert Hewitt, First California Company
Incorporated; Barry Stone, Blyth & Co., Inc.

Jr., FRED A.

Dean Witter & Co.

Crocker

BATES,
The

ROBERT

&

BELKNAP,

Detroit Stock

McDONALD-MOORE & CO.

EXCHANGE

for

Request

on

Members

1
&

DETROIT STOCK EXCHANGE

Co.

Staats

R.

Strauss

MIDWEST

Co.

&

y-

639

STOCK

EXCHANGE

DETROIT

Co.

&

Penobscot Building

Telephone WOodward 2-5625

26
Bell System

Teletype DE 206

Slocumb & Co.

BORDEN, THOMAS W.
Weeden

Municipal and Corporate Securities

STOCK

of prescribed commission

Inquiries Invited

BLUM, ERNEST E.
Brush,

60%

Exchange Listings

Company

J.

BELLIZZI, JOSEPH
S.

DETROIT

at

WILLIAM

William

J.

the

on

Members

Youngberg

H. E.
Strauss

S.

Executed

N^A.S.D.

Bank

F.

BENJAMIN

Stone

J.

National

Anglo

First California

BEEBE,

MICHIGAN INVESTORS

Orders

BARKER. STEWART 8.

BAUM,

OVER 20 YEARS OF SERVICE TO

ATTENTION N.A.S.D. MEMBERS

Co.

&

BOURNE, ROBERT K.
American

General

1566

PENOBSCOT

BUILDING

Securities,

Schwabacher

WO

Canadian

&

Inc.

BOWYER, FRANK

DETROIT
3-9565

BRADFORD,

Irving
MEMBERS

DETROIT

STOCK

EXCHANGE

MEMBERS

MIDWEST

STOCK

EXCHANGE

Lundborg

BROWN,

DETROIT AND MICHIGAN BANK STOCKS

Co.

&

SIDNEY

Retail and

Co.

&

Stone

&

Youngberg

Trading Dept.

BUICK, JOHN E.
FLINT
E.

GRAND

LANSING

American

RAPIDS

Trust

Company

William B. Denney

CARSON, GEORGE F.

MUSKEGON

Reynolds

&

General

FERNAND
Canadian

American

Securities,

Inc.

MANLEY, BENNETT & CO.

COSTELLO, JOHN A.
American

Trust

Members

Company

'New York Stock

COTTRELL,

RICHARD I.
Becker & Co., Incorporated

G.

CUNNIE,
First

NAUMAN, McFAWN & CO.
MEMBER

MIDWEST

STOCK

STOCK

EXCHANGE

Detroit Stock

Exchange

Company
WOodward

H. HODGE
Davidson & Co.

MARTINI,

Exchange

American Stock Exchange (Associate)

,

JOHN

California

DAVIDSON,

De

DETROIT

Ralph J. Brueggeman

Co.

CASABONNE,

A.

Trading Interest

RALPH

,

1100 Buhl Building

5-1122

Detroit 26,

Teletype DE-92

Michigan

LEONARD

Sutro & Co.

EXCHANGE

DONDERO,
J.

WILLIAM

Barth

Co.

&

DOUGLASS,

DONN

C.

Carl W. Stern & Co.,

EGAN, JOHN

INVESTMENT SECURITIES

Inc.

Don W. Miller

F.

; First California

Company

MEMBERS

STOCK

DETROIT

Co.

&

,

EXCHANGE

ENGLISH, GIFFORD M.
E.

F. Hutton

FARRELL,
Irving

We solicit Detroit Stock
rates

less

40%

Exchange orders

to

at

Lundborg &

FAULKNER.

regular

& Company

BANK

WILLIAM

WILLIAM

MARKETS

PRIMARY

C.

Wulff, Hansen & Co.

STOCKS

SITUATIONS

SPECIAL

Co.

AND

LISTED

IN

DETROIT

UNLISTED

ISSUES

SECURITIES

FAZACKERLEY,

NASD members.

KENNETH
Lundborg & Co.

Irving
FEE,

Call Us "Collect."

THOMAS

Orders executed

F.

at

Shuman, Agnew & Co.

regular

rates

on

the Detroit Stock Exchange

less

40%

to

NASD

Odd Lots

FERRITER,
Hooker

&

members

Round Lots

JOSEPH
Fay

Detroit

Stock

Exchange Listings

on

Request

FINNEGAN, JOHN FRANCIS
DETROIT 26, MICHIGAN

Telephone WOodward

Hannaford

FOLEY,
Ford

Building




& Talbot

Coast

3-6828

Teletype DE 540

Rex

TOM
&

Co., San

H.

G.

610

HERMAN
Frese

Wire

&

System

through

WALKER

Mateo

JACK

Dwyer & Co.
FRESE,

Coast

McMANUS

Merrick

FORD,

to

PENOBSCOT

BLDG., DETROIT 26, MICH.

Telephone WOodward 1-9804
G.

Co., San Carlos

Bell Teletype DE 559

66

Thursday, November 15, 1956

THE COMMERCIAL and FINANCIAL CHRONICLE

J

Herbert C. Irish, Fairmctn &

Co., Los Angeles; Eva Irish, Los Angeles; H. Hodge Davidson, Davidson &

Co., San Francisco; Barbara Davidson, San Francisco; Allen L. Oliver, Jr.,

M.

Ergood,

Jr.,

Sanders & Company, Dallas

MAY,

San Francisco

Russell

Security Traders Association

J.

ROSTER OF MEMBERS

i

EARLE

J. Earle

MAYO,

'

I

LAMPERTI, ANGELO
Lawson, Levy Si Williams

Brush, Slocumb & Co.
AL

HOWE,

LARKIN,

Shuman, Agnew & Co.

EMMETT

Carl W.

IMHOF, JAMES R.
Rex Merrick & Co.

PAUL

ISAACS.
Sutro

&

L.

Schwabacher

8.

Oakland

Co.,

LEH,

&

GEORGE

Strauss

First

Boston

Corporation

LIVINGSTON, PAUL J.
Wulff, Hansen & Co.

G.

& Co.

LOBERG,
J.

CHARLES B.
Walter C. Gorey Co.
Jr.,

MILLER,

MORAN,

mL-i

Bank

fcf

FRANK

Barth

&

Co.

WARNER
Trust

&

Co.,

L.

Walston

ROBERT

Barth

&

&

MURDOCK,

Co.

Sutro

Upham &

Harris,

&

KOCH,
First

A.

G.

■0

S.

'Mjwssey

■%,

,&■

m

/
%

Inc.

Co.,

Inc.
i

JAMES

P. M.

WILLIAM

Becker

&

Co.

MAHLMANN,
Hill

Co.

MATTHEWS,

GENE
Corporation

RUSSELL

Richards

&

G.

PALM,

As

PALMER.

JACK

MW'

Jf
/

I.

Vogt

Clarence L. Jones

Hoyt G. Hill

Vice-President: Ernest B. Vogt, J. J. B. Hilliard & Son.

JACKSON

Francis

Ernest B.

Conway

President: Powhatan M. Conway, The Bankers Bond Co., Inc.

Co.

KIMBALL

Treasurer: Clarence L. Jones, Almstedt Brothers.

Brush, Slocumb & Co., Inc.

Co.

^

f

Incorporated

O'REILLY, JOHN J.
Denault

Wulff, Hansen & Co.

Bank

MAURY J.

Boston

§

•

Co.

MURPHY,

Co.

MACRAE, Jr., COLLINS L.
PATRICK M.
Crocker-Anglo National

&

Jit

Company

MUETZEL, FRANCIS

LYNCH, J. KENNETH

RICHARD

KERINS,

Waldron

*

MORRILL, CLIFTON W.
Walston

.

■SW

Co.

Davis, Skaggs & Co.

KESSLER,

:-.-4

^SSm

Beane

LEE

Fargo

MOHR, FRANK J.
Shaw, Hooker &

American

ANDREW

The

i.#*/

Co.

KANE,

KEHNE,

Lynch, Pierce, Fenner &

MORGAN,

Davis, Skaggs & Co.
Si

„

Cayne,

"*1

jRSt
;
rZALkZ

IMIlIZ

LAVERTY, HENRY

Co.

JENKINS, ROBERT

J.

Merrill

J.

Knowlton

KAMMERER,

Btaats <fe Co.

E.

JANK, CHARLES E.
Prank

Inc.

LARZELERE, JOSEPH
R.

L*/.

Bond Club of Louisville

May & Co., Palo Alto, Calif.

McLOUGHLIN, WILLIAM
Blyth & Co., Inc.

Wells

A.

Stern & Co.,

William

v

A.

DONALD

McMAHON, J. B.
LESLIE

A"

Morton

Mitchum, Jones & Templeton

(Continued from page 65)
HOWARD,

6

~

Stroud & Company; Incorporated, Philadelphia;
Gottron, Russell & Co., Inc., Cleveland

Secretary: Hoyt G. Hill, The Kentucky Company.

H.

du Pont Si

Co.

National Committeemen: Charles C.

Wells Fargo Bank

King, The Bankers Bond Co.,

PARKER, HARRY
Walston

PAYNE,

&

Members

of

the

BROKERS

—

Alternates: Thomas Graham, The Bankers Bond
ROSTER OF MEMBERS

Henry P. Swift <fe Co.
(Members

EMIL

DEALERS

DETROIT

UNLISTED

LISTED

in

located

otherwise

Louisville

unless

ALDEN, Jr.,

indicated)

McAndrew

AND

&

ALDEN,

Co.,

Incorporated

WM.

O.

O'Neal-Alden

WM.

O'Neal-Alden

Carl W. Stern & Co., Inc.

PRICE. THOMAS W.
MICHIGAN

Co., Inc.

Gorey Co.

PERENON, HENRY

PIKICH,

Detroit Stock Exchange

Inc.; Hoyt G. Hill, The Kentucky Company.

Inc.

RICHARD

Walter C.

Andrew C. Reid & Company

Co.,

O.

&

Co., Inc.

ALLEN, HORACE

Si Co.,

Inc.

Goodbody & Co.

QUINN, HUBERT J.

SECURITIES

Hooker <fc Pay

We Solicit

Split Commission Orders From

New

N.A.S.D. Members in Over 235 Stocks
Listed

the Detroit Stock

on

Blyth

Round Lots
615 Ford

DETROIT
PHONE

J.

Hanseatic

Markets In

Corp.

Co.,

Inc.

UNDERWRITERS and DISTRIBUTORS

RICH, LOUIS
Co.

Dealers and Brokers

RICHMAN, ANTHONY J.
Hooker Si Pay

MICH.

Michigan Securities

MILTON
&

Schwabacher &

Building
26,

JOHN

York

REINER,

Exchange

Odd Lots

QUINN.

in

BELL TELETYPE

WOodward 3-9385

DE

ROBERSTON, Jr., BENJAMIN

119

Schwabacher

Si

Listed and Unlisted

B.

Issues

Co.

SANDELL, RUDOLPH T.
Shuman, Agnew & Co.

HUDSON WHITE & COMPANY

SCHAG, WALTER
Davis, Skaggs Si Co.

ERVING

THE

LI0WA

:

EARTLAND
OF THIS GREAT STATE

ELECTRIC

\

ii>!

DETROIT

GRAND RAPIDS 2
Michigan Trust

Buhl

Building

26

Building

WOodward 2-8992

GLendale 94336-Teletype GR 184

STONE,
Blyth

-

Teletype DE 7

Iowa

BARRY
Si

Co.,

Inc.

SULLIVAN. JOHN
First California
TARANTO,

Kidder,

Agriculture and Industry

Dean

F.

Company

ANTHONY

Peabody

THOMAS.

Balanced Economy

—a

Detroit Stock Exchange

Exchange (Associate)

STEWART, JAMES M.
Wilson, Johnson Si Hlgglns

Cedar Rapids,
I

Mid west Stock Exchange
American Stock

SPULLER. Jr., LOUIS J.
Elworthy As Co.

J LIGHTED POWER
:' Company

:

Members

SHAFFT, CONRAD O.
Shafft, Snook Si Cahn

Si

Corporate and Municipal

Co.

EARL

Securities

Witter & Co.

VICINO, WALTER
Blyth Si Co., Inc.

Fred S. Goth—Mgr. Trading Dept.

WATTS, WILLIAM F.

This

area

has the

Merrill

remark-\

able characteristic of

WEBER.

being

First

equally balanced between
agriculture and industry.

WEIR.
J.

The kilowatt hour sales of this
—

of

Company exceed one billion
which, 41%. is used by industrial and commercial

customers.

planning

Serving 58 Iowa counties,

years

power needs as

ahead,

so

that

they develop.




Lynch, Pierce, Fenner & Beane

we may

we are

working and

be able to meet ALL

BROOKS.
California

ELMER

Barth

&

D

Company

Stone

&

INCORPORATED
Members

L.

Co.

2ND

WniTAKER. EMMET K.
Davis. Skaggs & Co.
WILLIAMS,

IRVING J. RICE 6* COMPANY

Incorporated

EVERETT

ST.

WOOD,

LEWIS
Boston

Corporation

WOSSER,

Lawson,

PAUL

Exchange

1, MINN.
Telephone CApital 4-1881

Private

GREGORY & SONS

—

Wire

System

DEMPSEY-TEGELER & CO.

Direct

J.

First

Stock

PIONEER BUILDING

Teletype ST P 30

D.

Youngberg

Midwest

FLOOR,

to:

New York,

Chicago, St. Louis, Los Angeles, Detroit, Dallas, Nashville,
Cincinnati, New Orleans, Jackson, Kansas City, Houston

FRANK

Levy St Williams

W/s/s//////////s//y////////y//////////////s///////////////////////////////y////s///ss/////////////////////////////'

Convention Number

ALMSTEDT, ARTHUR H.
Almstedt

LONG, EDWIN A.
Russell, Long 6c Company, Lexington, Ky.

Brothers

BARRAGE, ROBERT A.
Babbage & Kessinger, Lexington

LUCAS, CHESTER A.

BADE, WM. G.
Goodbody & Co.

martin,

BAKER, RUSSELL

Mcdowell, robert b.
Blyth 6c Co., Inc.

Stein Bros.

&

Boyce

I

The Bankers Bond Co.,

george

inc.

Inc.

J. J. B. Hilliard & Son

EDWARD

STITES, Jr.,
j.

R.

OESWEIN, HENRY
O'Neal-Alden

J. J. B. Hilliard 6c Son

6c Co., Inc.

Lynch,

The

Pierce,

Bankers

Bond

Fenner

&

Louisville

Citizens

J.

J.

Hilliard

B.

DEAN,

WILLIAM

Fidelity Bank & Trust Co.
Pierce, Fenner & Beane

B.

j.

Son

gorman
The Louisville Trust

Stein Bros.

Stein

Son

Bros.

H.

L.

The

&

Secretary: Richard W. Muir, Schwabacher & Co.

Boyce
.

Eeans

Treasurer: Lincoln R. Ure, Jr., A. P. Kibbe & Co.
Directors: Robert P. Woolley, Robert P. Woolley & Co.;

J. Arthur
Pett Co.; Harrison S. Brothers, Harrison S.
Co.; Darwin L. Peterson, Mountain States Securities
Corporation; Calvin P. Gaddis, Edward L. Burton & Co.

ALLEN

Pett,

Lyons & Co.
R.

Kentucky Company

ROSTER OF MEMBERS
(Members located in Salt Lake City
otherwise indicated)

1HT

Be
Bankers Bond

;
The

(Honorary)

Co..

Merrill

Memphis Security Dealers Association

Fidelity Bank & Trust Company

DYSART, PAUL
Almstedt

Van Grant & Co.

BROTHERS. HARRISON S.
Harrison S. Brothers

j.

A.

Hogle &

BROWN, EDWARD
j. a. Hogle & Co.

Co.

CAINE, Jr., WALTER A.
j. a. Hogle & Co.

BADGER, RALPH A.
Ralph A. Badger &

B.

The Kentucky Company
FEHRIBACII, URBAN

CARRASSO, PIERRE
j. a. Hogle & Co.

Co.

■

BAGLEY, EDWARD N.
j. A. Hogle & Co.

Lincoln Bank & Trust Company

& Co.

Co.

Brothers

JOHN

Co.

BRADFORD, RAY

Lynch, Pierce, Fenner & Beane

A. Hogle &

Investment

Potter

ARCHER, FRANK C.
j.

1

BALLOU, JOHN

ASPDEN, WILLIAM H.

EBINGER, RUSSELL

FARRA,

unless

AITKEN, KENNETH M.

Eskew, Gresham & Diersen
Citizens

Arthur

J.

Brothers &

DIERSEN, JOSEPH H.
DURHAM, JOSEPH H.

Lincoln R. Ure, Jr.

President: Wendell M. Smoot, J. A. Hogle & Co.

WOOD, F. E.
The Kentucky Report

& Boyce

Courier-Journal

Richard W. Muir

Vice-President: Frank M. Whitney, Whitney and Company.

J.

WILSON, HOLMAN

SCHULMAN, SOL

DESMOND, C. G.
Stein Bros. 6c Boyce

Frank M. Whitney

Co.

RUTLEDGE, WESLEY

C.

&

WILLIAM

WATKINS, Jr., WILLIAM T.
V
Merrill Lynch, Pierce, Fenner &

w.

roberts,

Kentucky Trust Company

Wendell M. Smoot

B.

Hilliard

WARNER, A.

WATTS,

RICHARDSON, ROSWELL H.
The Kentucky Company

A.

HEARING, ANDERSON

ERNEST

Co.

Berwyn T. Moore & Co., Inc.

Berwyn T. Moore & Co.

The

j.

Insurance

REIMER, J. BERGE8

B.

&

VOGT,

frank

Merrill Lynch,

Co.

DABNEY, WATSON

Company

Inc.

reid, john l.

Inc.

L. Lyons &

Co.,

WAGNER,

CULBERTSON, CRAIG
W.

Title

register,

CRUTCHER, CABLILE
Co.,

Bond

RASH, DILLMAN A.

CREGOR, BEN
Goodbody & Co.
Blyth &

Bankers

Beane

Inc.

Co..

Kentucky

TROST, MILTON S.
Stein Bros. & Boyce

PVRYEAR, ROBERT E.

CONWAY, POWHATAN M.
The

The

Berwyn T. Moore & Co., IncL

CONLJ/FE, WILLIAM J.
Merrill

H.

Brothers

TRINKLE, WALTER

PARKS, JOSEPH W.

CLOWES, JOHN R.
Smart, Clowes & Oswald, Inc.

JAMES

Almstedt

TEDDER, ELIZABETH
Goodbody & Co.

Almstedt Brothers

CHRISTMAN, Jr., HENRY

H.

REID
Lynch, Pierce, Fenner & Beane

STUCKER,

Berwyn T. Moore 6c Co., Inc.

Pierce, Fenner & Beane

JOHN

Hilliard & Son

B.

Merrill

Jr.

moore. berwyn t.

BURKHOLDER, Jr., JAMES

j.

STONE,

G.,

BERT

Merrill Lynch,

i

J. J. B. Hilliard 6c Son

MOLTER.

J. J. B. Hilliard & Son

H.

Brothers

STERNBERG,

MILLER, J. HUGH

BURGE, JOHN M.

JOHN

Almstedt

The Bankers Bond Co.,

ALBERT C.

ANTHONY

Lincoln Bank 6c Trust Company

SPIERS,

MILLER, BARBARA
Berwyn T. Moore & Co. Inc.

& Boyce

Utah Securities Dealers Association

The Bankers Bond Co., Inc.

SOMMERS,

Hilliard & Son

McNAIR, WDLLARD P.

BOOTH, MOREY
BROCAR, Jr.,

Jr., m.

SEDLEY, MRS. ELINORE
SMART, JOHN
Smart, Clowes & Oswald, Inc.

Stein Bros. 6c Boyce

J. J. B.

BOHNERT, HECTOR W.

Stein Bros.

67

THE COMMERCIAL and FINANCIAL CHRONICLE

(Continued

on page

68)

FERGUSON, MRS. ORA M.
Merrill

Lynch, Pierce,
FETTER, JAMES M.
The

Bankers

Bond

Fenner

Beam;

&

Co., Inc.

FULLER, ASA W.
Liberty National Bank & Trust Co.

GERARD, VICTOR
Commonwealth

Piper, Jaffray

B.

Liife

Insurance

Co.

Hopwood

ESTABLISHED

GERST,

1895

A.

C.

Citizens Fidelity Bank & Trust Company

UNDERWRITERS

GRAFTON, ARTHUR W.
Wyatt, Grafton & Grafton

CORPORATE

GRAHAM, THOMAS
The Bankers Bond Co.,

GRATZER,

BERNARD

Inc.

A. L. Whitman

R. Fred Trexler

William R. Grissom

&

Bros.

&

W.
(Honorary)

MEMBERS

Bros.

6c

E.

6c

HAMM, ALBERT
Louisville

Secretary: William R. Grissom, Union Planters National Bank.
Lexington,

Co.,

MINNEAPOLIS

Ky.

V.

Trust

GREAT FALLS

ROSTER OF MEMBERS

Pierce,

HASSENMILLER,
Bank

Fenner

6c

Beane

ALLEN, HARRY

C.

Trust

&

Merrill

The

HOYT

J.

G.

Kentucky

BURCH,

Company

BROWN

Lynch,

Pierce,

Fgnner

&

&

CURD, H. PRICE

Son

Federal

HOPKINS, W. HOWARD
Bankers

Bond

Co..

Co.

Beane

LIMERICK, AYLETT B.
Goodbody 6c Co.

Kalman & Company, Inc.

6c

Co.

FRANK,

& Trust Co.

KESSINGER,

&

Bernsdorf

&

Company

FREDERIC, FRANK D.
Equitable Securities Corporation

Boyce

THOMAS

B.

STOCK EXCHANGE

UNDERWRITERS
EARLY F.

& DISTRIBUTORS

First National Bank

CORPORATE & MUNICIPAL SECURITIES
PYRON,

Jr., IRA W.
Goodbody & Co.

R. BRUCE
Rader, Wilder & Company

RADER,

Babbage & Kessinger, Lexington, Ky.

GRISSOM, WILLIAM R.
Union

KING, CHARLES C.

HARRIS, RICHARD

LEWIS, LINCOLN

M.

A.

S.

Saunders 6c Co.,

MINNEAPOLIS

LINCH, DALE F.
Berwyn T. Moore 6c Co., Inc.

The First National Bank

JORDAN, ROBERT H.

ABE

Mid-South

Co.

MP

FEaeral

ROSS, HOWARD C.

JOHNSON, ALBERT L.

Securities

Co.

Leftwlch

6c

TELETYPES—
ST

120

P

ST P

9-8931

Ross

SAUNDERS, Sr., M. A.
M. A. Saunders 6c Co.,

BLDG.

ST. PAUL 1, MINN.

1, MINN.

teletype—

James n. Reddoch & Company

Inc.

Merrill Lynch, Pierce, Fenner & Beane

ENDICOTT

Mcknight building

Bank

Planters National

REDDOCH, JAMES N.

The Bankers Bond Co., Inc.

Goodbody &

MITCHELL.

JULIUS

Herman

KAUFMAN, IRVIN
Stein Bros.

MEMBERS MIDWEST

McPHILLIPS, REED M.
Bullington-Schas & Co.

The

ERNEST

Fidelity Bank

LINDER, RICHARD N.
Lucian Bailey 6c Company

Inc

FOSTER. WALTER T.
Carl M. Loeb, Rhoades

Almstedt Brothers

KAMPFMULLER,

Securities Co.,

Equitable Securities Corporation

Inc.

JONES, CLARENCE L.

LINKER,

Bradford &

Leftwlch 6c Ross

FLETCHER RICHARD

JOHNSTON, Jr., ROBERT H.

Citizens

C.

J.

Merrill

C.

LEFTWICH, WILLIAM GROOM

Pierce, Fenner 8c Beane

HENNING

J. B. Hilliard

The

J.

Company

BLAKE, NORMAN
Merrill Lynch,

Union Planters Nat'l Bank

LEEKER, JUSTIN F.

Herman, Bensdorf &

Co.

Liberty National Bank & Trust Co.
HILL,

LANCASTER, JAMES C.

Lynch, Pierce, Fenner & Beane

BENSDORF, HERMAN

N.

HELCK, CHESTER L.

HILLIARD,

BILLINGS

Company

Lynch,

HARMON, BERT
Berwyn T. Moore & Co., Inc.
Lincoln

ST. PAUL

Treasurer: Albert L. Johnson, First National Bank.

HAMPTON, GARRETT
Merrill

(ASSOCIATE)

MIDWEST STOCK EXCHANGE

Vice-President: R. Fred Trexler, J. C. Bradford & Co.

Boyce

Hutton

EXCHANGE

AMERICAN STOCK EXCHANGE

Boyce

HAGAN, HART
W.

NEW YORK STOCK

President: A. L. Whitman, Bullington-Schas & Co.

HAAS, WILLIAM G.
Stein

SECURITIES

Albert L. Johnson

The Louisville "Times"

GREEN, KENNETH
Stein

& DISTRIBUTORS

MUNICIPAL

93

(Corporate Dept.)
(Municipal Dept.)
CApital 4-3303

117

inc.

SAUNDERS, ROBERT M.
M.

Orders

executed

N.A.S.D.

on

Detroit

regular

at

members

Stock Exchange for

rates

less 40%.

A.

Saunders 6c Co.,

Inc.

SCHAS, FRANCIS D.
Bullington-Schas 6c Co.
SPRAGINS,
R. W.

R.

r3

STATE AND MUNICIPAL BONDS

WENDELL

Spraglns 6c Company

STERNBERGER,

DAVID
Sternberger 6c Company

MICHIGAN
UNLISTED MARKETS

TWIN CITY STOCKS

THOMAS, Jr., J. NICK
Memphis Securities Company
THOMPSON, EDWARD F.

KERMIT SORUM

Union Planters Nat'l Bank

RONEY 6- CO.

WM. C.
MEMBERS

NEW

YORK

TREXLER,

BUHL
Grand

Rapids

BLDG.

Battle Creek




•

FRED

Allison -Williams

100-101

J.

DETROIT, MICH.

Benton Harbor Flint Saginaw

OSCAR BERGMAN

J. C. Bradford 6c Co.

STOCK EXCHANGE
WARD,

Teletype DE

R.

—

Kalamazoo1

C.

B.

FRANKLIN

Bradford

8c

Co.

WHITMAN, A. L.

Bullington-Schas 6c Co.
WOOTEN,
R.

ROGER B.
B. Wooten 6c Company

Company

MINNEAPOLIS, MINNESOTA
Phone:

FEderal 3-3475

TWX MP 163

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Convention Number

Mrs.

Wal! COMMERCIAL

Emily Curriden, Collingswood, N. J.; R. Victor Mosley,
lingswood, N. J.; Freda Mosley, Collingswood, N. J.

P.

Lynch,

Chicago;

WAHLER,

COLEMAN, HARRY L.

WELSH, MERLE L.

J.

A.

Pierce,

Fenner &

YATES, H.

JOHN

E.

WHITE, LEONARD A.
McDonald, Evans to Company

McDonald, Evans to Company

Harris, Upham to

WHITSITT,
=

Co

I

A.

E.

R.

DALE

Weltner

&

Co.,

Inc.

COMBEST, EARL L.

ROBERT P.

Robert P. Woolley & Company

Beane

WHITNEY, FRANK M.
Whitney to Company

H. o. Peet & co.

Hogle & Co.

WOOLLEY,

WARD, PARKER L.

Welch, Sincere and Company, Chicago; Josephine Welch,
Houston Hill, Jr., J. S. Strauss & Co., San Francisco

Edward H.

COLE, WALTER I.
Beecroft, Cole & Co., Topeka, Kans.

Kibbe & Co.

Merrill

P.
Cleaver, Goodbody & Co., New York; Eleanor Burns,
Baltimore; Walter L. Burns, Baumgartner, Downing & Co.,
Baltimore, Md.

WOLLEY, EASTON C.

S.
Hogle & Co.

UBE, Jr., LINCOLN R.
A.

James

WHITNEY, RICHARD E.
Whitney to Company

TUNKS, PHILLIP
J. A.

Col¬

FiNATTCiAL CHRONlCLi

and

Dewey, King & Johnson

CROWE, JOSEPH M.

C.

Empire Securities Corporation

Luce, Thompson & Co.

SIXTY-SIX YEARS

DYER, WILLIAM J.
Burke

Kansas

City Security Traders Association

to

MacDonald,

Inc.

EISEN, ERWIN H.
Lucas, Eisen & Waeckerle,

OF
Inc.

INVESTMENT

ELLIOTT, LANDIS
North & Co.

Barret, Fitch,

BANKING

EVANS. HAROLD D.
McDonald, Evans to Company
FOGARTY,

Stifel, Nicolaus & Company

JOHN

Brothers

Stern

&

Co.

INCORPORATED

FOLEY, CHARLES J.
H.

Peet &

O.

MEMBERS

Co.

Co.

Hutton

F.

to

Company

STOCK

EXCHANGE

Broadway

ST. LOUIS

HALL, EMMA M.
E.

MIDWEST

314 N.

JAMES R.
Harris, Upham &

GASAL,

2, MISSOURI

Chicago, Illinois

HANNI, ARTHUR R.
Seltsam, Hanni & Co., Inc.,
Topeka, Kans.

Private

Moline, Illinois

Wire Between St. Louis and Chicago Offices

HARRIS, CHARLES M.
A. C. Allyn and Company Incorporated

William J.

C.

Dyer

Eugene Jones

HARRISON, WILLIAM L.

Reed, inc.

Waddell to

President: William J. Dyer, Burke &

MacDonald, Inc.

Elliott, Barret, Fitch, North & Co.

Vice-President: Landis B.

HENRY,

ST.

MARK
& Co., Atchinson, Kan.

Mark Henry

Our

W.

HILLMOND, A.

Secretary: C. Eugene Jones, Stern
National Committeemen:

Brothers

&

HUNTER, HAYWARD H.
George K. Baum to Company

Co.

William J. Dyer, Burke & MacDonald,

Inc.; Earl W. Price, Stern

located

In

otherwise

Kansas

City

unless

indicated)

BACKLIJND, C. W.
Merrill Lynch, Pierce,

We Specialize

B.

BOLIN, FRANK E.

EDWARD D.

Bache to Co.

find it"

JOHN

A.

C. Christopher & Co.

latshaw,
E.

GEORGE L.

F.

B.

New

York

Stock

Exchange

300 North 4th
CEntral

john

C.

Josephthal
Co.

American

St.

Saint Louis 2, Mo.
Bell Teletype SL 593

1-7600
Direct

LOWELL

Christopher to

1871

Stock Exchange (Assoc.)
Chicago Board of Trade

Exchange

Stock

Hutton to Company

LISTROM,

Municipals

MEMBERS
Midwest

DAVID

Bache & Co.

COBURN, CLAY E.
Stern Brothers & Co.

BURTON, JOHN T.

can

JONES & CO.

ESTABLISHED

JOURDAN, J. WALLACE
H. O. Peet to Co., Kansas City
KRAMER,

Harvey A. Clayton & Co.

Harris, Upham to Co.

we

Co.

JONES, HAROLD H.
Prescott, Wright, Snider Co.

Burke to MacDonald

CLAYTON,

Market

a

In Orders For Banks And Dealers

Bonds, Incorporated. Kansas City, Kans.
JONES, C. EUGENE
Stern Brothers to

CARNES, JAMES E.
Merrill Lynch, Pierce, Fenner & Beane

CHARMLEY.

BELL, ELDON R.
E. R. Bell Co.

"If there is

JENNINGS, JOHN P.

CARROLL, LAURENCE B.

Beane

Fenner &

And Invites Your Inquiries

I

We want offerings, Odd Lots, Missouri D. O.

Brothers & Co.

ROSTER OF MEMBERS
(Members

MARKETS

Local Listed And Unlisted Securities

Waddell to Reed, Inc.

Bache & Co.

Treasurer: John T. Burton,

LOUIS

Trading Department Is Active In All

Private

Wire

Connections

With

Co., New York, and Francis I. du Pont & Co., Chicago
J. H. Crang & Co., Toronto

MARSHALL, E. D.
Mark Henry & Co., Atchison, Kans.

r

Mcdonald, claude m.
McDonald, Evans to Company
MESLER, MYRON
George K. Baum to Company
MEYER, CARL A.
Columbian

ST.

LOUIS SECURITIES

Corp.,

Topeka

MARGARET

PERKINS

Waddell to Reed, Inc.

NORTH, FRANK
Barret,

Inquiries invited in all securities—Listed or
Over-the-Counter—from Dealers, Institutions or
Individuals—Nationwide Private Wire System.

Securities

(Mrs.)

MOYER,

Fitch,

W.
North

to Co.

PAULY, ELMER W.

Prescott, Wright, Snider Co.
WILLIAM B.
Company, Inc., Topeka, Kansas

PESELL,
Estes

to

PIEDIMONTE,

UNDERWRITERS

-

DEALERS

-

DISTRIBUTORS

DAN.
Barrett, Fitch, North

&

Co.

PITLUGA, EDWARD F.
Dewey, King to Johnson
PITTMAN,
B.

REINHOLDT & GARDNER
Exchange
American Stock Exchange (Assoc.)
York

Stock

Midwest

Chicago

Stock

Exchange

Board of Trade

PRICE, EARL W.
Stern Brothers & Co.

NEW YORK 5, N. Y.

400 Locust Street

120 Broadway

FRANK

Beecroft, Cole
SODEN,
Soden

ST. LOUIS 2, MO.

JOHN

J.

to

Topeka

Co.,

P.

Investment

Company

SPARKS, RUSSELL K.
E.

F.

Hutton & Company

STEPHENS. JASPER F.
Bell

Bell Teletype—NY 1-2419
BEekman 3-5880

Teletype—SL 335-336
Central 1-6640

Springfield, 111.

Joplin, Mo.

Clayton, Mo.

New York Correspondents:

Pershing & Co. and Goodbody & Co.




Waddell to Reed, Inc.,

STOENNER,

Springfield, Mo.

Direct Private Wires to

Peltason, Tenenbaum Co,

EDWIN P.

Christopher to Co.

SNYDER,

Members
New

C.

ARTHUR

Atlanta, Ga.

W.

Prescott, Wright, Snider Co.
SYLVESTER, W. CLYDE
W. C. Sylvester Investment Co.
WAGNER, THEODORE F.

Harris, UDham to Co.

St. Louis, Mo.

70

Thursday, November 15, 1956

THE COMMERCIAL and FINANCIAL CHRONICLE

Einier
Weir, J. Barth
& Co., San Francisco;
Catherine Weir, San Francisco;
Henry J. Richter,
Scherck, Richter Company, St. Louis; Barbara Crockett, Houston, Tex.; A. Gordon Crockett, Crockett
& Co., Houston,
Tex.; Thomas W. Price, McAndrew & Co., Incorporated, San Francisco

Josef C. Phillips,

Dillon,

Union

ROSTER OF MEMBERS

Security Traders Association of Connecticut
(Members

located

In

unless

Hartford

otherwise Indicated)

GEORGE

ANGELOS,

H.

Chas. W. Scranton

New Haven

White,
BEAKEY,

EDWARD

GRAHAM,
G.

J.

ROBERT

A.
Co..

New

& Co.

BLIGH,

Fahnestock

St

IIOLMAN,

BRESLAV, WALTER
G. H. Walker & Co.,

Robert

Bridgeport

A. Maurits Johnson

Edward J. Beakey

Guy R. Hogarth

&

Co.,

Hartford

Schirmer,

First Vice-President:

A.

William H. Rybeck & Company,

Maurits

Atherton

CILENTO, FRANK K.
Shearson, Hammill &
Estabrook

Hartford.

&

New

GORDON

Andrews

&

C.

Co.,

West

H.

Walker

&

Tucker,
KEHOE,

Co.

G.

Securities

Haven

F.

ADOLPH
St

G.

Co.

S. JACKSON
Steiner St

Co.,

Inc.

Haven

Co., New

Haven

SWEENEY, WILLIAM J.
Sweeney St Company, New Britain

Corporation

TACKUS.
Putnam

ANDREW
St Co.

L.

*

KNABLEIN, RUDOLPH L.

CONNER, EARL W.
Maples St Qoldschmidt. South Norwalk

LIBBY, GORDON H. N.

COOK, AARON

MAIGRET.

HARRY D.
Denton St Co., Inc.

St

New

Haven

Co.

SWAN, LESLIE B.
Chas. W. Scranton St

Day

KENNEDY, JOSEPH R.
Kennedy-Peterson, Inc.

Haven

Putnam

STARKEL,

STEINER,

HOWARD

American

New

SUTTON, FREDERICK T.
White, Weld & Co., New

Bridgeport

Anthony & R. L.

Inc.,

L.
Inc.,

KENNETH
&

Putnam

COHAN.

Governors: James P. English, Cooley &

Company, Hartford; Frank
J. Murray, Laird, Bissell & Meeds, New Haven; Nicholas E.
Fon Eisen, Fahnestock & Co., Hartford; John E.
Graham, G. H.
Walker & Co., Hartford; Richard W. Wilde,
Conning & Co.,

Hartford

B.

Co.,

O.

SHURE, JOSEPH
Bache & Co., New Haven

KEEFE, JR., HARRY V.
Co.

CLEMENCE. ROBERT H.
Wood, Struthers & Co.

Secretary-Treasurer: Guy R. Hogarth, Edward M. Bradley & Co.,
Inc., New Haven.

JOHN
Funds.,

Jackson
G.

CLARK, MYRON H.

Beakey, Eddy Brothers & Co.,

T.

SCHMITT,

Putnam

Company

D„

Co., New Haven

C. Lane & Co.

SHIEBER,

DONALD E.

Buell and

&

ARTHUR

JOHNSON. A. MAURITS

ROBERT S.
Brainard, Judd & Co.

Bridgeport.
Second Vice-President: Edward J.

C.

HARRY

Bros.

Income

D.

& Co.

CARTER,

Johnson, G. H. Walker & Co.,

Hincks

SAMUELSON,

George

JACOBS, DONALD
Conning & Co.

CALVERT, ROBERT B.

President: William H. Rybeck,
Meriden.

E.

St Co.

HURLBERT,
E.

BURNETT, ROLAND L.
Fahnestock

WILLIAM H.
William H. Rybeck St Company, Meriden

Bradley & Co., New Haven

IIUNGERFORD.

JOHN A.

RYBECK,

SAMPSON,

WILLIAM

Putnam

Haven

Jr.,

Kennedy-Peterson, Inc.
Co.

GUY

M.

Haven

PETERSON,

E.

REGINALD

Edward

BRADLEY, E. HOLBROOK
Edward M. Bradley & Co., Inc.
New

New

Co.

&

FRANK J.
Bissell & Meeds

Laird,

E.

Haven

HOGARTH,

Co.

&

As

JOHN

Walker

Morris & Co.

S.

MURRAY,

Corporation

HEGEMAN, ARTHUR W.
Hegeman St Co., Stamford

Torrington

BOWMAN, ALFRED H.
Fahnestock

H.

GRAHAM.

Brothers

Eddy

Robt.

EISEN, NICHOLAS

Fahnestock

THOMAS C.
Weld & Co.

Bridgeport

MORRIS, ROBERT S.

HAROLD E.
Equitable Securities

FON

Co.

G. L. Austin St

BAILEY,

MORGAN, DANIEL J.
T. L. Watson St Co.,

ENGLISH, JAMES P.
Cooley St Company

FAUST,

& Co.,

AUSTIN, GEO. L.

William H. Rybeck

Pacific Northwest Company, Seattle; Ada Phillips, Seattle; Jam
Z. Zink,
Securities Co., Los Angeles; Joanne Zink, Los Angeles; Ann White, San Francisco;
Frank C. White, National Quotation
Bureau, San Francisco

Hincks

Bros.

Coburn

&

Coburn

Co.

St

Co.,

THENEBE,

Inc.,

Bridgeport

Mlddlebrook,

Incorporated

NORMAN

&

Incorporated

HOWARD

Laird Bissell &

WEISKE,

Mlddlebrook,

E.

CHARLES

Charles E. Thenebe St Associates

THOMPSON,

A.

M.

F.

W.

Meeds,

New Haven

RICHARD
Co., Bridgeport

Kidder St

Hartford.
MARSH,

COX, FREDERIC R.

National

Committeemen:

George A. Dockham, Hincks

Bros.

New

&

Co., Inc., Bridgeport.

Chas.

Haven

MERRILL,

DECKER, E. NORTON
R.

October 28, 1955; Took Office: January 4,
1956;
Expires: December 31, 1956.

Elected:

Specialising in

..

Term

F.

Griggs

Company,

DAVID

Waterbury

Coburn

R.

WHEELER,

Scranton

W.

ROBERT
&

&

Co.,

New Haven

H.

FRANK

Charles E.

R.

Thenebe &

Associates

WILDE, RICHARD W.

Mlddlebrook,

Incorporated

Conning St Co.

DOCKHAM,
Hincks

GEORGE A.
Bros. St Co., Inc.,

Bridgeport

.GEORGIA,

Alabama, Florida, North Carolina,
South Carolina, and General Market
MUNICIPALS

IUDMAN
IUDMAN Auto-Lok

CORPORATION

Aluminum Awning Window:
MAKERS

LUDMAN Jalousies

OF FAMOUS

LUDMAN Single Sash

Trust Company

Wood Windows

LUDMAN Auto-Lok
Wood

ADDS TWO NEW PRODUCTS:

Awning Windows

LUDMAN Shower Door Tub

BOND

of

Georgia

Enclosures
LUDMAN Jalousies in Doors
LUDMAN Screens and

Department

Storm Sash

LUDMAN

New York

Telephones:

Representatives

15 Broad Street

Telephone: HAnover 2-1561
Bell

Teletype: NY 1-2712

Private tvire Atlanta




-

JAckson 1-1671 and L. D. 521
Bell

Teletype AT-283

The Bank Wire

LUDMAN Aluminum

Projected Windows

Window Panels

Fabricators, Erectors, Warehous
ing and Sale of Structural Stee

LUDMAN Aluminum
Frame

Housing Windows

LUDMAN Curtain Wall

Sliding Glass Doors

Custom Aluminum Extrusions

New York

LUDMAN

faffiurtto,

NORTH MIAMI

FLORIDA

Distributed throughout the world
Branch

Warehouse & Sales

Tampa, Florida

—

Office

Locations:

Indianapolis, Ind.

—

Houston, Texas

—

|
Atlanta, Ga.

—

Somerville, N. J.

Convention Number

Col.

71

THE COMMERCIAL and FINANCIAL CHRONICLE

Herbert

H. Blizzard,
Ocean City, N. J.;
Irene Blizzard, Ocean City, N. J.;
Inglewood, Calif.; William J. Schlerf, Inglewood, Calif.; William L. Wright,
Ryons & Co., Los Angeles

Arizona Association of

Edward

Mabel Schlerf,
Lester,

A.

Roob, Salomon Bros. & Hutzler, Chicago; Dulcena Dawson-Smith, New York;
Murphy, John C. Legg & Company, New York City; Mrs. Florence Roob, Chicago;
Stan Dawson-Smith, Cruttenden & Co., New York

ROSTER OF MEMBERS

Security Dealers

(Members located In Phoenix unless

HALL,

otherwise indicated)

E.

ANDLAUER, FRED C.
Merrill Lynch, Pierce, Fenner & Beane
ANONDSON,
Dean

JOHN

Witter

&

O'CONNELL, DANEL D.
Henry Dahlberg & Company,

WILLIAM

O'NEIL,

F. Hutton &

Company

HANCHETT, HAROLD G.
Refsnes, Ely, Beck & Co.

E.

HAUSER, RICHARD
Dean

Witter

&

Ely,

Beck

&

Co.

CHAPPELL, JOHN W.
E. F. Hutton & Company,

COPP,
E.

F.

F.

*

&

company,

E. F.

Dean

ELLIS,

President: Benton M. Lee, Dean Witter & Co.,

Witter

Ellis

E.

&

Refsnes,

Secretary-Treasurer: William E. Gormley, Kenneth Ellis & Co.,

FICKS,
Dean

Ely,

Witter

&

Co.

Co.

Bud

ALVIN

E.

F. Hutton

&

Company, Tucson; Malcolm

C.

GORMLEY,

Woodward, Woodward & Zuber, Tucson.

Kenneth

Ellis

Ellis

A.

Co.

&

WILLIAM

lee,
Fenner

&

Witter

e.

ROSS,

&

E.

E.

National

Ellis

Co.,

Co.

&

Hutton

Company, Tucson

&

Hutton

Dean

Inc.

&

Company

RANDOLPH

meyers, tom W.

moroney,

GEORGE

Witter

&

Company

F.

&

t.

Hutton

&

Company, Tucson

Ed

Murray

O.

Ellis

&

Co.

E.

Murray

Co.

&

>

BENSCHOTEN,
F.

Hutton

&

PETER

Company

WAMBACH, WILLIAM S.
First

Inc.

MURRAY, ED E.

oakley,

HENRY

Kenneth

VAN

Pierce, Fenner & Beane

Co.,

TOPF,

Ed

MULLEN, HELEN A.
Walston

F.

Co.

TRUAX, VICK

&

william

Merrill Lynch,

E.

Pierce, Fenner & Beane

STRICKLER, PAUL
E.

Hutton

Tucson

J. P.

F.

STOEBERL,

Henry Dahlberg & Company, Tucson

F.

Co.,

HERB

Mcpherson, orville s.

E.

C.

&

STEINHOFF, CARROLL F.
Henry Dahlberg & Co., Tucson

THOMAS

&

S.

Co.

Bank

MoGINNIS. JAMES F.
Walston

&

Merrill Lynch,

A.

D.

Inc.

Noyes

SORANSON,

National

Kenneth

Co.,

Bank

b.

MARNELL,

Pierce, Fenner & Beane
SHELDON

Witter

F.

SENA,

E.

Co.

&

SCHWAGER,

W.

Valley

GEORGE

Hemphill,

Co.

&

Tucson

Co.

&

Jr., SAMUEL

Dean

Arizona

s.

A.

Company,

SCHWAB, WILLIAM
of

Beane

LOPER,

Jr.,

Walston

W.

Bank

National

Dean

WILLIAM

Hutton

Merrill Lynch,

lee, benton m.

Henry Dahlberg and Co., Tucson

Crary,

&

ROSENCRANS,

Valley
GALLOWAY,

F.

REIS,

First

A.

FITCHET, SETH M.
Merrill Lynch, Pierce,

Phoenix; Tom W. Myers, E. F. Hutton & Company, Phoenix;

BUD

Hutton

REFSNES, JOSEPH L.
Refsnes, Ely, Beck & Co.

Lambuth & Company Investments, Inc.

Phoenix.

Directors: Seth M. Fitchet, Merrill Lynch, Pierce, Fenner & Beane,

E.

LARSEN, DAVID

Beck

ALBERT
&

F.

I.

Company

REFSNES, JOSEPH E.
Refsnes, Ely, Beck & Co.

Co.

C.

W.

Company

PICKERT, HAL. C.

Hutton & Company

LAMBUTH,

A.
Co.

ELY, Jr., SIMS

Vice-President: Eoland J. Hicks, Hemphill, Noyes & Co., Tucson.

E.

G.
&

Inc.

&

&

KAUFMAN, HENRY H.
Hemphill, Noyes & Co., Tucson

Kenneth

Co.

KENNETH

Kenneth

Phoenix.

&

Hutton

KOLKOSKI, CHESTER M.

Henry Dahlberg & Company, Tucson
DANIEL

Ellis

KARLSON,

DYKEMAN, JACK

Jr.,

F.

PHILLIPS,

J.

JOHN

Kenneth

Henry Dahlberg and Co., Tucson

ELLIS,

ROLAND

HOLMAN,

Refsnes, Ely, Beck & Co.

William E. Gormley

E.

Hemphill, Noyes & Co., Tucson

Tucson

DAHLBERG, HENRY E.

Roland J, Hicks

Co.,

Hutton

Company
HICKS.

Hutton

F.

PERRINE, KENNETH

Co.

&

HENSON, JAMES G.

CUTHBERTSON, FRED A.

Benton M. Lee

Witter

E.

Refsnes, Sly, Beck & Co.
&

Hutton

FORREST

Dean

Tucson

GEORGE

CRARY, C. E.
E.

HAVER,

&

Tucson

O.

OWEN, JOHN G.
Merrill Lynch, Pierce, Fenner & Beane

Co.

BECK, PAUL D.
Refsnes,

MAURICE

OVENS, JAMES M.

H.

Co.

Jr.,

Walston

National Bank

of Arizona

WEBSTER, ARTHUR I.

& Co.

Merrill Lynch, Pierce, Fenner & Bean#

Jr., berford

Lambuth Company

J.

s.

YOUNG,

Investments, Inc.

Julian

W.

Hollis

Tindall

Austin

PHILIP

Walston

James

B.

&

Dean

Eugene F. Willis

Co.,

M.

Inc.

James

D.

Chesnut

Eugene E. McNeel, Jr.

■IN
^NT^>

NBMMW

Georgia Municipal Bonds
Water & Sewer Revenue Certificates
mmmmmrnP<

Southern & Local Corporate Issues

TheR,
?

,v

/-i

iMMpMilp

,.,„

.

„J1L Gompahy,

'W0^0% $W%.' '
','/''
2florRHd0ES.HAVEB.TY BUI1DJNG

U 11| ATEAi^TA'3i

GEORGIA
;-i-/'^'/-,>WlWp5I«:,
.

,

,

'
,,

;

j

.

;

♦J.W.Tiiviilvll & Company

-

1614
'

'




FULTON

NATIONAL

BANK BUILDING

B1DO

_»

C6JU/XB*A, &

WMXffl

flRMM

TATl?aC

Cy

Atlanta 3,Georgia

JA™o!fi-no72o

11

THE COMMERCIAL and FINANCIAL

72

Security Traders Association

vergne, J.

Arnold

ii.

&

desbon,

Newman, Brown & Co.,

;

Duoournau

friedrichs, g. shelby
Howard, Weil, Labouisse,

&

&

Woolfolk,

J. Vlllere

Hutton

WOOD,

Inc.

M.

Company

B.

Smith-Wood

Co.

ROBERT

Woolfolk

Shober

of New Orleans

&

ZOLLINGER,
«charff

Co.

&

&

FRANK

WOOLFOLK,

ERNEST C.

Denis

St.
Merrill

New

A.

VILLERE,

Company
FORD

in

THIBODEAUX, PAUL J.
Whitney National Bank

jeremy

r.

Glas

Bank

Orleans

Friedrichs and

F.

A.
National

Hibernia

The

Company
glas,

JAMES

STOUSE,

T. jLFF
J. Feibleman & Company

IIAHDY,

Wheeler

E.

Kci-s

&

and

WILLEM. MICHEL A.

f.

LAWRENCE

SMART,

FEIBLEMAN,
T.

H.

& Co.

ducournau, jac. p.
•

Co.

WALTER

WHEELER, MACRERY B.

SHOBER, JOHN B.
Woolfolk & Shober
Pont

du

Jr.,

Company

Inc.

Co.

I.

Investment

WEIL,

Company

Howard, Weil, Labouisse, Friedrichs

paul

Francis

Weil

erwin

jack

scranton,

claude

Derbes

Sanford

&

schweickhardt,
Schweickhardt &

Crane

&

derbes,

Hattier

White.

John Dane

dane, john
de LA

WEIL, JOS. H.

SANFORD, J. B.

DANE, HAROLD

New Orleans

Thursday, November 15, 1956

CHRONICLE

&

T.

Jr.,

M.

JOHN

J.

Inc.

Jones,

Lynch, Pierce, Fenner & Beane

hattier, Jr., gilbert
White, Hattier & Sanford

R. D. Alexander

W. D.

keenan,

President: Robert D.

Alexander, Howard, Weil, Labouisse, Fried-,

richs & Company.

arthur

Denis

St.

kees,

C/>.

Secretary-Treasurer: Walter D. Kingston, Jr., W. D. Kingston &
Co.

Committeemen:

Robert

&

D.

Company;

Alexander, Howard, Weil,
Walter D. Kingston, Jr.,

(Members In

New

Orleans

unless

otherwise

arnold,

indicated)

Arnold

Baudean

ALEXANDER,

&

ROBERT

Howard, Weil,

A.

Alvis

d.

Co.

n.
Bank of

charles

New

Orleans

w.

Lynch, Pierce, Fenner & Beane
jos.

p.

Robert W. Pitt

The

richard

National

Brown

G.

Bank

of

Commerce

in

New

Orleans

& Co.,

Kohlmeyer &

Inc.

President: Robert W. Pitt, Blyth & Co., Inc.

Vice-President: J. Sheldon Jones, Jr., June S. Jones & Co.

Newman, leon

PRICE

Virgil L. Hill

c.

Labouisse, Friedrichs &

Newman,

J. Sheldon Jones, Jr.

Steiner, Rouse & Co.

BROWN, WM. PERRY

Co.

Secretary-Treasurer: Virgil L. Hill, United States National Bank

LESTER

and

&

American

MINETREE,

BREAUD, Jr., J. CHARLES
Newman, Brown & Co.. Inc.

Company
ALVIS,

wm.

Merrill

morse,

D.

WALTER

Jr.,

Kingston

manion,

wilson
Crane

louis J.
White, Hattier & Sanford

Smith

D.

National

bouche,

LEON

Nusloch,

ii.
&

Inc.

w.

LEARY, Jr., A. M.
Barrow, Leary & Co., Shreveport

louque,

ROSTER OF MEMBERS

—

ADAMS,

j.

KINGSTON, WALTER d.
W, D. Kingston & Co.

W.

15,1955; Took Office: December 15,1955; Term
Expires: December 15, 1956.

Co.

Miss.

KINGSTON,

Elected: December

&

Kees

<Si

kerrigan, john e.
Newman, Brown & Co.,

Jackson,

Labouisse, Friedrichs
W. D. Kingston & Co.

Vlllere

J.

kingsbury,

National

j.

homer

c.

Ducournau

Vice-President: Paul M. Desbon, Francis I. du Pont &

Security Traders Association of Portland, Ore.

iiawley, jackson a.
Equitable Securities Corp.

Kingston, Jr.

CRANE,

Company,

Jackson,

Miss.

newman, morris w.
Newman, Brown & H o.,

Arnold & Crane

of Portland.

Inc.

nusloch, george h.
Nusloch, Baudean & Smith

Elected: November 17, 1955;

Took Office: January 1, 1956; Term

Expires: December 31, 1956.
ogden, fred n.
Morris

W.

Newman

wm.

Perry Brown

John E.

Kerrigan

roddy,

james

Scharff

LOUISIANA, MISSISSIPPI, ALABAMA, GEORGIA,

ROSTER OF MEMBERS

rapier, edward d.

&

e.

Inc.

Jones,

KOSTERMAN, PIERRE A.

ADAMS, RICHARD H.
Donald

Zilka, Smither &

JACK

BADER,

TENNESSEE, SOUTH CAROLINA, NORTH CAROLINA

Sloan & Co.

C.

Zllka, Smither &

Inc.

Co.,

LUDLAM, PAUL ,A.

Inc.

Co.,

Merrill

Lynch,

Pierce,

Fenner

&

Beane

BAILEY, DAN V.

and OTHER SOUTHERN MUNICIPALS

Foster

&

LUNDBORG, HUGO

Marshall

Handel,
BALFOUR,
Russell,

NEWMAN, BROWN &l CO.

DAVID A.
Hoppe, Stewart

&

MAY,

Balfour

Bank

National

First

BRADLEY, NORMAN
U. S. National Bank

Investment Bankers

|

Lundborg & Co.

EARL

Walston

BATES, GARTH
of

Portland

Bank

of

Hibernia Bank

NEW ORLEANS
Long Distance 345 & 389

COLE, VERGIL R.

Building

of

12, LA.

COLLINS,

^

Teletypes NO 189 & NO 190

,

William

Cole

&

Inc.

PHIPPS,

WILLIAM J.
J.

Collins

E.

&

all issues of

on

Harold H. Dane

Abner K.

Northrop

John Dane, Jr.

Everett F. Dane

Canadian

GASTON,
Pacific

HARRIS,

Louisiana &

Mississippi

Dean

HESS,

Municipal Bonds

Louisiana and

Mississippi Municipals

&

Company

SLOAN,
Co.

&

U.

Active

Trading Markets

New Orleans Bank Stocks

S.

J.

STRAND,

McFaul

Bank

of

Portland

Chas.
VAN

HOOGS, JAMES

BANK

STOCKS

June

S.

C.

Sloan

DON

N.

Atkinson

Jones

&

Incorporated

C.
&

Co.

D.

N.

Tripp &

Company

BOSKIRK, DON R.

ZORA,

JONES, Jr., J. SHELDON

LOUISIANA

Robblns,

Blankenship, Gold & Blakely, Inc.

Camp & Co.

in

GILBERT

TRIPP, Jr., CHAS.

National

Co.

St

DONALD

Donald

HILL, VIRGIL

Southern Corporate Issues

Adams

Campbell &

DAVID

Witter

Co.

ROBERT

BOBBINS, J.

Northwest

Investment

Blyth & Co., Inc.

Commerce

JOHN

JOHN

Hess

of

Patten

PRESTON

M.

PITT,

Bank

C.

California, N. A.

Co.

COLTON, E. L.

Immediate Firm Bids

Inc.

JAMES

GEORGE

George

Butchart

Daugherty,

Co.,

Portland

PATTEN,

321

&

McFARLAND,

INC.

-

and

Company

RAY

First National Bank of Portland

Co.

and

JOHN
Member

—

NO

FIRM
*

New

Orleans

Stock

NEW ORLEANS
Teletype

LOCAL CORPORATE ISSUES

DANE

Telephone

MARK ETS

*

Canal

HIBERNIA NATIONAL

12, LA.

465

★

Exchange

—

Canal

Canal

BANK

UNDERWRITERS

9321

—

DEALERS

LA. POWER & LT. PFD.

Trust

Central

Louisiana Electric

Fifteen Oil Company
Glasscock Tidelands

DISTRIBUTORS

LA. BANK & TR. CO.

Assets, Inc.

Hibernia Nat'l

MID-WINTER

SPT. ASSN. DEBS.

J.

Mississippi Shipping Co.

MISS. POWER PFD.

LOUISIANA

MISS. PWR. & LT. PFD.

Specialists in

NATIONAL

AMERICAN

MUNICIPALS

N.

WHITNEY

Nat'l Bank of Commerce
San Jacinto

Southdown
Southshore

CORPORATE SECURITIES

0. PUB. SVC. INC.

PROGRESSIVE BANK

MUNICIPALS

BANK

NATIONAL BANK OF COMMERCE

LOUISIANA

Bank

Ray McDermott

Petroleum

Sugars, Inc.
Oil

and

Development

& TR. CO.

NATIONAL

BANK

NEW ORLEANS

Dealers in

BANK

STOCKS

Municipal and Corporation Securities

Scharff L Jones
n»CO«PO»*f«0

219

(Ground

Barrow, Leary & Co.
515 Market Street




Bell

Floor)

NEW ORLEANS

(P. 0. Box 47)

Teletype
NO

SHREVEPORT 80, LOUISIANA
Telephone 3-2573

CARONDELET STREET,

180

&

83

Howard, Weil, Labouisse, Friedrichs

Telephone
181

Shreveport, La.
Teletype SH 82 &

12, LA.

TU 2711

Jackson, M'ss

Baton Rouge, La.
West

Tulane 0161

Monroe,

AND COMPANY

TELEPHONE

Lafayette, La
La.

TELETYPES
NO 364

NO 38

(Corporate)
(Municipal)

222

CARONDELET

ST.

NEW ORLEANS

31

I

Convention Number

Ralph

C.

Deppe,

Charles

THE COMMERCIAL and FINANCIAL CHRONICLE

Edward

A.

D.

Parcells

Jones

&

Co.,

<6

Co., St. Louis; Frances Deppe, St. Louis; Charles E. Exley,
Detroit; Rosa Bailey, Portland, Oregon; Dan V. Bailey,
& Marshall,
Portland, Oregon

Herbert

E.

M.

Continued from page 9

Pacific Northwest Power Prospects
well

power from all other ma¬ plate
rating and
1,413,520
kw
jor Federal projects in the region, peaking capacity.
A large por¬
is sold
and
distributed through tion of this
generating capacity is

the

as

medium

of

the

Bonneville

to be found in the cities of Seattle

Power Administration.

and Tacoma in
Washington, Eu¬
development of the gene in Oregon, and smaller plants
first two Federal projects many in other
cities, towns and Public
more have been constructed. The
Utility Districts.
major Federal developments in
Private
Power:
The

Since

service

shown

the

of

as

in

Table

31,

1955,

I.

The Federal Government also,
through the Bureau of Reclama¬
tion,
has
constructed
several
smaller projects, mostly in Idaho,
two small irrigation projects con¬
structed through the Department
of Interior, in the State of Wash¬
ington, which have small hydro¬
electric developments.
There is
also a steam plant at the Bremer¬
ton
U. S. Navy Yard.
All this
brings the Federal development
to 4,121,760 kw name-plate rating
and
4,796,810
kw
peaking
ca¬
pacity.

From

factors

the power could be

from

one

another

of power one can

readily
observe that as of this
time, the
Federal development in the area is

By

arose.

this

method

area

the

need

of

com¬

plete cooperation of everyone, in¬
cluding the Federal system, there
was a

and

Local

Public

predominant. This Federal system
is also augmented
by a very ex¬

Agency

Don H. Alldritt

tremendous saving in power

energy

ciency

saving

and

greater

a

effi¬

Vice-President: Warren J. Cortner,

ALLDRITT, DON H.
Mid-Continent

BRANSON,
Bache

public agencies have in¬
creased, particularly in the State
of Washington, through the use

vestor
some

-

stances

of the Public

owned

portion,
large

a

Utility District. The
municipalities, together with some

power and

PUD's, have provided

system.

some gener¬

We find that their

all of these

as

of

nected in

comprised

1,274,910

1955,

kw

from

of

of

Harris,

JAMES
Upham

Co.

D.

Co.

Small-Milburn

The

ISRAEL,

W.

MORAWITZ,
CLINGER,

&

GILLESPIE, WARREN B.

WAR O.
Brooks & Company

K.

Company,

a

systems

one

are

way or

CARL A.

First Securities

NOBLE,
CLONINGER,
National

HUGH

Securities

Bache

Company of Kansas, Inc.

Co.

Inc.

ELLIOTT,

The

Francis

Inc.

I.

&

du

Rittenoure

THOMAS,
Pont

&

Co.

Co.

Thomas

JOHN J.

Inc.

Bache

&

C.

ROBERT
Investment

WOODBURY, T.

Company,

Investment

SCIIENKOSKY, ALBERT

PAUL

ENGSTROM,
Ranson

Sadler,

&

RITTENOURE, LAWRENCE W.

CORTNER, WARREN
Davidson-Vink

RAY

Co.

BOWRING

Co.

in¬

PRIMARY MARKETS

Federal

intercon¬

another.

UTILITY and INDUSTRIAL STOCKS

ne¬

NEW ENGLAND SECURITIES
BOSTON CORRESPONDENT

Kidder, Peabody & Co.
Founded in

A. M. KIDDER &

1865

CO., NEW YORK

for

Members New York, Boston, Midwest and

American Stock Exchanges

BANK and INSURANCE STOCKS

Trading markets in
New

England Bank, Utility and Industrial Stocks
75

Federal

Teletype: BS 338

NEW YORK

New
•

New Bedford

31 Milk

CO., INC.

Street, Boston 9, Massachusetts

CHICAGO

PHILADELPHIA

Lowell

J. B. MAGUJRE &

Street, Boston

Telephone: Liberty 2-6200

•

England

Newport




SAN

•

FRANCISCO

Open-end Telephone Wire to New York
New York—CAnal 6-1613

Branches:

Providence

*

Springfield

•

Taunton

Inc.

JAY

Lathrop, Herrick & Clinger, Inc.

their

About 1942, by reason of the

name-

&

Inc.

purchase
many

portion,

energy

generation

31,

in

Company,

It naturally follows that

ating capacity.

Dec.

utilities,
and

FEIRING,

Securities

OLIVER P.

BROOKS,

tensive

decades

Davidson-Vink-Sadler, Inc.

ROSTER OF MEMBERS

the

or

'

Secretary: Donald K. Clinger, Lathrop, Herrick & Clinger, Inc.

kw which would be

roughly equal
generating capacity of the
project. Through the
war
years and subsequent to the
war
years,
this system has per¬
sisted, and today the saving ap¬
proximates a million kw.
Each

Warren J. Cortner

President: Don H. Aldritt, Mid-Continent Securities Company, Inc.

obtained, resulting in a
of approximately 600,000

the agencies,
whether public
private, fully realize that their
Develop¬
transmission system built paramount responsibility is to the
ment: In the area! there has been
by the Federal Government and public whom they serve, and gen¬
municipal operation
of
electric locally
termed
the
"Bonneville erally in the service to customers
systems for many years, in fact, Grid," which transmits the power
in
the area, any differences of
for
many
decades, such as the from the several Federal projects
City of Seattle, the City of Ta- to the load centers. Inasmuch as political and social ideologies are
in large part removed.
coma, both in Washington, and the all of the
distributing agencies,
cities of Eugene and McMinnville whether
Continued on page 74
they be the municipals,
in Oregon.
Within the last two the PUD's cooperatives, or the in¬
.

Security Dealers Association

shift¬

portion of the
whenever

Bonneville

analysis of the above

an

resources

Pool

Wichita

other, could provide the necessary
service to carry the greatly in¬
creased loads caused by the war
effort.
By using
the diversity

to

Power

Co., Inc., Philadelphia; Grace M. Kennedy, Philadelphia; Samuel
& Co., Philadelphia; Maryann M. Knob, Philadelphia;
Knob, Drexel & Co., Philadelphia
-

Edward

sonnel
of
the
several
agencies,
through interconnection with each

to

Northwest

Biddle

J.

resources
and through
an
operational arrangement created
a
system and informal organiza¬
tion whereby the operating per¬

ed

owned

Yarnall,

their

utilities, including iKose
in Utah, which are-'a
part of the
Northwest
Power
Pool,
herein
otherwise
alluded
to, have in¬
stalled and had operating as of
Dec. 31, 1955, generating facilities
to
the
extent
of
2,835,730 kw
name-plate rating and 3,107,190
kw peaking capacity.

are

H. A. Rieeke &

cessities of war, all of the several
agencies, both public and private,
on a purely voluntary basis pooled

investor-

Dec.

Beattie,

Kennedy,

Foster

73

Bell

Providence, R. I.-—Enterprise 2904

Portland, Maine—Enterprise 2904

System Teletype—BS-142

Boston—HUbbard 2-5500
Hartford, Conn,—Enterprise 6800

Co.

Hagensieker,

L.

Earl

Dallas;

Company,

Gannon, May & Gannon, Inc., Boston; Kay Hanrahan, Worcester, Mass.; Harold Scattergood,
Boenning & Co., Philadelphia; Jane Scattergood, Philadelphia; Paul B. Hanrahan,
Hanrahan & Co., Worcester, Mass.

Joseph

Reinholdt & Gardner, St. Louis; J. Ries Bambenck, Dallas Union Securities
John W. Bunn, Stifel, Nicolaus & Company, Incorporated, St. Louis;
Currie, Denver; Trevor Currie, Trevor Currie Securities, Denver

Mrs. Frankie

Continued from page

Pacific Northwest Power Prospects
of

Although the technical aspects
electric energy are somewhat

above

head, it is amazing to

my

times

in

find

of

emergency,

or

in

even

periods of long drought
full capacity of the hydro

when

achieved, that
drawing
upon resources from a consider¬
able distance, can provide the ne¬
plants

cannot

be

the diversity factor, plus

cessities

such

times

drawn

the

of

we

Montana.

of

end

east

In

addition

to

this

supplement the shortage
resulting from deficient water, or

upon

even

from

veloped a "know-how" of how to
bring about a proper coordination
of all the resources of the region,
including
storage

a
major disruption in
portion of the transmission

some

grid.

If the representatives, exe¬
and operating personnel

cutives

the

of the

Federal

agencies
utilities

system, the public
the investor-owned

and
had

not

developed

ESTABLISHED

1879

MEMBERS

New York Stock Exchange

Midwest Stock Exchange

plants, the
the steam

plants, there would be many times
some
particular portion of
area would be in considerable

the

distress.
Interstate

The

several

through appropriate in¬
terim committees,
are
patiently
working to draft and perfect an
Interstate Compact, which would
permit an over-all agency, repre¬
sented by all the states, to make
recommendations as to use and
allocation of water and power. It
is hoped that this will result in a
just and equitable distribution of
power derived from downstream
generation by proper river regu¬
lation emanating from upstream
storage.
It is expected that the
legislatures of the several states
will again be considering this pro¬
posed Compact at their next ses¬
sions early in 1957.
\
states,

Although political differences
not predominant in the oper¬

are

Underwriters and Distributors

of

MUNICIPAL

AND

Pacific

the

of

Power

Utah

and

Northwest

Company, Puget
Light Company,

&

& Light

Power

&

Company

Light

Com¬

Clause

Preference

and

Government Dictation

There
able

has

also

political

consider¬

been

in local
augmented by

activity

sometimes

the Federal

of

Govern¬

an effort to develop Pub¬
Utility Districts. This has been
successful
in
Washington
than in Oregon or Idaho. One of
the major factors in this political
development
is
the
so-called
"preference clause." What might
be called a preference clause was

ment, in
lic

more

first voiced in
mation
in fact

Acts
in

some

about

of the Recla¬

50

ago,

years

A modified

1906.

pref¬
erence
clause
was
enacted
by
Congress in 1913 in connection
with
the
Hetch
Hetchy project
which was a water supply for the
City of San Francisco, California,
which

power.

there

This

the nature of

ting

to

right

the

sell

to

any

incidental

was

preference
a

selling

corporation

vidual, except to

a

in

was

prohibition to

pre¬

or

or

let¬

indi¬

municipality,

basis

for

clause under

which, where other factors are
equal, and if there is a conflict of
applications for the development
of

a

power

should

project,
be

the

given

to

and

terest at all times

to be para¬

was

mount; and if the public interest

the right to serve, or
or
acquire energy re¬
should be given to the
private organization.
A
stronger preference
clause
was
placed in the Hoover DamBoulder Canyon Act passed
by
Congress in 1928 after many years
of
negotiation
and
debate.
A
strong
preference
clause
was
placed in the Bonneville Act and
all acts creating the major proj¬
required,

construct
sources,

ects

in

time,
trol

the

Northwest

including
Act

of

arbitrary

the

to

the

ones of which are navi¬
gation, flood control, reclamation
and general welfare. From a legal

standpoint the basis of navigation,

COMMERCIAL

flood control and reclamation

PAPER

pretty well settled
for Federal

sons

BOSTON

NEW

•

YORK

j PHILADELPHIA

•

CHICAGO

SPRINGFIELD

•

INDIANAPOLIS

•

WORCESTER

•

forts

have

as

proper rea¬

development. Ef¬

been

made

to

extend

the

general welfare provisions of
the Constitution as a reason for

development of electric energy,
but this ground has not been en¬

tirely clarified and there is
siderable
as

doubt

basic

a

to

as

its

ESTABLISHED

Members

New

York

Associate Members

30

STATE

and

1887

Boston

American

Stock

Exchange

Stock Exchange

for

such

velopment.

From

time

to

in

United

the

development
in

STREET, BOSTON 5

arises

Congress
the

the

matter

of

same

General

Market Stocks and Bonds

con¬

de¬
time

States

MAY& GAMON-

Federal

additional

The

area.

of

Specializing in New England Securities

legality

purpose

there

Townsend, Dabney & Tyson

Since 1929

are

steam

140 FEDERAL

STREET, BOSTON 10, MASS.

problem

has been posed in connection with
ORDERS EXECUTED ON ANY EXCHANGE OR MARKET

the

Tennessee

Thus far,

UNLISTED SECURITIES & MUNICIPAL BONDS

Valley Authority.
however, there has been

It

New York

BS-430 for

is

nent

Telephone CAnal 6-1540

Municipal Department

William J. Burke, Jr.
Treasurer

development of steam plants
by the Federal Government in the

most

a

valued

compo¬

auxiliary to, the
not
only
in
emergencies, but to take care of
the annually recurring low water
or,

hydro

NEW

BOSTON

YORK

recognized, however, that
is

steam

Teletype BS-346 for Trading Department

Joseph Gannon
Vice-President

President

no

Pacific Northwest.
Private Wire System

William F. May

or

HU

CA

2-8360

6-2610

an

resources,

periods

or

to

take

care

of

the

HARTFORD

PORTLAND

PROVIDENCE

Enterprise 9830

Enterprise 9830

Enterprise 9830

peak loads which usually come in
Branches:

Portland, Me.
Augusta, Me.

Branches;

Lewiston, Me.

FItchburg, Mass.

Greenfield, Mass.

the

winter

such

a

and, coincidentally, at

time as the stream flows in

Lawrence, Mass.

Keene, N. H.

Manchester, N. H. (Reps.)

TELEPHONE
CABLE




BOSTON;

ADDRESS

LAFAYETTE

River

are

are

3-7010

"SENDANTHY"

System

Teletype BS 568-9

not excessive. The prin¬

stream

Bell

stream of the Columbia

cipal

Bangor, Me.

the main

those

plants

owned

by

in the area,
the City of

Seattle, the City of Tacoma, a few
small ones by other public agen¬
cies and those owned by Portland

Con¬

provided

1944,

preference

principal

SECURITIES

that

since

Flood

Power

development,

prefer¬

states
municipalities.
All of these
early clauses provided that where
all things were "otherwise equal"
a
governmental body was to be
preferred over a private organ¬
ization, but that the public in¬
ence

constitutional

some

such

for

water

electric energy developed in con¬
nection with the project. The Fed¬
eral
Power
Act of
1920
has a
modified preference

pany.

in

the

Pool, the political overtones are a
lively subject in the area.
In
order to get Federal development
there must be

CORPORATE

Power

vent the city from

Political and Legal Matters

ation

Sound

activities

Compact

legislatures of the

Electric

General

'areas,

American Stock Exchange

Boston Stock Exchange

this

the hydro
basins
and

when

to

F. S. MOSELEY & CO.
-

the

steam plants in the area are called

At
being

find power

such as Utah, sometimes
Idaho, sometimes even from

pool,
from

emergency.

the

from

operation and de¬

efficient plan of

73

Thursday, November 15, 1956

FINANCIAL CHRONICLE

THE COMMERCIAL and

74

'

1

.

for

public

Convention Number

Lee

Staib,
&

Eustis

Geo.

Company,

St.

&

Cincinnati;

Co.,

Minn.;

Paul,

Belle

Marjorie

Walter,

|V

Woody &

Staib, Cincinnati; Fred S. Goth, Irving J. Rice
Heimerdinger, Cincinnati; John G. Heimerdinger,
Heimerdinger, Cincinnati

Bobbie Clark, Denver; Phillip J. Clark, Amos C. Sudler & Co., Denver;

Dan Hawkins, Hawkins & Co.,
Cleveland, Ohio; Frances Hawkins, Cleveland; Corwin L. Liston, Prescott & Co., Cleveland;
Lois Liston, Cleveland

agencies.
In January, 1946, the
Secretary of Interior, Harold

eral projects.
All contracts with into between the Bonneville
privately owned companies were Power Authority and the several

Ickes, set forth in

to be limited

then

staff memo¬
randum
his basic
principle for
Federal power policy which in¬
cluded that hydroelectric generat¬
ing facilities were to be installed
in all projects where possible, and
stand-by steam plants were to be
provided, and that active assist¬
ance should be given by the Fed¬
eral Government to public agen¬
cies

and

a

cooperatives

waiting for them to
and

offer

to

addition

purchase

the

to

power

ferred customers and that
tracts

were

In

power.

transmission

to be provided for

were

delivering

without
forward

come

thereto

facilities

to

be

others,

which
public agencies
from obtaining

pre¬

no

made

con¬

with

would
foreclose
and cooperatives
power

to time and

as

con¬

investor-owned utilities in the Pa¬

that

investor-owned

the

utilities

threat

that

cut off.

It

was

was

entered

in

some

1956
1858

256,000

1951
1953

1953
1954
1955

1955

Falls

Dexter

1955
_

_

_

Totals
*

Includes

.

two

house

—

—

—

—'

—

units

—

—

—

for

570,000

2,319,000
115,000
328,000
20,700
138,000
49,000
17,250
805,000
294,400

i

commissioners,

peaking

^Ultimate

only.

for

where

tion

the

of

Chinook

salmon
of

headwaters

Continued

on

the

page

76

INDUSTRIALS
PUBLIC UTILITIES

they

feeling
was

would

there

not

BANKS

that
be¬

be

INSURANCE
HC-nH-

i

HOTCHKIN CO.

Telephone

Dealers in

LAfayette 3-0460
Cable

McNary

Unlisted Securities

Established 1908

Address
53

"Tockin"

STATE

STREET

BOSTON 9, MASS.

enough electric energy produced
by the Federal plants to satisfy
the needs and requirements of the
public agencies, even under the
preference clause.

4,656,350

3,999,000

—

DEALERS.

grow¬

coming somewhat dictatorial. Ul¬
timately the realization came to
these
public agencies that the
growth of load in the area, the
lengthy, time-consuming practices
required to get a project started
by Congress, and the growing
reluctance of Congress to appro¬
priate large sums of money for
a
particular
area,
would ulti¬
mately leave the area in a situa¬

Capacity in Kw

518,400
1,944,000
100,000
285,000
18,000
120,000
42,600
15,000
700,000

Albeni

runs

to

might be

Rating in Kw

1943

Big Cliff

clear

TEXTILES

ing resentment among those local
not until 1953 that public
bodies and their elected

long-term contract

a

portion tricts. This resulted

substantial

a

of their energy resources

Installation

Hungry Horse

sizable

with Bonneville.

As an interesting sidelight, the
not only the first, but were
largest purchasers of energy public agencies were eager to
from the Bonneville project and purchase and distribute the elec¬
subsequently Grand Coulee proj¬ tric energy under the preference
ect and other Federal projects in provisions but through the years
the
system. They were unable, one could readily sense that the
however, to get any long-term Federal Government was taking
contracts and for many years they too big a hand in the operational
were "on
a
day-to-day basis, liv¬ affairs of the public agencies, par¬
ing under at least a potential ticularly the Public Utility Dis¬

Total Peaking

Lookout Point

mous

the

Total Name-Plate

Grand Coulee*

is

Columbia River,

were

TABLE I

Detroit

a sizable industry in the
and the anadrofish, prior to any obstruc¬
tion in the stream, had provided

ing

other

opposition to such
provisions for cancellation cific Northwest, but this contract projects is
primarily that of thd
notice, When and as neces¬ was subordinated to the needs of fishing interests which may be
sary to insure preference for pub¬ the public agencies as well as to termed either a
political or eco¬
lic agencies and cooperatives.
a good many large industrial cus¬
nomic objection. Commercial fish¬
tomers
having
direct
contracts
Under
this
program
we
find

Year of Last

Name of Project

The

upon

from Fed¬

Bonneville

Opposition from Commercial
Fishing Interests

tain

the Federal Government

McNaryf
Chief JosephJ

75

THE COMMERCIAL and FINANCIAL CHRONICLE

initial

stage will
be 980,000 kw,
name
place—1,127,000 kw, peaking.
^Ultimate for Chief Joseph initial stage will be 1,024,000 kw, name plate—

Preference for Private

1,177,600 kw, peaking.

Distribution
TABLE

The

people of the Pacific North¬
west are permitted to select in
each locality the character of the
agency which shall be permitted

II

Private Utilities

Co-ops

Municipalities

PUD's

Washington—

39%

33%
7%

25%
3%

8%

—

State

Oregon

85%

3%
5%

Idaho

85%

7%

Montana

82%

18%

distribute

to

1904

v

J M Pa

r.

energy.

such serving agencies show the
following percentages of popula¬
tion served by each. (Table II)

52 YEARS OF SERVICE *

1956

has

been

looked

public ownership
upon with some
■

favor in the State of Washington,

-

'

•

other states prefer the
investor-owned
companies.
In

while the

Chas. A. Day & Co.

Oregon

and

Z been

at

least

factor in the de-

a

lay in
plants

Z utilities.

This

hydroelectric
investor-owned

building
by
the

-

England Corporations

Z appearances

of

is

manifested

by

at the several hear¬

ings before the regulatory bodies

Inquiries invited from Dealers

—

and Financial Institutions

■—

a

Ketail Department
~—

England

i;

ZZ more

~

Maintaining

".-'V,'

The urge on the part of some
politically minded groups to build
Federal plants, however, has

Unlisted Bonds and Stocks

with Distribution in New

public

diminishing in recent years.

particularly of

New

of

number

the

bodies and cooperatives has been

Incorporated

Listed

S> P

The latest tabulations available of

It is noted that

☆

electric

the

Hon

•

such

as

mission

Your Doorway .to trading markets in

the Federal Power Comor

the

state

agencies, of

representatives of the public agenobjecting *to the construction
of hydroelectric projects by the

New England Securities
i

ZZZ cies
:

>

:

investor-owned utilities.

31

MILK

STREET, BOSTON

Such ob¬

jections have been predominant in
the hearings on the Pelton proj¬
WASHINGTON AT COURT STREET
Member Boston Stock




Exchange

ect, the Hells Canyon project and

Members New York and Boston Stock

9, MASS.

Telephone HAncock 6-8200

the Middle Snake
as

Mountain

Valley.

Exchanges

projects known

Sheep

and Pleasant

Springfield

•

Fitchburg

•

Worcester

Charlotte

William V. Frankel, Wm. V. Frank l & Co., Inc.,
Company, Salt Lake City;
Robert Strauss,
Chicago; Jack Sullivan, Los Angeles

Sidney Jacobs, Sidney Jacobs Co., New York City;
New
York; Frank A. Whitney,
Whitney &
F.

Daniel

Continued

from

and

Rice

Company,

Clarence

Moreland, Detroit, Mich.; Paul I. Moreland, Moreland & Co., Detroit; Edith Horn, Detroit;
Hern, First of Michigan Corporation, Detroit; Lilliam Elder, Detroit; George J. Elder,
Straus, Blosser & McDowell, Detroit

A.

fishing would be curtailed by

75

page

additional

any

obstructions.

The controversy over fish is not

Pacific Northwest Power Prospects
Columbia
These

Thursday, November 15, 1956

THE COMMERCIAL and FINANCIAL CHRONICLE

76

fish

devices

its

and
are

the

of

mouth

other

be

salmon.

no

On

prominent in the Hells Canyon
project; it is somewhat prominent
in the Middle Snake

ticularly

projects, par¬
connection with the

in

there are many alternative
development of the
sports fisherman and others who Nez Perce Dam which would have

caught by various
the

near

would

there

tributaries.

too

the

claims

hand,

conservationists in the
effect
of
cutting
off
the
Northwest, who would spawning grounds of a large num¬
well as by off¬
shore fishing. Eventually if there like to have the streams left in ber of salmon now
spawning in
status quo, feeling that their sport the river basins of the Clearwater
were no spawning of the salmon,
Columbia

River

also

and

on

the

to

be |

the Pacific

coastal streams, as

Salmon Rivers.

and

vation

in

continuing interest and invite

Dennison Manufacturing

the

your

the United

inquiries in-

Co.

'

United

Lowell Electric

Light Corp.
Ludlow Manufacturing & Sales Co.

give

opment
9,

summarize

MASS.

follows:

Teletype BS 1059

to

get

a

the

It

a

is

missions.

T

HERS

c) e&jJustLes.i
zero

court

Richmond

street

boston

CO., INC.
mass.

9,

Teletype

2-2530

the

Power

same.

Securities

in the Cowlitz project, although
the Federal
Power
Commission

as

has
a

granted

the

City

of Tacoma

license which has been affirmed

by
the

courts, they are still in
process
of litigation in the

the

for

b

S

530

They

decision

a

Court

of

Who

are still waiting
of
the
Supreme

Washington.
Will

Meet

Commencing
In

1920

load

of

the

less

this

1940

area

Shortages

1960?
had

a

700,000 kw; in
grown
to about

2,000,000kw. As of this time the
peak load in the area is in excess
of

7,000,000 kw, and it is estimated
by 1965 the peak load will
reach
approximately
15,that

local courts of the State of Wash¬

000,000

ington where questions are being

which

raised

struction will give some assurance

as

to

the

authority of the

kw.
is

The

new

presently

generation

under

Detailed

in

the

project,

1931

various

devel¬

I

would

factors

necessary

at

as

least

and, in most
from the State Com¬
This applies to both in¬

National Distributor

utilities, municipali¬
An

application is made for a prelimi¬
nary
permit which permits one
to go upon the properties and do
preliminary
engineering
work,
tream gauging, preliminary drill¬
ing and geologic exploration.
It
is also necessary to usually have
the matter submitted to the Army
Engineers for their review and
possible approval, the Reclama¬
tion Department, the Department
of the Interior, to the interested
agencies of each state including
the Utilities Commission, the State
Engineer,
the
Fish
and
Game

Coffin & Burr
Incorporated
Founded 1898

BOSTON
NEW

YORK

PORTLAND

BANGOR

HARTFORD

Commissions

of
the
respective
states, and any municipalities that
might be involved. If Government

lands

are

involved,

must be considered

(Minnesota's "Scotch Tape" patent expires next month)

NASHUA CORPORATION UNITS

—

SOLD

(Memorandum

on

—

QUOTED

request)

DAYTON HAIGNEY & CO.,

matter

by the Bureau of Land Manage¬
ment or possibly the Forest Serv¬
ice of the Department of Agricul¬
ture, and possibly by the Indians.
Preliminary permits now usually
require a study to be made by
some local University Science De¬
partment for archaeological arti¬
facts.

BOUGHT

the

and approved

From

one

or

more

Teletype BS
New

York




Telephone

—

596

WOrth 4-2463

Specializing in

<

New

England Securities

Carr & Thompson. Inc.
31

All

of

this

the

area

takes

STREET

considerable

for the necessary

devel¬

opment of hydroelectric resources.
one is sufficiently fortunate to

If

license, then financing
which, for the
investor-owned
utilities,
would

procure

MILK

BOSTON 9, MASS.

Commission.

time, and time is running out in
STREET, BOSTON

General Market Issues

of these

INCORPORATED

75 FEDERAL

Dealers and Brokers in

several

agencies may come some
objection which is required to be
properly handled and disposed of,
or if not, it becomes a matter for
decision by
the Federal Power

a

becomes necessary

peak

than

had

take

ties and other public agencies.

O

Federal

Commission.
For
the public agencies financing pre¬
sents more difficulties, as
bond
issues are often required
to be
submitted to a vote of the people
in the district. In some instances,
Exchange

license from the Federal

vestor-owned

R

and

of Tacoma to proceed with
project and properly finance

the

Commission

instances,

B

and

the

idea of the diffi¬

some

of

Power

KELLER

Commission

City

with

together

New England Fund
Tape

culties encountered

BOSTON

Telephone LAfayette 3-0810

to

ulatory
bodies,
approval of the

ORGANIZED

To

Co.

ST.

CONGRESS

refused

States

Project Red

Western Massachusetts Cos.
19

the Cowlitz

on

jurisdiction.

New England Electric System
Towle Manufacturing

States Supreme

Court,
project, a
development by the City of Tacoma,
Wash., which
was
ulti¬
mately decided by the Court of
Appeals for the Ninth District,
and
the Supreme
Court of the

and also

Eastern Utilities Associates

Haverhill Gas Co.

preser¬

opposition to the Pelton
on
the Deschutes River,
which controversy was carried to

ARTHUR W. WOOD COMPANY
a

Fish

predominant factor

a

project

Incorporated 1915

We have

was

require approval of the local reg¬

BOSTON

NEW YORK

HUbbard 2-6442

WHitehall 3-7600

Bell

System Teletype BS 328

con¬

Convention Number

THE COMMERCIAL and

Joseph C. Cabbie, Burns Bros. & Denton, Inc., New York; John C. Reilly, G. H. Walker & Co.,
New York; William F.
Belknap, William R. Stoats & Co., San Francisco; Robert F. Bates, First
California Company, San Francisco; Joseph E. Smith, Newburger & Co., Philadelphia

(barring

adverse
water
condi¬
of carrying the area loads

tions)
until

the

early

1960's.

It

hydroelectric projects in
ticular

takes

is

It

of

area

the

therefore

from three to

one par¬

country.
necessary

to

eight years to con¬
hydroelectric project, de¬

assume that these projects will be
a
buiit by the efforts of many dif¬
pending upon the size, capacity ferent
agencies,
including
the
and physical characteristics of the
Federal Government, the
inves¬
site.
In other
words, it is nec¬ tors-owned companies, and the
essary to commence new dams as
public agencies in the area. As
soon as possible in order to
carry
previously indicated, the non-Fed¬
the anticipated load
arising from eral public groups are feel¬
the
expanding economy of the
ing the necessity of building their

struct

Unless these

area.

dams

new

are

projects rather than a total
immediately and promptly reliance on the Federal Govern¬
completed, there will be a short¬ ment.
Outstanding examples of
age of nearly 1,000,000 kw of firm these
are
the several projects in
power by 1960, and by
1965 the which the City of Seattle is inter¬
shortage will be correspondingly
ested, on the coastal streams as
greater.
well as some of the northern tri¬
own

started

In order to

meet these require¬

ments it is necessary to install an

butaries

Columbia

the

of

River.

Douglas County PUD is interested

of 500,000 or more kw of in building the Wells project on
The City of
generating
capacity
each
year. the Columbia River.
capital requirements for these Tacoma is pushing along as best

average

The

installations

mately

will

be

$300,000,000

*

per

approxi¬
year.
It

is rather doubtful that the United
States
Congress, with its many
divergent opinions within its own

it

the

Cowlitz

projects,
Mayfield and
Mossy Rock developments. It ap¬
pears
that Chelan County PUD,
can

on

otherwise known

as

with
assistance
from
the
Puget
body, could act with sufficient Sound distributors, will construct
the 630,000-kw Rocky Reach proj¬
promptness to bring a complete
solution
to
the
problem.
It is ect on the main stem of the Co¬
also
very
doubtful if Congress lumbia River. Fifty percent of the
under
any
circumstances would power generated will go to Puget
be agreeable to appropriating ap¬ Sound Power & Light Company

proximately $300,000,000
for

the

next

ten

years

per

year

build

to

as

a

the

result of

time

a

contract made

Chelan

County

at

PUD

Tom

Walker,

Equitable Securities Corporation, Dallas;
Anne Walker, Dallas; Homer J. Bateman,
Company, Seattle; Lillian Bateman, Seattle; Arthur C. Sacco, Webster, Marsh &
Chicago; Carmela V. Huey, Denver; Lee A. Huey, L. A. Huey Co., Denver
'•

Pacific Northwest

Co.,

bought Puget's Rock Island plant.
The most important development
in this field

is

Rapids project
the

of

77

FINANCIAL, CHRONICLE

that of the Priest

the main stem

on

Columbia

River

in

which

the Columbia River with

popu-

the development emanating from

lation of approximately 8,000 peo-

the Grand Coulee project has
brought a considerable rural popContinued on page 78

pie,

although

it

has

more

tomers by reason of the fact that

erable

in

part

the

financing

thereof.

The

Specialists in Securities

Priest

Rapids project in¬
developments:
one
called the Priest Rapids develop¬
ment,
and
its
companion, the
Wanapum development. Bonds in

v

cludes

the

two

total

I

amount

of

$166,000,000
recently sold to finance the
of the Priest Rapids
development. This was underwrit¬
ten by
a
group
of 228 under¬
writers. This project was among
those which had been
planned
and
generally surveyed by the
Army Engineers for possible de¬
velopment by the Federal Gov¬

of the
Pacific Northwest

VERMONT

•

DISTRIBUTORS

construction

and

ernment

|q

\y \vy u\4 CiJ W

INVESTMENT
INVESTMENT

TRUSTS

SINCE

had

already been
by Congress although
no
money had been appropriated
therefor. By a special act of Con¬
gress the authorization was modi¬
fied to permit the Grant County

U.

S.

BANK

PUD

file

to

an

Federal

a

BONDS

PORTLAND

OREGON

4,

8-1318

Commission

license

was

retailing & trading

granted.
The

&

application with

Power

which

to

pursuant

CA

STOCKS

BONDS

1927

BUILDING

authorized

the

CORPORATE

•

V*

SECURITIES

MUNICIPAL

headquarters of the Grant

pacific northwest issues

County PUD is situated at Epftranear

George Patten Investment Co.
Established

•

DEALERS

UNDERWRITERS

were

Specializing in Bank Stocks of
NEW HAMPSHIRE

cus-

many, if not all, of the members
of your organization had consid¬

ta, Washington, a small town

MAINE

a

MASSACHUSETTS

SECURITIES

1926

J"
Firm Markets

h.

AMERICAN BANK BUILDING

PORTLAND 5, OREGON

d.

CINERAMA, INC. • DYNASEAL LIGHTING CORP. • CONSOLIDATED RENDERING

n.:.

REEVES SOUNDCRAFT
We

Pa

ul

•

SOUTHWESTERN STATES TEL.

Specialize in Inactive Securities

N O
&

v

X

TELEPHONE CApitol

BELL

8-4389

SYSTEM

TELETYPE PD

co., Inc.

New

York Security Dealers

Ass'n

Street, Boston 9, Mass.
.

Telephone HAncock 6-0170

Teletype BS 51

DEALERS AND

FOR MCOMPLETE" SERVICE

BROKERS IN

ON WESTERNS

UNLISTED
TRADING MARKETS
*

BOTANY
*

SECURITIES

MILLS

If you

deal in Western securities,

or

would like to,

we

maintain

a

complete service in trading, information and executions.
INDIAN
*

HEAD

MILLS

SIGHTMASTER

CORP.

RIVERSIDE
*

With

I
11

CEMENT

STATES

NATIONAL

ENVELOPE

Broadway

COMPANY,

INC.

LERNER & CO.
10 Post Office Square
HUbbard 2-1990




•

Teletype NY 1-86

can

office

in

Telephone CApitol 7-8950

BS 69

in

other N. W.

you

and Canada

need.

Zilka, Smither & Co., Inc.
INVESTMENT

Member San

^Boston 9, Massachusetts

Portland, branches

supply the information

State Street

BOSTON 9

Securities

Teletype:

home

Telephone DIgby 4-1388

27

Investment

we

NEW YORK 4

Bell System

Available

our

cities, and direct wire services to 42 cities of the U. S.
...

UNITED

*Review

Telephone:

229

MEMBERS

D. Sheeline & Co.

31 Milk

K

TELEPHONE

8-8261

phone between offices

Stock Exchange

"

813S.W. ALDER

TELETYPE

CApitol

Bell System Teletype BS 169
Direct

SECURITIES

Francisco

SALEM

PORTLAND 5,
EUGENE

•

OREGON

MEDFORD

•

PD

155

COOS BAY

THE COMMERCIAL and FINANCIAL CHRONICLE

78

Charles

L. Ebner, Jr., Bateman, Eichler &
Co., Los Angeles; Aileen
Finnegan, San Francisco; J. F. (Pete) Finnegan, Hannaford &

Continued

jrom

Ebner,
Ttdbot,

Pacific Northwest Powei Prospects
the

into

Even

area.

Complex Purchase Agreements

this

population could not use the
1,170,000 kw of power to be gen¬

In

these

conferences,
usually
by 40 or more people
by the Priest Rapids-Wa- representing several buyers, the
napum
projects, and it became seller, and in many of the meet¬
obvious that in order to properly
ings, financial advisors, it was in¬
attended

erated

finance

such

a

project

market for the power

a

would have

gotiations extending over
of

several

suitable

This resulted in

to be found.

months

deed

problem to work out the
ideas of procedure as well

a

many

ne¬

period

a

Jr.,

this

that

The Marshall Company, Milwaukee;
Lenore Koch, Milwaukee;
Martha
Chicago; Ed Christian, Stroud & Company, Incorporated, Philadelphia

re¬

sulted in suitable contracts of pur¬

chase

ulation

Koch,

/

to find

achievement

77

page

Otto

Los Angeles; Mary
San Francisco

with frequent

as

matters of substance which af¬

fected each of the buyers, as
as

well

working out the closing proce¬

dure

in

such

of

is termed

what

on

cake" basis

the

of

"slice

a

which

under

each

602

Brownlee,
lion

sell

to

revenue

for

bonds

100

accommodate itself to the

.

Company, and some of the munic¬
ipalities
the

State

and

public

in

agencies

bankers,

the

brokers,

is looked upon

of Oregon.

and

potential buyers of securities.
as

the
It

monumental

a

feet.

The

would

acre-feet

use

a

head of

opment

dam,
or
provide a mil¬

the

upper

of

usable

storage

producing power.
Another huge development
the

in

is that of the Idaho Pow¬

area

Company on the Snake River
and commonly known as the Hells
er

Canyon project.

It actually

The Pelton

agreement under which the
and

will build and

own

com¬

the dam

189,000-kw generating in¬
stallation, and the district will
a

construct

and

own
a
67,500-kw
installation, and a

generating

three-and-one-half-mile canal

tending

from

installation.

the

dam

to

McNary Dam,

being

almost

is

completed,

and

Chief

Joseph Dam (also Federal) is

development

by

Portland

on

that all

the

General

stalled

Company would add 108,The two

Cowlitz

A schedule

completed

460,000 kw. Pacific Power &

construction

These

projects

total

Yale development which provides

pacity of the

108,000 kw, and that

ly

on

is

company

is

(with

matter

some

in

is

presented

11,000,000

will

Federal

the
ca¬

area

kw,

to approximate¬

which will

Canyon site.
UNLISTED

TRADING DEPARTMENT

the

|The

Butcher

Sherrerd

&

ESTABLISHED

1910

Hells

The order granting

the license was appealed, and on
Oct. 8, 1956, the Court of Appeals
for the District of Columbia found

Underwriters, Distributors, Dealers in

in favor of the Idaho Power Com¬

CORPORATE AND MUNICIPAL SECURITIES

by affirming the issuance of
the license. During the course of
litigation,
however,
the
Idaho
Power Company has seen fit to
pany

Established 1865

Bioren

6-

Co

MEMBERS
New

York

American

Stock

Exchange

mencement

Stock

Exchange
Philadelphia-Baltimore Stock Exchange

1508

Walnut Street

Philadelphia 2, Pa.

PEnnypacker 5-9400

120

Broadway

New York

5, N. Y.

WHitehall 3-0590

yon

River

on

tinent.
the

rado,
reach

Canyon reach of the
is the deepest can¬

the North American
It is not

Grand

as

Canyon

but it is
of

New

York Stock

Exchange

American

the

spectacular
of

the

deeper.

river

the

1500 WALNUT STREET

as

.ft.

PHILADELPHIA 2, PA.

Teletype

PEnnypacker 5-2700

PH-4

New

York

Telephone

BArclay 7-4641

this

proposed

Members Philadelphia-Baltimore Stock Exchange

1529 WALNUT STREET

.

Philadelphia Telephone

Colo^

On

BOENNING




Exchange (Associate)

con¬

Belter Service To You

PRIMARY TRADING MARKETS + RETAIL DISTRIBUTION

Teletype PH 30

Philadelphia-Baltimore Stock Exchange

Stock

of this project.

The Hells

Snake
.

MEMBERS

proceed
with
construction
and
has
already expended
approxi¬
mately $10,000,000 in the com¬

&
American

More Opportunities For Us

CO.
Stock

Exchange

PHILADELPHIA 3, PA.

Telephone LOcust 8-0900

be

the Swift devel-i approximately 2,000,000 kw short

controversy

Government at

in

bring

from differences in ideology.

Industrial, Public Utility, Railroad and Real Estate Securities

not

hydroelectric

installed

storage), Oxbow

arising
The
opponents thereof favor the idea
that one large
dam should be
built, owned and operated by the

proj¬

but

Table HI.

Light Company has completed its

working

of the several

under

yet

by the City of Tacoma would

add

generators will be in¬

ects

proj¬

ects

16

con¬

Dam and Hells Canyon Dam.

UNDERWRITERS AND DEALERS

par¬

by December, 1958.

sists of three dams: the Brownlee
Dam

ex¬

such

built by the Federal Government,

kw, part of which is peaking

capacity.

now

On

tially completed, and it is expected

Deschutes

000

the Lewis River.

on

Swift

pany

kw.

Electric

Koerner,

development
Pacific
Power and Cowlitz County PUD
are
working under a partnership

committed and an initial installation of 360,themselves
irrevocably
to pur¬ 400 kw with provision for a pos¬
chase a proportionate part of the sible
additional
installation
of
output of the Priest Rapids de¬ 180,200 kw.
Oxbow would have
an installation of
velopment, take an option on a
151,000 kw with
proportionate part of the Wana- provision for an additional 75,500
pum development,
and agree to kw. The low Hells Canyon would
have an initial installation of 272,pay for a period of 50 years for
the same proportionate output of 000
kw
with
provision for an
additional
power from the respective devel¬
136,000
kw.
These
opments. It is obvious that these three
developments
would
add
purchase
agreements
were
the 783,400 kw of initial installation
substance upon which it was pos¬ to the area, and ultimately 1,175,sible

way

development would

purchasers

that it could
require¬ 100% of the cost of the Priest
meetings of the potential .buyers,
development.
However*
ments of the several buyers in Rapids
including the cities of Seattle and
getting approvals of their respec¬ the purchasers did take some risk
Tacoma, Puget Sound Power & tive Boards of
Directors, City by agreeing to pay monthly, on
instalment
Light Company, The Washington Councils, Commissioners of PUD's an
basis,
sufficient
Water Power Company, several and complying with the charter funds to amortize the cost of the
project, the interest on the debt
small PUD's in the state of Wash¬ and other statutory requirements
and the full operating expenses
ington, Portland General Electric of public bodies. It was also nec¬ of the project,
irrespective
of
Company, Pacific Power & Light essary to satisfy the investment whether or not the project was
a

Thursday, November 15, 1956

New

York

Telephone COrtlandt 7-1202

Convention Number

John

S.

French,

A.

Christine

of

the

THE COMMERCIAL and FINANCIAL CHRONICLE

C.

Dean,

anticipated

Allyn and Company, Incorporated, New York;
Atlanta; James B. Dean, J. W. Tindall &

Esther French, New
Company, Atlanta, Ga.

loads

in

the

in 1962.

area

Major

sible

Projects

Under

being
the

are

considered

but

not

yet

Government

the

to

or

bill)

the many pos¬

"so-called"

project

part¬

would

cost

legislation

(the

Coon

in the 84th session of Con¬

gress, the investor-owned utilities
and
other
agencies
interested

point of filing for licenses by any
of the public agencies or investorowned

The

proposed

to

point of authorization by the

Federal

of

approximately $310,000,000, would
develop 1,190,000 kw. Under the

developments

many

of

one

forms

nership.

Consideration
There

dam under

therein,
o

One could only
mention the major projects under
companies.

f

would

advance

approximately

the

sum

$273,000,000,

representing the cost of every¬
thing in the project except those

consideration.

nonreimbursable

facilities

which

The first of these would be the
John
Day project on the main

would

stem

which, if built, would bring about

More
recently the Klickitat
County PUD has filed with the

complete

Federal

of

the

Columbia

River

ing to deauthorize it to the extent
of

allocated to fish facili¬
ties, navigation and flood control.

slack-water

navigation
on the Columbia
River, as far as
Pasco, Washington. It i s perhaps
the most justified dam at the pres¬
ent time. It has been authorized by
Congress. During the last session
of Congress there was a bill pend¬

and

ticipate

public agencies to
in

construction

par¬

the

of

Power

application for
mit

on

this

a

Commission

preliminary

an

per¬

project.

This may not
be granted of course unless Con¬
gress sees fit to deauthorize or

modify the present authorization
to

permit

such

allowing investor-owned util¬

ities

be

a

a

license

pursuant

filing.

to
S

Under the proposal of the Coon
bill in Congress,
would

construct,

the Government
own

and operate

'

Ownership

Date of

Completion

Rating

McNary

Federal

December 1956

Roza

Federal

August 1958

280,000 kw
12,000 kw

December 1958

108,000 kw

Pelton

Portland General

Swan.

Chas.

Electric Co.

Chief Joseph

Federal

December 1958

tire power output for a period of
50 years.
This project is one of
the few remaining large projects
in the area which would result in

relatively

low-cost

electric

en¬

ergy.

During the 84th session of Con¬
appropriation for prelim¬
inary engineering and a start on
construction was provided for Ice
Harbor
project
on
the
Snake
gress an

City of Tacoma

April 1959

Noxon

The

June 1960

Scranton

&

Co.,

Serlen, Josephthal

1,002,000 kw and

&

New Haven, Conn.; Ruth Swan,
Co., New York; Bess Serlen, New

ultimate

an

ca¬

kw.

Pacific Northwest Power Com¬
pany is composed of the Montana

electric energy.

Power

of water behind some

Company, Pacific Power &
Light Company, Portland General
Electric Company and The Wash¬
ington Water Power
Company.
Hearings are being held in the
Federal Power Commission at the
present time on application for a
license.
The
applicant
is
con¬

dams

would

permit

the

slack-water navigation up the Co¬
lumbia and Snake Rivers to the

Lewiston,

and teries.

Idaho,

is

energy

recognized
after it is

that
pro¬

duced cannot be stored except in
small quantities in storage bat¬

City of Lewiston, Idaho.
Between

It

area.

electric

the Idaho Power Company's Hells

The

only

way

electric

en¬

ergy can be stored is in the indi¬
of water to be used at

owning

so

many

Washington

Federal

November 1960

Cougar

Federal

November 1960

Hills Creek

Federal

November 1961

Ice Harbor

Federal

December 1961

Mossy Rock

City of Tacoma

July 1962

1,092,000
25,000
30,000
270,000
300,000

Grant

Fall of 1962

which

has

someone

at

use

Wanapum

County PUD

Coulee

Grand

Horse

the

on

Montana.

Electric Co.

December 1958

Chelan County PUD

Rocky Reach

1962

there

or

ing conditions,

we

and

velopments by Pacific Northwest
Power Company known as Moun¬
tain Sheep and Pleasant Valley.
These two projects would have
an
initial
installed
capacity of

considerable

be

The

Federal

many years

with

considerable

Libby

project

Montana

on

interest

in

the

appropriate time.

In

order to

bring about the greatest efficiency
Basin, storage is
not only useful but
necessary, to
in the Columbia

minimize the fluctuation of water
flow and
used at a

quires.

to store the water to be

time when the load

In

the

595,000 kw

B.

parlance

of

dous

storage

ance

in

to

are

of great assist¬

and

flood

project

has

resulted

would

extend

border.
of

This

over

has

'controversy

in

Robert

If

a

proper

solution

Continued

Bonds. Guaranteed

Bonds 8c Stocks

Bank Stocks

N. Greene

Sales Order

Department

Russell M. Ergood, Jr.
vice

president

Michael J.

Rudolph

Alexander

B.

Municipal Department

Hoffman

Richard

L. Wister

Brock

Randolph
Institutional Department

Robert J. Campbell

M. Seeley

finding it advantageous
Edward

F. Hirsch

Statistical

Department

president

Felix E. Maguire

Byllesby and Company

Field

Associate Member American Stock

1500

Exchange

Representative

6-3717

New

York

REctor

Phone

2-0553

123 South Broad Street

PHILADELPHIA 9

Teletype
PH 606
new

CHICAGO




NEW YORK

MINNEAPOLIS

COMPANY

INCORPORATED

Chestnut Street, Philadelphia 2, Pa.

Philadelphia Phone
RIttenhonse

STROUD &

Philadelphia-Baltimore and Midwest Stock Exchanges

york

pittsburgh

allentown

subject
Interna¬
some

can

be

re¬

>Industrial

)

the

Canadian
a

tional Joint Commission for

time.

1 Public Utility

Morris, Jr.

the

been

(Incorporated)

Members

interna¬

in

complications because the
pool behind the dam

Leased Lines Stocks

and

Edgar A. Christian

vice

H. M.

the

River.

control, but would
develop approximately 600,000 kw
of electric energy.
However, this

the

Railroad

Foard, Jr.

Franklin

increasing number of dealers
stop, look—and do business.

at

This would not only be a tremen¬

Equipment Trust Certificates

Frank J. Laird
Allen

78,000 kw

interest often substantial.

An

for

northeastern

Kootenai

TRADING DEPARTMENT PERSONNEL

kw

Worlds

our

stor¬

Government

kw

prejudice and in the light of constantly shift¬
continue to search for relatively under-valued

firm and

in

has also been looking

Greetings and Best Wishes from Philadelphia

kw

The resulting selections form the basis of almost 100 primary
trading markets, carried in the Philadelphia Office, in which
are

Hungry
River

There will be additional

will

tional

part of the Hells
sometimes
the
termed

J.

markets

at

Flathead

proposed

lower

securities.

our

to

par¬

in the Brownlee development
in the Hells Canyon.

an

the

Raymond A.

Without favor

a

age

in

James G. Mundy

This Is How It

right

to

storage in Wanapum development;

rect form

Portland General

Fork

the

particular time

Priest Rapids and
Clackamas North

a piece
storage dam

ticular extent. At the present time
there
is
some
storage
behind

Canyon development, and situated

1,170,000 kw

kw
kw

speaks

kw of stored

ally electric energy—it is

Water Power Co.

The Dalles

Lewis

This is not actu¬

160,000 kw
336,000 kw

Rapids

Haven;

one

of

which would

These

engineers,

pacity of 1,240,000 kw.

fronted with the same objections
faced by the Idaho Power Com¬
develop 260,- pany on the Hells
Canyon devel¬
000 kw.
Logically following this
opment and for substantially the
development would come three same
reasons.
dams immediately upstream there¬
from; to wit, Lower Monumental,
More Storage Needed
240,000 kw; Little Goose, 260,000
One can also sense in the future
kw; and Lower Granite, 220,000 the
necessity for more storage in

River

electrical

New
York

832,000 kw

Mayfield

W.

(Hank)

Middle Snake Region, are two de¬
Name-Plate

Location

B.

the project. The moneys advanced
would be prepayments upon con¬
tracts for the purchase of the en¬

Canyon,
TABLE m

Leslie

York;

79

lancaster

scranton

on

page

80

THE COMMERCIAL and

80

Robert

Lester

from

whether

79

page

Pacific Northwest Power Prospects
this

found

would

be

the

of

one

most beneficial projects,

not only

flood control, but for river
regulation and the more efficient
operation of the plants all along

for

storage by generating plants
in the United States. The Inter¬
this

Another

storage

project

Commission

are

wrestling with these problems.
Hungry

Economic

the

building of

vicinity

projects to satisfy the needs of a

power-hungry
area
under
the
strain of rapid economic devel¬

in

Montana

the

Horse.

life in the

area.

of

the

Co¬

lumbia

River

north

of

the

Ca¬

nadian

border

there

are

In

the

headwaters

tremen¬

dous

possibilities for both hydro
generation and storage. If devel¬
oped,

these

ences

as

to

would create
the

value

and

differ¬
use

of

opment, it will take not only
prompt action by many individ¬
uals and agencies whether public,
private or Federal, but will take
many millions of dollars of capi¬
tal

funds.

It

this

total

that

it is hoped
done

on

that the financing can
a
basis of 85% debt
it

time

this

appears

abso¬

partnership

as

program

will

un¬

doubtedly develop questions as to

Nell

Barbara

Governor's

a

Power

indicates

Committee

ultimately

the

that
Atomic

could

One

a

Energy

not

complete

the

is

and

sawmill

from

derived

is

refuse

for

cheapest

tion of electric energy, it appears
have

to

considerable

a

remaining large stands of forests,
the
cost
of
long-distance

few

in

within

the

group
those

the

Pacific

next

ten

Northwest
Your

years.

undoubtedly will be among
who will have the task of

finding these dollars.

in

the

area.

Montana,

The

Oregon,

generation

and

transportation of hog fuel is un¬
economical.

therefore

is

It

governors

Idaho

of

and

which

oil

is

imported

and

ent time it is difficult to get

commitments

of fuel oil for these

plants.
steam-generating

owning
also

are

of the

Those
plants

exploring the possibility
of natural gas for elec¬

use

generation.

Recently

extensive pipeline

an

has

Southwest

the

from

ington, and it is contemplated that
in

the

some

very

will

near

future a similar

natural
the

available

be

gas

used

of

cost

natural

for

gas

eration of electric energy
to

be

If

of

such

fuel

where

and

the

use

time

arises

which

that

of

from

by the
In

oil

of year as

Pacific

it

coal

and

resources

will

Northwest, how¬

be

considerable

a

period of time before the cost of
energy

generated by nuclear fis¬

will

hydroelectric

though

compete

economically

sion

energy,

future

the

projects in the Pacific Northwest
will result

in

in higher cost

electric

than those which are now

operation.
Conclusion

on

the peak loads in

•

a

effort

This

is

very

sketchy

an

to

give

Philadelphia-Baltimore

&

American

Stock

Stock

Exchanges and

Exchange

COMMON AND PREFERRED STOCKS
CHESTNUT

1500

STREET.

PHILADELPHIA
New

Philadelphia Phone

now

being traded

AMERICAN

STOCK

on

Bell

Teletype

-PH

518

Corporate and Municipal Issues
Stock and Bond Brokers
New




System

Distributors, Dealers, Underwriters

EXCHANGE

and the

philadelphia-baltimore

2

York Phone

DIgby 4-0200

LOcust 4-2900

the

stock

exchange

Wilkes-Barre, Pa.

York

30 BROAD

STREET

Deposit

Stamford,
ONE

I

Conn.

ATLANTIC

Fireside

STREET

8-6466

& Savings Bank Bldg.
VAUey 3-4131

DIgby 4-0200

Upper Darby, Pa.
6910

MARKET
FL

you

over-all analysis

Members

York

even

hydroelectric

DeHaven & Townsend, Crouter & Bodine
New

are

of atomic energy.

use

the

ever,

at the same

come

gas

costs

would be economically feasible to

the

loads

heaviest

the

the

gen¬

is found

only difficulty ensuing is the un¬
certainty

on

relatively high and where it

energy

fact

be

hydroelectric

where

is not available in abun¬

energy
dance

will

projects

Coast

East

oil, then the

cheaper than

steam

for

However, the experimental phase

the

Canada.

in

fields

from

is

time in the future.

with

line

it

Northwest

be

may

plants at

been

completed into Oregon and Wash¬

are some

recognized that atomic

preserve

tric

Washington have formulated what

firm

quantities

large

on

Pacific

the

generally
energy

more

At the pres¬

costly than hog fuel.

In

There

construction and a
small plants actually in use.
under

re¬

quired that steam plants consume

potential.

However, the cost in competitive
markets of such generation is yet
plants

cilities

sub¬

a

generation into the field ject of this kind without some
of
the
of fuel-generated energy.
possibility
of
At the mention
In so far as it
present time the steam plants are atomic energy.
fueled by hog fuel and oil.
Hog* is used or to be used for genera¬
electric

to be determined.

electric

Dosta

electric

the load centers and closer to the

for

Bill

grave

generating fa¬

year,

A. Feldman,

Dosta;

system.
This leaves
question as to the avail¬
ability of sufficient gas at that
period to generate electric energy.
a

Pacific Northwest
base-load hydro¬

the

Grlnt

Angeles;

Minneapolis;

Feldman,

if
it
is
obtainable.
However, the sawmills are mov¬
ing farther and farther away from

from

the proposed

Laurette Johnson, Los

Angeles;

lutely necessary to procure $3,000,000,000 of new capital money,
or an average
of $300,000,000 per

More Steam Generation Needed
licensees will be
There are some steam facilities
in the money mar¬
in the Pacific Northwest at the
kets, either with bonds, deben¬
tures, bank loans or some other present time which are strained
in times of stress.
kind of financing. There will also considerably
It is readily recognized that there
be
problems arising under the
Holding Company Act, as well as should be more steam generation

Act,

this

of

fuel

equity.

continuously

the Securities

called

is

Los

Co.,

Minneapolis;

will shift from

area,

means

&

Sutro

Hopwood,

regulatory agencies to determine
appropriate ratio of debt and
equity in generating projects for
such
companies
as
the Pacific
Northwest Power Company where

At

This, however,
has
another problem.
It would
create a lake extending into Gla¬
cier National Park, and there are
very vocal groups who discourage
any encroachment whatsoever on
any National Park.
Some of the
objectors also point out that this
proposed project would inundate
extensive feeding grounds used by

eastern

of Hungry

&

the

and 15%

all of these

Johnson,

partners in these

not

or

A.

Jaffray

Policy Committee to give consid¬
eration to the power problems in
the whole area.
A recent report

Development
In

Piper,

projects
become
holding
com¬
panies in a generating entity. It
will
also
be
necessary
for the

be
Power

called

located in north¬

Glacier View is

Joint

national

the Columbia River.

wild

William

W. Haack, Robert W. Baird & Co., Incorporated, Milwaukee; Catharine Haack, Milwaukee;
Frenkel, Gersten & Frenkel, New York; William H. Christopher, R. W. Presspricli & Co., N. Y.

Continued

Thursday, November 15, 1956

FINANCIAL CHRONICLE

STREET

2-0838

Convention Number

THE COMMERCIAL and FINANCIAL
CHRONICLE

Winton A. Jackson, First Southwest
Company, Dallas; Blanche Jackson, Dallas; John W. Turner,
Eppler, Guerin & Turner, Inc., Dallas; Mary Doyle, New
York; Larry T. Doyle, Hardy & Co., New York

of the electric power

problems in

You

the Pacific Northwest and is
given

course

with

the

hope

that

it

is

under¬

ingenuity of

will

be

able

to

intelligent
solve

problems presented by

growing
this

what

future
ments
of

the

organization

your

of

give

the

to

as

financial

this

of

general

a

of

economy

require¬

the

made

in

dis¬

to

the

serve

region.

the

and

being

the form

of

from

joint ventures

or

not

peculiar

though

in

bit it

Fortunately,

we

our

resources

most

are

progressing

comprehensive

in

manner

a

and

have had

we

substantial in¬

a

in bonded debt.

of

000,000;

in
to

3%

Bonded in¬

local

1954-55

it

had

$2,395,000,000,

times.

bonded

Municipal Bonds

In

the

population.
In
1950
Angeles metropolitan

though

meantime

debt.

not

as¬

In

fast

so

1946-47

valuation,

amount

time

ent
does

not

this

Members Philadelphia-Baltimore Stock
BROAD

PHILADELPHIA

149%.

population growth
be

to

seem

The

amazing

Continued

decreasing.

UNDERWRITERS

the

statewide,

Exchange

STREET

of

1946-47.

The

as¬

(9),

PA.

538

KIngsley 5-0650

creased

DISTRIBUTORS

•

•

it

Third Largest Trading Area

the

of

of

the

United

period

some

JOSEPH

of

SMITH

—

Mgr.

Trading Department

In

time

Company

New York Stock Exchange

•

American Stock Exchange

Philadelphia-Baltimore Stock Exchange

1401

Walnut

Street, Philadelphia 2, Pa.

New York City

Lebanon

•

LOcust

Atlantic City

Los

Angeles (Los Angeles and Orange
Counties) increased almost 50%,
and

in

1950

to

the

tion

J. W. SPARKS 8c CO.
1900

1,426,000,

almost

City

of

10 times

from

1, 1956,
metropolitan

Angeles
creased

period

April 1,
this Los

June

twice

San
as

a

new

the

great

as

popula¬

size

Francisco

in¬

area

of

and

the
over

the population

of

Albany, N. Y. The increase in
Angeles County alone from
April 1, 1950 to July 1, 1955 was
1,123,000.
In
the
Los
Angeles

DEALERS

PHILA.-BALTIMORE STOCK

EXCHANGE

EXCHANGE

metropolitan

area

nual population

Brokers in

the present

1954

our
metropolitan area
104,100 dwelling units, in
1955, 103,700, and in 1956 is going

at

Dealers in

STATE, MUNICIPAL and REVENUE BONDS
NEW

TELETYPE—PH

the rate of about 95,000 a year.
dollar
volume
of
building

CITY

622

WORTH

5,

N.

v

4-0220




Broad

a

Chestnut

Philadelphia
KIngsley

Savings

7,

Pa.

6-404O

Fund

Sts.

OF

..

PHILADELPHIA

\

■

BONDS

V

PENNSYLVANIA SCHOOL AUTHORITIES

TURNPIKE, WATER AND SEWER ISSUES

permits in Los Angeles County in

$1,331,000,000 for the
Western

Specialist* In.

'

The

1954 was $1,124,000,000, in
1955,
$1,248,000,000, and in 1956 is pro¬
ceeding
at
the
rate
of
about

YORK

,

PENNSYLVANIA

and its Political Subdivisions
,

In

OF

an¬

increase is about

built

York

UNDERWRITERS

Obligation* of the
COMMONWEALTH

250,000.

LISTED and UNLISTED SECURITIES

New

AND

Los

MEMBERS

Bldg

While

this

has its good

year.

population

points, it also creates

serious problems.

We have

to

to

do

new

and

much

population

must

learn.
be

SCHAFFER, NECKER & CO.
Packard

growth
much
This

housed,

supplied with jobs, and the units

Bldg., Philadelphia 2

LOcust 7-3646
from NEW
from

♦

Teletype PH 864

YORK—phone Enterprise 6289

PITTSBURGH—phone Zenith 0821

8-1500

Vineland

the

metropolitan

&

Members:

total

States.

E.

Newburger

19,000,000.
In
4,678,000. Cali¬

was

one-fifth

of

population

TO

BROKERS

in

alone, in that decade, in¬
in population 19.36% or

almost

that

about

was

growth

HAnover 2-4556

STOCK

page

bonded

From 1940 to 1950 the total
pop¬
ulation
growth
in
the
United

States

Phila. Phone

ESTABLISHED

growth
on

the

Growth

fornia

210

had

Effective Distribution in the Nation's

was

What Are Our Problems of

California

Teletype

T.

area

was

indebtedness of all local govern¬
ments in California in 1954-55 was
less than 14% of the assessed val¬

SCHMIDT, POOLE, ROBERTS & PARKE

Broadway

Los

as

11

120

our

the

in¬

uation of the taxable property
the state.

WIRE

seems
as

about

$9,100,000,000. In 1954-55 it
$18,228,000,000,
or
double

High Grade Corporate Bonds and Stocks

a

fast

as

more

sessed valuation had likewise risen

sessed

T.

In the

which street improvements, storm drains,
other communities have not sewers, and all of the other facili¬ 424,200 manufacturing employees;
in
1956, 704,900
manufacturing
experienced. We also, like other ties
required
for
metropolitan
In the seven years
parts of the country, deferred cap¬ living. In the Los Angeles metro¬ employees.
since the 1947 census, dollar man¬
ital improvements during the 30's
politan area every year we must
and, of course, capital construction build a new city almost twice the ufacturing in the Los Angeles
was not possible
during the war. size of Albany, N. Y. At the pres¬ metropolitan area has increased
So

area.

Pennsylvania and General Market

DIRECT

it
we

many

hydroelectric

sharply,

A.

see

and

business

increase at least

to

lation growth to deal with

the

Trading Markets

AMERICAN

to

continues

must provide for 30,000
pupils this year.

respect, of local government must furnish
have had major popu¬ schools, fire and police protection,

creased

NEW YORK STOCK EXCHANGE

like

would

we

Hunter

public facilities to meet it.

that

partnerships, the de¬

Underwriters

PH

a

Wellington

Los Angeles school districts alone

Municipal Bond Outlook
is

of

Retail Distributors

REctor 2-1695

as

up

Hunter,

we

the

whether

Duke

Much

governments
in California in 1946-47 was
$733,-

N. Y. Phones

City, N. J.;
City, N. J.

Southern California

debtedness

SOUTH

Jersey
Jersey

must furnish the schools and other

crease

123

Hunter,

15

page

"so-called"

people of the

-

Bea

let

re¬

Through

made,

Jr.;

people

Pacific for the best interests of all of the

Northwest.

Continued

Hunter,

serving

velopment

idea

single portion

one

this

the

Duke

A. sedates,

voluntary joint arrangements

that
of

of

private, deeply feel their

within

many

members

all

sponsibility

rapidly

be expected in the

may

or

men

We trust

economy.

will

the
our

from

sense

that

agencies, whether Federal, public

standable and with the faith that
the

will

Mary Hunter;

81

can

82

THE COMMERCIAL and FINANCIAL

82

K.

Moses

Altman, H. Hentz & Co., New York; Pearl Altman, New York; Mildred
City, N. J.; Mel Wien, M. S. Wien & Co., Jersey City, N. J.

S.

Continued

from

where

Southern California

Municipal Bond Outlooh
best

be

in

seen

metropolitan
States
from
of

this:

the

10

Also,
our
assessed
valuation
pretty well keeps pace with our
population. In Los Angeles City,

top

in the United

areas

(exclusive of Los Angeles)

ployees;

the

had

alone

98,000

an

than

more

crease

politan

in

value was
in 1910,
Los
Angeles area it was almost the same; in 1930,
increase of 277,000, it had increased to approximately

1947 to 1954 had

an

increase

only 179,175 manufacturing

total

the

in the other top

$1,000

in¬ $1,500

assessed

per

person;

person;

per

this

despite

10 metro¬

the

1890,

about

em¬

big

in

and

new

1956,

population,

it is still about $1,500 per person.

areas.

W.

Los

we

have

New York; Peg Bertsch, New York;
Davis, Skaggs & Co., San Francisco

Bertsch, G. A. Saxton & Co., Inc.,
San
Francisco;
Walter F. Schag,

Angeles
County
large number of
rural subdivisions of small homes,
the
assessed
valuation
exceeds
in

Even

81

page

Arthur

Wien, Jersey

Thursday, November 15, 1950

CHRONICLE

a

It be¬

County, 111., in store sales.
the

came

No.

1

in

county

cellent

What Are the Principal

Favorable

This

even

committee. That committee worked

Through

greater safeguard.

with

citizen committees and official co¬
our

bond

issues

Pennsylvania Tax Free

trading
markets

Utilities

Industrials

1956, the Los Angeles metropoli¬
area
had 704,000 workers in

Common and Preferred Shares

...

school

authorities,

in¬

schools, went over the
layout of elementary schools and
of high schools, and with the ac¬

has been limited
to
necessary
im¬
tremendously.
The
Los provements and to the accomplish¬
Angeles metropolitan area
(the ment of these on an economical tive cooperation of the school
two
counties, Los Angeles and
basis.
For example, The City of board and the assistant superin¬
Orange)
in
1939 was in
sixth
place nationally in value added Los Angeles voted $60,000,000 of tendent in charge of the building
by manufacture; in 1947, it was in sewer bonds, but only after the program came up with revised
fifth place; and in 1954, it was in
third place, only New York and
I
Chicago exceeding it.
In June,

I

ESTABLISHED 1912

tan

I

the

have spected

Southern California industry

Bank and Insurance Stocks

That

committee.

citizens

great

grown

-

disposal program had been

sewage

checked and rechecked by an ex¬

the

nation in retail store sales.

operation

active

Schag,

employed
competent
diversification is a committee
$1,500 per person. Some of you, real source of strength; we are engineers, obtained reports on al¬
ternative methods of disposal, and
of course, are going to make the not a one-industry community.
Another favorable factor, so far came
up
with a sewer project
remark that the value of a dollar
in 1890 was a great deal different as our bond issues are concerned, with changed treatment method,
from the value of a dollar in 1956, is the care with which we incur saving initially over $1,000,000 a
and I am not going to argue the indebtedness. Our California Con¬ year in overhead and with an esti¬
mated saving in overhead alone
point at all; I am going to agree stitution requires that cities, coun¬
ties and school districts obtain a which will more than pay the in¬
with you.
two-thirds vote of the electors in terest upon the bonded debt.
Of great importance is the fact
We have voted large sums of
While
that our business and industrial incurring a bonded debt.
building of Los
that is a substantial safeguard, in money for the
growth has kept pace with, if not
Angeles schools. The school build¬
our major Los Angeles units care¬
exceeded, our population growth.
ful shifting of the various.projects ing program, in 1952, was gone
thoroughly - by
a
citizens
Ill
by
citizens organizations is an over

Factors in Our Economy

Call JANNEY, DULLES

Lyle

manufacturing, and in July, 1956,
a total number of 2,367,700 persons

W

employed. In 1947 the
metropolitan district
had
9,771
industrial
establish¬
ments; by 1954 the number had
increased to 14,492, second only
gainfully

Los Angeles

City-County-State-Authority Issues
Direct

Trading Wire to A. M. Kidder & Co., New York

BROOKE

& CO.

to New York.
New York

JANNEY, DULLES & CO, INC.

Bell

Teletype
PH

System

Members New

80

York Stock Exchange

Philadelphia-Baltimore
Philadelphia
LOcust

Stock

Walnut

1401

Street,

Philadelphia

for

industrial
and
(the last
year
for which the figures are
available) was the fourth county
residential,

2

in

United

the

in

States

value

'

'

.

.

■'

ucts of

$170,000,000.

over

N.

of

I
Since 1903—Underwriters, Distributors, Dealers, Brokers agricultural production, with prod¬
.

Philadelphia-Baltimore Stock Exchange

standing

business purposes, in 1954

Exchange

Telephone
8-3400

Members

Angeles County, notwith¬
all of the subdivisions

Los

Telephone

WOrth 4-2140

The Los

W.

Corner

16th

& Locust

of

States.

fishery in

over $100,000,000 each,
industries with a vol¬
ume
of
over
$200,000,000 each.
When you come to Los Angeles
County you do not see the great
industrial buildings that you see

—

•

and

—

Brokers and Dealers in

in

I
mmmm

—

•

—

Trading Department

Joseph A.

McNamee

it

v

John Gibson, Jr.

Telephone

—

Street, Philadelphia 2, Penna.

PEnnypacker 5-4075




Teletype —PH 593

MARKETS

MAINTAINED

Dealers in over-the-counter securities

is

industry

diversified.

well

We

We

do

not

which

also

tourist

include motion
employ
about

have

a

tremendous

trade, one of the greatest

retail

County

especially interested in

special

retail.

for

situations

in

trade,

1955

HECKER &

Angeles
passed
Cook
Los

CO.

Members
Neiv York Stock

Exchange

American Stock Exchange

(Associate)

Philadelphia-Baltimore Stock Exchange

Liberty Trust Bldg., Broad and Arch Sts., Philadelphia 7, Pa.
Phi la. 'Phone LOcust 4-3500

in the United States.
In

are

have

electronics, men's apparel, wom¬
en's apparel, furniture, home fur¬
nishings, food and food products,
petroleum refining, automobile as¬
sembly,
rubber,
aircraft,
and
others.
The manufacturing em¬
ployees

We

of the country.
is widespread and

34,000.
Walnut

1916

parts

many

pictures,
1420

EST.

eight

Our

LISTED AND UNLISTED SECURITIES

g

the United

volume of

Philadelphia-Baltimore Stock Exchange

St.

According to the 1954 re¬

port (which is the latest avail¬
able), the Los Angeles metropoli¬
tan area has 13 industries with a

Established 1872
Members

Charles

tuna, has the greatest dollar

volume

Hopper. Soliday & Co.

N.

Baltimore 1, Md.

I

Angeles fishery, of which one sel¬
dom hears except when complaints
are made about
imports of Japa¬
nese

300

Sts.

Philadelphia 2, Pa.

Teletype PH 767

N. Y. 'Phone Dlgby 4-6792

Convention Number

C.

Rader

THE COMMERCIAL and FINANCIAL CHRONICLE

McCulley, First Southwest
New

Company, Dallas; Rosamond McCulley, Dallas;
Joseph Krasowich, Gregory & Sons, New Ycrk

York;

building standards, approved offi¬
cially, which reduced costs about
20%.
abled

revised

The
us

program
build about five

to

payer

tatives

groups met with
of the Airport

sion, went
fully and

en¬
new

over

represen¬

Commis¬
the project care¬

raised

a

number

of

elementary schools with the money questions which resulted in some
we had spent on four before. And
changes
in
the
final
proposed
nobody builds better schools. The project. The airport which we ex¬
Los Angeles school districts build pect to build we do not want to
excellent

schools

playgrounds

with

tip-top

and

be

adequate

most

beautiful

airport

marble or
glass monument, we want an air¬

developing the Los Angeles port. without elaboration and waste

Municipal Airport bond issue, just
recently

interested

voted,

efficiently

space,

which

tax¬

will

not

be

laid

out,

excelled

one

from

Krasowich,

Admiral

i

^

R. K. James, Long Beach, Calif.; Lud Strader, Strader & Co., Inc., Lynchburg, Va.; Morey
Sachnoff, A. M. Krensky & Co., Inc., Chicago; A. M. Leary, Barrow, Leary & Co., Shreveport, La.

D.

the standpoint of safety, conven¬

construction

ience and real economy.

headache.

Public

officials

in

city,

school

metropolitan

water

district

and

district

watch

the

dollars

care¬

fully.
With citizen
cooperation
they plan well what will be done
with

in

the world, we want no

equip¬

ment.

In

the

Jean

the

public money.

These

bond

worked

programs, well
with cooperation be¬

out

tween public officials and

give

us

base

for

big

expenditure.
population

new

of;

conservative

a

83

and

solid

take

a

care

we must spend our money

would

At the

give

timate

I

us

present time

in

indigestion

some

division house sales.
able

sub¬

The best

to

a

we

es¬

rate

ent

of

supply, if

pres¬

increase

population

continues, will be adequate until
1980

or

a

few years later.

But

ESTABLISHED

do

can

1837

use

extravagance.

all

we

and

care

PHILADELPHIA-BALTIMORE
NEW

YORK

AMERICAN

STOCK

STOCK

States

stable.

STOCK

do

(ASSOC.)

Are

First:

Members

Our

Weak

and

We have smog.

effective

no

has

means

search

Germ an town

Lancaster

them,

and

mentioned

have

have

we

Continued

we

we

as

see
some

about the points which I

concern

have

problems,
while we

on

great

a

page
.

1500

is

1904

Philadelphia-Baltimore Stock Exchange

Chestnut

Bell

Philadelphia

Street, Philadelphia 2, Pa.
System Teletype

LOcust 4-2600

PH

New

375

York

COrtlandt 7-6814

<$>

come.

Second:

We have

no

-<$>

rapid tran¬

sit system. Our community moves
in automobiles.
Our street
cars

virtually

are

Gehstley, Scnstein & Co.
Members New York Stock

commuter
have bus

Exchange

gone.

train

We

have

lines, but they

do

are

slow

So.

BROAD

and expensive.

Our freeways are

automobiles.

have

STREET, PHILADELPHIA

of

—

laid

duces

DEALERS

over

smog

—we

headaches

and

of

We must work out

in

are

Third:
—

could

RAILROAD

millions

the

Pennsylvania, New Jersey & Delaware Bank Stocks
Philadelphia Transportation Co. Issues

F. J. MORRISSEY & CO.

a

Finance
Philadelphia

work

Bell

dislocation

in

in

the

aircraft

sometime—I

or

aircraft

in
m

>

m

—

military aircraft production in

our

i

area

will

the

in

Members

Philadelphia-Baltimore Stock Exchange

FINANCE

would

Teletype—PH 788




Telephone—RIttenhouse 6-4494

cause

some

Any sudden

big

trouble.

program

About

130,000
employed in construction in
the metropolitan area. I told you
we have been building houses at a
lot

of

PH 279

Multilith Offset Printing

Addressing

Multigraphing
Mimeographing

us.

100,000

houses.

a year.

Some

of

Mailing

JOHNSON & PRINCE
Members
Mail

Advertising Service Association, International
214

That's
these

days we will get caught up, may
well be overbuilt. A turndown in

Varityping

Pickup and Delivery Service

are

a

—

Philadelphia's Most Complete
Duplicating & Mailing Service

reduction

construction

affect

rate of about

BLDG., PHILADELPHIA 2, PA.

System Teletype

We Own and Offer

Fast

Fourth:

Edward J. Caughlin & Co.

hope it will not

But any sharp reduction

get hot.

Telephone

our

industry.
That is two in
If the military aviation is
cut, we will have some unemploy¬
ment.
I hope this cold war will
end

York

REctor 2-0037

Cutting military aviation

cause

parts

SECURITIES

New

RIttenhouse 6-8500 & 6-3295

market.

seven.

OVER-THE-COUNTER

Building, Philadelphia 2, Pa.

Telephone

industry.
About 205,000 of our
704,000 manufacturing employees

Special Situations in

SECURITIES

valuable

rapid transit plan. Apparently we
are far from doing it
today as we
were eight years ago.
If you have
some good ideas—-let us have them

City

T"

of

kinds.

many

Direct Wire to New York

concrete

dollars

Philadelphia Bank Stocks

We

city prop¬
erty but we have not provided
transportation. We have the most
expensive transit in the world—
the private automobile.
It pro¬

Telephone KIngsley 6-2600

DISTRIBUTORS

with

Trading Markets

no

We

services.

clogged
121

84

.—4>

LISTED AND UNLISTED SECURITIES

being done and we ex¬
pect to lick it eventually, but it
is a long, slow job. I fear we will
be in
smog for a long time to

York

yours.

yet

New

3-4000

as

We don't

Philadelphia KIngsley 5-4000
WHitehall

same

Spots

been found for abating it. It is a
real source of irritation. Much re¬

York

much the

are

However, we can take care of
our
local physical problems and

SAMUEL K. PHILLIPS 6- CO.

it, and in spite of what we
say about it people still come to
Los Angeles, but it is a nuisance

Telephones:

Northern

Our other local problems prob¬

ESTABLISHED

IV
What

PHILADELPHIA

in

we

remains

economy

EXCHANGE

STREET

River

we

if

like

LOCUST AT 16th

Feather

i

EXCHANGE

EXCHANGE

to

can¬

But

increased

—a?—:—1 i

prudence and if the

United
MEMBERS

need

an

California.

economic

Fifth: Our water

for

now

only

planned, economical basis. We
afford

the

expected to work itself out.

get

those projects which are essen¬
tial
and
then
only on a well
not

plan

supply. Much work is being done
on plans
to bring a supply from

ably

am

on

E. W. CLARK & CO.

must

is that
we have an excess supply of new
houses equal to about one month's
building. This has slowed up new
building to some extent—but is

citizens,

We have

to

have

So.

12th

Street

Philadelphia 7, Pa.
...

PEnnypacker 5-1717

84

D.

Dcnaid

Schubert, Bacon,

Whipple

Southwestern

& Co.,

Chicago; Carol Schubert, Chicago;
Company, Dallas; Ouida Sledge, Dallas

Securities

J.

Emil

Bob Sledge,

Pikich, Carl W. Stern & Co., Inc., San Francisco; Mildred Pikich, San
J. Kessler, Waldron & Co., Inc., San prancisco;
Mildred Kessler, San

from

page

I

83

Southern California
more

about what is

concern

greatly concerned

are
or

increased

local governments.

We have

similar

of

school

state

building

a

paid

its

While under
from taxpayers and leg¬

pressure

differential

this

islators

way.

own

to

seen

Rambo, Close & Kerner
Incorporated

1518 LOCUST ST., PHILADELPHIA 2, PA.
New

York

PH 63

2-2820

likely

otherwise.

of

story

I

EDMUND
Vice

WALTER G. NELSON

DAVIS

President

in

Charge

Manager of

of

Bond

Municipal

Corporate Department

Department

State

*

Municipal

have

Bank

Insurance

•

Stocks

•

Mutual Funds

Pennsylvania Authority & Revenue Bonds
New

Public

Housing Authority Bonds

Inquiries

on

trading market* in unlisted securities

Pennsylvania

Inactive

Securities

Invited

Arthur L. Wright & Co., Inc.
225 SOUTH

15TH

STREET, PHILADELPHIA 2
Bell

Philadelphia Telephone
KIngsley 5-1060
New

York

Charles King &

Teletype

PH—255

City

Direct

System

Telephone:

Private

DIgby

Wires

4-5951

To:

Co., A. W. Benkert & Co. Inc., Wm. V. Frankel & Co. Inc.
New York

Socialistic pro¬

some

States.
one

should

We

of these

basis of its

look

at

proposals not

source

but

on

40%

over

am

also

inflation.

of

care

the basis

sues

ago

more

have

careful

in

care

of.

Group

heavy spending force up building

a

SMPS0N,»o^
PMW.-BoUW"

Underwrite" ^

-

Dealer.

D^iclpal Sec»r.t»»

Corporate an«

.1

A.iflpl!

There is also

a

of

excessive

in

1-1875

ALL TAX EXEMPT ISSUES

ex¬

GOVERNMENT

—

STATE

—

MUNICIPAL

—

LAND BANK

hospitals.

That program, also, I
sults

19, PA.

Telephone—GRant

The

Federal program

construction

the

for

PITTSBURGH

PLAZA BUILDING

Teletype-—PG 469

believe, re¬
spending. Let

just give you one illustration.
hospital district in Cali¬
bonds
for a hospital and found itself un¬
able to complete the project due
to
cost
increases
following the

TERRITORIAL AND REVENUE BONDS

me

*

little

fornia had voted $190,000 of

district

The

war.

about

needed

$50,000 more than its bond funds.
The Federal hospital aid program
was then just beginning and Fed¬
eral money was being disbursed
through the state. The state and

JOHNSON & JOHNSON
UNION TRUST BUILDING
PITTSBURGH

19, PENNSYLVANIA

ATlantic 1-8333

Teletype PG 289

Federal authorities refused to ap¬

$50,000 allocation to com¬
plete the building — they advised
the district that it must apply for

prove a

Public Utility • Railroad •
SECURITIES
New Jersey

$165,000, and as soon as its
application for $165,000 went in it
approved. I have no doubt

some

Dealers and Brokers in

Industrial

and

Leased

Line

similar

that

and General Market Municipal Bonds

Guaranteed

These

which

Obligations

Bank and Insurance Stocks

cases

lic

Federal

have

occurred

aid

Charles A. Taggart & Co.,

Inc.

Investment Securities

Street, Philadelphia 2, Pa.

Teletype PH 677




—

UNLISTED

finance

widespread

inevitably result in

a

H. A. RIECKE & CO., Inc.
(Member Phila-Balt. Stock Exchange)

1519 WALNUT STREET

local

Member Philadelphia-Baltimore Stock Exchange

KIngsley 6-0900

LISTED

and

support
those not familiar with pub¬
get

PHILADELPHIA

responsibility, and in

a

still

further increase of already exces¬

Locust

—

great waste of money, in a loss of

^

Mutual Funds Shares

1516

LOCAL

programs

humanitarian

sound

thereby

Stocks

from

Eqnipment Trnst

Investment Securities

was

throughout the United States.

Electronic and Television Securities

New York Phone WHitehall 4-7000

pressures

jaggagggsagsggESgBaBSBBgggzaBSBg

rich

a

its

sive Federal taxes.

They

promises to

are

I

am

us;

they

are

2,

PA.

Rlttenhouse

6-3440

Private

Wire to

not

threats.

not worried about the So¬

Direct

TROSTER, SINGER & CO., NEW YORK

cialist Party in the United States.
It has

never

where and it

ly.

been able to get any¬
never

will, apparent¬

The people who worry me are

in

increasing salaries and wages and

concerned

A few days

increases

Increase bond is¬

by 40% and fewer needs can

be taken

greatly

issue

anticipated

building costs.

the

of its nature.
I

that
esti¬

bond

mated cost of the structure to take

every

on

stated

had been added to the

building

which, if continued, will
ultimately destroy freedom and
living standards in the United
grams

The

rich father."

penditures.

A

We maintain active

a

doesn't

that

is

father

Corporate Securities

•

of the

is true in public affairs.

district

DEALERS

fore my

financial

was

same

•

schemes and

public official who appeared be¬
committee on a proposed

Democrats

unsound

are

than

famous and wealthy
one day in the barber

a

"I don't

DISTRIBUTORS

we

getting his regular shave.
As the barber applied the lotion
and powder he said, "Senator, why
is it you have been coming into
my shop now about ten years and
you have never given me a tip?
Your son comes in every day for
a shave and he always tips me a
dollar."
The old Senator replied,

shop

Corporate and Municipal Securities

bill

reminded

am

Senator who

adopt

Maury

we

money

more

use

if

that

trait

human

to

and

Republicans

Francisco;
Francisco

impoverished dis¬

don't have to pay the
Teletype

Telephone

REctor

PEnnypacker 5-2800

nar¬

tricts, during the entire period of
state aid in California, have spent
more per school unit than the Los
Angeles Districts which pay their
own way.
Nor is this peculiar to
California; I am sure it is a fun¬
damental

Telephone

has

the

rowed,

These so-called

Phila.

built

school

last example I had
aid in California to know that showed that the impoverished dis¬
trict using state aid spent almost
whenever the local district doesn't
25% more for its building than
have to pay the full bill the projthe Los Angeles Districts, which
ect increases substantially in cost. pay all of their building costs.

over

aid

Federal

poor

by a
so-called rich school district which

enough

taking place in Washington.
We

the

who

began
district which
had to be aided by the state built
a
school costing over 50% more
supposedly

than

Municipal Bond Outlook
deal

When the state aid program
the

Continued

new

Thursday, November 15, 1956

THE COMMERCIAL and FINANCIAL CHRONICLE

WE'D "LUV" TO HELP

Convention Number

J. T.

THE COMMERCIAL and FINANCIAL CHRONICLE

costs.

Inflation is

rible

danger.

starts

H.

Earnest,

Fewel

to

a

real and ter-

Unless

hold

someone

line

the

soon

we

afford

a

cannot

good

many

afford

We

things but

further

caused

inflation

by

can

we

inflation,

be in for serious trouble. The whether from business,

dislocations

labor

or

government.

the

are

will

largest, oldest and most con¬
corporations. Weyer¬
Timber, M. A. Hanna,
Lever Brothers, Bank of America,
Bank of New York, Travelers In¬
surance
Co. certainly rate in all

There

from

page

11

1

of
are

The Ovei-the-Countei Market
estimated that there are
between 50,000 and 60,000 publicly

transactions

held

the counter for

that

over

several reasons:

They have found

at least

they keep their costs down;
they get
block offerings, thus

Over-the-Counter.

completing

corporations whose securities
occasionally change hands

ments at

Banks

Serves

and

their

total

require¬

price; and also that
there is little disturbance to the

Other

dozens of other

exam¬

ples, of course.
Small

riously

characteristics.

those

one

The

on

Investors

The

Market

likewise handles the smallest

en¬

Over-the-Counter

Market

traded

on

such

were

time that

things

the

From
man

one

long before
as

very

first

bought into

a

has

It

stock

already been mentioned

that there

are over 20,000 different
corporate stocks in which Overthe-Counter dealers expressed ra¬

year.

local

ing in securities. For, after all, an

these

Over-the-Counter trade is merely

are

like

would

company

to

join

is

and

with

in

you

the

ownership of the company. Or,
maybe your local banking situa¬

a

Over-the-Counter

trad¬

private bargain struck between

two

buying

or a

selling interest
in handling

Engaged

Over-the-Counter securities

approximately 4,000 firms.

These firms have

a

Continued

individuals.

total of 2,600
on

page

tion looks

receive
stocks

good
and

valuable!

it

If

dividends

Brokers and Dealers in

Corporate & Municipal Securities
Specializing in
Western

become

will

the

Direct

Private

Wire

to

Co., New York

Chaplin and Company
Members
New

your

York Stock Exchange
Pittsburgh Stock
American Stock Exchange (Assoc.)

PEOPLES BANK

more

Exchange

BLDG., PITTSBURGH 22, PA.

goes

company

broke, you will probably lose what
you put in it.
It's just as simple

Telephone GRant 1-3900

Bell Teletype PG 473

New York Office—40 Wall St., WHitehall 3-4000

that.

as

Pennsylvania Issues

Carl M. Loeb, Rhoades &

should

on

The "Uranium Rush"

In

the

millions

1877

—

SEVENTY-NINE YEARS OF LEADERSHIP

—

1956

in

Corporate and Municipal
Securities

rush"

shares of penny ura¬

DIRECT PRIVATE WIRE

nium stocks were offered and sold
to

Underwriters, Distributors, Dealers

"uranium

recent
of

the

public. A startlingly low
percentage of these offerings
"made good."
Some of the of¬
ferings brought discredit to that
segment of the Over-the-Counter
securities business retailing lowpriced shares. Fraudulent culprits
may be caught and punished—but
the damage has beeri done. Ex¬
perience in these instances indi¬
cate that in securities

as

•

NEW YORK CITY
■V

(BArelay 7-5969)

V

MOORE, LEONARD & LYNCH
Members:
New

York

Stock

American

Exchange

Stock

Exchange

Pittsburgh Stock Exchange

UNION TRUST

BUILDING

PITTSBURGH 19, PA.
Telephone ATlantic
Teletype

PG

1-0358

397

14 Wall Street

First National Bank Bldg.

New York City, New York

Greensburg, Pa.
Telephone 3311 or 3312

Telephone DIgby 9-3650
Direct

Private

Wire




to

New

York

and

Greensburg

Offices

with

responsible

with

the

Members

buying—deal

firms!

merchant

as

In
with

New York Stock

fact,

merchandise—"before you

tunity to get rich overnight!
in
are

writing,

the

being made.

—discuss

them

propositions

Get

your

,

American Sto.ck

Exchange (Assoc.)

\
Branches
NEW YORK, N. Y.
BUTLER, PA.
JOHNSTOWN, PA.
MEADVILLE, PA.
WARREN, PA.

•

PITTSBURGH
(AT. 14990)

that

Think them over
with

Exchange

Pittsburgh Stock Exchange

the

invest,
investigate."
And, speaking of investigating,
be sure you do just that when you
are besieged with telephone calls
and telegrams from either domes¬
tic or foreign security houses of¬
fering you the one great oppor¬

.

reed, lear & co

in other

merchandise—know the merchant
from whom you are

local

but

cized Over-the-Counter Market.

It began

a

money

exchange,

in existence.

last

storage

any

through the bigger, if less publi¬

ther

good

This

may seem strange but it is a fact
that most securities today are not

has been

the company prospers, you

Securities

decision

Market

is the largest of all markets.

business being run by others, there

cold

Jr.,

Over-the-Counter

The

terprises. Do you want to test that
statement? Maybe you think your
making

O'Kane,

J.

is the oldest market for securities

THOMAS & COMPANY

Municipal and Corporate

immediate

made.

exchanges.

Roster

Over-the-Counter

that

urgent

there

Companies

good; possibly you have
market price of the securities by
a locally owned telephone system;
The
Over-the-Counter Market operating in this manner.
or a bottled gas distributor.
Step
The Over-the-Counter Market
helps to serve the largest inves¬
into the office of your local Overtors: insurance companies, banks, likewise has the smallest investors.
the-Counter securities dealer some
financial institutions,
pension This statement probably needs no
day and ask him about buying
funds, etc. These large buyers and further comment!
some stock in one of them.
You
sellers
of
securities
In the Over-the-Counter Mar¬
apparently
may
be surprised that you can
like
to
handle
many
of their ket are the securities of many of
buy shares in the company—and
I hope you are appropriately re¬
warded if you do. But before you
invest, be sure to investigate! Ask
appropriate questions about sales,
cost of sales, overhead expenses,
net profits, future prospects, and
all the other intelligent questions
you can think of. Remember that
ALCOA
BUILDING
when you buy shares in a com¬
pany you become a part owner of
PITTSBURGH
19, PA.
the company with all the rights
and responsibilities which that en¬
tails. You share both the profits
and the losses. In other words, if
Institutional

very, very few offerings that
be made to you that are so

must be

John

Largest Market in World

dealer—and remember that there

servative

three

Continued

Co., Los Angeles; Jane Earnest;
O'Kane, Jr. & Co., New York

J.

haeuser

create great distress.

can

&

John

Chicago; Kay Nelson, Chicago

,

may

George

Fuller, William A. Fuller & Co., Chicago; Mrs. J. T. Fuller; Harry L. Nelson, Blyth & Co., Inc.,

Bell

Teletypes

—

New York City:

NY 1-1420

—

Pittsburgh: PG 482

86

Jules

Bean,

Bean & Mackie, Inc., New York; Laura
Atlanta; S. Richard Harris, Courts &

Singer,

Continued

from

New

Bean,
Co.,

York;

offices

who

and

registered

employ

stock

and form the

Over-the-Counter business.
Who

are

dle, if any?

Ford

sale

of

Ford

Foundation—
together

huge pool of capital

to swing this particular
$650-million underwriting.
necessary

these firms? What spe¬

of business do they han¬

cial type

recent

the

by

several of these firms join

handle

to

the

in

—as

over

representatives

authorized

are

Other firms underwrite and deal

Well, consider those

municipal
eral of these firms have capital of bonds; school and township bonds;
toll road obligations.
Still others
upwards of $25 million each. They
who

use

handle

this

tors.

underwritings.

in

Sev¬

government

underwrite

capital to buy corporate

issues which

Ronan,

New

in

they resell to inves¬

tax

recent

When the occasion demands

deal

and

free

and

exclusively

obligations.

A

more

development has been the

for

Market

Over-the-Counter

"Never buy a penny

say

are at
one
On the other

scale.

real

Track) currently $65,000 bid!

Some Over-the-Counter stocks are

distance record holders

for continuous dividend payments.

ATHENS

HAMILTON

WHEELING

Underwriters

—

each paid divi¬
interruption
for

have

Boston

without

Security

Now what is

the

Trading
meant

House

by

secu¬

a

the

and

bid

change

asked

salesmen.

no

Quotations

on

the more active
securities that

Over-the-Counter
have
and

wide distribution
published in our

fairly

a

interest

are

the
sponsorship of the National Asso¬
under

financial

periodicals

ciation

Securities Dealers, Inc.

The

of

quotations

other

but rather
minimum and maximum prices at
which an individual could have
transactions,

expected to sell

to

individuals.

j

or

buy the securi¬

2, OHIO

are

Teletype—CI 585, CI 232

Direct Private

Wire to Francis /. du Pont & Co.

V.

New

of

Capital

for

Industry
The

Over-the-Counter

performs

several

functions.

underwriting

curities.
for the
a

for

money

the

major

One is

the

securing of

corporations
and sale of

The money may be

I

:■

expansion

for the purpose

and

growth by es¬
tablished corporations. Practically
100%

the

of

raised

money

of

as

LIFE
HIGH

GRADE

new

the counter.
new

and

The

same

is

true

SYRACUSE AND

\

/

.

'

.

★

INSURANCE

STOCKS

PRODUCING

INDUSTRIALS

UTILITIES

FUNDS —PUBLIC

MUTUAL

When

they buy them, they own
themselves; when they sell,
they are from inventory. And in¬
them

ventory

SNYDER & CO.

E. W.

be a big item for even
medium sized firm. A

can

typical

firm

making markets in say, 375
average stocks can easily find it

And speaking

kets,"

Washington St.

SYRACUSE, N. Y.
Tel.:

position in

necessary to carry a
excess of $1 million.

E.

120

Teletype

2-0401

SS-198

of "making mar¬

trader is said to make a
market when he quotes a price at
a

which he will buy (the bid) and
another price at which he will

ATTENTION

sell

(the

bid

NASD MEMBERS

and

as
a

WE

INVITE

YOUR

SECURITIES

COMMISSION

LISTED

ON

BUSINESS

CINCINNATI

IN

STOCK

40% OF COMMISSION

the

is, of

of

ESTABLISHED

FIRM

with

other

between

prices to

a

the

bid

and

On All Rhode Island Securities

minimum. There

course, a

the

the

price indications carried

Open-end Phones to Boston

the

newspapers.

The

G. H. WALKER & CO.

securities

or

GEO. EUSTIS & CO.

Established

Quotations Mean

Quotations
resent

are

industry for they

new

rep¬

bonds

can

sold at any

closely

specific time. A small,
held issue is, generally,

york

&

american

the prices

at which stocks
either be bought or

TRI-STATE

BLDG.

CI

560

relatively inactive and the quota¬
tion

k



CHERRY

1-4070

for

it

normally has

a

much

wider spread between the bid and

the asked than does the quotation

1900

members

the basis of the

15

WESTMINSTER

Telephone

union

midwest

stock

new

stock

exchange

exchanges
(assoc.)

PROVIDENCE

ST.

Bell

1-4000

direct

508

LAfayette 3-0610-0611

former

in effect, the wholesale mar¬
are retail.
What

1862

—

Over-the-Counter sections

kets, while the latter

♦

Invites Your Inquiries

difference between
the professional trader's quotations

are,

INVESTMENT

Our Trading Department

spread

and

OLDEST

Competition

stock.

professional trading houses keeps

in

CINCINNATI'S

RHODE ISLAND SECURITIES

the market

asked

EXCHANGE-Y0U RECAPTURE

asked). Together, these
prices are known
or the quotation on

asked

york,

st

pawtucket

private

louis,
and

wires

Teletype

to

bridgeport,

white

of

raised for expansion
growth except in those cases
money

;

,

★

INCOME

for

companies is raised
through the sale of securities over

■

★

by
se¬

used

original capital in starting

new company or

of

Market

essential

CENTRAL NEW YORK INVESTORS

banks,

They are profes¬
They act as dealers rather
brokers in practically all
their operations. They buy and

a

Phone—MAin 1-0560

Source

OF SERVICE TO

OVER 25 YEARS

sell stocks for their own account.

CINCINNATI

supply quotations for 800 ad¬
issues on a weekly basis.

ditional

dealers.

than

WALNUT STREET

also

represent starting

do not

sionals.

322-326

regional and national nature. They

They do not give in¬

advice

vestment

American Stock Exch. (Assoc.)

estCo"'*'

daily
publication of quotations on over
2,500 issues of securities of local,

rity trading house? Well, a typi¬
cal trading house does not deal
with the general public. They have

counts. Their customers

Cincinnati Stock Exchange

Dealers is responsible for the

new

brokers, financial institutions and
Members New York Stock Exchange

as

their

change

sellers

and

buyers

They carry no margin accounts.
They do not solicit investment ac¬

Distributors

is

someone

minds.

actual

170 years!

The

Listed and Unlisted Stocks and Bonds

the

example,

price

the time the quota¬
In all, the

compiled.

were

asked

$13,000 per share or Los
Angeles Turf Club (Santa Anita

long

York; Eugene F.

National Association of Securities

rity at

the

above

OHIO, KENTUCKY and WEST VIRGINIA

CHARLESTON

ap¬

same

tions

a given moment, and the
price is the price at which
someone
is willing to sell, both

the

high priced issues like Chris¬
Securities, currently selling

real

the

is

bid

of

end

tiana

Race

the

are

end

stock!")

over

CINCINNATI

the

in

are

ties quoted at

willing to pay for a specific secu¬

to

dends

DAYTON

issues

wise

of

Municipal Bonds of all Types

both

proximate price range.
Quotations are subject to con¬
stant change and the changes occur
more
frequently on those issues
that trade
most actively.
Since

Eank of New
York and the First National Bank

Specialists in

widely held large issue that
frequently
even
though

a

trades

certainly has the cheapest and the
highest priced issues. The lowly
"cats and dogs" of the penny a
share
class
(which incidentally
turn
into pedigreed blue bloods
just often enough to make it un¬

For

r

York Hanseatic Corporation, New York; Mary Ronan, New
W. Tindall & Company, Atlanta; Mary Willis

Willis, J.

of houses which retail

emergence

The Over-the-Counter Market
branch

J.

mutual funds exclusively.
The

50,000

Frank

Sara Jane Harris,

Atlanta

85

page

Thursday, November 15, 1956

FINANCIAL CHRONICLE

THE COMMERCIAL and

86

plains

hartford,
offices

3.
PR

R.
43

I.

Convention Number

J.

j.

Granton,

THE COMMERCIAL and FINANCIAL CHRONICLE

Matthews

&

Company, Ltd., Toronto; Shirley Elwell, Milwaukee;
&
Co., Incorporated, Milwaukee, Wis.

Loewi

William

C.

Elwell,

Fred O. Cloyes,

N. Mexico;

que,

Denman Oil & Drilling Corporation, Albuquerque, N. Mexico; Nedra Cloyes,
Albuquer¬
Otto J. Koch, Jr., The Marshall Company, Milwaukee, Wis.; Nonie Koch, Milwaukee

where "rights" are issued to stock¬
holders
by
listed
corporations.

supplying of funds to

Even in those cases,

tal, municipal, school district and

Market.

the

sup¬

business of hundreds of Over-the-

ported agencies—again by under¬
writing and sale to investors.

Counter dealers is that of retailing
securities to investors. The secu¬

erally

a

there is

Another essential function is the

gen¬

standby group of invest¬

ment houses

distribute

the

over

securities

exercise

ready to take up and

not

of

counter

any

taken

through
the rights.

the

multitude

The

governmen¬

other

of

tax

merchandising activities of

the securities dealer must

not

be

overlooked

another

as

function of the

The

essential

Over-the-Counter

major

part

the

of

rities may be of local, sectional or
national character, but the im¬

portant fact is that the dealers

constantly

searching

87

ing maintained in our stock by a
large number of responsible deal¬
ers

information
ations

in various

as

concerning our oper¬
can
conscientiously

we

parts of the country.
These dealers provide a market
place where present stockholders
may sell
and where prospective

endangering
our
competitive position. These deal¬

stockholders may secure copies of

capital for

our

annual report and

give
ers

without
also

have

uable

provided the inval¬

machinery for raising
us

when and

Continued

such other

on

are

as

it

page

out

buyers
of securities by
advertising, cir¬
cularizing, and personal calling.

Merrill, Turben

Co., Inc.

&

(Established 1924)

YORK

MIDWEST

STOCK

EXCHANGE

an

American

Vitrified

Products

Higbee

Company
Corp.

American Window Glass

Inland

Brush

Jack &

Beryllium

Company

Heintz

National Screw &

Cleveland Trencher
Cleveland Trust
Cook

Coffee

Diamond
M.

A.

Ohio

Company

Hanna

Penton

Cement

Co.

Union

Company

U. S.

The

Manufacturing Co.

Telephone

Crankshaft

Ohio Leather

Company

Portland

Co.

of

the

are

Upon Request

Cleveland 14,

Telephone MA 1-6800

ders

Dayton

•

•

an

Mansfield

•

and other Ohio

function

•

Market

is

not

listed.

In this

trading Over-thesecurities, the dealer ren¬
of

one

his

most

has

As

there

valuable

The First Cleveland

already been
literally thou¬

are

assets."

markets

for

stocks

*

Exchange

National City E. 6th Building
CLEVELAND

maintaining

By

these

Corporation

Member Midwest Stock

Exchange. Were there no mar¬
them, they would become

"frozen

Youngstown

corporations

of

kets for

OFFICES:

Columbus

of

FANNER MFG. CO.

sands of corporate issues held by
the public which are not listed on

Ohio

Teletype CV 67

BRANCH
Canton

trading market

the stock

of

field

services.

BIdg.,

in

of

a

making of markets in securi¬

noted,
Commerce

We maintain

secondary

a

essential

vast

Inc.

•

Union

blocks

Over-the-Counter

Counter

1612

when

called

ties which

Commerce

Truck Lines,

Statistical Information Available

retail

Making of Markets

Another

the

Co.

Publishing Co.
Bank

issues

operation

City Bank of Cleveland

Northern Ohio

Company

Counter

-

Inc.

National

Cleveland

Supply

the

distribution.

Homes

Central National Bank of Cleveland
Builders

-

stocks too large to be digested by
the routine of an Exchange are
distributed over the counter in

EXCHANGE

STOCK

Over

Exchange

MEMBERS
NEW

This

merchandising function also comes
into
play rather frequently on

Telephone PR 1-1571

and

14

.

Teletype CV 443

-

CV 444

bonds, where buyers may buy and
sellers may sell, a
liquidity is es¬
tablished
and

is

that

of the whole

There

EATON

MANUFACTURING

COMPANY

fills

beneficial

a

to

social

the

need

economy

country.

are

many
firms which
maintain good
trading markets in
Over - the - Counter issues.
Some

large firms—others are "one
shops."
In the process of
making markets, the trading
are

THE FANNER MANUFACTURING CO.

man

I

houses work

he list of

customers

which Eaton

has

been

privileged to serve for more than 45 years includes the
most
respected names in practically every basic industry with
volume production. To have served them is in itself a
testimony to
the caliber of products which Eaton makes and to this
Company's
standing as a dependable source of supply.

Today,

the products which Eaton furnishes industry are
heat¬
ing-ventilating systems, automotive air-conditioning units; leaf
springs, coil springs and spring wire forms; stampings; permanent
mold gray iron castings; rotor
pumps; fastening devices, cold
drawn steel wire; sodium cooled, poppet and Free valves;
tappets,
hydraulic valve lifters and valve seat inserts; jet engine and gas
turbine parts; eddy-current rotating equipment; aircraft instru¬
motor

among

truck axles and axle
components; gears, automotive

tioned.

General Offices: CLEVELAND 10, OHIO

vassar

•

Lawton

marion

Detroit

•

coldwater, michigan

Market

is

The Over-the-Counter

•

No.

•

•

•

massillon, ohio

Marshall

•

Saginaw

kenosha, wisconsin

Tonawanda, N. Y.

Richmond, Indiana




•

LINES:

Chaplets

10. Malleable

2.

Chills

11.

3.

Pipe Fittings
Awning Hardware

Single and Multiple

12.

Electrical Hardware

Spindle Hobbing Machines
4.

13.

Marine Hardware

14.

Stove Hardware

Vertimax Vertical

Chucking Machines

15. Plastic

5.

Hydraulic Profile Lathes

6.

Automation

Equipment

Extrusions and

16.

Coatings

Aluminum Castings

7.

Gray Iron Castings

17.

Steel

is gaining in stature day
by day as more publicity is given
to it and to the large number of
investment grade securities avail¬

8.

Radiation Hardware

18.

Industrial Hardware

9.

Malleable Iron

19.

Thumb Screws and Thumb Nuts

PLANT LOCATIONS:

in

it.
Indeed, probably the
important single fact about
oldest, largest and most di¬
of

American

security

•

Toledo, Ohio

London, Ontario, Canada

1.

kets, is that it is the home of

so

securities that rate with the

The Fanner

3.

The Cleveland

4. Canadian

support

of

the

Over-the-

Counter Market, I refer to the re¬
of
a
well-known
indus¬

trialist who, when asked

a

back

if

list

stock

on

he

intended

to

while
his

exchange, replied in
effect: A good market is now be¬
an

Manufacturing Company
Cleveland 9, Ohio

2. The Cleveland

best of them in quality.
In

Castings

Forgings

Brookside Park,

mar¬

marks

Lackawanna

PRODUCT
1.

es¬

Market

many

•

both

raising new capital and providing
liquidity for presently outstanding
security investments, both large

verse

Battle Creek

for

sential unless radical changes are
to take place in the methods of

this

•

business

Over-the-Counter

and small.

1894.

place in the Ameri¬

a

securities

the Exchange type and the Overthe-Counter type of market. The

most

cleveland

since

There is
can

re¬

sponsible for the successful growth of FANNER-

able

ments, controls and electronic devices.

PLANTS:

"Security Through Diversification" has been

closely with and de¬
pend greatly on the security re¬
tailing houses previously men¬

Hobbing Machine Company, Cleveland, Ohio
Foundry Company, Cleveland, Ohio

Fanner, Limited, Hamilton, Ontario, Canada

5.

Poly Cyclo Products Company, Inc., Cleveland, Ohio

6.

Philadelphia Hardware & Malleable Iron Works, Inc.
Philadelphia, Pennsylvania

new
was

88

THE COMMERCIAL and FINANCIAL

88

Clifton

W.

Continued from page

Portland,

bound to be transgressors,

87

nature

which

Should

the

Over-the-

Counter

provide

these

us,

dealers fail to
two
services for

we

be

ways

double

"investors"

their money in

time without taking any

hoping

to

six weeks
risk, there

will

in¬

policing association

a

chartered by Congress

was

Oregon;

1939.

of

Securities

Dealers has evolved

of

rules of fair practice and codes
conduct to prevent

fraudulent and

& Walker, New York; Helen Dedrick, New York; La Velle Kosterman,
Pete Kosterman, Zilka, Smither & Co., Inc., Portland, Oregon

the-Counter stock and bond busi¬
ness

is

the Over-the-Counter

Thoroughly

market.

Regulated Industry

Now, far be it for me to pretend
everything in the Over-the-

My

personal

Counter

Market

a

sized

medium

the

pot of gold at the end of the
And help themselves to
some of it, should it actually ma¬

cific rules which

enlarge upon the

markets

in

rainbow!

provision that "A member in the
conduct of his business, shall ob¬

Counter

stocks.

serve

noisy place as

our

trad¬

with each

attention in the

execu¬

and the making

tion of orders

of

trading

Wall

friends

in

factor

After

firm is

they

been

have

room

have

on

known

been

in

our

day,

busy

a

to

re¬

cial honor and

We

race.

in

improve the human
succeeded yet

haven't

producing

is

members.

its

It has set forth spe¬

high standards of commer¬
just and equitable
principles of trade." Disciplinary
action is taken against members
and their

Street

—

specializing

with

individuals.

delegation

of

rule

of

UNDERWRITERS
OF

Not

only

does

set

also

which

case was

1556

Telephone PRospect

Specializing
sale

of

in the purchase and

municipal

municipal

tax bonds

revenue

and

bonds.

hard

tried

Teletype

—

170T

Bldg.

Bldg.

Telephone MAin 1-3776

1-2770

CV 174

Union Central

CINCINNATI 2, OHIO

14, OHIO

197 & CI 150

Teletype —CI

codes

but it

ethical standards

up

beyond

go

Union Commerce

CLEVELAND

Association

the
and

fraudulent

the

practices provisions of the law.
has

DISTRIBUTORS

may even

One recent

have these rules
has

AND

SECURITIES

so
appealed and the penalty of
expulsion against a member im¬
posed by the Board of Governors
was upheld.

1-5071

1908

MUNICIPAL & CORPORATE

Association

the

appealed to the Supreme Court.

stiff but fair.

Teletype CI 188

last July 10,

still love it.

the Securities and Ex¬

change Commission and

CINCINNATI 2, OHIO

easier

having been

in it for just 37 years,
I

an

living."

a

There may be, but

ESTABLISHED

by the Board

Penalties meted out are, therefore,

Building

to make

be

Field, Richards & Go.

the code, is disciplined

or

Governors

be

must

au¬

this self-discipline is1
unique and the membership is
jealous of its powers. A violator

but also by

403 Dixie Terminal

Trading

Our

way

profes¬

sionals and do not solicit business

thority for

of

Over-theare

"There

mark

codes of the As¬

or

The

sociation.

be reviewed not only

HEIMERDINGER

We

making

n

representatives who vio¬

late the rules

a

i

500

some

by fellow members of the associa¬
tion who are fully aware that the
penalties which they assess may

WALTER, WOODY and

Phone—Main

a

and service men vie

other for

stems

Market

from the fact that my own

manipulative acts and practices by

of

Bell System

ers

the

in

interest

Over-the-Counter

probably always be some
salesmen who will promise them

the perfect man!
gilt-edged With some 3,600 firms employing
sweetness and light.
Or that some 50,000 representatives han¬
everybody in the business is above dling some 25,000 different Overreproach. Just as there will al¬ the-Counter securities, there are
that

Room is

markets.

terialize! For centuries there have

stockholders are well satisfied with

It

you.

welfare.

been efforts to

list¬
ing. However, they are now doing
a
good job and our officers and
might be tempted to consider

above

and

over

really has a direct impact on your
present pocketbook and on your
future

The National Association

in

required.

The

securities

Over-the-Counter

The Over-the-Counter Market

human

being what it still is!

dustry has

McManus

Dedrick,

George

Charles

Morrill, Walston & Co., Inc., San Francisco; Marguerite Morrill, San Francisco;
Harkins, Blyth & Co., Inc., San Francisco; Evelyn Harkins, San Francisco

B.

Thursday, November 15, 1956

CHRONICLE

It

to meet the chal¬

lenge inherent in the grant of selfdiscipline.
The relativelv small
number

complaints indicates a
of success. The
Association's annual budget which
of

gratifying
is

measure

approximately $1 million is

con¬

tributed entirely by the member¬

ship. The Association maintains
a large staff of examiners who are
constantly making surprise inspec¬
tions

of the

books and records

of

members.

Just

TRADERS AND DISTRIBUTORS

another forward

recently,

step has been taken.
tive

#A11 prospec¬
representatives

registered

must pass

an

examination

cover¬

ing the securities business and the

IN

rules

and

tional

Cleveland and Ohio Securities

regulations

Association

of

of

the

Na¬

Securities

Dealers.

Importance

Nation's

to

Now you may

talking with
you

40TT KOMI °"'°i MJSS E LL &

not

are

with.

how

Has it

your

NEW

YORK

MIDWEST
AMERICAN

STOCK
STOCK

STOCK

ever

SPECIALIZED

health

economy?

EXCHANGE

much

the

of

And, if
financial

country has

(ASSOC.)

COMMERCE

CLEVELAND

14,




BLDG.

the

We

you

will, how

health

been related

dealers in New York

clear for

nation's

of

to

the

Pittsburgh

-

OHIO

CHERRY

565

1-5050

Address
ttO

U. J. f AT

the

largest

concentrations

of

security ownership in the country.
So

-

Cleveland.

Loans

please don't think this Over-

and

Securities

Off

Department.

tual Funds and the Pension Funds
are

Chicago

the

Over-the-Counter Market because

TELETYPE —CV

PROMPT

CLEARINGS

the Insurance Companies, the Mu¬
UNION

—

occurred to you

-

EXCHANGE

EXCHANGE

about something
directly concerned

you

your future welfare,
security and the security of
family are tied in wit- the

financial
—MEMBERS-

think I have been

closely

your

DEALERS

SECURITY

Economy

Ohio's

Largest

Bank

Teletype: CV 240

Convention Number

THE COMMERCIAL and FINANCIAL CHRONICLE

Mrs.

Jean Spivey, Beverly Hills, Calif.; Irwin
Spivey, H. Hentz & Co., Beverly
Isaacs, Chicago; James F. Moriarty, W. E. Hutton & Co., Cincinnati; Charlotte

Continued

from

page

Hills,

Calif.;

Fannie
Cincinnati

Moriarty,

16

George

Irving J. Rice & Co.
St.

GOREY, WALTER C*

26

Paul, Minn.

years

San

Los

C.

HUDEPOHL, HARRY J*
Westheimer &

Francisco, Calif.

Co.

Cincinnati, Ohio

Angeles, Calif.

E.

Unterberg, Towbin Co.
New York City
GREENWALD, LESTER S.
Levien, Greenwald & Co.

HUEY, LEE A*
L. A. Huey Co.

HUDSON, MARY LOU
Thayer, Baker & Co.
Philadelphia, Pa.

HUNTER, WELLINGTON*
Wellington Hunter Associates

Denver, Colo.

Jersey City, N. J.

HUDSON, ROBERT
Thayer, Baker & Co.
Philadelphia, Pa.

*

Denotes

Mr.

and Mrs.

Continued

on

page

New York City
GREGORY, WM. H., Jr.

of experience in trading

Gregory & Sons
City

New York

and

distributing corporate and

GREGORY, WILLIAM H., Ill
Gregory & Sons

municipal issues in Ohio

New York City
HAACK, ROBERT W *
Robert W. Baird

Union Commerce

Saunders, Stiver & Co.

Reinholdt & Gardner
St. Louis, Mo.
HAGGERTY, JOHN P.*

Bldg., Cleveland 14, Ohio

Mountain

Members Midwest Stock

Co.

Milwaukee, Wis.
HAGENSIEKER, EARL L.

Wm. J. Mericka & Co., Inc.
1101

&

Exchange

States

Securities

Cofp., Denver, Colo.
HALL, FRANK L*

Telephone

Teletype

Direct N. Y. Wire to

MAin 1-8500

CV 594-595

McManus & Walker

Sutro
New

Bros.
York

&

Co.
ONE TERMINAL TOWER

City

CLEVELAND, OHIO

HAMMELL, ELMER W*
First Securities Co. of Chicago
Chicago, 111.
HAN AVER, JACK B.

s

J.

B.

Hanauer &

Co.

Beverly Hills, Calif.

HANRAHAN, PAUL B*

MUNICIPAL BONDS

Hanrahan & Company

IN CLEVELAND

Worcester, Mass.

CINCINNATI

I

★

★

HARMET, ALFRED
*

IT'S

HARKINS, CHARLES B*
Blyth & Co., Inc.
San Francisco, Calif.

BANK STOCKS
*

OVER

THE

LISTON

CORB

COUNTER

SPECIALIST

A*

A. A. Harmet & Co.

FOR

OVER

25

YEARS

Chicago, 111.
HARRIS, S. RICHARD*
Courts & Co.

POHL & CO., inc.
414

Dixie

Terminal

New York Hanseatic
New York

CINCINNATI
Phon<

-MAin

(2), OHIO

1-6515

Prescott & Co.

Atlanta, Ga.
HART, MAURICE

Bldg.

Members

New

Corp.

York,

Midwest

Stock

and Other Principal

Exchanges

City
900 National

HASTINGS, EARL F.
Securities & Exchange Com¬

Teletype CI 381

mission, Washington, D. C.

City Bank Building

CLEVELAND
Telephone:

PRospect

14
Bell Teletype—CV 97

1-6300

HAWKINS, D. M*
r

(it

Hawkins & Co.
•.

Cleveland, Ohio
HECHT, JOHN C.
Dempsey-Tegeler &

Co.
Los Angeles, Calif.
HECHT, JOHN C., Jr.*
Dempsey-Tegeler & Co.
Los Angeles, Calif.
HEIMERD1NGER, JOHN G*
Walter Woody & Heimerdinger
Cincinnati, Ohio
HENDERSON, ROBERT J.

John E. Joseph & Co,
Members Midwest Stock

Exchange

Holton, Hull & Co.
FIFTH

THIRD

Los

BANK BLDG.

Cincinnati 2,

'<

J.

S.

San

Telephone MAin

1-4640




Angeles, Calif.

parsons

&

co., inc

SPECIAL
CORPORATE FINANCING

HILL, HOUSTON, Jr.*

Ohio

Bell Teletype CI 567

Strauss &

Co.

Francisco, Calif.

HOMSEY, ANTON E. '
duPont, Homsey & Co.
Boston, Mass.
HORN, CLARENCE A.
First of Michigan

Detroit, Mich.

Jr.,

HUDSON, JOHN M*
Thayer, Baker & Co.
Philadelphia, Pa.

Calif.

GREENBERG, THOMAS*

FRANK, Jr.*
Blanchett, Hinton & Jones, Inc.
Seattle, Wash.

Francisco, Calif.

HOWARD, LESLIE J., Jr.*
Brush, Slocum & Co., Inc.

Pledger & Co.

GRAN AT,

Walter C. Gorey Co.
San

Angeles,
GREEN, SAM*

GOTH, FRED S*

New York City

Cunningham, George W. Cunningham & Co., Westfield, N. J.; John J. O'Kane,
O'Kane, Jr. & Co., New York; Samuel F. Colwell, W. E. Hutton & Co., New York

Pledger & Co.
Los

Kerngood & Co.

J.

GRANTON, J. J.
Matthews & Co., Ltd.
Toronto, Canada
GREEN, ROBERT*

At the Convention
GOLDSTEIN, M. E.

W.

John

89

Corporation

1425 N. B. C. BLDG.

®

CLEVELAND 14, OHIO

Phone:

T eletype:

TOwer 1-6550

CV 652

90

\

THE COMMERCIAL and FINANCIAL

90

Harry

J. Peiser, Ira Haupt
&

& Co., New York;
Co., Inc., Dallas;

Essie B. Peiser; John L. Canavan,
Kathryn Canavan, Dallas

Rauscher,

Continued
We generally

have buying and selling orders in the

following list of
Aetna Standard

Bessemer

over

&

Atlantic

Fairman

Stamping

Peerless Cement

Los

Ohio Water Service

Cold Metal Products

Machine & Welder

&

Youngstown Steel Car

Ohio Brokers Service

Cleveland, Ohio
KOLKOSKI, C. M*

Angeles, Calif.

Co.

Dallas, Texas
JOHNSON, WILLIAM A*

Telephone Riverside 4-4351

Sutro &
Los

Co.

Becker &

Co., Inc.

Oscar F. Kraft & Co.
Los Angeles,

Calif.

KLIMA, JOHN R.
Reed, Lear & Co.
Pittsburgh, Pa.

KRASOW1CH, JOSEPH*
Gregory & Sons
New York City
KRUMHOLZ, NATHAN A*
Siegel & Co.
New York City

KNOB, J. EDWARD*

LACE, F. D*

Drexel

&

Co.

Matthews

Philadelphia, Pa.

Toronto,

KOCH, OTTO J., Jr.*

L. M. Ladet Co.

Milwaukee, Wis.

Robinson-Humphrey Co.,

Inc., Atlanta, Ga.
JOLLEY, MALINDA
The Robinson-Humphrey Co.,

& Co., Ltd.
Canada

LADET, L. M*

The Marshall Co.

Angeles, Calif.

JOLLEY, LEX*
The

G.

Chicago, 111.

KNAPP, REGINALD J *
Ira Haupt & Co.
New York City

Securities

Southwestern

YOUNGSTOWN 1, OHIO

Phoenix, Ariz.
KOSTERMAN, P. A *
Zilka, Smither & Co., Inc.
Portland, Oregon
KRAFT, VERNER H*

KIPP, JOHN D.
A.

Co.

Kenneth Ellis &

KINGSTON, WALTER D., Jr.*
W. D. Kingston & Co.
New Orleans, La.

Co.

JOHNSON, SAM

UNION NATIONAL BANK BUILDING

T.

KOETH, WM. A*

Dallas, Texas
JACOBS, SIDNEY
Sidney Jacobs Co.
New York City

BUTLER, WICK & CO.

William

Blyth & Co., Inc., Portland, Oregon; Helen Pitt, Portland, Oregon;
Patten, Blyth & Co., Inc., Seattle; Elizabeth Patten, Seattle

89

ISAACS, MILTON J*
Straus, Blosser & McDowell
Chicago, 111.
JACKSON, WINTON A*
First Southwest Company

Valley Mould & Iron

Industrial Silica

page

Pitt,

IRISH, HERBERT C*

Ohio Leather

Commercial Shearing &

Federal

Register

Cement

from

W.

At the Convention

the counter securities:

Engineering

Limestone

Robert

Pierce

Thursday, November 15, 1956

CHRONICLE

Colo.

Denver,

KOERNER, STAR C*
F. S. Moseley & Co.

LATSHAW, JOHN
E.

Chicago, 111.

Hutton

F.

Kansas

&

Company

City, Mo.

Inc., Atlanta, Ga.

ACTIVE TRADING MARKETS
WITH

JONES, JAMES*
McManus

RETAIL OUTLETS
★

Insurance

Public

KEEN AN,

Underwriters

Walker

SPECIALIZING

Bids

Firm

IN

JOHN J*

John J. Keenan &

and Bank Stocks

Los Angeles,

Utilities—Industrials

Municipal Bonds

Co., Inc.

Firm

Distributors

Offerings

Calif.

KEITH, NORVAL A.
Schneider Bernet & Hickman

★
Members' Midwest

Stock

KELLY, EDWARD J*
Carl M. Loeb, Rhoades & Co.
New York City

—

Scherck, Richter Co., St. Louis, Mo.
Goldman, Sachs & Co., New York

Quotations

Dealers

Dallas, Texas

Exchange

★

WIRE SYSTEMS

&

New York City

bonds

municipal

United

States

Securities

Government

General

•

Market Municipals

KENNEDY, B. F*

Bosworth, Sullivan & Co.
Denver, Colo.

idstreet

KESSLER, MAURY J *
Waldron & Co., Inc.

ick, Inc.
SHVILLE
TELETYPE NV 353

3,

5^2

KENNEDY, SAMUEL M*
Yarnall, Biddle & Co.

San

Francisco, Calif.

KING, THOMAS E*
Dempsey-Tegeler & Co.
Chicago, 111.

TENN.

ALpine 4-3311 and 5-9911 (Trading Dept.)
*

Denotes

M to? Mmm,
MEMPHIS 1,
TELEPHONE JACKSON

Mr. and Mrs.

NEW

DALLAS

YORK

ATLANTA

TELETYPES

HARTFORD

Members

ORLEANS

MEMPHIS

H. Frank

Securities Corporation

New

York

Midwest

Stock Exchange
Stock

Exchange

PHILADELPHIA

JACKSON.

MISS.

Burkholder, Vice President and Manager Municipal Department

STREET, NASHVILLE 3, TENN,




ME-284

Chicago Board of Trade
Members American Stock Exchange

RUSS

KEIER, Manager

Unlisted Trading Department

Municipal Trading Department
GARDNER

UNION

•

GREENSBORO

Herbert Pettey, Vice President and Manager

322

ME-283

THE BANK WIRE

Members

Associate

BIRMINGHAM
N EW

—

Collin, Norton & Co.
Members

HOUSTON

TENNESSEE

5-8521

WIRE SYSTEM

NASHVILLE

™

MEMPHIS

O F

TWO WALL STREET,

NEW YORK 5, N. Y.

BLDG.,

506

Telephone CHerry 8-5571

AVE.

MADISON

TOLEDO, OHIO

_

Bell System Teletype TO 190

Convention Number

Ted

D.

Carlsen,

THE

Harbison
C. E.

COMMERCIAL and FINANCIAL CHRONICLE

& Henderson, Los Angeles; Mary Helen Carlsen;
Unterberg Towbin Co., New York; Edith Greenberg

LESTRANGE, GEORGE E\*
Arthurs, Lestrange & Co.
Pittsburgh, Pa.

MAGU1RE, JAMES B *

LEARY, A. M *
Barrow, Leary & Co.
Shreveport, La.

MANWARING, RICHARD*

LEE, ALONZO H*
Sterne, Agee & Leach

Thomas

MARCUSSON, P. A.

San

McGUIRE, ARIEL (Mrs.)

J. B. Maguire & Co.

E. R. Mulcock & Co.

Boston, Mass.

Syracuse, New York

McKENNAN,BRUCE*

The Blue List

San

New York City

MARTIN, JUSTUS C., Jr.

Revel Miller &

Los

City

The

Cleveland, Ohio

k*

Co.

Boston, Mass.

Mr.

on

92

page

'

MITCHELL, JOHN N.
Caldwell, Marshall, Trimble
& Mitchell, New York City
MOHR, FRANK J.
Shaw, Hooker & Co.

San

Mateo, Calif.

San

Angeles, Calif.

McCULLEN, WM. J.
Hendricks & Eastwood, Inc.
Philadelphia, Pa.

Francisco, Calif.

moons, robert j.
Manley, Bennett & Co.
Detroit, Mich.

Revel Miller & Co.
Los

Inc.

Continued

Rex Merrick & Co.

McCREADY, ALBERT W., Jr.

San Francisco, Calif.

Denotes

New York City

Mayes, Inc.
Birmingham, Ala.

Vancouver, B. C.

NELSON, HARRY L*
Blyth & Co., Inc.
Chicago, 111.

MERRICK, REX

Hendrix &

MACRAE, COLLINS
Wulff, Hansen & Co.

Investment Corp.
Antonio, Texas

MURPHY, CYRIL M.
John C. Legg & Company
New York City

Lehman Bros.

MASON, MISS ANNE E.
Scott, Horner & Mason, Inc.
Lynchburg, Va.

& Co.

MacDONALD, J. E*
Pemberton Securities, Ltd.

*

Robinson-Humphrey Co.,

.

LUEKER, CLEMENS T.

MAGID, SAMUEL E.
Hill, Thompson & Co.,
New York City

San

MAYES, HAROLD B.

tion, Cleveland, Ohio*,

Hill Richards

Muir

Co.

Angeles, Calif.

MASON, WALTER G*
Scott, Horner & Mason, Inc.
Lynchburg Va. '

The First Cleveland Corpora¬

MOSLEY, R. VICTOR*
Collingswood, N. J.

MULCOCK, ERNEST R*
E. R. Mulcock & Company
Syracuse, New York

McVEY, GEO. M*

Inc., Atlanta, Ga.

LONG, MARTIN J.

Publishing Co.

MUIR, EDWARD D*

McOMBER, a. shane

Wertheim & Co.
New York

Prescott & Co.

&

Francisco, Calif.

Mclaughlin, john f .*
McLaughlin, Cryan & Co.
New York City

Investment Dealers' Digest
New York City

LISTON, CORWIN L *

Hutton

MORTON, ROALD A.

Salomon Bros. & Hutzler

MARKHAM, EDWIN J*

E.

MORRILL, CLIFTON W*
Walston & Co., Inc.
San Francisco, Calif.

Los Angeles, Calif.

LEE, GARNET O., Jr.*
Scott, Horner & Mason, Inc.
Richmond, Va.

W.

Walter C. Gorey Co., San Francisco; Frances Gorey, San Francisco; Loretta Pai/ne,
Francisco; Richard J. Payne, Walter C. Gorey Co., San Francisco

First California Co.

Birmingham, Ala.

LOTHROP, GILBERT

Walter C. Gorey,

Greenberg,

91

moreland, paul i*
Moreland & Co.

~

McCULLEY, C. RADER*

Detroit, Mich.
MORIARTY, JAMES F*

First Southwest Company

W.

Dallas, Texas

and Mrs.

Cincinnati, Ohio

E.

Hutton

&

Co.

you're hunting it's a nice
feeling to have your game tucked
away "in the bag" — and in the Oil
business it's an even greater satisfac¬

INVESTMENT SECURITIES

tion to know that those oil reserves

there

are

of the

—

"in the ground" —

like

a

bank account to be drawn upon.
And that is what General Ameri¬

vast

Oil Company

is banking on —
totalling 106 million bar¬
rels that stand ready and waiting to
be pumped into General American
storage tanks.
can

oil

reserves

build

To

UNDER

WRITER
DISTRIBUTOR

tion

DEALER

of

onto

proven

American is
teen states

ada and

and several

<^6uihwt4t

of Can¬

1956 fiscal

8,200,000 barrels of oil from its

General

COMPANY

areas

Europe. In the

3,500 wells.

FIRST

General
operating in thir¬

General American produced

year,
over

now

this solid founda¬
reserves

based

%

•

American's

reserves

on

—

growth

—

has been a dra¬

matic testimonial to the conservative

\ii;k<;w i ii.i:

m\k

m

ii.d.im,.

n\u.\>.

ingenuity of the men who guide its
destiny — as well as a clear portent
that the future is "in the bag."

tia \s

f *I«ICAN o?
VbIIKM:




•

I'i.UNSi!"

•

S\N

\\TO\I<>

•

111.CM

GENERAL AMERICAN OIL COMPANY
OF TEXAS
V

Of

TlXAS

J

Meadows Building

•

Dallas, Texas

Thursday, November 15, 1956

THE COMMERCIAL and FINANCIAL CHRONICLE

Frank

L.

Hall, Sutro Bros. & Co., New
Reed, Lear

Continued

from

York;

Evelyn B. Hall, New York;

Jack

II*

Carl Marks

Beverly Hills, Calif.
PIKICH, EM1L J*
Carl W. Stern & Co., Inc.
San Francisco, Calif.

T.

Columbia Securities Co.

San

Wagenseller & Durst

Francisco, Calif.

O'KANE, JOHN J., Jr.
John J. O'Kane, Jr. & Co.

Angeles, Calif.

Denotes

Los

New York

Mr. and Mrs.

City

Atlanta,

POINDEXTER, C. E.
Wagenseller & Dikrst, Inc.
Los Angeles, Calif.

Established 1920

Dealers and Brokers in

.

.

CORPORATION STOCKS AND

BONDS

•

OWENS, JOHN C*
Peters, Writer & Christensen,
Inc., Denver, Colo.
PARSONS, E. E., Jr.*
Parsons & Co., Inc.
Cleveland, Ohio

PUBLIC

AND

UTILITY

PREFERRED

COMMON STOCKS
•

BANK STOCKS

•

INSURANCE STOCKS

•

T*

PATTEN, WILLIAM
Blyth & Co., Inc.
Seattle, Wash.

.

•

OWEN, RICHARD E.
Crowell, Weedon & Co.
Los Angeles, Calif.

.

TEXAS

MUNICIPAL BONDS

DALLAS UNION SECURITIES COMPANY

PAYNE, RICHARD J*
Walter C. Gorey Co.

Member

Francisco, Calif.

Member

PEISER, HARRY J*
Ira Haupt & Co.
New York City

Midwest

American

Stock

Stock

Exchange-

Exchange

DALLAS, TEXAS
1-9021

Riverside

(Assoc.)

FORT WORTH, TEXAS

1001 ADOLPHUS TOWER

PHILLIPS, CLARENCE D.
Phillips, Coughlin, Buell &
Phillips, Portland, Oregon

TEL.:

FT. WORTH NATIONAL BANK

•

Corporate DL 390, Municipal DL 991
Direct

Forgan

wire

and

Company,

and

Glore,

Company, New

to

Chicago

and

Troster,

York

Seattle, Wash.

Check with Us

Cruttenden, Podesta & Co.
Members Tfew york Stock Exchange and

209 South La Salle Street

Warrants

Company Stocks

□ Finance Company

Distributors

□ Industrial Securities

Under this

of

Corporate Securities

□ Underwriters of
Bonds

new name we

will carry

underwriters and

on

corporate and

distributors of

the general investment banking and
name

preferred and

of Cruttenden & Co.,
common

stocks and

municipal bonds.

Corporate Securities

□ Oil and Gas Stocks
□

Chicago 4, Illinois

brokerage business formerly conducted under the
as

Insurance Stocks

□ Municipal

•

Q Secondary Market

Securities

□

Otber Principal Exchanges

□ Rights, Scrip and

□ Bank and Trust

Partners

□ U. S. Government

Public Revenue

Walter W. Cruttenden

□ Public Utility

□ Wholesale

Securities

Robert A. Podesta

Donald B. Stephens

Issues

Bonds

Glenn R. Miller

Walter W.

Distributors

RAUSCHER, PIERCE A CO., INC.

Our

Cruttenden, Jr.

firm provides

a

New

York

T

Stock

Exchange

American

Mercantile

Bank

Midwest

Stock Exchange

Bldg.

Telephone Riverside 1-9033
Direct

Austin

Wi¬

res

Harlingen
San Antonio




•

Stock

institutions and dealers.

Exchange

(Associate)
Dallas

1,

Texas

Bell Teletype DL 196 and DL 197
to

Principal
•

Houston

Tyler

Donald R. Bonniwell (Ltd.)

personalized investment service for individuals, banks,

Member

v

:

NEW YORK

OMAHA

Markets
*

Waco

Lubbock

DENVER

MILWAUKEE

November 15, 1956

LINCOLN

GRAND RAPIDS

ST. LOUIS

MADISON

INDIANAPOLIS

CEDAR RAPIDS

BLDG.

EDison 5-1248

&

PHILLIPS, JOSEF C*
Pacific Northwest Company

If It's in the Southwest

Ga.;

Angeles, Calif.

ORCHIN, LOUIS
Kalb, Voorhis & Co.
New York City

San

Inc.,

PITT, ROBERT W*
Blyth & Co., Inc.
Portland, Oregon

& Co.

Fairman & Co.

O'HALLORAN, PATRICK J.
Walker's Weekly Newsletter

NICHOLSON, DAVID B.

R. Piersol

O'NEIL, RICHARD R*

&

Co., Inc.
New York City

patrick, Nashville, Tenn.
NEV1NS,*J0HN R.
Lester, Ryons & Co.
Los Angeles, Calif.

Los

& Company,
By Don Ricardo Orchestra

Dallas, Texas
O'NEIL, DON*

N1EMAN, BARNEY

Clark, Landstreet & Kirk-

*

Robinson-Humphrey

PIERSOL, THOMAS R.

Denver, Colo.
WILLIAM

Martin,

OLIVER, ALLEN L., Jr.
Sanders & Company

At the Convention
NELSON,

C.

Justus

Music

91

page

Julia;

Klima,

& Co., Pittsburgh

Singer

Convention Number

Mrs.
of

Carrie

America,

THE COMMERCIAL and FINANCIAL CHRONICLE

Wilson, Chicago; Harry J. Wilson, Harry J. Wilson & Co., Chicago; Eve
Russell, Bank
Palm Springs, Calif.; Samuel E. Magid, Hill,
Thompson & Co., Inc., New York City

PRICE, THOMAS W.
McAndrew Co., Inc.
San

Francisco, Calif.
PULLIAM, LAWRENCE S. (Mrs.)
Weeden & Co.
|

G. H. Walker & Co.
New York

City

REMINGTON, CLIFFORD G*
Woodcock Hess & Co., Inc.
Philadelphia, Pa.
RICE, WILLARD F*

New York City
SANDERS, S. J*

Morgan & Co.

Southwestern Securities

New York

Dillon Union Securi¬
SCATTERGOOD, HAROLD F*
Co., New York City
Boenning & Co.
FRANK V*
Philadelphia, Pa.
New York Hanseatic Corp.
SCHAG, WALTER F*
New York City
Davis, Skaggs & Co.
ROOB, EDWARD A*
San Francisco, Calif.

•

*

Denotes

Jack F.

Perkins, Jr.

Harry F. Reed

John W.

Stephens

City

Philadelphia, Pa. s
Leo

V. Smith &

Co.

Syracuse, New York

TEXAS

SNYDER, EVERETT W*
E. W. Snyder & Co.

Syracuse, New York

Wm. P. Harper & Son & Co.

MUNICIPAL BONDS

SP1VEY, IRWIN*

Seattle, Wash.

SCHUBERT, DONALD D*
Bacon Whipple & Co.
Chicago, 111.

Mr. and Mrs.

Teletype DLS 481

SMITH, LEO V.

SCHLICTING, HUGH R*

Philadelphia, Pa.

STerling 4531

Newburger & Co.

Hutzler

Chicago, 111.

Co.

DALLAS 1, TEXAS

SMITH, JOSEPH E.

Chicago, 111.

RUNYON, WALLACE H*
Hemphill, Noyes & Co.

Phone

Pershing Co.

John Nuveen & Co.

ties

Bros. &

;

Los Angeles, Calif.

SLEDGE, C. ROBERT*

SMITH, HAROLD B*

RON AN,

Salomon

COMPANY INC.

ADOLPHUS TOWER BLDG.

SHIPLEY, FOREST W.

.

Eastman,

PERKINS &

SMITH, EDWARD P.*
El Toro, Calif.

Seattle, Wash
SAYRE, BYRON J.

ROBSON, HENRY E*

"

SHEEHAN, DANIEL M., Jr.
McDonald, Holman & Co.
Forest Hills, New York

Dallas, Texas

Foster & Marshall

RICHTER, HENRY, J.
Scherck, Richter
St. Louis, Mo.

Co., Pittsburgh

The Bond Buyer
New York City

Torpie & Saltzman

Eastman, Dillon Union Securi¬
ties Co., Philadelphia, Pa.

&

New York City

Angeles, Calif.

Cleveland, Ohio
SACCO, ARTHUR C.
Webster, Marsh & Co.
Chicago, 111.
SACHNOFF, MOREY D.
Arthur M. Krensky & Co.
Chicago, 111.
SALTMAN, DAVID*

Chicago, 111.
REILLY, JOHN C.*

Lestrange

SHANKS, WILLIAM S.

RUSSELL, JAMES N*
Gottron, Russell & Co., Inc.

Company, Inc.

Lestrange, Pittsburgh; George Lestrange, Arthurs,

SERLEN, LEWIS*
Josephthal & Co.
<

Daniel D. Weston Co.
Los

Los Angeles, Calif.
RAHN, FRED T.
The Illinois

RUSSELL, EVE
Palm Springs, Calif.
RUSSELL, KENNETH D.

Maude

H. Hentz Co.

Beverly Hills, Calif.

Continued

on

page

94

Central Investment Company

Here's Why

of texas

We

Kirby Building, Dallas 1, Texas
B«ll

Have

a

Growth Situation

1.

7 of the

Top 10 Texas Farm Counties

2.

4 of the

Retail Sales

5.

95% of the Nation's Potash Supply

6.

50% of the Nation's Carbon Black Production

San Antonio

Lubbock

St. Paul

The Firm that knows the Southwest

One-eighth of the Nation's Known Oil Reserves

4.

RAndolph 9145

Branch Offices

Top 6 New Mexico Farm Counties

3."

Teletype—DL 586

7.

20% Above National Average

EPPLER,

One-sixth of the Nation's Irrigated Farm Land

MEMIHR^ NE

Fidelity L ni

ER, INC.
ANGE

s,

Texas

INDUSTRIAL OPPORTUNITIES UNLIMITED

SOUTHWESTERN




PUBLIC SERVICE
COMPANY

Phone RI-3441

Teletype DL358

THE COMMERCIAL and

94

Continued from page

Thursday, November 15, 1§56

FINANCIAL CHRONICLE

STRONG, O. H.

93

National Bank

First

Chicago, 111.

In Attendance

SUMMERELL, DONALD E*
Wagenseller & Durst, Inc.
Los Angeles, Calif.

STAIB, LEE*
Geo.

SWAN, LESLIE B *

Eustis & Co.

Chas. W. Scranton & Co.

Cincinnati, Ohio
H.

New Haven,

WAYNE*

STEAD, H.
Lake

Salt

City, Utah

Locke, Gray & Company
Vancouver, B. C., Canada

*

STEPHENS, DONALD B.
Cruttenden

TAYLOR, JOSEPH W.
Walker's Mamal, Inc.

Co.

&

Chicago, 111.

San

STERN, IRVING
J.

B. Hanauer & Co.

Newark, N. J.

Dempsey-Tegeler & Co.
St.

Lynchburg, Va.

Carr &

THORSEN, LESTER S.
Glore, Forgan & Co.
Guests

Chicago, 111.

Co.

at

Sachs

party
&

given

Co., New

by Larry Doyle (Hardy & Co., New York); Harry
York); and John F. McLaughlin (McLaughlin, Cry an

New

Mrs.

Continued

TURNER, JOHN W.

York City

Lake

Salt

City, Utah
VAN ARSDALE, NIELAND B*

FOR

Geo. Eustis & Co.

Cincinnati, Ohio

VICINO, WALTER J*
Blyth & Co., Inc.
San Francisco,

Griggs Equipment, Inc.

Southwestern Natural Gas

Gulf Interstate Gas

Stan Can Uranium

WALKER, GRAHAM*

General Gas

American Window Glass

South

General Minerals

Aztec Oil & Gas

Lodge Oil

Corp.

Sterling Oil of Okla.

Petroleum

Lisbon Uranium

McManus &

Tekoil

Life Insurance of Mo.

Canadian-Delhi

Shore Oil

Southern Union Gas

New York

Corp.

Texas Industries

Delhi-Taylor Oil

Lone Star Steel

Texas National Petroleum

& Gas

J.

Fargo Oil

Ray McDermott

Pan American

Federal Uranium

Three States Natural Gas

Sulphur

Western Natural Gae

Pubco Petroleum

Westbrook

Sabre Pinon

White

Canyon Mining Co.

White

Eagle Oil

Frigikar Corp.
Fritz Glitsch & Sons

Corp.

Seismograph Services

General American Oil

Thompson

SOUTHWESTERN
Itl lJIillltS ((HI

Equitable Securities Corp.
Dallas, Texas
WALSH, JOHN F.
Eastman, Dillon Union Securi¬
ties & Co., Los Angeles, Calif.
WALSH, RICHARD H*
Newhard, Cook & Co.
St. Louis, Mo.

MIDLAND

FORT WORTH

Riverside 1-5471

•

Dallas, Texas

•

HOUSTON

LUFKIN

ODESSA

revolution

Co.

Louis

The

for

Los

Angeles, Calif.

WEIR, ELMER L*
J.

Barth &

alone

Fertilizers

jumped

have

yields about 20%. But it is
obvious that farmers will have
to
consume
far more than the
crop

million

22

present

Back

raised

farmer

1940 he could

produce for himself

others; today he produces
enough for 18 others. Only 11%
of the total working force of the
nation works on farms yet we are

a

year

10

nation. It is the one single
farmers

our

method

all others that will permit

above

meet

to

bigger

our

needs; without more of

future

these vast needs,

today a greater abun¬
higher quality of farm
products than ever before.

production

enjoying

and

duce the farmers

develop

to

and

to re¬

processes,

production costs,
new methods of

application and use.
Less Land for More

In

1850

there

Food

ing acres of cropland per person
in

the United

acres

States while today

only 11. The 350 million

are

producing

about the same number as

with

are

now

crops

in 1917

industrial plants

& Co. have
with the fertilizer

We at W. R. Grace

74 produc¬

were

been connected

business for more than a
in
are

first

We

to

the

witnesses

hand

product

this

tremendous

impact

has made on

agriculture;

this impact will

occu¬ that

century

abroad.

country and

this

we

Co.

A

oil

publicly-owned

Philadelphia, Pa.
WESSENDORF, Jr., HOMER W*
Mitchum, Jones & Templeton
Los Angeles, Calif.
WHITE, FRANK C*
National Quotation Bureau, Inc.
San

company

specializing

Francisco, Calif.

WHITNEY, FRANK M.
Whitney & Company
Salt Lake City, Utah
WIEN, MELVILLE S*

UNDERWRITERS

secondary

recovery

—

DEALERS

TEXAS
BONDS

MUNICIPAL
UNLISTED

&

STOCKS

CORPORATE
&

BONDS

LOCAL SECURITIES

CO.

R. A. UNDERWOOD &
Incorporated

MERCANTILE BANK
Bell Teletype

M. S. Wien & Co.

in

DISTRIBUTORS

—

BLDG., DALLAS 1, TEXAS

Riverside 9295

DL 492

Representatives

—

Belton

—

Edinburg

Jersey City, N. J.

WILLIAMS, BEULAH P.
Los Angeles, Calif.
WILLIS, EUGENE F*

by

water

flood ing

J. W. Tindall &

Dealers and

Company

Atlanta, Georgia
WILSON, HARRY J*
Harry J. Wilson & Co.

TEKOIL

YARROW, PAUL*
Hooker &
San Mateo,

CORPORATION

AND

Oklahoma

City, Okla.




Robinson, III.

Calif.

ZIMMERMAN, WILLIAM J*
Bingham, Walter & Hurry, Inc.
Los Angeles, Calif.

Midland, Texas

Eastman Dillon Union Securi¬

ties & Co.,

Firm

Bids

Statistical

—

Firm Offerings

Dempsey-Tegeler & Co.
Mo.

information gladly

WILLIAM N.

—

Quotations

furnished

—

request

BANK BUILDING

FORT WORTH 2,
Telephone

on

EDWARDS & CO,

FIRST NATIONAL

Los Angeles, Calif.

ZINZER, HERMAN J.
St. Louis,

SOUTHWESTERN CORPORATE ISSUES

Fay

ZINK, JAMES W*
Dallas, Texas

Originators

TEXAS MUNICIPALS

Chicago, 111.
WRIGHT, WM. L*
Lester, Ryons & Co.
Los Angeles, Calif.

EDison 2-2211

know

continue as

WELCH, EDWARD H*
Sincere and Company

WELSH, Jr., HENRY C*
Lilley & Co.

if,

be done." To meet
the industry has
invested millions in plants and in
research
to
improve
fertilizers

the job cannot

dance and

and

Chicago, 111.
WELLER, JOHN S.
Wagenseller & Durst, Inc.
Los Angeles, Calif.

fer¬

of

tons

to produce enough
food to feed a growing popula¬
tion.
The Paley Report puts it

tilizer

already have strongly: "Fertilizer ... is a cor¬
illustrated nerstone of the welfare of the

in 1920
enough food
himself and seven others. By

and

pying many acres once used for
farming, hardly more than 5%
remain to be put into production.

dramatically
statistics.

these

in

we

progress

is

made

there

WEBSTER, WARREN W*
Bateman, Eichler & Co.

fired

have

we

continue.

WARNES, ROY C*
Shearson, Hammill & Co.
Los Angeles, Calif.
Weber-Mitchell &

the
must

These facts convince us that

one

WALKER, THOMAS B., Jr.*

St.

Mercantile Commerce Building

Walker

City

WEBER, VINCENT C.

l\>

three

see

we

tivated; and industry is taking an
increasingly large proportion of
farm products each year.

Calif.

WALDRON, STANLEY M.
Merrill Lynch, Pierce, Fenner
& Beane, New York City

Advance Petroleum

do

we

facts: Our population is
growing at the rate of about
million people per year; 95% of
our
tillable land is already cul¬

VASEY, JOSEPH H*

Markets In The Southwest

when

And

major

Blyth & Co., Inc.
Los Angeles, Calif.

T

13

page

New Horizons in Chemical Industry

A. P. Kibbe & Co.

CALL

from

Eppler, Guerin & Turner
Dallas, Texas
URE, L. R., Jr.*

Beaver

L. Arnold, (Goldman,

& Co., New York)

TOPOL, ROBERT M*
Greene & Company

Chicago, 111.
Mr. and

Thompson, Inc.

Boston, Mass.

ROBERT*

Daniel F. Rice &

Denotes

Louis, Mo.

THOMPSON, WILLIAM S*

STRAUSS, ABRAHAM*
Strauss, Ginberg & Co., Inc.
New York City

*

Francisco, Calif.

TEGELER, JEROME F. '

STRADER, LUD
Strader & Co., Inc.

STRAUSS,

Conn.

TAPP, GEORGE M.

Wayne Stead Co.

TEXAS
Bell Teletype — FT 8032

Convention Number

the

same

well

and

more

Today

the farmer to produce more meat
at a lower cost to him as well

land, now frequently
is called upon to pro¬

worn

duce

THE COMMERCIAL and FINANCIAL CHRONICLE

the

food.

more

chemical

the

to

as

hen and

industry

consumer.

cow

are

While

the

fortified with

a

better diet, the commercial feed
thousands of industry will enjoy a spectacular
formulations for use against pests expansion with a steadily increas¬
and insects which destroy annu¬ ing demand for our food additives

furnishes

basic

50

chemicals

cidal

about

in

insecti-

ally the equivalent of 100
acres
of farm products.
production of formulated
cides approaches a billion

million
Present
insecti¬

pounds

annually.
While

United

the

States

has

made greater progress in the con¬
trol of inserts than any other na¬

tion, annual losses
$4 billion.

still about

are

Cotton losses suffered from
sects

have

billion
a

a

result

been

year

of

reduced

in¬

from

$1

to $250 million,

as

pesticides, but

new

a

The chemical

industry also will
important role in satis¬ some light on the very promising
a growing consumption of future for the plastics
industry.
meat and poultry products in the Analyzing
some
of
the
better

which

additives,
cheap

Chemical

States.

feed

supplements
livestock and

over

and the

crease

in¬

continuing health

of the American economy are the

feed

known

plastics, the editors

esti¬

converting mate
that the values of styrene
into
high protein
and
vitamins
for resins, vinyls, urea, and melamine
poultry, will enable and polyethylene will continue to
are

terials and to create

new

is

the

shows

which
are

our

variety of synthetics. Syn¬
rubbers, paints, dyes, de¬
tergents, emulsifiers and a long
list of others are coming so close
to the natural product that it is
difficult
to
distinguish between
them. One of the major contribu¬
tions of synthesis
is seen most
thetic

metallurgy in

scientists and engineers

working to produce metallic

alloys such

titanium and zirco¬

as

nium, capable of withstanding the
tremendous pressures and great
heat
to which
jet
planes
and
guided missiles are subjected.
Perhaps

nating
fields

and
of

clearly in the clothing

promising

most

chemical

new

and

research

engineering is that which we have
labeled "cryogenices."
Stated in
its simplest terms cryogenics in¬
volves the study and manufacture
of materials under extremely low
temperatures. One phase of these
technological studies is pointed
toward

the

successful

irradiation

industry.

Here, the demands of an increas¬
ing population and a rising stand¬
ard
of
living
will
necessitate
major advances.

of the most fasci¬

one

People

of tomorrow will want

attractive, better fitting and
apparel than ever
before.
Chemically improved
natural fibers, the new man-made

more

longer lasting

fibers

and

blends

of natural

and

synthetic fibers should emphati¬
cally answer this challenge.

utilization

of

liquefied hydrogen and other
for aircraft and missile pro¬
Consumption of the new fibers
pulsion. These developments will has grown steadily and will con¬
tinue to expand. In 1949, for ex¬
go hand in hand with research
currently underway to produce ample, synthetic fibers amounted
materials which withstand excep¬ to
18.5%
of wool
consumption,
gases

tionally high temperatures called
for in rockets, missiles and nu¬

By

clear devices.

consumption. The greatest strides
during this period were made by

the

last

research

25

and

furnished

had

about 89%

already
the wool

of

non-cellulosic synthetics—such

Nylon, Dacron and Orion.
losics—rayon and acetate

chemical

years

development

every

they

1952,

achieved

Synthetics
In

has

industry with

Continued

a

on

as

Celluyarn—

page

96

process

recently acquired by W. H. Grace
& Co. which greatly improves the
already versatile plastic, poly¬
ethylene. Chemists of Stanford Re¬
search

wide

great promise

ones.

With your permission I will go
close to home for just a moment.
I think a good illustration of this

point

which

field

is that of chemical

generating
forces
behind
this
amazing
growth
rate.
Greater
spending power has opened up
such as urea.
new expanding markets in build¬
ing,
transportation,
packaging,
Promising Plastics Future
communications, furniture and
Moving on from agricultural appliances — to ^mention just a
chemicals, I believe everyone is few. The higher standard of liv¬
conscious of the spectacular birth ing also has created a relatively
and growth of the plastics indus¬ new leisure market. For
example,
try. Consumption of plastics and it is estimated that "by 1960, some
synthetic resins grew from 1.4 250,000 swimming pools will be
billion pounds in 1949 to almost in use, of which over 100,000 will
3.5 billion pounds in 1955. No one be based on vinyl sheeting or re¬
in his right mind dares make a inforced plastics."
The chemical
long-range prediction about the industry is making luxuries com¬
performance of this phenomenal monplace.
To meet the demands of these
industry, except to say the sur¬
face has only been scratched.
If expanding markets, the plastics
the same rate of increase is main¬ industry energetically set about
tained over the next few years, broadening the bases of plastic
consumption of plastics would be applications to the end of becom¬
between
five
and
six
billion ing
thoroughly integrated with
the whole economy.
pounds by 1960.
Millions of
dollars are spent annually on reA look at a recent study pre¬
seach to improve established ma¬
pared by Modern Plastics sheds

an

United

increases

1

major job must still be done.
Today entomologists and chemists
are vigorously applying scientific
research to the end of ridding
our crops of more than 7,000 in¬
sects and warding off more than
6,000 kinds of plant diseases.

play
fying

substantial

show

the next few years.
The
explosive population

95

WE CAN HELP YOU

ON WISCONSIN SECURITIES

Institute

and the Sequoia
Corporation of Redwood
City,
Calif., have developed a
process which gives polyethylene
remarkable resistance to heat, re¬

Process

Corporate and Municipal Securities

Our

knowledge of the listed and unlisted

issues
a

of

Wisconsin

valuable aid

to

corporations

can

be

you.

duces cold flow and stress crack¬

In

ing, and increases tensile strength.
Our Polymer Chemicals Division

located throughout the state give

addition,

our

spot coverage

is confident that this revolution¬
ary

new

process

will

five

offices

strategically

us on-theof Wisconsin business.

open many

Members

fields
of
application
for
polyethylene and other polymers.

New York

new

The Milwaukee Company

Dip

MICHIGAN

MILWAUKEE

STREET

just

2, WISCONSIN

standard

a

wire
207 EAST

in

and

that the
Member Midwest

Stock

Now

Exchange

be

Edgar, Ricker &

BRoadway 6-6075

MI-581

ST. PAUL

moment.

It

this

and
Corporate Securities
MARKETS

Central Power &

Seismograph Service Corp.
Duncan Coffee Co., Class A.
Southern Union Gas Co.

Light Co.

Fritz W. Glitsch & Sons
Gulf Life Insurance Co.

Arizona Public Service Co.

The Frito Company

Alamo National Bank

such

used to make synthetic fibers and

rubbers, plastic resins, and auto¬
mobile chemicals. The whole
petrochemicals

INSURANCE

most fantastic proportions. Nine¬
teen fifty-six has seen a billion
dollar expansion program in this

industry. There
and

are now 197 com¬

362

& Company
American Stock Exchange (Assoc.)

§

Otto J. Koch, Jr.

—~

Milwaukee 2, Wis.

S
765

NORTH

WATER

E

STREET

5

BROADWAY

•

=

1-8130

E

TELETYPE MI 461
CHICAGO—Phone

~

RAndslph

6-5900

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.

new

under construction.

ANTONIO

Direct Private

Municipal Department—SA S3
Wires

plants currently

to

a

nuclear
our

investing in securities
of the Southwest

selected for

possible
long term growth.

en¬

own

mutual fund

af¬

for

the

Commission.
S.

Atomic
Energy
Spearheading the

nuclear weapon
Russia as well

race

at

treatment and

TEXAS
PLEASE SEND ME A

FUND

below

or

MANAGEMENT CO.

PROSPECTUS
^

ON TEXAS

coupon

investment dealer

Principal Underwriter

FUND, INC.

with

potentialities
for
man's better living, will be a pro¬
gram of chemical research to im¬
ore

Prospectus send

TEXAS NATIONAL BANK BLD6.

atomic

new

tive processes.
Another
comparatively

For

to your

filiate, Rare Earths, Inc., several
firms are major operating con¬

prove

Dallas,

for

In addition to

energy's

Teletypes

Trading Department—SA 23

earths

rare

Soviet

5, TEXAS

Carl M. Loeb, Rhoades & Co., New York, First Southwest Co.,
and Connecting Wires to Principal Financial Centers

or

bliss.

U.

Stock Exchange

Alamo National Building




Trading Dept.

and

planned

tractors

Members

Bell

J

try's future role in the processing
and purification of uranium ores

STOCKS

incorporated

SAN

UNLISTED WISCONSIN SECURITIES

=

and

invested in

ergy.

Midwest

|

petrochemical

in the United States
Canada alone. Five hundred

and

Exchange

CO.

I

And I need not tell you the sig¬
of the chemical indus¬

and

York Stock

MARSHALL

WE MAINTAIN MARKETS IN

nificance

HOUSTON BANK STOCKS

New

THE

I

industry is cur¬
rently undergoing a boom of al¬ E

SPECIALISTS IN SAN ANTONIO AND

Russ

an

Additionally, expansion programs
are
underway or planned at 59
existing plants, representing an
estimated investment of $509 mil¬
lion.
Petroleum and
chemistry,
so
recently wed, have become a
prolific example of matrimonial

Southwestern Life Insurance Co.

Texcrete Structural Products Co.

TEXAS

WAUSA U

thirty-nine million dollars will be

San Antonio Transit Co.

Pacific Power &

OSHKOSH

JMiiiiiMiiiiiiiiiiiiiiimiiiimimimiiiiiMiiiiiNiiimiiiwimimiiMiiiiimiimiii

know, petro¬
manufactured from

Southland Life Insurance Co.

Longhorn Portland Cement Co.
McDermott Co.
Kirby Lumber Co.
Southwestern Financial Corp.
Lone Star Brewing Co.

Milwaukee 1, Wisconsin

•

very

Light Co. 4% Pfd.
Houston Lighting & Power 84 Pfd.
West Texas Utilities 4.40% Pfd.

J. Ray

•

MADISON

and

oil

panies

Houston Natural Gas, Com. & Pfd.

Industries, Inc.

Welex Jet Services, Inc.

BAY

can

"hot

plants

Texas

•

natural gas. They
increasingly impor¬
tant materials as
methane, ethane,
butane, ethylene, acetylene, and
many others, which in turn are

Texas Municipal
TRADING

in

GREEN

As you

are

crude

Dealers

Distributors

ACTIVE

hours

moving along in this

include

Underwriters

110 E. Wisconsin Avenue

plastic

molten solder.

for

chemicals

MADISON

•

irradiated

survey of our future
let's
talk about petrochemicals for
just

WAUSAU

•

so

fast
a

BAY

plastic

BRoadway 6-0525

Petrochemical Boom
Now
Teletype

•

the

Exchange

•

in

bath."

Co., Distributor and Manager

Telephone

GREEN

and

wire is left exposed.

the

same

kept

WISCONSIN FUND, INC.

CHICAGO

degrade

raw

dip

in the
Wholly-owned subsidiary

Stock

plastic-coated
solder

few seconds the solder will

a

melt

molten

NAME

Houston, Texas

XP. O. Box 871' CApitol 7-0211

ADDRESS

extrac¬

Teletype HO-566

\
CITY

new

STATE

\

Chester

M.

William R. Staats & Co., Los Angeles; Sue F. Pulliam, Los
Poindexter, Wagenseller & Durst, Inc., Los Angeles

Glass,

Continued,

from

page

person

sumer

for

a

y.
S. (population.
How
much
greater is the challenge of taking
Thomas Malthus made his famous
and

should continue to find expanding

fibers

Synthetic
constitute

fibers

used

about

in

I

discussed

have

feeding

and

clothing

starvation,

did

use

that

man

would make of

Nations
Food and Agricultural Organiza¬

Challenged

the

faced

unsound.

it.

Is

later

the

are
expected
47%
of all

1975, as compared

Malthus

Thomas

or

reasoning was not altogether
But he could not, and
not consider chemistry
and

his

at the present time.

with 23%

prediction that man

gloomy

sooner

markets.

to

of the world's millions. When

care

variety of con¬

industrial articles,

and

F.

Daniel

For
the period
1956-1959 the
in¬ chemical industry is planning a
dustrial resources, however, there greater expansion than any other
is reasonable hope that the world industry.
will be much better fed. The in¬
By 1959 the chemical industry
dustrial and economic solution is anticipates that 15% of its sales
here; the problem only awaits will be in products it wasn't even

adequate

With

diets.

full

According

United

to

than half of the V-k
in the world do

problem

tion,

growing

billion people

more

Specializing in

There

are

which I have not
to touch

next

three

search

expenditures
to increase by 16%.

been able

even

year.

the

Over

of great

areas

many

promise for the chemical industry

years

re¬

expected

are

on.

Look, if

material
additives, industry anticipate the future.
paints, wood preservatives, the
There is, however, one fly in
synthesis of compounds like corti- the ointment. The problem is one
sones
and
other hormones, and which
you have read about and
many

the

and

Permit

just

will

continue

to

stamp of our efforts.

a

me,

if

Technological
to

i

and

sea

irrigation

materials

look

to

those

is of

Figures

Telephone DAvis 2-0551

of natural

year

Bell System Teletype SU 578

Lake

City

western

new

will

which

At

the

ingenuity

risk

It

is

our

We

the

must

schools

and

butter.

It

takes

increase

—

offer

physics.
come

MARKETS

INDUSTRIALS

A. P. KIBBE t CO

Supply Company,

Ogden

Provo

—

First

Security Bldg.

SALT LAKE CITY 11

MUNICIPALS
OILS

Phone EM 4-3511

TWX SU 560

Correspondent
McMANUS & WALKER

URANIUMS

Private Wire

System

Leading Cities
Members Salt Lake
Stock Exchange




area

Wyoming, is continuing its
on

more

exploration, field

because

decline

steady
science

now

teachers

available

in its 27th

of Utah and to south
program

of explora¬

greatly accelerated basis.

a

year

will be about

10 million

than three million dollars will be spent

compressors

and gathering systems, nearly

to

For the fourth" consecutive year, we expect to
customers

to

our

distribution system,

add 10,000

thus increasing

service to 1 36,000 meters.

This aggressive program

will be

a

uing development of the progressive

vital factor in the contin¬
area

the

company serves.

MOUNTAIN FUEL SUPPLY COMPANY
Serving 72

Wyoming and Utah Communities

may

there

or

be¬
is

a

in the number of

million in transmission and about five million in distribu¬

meter

interest

chemistry

no

situation

This

worse

tion facilities.

UNLISTED

the

school students in science.
One-quarter of all American high

service to communities in the Salt

gas

Capital expenditures this

two

inade¬

is clear,

try— and

supply that ingenuity, trained
and technicians.
Today

Fuel

dollars, of which
in

be

soon

of high

tion and distribution

UTAH

im¬

quate to his needs.

scientists

M ountain

City 1, Utah

desalted

crucial

short, must
resources to
replace

Report of Progress

311 S. Main Street

Salt Lake

by

in

Man,

INTER-MOUNTAIN EMPIRE

EMPIRE SECURITIES CORPORATION

such

water, and greater utilization of

portance.

chemical industry there aren't enough available and
plans to spend $L4 billion in ex¬ unless this problem is solved the
pansion. It ranks third in indus¬ industry's expansion may be
try, behind automobiles and steel. slowed.

A

in

Research

soil improvement through

as

waste

This year the

OF THE

need

exhaustible.
fields

men

bread

few more facts and figures.
Facts

discussed.

doubt

no

will, to cite

you

a

our

then, that all indus¬
chemical industry
in particular—is facing the seri¬
of boring you—but in the hope
ous problem of finding the trained
of goading you to some action—
personnel to carry out 'this search
I
want to discuss it for just a
for the means of our survival—
minute.
That problem is trained
military and economic.
The
manpower.
methods of doing so would almost
bear
seem
to suggest themselves:
Trained Manpower Shortage

others, into which we in
the chemical industry have moved
because we can make the product
which does the job.
As I said
earlier, almost every industry and
practically
every
end
product
so

Isaacs,

short¬
national security aspect,
for men is by no
means
confined to military sur¬
vival.
We have, as I suggested
earlier, virtually no room to ex¬
pand the farmlands of this coun¬
try. Our raw materials are not in¬
has

but

you

construction

J.

Of course, this manpower

age

chemicals,

These facts and figures, I am
will, at
the fields
of packaging, sealing convinced, bear out the optimism
compound,
food
preservation, with which we in the chemical

bears

ALL MINING & OIL SECURITIES

making last

political solution.

Milton

Rice and Company, Chicago; Irene Strauss, Chicago;
Blosser & McDoutfill, Chicago; Fannie Isaacs, Chicago

employment of chemical and

currently consumed to the extent
of about seven pounds each year
per

Strauss,

Strauss,

have

95

Robert

Clifford E.

Angeles

New Horizons in Chemical Industry

of

Thursday, November 15, 1956

THE COMMERCIAL and FINANCIAL CHRONICLE

96

each

Convention Number

THE COMMERCIAL and FINANCIAL CHRONICLE

Salary and other incentives

year.

would

to

seem

most effective

be

way

the

first

and

to turning the

tide.

feel

We

should

take

steps,

too,

armed services.

We must, without

infringing upon individual free¬
dom, discover a method of chan¬
neling our talent in the direc¬
tions

where

needed.

it

is

most

vitally

The Russians do this with

whose

dictatorial efficiency. We'll do it
through appeal to the uninhibited

incentive

of

free

men.

lines

said

ties

can

of

areas

of

need

the

whose

in¬

servations of individual patients or
entire wards.
In
the operating

capaci¬

all

of

the

Today

of

courses

wherever

they

so

discussion

our

and

morrow

development
may
lead.

its

ture—who

bears

sembance

to

sort of fellow

a

to

superman

curiously,

guide the fu¬

remarkable

re-

for

specialists, but I cannot close
without mentioning a new type
that must of necessity develop—

a

sort of super

new

cialization

has

scientist.

become

Spe¬

so

uni¬

ideal

the

of

the

Renaissance Man—the universally
talented

gentleman

of

500

years

ago.

students

view

to

of

have

observe

the

the

surgeon'-*
students

same

of

tiny
tele-

through

commercial

in

And

actions

living
organisms
microscopy.
In

a

operations.

laboratory, the

can

to¬

unprecedented

concludes,

appeal for

an

of

a

field,

re¬

wide sales conventions

confer¬

or

without leaving their home

city.
Automatic

inspection can often
accomplished by using televi¬
sion.
For
example, using
two
cameras, one would be focused on

be

standard part or piece of equip¬
ment and the second camera on
the

production line or individual
machine. Any object that deviated
from the standard would be auto¬

Outlook foi T V Receiver Industry

matically rejected.

1957

One type of industrial television
that is finding many new uses is

high

firming

a

of the ultra

up

frequency

market segment
higher industry volume in
sales to existing stations.
It is not anticipated
that the
FCC-proposed rule making will
and

a

affect very high frequency broad¬
cast equipment purchases in 1957.

There

will

volume

of

stations

probably be

higher

a

sales

to

existing UHF

well

as

sales

as

to

pay

mitters

and

foreign

market

to

ues

studio

first

trans¬

facilities.

potential

increase

countries will

their

and

The

contin¬

many

new

actually begin their

television

broadcasting

Generally
television

can't

the

field,

industrial

television

applications are being
week.
In this new
current industry-wide sales
new

found

every

about $6 million annually but

expected to grow to about $24
million annually (by 1960).

are

circuit

Closed

lations

are

and

are

the

time.

industrial

instal¬

relatively inexpensive

becoming
A

less

quality

costly all
industrial

monochrome chain consisting of a
camera, a

can

control unit and

color

installation

where

go

people

a

to

go,

huge boring

machine to the inside of

an

a mon¬

sells

for

slow
scan

industrial

wouldn't want

or

from the interior of

indus¬

trial furnace.

The

Scan

As

scan.

30

television

pictures

has

its

uses

not

know,

you

every four
whereas normal
age

Uses

produces
or
five
fast

or

im¬

one

seconds

and

Red¬

a

few

launching

erted

sec¬

are

and

vation

next

to

Now

the

missile

the

ammunition

operate

monitor

on

seated

behind

thick concrete walls.

is

handlers

machinery

that

the plates can watch the

operation
while

the

screens

three-feet-

first

pressure—a

sign of excessive

the

tell¬

At

tale

wisp of smoke—the
sembly machine is idled

disas¬

Although the firing was viewed
a
distance of only 300 feet,
and on home-sized
screens, it is

water pours over the bomb.

feasible to watch such events from
thousands of miles and on large,

civilian television experts are con¬

from

theater-size
Closed

Needless

stantly

screens.

use

neutralize

shells
II.

left

live

World

War

TV As

ammunition, the Army has turned
to television to help make the
job
safe and simple.
using

remote

ways

in

be of further
The safe

of
atomic tests,
the
sighting of artillery and the
transmission of printed data are
just some of the potential uses.

with the sensitive task
of disposing of active but obsolete

are

new

can

armed forces.

bore

Faced

They

exploring
our

and

observation

and

from

over

bombs

to

military

say,

which television

circuit television is also

helping ordnance experts de-fuze
and

to

while

The
the

a

Teaching Tool

outlook

for

larly encouraging.

con¬

dium is being used

trolled television and machines to

to

gingerly remove booster charges,
or
igniters, from thousands of

television

in

field of education is particu¬

help

This

new

me¬

more and more

the

overcome

Continued

on

critical

page

Slow

98

scan

Since

potentialities

slow

scan

can

in
be

over
modified
telephone
lines, it is much cheaper than
using coaxial cable.

Let

take

us

many

by

industrial

that

tasks

television

safer,

some

done

and

tasks

—

faster,

more

accu¬

rately than if human beings
on the spot.
It

is

solution

a

radiation,

in

manv

were

situa¬

heat, cold, rain, dust,

distance,

hazards,

and

other similar conditions make the

accurate and
mission

of

instantaneous trans¬

mount
over

sion

or

impossible

Industrial

television

finds

in¬

numerable

applications in mate¬
rials
handling,
aualitv
control
checks, boiler ignition inspection,

branches

steel plants,

tests,

forest

detecting

fires.

There

circuit

are

several

television

can

closed

ways

be

used

in

sent

in

miles

many
This

JOHN R. LEWIS, INC.
INVESTMENT

at

SECURITIES

system

SUITE

suburban

areas.
By
teller at any
branch bank window could check
a
signature card at the central

office in
This

a

scan,

combined

men

is already being
telephones to en¬

with
to

users

the other end
and

view

the

party

1000

SECOND

SEATTLE

of the line.

TWX

SE

105

Phone Eliot 3040

Sales¬
to face

display their

distances at
TV

wares over

long

reasonable cost.

a

Military

Television

is

Invasion

rapidly

invading
military field and bringing
with it a flexibility of observation
and
inspection
never
before
the

possible.
Cameras

are now

observation

of what

troops
hind

is

as

a

as

give
picture

lines.

Securities

own

the situation be¬

enemy

Municipal Bonds and Corporate

to

clear

happening to his

well

the

being mounted

aircraft

Local Industrial &

Utility Stocks

Light¬

weight cameras — the so-called
"walkie-lookies"—can be carried

SCOTT, HORNER & MASON

no.

we

i9«

Trading Markets

easily to the front lines by artil¬
lery spotters and enable fire con¬
trol center personnel to actually

Retail Distribution

see

where their shells

are

falling.

The first successful demonstra¬
tion

LYNCHBURG. VA.

of

closed

circuit

color

tele¬

vision to observe firing of ballistic
missiles was recently held at the

Army facilities of the Missile Test

CafflJynMnViy
VIRGINIA
W. VA.

Telephone 8-2821

AVENUE

4

at

meet clients face

can

710-12-14

a

matter of seconds.

system

observing wind tun¬
and

costs

for distances
slow scan televi¬

cost.

using slow

observing hazardous operations in
nel

be

can

cable

quickly
mile,

one

might be used, for example, by
a
metropolitan bank with several

able

means.

coaxial

up

reasonable

required visual infor¬

mation inconvenient

by human

Where

of

being done

now

being

are

cheaper,

glance at

a

the

on

•

the

loosen

requiring transmission of

motion.

field commanders

N. CAR.

base

Since

and

unscrew

unscrews

impossible

because of required safety precau¬
tions and the extreme variations
as

to

who

close-up visual obser¬

was

sheltered

a

plates.

ex¬

critical.
Prior
to
the
color television demonstration, de¬
tailed

at

feet.

300

sends

scan

per second.

greatest

slow

first

shells

of

holding the boosters were
literally jammed onto the ammu¬
nition during wartime production
days, great pressure must be ex¬

time

flash

and

distance

plates

sent

Tasks Done by Closed Circuits

itor cost about $4,000 and a simi¬

lar

go

speaking,

tions where

In

and

greater efficiency of operation.

in

1957.

area,

These systems can
for themselves in a few years

some

gin operating in 1957.
We expect that in the next year
many of the successful UHF sta¬
tions will modernize

$28,000.

because of reduced manpower

UHF stations which will be¬

new

are

around

Slow

first

in

launching of

missile.

gional sales managers or other ex¬ of brightness
ecutives can participate in nation¬ fired.
ences

bombs

tremely

a

Continued from page 14

is

stone

the

for

variations

onds of missile

the

follow

actual

flame at the

eye

able

close-up view
of

color television installa¬
tion permits any number of medi¬
cal

be

by

room,

one

another.

specialists and

help overcome tion cannot be disclosed, However,
shortage of it can be said that the color sys¬
providing remote ob¬ tem afforded Army observers a
can

national

nurses

specialist,

any

men

It

chronic

the

The

of

And

hospitals.

men

need must coordinate the

we

—this

the

than

overlaps

efforts

now

concentrated

specialization.

science
men

we

for
cross

encompass

innovations

Scientist
much

More

that

need
can

of

must find

we

with

Super
have

the

capacities

terest.

to

time

our

urgently

narrow

toward avoiding misuse of trained
personnel in industry and by the

I

in

versal

97

Center

STRADER and COMPANY, INC.
LYNCHBURG, VIRGINIA

at

Cape Canaveral, Fla.
Because
of security regulations,
specific details of the demonstra¬

LD 39

-

5-2527

-

TWX

LY 77

c7eletijfie4.
Corporate LY 62 & 63

Corporate Stocks and Bonds
Municipal Bonds
Unlisted Securities

State and Municipal
Bonds
•

Underwriters
& Distributors




m

Municipal LY 82

■|l

H

Seattle - First | ■
National bank

|

U. S. Government
BOND

Bonds

Seattle

DEPARTMENT

24, Washington

Telephone Main 3131
Member

Federal

Teletype SE 489

Deposit Insurance

Corporation

E.

Morris

Charles

& Co.,

Goldstein, Kerngood & Co., New York City; Robert J. Moons, Manley, Bennett
Barney Nieman, Carl Marks & Co. Inc., New York; William B. Denney,
Manley, Bennett & Co., Detroit

A.

educational television

from page 97

the country.

Walsh,

connected

Ontlook for T V Receiver Industry

Their three stations,

educators feel that televi¬
sion is the greatest teaching tool
to come into use since the text¬

Many

book.

and

systems

broadcast

being used
in this field.
Television can bring the whole
world into the classroom and it
can project the classroom beyond

closed
with

circuits

great

have

sus

installation be¬

ultra-high-frequency ver¬

very

are

success

equi¬

an

States

nation-wide

truly

a

United

the

enable

to

com¬

petitive television system.

high frequency telecast¬

Television

gan

are just two examples of
television is doing to help
education.
It's growth
potential

eventually

table solution will be found which

our

will

of

that

certain

radio

of

one

operations this fall in Hagers- ing is not one that will be solved
laboratory
Science
town, Md., and 6,000 children in overnight.
But progress is being
and homemaking demonstrations
eight public schools are getting made through the cooperation of
are being brought to thousands of
their first experience in learning
government and industry. There
viewers at a fraction of the cost
by television. Net year this pro¬
of any other effective method of
should be no radical changes in
gram will be expanded to include
teaching. With it, residents of the
12,000 students in
Washington the present system until a thor¬
most remote hamlets can take ad¬
County where Hagerstown is sit¬ ough study of the UHF - VHF
vantage of the very best teachers. uated and by 1958 every school
Recently the state of Alabama in the county will be tied into question has been made. Yet I am
inaugurated the first state-wide the program which will then in¬
clude 20,000 students.

nation-wide shortage of teachers.

Both

world.
experiments

walls and out into the

is

tion

90% of the homes of the state.
A closed circuit

its

the

of

use

which

great natural resources. The ques¬

into

programs

effective

spectrum

relay,

microwave

by

educational

bring

most

in

network

Stein Bros. & Boyce, Baltimore, Md.; Virginia Bodie, Baltimore; Ann Walsh;
Newhard, Cook & Co., St. Louis; Dorothy Welsh; Henry C. Welsh, Jr.,
Lilley & Co., Philadelphia

Jr.,

Bodie,

Dick

Detroit;

Continued

Thursday, November 15, 1956

FINANCIAL CHRONICLE

THE COMMERCIAL and

98

future

sustained

But it is

I

can

vig¬

a

benefits

portant

steady

and

more

see

growth

and

as

take

by this

of

advantage

offered

people

more

the

comparatively

a

industry and as I look into

orous

the

is

industry.

young

im¬

communications medium.

These

what

is limited

adults

help

can

education

their

UNDERWRITERS

•

because tele¬

of the United States

vision

•

BROKERS

only by the population

well

as

continue
it

as

can

teach children.

•DISTRIBUTORS

TV From Europe

is

There
ment

great

a

1

new

coming in television which,
perfected, should open up
vistas for people throughout

the

entire

world.

technique.
it

is

we

is

This

the

MUNICIPAL

transmission

"scatter"

using this system,
matter of time until

By

only a

will be

able

to

'

CORPORATE and

when

so-called

'

develop¬

new

and

send

SECURITIES

re¬

live programs from Europe
eventually, from other con¬
tinents.
The
impact
of
these

ceive

and,

GRANDE
I

N

O

C

HOGE BUILDING

•

P>

P

OP.ATEO

SEATTLE 4,

CO.

tainment

WASHINGTON
Teletype: SE 362

Telephone: MAin 6830

educational

cultural,

better

a

DISTRIBUTORS

—

DEALERS

be

Foster

understanding

of

would

much

do

820

SECOND

PORTLAND

television

oceanic

better

In

for

of

the

our

vision

Teletype—SE 234

that

think

I

that there

outlook for all

industry.

there

are

which

lems

of

Many

pro¬

be¬

is

PACIFIC NORTHWEST SECURITIES

founded 1892

I

G)S?.R Harper & Son &

This is not to
not

these

certain
be

Co.

Investment Securities

serve

we

excellent

twelve

phases of the tele¬

must

full

have

Growing

will

you

an

with

Pacific

the

the

entire

Northwest since 1913,
through

region

offices

in

principal cities of Oregon and Washington.

say

prob¬

UNDERWRITERS

•

DEALERS

DISTRIBUTORS •

overcome.

problems

are

purely technological in nature and




P I A

PRIMARY MARKETS IN

more

foreign
cultural

understanding

closing,

agree

with connections to other trading centers

confidence

that

our

IRcific Northwest

Company

scientists and engineers will solve
in

them

due

time,

as

they have

done in the past.

Seattle 1 Wash.

Wenatchee

M

tween nations.

Dempsey-Tegeler & Co., Lo* Angeles

Tacoma

O L Y

1

that the United
States Department of State should

policy in the economic,
and political spheres and to

Private wire to

1504 Third Ave,

MU. 1900* Teletype SE. 482-673

SPOKANE

-

believe

firmly

mote

4, WN. • Telephone

AVE., SEATTLE

to

these misconceptions.

efficient operation

SECURITIES

SECURITIES

our

support the development of trans¬

MUNICIPAL & CORPORATE

of Trade

Marshall

&

INVESTMENT

neighbors in other countries that
we can maintain a peaceful world.
Ignorance breeds misunderstand¬
ing and suspicion
and an ex¬
change
program
of
television
overcome

—

enter¬

cannot

American Stock Exchange (Associate), Chicago Board

underestimated^ It is only through

broadcasts

UNDERWRITERS

and

programs

MEMBERS: New York Stock Exchange,

Yakima

SEATTLE

Thorough Study Needed
However, there is one problem
that

cannot be

alone.

solved by

This is the problem

PORTLAND
YAKIMA

science
of the

e

e

SPOKANE

ABERDEEN

e

e

14,

TACOMA

WASHINGTON
e

BELLINGHAM

WENATCHEE

•

e

MEDPORD

EUGENE
e

e

SALEM

WALLA WALLA

Convention Number

THE COMMERCIAL and

ROSTER

99

FINANCIAL CHRONICLE

ADVERTISERS

OF

i

Page

AMARILLO,

Page

NEW
Rauscher,

Southwestern

Public

Service

Company--—

93

Sanders

&

Co.

Dane, John

Howard, Weil,
Labouisse, Friedrichs
Company
Newman, Brown & Co., Inc.
Scharff & Jones, Inc.

Co.,

&

72

-

Co.

&

Evans

Brooke

& Company Inc

Johnson, Lane, Space & Co., Inc
Robinson-Humphrey
(The)
Co.
Tindall (J. W.) & Company

Company of Georgia

94

Baker,

Watts

&

Baumgartner,
Brown

Co

MD.

Co—

&

(Amos C.)

52

Adler, Coleman

54

Aetna

53

Allen

52

-

Ames

DETROIT, MICH.

&

&

Sons

57
—

Miller

& Co.
Stein Bros. & Boyce
Williams (C. T.) & Company, Inc—-

—__——

56
56
57

__

53

Johnson

Co., Inc.
Amott, Baker & Co., Incorporated
Arnhold & S. Bleichroeder, Inc.

43

Morrissey

18

E.)

&

ALA.

Stevens

64

&

Co.

65

&

Co

Carr

Thompson, Inc
Burr, Incorporated-!
Day (Chas. A.) & Co., Inc.
du Pont, Homsey & Company
Haigney (Dayton)
& Co.

De

65

Devine

Parcells

65

Dickson

66

Dominion

67

du

64

Eastman

Dillon,

(Charles

A.)

C.)

Company--;

Knox

(H.

D.)

&

&

D.)

(Arthur

— _—.

CANADA

Ltd.

First

45

—

Fox

(King)

&

Co.,

Inc

40

75

BRIDGEPORT,
&

FORT WORTH,
Edwards

(William

N.)

TEX.

Co—______

&

Doolittle

Co.

&

(Hudson)

White

RAPIDS,
&

MICH.

Company-

66

and

Coburn

&

Iowa

Electric

RAPIDS,

Power

&

Middlebrook, Incorporated-

54

Co

Management

95

41

Wulbern,

Carrison,

Pierce,

ILL.

Marietta

American

(A. G.)

Becker

&

Byllesby (H. M.)
Incorporated

—

Co., Incorporated
and Company,

(Wellington)

(M. S.)

Associates

40

60

LOS ANGELES,

Co—

92

——;

——

61

62

CALIF.

Co., Inc.Crowell, Weedon & Co
Akin-Lambert

Fewel

Co.

&

:

(John

Keenan

J.)

&

63

Company

63

Lester, Ryons

&

63
60
60
58

Miller

&

A.)

Co.-

&

&

A.)

Rice

—

—

and

Sincere

62

Company

61

Company——

Nicolaus

Stifel,

and

F.)

(Daniel

,

Inc—.—

51

Incorporated

Co.,
Co

50

Co., Inc.

&

Taylor & Co.

—_

—

—

.

—

z

Tegtmeyer (Wm. H.) &
Webster, Marsh & Co.

(Revel)

&

—

—

49

—

Co.

—.—

———

61
61
62
61
62
62

Co.
& Co., Inc

(Laurence

Masterson

(Frank

McDonnell

&

Mitchell

__

—

Roland

Model,

First

Company
Cbmpany

Parsons

&

Co.,

Saunders,

Stiver

&

National

Quotation

York

Hanseatic

,—

Investment
Union

Eppler,
First

39

2

——

44
2

LOUISVILLE,
(The)

Kentucky

Bond

—

68

68

*

Reilly

(J. F.)

Reynolds

Roggenburg

VA.

& Co., Inc

Co

&

Guerin

&

-

General

American
&

Co.,

Horner
and

&

Inc
Inc—

Mason,

Company,

—

97

97

—

69

PAUL, MINN.
Company,

&

Inc—

—_

66

&

PETERSBURG,

Hough,

FLA.

Inc

SALT

LAKE

CITY,

UTAH

Securities Corporation

Empire

(A. P.)

Kibbe

56

—

Co

&

Fuel

Mountain

96
96

Supply

Company

96

SAN ANTONIO,
Russ

&

TEXAS

Inc.

Company,

95

of Texas
Company
Turner
Company

Inc.




SAN
(J.)

29

&

Co.,

—

(R.

(G.

! 88
/ 89

Siegel
First

(The)

National

Bank

—

90

FLA.

Ludman

Hannaford

Marshall

Milwaukee

W.)

&

Co.

(The)

Company
(The)
Company

■

95
95

(Edwin

95

(Spencer)

Troster,
Trust

Stone

Alstyne,

Ingen

MINN.

&

Co.,

(T.

L.)

Watson

Kalman

67

Weinberg

67

Werlheim

Jaffray & Hopwood

Noel

(J.

Wocd,

(S.)
&

Gundy

33

39

—

C)o.

&

Co

of Texas—

93

92
93
91
91
93

SAVANNAH, GA.

&

&

Co.,

Inc—

55

SEATTLE, WASH.
Marshall

&

Foster

& Co.,

98

;

Inc.

98

(Wm. P.) & Son &
Lewis (John R.), Inc.
Pacific Northwest Company
Harper

Co
—

—

Scranton

(Chas.

W.)

&

Co.

54

98

Co

&

72

SYRACUSE, N. Y.
(E. W.)

Snyder

&

Co

86

TOLEDO, OHIO
Norton

Collin,

19

&

Co.

90

TORONTO, ONT., CANADA

25

—

;—

23

Matthews

&

Company

Ltd.

41

Co

.

Co.

McLeod, Young, Weir & Company Ltd—
Midland Securities Corpn. Ltd

38

Streit

36

Co

(J. Bradley)

Wisener

and

& Co—:
Company Ltd.

44
41
41
42

15

Co.,

Inc.

43

WASHINGTON,
Lemon

&

D. C.

Co.—

.

—,

54

N. J.

Co

WESTFIELD,

40

ORLANDO, FLA.

CONN.

97

SHREVEPORT, LA.
Leary

Barrow,

N.

J.

Cunningham (George W.) & Co.

NEW HAVEN,

98
97

.

Bank

National

First

Seattle

90

Rippel

Space

Lane,

Johnson,

Johnston,

90

47

50

—

12

NEWARK,
Landstreet & Kirkpatrick, Inc
Equitable Securities Corporation--.
Clark,

46

Co.

&

& Co

Wulff, Hansen

47

;—

5
America

& Co., Inc.

&

47
Co—

&
J

(Dean)

Witter

14

.

Inc.

&

S.)

Co.

&

50

48
46

—

35

Co.

&

—

Co.

16

of North

(B. J.)

Walston

67

Company
& Company, Inc—

&

48

Youngberg

&

Strauss
Sutro

24

&

Singer

Company

Van

MINNEAPOLIS,

Co., Inc—

Co.

&

Van

89

37

Company,

L.)

51

46

Company, Incorporated
&

100

—

McKinnon

&

(A.)

—

Co

&

48

37

Co

&

Bros.

Trask

WIS.

Incorporated

27

Co.

&

Talbot

&

McAndrew &

Schwabacher

35

Ginberg

Tatro

Trent

(Robert

&

L.)

(A.

70

MILWAUKEE,
Baird

16

— _

Co—

&

Thomson

87

—..—

Singer, Bean & Mackie, Inc

Strauss,

Corporation

31

Company
K.)

47

L.)

23

-

Inc.

Co—

&

CALIF.

Co

& Co., Inc—
Company
First California Company Incorporated.
Gorey (Walter C.) Co—
Colburn

34

______

—

44

A.)

(G.

Saxton

FRANCISCO,

&

6

Hutzler_.___

&

Shields

MEMPHIS, TENN.

80

Company

Oil

ST.
Beil

32

...

——

—

Hart

&

&

PA.

Co.

Company

Perkins

68

42

—

—

Co—

&

Bros.

Savard

7

37

—

Co

&

39

—

—

Registrar & Transfer Company-.

KY.

Co., Inc.

Company

C.)

(W.

Pitfield

Bankers

& Co—

Pflugfelder & Rust

89

Securities

Southwest

J.)

Brush, Slocumb

14

Shields

DALLAS, TEXAS

Dallas

(Irving

Barth

NASHVILLE, TENN.

Central

69
69
—

ST.
Rice

24

Pershing & Co

Piper,
Steel

69

Co—

Richter

39

Corporation

51
51

87

CONSHOHOCKEN,
(Alan)

Co—

Gardner--

Company
Stifel, Nicolaus & Company, Incorporated—

21

—— -

Co., Inc.—.—

Nesbitt, Thomson &

89

—_

Co.

—

Bureau

New

Allison-Williams

Wood

&

26

——

Co.—

&

Stern, Frank, Meyer & Fox
Wagenseller & Durst, Inc

89

Inc.
_

&

Tenenbaum

34
18

Corporation

87
88

&

Co.

&

Prescott

—

—

(John J.)

87

Co.
Mericka (Wm. J.) & Co., Inc—
Merrill, Turben & Co.
Russell

C.)

(Frank

Moore

49

83
L—

(The)

Gottron,

Co.

Stone—,

&

Shearson, Hammill

88

Manufacturing Co.
Cleveland
Corp...-,

Fanner

LOUIS, MO.

D.)

Reinholdt

17

:

O'Kane, Jr.

MIAMI,

Co

Manufacturing

Co

Company

Sutro

Eaton

86

—. —

100

—

&

Penn-Texas

CLEVELAND, OHIO
&

C.)

10

34

Walker

&
&

Stamm

Trust

&

Co--

—

88
89
89

.

(The)

77

20

17
25

:

Co.

86
—

Williams

M.)

46

—

—.

Scott,

Co

Field, Richards & Co.—
Joseph
(John E.) & Co._
Pohl &
Company, Inc.
Walter, Woody & Heimerdinger
Westheimer and Company

Cleveland

Co.

&

Peltason,

38

48
51

.

Strader

Baxter,

H.)

(Edward

Grande

CINCINNATI, OHIO
&

Co

&

(Carl)

Salomon

(Geo.)

—

——

Higginson Corporation
Levien, Greenwald & Co.
Loeb
(Carl M.) Rhoades &

——
Morgan & Co.
Pledger & Company, Inc..;
—-----—.—
Staats
(William R.) & Co._-

LYNCHBURG,

Eustis

-j.—

9
45

49
—

—62

;

Straus, Blosser & McDowell
Swift, Henke & Co—

(Oscar F.)

50
49

—-

_.

Co

(A.

Hickey

77

—

31
13

McManus

—-

Co

& Co.
Illinois
Company,
Inc
Krensky (Arthur M.) & Co.,
Mages Sport Stores__—
Nuveen
(John)
& Co.—

(William

Harmet

77

Co—

39

McLaughlin, Cryan & Co.---_-__,—

Kraft

Fuller

41

84
85

Co—

&

ST.

Scherck,

28
Co

Co.

85

29

Kidder, Peabody & Co—
(Charles) & Co—

Marks
— _

(G.

11

&

85

Inc.

PROVIDENCE, R. I.
Walker

20

King

Marks

Co.

&

84

84

&

S.)

38

&

84

'1

(George) Investment
Smither & Co., Inc—

Jones

36

Lee

55

58

59

—

Dempsey-Tegeler & Co.
Doyle, O'Connor & Co—.

——

Co.

X.)

M.)

(A.

(June

22
19
13

Co.
F.

79

44

!

Lord, Abbett &

Hunter

Company_-__

&

Inc.

;

&

&

38
35

;—

Co., Inc.—.—.—

&

81

59

—

Pcdesta

Cruttenden,

Inc.

(N. Y.)

&

81

33

Snyder

&

Lebenthal

Inc.--,

66

Wien

Co

&

36

Kugel, Stone & Co.
Laird, Bissell & Meeds—

Fund

Texas

IOWA

—

&

E.)

(Gerald

Kidder

HOUSTON, TEX.

Company

CHICAGO,
(A. C.)

Ingalls
Kane

JERSEY CITY, N. J.

Allyn

(W.

81
-

85

Lynch-

Co.,
Company

35
37
8

York__

New

Co.

&

Hutton

JACKSONVILLE, FLA.
CEDAR

Zilka,

Gregory & Sons
Hardy & Co.
Hemphill, Noyes & Co.
Hentz (H.),& Co

Josephthal

—

27

Co.

84
84

PORTLAND, ORE.

30

of

Emery

Thomas

Co.

Co.,
Company
&

83

Inc.

Johnson

&

Simpson,

Inc.-

Co.

&

———

Greene

Co.

&

Moore, Leonard &
Reed, Lear & Co

Patten

Bank

81

and Company

Johnson

Jones

(Gordon)

A.)

8
33

—

Co

&

83
:

PITTSBURGH, PA.
Chaplin

30

&

83
—

15

—

Bank

V.)

Otis,

National

(H.

22

Co

Hill, Thompson

76

Y.

—

&

Greenshields

GRAND

1

N.

City

&

Graves
94

54

BUFFALO,

9

—

Investing Corp.
Gerber, Inc., M. S.
Goldman, Sachs & Co.
Grace

73

CONN.

Inc

Co.,

Co

Boston Corp

Bantel

Hirsch

Bros.

26

&

22

(William

Golkin

76

HARTFORD, CONN.

Hincks

& Co.___

Union Securities

Co.

National

Gearhart

31
42

—

Corporation-—

38

&

82

J.) & Co.
Newburger & Company
Phillips (Samuel K.) & Co.
Rambo, Close & Kerner, Inc
(F.

14

I.)

82

Prince

32

Co.

&

(P. F.)

Garvin,

74

—

(Francis

(The)

First

—.

Inc.

& Co., Inc
Securities

(The)

&

!

General

Merritt

76

77

Tyson—-—
Company

Pont

43
28
45

.

Co.

&

S.)

(R.

Fahnestock

ENGLEWOOD, N. J.

74

—

—

Co.,

ALTA,

Co.,

(C. J.)

Frankel

74

.

&

W.)

Miles &

77

Inc.

Co.

&

Townsend, Dabney

75

73
77

—

(Paul

Sheeline

—

:

Maguire (J. B.) & Co.,
May & Gannon, Inc.
Moseley (F. S.) & Co

Wood

.—

Company

& Co.
Co-

Co

Lerner

___

—

Securities

Peabody

Kidder,

—

&

Estabrook

75

Co.

Brothers

Keller

Co.

&

&

Pontet

&

82

Schaffer, Necker & Co
Schmidt, Poole, Roberts & Parke
Sparks (J. W.) & Co.
Stroud
&
Company, IncorporatedTaggart (Charles A.) & Co., Inc.
Wright (Arthur L.) & Co.

33
34

Co.

—

83

Riecke

11

—

_

65

76
76

.

&

Hotchkin

-

Co.

65

Stahl,

&

Coffin

Co., Incorporated& Co., Inc.

80

:

10

&

Company
Burns Bros. &
Denton, Inc
Conklin (Dewitt)
Organization
Crang (J. H.) & Company

65

Bodine

Co.

&

37

Burnham and

EDMONTON,
MASS.

32

Co.

&

Boland, Saffin &

51

BOSTON,

38

Co.

&

Blyth

Roney (Wm. C.) & Co—
Watling, Lerchen & Co

Leach

&

Co.
Corp.

Company

(A.

64

(Andrew

Townsend, Crouter &
Sunstein & Co.

21

&

64

Reid

&

36

Securities

63

Nauman,

Puget Sound Pulp & Timber Co—

DeHaven

.

79

Co

&

Hopper, Soliday & Co
Janney, Dulles & Co

Building _11
First of Michigan Corporation----.
Kenower, MacArthur & Co
Livingstone, (S. R.) Crouse & Co.__
Manley, Bennett & Co.
W.)

(E. W.)

78

32

&

Blair

Buhl

(Don

Sherrerd

Hecker

..

Ernst

57

BELLINGHAM, WASH.

Agee

83

CITY

—

McFawn & Co.
O'Donnell (R. C.) & Company

—

BIRMINGHAM,

YORK

Peck

Miller

(Robert)

Sterne,

83

&

23

Bacon,

56

Legg (John C.) & Company
Mead,

Byllesby (H. M.) and Company,
Incorporated
Caughlin (Edward J.) & Co

Asiel

;

Co.

&

Adams

McDonald-Moore

Garrett

Butcher

Gerstley,

52

Currie, Trevor
FIF Management Corporation
Stone, Moore & Co.

82

72

52

Co.

&

56

-

Sons

&

Carroll

57

.—

Co

&

NEW
Bosworth, Sullivan

Sudler

.

.

Downing

(Alex.)

71

78

Co.

72
72

COLO.

55
71

——.—70

BALTIMORE,

DENVER,

55

78

.

Co—

&

&

PA.

Clark

Inc.

55

-

(Clement A.)

Trust

Boenning

and

—

Courts

Co

&

Bioren

94

Company

94

A.)

Page

PHILADELPHIA,

.

92

Securities

(R.

ORLEANS, LA.

92

— —

Corporation

Underwood

GA.

&

Company

Southwestern

Tekoil

ATLANTA,

Pierce

—.

Page

TEX.

Leedy, Wheeler & Alleman, Inc.

YOUNGSTOWN,
56

Butler,

Wick

&

Co

39

OHIO
90

THE

100

COMMERCIAL and FINANCIAL

Thursday, November

CHRONICLE

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For financial institutions

SECURITIES OF

TRADING MARKETS IN
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SWEDEN

CHILE

ECUADOR

INDIA

PERU

ARGENTINA

EL SALVADOR

ITALY

SWITZERLAND

CHINA

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UNITED

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CUBA

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NORWAY

WEST

DENMARK

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CANADA

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.

,

-

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KINGDOM

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SPECIALISTS

FOREIGN SECURITIES
50 BROAD STREET • NEW
TELEPHONE HANOVER

YORK 4, N. Y

TELETYPE NY 1-971

2-0050

Tour
Service
.

.

.

Singer, Bean & Mackie, inc.
40

New York 5

Exchange Place

NY 1-1825 & 1-4844

HAnover 2-0270

FIRM TRADING

OVER 350 STOCKS

IN
i

MARKETS

"

V

Direct

Wires

' '

to

Reynolds & Co., Philadelphia
Fewel & Co., Los

Angeles

■

Burton J. Vincent & Co., Chicago

GERMANY

'

.

15, 1956
'

.