The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Reg. U. S. Pat. Off.
THE
Volume
198
Number
LEADING
AND
INFORMATIVE
MOST
New York
6318
PUBLICATION
As We See It
As
a way strange/that all the current discussions
| about taxes, larger public outlays for. health care for the
aged, and the repeated allegation that large deficits are
i it would be
•
more
were
i
security and the
v
political quarters. Levies
on
the employed and their
j.ployers have been rising and
exacted from
are
a
the
are
of social
security taxes,
almost
billion and
a
or
now very
larger
half dollars
a
were
the
so-called fund.
been the
rule
for
a
This
excess
of
very $ substantial
r
It is thus very
been
policy fos¬
an easy money
bank credit expansion; draws a deadly
enormous
that
the
failure
include
to
the
large rise of time de¬
call for
a
assured
est authorities have
of
outpayments has
being revived.
view
fortable
years
the
upon
ployed
Treasury—is included,
This
has
and
upon
they
we
being
not
the rate of social
/
ever
hope to have,
trust
fund will have
accumulated (Continued
on
page
mean
told,
U\ S, Government,
Public
opportunities
since
or
greedy
steel producers,
will
become
easier, cheaper
to rise.
"
is
in
Federal grand
a
A
money,
and
able, with clear
are
possible for
means
every
it.
of
more
They see
threat of inflation until the price indexes
no
mar¬
presidential TV blast
holding these views
no
If the price indexes do not
inflation.
There
"A '
that
price indexes.
fJMI
-it
begin
rise, then there
'
fact,
of
people
—
wl!
The
be
Robert Van Cleave
rather
horizontal
strong
this
economic
the
mind
see
outlook
subject of
a
of
in
one says
inflation
the
State
to
discuss.
First, is the margin
exist
The
Third, is
real?
savings
if
Second,
it true that
only
the
price
two
can
be
first
briefly; the third will take
forces,
that,
money,
easy
the
of Hawaii
and
percentage
little time.
a
the
bank
credit,
the spur
and
other
of capacity utilization
Easy money ad-
creases.
itself
enlarged
indexes
dealt with
As business expansion progresses under
:
assertion if
an
like
stable?
remain
points especially involved here
plant capacity inexhaustible?
inflation*" cannot
commodity
a
should
reported
are
+-
I
unused'
of
three
are
in¬
(Continued on page 18)
State,
series of articles in next week's issue.
Municipal
and Public
Housing,
State and
to under¬
are
effect during war-time—not merely the
consciences, to push by
is the inflation?"
It is not too
therein
in
a
1957, and demand triumphantly to be
"Where
HAWAII FEATURED NEXT WEEK
investment
we
themselves
but
price controls, similar to those nomi¬
stability in the offi¬
commodity
course
in
and spreads,
prices
So
concern.
Clearly implied in this is the threat
Those
and
savings.
ably has followed
20)
grows
higher
zinc,
using these
"inflationary,"
necessarily
social suasion embodied in
upon
existing
the BLS wholesale
presently planned increases in social security taxes the
the
with
watched
pro¬
lead,
glass,
products
at
price index, which unquestion¬
to feel that with the
seem
trend
jury investigation.
men
aluminum,
fabricated
are
nally
r
greater ability to look into the seeds of time than
can
The evi¬
official
recent
of formalized
usi
Proponents are able jto point to
;a chart exhibiting 5 trends iri
political circles since present-sched¬
steel,
in
inflationary.
*
security taxes. In fact, Washington experts, who have
much
Thus
inflation in this context
By
cial
in
and many
if the
"competition" among producers
kets, and
thinking is
are
unem-
plant; :
for shares of the
this
these
based
of
of
^resources,
of
stand,
com¬
been
existence
machines
fact which apparently is not always
continued increase in
exist.
be enforced,
effective barrier against inflation.
an
materials,
*
ules
be prevented
can
can
far,
only dead, but buried, and beyond any possibility
promoting public welfare and economic
well understood in
inflation
not
advances
great deal has been said and written about the
deficit which the powers that be now wish to increase
a
then
in the price
logically that if, by
whatever, the indexes
rising,
paper,
absence of inflation in recent years. Indeed, high¬
clear that the social security system has
growth: This is
rise
a
follows
does
are
financing of investments by bank credit in lieu of savings.
contributing handsomely to the highly beneficial
for the sake of
it
nouncements, to the effect that the spate of price
A
v
to the fund but not to the
He relates the inability
posits in money supply definition beclouds extent of today's
paid out in 1962
number of
less than
or
this
price controls, to the extent they
comparison with deceptive events of the 1920's; and points
(the latest figures available) over and above all income
of
more
From
dence
out
prefers,
one
from
weekly "Review" charges inflation has been taking
tering of
large collections
contributions if
Copy
a
extraordinary savings-growth to
em-
target of the proponents of
despite the
indexes.
authority and author of his firm's well
place despite price level's stability.
past—a rising rate of taxation rather than the relatively
tax reduction. Yet
Cents
50
of pricss to decline in the face of excess capacity and of
j part of the wage and salary earners now than in years
stable rates which
nothing
as
,
any means
Investment banking
the rule in
were
1839
s:
ChUds and Company, Neiv York City
known
strange if understanding of financial matters
widespread and consistency
ESTABLISHED
.
m
in which
manner
clearly into the limelight. Or at least
more
..
Price
By Robert Van Cleave,* Senior Vice-President, C. F.
I essential to full economic growth—all have not brought
it is financed
FIELD
7, N. Y., Thursday, November 21, 1963
j It is in
matter of social
FINANCIAL
Is Inflation Dead—Or Disguised
EDITORIAL
the
THE
IN
Municipal
MULLANEY,WELLS & COMPANY
Lester, Ryons & Co.
Securities
Y(AQ
Underwriters
IAN,
623
Street, Los Angeles 17,
So. Hope
California
Distributors
Dealers
•
Members
Members
Members
Corporate & Municipal
New
York
Bonds and
Coast
Notes
Exchange
Offices in Corona del Mar, Encino,
Securities
Agency
Stock Exchange
American Stock Exchange
Pacific
Housing
Glen-
Municipal
Bond
Dlvition
dale, Hollywood, Long Beach, Oceanside,
CHEMICAL BANK NEW YORK TRUST COMPANY
Pasadena, Pomona, Redlands, Riverside,
v
P.O. Box 710, New York 8, N.Y.
phones:
770-2541
•
)EEjMIDWEST STOCK
770-2661
TWX: 212-571-1414
1
'MEMBERS
BOND DEPARTMENT
EXCHANGE^:
San
135 So. La Salle Street
Bond
Santa
Ana,
Santa
Monica,
Inquiries Invited on Southern
■J:''. California Securities
New
York
Correspondent
—
THE
CHASE
Whittier
Dept. Teletype: 571-0830
.
w
Diego,
FIRST NATIONAL CITY BANK
Pershing &
MANHATTAN
Co.
Chicago 3, III. FRanklin 2-1166
BANK
91st Year
California's Diversified
Net Active Markets Maintained
To
Dealers, Banks and Brokers
Canadian Securities
Orvis Brothers & G>
Established 1872
Block
Inquiries Invited
Canadian
BROAD
STREET
CANADIAN
Exchanges
DEPARTMENT
Teletype 212-571-1213
NEW YORK 4, NEW YORK
WHitehall
/|m»3/7 Resources
BONDS & STOCKS
Commission Orders Executed On All
Members New York Stock Exchange
THIRTY
CANADIAN
Dominion Securities
oreer
3-7500
vires to woftiUAL and touowyc
SoooBoov
MEMBERS NEW
2
BROADWAY
NEW YORK
a
YORK STOCK
-
1
NORTH
Corporation
Co,
EXCHANGE
LA SALLE ST.
CHICAGO
40
Bank
of
Exchange Place, New York 5, N. Y.
Teletype 571-0880
Area Code 212
WHitehall 4-8161
America
N.T. &S.A.
MUNICIPAL
SAN
BOND
FRANCISCO
■
DEPARTMENT
LOS
ANGELES
The Commercial and Financial Chronicle
2
The Security
World Wide Markets
I Like Best...
A continuous forum in
orders
for your
which, each week, a different group of experts
in the investment and
York
executions
Louisiana Securities
help
contacts
tional
the best
Contrary
locate
you
the land
investors
and
rities
rity consists of
York 4
60 Broad St., New
Telephone: 363-2000
212-571
Teletype:
Boston
Chicago
•
Philadelphia
to
valuable
Central
Continuous Markets
Virginia Securities
Call
the
Central
Grand
several adjoining
American
■
Furniture
the
Industries
Bassett Furniture
Craddock-Terry Shoe
R. F. & P.
Inc.
Victor
TWX
703 846-0920
39
6-1333
Private wire to Shields £ Co.,
,
New York
all
Central
York
of
tribute
this
the
to
bonds.
It
is
rentals
the
the
real
the
City
of
that
1949)
LAMBORN & CO., Inc.
STREET
("Chronicle"
pointed
long been
it
that
out
in
shareholders
best
time
a
ter
man¬
York
Central
of
eliminates
it
metal
namely,
the
in
in
the
—
Liquid
money.
River
duce
Exports—Imports—Futures
since Jan.
reduced
than
DIgby 4-2727
:
ble
XX
time
real
services
Central
and
at
able
centralized
substitute
traffic
control,over
State
of
nating
IN
a
no
MAJOR CITIES
'
,
.
pleased to
"
I
announce
i
of
with
available
on
in
the
to take
COMMERCIAL
the
trustee
news¬
FINANCIAL
CHRONICLE
25
Park
of
of
property,
the
their
than
op¬
price
present
a
its
in
is
ap¬
display
By
is
said
methods
it
advertising
With
for
a
daily
a
Photon
other
are
of photo¬
types
but
P h o t o n's
is
of
more
a
have
"romantic"
In
developed.
1961
the
500
debt
original machine (the
series) other applications and
more
series
company
which
concepts
November,
introduced the
consists
of
less
can
with
vary¬
ing desired capabilities by any of
cur¬
several
commercial
tapes, such
as
otype
this
pos¬
ate
security
or
as
teletypesetter, mon¬
flexwriter.
series
computer
of
which have broad
not
Machines in
designed
are
part
perforated
to
oper¬
systems
potential appli¬
set
Photon
900
series
(This is under
as
a
no
circumstances
solicitation of
an
to
be construed
offer to buy,
any
bearing
as
an
offer
to
sell,
or
security referred to herein.)
1051
and
QUOTED
at
the
Exchange
Exchange
962-3855
second
a
Stock
Stock
Penobscot
Building
DETROIT 26, MICH.,
de¬
Branch
313
.
Office
—
Bay
222-5012
Mich.
City,
time, revising
same
updating such rapidly chang¬
telephone
as
books.
Zip is roughly 50 times faster than
the
best
previous
combinations
thing.
1804
hours
telephone
IN
same
and
system
in
just
minutes."
43
contract to
directory,
it,
of
pages
company
Zip
man-machine
doing the
SPECIALISTS
V
Zip could reset the entire
Manhattan
the
for
In
29
awarded
was
Quality,
1962,
the
Reliability,
produce the print-out
(being
built
machine)
the
for
;
the
around
Med-Lars
project (National Library of Med¬
icine of the Department of
Education and Welfare).
Health,
It is
now
undergoing tests prior to its de¬
livery
General
to
prime
Electric,
the
contractor for
which is
the
project
expected to be in
plete operation by Jan. 1, 1964.
The
present name in 1950.
Sales of its
prospects would think twice
before spending
200
machine)
might
next
1889
—
with
a
spite
through 1959.
the
score
of
bank &
the
54
was
(Only $45
under¬
in the
throughout
it
1960,
their
prod¬
maintained
This
give
bound
as
monthly
those
"hard
a
management
in the
money
Write
com¬
WILLIAM
(
25
housecleaning" in
inventories
that
or
call:
DANA
B.
certain
CO.
REctor
off,
the
$2.82
per
share
N.
1960,
OVER-THE-COUNTER
in the amount of $1,-
5)
great
A loss
1961
was
credit,
were
of $2.67
followed
$0.03 in 1962.
seven
INDUSTRIAL STOCK INDEX
by
success¬
25-Year
loss
a
Although the first
a
FOLDER
is
possible that the final five
1963
could
be
on
profit-
page
ON
REQUEST
loss
National Quotation Bureau
$365,000, the company feels that
Continued
of
35 Industrial Stocks
of
of
of
Performance
share in
per
months of 1963 show
months
Q.
the
000,000 in December, 1961, and to
their
Y.
a
in
stockholders debentures (convert¬
at
N.
sold
offered,
management
7,
2-9570
and
were
at substantial loss. In the face of
of
Place
receiv¬
accounts
charged
were
Park
York
New
ob¬
were
slow moving were writ¬
obsolete and other assets
ful.
quotations.
came
considerable amount
own
or
off,
ible
as
find"
to
this period.
new
"financial
a
solete
ten
prices
securities
listed
all
on
well
the
you
will
publication
to keep it in business. There
pany
able
$4)
—
Over-the-Counter
In
year)
per
(Single Copy
relatively
shares
uct which shareholders and others
with
quotation
record
this, the
In view of the
confidence
familiar
1963
business
of
unfavorable results, the
price
—
Quickly By Using Our
high and 10 low during the period
high
Year
Service Your Accounts
company
in
be
price range of the shares
1951
Our 74th
$50,000 (a series
not
In
year.
Telephone: WOrth 4-3033
partially inhibited
were
by the lack of financial stability
as
St., New York 6, N. V.
a
profit since its inception under its
machines
CO., INC.
PRINTING
130 Cedar
..
has not shown
company
APPEAL
com¬
it
The
—
' Members
Detroit
a
type
characters
ing material
cations.
easily to be found.
'
Midwest
instructed,
so
SOLD
—
MORELAND & CO.
comput¬
a
tape reader so
be operated
V
BOUGHT
/'
to
selecting
can
450
while, at the
loss
a
when
remembering,
all
COMPANY
7
maga¬
giving orders. The result is
which
than 5% and
return which'is
of
a
photographic
principle
capable,
was
/
Life
semi- automated
ers
from
automation
7
in
appeared
typesetting
ma¬
Place, New York 7, N. Y.
ex¬
day to set one page of
From this
that it
unusual degree of
afford
striking
v
submit, that these bonds
and
around
newspapers.
in
photo unit with
70 these bonds afford
an
most
unique.
yield to maturity of 5.60%.
I
type
quote
on
the
.
"Zip links the old model T
which
producing
for
composition,
mortgage
for
zine:
of
mortage
V
which
To
article
in and put
200
secondly
and
-
arts.
There
property
this
graphic
L. A. DARLING 1
im¬
manufacturers', for
recent
,j
per
various
by
produced
<
branch offices
our
serve
portant
chine, this is done in 55 minutes.
re¬
now
country.
and
track
they have been deposited
sess
The
of
improvement
major cities
the
four
puters
compar¬
a
weigh
machine
one
display
even
a
throughout
sale
the
rent income of
stands
Photon
conventional
a
released first for the further
and
At
also
the
As funds have been
retirement.
that the "Chronicle" is
The
plication
elimi¬
thus
longer needed for railway
eration
are
part
ceived from
■
York,
tons.
newspaper.
system.
We
New
and
more
advertising
large part of its main line in the
NEWSSTANDS
costs
a
ample of speed and versatility of
extraneous
holdings,
which
Molds for
$2,000.
char¬
of
job would cost thousands of
two
to
the
estate
sizes, to pro¬
sets
disk
one
on
dollars
the
of
dispose
different
casting machine to do
art of rail¬
for the New York
same
ON
acters
operation has made it possi¬
improve' its
machine's
with 16 different type
12 different
192
around
>
The advance in the
road
mssss
have been
1, 1958 to less
$84,000,000.
of hot
pouring
Photon
The
,
faces in
$94,000,000
Thus
flexibility is shown by its ability
3V2S originally outstanding in the
of
projects it
characters
capability to
the quailty print-out for com¬
as
saving of time, space and
amount
Refined
—
the
,
setting type and results
to compose
Raw
in¬
charac¬
moving roll of film.
a
the
Hudson
and
electric
proper
it whirls by, and
as
to
on
beam of
stant, catches the proper
had
Every
punched
(standard
keyboard
of
one
possible,
ways
is
character
it.
in
set
typewriter keyboard), a
rapid retirement of debt. The New
SUGAR
characters
of Aug.- 4, light shoots out at the
to protect the equity
agement
the- Photon
whirling matrix disk
a
with
the
printing plates
Inside
made.
machine is
Central
equip¬
and
produces optical images
mechanical
be
can
revenue
practice of the
a
methods
photographic materials from
on
the
5, N. Y.
I
It
which
estate
real
York
New
the
System
NEW YORK
thes6
on
study of the debt struc¬
my
ture
WALL
ment.
conventional
of
use
typesetting
con¬
of
net
a
inate
approaching $4,000,000 per annum.
In
99
estate
estimated
from
composing machines which elim¬
the
the
second and its
and
and
212 571-1425
:JDirect wires to
the machine's
of
speed of over 450
of
but
to
revenues
security
now
contribute
held
leased
because
which
sells
,
Mobile, Ala.
"Zip," has created much
name
interest
rate
typesetting
photographic
the
vice
and
Exchange
Stock ' Exchange
HAnover 2-0700
of
manufactures
Photon
Stock
York
American
New Orleans, La. - Birmingham, Ala.
which
will
to the leading
position in its field.
of
and
Harlem,
is
con¬
ingredient
guide the company
plots is held by
and
latter
from
All Issues
LYNCHBURG, VIRGINIA
LD
York
the
New
STRADER and COMPANY,
.
New
since
Station
situation
management
good
I also
equipment.
this
essential
the
tains
parcel
The fee
under this indenture.
First
us
be¬
type
third basic inno¬
a
and
that
believe
held in fee by the
Central and pledged
York
I
photographic f
that
approach
the
in Buffalo, are
New
Mergen-
was
vation and that Photon has the best
Island,
and at least one substantial
second
Linotype machine.
composition is
in
in
zone,
the
lieve
many
Manhattan
of
side
west
and
St.
of real estate
pieces
Grand
the
addition,
In
Park.
John's
Wire Service
to
River
The first
movable type
industry.
Gutenberg's
thaler's
southward
extends
con¬
largely to the growth of
printing
was
the
including
the/ Hudson
along
the
system from New
Buffalo,
which
section
Los Angeles
•
San Francisco
•
Wide
World
York
1231, 32, 33, 34
—
which have
type-setting
tributed
first lien on the
a
main line of the
of
Their secu¬
outstanding 66 years.
Stock Exchange
been
There have been
story.
basic innovations in the field
two
due
now
These bonds have
1997.
Associate Member
3.%s
Gold
Railroad
River
1920
it tomorrow's
make
could
success
Nero
19 Rector St., New York 6, N. Y.
an
the '" ingredients
contains
which
purchase
of New York Central and Hudson
CORPORATION
American
the
recommend
I
which
report on
to
overlooked situation
unknown or
a
Members
Members
company,
opportunity
Co'
Steiner, Rouse &
Co., New York City.
I feel that this column offers
the
in junior secu¬
&
(Page 2)
a
but
a
protected by
substantial equity
Hanseatic
seek
who
successful
on
Bought—Sold—Quoted
-
3H? of 1997—Hu¬
Atwater, Analyst, Wood,
Walker
(and
report
to
safer
prominent,
of thoroughly apprecia¬
well-secured bond
NEW YORK
,
perhaps
small
a
much "easier
be
Vice-President, Rob¬
Co., Inc., Philadelphia,
Central
Y.
bert F.
would
It
there
&
(Page 2)
Pa.
N.
Photon, Inc.
tive "bond fanciers." To such stu¬
dents
7
Co., Inc., Philadelphia, Pa.
general belief
to
company
markets everywhere.
Established
•i:
3'/2s of 1997
is still abroad in
teletypes and Interna¬
European
Central
New York
wire system,
coast
to
coast
inson
Over-
their
of
Executive
Robinson &
Executive Vice-President,
York City
New
transactions.
the-Counter
■
Their Selections
EUGENE ARNOLD, JR.
Analyst. Wood, W alker & Co.,
Hanseatic for speedy, accu¬
rate
V,
Alabama &
favoring a particular security.
HUBERT F. ATWATER
facilities of New
wide
''
,
Participants and
Photon, Inc.—Eugene Arnold, Jr.,
using
and more traders are
world
Our
Thursday, November 21, 1963
.
advisory field from all sections of the country
on
participate and give their reasons for
the
.
This Week's
Forum
OVER-THE-COUNTER
More
.
(1994)
13
Incorporated
46
Front
CHICAGO
Street, New York 4, N. Y.
SAN FRANCISCO
Volume
w
,
Number 6318
198
.
.
.
The Commercial and Financial Chronicle
4i, ^
JA-t
f
Current Policy Trends
Thursday* November 21, 1963
=
Articles and News
By John G. Heimann,* Manager, Pension Fund Investment
FOR TAX
Department, Smith, Barney & Co., New York City
Is Inflation Dead—Or Disguised
made
Observations
leveling-off in the percentage of
include:
after the
vestment on a formula basis to a
and
to
Cleave
__John
—-
LOSSES
am
1
Policy Trends in Pension Fund
Investment
LOSSES
—Sell Your Obsoletes
G.
Heimann
*
3
Railway Equipment Shares Are Headed for
r
99
Revivification—-George L. Bartlett
greater degreo of selectivity; tend¬
■
Mortgage
STREET, NEW
WHitehall
YORK
4-6551
Association
^
f y
■;
WALL
Telephone:
4
'
::s.
National
Federal
direct cash flow to investment with greatest profit potential
invest in smaller quality companies with superior earning
ency to
—Robert Van
what
new
trend away from the across-the-board in¬
mid-1950's;
in the Days
as
TAX
Current
investments.
committer! to equities compared to dramatic increases that set
money
in
variable-income"
and
"fixed-income
portfolio —i.e.,
192G's_—
Of the
.
by pension fund'
being pursued
in managing the two basic categories of their investment;
managers
3
CONTENTS
/
In Pension Fund Investment
Study reveals investment policies
(1995)
'
1
Ira U. Cobleigh
'
9
growth rate; questioning of the need for marketability accompanying
pension fund possesses great inherent flexi¬
the realization that the
wilh economic and market developments.
bility permitting keeping up
We
current
investment managers of the larger
pension fund investment
trends in
self-administered funds. Our ob¬
servations of trends and invest-
the
on
sketchy.
techniques
The Securities
ment
and Exchange
limited
Commission
believe that they
releases
annual
la ti
ijBlip
an
on
V5j|
?
ing
We,
,
their
HHTIjHHH
John G
approximate
to
-the
-
portfolio
new money
the
in
commit -
compared
increases
dramatic
in
mid-1950s.
the
investment flow
contributions
between
-
the
The
major classifications of securities,
a
in
ceived
addition, the U. S. Department
of Labor fids
of its
some
the
findings
information
Office
Plans
of
established
The
100
five
Disclosure
latest
the
V
Act
;
1959-61,
of Labor
provided
the
by
whereas
the
SEC,
all
covers
since
the
-
is
latter
Re^pts
'
50 4
habits
and
retirement
judgments
of
of
bas leveled around 50%
many
statistics,
of
'
let
introduce
me
by outlining
information. In
deals with
insured
the
a
brief,
w
the
funds
including
managed
or
.
funds.
funds all
ment
use
In
advisory
cordingly, because of
and
our
contact
Bookshelf^
Market
.
.
You
and
.
Public
assets
are
between
these two
Continued
Founded
on
1868
York
ST.,
NEW
Securities
TELEPHONE HAnover 24300
16
—
21
—
Offerings
Security
"=c
■
Egapapafl
HiylOSi
ilSil
d*.
'•
-2-
31
—
Corner
Stock
14
*
6
•-
'
.
v
'
•
.
-
/
■/
.
Washington and You
'•
:—
;
'
36
For Banks, Brokers and Dealers
■
Park
CLAUDE
fundapage
DANA
WILLIAM
REctor 2-J)i)70 to i9576
7, N. Y.
SEIBERT, President
D.
-
Thursday,
SEIBERT,
Treasurer
J.
November 21,
MORRISSEY, Editor
1963
Y.
,
TELETYPE 212-571-0785
;
Schenectady
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Worcester
Nuclear
Thursday (general news and advertising issue) and every
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(complete
statistical issue — market quotation records,
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Every
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'
per
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Union
Y.
postage paid at New York, N.
class
States,
$20.00
per
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ONLY
of
'
(52 issues
per
year)
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and
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Place,
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Twice
WILLIAM
2,i
FINANCIAL CHRONICLE
COMMERCIAL and
INCORPORATED
PUBLICATIONS
Exchange
YORK
Chicago
21
Market
Bond
*
—— — — -
Industry (The).
Stkte of Trade and
Tax-Exempt
1__.2
(The).—A...
Record
—
Monthly,
$45.00
per
year
(Foreign
39
BROADWAY, NEW YORK «
extra).
account
remittances
for
in New
of
foreign
fluctuations In the rate of exchange,
subscriptions and advertisements must be
the
York funds.
,
Ci
+
27
Registration..
in
>?mm\
tu
2:
20
Securities..^
Salesman's
Security
made
Bankers—.1
Governments—
on
Security I Like Best
Note—On
Boston
17
12
Now
Prospective
Bank
Newark
<
—
Utility
Published
New
Nashville
7
4
Reporter
The
Spencer Trask & Co.
Albany
Washington
15
..."
.
THURSDAY EDITION
BROAD
Los Angeles
San Francisco
26
(The)
/
other
25
to
12
.
Current Business Activity...
of
Funds
Mutual
Union
Members
IF ires
Cleveland
Philadelphia
8
Washington Ahead of the News—*
Indications
V
Se a re~
PREFERRED STOCKS
,
Recommendations.
Chicago
St. Louis
V
.
36
—
Einzig: "The New Fashion in Economic Theory"-
without written
specialized in
Exchange Plact. H
Direct
25
1-
Investment
40
Teletype 212 571 0610
19
Stocks
Insurance
Dealer-Broker
All
have
1
(Editorial)
Coining Events in the Investment Field
policy. We
r®se® n9
dramatic reevalual10n °n the horizon right
to the investment think- >
For many years we
Singer. Bean
sMackie, Inc.
this
within the basic categories of
Fixed-Income Investments and
Variable - Income Investments,
The percentage distribution of
ac-
we
34
It_
Businessman's
fun<* managers to their portfolios
these
and,
with the funds themselves
exposed
^
of
Our discussion of current trends,
therefore, will concentrate on the
bi-partite investment policies
applied by
type of invest-
service
,ou*
funds,
general,
some
Bank
unilater-
funds, and state and local retirement
See
We
now*
firm
across
corporate
union-management
,
®valuation
sources
my
con-
unless dramatic c hanges
large number of self-
retirement
country,
ally
our
As
Our
of net
receipts. We expect this to
funds.
Having noted the lack of reliable
subject
Nine-Point Plan to Meet
Issues
Observations
confirm it. investment in equities
the
view
can
16
Competition
News About Banks and
of their
46.5% of
in-
an
!
NSTA Notes—
55 3
i960
investment
one
provides
Sanders Assoc.
of Chicago Acquires
54 3%
teresting framework within which
information
''
i
-.r —>•'
total book value and
total market value. In our opm*on> ar?d surely the SEC statistics
this
•
•
common stocks as 38.7%
only with the corporate-managed
retirement funds. However, all
15
Regular Features
From
Corporate Pension Funds reported
concerned
Bodies
re¬
This increase in common stock
commitment has led to an in¬
evitable result: at the end of 19o2,
reported plans,
Public
Quotation Bureau
Steel Institute
showed
1961-~
-
National
;
are
not comparable to the information
former
funds
:\'7-1959 r495
1958_]
430
1957~IS ~ ~~~ 36 5
reading though,
Department
receipts
net
1962_w™_j.L
.
unfortunately, the facts presented
by
years:
Year-&„i
publication,
Plans,
Largest
makes interesting
of
as
Net Purchases of
Pension
Commerce Clearing House
Marrud, Inc.
Underwriting of
Benefit
reports that
investment
pension
by the
by the Welfare
Plan
Tne
1958.;
and
stock
percentage
by
SEC
the following trends for the past
result of
as a
collected
Welfare;
Pension
and
of
just begun to release
The
common
Will
Bonds
with
this type of investment since the
of
Revenue
general
a
leveling
a
rate of return experienced and an
of
Alan K. Browne Says Bank
HA 2-9000
equities
rather
SavAStop
——--Stanley M. Rubel 13
investment
of the
namely,
ment
Riley 10
sufficient depth to
percentage of
Heimann
W.
ex-
indication
v
Public—
World
in terms of total
trend;
the
n,
our
____John
as
private
a
diversification, observe
diversificaO
from
Stocks-
SBIC's Must Communicate True Image to the
we
broad
thinking of pension fund invest-
investment
t i
though
as
ment managers,
'
informaon
are
believe that
posure is of
be indicative
JjJSBB
Pension
Funds provid-
necessarily
are
exposure,
We
source.
Corporate
tion
in
available
any
•'
tabu-
on
«
investment
the
to
,
ing of many banks, independent
counsellors, and the
that the
aware
available
data
public
general
is
well
all
are;
statistical
Probing the Mysteries of Life Insurance
WHitehall
Teletype
3-6633
212-571-0500
212-571-0501
4
The Commercial and Financial Chronicle
(1996)
From
OBSERVATIONS...
through
net
$52 million in the second quarter,
the
dollar
quarter
exodus
from
in
this
'third
the
fell
source
to
practically nothing. Similarly, the
purchases
THE SWITCHING HOUR-
NEEDED
REALISM
This is
of your becoming
for tax-
Issue to issue switching
reducing purposes, so widely ad¬
vocated
fallacies
investment
with
well
as
If
to
issue
an
all
count
investment
adverse
the
a
factors, is rationalized on the basis
of
subjective
Thus,
lished by one
of
the
Also,
of
companies,
of
securities
for
your
you,
now
list
holdings
which
entailed
transfer
tend 'to
or
total
This
comment
from
house
a
soliciting
with; and if genuine invest¬
saying
profits
the
But
and
flects
the
The
in the
the
of
disadvantages
establish tax
the
switching
in
losses
invest¬
selling
A
ar¬
word
of
caution
of
two
two issues you
the
one
you
that
ways;
the
other of
happen to
don't
is,
the
to
own,
assuming
billion,
Despite
the
vs.
ON
before
Extinction
reality
of
it
bird-in-
in
Federa¬
in Chairman Cary's
letter
to
Congress
in
which he said that the Report was
not
'a
picture of pervasive fraud¬
ulent
activity,'
and to
note
again
the
to
effect that the char¬
perhaps,
words
'more
v/ a s
One may
the meahing of the
over
'pervasive'
lent,'
but
and
'fraudu¬
blink
cannot
one
fact that with
and
politic
quibble,
the
$5.1
It
fell to
billion
appropriation the Study
turned up instance after instance
of
highly questionable conduct in
securities markets, carried on
alone
by
the
marginal
ele¬
third
quarter
almost
effects
of
last
proposed
is postponement rather than
per¬
fore
the
Congress.
"In
-
transmittal
the
year.
But
"interest
of
Report
'mild'
as
—
it
buyers
growth,
some
as
re-
^
-
as
ceuticals,
also because
only
the
on
because
I
re¬
I feel it will have
unwarranted
and
adverse
an
effect
prospects that the Study's
recommendations
will
be
carried
"The Commission has evidenced
considerable
of
ieaders
industry
for
Certainly the ConrL
should
not
in
act
rail
own
industry,
thing.
and
is
1964 than
build
do their
ing.
a
their
own
Soon
hand
by
the
11,200
cars;
had
oils,
7,200
units.
in
business
In
$100
other years,
it
rails,
was
1
and
a
the
However,
no
more
other
the
Subsequently
are
the
backlog.
unquestionable
tions that
freight
a
than
shortage is
car
either
ization
days,
making. So the expectation is that
electronics
while 1963 will prove a good year
for the rail equipment
business,
stocks in their
early
heyday
and
1964
with
should
other
fell
stocks
from
only
few,
a
and
numerous
ex¬
seemed
to
com¬
others,
many
and
groups
with"
in
new
highs reached in the Dow Jones
industrial average, have recovered
little
of
erstwhile
their
prestige.
One
price
group,
financed and
once
the
strongly
highly regarded
railroad equipments, is a case
point.
Most
of
these
in
companies
do
than
in
1962.
Some of them still offer
an
annual
in
better
yield
1963
of around
5 %.
In¬
dustrials in general give an aver¬
of
aro
und
3.2%
currently.
Orders
being
right
that
for
means
roads
large
it
seems
placed
are
volume
continue, for
will
Business
railroad
should
in
and
now
equipment
new
placed
this
I
.
likely
should
better.
even
be
the
of
; *
Managing Partner
By
Mr.
Cohen, Nov.
the Bankers and
13.
tee
companies
Pullman
tween
"The
be
with
is
understood,
the
it
today
exclusively
are
railroading. When
given its choice be¬
was
remaining
car" business
or
in
of
the
SALOMON
s1
manufacturing activities, in which
it was
it
also engaged, it elected to
the
in
latter.
Subsequently,
acquired Trailmobile, maker of
highway truck trailers and M. W.
Kellogg,
maker
of
variety
a<
i
\
MEMBERS
of the basic market
and
builder
man,
ent
of
chemical,
today, is
on
no
railway
longer depend¬
building,,
car
though
a
substantial
is
still derived from
source.
part
mention
over
to
other
few:
a
NEW
YORK
STOCK
where
EXCHANGE
or
inadequacies
abuses
[Sic]
PHILADELPHIA
CLEVELAND
should
have
"There
or
be
sought
has
been
by
own
shops
LEHMAN
is
now
make
aircraft and
interests
in
electronic
BROTHERS
DALLAS '
,
•
November 19, 1963
V
•
to announce
>
RICHARD SHIELDS
Vice
President, Director and Member of
the Executive Committee of
The One William Street Fund, Inc.
CHICAGO
impressive display of governmentSAN FRANCISCO
pleased
the election of
most
a
:
.1'
PALM BEACH
'
industry
cooperation
in
meeting
worthy objectives with which both
sides
a^e
in full accord."
-
To
Brake
Shoe, N. Y. Air Brake, and A.C.F.
Industries
weaknesses
appeared.
lines.
American
tically reconstituted, but that im¬
provements
its
that
tial
regula¬
BROTHERS
of
Other companies also have
swung
that
dras¬
and
inghouse Air Brake has substan¬
their
before
be
oil
plants among others. Pull¬
paper
the full story. Some of the
as
SIXTY WALL STREET, NEW YORK 5
BOSTON
or
should
of
industrial equipment and designer
maintain
to
OTUTZLER
«H
,
any
tory institutions
"parlor
sticking to the
guided missile components. West-
any
not
that
no
Relations:
Study concludes
out
equipment
Co mm it-
Institute of Human
"
railroad
Brokers Division
of the America n Jewish
the
Trend
pointed
concerned with
some
equipment companies,
danger of becoming a captive
of the industry which it is
charged
with regulating."
V- viv:;v.
in
or
income
yield
age
few
stay
"
such
It
their
pedestals. For example, rails
pletely
be
Diversification
Simultaneous¬
cluding
now,
o n.
so
George L. Bartiett
ly,
us
the
has been named
But
indica¬
their reorgan¬
self
agency
for
placed
probably added another
Commission
administrative
own
orders
commendable
immune
com¬
railroads
ignor¬
to
fig¬
some
equipment
unfilled
million to
there
in
Nov.
Oct. 1 numbered around
on
early 1963.
others
cars;
repairs and rebuild¬
released, showing orders
shops
as
year.
own
after
ures were
panies
this
cooperative
essential
car
equipment
of the views and problems of
regulation
is
tendency to rush to
(4)
few years ago,
time.
out.
a
and
in
or
a
r m
a
un¬
unfair to the Report but
as
endeavor
SALOMON
re¬
gard it
the
It.
largely
was
not
ance
WILLIAM
Commission's
fortunate
groups
that
stock
will
letter
our
mission
announce
firms.
sponsible for the frequent descrip¬
consultation.
pleased to
the
view
my
securities
$1.54
entirely due to the
the
influential
characterization which I think
quarter and $3.6 billion in
was
largest, most respected and
our
most
tion
in
be
11 y,
a
—
herds toward
have lost their status almost
relatively modest
a
third
the
h
sometimes
—
the comment of the London Econ¬
omist
and
happened
place, I would like
personal demurrer to
transmittal
order
psychology,
it
should
be ■equalization" tax on United States'
citizens' purchases of
foreign
borne in mind that indiscriminate
stocks and bonds, with its retro¬
issue-to-issue switching too often
active provision, which is now be¬
are
the
p
that
in
to run
objective,
of Women Shareholders.
"In the first
of
substantial
in
hand
We
Study By Mr. Paul,
12
the like, but within branch offices
country's balance
last.
versus
is
the
deficit
quarter will
Second
own.
that
payments
the
Postponement
be
is highlighted
either
or
indis¬
BALANCE OF PAYMENTS
in
the
tion
the
OVER-OPTIMISM
to
than
tend
or
not
reduction in this
one
of
should
>.
ity, with the exhortation to switch
of
November
ment of boiler-room operators and
listing of pairs of issues
the
tax
re¬
ranged according to price similar¬
from
an
the
factors.
adverse
seriousness
ment
Director of the
staff
fully realized!
whether
no
are
offset,
in
implications
criminate
of
be
increase
net
should be sold because it is down,
depressed pfice already fairly
there
to
around
taken
are
bill may result.
stock
a
losses
subsequently when
fancy verbiage is merely
irrespective
with
parted
15 will be greater; the
ment-motivated
tax
generation
c e n
thaii accurate.'
for
attitude
Counsel; and Milton H. Cohen,
work
candidates
for
industry's
(from
ultimate
camouflage
the
and
keis
down
selling."
Such
of Securities Mar-
Special Study
acterization
low
7
the
manufacturing facilities;
1963, yielding 5% compared to 3.2% for industrials, and
oftener
of
actual, or in the making,
expects business will be better in
Every
versions
(1)
rails' improved prospects for long term
(3) possibility that rails will give up their
equipment
ments in
Contradictory
(2)
signs of reviving life for the
panics and some salient data concerning th?m and the author's
preferences, Mr. Bartiett envisions a good year for most rail equip¬
,
elsewhere.
WEEK
definita
& McKinnon,
City
companies diversification trend lessening their exclusive dependence
on railroading. Table provided lists 14
leading rail equipment com-
evidenced
QUOTATIONS OF THE
expert discerns
life;
on
and
difficulties in getting their money
taxpayer will have less dollars to
at the extreme
obvious
"ac¬
substantial
immediately
next April
lease
thus
This is particularly so
to enter my
even.
If
Straet
equipment industry in view of:
freight car shortage;
equal¬
not
with foreign borrowers'
issues
point of their recent price ranges
are
securities,
the
disregarded, the dollars
are
be
will
measure
rail
pinch off the market for foreign
"These
currently
are
to 70%)
to
following
business:
tax
a
$50,
gained from
losses,
the
have
in
expenses
is not to disregard the ad¬
vantages to be
do."
that
tax-
necessitating
that
we
ization
the statement
investment goals,
your
the
cepting ..losses."
29%
the
points merely to break
of holdings no
groups
affairs,
passage of the interest
even
minimum loss of four
a
monetary
for
Wall
the
of
thereto, by Richard H. Paul, Gen¬
$98—thus
taking of
individual
New York
V.
Robert
Secretary
prices
value of $100, selling at
par
by
out
Under
taxes;
-;
example,
For
:
By George L. Burllelt, Partner, Thomson
op¬
selling and buying stocks, with
is the time to set
If
pointed
eral
made
has
As
transactions;
reduce
AreHeadedforRevivification
issues
only $175 million against
Roosa,
brokerage
in
and
actively concerned with securities
this
switching
saving unless the registerable loss
should not delay in becoming
And
of illu¬
calculate,
gloss over, the dollars
is sizable.
holdings less sound
order.
in
longer fit
you
to
to
secured in the actual
the course
even
or
markets,
of
your
else
source
failure
If the changing position
jectives.
some
involved
be
and leakage involved in the
ob¬
ir
one's
commissions,
suggesting that the security is "no
longer right for you and yo
potential
a
eration;
selling at depressed levels by
>
assumptions,
and cents cost of a
process
ac¬
foreign
new
$520 million in the second quarter.
an
proportionate taxable gain.
sion' is
of the popular brok¬
services sweetens
ers
pub¬
currently
booklet
a
needs.
investment
rises in
ultimately
will
with
or
the
totaled
of
Treasury
issue
with
cordance
tax loss, at an
market
new
your
you
register a
otherwise depressed
price that takes into ac¬
Selling
saddled with
investment.
your new
illusions tax-wise.
as
because
so
equivalently reduced cost basis on
is fraught
this season,
at
capital
manent extinction of your
gains tax bill.
Thursday, November 21, 1963
.
purchases of foreign securities of
MAY
WILFRED
A.
BY
outflow
an
.
.
November 20, 1963
!re-
Volume
search and
General
The
production;
few
should prove
American
job
This
moting
sub-group,
covered hopper cars,
as
in¬
larger,
to
change-over
a
Union
tank Cars
Pullman,
Shoe,
Air
and
Car
Tank
house
specific needs, special
"piggy back" equipment and so on.
consider¬
capital gains but involve specula¬
tries,
Transportation,
A.C.F.
American
North
Forgings.
Pittsburgh
natural
desire
broader
industrial
to
a
into
effects
contraction
of
in
of
thing before. At the turn
the
of
wave
the
century,
expansion
being
the
tions
of
These
first
industries
of
this
phase ended
World
in
times.
The
cars
and
other
War
II
and
simply
1929.
was
is
since- it
not
and
come
ended,
and
practice
ever
We
mention
there
cause
these
matters
much
to
be¬
companies.
really have
each
wonder
surviving
of
to
such"
of
face
testing
of
earning
power
financial
and
big
not
carriers,
eastern
not paying-much
in income taxes. The western
southern
strength. These considerations
are
particularly -applicable
re¬
with
highly ' cyclical
y
Drawing together these several
,
factors,
would
seem
the
of
verge
life,- but
cannot
lease
new
a
time
the
to be
appear
much"
so'
railroading.
as
business/ recedes,
-bulk
as
When
shipments
materials
raw
feel
it
of
first
as
the
are
quick to reduce expendi¬
it
perceive
tures. Maintenance is likely to be
skimped
of
here
there.
and
equipment
is
because
the bulk
under
their
earnings.
halted.
will
railroads
the
decisions
activities.
their costs is available but
on
are
have
improvement.
Little
be
widespread
equipment industry could
and
beneficial
(4)
efficient
New,
'
and
pays
The
freight handling
off rapidly.
equipment field and
while the merger trend
results
have
due
been
is strong,
slow
veloping., Nevertheless,
lease
favorable
the
in
de¬
railroads
to be in for another long-
appear
term
and
life,
on
terms.
and
This
that
means
on
that
railway equipment industry is
PRINCIPAL
concerning
there
some
cases
American
Amsted
_____
Shoe_'__
Industries-______
General
Amer.
General
Signal
General Steel
not
the
well
%
1.40
231/2
0.40
50
2.40
39^2
28^
Industries-
23J/2
2.5
2.70
2.11
20.4
1.7
*2.00
1.05
11.7
4.8
.
P/E Ratio
*4.30
4.27
11.6
:
the
H.
Fulton
tire
choosing
He
will
Director
.-'Vy
mittee
Dominick
Jr.,
Com¬
Dominick; George J.
&
Hornblower. &
Weeks; Hudson B.
Lemkau, partner, Morgan Stanley
& Co.,
all of New York; Frank H.
Hunter, partner, McKelvy & Co.,
Shelby Friedrichs,
Pittsburgh; G.
richs and Company, New
Merl
Orleans;
George A.
San Francisco;
Newton, partner, G. H. Walker &
St. Louis.
Co.,
recommendation
Their
Mr.
of
unanimous.
was
Mr, Haack had previously been
nominated by a
Board
NASD
to
unsalaried
an
election
His
Committee of the
serve
position
next Jan.
until
will
he
15,
said, that he
1
the
of
in that
serve
April
which
at
retires.
Haack
will resign as
Fulton
Mr.
price
—
picking them out.
'
do it?
to
family
his
move
headquarters
Washington,
of
to
Mr.
is
Haack
Business
attended
you'll make
Still, based
You'll find those six characteristics
spelled out in our
48-page booklet 011 growth stocks. More than that,
you'll find the names of 101 companies that seem to us
more
qualified than others to be stamped "growth."
On
each of these companies the
booklet
provides a descriptive
record of sales, earn¬
ings, income, and dividends, that
should be a
big help to any in¬
vestor
looking for growth stocks.
digest
—
If
you fall in this category
yourself, we'll be happy to
mail
you a copy of 101
Growth Stocks,
There's
not
no
charge. You're
obligated to do business
with
If
us,
you'd like
below.
a
Yes, please send
of
1.60
10.0
lic schools in Wauwatosa arid then
1.13
12.3
graduated
*1.50
1.23
20.3
Holland, Mich. His first job in the
■a
u
*2.25
0.11
14.7
financial
MEMBERS
1.97
13.9
waukee
attended
Hope
community
work for the
present
or
mail
us
the '
•
,
of 101 Growth Stocks.
MERRILL
provided by Milwaukee alumni of
bank
me a copy
.State.
the school.
his
in,
„
City
13.4
of
come
.Code.
scholarship
16.2
went to
simply call,
(AA-190)
1.35
a
a copy,
Name
2.42
as
either.
coupon
*2.20
was
that.
new
/ *1.45
'
or
the record, we've found that six different
keep cropping up in greater or lesser degree
distinguish growth stocks from others, six different
characteristics that provide at least a
rough rule-of-thumb
for future
performance.
/
-
*
from
promise you
buy this stock
you
characteristics
5.5
had
on
if
guarantee the
can
to
3.4
He
money
can
business that
our
which
School
under
soul in this world who
firm in
Address.
graduate
a
a
a
the
NASD, early next year.
15.2
20.3
nor
Chairman at
time. Mr. Haack said he
same
that
President
become
Mr.
expects
1964.
means,
Chairman
become
capacity
in
—
President
as
the NASD statement
the
Chair¬
as
of the Board of Governors—
man
future,
partner, J. Barth
McHenry,
Co.,
Fried¬
Labouisse,
Weil,
Howard,
Harvard
*2.20
increase in
an
No, nobody can.
of
Pierce, Fenner & Smith, Incorpo¬
he
4.6
we
There isn't
.
Leness, President, Merrill Lynch,
14.2'
1.40
big problem
Can
next
partner
Chairman,
10.0
4.8
A
re¬
J
Rockefeller,
Avery
1.79
4.6
ahead? Some stock that should show
corresponding to the company's growth?
"Selection Commit¬
ing:
1.70
1.60
to
buy stock in some company that's
going to grow much faster than average over the years
composed of the follow-
was
*2.35
1.40.
Limited,
Chairman of the Toronto Bond
growth stock...
Who wouldn't like
was
Wallace
he
announced
The
1.
V *2.00
,
Company
with
Fine, who wouldn't?
a
of
candidate
a
when
Executive
as
4.2
33
York.
association
the
4.2
30V2
♦Estimated.
at
Board
position of executive head
of
1.20
*2.10
Brake 30V2
place
the
New
in
of
task
1.00
*1.50
Car
took
tion Committee" which was given
2.51
5.4
and
cases
for¬
was
Traders Association.
a
proposed for the job by a "Selec¬
3.41
; 4.7
Brown,
merly
is
of NASD for
meeting of
2.59
1.00
who
Murray A. Brown
Gairdner
disciplinary
The association said he
election
His
*3.75
v
the
Exchgs.
y.
will be paid $80,000 a year.
4.0
ISV2
Co
Pullman
Air
two years.
3.1
*
of
Committee
This
r.
the
of Governors
Board
1.60
1.00
Westinghouse
Robert W. Haack
2.40
21
Forging
Current
1962
1.60
Tank
are
and
1963
0.80
Car—
mem¬
when
Net Per Share
Yield
29
Union
former
EQUIPMENT MAKERS
23 V2
&
in
necessarily the
as
M
So you'd like to buy
has
of
Board
as
North
Poor
pur¬
yields
growth in other directions
N. Y. Air Brake.—
'Pittsburgh
ber
of
involved,
Div.
Transp— 76
American
a
will
55
Brake
are
think
attractive
Committee
Stock
been
Busi¬
of
and
been
time
RAILWAY
Industries
Products-
although
salient'
We
has
W:
pany
best that the list affords. Problems
Price
Alco
some
are
chases,
Recent
ACF
firm
Haack
some
them.
year
all
and
Montreal
of
pub¬
College,
of Mil¬
runner.
LYNCH,
PIERCE,
FENNER
YORK
STOCK
EXCHANGE
AND
& SMITH
OTHER
PRINCIPAL
STOCK
AND
firm
70 PINE STREET, NEW
INC
COMMODITY
He
predecessor
investment
NEW
of
Toronto,
Baird & Com¬
de¬
>■
leading companies in the rail
data
the
invest¬
ment
accompanying table shows
work
are
equipment,
embracing size, weight and design
cars
reviews
Limited,
members
three
National
Conduct
Easson
Co.,
Canadian
the
of
affiliate,
son,
a
Chairman
217
and
Isard, Robert¬
committees.
&
the
changes
to
its stocks.
Arbitration awards in the carriers'
rule
informa¬
under study. Effects
the
vices,
earnings-
substantial
ultimately dis¬
turing
being eagerly awaited. Also, since
shown
that
possibility
of their equipment manufac¬
pose
late
rail
a
Vice
the
this
Haack
association.
rated; Howard E. Buhse, partner,
There is
(3)
in
1962,
in
nature.
political climate and several
important
extent, but
them relatively cyclical
on
country knows, railroads
enjoying a relatively favor¬
highly
improves
tion
of their volume
term leases.
As the
are
some
its
and
of
partner
the
for
stability and broadens their
leaves
Some
Encouraging Prospects
able
This
earnings base to
the subject is
^
compa¬
raidroads
the
on
ness
reduced their
sharply
dependence
for
St.,
Bay
District
NASD
8
Co.,
Mr. Haack is
a
tee"
Buying
branches of the industry, such as
car
leasing, are relatively stable
is
nies* have
1962
and
son
Limited,
elected
was
A.
Isard, Robert-
handled by the NASD's 13 district
April
yet be predicted.
Railway equipment
their
and
they
carriers
Mr.
April 1,
£
manager
in
Murray
—
on
realization
of
as
one
trad¬
Committee.
Chairman
1964.
for the
to emerge:
The railroads
(1)
on
the following conclusions
the
of
Canada
man¬
previously been
No.
the
take
special
Favorable Conclusions
(2)
industry,
effect
and
benefit.
did
roads
spect to the rail equipments. It is
a
to
Governors
in
stress,
small
of
relationship
stocks
these
but
relatively
since they were
purchases
holders
and
management,
times
Some
and
little
other
rail¬
the
among
a
the
include
diversity of effort to
mergers
changes have been
1956-57
constituted
as
create broader earnings bases for
established
the
to
segment of the roads and did
these
is
about in the
muddled
as
tax
effect
since
roads
tion
TORONTO,
Brown has become associated with
to serve on the
year
had
years,
"the
to
of
Robert
into
put
they have been.
are
help
1
This
doubtful side-lines would
Various
has
theories
economic
the
less
industry.
us.
peace
of
specialists. To dispose
considerable
of
be
is
become
business
will
it
the years pass.
as
age of
an
of such
Before
absorbed.
upon
and
attractive
defi¬
equipment
the
not
railroads
Though nearly two decades have
passed
Milwaukee,
associa-
the
of
manufacture
cult
and
capital.
day
well
were
of
He
Committee
President of
ciencies, ;feut also those of Europe;
these lessons
Haack
He
Governor
more
one
member
Robert
newly-created
position
feared
in
the firm's Execu¬
Committee.
NASD
Board.
the
of
elected
20
the shoulders of the railroads of a
industrial
our
W.
removal from
mean
Nov.
heavy burden of expense in diffi¬
generation. World War I laid bare
numerous
Dealers
into
that
of
would
course,
Governors
Association of Securities
National
in
except
activity
intense
of
Board
concentra¬
and
the
"trusts"
great-
brought
great
became
hated
first
of
years
an
had
The
sub¬
which
normally would be few. This, of
The U, S. has been through this
f
over-capacity
of
one
institutional sales
member of
and
Pres. of NASD
syndicate
department,
ager,
The
svstem.
is
situation
stantial
'
sort
Pennsylvania
business
investment
the
to
tive
the
if
some
current
—r
-
the
as
in this field has under¬
radical changes.
gone
especially
Robertson
military service he returned
-
Haack To Be
This
re¬
November 1945 and has since been
risks.
ing
the light
in
aviation
an
head of the Baird Company
big", assets-rich eastern lines, such
portation system, practically every
company
tive
own
requirements.
newer
involves
the
trans¬
our
the
cf
•
and
that
quarters
building set-ups
car
modify the highly cyclical nature
railroad domination of
been
some
tioning the wisdom of their
thus
and
has
in
from
rail managements have been ques¬
a
base
talk
able
and
Through
expand
also
There
Indus¬
Car
With Isard,
in the South¬
duty
overseas
placement squadron. Upon release
American Car appears suitable for
Car,
in the analytical Dept.
west Pacific with
Ind., N. Y. Air Brake, North
5
Murray Brown
His first
1940.
He enlisted in the Navy in 1942,
investment.
for
Brake
General American
ACF
Harvard
from
in
School
was
saw
Westing-
tailored
Tank
to
Brake
General American Transportation,
specialized freight cars such
more
leasing
car
quite potent in pro¬
cludes such important concerns as
Union
graduating
upon
Business
diversification
in the activities of the
companies.
performance and tax con¬
siderations. Our selections include:
also have
years
considerable
seen
recent
revivifi¬
another
for
cation. This combination of stimuli
Signal.
past
in
likewise
too has
so
(1997)
The Commercial and Financial Chronicle
Number 6318
198
YORK 5, NEW YORK
EXCHANGES
The Commercial and Financial Chronicle
spotty with some issues off
been
to
Tax-Exempt Bond Market
start
excellent
an
and
Thursday, November 21, 1963
.
for bidding.
Lake, Texas
important
are
a
tax
that
in fact there
and
interest
$5,400,000 Water and
up
Clear
Sewer
(1969 - 1993)
Authority
to
the
syndicate
System
bonds
headed
relatively
jointly by John Nuyeeh & Co. ahd
degree that in¬
Howies, Winston & Co. at a net
interest cost of 3.8674%
elements of
are
participating
now
of
bid,
ner-up
in
a
cost,
3.889% net interest
a
submitted
was
The run¬
.
November 21
Alexandria
(Thursday)
; *
Bloomington, Minn
Fla.
Co.
Broward
Under¬
by
Cedar
Mass
better in
chases at the best
less
or
more
a
/
Diminutive
-1:
At
Available
Yields
Generous
quoted issues were bet¬
some
instances by small
in
gains
small
and
fractions
although'trading
There
timism
there
that
the
in
attitude
investors to
tax
ous
values
in an
marketplace.
available
currently
replete
unusually
The
yields and
bond
of
assortment
has
offerings
been broader.
rarely
pervading
better
ligation
bonds
higher
were
of
yields
available
are
week ago and, as a
a
fact,
early Feb.,
The
out
at
yield
3.13%.
high grade 20
market
week
side
in
This
the
further
early
in
period
the
Maysville, Ky.._,
New York State Power
10.
bonds
for,
up
there
Moreover
no
large negotiated deals
the
swell
schedule
of
noted
before,
Auth., N. Y.:. 17,000,000
..3,430,000
1,000,000
million
-
Lucas
With
by
fuzzy financial
a
conclusion
gone
the
1,200,000
tivity
appear
2,375,000
The
three- 'in the
the
are
week.
1,500,000
11:00 a.m.
11:00 a.m.
53,400,000
1965-1982
10:00 a.m.
10,500,000
1964-1993
11:00 a.m.
3,000,000
1,419,000
1965-1984
1964-1996
9:00 a.m.
11:30 a.m.
1,611,000
1964-1983
11:00 a.m.
course
of
in
the
a
last
accounts Rave
broken
partly
general obligation (1966-1980)
and
alleged
Oklahoma
3.096%
There
were
accounts
is
ately meaningful.
Revenue
izes
Bond
the
Index
could
little
week but there
few
been
days.
at
Many
long
last
useful Blue
ever
listings under
$500,000,000 in Tuesday's edition.
this
The total at press time
dol¬
233,000.
immedi¬
which
23
$512,-
was
Recent totals have been
'
.
r' '
'
higher.
Recent Awards
util¬
State
long term toll road, toll
bridge and public utility revenue
issues indicates some very slight
week.
3.60%
subtle
improvement
The
to
Index
cated by this
cant
dropped
3.59%.
market
was
about
was
$191,000,000.
were
indi¬
more
weeks
thus
change.
Rate
California, State
__.
.
—-
New. Jersey Hwy. Auth., Gtd._
New York, State—.
issue
—-
—-
Pennsylvania, State
volume
Bidding attitudes
relaxed than in recent
attract
REPRESENTATIVE
♦Connecticut, State
This
underwriters
as
mand.
ON
new
loans.
,
the
seemingly insignifi¬
MARKET
municipal
liberally sprinkled .with im-
from portant
However,
reversal
and
sold at competitive bid¬
ding during the past week totaled
the
over
2.25%
to
the
coupons,
portfolio
closed.
'
^
day there
account
two sales of
were
for public
up
a
bidding.
The
jointly headed by Halsey,
Co., Inc. and Harriman
&
Co
submitted the best
$7,300,000 St. Clair County,
Illinois, Belleville Township High
School
District
(1965-1983)
bonds.
designated
The
3.361%
a
Building
#201,
cost. 'The runner-up
bid,
group
interest
net
To
general
date
sought
investor
this
demand
to
*
No apparent
availability.
3:00 p.m.
Rome, Ga
1,050,000
1,600,000
1965-1992
7:00 p.m.
Noon ■ ;
Wayne Tp. Sch. Dist., N. J._
2,345,000
1965-1993
8:00 p.m.
1,600,000
1964-1992
8:00 p.m.
1964-1993
Noon
10:00 a.m.
8:00 p.m.
10:30 a.m.
Fla
Rev.,
2,800,000
-
__—
.
1, Okla
West Bloomfield
No. 5,
Tp., School Dist.
Mich
December 3
Ga.
_■__
(Tuesday)
•
.___
Berkeley U. S. D., Calif
Du
Page Co. S. D. No. 2, Ill.______
North Reading
Orleans
Levee
Rio Hondo
<
Calif—
Escondido Union H. S. D.,
Maturity
District, La
Dist., Calif—
Salt Lake Co. Granite S. D., Utah
Torrance Unif. Sch.
Conn
National
and
Bank
Mercantile
and
Trust
Boise, School District, Idaho—
major
members
account
are
of
December 5
Brockton, Mass
Peabody & Co., R. W.
Pressprich & Co., Shearson, Ham-
—
_
December 10
Sachs & Co., John Nuveen & Co.,
Kidder,
Ohio-_
Sew., Wash—__
the
Goldman,
Tex.
Westerville City Sch. Dist.,
Yakima Water &
Bethlehem,
Pa._.
—
Crystal, Minn
—
—
mill & Co., Bacon,
Whipple & Co.,, Durham, N. C
Braun, Bosworth & Co., Goodbody Fresno, Calif
& Co., The Illinois Co. and Lee
Inver Grove-Pine
Reoffered
to
District No. 199,
yield from
to the National State
ark at 100.06 for 3s.
bid, 100.011
2.20%
Bank, New¬
The
runner-
also for 3s,
has
from the Yardville National Bank.
Associated
with
came
National
State
major underwriters
as
Asked
Haupt
&
are
Co., Hornblower &
-—
Bend
11:00 a.m.
Mentor
Village School
Exempted
Warren Cons. Sch. Dist.,
Iowa State Board of
Mich
Regents (State
1981-1982
3.10%
3.00%
1974-1975
3.00%
2.85%
Island,
1981-1982
3.30%
3.20%
Roosevelt & Cross, Schmidt, Rob¬
Hampton,
1981-1982
3.20%
3.10%
erts
Phoenix, Ariz._„_—_
Santa Clara Co. Flood Control &
Carolina St.
Co.,
1981-1982
3.30%
3.20%
Mackey, Dunn & Co. and Wells &
3.25%
3.15%
1981
Christensen, Inc.
3.20%
3.10%
—_
1981
3.40%
3.25%
1981
3.35%
3.25%
3.15%
1980
3.25%
3.18%
ance
Scaled
On
for
was
to
3s,
Ana, Calif.__—
press-time
Monday there
Dist., Calif-
bal¬
was
on
but
Massillon
City Sch. Dist., Ohio—
Va
December 19
one
page
34
-
December 18
Richmond,
Continued
Va.____—___
to
$1,575,000.
—
December 17
Water
yield from 2.00%
all
Santa
Corp.,
&
•
.
16,500,000
—
S. (Columbia)
5,000,000 1965-1984
December 16 (Monday)
ay4%
3%%
South
Weeks, John J. Ryan & Co., Goodbody & Co., J. C. Bradford & Co.,
Parke, F. R. Cole
—
7:00 p.m.
„
University of Iowa)
3.20%
&
_.
—
3.15%
Higginson
11.00 a.m.
1,800,000
3,500,000 1965-1989
December 12 (Thursday)
District, Ohio__
3.25%
Lee
—
Minn.__
3.30%
Industrial National Bank of Rhode
—
1:30 p.m.
Joplin School District, Mo.__
1981-1982
Index: =3.13%
7:30 p.m.
9:00 a.m.
11:00 a.m.
Sch.
Ind.
1982
1981
1963
1964-1974
1965-1984
2:00 p.m.
5:00 p.m.
Co.
up
3.05%
9:00 a.m.
—
3%%
3%
3.15%
—
1966-1985
—-
——
a.m.
1,100,000
—
1,000,000
1965-1984
to 3.40%, the present balance in
Madison Local School Dist., Ohio
, 1,200,000
—
account is $1,590,000.
Northside Ind. S'. D., Texas
3,000,000
Hamilton Township, New Jersey Cxnard, Calif.
•
«.
2.500.000 1966-1991
sold $3,778,000 Sewer and General San Francisco Transit
Auth., Calif.
50,000,000
—
Improvement (1964- 1979) bonds
December 11 (Wednesday)
the
Co., St. Louis.
Ira
1981-1982
3,700,000
1,870,000
,
'
,11:00
.
4,335,000'* ——
1,239,000 1964-1983
December 4 (Wednesday)
Washoe Co., Nev._
Windsor,
Dist., Calif
1965-1980
1966-1989
1964-1982
7:30p.m.
7:30 p.m.
11:00 a.m.
Illinois
Bank
Bid
1,435,000
12,500,000
1,400,000
School, Mass.-—:—
Jr. Coll.
2,465,000
5,555,000
1,477,000
1,780,000
2,000,000. 1965-1984
2,130,000
2,700,000
1,500,000 1965-1984
from
—-
20,
1965-1986
Rd.
Oklahoma Co. Ind. School District
11:30 a.m.
came
de¬
SERIAL ISSUES
(Monday)
Co.
Putnam
1,500,000 1964-1983
(Tuesday)
cost,
—-
'
November
Comm.,
Noon
2:00 p.m.
7:30 p.m.
10:00 a.m.
interest
—-
__
Redev.
1964-1983
.
3,303,000 1965-1983
3,750,000
1975-1994
4,875,000. 1966-1990
1,275,000 ; ___—-1,500,000
1965-1983
(Thursday)
net
.___
_.
December 2
Fla.
3V2%
Delaware, State
;_
2.90%
New Housing Auth.
(N. Y., N. Y.) 3V2%
Los Angeles, California
3%%
♦Baltimore, Maryland
3y4%
♦Cincinnati, Ohio
3y2%
Philadelphia, Pennsylvania
3y2%
♦Chicago, llinois
__1
3y4%
New York City
3%
__
3,250,000
11:00 a.m.
1965-1989
7,183,000
Paterson, N. J
3.396%
a
(Wednesday)
Pittsylvania Co. School, Va.___.__
Albany,
Friday which is generally
Higginson Corp.
volume
traded
market
November 27
No.
for
Conn
Indianapolis San. District, Ind.—--
up
actively
on
West Hartford,
Trust
The Chronicle's
quotes
bid for
by the members of the
group and the account
Ripley &
state and municipal
more
upon
more
thirteen
taken
marked
On
heavy in the aggregate with total
quotations
Poughkeepsie, N. Y
ental
The
In
were
yield from
D., Calif
came
Corp. and
which
various
bonds
Other
respect the Index based
lar
to
for
S.
Galveston Ind. S. D.,
a
changes.
cost,
Unif.
Pasadena
of
popular issue.
winning
market
interest
Boston
groups
List casts
subtle
a net
Co.
The second bid,
additional
this
*
interest
net
First
the
from
Na¬
First
Trust
City | at
of 3.0772%.
cost
the
and
and
Bank
Montgomery Co., Md._—
syndicate managed by the Contin¬
Index
mediately responsive to the
Bank,
p.m.
Refundingv &
State
School Loans
large volume of former inventory
has metamorphosed to
portfolio.
interest
pointed
Co.
Trust
tional
hint that inventories
may be less
often
City
Continental Illinois National Bank
out,
Meaningful
have
we
composed of
group
National
First
the
yield Index is often not im¬
the
the
to
bonds
Minnesota,
with appropriate price
adjustments to the end that a
"better market tone."
As
(Oklahoma
#89,
Oklahoma awarded $3,000,-
City)
Stuart
very
(Tuesday)
1964-1984
note
but
p.m.
1966-1988
dull
situation
change
1964-1988
8:00
Noon
10:00 a.m.
1,600,000
dealers,
symptoms of improvement at
least
developed
and
investor
inventory
1965-1987
5,400,000
District
bid for
basically
1964-1992
1,157,000
y
Mecklenburg Co. Sch. Bldg., N. C.
for¬
Inventory Lower
the
8:00 p.m.
Fayetteville, N. C
Oklahoma County, Independent
School
year a
limited.
1964-1980
7:00
end.
for produc¬
2:00 p.m.
Noon
year
among
1964-1988
(Monday)
1966-1983
was
market,
2:00 p.m.
"1,449,000
November 26
successful
reach
2:00 p.m.
1964-1977
1964-1983
Scaled
Toledo
1964-1994
1,300,500
2,500,000
tax
proposed
11:00 a.m.
2:00 p.m.
1969-1980
1965-1985
5,000,000
3.15%
the
to
the
coupons,
11:00 a.m.
2:00 p.m.
1964-1983
-1,500,000 ' 1964-1998
Elgin, 111...
managed by Blyth & Co., Inc. may
that
ago
that has contributed to the
More
San
;
Burbank, Calif
County, Ohio Port Authority issue
Thus the
weakness
the
generated
of
course
now
$60 -$70
at
the offered
on
$50,000,000
California
Dec.
on
As
matter
about
point
a
and
exempt bond financing.
bonds involved
down
was
26
Averages
averaged out at 3.114%.
eighths of
the
involve
ready for flotation that might fur¬
Financial
and
year
period
the year end prospects
Index
A
this
scheduled
of
as
10:00 a.m.
$35,000.
associates.
are
1962.
Commercial
Chronicle's
set up
as
less
various
2:00 p.m.
1964-1980
present balance in syndicate totals
a
sale
generous
as
or
re¬
totals
year
Within
District,
they
show
records
our
yields have not been
since
than
today
scheduled
Francisco Bay Area, Rapid Transit
general ob¬
grade 20-year
the
issues
ing Nov.
the
market
the
The calendar of
scheduled for the
of
20.
Nov.
largest
ther
Despite the slightly better feel¬
ing
not
seems
less $53,400,000 Minnesota bonds sell¬
a
partake of the gener¬
exempt
'
'
yield from 3.00%
to
for
3.90%
/■
/ -,
volume under¬
any
than $350,000,000
but
part of
the
on
mainder
of activity
foreshadow
soon
may
reluctant
•
concerned
000
op¬
events,
day's
inkling
an
was
of
evidence
little
was.
is
thus far
tentatively
light.
was
.:.~k '
.
supply
quarter
issues
new
Scaled
Ahead
Volume
•■:
writing records.
were
variously held throughout the ses¬
sion
•
likely to break
the dollar
ter
JV
as
fourth
the
morning's opening
Tuesday
'•
far
As
yields.
•
2,000,000 * 1965-1986
1,570,000
__•___
.
was
Noon
12:30 p.m.
1,000,000
Coventry School, R. I._;
Holyoke,
small way that presage a little
Penn Tp. Sch. Bldg. Corp., lrid.___
particular
wood, Newhaus & Co., Inc. and
more
active market. Temple Ind. Sch. Dist., Texas.
bond market negatives and, de¬
associates.
■>)
frr
Individual;investors have been
Other
spite the typically quiet Monday
major members of * the Troy, N. Y.
session, the market evidenced less showing increased interest in tax winning syndicate include Rotan, Watertown, N. Y
nervousness
than has been the exempts and frequently they Show Mosle & Co., E. F. Hutton & Co.,
November 25
case
for
many
a
Monday.
Al¬ the way. Many of the professional Dittmar & Co.; A. G; Edwards & East Brunswick Tp., N. J
though
dollar x bond
quotations buyers have become so accustomed Sons, Moroney, Beissner & Co., McHenry Co. Comm. High S. D.
were
but little better, and retail to the market's downside momen¬ Columbian
Securities
Corp.
of
No. 155, 111
sales appeared to be of relatively tum over the past six months as to Texas, McDougal & Condon arid Northwood Local Sch.
Dist., Ohio
their
averaging
pur¬ Dewar, Robertson & Pancoast.
small consequence,
the market's preclude
Palo Alto Unif. Sch. Dist., Calif...
vague way.
1964-1983
1965-1984
1,450,000
-
_
Rapids, Iowa___
weekend uncovered no
tone
5,000,000
3,500,000
City Imp., Va._
,
now
vestor interest must soon broaden
municipal' bond
prices down by another quarter of
a
point by Friday's closing. The
and
state
feeling
the
have
We
reporting a week
exempt bonds
ago,
further easiness developed
well priced to
throughout the bond markets car¬
to
Subsequent
City
sold
'
loans
The
the following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.
In
.
Thursday there were two
Last
Larger Issues Scheduled For Sale
others
still having volume to go.
DONALD D. MACKEY
BY
rying
.
.
(1998)
6
Virginia Beach, Va
———-
" 2,000,000
(Tuesday)
_
1994
—
-
Noon
> 7:30 p.m.
.
;
3,500,000
8,000,000
——
10:00 a.m.
19,500,000
——
10:00 a.m.
~~~~
(Wednesday)
2,750,000
9,800,000
—-—--
1965-1984
(Thursday)
1,000,000
—
~
Volume
Number 6318
198
.
.
.
The Commercial and Financial Chronicle
WASHINGTON
intends
file
to
nomination
L Ahead of the News
.
cisco.
"i
'«•
1
of his sup-
is causing many
zona
corner
San
Fran-
primary
of
the
candi-
Senatorial
during
comes
for
second
the
of
the
•
^
—-J
4-
M.
XT«
/N
v-v
tirn!/\v»
«Z
tir/Mil
W
V 1»%
r.
tt^-v
w»
V*
1
4-
l
w\
nation—if it should occur—as a campaign for re-election to the
"gesture of futility." He does not Senate if he fails to win the Redacy.
Many of themf are saying believe that Mr. Nixon has any publican nomination in San Franprivately—and some of them are more chance of carrying New ciscol This fact adds to the puzshould fish
is
the Arizona Senator has
way
bership
United States
on
in
the
United
mem-
Nations,
foreign aid and right-to-work issues
which
may
antagonize
many
candidate for the 1964
Form
will
any more
fornia
of his political supporters
himself, did in
.
chance of carrying Cali-
than
he
<
had
in
-
run
1962.
is the belief that the Senator
cannot
f
get the Presidential nomi-
James
t
Melvin A
are
conducting their investment
*
previously
^
inin^
1960.
It is
ation
for
associated with John
Co..
fhp
as
regional
na_f
nomination. <
Goldwater
President
of
Harris,
Clare & Co., Inc.
Dus representative
Michigan Corporation,.
With Merrill Turben
CLEVELAND, Ohio
of
Merrill,
Turben
York
of
the
New
oj record only.
sands cf dollars
behalf
his
and
being spent in
are
he decline
should
this money will have been
to run,
Although the Goldwater
wasted.
seem to
be having
raising
people
funds,
in
ble
Also, thou¬
place to light.
some
trou¬
no
this uncer¬
tainty doesn't make it any easier.
situation
This
still exist
were
his
nounce
withdraw
would
candidacy
5%% Convertible
did the late Senator
as
:
:V;.:,
an¬
later
and
$22,000,000
i
to
seem
the Senator to
Junior Subordinated Notes due 1983
Estes Kefauver in 1960.
.
Senator Goldwater, were he to
fail to get the nomi¬
withdraw
or
nation
San
at
Francisco
July,
in
could enter the Arizona Senatorial
primary as
in September.
been
placed with institutional investors by the undersigned.
Thus far there has
suggestion
no
These securities have been
Senatorial candidate
a
of
anyone
running against him. He has said,
however, that he will not
run
as
Johnson
1960.
The
in
for
did Vice-President
both offices
$45,000,000
r
has
Senator
given
indication that he will
every
and is
run
5V4%
believed to have told Senator Cot¬
ton of New
ing
Hampshire, his lead¬
there,
supporter
conversation that he would
In
the
meantime,
Rockefeller,
the
officially in the
run.
Governor
candidate
only
The
today, is get¬
race
ting all the headlines. He is stead¬
ily whittling at Goldwater, not to
the
advantage
the
Republican
the
polls
are
Goldwater
the New
of
Goldwater
showing
undersigned have acted as advisors to
institutional investors the agreements
all
Senator
leading, if he
into
goes
Hampshire primary, Gov¬
ignored.
should
hot
$80,000,000
be
And this primary has a
psychological value
as
the earliest
primary in 1964. The New Yorker,
a
is
the Company in negotiating with
pertaining to these securities.
nor
While
Party.
Rockefeller
ernor
Promissory Notes due 1967
private
in
5%%
graduate of Dartmouth College,
preparing
intensive
an
Promissory Notes due 1971
cam¬
paign there. The kind of campaign
which
of
him the
won
to
peared
be
the
against
been
in
today,
w
They
Senator should
;
the
for
Presi¬
either
The
Governor
or
that if the
say
Promissory Notes due 1974
the field
dential nomination will go
Rockefeller.
4.15%
have
over
to Senator Goldwater
an
who
convinced
are
in
political' game
looking
$90,000,000
ap¬
year.
leaders,
the
many years,
odds
him
extremely Democratic
Republican
i
Governorship
York when
New
undersigned have acted as advisors to the Company in connection
with the renegotiation oj the terms of these securities.
decline to run, the
nomination would .go to the Gov¬
They feel
ernor.
lines
are
will be
that
hardening;
no
the
battle
that
there
Kuhn, Loeb & Co.
compromise.
1
The
tional
locked
turn
idea—that
should
Convention
the
to
become
delegates
former
the
most
astute
on
and
re¬
Vice-President
fact.
a
fic¬
One of the
high
Incorporated
dead¬
would
Nixon—is, in their opinion,
tion not based
Na¬
ranking
November 19, 1963
Co.,
bers
west Stock Exchanges.
tough time finding
a
&
Building,
they
he decline to be a candidate,
Robert J.
Union Commerce
necks for the Senator and, should
would have
—
Ran£t has been added to the staff
-
This announcement appears as a matter
of them have stuck out their
many
&
r.,1)mKlte
are
a
good
A
been
Nuveen
manage
about
bring
to
hard
working
today
who
many
C.
Corporation,
Mr- James, who has recently
uncomfortable situ¬
an
Russell
th«
7?
u
Rockefeller,
as
Michigan
—
Michigan
1
win_
slow and Robert A. Summers
now
has
7
Partnership
Clare
Leonard H
of
COLUMBUS, Ohio,
for First of
.
pull the rug from under the feet
Rejoins First
'
voters.
of gome Qf ^ Goldwater business as a partnership, Harris,
vania against President Kennedy
0^00x5
than he had in 1960. He does not for President supporters. The rea- Clare & Co., 82 Beaver Street,
Presiden- believe that Mr. Nixon would have son no one has announced he will New York City. Mr. Winslow was
They want
tial nomination .or whether he
of many
supporters
whether he will become
to know
a
some
^the Senator York or New Jersey or Pennsyl-
cut bait.
or
V
been shooting from the hip, taking
porters considerable uneasiness by
openly-that
.
T
his failure to announce his candi-
saying
Goldwater
these leaders described i;o week of September. Senator Gold- Republican
this correspondent a Nixon nomi- water would have ample time to
11.
for the
run
Another thing that puzzles
positions
Arizona
dates„
-
among
_r**
/*
in
Senate.
National the
Republican
meets
nomination
:
~~
;
nomination
a
nation and intends to
dead-
filing
A'--:".
The
—
Senator Barry Goldwater of Ari-
the ,'
Convention
CARLISLE BARGERON
BY
,
he
Senatorial
a
the
and
line for such
before
for
said
has
Goldwater
Senator
FROM
(1999)
Smith, Barney & Co.
Incorporated
and
Inc.
mem¬
Mid¬
8
The Commercial and Financial Chronicle
(2000)
Yield
Over
chure
DEALER-BROKER
briefly itemizing dividends,
the
yields of 3%
INVESTMENT LITERATURE
ings
PARTIES
INTERESTED
SEND
TO
WILL
MENTIONED
FIRMS
THE
THAT
UNDERSTOOD
IS
Corporation.
Analysis—The
Utilities/yields—Tros¬
ter, Singer & Co., 74 Trinity PL, «Murphey
Adams
York, N. Y. 10006;
/.1*
*
,
.
v*.
.sto:,-;
*
Allied Supermarkets Inc.—Report
Cycle—C omments—
Business
Goodbody
Co.,
&
10004. Also avaiL
New York, N. Y.
able
is
the
of
review
a
Broadway,
2
Bond
Childs
Outlook—Review—C, F.
and
California
Chi¬
Boulevard,
///■
60604.
111.
141
Inc.,
Company,
Jackson
cago,
;/•/ ;/
;
Profile—An illustrated
study of the market served—Bank
of
America,
N.
S.
&
T.
300
A.,
Fran¬
San
Street,
Montgomery
cisco
Market—Review—An-
Canadian
nett & Company
Limited, 220 Bay
Stocks—List of
Mining
issues at speculative price
levels
—Draper Dobie & Company Ltd.,
25 Adelaide
Street, West, Toronto
1, Ont., Canada.
with par¬
ticular reference to Algoma
Dominion
Steel
and
Foundries
Steel
Dominion
Coal
&
Corp. and Steel Company of Can¬
Brokers r Limited,
ada—Equitable
Yonge Street, Toronto 1, Ont.,
Commercial
Ink
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particular reference to Cali¬
fornia
C
Ink
o m p a n
y—D.
Greene & Company, Russe
F.
Build-;
Scott
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tions
Index
Industries
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tries,
is
of
Corpora¬
Company—Analysis—S t
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American
jects taken from
1500
19109.
Sherrerd,*
sis
Harris
Atsugi
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koshi.
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over 200 financial
before
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Annual
Cumula¬
&
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Weis
and
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vestment Index Co., 206 F Colon¬
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Seventh
90014.
N. Y.
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,,
10022.
Scotia,
the
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industrial
listed
in
used
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the
Also available is
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over
the-
-
industrial stocks used in
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the
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New York 4,
over
and
Front
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Street
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Also
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Selected
National
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Synopsized
industry
Tax
Co.,
chure—Gude,
60603.
Upham
&
In¬
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120
Wall
Street,
Suggestions—Bro¬
Winmill
New
&
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1
&
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esting.
a
/
American
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Research
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Copy
on
Commercial
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selling.
Request
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on
Western
o m p a
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Company—
—
.
Comments
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Dempsey-
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80
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Express
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•/,
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are
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t
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1,
1
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Warner,
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74
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Northwest
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1
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York, N. Y.
CFC,
on
and
our
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:
New York, N. Y. 10005.
way,
list
Heine
C
Illinois.
which
;
Laird, Bissel & Meeds, 120 Broad¬
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N.
The Counter"
are
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30 Broad
General
can,
&
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Co., 36 Wall
Y710005.
:
"Possible Tax Selling Targets
securities
'
Car—Comments
Neumark
available
lace
■.// /'
comments
43
'
;
National Standard Company, Wal¬
Y.
Gellerman,
lists
Wrestcoast Transmission Company
Street, New York, N. Y.
—Hertz,
inter¬
appear
...
William Street, New
Co., Inc.i 15
Corp.—Analy¬
York, N. Y. 10005.
North* American
MSL
on
and
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Motors,
General
Banks, Brokers and Financial Institutions-
Over
Thermador
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Also
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Y.
Corporation
&
Financial
Bay
West
67 Broad
Y.
10005.
'>
are
Broad¬
510
,
sis—Golkin, Bomback & Co., Inc.,
Co., 25 Broad Street,
N.
;
—Study—Lawrence H. Douglas
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York,
Co. 37
Our Latest Compilation:
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on
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Paper
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For
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■
N.
/,
Chase Man¬
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^
Drug
y
s—Analysis—
Analysis—Mitchum,
CFC, Reynolds &
Broadway,
120
comments
Street, New York, N. Y. 10004..'
Investment Policy for Late 1963—
Chicago,
Co.,
S.
Hemphill, Noyes & Co., 8 Hanover
Salle. Federal
e
New
Plaza,
10005.
Also
La
Horn
Crest
Thrifty
Broadway, New York, N. Y. 10004.
Company,
South
231
New' York, N. Y. 1Q004.
Steel
York, Chicago & St. Louis
interest¬
appear
sis—Schweickart & Co., 2 Broad¬
—
Richard
&
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hattan
—
/
Stathahi. Instruments Inc.—Analy¬
Meller &c Company, 1
Analysis
,
Lerchen
York, N. Y. 10005.
—
*
482^i|fAl^}a^ilal^eua ^ari: analy¬
sis
Mobile
Analysis
—
.
SteamsWj>^Go.
Co:/ Ford Building, Detroit, Mieh.
Clark
right Oswego Falls Corp.
available
Street,
Corp.
&
Title / Building,
Standard/Fruit
way,
Can
Crouter
Townsend,
L a n d
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National
Chemical,
1,.
.'/*■/
Williams—Analysis—De
Philadelphia, Pa. 12110. 7
;
Also
10005.;
/
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New
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Railroad
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Grumman
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120
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data
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Filor,
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port—Gairdner & Company Lim¬
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State
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are
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Corporation—Analysis—
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&
&
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York,
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Salle
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Colby &
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Analysis:—Hornblower
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Inc.—Bulletin—Dynamic
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Cap
tional Starch & Chemical.
Stocks ataDiscoun t—Selected
La
of
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York,
Weeks, 1 Chase Manhattan
19102.
reviews
are
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g r o u p
Pa.
Air
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1 May Department Stores Company,
•
New
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of
-
Co., 42 Wall Street, New York,
comments
Inc.,
available
available/
—
analysis of SCM Corp.
an
Street,
High Yield Stocks—Selected list—
review
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Analysis
writing for copies)
on
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Hill, Thompson & Co.,
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stamped addressed envelope when
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Franklin
Associates
Electronics
—
Equipment
Pool
Company,
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veys
New
Boston, Mass. 02109 (firm requests
CTS Corp.—Comments—Bregman,
Place, New York, N. Y. 10006.
industries—Carl
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Shell
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are
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Mattel Inc.—
velope when writing for copies.)
ing—The
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Wayne Hummer & Co., 105 West
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Review
—
Troster, Singer & Co., 74 Trinity
Common
52
y s
Inc., 70 Wall Street, New
Springfield, Mass. 01193.
Possible Tax-Selling Targets Over
the
Ohio 44114.
Union
Company,
Building,
Comments
study of
a
&
>.
Commerce
s—
1
n a
Street, Columbus,
Gay
Report
25-
a
National Quotation
Inc.,
Bureau,
Bureau
yield
to
as
performance
i
Corporation,
Corp.—A
Major
Colby & Company, Inc., 85 State
Also
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Averages
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McDonald
Pa.
43215.;
Limited—Study
Board Air Line Railroad, r
.
up>-to-date
between
son
Shirt
Columbus
East
Von Hamm-Young Company Inc.
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&
Corp.
Over-the-Counter index —Folder
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.
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Anaconda
\
Park
505
Nova
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Monetary Conditions in Canada—
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available
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is
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Market Outlook—S t
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pany,
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N.
speeches
societies —1962
:a';.:. ;1;:
...
Mitsu-
and
Nylon
&
Market—Discussion—A. L. Stamm
and
111.
Broad
Mitsubishi Chemical, Fuji Iron
&
South
Rubber—Anal¬
Biltrite
ysis—Butcher- &
Valley
Milam
Company Incorporated, 123 South
Also available is
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nade
of Ja¬
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indus¬ Selected
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a
partly depressed by tax-selling—
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Funk
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Also
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esting
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Corp.,
Review
—
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Business
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Inc.
list of
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—
&
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'
'
Inns,, Inc.
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West
222
Street, " Jacksonville,
:
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&
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stocks/with:
Wulbern,
Pierce,
Corporation,
•32202.-
Inter¬
and Reeves Brothers, and a
-
In¬
on
Mellody
Hawthorne
Corp.,
of
analysis
an
Heinicke Instruments Company-
and
New
LITERATURE:
FOLLOWING
THE
available" is
47 ) Also
better- j Lehman
or
ands. comments
diana General Corporation,
50
Co.,.
compared with Dow-Jones. Indus¬
PLEASED
BE
yielding 2%
1 s—Comments* teresting,:,
o
Graham- &
Broadway; New York, Ni Y. 10004.;' national Telephone
earn¬ I
and
Contr
—Purcell,
Thursday, November 21, 1963 '
.
trials
AND RECOMMENDATIONS;
IT
industrials
Giannihi
Bro¬
—
better and
or
of? 205
utilities
Counter
.
.
.State
obligation.
Number 6318
198
Volume
.
Chronicle
The Commercial and Financial
.
.
on
Federal National
of such
issue
an
retired
persons
come,
(2001)
quality.
living
or
For
on
J. J. B. Hilliard
Mortgage Association
(instead of quarterly).
those
For
mature
States
United
first
corpora¬
when you
issue has valid
consider that this com¬
term
individuals can invest mon stock can be purchased cur¬
;
in, since Andrew Jackson vetoed rently at $87 a share.
the rechartering of the Bank of
Corporate Structure
United States is Federal National
The capital structure of FNMA
Mortgage Association, popularly
known as Fanny Mae.
It is the is highly leveraged with $1,960,that
tion,
Above that, the
to recommend it.
potentials for long
gains because: divi¬
capital
Effective
—
dends will probably be
partner in J. J. B. Hilliard
a
Son, 419 West Jefferson Street,
the
members
andearning
assets
FNMA common has much
power,
world's largest mortgage company.
The
by
&
investments, strongly for¬
tified
features, and the unique potentials for
growth in assets and profits provided by the common stock of the
Citing the unusual investment
come
sound
of
search
in
Effective Dec.
Ky.
Dec. 1, Dillman A. Rash will be¬
Conclusion
By Dr. Ira U. Cobleigh, Economist
Clark, Dodge Co.
LOUISVILLE,
advantage of paying its dividends
To Be V.-Ps. of
To Admit Rash
in¬
this issue offers the special
monthly
increased;
of
Midwest
Stock
New
York
Exchanges.
States government
has publicly held
United
only
that
a
provision
elude
a
from
earnings'
formerly
was
partner
a
Co.,
in
the
firm.
.
most
and,
stock
common7
rare
and
has the unique qual¬
its cash
values and has increased
five
dividends in each of the past
is,truly amazing that a com¬
It
multiple of earnings.
directors,
governments
in
are
you'll
large — it owns over $2
billion in mortgages—and so suc¬
pany
so
Fanny Mae,
as
should be
the rank
tective
in
of the common stock, under a cor¬
Operation
functions'as
It
1954.
mortgage
A remarkable
<
re-chartered in
massive
a
and provides
company,
Sqcpndary Market
mortgages guaranteed by
nationwide
a
in home
If
cies.
government agen¬
States
United
bank, an insurance com¬
a
mortgage broker, or a
development
company
pany,
eitheri buy
wants to
or
sell
offering
Fanny Mae will make an
or
By providing mortgages
bid.
a
with
ready market, Fanny Mae
a
ownership
home
and
building
home
facilitates
and
stimulates
greatly
and
coast-to-coast;
from
a gov¬
mortgage,
underwritten
ernment
Fanny Mae op¬
ment institutions.
the
like
much
erates
on
Exchange,
Stock
of the
floor
specialist
a
buying and selling mortgages for
its
account.
own
:
It
becomes
a
when mortgage
heavy
buyer
money
is tight, and sells in greater
when
volume
and
institutions have
as
excess
salting
away
profits in
a
a
branch
Seventeenth
American
Potash
the
of
Chemical
and
of
of the In¬
Society of Chi¬
to be held today, Nov. 21, in
the Illinois Room
Street,
direction
the
under
of the La Salle
Hotel.
The subject
of the Dec. 5 meet¬
ing will be Aluminum Company
of
Splaine & Frederick Branch
WAUSAU,
Frederick
Wis.
Inc.
—
have
SplainC
America
and
the
of
assets
all
are
opened
a
under the management of
safe
*'•
Walter
'
•••'
"
'
'•
Form Zalta
The Zalta
ing
a
''
'
'
' 7 t'
.
7
.
This advertisement is neither an
The
offer to sell
nor a
company
insured
are
by
government.
of the
agency
solicitation of offers to buy any of these securities.
offering is made only by the Prospectus.
,
November 21, 1963
4,000,000 Shares
an
If
a
mortgage in portfolio, underwrit¬
ten
FHA,
by
Mae has the
full
at
turns
right to turn this in,
S.
A.
faults,
If
the
de¬
FNMA
then
the
under
cash
by
issue held
interest)
VA
a
exchange
guaranteed
fully
and
(principal
U.
in
amount
face
debentures
for
Fanny
sour,
Common Stock
demand
can
($2.50 Par Value)
guaranty, for the
full amount due on the mortgage.
is
it
Thus,
assets
the
that
of
Shares
The Ford
are
to
be
sold
Foundation, and
to
the several underwriters, including the
no part
undersigned, by
of the proceeds will be received by Ford Motor Company.
note the FNMA common has
you
an
The
asset
value, not subject to de¬
preciation
of $120 per
or reserves,
share, the issue has
special at¬
a
traction when selling at a
of 25%.
institutions'
cial
discount
Price $50.50 per share
Most other major finan¬
investing
substantial
funds.
equities
value..
premiums
at
sell
book
over
'77 7:'7-
•
v.
Price Comparisons
Sources of Profits
"
By proper analytical standards
Earnings of Fanny Mae are de¬
rived from four sources (1)
est
its
on
FHA
of
portfolio
inter¬
and
VA
(2) service fees,
mortgages,
discounts on
mortgages owned, (4) profits from
sale of mortgages. In 1962, mort¬
realization
(3)
income for Fanny
$151 million, equal to
interest
gage
Mae
was
$6.50
share
a
Service
stock.
cents
a
off
par,
a
discount, the
selling
notably
are
'are significant.
amounted to $1.50
trading
a
share
Finally FNMA makes
profits from buying and
mortgages,
successful
and
in
has
been
perception
price trends, and capitalization
of
on
market fluctuation.
$1.40
in
at
year.
65
most
mortgages
when
realization
They
common
produced
per
common
accorded
status
and
the
of
were
to
shares.
bank
bank
it
that
it
(If
rank
would
Copies of the Prospectus may be obtained from any of the several underwriters,
including the undersigned, only in States in which such underwriters are qualified to
act as dealers in securities and in which the Prospectus may legally be distributed.
be
rating
with
comparable
best
a
deserves
investment
an
13th
nationally in point of assets.) Yet
bank
good
1614
times
stantial
Value.
times
stocks
today
premiums
FNMA
1962
sell
at
The First Boston
Corporation
earnings, and at sub¬
net
sells
per
book
over
at
11
about
/
Blyth & Co., Inc.
share, exclud¬
Goldman, Sachs & Co.
V
ing trading profits.
acquired by the com¬
bought at
pany are
paid
the
on
fees
share last year. Since
mortgages
last
of
FNMA
It derived
share from this source
1962.
earnings for 1962
equalled $10.03 per share.
This
is a pretty attractive profit figure
Altogether
Why should this disparity exit?
Earnings of FNMA have been
panding
best
as
are more
the average
ex¬
Kuhn, Loeb & Co.
Incorporated
those of the
as
banks.
managed
of FNMA
for
rapidly
Dividends
Lazard Freres & Co.
attractive than
bank share.
The
Lehman Brothers
present indicated rate of FNMA is
$3.60,
would
above
thus
up
from $2.04 in 1958.
expect
a
per
We
share net of
Merrill Lynch, Pierce,
Fenner & Smith
Incorporated
$10.50 for 1963 and there is
reasonable
prospect
for
a
Dean Witter & Co#
At 87, FNMA provides
a current yield (on a cash dividend of
$3.60) of 4.13%,
a generous
White, Weld & Co.
Incorporated
further dividend increase.
return
•
4
securities business from of¬
Broadway, New York
fices at 1133
mortgages owned, or dealt in, by
the
.
Corp.
City.
A. Richardson.
.
Corporation is conduct¬
All
guaranteed.
12
Dec.
pany.
&
branch office in the Hotel Wausau
interested
or
Colefax,
Peter
President
meeting, the Marathon Oil Com¬
pro¬
advantage which
FNMA are not only solid, but de¬
liquidity factor in
mortgage portfolios of invest¬ pression proof. Accordingly, when-
the
investment,
for
—
and
Assets
the
improves
funds
W.
900
Rockwood H. Foster.
stock
Fanny Mae enjoys over other fi¬
nancial
corporations is that its
a
home
N.
It beckons to
own.
fresh
at
office
haven.
Guaranteed
FNMA
any
111.
Chairman
provision
porate
multiple.
Fanny Mae was
even
standing. There is a slight dilution
whereby
any
party selling mortgages to FNMA
so
little known among
must purchase common stock at
and file of investors.
For, Fanny
Mae common stock offers all of $110 a share, ! in an amount equal
to
1% of mortgages sold.
This
the qualities of an ideal invest¬
tends to broaden the
ment. It provides safety, a rising provision
market in FNMA common,
and
dividend
trend, opportunity for
appreciation, ready marketability requires purchase at about $23
above present market price.
and sells at a low price/earnings
cessful
unlike
with
those
preferred stock remains out¬
the
other
quite
Anderson,
Chicago Analysts Hear
CHICAGO,
vestment Analysts
C.—Foster &
D.
Foster, Inc. has opened
Fanny Mae
is
functions, and the appointment of
E.
Vice-Presidents
Clark, Dodge & Co. Inc.
cago
WASHINGTON,
owned
hands, and will continue so while
years.
Foster & Foster Branch
ity of sustaining its earning power
preferred
participating
will become
at the luncheon meeting
stock in times of depression.
Finally, we
by the government, and would
expect the issue, when its
among
government agencies, it 901,894 shares of common stock
multiple values are more widely
has consistently made money.
It publicly owned and trading Overunderstood, to sell at a higher
has
steadily; expanded its asset the-Counter.
Thpmanagement
agency
2, Richard I. Rob¬
Herbert
and
Corporation, will be guest speaker
part of the preferred stock
the company
344,000 of debt, 1,588,200 shares of
of
Mr.
the Louisville Title Insurance
be made to ex-r
computation;
Jr.,
Rash, who has recently been with
will continue to rise;
may
inson
and
.
asset values
9
The Commercial and Financial Chronicle
(2002)
10
Probing the
This
Life Insurance Stocks
i--.'V
'
•'
■!;'
.
By John W. Riley,
.
•
tr
.
.y' *V
-
,
• ■
•
•
\
insurance
•
;/ "':
•
interest in life insurance
of
which
annual
are
industry
,
in
Statesv
in
theTJnited
'
cussed-the
:
.
defend
companies
problems
and
sparsity of factual in¬
formation on the basis that more
ternal
V
figures Would only add confusion.
'
"' '
-
-
/
,
/
,
V V1; Where to Start
This
with
is
by itself per-
equities are split by reason of its
state
existence.
the
Commissions
has had no adverse ef¬
gap
gence
filed
is
article
type report that
The convention
intelli¬
criticized
widely
One subject that would be
' valid
,
*
Sparsity of Data No Handicap
•
for
necessary
opinion of a mixed company is
if it has not- covered this
matter since both profits and
.
'
,
editor's,
activity that exists in some of the
stock
companies. - No, research
ratios
./
u
the
tains to the mutual (participating)-
of in-
grQwth. .—
f.
slower
parts of our study
some
complete
a
price-earning
12
-
problem,- it is
to omit
areas.
The
the relative rates
(b)
the
and
sympathy with
space
us
to determine (a) the
are
generally comparable
the
In
one
growth.
corn-
growing, companies.
com-
cheap price for
a
questionable
particular
the
illustrate the
to
aforementioned 10 faster growing
for
much higher price for
a
internal
slower grow-
are
parisons that follow, we used the
agree and
faster growing life
than
with
have .dis¬
problem
fully
their
to
12
in * selecting
companies
long-term
paying
pany
we
bright
appear
fetter
truly
a
•
whom
with
prospects
far
Life insurance company execu¬
tives
for
more
of
aver-
are
In order to show absence of
bias
firmly believe that the investor is
thepoorest /ofany •
dustry
ing.
•
.
pay
relation
growth and
fields, the life stock
its repetition. We
"It
said
life insurance: in-.
rhajor
;
■
.
in
age
more
faster
are
the';standpoint
from
their past operations, 6
its I960 study; growth when records show it and
conclusion that the
reports of the
four
or
Financial; Analysts: buyer is willing to
annual reports of 20 major; the
our
three
as
As in other
companies
is
growing
comprehensive
very
to both services
common
individual situations to
valuable clients.
a
the :■ National
stock
stocks in view of the paucity of meaningful
past six years.
of
its
on
few
as
of the
by ear has
resulted in spiraiing prices and, according to Mr. Riley, in some P/E
ratios being too low, some too high and, in isolated instances, ridicu¬
lous. To overcome this information gap, Mr. Riley contributes a set
,
of performance norms permitting in-depth analysis under the theory
that actual accomplishments revealed by comparative data speak
louder than other measurements.
Performance areas suggested for
study are 12 in number and they range from excess interest earnings to price-earnings ratios. The results of 10 faster growing com;
panies are compared to 12 slower ones. Observations made include*
confirmation of traditional beliefs that slower growth produces
more profits.
Mr. Riley offers "do" and "don't" advice; suggests
that the average investor avoid new life companies; and notes that
faster internal growth has had three times the market gains in
t
vividly dem¬
the conclusion of
by
studies
report
average
to stockholders. It is
onstrated
to: released
information
the
Societies following
comparable financial data.r Playing such issues
and
"meaty
in
Federation
" V:,/■
.
puzzled by the overwhelming investor's
analyst is
of
found
reporting.; guarded. To illustrate these prethe 1 meager < cautions he said his firm often
by
sub-committee
,
Founder of Life Stock Analysis Service for
Institutional Investors, Lexington, Ky.
Life
shown
amount
be
'•
is
-
Thursday, November 21, 1963
.
financial
.of
manner
.
.
.
Superficial knowledge;
of the relationship of "par" to the
Insurance
good place for
a
total is not nearly enough: one
major company has only 5%%
but, on the contrary, has unques¬ imagination — there simply is no "par" yet this tiny proportion is
the life
The current short term phase tionably contributed importantly short cut method to get the job so powerful that it directs almost
recognized by knowledgeable per.
market js one of higher, to their continuing upward spiral. done. The convention
report con-. 40% of the. company s substantial
curity analysts, make for wider jnvestor interest when some buy¬ This
gap, together with 'reactions tains a maze of information fully Urivesfment income away from the
inconsisten¬
ers
when the
price
-
earn¬
investors
vated
developed
with
uh d
studies
fer
John W. Riley
e r
.
article.
and
this
in
situation
Price-earning ratios seem
the
while
prices
over
their
but
to
motivated
suf¬
analysis
slow
in-
during
which
investor
are
other
of
leading
relatively
compa-
^nue
.
.
,
...
,
.,
,
faster
onc!
internal
growth
three
to
unique
' •*>f
ance
are
traceable to both the
nature of the
business
and
not
are
the
for
its
another for
be
such
different
evaluate
told
dhring
us
competition
is
for
on
extremely
more
the
analyst
survey
among
that
about
the
study
methods
life
stocks
are
and
operating
of
/
■*
When enough sales
is
pressure
applied, interest assumptions
may
be liberalized in a given company
create lower premium rates,
help This will enable sales to come
maneasier but the interest costs rise
figures
to
companies
skills
relative
accomplishments
as
comparative figures
firms
of
of to
profits come
quick volume
"speak louder may add low-reserve face amounts
in
out and evaluate
mind,
zealously erating
number of op-
a
and the final net
by down. Pressures for
having slower growth of reserves,
On
search assets and investment income.
approach has been to
our
their
revealed
With this
words."
than
meaningful information
insur-
will
as
agements. We believe that actual
the highest level
keen
reasons
many
Security analysts rely on com-
be
to
adjusted.
explained later on.
One well
strange
life
thoughtfully
parisons
is beginning
essen-
are
,
.
extensively wilL be seen,.tthis miracle varies
The widely from one stock company to
degree of adjustment will vary another and is ah important acconsiderably from one company to tivityfor the investor to measure,
advices" but
developed in the field.
Such
investor.
of the
viewpoints
and
increasing
falling
-
(*) Excess interest eannngsr
The life insurance operation has
aP^y been . described as "The
miracle of compound interest." As
vention report must, be
sophisticated
qualified brokerage firm
>standpoint—greatly outweigh the
knowns>
is
there
that
Miracle of compound Interest
#
tially why figures from the con-
price*-
.
concept of mod-
divergent
erroneous
resulting
accompanying table will more
than support our conclusions. /y-
the
with
odds
at
viewpoint
analysis that
methodically
and upward.
the unknowns-from an analytical
long term appreciation has parol-
tiled and liberally rewarded the
and
:
y
In, spite of - the necessity for. US-
com-
business, which is the opposite
ern
incorrect
and
proper
are
"going-concern
instead is looking to the in-depth
The deeper mysteries, wherein
nificant to this is the fact that the'
,
merrily
growtjL onward
undcrpriced. Sig¬
natural
faster
/
objectives for his pur-
but
poses
in¬
some
downright
superficial, "market
likfcly8to doSju»t
with
understand
for
conclusions,
with
indications
time
the
faster
growing pacecompanies having a lower meas-. makers are
as
ure
of internal growth while a
they have done in the past—con-
nies
to
These
ties,
by what appear to be
However,
to their
up
naturally
is
J: with conservatism, to omit some study areas, we beandi "calamity" eventual!- heve the 12 matters compared in
mendable
of earning ratios that are very much
the next out of line—some are ridiculous.
unreasonably high for some major
number
us
possible
unusual
periods
extended
gr0wth catches
mar^e^
helps
is
it
being
are
This
dividual market movements to be
we
as
destined
dormancy
term
ternai
groups,
why
generally
ear."
by
likely, it misleading
slower growing data
and
now
through
long
...
.
..
discussed
are
relative
be
to
illustrated
"played
Very
see.
that
stocks
refiabil-
i t y
growth
soon
means
reason¬
able
that life stocks
growth.
of
stockholders!
viewpoint of the
who
policyholder
safety
price levels of two distinctly
will
detailed from the
concerned
between the logically differ¬
different
secu¬
rity analysts in Boston and New
ent
be
can
40 institutional
York, indicates rather conclusively
by lower price-earn¬
rates
some
moti¬
therefore
than
of
and the
pace
gap
conclu¬
sion
vey
Their action has helped fill in the
of
companies.
This
same
were
more
ratios
ing
growth meas¬
the
the
obtained recently from a sur¬
we
companies grow internally
about
at
compared
with .infernal
urements
have felt that all life in¬
may
surance
ratios are
ing
fect whatsoever on the dramatic the agile analyst to start if he is
market performances of the stocks, fortified with time, patience and
.
Insurance Stocks Price Outlook
mysteries surrounding
insurance stocks as widely.
The deeper
cies
,
the other hand, most prefer the
whole life because it adds more
reserves, assets and investment
chose many companies income, but this better quality is
areas
convinced that Increasingly more difficult and
in
areas
large number of
a
leading stock life insurance com-
panies. We
and
NOT A NEW ISSUE
many
lish
reliable bases for
more
urements.
The
to
contra
meas-
forces,
sell.
of
these
measure
man-
Because
we
agement skills in these areas by
first computing the net amount
particu- of investment gains in excess of
problem
was
to
select the particular companies to
200,000 Shares
be covered
lar
Masco
costly
wider diversification would estab-
November 19, 1963
study
there
that
Corporation
as
well
areas
are
the former and
as
the
in view of the fact all interest costs and then comclose to 1,350 of pare the net excess with the disendless number
an
cretionary investment funds avail-
of the latter from which to choose,
Common Stock
of
Some
familiar
(Par Value $1 Per Share)
of
sisting
Our
the
with
Alfred
M.
of
own
readers
our
Best
30
will
life
ber
of
The
con-
stocks,
studies include 28 of that
representative group and
Price $17.50 Per Share
index
market
Company
major
lesser
final
known
a
num-
companies,
of
under
deter-
study
to
during
management
mined that 10 of the 28 companies
are
that trend.
'
Little
-
difference
shown
is
announcement
constitutes neither
Subject Indcv
offer to sell nor a solicitation of an offer to buy these
offering is made only by the Prospectus, copies of which may be obtained >
State from such of the undersigned as may lawfully offer these securities.
an
securities. The
in any
1.
-
la.
of
the
2.
3.
/•
:
Growth
of
4.
,i
Capital gains
Growth
of
earnings
vs.
assets
146.4
5.
Adequacy of
Persistency of the
•
—
—
Lehman Brothers
Carl M.
Loeb, Rhoades & Co.
9.
Wertheim & Co.
Tl.
of life
71.4
term__
12.
•/
as
of
stockholder
♦Note:
an
Growth in
index
of
100.0.
each
25.7
38.1
105.2
113.3
208.1
...
equities
32.5
%
205.5
.
%
24.3
98.7
Market appreciation from 1/1/57 to 9/3/63_
(See text)
_
193.1
group_______
premiums
Price-earning ratios
neg.
73.7
79.3
Gains; to total premiums
Growth
'
;
—0.03%
(See text)
whole life___
8. Growth of the value of insurance...
10.
Paine, Webber, Jackson & Curtis
Growth
savings
revenues
—
7.
1.47%
239.7
6.
Goldman, Sachs & Co.
,
1.05%
141.2
430.6
mortality
Smith, Barney & Co.
Glore, Forgan & Co.
*2.21%
assets
underwriting gains
Incorporated
;
vs.
amounts*
Range
Poorest
Best
Excess interest
Growth
be-
tween the two groups in average
Performance
This
the
great and are, in some cases
driving underwriting gains beyond the vanishing point, it follows that we must know what the
rnanagements are doing to offset
all
measurements
companies
able
period as indicated by average assc^s- Since competitive pressures
be
901.9 %
r
.7
4.48%
117.6
83.8 %
1
cited area compares the 1962 amount with the year 1958
Volume
interest earnings measured
excess
against
assets.
low
the
The
1.67%
of
average
faster
is
1.68%
The Commercial and Financial Chronicle
Number 6318
198
shade
a
of
group
be¬
slower
the
tivity
the
on
trast with 1.05%
sharp
con¬
and 1.23% shown
if
gains
each is
The
of
significance to the investor
these
the
differences
fact
that
enabled
to
ances
had
these
1.675%
just
shown
is
perform¬
measure
of
average
22
panies, their respective
earnings
been
for
boosted
com¬
share
per
would
1962
25%
spectively!
to the
up
all
have
39%
and
re¬
if it has
capital.
of
type
mu¬
also sought
investor
The
be disillusioned to find this
the
(4)
situation
Growth
prevailing in his
It
ings.
of
recognized
generally
is
activity arises from
of
a
sav¬
insurance
combination
savings from assumptions built
into
the
pense,
premium
rates
for
ex¬
interest and mortality. Of
the three profit factors, mortality
more
difficult for investors
to evaluate because it is shrouded
Standards
Performance
These
others
follow,
with
reader
with
the
provide
for
standards
useful
him to keep
in
together
ratios,
that
in mind when meas-
suring his favorite life insurance
since, for instance, de¬
company,
viations
either
and
reserve
year
pense
influence
savings -have
the
on
year
to
profit fluctuations than ex¬
and interest.
Mortality savings arise because
advance projections
that
claims
a
have assumed
would
be
unrealis-
be
actuary
company
way
indeed
without
amounts
substantial
of
144.9
of the
The
top
shows
of
drop
a
an average
1958
adequacy
came
last
excellent,
the
in
and
four
list
panies
the
mor¬
in the volume of business in force
during
period
a
During
the
to
the period.
the
five
the
com¬
pares
persistency
the
of
idea
with
25.7%
shown
un¬
for
the
growing companies
considered
and
six
ex¬
one
be:
to
fair
three
un¬
the two
pany's
Similar
comparisons
the
for
reader
that
areas
possible
are
of
satisfactory,
gains for 1962.
two
four
fair
eight
and
groups
with
an
extremes.
and
with
98.7%
individual
best
as
76.5%
79.3%
spectively
because it
covers
the
of
interest
excess
between the groups
with
1958 as
group
and
100)
for
the
faster
201.6
for
the
slower
best
430.6
com¬
the
for
141.2
^
•
Capital gains.
(2)
the
only
with
poorest.
The
group.
of
performance
pares
of
excess
$35,000,000
an aver¬
(from
index of 258.2
age
v
j
4%% Sinking Fund
We measure
gains-
capital
over
Dated
capital losses and include amounts
realized
November 21,1963
follow.
Growth
well
as
amounts .Jiot
as
Debentures due November 15,1988
Due November
November 15, 19B3
15,1988
•/iv-r
yet realized. The net totals were
combined
five years
for the
1958
through 1962. The annual average
for the faster growing
was
Price 99.75% and accrued interest
companies
only 0.16% measured against
assets
0.45% for the slower
versus
group.
The best record
1.47%
was
while the poorest was a small loss
equal to 0.03%.
The
ratios
above
Copies of the Prospectus may he obtained in any State in which this announcement is circu¬
only such of the underwriters as may lawfully offer these securities in such State.
small but
are
lated from
the funds they represent are very
significant
fact
gains
indicated
as
that
the
equal
was
excess
to
one
for five
of
all
of the
interest earnings
riod. In
capital
pe~
26%
to
years
the
by
net
companies
all
for
total
it was equal
company
90%.
Kidder, Peabody & Co.
Goldman, Sachs & Co.
,
Incorporated
The First Boston
'
.
Corporation Kuhn, Loeb & Co. Blyth & Co., Inc. Eastman Dillon, Union Securities & Co.
Incorporated
is
It
gains.
Underwriting
(3)
important for the investor to eval¬
uate the
the very
actly
that
Harriman Ripley & Co.
Glore, Forgan & Co.
simple
where
are
ex¬
skills
valuable
Merrill Lynch,
be found and
can
meas¬
ured.
.
between the
Stone & Webster Securities
Lehman Brothers
Smith, Barney & Co.
^
Incorporated
Dean Witter & Co.
White, Weld & Co.
Corporation
The growth of underwriting
gains
Lazard Freres & Co.
■
Paine, Webber, Jackson & Curtis
Pierce, Fenner & Smith
Incorporated
unique to this dynamic
so
industry
this is
reason
the
'
Incorporated
underwriting actively for
in
sharp
contrast
two
groups
with
26.1%
is
Paribas
versus an
Drexel & Co.
Reinholdt & Gardner
Corporation
Francis I. duPont, A. C. Allyn, Inc.
on
for the faster companies
average
average decline of 29.6%
G. H. Walker & Co.
Tucker, Anthony & R. L. Day
Shields & Company
Hemphill, Noyes & Co.
for the slower growing companies.
The
best
76.4%
showed
1962
operation
while
Harris & Partners Inc.
Yates, Heitner & Woods
Wood, Struthers & Co., Inc.
companies
underwriting
versus
ahead
was
three
in
losses
underwriting
profits
Piper, Jaffray & Hopwood
Newhard, Cook & Co.
7
F. Eberstadt & Co.
in 1958.
There
several
are
measurable
ingredients that make
derwriting
purposes
may
results
up
but
the
the
for
mortality
Mutual
Fund
serious
our
savings
in
interest
.relation
gains
may
particular
to
the
selves
into
or
a
(No.
Schwabacher & Co.
Robinson-Humphrey Company, Inc.
William R. Staats & Co.
Bateman, Eichler & Co.
Blewer, Glynn & Co.
,
Julien Collins & Company
1)
Oscar E. Dooly
Edward D. Jones & Co.
& Co.
underwriting
questions
insurance
"mutual
operation
The
Bosworth, Sullivan & Company, Inc.
that
fund"
with
a
in¬
more
less dormant life insurance
McCourtney-Breckenridge & Co.
Mitchum, Jones & Templeton
Blunt Ellis & Simmons
Crowell, Weedon & Co.
ac¬
Irving Lundborg & Co.
Pacific Northwest Company
Incorporated
com¬
panies may have developed them¬
vestment
Rauscher, Pierce & Co., Inc.
of
trends of the
earnings
raise
life
Aspect
consideration
the proportions and
excess
Putnam & Co.
McDonald & Company
one
which follows at No. 4.
Our
>
un¬
the most significant
be
Robert Garrett & Sons
Schmidt, Roberts & Parke
I. M. Simon & Co.
■
,
Starkweather & Co.
Stifel, Nicolaus & Company
Incorporated
persistency
all transactions
offer of these securities for sale. The offer is made only by the Prospectus.
earnings shows in sharp contrast
as
and
the poorest.
Continued
'
re¬
shown
record
We like to measure
unsatisfactory.
'
79.3%
shown respectively for
averaged
the
For
underwriting revenues was: none
NEW ISSUE
other
in
make
to
This is not
earnings.
interest
excess
the
as
Persistency for group insurance
the 12 slower
38.1%
growing companies the score on
of all interest costs for
and 173%
three
and
accomplishments of his man¬
agement with respect to his com¬
faster
^
skills
relative
10
poorest.
and 24.3%
faster
satisfactory.
panies under our study was equal
such companies
ended
years
life
Term
persistency during
the
judged: one excellent, period averaged 48.0% and 38.2%
underwriting revenues for
10
cellent,
all
whole
of
the 12 slower growing companies.
The top record
of 71.4%
com¬
were
satisfactory
were
the
sales
;
^
growing
two
unsatisfactory. By con¬
satisfactory
eight
The
for
four
pur¬
increase
net
growing companies and 38.3% for
satisfactory.
mortality
of
faster
10
Sales
this
we
former,
follows:
as
were
were
aggregate
adjusted
inadequacy
or
revenues.
the
companies
the
their
to the
relate
we
to
For
averaged 48.0% for the
savings is shown by the fact/that
all
enabled
as
pose
Force
with trast, the 12 slower growing com¬
up
on
26.3%
significance
to 132.8%
In-
of In
Persistency.
1962,
with its 1958 figure.
1962
(6)
interest earnings of
excess
measured
100)
as
tality savings in 1962 as compared
The
have
opinion
an
With respect to the
growing companies.
the
revenues.
Increase
underwriting
of the faster
with
(vs.
company
while
239.7
Earnings
each company as well as its gross
while only 114.6 shows as average
for the slower
Interest
comparisons
reach
relative
its
growing companies showed three
index
to
us
mortality savings.
times the growth
Adequacy of
depth
the
of
Excess
(5)
such
at
the industry would be in
bad
very
mysteries. Our studies
reveal that mortality
more
As
to
11
shown here will give him
1.675%
some
the
from
way
cautious.
told us,
a
claims
expect
Mortality savings
mortality
that profit from the life
seems
,
"income"
an
or
determine
helps
favorite life stock.
by
"miracle"
the
poorest
may
as
by the poorest performances.
To
levels, they were just being ultra
capital
growth
in
Underwriting Revenues Compared
did
of
ment
is
companies
the
high;
not
tual fund
2.33%
tically
level of the income with the level
group. However the best achieve¬
of
the
Coupling
side.
(2003)
on
page 23
The Commercial and Financial Chronicle
12
The New Fashion
Most
In Economic Theory
By Paul Einzig
-
'
,
Argument
of
Line
several
-
1
;J
;
.r.
Einzig dismisses the prospect that
Dr.
reasons,
wage-cost pressures.
the expan-
for checking
need,
;
.
.V"
G o v ern men
trend,
t
down
unequivocally on the side of expansion. Plans are based on the
assumption
that
productivity
spokesmen have now come
jn
and that the extent of tion by mea^ of high Bank rate
would enable the Gov- is becoming increasingly unfashto increase public spend- jonable.
A few years ago theo-
per annum
savings
ernment
in
well
ing
that per- retical foundations
of
excess
It is true, the Chancellor
were
the
success
expansionary
his
of
policy will, depend. One of them
is the absence of excessive wage
increases and the other
is the sta-
the
foundations
are
SOught for resistance to
the
high Bank rate as a
in
Mr.
t^k
Norman
demands are gathering mo-
wage
it is most unlikely that
mentum,
in
Government's attitude
existing conditions the Govern-
went would try
the
near
rates
interest
since
to check them in
future bv means of
high
credit squeeze
and
they would effectively check
to
vere v
"he
tiwine
for
se-
poHcv
the last ten years. According to
the author, the rise in prices as
is
now
due
it unnecessary
rate
to resort to a Bank
increase, even though the ris-
ing trend of interest rates in New
York
has
amount
given
of
such
adverse
season
be
in
and
a
r
prices have
move.
sterling
been
Wages
increasing
During
Guenther
wages
save
v
the
Trust
ers
agency
both joined
Oreanu
and
in 1956.
Co.,
Kennedy-Peterson Names
Shields
Mr.
Messrs. Fer-
account executives.
nandes
Richard Shields
Richard L. Fernandes
had been associated with the bank
•
Employers
I
a
dent of Bank-
balance
,
of
Hopelessness in
Demand
the
Inflation
wholeheartedly agree with the
author that waSe increases ought
HARTFORD,
for many years.
Peterson, Jr., formerly Treasurer,
Mr. Shields was
has
graduated from
Conn.
John
President
elected
been
—
A.
of
Incorporated,
Yale University in 1929 and the Kennedy-Peterson
Harvard Business School in 1931. 75 Pearl Street. George B. Wil-
to have been resisted more firmly. He joined Bankers Trust in 1931 kinson, Jr., formerly Secretary,
But doest herisk strikesexpect em- and wasin elected Assistant Trust is now Secretary-Treasurer. Ed^riously in condi-.officer
1938'.""During'"World ward G. Birdsey is Vice-President
f.lu^Xb/u
" 'Wor* tr u*
Rons; when, thanks to Cheap aftd'f.
,
;
•
r? i
P erdl. u money, the economy is
——
.
-Ui-
other means than by putting
Bank rate and curtailing
Mp the
.
wage
aim
.
NOTES
NSTA
volume of credit,
,
.
,
increases rigidly instead
tt.
of
,
.
adopting otlier disinflationary
ance
TWIN
CITIES SECURITY
TRADERS ASSOCIATION
Jerry Ets Hokin, J. M.
elected
Bad been successful, the rise
wages in the private sector
an would have drained the manpower
de- q£ ^0 public services which would
,
of
•
Mr. Ets Hokin
■
any
of these securities.
•
„
wood
was
elected
Hop-
Vice-President; James Ma-
•.
Mahoney & Co., Inc., Secretary,
honey, C. D.
November 20, 1963
ISSUE
He was previously
1960.
& Co., Inc., Chicago.
McCraney, Piper, Jaffray &
Robert
an
Security
their annual meeting.
joined Dain's trading depart¬
in September,
ment
Dain & Co., Inc., was
president of the Twin Cities
Traders Association at
vices aimed at curtailing demand, have had to increase their wages
offer to sell nor a solicitation of offers to buy
The offering is made only by the Prospectus.
NEW
•"
are
men
Vice-Presi-
in excess
part of the increases that is
that
Both
with A. G. Becker
This advertisement is neither
V.
the same time.
Bros.
Formerly
the chances
of the increases more than
by
sponsored
Lehman
a
It is true the Government itself
'
could have resisted wage demands
their rlse b.V discouraging demand. in the put)lic sector, which in BritIn the author's opinion the right ain includes vital nationalized incourse would have been to resist
dustries. But even if its resistnime
will
weeks*
elected
Theffact Lehman Brothers, 1 William St.,,
installment
that such spendings
are
not demand inflation. Yet the of- any
The
a
for
few
certain
about the
speculation
possibility of
over
rise to
was
Vice-President of Albert Frank-
excessive
entirely- to
necessarily ficial policy, instead of aiming at
increases. Sterling keeping down costs by resisting
sufficiently steady to make
a
booming and wage increases can
passed °" to
c2?SUnier
greatest ease? The" GoVernwage lncreases. s0 that Britain ment cannot force the private secbas experienced cost inflation and tor to resist wage increases byt
been
expansion without
checking wage
increasing'"their
Macrae
authorities
of
towards exdansion rmuors oi im
tovaids expansion, lumors ofimtiying to meet undue pressure by
piessure by
pending Bank Rate increase need attempts to restrain home demand,
not be taken seriously.
Although which they have pursued during
Given the
the .diagnosis, ;•
Face
British
TP-, m rl
<\XJA 114 o rn Q-j-
conclusion;^Yflllld/Ill Ol. J. UllU.
Ior mcreasmS Lneu
commitments.
device,
October,"
;
Richard L. Fernandes
■
.
interpreta-;v •
credit
now
applying
disinfla-
.
.
book entitled "Sunshades in
a
takes-the
r
and the same thing.
one
theoretical
tionary
bility of sterling. The two conditions are for all practical purposes
to
resistance
the
to
Of AF-GL
R. Shields Joins,
agree-;*
V•;
;• -v
that the primary cause
produced period of rising
cuts in
of the Exchequer, Mr. Maudling, public spending as a disinflationadmitted two conditions on which ary method.
In addition to that,
centage.
Named Officials
^
Law, Inc., 131
of'infla- New York City have announced Ccclar Street,
«"*££ elSve^aXinii^Sithat. Richard Shields-has, been New, York.,
tion was excessive wage mereases.^
Vice-President Director City, national ,
^imean .that there wM ^
a Vlce
a d vert i sing.
does
of the Execu- and public re- *•
cost inflation and no .demand in-,
tive
Commitlations/agenRation. After all, every ppuri^L. Of
tee of The One
cy, it has been
additional...-wages adds ^at^least a
William Street anounced. Arpound to demand. It is ^rue, in
Fund, Inc., the nold Oreanu
theory there is a possibility'that
open-end in- was elected an :
some beneficiaries of wage investment
assistant Vice-peases might save part of their
company
President; a t
add'tlpnal »>eomes. On the other
tion .ot
•
resistance to infla-
in any case
inflation, I think his
Of
would be
policy
^
^
.
,„
is based on a mistaken
Britain, and British ^exports.; to
Britain-and
.exports ;
Europe and' elsewhere are doing
reasonably Well. Why then, it may
well be asked, should the huthOrities resort to a Bank rate increase
which would be "in sharp conflict
with the Government's fundamental expansionary attitude?
the rate of 3.2%
would increase at
While
;
a
thinking.
„
I .wholeheartedly
.with his diagnosis about the .cause
;
such
will start a .new
.
t.,,
ever,
impracticable.
probable that
even
fashion in economic
u.,
demand. In a free country, how-
against
therefore,
seems,
Mr. Macrae's book
England.—After'blow- in W.estermEurope.more th?.r
ing hot and cold for a few weeks
a:
about the, need; or the absence of
sionary.
'•
'
It
one.
possible and
rern.Europe- more than in
LONDON,
a
•
old
the
book
this
of
reviews
anything new to say for or
the
British Bank rate will be increased even though the Government
will expand its public expenditures 4% per annum on the basis of
recent optimistic prognostications of 3.2% per annum productivity
increase and 4% annual growth rate. The economist carefully ex¬
plains why he rejects some recent thinking that price inflation stems
solely from cost inflation and why the demand side of inflation has
made it almost impossible for employers to resist relentless rising
.
Thursday, November 21, 1963
.
in order to be able to retain the Production Board, the Office of
minimum number of employees Lend Lease in North Africa and
endorse this line of argument un- required for keeping the services the Foreign Economic Adminiscritically and mere or less enthu- going.
\.
s
"v
;
tration., Mr. Shields was elected
siastically. This is perhaps udder- •' *n a totalitarian state the Gov- an Assistant Vice-President upon
statutable/ for it opens up a new eminent would be able to pursue his return to Bankers Trust in
line
of argument, at a moment successfully the policy of keeping 1944 and was named Vice-Presiwhen very few' people can find down wages without keeping down dent in 1950.
; : v
New
A
For
.
.
(20C4)
and John
Jerry Ets Hokin
$10 ,000,000
FLORIDA
Co., Treas¬
urer.
ASSOCIATION
Security Dealers Association,
the following new officers were installed:
SECURITY DEALERS
At the annual
meeting of the Florida
31-November 2,
October
Rubel, Harris Upham &
New England Power Company
First
Mortgage Bonds, Series K, 4V2%, due 1993
Dated November 1, 1963
Due November 1,1993
Frice 101.155% and accrued interest
Copies of the Prospectus may be obtained from such of the
unuawriters as may legally offer these securities in this State.
Robert
President:
Robert J.
Jacksonville.
rrancis I.
duPont, A. C. Allyn, Inc.
William
J. Pierce
„(
Pierce, Pierce,
R.
Hough
Wulbern, Murphey, Inc.,
-
Vice-President: William R.
Hough, William R.
Hough & Co.,
St. Petersburg.
McDonnell & Co.
Fahey, Clark & Co.
Incorporated
Tollner & Bean Inc.
Dorsey & Company
Incorporated
The
Secretary-Treasurer: Lee
P. Moore,
Reynolds & Co., Winter
Park.
White-Phillips Company, Inc.
Governors:
O'Rourke,
T\T r\4-^
/-»
v\
r>
1
U
Inc.,
v\lr
Robert J. Pierce;
Daytona
T\/Ti
orwl
T. Nelson
O'Rourke, T. Nelson
Beach; and J. Bernard
Shumate, First
Volume
Number 6318
198
(2005)
Financial Chronicle
The Commercial and
.
.
.
be
to
SBIC's Must Communicate
curities
by assessment to all
equitably shared, the
paid
If
SBICs.
better
cost to each SBIC would be nomi-
will
show
considerably
The Security
performance than the 15%
industry gain.
nal. Clinics for small
the Public
True Image to
whether
However,
the
not
this
of
or
performance
improved
the
Ruhel & Co., Publishers,
conducted
Continued from page 2
like the one in public SBICs will serve to im¬
sponsored by the prove the SBIC image will depend
Eastern SBICs last year should be largely on how effectively the in¬
Chicago, III.
By Stanley M. Rubel,* Partner, S. M.
SBIC Evaluation Service,
forums
•country,
able
"New Jersey
the
throughout
dustry
coun¬
Within
have
Small
Business
'•'*
industry problems. The com¬
munication
program
should be
administered by professionals as
.'
;vV
'o'v
V" '
.
is
If
done for most trade groups.
these steps
public image in the fore¬
the
in
re-establish itself
signed
& Co. Issues
seeable future.
Ira Haupt
of
.
in
j
u
d gm
which
must
fi¬
SBIC
downs must be
Stanley M. Rubel
occurred
daily. For this
SBIC
industry
relations
a
public
poor
and have done con¬
men
siderable
are
conveying
not
in
harm
indus¬
balanced picture of their
try
the
of
members
many
treason,
SBIC
consists
It
diverse.
ably
remark¬
industry is
of
a
variety of different types of com¬
of
$300,000
a
investment
in
difference
wide
with
million
$35
from
size
in
ranging
panies
policies, methods of operating, in¬
ally,
etc. Actu¬
concentrations,
dustry
about
that
denominators
throughout
only
the
•
common
to run
seem,
industry
the
the
are
regulations under which all must
operate,
material-
raw
policy, and the impres¬
vestment
sion
basic
the
the
makes
SBIC
the
on
business and financial community
and general public.
funds
the
ment,
ability
of deals
with
The "image"
of extreme
one
good
matter
is
importance for the
entire industry and one
been
which has
communication
companies
by
other
no
size
formation of SBICs by the finan¬
continuous
a
1960 proved to
extremely successful.
At that
time, SBICs became glamorous in
the mind of the public and a
large
and
public
private companies were conceived
the
founded.
nies
were
early
private
public
compa¬
underwritten due to the
public
strong
from
The
demand
profits.
SBIC
companies
ing
to
same
become
vestments
were
created
larger
to
Manv
when
season
in¬
don't
the
purchase 19 more for use
T,
T.
&
operating
ing written at
the
over
a
record pace and
is
which
backlog,
and one-half
two
will
steadily growing.
There
this
The
another
by
shares
are
capital
develop
Vegetable
tion which has considerably more
Refining promise than
call as well as red to black
Oil
switch from
ipdj^try,
similar calls from other commod¬ products, finances and future po¬
ity brokers resulted in the Bay- tential, \ demand a close look by
onne, N.
J. company's action in those seeking a sound speculation
filing under the Federal Bank¬ in a company whose management
has it moving forward with an
ruptcy Act.
Corp. to meet our
"This action by our
a
as
Its
ink.
impetus that should carry it
largest com¬
account came
a mere
15% higher than the pres¬
60%. Three or four
public companies will reap
of
tion
firm
or
merging
with
any
In
other
organization
in
way
any
'.~U
V
This is not
r-
an
business from
T offices at 121 West Fourth Street.
offering of these shares for sale, or an offer to buy, or a solicitation of an
such shares. The offering is made only by the Prospectus.
offer to buy,
any
were
718,354 Shares
people
SBICs
what
know
this
to
Pacific Power &
day
Common Stock
the type of financing that is
ing,
being provided and the good that
the
industry
has
Light Company
really do¬
are
done
(Par Value $3.25 per share)
small
for
impression
The
SBICs
that
self-dealing
of
front
a
major financial
loans
than
1%
dashed to
of
the
investigation.
in
this
any
had
bound to
they
have
occurred
transactions.
.
.
.
as set
Merrill Lynch, Pierce,
industry has not
proper
Only
period,
may
offer
forth in the Prospectus.
for
f
Fenner & Smith
Incorporated
.
Corporation
communication
Alex. Brown & Sons
to the public!
permanent
-
Paribas
con¬
November
A
certain conditions, to purchase
Blyth & Co., Inc.
Why
Public Relations Fund
maintained
to
dealers in securities and in which the
■
a
subject
Copies of the Prospectus may be obtained from any of the several under¬
writers only in states in which such underwriters are qualified to act as
Prospectus may legally be distributed.
While self-
are
doing only self deals?
ducted
■ ■
.
SBA after
should the SBICs be characterized
because the
;
unsubscribed shares and, during and after the subscription
shares of Common Stock
small fraction of the over :!
SBIC
5,000
-
industry of this type,
an
time
in only a
The several Underwriters have agreed,
that
industry's
discussed
matters
approved by the
dealing transactions
to
fully set forth in the Prospectus.
a
The story
paper.
involved and that the
were
careful
of
Few people realized
specific
been
the
is
story
challenged by the in¬
never
dustry.
less
making
loans
page
Rights, evidenced by Subscription Warrants, to subscribe lor these shares at
$23.75 per share have been issued by the Company to holders of its Common
Stock of record October 30, 1963, which rights expire December 5, 1963, as more
frequently
are
fund
should
be
communications,
18, 1963.
•
Y. —Charles
gains
Stories
-
Inc., is engag¬
ing in a securities
what¬
'
N.
Keyes Associates,
losing its identity as an
soever."
Business
Securities
JAMESTOWN,
Challenging Self-Dealing News
few
be¬
yond the speculative stage.,
com¬
required in order to im¬
Very
361,400
currently
selling around $9J/2 to $10 in the
of- Allied
Failure
markets.
oil
Crude
the public.
press
out¬
could
conversion
and
increase
shares.
shares
412,815
are
standing
stock. market
On the contrary, their
to
be
program
hopes of raising additional funds
currently
million, is
that
suggest
com¬
Oil
Refining Over-the-Counter market.
Here is a company that appears
Corp.
commodity
account with
Ira Haupt & Co., we issued a call
to finally be on the threshhold of
for $18 million more margin fol¬
profits after years of unfulfilled
lowing the drop in future prices- hopes, technical difficulties, frus¬
on the cottonseed oil and soybean
trations, and losses. It is a situa¬
modity
major capital gains and their se¬
security values of the public
companies.
When the market broke in 1962,
SBICs
to
mean
and
show performance.
for public
of the
one
Vegetable
Crude
indicate any over-all
ent average of
to
to
A.
public relations should try to puff
started
conditions hop¬
began
con¬
com¬
deliver
public.
I
as
under these
the
value,
of
communication
and
education
occur
and
year
program
sufficient
machine
the
panies. Thus, new orders are be¬
remains plete surprise to us but we have
liquidated all of our commodity
reasonably strong, I would expect
futures positions on this account.
that the public companies will re¬
"Ira Haupt & Co. has no inten¬
cover
to
sell at
70% of book
If
(SBICs are over a half billion
that does not con¬
duct
to
investment performance.
in worth now)
was
rather cool until underwritings of
today's
tinuity
of comparable
industry
cial and business communities was
of
the
during
shown
not
have
31, 1963. I know of
March
result
original reception given to
share
con¬
public
advertising
their
cut
although
they
date,
To
capital gains have developed,
the
even
20%
some
ended
mostly
Acceptance
be
companies.
public relations expenditures
and
try.
1959 and
about
of
problem
and
sequence
heard
Rise and Fall in Public
SBICs in
by the public
The industry conducts no
,
by
Allied
with the
connection
"In
Zip
businessmen throughout the coun¬
shockingly neglected.
The
jects to .some degree the return
that might
develop from these
their
businesses, and other similar rela¬
tionships.
carried
since
companies
some continuity
and investors will be able to pro¬
little to combat the false impres¬
SBICs.
time
portfolio
with
appearing
is doing?
is that the industry
able
considerably
sold, or turned
into profitable
savings; ventures. Capital gains will begin
and
/problem, that^js; so remark¬
brought
consideration,
negotiate
to
invest¬
future
for
flow
for
them
to
of the
weak
be
that
will either have been written off,
loan associations. The aspect
system
will
by
of
stages
banking
ability
extent to which SBICs can obtain
further
early
annum.
per
the
Electric,
1964
June,
tion
earlier suspension.
its
removed
in commercial use).
to
;
^
impression determines the
This
losses
most
expected and have
during
the
certain basic rules of in¬
money,
and'
ups
and
sion
the public.
to
The
industry
new
any
in¬
yield
The threat of additional invest¬
ment
diminished
In
nancial people
;
of about 3%
rendered
by
and earnings from
losses
terest will constitute a true
V
Relations
Poor Public
•
be
selling at only 50%
"image" of the industry.
to the bad
nts
e
are
offering prices have contributed
of
business
and
issues
lic
data
of
years
to the Western
Electric Company, who has an op¬
a
for
financial
12
is scheduled to
pany
Co., on Nov.
were
General
for
select few 3% True Yield Interest Earnings 20, issued the following statement
The importance of "image," pub¬
with regard to action of the New
In projecting
lic
impression,
or
other terms private SBICs have been able to
the image of
York Stock Exchange and other
vused in the public relations field sell more stock. The SBIC name SBICs in 1964, it is necessary to
considerably
tarnished prognosticate on the public com¬ exchanges in suspending the brok¬
and
among
marketing
men
is became
through unfavorable articles in panies. By 1964, the average pub¬ erage firm's memberships:
.rather
lost
"Ira Haupt & Co. is solvent and
the financial press although many ? lic SBIC will be 3-4 ye^irs old.
when
talking
of these
artciles
were
unduly Funds will be nearly invested, by is in; an excellent financial posi¬
to financial
tion. We anticipate that the sus¬
pessimistic and triggered by be¬ average, and will yield interest at
people. These
pension by the New York Stock:
areas
leaguered security prices of the about 7%.
are
too
By the end of 1964
Exchange and the American Stock
public companies.
most of the
rabstract and
public SBICs will
Exchange is temporary. The Chi¬
Early losses from investments have fully funded their reserves
far
afield
cago Board of Trade has already
and the fact that most SBIC pub¬
from
the
Only
ground.
series machines
after
1962,
addition
In
Senior Part¬
&
just
operations, only 100 of these ma¬
chines
Kamerman,
Newhouse
order for the purchase
an
(through
Exchange Suspension
Morton
500
part of com¬
organization
of 20 Photon 200
Statement Following
ner
the
The
systems.
newspaper
taken, I feel that
are
the industry can
the
of
as
puter
V
ous
Ira Haupt
installations
orders
several
for
obtained
series to be used
Companies,
Investment
V«vd'v
month,
past
.
Saratoga Springs, New York.
:
been
'VT;.;.
break-even
a
°
the
multiple
*An address by Mr. Rubel at the North
States
Regional Association of
Eastern
balance against vari¬
to
order
in
enough to show
for the year.
begin to communicate
nature to the public.
can
its true
auspices of the SBIC
industry. The business and gen¬
eral press should be made aware
of the good that SBICs are doing
under
try
investments corre¬
lates highly with their image or impression they make upon the
public. In establishing this point, Mr. Rubel briefly outlines their
meteoric rise in favor and equally rapid plunge into disfavor, and
chastises the industry for doing so little to correct public misimpressions about the SBIC's including misleading "self-dealing" news
stories. Mr. Rubel proposes the industry organize itself for proper
public relations coverage. He predicts a 7% average yield by 1964
and fully funded reserves for losses leaving true yield on interest
earnings at 3% per annum. He further predicts a price rise from
60% to 70% of book value with a continued strong stock market
wherein three or four companies would exceed 15% industry gains.
obtain funds for, and to attract,
SBIC's ability to
businessmen
throughout
held
be
a;
I Like Best
'
could
13
Dempsey-Tegeler & Co., Inc.
of
14
The Commercial and Financial Chronicle
(2006)
Steel Production
Electric
Employment
Retail
establishments
A'/'
Trade
further
Index
Price
Auto
Production
in
mainly
Failures
Business
a
index
in Octo¬
high
record-breaking
and
ber and retail sales rose to a new
remained
activity
construction
while
high
at
record level.
a
Non-
continued
tween
mid-October
vember
yields
The
above
which follow
Federal
increased
put
are
those
in its
at
to
while
little
change
workweek remained
average
advanced September
the
The
employment
level.
unemployment rate, at 5.5%
5.6%
with
compared
in Septem¬
ber, remained within the narrow
range
through
which
it
has
ma¬
of
Distribution
in
tober and
earlier.
Gains
the
among
ment
rose
were
Oc¬
5%
above
a
year
sales
new
depart¬
Dealer
in
cars
retail
of
at
de¬
October,
the first month of the 1964 model-
construction
Hits
rate
annual
High
a
remained
of
activity
in both
$66V2
advanced
were
up
month
a
5%
about
earlier
and
from
a
year
U.
of
somewhat
production in October August-September level. For the
Industrial
126.6%
age
the
above
1957-59
125.9%
new
one-tenth
vious
the
seven-tenths
and
and the
of
of
in
peak is
1%
Output
of
the
pre¬
generally
the
year,
5%; above
Private
and
changed
the
year
a
residential
slightly
ma^
over
little.
public
little
business
while
changed
of
ac¬
in
construction
October
construction
after
a
while
declined
substantial
the preceding
rise
three months.
Gov¬
U.< S.
commercial
at
Required
Excess
rose
by
less than
amounts
usual
the
total reserves of
and
banks
member
in
October.
and member bank
reserves
borrowings from the Federal Re¬
showed
serve
change.
principally by
and
further
little
Reserves
outflow of cur¬
an
float and
supplied
were
increase of about $300 mil¬
an
in
holdings of U. S.
System
early
November.
Prices
industrial
materials
changed
little
the' average.
on
Security Markets
Yields
livestock
tween
and
meats
declined
below
a
and
year
of
securities
.-
U.
mid-October
November, in most
Treasury
bill
After
ended
and
last
1960.
slightly
high
new
in
prices
Effective
moderately.
Nov. 6, margin requirements were
raised
to 70%
I.6%
Then followed twelve weekly
in
vances
teen
past
rise
"Investment Bankers Association Convention"
vigorous
more
a
statement
'
Issue of .' .Vy;S2:&:;
y.■
be
last
692,965,812.
THE CHRONICLE
if
the
succeeding
up
any
disappoint¬
Will Be Published December 19th
coverage
★ Learn what the experts
probable
are thinking of the business outlook and the
of interest rates by the investment bankers of America.
course
1—Read the
penetrating analysis of what's ahead for industry from
viewpoint.
the
are
lion
major problems to face in the underwriter field for
future?
3—Which
points
centage
base
larger
who
are
it
the
represented at this all-important convention and
the officers of the Investment Bankers Association?
are
is
above
Our
preliminary
Our
impact will the Administration's and Congress' financial
program have upon the Investment Banking Industry?
corres¬
ingots
and
York
total
the
of
Jan.
will
and
many
find
the
others
answers
in
the
to
these
"Investment
questions
Bankers
Association Convention" Issue of The Chronicle.
1,148,000
mulative
this
784,255
+0.7
Ago
Week
for
Of Past 13
★ Do not miss this
appear
in the December 19th issue.
ended
y
Regular advertising rates will prevail
for space in this issue
Output
tons
11.2%
Above
Period's
Iron
16
for
week
the
1,979,000 tons
1,958,000
against
(*105.1%)
In¬
Steel
and
was
as
in
the
Nov.
9
ending week. It marked the fourth
THE COMMERCIAL AND FINANCIAL CHRONICLE
25 Park
Place, New York, N. Y. 10007
REctor 2-9570
Area Code 212
weekly increase in
This
was
fractional
the
weekly
twelfth
advance
weeks, and
output
of
was
since
a
mulative
in
output
non-spectacular
in
the
past
13
2,077,000
tons
ingots and castings produced in
the
July
13-ending
In the
week's
of
total
tally
total's
cu¬
113.3%,
faltered
percentage
lost
over
off
at
year's
at
'
in¬
period
11.2%—the
same
the pre¬
recorded for
week ending Nov.
9.^.+':+/
7 \-
♦Index of Ingot
Production for
Week Ending
District—
'1+
.
North
Nov. 16
East "Coast
107
90
155
Louis
149
v
112
____________
111
126
_
99
114
—
Cincinnati
101
:
______________
Chicago
93
115
103
93
.___
Cleveland
Detroit
105
109
Pittsburgh
Youngstown
St.
Nov. 9
105
Buffalo
122
Southern
100
93
Western
109
111 /
106.2
105.1
+
Total Industry
-'Index
weekly
_____
production
of
production
based
'
average
on
1957-59.
for
November's
Steelmakers
continue
booking
De¬
a
at
orders
new
magazine
Steel
rate,
current
avoid
may
in shipments if they
cember drop
the
May
Shipments
Steel
December
'
December ship¬
been
4%
short of
week.
have
November's
six
in
last
the
of
four
years.
Many steelmakers who original¬
ly expected November
shipments
to
predicting
slightly
drop
they'll ship
month
This
as
are
much tonnage this
as'they did in October.
Orders for automotive
accelerating
for
steel
are
than enough to
more
seasonal
mand
downtrends in de¬
used
products
in
con¬
and canmaking.
struction
from
Orders
appliance
manu¬
facturers, railroad carbuilders,'and
capital
cially
makers
equipment
moving sidewise
Stainless
row.
rise
the highest weekly
the
last
index
week's
offset
data compiled by
production
Nov.
(* 106.2%)
Out
Weeks, Leaving Year's
American
stitute,
Above
Rise
Twelfth
According to
the
qf Year
Similarly
and
Week
16, 1962 produc¬
113.1% (1957-59 = 100) and the cu¬
+8.2
529,497
Last
above
+4.9
848,815
533,231
1962
opportunity to advertise your Firm, Corporation or
complete coverage of the IBA Convention which will
+4.4
1,204,000
Cumulative
Bank in the most
1-Nov.
tons
net
85,363,000 net tons.
ments
%
$16,169,030
1,400,180 —2.2
City_
1
On the average,
1962
1963
_____
Kansas
Jan.
11.2%
is
said.
1,368,877
Boston
since
96,939,000
which
comparison with
.
—(000s omitted)—
Chicago
Off
output of
money cen¬
++•
Steel Output 1.1% Ahead
You
for
summary
$16,879,142
__
Levels
total
castings
(*113.1%)
were
$30,521,-
week in 1962.
same
of the principal
Nov. 16—
New
tons
Total
Equal
totals
comparative
ters follows:
was
1,804,000
cumulative
;
against
331,886 for the
The latest.
mil¬
$987
the
of
(1,742,000
output
the
above
year's
the
17.
week's
Cumulative
for
obtain
to
were
those
$31,508,949,455
for
week
ending Aug.
The
indi¬
States for
possible
Philadelphia.
4—What
that
output
produced in the year-ago week.
ended
week
United
clearings
approximately 13.6%
was
than
lowest
figures
>.
clearings
16,
1957-59
above the
period's average weekly out¬
put and
$31,-
country,
the
for
Week End.
firms
of
ponding week last year.
some
the
total
the
Nov.
cities of
weekly
the Investment Bankers'
2—What
of
that
Saturday,
which
important Issue will present the most comprehensive
the IBA meeting, both editorially and pictorially.
bullish expectations.
Last week's output was 6.2 per¬
slightly
Preliminary
cities
cate
all
★ This
far while living up to
so
last quarter
telegraphic advices from the
chief
the
not
make
ment felt
compiled by the Chronicle, based
upon
of
week.
week's
in
unhappy
weeks
dollar
3.2%
however,
were,
below
in
year-ago
the
aver¬
will
upturn
latest
gained
over
They
the
in
hair's
week
a
weeks but
several
past
percentage
1962 Week's Volume
clearings
volume
1%
a
or
The industry had hoped for
vious
Bank
weeks
width less than
12.4%
marking
weeks
those
for
ad¬
output out of the thir¬
3.2%
Rise
Clearings
May ' 25
from
through the week ending Aug. 17.
levelled
Bank
Above
uninter¬
an
was
week's,
13
July
decline
rupted
mid-March,
in
for
gain, there
crease
■V/
equalled
50%.
from
was
a
month
-
late October, common stock
declined
in the
topped the year-ago period with
was
a
and
17
Aug.
25, which
May
Except
tion af
reaching
ended
of 2,626,000 tons
In early
year.
rate
The
1957.
7,142,000 tons occurred
to their
3%'%. '
above
in
tons
unequalled in the past two years
be¬
mid-
and
cases
three
the
110 mil¬
highest since the
—
week
high
week
Gov¬
S.
,
November,
DON'T MISS IT!
the
and
increased
highest levels of the
earlier.
state
bonds
government
maturities
all
on
ernment
substantially
the
in
II.05%
and
corporate
on
local
Reflecting large supplies, prices of
were
1963 low of
statement
of
sensitive
year
million
tons)
securities.
Government
ton
112.7
absorbed
were
reduction in Federal
a
lion
age.
banks declined sharply.
remained stable in October
index
and
price
in
than
larger
months.
deposits
both
billion;
$1.3
were
ernment
by
The wholesale commodity
average
$1.1 billion and
rose
banks
recent
other
and
in¬
products
production of steel and other
terials
earlier.
tivity
in July.
October
in
averaged
September
above
final
further
ten
rate
micro-thin
a
months
first
1%
of
high first attained
creased
aver¬
The
further.
supply
money
hold¬
increased
ings of other securities
lion
was
securities
while
decline
to
Reserves
Commodity Prices
^
reduction in
by a
Government
S.
rency
earlier.
billion—
the
about
at
year,
seasonally adjusted
part
continued
widespread
declined.
stores
of
in
categories
although
liveries
2%
were
categories of loans
loans to security dealers. Holdings
increases
sales, after declining 1%
September,
machinery
Construction
in most
in
in¬
substantial
reflecting
offset
loans
Total
October.
in
mercial
stores,
changed little.
New
million
$300
only
is
it continues
if
output,
steady
still expected to garner a
time and savings deposits at com¬
fluctuated for nearly two years.
Retail
increased
credit
rose
manufacturing,
equipment
passenger
commercial
of Busi¬
Production
out¬
farm
while production
rose
October—at
Record
and
Na¬
Conditions.
Industrial
October.
in
bank
creases
goods
equipment,
industrial
of
and
compiled by the
Reserve Board
slightly
local
and
state
Production
consumer
business
Among
and chinery
and
findings
other
most
of
high level.
freight and
tional Monthly Summary
ness
about this
Be¬
bonds
on
9% in Oc¬
rose
schedules for November in¬
dicate that output will remain at
mid-No¬
and
,!V:1•
July's 127.
age;
increased.
bills
Treasury
expand.
to
126,
tober to 157% of the 1957-59 aver¬
employment
banks
September's
127,
was
month's
last
numbers,
Auto assemblies
increased
slightly further and the unem¬
ployment rate changed little. The
money supply and time and sav¬
ings
deposits
at
commercial
farm
round
Supply
Money
Reserves
Seasonally adjusted commercial
slightly
reflecting
In
the
In
in
gains
continued
advanced to
increased
October,
government and service activities.
Commodity Price Index
Industrial production
Thursday, November 21, 1963
.
Employment in nonagricultural
Food
TRADE and INDUSTRY
Credit,
And
Carloadings
The State of
Bank
Output
.
.
are
on a
steel
are
high plateau.
producers
espe¬
enjoying excellent bus¬
iness, thanks to brisk activity in
durables
and
capital
consumer
equipment.
strong
months
as
of
Demand is almost as
it
was
April
in,
and
Continued
the
peak
May
when
on
page
24
Number 6318
198
Volume
.
The Commercial and Financial Chronicle
.
.
(2007)
And here, again,
The Market... And You
:
it
WALLACE STREETE
BY
ruthless
others
ing
at
cleaning
year-end
in
up
market
that
even
a..surprise triple-play
divi¬
dend
raise, stock split and rights
this
stock
week's
offering
T.
A.
in
couldn't
T.
&
dispel.
There
was
hint of much fund work in
completely
also
a
the
market
the
in
profusion
of
an
group
portfolios
and
while
fact,
some
it
of
result
latest
reports
large blocks in issues where they
available showed that in the Sep¬
aren't normal.
tember
V: There
was
caution prevalent,
that
appears
of
amount
good
a
both because it
tax cut is hope¬
any
lessly stalled for at least this year
.and
in
because
several
-end dividend action
was
some
of
holdings
Jersey Standard which could con¬
ceivably
in for
come
Effects of
increase in margin
an
requirements from 50 to 70% cash
payment
hiad -been expected and- the prices
of
the
had
stocks
transac¬
new
on
dis¬
already
counted it.
The
able
in
theory is that if the favor¬
has
advance,
discounted
been
have the year-end
so
reports, leaving the stock market
with
no
new
advance,
incentive
to
"
,
.
Whether
what
works out this way
it
the
as
is
dividend
General
raised
frivolous
of
shown little
a
another
but it
that
small
had
ter-acting
loss
been
to
day
a
of the
was
In
in
the
been
the
a
the
Up
action
the
price appreciation
of around 25%.
year
But
General Electric had been little of
this
wonder-worker
a
showed
the
on
gain of only around 4%
a
/ ."
year.
,
of sessions
the
Pont and
Du
Pont
upped
There
com¬
still
was
from
those
The
customers.
has been expanding its sales
pany
of non-chemical products, such as
plastics
where
bit
industrial
and
chemicals
than
more
these
are
to
gasses,
only
now
fields
non-chemical
could
to
long-
importantly
prospects.
talk
of
some
pinpoint
and New7 York City. But it doesn't
those
that
dim the fact that Harris-Intertype
below
this
are
year's
6% Yield
leading
and is
candidate
for
any
year
a
of
a
its
Neverthe¬
ago.
year
offers
dividend
$2
covered
which,
at
would
recent
be
prices,
future
of
Boeing
is
bright, however,
received
since
order
new
a
con¬
planes
seven
jetliner.
The
backlog
is
two-fifths
is
dividend but set another distribu¬
up
tion qf General Motors shares and
in
the
of
way,
the
the
a
time
this
0.36%
of
GM share for each du Pont share
where
had
the
half
the
Nevertheless,
",Pont pushed to
,year
on
record,
surface
the
that
•against
the
shares
this
of
in
since
until
affected
And with
could
necessarily at
with
They
be
the
activity
veiled
for
some
"That has
the
still
time coin¬
any
of the "Chronicle.'*
presented
those of the
as
only.]
Pacific Power &
into
the
it
had
not be
in
the
field.
equipment
show.
its
machine
ready for this
merely
a
So
put
bitterly
the
com¬
pricewise
the
stock
far.
posting
of
uneasiness
spotlight
new
field
question.
as
it has
continued
recently
now
with
drab.
story since the
citement
After
it
a
clearly
was
experimental
cancer
still in
stage
and
way
of profit-potential for
And with that subject still
time
to
ex¬
pointed
any event
a
a
open
initial
lively
became
general
improvements that must
an
basis
718,354
$23.75
of
to
one
share
new
of
in
revenue
financial
with
the
bond financing.
revenue
investors
There
is
a
argument it
strong
not the intent of
was
limit
commercial
underwriting
tion
Congress to
banks
of
bond issues
It
appears
the
inserted
was
obliga¬
word
in
the
general obligation of
or
political
"gen¬
phrase
any
subdivision
,
-
held
will
of
Oct.
record
trict
bonds
which
had
form Cof
expire
been
a
of
municipal
Revenue bonds
fi¬
steady uptrend and
bonds to the
revenue
form
time.
that
It
Public
allowed
bonds to
to
a
1 banks
underwrite
effective
assure
reason¬
the
com¬
Works
of
appreciable
bond
ner
administration
before
bonds, H.R. 5845, is
the
House
Banking
Currency Committee in Wash¬
municipal
America
since
1946
more
general
underwriting
bid
than $8%
obligation
issued
competi¬
by
billion
municipal
California
1935,
after
the
passage
With Alex. Brown & Sons
BALTIMORE,
&
and
Md.—Alex. Brown
Sons, 135 East Baltimore Street,
Exchange
of the
and
New
other
York
retire
the
program,
some
used
obtained
loans
bank
nance
be
W.
McGraw
r
them
as
with
is
now
a
to
associated,
representative.
the
in P
company
o r
is
11
sell
to
fi¬
a
\
v
a n
large
d, f
block?
engaged
primarily in generating/ purchas¬
ing, transmitting and distributing
electricity in
munities in
the
Call
•
•
•
than 240 com¬
more
States of
Oregon,
Marketing Department
Wyoming, Washington, California,
Montana and Idaho. Approximate¬
ly 97%
are
of its operating revenues
derived
from
business
and
the
steam
heating,
water
operations.
the
MERRILL LYNCH,
electric
remainder from
telephone
and
PIERCE, FENNER & SMITH INC
70 PINE STREET,
ex¬
registered
Like
company's construction
Stock
leading
changes, announced that Kenneth
to
will
of
Banking Act of 1933.
The
Corp., New York.
proceeds
any
revenue
financing developed, starting
about
members
of
Lynch, Pierce, FenSmith
Inc., and Paribas
Net
the
self-liquidating
permit banks to under¬
revenue
Merrill
&
to
the
stimulated
projects during the f930's that
the
& Co.,
by Blyth
headed
group
up
until
not
was
construction
i
finance
Federal Emergency
c o m m e r c
offering is being underwritten by
Inc.,
a
little-used
were a
of municipal
each
1963.
5,
Dec.
!
municipal
Rights
30.
state
thereof":
to exclude special assessment dis¬
sequently,
bonds
the
to
general
bonds in the Banking Act of
of
on
rev¬
bonds, and the adequacy of
total is likely to remain high. Con¬
of
in
fully capable
are
finance.
nancing is in
be
are
tech¬
judging credit quality of indi¬
vidual
Financing Volume
volume
of
un¬
con¬
municipalities they
troublesome
Municipal
the ratio
banks '
revenue
allowed to
As
bonds, they
enue
v;
the
on
for
not
are
As "substantial
prop¬
of this year.
Bank
common
share
per
invest
them.
niques of
eral"
result,
a
tively
eligible
that
"or
and
to subscribe for
in
would offer little in the
come.
additional
shares at
contradiction
acquainted
1933.
for out of general
A bill to
offering its stock¬
holders the right
laser-based
the
was
sub¬
wide
a
was
out that the device
early
has
potential in
possibly effective in
treatment.
been
but
its
similarly
That
fi¬
projects,
their
fully
are
to
erty taxes.
groups
Ore,
Doubtful Prospects
Raytheon also had its day in the
sided
bonds
ington.
Headquartered
ests
topic.
year
competitive
'expropriation of American inter¬
in Argentina
an
GM
by nearly half
paid
now
and
more
districts
revenue
reserving
credit for
To Stockholders
a
in
But the company
hasn't gone very
the
while
write
Rights Offering
20
and, to the analysts, the develop¬
will
still well
and
more
and
self-liquidating
nance
As
of
legal and engineering documents.
a.
able interest charges to
Light Company
bonds
un¬
announced
would
'
munity, he said.
an
Photo¬
jumped
after
advanced field.
itself
to
revenue
un¬
are
American
office
pany
price.
been the
where
dry-copying machine at
a
recent
ment
The
recent
time,
circle
after
are
final
section,
good
factors.
and
Oils Under Pressure
oil
was
play
device
The
commercial
issues
suddenly
copy
Meanwhile,
re¬
this article
underwrite
Contradiction
a
should
those
are
author
of
America, the nation's
-
The
not
the
Department
•
problems out of the
IThe views expressed in
cide
of
of the total in the first 10 months
uptrend
The company is
the
of
million
among
value
recent
known
a
lucrative
Boeing's fortunes.
Some
ago
of the year, having
the
the
only
shares,
year
high.
-been
ones
increased
the
more
That could put the company
well
year's
had
brighter
again
was
seemed
23,000,060
of.a
fared
the
.shares
du
on
dilution
although they
under
news
17,000.000
dilution
news
of
peak for the
market
the
to
1962
the
so
amount
GM
shares
a new
distribution ' would
second
share
the
mixed.
welcome.
was
Moreover,
relieved
So
the announcement
once
the
share.
a
somewhat
was
in
distribution
year-ago
been
news
;
was
Bond
Browne,
charge
largest bank.
sumed.
do
in
of
nicipal bond total in 1946 to 40.6%
strong growth patterns.
some
K.
Alan
Vice-President
$8.9
months
that
company
a
field. It could mark the turnabout
ratio
importantly and
the
observed
1946 to
10
has demonstrated
multiple for
years
in
first
low earn¬
a
it
from
expects early certification of
new
the
of
is
sultants to
billion
in
competitive bidding,and
stock.
sidered
$1.2
billion
be
com¬
'
derwrite
have risen from 16%% of the mu¬
currently selling at
the
Cleveland
in
return approaching 6% on
a
The
its
is
dollar decline from the
less, the expected results indicate
strikes
newspaper
over
expected to show the better
part of
and
suffered from protracted
company
and. even
Boeing in the aircraft section is
the
that the
all-time
ings
that
the
back
their
A
no
held
a
Bank
as
investment," Mr. Browne
bonds but
Alan K. Browne
turning
has
to
municipal
allowed
are
States
its sales from its electronic activi¬
What
in
It
expanded
communities
points of. ties.
much
United
had
stock
unable
-
the
the Bank
printing equipment,
such
said.
■
Harris-Intertype, known mostly
maker of
deal
mu¬
,
in
1963,
bonds,
revenue
inconsistent that
bank
for bank
fi¬
Municipal
Growth Trend Ignored
as a
issues
from
to
by
being
nicipal bond
had
need
:
' new
a
third of sales. And
a
of
continuing
including
seems
The volume t'
,
com¬
below
far
nance.
eighth" of sales, and has been
the
They
'
of that amount.
America is denied the
opportunity
to use fully its vast resources
in the field of
plier of * the steel industry,- about
subdivisions.
broaden the market for
municipal
mercial
public,
municipal
"With
it
sup¬
a
political
purchased 63%
bonds,
_
authority
a n
The
good extent
a
that
so
according to^
actually generates about a fifth of
top.
year-end
its
Union
of
a
v
GM
is to
bonds
com-
its
mu¬
met at
the
to
have shown
shares of Harris lately is
National Airlines for
(lu
action
its value.
has
:
such
of
event, in only
been sheared of some 30
It
year.
shares
15 point swing.
a
pany
caused by the
or
talk
news
discounted.
before
week
.stock showed
on
of
results
general
the
so
the
fact,
Calif. —The
underwrite
intended to exclude
special
then
relatively unknown
obligations.
the lowest cost
Carbide all this year
only
trend
not
needs
be
can
to
revenue
munity
been
overall
the
permitted
pressing
down.
or
up
has
for
startling profit showing this
bet¬
whether
good
But whether the
moot. In any
couple
wandering
one
one
items
have
a
plethora
was
only made the
mark&fmpturn of 1963
to
real
was
peaks,
uppecf
action
market
and
commercial banks should
nicipal
disposition to become,
"3?'
switching.
in¬
small gain the next, and so on.
could
candidate
one
well
erratic mover,
Sears
was
be
has
companies,
FRANCISCO,
nation's
skyrocket this year although its
recent
term
Xerox
issues
failed
it
was
bonds
revenue
largest
■
directed
but
if
But
emphasis
the
SAN
second
chemical
underway, it wasn't clearly visi¬
contribute
ble. 'b'.
v y.V '
;-.■■■ •
its
The
in
solid
more
yields.
good
change
available
was
a
with
a
attention
dividend
from
such
fireworks in that issue.
any
an
values
com¬
a
with
high-flying, low-
was
assessment' district
Steady
Carbide,
the
the
expected
was
to
10%
was
issue
its
market
many
declarations.
Sears
its
in¬
market
that
one
and,
that
-'.set off
degree.
any
yielding issues to the
swing
spectators noted, it is not
crease
it
interest from the,
such
';;"J
was
dividend
it
Point
triguing at the moment.
pany
apparent to
Originally,
concerted sell¬
in
makes
Electric
any
leaving
'
Cases
is
mount
hence
vulnerable to any
■
not-
higher requirements would switch
action
ing.
still
issues. He also contends the 1933 law
sales and net in
^^mark^t influence were benefitting irom. the* high demand
as
urging passage of pending bill, Alan K. Browne asserts it is con¬
tradictory to allow banks to invest in, but not
underwrite, revenue
The
applications.
Real
Union
an
tions
In
the first nine months of this year.
lighten¬
some
ing against the Argentine threat.
through' down
came
fund
to
addition
the
cases
ilong-*awaited and favorable year-
there
quarter
Bonds Will Benefit Public Bodies
of Ray¬
favorable one, with a decline
a
established
the
been
The
switching.
such
long time
a
no
was
in
posted for both
of the pressure on them
have
could
for
ahead
company's earnings picture is still
not
important items in the
have been
fund
the
Oil issues
desultory.
was
of
from
business
the
in
already
petroleum
the
in
items
various
action
the
one,
open
competition
presumably,
theon
occasional selling hint¬
was
Says Bank Underwriting of Revenue
promises only to pit it against
and,
There
with Raytheon
making strides in the laser field,
some
15
NEW YORK 5, N. Y.
mnwiAili i" ww.1
'•nwwwimwwH
J,f
,
,
w i< r ii
it'
i
.
.1 *t;t
.
". .V.
The Commercial and Financial Chronicle
A TD/^TTT^
\TT7^TI70
1
..
Consolidations
New Branches
•
the Currency.
>
Revised Capitalizations
New Officers, etc. •
•
final The Board of Directors of First President in charge of customer
aPProval of the Comptroller of at a meeting Nov. 12 approvedMo., • relations. had held his previous
National Bank in St. Louis, the Soteras
* *
since 1960 when he
Bernstein, *Abe
Beyda, transfer profits to surplus increas- position Ahmanson Bank after
divided of $5,000,000 from un- joined
mer^er now awaRs
hSAlN Ja.1jJlVU
A l\ JJ
•
Howard
L. ing the total surplus to $33,060,-
three and one-half years as fi-
nancial specialist with the U. S.
Government Small Business Administration. Prior to this he
.headed his own real estate and
Executive
D. C.
J theW. Larsen, Com¬ the District of Columbia National The Mercantile, Trust Co., St.
th* F.™>ctiv« ComI
cur-
yearsBorn in Los Angeles, .Soteras
Samuel
the3oarc[ ^.Denton w
Directors of Chemical Bank New new institution
York Trust Company, New York, Crawfo
,
.,
of
meeting
;
Dixon> Robert R. Nathan, Flaxie 000 and bringing the combined
Madison Pinkett, Dr. Joseph B. total of capital and surplus to
sheffery and Meyer siegel, were $50,000,000.
named to the Advisory Board of
*
*
«
•
of
Prpcident
h
a
Thursday, November 21, 1963
.
,
L^OO
T) A "\TTZ"
A "\TT~A
\TT7"0
K A NKn
At
.
land National> and J- Thomas of $75,000,000 in capital and sur- Ahmanson Bank and Trust Co.,
Kibler, President of the Chester- plus.
>
BeverlySolon C. Calif., has Vicetown bank. ,
*
* *
moted Hills, Soteras to pro-
v
■
AIjUU 1 ;>/■
1YtLl W O
A
.
the
D
Morris
,
Morris D.
vi
_
Vecchio,
Del
James
Co.,
'"***
Sected Chair-" ^
of the
man
and
ton, Va.
lkju,
v a.
-
Trustee.
Bmns a
The
Chair¬
TT
Gibbons,
n/r-n
£jfs-'S'. 1 %'
-
19th Street, North, Arling-
,
,
.
,
York,
New
H.
i
Mr.
Savings Bank,
r>
elected Joseph P.
nf
Rnnk
•
*
*
*
,
of
Bank
National
Central
...
attended Los Angeles High School
National Bank of and the University of Southern
atme s Nati nal Bank of California, where he was gradu¬
p0i,fArnm
—j--
The Boatmen's
«.
Nov. 13,
lyn, opened for business,
Greenwich
The
man.
Cleveland, Ohio, elected W. Rex
Dav*s> Director and Executive
mi
T
•."
"
with
ated
e^ected Leonard J.
IVS'
£ '
v
a
bachelor's
degree in
administration.
business
During
Worldwith the he S. Coastfor four
War II, U. served Guard
The Board of Governors of the
Federal Reserve System, on Nov.
years
Soteras is an active member in
announced its approval of the several Beverly Hills civic and
m^rger of The Bank of Randolph, s e r v i c e organizations. He cur-
been
has
who
+u
v
Si!
announced by
'Helm,
i j
tion.
rectors, it was
.Harold
u
•11
post in the
same
Director."
newest a. od
uovwoi Fed-
Virginia's
yaguuaii
Nortbern
nuf wiciii
will hold the erally_chartered financial institumerged institu- +
tion, the National Bank of unce.
Ross-
Bowery,
The
of
Di¬
of
Board
a
Vice-President
investment firm for nearly 10
Louis, Mo., elected J. A. Baer, Jr.,
Bank, Washington,
John
mittee.
a
the
member of
Chairman of
Executive
Trust Com¬
mittee
*
(2008)
16
•f?'!
,
f>
E xecutive
Vice- Presi
d
e
sssagflftS
Gibbons
L.
John
in
t
n
employment by
Chemical New York's niversary of his
Metropolitan Division with
117 the bank, Nov. 16.
offices in the New, York area, be*
*
*
comes the
bank's chief fiduciary Arthur E. Nelson has been
of
charge
elected
Manager of Long Island
his new post.
Driscoll
E.
Alfred
was
Board on
to its Advisory
tional Business.
Z
to
Chase
York, it
the
New
Bank,
Manhattan
,
_.
,
yesterday.
announced
Mr. Cameron is in
charge of the
He
division.
international credit
Chief
..
e
a
tt
t e
national territorial organ-
"banks
Club and the Beverly Hills Re-
publican Club.
Soteras and his wife, Patricia,
and three children, Alexander,
three, Nickoletta, two, and Anthony, four months, currently
reside in Westwood.
.
to purchase the assets and assume
National Bank in:
Ahmanson Bank and Trust Co.
Executive Vice-President for whose main office is located at
Loans> was elected Vice-Chair- 9145
man of the
Wilshire Boulevard, reExecutive Committee cently opened its first branch at
°f the bank.
3701 Wilshire Boulevard, on the
Serrano Avenue, in Los
-
Connecticut—At North Haven, tional Bank of New Carlisle, New recently vacated through the post Angeles.
the liabilities of the First Na-^ Mr. Dupree will occupy the re- corner of
Xhe North Haven
^atj0nal
With
Bank,
an
initial
/
..
business
The
tirement of Mr. James M. Cumby.
*
Carlisle, Ind.
capitalization of $420,000.
responsible for the bank's
National Bank in Florida —At
Niceville, with the title, Okaloosa
National Bank at Niceville, with
aa initial capitalization of $400,-
eral Manager of the trust depart- 000.
; vy
Vice-President- menj. an(j Russen h. Eichman was
* * *
'
Senior Auditor of The County ejec^d
Senior
Vice-President. The Republic National Bank of
Trust Company, "White Plains, ^
Whidden
succeeds A. C. Dallas, Texas, announced that LeN. Y., completed 35 years with the
wb
wdi retire Dec 30 ^and S. Dupree, Executive Vicebank Nov. 15.
™
' President for Business Develop'
/
*
*
*
The Comptroller of the Currency ment, was elected Vice-Chairman
The Comptroller of the Currency james j. Saxon .-on Nov. 7 apBoard; and Oran H. Kite,
James J. Saxon on-Nov. 12 an- pr0Ved the application of The NanoUnced preliminary approval of tional Bank and Xrllst company
appointed Assistant an application to organize a new of South Bend> South Bend> Indt>
^rjj®"Bl'eslden^n
.
Lewand, department,
who is in
■United
States
The bank executive is also division Chairman of the Beverly
Hills United Way Campaign, a
member of the Beverly Hills
Men's Club, and a board member
of the Beverly Hills Exchange
Chair- nounced preliminary approval of
application to organize a new
chjef Executive Officer, an
man and
Thg
.joined the bank in 1953, was promoted to Assistant Treasurer in
1959 and was
Hills division of the American
V-;
Red Cross.
Salvesen,
and Stanley Otto
of
and
President
■
Chairman, The Comptroller of the Currency
Executive James J. Saxon, on Nov. 13, an-
Personnel
algo elected Edward
elected Trust Company,
Garden City, l. Carpenter First Vice-President
Interna- N. Y„ a newly-created position
Director.' Bruce Whidden was
and title.
.
made Vice-President and Gen-
been promoted
J. Lewand have
Vice-Presidents
was
"
'
Cameron
O.
Donald
James J. Nance, now
Officer will continue as
_
officer in
.• •
*-r
.
Continental Illinois National
mi
^
+
r
„ii„
The
Co.,
^
The Comptroller of the Currency
T
TT'
.„
„r,
1937,
hflnk
•ni-n_r1
P„
in
Aq«?i«;tant
annnintpH
was
,
man,
In 1960
New York,
to
Serocke
Bank,
City
National
First
promoted Theodore C.
Vice-President.
Mr.
the bank
Supervising Of-
been with
Serocke has
B- Carey was elected Chair- Handelsbank N. V., Amsterdam,
succeeding Joseph C. G4avin,
Approval for the establishment
who was elected Chairman
:]:
The
Tke Trust Company of New Jer- Bank and Trust Company, Chi- James J.
on Nov. 12, ansey, Jersey City, N. J., elected cago, 111., announced that it plans nounced preliminary approval of
Robert J. Adams, President and to acquire branches in Tokyo and an application to organize a new
Phipf F.vpnitivp Offippr.
r.aw- Otialcp
.Tanan
nf thp TVatinnnlp National Bank in Tpyss—Tn F)al-
Vice-President rence
moted to Assistant
since 1928.
He is
ficer of the
Executive Committee. J^^A^ams
is succeeded by Otto FWeinert,
who was elected Executive VicePresident. All appointments will
take effect in JanuaIY-
bank's check process-
the Royal
the Board of Directors
*
*
Sandler has joined
D.
Murray
National Bank of New
Vice-President and Loan
York as
*
Robert B. Meyner was elected to
ing department.
>:<
Officer.
development
of plans for a
of the Na-
an
who
has been
named
honorary Director,
*
* ; *
authorized by the of Mellon National Bank and
A for- Trust Company, Pitsburgh, Pa.
agreement, which
3urnham fills the board vain the formation of Cancy created earlier this year by
banks' Board of Trustees.
merger
The
Bowery
Manhattan
with assets of
Bank
over
consideration by both
adopted,
.
plan
the
Savings
$2,500,-
boards.
will
%
If
be sub-
the
Superintendent of Banks of the
State of New York. The proposed
the. approval
of
mitted
for
merger
is also subject to the conthe Federal Deposit In-
sent
of
surance
The
total
would have
assets of $2,569,602,000 and
merged
deposits
on
Corporation.,
of
bank
$2,279,365,000,
based
Sept. 30 figures.
•;
Plans call for the election of Mr.
Schwulst
as
Chairman and Chief
Executive Officer of The Bowery
Manhattan
Savings
Bank.
Mr.
re—
quested from the Japanese Ministry of Finance and from the
v s banking authorities. It is
anticipated that formal approval
will be granted in the near future.
;
Harris
The
death of Mark W.
...
Jr.
Cresap
•
...
^
Herbert
moted
York, has been
would result
been
has
*
*
Trust
*
^
elected
—
las, with the title, Lisbon National The Comptroller of the Currency
RaJik of Dallas, $520,000. initial James J, preliminary Nov. 13, an—
with an
Saxon, on approval of
capitalization of
nounced
an
application to organize
National
Bank
in
a
new
California—In
x/"
The Comptroller, on Nov. 12, announced the approval of the conversion of Clarks Fork Valley
Bank of Fromberg, Fromberg,
Mont., into a National Banking
Association. The bank will be
"f1"0
itaiiMt^n nf S nnn nnnin
C3P"
ltallzatlon of $2,000,000.
P.nntml of
V-/WJ.ICJ.LU UI
Savings operated by its present manage-
and
l—
Trust
&
Calif.,
O;Ll0±l3,l Vc^UOlG
proposed merger of The Bowery
\ ,
Savings Bank, New York, and The Donald
C. Burnham has _ been
Manhattan
Savings Bank, New named to the Board of Directors
mal
branches
the
Angeles,
tional State Bank of Newark, Bank, Chicago, 111., advanced:
ment under the title Clarks Fork
01 /A
j_
N.
Nov. 14. Mr. Meyner will
William S. Gray to Vice-Presi- National Bank of Fromberg.
INI
fill a vacancy on the Board ere- derd
the Harris financial and
The .capital structure for the /-yi
TT
i
ated by the retirement of John S. economic research department.
converted bank remains the same, On£Ul££6S JLl^ndS
Thompson,
The
of the
Los
J 0 h " Boyce-Smith Executive
Vice-President. Frank W. Quinn
was made Senior Vice-President.
*
*
"Saxon,
1"
• *
First Western Bank
ate
to
E
Neil> Jr>
official rank
was
as
pro.
Economist.
*
$217,683.99.
*
William
®
-
Associ-
*
named
The Board of Directors of Harris
Trust and Savings Bank, Chicago,
A.
*
has
been
President
and
Henderson
Vice
-
^
National Quotation Bureau, whose
ac<4uisRi°n- by Commerce Clear-
Cashier of Crocker-Citizens Na- ce^.j °have^een^leare^uD^n
tional Bank, San Francisco, Calif, ^ew York bv CCH Board Chair-
^:oramended
!
man Oakleigh L. Thorne and
Vnmwi ItL nVt 1^ The aPP°intment of Albert c- President Robert C. Bartlett.
Following completion of final
their, annual meeting on Jan. 15,
Vice-President and Trust
a stock dividend amounting to ap- Reai Estate Officer head office purchase agreements with NQB
founder
The Comptroller of the Currency
James
J.
Saxon
e
on
Nov.
annlinatvon
to
15
ap-
morpe
present
000.
J—•>—
capital stock of $27,300,-
The dividend will have
**
par
bank.
n0unced
tional
by
'
Security
First
Na-
Bankf Los Angeles, Calif.
nnn nnn
Proved *he application■ to merge vajue 0f $4,700,000, comprising
the Warren National Bank, War- 235,000 shares of $20 par capital
r.en'^ and tbe.John^onbur|Na" stock and would be paid by transtl0nal Bank> Johnsonburg, Pa.
fer of this am0Unt from the un*
*
*
divided profits account of the
Stockholders of Maryland National Bank, Baltimore, Md. and
The Chestertown Bank of Maryland, met Nov. 14 at special
meetings and gave their approval
to plans for merging the two
banks, according to a joint announcemenb by Hooper S. Miles,
Chairman of the Board of Mary-
°
Questions about the future of the
*
i
Louis
E.
Walker,
Mr.
Thorne reiterated that NQB would
operate
independently
and
that
--------
'/Wl.lliaiJ A, McWilliams was also Mr. Walker would continue terna^oinJ®d yice"President, head p0rarily on an active managerial
affare branch and office adminis- basis and later as a consultant,
tratl0n department.
Mr Thorne gaid that CCH pol^
v
After payment of the recom- J- Scott B. Roberts, 69, retired
mended stock dividend, capital Vice-President of Security First
stock of Harris Bank will amount National Bank, Los Angeles,
to $32,000,000, comprising 1,600,- Calif., died Nov. 1.
000 shares of $20 par value. FurRoberts retired from the bank
ther transfers, as proposed, would in July, 1961, as Vice-President
increase the bank's surplus ac- of the Fifth and Bixel branch in
count to $43,000,000, giving a total downtown Los Angeles.
'
icy would be directed toward
maintaining NQB's respected
standards for integrity, accuracy
ancj speed in reporting over-thecounter securities quotations to
dealers across the nation. "We are
well aware of the high responsibility we are assuming," he said.
He noted that, "CCH's nation-
in
function
wide
Number 6318
198
Volume
reporting
new
.federal and state tax and business
law
developments
than
to
involve
subscribers
160,000
more
our
.
characteristics
1
Greater New York
.*:■
The
Boy
and speed.
honor
"Although the Bureau's
,
tions
unique in terms of their
are
reporting
in
in
methods
its
task
successful"
highly
—
dinner
at
It's
and
to
of
New
the
by
and
on
current .basis.
a
Chicago
The
firm
transfers and
stock
changes,
tal
corporations.
publicly held
first
stock,
CCH
over-the-
1961, is listed in the
in
and
earnings
$1.08
or
share,
a
in
share
1963
with
company
approaching
earnings
$1.30
a
share.
earnings
the
from
NQB acquisition are estimated
at
150 a share for a full year.
about
very
their
of-
least,
Comptroller
said
Saxon
James*.J.
18
Nov.
on
tunities
establishment
the
for
branches
banks and
new
fornia
told
that while
cent
the
re¬
tion
state,
now
This
"period
a
period,
furnish
diges¬
said,
he
such
and
about
would
approved
and
but
banks and branches "a
unopened
Ladies
Tables
Jan.
32
banks
25
306
new
branches
In
addi¬
banks and
have
which
and
on
other
Dec.
Richard
1,
admit
to
Frederick
W.
Leich,
Scott, and John H.
Mr.
Walter
45
Wall
A
partners; will
be
located
Other
at
the
And
worst
performers
the
among
can
the
Rowe
ap¬
who
professionals
following strength
were
Thus Presi¬
to growth.
growth
share of
is
important factor in de¬
in
a
no-nonsense
a
table that accompanies the
earnings
(Detroit,
span
Corp.
Masco
of
shares
pub¬
headed
share by a group
increased
20.8%.
Smith, Barney & Co.,
by
of the
as
of last
three-year
close
Earnings over
annual
an
73
stocks held in the fund's
portfolio
year.
the
of
growth
a
totalof 62.4%—
a
But,
not
notes,
Rowe
as
of
growth
earnings
all of the stocks of the companies
Inc., New York.
have
stocks"
featured
in the
Price
Rowe
its
in
portfilio.
families
and
44%
their
and
stockholders
will
of
Under
year
Sept. 30
on
$8,974,677,
865,868,
place,
enduring
shares
can
listed
are
Stock
Masco
the
and
the
The
chores.
would
more
attractive:
getful.
But,
constituents
poli¬
with
who
has
knows,
the
anyone
funds
;
instant
that
reports
[ sji
share.
a
The Funds
growth
as
v
as
Sterling
Sept.
on
838,178,
30
sets
of
like
company
worst performers
Publishing,-
Leland
Varian
Instrument,
e
disaster
—
qualify
Gregory & Sons, investment bank¬
and members of the New York
ers
Stock
Exchange
changes,
they will
open
ment next
performers
short
little
are
of
dazzling—such equities as Metro¬
media, Mattell, Xerox, Dymo In¬
dustries,
tional
A.
L.
Mathias,
Flavors
Monarch
&
Electronics
&
to
rose
during
months
this
of
Taeni
of
as¬
from
first
York
City,
York
Stock
Fund became the
Delaware
erstwhile
Fund
Income
>yy V-■ y
is.
•
*
>a
Sturgis
Co.,
is
Inc.,
members
Street.
Exchange.
C.
$9.80
Sept.
value
in
30
with
R.
Company and Advance Industries,
Inc.
at
the
of
Dickson
&
net
Stock
A
"
,
•:
will
department
headquarters at 40 Wall St.
CHARLOTTE, N. C.
—
Robert L.
added
has been
Bambauer
to
staff of Courts & Co., Liberty
Building.
YOUNGSTOWN,
Deane
Ohio—Joseph E.
Shaughnessy is with Singer, Deane
&
Scribner, Stambaugh Building.
Founded in 1928
19DTH consecutive
;
stockholdings
.
-
Atlanta
—
of
CIT
•OUquarlerly dividend
49i
from net
share
a
share
a
—
ized
year-end
net
real¬
capital gains.
—
of
share in
owners
Fund will
this dividend and
distribution,
[December
28,
record
29, 1963a
San Francisco
348,000
Wellington
stock of
& Co.
Los Angeles
from
distribution
Fund
Company
Chicago
the
Life
/:-%[aaA-AA
.
from
V [
Financial, Philip Morris and R. J.
Loud, Ahbi«:tt
York
be
& Sons, New
Gregory
assets
total
Prospectus upon request
Bldg.,
Midwest
-AA
aAA
•
from
$727,608,011
to
$708,462,891.
Common
$10.02
E.
Nevr
-
■
More than
Bank
Wachovia
of
S.
Brothers,
Inc., Virginia Iron, Coal & Coke
three months ended
while
increased
to
rose
the
invests in a portfolio
bal¬
anced
between
bonds and preferred stocks
selected
for stability,
and common stocks
selected
for growth possibilities.
John
Wilson
Inc.,
the
of
Seeman
Fundamental Investors reports
A Balanced Investment
—
of
Ay a
Business Shares
The
N.
member
a
»5?
*!'•
,
as
American
will
Exchange.
CHARLOTTE,
man¬
investment income.
of the New
members
is
With Singer,
S. Wein-
Wall Street, New
Heine & Co., 37
depart¬
nine
Spingarn,
in
partners
foreign
Directors
.
12!/2 ^
become
a
ex¬
that
agement of John I. Taeni.
year.
Decatur Income
Interna¬
Alcon
announced
week, under the
A':.*
Corp.
$10.88
the
official cognomen of the
Fragrances,
Marking System,
other
and
have
from
that at Sept. 30 net
shares
share
areas.
a
Foreign Dept.
new
$21,161,283 while value
were
As¬
1 i k i a n and
share,
a
Courts Add$ to Staff
Science
Nov.
$4,-
were
share, against
a
$10.81
or
a
and per
$4.18
assets
Gregory Opening
$3.46.
Axe
A•_■,
earlier.
York
1963
to
net
$12.39
or
$4,175,648,
first nine months of
rose
:
*
Investment Fund reports
located
value
as¬
that at the close of the fiscal year;
103,034 from $7,591,329 during the
share
with
earlier.
year
a
$9,- A 'The
to
With
issues.
the
candor,
10
of
However, the company's 10 best
;
Report
increased
assets
the
$15.89
or
compares
*
Mr.
Axe-Houghton Stock Fund reports
net
close, of
$97,412,081,
This
share,
'Board
total
the
at
Ht
the
at
amounted to
.y
v
.
share,
a
fiscal year on Sept. 30 net assets
much
so
deals
he
want
profits.
the
of
ever
the
of
few of
a
gullible and for¬
as
in
been
ever
seem
are
assets
share.
a
the
hard:
barbs
task
tician
net
$9.61
with assets of $6,-
$8.52
or
total
or
T. Rowe Price Growth Stock Fund
in
Vendo, all of which might
Ypsilanti,
Ind.,
Mich, and Lorain, Ohio.
the
the
the debaters will
all
not
for sociates, Rud d-M
pre¬
plants are located
Greensburg,
its
Packard
company's
The
made from
performed
growth
like
faucets, things
parts
component
toys.
cities
supplies,
plumbing
manufacturing
Delta
produces
automotive industry
school-age
in
agree,
refreshing
mixing
other
stocks
marketplace,
Ameri¬
the
on
additions
as
were
event,
any
Rowe
Exchange.
Corp.
is
cite but
to time.
In
public. The
general
the
by
fundman
bureaucrats, to
Fund
of the previous year.
end
year
circumstances,
any
the
of
way
$10.49
shares of outstanding
stock.,The remaining 56% will be
held
eliminations
time
approximately
own
period,
three-year
the selling
the sale,
Following
market slide by com¬
1962
Horizons
New
growth
parison with old-line stocks.
the
throughout
held
been
a
reports hat at the end of the fiscal
alludes'
"the highly speculative
and
$9.95
sets of $69,300,909, equal to $12.95
to shareholders
people who
per
$11.35
to
with
earlier.
year
a
averaging down.
approach
the
of
was
largest
From this, it would
that
The company,
to
equal
was
compared
none
growth stock fund." y
[common
Mich.) is being made to the
Chicago office, 135 South LaSalle
they
share,
per
most
nual
registered secondary offering of
200,000 outstanding
Kirvin.
Street.
among
as
ing, being nimble in the market¬
With R. S. Dickson
at the firm's New York
largest
10
keeping investment money flow¬
2,177
D.
Kirvin will make his head¬
quarters
office,
partner-hip
Stacy H. Hill,
Air¬
stockholders
its
value
common
leading exchanges, will
D.Denison,
end
share,
Brothers,
burg and Martin J. Weinburg
Exchange
a
were
performers.
10
holdings.
pear
slumped to
year,
growth to reflect itself in net
In
Spingarn, Heine to
Glore, Forgan & Co., members of
and
a
in
stocks held in the portfolio
Masco Corp.
Effective Nov. 29, Jerome
Stock
$11.62
the
Finance
Scout
Boy
To Admit Five
York
net asset
fat
later, but recovered
"Earnings
Admit Two Partners
New
the
a
covers
Glore, Forgan & Co.
the
career
as
dent T. Rowe Price says:
been
but unopened.
the
of
found
and not
termining the ultimate success of
specialized
Comp¬
state
new
and
are
branches
approved
the
established.
been
tion, there
195
1962,
1,
said,
National
have
for ad¬
banking facilities."
Since
troller
need
General
yet another year went
as
approach
Campaign.
certain
the
best
run
the
1964
the
mit
assess
Cup,
Lockheed
holdings also qualified
the
contemplate the Rowe philosophic
contribution
and
dinner
of
cost
Check
City.
York
New
than
While
asset
B. S. A.,
single-handle
to
four
the
folks,
as¬
high
Net asset value per share at
year's
This compares
Thus,
At
(steady growth there) are waiting
for
Checks should
and returned
office at 25 West 43rd St.,
the
to
and tick¬
payable to Greater N. Y.
be made
$9.61
to
up
year
a
by.
tax deductible.
informal.
is
Dress
to
at $500
of ten
established" and would also "per¬
us
Rubber,
craft, Mattell, Avco and Edgerton,
demon¬
Total net
all-time
an
com¬
$2,179,693,822, against $1,719,389,-
its
Germeshausen & Grier.
over
air
(other people's)
mid-1960,
more
$8.52
invited.
are
ets at $50 each are
reasonable opportunity to become
ditional
&
be
intangibles
got
little
provide
enjoyment.
of
hours
two
some
in
value
the 1,493,828
recently organized banks,
branches,
new
growth
of
indicated."
appears
Tire
the
studious
even
risk money
share
lively entertainment will
expansion of banking facili¬
the
as
holdings: Dymo, Xerox,
announces
ties reflects the continuing
of
in
these stocks
Partner
Trust Company.
lic at $17.50 per
conference
news
a
Francisco
San
limited-.
becoming
are
He
of
Cali¬
in
New
to
rose
the
of
it
Instruments, Monarch
of
report
the
and
the
Common Sold
that,>"fOr the time being," oppor¬
Rowe Price
Marking,, Maryland
to
growth.
equity
that
strates
Currency
the
of
.
Texas
Rowe
his
report, Rowe records average an¬
Limited: Saxon,
10 largest
Fund, in the
report of the com¬
who
a
Calif. Banks Becoming
30,
Horizons listed
whose
have made a sizable contri¬
issue
who
of
generously
Directing
Bache,
for
Opportunities for New
Sept.
10
and
Price
Rowe
pany,
the
talent to youth and
and
Councils,
Additional
in con¬
At
and reputation, find the quest for
Nor does the fund dodge the fact
of
growth a parlous preoccupation.
that, by and large, its holdings
Bache" &
Co.,
and William E.
Originally
offered
at
$10
a sustained "a much worse decline"
Petersen, President of the Irving
that
expected to ex¬
are
million
$20
ceed
from 690 a
up
Bartlett said
1961.
sales in
$1,352,910,
to
rose
always his
people
bution to clearing the
honorees
the
>
given
Remarks will be brief
Sales in 1962 totaled $18,913,946
al¬
phase
every
253.
Howard Johnson.
its
Scouting program will be Harold
L.
columns.
counter
his
,
latest interim
Hotel.
called
occasion,
Dinnerama,
time
banking, securities, capi¬
as
areas
this
Petersen
Imperial Ball¬
the
Americana
the
of
room
financial
such
in
in
p.m.,
have
reports
sues
7
E.
William
Harold L. Bache
at
On
publishing
on
23rd
.
T.
edits, produces and is¬
also
course,
backs
token,
political
the
In
of
generally
Price New Horizons
'
based
-
interest
of
fields
selective
their
to
efforts
with authoritative information in
liberal).
a
bullish
a
purely.
to furnish the
financial world
company
professional
to
main stock in trade often is "bull"
further
NQB by
expanded
reflected
CCH
the
of
acquisition
that
as
trast
Company
indicated
York,
disputant
own)
of
Chairman
Trust
Corporation
(or
views with money (not
quotation data.
also
Thorne,
Mr.
The
professionals
investment community,
a
Laboratories, National Homes and
growth stock as it is
what constitutes a con¬
on
servative
explore
get
to
professionals to agree
a
political
get
agree
difficult
as
what is
on
ing the NQB system of collecting
and distributing its
about
Wall Street
possible means of improv¬
every
A
•
,
year
sets
Thorne
—
.
.
fiscal
the
pany's operations."
New Horizons in Growth
a
Tuesday, Dec. 10, 1963,
on
this
performing
CCH ownership will
said
community
financial
*
reports
most
members
outstanding
two
the
C. POTTER
[will
8,000
some
quotes daily
stock
current
of
*
Mutual,
Inc.
closed
and the necessitv for
broad scope
speed
opera¬
si!
Investors
Councils,
America,
of
Scouts
eliminated during
were
the quarter.
'
■
17
Sept. 30„ with "records set in
BY JOSEPH
'
tiality, precise attention to detail
—
MUTUAL FUNDS
And Petersen f
impar¬
same
Reynolds
Tribute to Bache
...
the
(2009)
Chronicle
The Commercial and Financial
.
.
payable
1963
to
November
I
The Commercial and Financial Chronicle
18
Dead—Or
Is Inflation
billion
$25.5
Note that in the last half of the
the
mind
tions
tion
Disguised 'as in 1920's?
expanded "by about half
supply
Money
Continued from page
been
1
low
will
generally
concede
billion, in
$5.7
was
interim
1958.
I
the
and
regained,
of
used
from
inflation
monetary
at
translated
flation.
beieng
price in¬
into
once
de-emphasize
They
"cash flow."
Since
lowest
the
1946
on
guess
has
utilization
capacity
unused
of
been
73%, in the first quarter of 1958,
highest has been 94%, in the
first and second
recent
Most
quarters of 1953.
is that current
guess
utiliization is in the neighborhood
locked-in
as
Moreover,
conceal
instance,
wide
a
industries.
between
range
utili¬
over-all
these
guesses
and
paper
For
aluminum
producers lately have been oper¬
of capacity;
ating at 95% or 96%
These
steel around 65%.
-
ings"
may
Fabricators
industries.
tions
also.
widely
vary
But
of
utilization
over-all
utiliza¬
as
capacity
lead
it
that
is
may
wal¬
the
all
be
may
greater precisely because so many
97.6
matched
"savings."
ol
may
to
dex
behaved
surely
as
was
prosperity,
as
deposits do, and because
reassured by.the decep¬
are
tive stability of
the price indxes.
Why Prices Do Not Decline
Instead
and
of
marveling
for
30 in
among
other
been
a
what
mob
The
in
the year
tense
the
to
the
that
the
craze,
the
made
familiar
psychologists,
was
which
preceded the
speaker
generalization,
phe¬
the
mind
manifest
so
hap¬
discussed,
things,
half that had
crash.
dollars)
1921,
before
had
speaker
the
of
had
stood
social
in¬
more
higher
the
type of intellect that succumbs to
and
(1947-49=100)
and 58 in
1921
made
was
explain
The
nomena
'■
it.
in eight years. The pro¬
48%
duction index
the
at
to
pened.
an¬
there
and
billion
$70.3
was
of
They
speech
a
York
There
(current
GNP
growth.
banking
the Chamber of Commerce of New
price in¬
similarly.
crisis in the
"of
cor¬
After the stock market crash in
$104.4 billion in 1929—an increase
the own¬
liquid
be
just
dollars,
new
demand
they
danger
of these liquid savings.
them
in¬
the
long as
assets is
of
inflation
no
gen¬
it
consumers'
The
or
1929
In
downward.
95.3.
stable
as
1929,
an
was
1923, and
was
creation
the
reflect
trend
the
in¬
our
fortified
corporate structure.
been
no
and
but
better
of
has
rection;
wholesale
There
ex¬
of; the
system to aggravate the situation."
sharp
but
The
1921.
upward wrinkle in
banks
commer¬
short
a
extent
commodity prices to require
the
other, somewhat sharper, in 1925,
cial
greater
stress—is
(1926 — 100).
tly
so
There
price index for that year averaged
at
even
consider
force
in
bottom
savings deposits in
inhere in the attitude
ers
a
This
time, must
a
inflationary
potent
carry
lop.
bank
of
growth
a
short
was
been
soundness
post-war deflation which touched
people do not recognize that time
by an increase in
An
Now, the point of my argument
There
j
;
invariably
true
to, cash, conditions of inventory, or
comparison—
to
want
I
one
valid
a
the
dustries
parallel'; that
important
this
crash, the first im¬
almost
tory of the country have
was
period.
the
and
by
bank
in
crease
of
commercial
hazards
ary
the
present no inflation¬
deficit
the
of
judgment
occurred
growth
last half
most is that such
hasty credit in so
long-term bonds; absorption
banks
this
of
the
"sav¬
big Treasury deficit with
a
it
policy.
really necessary to
not
makes
market
damage. Never before in the his¬
growth of bank credit was
into
For example, the
error.
The
five-
hur¬
a
of
the aim of the easy money
the
even
officials
than
higher
taught that
its
six
and
to
these
of
only
years,
were
great conflagration, or a
a
aggerate
reported
corporate
or
form
discerning
basic
are
The
bonds.
grew
period, and about two-thirds
year
is
observation has
.
pressions
at the end of World War II.
whole
the
fiscal
17
now
time deposits,
for
in
surpluses
last
.
stock
re¬
during absence of inflation as measured
The by commodity price indexes.
in fact
committed
if
as
Treasury
50-year
new,
zation
these
cover
88%. /
of
of
ity
the
bank credit, and com¬
more
has
Government
budget
alarm about
".
whether the misfortune be
ricane,
with the
City Bank Letter
able to say:
period is marked. Tffe Fed¬
eral
slow
pace
a
no
National
or
for individuals
rates
tax
The contrast
debt
faster
much
at
cause
mercial bank
liquid¬
danger here is that the
A
the
so-called "savings"
resources
becomes
progressively may be disregarded. They may
be erroneously considered to be
thinner, and is not inexhaustible.
cushion
this
that
fact
the
still
but
first,
billion,
despite several reduc¬
you,
in
cent
grew
faster in the last half than in the
me
$16.2
to
corporations.
and
de¬
supply,
money
that enough to
it is only the margin of un¬
depreciation allowances are not inflation.
capacity that
prevents
But total
savings, despite their inclusion in
with
hope you will agree
demand
and
posits, which are the largest com¬
ponent
that
Thursday, November 21, 1963
.
by just about three-eighths. This,
five-year period physical produc¬
total; GNP grew,by less than half.
vocates
.
.
(2010)
,/+• ',
"■
.
An Old-Timer's View of
was
In
all
of
this
have
I
stressed
1929—an in¬
my
view that
own
o?
theldSd's
inflation in
an
what if stability of the indexes, it might crease of 93%.
;
increases, it is clear that bottle¬
our time acually has
been taking
be more to the point to wonder
This was despite the decreas¬
necks
in the
highest rate pro¬ they are not in fact liquid? What
place, despite the stability of tlie
why, in the face of all this un¬ ing part the Federal Government
happens if the owners,! in con¬
ducers are certain to appear, and
they
so
this
upward
puts
other prices as
The
pressure
well
their
as
on
cash?
finished
full
reach
who
Those
most
the
need
will
desperately
1
All
high¬
their costs
the
during
ings"
from
result
which
items
several
of
These savings fig¬
compilations of
or more.
years
assumed
are
accumulations of
to represent
un¬
spent income—e.g., time and sav¬
savings
banks,
mutual
loan
and
savings
commercial
in
ings .accounts
deposits,
bank
It is
that these
worth noting, however,
all in the most
are
interest-earning
of
has
gone
along. with
price
five
as
special article in the Federal Re¬
serve
Bulletin
much
of the
months
few
a
total is
to
safely
short,
of
funds,
I think it worth
per¬
;
.
sions
in
been
going
appeared
this
of
assets
on,
to suggest that
any un¬
As to personal sav¬
has occurred.
since
ing, the highest annual rate
has
7.9%
been
income; the
On a
highest re¬
lowest, 6.4%.
basis,
quarterly
of disposable
the
the
third
quarter of 1961; the lowest,
6.9%,
rate
cent
first
We
quarter of
1963.
that, with
a
of
ries
local
ers
balance.
Retained
not
many
$10.9
State
Fed¬
and
governments have been sav¬
on
tions.
nor
:^"T"
earnings
of
,
,
corpora¬
according to the SEC, have
increased
years.
significantly
for
Indeed, the high of
billion in 1955 has not yet
for
changes
2V2, but 3% years old.
have
the
has.
not
stock
There
;
Dec. 1962
9.9%
+
supply
+
Demand
has
office
houses,
home
buildings,
mortgages
able
terms
it
has
on
the
to
been
mo¬
apartment
favor¬
more
borrower—all
90%
by
Farm land values,
estimated, have risen
between
mid-1950
mid-1963. There has been
ling; growth
in
and
start¬
a
financial
purely
transactions—the putting
ing
together
controlling companies.
or
tual
funds
&
have
increase
+ 11.4
These
in
z__
+ 70.0
investments
+ 38.6
uncalled-for
The
■
period -of 2\'i
chosen
Reserve
because
of
middle
1960
years
it
that
was
Fed¬
shifted from
policy
This
I
net
to
reserves
take
free
the
be
to
most
meaningful expression of
easy
money
Fed
policy. It
undertakes
can
efefct
a
bottomless
fast
As
convert
excess
assets
reserves,
and
deposit
to
point
ticular
There
excludes
which
for the
time being.
But both
means
commercial
as
the
reserves
of
thereby
liabilities
into
creating
against
re¬
banks
by acquiring
credit,
the
and
creases
of
expansion
an
municipal
reflects
long-term
bank
the
financing
investment
with
of
new
credit, and not by savings.
The
re¬
find
important
further
of the
one
new
is not
which
than
to
let
feature
us
of
1920's.
He
and 4%
Chase
National
3%
It fluctuated between
until
to
May; 1928. It was then raised
4%%;
6%
in
in July,
to 5%
August,
ed
to
There
1929.
inflow of gold,
an
and
which amount¬
years
_
;
/
,
fro.m
"Economics
serves..
On
a
correspond¬
v'-vy.''
...
sion
-
tent
banks
in
increased
investments
46%
the
7%
June, 1922.
There
'
little
was
had been
increase
in
deposits
.
stead
In the
deposits
time
bank
billion,
$8.9
81.5%.
or
assumption
This
was
an
and
it
in
explain the ab¬
posits
and
people
are
stock
up.
financial activity.
market,
There
a
Florida
land
speculation
was
tracts
—
until
note
time
deposits.
deposits,
sale
of
in size
an
growth, and their num¬
multiplied. Corporate merg¬
ers
and acquisitions were a popu¬
decade
lar
sport, and empires were
immediately
Gov¬
Yet
few
people
the soundness of
the
built
operated
1919.:through
with
1-930
a
budget
The
+—..
from
policies
pable people as the writers
of the
they
others tend to put
into
the
their
form
of
expansion of time
This
it
may
be
observed,
for
ratio
a
were
those who
looked
expansion
of
bank de¬
posits in the 1920's on the theory
that it took the form chiefly of
easy
and
than
great complacency upon our
immense
about
basic conditions.
inflation resulting from
money
deposits
case.
"There
with
worried
banks pay more inter¬
given volume of
deposits and thus permitted the
expansion
to
go
much furher
than would otherwise have been
required
and number.
enjoyed
to
tended to reduce the reserve
mortgage
trusts
grew
enormous
bers
and
mortgages
money.
deposits rather than demand
expanded.
syndicates
of
interest on de¬
encourage
glad
funds
Companies for the guarantee and
Building
use
demand deposits, business¬
excess
1927.
pay
time
and
men
in
cur¬
period which
on
pay on
in the utilities field.
this
when
est
apartments,
buildings,
There
land.
and
real estate boom
<
no
for
and
deposits,
deposit un¬
pocket cash in the banks,
needed
The
remember went
you
was
'
needs
businessmen
banks
Along with all this went an in¬
crease
needs 'in¬
trade
the
in
When
helped to
if
been
people tend to be eco¬
increase in "savings,"
of "inflation."
sence
and
had
But there was
in
and
most other
made., nomical
was
trade,
trade
by
growth
money,
The
of
expansion
being pushed out by ex¬
of
such
there
corresponding increase
a
reserves.
cess
period the increase, in total
was
expansion,
the
accompanying
forth
called
only 5.2% in seven years.
deposits.
if,
bank
the
form
the
bank
the-demands
in
time deposits soared.
But
same
was
greater ex¬
a
demand
of
happened
immense
Demand
supply.
money
went up
i-
Wel¬
quote,
this? It would not have
was
by
'
.
book,
Public
I
deposits to
following
years
,
in Jan¬
last
took
1920's
the
than
Why
expanded total credit. Their loans
and
our
Ben¬
great bank credit expan¬
in
time
of
expanded
commercial
base,
reserve
of -this
basis
the
"The
member bank re¬
ing growth in
which
from
to
Dr.
his
the
and
rele¬
the
quotations
and
the
will
You
situation.
1949,
fare,"
Bank.
the
Reserve' published,'posthumously.
Federal
of
expansion
M.
uary,
gether with an almost continuous
for
Anderson died
jamin
$1,^32 million in the four
1921-24 inclusive. This, to¬
economist
recognize
present-day
was
of
these
of
vance
was
philoso¬
who
period
the
was
immediately
to
than
the views
you
socialogist,
and
low as 3% in August, 1924.
bank credit
reserves are required, so does the
:surplus,:..-and 'reduced the public expansion was not recognized. As
Fed create additional excess re¬
debt, in 11 successive fiscal years : late as November, 1929, such caserves.,
pher,
got
back
the
give
me
during
as
rather
brilliant economist,
a
active
1920,
go
to
parallel. The Federal
ernment
Now let
of
The dis¬
the
to
have
1920's.
First
new
we
deposits
and
Investment
history bearing
parrallels
rent situation
no
1920's
case
a
throughout
7%
was
concealed main¬
supply.
rate
bonds
To
time
money
count
in¬ —office
enormous
ings 'Of mortgages and
bonds
bank
in commercial bank hold¬
that
supply all
barrel
reflect
deposits
are
ly by the fact that it is manifest
period, and interest rates like¬
in
expansion of bank crectit
an
whose effects
in
obvious
definition of
narrow
from
par¬
money,
easy
speaking,
generally
that
argue
also
was
mean an
of money
price indexes, and that this results
de¬
now.
commercial
an
and more. It is in
use,
sources.
quired
to
the
reserves
banks
of
deposits, conceals this infla¬
tion
the maintenance of continuous net
reserves.
ap¬
^
expansion
supply,
,+ 24.8
borrowed
an
totals
fV;- '
the
flation, and by inflation I
time
+ 43.3
been
and
manifestations of in¬
are
money
11.7
+
deposits-^.
latter
the
Mu¬
multiplied
flourished, and with them
supply.
deposits
The
the
been
increasing demand for
an
time deposits and demand
eral
mar¬
estate, shopping centers,
+8.7
8.8
banks:
Commercial
Loans
17.6
+
(not
A.)
Time
25.4 ft
+
production
Money
at
re¬
increasing speculation in urban
financial wealth.
June, 1960-
1957-'62
,
.
GNP
has
If
Monthly
;
Years
the
long se¬
the
deficits, neither
Government
eral
in
know
the
in
8.0%
was
surely
money
the latter
2V2 of diverse types of productive en¬
period. ,This latter terprise; the building up of new
period of an urelenting pol¬ layers of corporate financial hold¬
:
has
spending
from
abstinence
usual
have
type
evidence
no
column
Percentage Changes
/
indexes
want
don't
the
total
Or, perhaps, because of it.
wise trended downward.
outlet somewehre.
inflation,
parent
S.
noting also that
flected
ket
+/;+;'
the
will be not
,
these extraordinary expan¬
while
are per¬
icy of easy money, which indeed
is still with us, and which soon
PRB
like
anything
or
manent commitments.
1951
in
price
sup¬
during
of
likely to be
regarded,
be
also
ago,
permanent commitments
as
table,
the second shows
years;
changes
quite interest-sensitive. They are
not
an
I
of
unchanged
unneeded
for investment.
small
a
over-all
the
shows
the
is the
And,
have'
we
centage changes. The first
part, are likely to regard them as
equivalent.
are
in which the figures
years
the
the
and
mand.
up
points in the indexes). '
Then
I
maintaining
in
played
only 1.6%. reflecting the pressure of an ap¬
credit, provided for
percentage changes; parent surplus of funds available
is
index
(These
not
types
or
consumers
at
.
will find
an
price index is up only 7.6%, and
the
BLS
wholesale
commodity
Their owners, for the most
pointed out quite calmly in.a
The
creation
sufficient to
demand
Unused
tels,
inclusive.
1962
the
note
us
prices
answer,
prices.
prices in the five years 1958-
of
total
real
liquid
cash
inflation, (joesn't it?
let
The
The
credit.
money was
port
stability
assets.
-was
this
which
stability,,
price
of
no
First,
shares,
savings bonds, and the like.
accumulations
This is
means
"sav¬
couple
last
to show
1957.
period
of
the
from
series,
the
of
and
markets,
down.
go
bank
new
the percentage change,
as
year
what
growth
extraordinary
Trends
figures. These are
some
each
base
familiar with the
are
us
is,
for
Savings
of
ures
that
correspondingly.
go up
with
you
not
for
think, is found in the expansion
afraid I must burden
am
capacity
productive
competition
did
•
presented in the form of indxes—
widget
pay
prices for it, and
est
'
used
of
Now I
over-full production
or
■■■■'
Recent
can
long before final producers
rates
do.
products,
into
convert
to
'
•
.,
in several
essential
widget,
different
v
,
should attempt
siderable numbers,
simultaneously
own.
producer of a certain special-
type
.nominally;
are,
<
,
timq, der
deposits
posits
represented savings.-.^Thp
was largely fallacious..Time
view
,
-
and that
time
deposits
expanded
most
rapidly
'
\
Volume
when
bank
time
and"
ceased to expand
none
the
they
deposits.
once
4y.;'
-y-"' :%*■
.
■
-
under-the
of
gigantic"
flood
generated
Federal
bank
to the adequacy of
watched
clerks
banks.
the
the
The
water
-by
out
the
by
great
of
suction
the
results
an
by
expansion
thankful
am
today
of
that
foresee
:
are
time de-r
.■
vr
include
the
an
ultimate
this
all
in
the
present
that
so
the
I
can
in
20,
To
limited
address
by Mr, Van Cleave before
City
Society :of
Financial
Kansas City, Mo., November
for
market
yield-
the
States
bankers
investment
trying
to
late 1925
houses
else.
the market. In
the agents of 14 different
sion
thorities
in
; /
■
and
strange
to
view
de-emphasizes
Bank credit,
of
source
is
system,
new
the
But
money.
technical and
today has
narrow
definition: It includes only
commercial
new
much
So
modern
our
money
which
from
sources
funds.
draw
to
found
market
the
market,
in¬
to
posits
U.
new
a
demand
bank
(other
than
those
Government
S.
and
de¬
the
of
other
of
cerated in the; banks) and currency held by the
Time de¬
period from 1922 to early 1928 public outside banks.
that the problem of reabsorbing it posits are not included, because
and getting it under control was a these are not part of the "active"
very difficult one. When a bath¬
money supply, and are generally
had
money
been
part of the house
tub in the upper
for
five
(3)
difficult to turn
and mop up.,
But
"easy
overflowing
been
has
considered
minutes, it is not
water
the
off
and
walls
house
the
from
At
1929.
and
1928
and
so
price,
a
cial
in
the
is,
of
ence
This is
before.
that he wanted."
demand
the
of the
topic
source
account
"for
loans
able
in
interest
rising
the
over
5Vz
peak
of
come
money
outlets,
needed
(5)
to
previously been
purposes,
out
new
needs
their
of
idle
them
to
ready
was
had
market
back
came
tors'
to
the
to
all
and
.
United
vast
lated
which
-States,
sums
of
carried
had
It
posits, as well as in other
a
of
liquid
them
bank
in
the
was
an
(7)
than
same
Finally,
growth
in
of
excess
10%
particularly in view of the
t
o r
plished,
would
branch
enable
,
Houston,
present bank resulted from the merger of the First Na¬
named
a
firm
a
and
19
of age, Mr. Salo¬
the leadership of
over
has
company
is
Hutzler
is
known
tion
as
attained
has
the
manager
underwriting of corporate
curities, rising from
1961
to
with
5th
of
banking
payout
The
total
a
no
mon
the
to
position is
dinate
Year Entl
tions
chief
Deposits
centralized
under
according
to
for
similar
As %
8.4%
$9,060
8.8
708,197
62,212-
8-8
660,405
708,031
1957
642,738
.
54,559
51,574
v
r-
yV
4>
8-0
31.8
Declared
$2.79
$1.15
2.63
i.o6
2.28
1.06
_
_
__
I960.
Levy,
i
38.1
33.4
Cash Dividends
Earnings
1961
;
_
_
1959
.'4
*>
$21.12
:y
20.41
^
,
19.14
.85
2.22
_
Book Value
.U
18.72
::
L
'
1958
1957
.83
-
2.39
_
18.47
.77
2.44
_
17.46
•
•
*
.*BL
•
the
»'
!'
"
7,081
%/-;■>:
,
.
46.4
;
7,194
-
Net Operating
V-..
1962
41.4%
SHAtRE FIGURES*
PER
Year
7,414
a»
40.2
7,223
7.7
:
7
,
4
v
>
■
Dividends
% of Earning*
8,549
9.2
60,846
;
"Substantial growth and increased
cover
as
Net
of
Operating
Earnings
66,329
founding in 1910.
diversification to
would
earnings
Deposits
$68,632
Senior Partner, who has been with
the firm since its
relatively
a
improvement
Capital Funds
Reserves
751,616
opera¬
J.
points.
high and yields
(In Thousands)
1960
of
direction,
Benjamin
is
1963
$816,980
research,
administrative
and
for
1962
executive
underwriting,
inland
at
are
that
seem
1961
closely the diversified
more
trading,
sales
new
multiples
Excluding
major move to coor¬
a
obvious than
Capital Funds
Salo¬
Mr.
would
GROWTH
1958
of
the next several
over
recurring problem of Reg. Q should be favorable.
1959_____
appointment
other commercial banks. This
very
more
expectation
in
$332.9 million.
The
is
it
se¬
the first 'six
with
1963
here.
increases and
19th place in
during
with
seem
reported in 1962. The outlook for 1964, however, in view of rate
total of $107.6 million
a
place
would
a
leading posi¬
syndicate
a
dividend
occur
the
Recently,
a
Texas
in
Also, with the further development of the port, the growth
international
low
princi¬
section of investment
securities.
grade
firm
banks
this route in the future.
use
low, the bank's long-term outlook is favorable. With
pally for its large-scale trading in
cross
principal
Although the current earnings
Salomon Broth¬
Exchange,
econ¬
oil and implies long-term
on
the growth in this area can be substantial
York
New
compared
as
policy could be
of
the
of
member
wide
The recent loca¬
obviously, is less dilution of earnings. In addition to
less dilution, there is the obvious factor of a
ratio. By the year-end 1963 loans were
approximately
of deposits
Dallas and Palm Beach.
a
grain.
or
likely that any change in
great stimulant to earnings. Although trust
assets tend to be insignificant relative to New York City banks,
Philadelphia,
Boston,
other
unusually low. It would
this
in
offices
has
bonds by
loan
37%
years.
&
occur
possibility of
Cleveland, Chicago, San Francisco,
Stock
will
that
oil center.
an
This third factor in the
area.
the First City National to
low
and
purchases
and
partners
A
growth
predominantly
center, while not significant in total employment,
the
total volume
a
in
The
1962.
York,
in
The result,
general partners and four lim¬
New
Houston
stability.
mortgage
1958.
billion
in
sales
in
capital funds to deposits was
not much below the level of 1963. The recent sales of
capital notes
the
which had
$72
benefit from the
been
Bank
this bank in 1959 when the ratio of
Administration
the top management
takes
National
state and, being paramount in
lessens the overall dependence
encourage
mon
City
Growing banks have felt the deficiency of capital and have
had ot resort to stock subscription—the latest one
occurring for
partner in 1944 and was
49 years
Now
has
NASA
economic
1933. He was
the firm in
group, in
will
area,
Houston
of
omy
Salomon
Committee,
and
the government to the Houston
William R. Salomon
joined
to
Houston
should bring technical personnel employed
by major firms serving
Wil¬
appointed
in
is the third largest in the
Houston
tion
founded
liam.
move
their position in regard to affiliated banks
,as
modities shipped from there are cotton
of
company
1910,
a
immediately into
move
usually important to Texas and Houston's port handles the largest
any in the Gulf area. A large percentage of the com¬
three brothers
who
imminent. Such
appear
National to
tonnage of
Percy F. Salo¬
the
City
However,
the development of the ship channel and diverse but related in¬
dustry tends1 to lessen this dependence. Also, agriculture is un¬
firm.
one
The possibility of reap¬
'
the
Son of the late
mon,
First
is strong.
there.
under¬
and
writing
banking would
the
suburban
The
f the'
y o
the state legislature is
as
areas.
entire
^Adjusted
for
stock
dividends
spectrum of the investment grade
and
stock
•
r
-
split.
/
period,
as
able
knit
to
together
National and Grindlays
varie¬
our
gated activities under young lead¬
ership with
concepts,"
said.
Levy
managing partner will be
sible
for
the
established
Bank Limited
management
modern
Mr.
direction
of
"The
Primary Markets in
respon¬
Head Office
policies
BANK
by the Administrative
Committee."
M BISHOPSGATE, LONDON, B.6J
and
Telegraphic Addresi
INSURANCE
credit was
MINERVA
expansion of time
I
in
assurance
that
MILWAUKEE, Wis.
Sw'e'ntkofske
been
Bankers
Marvin R.
elected
Laird. Bissell 8 Meeds
an
Members
the
&
recognized
au¬
Mason
Co.,
Incorporated,
Street,
and
Midwest
:
East
225
members
of
York
BROADWAY,
Stock
Exchange
•
Telephone:
Bell
>
to
KENYA
the Government in
•
UGANDA
-
ZANZIBAR
Exchange
Stock
ADEN
NEW
YORK
5,
N. Y.
■
Branches in
v'
INDIA
•
BArclay 7-3500
Teletype 212
571-1170
-
PAKISTAN ; CEYLON • BURMA
ADEN
Stock
4
American
120
the
a
New
Members
Assistant Vice-President of Loewi
have quoted
of-a
has
—
\
LONDON
Telex Nos. 22368-9
STOCKS
Loewi Co. Officer
demand
supply. There
threaten.
did not
•observations
this
bank
money
then the
inflation
.
In
rather
or
despite
a
policy
money
tremendous growth
credit.
deposits
the
of
stable or'
were
easy
present,
deposits,
parallel
a
period in which
a
downward,
manifest in
highly
as
decade
prices
a
deposit
securities market makes it advis¬
the
history
show
areas may be more representative
legislature is not altogether remote. Once this is accom¬
the
tional Bank
investment
market, had thority of that day, who empha¬ New York
'great • scale? which. sized that .the hazards of. an easy? Exchanges.
from the
idld- cash -on
to
was
•
sold
goes
claims
cash
holders
attempt
of
de¬
who had
securities at high prices and
withdrawn
liquid
over-all and
in
into call loans.
"Well-to-do investors,-
policy
liquidity
many
trending
liquid forms. When the call loan
rate went high enough, they put'
,
Ulti¬
money
creating
commodity
money,
in bank
remains
system.
easy
1920's. This
accumu¬
idle
expansion,
(6) I have cited
from
overborrowing
not
through
enough,
generally
they
this money
at
if
case
...
"Foreigners,
is
pace,
to
much in doubt in Texas
very
1956. It
that "sav¬
simultaneously.
inves¬
savings, but from bank ex¬
not
with??regard
policy,
economic
claims
turn
market.
an
be found not to be liquid at
may
8% and
they loaned
stock
originally;
pansion
the
in
inevitably
expansion of bank
money
long
on
7%,
pay
10% for their money,
it
aimed,
their
come
ordinary business
ground
mately, if the
holding
were
transactions,
finds
credit
the
first
the
in
53-year his-
ers
over-building,
keeping
are
easy
in
excess
stock yield basis,
stock
the
when
in
for
the
on
the
that
given
title
City,
York
be
to
a
in land, stock
Complacency
bank
the stock market on a
3%
or
and
money
them from
2%
putting
deposits with
as
The
banks.
an
far
than
justified.-'the liquidity created by
stocks at high prices, had
funds
mani¬
can
other
examples. Money
are
enormous
ings"
had remained
corporations,
accumulated
an
credit,
idle in bank deposits.
"Business
New
person
months
which, unneedecl for
and
ordinary
de¬
outlet somewhere.
origin and source? The answer is
created
time,
ways
financial
transactions
-
which had
of
in the commodity price
not
to be found in the volume of bank
credit
of
in
and
Where did this
from? What was its
1929.
time
able
portionment whereby the urban
been
managing partner of Salo¬
Street,
new
competition for investment funds
the
at
of
has
Salomon
R.
Brothers & Hutzler, 60 Wall
ited
form
has
-
equities,
purely
rose to
dollars
billion
exist¬
the
the
or
Speculation
market
calling
rates
incredible sums, which
in
index.
named
of
-
itself
great sharpYise
avail¬
lending in this way, but
1928 and 1929 we find
for
here
fest
funds
outside
of
volume
the
whether
take
deposits
period
some
history had there been any
true
deposits
.
of our
previous period
no
in
been
in
William
commer¬
of posits.
b
v.of
(4) But monetary inflation, for
others":
"In
in
increase
every
credit
bank
dollar that did not exist
a
bank
On
Managing Partner
But
reserves.
tional
somewhat dominated by the rural
re¬
excess
new
banks—results
speculator could get all the money
brokers'
free
or
dollar of
every
the
whole in the
a
loans and investments of
It was
ceilings.
.
as
having
—that
the walls
from
in
pouring
serves,
the
work,
maintains
comes
still
water
off,
of
all
to
faucet
Long after the.
dry.
turned
is
a
This
more.
position
put
can
excess of $800 million. In
spite
prohibiting branch banking in Texas the First City Na¬
remains
in
provides
with
banks
they
'
sponsored
policy
banking system
become
great deal
to get the
required
is
work
of
and
water,
of
•full
and
have
floor
and
ceilings
"savings."
officially
An
reserves
several- years, the
the
spaces
between
for
flowing
be
money"
commercial
the bathtub has been over¬
when
to
of the laws
deposit growth record of banks iii areas where
branching is prohibited. The long-term outlook for branching still
Salomon Named
mon
This
major
the money
from
funds
tried
1928)
late
(in
barriers
monetary inflation.
?X,'
"When the Federal Reserve au¬
withdraw
effective
23.5
City National Bank with
somewhat static
sua¬
by punitive laws, are con¬
or
(2)
municipalities."
Still later:
to
measures
flation.
ing loans from the German states
and
official
prices, whether by
sidered
solicit¬
Germany
in
were
that
Wmmod-
rise in the
a
Thus
regulate
banking
investment
hold
to
appears
P/E Ratio
2.75
in the last five years. This is
unusual,
ity price index, and it is nothing
were
supply
American
today
inflation is
insatiable, and the Amer¬
seemed
ican
ion
foreign
United
high
in
bonds
growing. The
was
?.
:
Est. 1963 Earnings
1.92%
deposits at the year-end 1962 in
1963.
(1) An important body of opin¬
capital
summarize:
/
$1.25
.
OF HOUSTON
Yield
The largest bank in Houston is the First
>
Kansas
Analysts,
Dividend
$65.00
abandon
now
topic, right here,
*An
•
>
era,
Bank Stocks
—
FIRST CITY NATIONAL BANK
Price
of
results
the
'
Summary
.
STOCKS -M
assign¬
my
not
does
to
BANK AND INSURANCE
accom¬
only
of rising interest rates.''
pump
New York and the illusion of un¬
>
if
obscured
the, attempt
the
of
poured
pulled
walls,
I
margin and ? ment
skillful
loan
well-
on
carefully
1924,
" superabundant
was
be
19
extraordi¬
an
expansion
posits.
speculators
loans,
"of>collateral
the
of
System in
- can
and
credit
removed
panying
as
%
* -
not
were
they
bank
nary
(2011)
policy
money
but
them,
meanwhile,
secured
money
the, policy
by
Reserve
money
impact
of
suited
more
_■! diversity
another place: -.
"But
again, in
use
stock market
sav¬
ings deposits by an appalling per¬
In
to
glad to lend; at 7% to 10% to the
of
More¬
ordinary
outran
centage.".'
expected
They showed- which,
steady-growth
savings
ordinary
over,
-
The Commercial and Financial Chronicle
.
,
buying securities when the prices
deposits
when the'money-
tightened.'
of
-
.
they
most
were
reserves
excessive,
market
Number $318
198
•
SOMALIA
•
EAST AFRICA
AND THE RHODESIAS
4
20
The Commercial and Financial Chronicle
(2012)
circulation"
out of
As We See It
Continued from page 1
porarily
lected
upwards of $150 billion of as¬ by selling other securities to
sets
all obligations of the replace those that the fund
Federal Government—by,the presents for payment to meet
—
Just how obligations which exceed tax
this has escaped the deficit collections or else must levy
end of the century.
all
worshippers we do not under¬
stand.
pose.
for the pur¬
additional taxes
'
.■/
most at
"Challenge"
in
the
borrowing
published by New York Uni¬
versity, John Regan Stark
has this to say on the sub¬
ject: "It is my contention that
existing legislation
compel¬
tion
taxing
and
of the Federal Govern¬
power
ment. All this
that
that the
persistent
no¬
of the
expenditures
tends to de¬
program,
when
age
have
financial
those
which
arise
surance
else to
or
National
And
often
this
—
is
ceed
payments
benefit
and
the
is
ments
so
not
ex¬
Administrative
current
expenses
is
—
pay¬
system
one
which takes out of circulation
for any
great period of
time. This is true since
collections
turned
excess
promptly
are
the
to
over
which time
the
funds
are
are
we
accelerated
achieve
the
later, if
Finances Many
growth,
What
Social
of the
financing
to
Security System will have to
that
be revised." It is
women
suppose
have
we
how probable we;
—
no
possible
of knowing—
way
until it is
OASI goes
such
finance whatever
no
We
pect.
Stark,
is
as
would
with
be
of
of
from
gentle¬
sity, although
with
him
we
again
regarding
agree
the
un-
desirability of placing such
large amounts of the public
debt in
which is
agency
any
in effect the debtor itself. But
there
are
broader
questioning
of
financing the system. The
general public does not real¬
ize, though
Mr.
Stark
taxes
we
are
sure
does, that
that
all the
"contributions" col¬
or
lected from wage, and
salary:
earners
rent
over
and
above
cur¬
payment of benefit and
administrative
expenses
turned
the
to
over
are
Treasury
against its I.O.U.'s.
Now there
outlays. What the
gets in return, for his
security payments is
at
wholly
independent
fund
trust
would be
of
about
understood
not
by
ap¬
the
rank and file. What would be
the', value
of
this
huge "re¬
serve" to those who later
have
claims
its
or
against
the
system?
it
can
make
good only
any
assets.
It
a
this
trust
as
registered
a
firm's
Street,
&
Co.,
members
Exchange,
representative
in
Mr.
corporate
finance
de¬
Underwood
first
became
with
1960, after serving two
was
The wisdom of
and
pend
reducing the
the employed
employers for this
upon
some
the
obligations
the" system.
later
For
costs
and
rates
reach
were
not suf¬
benefits
have
paid
risen
also
law
in
again
1966
1968.
and
under
Costs
rising and will rise
faster if
grams
in
out.
scheduled
are
their maximum
existing
and
recalled
service
in
late
1961
since completion of that tour
duty has worked with Morgan
some
Gas
sales
(mainly
to
in
operations of
the prominent European financial
N.
Cazenove
of
concerns
gan
Grenfell &
Co.,
Co. and
M. Rothschild &
&
Mor¬
tant.
load
including
is
also
well
chemical
equipment
refineries,
that
mated
in
impor¬
diversified,
plants,
elec¬
manufacturers,
mills, heavy
paper
Niagara
approximated
lars
plant investment
new
around
and
half
a
billion
of the
opposition
are
until tax
out
ment these taxes take
"money
a recent talk before the New
York
Society of Security Analysts, Pres¬
ident
Stuart
H.
Nichols
stated:
philosophy
working
are
ate.
around
Barring
the
is
government
we
oper¬
unforeseen
some
changes
in
the
concept,
we
will be limited in the
future,
what
as
is
'fair
we
base.
whole
are
rather
rate
of
This
careful to
regulatory
to earning
now,
loosely
return'
called
on
that
means
if
a,
rate
our
we
are
that each newly in¬
see
vested
dollar
which
qualifies
purchases
in
property
total
Tate
as
base,' then our earnings can be
increased to the extent of 6% to
7%
on
new
investment.
Changes
taxes, changes in the wholesale
in
price of gas; changes in other op¬
erating
expenses, weather fluctu¬
ations, and sales variations
affect
the
large additions to their plants
call
results
all
can
obtained
in in¬
dividual
western
New
the
by
York.
of
on
of
have increased
past decade and
excellent.
company's
heating saturation is
80%
over
but
90%
over
for $152
a
about
may
well
increase
heated
be
Residential
buying
larger
more
and rubbish
Gas
disposers and
appliances
being
The
industries
in
uses
is
to
munities.
and
gas
"gas
are
chemical
are
in¬
for natural gas
other plants
their
up
Gas
vigorously
particular
creasing their
many
steel
use
yard
gas
markets.
new
are
air
increasing in
are
lights provide
heaters
build¬
are
consumption.
continually
additional
being
rural
ex¬
The
how
much
hence
57%
no
conservatively
the
at
equity
an
end
equity financing
likely for several
needs
ratio
of
1962,
appears
Construc¬
years.
being met through
are
bank. loans
at present, but bonds
might be sold in 1965.
The
company's record of share
earnings, while somewhat irregu¬
lar
due
the
to
vicissitudes
weather,, etc.,
growth
than
on
has
overall
an
doubling
of the
shown
good
basis,
since
more
1953.
Earn¬
ings for the 12 months ended Sep¬
tember
30
$2.38
were
compared
with $2.03 in the previous period.
This big jump in
earnings was due
in part to cold weather and large
industrial sales, but also included
some
special tax savings and
funds which accounted for
com¬
has
company
is
company
around
15
The
limits
share
within
wilLbe permitted to
we
capitalized, with
customers
water
dryers.
gas
conditioners
$600 for
each
determine
narrow
must
earn."
gas
compared with
year as
behind
will
share
tion
with
$205 with oil and
electricity.
little
a
A six-room house in
.
can
and
The
base'
we
that the amount
assume
stock
per
outlook for continued growth
space
'rate
fairly
v
revenues
long-term basis
a
currently
of
and
years, causing what we
'good years' and 'poor years,'
but
diversi¬
seems
and
an
fresh water,
excellent
as
about 159% in the
are
area
has
company
supply
System
the
The
transportation facilities of all
well
tended
cents
had
of
the
35-cent
re¬
roughly
increase.
the opportunity to acquire smaller
PHILADELPHIA, Pa.
delphia will hold
day, Nov.
25
Concourse
at
'
of Phila¬
meeting Mon¬
a
5;30
Room
of
the Philadelphia National Bank.
Dr. Willis J. Winn, Dean of the
Wharton
neighboring
Gas in New York State, uses flow-
about the
tained
will
be
1964."
open
to
the
public.
some gas
and
ducing
of
du Pont Adds
PORTLAND,
Rotolo
&
is
Ore.
now
to
—
with
Francis
with Donald
C.
was
Sloan &
I.
dip
Sixth
formerly
Co.
its
31
Staff
Leonard
Co., 506 Southwest
Avenue. Mr. Rotolo
Naturdl
principal
field
gas
to its
Gas and
Gas
suppliers.
three
from
plants,
own
being
It
also
in the Appalachian
and
coke
produces
requirements.
and
average
7%
It owns
about 79.7 cents.
Gas pur¬
43.5 cents per
selling
subsidiaries,
price is
Iroquois
thru for tax savings resulting from
the
use
of
as
well
vestment
accelerated
as
deprecia¬
those from the in-\
credit;
In
the
system has
not
interest
past the
construction,
policy
line"
not
on
is
used
being
credit
a
for
but this
studied.
depreciation
"Guide
rates
also
are
being used currently.
The
pro¬
storage areas located close
principal markets.
chase costs average
mcf
93%
about
supply, Tennessee Gas,
gas
the
present
guest
buys
is
its
Texas Eastern, Columbia
Economic Outlook
for
on
buys
company
its
speaker. His subject will be "The
meeting
is earned
be ob¬
can
of
tion,
The
of
the1
The
as
return
same
Consolidated
School,
utilities but is not
gas
plant.
in the
p.m.
Conference
One
interested in merging them unless
The In-
—
vestment Women's Club
Pont
pay¬
dol¬
General Motors, Ford
kinds.
to
Falls has
annually in each of the past
Service
Phila. Inv. Women
value in Pennsylvania, and
original cost in New York. In
at
regulation under lyhich
However, the remaining in¬
dustrial
ing
Co.
fair
Buffalo)
are
com¬
evaluated at
are
and
Sharon
Niagara Falls
company's
The
shaped
minded."
London
pany's properties
cases
suppliers
the
position.
industry
and the chemical plants
revenue,
improved
competitive
rate
pipeline
"Management
contribute about 37% of industrial
in
and
the
steel
the
promoted and customers
the
of the pro¬
of the Administration
even
over
Stanley & Co. of New York, and
through 1962, and To Hear Dr. Winn
figures have come to
ficient to
pay actual expenses
in the form of administrative
are
represen¬
was
years
hand, the taxes
even
He
De¬
Army/and
registered
a
in
must, first of all, de¬
upon
laid
no
upon
their
purpose
of
12%, indus¬
studied
public mind.
rate
U.S.
1961.
military
were
somehow eradicated from the
in
firm
the
the
named
tative
to
of
with
years
of
tax
two-thirds
heating accounts for
Buffalo
associated
and
fund
Obviously the Treasury is the realized. Unless and
ultimate obligor in this case,
collections exceed
end
of '
good thing if some
persistent buncombe
the
Erie
number of wholesale
half of the volume of sales.
the
Neuhaus
of the-New- York Stock
future date
some
that commitment is
some
highly this year and
signif icant implications of this to rise,
again
parently
Un¬
to
cember
and
and
for space
as
M.
returned
Inc./ 724'Travis
the
amounts
gas
Gas
fied
partment.
The
are
an
him certain specified
are
procedure which
|
Tex.—David
has
Underwood,
to
grounds for
such scheme
any
HOUSTON,
undertaking by the Treasury
from New York Univer¬
men
subsidies,
Rejoins Firm
of
learned
has stabilized the cost of
purchased
cities
and wholesale 1%.
unlimited
Houston investment banking; firm
different
the
small
a
Residential sales
revenues, commercial
served
tier list of
pay
involving
Y.,
about
Settlement of
York
trial 20%
in
D. M. Underwood
the New Deal and New Fron¬
worker
N.
wholesale gas costs.
a
largest
and Bethlehem Steel
re¬
contemplated
for
three years.
derwood
Objections
rather
.
for his later benefit.
foreign aid, and all the rest of
objections to it, though,
those
"put
are
ac¬
unwise.,
Other
suppose
such
any
now
Mr.
would include farm
social
Our
to
seem
the
that
though,
cumulation
are
outlays the
as
agree
Sharon, Pa.
account
on
go) to
the sooth¬ Treasury is required to make
in Washington now ex¬ at the time. This, of course,
sayers
serve
(through the general
has
attained,
Jamestown,
and
one
bene¬ really financed by social se¬
currently getting curity taxes which the taxed
tions to the trust fund
proportions
and
company has few regula¬
tory problems; purchased gas ad¬
justments and surcharge clauses
keep retail rates in line with
some
Buffalo, Niagara Falls
are
trical
day. All this for
pay
that the so-called
fund
trust
served
Company
The
of
plus
The
It
sup¬
men
(2) to
ELY
New
western
Ohio.
has
years.
which
population
a
in
in
oil
the
upon
the century
a
60
Pennsylvania,
area
of
aside"
the system fund of the Treasury where
found at the end of the proceeds of sale of obliga¬
burdens
er
at
or
2,200,000
Treasury deficit is the order
happens
moneys
tive expenses,
politicians will keep
loading greater and great¬ them,
past,
years
for
old
an
which
is
machinery producers, electronics
and thing makes it the easier for plants, food processors, plastics
work ;pay into the Congress to waste money companies, makers of musical in¬
for (1) administra¬ since all sorts of things are struments and toys, etc. It is esti¬
any
fits to those
that the
on
actually
Things
for
true
to
annual
million, is
subsidiaries
gas
and
with
company
dividends
controls
Treasury
-
been
paid
Gas,
of $132
holding
ply
when tax
even
what
understood
not
line
field of finance whether in available for spending by the
the economy and thus
conflicts with the primary ob¬ banking, investment or public Treasury — and certainly are
finance.
expended by it when, as has
■%:;/■•./
jective of public policy. Thus,
or
Fuel
revenues
Understood
Not
press
sooner
National Fuel/Gas
Ad¬
cover
ministrative costs.
at
OWEN
they
mirages against its special obligations
easily in the
so
BY
collect so-called social in¬
can
his funds
throughout
ling the accumulation of huge work-years which will be
social security trust fund re¬ drawn upon to finance his old
serves, which are not required age is hardly more than one
to meet current
who
lays and keeps out of circulation
worker
the
funds
aside
means
and
common
of
the
reached
SECURITIES
paid out with the
those
to
al¬
is
In other words, notwith¬
The fact and its supposed standing this huge accumula¬
tion in the reserves, all that is
implications have, as a matter
of fact, not escaped attention really back of the claims of
simply
in private quarters. In a re¬ any aged ' person is
article
Thursday, November 21, 1963
.
PUBLIC UTILITY
col¬
is
hand
one
once
other
only tem¬
what
since
with
I
cent
;.
$u-4
stock
cently
on
has
the
been
New
-
selling
York
re¬
Stock
Exchange around 34 (approximate
range
$1.30
this
to
37-29)
year
yield $3.8%.
and
The
pays
price-
earnings ratio is only about 14.3%
—which
a
seems
utility with
relatively low for
so
long
a
record.
Number 6318
198
Volume
.
and
"Would
A Good Ad and
mine
the
friend of yield 6%
postal card to contact are rated
a
uses
posed
of
prospects, friends and relatives
about
of
picked
hand
1,500
of
convenient
neighborhoods
jHere is
/
an
"For
ad that worked well—
The upward trend of interest rates
"People
be
be
will
mutual funds,
The things to advertise
after
bonds,
"If
'
balance
in the
well
is
,
fill
you
is
and,
names
addresses and return to me in the
results, the satisfac¬
of
booming
not
been
that
mean
the
and
passed,
raised
of
fact
has
opinion
postage paid envelope, I'd be very much in their present pattern
ownership, liberal grateful.
pending developments.
income, tax free income, poten¬
'
Sincerely yours,
counsel tial
Long-term Government bonds
capital gains etc. If a reader
It
is
Bank
free
believed
world
that
the
business is not going at
unemployment
sizable, there is
credit
upward
an
Central
other
capacity,
still
is
the
the
that
and credit and ipeak
money
interest rates could remain pretty
there
in
countries.
is
abuse of
no
far, and inflation is still
so
,
dormant,
as
balance
we
years
unless
rates
bill
tax
rate
go above the
market experts is
money
movement
as
taken to
is
short-term
in
likely
that the discount rate will not be
our
payments problem,
the
increase
quite
On the other hand, the
betterment
in
an
is
tendency to
a
of most
the fact that the economy
as
not
has
the
reported
that
rate
Central Bank rate.
market specialists. It
being
effect
discount
because
had
as
the
shown
now
going to
high
as
though
as
which
for an appoint¬
arrange
slower
a
indications
some
money
seems
few days, I'll
a
at
increase is not
sharp and
as
some
no
mailed and
with
but
on
been expected not so long ago by
personally.
"Naturally there will be no presrsure,
going
that this
suggest
you
the
still
pace,
will
qualification enough.
contacted by me
to
is
or
obligation whatsoever.
this idea wrote Descriptive
material will
be
uses
encl
the
investors
tion of security
than nine
more
etc.
etc.
are
me:
business asso¬
recommendation
Your
any
municipal
then reduces it to card size.
not."
be
from
experienced
security as a TYPE phone to
security; e.g. common stocks, ment.
1 '
of
pffice. The cards are done in photo
offset.
His
printer sets up the
copy
proposed, others became
in mutual funds.
The
vertise
his
to
were
ciates—
CHIPPENDALE, JR.
or
might
think
you
hearing
relatives,
Friends,
were
"I think it is a mistake to ad¬
me,
people living in upper income
dis¬
interested in
requirements
who
dealer
their
interviewed,
interested
names
>
Those
Poors.
some
list
the
organization, and
his
members of
and
were
cussed,
concerning securities, triple AAA
by
who
plus and three B,
B
financial
(seriously)
office-
his
that has
person
every
contacted
replied
of which
two
JOHNT.
BY
please
of
names
people
.
appreciate
or more, seven
Standard
is com¬
the
me.
iSelow,
space
me
three
Effective Letter
an
dealer
mailing list. This list
his
time and it will
of your
great deal to
a
give
progressive
take
mean
"In
A
do me a favor: It
more
thaii five
you
minutes
DUTTON
JOHN
BY
21
Our Reporter on
friends.,
shouldn't
CORNER
family
favorably,
him
of
think
SECURITY SALESMAN'S
(2013)
Chronicle
The Commercial and Financial
.
.
of
well
as
an
improving
payments
problem,
■
have
and advise
vestments,
own
to
'
or more
present
years
build
.
ters
sound investment
I
invested in
.
.
quality
.
conservative expectation of
.
.
nine
John
him
"Inquire
plus
ing
and
his
service to
dealer
then
lected ten well
The following
advertis¬
Dutton
sends
se¬
ployed by
the
is
name
pen
C'V
-v.
-
?
**«
-r
that
vestment
Margin
recent
the New York
Association
National
Conference,
of
Association
Women told
Bank
presi¬
Emily Womach, presi¬
National
dent,
Government
to
decline
lack
in
some
discriminating investors
margin
will
trol
credit
of
have
cut
In
ble
be
yields
be
used
the
in
stocks
common
this
same
for
other
purchase
that
so
It
that
the
OVER-THE-COUNTER
erations
Common Stocks
from
in
its founding in New York
bank
125
DIVIDENDS
14
Have Been Paid
rosters
today
of the board,
chairman
as
17
list
directors, 37 as presidents,
as
executive
as
180
From
national
present
its
1921;; to
women
CONSECUTIVE CASH
NABW
membership of 4,300, Mrs. Womach
said
On Which
of
history
the
Tracing
as
vice-presidents,
vice-presidents and 348 as
In
its
will
5 to 179 Years
Rutgers
—
48
BOOKLET
PAGE
time
—
been
June
an
are
paid,
number
cash
of
dividends
dividends
consecutive
years
have
next
paid during the twelve months to
1963, percentage yield, and June 28 quotation, also
28,
analysis
of
the
difference
between
the
over-the-counter
Mrs.
the
Stonier
Banking
for
semester,
the
"and
at
first
20
available
it
business
make
the
Sussex
and
Trust
of
Laurel,
Co.,
Del., addressed an audience of 170
of
Whyte's
Fulton
St., New
members
NABAC
and listed markets.
Restaurant,
York
the
145
City.
some
some extent
OF
THESE
this
of
it,
margin
1
to
24
50 cents
25
to
199
30
200
up
On orders of 100
cover
is
A. M. Lerner Co.
20 cents each
__
or
cents each
more,
a
three-line imprint
included without extra
on
the front
cost.
To Be NYSE Firm
A.
Lerner
M.
&
Co.,
Inc.,
150
York' City, will
firm of the
Broadway,
New
become
member
a
supply
quantitative
Commercial
&
the
Financial Chronicle
Stock
York
acquisition
it
purchase of
exchange
an
Miller,
Win. B. Dana Co., Publishers
membership by Stuart A.
25 Park
Vice-President and Secretary. Al¬
Place, New York 7, N. Y.
fred
Please enter
our
order for___
Counter Common Stocks" and
booklets
on
"Over-the-
M.
Lerner
is
President and
of
further
:
Shockey,
—-
Hutchinson,
By
of
& Co., 208
r__
Date—c
South
La
changed
Shockey
Salle
to
Erley & Co.
Street,
has
been
Hutchinson, Shockey,
will
narrow
seems
in
a
that near-term
be
area
kept within
a
rates
very
in both directions. It
though interest rates
as
are
plateau for the time being.
Campbell Joins
yield
making
our
payments problem less
Reynolds
binding, although it will still be
quite
while
a
before
solved this most
have
we
use
&
attractive rate of return
a
an
force
long
to
we
as
the
keep
going
are
ing
readily
help
gold
holdings,
short-term
main
the
to
dollar
the
and
of
J.
re¬
of
the
with
Stock
other
them
as
lead¬
that
announce
is
now
Manager
Department in their
Philadelphia
nut
and
Campbell,III,
associated
our
must
yield
obligations
Exchange
exchanges,
Frank
our
Pa.—Reynolds
Co., members of the New York
Stock
moved funds here and in this way
give
Co.
PHILADELPHIA,
pressing problem.
as
office,
1526
Chest¬
Street.
competitive with the yields
available in similar issues in other
free world
centers.
money
!
■
.J
•N. V.
So far the monetary
.
'
•
,
'
,
authorities
Twin City Inv. Women
have been able to keep near-term
MINNEAPOLIS, Minn.—The Twin
obligations
that
City
Investment
the movement of funds from here
held
its
will
high
continue
to
enough
be
within
stay
are
of
the
considered
not unfavorable to
ance
so
our
first
Brace
spotlight
has
because
moved
Central
Some
at
Bank
rumblings
bill
the
times
rate
again in the
above
now
are
at
rate
-
"The
Club
meeting
of
1963.
Bennitt, Jr. of Piper, Jaf-
fray & Hopwood
escort at the
The discount rate is
Women's
dinner
the 1963-64 year on Nov. 20,
bal¬
payments problem.
Higher Discount Rate Unlikely
Erley & Co.
CHICAGO, 111.—The firm name
Address-
means
here
increase
modest
Treasury bills is
balance of
to
Now Hutchinson,
Firm Name.
weekly offering of
$100,000,000. This prob¬
by
ably
of
stocks.
which has taken place in the
confined limits that
Treasurer.
accompanying dividend tables.
of its
bills
being used for the
common
flow of funds from
a
world
Keeping Money in U. S.
Exchange, with
of
amount
cur¬
control
at¬
so
yields here will
tries, the Treasury cut down the
of
credit
of
free
the
money centers
and in this way upset the
equilib¬
rium between the various coun¬
nevertheless limit the
of
,
New
other
especially
operation
competitive, but not
bring about
can
However,
each
an
pro¬
■■
■
tractive that
the
of
that be will not
will
amount
rest
as
BOOKLETS
a
In order to keep our short-term
rates
the
do
not
to
COST
by
that
Bill Offering Reduced
good, and make
the
to
overall
The
Secretary
is
slightly firmer interest
the powers
credit
take
will
use
This
rates.
Board
community -which
good
with
are
Womach, who is Assistant
it
economy the most
registered."
Vice-President
The
to
School
University
already
Included
women
of
admitted
be
Graduate
said,
she
to
powers
where
areas
Reserve
and credit away from the
money
tail
vice-presidents.
addition,
made
so
tected market will be maintained.
■■■' ''.■■■
' .'A. '
'
"
Federal
but
assistant
the
:
The
using
Nov. 19.
let
too
from
seen
Banks
orderly and to
business
purposes.
Audit, Control and Op¬
on
to
up
go
being
are
Reserve
•
for Bank
monetary
going
bonds
be
can
tangi¬
very
the
not
are
these
obligations
of
credit will be available
legitimate
high
available weekly Central
Banking
statistics that purchases of these
of
more
on
much.
on
quantity of bank credit that
can
the
mak¬
are
very
addition, there is
evidence
authorities
con¬
down
of
more
grade securities.
the
measure
and
more
ing purchases of these
to 70%
which
to
buying of these issues
because
monetary authorities in their
the
of
continue
in
increase
credit
of
bonds
moderately there is
very
Curtailed
Credit
Bond
though prices of long-term
so
put
stocks from 50%
curtail
Central Bank rate.
our
Market Evident
going into the equity market. The
in
jobs
people with whom he
nearly
every
banking category,
business, and those who including such executive posts as
dent, Mrs.
be
further
any
"Protected" Treasury
Even
being made
money ' can
against
in¬
no
will
Increase
occupy
still
of
forms
long Givernment bonds.
amount
on
securities
requirements for the purchase of
Banking
today
these
change in
that
so
well
augurs
very
a
return
other
are
common
Industry
of
in
of
this
that
The
Women in
rate
sales
..
Executive Roles for
give investors
growing. Again, it is evident
work in
salesman who
1963 EDITION
to
commitments
Stock
chairman of the board and
REVISED
continue
are
large member firm of
a
NYSE.
it to
has done
stocks, all
do
registered representative em¬
a
Women
carefully
known
)
name."
clients.
prospecting letter
has been used by a
Obligation."
(
prefer you
my
the validity of his
attest to
growth
Confidence
In
use
primarily to retired investors
can
Prospecting Letter
And Without
of
) use
favorable
would
"I
not
growing business that ca¬
a
capital.
This
the
(
name.
mail
watched
have
I
approach regarding his
of
securities
that
my
the
of
is available from your
TYPE
During
coupon."
the
.'(■
monthly return
reserves
INCOME
let him come into
office and find out!! Or tele¬
phone for a representative or
Example
"Spendable,
.
our
their
serve
V
■
For
of
in¬
and
savings
as
so
"I would prefer you
enjoy
end result,
the
particular needs and require¬
ments.
6%
wants to know how he can
make the best possi¬
their
of
use
friends and neigh¬
our
bors how to
ble
to
privileged
been
,
Lady
was
the honorary
showing of the film
and
Stock
the
Ex¬
change." Following the film, Mr.
Bennitt held
a
forum
on
the Stock
the
3%%■*
being heard
Exchange and
the
a
investment
woman's role in
field.
The Commercial and Financial Chronicle
22
Current Policy
ditional
Trends
rowed
spreads
have
further
even
been
In Pension Fund Investment
legislature permits them
part, these
ment the
Continued from page 3
categories has been
cov¬
and
myself 1 and is not the subject of
great detail by others
"Q" which
this discussion.
such
are
invest¬
receiving
securities
into
ment
ter.
fixed-income
investments
those for which the (1)
By
When
that
Investment
the
bet¬
that
at
established
is
return
of
rate
purchase and not
the time of the
subject to change (unless the bor¬
defaults),. and (2) an in¬
vestment which promises repay¬
consider
stops to
one
these
into
flow
cash
a
$2.8 billion per year and
funds is
large percentage must be
a
mean
we
investments by the
as
in
invested
bond
corporate
the
this
market, it is easy to see that
demand
investment
of
source
important
must be and will be an
commercial
placements
private
Many
and
niortgages provide for the full or
repayment
partial
which provides
of
return
capital at
rate.
mined
return of
such
a
capital may or may not
to
individual
the
depending directly upon its
fund
investment
individual
pered by arbitrary restrictions established in the past. I concluded
difficult than those we
warding to the investor. We have
noted a philosophy on the part
of some fund managers to segregate the assets of their" common
experienced. Unless
stock portfolio into two sections;
statement. "The
with the following
investment years
to be more
ahead are bound
needs.
As¬
in- the "blue chip holdings" and the
this
classified
fixed-income
as
secu¬
covered
sepa¬
will
and
rities
be
V,
rately.
would say
I
this
within
that,
The
trends
of pension fund
part
portfolios is the growing accept¬
and
private <i placement
the
of
ance
the
this
for
reasons
switch
(1)
are:
of
holdings
sizeable
already
The
bonds.
corporate
licly-held
of pub¬
place
in
mortgages
corporate bonds ill fund portfolios;
(2) recognition that marketability
has
only limited value to the typ¬
ical
pension
higher
(3)
fund;
yields available on private place¬
mortgages; and (4) the
ments and
of
features
amortization
many
the
or
"market" for FHA
a
"markets" tend
but these
gages,
relatively local, the spreads
to be
between the bid and asked
bargaining
price is
tor.
However, the question arises
how
just
—
does
on
most important fac¬
a
marketability
much
typical pension fund real¬
a
Marketability
require?
istically
(i.e., the ability to convert a se¬
into
curity
within
cash
able
yield substitute for the traditional
technique of the staggered matu¬
terms
broad,
and
tively short time and at,
attractive, high
prices
are
which
an
is
insured and VA guaranteed mort¬
private placements and mortgages
provide
place¬
There
mortgage.
something of
en¬
certainly
not available to the private
ment
bonds
bond
marketability
a
price)
if
or
rela¬
a
a reason¬
that
ported
total
50.8%
or
this
ments
amount,
amounted
U.
to
to
assets.
Govern¬
billion
S.
$2,215
and Corporate Bonds ac¬
(6.2%)
counted for the remaining
billion
by pension funds
Most
those
of
marketable,
of
size¬
are
bonds
the
private placements offer yields
sufficiently
available
in
from
those
of
excess
publicly traded
a
corporate issue of similar quality
and
The
maturity.
investment
has the freedom to
con¬
sider this type of investment
since
manager
already
has
established
an
adequate portfolio of marketable
securities.
The
problem
of
offered
in
amounted
of
availability
During
the
is
six
first
1963, all debt publicly
the
to
American
market
billion
$2,497
com¬
pared with private offerings dur¬
ing the same period of $3,127 bil¬
lion.
Most
offerings
private
quality
interest
of
pension
and
of
above
fair
It
degree of accuracy
private
should
local
the
with
be
ment
considered
policy
and,
ac¬
addition,
when
invest¬
formulated.
is
most
fund
sort
some
of
In
managers
clause
escape
which permits the deferral of sub¬
stantial withdrawals
son
another.
or
for
need
tablished
and
for
the
rea¬
one
Hence,
liquidity
once
the
been
has
es¬
extent
by the
of
this
folio, the remainder of the fixedsection
saddled
with
not
be
marketability
quirement. This will provide the
were
flexibility to invest in
be
any
income security, public or
depending
yield,
upon
fixed-
maturity
and other such investment consid¬
erations. As
noted
large
aside, it should be
an
that
the
blocks
marketability
of
corporate
It
placements.
noted
retirement
that
state
funds
are
tirement
systems
restricted to
the
are
re¬
severely
types of invest-
John
G.,
"What
Is
the
Prudent Policy Today in Investing Pen¬
sion
Fund
Assets?",'. New Yrrk
City,
Heimann,
York.
Commercial
Chronicle—October
12,
and
1961.
Financial
""
be
can
com¬
of
major oil com¬
whose 25-year
a
(rated AA)
is to be retired
paper
payment
at
a
on
FHA insured mortgage
net
life
yield
4.50%
life of 12
level
a
(average
basis
of
(2)
or
with
an
providing
years
yield to the investor after
charges
4.95%.
of
In
general,
;
do not favor the
we
straight
of
preferred
retirement fund port¬
a
The
folio;
of
absence
the
denies
definite
a
investor
the
privilege of having his capital re¬
turned at
is
the
specific future date,
a
with
case
bonds
as
mort¬
and
will be
results
types of portfolio and the investment
Of all.the various
gram>
investment
senior
can
without
of
capital,
under
sale
the
stock
preferred
of
a
involve
could
Furthermore,
the
demand
for
stocks
from
insurance
and
other
corporate
companies
investors, stimulated by important
advantages,
virtually
tax
the
has
resulted
eliminating
yield
the
advantage
offered
that
they
bonds. Thus, for
over
we
believe
straight preferred stocks
not
represent
now
in
before-
which
tax-exempt fund,
do
attractive
an
investment.
of
n
Variable
Any
attempt to pinpoint exact
The
relationships
defies
tion.
are
this
and
categorical
any
The
constantly
state
so-called
of
flux
classifica¬
traditional
as
(1)
publicly-offered
has diminished.and
managers
have
the supply of
corporate
(2)
bonds
more
accepted
placements and mortgages
fund
private
as
im¬
non-ferrous
as
rails
this
area,
or
the
investments
primarily
are
common
for
decade
in the
steels
a
stocks
as
fund.
pension
and company desirability is apparent among equities. Sole relidegree of selectivity, ance on the "blue chip" is dimininvestment
across-the-board
formula basis is giving way
a
greater
a
i'sMng. Finally,
-
,
Second, and wi
noted
work
tendency
growing
e
-
eie
is^ a
irec
o
previously, equities have
rapidly
assumed
role
an
in
an
investment
the
important
policies of
impressive cross-section of
tirement
funds
and
indication of any
trend away
decision.
re¬
no
discernible
again,
lacking
as
is
from this basic policy
Once
ourselves
tics such
there
we
reliable
find
statis¬
those which exist for
direct
WOuld
the
money
QirnilahlA tor common SIOCKS lO ue
available for pmnmon <?tork<? to be
Spread among a large number of
investments.
Today, we note a
advisor
vestment
certain
industry
that
believes
or
company
a
is
attractive. This acceptance of concentration coup ed
with the relatively light supply of
investment
industries
to
willingness
in
quality companies with a superior
rate of earnings growth. This is
due to two factors:
sion funds
ings
afford
to
greater
trusts.
(1) most pen-
have substantial
the
of
securities
blue
so-called
and,
accordingly,
accent
the
come
the
parts
of
portfolio.
case
of
their
fixed-in-
Furthermore,
government
in
insured
3
2 Amortization
accomplished
issue
over
a
or
repayment
by
the serializing
period of years.'
•.
Council
of
Health<
Welfare
and
Pensibn
Nov. 12, 1963.
on
■.'■■y.
..
~
Form Gen. Inv. Service
0MAHA, Neb.—General Investors
servjces
0ffjces
Dayid
Corporation
securities
a
1221
at
s
conduct-
Harney
^
AUen
is
business
a
from
Street,
principal
of
fjrm-
*
,
s
chip
can
1 i g h 11 y
inherent
Kent Securities
;
/—< *->
a .Tr.
„
*
u
r>TT^0
Company
is
*
Tr
GRAND PApIDS, Mich.
-
Kent
engaging
.
.
m a securities business from
offices in the Michigan National
.
Bank Building. Clarence J. Worst
a
principal of the firm,
_
C
TV
1
n
•
r
H. L». Dickinson oranch
MARSHALLTOWN, Iowa
in
.
—
R. G.
,
Dickinson & Co. has opened a
branch office at 14 West Main St.
TYorknVCit™eNew ™k?nMatthew under the management of Kent
can
be
New
of
an
Bender
&.
ference
on
'
and
hold¬
the
companies in return for
risks
port-
Plans Inc., at Miami Beach, Florida,
Securities
be a
smaller
continues to
invest
the
econorWic
*An address by Mr. Heimann at the
Ninth Annual WorkshoD of the National
and
that
........
portant
:
in
which has
experienced in the past.
Third, there
of
improve¬
price
than
companies
been
result
conceivably
certain
in
ments
comprising
[n
developments,
.y;v
stocks of pension fund qualdramatic
grows
neces-
-market
particularly
could
jssues
fQliQ
when and if the in-
of these sums
the fund
increased
concentration
the
towards
trend
as
an
sjty to review and possibly change
ample, the old pension fund technology
smaller
the
0ider, there is
^
the
with
investments
to
flow
in
ove,
a
,
As noted
and mortgages are rapidly finding
II.)
The a place in portfolios. Greater seimportant factor here is, however, lectivity in determining industry
War
World
following
ity
we
wits
industries
metals, etc.
cyclical
more
such
more
Investments
Income
.
Conclusion
A number of changes are apparent in the investment man(This is not to indicate that the agement of pension fund ( portso-called cyclical type securities folios. Most of the new techniques
have no place at anv time in a
are based upon the realization
pension fund portfolio. Just the that the pension fund possesses
opposite may well be the case, great
inherent flexibility. The
from time to time, when a variety
need for marketability in the
of variable factors favors this type
fixed-income portfolio is being
of equity investment such as the
questioned. Private .placements
the
in
many
concerned
yield spreads tends to be inexact.
concentrated
are
groups
greatest profit potential. For ex-
capital loss.
preferred
form
.
part, the ex-
eluded
a
serious
or
whereas
conditions
similar
In
Spreads
trends. For the most
declining
any
creasing volume of security sales
v
it has come to pass
so
_
quality
loss
satisfy the somewhat different
needs of the less broadly accepted
investments. This t e c h n i q u e
makes* a great deal of -common
in a within the common stock sector
limited way. First and foremost, of many pension funds' portfolios,
we
note a distinct trend away This is a most logical developfrom
the ancient diversification ment when we realize that many
formula of "a little bit of a lot." funds have been investing in equiMore and more, professional inties for well over fifteen years,
vestment advisors no longer inObviously, the sale of securities
elude certain groups of securities may be warranted in favor
of
as
a
matter of course. The old
other investment opportunities,
formulas which established spe- In addition, „the current investcific investment percentages for
ment climate is such that security
each industry within a portfolio markets
are
marked by wide
are
being discarded for a more price
amplitudes. Thisy climate
flexible approach which permits provides opportunities for investthe investment manager to exerment flexibility, especially atcise
his judgment on economic tractive to the tax-exempt fund,
And
to
of
the
to
revised to
are
investment sense and has application for alhow- .m0st any pension fund portfolio,
strict adherence to any. .. Lastly, there has been an in-
by
formula."
some¬
from
applicable
"blue chip" sector
strait-jacketed,
is
ever,
one
ground-rules
,
for
capability
This
change
on
withdrawal
allow
sired.
Yield
investors that populate
that
privilege
This
gages.
times
of
considerably
miny instances, the state
Tnis
(1) the gasoline station
subsidiary
pany
a
an
approximately
of
bonds
sometimes leaves much to be de¬
ex¬
continuing
now
bring
would
away
4.25%-4.30%.
sufficient
manager.
a
from
years
yield
pared to
once
private,
licly offered corporate securities.
New
years
overall
re¬
need
yield spreads have been narrowed
1
35
tax
a
are
(1968) and with the last maturity
por¬
of the total investment port¬
income
e s
investment
policies of the fixed-income
tion
five
beginning
some
satisfied
need
bonds
i t i
r
spaced in equal amounts annually
maturity
cordingly, the need for liquidity
can-
tu
m a
a
heavy buyers of high-grade pub¬
In
which
,
of
all
calculated
be
can
changing
and
within
inclusion
;
that
obvious
corporate
better)
stocks in
is
participation
fund
logical to expect
flow
there
and attractiveness to
cite the
the
certainly
portfolio of high-grade
a
or
cash
,
paramount.
months
calculated
payments.
have
non-marketable
of
fixed-income investments, as long
of
(A
flow requirements for benefit
It
Normally, the shorter
Preferred Stocks
are
permits
which
consideration
$16,066
holdings
The
(44.6%).
bonds
able.
is
Hence,
all
Actuarially
to:, the fund
maturity, the lower the yield.
Vesting provisions
4.
$18,281
total
of
3.
at
funds
amounted
value
billion
re¬
holdings
bond
pension
corporate
book
leges
1962, the SEC
year-end
Lump-sum withdrawal privi¬
period of time
a
repaid
is
each year).
the
an
Holdings
Corporate Bond
he
capital
average
At
as
of
over
pre-determined amount
a
for investment
Reserve
2.
Of
that
-
rity.
of
due
so
15 vears)
prefer,
you
liquidity, is needed for:
1.
of
staggering maturities - (purchasing
„
publicly traded
joys
method
traditional
the
than
Marketability
v
wefcee it,
as
current
notable
most
the
fixed-
high-grade
the
in
factor
smaller quality companies which
opinion that many have been included for greater
quite dissatisfied with the than average return. This latter
of their investment pro- category is treated as a distinct
time, it is my
(he marsuming,
however,
that such - a ket plcfcfe, the typical pen si on
income area. Accordingly,; yields
return
of
ment on a certain date (maturity);
capital
is attractive, fund possesses, , more;.than any
available on publicly traded
either for technical or investment
In other words, the fixed-income
other,
the theoretical mobility
fixed-income securities will
re¬
investment is usually an evidence
reasons,
the amortization tech¬ necessary for investment success
flect this rather large and insist¬
of debt. Preferred stocks are also
nique
may
be more attractive under rapidly changing conditions,
ent demands
rower
ment of such prospects has bSen
applied on a logical and conservative basis, prove to be most re-
pension funds
(he trustees of a fund permit
vestment flexibility during
pre-deter-
1961, indicating that those companies with truly superior records
and prospects, wherein mea^qre-
would not be ham-
they
have recently
Obviously,
attractive
Pension
argued
investment flexibil-
for increased
that
of greater rewards
and (2) the experience of the
stock market since the end of
the sub-
constant
a
a
on
immedi¬
begins
repayment
ately
be
principal
of
the life of the loan.2 Usually,
such
Univerity,
New York
the promise
15th
Labor, at
on
ject "The Investment of
Funds."3
At that time, I
so
Amortization
over
Conference
Annual
ity on the part of
banks.
to direct
as
the bulk of state and local
rating classification of A or
Fixed-Income
spurred the purchase of mortgages
to make. For the most
restrictions
nar¬
by the liber¬
alization of Regulation
ered in
Thursday, November 21, 1963
.
June, 1962,1 spoke to the
In
guaranteed mortgages, the tra¬
or
mental
.
.
(2014)
Company* J.5th Annual .
Labor, 1962, pages 381-390.
Johnson
Volume
198
Number 6318
increase
best
Probing the Mysteries of
I
901.9%
was
Price-earning ratios.
We
that
the
price-earning
estimate
Life Insurance Stocks
Continued from page 11
<
affecting the portfolio of policies
including
claims,
expira¬
lapse,
tions, transfers and other termina¬
tions.
The
with
persistency
It
facts.
the profit¬
on
growth
and
ability
well
as
as
Perhaps we
other related matters.
companies under study are
with one-tliird in each
All
classified
higher lapse.
fasteraverage-slower. The effect of our
expression
facetiously
used
on
occasions to describe the life in¬ findings with respeet to the value
of whole life insurance is shown
surance
"license to steal"
Perhaps; the
activity has
truth in
where
cases
lapse is especially high and per¬
good. Visu¬
sistency is not very
alize
a
matured
rich
in
assets,
vestment
effort
in¬
and
has
but
income
"tired" to
too
that is
company
reserves
maintain
to
an
in
sales' department
today's highly competitive world,
yet
maintain
it must
blance
the
of
sales
a
fed.
salesmen
sem¬
and
keep
To
the acceptance of
that
business
"permits",
highly marginal'
is
likely
more
knowing
this
solve
it reluctantly
problem,
lapse,
some
force
the
to
enable the salesmen to live off of
the
liberal
sions.
year's
commis--
Persistency suffers with this
kind
business
of
innocent
(7)
well
as
investor
since
Growth
of
comparison
life
the
as
overhead
is being wasted.
expense
A
first
/
premiums.
of the total of all
life insurance premiums for
shows
of
an
143.4
growth
average
(vs. 1958
faster group versus
the
slower
best
only 118.6 for
companies.
record
poorest
The
very
while
193.1
was
1962
index
100) for the
as
the
was
growing group.
for the slower
5.1
unadjusted gains per thou¬
Their
and
$2.58
$2.03,
averaged
sand
(8)
Growth
force. We
insurance' in
of
concern
ourselves with
of $19.44
the faster companies, $15.47
those rated average and $11.82
came
for
for
out at
average
an
The result¬
for the slower group.
multiples were therefore 9.6
ing
earnings.
>
beliefs that faster
traditional
volume
confirm
to
tend
results
These
the
with
costly,
is
growth
and
slower
growth produces more profits. The
figures also lend solid support to
the
validity of this alternative
lower
profits,
valuation
that
discredit
method;' and
lieve
competition
price
the
with
serious
companies
as
is
more
growing
slower
evidenced by their
12.3%
of
average
ad¬
of
life
total
to
health
and
accident
and
premiums over the past two
with
compared
years
average
an
of 16.5% for the 10 faster growing
lines,
/
when
determining
thousand,
per
profits
when
tive
the
we
on
in
The
total
as
the
In
of
for
values
the
1958
131.1
The
the
greatest
208.1
100)
as
for
compared
other
group.
achievement
whereas
the
was
Perhaps the greatest individual
problem for the serious life stock
is
analyst
to
insurance
pany.
in
penalizing
than
order
the
companies
slower
panies since
growing
extent
growing
com¬
on
the books. The traditional method
of the
since that
business,
portion is not "owned" by the in¬
vestors.
This elimination varies
widely from
mixed company
one
another from
in
zero
made
as
to
to
in others.
adjustment
similar
some
be
must
Considerably
more
equity
of 171.5 (vs. 1958
age
with
pared
The
group.
205.5
129.6
as
100) com¬
the
for
slower
performance
top
of
with 117.6 for the
compares
Dif¬
(11) Market performances.
in
the
market
perform¬
insurance. Such round figures
are
reasonable,
but
The
use
of
numbers
on
pany
some
this
profit
of
wide
basis.
round
uniform
each and
every
differences
and
which
article.
have
opinion,
does not recognize the
significant
basic
such
For
discarded
growth
in
com¬
very
their
factors,
are
revealed
such
reasons,
the
that
that he
urge
we
with
deal
and
in
need.
one
he
Or
may
mutual funds
of the
more
or
in
shares
own
their holdings in
that concentrate
life stocks.
dividends to
like
We
trend
the
with
industry for
and more
more
policyholders. It looks
to meet all competition in
and in view of the
of money
their
we
wonder
come up
with the
commands,
1963
Ignore Face Amounts
As another bit of
against
guard
insurance
can
has been led to
advice, please
only
dollars
when
they become claims to be paid off.
Before
sand
that
of
terms
of
profits.
enced
is
Summary
'
;
sig¬
stock
insurance
life
Serious
companies.
in-depth studies are nec¬
to
enable
to
us
compare
much
and
annual
distract your
Investors must not be misled
and
equity added when a company
at.inflated market
exchanges
growth has had
three times the market
the
6%
past
the
serious
gains
over
Therefore,
years.
wishing
investor,
his
to work harder in this field
money
should be very well rewarded for
his
better
of
understanding
mysteries
of
life
the
acquired,
investor
the
such "growth" is
with
another company.
ments
have
but
ures
many
so
in such
careful to
very
such
out
inflations
recurring
of
A few manage¬
been
point
repeatedly
growth
internal
natural
non¬
of their
fig¬
others have failed
the
insurance
forthright
a
man¬
life
is
insurance
for
misleading
a
comparison between
widely
New England
their
in
acquire,
in
asset
long-term
and
stability
Group credit may be
of the lowest
quality while whole
life
is
often
whereas
average
the
group
declined
September
advanced
other group advanced
faster
the
3,
28.4%
while the
19%
on av¬
a
considered to
be
Power
re-insurance, business
smaller profit margin.
Many companies include term rid¬
attached to whole
ers
life
whole
as
sales
life policies
and
in
force
I.
Company
If you
do not correct for this
be
comparisons
unfair..
Co.
Allyn,
New
growth has been dramatically
corroborated
from
Jan.
over
the
long
term
age
Companies
suggest that the aver¬
investor avoid new life insur¬
companies with his "conserv¬
ance
unsupported
aged 533.4% in market apprecia¬
tion, roughly three times the
today they had ten years ago when
177.5% for the slower group.
there
The
do
money."
not
have
were
not
Eastern's
ac¬
financing
the
Life
Assur¬
banks
nent
a
Insurance
Co.
of
of 15 promi¬
group
headed
Bank,
the Chase
by
New York.
Principal portions of the
agree¬
ments, which will provide imme¬
diate .availability
of
funds
with
repayments to begin after/ the new
operation,
fleet is
in
include:
Renegotiation of certain of
(1)
the terms,
Eastern's
loans.
including maturities, of
$170,000,000 outstanding
Repayments of these loans
begin in 1967 and to con¬
to
are
Fan-Jet
7-2-7
Boeing
full
tinue
through
Of the total,
1974.
$90,000,000
will
4.15%
$80,000,000
and
interest
bear
will
of
carry
51/4% rate.
New loans from the banks
insurance
companies totaling
1967.
through
Of
this
basis
1993.
due
K,
priced at 101.155%
interest
to
yield
The bonds are
accrued
and
first mort¬
4V2%
approximately 4.43% to maturity.
issue
The
a
the
4%%
the
if needed.
the sale
use
from
of
5%%
subordinated
convertible
notes
due
of
$22,000,000
junior
1, 1983,
Eastern
convertible into
are
stock
common
at
$25
share.
loans are secured by
bank
a
equipment with
flight
of
pledge
companies
insurance
the
Both
the Old Colony Trust Co., Boston,
serving as trustee under the
mort¬
A long-term lease with the
gage.
aircraft and engine manufacturers,
covering five of the new fleet of
40 aircraft has been incorporated
in
the
program.
coupon.
from
named
the
with
current
shares
of
the
at competitive sale Nov. 19
bid
of
100.336%
which
group
on
to
awarded
was
for
Proceeds
$100
of 100,000
preferred stock
4.68%
will be applied to the
par
the
therefor.
treasury
will
ance
used
be
construction
bal¬
Any
to
Phila. Inv. Assn.
con¬
a
sale
private
of
along
sale
from
proceeds
pay
for
To Hear Col. Miller
Pa.
PHILADELPHIA,
will be
tired),
a
Colonel
guest speaker at
meeting
luncheon
of
the
In¬
Philadel¬
vestment Association of
Friday, Nov.
Club, Phila¬
phia to be held on
22, at The Engineers
expenditures.
—
Miller, U. S. Army (re¬
Homer E.
delphia.
A
sinking
has been
fund
the
for
vided
new
bonds
pro¬
com¬
mencing July 1, 1965. The sinking
redemption price is 105.68%.
fund
Optional redemption prices range
101.16%
from
amount.
The
of
'
to
the
principal
company's business is that
generating,
purchasing, trans¬
who
is associ¬
firm of Saul Lerner
Inc. will discuss Puts
& Company,
and Calls.
Samuel
Roberts
-
Miller,
Colonel
ated with the
R.
&
Roberts of Schmidt,
Parke, is in charge
of
arrangements.
Chicago Trade
Board
,
By strong contrast, faster inter¬
nal
in
Equitable
Manhattan
and
quantities principally
erage.
Avoid
of
$210,000,000.
Prudential
per
as
series
bonds,
in wholesale
We would
ac¬
of the
40
Society of the United States,
(3)
mitting and selling electric energy
•
of
The
Manager/of
group
has an¬
York,
underwriting
an
de¬
will
your
much
Participating
by
;
C.
A.
duPont,
New
Inc.,
while others do not include them.
tail,
total
a
Dec.
Francis
the
companies large
some
of
amount, $20,000,000 is on a stand¬
prior construction or to reimburse
to
Eastern's
7-2-7 Fan Jets is estimated to cost
maturities
equity producing capabilities and
cost
for
fleet
a
$45,000,000 at 514% interest, with
payment of an estimated $20,000,000 of short-term notes issued for
in
vary
existing;
quisition program for the Boeing
(2)
and
of policies
qualities
of
replace
and
ner.
of
of
propeller aircraft. The entire
a
stocks.
Proceeds
to do
and in¬
Boeing 7-2-7 Fan Jets which
will
shown
have
by;
comparison of assets, insurance
a
that faster internal
evaluate
and
We
Bonds Offered
for inquiry.
areas
values
trends.
other more
from
away
meaningful
occupy
many
in
space
attention
that
charts
They may
reports.
market
growth
overly influ¬
be
funds
quisition
actually exist between major
ences
of
total
a
money
renegotiation
provide
The
differ¬
measurable
and
new
7
have shown that many
We
York,
arranging
which/: makes
Eastern
America and
nificant
New
aggregating $170,000,000 will
ance
and
by the bold face type
bar
in
tiny
premiums
not
Do
thou¬
new
amount
assets,
dramatic
so
each
time
face
cludes
loans
are
expect.
to
$67,000,000 of
profit bonanza the life stock buyer
ative
being
are
which has
to
succeed and still
Smith,
and
Inc.,
program
available
ways
the giant mutuals have
Inc.,
Co.
The
,
new
all
huge amounts
management skills, determine rel¬
are
only 4%.
During the short term from Jan. 1,
group
in
managements are trying
some
essary
ative
the
the
to provide him with
1, 1957 to Sept. 3, 1963
with
concerned
are
houses that is fully
the brokerage
when the 10-company group aver¬
is better supported
could
and
of
one
we
round number method in favor of
one
out
portions
on
our
imagination
search
modest' during shorter pe¬
rather
slower
industry
and
In
have been
8.1 %
in
great deal of time, patience
a
highest.
of the two groups
term and from
an
has
profitability.
poorest.
$20 for whole life, half of this for
on
investor-analyst
the
Unless
We submit that the face amount
During 1962, stocks of the
only
the average in¬
task.
gains.)
growing companies declined
$2 to $5 for group
past
Power
riods:
$15
in the
has
This
Co.,
financing.
stock
its
gage
faster
at
stocks by
in
land
to
each
amount
life
of
too ex¬
applied to the study
when
call
mutual.
a
believing
com¬
restricted
portion
of
appraise
face
become
truly comparable
were
thousand
to
While this simile may be
treme
the
will
companies
announced
was
assisted the company in
mature stock
more
&
Barney
one
$10,000,000 New Eng¬
totals
from
is
of the
more
risk that
latent
a
nominal book value for companies
participating
ances
business
or
is
ad¬
the
from stockholders by reason
cost
new
client.
a
Loeb
this for you in the future.
There
industry
by Eastern Air Lines, Inc. Kuhn,
opportunities, like
public offering of a
for the
ferences
new
fool for
a
companies because their types and
both must currently
putting
court action has
growing companies with am aver¬
this
be
airline
judge,
any
negotiated in the domestic
grams
bargain
the
downward in mixed
charge off the acknowledged high
of
himself in a
represents
who
has
said that the law¬
been facetiously
yer,
It
dilemma.
investor's
The
is
of the largest financing pro¬
One
addi¬
up
the
happen again, so it is a risk.
measure
do
greater
a
Professional Help
for
growth is shown by the 10 faster
avoid
to
faster
to
the
to
necessary
in
Need
pick
from
history
will
there
happened
com¬
each
If
counter.
and
the
evaluate
force for
is
It
properly
fairly
shares
issue of
panies
(A
Insurance
tional
new
substantial proportions
Valuing the
/
off of life stocks and
nounced
addition,
to
113.4.
performances.
Financing Program
with some
ready
Be
for the next market sell-
money
prices additional shares issued at
was
poorest
internal growth
to the
as
and the market
potentials.
long-term
the
for
patient
surplus type reserves.
as
justed
growth
(vs.
age
of the insurance
estimated values
well
comparisons
adjusted to include the
from
faster group shows 150.9 on aver¬
with
and 4.5% for the poorest.
the
another—not
to
strated
Be
line
of
out
is
appraisal
with both the differences demon¬
(10) Growth of equities. Equities
force
compare
volume.
'
company
But
have been
we
period
one
etc.
putting business
business
of
computing
shown for the top
between 32.5%
used in the following
in
books,
value
values
The contrast is great
evaluating the rela¬
are
skills
when
thousand,
per
by
close-proximity of
psychologi¬
the uniform round number method cally influenced by the astronomi¬
which may rely for support solely cally huge figures with which this
on its traditional use.
industry is uniquely surrounded.
(9) Gains to premiums. We be¬ Keep in mind that face /amounts of
companies.
trends
average
type of in-depth help that he will
/
.
when
the
market
times qualified
3.4
and
times
6.0
times,
the volume of insurance in force
measuring
to
Eastern Air Lines
direction.
one
$3.52 in order. The final unit val¬ vestor, it serves to illustrate our
how well the stock companies
ues
per
thousand of whole life point that he has a very difficult
justed gains after policy dividends
Fundamental Total Business Gain
1963
3,
in
at
lower
105.2.
was
groups;
measured at an aver¬
age of 15.4 for the faster group,
at 9.3 for the average group and at
growth
will
process
discussion at
30%
higher than for the 12 slower
growing companies at that time.
Sept.
by these summary figures: volume
grown
put out the special
required
aggressive
growth
growing
faster
10
under
companies
of
thread
a
remote,
some
three
Of
the
for
This reasonable
explain this as follows:
can
lower
is
based
is
ratios
to° rar
™
com¬
poorest.
pared with 83.8% for the
(12)
23
(2015)
The Commerced and Financial Chronicle
.
.
.
Small
the
so
companies
same
many
chance
of them.
to
other electric utilities
doing
a
retail distribution business and to
large
tric
industrial consumers. Elec¬
generating properties of the
company are
setts,
New
Vermont.
located in Massachu¬
Hampshire
/
and
Appoints to Committee
CHICAGO,
111.—Edward
marek and John F.
ing
the Nominat¬
the Board of
City of Chicago, it
appointed
been
to
Committee of
Trade
of
has been
the
J. Kaz-
McKerr have
announced.
24
The Commercial and Financial Chronicle
(2016)
6.7%,
Corp.,
INDUSTRY
STATE of TRADE and
Studebaker,
and
week-to-week change.
0.7%.
li
inventories
building
were
users
advance book¬
Steelmakers say
bility of
Compared with 1962 levels, prodropped 2.6%, shipments
,
Freight Tonnage and Carloadings ducUon
Gain Over Last Year's Week
Loading
of
freight
revenue
ended
week
the
Nov.
in
1.9%.
totaled
9,
drop in steel production
a
\
The
and
the
for
demand
in
steers,
resulting
pre-
A;
the quantity
prices
1962
1963
with the
ended
the
Nov. 2
NOV. 10
233,009
233,606
220,203
244,061
225,060
ity Index fell to 266.64
228,247
255,520
223,954
Nov.
The
and
week
even
previous Monday.
227,351
-Nov.9
A
down.
meats
waxed
sugar
but
on
swelling
a
of offerings pushed
these
of
Meanwhile,
waned
'
•
1963
Production
..
the
for
coupled with
poultry,
the
from
concentration
Thanksgiving
of
in
figures
feet
board
indicated:
weeks
rose
,
.
the
are
of
thousands
orders
new
-
Following
594,781 cars, the Association of
month are better
through December, and more and
American
Railroads
announced
than they anticipated and note in¬
more people are talking about im¬
Nov. 14.
This was a decrease of
creasing pressure for quick ship¬
provement after the first of the
ments.
This
situation,
coupled
27,785 cars or 4.5% below the
year.
■ vA,.; aAY^Yv'v: ■' V/VV"'.:
me
with strong demand from service
preceding
week,
and
was
This is bolstered by excellent
fourth successive week in which
centers, suggests that steel in¬
next
for
ings
and
2.5%
£eb
there is little possi¬
In any case,
^
,
closely geared to production, and
the outlook for January is im¬
proving.
strike.
against the threat of a
hogs
guarantee the USSR's credit.
eclipse
'
*
Continued from page
Thursday, November 21, 1963
>
.
in the current
24%
put declined
.
Daily Wholesale Commod¬
,
the- automotive
outside
ventories
industry have been cut to normal
levels.
uptrend in steel buy¬
The recent
by
the
view
small
most
that
con¬
their
liquidated
have
sumers
strike
supports
centers
service
ing
inventories.
hedge
It's also clear that most service
completed their own
centers have
On Jan. 1,
inventory adjustments.
distributor
stocks
of
steel
tons.
They
down to the
are
starting level
again.
in
Week
Steel
Rise Seen
Row
a
ingot output is expected to
the
counteract
that
phasis
heavy
fifth
the
for
week
struction
will
declines.
But
its
show
these
to
be
.
higher
the
than
1,990,000 tons it estimates the in¬
capacity—highest since mid-July.
operations
steelmaking
Higher
aren't giving the scrap
lift.
Steel's
No.
1
market any
price composite on the
melting
heavy
last week at $26.67
Steel
ton.
gross
Steel
1963
in
May
Record
All-Time
consumption in the U. S.
Iron
record,
Age
reported.
all-
magazine
output in
senger
ago
approximately
produced two weeks
cars
Ford Motor Co. and Gen¬
as
eral
Motors
strikes
Corp.
the basis
of current projec¬
consumption
in 1955 is
The
tons
likely to be topped.
Iron
steel
Age analysis is based
shipments,
'64 model
protesting
chewup,
said that a,
ex¬
total of 26,000 passen¬
inventories
Oct.
since
not
ap¬
proach the record 84.7 million tons
is
1955.
chance
good
a
will
But, when other fac¬
taken into account,
are
use
up;
U.
S.
about
there
industry
77.5
million
walkout
a
problem
votes
have
taken
been
A.
industry
Steel
a
at
161,703
week
year
Iron
units
shifting
of
the
U.
S.
favorable balance of steel trade in
1955 to
the status of
porter of steel this
In
1955,
major im¬
a
steel
mills
run
about
2.3
imports will
to
5.5
in
to
soar
this
tons
while
record
a
5.3
about
1.5
tons
million
year.
a
total
of
use
about
77.5
million
tons this year.
Looking
Motor's
market,
gain in
plus
the
Iron
new
current
Age
to
said
orders for
the
of
note
new
the
gains
is
final
working off of
augmented
held
auto
current
a
December,
of
op¬
market.
This
The
of
f
in
about
City
Falcon-
J.)
Tuesday
schedules
Ford's
the
loss
behind
1,200
me¬
output.-
which
strikes
(Ohio)
at
Chevy
i
operations
II
about
this
and
week
Norwood
Chevrolet
resumed
week-ago
a
it
Wednes¬
as
Chevrolet-Buick-Oldsmo-
a
complex
at
South
Gate
went
on
strike.
(Calif.)
Ford's
Wayne
walkout
strike
out
(Mich.)
Ford-
noticed for
was
a
week-ago Monday. All
a
action
is
stemming
from
what the UAW terms "prQduction
Truck Tonnage Up
Year-Ago
auto
makers
countering shortages of
meet
With
record
31
working
them
of
tenor
46
in
Saturday
one
en¬
cars
demand.
assembly
shifts,
put
new
in
two
on
also
are
still
13.2%
truck
Nov.
volume
the
American
9
week
plants
of
23
work
last
in the
iQfi9
iyD
of
cor¬
thA
'
Associations
tonnage
was
*
,
yearly
a
tonnage
has
the
1962
in
Since
17
ahead
after
slight
our
late
has
in
moved
level,
reported
earlier
the
1962
last
re-
truck
June,
exceeded
of
a
21
GM
three Ford
vol-
consistent with that
are
riods
in
past
findings
weekly
are
on
facilities
and
American
Motors set shifts for last Saturday.
Chrysler
Corp.
Thursday
in
ended
its
operations
passenger
by
steel
the
a
by the ATA De-
from
production.
by
apparent
excess
steel
automakers.
are
how
today quit for the week, and
has
called
this
week.
Of
last
the
for'
a
shutdown
all
cars
week, GM Corp.
to account for
was
expected
.
fleets
tonnage
than 400
handled
truck
carriers
mon
report
at
of
re-
from
with
showed
a
year
14
increased
at
ago
20
the
last
tonnage
localities,
de-
level.
Two
1962
the
10%
or
terminal
in
areas
of
excess
while
more,
preceding
nage,
concentrated ; in
three
this
11' metropolitan
week,
while 23
increased
areas
businesses succumbed than
similar
the
ton-
reported de-
and
2.4% Below
feet
in
production
totaled
the
ended
-A
A A
the
board
Nov.
9,
j
has
-"A
fallen
A' '■
foodstuffs
hams
and
'•
t"' ;
'•
declined.
steers
dropped
the most sharply, while flour, rye,
beef,
oats,
cottonseed
sugar,
hogs
prunes,
lambs
and
lesser declines. On the other
increases
The
rare
were
&
Bradstreet,
Wholesale Food Price
resents the
of
31
is
show
to
trend of food
the
general
prices at the whole¬
A
sale level.
It is not
Its chief
index.
cost-of-living
function
rep¬
foodstuffs
raw
and meat in general use.
a
Inc.
Index
total of the price
sum
pound
hand,
only butter
—
in price this week.
rose
Dun
oil,
made
Veterans
A:
.
A;
-
Perks
Day
a.
'•
Up
.
Rental Purchases;
Although hurt by some heavy
,
than in the
New
65,
only
one
preceding week,
and
the
also steady. But, four regions
England toll
declines
reported
and
at 11
three
stretches of cooler weather.
tered
Over-all sales widened their year-
54
casualties
mounted
61
to
49, whereas the East North
trends
proved most beneficial to activity
in
Washington, D. C. and St. Louis,
five
tinued their remarkable
from
a
lighter
had
Canadian
to
chases
year
com-,
mixed
ago
a
and
weather,
seasonal
after
to
two
from
46
wide margin.
last
.
; ;
Last Week and Year Ago
Dropping
the
week
ranged from 3 to 7% higher
last
than
Dun
reported
downWard
Brad-
&
Grains exerted
impact
a
sharp
the index as
on
wheat
sales
with
Russia
not materialized so far.
has
the
grain
method
proved
a
of
according to spot
year,
collected
by
from
esti¬
comparable
levels by the following
per¬
New England —4 to 0;
centages:
West
&
Dun
Regional
Inc.
varied
mates
1962
re¬
in the latest statement
trade
North
to
Central
—3
+1;
to
South
Pacific
has
Not only
shipping
stumbling
the
block,
51.7%; Ford 27.5%;
according to reports received from
but also the
Chrysler 13.4%; American, Motors
regional lumber associations. Out-
to having the Export-Import Bank
Senate has objected
South
Central
Central
+3. to
East
+6;
West
'
and
+7;
East North
+8;
-f-4 to
Central and South Atlantic
+5 to
.;';/'.'Af A'"'''-''"- 'a
Nationwide Department Store
Rise
Sales
\
commodity
price level reached 266.64 Monday,
18,
car
new
brisk pace.
a
dollar volume of
total
The
tail
last
substantially
wholesale
and
business maintained
pur¬
the more
Middle Atlantic and Mountain +2
tolls,
slipped
Food
strengthened in
+ 9.
week,
and
furnishings continued
Bradstreet,
Wgek earlier but topped
year>s 27 by
From
clothing
momentum.
gain
46 from
suffered
failures,
weeks,
a
A con¬
given to buy¬
was
children's
of
ing
con¬
recovery
early fall doldrums.
siderable boost
estimates
were
areas
heavier tolls than
even
stores
Los Angeles
whereas
declines
from
levels
1962
well;
four
the
led
moderate drop to
Regional
as
holiday
The
to-year -margin.
re-
the downs,
counterbalancing
a
Wednesday,
Day shopping and scat¬
Veterans
gjons reported increases, with the
ups
ended
week
the
A : misses' outerwear, while demand
for
appliances, television, and
1962.
Last the expected closing of agreement
in
index
'A 'A'
.
other home
for
277,351,000
week
the
below 1962 levels.
in the Middle Atlantic
street, Inc.
Output Falls 2.6% Below
Week's
country
of
week
numbered
States
Nov.
Pace
that
weeks
'.•'v.:-
Wholesale Commodity Price Drops
amount.
creases.
1962
while
retailing,
wholesalers, contractors, and
service
jn
was
reflected decreases
registered
Lumber
to;
c£sualties
downtrend
year-to-year
more
trucking centers showed increases
of
upturn
an
£rom 40 wWle retaU
wjth
reflecting
points
from
creases
for
.
dropped to 106 from 124. Most of
parable
survey
against
as
.
casualties took
com-✓
throughout the country.
terminal
nrtni„pf
n
33
,
Central- States
freight
general
00
at
31
against
as
+.
„
,,
more
of
terminals
30
services
111
pacific
The
at
^
fr0m
Economics.
of
scheduled
...
port
Lumber
179,603
,
and
partment of Research and Trans-
car
week-
ago
come
orders
plants. Studebaker Corp.
and changes were also slight in
was
the
of 34 metropolitan
survey
conducted
areas
based
year.
seven
in
years.
,
These
November 19
on
below
Nov.-13, being propelled by lively
more
pe¬
by
eased
rains, retail purchases perked up
ex¬
perienced during comparable
Inc.,
last
224
AA
compiled
manufacturers
Failures
ings
AAA"
.
among
weeks
reported. The week-to-week find¬
Compared with the immediately
plants, nine
:
■■
record
the Wholesale
This marks the first time in
last
251
week's,
Index,
0.7%
From
High A ";
nearly steady, at 43 as corn-
5g
,
comparison,, truck
again
A
and
week
pared with 44 in the prior week,
tion
week of this year.
previous
ume
by . a dip'
casualties, -those'
31. On the other hand, construe-
,u
week.
but
.
last
wholesaling
j._
Truck
i
.
lease.
upturn,
offset
.
smaller
:'Y. The toll
12%
was
Trucking
announced.
of
This
'year.
was
236
year.
in the
tonnage
of
droP
week earlier and 40 in
a
however>
1.2% Over
ended
On
46
v
Bradstreet,
fell
and
per
climbed, to
more
previous
among
both
in
last
by 0.7% to $5.94
they
last year,
involving liabilities of-
or
.j.r0m 34
Week
week
The
Faced with this situation
hand,
^^qq qqq
from
ooc/
oecurring
with losses under $100,000, to
tonnage
October,
the
but
'
lost
in
agreement
plant;
week
fell
to
workers
truck
last
Additionally,
Corp.,
to
work
light-and
in
truck
cars
day,
for
in-
an
or
cars
Failures
l80,043^cars or 36.1%
e,. CHrrI*^?0
1961.
Saturdays),
City plant
dium-duty
Based
daily
units.
6,600
Kansas
units
week.
(16-hour
car
totaled
last
20-hour
for
cars
291
of 308 registered
d pre_war 1939>
1961
«
Ease
year,
Price
&
mildly1 and
eggs
in the
substantia, 12% below the
a
level
,.
loadings
of
1963
weeks
t
Comet plant was struck as of mid¬
current
.
the
were
and
responding
Monday,
(N.
'
declined
comparabie week
corresponding period of ^
and
Metuchen
1961
79,151
above the
1962,
the
44
678,449
was
its
above
piggyback
first
re-
from
3,568
,
270
casualties
corres-
_
a
record-breaking auto
stocks
steel
favorable indicators for
January, give
Most
the
totaled
areas
some
timism
for
the
and
-.
at
14,
ported Dun & Bradstreet, Inc. Al-
___
1962
of
j•
i
remained Amchanged
of 1,070
Food
Dun
Wheat
"the" week-ended' Nov"
r
Following
Twelve
Commercial and industrial fail¬
ures
over-all
near
Kansas
week-ago
a
All
at
WG^
Cumulative
(Mo.) Fairlane-Falcon facility
to
Adding the total foreign trade
bulge to shipments, then subtract¬
ing the inventory buildup, yields
were
above
26.4%
or
cars
ahead
were
million
(which
>
Steady
In Latest Week
week
week's
Failures
Business
con¬
in the
increase
6.7%
or
week
1955, inventories
with
cars
_an
ponding week
standards."
tons.
by about 4
up
compared
tons
million
million
Also
built
expected to
are
17,066
revenue
highway
1963
® the corresponding 1962 week
or » year-to-year gain of 7.1%.
piggyback
more
or
that
was
pre-strike
under
importing 1.1 million tons. Mercury plant
This year, exports
2,
in
Intercity
Ford
exported 4.48 million tons of steel
while
same
bile-Pontiac
year.
American
This
planning.
with
Age said the big factor is
radical
the
in
high—but
eight-year
an
above
and still
ago,
at
week
11.1%
—
made
cars
a
many
fixed the
last
program
came
,
Importer
the
Nov.
ended
crease
units
GM
Becoming
strikes
and
sources.
7,000
S.
or
(piggyback)
i
tons of steel this year.
U.
five
plant has been affected by
on
in
in
21
assembly line stoppages. Another
Ford
night
.
will
one
highway trailers
included
week s_ total of 17,586,000,000 kwh.
and 1,168,000,000 k™k'
'h
total output of 16 469,000^000 kwh
Foods
high for the
•
railroad
S.
loading
reported
with
tainers
Reports
have been lost to current
ger cars
accumulations.,
shipments
traffic
cars
U.
I
,
Automotive
Ward's
ports and imports, and inventory
Total
by
class
a
and the 268.00 of the
ago
Last Week's Record
ended Saturday, Nov. 16, was es-
1961.
over
originating
systems
idled
million
of 77.4
hit
were
62
9.2%
production demands.
tions, the previous record of steel
set
The
last
and
prior week, the 269.26 of
Wholesale
">rd'nf *° the Edison Electnc
approxi-AIA*',i>Output was 51,000,000
increase of kwh'
ff;
^ previous
an
the 268.1'6
comparable date of 1962.
*
"d »*■ 1W,000,000 kwh. ac-;
the corresponding week
over
^ A
•
estimated at
are
1962
A
S.
U.
the
declined
week
11,000
)-
9, 1963,
of
With Record Demand
Auto
179,603
this year is on its way to an
tors
less
Strikes Interfere
Auto
other
held
grade
a
Consumption
Set
on
be
energy
and P°"";r industry .for the week
car-
loadings in the week ended Nov.
mately 13.1 billion,
The statistical agency
On
seasonal
may
of the
Monday,
on
below
ran
/w
,
dls, lbuted
' !
.
by
generated
,
electric
of
am0Unt
.v
,
It
18.
month
Over 1962 Week
decrease of 10,572 cars
the corresponding
1961
in
7.1% Gain
Electric Output Shows
below
Ton-mUes
6.4%
con¬
dustry poured last week. Opera¬
tions are close to 65% of unofficial
time
Con¬
than expected.
severe
secutive week. Steel looks for pro¬
duction
,
corresponding week in
a
17%
week
em¬
the auto industry.
on
new
this
rise
the
1962, but
or
dustries would offset other factors
5.0% from the record 189,048 pas¬
Fifth
declined,^
carloadings
above
automakers.;
A strong first half for these in¬
slightly in the first eight months
and
total
orders.
New
builders of farm equip¬
The
loadings
represented
an
ment, and the construction in¬
increase
of 8,598 cars or 1.5%
dustry—as well as the booming
only
rose
appliance
by
makers,
totaled about 3.25
products
million
industrial
forecasts
half
first
Shipments
Last
6% Above
Years Level
Department
store
sales
on
a
country-wide basis as taken from
the
Federal
Reserve
advanced
dex
week
ment
6%
ending
Board's
for
the
Nov.
in¬
state¬
9
com¬
pared with the like period in 1962.
The
ago
week's
rise
above
the
vear-
week marked the 24th year-
to-year
weekly
past 25 weeks.
iriHov
xiri+ViniTf
gain
out
of
the
The weekly sales
cPaunnal
orHiief—
Volume
ment
reveals
from
last
In
the
Nov.
sales
were
1963,
the
country's
gained
12
So far this year
9), the
retail
signed to form
System,
department
-
Nov. 9
dipped 1% below the
The
Company. The
store
sales
throp,
from the corresponding pe¬
riod
a
four weeks
latest
3.0%
be¬
listed
the New York Stock Exchange Nov.
down
cu¬
figure
flash
Election
Sales
Day
A
into
Cuts
Spell
New
York
revealed
week
minus
a
1%
to
the year-ago week.
The Election
behind last year's week though it
improve
The
sales.
the
on
warm
blamed for the lack
much higher the
New York
City, sales might have been in the
rise from
absence of the sales tax
Japan Fund, Inc., the first closedend diversified investment com¬
specializing in Japanese se¬
curities,
week
C.
Y.
N.
vealed
June
last
4%
2%
a
the
Robert
flash
total
passing
>
,
Board.
Big
Fund's
stock
shares
figure
re¬
from
last
Keith
data
retail
encom¬
the
by
sales,
Exchange,
1961, Japan Fund commenced op¬
Harold
partner
of
52
of
10, 1963, the
its first rights
a
Any purchase of
General
equalization tax of 15 %M Ameri¬
/
Exchange
the
shares
of
were
Japan
the
Fund
would
foreigners
from
shares
buy
who
however,
cans,
cording to
U. S. Treasury De¬
a
partment ruling of Sept. 22, 1963.
Financing for the Japan Fund
initially on April
completed
was
managing un¬
19, 1962 when the
derwriters handed
5.0%
that for
above
week
comparable
last
The year-to-year contrast
latest
investment
ment
sale
the
from
of
Ralston Purina Co.
Debentures Sold
animal
Ralston
over-all
re¬
not adjusted for
are
joint
as
5.0%
Over
offering
Ralston
Purina
fund
U.
S.
$21.6
were
billion,
of
Department
announced recently.
in
stores
The
the
Commerce
The
to
variations
differences,
and
trading
not vTor
but
sea¬
price
of the financing is
above Oct. 1962. '*'••.
of
a
dog
June
quired
tor
of
breakfast
food.
cat
company
Camp Sea Food
canned
United
trade, prin¬
and
the
a
distributed
tuna,
food
1963,
Van
produces
grocery
canned
cereals,
Chows."
ac¬
made
headed
offering
The
Paine,
Co.;
&
Bache
Curtis and the
Webber, Jackson &
Company Ltd.
Securities
Nikko
sold
tuna
in
the
seasonal peak
decline in
and
Spring months.
the
The net proceeds
York,
M.
nontechnical
successful
to
guide
solve
to
used
techniques
lems
and
practical
Beveridge—A
prob¬
effective financial public
of
relations
330
Inc.,
York,
New
Book
Hill
McGraw
—
Company,
Street,
West 42nd
N. Y. 10036
Wages and
Mercantilism; City
Articles
taining
on
Education, Inc., Irvington-
Businessman's
1963,
compared
as
elected to membership in the Ex¬
change
Sanders
&
L.
Oliver,
Company,
National Bank
Jr.
of
The
Republic
Put¬
Sons, 200 Madison Avenue,
—Ralph
BOOKSHELF
the
nam's
New
Lee
York,
Smith—G.
P.
(cloth),/
10016
Y.
N.
to
oership held by the late Jesse A.
of
retire
the
Bank
issue
WARREN,.
branch
Mich,
&
Co.
office
at
Lerchen
29400
Avenue under the
Paul D.
—
has
Watling,
opened
Van
a
Dyke
management of
Richmond.
will
15,
have
fund
1969
prior to
the
com¬
sufficient
approximately
redeemable
tion
on
of
78%
maturity.
The
redemption price is
The debentures will also be
par.
Watling, Lerchen Office
$26,000,000
sinking
a
sinking fund
'
Tennessee Gas Transmis¬
the
and
sion Company.
Doremus Agency
For Crocker Bank
SAN
has
at
optional
prices ranging from
to par.
redemp¬
104.13%
Until Nov. 15, 1968,
demption
indirectly
may
no re¬
be made directly
or
out of borrowed funds
having an interest cost of less than
4%%
per
Management—Walter
year.
revised
and
chapters
Ken¬
completely
Edition
including three
new
automation in bank¬
on
ing, bank mergers and consolida¬
tions,
the
and
functions
of
viewpoint
Bankers
bank
a
Publishing
(cloth), $9.75.
president's
all
from
executive
the
of
Beach Street,
Edison
bank
discusses
role—Manual
the
the
—
Company, 89
Boston, Mass. 02111
'
and
son
with
Service
Mate¬
Insti¬
Avenue,
Third
750
the
and
Electric
New
U. S. S. R.—Edison
tute,
compari¬
and
world
the
National
appointed
Jan.
of
been
an-
Monroe A. Bloom,
by
bank's
charge
ef¬
agency,
has
it
1,
Com¬
&
Doremus
advertising
its
—
Bank
Vice-President
advertising
and
/in
pub¬
licity.
northern
well
as
large
will
California,
nationally
as
its
advertising in both
southern
and
nationally.
and
Company will han¬
bank's
The
staff
en¬
Francisco
San
open
inter¬
will
agency
in
also
and
office
an
in
Los Angeles this year to serve the
bank's southern division and other
Doremus clients in the
area.
•
T
;?
•
Ford Motor Co.
Common Offered
New
The
First
Co.,
Inc.;
Automobile
tional
Finance
P.
1924-62—Robert
of
Bureau
/;
Rates,
Shay—Na¬
Economic
Re¬
search, 261 Madison Avenue, New
York, N. Y. 10016.
Loeb
Freres
&
Smith
ment
of
by
troller
the
the Office
of
Treasury,
Law
Depart¬
of the Comp¬
Currency
the
—
Currency,
Washington,
D.
jointly by
Blyth
Corp.;
Goldman, Sachs &
Kuhn,
&
Co.;
Co.
Inc.;
Lehman
Lazard
Brothers;
Weld
White,
&
Co.;
Lynch, Pierce, Fenner
Inc.;
&
Co.
&
Inc., and Dean Witter & Co. have
the
announced
total
a
of
of
shares
The
The
public offering of
4,000,000
common
Motor
Ford
shares
will
offering
Comp¬
U.
C.
S.
being
are
at
Co.
not
by
sold
and
the
increase
the
Foundation,
Ford
number of outstanding
shares of Ford stock of all classes.
aggregate
Proceeds
Shareholders Meeting Instructions
—Prepared
Boston
$50 V2 per share.
York, N. Y. 10017 (paper).
troller of the
Electric Institute—1963-64
Publications
California
FRANCISCO,
Crocker-Citizens
Merrill
Utility
Electric
Owned
Industry—Review,
sea¬
nedy—Third
mencing Nov.
New York Stock Exchange mem-
Sanders.
about
debentures
benefit
Building,
Mr. Oliver will also acquire the
of
with
Sept. 12, 1963.
Allen
for the Union Oil Co. of California
Underwriters managed
Truth About Mutual Funds
Grim
$2.95/
sonal low
Vice-
as
Executive
Account
on-Hudson, New York 10533, 500.
Investor
1963,
h ad
West Coast of¬
1963—Con¬
November,
Freeman,
nomic
Board
15,
he
served
and
and
...
Zoning; etc.—Foundation for Eco¬
will be applied to the reduction of
of short-term debt, which amounted
Governors of the Midwest Stock to about $90,000,000 on Nov. 19,
Nov.
1960
(cloth), $9.50.
DALLAS,
on
in
President
dle the
Financial Public Relations—Oscar
Acquires Exch. Membership
Exchange,
fice
York
New
where
Deegan
a
Doremus &
(paper).
10017
Y.
New
Avenue,
Third
750
Productivity;
States.
during the last quarter of the cal¬
endar year
Texas—The
formed
to
came
California
pany
institute,
Electric
rials—Edison
N.
companies
April 12 by a group
on
by
and
Co.,
and distribu¬
inven¬
The company's
tory commitments.
also
products
cipally
In
which
borrowings
finance
used to
inventories rise to
Purina
the largest producer
company's depend¬
short-term
are
offered
are
day
changes, was 2% above Sept. 1963
and 5%
the
on
which
15,
Nov.
yield about 4.39%.
purpose
reduce
ence
sonal
to
This advance
adjustment for
after
figure,
debentures
at 99.75%
sinking
4%%
due
debentures,
1988.
retail
of
sales
$35,000,000
of
Co.
commercial
"Purina
as
of an under¬
announced the through the
managers
has for many
poultry feeds,
markets
number
syndicate,
writing
public
Gain
Year-Ago Month
October
and
headquar¬
leading producer
the
in the United States of
Goldman, Sachs & Co., New York
Sales
Total
been
it
variations.'
October
ters in St. Louis Mo.,
years
Kidder, Peabody & Co., Incv and
tail sales data
.seasonal
Ralston Purina, with
Unlike the depart¬
Commerce's
pro¬
1,250,000 shares
of
stock.
common
proceeds
net
Bevel
Mr.
from
the
statistics, the Depart¬
store
ment
coal
the
The
company.
represented
check
was
utilities
announced
year/
for the
of
manufacturing coal equipment.
fective
four-week period showed a
gain of 4.0%.
check
a
$14,250,000 to managers of
new
of
over
com¬
9-ending
Nov.
whose
Conference
consisted
coal-carrying railroads, coal-using
offering
rights
its
of
liability for the tax, ac¬
without
for
shares.
Kana¬
of Japan, Japanese securities for its invest¬
L. Bache,
directing ment portfolio would not be ^ob¬
the
proposed interest
Bache & Co. and a ject - to
by
1,875,000
.
chosen to be
foreign corporation
for tax purposes.
as
stock
companies in its
Japanese
treated
of the Fund.
Director
Currently,
erations in April/1962.
Masahide
and
Consul
yama,
in
Maryland
in
Incorporated
Bureau
the
merce,, • put
week's sales
Policy
electric
also reinvest the
The Fund may
of
the
Census, U. S. Department of Com¬
piled
supervisor for the National
Coal
law.
proceeds
JPN.
President of the
Funston,
•:
.
of
Cola
Coca
the
to
count
becomes
the tax,; if the bill
pay
assigned ticker symbol
was
8%
at
the
Over-the-Counter,
Fund, purchased the first 200
the
Formerly
stock.
common
traded
the Fund holds the common
Garner, President of
L.
Listed
•
set
broader
A
a
and
listed
company
traded
on
such
time
first
Japanese
The four-
1.
decline
year's period.
New
Exchange, Nov. 19. It
the
marked
the
listed: on
was
York Stock
and
to
of Bache & Co.
participated.
directing partner
director of the Fund also
a
members
pqvjtlplio. On July
at,1.a listing Cere¬ company completed
weather
is
of, 625,000
mony which, marked the start of offering
of sales pick¬
trading
and
was
attended1by ' Japan Fund has
prior week's
No one can surmise, however,
how
and
in a
at 8%
JPN)
symbol
(ticker
stock
(left),
Bache
bought the first 200 shares
addition
In
Company, Mr. Bevel was also ac¬
ducers, the United Mine Workers,
Day week, thus, fell
compared
the Vernon
land, Inc.
left), and Harold L.
Exchange President (second,
19.
(second from right), Presi¬
Garner
L.
Japan Fund,
of
the
of
pany
'
for
City's sales for the Nov. 16 ending
sales
dent
of
from year-ago
period.
Warm
on
Robert
volume
period, and
1.0%
General
specializing in Japanese securities, was
sales' from: Jan. 1 to Nov.
mulative:
were
company
dollar
retail
total
low
Winthrop
Mr.
Pope Company and Brown & Row¬
Masahide Kanayama, ConsulJapan
(right), G. Keith Funston,
listing ceremony.
first closed-end investment
The Japan Fund, Inc.
the
were
from the year-ago
the
500 Fifth Ave.,
City.
previously with
was
sales• in
ago,
year
York
New
9-ending week were down
4.0%
up.
Inc.,
with offices at
the
for
Nov.
did
Win-
George C. Bevel Jr.
however, New York City
department
as
Bevel &
Within the N. Y. Metropoli¬
1962.
tan area,
known
be
beginning of this .year compared
to the same cumulative period in
3
firm will
new
were up,
pated to last yeaf's four-wbek period. They were up 5% since the
9
of
Winthrop
com¬
year^agdv week's figure
however^ 1.0^ com-
parable
Winthrop,
M.
President
District for. the week ended
serve
Morton
with
New/tfork/ Federal Re-
sales: 'in
firm
relations
store
-
public
new
a
Federal Re¬
;' According- .to/',the
ac¬
count, has re¬
.'•'
year; ago.
serve
Company
in¬
for corresponding period
rung up
J.
account
supervisor handling the Coca Cola
that
over.
Senior
a
Thomas
Deegan Company and an
dis¬
store
Jr.,
the
of
Vice-President
volume
(adjusted)
J^evel,
C.
George
de¬
0l"
(Jan.. 1 to Nov.
dollar
creased 4%
arid
New P. R. Firm
2%
leading
department
12
tricts'
-
Bevel, Winthrop
Exchange
Japan Fund Listed on N. Y. Stock
period ended
sales
25
(2017)
The Commercial and Financial Chronicle
.
.
10%
up
partment store districts,
a
.
week.
four-week
9,
Number 6318
last year's comparable period
over
for
198
the
the
of
Foundation
Motor.
the
in
As
sale
and
will
not
case
to
of
go
to
Ford
five
previous offerings, the sale is be¬
ing
made
to
versification
investment
permit further di¬
the Foundation's
of
portfolio.
*
The Commercial and Financial Chronicle
(2018)
26
The
Indications of Current
following statistical tabulations
latest week
Week
Business Activity
Latest
Previous
Week
AND STEEL INSTITUTE:
castings (net tons)
—
------Nov. 16
Index of production based on
average weekly production
for
1957-1959
-Nov- 16
Unofficial indicated steel operations (per cent capacity).
The American Iron & Steel Institute discontinued issuing
this data late in 1960
Nov. 16
AMERICAN PETROLEUM INSTITUTE:
Crude oil and condensate output—daily average (bbls. of
42 gallons each)
Nov. 8
Crude runs to stills—daily average (bbls.)
Nov. 8
Gasoline output (bbls.)
Nov. 8
Kerosene output
(bbls.)
-Nov. 8
Distillate fuel oil output
(bbls.)
Nov. 8
AMERICAN IRON
Steel Ingots and
or
month ended
105.1
Total
Finished
(bbls.)
Distillate
fuel
61.0
New
7,571,010
7,584,460
8,476,000
*8,593,000
8,745,000
31,418.000
8,364,000
30,065,000
30,439,000
*30,944,000
3,445,000
3,456,000
14,116,000
14,771,000
3,278,000
14,388,000
4,853,000
5,148,000
5,147,000
8
Residual fuel oil output
oils
Unfinished
ASSOCIATION
,
Revenue
177,407,000
181,425,000
38,110,000
37,433,000
8
189,033,000
Bituminous
anthracite
Pennsylvania
52,424,000
85,772,000
52,169,000
83,317,000
85,967,000
85,204,000
622,566
635,596
520,991
516,474
9,560,000
9
359,000
Municipal
and
State
;
327
57
105
99
83
59
59
72
*9,650,000
327,000
9,715,000
415,000
recreational
and
—
$1,016,400
$674,700
401,100
476,300
218,400
792,100
615,300
198,400
528,000
195,400
452,300
3,000
75,600
780,700
176,200
11,400
439,100
94
•1,937
434
V.
29
1,753
>
■
76
63
*66
505
*501
Not avail.
*32
277
*274
41
♦40
35
87
*88
67
65
67
58
Not avail.
buildings
Not avail.
117
—
459
30
-
269
——
_—
buildings
Other nonresidential
—1
facilities
33
1,944
81
*38
423
31
Hospital and institutional
-.
Administrative and --service———,
Military
515
426
1———
Industrial
146
*511
—
buildings
Educational
$746,400
420,000
150
520
utilities
Residential
24
138
construction
Public
91
27
26
—
.
construction L'.
public utilities—
All other private-.-.—
391,000
$1,212,100
14
14
14
14
-
Other
8,788,000
,
institutional—__\
Telephone and telegraph
■:/
Nov.
-Nov.
Nov.
Nov.
Public
234
60
Miscellaneous
516,627
9
-Nov. 14
planning by ownership
advance
231
225
60
Nonresidential
Private
465
242
87
Farm
CONSTRUCTION ADVANCE PLANNING — ENGINEERING
NEWS-RECORD—NEW SERIES (000's omitted):
Total
garages
467
247
237
and warehouses
332
Social
586,183
521,299
Nov.
_
245
484
Hospital and
53,993,000
594,781
9
9
Nov.
(tons)
251
423
86
Public
Nov.
(no. of cars)—Nov.
(U. S. BUREAU OF MINES):
coal and lignite (tons)
1,037
'
336
178,750,000
8
8
189,162,000
*54,300,000
36,128,000
179,206,000
-
OUTPUT
COAL
112
1,050
1,776
'
Educational
177,008,000
37,832,000
8
RAILROADS:
AMERICAN
OF
freight loaded (number of cars)
freight received from connections
Revenue
177,432,000
8
Nov.
Nov.
—Nov.
Nov.
at
(bbls.) at
(bbls.)
at
fuel oil
Residual
(bbls.)
oil
112
1,084
and
*467
118
Other nonresidential buildings
Stocks at refineries,
at
450
V
_.—
—
restaurants,
4,038
2,311
*1,937
264
Stores,
5,791
*4,260
*2,516
1,908
,
alterations
and
*6,197
2,476
units
housing
Office buildings
;
Ago
,
6,193
Commercial
3,285,000
v
>
4,249 >.V,
(nonfarm)—
Industrial
13,181,000
4,592,000
1
—
Nonhousekeeping
Nonresidential buildings
7,335,210
Year
Month
—
construction
Additions
7,568,110
Previous
OF
(in millions):
Sept.
construction
new
Private
0.62
of that date:
Religious
(bbls.)
—Nov.
bulk terminals, in transit, in pipe lines
gasoline
(bbls.) at
Nov.
Kerosene
of
Residential buildings
0.64
S. DEPT.
•
■'
0.645
are as
Month
CONSTRUCTION—U.
BUILDING
95.7
102.4
either for the
are
Latest
Ago
1,782,000
1,908,000
LABOR—Month
106.2
of quotations;
Year
Ago
1,958,000
production and other figures for the
cover
that date, or, in cases
on
1968
Thursday, November 21,
.
Dates shown in first column
month available.
Month
Week
1,979,000
or
.
.
,————.
STORE SALES INDEX—FEDERAL
SYSTEM—1957-59 AVERAGE = 100
DEPARTMENT
INSTITUTE:
(in 000 kwh.)
/ ;;
RESERVE
Nov.
9
*120
118
Electric
output
INDUSTRIAL)
(COMMERCIAL AND
INC.
FAILURES
17,637,000
Nov. 16
,
—
17,586,000
17,173,000
Conservation
270
270
303
291
6.368c
6.368c
6.196c
$63.11
$63.11
$63.11
$66.33
$26.50
,
$26.50
$26.83
$23.50
38
38
35
13,753
15,197
12,777
$3,600,400
$2,666,200
$2,192,600
2.078,000
1,708,000
1,522,400
958,200
1,276,400
870,500
725,700
246,000
STATES—DUN
87,700
529,100
BRADSTREET,
&
•
PRICES:
lb.)
COMPOSITE
AGE
steel
Finished
(per
Pig iron (per gross ton)
steel (per gross ton)
Scrap
6.368c
-Nov. 11
Nov. 11
-Nov. 11
—
ENGINEERING
CIVIL
(E.
PRICES
U.
Electrolytic copper—
Domestic
(delivered
(East
Zinc
at)
:
Louis)
St.
at
(primary pig, 99.5%)
Straits tin (New York) at
at
Aluminum
U.
DAILY AVERAGES:
Bonds
Aaa
13.000c
13.000c
13.000c
12.000c
12.500c
12.500c
12.500c
11.500c
11.800C
11.800c
23.000c
23.000c
23.000c
124.375c
118.125c
ZZZZZZZZZZZZZZZZZZZZZZZZZZZ-IIII—
88.47
88.68
88.27
88.27
91.19
89.64
89-64
88.27
88.27
S.
tons)
Europe (net tons)
South America (net
84.43
88.67^:
84.30
86.38
86.51
Month..of September:
84.30
items
All
107.1
" ///
89.51
89.64
89.92
Cereal
89.09
89.37
90.34
4.03
Nov. 19
4.54
4.54
4.53
4.33
4.31
Food
4.55
4.24
,
food
Other
4.44
4.44
4.44
4.40
4.54
4.54
4.51
4.59
Gas
Nov. 19
4.85
Nov. 19
Nov. 19
Nov. 19
4.68
Nov. 19
370.9
Group
Group
Group
INDEX
PAPERBOARD
received
Orders
Production
'
4.83
•
V
<
4.48
-
4.96
Solid
4.67
4.84
4.42
Housefurnishings
Household operation
4.48
4.46
374.2
373.2
4.39
i;
Total
384,613
99
98
Nov.
ACCOUNT
BERS, EXCEPT ODD-LOT DEALERS AND
Transactions
372,813:
383,961
9
622,632
616,178
656,300
536,369
Nov. 15
99.62
*99.86
100.64
101.52
SPECIALISTS
purchases
Oct. 25
4,253,040
3,537,650
3,566,000
sales
—Oct. 25
781,950
691,340
615,290
883,030
sales
Oct. 25
3,344,870
2,763,990
2,875.200
3,004,090
4,126,820
3,455,330
3,490,490
3,887,120
973,060
947,010
842,300
820,640
Total
Other
sales
Oct. 25
initiated
transactions
Total
off
the
floor—
^
Oct. 25
Short
sales
Oct. 25
150,000
96,000
149,300
sales
...Oct. 25
893,420
760,330
704,760
Oct. 25
1,043,420
856,330
854,060
771,220
Oct. 25
1,620,900
1,600,205
1,253,109
1,137,106
257,060
232,650
167,720
222,940
*
sales
Total
Total
initiated
on
Short
602,120
sales
—Oct. 25.
Oct. 25
sales
Oct. 25
1,421,910
1,254,625
1,048,016
1,487,275
1,078,970
1,124,473
1,292,193
1,270,956
Total
Oct. 25
purchases
6.847,000
6,084,865
5,661,409
5,903,716
Short
sales
Oct. 25
1,189,010
1,019,990
932,310
1,225,070
Other
sales
Oct. 25
5,660,200
4,778,945
4,704,433
4,764,226
Oct. 25
6,849,210
5,798,935
5,636,743
5,929,296
Total
sales__
DEALERS
LOT
EXCHANGE
Odd-lot sales
Number
>
.
—
SPECIALISTS
AND
SECURITIES
by dealers
ON
EXCHANGE
Y.
Dollar value
(customers' sales)—
orders—customers'
of
Oct. 25
_
Customers'
short
sales
total
other
Short
sales
of
TOTAL
0
STOCK
AND
round-lot
SALES
ROUND-LOT
OF
THE
STOCK
MEMBERS
sales—
ON
N.
Y.
Commodity
822,290'
$94,652,304
SERIES
U.
S.
DEPT.
'769,300
commodities
farm
and
foods
sold
on
(10)
3.61
4.41
3.22
3.14
—r__—
3.12
5.78
3.49
3.62
/
•
'
2.78
>2.57
S.
'
3.10
3.03
i
3.60
IN
NONFARM
LOAN BANK
FINANCING
U.
OF
HOME
—
BOARD—Month of August
Savings
L241) —
__—-
—
ESTATE
AREAS
(000's omitted):
$1,611,403
and loan associations.——&
companies
trust companies
122,599
V
■
$1,500,557
$1,606,423
127,217
123,255
563,143
217,970
325,655
642,066
201,310
$3,525,218
$3,514,733
611,882
212,354
banks
savings
—
595,402
650,178
•
and
,
316,802
institutions
lending
Miscellaneous
RUBBER MANUFACTURING
!
327,685
616,899
'
$3,332,849
Shipments
Tires (Number of)—
Shipments
552,180
9,202,279
—
——
Passenger,
1,640,900
25
28,992,430
1,405,350
26,188,680
25
30,633,330
27,594,030
2,590,340
25;233,920
23,372,230
£6,595,570
25,962,570
(Number
100.3
100.2
100.3
100.6
96.0
94.4
95.2
98.8
12
101.4
101.7
101.5
101.4
12
90.4
90.8
92.5
99.5
..Nov. 12
100.7
100.7
100.7
100.7
Louis exceeds one-half cent
a
pound.
—:
—1—
.
(Number of)—
(pounds)
Shipments
Production
-a—
Inventory
RECT
U.
——1
—
——
2,973,849
2,792,177
3,107,962
9,576,464
8,963,366
47,284,000
*41,584,000
44,474,000
*41,517,000
44,537,000
*16,866,000
16,002,000
1,425,305
1,420,568
1,337,761
1,258,007
3,831,333
1,333,372
1,225,748
3,743,397
$345,665,650
$373,122,000
,
(pounds)
(pounds)
3,031,871
2,859,568
16,269,000
>
—
(pounds)
Bus Tires
and
TREASURY
3,114,871
46,671,000
(Camelback)—
Rubber
Shipments
Inventory
12
978,667
:——
3,462,797
IN DI¬
SECURITIES
MARKET TRANSACTIONS
AND
S.
GUARANTEED
A.—Month of October:
r
—_
Western Zinc
.
9,180,470
=—
.——
———
Production
OF
275,690
254,578
1,048,861
of)—
Inventory
Tread
277,648
263,060
1,040,499
Motorcycle, Truck and Bus
Production
1.361,650
8,136,940
246,878
——_—-
Tubes
Inner
22,616,647
256,730
:
—
Inventory
STOCK
9,874,626
9,425,559
24,820,506
9,806,202
(Number of)—
Production
—
8,110,367
24,145,132
—1-—-—-—:
—
Inventory
Tractor Implement Tires
769,300
ASSOCIATION,
of September:
INC.—Month
Passenger & Motorcycle
415,240
figilrue- /Number of orders not reported since in troduction of Monthly Investment Plan../prime
delivered basis at centers where
3.12
4.57
>•2.52"
(200)
822Z290
freight from East St.
121,224
3.08
783~740
ZZ_Z II~~Nov.
ZZ-ZZZZZZZZZZ II~Inov.
ZZ-ZZZZZZnov.
than
126,950
84,004
———
">426,800
—Nov. 12
other
REAL
OF.
cnl,
117,029
87,581
\
-
Tel. & Tel.
(not incl. Amer.
Insurance
Truck
*
154,470
129,201
3.03
:
(15)
810,190
Group—
foods
Banks
540,590
|
Meats
121,078
133,162
AVERAGE
Shipments
—
*107,987
147,175
(125)
—Oct. 25
-IllOct.
ZZOct.
NEW
127,279
——
s/Production ;
^
x
products^
Processed
All
783,740
TRANSACTIONS
commodities
Farm
$111,336,886
870,790
Oct. 25
PRICES,
Utilities
(SHARES):
sales
105.6
stocks at end of period (tons
(25)
Oct. 25
LABOR— (1957-59=100):
All
$131,841,612
Oct. 25
Total sales
„
125,392
1,981,518
f
Short sales
WHOLESALE
2,106,910
23,930
2,080,138
$116,867,988
.
sales
ACCOUNT
Other
2,104,068
27,558
2,019,083
sales-
purchases by dealers—Number of shares
EXCHANGE
Total
X 2,046.641
29,408
2,325,281
Oct. 25
dealers—
by
shares—Total
ROUND-LOl
FOR
2,354,689
108.0
Oct.:
of
month
$86,925,232
Oct. 25
sales
sales
Other
Round-lot
$106,512,503
Oct. 25
Dollar value
Number
1,901,957
110.0
i 108.0
r
—Oct. 25
'
1,758,944
$130,216,206
1,668,753
$99,136,004
.
Oct. 25
Customers'
Round-lot
'
\
/
:
:
sales-
2,041,158
106.3
112.1
—
Individuals
-Oct. 25
114.7
108.0
112.3
For
—
WEIGHTED
Railroads
Mutual
COMMISSION
purchases)—t
(customers'
117.1
108.2
*'
Banks
STOCK
shares
of
Odd-lot purchases by dealers
Number
N.
117.2
Insurance
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODD-
115.7
YIELD—100
COMMON STOCKS—Month of October:
MOODY'S
Average
Total round-lot transactions for account of members—
107.8
106.7
117.1
—
pounds)—-<
2,000
101.2
108.3
106.9
—
(tons of 2,000 pounds)—--
A.
Industrials
sales
Total
169,100
'■
the floor—
purchases
Other
of
101.1
fabricators—
to
U. S.
109.5
117.1
Crude (tons of 2,000 pounds)
Refined (tons of 2,000 pounds)—-—-—
In
103.6
110.6
107.9
!
Delivered
104.0
101.2
110.7
care
Refined copper
Other
Other transactions
,
104.7
—
care
•
purchases
105.2
Copper production in U. S. A.—
3,945,970
Short
Other
104.6
101.4
:
INSTITUTE
COPPER
98.7
107.6
104.0
102.5
1
Reading and recreation
Other goods and services
specialists in stocks in which registered—
of
98.3
110.6
106.5
Public
Personal
MEM¬
OF
98.6
Private
97
101.3
110.7
i
apparel
108.0
102.6
104.8
Transportation
355,086
100
-
Other
406.017
'
Medical
AVERAGE=100
FOR
383,170
381,416
INDEX—
OIL, PAINT AND DRUG REPORTER PRICE
TRANSACTIONS
388,150
9
9
105.9
107.2
—
.
girls'
Footwear
9
106.8
108.0
—:———
and
104.9
107.0
boys'
and
Women's
97.8
111.5
106.0
103.7
Apparel
363.8
Nov.
Nov.-
of
ROUND-LOT
,
■/
98.0
113.3
106.2
—
4.44
V
4.45.
Nov.
activity
—
Unfilled orders (tons) at end of period
1959
102.2
99.5
electricity——
fuels and fuel oil
4.84
4.68
•
4.45
ASSOCIATION:
(tons)
(tons)
Percentage
114.2
107.9
113.6
and
Men's
NATIONAL
,'104.2
._— —
Rent
Nov. 19
COMMODITY
106.3
104.2
108.1
home
at
from home (Jan., 1958=100)
away
Housing
Nov. 19
Baa
Industrials
101.4
._
3.72
4.03
A
MOODY'S
109.1
104.3
—
103.5
101.5
products
bakery
and
Meats,
104.8
104.5
109.1
poultry and fish—
Dairy products—
Fruits and vegetables
4.05
106.1
106.0
103.8
i
_
89.09
Aa
Utilities
107.1
105.4
home
at
89.51
4.32
Public
218
—
Food
Nov. 19
corporate
Railroad
1,737
—
1957-59=100—
—
f
285
1,352
788
tons)
82.77
'
89,889
628
INDEX
PRICE
CONSUMER
87.59
84.17
86.38
81,587
331,306
55
90.20
v
173,370
86,608
308,622
America (net tons)
Central
420,112
97,118
406,583
—-—-
—_——
and
North
AVERAGES:
Bonds
Government
Average
anthracite
exports of Pennsylvania
(net
To
Nov. 19
Group
MOODY'S BOND YIELD DAILY
U.
92.50
i
937,800
1,254,800
Month of September:
U. S.
88.13'
91.48
89.64
142
(BUREAU OF MINES)—
EXPORT
90.04
88.40
91.34
Nov. 19
Nov. 19
Nov. 19
Group
Utilities Group
municipal
Federal
111.375c
88.36
:
•
To
Nov. 19
Railroad
and
State
COAL
24.000c
128.000c
Nov. 19
Baa
Public
9.800c
11.800c
■
Industrials
construction
10.000c
Nov. 19
T
Aa
28.475c
12.000c
To
corporate
Average
28.375c
12.000c
Nov. 19
Government
S.
28.400c
12.000c
PRICES
BOND
MOODY'S
x30.600c
28.325c
15
15
15
15
15
Nov. 15
Export refinery at
(New York) at
Lead
(St. Louis)
at
Lead
JZinc
15
15
Nov.
-Nov.
Nov.
Nov.
Nov.
-Nov.
—Nov.
at
refinery
30.600c
1
—
construction
Public
30.600c
ADVANCE PLANNING
ENGINEERING
NEWS
Qct.
(000's
omitted)*.
construction
S.
Private
30.600c
—
of
REC—Month
QUOTATIONS):
J.
M.
&
SERIES
NEW
Total
METAL
of September
INC.—Month
>
53
*59
*158
(NEW) IN THE
BUSINESS INCORPORATIONS
UNITED
IRON
62
55
;
public———
other
All
Nov. 14
101
76
'Not avail.
enterprises
and development——
service
Public
16,469,000
DUN &
BRADSTREET,
708
163
*118
i—
125
ELECTRIC
EDISON
systems
water
♦799
192
—;——
——
and
Sewer
132
-
*194
113
Highways
Not avail.
77
Federal
Net
sales
Net
purchases
—<-
*
----
$23,259,000
198
Volume
Number 6318
.
* INDICATES
Bay State Exchange
-
NOTE
Registration statements filed with
of the "Chron¬
—
the SEC since the last issue
-
icle"
are
carried separately at the end
now
.
section "Securities Now in
of this
tion." Dates shown in
>
Registra-
growth of capital and income. Proceeds
Kidder, Peabody & Co., New York. Note—The exchange
will not be consummated unless $25,000,000 of securi¬
index, rethe. expectations of the underwriter but
;
the company's name, and in the
r
fleet
Also
«
offering dates.
ties
shown
accepted.
This
means that the
1,000,000 capital
^
Oct.
debentures
ordinated
Oct.
due
31,
outstanding class A shares to be sold by certain stock¬
Price—By amendment.
Business — Wholesale
distribution of ethical drugs, chemicals, cosmetics, etc.
Proceeds
For debt repayment and working capital..
Office—138-160 Johnson Ave., Hackensack, N. J. Under¬
%W~';-
holders.
—
Aerosystems Technology Corp.
.t
Oct. 4, 1963 filed 165,000 common. Price—$3. Business—
Manufacture of a new line of motor speed controls to
electric powered tools. Proceeds---'*
additional equipment, leased facilities, advertising
working capital. Address — 1275 Route 23, Wayne,
govern the speed of
For
and
N. J. Underwriter—Chase
Securities Corp., New York.
'
Airway Hotels,
Inc.
April 1, 1963 filed 200,000 common. Price—$5. Business
—Company owns and operates a chain of motor hotels,
fipaftment
For
buildings arid a shopping center. Proceeds—
expansion 1 and other corporate
Office—901 Fuhrmann Blvd., Buffalo, N. Y;
repayment,
loan
purposes.
Underwriter—None.
•
Allen Electric
'i,..
-
-V;
(11/25-29)
& Equipment Co.
•
capital and other corporate purposes. Office—1129
House Road, Gladwyne, Pa. Underwriter^-None.
(max.
$12). Business—Manufacture of equipment and
by
for stock:
stockholder. Price—By amendment
a
tools used in servicing automobiles.
Proceeds—For debt
repayment. Office—2101 N. Pitcher St., Kalamazoo, Mich.
Underwriter—Dempsey-Tegeler & Co., Inc., St. Louis.
•
(12/2-6)
l\ ..
24, 1963 filed $2,000,000 of 6% sinking furid sub¬
Allright Auto Parks, Inc.'
Sept.
debentures
ordinated
and
due
1978, 240,000 common shares
warrants to purchase
5-year
an
additional 80,000
consisting of one $100
debenture, 12 shares and warrants to purchase an addi¬
tional 4 shares. Price—By amendment (max. $230 per
unit). Business — Operation of 558 parking lots in 40
cities. Proceeds—For debt repayment and working capi¬
tal. Office—825 Esperson Bldg., Houston. Underwriter—
Equitable Securities Corp., Nashville.
common,
to be offered in units
Amerel
Mining Co. Ltd.
1961 filed 400,000 common shares. Price 500.
Business—The company is engaged in exploration, de¬
July
Proceeds—For investment.
Office—80 Richmond St., W., Toronto.
writer—E. A. Manning, Ltd., Toronto.
^
penses.
Under¬
,
(12/2)
Oct. 29, 1963 filed 132,300 shares of beneficial interest
to be offered, for subscription by stockholders on the
basis of one new share for each four held of record Nov.
27, 1963/, Price—By amendment (maxi $11).Business—
A real estate investment-trust. Proceeds—For invest¬
ment. Office—608 Thirteenth St., N. W., Washington,
D. C. Underwriter—Stifel, Nicolaus & Co., Inc., St. Louis.
American
Realty Trust
Ampal-American Israel Corp.
14, 1963 filed $3,000,000 of 6% sinking fund deben¬
tures due 1973. Price—At par. Business—Investment in
Oct.
companies participating in the economic development of
Israel. Proceeds—For investment. Office—17 E. 71st St.,
New York. Underwriter—Israel Securities Corp. (same
Applied Technology, Inc. (12/9-13)
filed 54,200 common. Price—By
Oct. 28, 1963
amendment
$9). Business—Manufacture of various types of
electronic systems for national defense. Proceeds—For
(max.
selling stockholders. Office — 930 Industrial
Alto, Calif. Underwriter—Mitchum, Jones &
Inc., San Francisco.
Atlantis
Ave., Palo
Templeton,
International Corp.
Fla. Underwriter—Willis E. Burnside &
Co., Inc., New York. Offering—Indefinite.
Products Corp.
repayment, property improvement, and working
Office-—700 Park Ave., Plainfield, N. J. Underwriter—S. Schramm & Co., Inc., New York. Offering—
-
Expected in late December.
Balanced Income Fund, Inc.
7, 1963 filed 2,000,000 common. Price — Net asset
(max. $8.72) plus 8*4%. Business—A new mutual
Bank Leumi
le-lsrael B. M.
Office—120 S. LaSalle
Investors Serv¬
-
16, 1963 filed 1,793,750 ordinary shares and 5,147,500 "A" ordinary shares being offered for subscription
by stockholders on the basis of one new share for
two like shares held of record Nov.: 7.
. Rights
each
will
Price—$1.22. Business—A general com¬
Proceeds — To increase capital funds.
Address—Tel-A™v. Israel. Underwriter—Kuhn, Loeb &
Co., Inc., New York.
mercial
bank.
Oct. 22,
Mutual
Fund, Inc.
1963 filed 1,000 common. Price—By amendment
(max. $1,004).
Business — A new mutual fund which
plans to specialize in insurance securities. Proceeds—For
investment.
Office—One Atlantic St., Stamford, Conn.
Underwriter—Philo Smith & Co., Inc. (same address).
12, 1963 filed 350,000 common. Price—By
amend¬
ment
(max. $48,875 per share). Business — Processing
and distribution of various food items, and the opera¬
tion pf three retail food chains and one retail drug store.
acquisition of Booth Fisheries Corp. Of¬
Underwriters—
Proceeds—For
fice
York.
South La Salle St., Chicago.
135
—
Kuhn,
New
Loeb & Co., Inc., and Lehman Brothers,
Offering—Expected after Jan. 15, 1964.
Cooperative Association
1963 filed $9,000,000 of 5M>% subordinated certi¬
ficates of indebtedness due 1988; 120,000 shares of 5V2%
Nov. 4,
preferred stock; 40,000 shares of 4% second preferred
stock; and 400, common. Price—By amendment. Busipurchasing and manufac¬
uess—A cooperative wholesale
N. Oak
—3315
None.
mid¬
Office
purposes.
Trafficway, Kansas City. Underwriter—
'
■
Continental Reserve Corp.
May 13, 1963 filed 45,000 class B common. Price —$40.
Business — Company plans to acquire, organize, and
insurance concerns.
Office—114
St., New York. Underwriter—None.
life,
manage
Proceeds—For
East 40th
•
accident and, health
investment
Master Corp.
Craft
in
subsidiaries.
(11/21)
Underwriter—None.
Fulton, Reid & Co., Inc., and William T.
—
Castle Hospitality
Services, Inc.
Dec. 14, 1962 filed $500,000 of 8% debentures due 1969.
Price—At par ($1,000).
Business—Company plans to
offer management and consultant services to motels and
furnish them with equipment.
Proceeds—For general
Office—1068 S. Ocean Blvd., PomUnderwriter—None.
corporate purposes.
Beach, Fla.
pano
Mutual Telephone
Central
Co.,
Inc.
furnishes telephone service in
and Fairfax
Sept. 30,
1963
Prince William, Stafford
Counties, Virginia. Proceeds—For construc¬
repayment. Address—Manassas, Va. Un¬
derwriter—Folger,'Nolan, Fleming & Co., Inc., Wash¬
ington, D. C. Offering—Indefinite.
Defenders
Jan. 30,
Insurance Co.
1963 filed 100,000 common.
Price—$12.50. Busi¬
plans to write automobile insurance.
Proceeds—For general corporate purposes.
Office—146
ness—C
o m p a n y
Old County
Rd., Mineola, N. Y.
Underwriter—None.
Deuterium Corp.
with attached war¬
purchase an additional 120,000 shares to be of¬
subscription by holders of its stock and deben-p
tures in units (of one share and one warrant)
on the
basis of 3 units for each 5% prior preferred share held,
one unit
for each 5% preferred A stock held and 40
rants to
fered for
face amount of non-interest bear¬
units for each $1,200
ing subordinated debentures
company
held. At the same time, the
Price—
will offer the securities to the public.
Charvos-Carsen Corp.
Continued
•
Oct. .29, 1963 filed 100,000 common. Price—$5.50.
ness—Distribution of engineering, surveying and
Robbins & Co.,
Inc., Cleveland.
Sept. 28, 1962 filed 120,000 common
1963 filed 38,564 common to be offered for sub¬
scription by stockholders on the basis of one new share
for each three held. Price—$23.50. Business—Company
Oct. 11,
on
page
Busi¬
draft¬
—Arnold, Wilkens & Co., Inc., New
Expected in mid-January.
Chemair
York. Offering—
Corp.
in
.
28, 1962 filed $150,000 of 6% subordinated income
debentures due 1973 and 30,000 common shares to be
Dec.
consisting of
one
$10 debenture and two
over-the-counter securities
Price—$12 per unit. Business—Production and
of chemicals designed to control odors, bacterial
sale
growth
tion
and
and development, produc¬
electronic vaporizing unit for dis¬
air pollutants;
of
and sale
an
pensing such chemicals. Proceeds—For debt repayment,
equipment, sales promotion and working capital. Office
—221 N. La Salle Street, Chicago. Underwriter—To be
named. Note—This company formerly was named Chem¬
■%f
/
1983.
Price—By amendment. Business—Company, a
of Clark Equipment Co., finances sales of
products to consumers and dealers. Proceeds—To
reduce short-term debt.
Office — 324 E. Dewey Ave.,
Buchanan, Mich. Underwriters—Blyth &
:
Brokers, Institutions
1962 filed 200,000 common.
mining.
Proceeds—For
operating expenses.
yidneu. S$.
"
SIEGEli If tyjo., JUo.
ESTABLISHED 1942
Members of New York
39 Broadway,
Security Dealers Association
New York 6, N. Y.
TWX: 212-571-0320
Dlgby 4-2370
Imperial Mining Co.
ness—General
—None.
Co., Inc., and
Brothers, New York.
Colorado
Sept. 20,
asNEW
issues
for Banks,
subsidiary
Lehman
specializing in
BOUGHT- SOLD-QUOTED
Corp. (12/4)
12, 1963 filed $20,000,000 of series B debentures
Nov.
due
Offering—Indefinite.
....
Equipment Credit
Clark
Clark
Oct.
expire Nov. 25.
Connecticut Western
filed $1,000,000 of 6% convertible sub¬
ordinated debentures due 1973; also 125,000 common to
be offered by stockholders. Price—By amendment (max.
$11 for common). Business—Manufacture of paint-bynumber sets, crushed marble mosaic kits, hobby kits and
wooden picture frames. Proceeds—For debt repayment.
Office—328 N. Westwood Ave., Toledo. Underwriters—■
air Electronics Corp.
value
Proceeds—For investment.
:
None.
filed 304,293 common to be offered for sub¬
scription by stockholders on the basis of three new shares
for each five held.
Price—By amendment (max. $3.50).
Business
Manufacture of extruded plastic pipe, and
molded and fabricated plastic pipe fittings. Proceeds—
For debt repayment, working capital, and other corpo¬
rate purposes. Address—P. O. Box 133, Aurora, Ohio.
Oct. 9, 1963
f
St., Chicago. Underwriter—Supervised
ices, Inc. (same address).
'\~V'
Proceeds—For invest¬
promotion, and other corporate purposes.
Ave., Seattle, Wash. Underwriter—
sales
turing association for local farmers' coop's in the
Bldg., Miami,
Carlon
&
Office—4000 Aurora
common.
debt
capital.
and surgical insurance contracts.
west. Proceeds—For general corporate
golf course, swimming pool and cabana club,
near Cape Canaveral,
Fla., and develop real estate,
erect homes, ^apartment houses, motels, etc. Proceeds—
For debt repayment and expansion. Office—309 Ainsley
;
Cabot
Community Health Associations, Inc.
April 12, 1963 filed 150,000 common, of which 100,000
are
to be offered by company and 50,000 by Harry E.
Wilson, President. Price—$15. Business—Sale of hospital
and
offered in units
■
April 30, 1963 filed 100,000 common. Price—$4. Business
—A real estate development company.
Proceeds—For
fund.
'•
May 10, 1962 filed 100,000 common. Price—$5. Business
—Company was formed to own and operate a country
club
Underwriter—Kennedy,
Offering—Indefinite.
Co. (same address).
ing instruments and supplies. Proceeds^—For debt repay¬
ment. Office—50 Colfax Ave., Clifton, N. J. Underwriter
address).
Oct.
*
.,
Hills Enterprises, Inc.
Canaveral
tion and loan
'
>
Office—8401 W. Dodge Rd.,
Note—This statement has
Underwriter—None.
become etffective.
Hills, Calif.
Beverly
Consumers
Bridges Investment Fund, Inc.
31,
velopment and mining. Proceeds—For diamond drilling,
construction, exploration and
general corporate ex¬
•
Club
(11/29)
July 25, 1963 filed 200,000 capital shares. Price—Net
asset value (max. $10). Business—A new mutual fund.
nated
offered
23,
Rights will expire Dec. 6. Price — 50 cents. Business—
Production of a light two-place helicopter. Proceeds—
For
debt
repayment, product development, working
•
^
Inc.
specializing in securities of foreign and American com¬
panies operating in the European Common Market.
Proceeds—For investment. Office—9465 Wilshire Blvd.,
Nov.
1963 filed 588,780 common being offered for
subscription by stockholders on the basis of three new
shares
for
each
share
held
of
record
Oct.
15.
July
Fund,
Consolidated Foods Corp.
Brantly Helicopter Corp.
Omaha.
Sept. 27, 1963 filed $1,200,000 of 6% convertible subordi¬
debentures due 1976; also 100,000 common to be
York.
writer—F. Eberstadt & Co., New
Market
ISSUE
7, 1963 filed 2,000,000 capital shares. Price—Net
value plus 8.5%.
Business—A new mutual lund
asset
125,000
also
1978;
REVISED
March
ment,
(12/2-6)
25, 1963 filed $1,250,000 of 5%% convertible sub¬
Bergen Drug Co., Inc.
Registrations" are those issues which became
effective this week and were offered pub-
i licly..-
and
expects to issue a minimum of
shares. Offering—Indefinite.
.
"
>
deposited
are
Fund
'
under the capition "Effective
not, in general, firm
are
For invest¬
Underwriter—
Boston.
St.,
Congress
Office—35
ment.
parentheses alongside
—
PREVIOUS
ITEMS
•
Common
Fund, Inc.
1963 filed 10,000 $1 par capital shares to be
offered in exchange for certain acceptable securities on
the basis of one share for each $25 of deposited securi¬
ties. Exchange is believed by counsel for the Fund to
be tax-free for Federal income tax purposes. Business—
A
closed-end investment company seeking long-term
May 29,
ADDITIONS
SINCE
Registration
Securities Now in
27
(2019)
Financial Chronicle
The Commercial and
.
.
Direct Wires to
Price—$1.
Busi¬
exploration and
Office—Creede, Colo.
Underwriter
INC., Los Angeles
*
FRENCH, INC., Philadelphia
R. /. HENDERSON & CO.,
WOODCOCK, MOYER, FRICKE &
28
28
The Commercial and Financial Chronicle
(2020)
• Great
Continued from page 27
Sept.
Proceeds—For working capital,
eral research laboratory.
construction
equipment
Falls, Wis.
Co., Milwaukee, Wis.
Office—360 Lexington Ave., N. Y.
Doman
Helicopters,
•
Inc.
Address—P.
Note—The
Underwriter—None.
SEC has
issued
Feb.
stop
a
Dyh^power Systems Corp.
Sept. 28, 1962 filed 750,000 common.
ness—Manufacture
of
electronic
for
devices
Proceeds—For working
Price—$1.
electro-mechanical
medical
and
re-
Underwriter—None.
•
"
Building, Lincoln,
Hardeman
•
York.
—
Underwriter—Linder, Bilotti
'
_'■///
&
address).
Nov.
bentures and
•
:
■
in units
per
unit. Business—
new
repayment. Office—1720 Military Rd., Tonawanda,
Proceeds
&
be
Beane, New
withdrawn
to
1, 1963
be
;
>'/;/«./'■
and
•
"■ v'
life,
Investors
Inc.,
Imperial '400' National Inc.
•
Western Real Estate Investment Trust
25, 1963 filed 200,000 shares of beneficial interest.
$5.
Business — A real estate investment trust.
Industrial
—
Oct
25,
Electronefics
San
Securities
electronic instruments
which
Michigan Ave., Chicago. Underwriter—None.
100,000
shares will be sold for the
company and 40,000 for
tain stockholders.
Price—By amendment.
Insurance Securities,
cer¬
Juniper Spur Ranch, Inc. (12/2-6)
May 27, 1963 ("Reg. A") 300,000 common. Price — $1/
Business—Construction of a gasoline and diesel oil fill¬
ing station,
Anderson &
Gas
Hills Uranium Co.
—
Proceeds—For
selling stockholders. Office—202-!/2
Second St., Laramie,
Wyo. Underwriter—None.
So.
Gordon
Sept
(I.) Realty Corp.
27, 1963 filed $2,113,748 of 7%
con¬
vertible debentures due 1974 to
be offered for
subscrip¬
tion by stockholders on the
basis of $700 face amount
for each 100 common
shares held.
Price—By amendment.
Business—General real estate. Proceeds—For debt
repay¬
ment, and other corporate purposes. Office—112
Powers
Bldg., Rochester, N. Y.
Underwriter—None.
Underwriter
health
insurance
advances
subsidiaries.
to
Proceeds—
a
International Data Systems. Inc.
•
Aug. 2,
1963 ("Reg. A") 11,000 common to be offered
subscription by stockholders on a pro-rata basis.
Price—At-the-market.
Business—Development, design
for
manufacture of electronic devices. Proceeds—For
selling
stockholder.
Office—2925
on
the basis of
share for each four held of record Nov.
12.
one
E.
Kentucky Fried Chicken, Inc.
v
27, 1963 filed 25,000 class A voting, and 25,000
class B non-voting common. Price—$10. Business—Com¬
pany
■«
franchises certain restaurants in the U. S. to
pre¬
pare and sell Kentucky Fried Chicken. It also sells or
leases equipment used in preparation of this item. Pro¬
ceeds — For the selling
stockholder, Harland
Sanders,
Chairman. Address—Box 67,
Shelbyville, Shelby County,
Ky. Underwriter—None.
/
/
Key Finance Corp.
7, 1963 filed 80,000 common. Price—By amend¬
ment
(max. $5). Business—Operation of a small loan
June
expansion
and
other
corporate
purposes.
repayment,
Address—Rio
Piedras, Puerto Rico. Underwriter—Myron A. Lomasney
Co., New York. Offering—Imminent.
Kinemotive
Corp.
Oct. 29, 1963 filed 50,000 common.
Price—$6.50. Business
—Design, manufacture and sale of deposited metal bel¬
lows and basic assemblies therefor. Proceeds—For equip¬
ment, sales promotion, and working capital. Office — 2
Engineers Lane, Farmingdale, N. Y. Underwriter—Andresen & Co., New York.
Krasnow Industries,
Inc.
June 28,
ment
1963 filed 125,000 common. Price—By amend¬
(max. $5). Business—Volume manufacture of in¬
expensively priced men's and children's belts. Proceeds
International Life Insurance Co. of Buffalo
—For
Sept. 26, 1963 field 125,300 capital shares being offered
subscription by stockholders
V.
a
Merrell
Rd., Dallas.
Underwriter—A. G. Edwards & Sons, St. Louis. Offering
—Indefinitely postponed.
for
—
Sept.
&
and
subsidiary and in¬
vestment. Office—19 Molton St., Montgomery, Ala. Un¬
derwriter—Investor Services, Inc. (same address).
and
subordinated
purposes.
Co., Newhouse Bldg., Salt Lake City.
accident
—
-
Oct. 28, 1963 filed
2,574,772 common. Price—At-the-market.
Business
Company plans to mine for uranium.
restaurant and allied facilities. Proceeds—•
corporate
business in Puerto Rico. Proceeds—For loan
Oct.
Co., / For debt repayment,
'
a
general
Inc.
/
>
24, 1963 filed 1,000,000 class A common. Price—$5.
Business
Company plans to acquire or organize life,
Business-
Manufacture of men's and boy's sport shirts.
Proceeds—
For plant expansion and
working capital. Office—112
West 34th St., New York.
Underwriter—Bache &
New York.
Distributors, Inc. (same address).
•
For
—
of
of'6%% convertible sub¬
warrants). Price—At par.
Office—467 Hamilton Ave., Palo Alto, Calif. Underwriter,
—
common,
(with
Francisco.
—Mutual Fund
—
140,000
debentures
—
/■; loan repayment, equipment, sales promotion, new prod¬
Florida Jai Alai, Inc.
(11/25-29)
ucts, inventory and working capital. Address—Third &
June 28, 1962 filed 300,000 common.
Price—$5. Busi¬
B St.,
Melbourne, Fla. Underwriter—Hampstead Invest¬
ness
Operation of Jai Alai games and pari-mutuel
ing Corp., New York.
betting. Proceeds—For rent, purchase of leased quarters,
Insurance City Life Co.
*
building improvements, working capital. Office
Fern
Oct. 29, 1963 filed 494,100 capital shares to be offered for
Park, Fla. Underwriter—Consolidated Securities
Corp.,
subscription by stockholders of record Feb. 26, 1963 on
Pompano Beach, Fla.
'
; .
■■■■;
a share-for-share basis.
Price—$3.25. Business—General
•
Garan, Inc. (12/2-6)
insurance. Proceeds
For expansion.
Office — 919 N.
filed
(12/10)
$2,500,000
Fund, Inc.
April 10, 1963 filed 500,000 capital shares. Prio — Net
asset value plus 8%%.. Business—A new mutual fund
seeking capital appreciation. Proceeds—For investment.
("Reg. A'?) 25,000 common. Price
$12.
Business—Design, manufacture and sale of specialized
1963
filed
1963
Under¬
Offering—■
Janus
For
—
Israel.
and
Corp.
Proceeds
Proceeds—For general cor¬
Address—Tel-Aviv,
ment, exploration and development, working capital and
other corporate purposes. Office—9107 Wilshire
Blvd.,
Beverly Hills, Calif. Underwriter—Hannaford & Talbot,
(same address):,
and devices.
plantations.
Business—Production of oil and gas primarily in Cali¬
fornia, Texas and Louisiana. Proceeds—For debt repay¬
be
Proceeds—For development of real estate. Office—2037
Thirteenth St., Boulder, Colo. Underwriter—Grondrezick
Corp., Boulder, Colo."
28,
ordinated
will
(12/9-13)
1963
citrus
purpose?.
Jade Oil & Gas Co.
Oct.
operation of a chain
of motels. Proceeds—For
working capital.
Office — 460
Sylvan Ave., Englewood Cliffs, N. J.
Underwriter—P.
W. Brdoks & Co., Inc., New York.
First
Israel-Raasco Investment Co., Ltd.
writer—Rassco of Delaware Inc., New York.
Expected in late December.
/
accident
owns
porate
of which 80,000 are
120,000 by stockholders.
Business—Writing of
"Isras"
also
common,
by company and
Hayward Ave., Baltimore. Underwriter—Inves¬
Planning Corp. of America, New York.
28, 1963 filed 60,000 ordinary shares. Price—$55.
Business—A real | estate development
company
which
Oct. 29, 1963 filed $1,500,000 of 6V2% convertible sub¬
ordinated debentures due Nov. 1, 1978.
Price—By amend¬
ment. Business—Development and
Office—3600 W.
Israel
June
health insurance.
Pratt Ave., Chicago.-Underwriter—None.
6,
Distributor
—
.
Insurance Co.
filed 200,000
offered
Note—This statement
writer—Horace Mann
Nov.
Office—54 Wall St., New York.
Underwriter—None.
•
—By
'
S't., New York. Under¬
Corp., (same address). -
common. Price—$104. Busi¬
investment company engaged in in¬
vesting in private industries located in Israel. Proceeds
—For investment. Office
850 Third Ave., New York.
Co., Buffalo, N. Y.
previously reported, but will
as
Horace Mann Life
Feb.
manufacture of tools, dies, molds, beryllium
castings and
the distribution of plastic, metal and
glass products for
home use. Proceeds—For a recession offer to stockhold¬
Price
,
Israel Investors Corp.
Sept. 26, 1963 filed 100,000
Proceeds—For general corporate pur¬
poses. Office—216 E.Monroe St., Springfield, 111. Under¬
Oct.
Price—$10. Business
stock of companies which will in¬
enterprises. Proceeds—For—
Israeli
ness^—A closed-end
Co., Denver, and J. R. Wil-
York.
amended..
Price—$12.50.
payable.
Underwriter—None. /
Israel American
tors
consisting of $500 of de¬
Price—$510
Underwriters—Boettcher &
'
and reduction of accounts
con¬
Connecticut
common. Price—$12.50. Busi¬
ness—A closed-end investment
company which plans to
invest in Israeli firms. Proceeds—For investment. Office
v.;/W.//
Oct. 29, 1962 filed 20,000 common, of which
17,500 are to
be offered by company and 2,500
by a shareholder. Price
ers
For
—
Israel Fund, Inc.
July 18, 1963 filed 500,000
Holiday Mobile Home Resorts, Inc.
filed $1,250,000 of 6Vz% conv. subord. de¬
bentures due 1978, and 75,000 common to be offered in
units consisting of $50 of debentures and 3 shares. Price
—$68 per unit. Business—Development and operation of
mobile home resorts throughout U. S.
Proceeds—For
debt repayment, construction, and other corporate pur¬
poses.
O f f i c e—4344 East Indian School Rd., Phoenix.
Broadway, New
Co., Inc., (same
'
Business—Design
$10. Business
Baby Food Co. Ltd. (12/2-6)
Sept. 12, 1963 filed $190,000 of 8% subordinated deben¬
tures due 1975 and 14,000 8%
preferred ordinary shares.
Price—For debentures, $100; for stock $10. Business—■
Company plans to prepare and market baby food in
Israel and abroad. Proceeds—For loan
repayment, con¬
struction, equipment, and other corporate purposes. Ad¬
dress—Givat Brenner, Israel.
Underwriter—Brager &
Co., New York.
v
March 27, 1963
tion will be withdrawn and then refiled.
$15),
—
Distributors, Inc. (same address). Offering
—Expected in late December.
1
of 6% convertible subordi¬
1, 1973, and 25,500 class
N. Y. Underwriter—Doolittle &
not
(max.
Group
Address—
Office—17 East 71st
investment.
equipment principally for the food
and drug industries. Proceeds—For working capital, and
advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬
geles. Underwriter—To be named. Note—This registra¬
amendment
investment.
—4200
Dec.
15 shares.
Manufacture of
offices,
Corp./
due
A shares to be offered
'
firms selling life insurance and mutual funds.
/Fedco
Investors
—Israel Fund
(12/9)
filed $850,000
debentures
liston
sales
Inc.
1963
4,
nated
Equity Funding Corp. of America
new
(12/9-13)
York. Offering—Imminent.
March 29, 1962 filed 240,000 common. Price—By amend¬
ment (Max. $6.50).
Business—A holding company for
—For
of
Diversified Fund, Inc.
April 22, 1963 filed 550,000 common. Price—Net asset
value plus %Vi%. Business—A new mutual fund
special¬
izing in Israeli and American securities. Proceeds—For
12,
Hobam,
Business
(11/25-29)
50
•
1963 refiled 180,000 class A common. Price—
Business—Operation of discount stores. Proceeds
provide fixtures and inventory for a new store, and
for working capital. Office—6400 MacCorkle
Ave., S. W.,
St. Albans, W. Va. Underwriter—Charles Plohn & Co.,
entertainment fields. Proceeds—For working capital, and
Office
own
writer—Israel Securities
$2.50.
loan
purposes.
business
Proceeds—For
securities of
investment.
—To
Sept. 26, 1963 filed 400,000 class A common. Price — $5.
Business—Company plans to operate, produce and fi¬
nance
various types of ventures in the theatrical and
corporate
plans to
in
vest
Heck's Inc.
June
fering—Postponed.
other
—Fund
agencies, private in¬
dustry, and foreign governments. Proceeds—For debt
repayment. Address — Stanton, Calif.
Underwriter—
Hemphill, Noyes & Co., New York.
Dispenser Corp.
Elite Theatrical Productions Ltd.
Proceeds—For
various types for other government
—Manufacture of the SAFER Butter
Chipping machine,
and processing of tray-forming and chip-covering mate¬
rials. Proceeds—For operating expenses, equipment, inventory and advertising. Office—118 E. 28th St., New
York. Underwriter—L. D. Brown & Co., New York. Of¬
World.
Free
to
,
New
Price—$2.
Inc.
120
Israfund-lsrael Fund, Inc.
July 29, 1963 filed 300,000 common.
of missile launching bases and related fa¬
cilities for the Armed Forces, and complex facilities of
1963 filed 2,000,000
1963, filed 50,000 common.
estate.
—
Ltd., and invest in securities throughout
Ave., N. W., Washington, D. C.
Construction
Fund, Inc.
capital shares. Price—Net
asset value plus 8J/2%.
Business—A new mutual fund
seeking current income. Proceeds—For investment. Of¬
fice—65 Broadway, New York. Distributor—F. Eberstadt
& Co., Managers & Distributors, Inc., New York. Offer¬
ing—Indefinitely postponed.
Jan. 29,
real
succeed
—
Underwriter—None.
Neb.
(Paul)
will
real estate investment trust. Proceeds
struction and investment.
Office
3315
Nov. 4, 1963 filed $7,000,000 of convertible subordinated
debentures due 1978. Price—By amendment. Business-
Eberstadt Income
Electronic
of
various
Office
—A
Nebraska Corp.
;/■;/•;/
1963, filed 3,000,000 common. Price—$2./ Busi¬
ness—Company plans to operate subsidiaries in the fields
of banking, insurance, finance, etc. Proceeds—For gen¬
eral corporate purposes. Office-—1107' Federal Securities
Eagle's Nest Mountain Estates, Inc.
Sept. 26, 1963 filed 360,000 common, of which 300,000
are to be offered by company and 60,000 by stockhold¬
ers.
Price — $4. Business—Company plans to develop
land for a year-round amusement resort. Proceeds—For
construction, debt repayment, working capital and other
corporate purposes. Office—2042 S. Atlantic Ave., Daytona Beach, Fla. Underwriter—Alpha Investment Secu¬
rities, Inc., Atlanta.
May 31,
Park, Inc.
Feb. 20,
,
Office—2222 S. Centinela Ave., Los Angeles.
payment.
development
operations.
Investors Realty Trust
May 31, 1962 filed 200,000 shares. Price
Greater
purposes.
capital, equipment and debt
and
expansion of
of
Proceeds—For
1000 Roanoke Bldg., Minneapolis. Distributor—Investors
Diversified Services, Inc. (same address).
\
selling stockholders.
O. Box
general corporate purposes. Office—811 du Pont Plaza
Center, Miami, Fla. Underwriter—None.
Busi¬
vehicles
marine
and
the
25,
sition
annuities.
Ave., Buffalo, N. Y. Underwriter—None.
Canadian Fund
1963, filed 136,094 common to be offered for
subscription by stockholders on the basis of one share
for each 4V2 shares held. Price—$5.50. Business—Acqui¬
suspending this registration statement.
order
and
Business—Sale
and
Inter-Continental Fund, Inc.
1963 filed 3,000,000 capital shares. Price—Net
asset value plus 71/2%.
Business—A new mutual fund
(12/9-13)
Greater Miami Industrial
Price—$21.
insurance
Investors
191, Arlington, Tex. Underwriter—
Glore, Forgan & Co., New York.
experimental helicopters.
Thursday, November 21, 1963
July 3,
which
Corp.
.
5.
life
Delaware
Underwriter—The Milwaukee
real estate in Texas. Proceeds—For
Business—Research, development and construc¬
of
Great Southwest
of
investment
7, 1963 filed 275,000 common. Price — By amend¬
ment (max. $25). Business—Development of industrial
Proceeds—To obtain
certification of models, train service personnel, repay
debt, etc. Address—Municipal Airport, Danbury, Conn.
tion
expire Dec.
forms
Nov.
April 19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
shares for each three held. Price—By amendment (max.
$1.25).
(12/9-13)
1963 filed
27,
—Sheboygan
other corporate purposes.
Underwriter—None.,
and
Lakes Homes, Inc.
160,000 common, of which 100,000
will be sold for the company, and 60,000 for stockhold¬
ers. Price—By amendment (max. $10). Business—Manu¬
facture of custom-designed, factory built homes. Pro¬
ceeds—For debt repayment and working capital. Address
Business—Com¬
pany plans to erect a small size production and experi¬
mental plant for the limited manufacture of deuterium
and deuterium oxide, and to establish and equip a gen¬
to public, $22.25.
subscribers, $20;
To
.
.
new
Rights will
porate
debt
repayment, sales promotion, and other cor¬
purposes.
Office—33-00 Northern Blvd., Long
Island City, N. Y. Underwriter—T. W. Lewis &
Co., Inc.,
New York. Offering—Indefinite.
Volume
•
198
Number
-
Life Affiliates Corp
6318
(12/2-6)—
("Reg. A") 55,000 class A common. Price—
Business—Company is an operating, holding and man¬
agement company specializing, in the life insurance in-,
dustry. Proceeds—For working capital. Office—40 Ex-i
change Place, N. Y. Underwriter — First Philadelphia.
Corp., New York.
v :
Life Insurance Co. of Florida
Aug. 16, 1963 filed 200,000
ment (max. $6). Business
accident
and
insurance.
health
(11/21)
Price — By amend¬
Writing of industrial lite,as well as
ordinary life
common.
Proceeds—-For
and
investment
address.
eventual
Logos Options, Ltd.
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max. $10). Business—A diversified closedend investment company. Proceeds—For investment. Of¬
Proceeds—For
firms.
ance
;7
loan
repayment, operating
other insurance concerns.
and investment in
Address—714
Medical Arts
Bldg., Oklahoma City.
derwriter—Lincoln Securities Corp*
Medical Industries
Un¬
^
/
23, 1961 filed 25,000 common. Price—$10. Business
—A
closed-erid ^investment 7 company which plans to
become open - end. Proceeds — For investment in the
industry and capital growth situations. Office
Lafayette St., Denver. Underwriter — Medical As¬
sociates, Inc. Denver.
pansion
(12/3)
production of television films. Proceeds—For
Development Corp.
26, 1962 filed 561,500 common to be offered for
subscription by stockholders on the basis of one share
Films, Inc.
Aug. 31, 1961 filed 125,000
ness—The
Price—$5.75. Busi¬
common.
Mahoning Corp.
.
July 26, 1963 filed 200,000 common. Price—$3. Business
—Company plans to engage in the exploration and de¬
velopment of Canadian mineral properties. Proceeds—
For general corporate purposes. Address—402 Central
Tower Bldg., Youngstown, Ohio. Underwriter—None.
/ Marshall Press, Inc..
May 29, 1962 filed 60,000
Price—$3.75.,: Busi¬
common.
ness—Graphic design and printing. Proceeds—For pub¬
lishing a sales catalogue, developing a national sales
staff and working capital.
Office—812 Greenwich St.,
N.
Y.
Underwriter^—To
initely postponed.
•
be
named.
*
.
,
Macco Realty Co.
>
.
Offering—Indef-,
'
j
_
Residential real estate development. Proceeds—For debt
repayment. Office—7844 E. Rosencrans Ave., Paramount,
Calif. Underwriters—Kidder, Peabody & Co., Inc., New
York and Mitchum, Jones & Templeton Inc., Los Angeles.
7/;/'-•
•
Massachusetts Electric Co.
21,
series
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.; Merrill Lynch, Pierce, Fenner
& Smith Inc.; Eastman Dillon, Union Securities & Co.;
Kidder, Peabody & Co.; Blyth & Co.-White, Weld & Co.
Craft
-
products.
Proceeds—For construction of a plant in Ire-
Master
Bank
Bldg.,
drawn.
Minneapolis.
;;
,
■
■
(12/17)
-— By amend¬
ment. Business—Company owns and operates pipe line
systems for transmission of natural gas from Tennessee
to Illinois, and from Manitoba to Wisconsin. Proceeds—
of Tennessee Gas Transmission Co., parent, and dis¬
Home Parks
Development Corp.
1,250,000 common. Price—$2.50. Busi¬
ness—Company plans to develop mobile homes, parks
Jan. 28, 1963 filed
and
residential and commercial real
For
general
estate.
Proceeds—
Office—82 Baker St.,
Atlanta.
Underwriter—Overseas
Investment
Service,
Seville, Spain.
corporate
Mott's
Nov.
filed
1963
1,
100,000
Price—By
common.
amend¬
(max. $15). Business—Operation of super markets
liquor package stores in Conn. Proceeds—For work¬
ing capital. Office—59 Leggett St., East Hartford, Conn.
and
W.
—
C.
Office—13 S. Broadway, Red Lodge, Mont.: Un¬
derwriter—Security Brokerage Co., Billings; Mont;;/-; ^
poses.
Inc.
(series 20) and 300,000 common shares. Price—For cer-t
stock, $1.15. Business—A mortgage
loan company. Proceeds — For general corporate pur¬
poses. Office — 113 S. Hydrhulic, Wichita, Kan. Under-;
writer—National Mortgage Agency, Inc., (same address).
tificates, $762; for
Note—This
Kansas.
offering, will be made only in the State ot
;
Co.)
100,000
1, 1963 filed 1,250,000 class A and 500,000 class B
Price—By amendment (max. $17.50). Business
—A holding company, primarily for life insurance con-r
cerjns. Proceeds— For prepayment of bank loans, and
expansion. Office — 246 North High St., Columbus, Q.Underwriters—Kuhn, Loeb & Co., Inc., and J. C. Brad¬
ford
& Co.,
Ljfe Insurance Co. of Florida
Wulbern,
v.o.,
&
Food Co., Ltd
$140,000
.//l
-
.....Common
Inc.)
—Debentures
Nebraska
Securities
Corp.)
December 3
r
$2,150,000
Philadelphia
Middlesex
(Hannaford & Talbot)
(Bids
22'
(Friday)
Common
Ryder System, Inc
(Offering
Corp.)'< $275,000
&
Nationwide
.Debentures
_
Inc.)
Co.,
by
Blyth
/'•'
150.000
,
•'
25
Equipment Co
(Dempsey-Tegeler
Co.,
Inc.)
&
Co.,
Inc.)
Theatrical Productions
(Linder,
■
&
Debentures
J.
Bradford
C.
Bilottl
&
(Consolidated
&
Inc.)
Co.,
&
7-; v'vv
to
December
Underwriters,
/
...
26
Corp.)
Y
(Francis
I.
World
Clark
Life
Inc.)
A. C.
November 29
&
by
New
V'.
shares
,
Auto
Inc.)' 150,000
(Bids
:v
December 6
(C.)
Common
$2,325,000
shares
Securities
&
Co.,
.
Inc.)
Eberstadt &
(F.
Eberstadt
132,300
-
Common
v
shares
Bond9
Equip. Trust Ctfs.
EST)
-'u-:
V '
•' •'
Jose
&
Common
8,500
Water Works
to stockholders—underwritten
shares
Great
Jones
(Glore,
Hardeman
by
Templeton,
(Paul)
Inc.
Inc.)
54,200
&
160,000 shares
(P.
(Kidder,
$1,250,000
125,000
-
275,000 shares
Co.)
Debentures
&
Co.)
&
,Co.)
—Units
W.
Brooks
&
Co.,
shares
Opticks,
—Bonds
received), $5,000,000
be
Common
Inc
Securities
.•
(Monday)
1964
Brothers,
(Fleetwood
Debentures
Inc.)
$1,500,000
Corp.
February 25, 1964
Southern
of
America)
$300,000
Inc.
Jones
&
Common
March
Potomac
10,
/THrlc
Inc.)
111,000
shares-
8:30
a.m.
1964
Edison
(Tuesday)
Edison
California
(Bids
Debentures
Turner,
to
$867,000
Peabody & Co.. Inc., and Mitchum,
Templeton Inc.) $4,000,000
(Eppler, Guerin &
(Bids
January 20,
Musicaro
$7,000,000
:
—
(Tuesday)
January 14, 1964
Common
Inc
Noyes
Bonds
$130,000,000
received)
be
Narragansett Electric Co
\
Imperial '400' National Inc
Stifel,
shares
-Common
Corp.—
Forgan
to
Common
Homes, Inc.—
Southwest
Hobam,
&
Inc
--Equip. Trust Ctfs.
$6,600,000
CST)
noon
Telephone Co
New York
(Monday)
(Tuesday)
January 7, 1964
Missouri Pacific RR12
Common
by Dean Witter
shares
90,000
Co.)
' -7
(Friday)
and Butcher & Sherrerd)
$300,000
(Friday)
January 3, 1964
San
(Offering
$3,600,000
"r. V
Co., Inc.)
$20)000,000
$10,000,000
Macco Realty Co
Co.)
50,000
Morcol Pipeline, Inc.____
—
Units
(Milburn, Cochran & Co., Inc., and Midland Securities
shares
....Debentures
Co. )
:
(Monday)
December 23
7
Debentures
Co.___
(The Milwaukee Co.)
units
Class A
&
,
'
Lehman Brothers)
noon
(Doolittle
„___Ben. Int.
Bergen Drug Co., Inc
,
Shares
—Units
20,000
Bergen Drug Co., Inc....
(F.
,
San
Co., Ltd.__^
(Hemphill,
Corp)
Y
Transmission Co.—
underwriting)
(Bids
**
...I
stockholders—underwritten
Nicolaus
'
;
to
12
Technology,
(Mitchum,
Capital
200,000
Realty Trust
(Offering
&
December 9
Applied
Great Lakes
Inc
Equip. Trust Ctfs.
$2,700,000
CST)
noon
(Tuesday)
Gas
(No
(Bids
(Monday)
(Equitable
American
Midwestern
,
received)
:
shares
Co
Sons)
t"
Parks,
and
•
—Common
underwriting)
December 2
Allright
be
to
(Blyth & Co., Inc.
Bridges Investment Fund, Inc.-»
and
Electric
York
(Friday)
.
Inc.,
Co.,
Common
;
(No
•
and White, "W'eld <fc Co.)
shares
Y '
■ ;
New York Central RR.:
Brewer
Allyn,
&
12
December 17
Preferred
(Wednesday)
(Bids
$3,500,000
125,000
Insurance
Brown
(Bids
/
-
Weld & Co.
$35,000,000
Equipment Credit Corp
(Blyth
(Tuesday)
duPont,
(Alex.
Inc.)
.
Massachusetts
Shippers Dispatch Co....
Trans
Co.
&
150,000
December 4
Common
stockholders—underwritten
November
'
(Thursday)
12
Webster Securities Corp.
Units
Hanseatic
:
(Stone &
$900,000
Security Title & Guaranty Co.
(Offering
?
$1,500,000
Okliana Corp.
(Equity
$75,000,000
EST)
a.m.
Texas & Pacific Ry.—
Bonds
Securities Corp.; White.
Stuart
Common
Corp.)
Co.)
$50,000,000
Tennessee Gas Transmission Co.__
Common
Producing Co
<Peter Morgan
11
Lanvin-Charles of the Ritz, Inc.—y__Common
(Goldman, Sachs & Co. and White, Weld & Co.) 800,000 shares
$2,000,000
_
Securities
Natural Gas & Oil
shares
Ltd
Inc.)
Co.,
Florida Jai Alai, Inc...
EST)
a.m.
>
>"/,
"
Halsey,
Common
100,000
11
>
*
-Y,:v"v:Y-.-'7'
Debentures
Transmission Co
Webster
(Stone
$1,200,000
Allen Electric & Equipment Co._
Elite
Gas
Tennessee
Allen Electric &
(Dempsey-Tegeler
,
(Bids
;r
Bonds
$30,000,000
EST)
a.m.
i;
.
__
Common
and
v
(Monday)
shares
100,000
(Wednesday)
(Bids
Common
35,000 shares
'
November
.
Edison Co. of New York—-Bonds
Consolidated
______
Inc.,
Co.,
&
.
(Bids*11
December 11
'
Co.__
Corp.
(Kuhn, Loeb
:'■
Corp.)
Co.
Virginia Electric & Power Co
/ - 7"
shares v
1,750,000 shares 777''/
Pacific Northwest Bell Tel. Co.___.u_
$5,500,000
'
•
—Common
...Common;;
(Kidder, Peabody & Co., Inc.)
stockholders—underwritten
to
.Equip. Trust Ctfs.
$6,840,000
EST)
12 noon
(Laird &
-
.
(Tuesday)
Water
$2,500,000
Planning Research Corp——
'
November
—Debentures
Pacific Ry
$300,000
& Co.)
3ft
•
_________....Common
Systems Corp
/
(Bache & Co.)
shares
200,000
Anderson
E.
(First
Ultronic
.
Murphey,
Ramo, Inc.
(First
(V.
'
!
;
Life Affiliates Corp.
on page
(Tuesday)
Northern
'
"
Ordinary Shares
Co.)
&
;
Y7;
.
-.iw;,' Continued
& Gas Co..
Debentures'
$190,000 '
Co.)
/
Jade Oil
Juniper Spur Ranch, Inc.-*.—__—
Inc.)
'
Inc., Nashville.
December 10
shares
Baby Food Co., Ltd
(Brager
..Debentures
—
(12/3)
Nov.
/-..Common;
_______—
Israel Baby
Robbins & Co., Inc.)
V-'.
:Yyy-y
Nationwide Corp.
•
V...yy
&
:;?*•
^
$8,000,000 face amount certificates
28, 1962 refiled
Langley & Co., New York. Offer¬
(Bache
Corp., Inc.
National Mortgage
Dec.
ing—In early December.
Garan,
Busi¬
$1.
common.
Inc.
ment
Underwriter
—
—
purposes.
Markets,
Super
Price
Company plans to engage in cemetery develop¬
ment and to establish and operate a life and disability
insurance concern. Proceeds—For general corporate pur¬
Tennessee Bank & Trust Co., as transfer agent, will sell
these shares arising from a stock dividend to sharehold-.
Mobile
11, 1962 filed 4,750,000 common.
ness
Nov. 8, 1963 filed" 50,000 common. Price
ers
'
-
National Memorial Estates
Oct.
Midwestern Gas Transmission Co.
Common
Corp.,——
,
46th St.,
Securities
New York. Note—This registration will be with¬
,
(Pierce,
•
National
First
Underwriter—None.
(Brager
(Fuiton, Reid & Co., Inc., and William T. Robbins &
v"v..;:■
$1,000,000
•
y.:
;*
welded
Co.,
Office—2615
Israel
.
1962 filed 100,000 common. Price—$8.75. Busi¬
of galvanized chain link .fencq,
concrete reinforcing fabric, gates and related
ness—Manufacture
Price—By amendment (max.
Busines s—A closed-end management investment
company. Proceeds—For g e n e r a 1 corporate purposes.
(Thursday)
(Fulton, Reid & Co., Inc., and William T.
;
.
125,000 shares
?
Manufacturing Co., Inc.
$7).
NEW ISSUE CALENDAR
Craft Master Corp
Note—
Y.
land, and working capital.
Office—4301
Bladensburg, Md. Underwriter—Netherlands
1963
November 21
Investing Corp., N.
registration will be withdrawn.
Nov. 29,
Pa.
Address—Portage,
capital.
working
and
National Fence
Midwest Technical
(12/4)
filed $10,000,000 of first mortgage bonds,
H, due Dec. 1, 1993. Proceeds—For loan repay¬
Office—441 Stuart
St., Boston/ Underwriters—
ment.
This
Feb.
tribute the proceeds pro rata to- letter's stockholders.
Address—Tennessee Bldg., Houston. Underwriter—None.
(12/9-13)
Oct. 30, 1963 filed $4,000,000 of convertible subordinated
debentures due 1978. Price—By amendment. Business—
Oct.
t„
for eacb two shares held.
Note—This registration was withdrawn.
.
Equipment & Plastics Corp.
Underwriter—Cortlandt
5, 1963 filed 35,000 common.
filming and production and working capital. Office—
543 Madison Ave., New York,
Underwriter — Ingram,
Lambert &
Stephen, Inc., 50 Broad St., New York.
Lunar
>
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
ated stores.
Proceeds—For debt repayment, store ex¬
Price—By amend¬
ment (max. $36).
Business—Collecting and distributing
water in certain areas of New Jersey.
Proceeds—For
debt repayment. Office—52 Main St., Woodbridge, N. J.
Underwriter—Kidder, Peabody & Co., Inc., New York.
•
/
~
medical
Middlesex Water Co.
Offering—Expected in early 1964.
/••• National
—677
June
York.
Brothers, Inc. (1/20-24/64)
' /
Oct. 29, 1963 filed 50,000 common. Price—$6. Business—*
Production of Italian style frozen foods. Proceeds—For
general corporate purposes. Office—40 Brooklyn Ave.,.
Massapequa, N. Y. Underwriter — Fleetwood Securities
Corp. of America, New York.
^
(same address).
Fund, Inc.
New
Musicaro
Oct.
fice—26
Broadway, N. Y. Underwriter—Filor, Bullard &
Smyth, N. Y. Note—This company formerly was named
Logos Financial, Ltd. Offering—Indefinite.
v':
;y».
Feb;-28, 1963,-filed-1,1)00,000 class B* common. Price—
$1.25. Business—A:h61ding company for threer life insur-;
ex¬
pansion. Office—2960 Coral Way, Miami. Underwriter—
Pierce, Wulbern, Murphey, Inc., Jacksonville.
'■ ,0y * •-/.7 v
Medic Cor
...•*
Municipal Investment Trust Fund," Series EL;
'
April 28, 1963 filed $10,000,000 "(10,000 units) of interests.
Price—To be supplied by amendment.
Business—TRe
fund will invest in tax-exempt bonds of states, countiesmunicipalities and territories of the U. S. Proceeds—Fori
investment. Sponsor — Ira Haupt & Co., Ill Broadway,'
.
;2: s
■
expenses,
insurance
a.m. EST) at above address.
Meeting—Nov. 26 "(3 p.m. EST), at above
Information
29
(2021)
;
(jointly). Bids—Dec. 4 (11
Oct. 14, 1963
•
#x-f<
Chronict^* ^
t The Commercial and Financial
.v.
PST)
Co
(Tuesday)
Bonds
Co
10
Bonds
$60,000,000
Q
m
TTST1
S12.000.000
>
30
The Commercial and Financial Chronicle
(2022)
•
from page 29
Continued
(11/25-29)
Producing Co.
Natural Gas & Oil
Price—$5.
180,000 class A common.
Sept. 7, 1962 filed
Proceeds
drilling expenses, working capital and other cor¬
Business—Production of natural
—For
and oil.
gas
Office-^-Tekoil Bldg., Oklahoma City
porate purposes.
Underwriter—Peter Morgan & Co., N. Y. New World
Fund, Inc.
—
New World Distributing Co.
V
-
governmental clients. Proceeds — For debt repayment,'
working capital, and possible acquisitions. Office—1333
Westwood Blvd., Los Angeles. Underwriter—Laird
&
Co. Corp., New York.
.
y
Ltd.
July 29, 1963 filed 60,085 capital shares. Price
By
(max. $3.25). Business—Acquisition of oil
and gas properties, and the production of crude oil and
natural gas. Proceeds—For selling stockholders. Office
—5455 Wilshire Blvd., Los Angeles. Underwriter—Gregory-Massari, Inc., Los Angeles. Offering—Indefinite.
—
Northwest
Hydrofoil, Inc.
Sept. 3, 1963 ("Reg. A") 60,000 common. Price —,$5.
Business
Design, construction, sale and operation of
hydrofoil vessels. Proceeds—For working capital, office
expansion and other corporate purposes. Office — 428
"White-Henry-Stuart Bldg., Seattle, Wash. Underwriter
■—Henry D. Tallmadge Co., Seattle.
—
Nuclear Science & Engineering Corp.
March
29, 1962 filed 100,000 common. Price—By amend¬
ment (max. $15). Business—Research and development
on
contracts using radioactive tracers; precision radio¬
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬
ment services.
Proceeds—For equipment, debt repay¬
ment, expansion and working capital. Address—P. O.
Box 10901, Pittsburgh. Underwriter—Johnston, Lemon &
Co., Washington, D. C. Note—This registration will be
—
Princeton
Fund.
Business—The Fund plans to
invest in government and municipal obligations believed
to be exempted from Federal income taxes. Proceeds—
For investment. Office—135 So. LaSalle St., Chicago.
Sponsor—John Nuveen & Co. (same address). Offering
—Expected in late December.
Price—By, amendment.
Okliana
Corp. (11/25-29)
Sept. 12, 1963 filed 500,000 common and 500,000 pre¬
ferred ($6 par); to be offered in units of five preferred
and five common shares. Price—$35
per unit. BusinessCompany plans to engage in the life insurance business
through the formation of two subsidiaries, or through
the purchase of stock in an existing insurance
company.
Proceeds—For acquisition of above stock, loan repay¬
ment arid working capital. Office—2201 Northwest 41st
St., Oklahoma City. Underwriter—Equity Underwriters,
Inc. (same address).
Outlet Mining Co., Inc.
Feb. 28, 1962 filed
900,000 common.
Price—$1.
Business
Proceeds—For equipment and working capi¬
Address—Creede, Colo. Underwriter—None.
Provident
common.
Price—$1.50.
Busi¬
on
its
property. Proceeds—For mining operations, debt repay¬
ment and operating expenses. Office—1218 N. Central
Ave,, Phoenix. Underwriter—None.
Fund, Inc.
April 11, 1963 filed 1,000,000 common. Price—Net asset
value plus 8^%. Business—A new mutual fund. Pro¬
ceeds—For investment. Office—316 North Fifth St., Bis¬
marck, N. D. Underwriter — Provident Management Co
(same address). '
Quality National Corp.
Sept. 16, 1963 filed 200,000 class A common. Price — $5.
Business—Company plans to form a subsidiary life in¬
surance company. Proceeds—For general corporate pur¬
poses.
Office—2904 Georgian Court, Lincoln, Neb. Un¬
subscription
by
each
stockholders
16
held
of
on
the
record
basis
Nov.
offered for
of
one
new
Rights will
expire Dec. 16. Price—$17.
Business—Furnishing of telephorie service in Washington, Oregon and Idaho. Pro¬
ceeds—To repay advances from
parent, A. T. &,T. Of¬
fice—1200 Third Ave., Seattle. Underwriter—None.
Pacific Northwest Bell Telephone Co.
(12/3)
1963 filed $50,000,000 of debentures due Dec.
Nov. 8,
1,
2000.
Price—By amendment, Proceeds—To repay $48,702,702 debt due Pacific Telephone & Telegraph Co.,
Underwriter—None.
•
Inc.
Ramo
3
(11
a.m.
EST) at
195
Broadway, New York. Information Meeting—Nov.
(2:30 p.m.), same address.
Pacific
Power &
Light Co.
Sept. 27, 1963 filed 718,354
subscription by stockholders
for each 20 shares
wiir
expire Dec.
held
5,
26
of
1963.
common
on
the
being offered for
basis
of
one
share
record Oct. 30, 1963. Rights
Price—$23.75. Proceeds—For
debt repayment. Office—920 S. W. Sixth
Ave., Portland,
Ore. Underwriters—Blyth &
Co.; Merrill Lynch, Pierce,
Fenner & Smith Inc.; and Paribas
Corp., New York.
Peerless
Insurance Co.
Oct* 18,
1963 filed 565,218 capital shares to be offered
for subscription
by stockholders on the basis of one new
share
for each share
held
of
record
Oct.
3.
Price—$8.
Business—Company writes various types of insurance in¬
cluding accident and health insurance, automobile insur¬
ance, workmen's compensatoin insurance and property
damage insurance. Proceeds—For investment. Office—62
Maple Ave., Keene, N. H. Underwriter—None.
f
People's Insurance Co.
Oct. 3,
1963 filed
100,000
Price—$10. Business
—Company plans to engage in the writing of general
liability insurance, including automobile, property dam¬
age and personal injury. Proceeds—To increase
capital
and surplus. Office—307 Lenox
Ave., New York. Under¬
writer—None.
common.
Selective Life Insurance Co., an affili-*
the basis of 4 company shares for each class A or^
share and two-thirds share for each class C share of
B and C stock of
ate,
B
on
Life
held.
Remaining 94,822 arid any
unsUb-J
Price—To public
corporate purposes. Office—8^0 N. Central Ave., Phoe-'
nix. Underwriter—None.
/~ ' v*;Southwestern Electric Service Co.
Oct. 24,
1963 filed 24,428 common to be offered for sub-,
scription by stockholders on the basis of one new share4
for each 17 held. Price—By amendment. Proceeds—For
repayment of bank loans. Office—1012 Mercantile Bank
Bldg., Dallas. Underwriter—None.
r A- .VSStein Roe & Farnham Foreign Fund,
Inc.
July 1, 1963 filed 1,000,000 capital shares. Price—Net as- ;
set value. Business—Company was recently formed andv
will succeed to New York Capital Fund, Ltd., a Canadian
of in-?
St., Chicago. Underwriter—None.
Supreme Life Insurance Co. of America .t.'
Sept. 30, 1963 filed 42,089 common to be offered for
subscription by stockholders on the basis of one share*
for each three shares held. Price—$30. Business—Sale oft
District of Columbia.
wholesale outlets. Proceeds—For construction
of
a
new
plant, and working capital: Address—84th St., and West
Dodge Rd., Omaha, Nebr. Underwriter—First Nebraska
Securities Corp., Lincoln, Nebr.
and
Proceeds
For debt repayment,"
—
working capital. Office—3501 S. Parkway, Chicago/
Underwriter—None.
///.;
...
./,*»
Sutro
Mortgage Investment Trust
Feb. 1, 1963 filed .30,000 shares of beneficial interestPrice—$100. Business — A real estate investment trust.»
Proceeds—For investment.
Los
Office—4900 Wilshire
Angeles. Underwriter—None,
Blvd.,,
/
v
Teaching Machines, Inc.
: ^
^
•' Z
April 1, 1963 filed 150,000 common. Price—$5 BusinessCompany develops and sells teaching machipes ex-r
clusively for Grolier Inc. Proceeds—For loan repayment ,
and other corporate purposes. Office—221 San Pedro,/
N. E. Albuquerque. Underwriter—S. D. Fuller & Co.,
New York. Offering—Expected in March, 1964.
.
•
Rassco Plantations Ltd.
Aug.
.
1963 filed 400,000 ordinary shares. Price—By
(max. $3,166). Business — Company culti- /
27,
amendment
and markets citrus fruits in Israel. Pro¬
processes
ceeds—For
selling stockholder.
Address—Tel-Aviv,
Is¬
rael. Underwriter—Rassco of Delaware, Inc., New York.
Offering—Expected in late December.
Nov.
1962
23,
Industries, Inc.
("Reg. A") 75,000
Business—Sale
For
capital
of travel
and
common.
Price
entertainment.
—
$2
Proceeds—
investment,
7th
Sept. 3, 1963 filed 400,000
common.
Price—$12.50. Busi¬
Proceeds—
Bay-to-Bay, Tampa. Un¬
derwriter—Hensberry & Co., St. Petersburg, Fla.
investment.
Office—2909
Resort
Corp. of Missouri
1962 filed 125,000 class A common and threeyear warrants to purchase 1,250 class A shares to
be
offered in units consisting of four shares and one war¬
rant.
Price—$32 per unit. Business—Company will
erect and operate a luxury hotel and, resort facilities,
Nov.
and
27,
sell
80 acres of land for home sites.
—
Office—3615 Olive
R. L.
Proceeds—For
St., St. Louis.
Under¬
Warren Co., St. Louis. Offering—Indefi¬
'
nite.
Retirement
'■'.'•//'*
/'
»■ ;
Foundation,
Inc.
April 8, 1963 filed 100,000 memberships in the Founda¬
tion.
Price—$10 per membership. Business—Company
will operate retirement centers for the use of rent-free
private homes and apartments by members upon their
retirement. Proceeds—For working capital, construction
and other corporate purposes.
Office—235 Lockerman
St., Dover, Del. Underwriter—John D. Ferguson, Dover,
Del.
Government Bonds and
in
new
subsidiary.
Life Bldg., Lafayette,
Amosand Inc. (same address).
Lafayette
Offering—Indefinite.
Nov.
Office—801
Underwriter—
Ind.
'
Tennessee Gas Transmission Co.
ness—A small business investment company.
For
Investment Co.,
Inc.
filed 48,500 common. Price—$100. Business
—A holding compariy which plans to organize a life in¬
surance company.
Proceeds—For' investment in U. S.
Tecumseh
Jan. 21, 1963
'
and working capital. Office—
St., Los Angeles. Underwriter—Costello,
Russotto & Co., Beverly Hills, Calif. Offering—Indefinite.
West
411
writer
(Competitive). Probable bidders: Morgan Stanley & Co.;
be
(12/3)
filed $35,000,000 of first mortgage pipe
line bonds due Dec. 1, 1985".
Price — By amendment.
Business—Operation of pipe line systems for the trans¬
7,
1963
mission and sale
For loan
or
delivery of natural gas. Proceeds—
repayment and other corporate purposes. Ad¬
dress—'Tennesee
Houston. Underwriters—Stone
White, Weld & Co., and
Halsey, Stuart & Co. Inc., New York.
Webster
&
Bldg.,
Securities
Corp.,
Tennessee Gas Transmission
Nov.
Co.
(12/3)
1963 filed 150,000 preferred shares ($100 par).
Price—By amendment (max. $102). Business—Operation
7,
of pipe line systems for the transmission and sale or
delivery of natural gas. Proceeds—For loan repayment
and other corporate purposes. Address—Tennessee Bldg.,
Houston. Underwriters — Stone & Webster Securities
Corp., and White, Weld & Co., New York.
Texas
Plastics, inc.
July 27, 1962 filed 313,108 common. Price—$3.50. Busi¬
ness—Operation of a plant producing plastic film and
packaging products.
Proceeds—For working capital.
Address—Elsa, Texas. Underwriter—To be named. Of¬
fering—Indefinite.
>
/ *
Tidmarsh Ventures,
Inc.
*
28, 1963 ("Reg. A") 42,850 common.
Price — $7.
Business—General construction, equipment leasing and
Oct.
Riviere Realty Trust
Oct. 22, 1963 filed 2,000
shares of beneficial interest.
Price—$1,000. Business—Company plans to operate as a
real
estate investment trust.
Proceeds—For investment.
Office—1832 M St., N. W., Washington, D. C. Underwrit¬
er—Riviere, Marsh & Berens Securities Corp., Washing¬
ton, D. C.
San Morcol Pipeline,
Inc. (12/23-27)
Sep! 27, i963 ("Reg. A") $300,000 of 6^% subordinated
debentures due
offered in units
shares.
Price
Nov.
1, 1983, and 45,000 common, to
be
of $500 face amount of debentures and
Business—Construction of an
eight inch natural gas transmission pipeline for the
cities of Las Vegas, Wagon Mount, Springer, and Max¬
well, N. M. Proceeds — For construction. Office — 219
Shelby St., Santa Fe, N. M. Underwriters — Milburn,
Cochran & Co., Inc., Wichita, Kan., and Midland Securi¬
ties Co;, Inc., Kansas City, Mo.
75
—
$500.
:
life, health and accident insurance in 12 states and the v
1963 filed $2,150,000 of 6^4% subord. sinking
fund debens. due Oct. 1, 1975. Price—At par. Business Company processes domestic and imported nutmeats for
sale to food distributors, supermarket chains and other
&
Halsey, Stuart & Co. Inc. Bids—Dec.
'
>
(11/21)
Sept. 16,
construction.
T.
filed 500,000 common, of which 405,000*
offered for subscription by holders of the A,
1962
28,
to
are
corporation. It will provide investors a means
—
former
parent, as well as certain advances from A. T.
Office—1200 Third Ave., Seattle. Underwriters—
Selective Financial Corp.
Feb.
areas.
Research Capital Corp.
18.
Security Title & Guaranty Co. (11/25) - ^
7/ 1963 filed 125,000 common- to be offered for
subscription by stockholders on a share-for-share basis.'
Rights wiR expire Dec. 10. Price—By amendment (max/
$7.50). Business-—Company; examines and insures titles/
to real property. Proceeds—For general corporate pur- i
poses. Office—17 E. 45th St., New York. Underwriter—;
New York Hanseatic Corp., New York.
•
Oct.
vesting in Canada, Western Europe and other foreign*
Proceeds—For investment. Office—135 S. LaSalleC
Inc.
Oct. 3, 1963 filed 1,250,000 common. Price—$1. Business
—Company plans to manufacture fluorocarbons for sale
to refrigerant wholesalers, the aerosol industry and other
users. Proceeds
FOr construction of a new plant and
working capital. Office—11 North Jackson St., Houston. *
•
Pacific Northwest Bell
Telephone Co.
Oct. 28, 1963 filed 1,903,750 common
being
W., Washington, D. C. Uri->
# V;
*
derwriter—B. F. Saul Co. (same address).
Selective
Stock
Recreation
ness—Compapy plans to explore iron deposits
Office—925 Fifteenth St., N.
$6; to stockholders, $5. Business—Company plans to en-s
gage
in the consumer finance, mortgage, general fi¬
nance and related
businesses.
Proceeds—For general
iVIines, Inc.
July 24, 1963 filed 100,000
k
scribed shares will be offered publicly.
28, 1963 filed 40,000 common. Price—$25. Busi¬
and sale of real property, chiefly un¬
improved land. Proceeds—For debt repayment, and ac¬
quisition of additional properties. Office—195 Nassav
St., Princeton, N. J. Underwriter—None.
vates,
—Mining.
for
Inc.
Real Estate Investment Trust
Oct. 25, 1963 filed 30,000 shares of beneficial interest.
Price—$100. Business—Company plaris to operate as a
real estate investment trust. Proceeds—For investment.*
ness—Purchase
Racon
Nuveen Tax-Exempt Bond Fund, Series 6
Nov. 1, 1963 filed 150,000 units of interest in the
share
Lands,
Thursday, November 21, 1963
March
•
Pacific
Research
.
(B. F.)
Saul
i
per
derwriter—None.
withdrawn.
tal.
.Inc.
purchase an additional 10 shares. Price
unit. Business—Company plans to operate a
harness racing track in Luzerne County, Pa. Proceeds—
For construction, and loan repayment. Address — 504
First National Bank Bldg., Wilkes-Barre, Pa. Underwrit¬
er
Suplee, Yeatman, Mosley. Co., Inc., Philadelphia.
Offering—Expected in late December.
—$175
amendment
•
Pocono Downs,
Sept. 10, 1963 filed.$2,500,000 of 6V2% subordinated sink- *
ing fund debentures due 1978, 375,000. common and 250.-.
000 warrants to purchase additional common, to be of-;
fered in units consisting of one $100 debenture, 15 shares
and warrants to
Nordoii Corp.
-
ment.
•
21, 1963, filed 250,000 common. Price—Net asset
plus SVz%. Business—A new mutual fund. Pro¬
ceeds—For investment.* Office—4680 Wilshire Blvd., Los
Feb.
value
Angeles.
Underwriter
(same address).
Planning Research Corp. (12/10)
1963 filed 100,000 common. Price — By amend¬
Business—Company provides analytical, technical
and economic
services to commercial, industrial and
Nov. 6,
.
.
hydraulic systems. Pro¬
debt repayment, 1
and working capital. Office—15618 Broadway, Gardena,
Calif. Underwriter—Quinn & Co.; Albuquerque, N. M./
installation
ceeds—For
of
cryogenic
new
and
construction projects,
Top Dollar Stores, Ind.
May 1, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.
Price—$6.
ice
Business—Operation of a chain of self-serv¬
selling clothing, housewares, etc. Pro¬
retail stores
ceeds—JTor expansion, equipment and working capital.
Office—2220 Florida Ave., Jasper, Ala.
UnderwriterVan
Alstyne, Noel &
Co., New York.
porarily postponed.
Transarizona
Resources,
Offering—Tem¬
*
Inc.
May 28, 1962 filed 500,000 capital shares. Price—$1.50.
Business^—Exploration, development and production of
Volume
Number 6318
198
.
The Cotu.nercial and Financial Chronicle
.
.
Casa Grande, Ariz
working capOffice—201 E..4th St., Casa Grande, Ariz. Under¬
the Lake Shore copper deposit near
Proceeds—For equipment, exploration and
I
ital.
.
(2023)
The gas to be
sold initially, will be purchased from U. S.
Natural, which has agreed to guarantee the payment of j
all expenses approved by U. S. Natural for the company's •
* San Jose Water Works
organization, tinancing and other start-up costs. Proceeds
•
Transpacific Group, Inc.
•
amend¬
1963 filed 155,000 common. Price—By
July 26,
holding com¬
pany. Proceeds—For expansion. Office—520 S. W. 6th
Ave., Portland, Ore. Underwriter—None.
-
-
World
Trans
•
(11/26)
Insurance Co.
Life
«;
Office—609 Sutter St., San Francisco.
writer—Alex. Brown & Sons, Baltimore.
Under-
surplus.
Ultronic
-
ment
<•
Systems Corp.
(12/2-6)
1963 filed 150,000 common. Price—By amend$12). Business—Manufacture of electronic
and commodities quotation systems. Proceeds
Sept. 25,
•'
(max.
securities
and other corporate' purposes.
Office—7300 N. Crescent Blvd., Pennsauken, N. J. Undcrwriter—Bache & Co., New York.
loan
—For
•
Houston.
repayment,
.
Unified Mutual
Shares,
March 8,
Inc.
Penn
and
100,000 class A non-voting com¬
one $100 debenture
shares. Price—$220 per unit. Business—Company
shares to be offered in units of
and 10
has
1978
licensed
been
mutuel
to
conduct
>
racing with pandebt repayment and
.
working capital. Office—3 Penn Center Plaza, Philadel¬
phia.
Underwriter—Stroud & Co., Inc., Philadelphia
Offering—Indefinite.
Winsiow Electronics,
Dec. 28,
—
'
Indianapolis. Distributor
Z
•--(same address).
Unimed,
—
Unified Underwriters, Inc.,
.";■■■
Inc.
Sept. 3, 1963 filed $300,000 of 5*&% convertible subordi¬
nated notes due 1973. Price—At par. Business—Development and manufacture of ethical
•
Inc.
1961 filed 125,000 common.
Price—$4.
Business
—Design and manufacture of precision electrical
and
measuring devices and test equipment. Pro- 7
ceeds—For debt repayment and other corporate pur¬
The
poses.
Office—1005
First Ave., Asbury Park, N. J
Effective Registrations
electronic
drugs and pharmaceu-
ticals. Proceeds—For marketing of existing products, and
research and development on new preparations.
^-Route
Investors Corp.
to be offered in units of 50 shares and
chase 25 shares. Price—$501.25 per unit. Business—Commercial development of real estate, primarily
shopping
Monday issue of the "Chronicle"
centers, in Kentucky, Indiana, Ohio and Tennessee. Prodebt repayment and property acquisitions
•
Brantly Helicopter Corp.
,
•
588,780
ceeds—For
Office—508
West
Jefferson
writer—None,
St., Louisville. Ky.
•//v!/
f-
Under¬
■"'777/-:
expire Dec. 6.
Ford
increase
/
capital
surplus
and
of
Capital
United
Life
Insurance Co. of Minnesota. Address—1300 First National
Bank
•
U. S.
Controls, Inc.
Aug. 8, 1963 filed $210,000 of 6%% debentures due 1973
and warrants to purchase 31,500 shares to be offered for
public sale in units of one $100 debentures and 15 warrants. Price—$100 per unit. Business—Development and
manufacture of heating equipment and automatic control
-
;
-
.
•
systems. Proceeds—For inventory, sales promotion, note
prepayment and working capital. Office — 410 Fourth
:
-
Ave., Brooklyn, N. Y. Underwriter—To be named. Offer¬
ing—Indefinite.
/.
•
-' /
'
1-7;/ United Variable Annuities Fund, Inc.
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
-
•
•
investment.
Office—20 W. 9th Street, Kansas City, Mo
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.
1
This Week
Texas, Inc.
14, 1962 filed 250,000 class A and 250,000
Feb.
be
offered in units
$5.05
k
unit.
per
foams.
-
of
one
share of
Business—Manufacture
Proceeds—For
equpiment,
common
class.
each
to
Price—
urethane
of
working
leasehold expenses and other corporate purposes.
capital.
Office
—2300 Republic National Bank Bldg., Dallas.
Underwriter—First Nebraska Securities Corp., Lincoln, Neb
-
White, Weld & Co., Inc., New York, and Dean Witter
Co., San Francisco.
Masco Corp.
200,000
^ Bankers Financial Corp.
the
on
basis of
shares
one
Bankers share for each two
Marine V
Rights will expire Jan. 20/ 1964. Price—
Business—Company plans to acquire control of,
invest in, other firms engaged in the financial field. ■ /
Milwaukee.
* Brewer
Nov.
investment.
Office—125
East
Wells
St.,
•
Underwriter—None.
(C.)
& Co., Ltd.
1963
y;>;
filed
at above
due
Valley Investors, Inc.
Jan. 23v1963, filed 328,858 common.
—A
•
•
new
mutual
dress—Sidney,
fund.
Mont.
Virginia Electric
Oct.
25,
1963
mortgage
;
filed
bonds
-
repayment and
Price—$1.
Business
Proceeds—For investment.
Underwriter—To
&
Power
$30,000,000
Co.
of
be
Ad-
named.
(12/10)
first
and
refunding
due Dec. 1, 1993. Proceeds—For debt
construction. Office-^-700 East Franklin
St., Richmond, Va. Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart & Co. Inc.; Salomon Brothr
ers
1
&
Hutzler-Goldman, Sachs & Co. (jointly): Eastman
Dillon,
Union
Securities
&
Co.-Merrill
Fenner & Smith Inc.-Lehman Brothers
Weld
Lynch, Pierce,
(jointly); White,
&
Co.; Stone & Webster Securities Corp. Bids—
Dec. 10 (11 a.m. EST) at One Chase Manhattan Plaza,
(Room 2414), New York. Information Meeting—Dec. 5
(11 a.m. EST) at One Chase Manhattan Plaza, (30th
-
•
/
•
>
floor!. New York.
Waterman Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common. Price—By amendment. Busines s—The carrying of liner-type cargoes
Proceeds—For the purchase of vessels, and working cap¬
ital.
Office—71
writer—Shields
-
»
Saint
&
Joseph St., Mobile, Ala.
UnderCo., Inc., N. Y. Note—This registra-
"
:
245,000
Business—Company plans to erect
common.
a
r-;
Price—$1
tain types of iron by the new "Taylor Process."
,
Proceeds
—For
plant construction and general corporate pur¬
poses. Address—Suite 412-413 Hynds B 1 d g., Cheyenne.
Wyo. Underwriter—C. B. Hoke Agency/Cheyenne, Wyo.
•
•
Note—The
SEC
has- issued
an
order
temporarily
sus¬
pending this issue.
Western
Transmission Corp.
Sept. 16, 1963 filed 1,162,537 capital shares to be offered
subscription by holders of the capital stock and 6%
for
-
>
.
..
convertible
subordinated
debentures
due
1977
of
U.
S.
Natural Gas Corp., on the basis of one share of Western
Transmission for eqch U. S. Natural share held. Price—
$1. Business—Company plans to operate a natural gas
gathering system in the south central part of Wyoming.
.v
National
Missouri
Life
Co.
Insurance
103,500 capital shares offered at $5.50 per share by Ster¬
ling, Grace & Co., New York.
at
Power Co.
101.155%
first mortgage bonds due 1993 of¬
accrued interest, to yield 4.43%
and
of 4%%
$40,000,000
1993
offered
4.60%
at
bonds due
first mortgage
100.40%
plus accrued
N0v.1l,
interest, to yield
Merrill Lynch, Pierce, Fenner & Smith Inc.,
Co., Inc., New York.
7/ 7"
by
Pacific Northwest Bell
Telephone Co.
/
being offered for subscription by
stockholders at $17 per share, on the basis of one new
share for each 16 held of record Nov. 18. Rights will ex¬
of
1,903,750
Dec.
common
No underwriting is involved.
pire Dec. 16.
Purina Co.
Ralston
j
sinking fund debentures due 1988
offered at 99%% to yield about 4.39% by Kidder, Peabody & Co., New York.
'■
4%%
$35,000,000 of
address.
.
•
Union
Electric Co.
of 4%%
$30,000,000
1993
first mortgage
101.322%
offered at
bonds due Nov.
and accrued
1,
interest, to yield
it Farmbest Inc.
Nov.
Stearns & Co.,
4.42%,
1963 filed 9,653 common; also $240,000 of re¬
capital certificates. Price—For common, $1; for
18,
tained
Business—A farmers cooperative
Proceeds — For general corporate
Address—Denison, Iowa. Underwriter—None.
certificates,
25
cents.
$4.56 dividend preferred (par $100)
a share by White, Weld & Co., and
Shields & Co., New York.
] '
200,000
shares of
offered
for swine producers.
purposes.
New York.
Union Electric Co.
at
$101.33
^ First Mortgage Investors v
1963 filed $10,000,000 of senior debentures and
Nov. 20,
$5,000,000 of convertible debentures both due in 1978, to
be offered in units of two $100 senior debentures and one
•-
ATTENTION UNDERWRITERS!
$100 convertible debenture/Price—$300 per unit. Busi¬
ness—A real estate investment trust. Proceeds-—To re¬
Do you
bank loans. Office — 1040 Biscayne Blvd., Miami.
Underwriter—Shearson, Hammill & Co., New York.
to know about it so
Our
pay
cosmetics.
Fifth
Proceeds—For
Inc.
write
certain
to be
of
which
Price
amendment (max.
$6.60). Business—A small business investment company.
Proceeds-—For investment. Office—60 East 42nd Street,
New York.
York.
Underwriter
—
planning to register?
wouljd like
can prepare an item
Department
that we
you'll find
hereunder.
telephone us at REctor 2-9570
at 25 Park Place, New York 7/N. Y.
you
us
or
—
By
H. M. Frumkes &
Offering—Expected in early. January.
Co., New
;
Prospective Offerings
American
Telephone
&
Telegraph Co.
1963 the company announced that it will offer
stockholders the right to subscribe for 12,250,000 addi¬
tional common shares on the basis of one new share for
each 20 held of record Feb. 18.- Rights will expire in
Nov. 20,
For expansion. Office — 19d
Underwriter—None. OfferingExpected in early March.
early April.
Broadway,
65,000
offered) for the company and 65,000 for
stockholders.
News
selling stockholders. Office
it Royal Business Funds Corp.
Nov. ,13,
1963 filed 130,000 common,
are
those
to
Would
Ave.,
^ Opticks, Inc. (12/9-13)
Nov. 13,
1963 filed 111,000 common, of which 74,000
will be sold by company and 37,000 by stockholders.
Price—By amendment (max. $11). Business—Operation
of a wholesale qptical laboratory, and 48 retail outlets.
Proceeds—For expansion and loan repayment. Office—
6067 Sherry Lane, Dallas, Tex. Underwriter — Eppler,
Guerin & Turner, Inc., Dallas.
shares
have an issue you're
Corporation
similar
(12/11)
Nov. 14, 1963 filed 800,000 common. Price—By amend¬
ment (max. $22). Business—Importation and distribution
of Lanvin perfumes, and manufacture and distribution
* Lanvin-Charles of the Ritz,
New York. Underwriters—Goldman,
Sachs & Co., and White, Weld & Co., New York.
mill to produce cer-
common
by Lehman Brothers, Blyth & Co., Inc., and
Eastman Dillon, Union Securities
& Co., and Bear,
—767
Western Steel, Inc.
Jam 17, 1963 ("Reg. A")
f
and Blyth &
ic Coronet Industries, Inc.
Nov. 19, 1963 filed 210,000 common. Price—By amend¬
ment (max. $15). Business — Manufacture and sale of
tufted carpets and rugs. Proceeds — For selling stock¬
holders. Address—P. O. Box 570, Dalton, Ga. Under¬
writer—Hemphill, Noyes & Co., New York.
of
tion will be withdrawn.
/
by Francis I. duPont, A. C. Allyn, Inc., New York.
7,7777-7:,
$75,000,000
'
Puget Sound Power & Light Co.
first and refunding
1, 1993. Proceeds—To repay'
bank loans, and finance construction.
Office — 4 Irving
Place, New York. Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart & Co. Inc.; Morgan Stanley
& Co.; First Boston Corp. Bidsy-Dec. 11 (11 a.m. EST),
bonds
150,000
fered
Edison Co. of New York, Inc.
(i2/ii)
15,
.share by Smith,
Telephone Corp.
offered at $20.25 per share by The Ohio
$10,000,000 of 41/fe%
.
Nov.
7
Co., Columbus.
New England
(12/6)
1963 filed 8,500 common. Price—By amend¬
ment (max. $80). Business—Sugar production in Hawaii
and Puerto Rico, and distribution of molasses in the con¬
tinental United States. Proceeds—For selling stockhold¬
ers. Office—827 Fort St., Honolulu. Underwriters—Blyth
& Co., Inc., New York, and Butcher & Sherrerd,, Phil¬
adelphia.
"
'/ 77/
15,
mortgage
per
•
Mid-Continent
held.
Proceeds—For
offered at $17.50
r
$2.70.
or
common
Barney & Co., Inc., New York,
12, 1963 filed 365,262 common to be offered for
subscription by stockholders of Marine Capital Corp.,,
Offering—Indefinitely postponed.
j
common
&
* Consolidated
Urethane of
-
offered at $50.50 per share by First
Blyth & Co., Inc., Goldman, Sachs & Co.,
Kuhn, Loeb & Co., Inc., Lazard Freres & Co., Lehman
Brothers, Merrill Lynch, Pierce, Fenner & Smith Inc,.
Nov.
Bldg., Minneapolis. Underwriter—None.
No underwriting is involved.
Co.
Boston Corp.,
Filed With SEC
'% Capital Life Insurance Co. of. Minnesota. Proceeds—To
/
Motor
4,000,000
(Minn.)
holding company for United Investors Fund Corp. (a
broker-dealer which sells mutual funds)
and United
being offered for subscription by stock¬
common
holders at 50 cents per share, on the basis of three new
shares for each share held of record Oct. 15. Rights will
Address
A
Offering
warrants to pur¬
-
•
de»
details, where available, will be carried in the
July 29, 1963 filed $500,000 of 6% convertible debentures
/ due 1973 to be offered for subscription by stockholders
on
an
unlimited basis.
Price — At par.
Business—
•»
were
Young Industries, Inc.
Sept. 30, 1963 filed 100,000 class A common and war¬
rants to purchase an additional 50,000 class A shares,
202, Morristown, N. J. Underwriter—None.
United
following registration statements
dared effective< this week by th e SEC,
•
-
Z7.;7;/7/'vi77/7ZZ7r
Underwriter—To be named.
1963 filed 750,000 capital shares. Price — Net
asset value plus 8^%. Business—A new mutual fund.
Proceeds^—For investment. Address—207 Guaranty Bldg.,
Aug. 22,
•
★ Varner-Ward Leasing Co.
'
15, 1963 filed 125,000 common, of which 60,000 are
to be offered by company and 65,000
by stockholders.
Price—By amendment (max. $11). Business—Leasing of 1
automobiles.
Proceeds—For
working capital. Office-—
1525 Franklin St., San Francisco. Underwriter
Birr,
Wilson & Co., Inc., San Francisco.
•
•
Business-^A
Nov.
harness
betting.' Proceeds—For
$30).
Jose, Calif. Underwriter—Dean Witter & Co., San Fran¬
cisco.
■///y'V'' ''-77777'1 ■
/ ■'
Racing Association
1963 filed $1,000,000 of 6V2% sinking fund de¬
bentures due
Price—By amendment (max.
utility supplying water to residents of Santa
Clara County, Calif. Proceeds—To repay bank
loans, and
for construction. Office—374 West Santa Clara
St., San
Underwriter—None.
William
mon
July 31, 1963 filed 465,000 common. Price—$5. Business
—Company "plans to sell general life-• and "disability
insurance policies. Proceeds — To increase capital and
v:
1963.
public
construction, working capital, and other corporate
purposes. Office — 1907 Chamber of Commerce Bldg.,
(max. $15). Business—An insurance
ment
(1/3/64)
Nov.
18, 1963 filed 90,000 common to be offered for
subscription by common stockholders of record Jan. 3,
—For
writer—None.
31
Proceeds
New
—
York.
Associated Truck Lines, inc.
Sept. 18, 1963 it was reported that 110,000 common shares
of Associated will be sold publicly, of which 40,000 will
be
sold
holders.
for
the
company
Business
*7
—
for certain stock¬
short haul motor
Continued on page 32
and 70,000
Company is a
32
The Commercial and Financial Chronicle
(2024)
Continued from
Corp.; Morgan Stanley & Co.; Stone
rities Corp.
v
31
page
operating in Michigan, Ohio, Indiana
Illinois. Proceeds—To retire outstanding 6% cumu¬
common
and
carrier
Grand
Offering—Indefinitely postponed.
Weeks. New York.
over
stockholders had
16, 1963 it was reported that
Oct.
ing company, designed to settle the 20-year old dispute
control of the 540,894 class A and 2,050,000 class B
(Houston)
Southwest N. A.
Bank of the
shares
ap¬
General Aniline seized
of
in
ment
1942
German
a
as
asset.
by the U. S. Govern¬
The stock represents
approve the required
Exchange's constitution to permit this.
Industry sources believe that the move is several years
away. Business—Company is the largest brokerage house
count executives.
Mexico
ment
lion, the Government would receive about $140 million
and Interhandel about $60 million. The settlement terms,
of
Jan.
6,
-—None.-
recently
.<
Bethlehem Steel Co.
a leading domestic
and photographic ma¬
terials. Office—111 W. 50th St., New York. Underwriters
—(Competitive). Probable bidders: Blyth & Co.-First
Boston Corp. (jointly); Lehman Brothers-Kuhn, Loeb &
Co.-Glore, Forgan & Co. (jointly); Bache & Co.
26,
,
producer of dyestuffs, chemicals
to be completed by 1965.
He
said that approximately two-thirds of the financing for
the program will be generated internally and the bal¬
ance
secured externally.
Mr. Homer added that this
improvement
program
Light Co.
April 30, 1963 the company announced plans to sell $15,$20,000,000 of securities in 1964 to help finance its $26,000,000 construction program. Office—176 Cumberland
Ave., Wethersfield, Conn. Underwriters — First Boston
Corp., New York; Putnam & Co., Hartford; Chas. W
Scranton & Co., New Haven.
1964. Of f ice—25
Broadway, New York. Underwriters—To be named. The
last public sale of securities in May, 1955, was handled
by Kuhn, Loeb & Co., and Smith, Barney & Co., New
York.
■
'
-
jr Boston Edison Co.
Nov. 20, 1963, the company announced that it plans to
sell $25,000,000 of bonds sometime in 1965. Proceeds—For
construction of a new plant. Office—182 Tremont St.,
Boston. Underwriters— (Competitive). Probable bidders:
International
Halsey, Stuart & Co. Inc.; First Boston Corp.; Lehman
search
debt
repayment. Address —1200 Investors
Bldg., Minneapolis. Underwriter — Kidder, Peabody &
Co., Inc., New York.
-
1963, it was reported that the company plans
On Oct. 2,
and
of bonds in the third quarter of 1964.
St., Springfield, 111. Underwrit¬
(Competitive). Probable bidders: Salomon Brothers
& Hutzler; Blyth & Co.-Kidder, Peabody & Co.-Merrill
/Lynch, Pierce, Fenner & Smith Inc. (jointly);. Halsey,
Stuart & Co. Inc.; Eastman Dillon, Union Securities &
Co.
Equitable / Securities
Corp.
(jointly);
Lehman
Brothers-Bear, Stearns & Co. (jointly); White, Weld
to sell $20,000,000
Office—607 East Adams
Oct. 30, 1963 it was reported that this company is plan¬
ning its first public stock offering. Business—A holding
for advertising agencies, public relations firms
company
'
.
and other communications media. Office—750 Third
-
York.
New
Underwriter—To
be
Ave.,
named.
Iowa Power &
& Co.
Jan.
(N. Y.)
Oct. 30, 1963 it was reported that stockholders voted to
increase the authorized $5 par capital stock to provide
Bank of North America
.Commercial
of
for
sale
the
basis
additional
45,617
of
share
new
one
shares
each
for
to sel
Rights will expire Nov. 25.' Price
ceeds
Walnut
St., Des Moines. Underwriters—(Com¬
petitive). Probable bidders: First Boston Corp,.;. White,
Weld & Co.; Halsey, Stuart & Co. Inc.; Equitable Securi¬
ties Corp.; Kidder, Peabody & Co.; Eastman Dillon,
Union Securities & Co.; Lehman Brothers; Blyth & Co.
to stockholders on
17 held of record
Oct. 30.
Light Co.
16, 1963 it was reported that the company plans
$10,000,000 of bonds in the last half of 1964.
Of¬
fice—-823
To increase capital funds.
— $31.
Pro- ,
Office — 116 Fifth
Irving Air: Chute Co., Inc.
.Ave., New York. Underwriter—Francis I. duPont, A. C.
Allyn; Inc.; New York.:
'/
;iy
Y/.'./ Sept. 1-1,? 1963* it was reported that the company plans
to file a registration statement shortly covering $1,810,/" Communications Satellite Corp-.* - ^
000 of 6% convertible debentures due 1975 to be offered
Oct. 7, 1963 it was reported that a registration statement for subscription by stockholders.-Business—Manufacture
•will be filed in December covering about $200,000,000 *
of seat;-belts,, business: machine parts and parachutes.
of this, firm's common stock to be issued in two series.
Proceeds—For expansion," ioan repayment and working
Series ! will be sold to the public, firms that produce
capital.
Office — 1315 Versailles Rd., Lexington, Ky.
/space? exploration equipment and other non-communi¬
Underwriter—S. D.-Fuller Co., New York.
cations concerns.
Series II will be issued to FCC-ap¬
—
proved communications common carriers*, Price—Maxi-;
mumlof-$100
the
ized
per
to' provide
company
satellites
ground
and
telephone,
telegraph, television and other communications. Office
—3029 Klingle Rd., N. W., Washington, D. C.
Under¬
writers—To be namejl. Offering—Expected in early 1964.
•
Connecticut
Yankee
Atomic
Power
Co.
Y
the application of the
18, 1963 the SEC denied
12
to negotiate with underwriters for the sale of up to $55,-
000,000 of the firm's bonds. The Commission stated: 'The
evidence
tive
tended
indicate
to
securities
could
be
that
sold
Connecticut
Yankee's
successfully at competi¬
bididng." A spokesman for the firm stated that it
has not yet decided
with
proceed
formed
was
in
r
r
whether to appeal the ruling, or to
sale. Business—Company
December
1962,
to
own
and
operate
City Power & Light Co.
Oct. 16, 1963 it was reported that the company plans to
sell $18-$20,000,000 of first mortgage bonds in January
'
1965. Address
1330 Baltimore Ave., Kansas City, Mo.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Blyth & Co., Inc.-First Boston Corp.
(jointly); Lehman Brothers-Bear, Stearns & Co. (joint¬
ly); Equitable Securities Corp. - Eastman Dillon, Union
Securities & Co. (jointly); White, Weld & Co.-Shields
& Co. (jointly).
' -
Office—441
Stuart
St.,
Boston. Underwriters
To
—
a
closed number of
and
be
•/.
Consumers
Oct.
7,
1963
Power
..
type
Office
—
of
—
securities
to
be
sold
in
1964.
Michigan Ave., Jackson, Mich.- Un¬
(Competitive). Probable bidders: Halsey,
Co.
&
Co.-Lehman Brothers-Merrill
Pierce, Fenner & Smith Inc. (jointly).
Control
Sept.
the
16,
sale
&
Data
& Co.
Lynch,
Louisiana
Oct.
Corp.
the
1963 it was reported that the company plans
$25,000,000 or more of securities sometime
A company spokesman stated that the
timing
type of issue, will depend on market conditions at
8100
—
34th
Ave., South, Minneapolis.
Underwriter—To be named. The last sale of debentures
on
Aug. 28, 1962 was handled by Dean Witter & Co.,
Chicago.
Duke
-
Power
Sept. 17, 1963 it
Co.
was
tative plans to issue
$50,000,000 of first mortgage bonds
the second quarter of 1964. Office
30 Rockefeller
—
Plaza,
New
York/
bidders:
& Light Co.
it was reported that this subsidiary of
Utilities, Inc., plans to issue $25,000,000 of
writers—(Competitive). Probable bidders: Merrill Lynch,
Pierce, Fenner & Smith Inc.-Kidder, Peabody & Co.-Harriman Ripley & Co., Inc. (jointly); White, Weld & Co.Blyth & Co., Inc.-Shields & Co. (jointly); Halsey, Stuart
&
Co. Inc.;
First Boston Corp.-Glore, Forgan & Co.
(jointly); Salomon Brothers & Hutzler-Eastman Dillon,
Union
Securities
&
Co.
Equitable
Securities
Corp.,
(jointly).
-
reported that the company has ten¬
in
able
1963
Power
bonds in second quarter of 1964. Proceeds—For construc¬
tion. Office—142 Delaronde St., New Orleans. Under¬
of
time. Office
16,
Middle South
in- 1964.
and
and
tive). Probable bidders: Halsey, Stuart & Co. Inc.; Blyth
& Co., Inc.-First Boston Corp. (jointly); W. C. Langley
Inc.; White, Weld & Co.-Shields & Co.
(jointly); Harriman Ripley & Co. Inc.-First Boston Corp.
(jointly); Morgan Stanley & Co., Salomon Brothers &
Hutzler-Blyth
development of oil and gas properties. Proceeds—
expansion. Office—210 Mid-Continent Bldg., Tulsa,
Long Island Lighting Co.
Aug. 29, 1963 the company announced plans to issue
$25-to-$30,000,000 of first mortgage bonds in each of the
years 1964 to 1968 inclusive, to help finance its $285r
000,000 5-year construction program. Office — 250 Old
Country Rd., Mineola, N. Y. Underwriters—(Competi¬
212 West
derwriters
6tuart
amount
shares. Business—Exploration
—
it had postponed
additional capital.
or
For
common
Okla. Underwriters
Hayden, Stone & Co., Inc.,
Shearson, Hammill & Co., New York.
Co.
the company stated that
until
Mid-1964
its
plans to raise
.Earlier, the company said that it planned to sell $20,000,000 of debentures. No decision has been reached on
the
,
t
Livingston Oil Co.
YY/;;1/Y
Nov. 6, 1963 it was reported that the company plans to
file a registration statement shortly covering an undis¬
500,00 kw. atomic power plant at Haddam Neck, Conn.
Proceeds—For construction of the $70-$80,000,000 plant.
-named.
was
Kansas
competitive
a
(Government of)
—
utilities which jointly own this new firm for permission
senior
r
" ^ V/f;,;..... 'Y*
reported that the Government plans
to sell an additional $35,000,000 of external loan bonds
In the U. S. during the fiscal year ending March 31, 1964
It is expected that the majority would be sold by Dec
31, 1963. Underwriter—First Boston Corp., New York.
Japan
share. Business—Congress has author- £ :May T, 1963 it
facilities for the international transmission of
Nov.
*
Underwriters—(Competitive). Prob-'
Halsey,
Stuart
&
Co.
Inc.;
First
Boston
Merrill
(Government of)
is
authorized
sell
to
additional
an
bonds in the U. S. and abroad.
Loeb &
$65,000,000
Underwriters—Kuhn,
Co., Inc., and First Boston Corp., N. Y.
Missouri
Pacific
RR
,
(1/7/64)
Oct. 22, 1963 it was reported that this road plans to sell
$6,600,000 of 1-15 year equipment trust certificates. Ad¬
dress—Missouri Pacific
Bldg., St. Louis. Underwriters—<
(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Expected Jan. 7,
1964
(12
CST), at above address.
noon
(1/14/64)
Narragansett Electric Co.
Oct.
reported that this subsidiary of New
England Electric System plans to issue $5,000,000 of
first mortgage bonds, series F, due 1994. Office—15 West¬
minster St., Providence, R. I. Underwriters—(Competi¬
tive). Probable bidders: White, Weld & Co.; Halsey,
Stuart & Co. Inc.; Salomon Brothers & Hutzler-Lehman
Brothers-Goldman, Sachs & Co. (jointly). Bids—Ex¬
22, 1962 it
was
New
York
Central
Lynch, Pierce, Fenner & Smith Inc.
Aug." 19, 1963, Michael W. McCarthy, Chairman, stated
that the company has held informal discussions with the
staff of the New York Stock Exchange-as to the.feasibil¬
RR
(12/4)
Oct.
7, 1963 the company announced plans to offer
$3,600,000 of 1-15 year equipment trust certificates.
Office—466 Lexington Ave., New York. Underwriters—
(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co., Inc. Bids—Dec. 4 (12
noon EST), at above
address.
New
York
Electric
State
April 3, 1963 it
Interpublic Inc.
ers—
ac¬
pected Jan. 14, 1964.
primary and a secondary distribution. Business—Com¬
pany is one of the world's largest flour millers with op¬
erations in five countries. Proceeds—For expansion, re¬
Co.; and White, Weld &
Public Service Co.
Illinois
Milling Co.
July 8, 1963 the company announced that it expects to
file a registration statement covering its first public
offering of common stock. The sale will include both a
Co.
Central
Electric
Hartford
would not be required until at least
Brothers; Harriman Ripley &
by Interhandel stockholders,
also
by the U. S. District Court at Wash¬
C. Business—Company is
ington, D.
1963, Arthur B. Homer, Chairman, announced
that the company will embark on a $750,000,000 capital
Veb.
approved
be approved
must
2,300
Office—70 Pine St., New York.
July 16, 1963 following the public offering of $40,000,000 of external bonds, it was reported that the Govern¬
said that if General Aniline should be sold for $200 mil¬
of the voting control of the company. Mr. Kennedy
in the
in the U. S. with 139 domestic offices and over
proved a 2-for-l split and the offering of 100,000 $10
par shares to stockholders on the basis of one new share
for each 20 held of record Oct. 15. Rights will expire
98%
Thursday, November 21, 1963
.
that member firms
recommend
changes
1964. Price—$45. Proceeds—To increase capital
funds. Office—900 Travis St., Houston, Tex. Underwriter
?
.
ity of "going public." He added that, "when the time is
appropriate," Merrill Lynch will request the governors
to
General Aniline & Film Corp.
April 3, 1963 Attorney General Robert F. Kennedy an¬
nouncedthat the Justice Department had reached an
out-of-court agreement with Interhandel, a Swiss hold¬
E.,
&
preferred stock. Office — 15 Andre St., S.
Rapids, Mich. Underwriter — Hornblower
lative
& Webster Secu¬
.
&
Gas
Corp.
reported that the
company plans to
$20,000,000 of debt securities to finance its construc¬
tion program for 1964 and 1965. Office—108 East Green
St., Ithaca, New York. Underwriters — (Competitive).
Probable bidders: Kidder, Peabody & Co. - Salomon
Brothers & Hutzler (jointly); First Boston Corp.-Glore,
Forgan & Co. (jointly); Halsey, Stuart & Co.; Harriman
Ripley & Co.; Blyth & Co. '
was
sell
New York
Oct. 28,
Telephone Co.
1963 it
(1/7/64)
reported that this A. T. & T. sub¬
was
sidiary plans to sell $130,000,000 of first mortgage bonds
in, January. Proceeds—To repay bank loans, refund $75,000,000 of outstanding 3% bonds maturing Oct. 15, 1964,
and finance construction. Office
140 West St., New
York. Underwriters—(Competitive)/ Probable bidders:
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co. Bids—■
—
Expected Jan.'.7, 1964.
•
,
Pacific Ry.
Northern
Y:/;;,
...
/
:
(12/10)
Nov.-
7, 1963 it was reported thatrthis road plans to sell
$6,840,000
of
equipment /trust//certificates
in
De¬
cember. 'Office—120 Broadway, New York. Underwrit¬
ers—(Competitive). Probable bidders: Halsey, Stuart &
Co., Inc.; Salomon Brothers & Hutzler. Bids—Dec. 10 (12
noon
?
EST).
Y
rNorthern States Power Co.
(Minn.)
::.
,
/
May 14, 1963 it was. reported that the company plans to
771,110 additional shares to stockholders on
a l-for-20 basis in 1964, to raise an estimated $25,000,000.
offer about
South
Office—15
St., Minneapolis. Underwriter—
rights offering in July 1959 was
Fifth
be named. The last
To
underwritten by Merrill
Lynch, Pierce, Fenner & Smith
Inc., New York.
•
Northwest Natural
Nov. 19,
Gas Co.
tentative plans to
1963 the company announced
and $14,000,000 of first mort¬
gage bonds in early January 1964. Proceeds—To redeem
outstanding 5.75% preferred ($5,000,000), and possibly
$7,000,000 of outstanding 5%% first mortgage bonds due
Feb. 1, 1984; the balance would be used for construction.
Office—735 S. W. Morrison, Portland, Ore.
Underwriter
—Lehman Brothers, New York.
sell $6,000,000 of preferred
Otter Tail
Oct.
16,
1963
Power Co.
it
reported that the company plans
was
shares of $100 par preferred stock in the
1964. Office—215 So/Cascade St., Fergus
Falls, Minn. Underwriter—To be named. The last sale of
preferred on March 8, 1950 was handled by Glore, For¬
gan & Co., New York and Kalman & Co., Inc., St. Paul.
to
sell 30,000
first quarter of
Pacific
Telephone & Telegraph Co.
19, 1963 the company stated that it will need $650
million of new money in the years 1964 through 1966 to
help finance its $1.3 billion construction program. This
June
means
sell about $217 million of
stated. Office—140 New Mont¬
that the company must
securities
a
it
year,
was
gomery St., San Francisco. Underwriters—To be
The last issue of debentures on Feb. 16, 1960 was
was
under¬
Stuart & Co. Inc. One other bid on
written by Halsey,
the issue
named.
tendered by
Morgan Stanley & Co.
Pennsylvania Power & Light Co.
March 18, 1963 the company stated that it expects to sell
,
$75,000,000 of bonds in
Proceeds
000,000
—
of
Sto., Allentown, Pa.
lasc
sale
of
the period
1963 through
1967.
For construction and the retirement of $8,-
maturing
bonds
Office—9th and Hamilton
Underwriters—To be named. The
bonds.
on
Nov.
29,
1961
was
won
at
com¬
White, Weld & Co., and Kidder,
Peabody & Co.
Other bidders were Halsey, Stuart &
Co. Inc.; First Boston Corp.-Drexel & Co. (jointly).
petitive
bidding
by
Philadelphia Electric Co.
Sept. 18, 1963 it was reported that the company is con¬
sidering the sale of $50,000,000 of first mortgage bonds
in mid-1964. Office
1000 Chestnut St., Philadelphia.
—
Underwriters—(Competitive). Probable bidders: Morgan
Volume
198
Number 6318
.
.
The Commercial and Financial Chronicle
.
in mid-1964. Office—861 Sixth Ave., San Diego, Calif.
Underwriters—(Competitive). Probable bidders: Halsey,
& Co.-Drexel & Co. (jointly); Halsey, Stuart
Inc.; First Boston Corp.; White, Weld & Co.
Stanley
& Co.
Potomac
Co.
Edison
Stuart
(3/10/64)
•
bidders:
Potomac
Roebuck & Co.
19, 1963 a spokesman for Allstate Enterprises, Inc.,
subsidiary,, announced that the latter is proceeding with
plans to form a new mutual fund, following notice from
the SEC staff that they will recommend that the Com¬
mission adopt a new rule exempting Sears and other
large, publicly held firms from a provision of the In¬
(jointly). Bids—March 10,
Trans
World Airlines, Inc.
/■
1963 the company announced that it may offer
stockholders, sometime after mid-January 1964, the right
to subscribe for up to $8,500,000 of 5%%
convertible
subordinated debentures due Oct. 1, 1983Y Hughes Tool
Co., holder of 78% of the company's outstanding stock
Oct. 21,
Company Act. This provision has been inter¬
some to mean that registered investment com¬
panies could not hold Sears stock if Sears itself owned
preted by
Electric Power Co.
July 30, 1963 the company stated that it
will need $50,-
mutual
a
fund.
Office—925
CST) at above address Yf
noon
ing—Indefinite.
vestment
(10 a.m. EST) at 320 Park Ave., New York.
1964
y'YY
(jointly). Y-
12 (12
Tokyo (City of)
May 1, 1963 it was reported that the Diet had authorized
the sale of $20,000,000 City of Tokyo bonds in the U. S»
during the fiscal'year ending March 31, 1964.
Under¬
writer—To be named. The last issue of
Tokyo bonds in
March, 1927, was handled by Kuhn, Loeb & Co. Offer-
N°v\
Halsey, Stuart & Co. Inc.; Equitable
Securities
Corp.; White, Weld. & Co.-Shields & Co.
(jointly); Lehman Brothers-Eastman Dillon, Union Se¬
curities & Co.-Harriman Ripley & Co.-Merrill Lynch,
(jointly);
Pierce, Fenner & Smith Inc.
Sears,
would
not
subscribe
for
these
debentures,
Holman
So.
33
Dallas; Mercantile National Bank, Dallas. Bids—Ex¬
pected Dec.
Co.
Salomon Brothers & Hutzler
Md. Underwriters—(Competitive).
W. X. Langley & Co.-First Boston
Patrick St., Frederick,
Corp.
&
in
Inc.; Blyth & Co.; First Boston Corp.Eastman Dillon, Union Securities & Co.-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly); Lehman Brothers-
Oct. 16, 1963 it was reported that this subsidiary of Al¬
legheny Power System, Inc., plans to sell $12-$15,000,000 of first mortgage bonds due 1994. Office—200 East
Probable
(2025)
would
but
Ave., Chicago.
purchase any additional $30,000,000 principal amount of
1964 for its construction pro- Distributor—Allstate Enterprises, Inc., Chicago.
the issue.Proceeds—To help finance the
gram and expects to do permanent financing in the early
purchase of .12
•
Boeing jet aircraft. Office—380 Madison Ave., New York.
Shippers Dispatch Co. (11/26)
part of the year. However, it has not determined the
Oct. 30, 1963 it was reported that the company had ap¬
Underwriter—-None.
amount or type of security to be offered.
Office—929
E St., N. W., Washington, D. ■</.
plied to the ICC, for permission to sell 150,000 out¬
Underwriters—To be
Transcontinental Gas Pipe Line Corp.
named.
On Feb. 19, 1963 the company sold $50,000,000
standing common. Price-—By amendment. Business—A
Sept. 25, 1963 the company announced that it plans-tomotor carrier operating in Ohio, Illinois, Michigan and
of bonds to Dillon, Read
& Co., Inc.; Lehman Bros.,
sell $50-$55,000,000 of first mortgage bonds and possibly
Indiana.
Proceeds
For selling stockholder.
Office—
Eastman Dillon, Union Securities & Co., Stone & Web¬
-some preferred
in the first half of 1964.
Business1216 West Sample St., South Bend, Ind. Underwriterster Securities Corp., and Johnston, Lemon & Co. Other
Transmission of natural gas. Proceeds—For loan repay¬
Francis I. duPont, A. C. Allyn, Inc., New York..
bidders on the issue were Kidder, Peabody & Co.-Mer¬
ment. Office—3100 Travis St., Houston, Texas. Under¬
rill Lynch, Pierce, Fenner & Smithy Inc.—White, Weld
Sinclair Oil Corp.
*-Yc'v>;'''-;
*/.eY;X,Y' writers—White, Weld & Co., and Stone & Webster Se& Co.—Salomon Bros. & Hutzler (jointly); First Boston
Nov. 12, 1963 the company announced that it plans to / curities Corp., New York.
< ' . .
Corp.; Halsey, Stuart & Co.
file a registration statement
000,000 of new money in
,
—-
.
Powr-Pak, Inc.
-
1963 it was reported that the company plans to
file a registration statement covering 1,000,000 of con¬
vertible debentures. At the same time, certain/stock¬
holders plan to sell 125,000 outstanding common. Business—Manufacture of various types of aerosol products.
Nov. 4,
Proceeds
—
Y
York, N.
Y.
Union
the basis of one
To/sell $60,series
R, due 1989. Proceeds—To repay bank loans and finance
000,000
of
first
refunding
and
bonds,
mortgage
Utah
construction. Office
601 West Fifth St., Los Angeles.
1963 it was reported that the company plans to
Underwriters—(Competitive). Probable bidders: Hal¬
sell $35,000,000 of 30-year first mortgage bonds in April, Y.
sey, Stuart & Co. Inc.; First Boston Corp.-Dean Witter
<1964. Proceeds—For construction. Office—900 15th St.,
& Co. (jointly):; Blyth & Co.-Lehman Brothers-Merrill
Denver, Colo. Underwriters — (Competitive). Probable
Lynch, Pierce, Fenner & Smith Inc.-Salomon Brothers
bidders: Halsey, Stuart & Co. Inc.; Harriman, Ripley &
& Hutzler (jointly). Bids—Expected Feb. 25, 1964 (8:30
Co., Inc.-Eastman Dillon. Union Securities & Co.-Mer¬
a.m. PST), at above address.
/Xyy'/X'-YY/'/yy
rill Lynch. Pierce, Fenner & Smith Inc.-Dean Witter &
—
Southern Co.
Boston Corp.; Lehman Brothers-...
Co.-Whiter Weld & Co. (jointly):
Blyth & Co., Inc.-Smith, Barney & Co. (jointly).
First
(jointly);
7, 1963 it was reported that this firm plans to sell
about $10,000,000 of securities in January.
The type or
terms of the offering have not yet been decided.
Busi¬
ness—Manufacture of cosmetics, supplies and eo'iipmenl
Oct.
Se-,
(jointly); Kuhn
Co.
Co.-Kidder, Peabody &
&
Co.; Halsey, Stuart & Co. Inc.
&
Ryder Systems, Inc.
':YyX/YY
.
<
'V'V
(11/22)
headed by
man
the
second
Office—1407 West
quarter of 1964.
Brothers.
Yy
i
v'
Utilities
1963 it
Calif.
\Y'
reported that this subsidiary of Paci¬
was
Lighting Corp., plans to sell $27,000,000 of first mort¬
bonds in the fourth quarter. Address—P. O, Boj
2736, Terminal Annex, Los Angeles 54, Calif. Under¬
writers— (Competitive) Probable bidders: White,. .Weld
& Co.: Blyth & Co. Inc.; Merrill Lynch, Pierce, Pennei
& Smith Inc.; Halsey, Stuart & Co. Inc.; First Boston
Corp.
'
~,Yj-
First Boston Corp.; Eastman Dillon, Union
Loeb
group
a
in
gage
Gas Co. of
Counties
Southern
Underwriters—(Competitive). Probable
curities
made to
Light Co.
reported that this utility plans to sell
Valley Gas Co.
Nov. 13, 1963 it was reported that the SEC is studying
a
plan under which Blackstone Valley Gas & Electric
Co., would sell its entire 400,000 shares holdings of
Valley Gas to stockholders of Blackstone and Eastern
Ian. 2.
—
bidders:
was
&
was
fic
May 7, 1963 the company announced plans to sell $16,000,000 of debentures in the first, quarter of 1964, but
may do so earlier if market conditions are favorable.
Proceeds
For construction. Office — 10 Franklin St.,
Rochester, N. Y.
1961
Dillon, Union Securities & Co,/ Blyth & Co.,
Equitable Securities Corp. Other bidders were: First
Boston Corp.-Lehman Brothers (jointly); Morgan Stan¬
ley & Co.-Kidder, Peabody & Co.-Merrill Lynch, Pierce.
Fenner & Smith Inc. (jointly).
/
.
15,
Power
ties
and
Minn.
Rochester Telephone Co.
Feb.
7M$ shares held of-
expire Nov.
(jointly); White, Weld & Co.-Stone & Webster Securi¬
Corp. (jointly); First Boston Corp.-Blyth & Co.
(jointly); Eastman Dillon, Union Securities & Co.Smith, Barney & Co. (jointly); Lehman Brothers-Bear,
Stearns & Co. (jointly). (Preferred Stock) White, Weld
& Co.-Stone & Webster Securities Corp.- (jointly): First
Boston Corp.-Blyth & Cp. (jointly); Kidder, Peabody &
Co.; Eastman Dillon, Union Securities & Co.-Smith, Bar¬
ney & Co.-Salomon Brothers & Hutzler (jointly); Leh¬
y
Eastman
Paul,
beauty salons. Office — 261 East Fifth St., St.
Underwriter—Allen & Co., New York.
for
on
mon
will
Temple St., Salt Lake City. Underwriters—(Com¬
petitive). Probable bidders (bonds): Salomon Bros. &
Hutzler; Halsey, Stuart & Co., Inc.; Kidder, Peabody &
Co.;
Merrill
Lynch,
Pierce,
Fenner
&
Smith
Inc.
Underwriters—To be named. The last sale of com¬
Ga.
share for each
new
Rights
North
•
...
r
(Memphis)
$20,000,000 of bonds and $10,000,000 of preferred
stock
1963 the company stated that it is considering
the sale of $35 to $40,000,000 of common stock early in
1964 to help finance its $570,000,000 construction pro¬
gram. Office—1330 West Peachtree St., N. W., Atlanta,
Yv : Y-Y
Rayette, Inc.
-
_
about
Aug. 12,
&
Peabody
Kidder,
6.
July 2, 1963 it
June 4,
Co.
Bank
27. Price—$40.
funds/Office—61 Madison
Ave., Memphis. Underwriter — M. A. Saunders & Co.,
Inc., Memphis.
•
' •
(2/25/64) ,,Y
Co.
National
reported that stockholders voted to
Proceeds—To increase capital
Nov. 13, 1963 the company announced plans
Conn. Underwriter—#. D. Fuller
V
Public Service Co. of Colorado
Co., New York.
Nov.
record
Edison
was
increase the authorized $10 par capital stock to providefor sale of 150,000 additional shares to stockholders on
New York.
California
Planters
//Oct. 23, 1963 it
and
Underwriter—Merrill Lynch, Pierce,
Fenner & Smith Inc.,
Southern
shortly covering $150,000,debentures. Proceeds—To
finance the acquisition of
properties. Office—600 Fifth Ave.,
short-term loans,
additional oil and gas
New
Address—Bridgeport,
&
sinking fund
25-year
repay
repayment, and working eaoital.
loan
For
of
000
,
value
Associates,
($11.15
per
the
share
latter's parent Price—At book
on April 30, 1963). Business—
Company was formed by Blackstone to take over its
properties. Proceeds — To the selling stockholder,
Valley Gas.
Address — Pawtucket, R. I.
Underwriters—(Competitive). Probable bidders: Kidder
Peabody & Co.;. Stone & Webster Securities Corp.
gas
Blackstone
1963 it was reported that the ICC had author- /'
Southwestern Public Service Co.
ized the company to issue a maximum of $5,500,000 of
Oct. 6, 1963 it was reported that the company plang to
Y+ Vornado, Inc.
/Y;■/'//:Y/
■
y>'Y'
yV
convertible
subordinated debentures due 1983 to be
issue approximately $15,000,000 of first mortgage bonds
Nov. 20, 1963 it was reported that a registration state¬
offered to stockholders on'the basis pf $100 of debenin the first quarter of 1964. Office—720 Mercantile Dal¬
ment is being prepared covering the secondary offering
tures
for ' each
40
common
shares
held
of record v f
Oct.
30,
»
will expire Dec* ;6- Price—At par.
holding company engaged in the fields of
Nov. 22. Rights
ness—A
Busi-u
motor
las
,
Bldg„
■Co.,
Dallas,
Underwriter—Dillon,
V ' •;
Tex.
Inc., New York.
.
Read
&
common shares held yby Sidnev Hubrecently resigned as President and Director.
Business—Manufacture of home appliances, and the ooeration of discount stores. Office — 174 Passaic St.,' Gar¬
of
Texas & Pacific Ry.
(12/12)
eauipment leasing and manufacturing,^
Oct. 28, 1963 it was reported that this road plans to sell
Miami, Fla. Under¬
$2,700,000 of 1-15 year equipment trust certificates..Adwriter—Blyth & Co.j Inc., New; York.
freight carrying,
Office
2701
—
So. Bayshore -Drive,
said
Saxon
Currency Comptroller
Publishes New Journal
issue
first
The
National
the
of
quarterly
Banking Review, a new
journal of banking arid monetary
affairs, was published recently by
Office of the Comptroller of
the
the
inaugural
issue
commem¬
Centennial of the Na¬
orates
the
tional
Banking System.
/Deal
With Money
As
The
as
/
YY,
publication's
-
the
outside
time
we
government."
cases,
of
our
time
His
to
the results
own staff.
In
will
manuscripts
be
judged solely according to tradi-.
tional
standards
of
scholarship,
dorsement
of
office
this
appraised .according
to
nor
be
the poli¬
The
Review
is
edited
by
the
recently-formed
Department of Banking and Eco¬
contained in a foreword nomic Research headed by Victor
Comptroller of the Currency Abramson, Director. Mr. AbramJames J. Saxon,
is "to afford a
son, Ph.D. Brown University, was
medium
of expression to
those
formerly a staff member of the
who
are
concerned with public
by
banking,
and
of money and
and with the
problems
practices of banking institu¬
tions.'"
as
office
of
policy
in
the
Finance
Office
of
Other
staff
Deane
fessor
of
staff
Ph.D.,
Clark
economics
on
of
at
leave
to
pro¬
Brown
of
Banking and Economic Research,
Office
the
of
Currency..
Paul* M.
chusetts
former
eral
Comptroller
'
Y
of the
■'
financial
of
professor
Technology,
economist, Fed¬
Reserve Bank
of
Boston;
finance
of
as¬
at
University, and economist,
MITRE
David
Corporation.
C.
Sherman
Motter,
Shapiro,
business
sity
-
Ph.D.,
of
of
of Notre
Uni¬
College
of
.
"Manuscripts
ship
Univer¬
Ph.D.,
sity of Wisconsin, formerly econ¬
Federal
Reserve
Bank
of
Philadelphia.
University, formerly
ics
Department
America,
San
Abramson
staff
views
of
of
the
the
the
Bank
of
publication
submission
to
of
be*
the
Office' of
Currency,.
the
The
Washington, D. C. 20220.
an¬
subscription rate is $4.00 per
With Hamilton Mngmt.
PAUL,
the
is
Grams
of
Minn.
Hamilton
Peter
—
representing
B.
local,
the
Management
Corporation of Denver.
Joins Financial Programs
PORTLAND,
Cox
communications and
pertaining
should
Editor, National
fi¬
Francisco.
said
welcomes
chief
in the Econom¬
research
or>
scholar¬
of
.
Comptroller
nual
r'*♦*.
their pertinence to theinterest,"
Abramson
Review,
Banking
f}*
judged
be
Communications
office
Stanley Silverberg, Ph.D., Yale
nancial
of
■
addressed to The
ST.
omist,
and
fields
will
standards
traditional
*
year.
Dame.
Shull,
1957 was underwrttteiiY
.*. / v/ yy *yi
said.
y
Administration, Univer¬
Bernard
articles,
Van-*
of
Univer¬
Ph.D.,
economics,
Business
as¬
formerly as¬
finance and
of Chicago,
professor
<
Horvitz, Ph.D., Massa¬
Institute
School
Wharton
and\Commerce,
sity of Pennsylvania.
on
Department
the
serve
formerly
•
Department
sociate
are:
who is associate
University,
University,
versity
members
Carson,
Co., New York.
professor,
Finance
the
Treasury Department.
sistant
Administration, the Alien
1961
November
International
Boston
Property. Custodian and the Presi¬
Economics,
financial
He served
of Price
in
on
economic adviser to the Office
Brookings Institution.
derbilt
sistant
chief economist, he was adviser
as
&
Patent .Re¬
on
in Y$.ugust
companv,
joining the Comp¬
Committee
Prior to
troller's
the
cies of this office."
purpose,
policies in the field
dent's
form.
will not bear the official en-' University,
senior staff of the
announced
"From
shall publish
of the work
all
„
added:
foreword
Well
Banking
would
Review
the
"open to' those both within and
and
Currency.
The
be
offering of Two Guvs from Harrison,- a predecessor:.
lie
•-
Fidelity Union TowerivD^as-./Underwrrtcrs
—(Competitive). Probable bidders!/Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Ind,J First National Bank
Sept. 10, 1963 it was reported that the-company is con¬
sidering the sale of about $20,(M,000 of debt securities
186,000
field, N. J. Underwriter—To be named. The initial pub-
dress—916
Diego Gas & Electric Co;. :r-> ■■■ „•-:-V:
San
to
up
schman who
of
re¬
field.
Oreg.
has, become
Financial
Programs,
Building.
He
Hunter
Holden.
was
Parker,
Bruce
—
M.
with
connected
Inc., Wilcox
formerly with
Connoway
Y •">
.
•
••••'-
&
~
The Commercial and Financial Chronicle
34
cost
terest
TAX-EXEMPT BOND MARKET
.
the
to
will
revenue
TVlirif 1 ldil "fn would be helpful
Plnn IU
1 U1UL
1N111C
Bond
proceeds
be
this
from
Thursday, November 21, 1963
loan
Meet World: Steel
applied to the costs of 12
the
'
the
administration
sympathetic
would
of
give,
consideration
•
to, and show greater understand-!
irig for, the legitimate interests of *
industry and labor.
Remove
"(4)
World
Export
Subsidies!
Subsidies—Export)'
Export
subsidies exist in many countries. >
'
Halsey, Stuart
Moulton & Co, and
in
antidumping law
more
Monterey County,
bidding.
if the Treasury,
Department and the Tariff Com-
mission
public
(1964-2003)
bonds
which
was projects located on eight cam-.
. .
Flood purchased by the Halsey, Stuart Pres et the State University of
LOmpetltlOIl
Control and Water Conservation
& Co., Inc. account at a 3.467%
New York. The bonds are not a
y.
District, California awarded $12,net interest cost. The second and
debt of the State of New, York Trade association report on world
900,000 serial (1966-2004) bonds
competition in steel recommends nina
only other bid, a 3.541%, net in- but are general obligations of the
to
the syndicate headed by the
terest cost,'came from Drexel &
agency,.All monies from tuition, points for our 1 negotiators in their
First National City Bank, R. H.
Co
and associates
■
fees> fines etc- are Pledged to
forthcoming trade talks. •/•
importance up for
issue of
'
lease
Authority
ing
3.5799%
of
agency.
Build¬
Pennsylvania State School
6
Continued jr6m page
-
.
.
(2026)
.' these bonds. While State credit is
•
not directly involved, it may be
interest cost
of
3.446%,
This bid compared Halsey Stuart & Co. account are argued that the State has a strong
favorably with the runner-up bid,
r»Vin^i
tt '
»
rn' moral obligation in this respect,
Glore, Forgan & Co.,
a
3.45% net interest cost which Sachs & Co
reoffered to the
came
from
the account (jointly Kuhn, Loeb & Co., Blair &
from
Granbery, Marache & Co., Mer- ppbl*c at p F. s
y
?
managed by Crocker-Citizens Na¬
rill
Lynch,
Pierce,
Fenner/ & 2.10% to a dollar price of 99 for
tional Bank,
Wells Fargo Bank
3;60s and, based on early indicaand First Western Bank and Trust Smith, Ira Haupt & Co., Stone &
Webster
Securities Corp., Salo- t">ns, this issue appears to be off
Company.
men Brothers &
Hutzler, Shields to an excellent start with broad
Other major members of the
Co., Inc. at a net
&
u
o
,
p
«
Co.,J Hb°t prfceVto yiefd'
.
syndicate
winning
Bank
National
First
Security-
are
child
&
of
Dallas, F. S. Smithers & Co;; Na¬
Paine,
Bradford
&
Tobin
Austin
to
Co.
3.70%
to
off
got
to
time
due
and
Also
jointly
managed
Sherrerd
through
Lower
a
revenue
of 3.97%.
of this
members
Other
Eastman
Securities
&
Co.,
&
Hornblower
Nuveen
&
&
Weeks,
Co., Blair &
Co.,
Co.,
&
Dol¬
phin & Bradbury,
Stroud &
Yarnall, Biddle &
Co.,
ham,
Schmertz
Richards
&
at
a
Co.,
Cunning¬
Co.,
&
Kay,
C. S. McKee &
Co.,
Stuart
&
French
to
4.00%,
all
yield
from
2.30%'
Other
two
plus
large
15
000,000
gest
was
of
the
sales
Tuesday
busy
a
each
issue
or
calendar,
sales
of
Bank
Boston
major
National
Trust
and
Bank
Co.,
Equitable Securities Corp., W. H.
Morton & Co.,
net
the First
King, Quirk & Co.
the
include
to 3.40 ^
.
Marache
Gianbeiy,
Co.
&
and
Goldman, Sachs & Co.
The
bonds
syndicate
totals
$2,-
to
mated that $9,000,000 of the bonds
have been
spoken for.
Almost
final
volved
Well
of
Utilitv
Inc.
submitted
East
in
Mu-
Bav
Calif
The
Co,,
Lehman
Co., Inc.
Fenn
W.
H.
Morion
an
at
i
&
,
Co.,
4.
of $62,765,000
AHousmg Finance
tjt
University
State
(1964-1995)
^
A
through negotiation
to
purchased
at
with
f;rwriters
arTe ^°TSan Guaranty
^nnJfn ^rotners,
V?''
oldn^n'
<?'
i/?6
Vu"'
cf&t
'
1
St. Louis and John
net in-
a
pn
T
.
r
Trust
t
Co.,
N
'
„
■
'
,
.
.The, bonds weye reoffered to
A^e^d Irom 3.00% in 1975 to 3.45%
*n
and, due to time difbetween
here
balance
no
presently
is
However,
first
the
taken by
were
the
and
ten
large
a
commercial bank for portfolio acand
turities
is
a
the
1992
sold
were
1993
and
ma-
pre-sale.
auspicious
very
This
start.-
As
that
Record
sues
close this v^eekly mono-
we
municipals,
on
it
appears
Wednesday's three large
is-
have met with unusually
may
sympathetic
year—(Single Copy —$4)
.Qertainly
investor
the
New
interest.
York
State
Housing Finance Agency issue is
This bound publication will give
you the monthly
securities
as
well
Over-the-Counter
as
those
quotations.
close
/
A.
or
on
CO.
being
a
subsidies,
expOI-t
sell-out and
Treasury
than
still
These
"clearly
must be
factors
carefully
and
Lower
remain.
cor-
P°rate tacome toxes would COn"
+rihnt^ f1irfhw
oniialfeinoi^
doing
markets
thpv
variety
havp
of
for
the
better
enmptimp
investors
(6)
C®dfiS,
so,
Credit and Insurance Cov¬
erage—The United States tends to
suffer
from
fact
the
that
lower
wlresU r^tesV"and"7xt"endpd
.
to
do
some
more
however reluctantly.
r
re-
lin_,_r
tfnwmmptik
fnrAicm
A..HH
wntte£ by f°ieigl\ governments
offered
certain countries
are
un-
0n
in
export sales.
£h0uld
appraised
These
practices
be curbed,
"(7) Regulatory Policies—With-,
by oul" neSotiators in order to in the world steel industry, the avoid fur,her injury to American attitude of other governments to- '
steel Producers in the world com- ward the competitive problems -
States will
TTnitpd
thp
is
quite different from that exist-.>
anoreciablv
climate
in
which
all
comnetitors
fhe United states will appreciably climate in which all competitors
(Operating in export markets do so
products
into the forthcoming
under comparable conditions,
"(8) Tied Loans—So long as it
negotiations, the steel tariffs on
the
products covered ;by the
Treaty o{ Paris establishing the
European Coal and Steel ComniunitV should be included in the
is the policy of the United States
Government to provide foreign
aid it should continue its practice
of tying such aid to the purchase
of United States materials. This
negotiations. Steel should be bar-
policy has already made a worthwhile contribution toward correeting the American balance of
other
steel
reason
enter
to
are
steel
and
not
dissimilar commod-
against
gained
against
some
payments position.
ity such as corn.
"(2)
—The
Non-tariff Trade Barriers
primary disadvantage of the
compared
States
United
to
Foreign
"(9)
the
Aid
Steel Projects
New Foreign Steel Capac-
Community is ity—Government financing agencies, in weighing appeals from
it is unlikely that foreign countries for assistance in
European Economic
the existence in the latter of turnover
taxes. Since
the
Community
the
or
United
the
erection
a
buying,
'
of' still
capacity
new
steel mill
abroad with the help of American
negotiators tax funds, should give considera-
structures will soon be
states tax
financing
:
more
changed to provide even approxi-
similarity,
the
should request that American pro- tion to the steel supply - demand
ducers be compensated—either by imbalance
which exists in the
greater
reduction in European world today and which threatens
^ariff rates or by other means— to be with us for many years to
advantages,, which
the
{or
"Europeans
jmp0rt
remissi0n
on
recoive
through
of
.
the
the transactions
tax
tax
"The issues of tariff structures, /
trade barriers, export
-non-tariff
subsidies and tax structure must
export sales/
"(Z) Antidumping Legislation—
Tpbe
present
*
come."
the
The Institute report concluded.
the
and
equalization
States law
protection for
United
be considered as
a
group
United States Government
*
.
law would be substantially structures and leave inequities
improved without deviating from created by non-tariff trade bar-
The
may7'be 1116 concept of
.
forced
'
competitive position of the Amer-
said that the follow-
better thari one-
Place, New York 7, N. Y.
2-9570
some of this disadvantage, inade- V
qUacjes jn
depreciation
allow- •
forces have made competition clif-/
The report
'
f
trlbute iurtber to equalizing the
structures
policies.
regulatory
remove
respect
with
tax
investment
suffered
suffered
has
has
disadvantages
the
by the
in the
provides no real
forthcoming
tariff
negotiations.
sold performances. With the
American steel producers against Our negotiators should resist anv
calendar ahead and with the imports at less than "fair value." tendency to bargain away tariff
their way to
slim
call:
WILLIAM B. DANA
to
DEWAP and Ea?t Bay issues sc-em
half
REctor
States
States
United
United
thp
mate
*
.
r
'.logue
Park
at ethe
m
of
a^rt^ tla't
asserted that
stittite report, which
any
Halsey, Stuart
as maJ°r
.
p!Uf
£ t/Sj?
Con-
bonds
Bank & Quotation
?
markets
steel
world
lines and
guide
tTedit in 1962 have helped
steel tariff reduction by the Euro- ing in this country. Our govern- ;
Viih- Pean Economic Community and ment should strive : to create a
net interest cost
pioacant Fii«r
25
compe 1 lve
/
aee a
the
;
America
whirh
3.280%
a
Inc.
issue
o4
New York State
Agency,
&
QUICKLY BY USING OUR
Write
ften<* in steel mill product, and
principal competitors.
our
Ev,en though the new depreciation:r
increase their mutual trade. If for
count
find"
.
„
littie basis for expecting that any
pn<sf
of
1
sUuatfon Which
with respect to trade policy and
ahead^
permissable trade practices of /
bid,'
"(1) Tariff Structures—There is their respective steel industries
winning
intprpqt
*
Co
x
miffed
of 160 dealers managed by
Phelps,
exports-)
group
&
Stuart
the
npt
3 279%
Associated
YOUR ACCOUNTS
to
..
.
derstood
Heat
District
Hahsev
bv
maturities
"hard
are
a .negative trade
irig
mpntinn
(19M-199?! bond?.
headed
Received
Wednesday, the nationwide
group
■
Dead
a
«.|P
S30 000 000
available.
listed
.
f{
nroriueers
from 2.10% to 3.50% for ficult and wil/continue to do
various coupons and it is esti- said the Institute.
coast,
all
steel
yield
bid.
090,000.
market. This issue was
on
American
and
reoffered
were
for all 3.30s, the present
in
for
steel producers have been at a
^isadvantage because 0f ^he dif-
tries of
Difficult Competition
"
to employment costs, tariff strucutres,
non-tariff trade barriers,
fI0m 2,3°^ n"t'V?''7
4
benefits
sponsored by the General Agree- ferences in the tax structures in.
ment PP 1 ariiis and 1 rade.
the United States and in the coun- :
pTa!o/?Fep0 & Blair & Co.,
ft"1/'
Beabody & Co.,
Stevenson & Co.
lar¬
prices
mutual tariff reductions
from
nosing out the Bank
balance
special tax
ances
ueisoi
members of
„
-1
and Bacon,
struction
per
the forthcoming negotia-
Blyth &
include JBlyth &
Co, Halsey, Stuart & Co., Inc./
ferences
(Only $45
3.38%
a
me
£rC)UP
nicinal
$1,-
SERVICE
The
pared
to an invitation of the Business
Corp. and associates.
Other
the
Trust Co.. Continental Illinois Na-
of
$32,950,000
bid,
runner-up
interest cost, came from
Chicago
Northern
the
include
syndicate
The
more.
involved
with
are intended 1° compensate for ]
the extra risks entailed in export
36-page, report was pre- selling. However, we are opposed by the Institute m response to direct export subsidies such as ;
•
^.;
1993) bonds of Los Angeles, Calif.
Thp
brought
day
the
on
additional
of
members
major
National
First
and
Booming
to 3.32%.
terest cost from 3.284%
Bros., Smith, Barney &
but $946,000
bonds have bedn sold.
Tuesday
ranged in in-
.
American Iron and Steel Institute
..
On
to
3.266%.
came
other bids
and the
Inc.
Reoffered
forthcoming ■ tariff negotiations> was issued recently by
enough views on
tlons 011
oddly
led jointly by Harriman
Ripley & Co. and Lehman Bros.
submitted the best bid, a 3.3478%
net interest cost for $24,000,000
Electric Plant Revenue (1964-
3.27% net
a
from Halsey,
Co., Inc. and associates
cost,
Co. and Woodcock, Moyer, Fricke
&
bid,
runner-up
of
cost
interest
net
bidder
successful
Chicago the
Se¬
Sachs
Goldman,
Marache
Granbery,
Union
Equitable
Corp.,
John
account
Dillon,
curities
Co.,
Mu¬
First National Bank
aged by the
of
interest
syndicate man-
the
with
groups
The
rated
well
This
sales
group
bonds
issue attracted nine bidding
bond
(1965-2004) bonds
interest cost
include7
$3,-
City
Pennsylvania
Authority,
net
pur¬
negotiation,
Burrell
&
Lynch,
Smith
&
chased,
nicipal
account
Butcher
Merrill
and
340,000
Sewer
the
by
Fenner
Pierce,
transacted.
pre-sale.
sold
were
Monday
on
competitive
700,000 St. Paul, Minnesota vari¬
(1966rl993)
the
P1?.1.®.
•..^10 Pbje^?^:;.'^?."';suchi^
^tief as
arranges on reasonable terms, export^
durance programs and currency >
conv?rtibihty guarantees/ which;
interest apparent.; Syndicate and and Defense Services Administra-:;:!which are artificiai bounties, and
special sales amounted to' $40,- tion of
e U. S. Department of our government should seek their
000,000 as we went to press.
Commeice. The BDSA requested removal wherever they exist.
Wednesday's two important tbat steel producers give their
"(5) xax Structures—America's
The
Tuesday the sale of $7,-
was
1%
2000
IV2 %
a
and were sold pre-sale.
on
purpose
a
broad
a
carried
ous
bonds
The
in
issue
The
$19,797,000.
start.
carried
2004
to
attracted
press
at
2.10%
from
mendations for consideration in
involved West Coast credits. The
the present balance
bonds
2003
Also
in
issue
disappointing
syndicate
$5,650,000.
was
2002
coupon
2001, this
in
a
in
Balance
from 2.35%
yield
Cur-
1999, this
in
with
account
coupon
.
to
Scaled
1966
Co., Lyons,
&
&
Jackson
vield
to
3.65%
to
demand
in
&
Bache
Co.,
date has not
to
Hannahs
west
at
James^ A.
&
Webber,
Scaled
1964
Lee, Inc. and the Pacific North¬
Andrews
&
Co.,
&
Inc.,
Corp.,
Securities
District
Second
Co.
&
C.
Credito/
Banco
Co.,
Struthers
Wood,
J.
Corp.,
Michigan
of
Co.,
Co.,
tis and Francis I. au Pont & Co.
'
First
&
Dean Witter &
Co.,
Weeden
tional Bank of Commerce, Seattle,
geles, Republic National Bank
& Co.,
Co., L. F. Roths-
Pressprich
W.
R.
Co.,
John Nuveen
An¬
Los
of
&
A report on "World Competition
in Steel," containing nine recom-;
the
by
fore
which riers, export subsidies and tax
GATT Agreement coridemns,
pasSage
Congress.
of S. 1318
In
now
addition,
be-
it
rtructures which remain as
competitive
coual-
United States
ability."
iv large barriers to
;
•;
.
0
Volume
Number 6318
198
.
The Commercial and Financial Chronicle
.
.
"Under
Wastrom Joins
XIII
Section
the
of
Williston
F. Eberstadt Co.
and
;
New
York
City,
York
Stock
joined this
i
charge of
has
velop ment.
change
action
Wastrom
page
was
formerly
vein
with
the
and
Chemical
recently
more
each
year,"
found
be
commentary
understood
in
been
have
to
on
like
Two
Division and
"Were
it
facing
Exch. Statement
be
soon
United
On Firms
Chase
.
Henry
of
New
,
Watts,
M.
Board
the
York
Stock
as
the
Exchange,
For
example, in
the
debut
T,
65%
"The
good fraction
Chairman
the
of
of all
and for
teen-agers
be
may
the
work,
—
car
sport, long trips and city living."
,
has been advised by the Board of
Governors that
failure of
in
Williston
rated
each
that
and
in
&
Ira
such
"The
result of the
a
customer to
a
commitments
R.
as
meet its
commodities,
&
financial
Co.,
continue
in
business
or
just
car
a
than
owned
families
of
one
has
car
is
safety
a
Mascio
that
H.
staff
of
Union Commerce
Building.
all
the
War
have
cyAivAJMrjp
times,
the
AMERICAN
tion
all
10,
on
the Common
share
a
year-end dividend for 1963,
of
record
November
the
at
26,
close
of
business
1963.
E.
Ford, Secretary
COMPANY
in
DIVIDEND
COMMON
The
out
suburban
of
shares
postwar
only
up
of
Directors
of
of
the
Common
board
declared
Cyanamid Company
today declared a quarterly divi-'
dend of forty-five cents (45(0
per share on the outstanding
Stock
the
on
stock
common
to shareholders of
record
of such stock of record
December 2, 1963.
close
IV2
today
Company, payable Jan¬
2, 1964
uary
the
directors
dividend of 30 cents
a
share
per
of the
of
Company, payable De¬
cember's, 1963, to the holders
ownership,
car
Board
NOTICE
DIVIDEND
the
at
the close of business
at
of business December 2,
R. E. FONVILLE
1963.
popula¬
R.
doubled."
S.
Secretary
Kyle, Secretary
November 15, 1963
Wayne. N. J., November 19, 1963.
of greater importance,
report
biles
Jan¬
January
COMPANY
explains
the
gone
barely
Perhaps
the
payable
on
UTILITIES
ac¬
points
these
multiple
has
business
CYANAMID
suburban
bank
of
the
the
as
both
stockholders of record
to
of
;
shown
was
and
near
and
this
iz:
g
II,
growth
ownership
has
Series,
1964,
close
Henry
growth. Compared with the 7-fold
in
the
on
DIVIDEND NOTICES
The
gains
25,
uary
1964; also $3.25
American
income
declared
Stock—$4.50
payable December. 14, 1963, to stockhold¬
Gbeat
World
income
anywhere
Stock—$3.50
at
ers
16%.
"neither
has
Preferred
first
during the
tremendous
migration,
Directors
the
1957,
surveys
car
of
on
Series and 37^/i t a sharo on the Preferred
Stock
American
In
and
of only
Board
share
a
is
says,
have
that
altered
the
automo¬
American
desire
for style of living in a
way that has
created, made
owning a car essential, and
booming new an
owning
climbed
could
John
the
joined
—
Paine, Webber, Jackson & Curtis,
increasihgly
car
COPPER
CORPORATION
desirable—if not necessary.
every
to
2
ROCHESTER, NEW
DIVIDEND NOTICES
12
DIVIDEND
5. This
1949, and
put
CORPORATION
if
more
cars
A cash distribution ot $1.00 per
a
BRICCS & STRATTON
in
share
was
voted
by the Board
ot Directors ot Kennecott
CORPORATION
DIVIDEND
has
Ohio
The
day regular quarterly dividends of $1.12 V2
has
7-fold gain from
trend
Wilmington, Del., November 18, 1963
Paine Webber Adds
years
Ford's
cars.
additional
million, about 1 in
Exchange.
be
for in
1929, 21
E. I. DU PONT DE NEM0URS&C0MPANY
many
"
1% million in 1949, the
over
number
are
condition
with
the
one
industry," the bank noted.-*"From
they cannot be permitted to
to their creditors
widespread
than
what amounts to
J.
Incorpo¬
Beane,
Haupt
more
important
an
ahead."
years
celerated by—among other things
for
errands,
automo¬
expanding market for
—rising
setters
pace
different
a
in
Business
report,
"Among
occasion
each
Board
ap¬
well," the bank observed in its
there
nouncement;
rapidly
develop¬
might
of
of
declining
that
day when there'll
for every adult
car
Brief.
an¬
Bank.
is
the
bimonthly
on
following
20, made the
Nov,
a
Chairman;
Jr.,
of Governors, of
a
the
nation
proaching
be
the
to
Manhattan
"The
Suspension
in
provide
and
slight gains in the proportion of
American" families owning cars."
that
common
DIVIDEND NOTICES
con¬
recent years there have been only
gain
families may
"should
producers with
the proportion had risen to 75%, a
•
more
report
bile
an¬
commented,
makers
Depression
according
quite
States,
cludes,
ris¬
this
bank
the
our
now
saturated market,
a
multiple
car
for
not
the
"automobile
after
By Chase Bank
four
to
units
million
car,",
one
CLEVELAND,
Although
Three-and
sold
major
a
additions
population,
2V2
the
of
reported.
for
than
35
time
cars
bank
account
about
after
Family by 1980 Seen
stitutional Division.
10%
new
a
nually."
Williston & Beane,
More Cars Per
or
so
new
automobile
ing
first
the
the
"They >also
families
bank's
or
s"The trend toward owning
buying
are
around
million
15
Model
head of the In¬
as
is
A
the Ex¬
Incorporated.]
President of
Drug
13.
on
Vice
as
for
for
account
by 1980."
garage
people
car
ment,"
he
where
the
Co.
will
issued by J. R.
Em¬
pire Trust Co.
Peter L. Wastrom
its
and
with creditors."
Ira Haupt &
by
second
providing settlement
made
been
Mr.
served
states that
organization
J ED. NOTE: A statement issued
de¬
"Already
part of all
be reinstated
n
new
-business
allied member¬
members and allied members may
or¬
ganization
from
suspended
and
member
a
L.
has
Wastrom
members
"The Article further
announced
Peter
allied
become
the
and
Co.,
&
and
family's
every
R.
ship.
Exchange, have
that
Haupt
J.
Incorporated
Beane,
membership
of the
members
Ira
therein
F. Eberstadt & Co., 65 Broadway,
New
&
members
Article
of
2
Constitution,
(2027)
Corporation
per
NOTICE
on
Cop¬
November
15, 1963.
NOTICE
The Directors of Xerox Cor¬
poration
at a
meeting held
on
November 7, 1963, declared
a
quarterly dividend of $0.50
per share on the common stock
of the par
The distribution will be made
YORK
value of $1.25
pay¬
cott's shareholders of record at
the close of business
ber 26,
DIVIDEND
Board
regular
AMERICA'S FIRST TOBACCO MERCHANTS
cents
(35c)
dend
of
So/a//fli/ee/
the
'/760
of
share
and
($3
declared
of
(50c)
stock
a
year-end
payable
L.
Cigarettes
Milwaukee,
November
Regular
King Size
Crush-Proof Box
OLD
GOLD
THE
STRAIGHTS
Regular
King Size
and
Size
Crush-Proof Box
'
SPRING
on
of
the
November 29,
to
1963.
FABULOUS FLORIDA-
Regner
President
&
Secretary
and Gas
1963
ferred
Directors
stock.
The
of
Board
respect
of
The
Colorado
Board
its
and
been
13,334
BRIGGS
on
Directors
$50
shares
of
the
at
action
no
took
this
action
no
DIVIDEND
its
series
B
$50
par
LEADER
A
normally
have
31,
1963.
There
are
A
and
119,296 shares
on
The
Iron
Corporation
Little Cigars
THE
Chewing Tobaccos
the
close of
Checks will
to stockholders of
business
December 2,
CONSOLIDATION
BAGPIPE
HAVANA
1963.
be mailed.
Turkish
g. o. davies,
New York,
HELMAR
December
•
-
-
'
'
•;
•
•
'
'
c
.
H.
Series
Series
....
....
.
M.045
.
Series
....
1.075
.
1.2625
1.32
$1.40 Dividend
FITE
Preference Common
.
.35
.
,
Common
.
.
.
,
All dividends
before
FABULOUS FLORIDA-
GOOD SITES FOR TOURISTS
.
.65
.
are
payable
December
stockholders
vember 29,
of
20,
on op
1963
record
to
No¬
1963.
Malcolm Carrington, jr.
Secretary
the
at
John
Corcoran
Vice-President
&
m
SWuii
in
PVBLIC SERVICE
Secretary
CROSSROADS
■
*V
.$1.02
.
12,
record
November
V/jw/y/i OJfonilhtyd 0ledcajccA
.
.
1963, to shareholders
close of business on
29, 1963. Checks will be mailed.
on
of
Ued ^7/ie SFi/1 eiC—
.
.
5.28%
at a meeting held today, declared a quar¬
terly dividend of 40 cents per share on the
Common Stock of the Company, payable
Cigarettes
MURAD
Vice President
1963.
Nov. 20,
COMPANY
BLOSSOM
.
.
s
COAL
BEECH-NUT
record
.
4.30%
President
TrtADISON
quarterly dividend of $.625 per share on the
outstanding Common Stock of P. Lorillard
Company has been declared payable De¬
Series
rec¬
November 22, 1963.
ROBERT
The Board of Directors of
ACTS
1963, to stockholders of record at the close
of business
December 2,
1963. A regular
Series
4.18%
ord at the close of business
HOUSE
BETWEEN
4.08%
5.05%
1963 to stockholders of
on
payable on the first business
day in January, 1954, by way of anticipation
has
been
declared
payable December 18,
Per Shar®
Cumulative Preferred
-
the Common Stock of the
Company, payable Dec. 17,
Secretary
Colorado Fuel and
share has been declared
Dividend
Stock
quarterly dividend of 32<b
per
value
would
C. Kirk,
Decem¬
Class of
to
redemption of 2.500 shares
value preferred stock
which
dividends
NOTICE
par
December
on
clared the following
with
quarter,'
DIVIDENDS
for the quarter ending
ber 31, 1963:
P.O. Box3100*Miami, Fla. 33101
11,667 shares of
series
series
B
outstanding.
v
FRIENDS
be
''
The Board of Directors has de¬
& LIGHT COMPANY
payable'
are
record
for
QUARTERLY
FLORIDA POWER
of
INDIA
Company
Fuel
6th.
took
stock
Directors
annual
A
stock
made
December
common
of
the
series
preferred
Smoking Tobaccos
of
dividends
holders' of'
to
the
to
The
ol
These
3lst
business
authorize
King Size
of
Corporation today (Thursday, Novem¬
ber
14th) declared the regular quarterly divi¬
dend of 62Vi cents per share on the series A
$50 par
value preferred stock and 6834 cents
per share
on the series B
$50 par value pre¬
EMBASSY
UNION
Public Service Electric
GOOD SITES FOR INDUSTRY
Wis.
19.
Board
King Size
Dividend of $1.75 per share on the Preferred
Stock of P. Lorillard Company, which other¬
1963,
Iron
close
C
OLD GOLD SPIN FILTERS
.NOTICE
16,
COLORADO FUEL AND
December
King Size
at
Treasurer
Secretary
Dividend Notice
The
NEWPORT
1963,
E. K. DAMON
WILKEY
IRON CORPORATION
Imperial Size
18,
R.
NEWARK. N.J.
YORK
K ing
December
record
G.
Vice
KENT
cember
Novem¬
divi¬
share
per
on
161 East 42nd Street. New York, N. Y.
thirty-five
value)
par.
to Kenne
1963.
MALCOLM
a
1963
,
stockholders of
wise would
has
dividend
cents
per
fifty
capital
Corporation,
DIVIDEND
Directors
quarterly
1963.
December 18,
XBriggs&Stratton];
The
able January 6, 1964, to share¬
holders of record at the close
of business on December 17,
November 18, 1963.
wti.
OF
THE
EAST
36
The Commercial and Financial Chronicle
(2028)
.
,
Thursday, November 21, 1963
%
party
WASHINGTON AND YOU
at. the
Hotel
MR. CACKLES
and
Chase
Glen
Park
Echo
Plaza
Country
Club.
May 16-24, 1964
BEHIND-THE-SCENES INTERPRETATIONS
National
FROM THE NATION'S CAPITAL
(New York City)
Association
of
Mutual
Savings Banks 44th Annual Meet-,
ing at the Commodore Hotel.
WASHINGTON,
C.—The
D.
Oct. 12-16, 1964
000, and United Kingdom 54,000,-
population of 3,180,000,000 000.
increased
during
the
pastj
Thus
(Coronado Beach,
Calif.)
"world's
lias
three
another United
of
lfent
And
here
equiva-
the
almost
years
States.
States
the United
in
the population is
Despite the decline m
Maryland.
the
percentage grow
population
A
l90,00 ,0 0
of
.
days
ago
Secretary-
our
Commerce, Luther H. Hodges,
mjade
miuch
attention
more
deserved
that
address
an
•
p
Reference
lation
the
across
^ Washington
reau
Central
America
and; South
th0
nQw
fagtest
researdh
it]T -It1 pertained to' the
population. growth
States
and
in the United
presented
of the
some
.
i)i
projections by our government
what;our
will look like
economy
"^djpfrthe 4960s.;♦
Mr.
Hodges
cessful
business
his
in
and
was
Year
are
to
enter
wlfllcJlu
Chicago
North
before returning to
State
in
man
native
Carolina
the Tar Heel
poltics
D.
the
rate
the
have
end
ing
the current rate,
persists at
it will
where
he
Pr°e™t
.
.....
asked him
His; Cabinet.*-.-;
to
address
prepared
sponsored
of
that.
the
-
in
for
at
Ya.,
density
of
America appears destined
airpan
„to jbecome more crowded than the
present
population
mjle of India
After
of
Census
Commerce
retary
per
.
square
Haiti.
or
pointing
'the
the
out
is
Department,
disclosed
Bureau
part
a
the
of
the
that
Sec-
almost
everything they do at the ComDepartment
merce,
in
efforts
develop the American
conditioned
to
economy is
challenges of
by the
population growth.
"If
the
teach
statistics
else,"
Hodges, "they remind
said
us
Mr.
thbt the
future grows out of the past. What
has
happened
trends
in
the
set
population
our
stage—and
to
a
large extent establishes the limits
for
future
our
in
country.
the
has
the
development
as
a
growth
expected
19.
the
years),
years;,
population
Officer
of
research,
series
of
projections
a
tional
that
one
product
ices),
should
1970,
he
it
other
world
with
might
world.
be
some
At
pertinent
in
pie,
by
far
States
of
India
Soviet
000,000)
course
second
Union
followed
in
:
in
is
the
China
fourth
(461,000,-
third
by
place
the
(225,United
with
190,-
000,000.
tW only
one
of
Some
other
largest
countries
lowing the United States
donesia
000,000,
are
folIn-
100,000,000, Pakistan 99,Japan
96,000,000,
Brazil
78,000,000, West Germany 55,000,-
likely to
are
become
n
C
^
the "behind the, scene" interpretation
/
be/lmd *hefs<*ne. ™*erpre
may or
fromnot coincide swith the "Chronicle's"
the nation Capijal^d^n
may
in
years
as
own
of
ture,
earlier
the
and
per'family
little
forestry
and
fisheries
when
now
and
the
about
1952
$750
in
billion
Th^
would
35%,
and
fnr
would
Steel
dur-
to
about
production would
about
135,000,000
compared
year,
this
increase
with
be
tons
a
107,000,000
Automobile production
year.
the
7,600,000 this
neighborhood
of
compared with
as
year.
INVESTMENT
"
■■
,
-
,
'V
,
,
of
dividend
ments,
FIELD
.
V...
,
C
•
'
,
_
Investment
:
in high schools will jump 50%,
a n d
college enrollments will
nearly double; more slums will
redemption
From
jng
all
.
CHRONICLE'S Special Pictorial
Supplement Dec
The
the
urban
now
population
America
25
Park
jn
the
politan
tral
s
a
v;
Attention
Maxson
.
_
Commerce
of
ulation
increases,
the
lives
Apr.
22-23-24,
Mo.)
of
than
1964
(St.
'
of St. Louis Municipal Dealers spring
olir
mean
that
pe0p]e
225
or
has
that
suburbs.
more
Would
long been
our
mushrooming
Films
Fruit
&
SS
New
York
telephone
i
number
is
CAnal 6-4592
LERNER & CO.,
Investment
Inc.
Securities
,
10 Post Office Square. Boston 9, Mass.
Teletype
Telephone
HUbbard
617
2-1990
451-3438
Equipment
metro-
than
live
on
Corporation
cen-
and
Carl Marks & Co. Inc.
Bought—Sold—Quoted
This
65%
FOREIGN
lesi
area
of
SECURITIES
20 BROAD STREET
•
an
suburbs
while
established
have
the
been
central
SPECIALISTS
NEW YORK 5, N. Y.
Memorandum available
I
on
request
■
TELETYPE 212-571-1685
TEL: HANOVER 2-0050
the United States.
It
Our
-
Electronics
Major Pool
,
more
than 9% of the total land
fact
MARKETS
-Waste King
Louis,
trend
embrace
50,000
surrounding
would
and Dealers
Industries
Official
I
Standard
.
Department
Brokers
Botany
Banks 17th Mld.Yeal
n g s
-
this i decade,
;
that
areas
cities
their
more
Place, Naw York 7, N. Y.
19
140,000,000 Americans will be living
FINANCIAL
-
;
present
through
and
CHRONICLE
of
v
.
and
expect-
density
sharply.
continues
announce¬
calls,
increase
to
the
COMMERCIAL
TRADING
did not point out that as the pop-
indications, the Com-
Department is
comprehensive
sinking fund notices.
.
™
v,ntnitnlsVmof:KitrH' meeting at the Commodore Hotel
'"Ore schools, hospitals and highways
be bullt
1
April 8-9-10, 1964 (Houston, Tex.)
As a matter of fact, there will Texas Group Investment Bankers
he more and more needs for Association Annual Convention at
pearly everything in the area of
shamrock Hilton Hotel.
goods and services. Some mighty
CHRONICLE'S Special Pictorial
lie ahead, but they
SeCUon April 30
The
Urban Density
merce
the
Associatior *
Bankers
will be met.
.
'",
oil
Over-the-
Other features
most
record
IN
b' parks and recreational facilities.
expand
consumer
'
the
■
about
in the
include
ke cleared, .sewer and. sanitary Dec. 2-3, 1963 (New York City)
systems wjll be built, and more National Association of Mutual
'
markpf
pondnmpr
services
of
terms
'
dollars?
and
starts,
national product is
gross
and
total 86.°00,000 workers, 13,000,- of America Annual Convention
more than 1960; enrollments at the Hollywood Beach Hotel,
a
from
decade
new
a
in
mean
years
Chronicle
will
The labor force is expected to
is increasing.
six
than
more
of
number
Financial
Counter Market.
share of employment will con- Uec* 1_b' li,b* (Hollywood Beach,
tinue to decline.
v
F,a')
dren
and
exchanges
continue to employ fewer and
fewer people; mining, transporta-
earlier, have had their chil-
children
Monday Issue of the Com¬
than 5,500 stocks traded
ried
the
*
0Vei*
Oil
contains the price range on more
tion and utilities will have a net
II
War
"
5,500 Stocks
The
mercial
Department
'
n
views. ]
^crease in employment, but their
World
-
PnCe
.
'
young
Since
Mutual
,
increase
an
of
ing at the Hotel America.
people in this country have mar-
0f
six
five
within -its-citv limits
increase
y
^
The
th^
;
Commerce
.
estimated 731,000,000 peo-
with
000),
gejes is
000,000 in the 1940s.
-
country
-•
projections by
by
of the fan-
countries.
largest
an
.
Association
Savings Banks 47th Annual 'meet-
v -
,
^
largest aties that chalked'up an
are
i 1
m a r
.
National
of all the OTHER turkeys you've
cities, with few/exceptions have. Americans
of 28,000,000 in the 1950s, and 19,-
Assuming
The
on
,
May 22-23-24,1967 (Boston,Mass.)
Thanksgiving—r-lt'll
in
the
me
on
i
:
I960; ThisAvill follow
out
growths, being recorded
some
the
to
Department of
10,000,000 units
serv-
me
for
Commerce projections by 1970:
The "Go West" movement will
expressed by Secretary Hodges— continue with 17.6% of the total
our population by the end bf 1969
U. S. population living in the
expected to be about 210,000,- Mountain and Pacific States along
000, an increase of 29,000,000 over with Hawaii and Alaska; agricul-i
back
the
would be in
pointed
the
in
look at
a
only remind
Secretary Hodges'Forecasts
in-
billion
having " turkey
NOT
More 1970 Projections
ria-
country is but the fourth
point,
tastic
and
$750
have
along
gross
(goods
could
our
to take
our
hit
largest nation
this
Cabinet
wealth
eluding
that
the
I'm
pop-
double
p r
through emigration.
running
Although
with
"No,
sold me!"
(Brazil's
growin
.
.
Latin
rapid
to
'
Savings Banks 46th Annual meet¬
the
-"Germany;.' and" Ireland
•
Hilton
ing at the BellevueStratford Hotel.
more slowly, 0.8% a year, than in
any major region of the world.
losing
Washington
Nation aL Association,: of fjffutual
■mm
■
annual
growth
xne
50%.
U. S. Fourth Largest Nation
a
the
to
ulation
ables
had
in
greatest
American
is
the
at
:,,.Paf)
;
*
countries
contrast
nation."
;
American-
Latin
What will all of this
-population
nothing
us
this
aU
of.. Mutual
.
May 16-17-18, 1966 (Philadelphia,
£D(?ap>
States
United
population increase of 4.4%.
the
at
Warrenton,
population
-
his
function
a
delivered
and
House
*
m
the
world> little Costa Rica in Central
East
-
said
for
total" population, already, ha*
Qf
Association
Hotel.
current ^century
the
Canada.
passed
(Washington,
623,000,000 people at
George Washington
by
University,
-serve
•-
Secretary,; Hodges
Arlie
and
1965
Savings Banks 45th Annual meet¬
growth
America
Latin
17-18-19,
C.)
National
year.
per
jf
t.
Kennedy
Mutual
meeting at the Commodore
May
-n tjie WOrld.> The rate is almost
3%
America
highly.sud-
a
of
Hotel.
regions
growing
projected
went * info *
Association
Savings Banks 18th Annual Mid-
alJ
that
says
that
amount of
(New York City)
National
compared with 406,000,000 people
great
Hotel.'-
Dec. 7-8, 1964
I
Bu-
lifnd than.it. received..Itis.obvious
a
Asso¬
popuiation> the records show that
180,000,000. when
m
few
Traders
Del Coronado
t:h0Ughi Asia has this tremendous
t^e last decennial census was con1960.
ducted
The
curren
about
is
with
compared
Latin America Fastest Growing
<
ra e o
the. 1950s,
,
Security
ciation Annual Convention at the
most Populous nations.
increasing each
to the equivalent of another
year
National
it is shown that Asia, with
1-8 billion or 56% of,the worlds
people, has five of the world's 10
HILL THOMPSON & CO.,
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■.
j
INC.'
70 Wall Street, New York 5, N. Y.
Tel. WH 4-4540
Tele. 212 571-1708
@FedFRASER